Group 1 - The report highlights a shift in investment style, with the banking sector receiving increased capital inflows, indicating a positive outlook for the industry [2][3] - In the equity market, technology sector ETFs saw a significant net inflow of 755 billion yuan, with semiconductor, battery, and robotics themes being particularly favored [3] - The banking ETF recorded a net inflow of 58 billion yuan in October, marking a new monthly high for 2025, following a net inflow of 32 billion yuan in September [3] Group 2 - The bond market is experiencing growth in bond ETFs, particularly in sci-tech bonds, corporate bonds, and government bonds, indicating strong investor interest [4] - The report notes a substantial increase in the buying of long-term government bonds by major banks, while insurance companies are also increasing their allocation to long-term bonds [4] - In the commodity market, there has been a shift in domestic investor preferences from gold stock ETFs to gold ETFs, with a notable net inflow of 337.82 billion yuan in October [4]

（文章来源：每日经济新闻） 石化ETF（159731）及其联接基金（017855/017856）紧密跟踪中证石化产业指数，从申万一级行业分 布来看，基础化工行业占比为60.8%，石油石化行业占比为32.2%，有望充分受益于反内卷、调结构和 淘汰落后产能等政策。 11月24日，石化ETF（159731）震荡下行，现跌约1.1%，持仓股光威复材、蓝晓科技、三美股份等领 涨；川发龙蟒、盐湖股份等领跌。石化ETF（159731）近10个交易日有8个交易日获得资金净流入，合 计"吸金"2674万元。 华创证券认为，三季报到年报出炉，市场面临5个月的业绩空窗期，投资人面临布局明年和风格切换的 需要，因此化工是值得布局的选择之一。化工行业的整体加权开工率在历史高点，而价差还在底部，距 离反转还需要看到库存的去化，但已经有零星品种率先走出底部反转趋势。建议沿着四条路线进行配 置：（1）反转早期优先布局白马标的；（2）稀缺资源品有望迎来估值再定价，布局资源禀赋好的磷化 工、钾盐、氟化工龙头；（3）布局增量可观，成长确定性强的标的；（4）供需结构好，反转确定性较 强的农药、氨纶、长丝和有机硅等行业。 ...

险资扫货 截至三季度末,保险公司重仓的银行股市值已经超过 3350亿,较年初增加近700亿。监管明确,从2025年起 每年新增保费的30%用于投资A股,在新增保费入市、险 区格切换 &A 240019 联接C 00669 风格切换 进入四季度,市场波动加剧,银行凭借低估值、高股。 的防御属性在年末避险情绪中重获认可。中证银行指数 10月以来累计上涨8.95%,显著跑赢大盘,较创业板指 超额15个百分点。 分红抢筹 目前已有24家上市银行明确实施中期分红,拟合计派现 金额达2638亿元,再创历史新高!除已派现落地的,还 有超2400亿元"红包雨"待发,有望吸引更多资金关注 "抢筹"。 责任编辑：杨赐 MACD金叉信号形成，这些股涨势不错！ ...

Core Viewpoint - The banking sector has shown strong performance, driven by style rotation and significant mid-term dividend distributions, with major state-owned banks leading the gains [3][5]. Group 1: Market Performance - On November 20, major banks experienced a rally, with China Bank rising over 5% and Industrial and Commercial Bank of China increasing by over 2%, both reaching historical highs [1]. - The China Banking Index has accumulated an 8.95% increase since the beginning of October, outperforming the broader market and exceeding the ChiNext Index by 15 percentage points [4]. Group 2: Dividend Distributions - A total of 24 listed banks have announced mid-term dividends, with a combined payout of nearly 263.8 billion yuan, marking a historical high [5]. - The six major state-owned banks are set to distribute a total of approximately 204.66 billion yuan in dividends, with most record dates concentrated in December [5]. Group 3: Investment Appeal - The banking sector is viewed as a defensive investment due to its low valuation and high dividend yield, making it attractive to investors seeking stability [5]. - As of the end of September, the China Banking Index had a price-to-book ratio of 0.67, placing it in the lower 35.69% percentile over the past decade, while the dividend yield reached 4.29%, significantly above the 10-year government bond yield of 1.88% [5]. Group 4: ETF Activity - The largest banking ETF (512800) saw its price rise by 1.9%, reaching a new high for the month, with a total trading volume of 1.491 billion yuan, indicating increased market interest [2]. - The banking ETF has experienced a significant increase in scale, reaching 20.615 billion yuan, reflecting strong investor demand [6].

Core Viewpoint - The A-share market has seen a significant rise in bank stocks, with notable increases in major banks such as China Bank and Construction Bank, indicating a positive sentiment towards the banking sector [1][4]. Group 1: Stock Performance - China Bank rose over 5%, Construction Bank over 4%, and Postal Savings Bank over 3%, with several other banks also showing gains of over 2% [1]. - Bank ETFs, including various Southern and E-Fund ETFs, have also experienced upward movement, reflecting the overall positive trend in the banking sector [3]. Group 2: ETF Insights - Bank ETFs track the China Securities Bank Index, with nearly 30% of their holdings in major state-owned banks like Industrial and Agricultural Bank, while about 70% focuses on high-growth banks [3]. - The Bank AH Preferred ETF tracks the Bank AH Index, utilizing a monthly security category conversion strategy based on AH prices [4]. Group 3: Institutional Investment Trends - As of Q3 2025, insurance capital has increased its holdings in the banking sector, with a holding ratio of 27.95% and a market value accounting for 3.99% of circulating A-shares [5]. - Insurance capital has increased its positions in 23 banks, with 10 banks seeing increased holdings, indicating a growing interest in the banking sector [6]. Group 4: Market Dynamics - The A-share market is experiencing a style shift, influenced by factors such as the approaching end-of-year assessments for institutions and the central bank's implementation of a moderately loose monetary policy [4]. - The decline in the proportion of bank holdings among public funds suggests a potential opportunity for reallocation towards undervalued financial stocks [4]. Group 5: Future Outlook - The insurance sector is expected to continue increasing its investment in banks, driven by stable dividends and low valuations, with a focus on high ROE small and medium-sized banks [6]. - The ongoing improvement in net profits for banks and the potential for valuation reconstruction through increased capital inflows are seen as positive indicators for the banking sector's future [6].

Group 1 - Energy metals lead the market, with traditional dividend assets like oil, chemicals, and banks showing strength, particularly the "three oil giants" which have boosted the Hong Kong stock market's dividend ETF, Guangfa (520900), by 1.39% [1] - Since the fourth quarter, technology stocks have entered a valuation adjustment phase, while market funds have shifted towards dividend assets, indicating a style switch [3] - The "technology" and "dividend" sectors have alternated in performance, highlighting the importance for investors to understand and adapt to these style changes rather than betting on a single style [4] Group 2 - A stable asset allocation strategy is crucial for investment safety, with successful investors often choosing robust leaders as a ballast in their portfolios [5] - In China, key sectors such as energy, utilities, communications, and finance have benefited significantly from the country's rapid economic growth since 2000, with state-owned enterprises playing a vital role [6] - China Petroleum and Chemical Corporation (Sinopec) has seen its revenue grow from 360 billion yuan in 2000 to over 3 trillion yuan in 2024, a 7.5-fold increase, while maintaining stable net profits [6] Group 3 - Sinopec has distributed over 650 billion yuan in cash dividends since its listing in 2001, with a dividend yield consistently above 5% for the past decade [7] - China National Petroleum Corporation (CNPC) has also performed well, distributing 320 billion yuan in dividends from 2020 to 2024 while maintaining over 50% of domestic crude oil supply [7] - China Shenhua Energy, a leading coal enterprise, has seen its revenue grow nearly tenfold since its listing in 2007, with cumulative dividends exceeding 700 billion yuan and a dividend yield reaching 6.8% in 2024 [8] Group 4 - The trend of style switching in the A-share market is becoming more evident, with both "technology" and "dividend" sectors coexisting as viable investment options [9] - The performance of high-dividend indices has shown resilience during market downturns, with the Smart High Dividend Index demonstrating significant cumulative gains since 2017 [12] - The National Hong Kong Stock Connect Central Enterprise Dividend Index has also shown strong performance, with a cumulative increase of 119% since its inception [19] Group 5 - The high dividend ETF (159207) has consistently achieved positive returns from 2020 to 2024, with a cumulative increase of 111.54% over the past five years [15][17] - Hong Kong stocks often exhibit higher dividend yields compared to their A-share counterparts, making them attractive for investors seeking high-yield assets [17] - The top sectors in the National Hong Kong Stock Connect Central Enterprise Dividend Index include oil and petrochemicals, telecommunications, and transportation, with significant weight in leading state-owned enterprises [18] Group 6 - The cyclical nature of technology and high-dividend assets is a consistent pattern, with both sectors expected to grow in the context of China's stable economic growth and technological advancements [21] - Finding a balance in investment strategies across different market environments is essential for achieving long-term stable returns [21]

记者丨 庞华玮 编辑丨姜诗蔷 临近年底，A股在4000点关口反复震荡，市场风格骤然生变。 前期领涨的科技"小登"板块 （如电子、计算机、通信等）出现显著回调，而煤炭、银行、钢铁等周期"中登"板块则涨幅 领先。 鲜明的风格切换，让市场热议一个话题：面临年底业绩考核与排名压力，公募基金经理们是 否正在大规模调仓换股？ 21世纪经济报道记者采访调查发现，年底基金经理的调仓行为并非铁板一块，而是在长期考 核与短期压力、坚守风格与顺势而为之间展开一场复杂博弈。 总体来看，年底基金经理的调 仓行为是分化的：有的在"高切低"锁定收益，有的在坚守甚至加仓看好的成长股，还有险资 可能在逆向操作。 "高切低"现象引调仓猜测 进入四季度，A股市场的画风突变，"高切低"（即从高位板块向低位板块切换）成为盘面最显 著的特征。 此前一路高歌猛进的科技成长板块（被市场戏称为"小登"，如电子、计算机、通信、传媒 等）集体陷入深度回调。 截至11月18日，申万一级行业指数中，电子板块四季度以来跌幅近8%，传媒、计算机跌幅均 超5%。与之形成鲜明对比的是，一度被市场遗忘的周期板块（如煤炭、石油石化、钢铁、银 行等）则强势逆袭，煤炭、石油石化板块 ...

大科技板块持续调整何时到位？ 近期市场风格明显偏向价值，成长股表现偏弱，股票型ETF随之显著分化。数据显示，截至11月18日， 多只机器人主题ETF四季度以来跌超14%；此前强势的科创人工智能等主题ETF也位居跌幅榜前列。 科技股持续回调、传统价值股回暖，令"风格是否切换"成为争议焦点。科技类ETF现阶段是否还值得配 置？ 受访者向《国际金融报》记者表示，科技板块长期成长的逻辑并未改变，但短期仍处调整通道，投资者 选股需更加审慎。对于泛科技类ETF（交易型开放式指数基金），可以采取逐步逢低布局的策略。 科技类ETF领跌 四季度以来，上证指数时隔十年重返4000点，成长板块波动明显加大，仅创新药、新能源表现尚可，前 期狂飙的人工智能等核心科技板块则持续调整。 从调整幅度来看，数据显示，截至11月18日，科创板三大宽基指数四季度以来均有不同程度的回调，科 创50指数下跌9.19%，科创100指数下跌8.16%，科创200指数下跌6.5%；同期，上证指数上涨1.47%，沪 深300指数下跌1.56%。不过，得益于前三季度的强势行情，科创50指数年内仍涨超37%，科创100指 数、科创200指数年内涨幅更是超过45% ...

今日市场缩量反弹，军工、保险、银行、水产养殖等板块涨幅居前。全天市场成交约1.7万亿，较上个 交易日缩量约2000亿，两市超4100股下跌。 盘面上，大市值的权重蓝筹股发力，"巨无霸"整体表现优于小盘股。总市值TOP10的个股中，除贵州茅 台外均上涨，上证50涨近1%。其中，银行股走高，中国银行涨超3%再创历史新高；保险全天强势，中 国人寿、中国平安等多股上涨；可燃冰、油服等高股息板块上扬，"三桶油"集体发力，中国石化、中国 石油、中国海油纷纷大涨。 此外，锂矿股再度走强，盐湖提锂、磷化工集体拉升，金圆股份涨停，融捷股份等纷纷跟涨。消息面 上，今日碳酸锂期货主力合约一度突破10万元/吨，为2024年6月以来首次，日内涨近6%。上海钢联分 析师表示，近期碳酸锂价格上涨是由海内外储能市场订单爆发驱动，受此影响，电池及铁锂材料企业排 产持续走强。 2、有机硅DMC恢复报价 上调至13200元/吨 昨日有机硅实控人会议结束，厂商今日恢复有机硅DMC报价，将价格上调至13200元/吨，较会议开始 前增加约200元/吨。受此影响，107胶、生胶等下游产品报价也有不同程度跟涨。分析人士指出，考虑 到行业尚处于淡季，市场对提 ...

近期，中信证券、中金公司、国泰海通证券、中信建投证券、华泰证券、东吴证券等多家头部券商陆续 发布2026年A股投资策略报告，"慢牛行情"成为市场一致预期。 2026年，盈利驱动将成为新主角，投资机会也将从2025年的科技"一骑绝尘"转向2026年的多主线。 当中信证券提出"角逐全球定价权"，东吴证券给出"2026年6月风格切换窗口"，中信建投预警"科技板块 结构性回调"，各家券商在慢牛共识之时，正为投资者描绘一条与今年截然不同的投资路径。 慢牛格局延续 自2024年9月24日政策组合拳出台后，A股市场进入新一轮牛市行情。2025年中国股票在全球市场中表 现优异，上证指数创出十年新高。 多家券商指出，2026年市场有望在慢牛格局中进一步演绎，但驱动力的切换将成为核心特征。 中信证券鲜明提出，A股将迈向"低波动慢牛"，"全球敞口"成为其研判2026年A股的核心变量。其报告 指出："A股不仅是中国的A股，也是全球的A股。"数据显示，当前高境外敞口企业贡献了全A非金融板 块39%的利润和35%的市值，足以撬动整体行情。中信证券认为，未来A股基本面需置于全球需求视角 下审视，中企在全球价值链中的份额优势正转化为定价权， ...