女育之日的,在互世方对历史,何小汉贝尔松,了得 成对投资者的任何投资建议。投资者不应以该等信 息取代其独立判断或仅依据该等信息做出投资决 策。申万宏源力求本栏目的信息准确可靠,但对这 些信息的准确性或完整性不作保证,亦不对因使用 该等信息而引发或可能引发的损失承担任何责任。 本栏目内容如有变动,恕不另行通知。最终解释权 归申万宏源证券有限公司所有。 编者按：为帮助投资者系统了解 ETF、掌握ETF投资方法，深交所推出"来！聊聊ETF"系 列动画短视频，希望用浅显易懂的语言传递投资知识。今天是第9期，一起看看ETF的交易成 本怎么计算吧！ ...

一、ETF行业快讯1.三大指数集体上涨，多只游戏板块ETF涨超4% 今日，三大指数集体上涨，上证综指上涨0.87%，深证成指上涨1.53%，创业板指上涨1.77%。多只游戏 板块ETF上涨，其中，游戏ETF（516010.SH）上涨4.14%，游戏ETF（159869.SZ）上涨4.11%，游戏 ETF华泰柏瑞（516770.SH）上涨4.04%。 2.超700亿元资金借道ETF逆市加仓 据21世纪经济报道，上周（11月17日至21日），A股市场遭遇大幅调整，上证指数周跌幅超过3%，创 业板指跌超6%，创下近几个月来最大单周跌幅。然而，在市场回调之际，大量资金却借道ETF逆市布 局。Wind数据显示，上周沪深两市股票型ETF和跨境型ETF合计净流入701.21亿元，其中宽基指数ETF 净流入359.31亿元，成为资金涌入的主要方向。业内人士认为，市场大趋势没变，此时资金回流ETF说 明很多资金是趁调整抄底。 二、今日行情速览1.指数走势 统计A股与海外主要核心指数走势，今日（11月25日，下同）三大指数集体上涨，其中上证指数上涨 0.87%，收于3870.02点，日内最高3882.03点；深证成指上涨1.53 ...

11月25日，A股三大指数集体高开，中证A500指数高开高走，截至发稿涨超1%。 商品方面，紧密跟踪上海金（SHAU.SGE）的上海金ETF（159830）盘中一度涨超1.7%，截至发稿大 涨1.69%，冲击2连阳。 资金流向方面，Wind数据显示，该ETF年内获资金净流入累计达13.51亿元，居深市同标的产品第一。 费率方面，上海金ETF（159830）管理费率0.25%，基金托管费率为0.05%，均低于同标的产品平均水 平，同时该ETF支持T+0交易。该ETF还配置了场外联接基金（联接A：014661，联接C：014662）。 成分股中，沪电股份涨停，巨人网络、方大炭素、菲利华、恺英网络涨幅靠前。 热门ETF中，中证A500ETF天弘（159360）成交额超2000万元，交投持续活跃。值得注意的是，该ETF 盘中获净申购达600万份。资金流向方面，该ETF已连续4日获资金净流入，累计"吸金"超2100万元。 中证A500ETF天弘（159360）紧密跟踪中证A500指数，该指数从各行业选取市值较大、流动性较好的 500只证券作为指数样本，以反映各行业最具代表性上市公司证券的整体表现。 华鑫证券表示，海外流 ...

Group 1 - The report highlights that active equity funds are expected to experience a value reassessment due to favorable market conditions and policy support, despite previous underperformance [4][6][10] - The active equity funds have shown significant excess returns in a structural bull market, particularly those focused on advanced manufacturing themes [4][5][6] - The report suggests a "core + satellite" investment strategy to capitalize on the current market environment, emphasizing the importance of thematic investments in state-owned enterprises, technology, and consumption sectors [4][5][6] Group 2 - The ETF market has seen a substantial breakthrough in both quantity and scale, with the total ETF size surpassing 1 trillion yuan, indicating a shift towards high-quality development [4][5][10] - The report notes that the growth of passive products is driven by policy support, technological advancements, and increased demand, particularly in the non-ferrous metals and TMT sectors [4][5][10] - The report anticipates a continued trend of strong performance in popular sectors, with a focus on technology and financial real estate, as well as the potential for expansion in niche ETFs [4][5][10] Group 3 - The report outlines a multi-dimensional ETF quantitative allocation strategy that leverages macro timing, momentum, and advanced modeling techniques to capture diverse returns [4][5][10] - It emphasizes the importance of asset allocation to achieve stable risk-adjusted returns, particularly in a "slow bull" market [4][5][10] - The report suggests that the focus should be on sectors with strong momentum and lower crowding, especially in technology, to capture excess returns [4][5][10]

Core Insights - Retirement planning is rapidly evolving due to concerns over Social Security shortfalls and rising healthcare costs, necessitating immediate attention to income potential for those nearing retirement [2] - Traditional retirement strategies focusing on bonds, stocks, drawdowns, and cash reserves are becoming outdated, as cash loses purchasing power and bonds offer lower yields [4][5] Investment Strategies - The new approach to retirement income blends income generation with long-term market participation, utilizing ETFs that provide structured monthly payments while allowing for portfolio growth [6] - The JPMorgan Equity Premium Income ETF (JEPI) is highlighted for its reliability, focusing on high-quality US stocks and enhancing monthly income through options, yielding 8.38% with a year-to-date return of 5.83% in 2025 [7][8] - The Vanguard Total Stock Market ETF (VTI) offers a lower yield of 1.16% but has delivered a total return of 15.26% in 2025, indicating a potential for growth despite lower immediate income [8]

"ETF面临同质化发展难题。与其跟风布局热门产品，不如基于公司发展战略，采取差异化竞争策略， 进行前瞻性布局。"沪上某基金公司指数部人士告诉上海证券报记者。 （上接1版） 以中证A500 ETF为例，目前市场上已成立了32只中证A500 ETF。截至11月20日，华泰柏瑞中证A500 ETF规模为256.97亿元，部分中证A500 ETF规模已不足1亿元。 对于ETF的集中申报情形，《通报》提出，支持基金管理人市场化开发运作ETF产品，也请基金管理人 结合自身实际，深入研判市场发展形势和投资者需求，专业审慎进行产品设计开发，避免跟风布局、扎 堆申报，以及随之出现的募集发行不及预期、持续运作不稳健等问题。在后续ETF注册过程中，遇到管 理人大量集中申报等情形的，证监会将结合交易所有关意见、管理人分类评价结果等采取分批注册、引 导管理人合理设置首发规模等措施，保障ETF产品有序募集上市，避免对市场运行带来不利影响。 近日，上交所发布《上海证券交易所基金业务指南第1号——业务办理（2025年11月修订）》，深交所 同步发布《深圳证券交易所证券投资基金业务指南第1号——相关业务办理（2025年修订）》。其中要 求：E ...

智通财经11月21日讯（记者闫军）私募正成为ETF重要持有人。 私募排排网最新数据显示，今年以来共有154家私募进入到190只年内上市ETF前十大持有人名单中，合计持有份额达 29.29亿份。主观私募为ETF认购主力，76家主观私募持有年内上市ETF份额达11.22亿份，占到总份额的38.31%。 中小私募认购ETF更为积极，低于20亿元规模的私募认购ETF合计占比近79%。此外，科创板ETF备受私募追捧，私募 合计进入到48只名称中带有"科创板"字眼的ETF前十大持有人名单中，合计持有份额达8.2亿份。 私募大力买入ETF也存在一定的争议，有投资者认为，主观私募购买ETF是投研能力不足的体现，但是也有市场人士 认为，并非如此，ETF投资对投研同样有一定的要求，并且对择时要求高。此外，ETF交易效率与成本优势，操作便 捷且综合管理成本相较于主动型产品显著为低，以及策略更为灵活，为全天候策略提供底层工具等优势都是私募买入 ETF的重要原因。 买买买！年内私募持有ETF份额近30亿份 私募排排网数据显示，截至11月20日，今年以来共有154家私募进入到190只年内上市ETF前十大持有人名单中，合计 持有份额达29 ...

【11月20日消息，私募成ETF重要持有人】今年以来，154家私募进入190只年内上市ETF前十大持有人 名单，合计持有份额29.29亿份。主观私募是ETF认购主力，76家主观私募持有份额达11.22亿份，占总 份额38.31%。中小私募认购更积极，规模低于20亿元的私募认购合计占比近79%。 此外，科创板ETF受 私募追捧，私募进入48只名称含"科创板"的ETF前十大持有人名单，合计持有份额8.2亿份。 本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 ...

港股通央企红利ETF天弘（159281）紧密跟踪港股通央企红利指数（931233），该指数从港股通范围内 选取中央企业实际控制的分红水平稳定且股息率较高的上市公司证券作为指数样本，以反映港股通范围 内股息率较高的央企上市公司证券的整体表现。 港股科技ETF天弘（159128）紧密跟踪港股通科技指数，成分股均属于沪深港通标的，不受QDII额度的 限制，可T+0交易，该ETF还配备了场外基金联接A（024885）联接C（024886）。 东吴证券指出，港股短期震荡为主，上行斜率或放缓。从中长期配置来看，当前位置有吸引力。 相关ETF方面，港股通央企红利ETF天弘（159281）昨日成交额为5204.56万元，实时溢价率为0.27%。 资金流向方面，截至11月18日，该ETF已连续7个交易日获资金净流入。Wind数据显示，近5个交易日港 股通央企红利ETF天弘（159281）净流入率为27.80%，居同标的首位。 港股科技ETF天弘（159128）昨日成交额为4128.06万元，实时溢价率为0.15%。资金流向方面，截至11 月18日，该ETF已连续4个交易日获资金净流入。 消息面上，截至11月18日，南向资金近2 ...

Report Summary 1. Market Overview - On November 19, 2025, the Shanghai Composite Index rose 0.18% to 3946.74 points, the Shenzhen Component Index fell 0.00% to 13080.09 points, and the ChiNext Index rose 0.25% to 3076.85 points. The total trading volume of A-shares in the two markets was 1742.8 billion yuan. The top-performing sectors were non-ferrous metals (2.39%), petroleum and petrochemicals (1.67%), and national defense and military industry (1.11%), while the worst-performing sectors were comprehensive (-3.08%), real estate (-2.09%), and media (-1.72%) [2][6]. 2. Stock ETFs - The top trading volume stock ETFs were Huaxia CSI A500 ETF (up 0.17%, premium rate 0.24%), Huatai-PineBridge CSI A500 ETF (up 0.16%, premium rate 0.29%), and Guotai CSI A500 ETF (up 0.17%, premium rate 0.31%) [3][7]. - The table shows detailed information of the top ten trading volume stock ETFs, including code, fund name, price, change rate, tracking index, IOPV, premium rate, trading volume, and latest share [8]. 3. Bond ETFs - The top trading volume bond ETFs were Haifutong CSI Short-term Financing Bond ETF (up 0.01%, premium rate 0.00%), Huaxia Shanghai Stock Exchange Benchmark Market-making Treasury Bond ETF (down 0.06%, premium rate -0.01%), and E Fund CSI AAA Science and Technology Innovation Corporate Bond ETF (up 0.02%, premium rate -0.25%) [4][9]. - The table presents information of the top five trading volume bond ETFs, including code, fund name, price, change rate, premium rate, and trading volume [10]. 4. Gold ETFs - Gold AU9999 rose 2.00% and Shanghai Gold rose 2.02%. The top trading volume gold ETFs were Huaan Gold ETF (up 2.02%, premium rate 2.12%), Bosera Gold ETF (up 2.02%, premium rate 2.13%), and E Fund Gold ETF (up 2.00%, premium rate 2.14%) [12]. - The table provides details of the top five trading volume gold ETFs, including code, fund name, price, change rate, trading volume, IOPV, and premium rate [13]. 5. Commodity Futures ETFs - Huaxia Feed Soybean Meal Futures ETF fell 1.59% with a premium rate of 0.99%, Dacheng Non-ferrous Metals Futures ETF rose 0.73% with a premium rate of 0.42%, and Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF had a change rate of 0.00% with a premium rate of -0.01% [15]. - The table shows information of commodity futures ETFs, including code, fund name, price, change rate, trading volume, IOPV, premium rate, tracking index, and tracking index change rate [16]. 6. Cross-border ETFs - The previous trading day, the Dow Jones Industrial Average fell 1.07%, the Nasdaq Composite fell 1.21%, the S&P 500 fell 0.83%, and the German DAX fell 1.77%. On November 19, the Hang Seng Index fell 0.38% and the Hang Seng China Enterprises Index fell 0.26%. The top trading volume cross-border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF (down 0.19%, premium rate -0.11%), GF CSI Hong Kong Innovative Drugs ETF (down 0.52%, premium rate -0.29%), and Huatai-PineBridge Hang Seng Technology ETF (down 0.54%, premium rate -0.44%) [17]. - The table shows details of the top five trading volume cross-border ETFs, including code, fund name, trading volume, change rate, and premium rate [18]. 7. Money Market ETFs - The top trading volume money market ETFs were Yin Hua Day Profit ETF, Hua Bao Tian Yi ETF, and Jian Xin Tian Yi Money Market ETF [19]. - The table presents information of the top three trading volume money market ETFs, including code, fund name, and trading volume [21].