从客户数量来看，根据2025年中报，国泰中证A500ETF总户数位列同类首位，是第二名的三倍多，更多 人选择中证A500ETF（159338），感兴趣的投资者或可关注中证A500ETF（159338）。 根据Wind数据，中证A500ETF（159338）今日净流入2.64亿份，资金抢筹更均衡的大宽基。 相关机构表示，展望后市，中国经济企稳向好的趋势和政策面的鼓励支持均没有变，随着反内卷政策的 不断落地，国内经济走出"价格—需求"负反馈螺旋的概率已不断增加。A股牛市的确定性仍在逐渐加 强，回调或是买入良机。 （文章来源：每日经济新闻） ...

一轮牛市，人们只会记得最后的"疯"，很少有人记得它之前往往是漫长、枯燥、甚至伴随质疑声的"慢"。 2015年的疯牛，真正的起点在2013年； 2021年大家口口声声说是牛市，但上证指数全年几乎横着走，赚钱效应主要来自中小盘和赛道股。 今天的A股，又一次站在类似的阶段： 指数不算耀眼，情绪时冷时热，但结构已经发生了关键变化。 我的核心判断是： 这轮牛市尚未结束，仍处在从"慢热"走向"发酵"的阶段，未来3个月，A股有较大概率走出类似2014年底那种"先挖坑、再 拉升"的节奏，春节前后或是情绪爆点。 下面我们从资金、政策、结构和时间节奏四个维度，把这件事讲清楚。 一、情绪冰冷，往往不是牛市结束，而是主升浪的酝酿期 很多人这两年最大的感受是： "指数没涨多少，我的账户怎么反而更难做了？" "明明新闻天天说利好，怎么盘面老是阴晴不定？" 如果只盯着指数，你确实很难判断牛熊。 从几个关键"现象"看，目前更符合"牛市中段，而非尾声"的特征： 散户参与度并不高 新开户数据温和，没有出现2015年那种开户潮。 银行存款搬家迹象有限，居民资金并未大规模杀入股市。 社交网络上"炒股一夜翻倍"的故事极少，讨论热度远未"泛滥"。 场内 ...

Index Performance - The CSI A500 Index decreased by 4.27% this week, closing at 5325.99 points as of November 21 [3][8] - The average daily trading volume for the week was 6047.97 billion yuan, reflecting a decrease of 13.94% compared to the previous week [3][8] Component Stock Performance - The top ten gainers in the CSI A500 Index this week included: 1. Aerospace Development (000547.SZ) with a gain of 31.77% 2. BlueFocus Communication Group (300058.SZ) with a gain of 20.18% 3. Tongcheng New Materials (603650.SH) with a gain of 14.75% [5] - The top ten losers included: 1. Defang Nano (300769.SZ) with a loss of 19.27% 2. Xinzhou Bang (300037.SZ) with a loss of 17.98% 3. GoodWe (688390.SH) with a loss of 17.59% [5] Fund Performance - All 40 CSI A500 funds experienced declines, with losses exceeding 3% this week [8] - The smallest decline was seen in the E Fund CSI A500 Enhanced ETF, which fell by 3.23%, while the largest decline was in the Huaan Fund's CSI A500 Enhanced ETF, which dropped by 4.67% [8] - The total scale of the funds has fallen below 200 billion yuan, now standing at 1920.64 billion yuan, with the top three funds being: 1. Huatai-PB CSI A500 ETF at 256.97 billion yuan 2. E Fund CSI A500 ETF at 226.45 billion yuan 3. Guotai Fund's CSI A500 ETF at 212.14 billion yuan [8] Market Analysis - Huaxin Securities reports that the A-share market is currently in a tug-of-war around the 4000-point mark, influenced by external factors such as the rising US dollar index and internal factors including profit-taking in technology stocks and disappointing earnings reports [9] - The report indicates that while there are signals of short-term adjustments in the market, there are no clear signs of a peak, suggesting that the bull market is still in its mid-stage, awaiting further capital inflows from residents, public funds, and foreign investments [9]

2025年11月21日大盘震荡调整，A股三大指数集体回调，午间收盘沪指跌1.88%，深成指跌2.72%，创业 板跌3.18%。板块题材上，农业、水产股盘中拉升，锂矿股集体大跌，存储芯片板块下挫。 临近年末，市场波动加大，沪指在4000点附近震荡整固，多家海内外券商机构陆续发布2026年A股投资 策略展望报告，表达市场看法。在"唱多"的同时，外资机构也在以实际行动做多中国资产。从资金流向 看，外资增配中国资产的趋势日益明显。瑞银最新统计数据显示，投资范围不同的基金（全球/新兴市 场/亚洲）三季度均小幅提高中国仓位。Wind数据显示，根据上市公司三季报披露的数据，摩根大通证 券、法国巴黎银行、美林证券等多家知名外资机构均加大了对A股的配置力度，增持方向主要集中在电 气设备、化工、软件服务等行业。 中金公司表示，A股"9.24"以来的震荡上行行情仍有望延续，但经历一定估值修复后，基本面重要性进 一步上升。其测算，预计2026年全A盈利增长可能在4.7%左右，高景气和临近业绩改善拐点的行业增 多。中信建投认为，2026年A股牛市有望持续，预计指数依然震荡上行但涨幅放缓，投资者应更加关注 基本面改善和景气验证。 信达证 ...

每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 国内经济或处于复苏阶段，围绕人工智能展开的科技叙事仍在延续，市场向好仍有支撑，配置上或 可以具代表性的宽基为核心，优先中证A500ETF（159338）与上证综指ETF（510760），或可较好应对 未来一段时间较高波动的市场行情。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 沪指震荡回落，资金逢低抢筹，上证综指ETF（510760）连续5日净流入超3.6亿元。 华鑫证券表示，目前A股牛市行情仍处中段，等待后续居民存款、公募、外资等增量资金接力入 市。预计 ...

Group 1 - The three major indices opened lower, with the energy and metal sectors experiencing significant declines. The National Index of Free Cash Flow fell approximately 1%, with stocks like Tubaobao, Yaxiang Integration, and Xiamen Guomao leading gains, while Hailu Heavy Industry and Luoyang Molybdenum faced losses [1] - The largest ETF tracking free cash flow (159201) saw a continuous inflow of funds over the past 10 days, with a peak single-day net inflow of 253 million yuan, totaling 1.542 billion yuan in inflows [1] - As of November 20, the average daily trading volume of the free cash flow ETF over the past week was 523 million yuan [1] Group 2 - Shenwan Hongyuan Securities forecasts a two-phase bull market for A-shares, suggesting that the accumulation of profit-making effects is undergoing a qualitative change, with conditions for incremental capital inflow expected to improve [1] - There is significant potential for residents to increase their allocation to equities, and public fund sizes are likely to expand again, with a positive cycle of public fund size expansion potentially starting in Q3-Q4 [1] - The free cash flow ETF (159201) closely tracks the National Index of Free Cash Flow, selecting stocks with positive and high free cash flow after liquidity, industry, and ROE stability screening, indicating high quality and strong risk resistance suitable for long-term investment [1]

11月21日上午，A股三大指数集体下跌，其中沪指下跌1.48%。截止10点15分，中证1000ETF （159845）下跌2.54%。其他宽基指数中，上证50跌0.97%，沪深300跌1.47%，中证500跌2.39%。 个股表现来看，中证1000ETF（159845）前50只权重股中，涨幅靠前的有，浙江荣泰涨3.20%，应流股 份涨2.87%；然而香农芯创、江特电机表现不佳，涨跌幅分别为-12.07%、-10.03%。 行业表现来看，中证1000ETF（159845）前几大重仓行业中，电子下跌2.82%，电力设备下跌3.30%，医 药生物下跌1.66%，计算机下跌2.02%，机械设备下跌2.09%。 资金面来看，中证1000ETF（159845）近五个交易日资金净流入8.91亿元，近十个交易日净流入9.78亿 元。最新规模达445.88亿元，近一个月规模增长16.51亿。今日成交异动明显，截止发稿，盘中成交额高 达8.80亿元，近一周日均成交达4.19亿元。 每日经济新闻 消息方面，证监会表示，党的二十届四中全会把推动高质量发展作为"十五五"时期经济社会发展的主 题，明确提出要提高资本市场制度包容性、适应性 ...

11月20日，两市股指高开低走，尾盘全线下挫，创业板指、科创50指数等跌超1%，场内超3800股飘 绿。 截至收盘，沪指跌0.4%报3931.05点，深证成指跌0.76%报12980.82点，创业板指跌1.12%报3042.34点， 科创50、北证50指数均跌超1%，沪深北三市合计成交17227亿元。 盘面上看，煤炭、石油、旅游餐饮、食品饮料、农业、半导体等板块均走低，银行板块逆市拉升，锂 矿、海南自贸、PCB概念等活跃。 华鑫证券表示，短期A股陷入4000点拉锯战，外部美元指数回升压制科技估值，内部科技获利盘累积、 部分科技财报不及预期且科技持仓集中度过高，三大因素导致A股震荡分化，风格再平衡。从估值、交 易、资金三角度十大指标观察牛市进程，股权风险溢价、量价、拥挤度、技术分析、融资等指标触发短 期休整信号，但见顶信号尚未显现，A股牛市行情仍处中段，等待后续居民存款、公募、外资等增量资 金接力入市。预计11月A股震荡运行，风格再均衡，关注交易端的低位补涨、业绩端的盈利修复和政策 端的科技主题三大方向。 ...

Core Viewpoint - The outlook for the A-share market in 2026 is optimistic, driven by global market demand rather than solely domestic factors, with key influences from the China-US relationship and significant events such as trade agreements and US midterm elections [1][5][11]. Configuration Directions - Three major themes to focus on include: 1. Upgrading traditional manufacturing and resource industries to enhance pricing power and profit margins [2][4]. 2. Chinese companies expanding globally, significantly increasing profit growth potential and market capitalization [2][4]. 3. The commercialization of AI, which will continue to expand the technology sector's influence and amplify the competitive advantages of Chinese enterprises [2][4]. Market Phases - The market is expected to experience a two-phase bull market: "Bull Market 1.0" in 2025 focused on technology, and a potential transition to "Bull Market 2.0" in the second half of 2026, driven by cyclical recovery and growth in manufacturing [3][6]. Investment Opportunities - Key sectors to watch include: 1. Recovery trades in cyclical industries such as basic chemicals and industrial metals [4]. 2. Technology trends with opportunities in AI, humanoid robots, energy storage, photovoltaics, pharmaceuticals, and military industries [4][8]. 3. Enhanced influence of manufacturing, particularly in chemicals and engineering machinery [4][8]. Market Dynamics - The A-share market is expected to continue its upward trend post "9·24" with a focus on fundamental improvements and risk management against volatility, particularly in the context of evolving China-US relations and the AI revolution [5][11]. Sector Focus - Recommended sectors include: 1. New energy, non-ferrous metals, basic chemicals, oil and petrochemicals, non-bank financials, military, machinery, and computing [8][12]. 2. Themes such as new materials, solid-state batteries, commercial aerospace, nuclear power, and cross-strait integration [8][12]. Overall Market Sentiment - The sentiment remains cautiously optimistic, with expectations of continued inflow of incremental funds and a focus on sectors that may outperform expectations, particularly in AI and pragmatic cooperation between China and the US [11][12].

Core Viewpoint - The framework of "policy bottom, market bottom, economic bottom" is expected to return to effectiveness, potentially triggering a "Bull Market 2.0" in the second half of 2026 [2][4] Group 1: Market Outlook - The anticipated bull market may start in the second half of 2026, with a focus on the transition from "Bull Market 1.0" to "Bull Market 2.0" [2][4] - The "policy bottom" is likely to be validated around mid-2026, which could catalyze the start of the new bull market [4] Group 2: Investment Strategy - The current phase of the bull market is characterized by a significant shift in asset allocation towards equities, indicating that the bull market is far from over [3] - The A-share market is expected to see a qualitative change in profit accumulation, leading to improved conditions for incremental capital inflow over time [3] Group 3: Sector Focus - The technology sector is projected to be a key driver in the upcoming bull market, with a focus on areas such as humanoid robots, energy storage, photovoltaics, pharmaceuticals, and military industry [5] - The transition from "Bull Market 1.0" to "Bull Market 2.0" will favor high-dividend defensive stocks initially, followed by cyclical stocks and growth sectors [5] Group 4: Profit Forecast - A-share net profit growth is expected to show significant improvement, with forecasts of 7% and 14% year-on-year growth for 2025 and 2026, respectively [4]