市场今日午后全线走强，科技方向强势领涨。指数层面，国证成长100指数上涨5.1%，国证自由现金流指数上涨1.2%，国证价值100指数上涨0.8%。相关产 品交投活跃，成长ETF（159259）全天成交额约1.3亿元，较前几日大幅放量。 国证成长100指数聚焦A股成长风格突出的股票，紧扣经济转型脉搏，当前指数超七成权重集中于电子、通信、计算机板块，精准卡位AI算力核心环节，结 构锐度突出。成长ETF（159259）是市场唯一跟踪该指数的产品，可助力投资者把握成长风格投资机遇。 | 成长ETF | | | | | --- | --- | --- | --- | | 跟踪国证成长100指数 | | | | | 该指数由A股成长风格突出的 | ▽日 | 该指数 | 该指数E | | 100只股票组成,信息技术、 | 该指数涨跌 | 滚动市盈率 | 发布以来 | | 原材料行业的占比合计超65%, 其中信息技术占比较高 | 5.1% | 50.1倍 | 68 | | 价值ETF | | | | | 跟踪国证价值100指数 | | | | | 该指数A股价值风格突出的100 | ▽日 | 该指数 | 该指数 | | 只股 ...

科技方向今日回调，CPO、光芯片、光通信等热门概念集体跌逾3%。指数层面，国证价值100指数下跌0.9%，国证自由现金流指数下跌1.2%，国证成长100 指数下跌2.1%。资金逆势加仓，成长ETF（159259）全天获3000万份净申购。 | 成长ETF | | | | | --- | --- | --- | --- | | 跟踪国证成长100指数 | | | | | 该指数由A股成长风格突出的 | マ日 | 该指数 | 该指数自 | | 100只股票组成,信息技术、 | 该指数涨跌 | 滚动市盈率 | 发布以来 | | 原材料行业的占比合计超65%, 其中信息技术占比较高 | -2. 1% | 51.0倍 | 70. | | 价值ETF | | | | | 跟踪国证价值100指数 | | | | | 该指数A股价值风格突出的100 | マ日 | 该指数 | 该指数 | | 只股票组成,可选消费、金融、 | 该指数涨跌 | 滚动市盈率 | 发布以来 | | 工业行业的占比合计超65%, 其中可选消费占比较高 | -0. 9% | 9.2倍 | | | 11 2 : 3 自由现金流ETF易方达 | | | | ...

证 券 研 究 报 告 11月中国与新兴市场流入加速，发达市场流入减速 全球资产配置资金流向月报（2025年11月） 3 证券分析师：金倩婧 A0230513070004 冯晓宇 A0230521080005 林遵东 A0230524100005 涂锦文 A0230525070006 王胜 A0230511060001 2025.12.11 摘要 www.swsresearch.com 证券研究报告 2 ◼ 11月，美国政府关门宣告结束，经济数据开始逐步披露。11月21日，美国劳工局数据显示，9月，新增非农就业人数11.9万人，远超市场预期的5万人，失业率上升0.1个百分点至4.4%， 续创2021年11月以来的最高水平。市场在美元的强弱摇摆中寻找新的线索。12月10日，美联储如期降息25BPs，年内累计下调75BPs，但是本次降息出现3票反对，美联储内部分歧加 大。从11月1日到12月10日，分资产类别来看，1）权益方面，美元计价下，巴西和越南股市领涨全球，美元计价下分别上涨4.5%和4.7%，而纳斯达克和沪深300则出现下跌；2）固收 层面，10年美债收益率和美元指数先下后上，美联储降息当天下行5BPs， ...

12月10日，港股探底回升，恒生指数收涨0.42%，报25540.78点；恒生科技指数上涨0.48%，报5581.10点；恒生中国企业指数上涨 0.20%，报8954.69点。市场成交额 为 1933.92亿港元，较前一交易日2102.36亿港元有所减少。 恒生指数成 份 股中43只上涨，42只下跌。其中，万洲国际上涨5.01%，海底捞上涨3.45%，石药集团上涨3.19%，领涨蓝筹。 | 序号 | 名称 | 代码 | 现价 | 涨跌 | 涨跌幅 ▼ | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 万洲国际 | 0288 | 8.590 c | 0.410 | 5.01% | 6.69亿 | 65.77% | | 2 | 海底労 | 6862 | 14.100 c | 0.470 | 3.45% | 3.77亿 | -6.10% | | 3 | 石药集团 | 1093 | 7.770 c | 0.240 | 3.19% | 7.60亿 | 67.18% | | 4 | 李宁 | 2331 | 17.490 c | 0 ...

- The report highlights the performance of the A-share market, with the CSI A50 leading the gains and the ChiNext Index showing strong performance[1][6] - The Dividend Enhanced Portfolio outperformed the CSI Dividend Total Return Index, with the Central SOE High Dividend 30 Portfolio and the Balanced Dividend 50 Portfolio achieving weekly excess returns of approximately 0.41% and 0.75%, respectively[6][21] - The Electronic Enhanced Portfolio also outperformed the Electronic Total Return Index, with the Electronic Balanced Allocation Enhanced Portfolio and the Electronic Sector Preferred Enhanced Portfolio achieving weekly excess returns of approximately 1.78% and 1.53%, respectively[6][29]

Industrial Sector - Raw material production is recovering, with steel and building materials output rebounding this week[2] - The average daily pig iron production has decreased compared to the previous week[4] - The operating rate of asphalt and cement clinker has increased, while the float glass operating rate has declined[2][10] Real Estate - New home sales in 30 major cities decreased by 35.8% year-on-year as of December 5, with a 5.0 percentage point decline from the previous week[2] - The year-on-year decline in second-hand home listing prices narrowed to -0.66% as of November 24[22] Domestic Demand - Movie box office revenue increased significantly, with a year-on-year growth of 291.2% as of December 5[2] - National retail sales of passenger cars in November were 2.263 million units, down 7% year-on-year, contrasting with a 6% increase in October[28] - The volume of postal express deliveries increased by 6.4% year-on-year as of November 30[30] External Demand - Port cargo throughput increased by 3.2% year-on-year as of November 30, while container throughput rose by 9.6%[32] - South Korea's export value grew by 8.4% year-on-year in November, with a 4.8 percentage point increase from October[32] Price Trends - The Nanhua Industrial Index rose by 0.4%, with the non-ferrous metal index increasing by 2.4% this week[2] - The futures price of rebar increased by 1.5%, while the spot price rose by 0.9%[39]

Group 1 - The report maintains an optimistic outlook for the Hong Kong stock market in 2026, predicting that the current bull market will continue to extend further and last longer, with the Hang Seng Index expected to reach 30,100 points by the end of 2026, based on a forecasted P/E ratio of 13.0 times [2][33] - Key investment opportunities are identified in areas such as strengthening the real economy, promoting technological innovation, developing new productive forces, and expanding domestic demand, which are critical directions outlined in the 14th Five-Year Plan [2][36] - The report emphasizes that sectors related to technological innovation and new productive forces are likely to be the most important investment themes in the coming years, suggesting a focus on consumer leading companies, undervalued high-yield state-owned enterprises, and domestic brands benefiting from accelerated substitution processes [2][36] Group 2 - The Hong Kong stock market showed strong performance in the first 11 months of 2025, with the Hang Seng Index rising by 28.9% and the Hang Seng Tech Index increasing by 25.3%, placing it among the top global stock markets [3][4] - All industry sectors within the Hang Seng classification experienced gains, with materials, healthcare, and information technology sectors performing particularly well, increasing by 134.3%, 74.1%, and 39.7% respectively [4][7] - The report notes that the average daily trading volume in the Hong Kong stock market reached HKD 2,558 billion, a 95% increase year-on-year, and net inflows from southbound trading amounted to RMB 12,806 billion, significantly higher than the previous year's RMB 6,543 billion [3][21] Group 3 - The report indicates that liquidity in the Hong Kong financial market remains ample, with the banking system's surplus rising significantly due to interventions by the Hong Kong Monetary Authority [15][16] - It highlights that southbound trading has played a crucial role in supporting the stability and recovery of the Hong Kong market amid rising geopolitical risks, with companies with mainland backgrounds accounting for 80.59% of the total market capitalization [21][22] - The report anticipates that southbound trading will achieve a net inflow of RMB 1.5 trillion in 2026, surpassing the expected net inflow of RMB 1.33 trillion in 2025 [21][22] Group 4 - The report discusses the normalcy of significant pullbacks during a bull market, noting that the Hang Seng Index experienced a 6.1% decline and the Hang Seng Tech Index a 16.6% decline from late September to late November 2025, which is considered a typical adjustment within historical bull markets [25][29] - It attributes the recent market adjustments to increased internal and external uncertainties, including geopolitical tensions and economic slowdowns, which have led to cautious investor sentiment [26][27] - Historical data shows that during past bull markets, the Hang Seng Index has experienced average pullbacks ranging from 6% to 20%, indicating that the current adjustments do not fundamentally alter the upward trend of the market [29] Group 5 - The report emphasizes the importance of economic construction as a central focus, suggesting that the recent political statements will boost confidence among entrepreneurs and investors, thereby enhancing the fundamentals of listed companies [33][36] - It outlines that the 14th Five-Year Plan prioritizes the strengthening of the real economy, technological self-reliance, and the expansion of domestic demand, which are expected to drive future market growth [35][36] - The report concludes that the increasing recognition of China's AI technology and the presence of high-quality investment targets in the Hong Kong market will attract both domestic and international capital, fostering a positive investment environment [37]

Core Insights - The Ministry of Industry and Information Technology and five other departments have announced the first batch of 15 leading smart factories, covering key industries such as equipment manufacturing, raw materials, electronics, and consumer goods, providing a clear path for the intelligent transformation of manufacturing enterprises [1] - Leading smart factories represent the pinnacle of smart manufacturing in China, serving as benchmarks for future manufacturing models and global competitiveness [1][2] - The cultivation of smart factories follows a gradient approach, categorized into four levels: basic, advanced, excellent, and leading, allowing enterprises at different stages to set achievable goals [1][2] Group 1 - Leading smart factories have an intelligent penetration rate exceeding 80% and are accelerating integration into high-value upstream and downstream supply chain segments [1] - The gradient cultivation strategy aims to prevent ecological imbalance by fostering a broad base of basic smart factories, enabling small and medium-sized enterprises to keep pace with technological advancements [2] - Advanced and excellent smart factories act as a core force, disseminating experiences from leading factories to specialized fields, creating a ripple effect [2] Group 2 - To enhance global competitiveness, leading smart factories must leverage artificial intelligence, with a requirement for at least 60% of their applications to involve AI technology [2] - Small and medium-sized enterprises face challenges in transformation due to high costs, risks, and a lack of technology and talent, necessitating low-cost transformation solutions and shared service platforms [3] - The evolution of smart manufacturing in China has progressed from isolated breakthroughs to systemic collaboration, indicating a significant historical leap towards becoming a manufacturing powerhouse [3]

想让智能工厂的尖子生更具全球竞争力，要用好人工智能技术。卓越级智能工厂要求应用人工智能技术 场景比例不低于20%，领航级智能工厂则不低于60%。作为智能制造塔尖，需突破传统制造瓶颈，探索 未来模式。人工智能是实现此目标的有效手段，从研发端仿真提速到生产端柔性制造，再到全链条协同 优化，人工智能技术都能实现深度赋能。 工业和信息化部等6部门日前公布首批15家领航级智能工厂名单，涵盖装备制造、原材料、电子信息、 消费品等多个关键行业。这为制造业企业指明了清晰的智能化转型路径，从基础级到领航级的梯度设 计，不同发展阶段的企业有各自的明确目标。 领航级智能工厂是智能工厂的金字塔塔尖。按照工业和信息化部的表述，领航级智能工厂代表着我国当 前制造业发展的最高水平，为行业探索未来制造模式，打造全球领先的发展标杆。入选领航级智能工厂 的门槛很高，企业要在本行业本领域居于领军地位，核心产品具有全球竞争力，智能制造达到全球领先 水平。目前，15家领航级智能工厂建设场景中的智能渗透率已超80%，并向上下游高价值链环节加速渗 透。 培育智能工厂的思路是梯度有序。根据《智能工厂梯度培育要素条件（2025年版）》，我国智能工厂分 为基础 ...

培育智能工厂不是一场只选拔尖子生的竞赛。领航级智能工厂作为产业标杆，承担着探索前沿技术应 用、突破关键瓶颈的使命。但仅有塔尖是不够的，可能会出现断层风险和生态失衡。广泛培育基础级智 能工厂，正是为制造业智能化筑牢底座，推动大量中小企业与传统工厂，通过数字化改造跟上新一轮技 术革命的潮流。先进级、卓越级智能工厂作为中坚力量，能承接领航级经验并向细分领域扩散，形 成"以点带面"的传导效应。最终打造出根基稳固、层级分明、活力充沛的智能工厂金字塔。 想让智能工厂的尖子生更具全球竞争力，要用好人工智能技术。卓越级智能工厂要求应用人工智能技术 场景比例不低于20%，领航级智能工厂则不低于60%。作为智能制造塔尖，需突破传统制造瓶颈，探索 未来模式。人工智能是实现此目标的有效手段，从研发端仿真提速到生产端柔性制造，再到全链条协同 优化，人工智能技术都能实现深度赋能。 工业和信息化部等6部门日前公布首批15家领航级智能工厂名单，涵盖装备制造、原材料、电子信息、 消费品等多个关键行业。这为制造业企业指明了清晰的智能化转型路径，从基础级到领航级的梯度设 计，不同发展阶段的企业有各自的明确目标。 领航级智能工厂是智能工厂的金字塔塔 ...