国联安中证1000指数增强A（016962）成立日期2022年12月5日，最新规模1.47亿。今年以来收益 33.17%，同类排名1085/4206；近一年收益37.43%，同类排名990/4006；成立以来收益30.37%。 11月27日，剑桥科技涨5.69%，截至发稿，报109.86元/股，成交7.21亿元，换手率2.45%，总市值387.42 亿元。 资料显示，上海剑桥科技股份有限公司位于上海市闵行区陈行公路2388号8幢5楼,香港铜锣湾希慎道33 号利园1期19楼1901室，成立日期2006年3月14日，上市日期2017年11月10日，公司主营业务涉及基于合 作模式(主要为JDM和ODM模式)进行家庭、企业及工业应用类ICT终端领域产品的研发、生产和销售。 主营业务收入构成为：电信宽带55.66%，无线网络与小基站28.82%，高速光模块13.46%，边缘计算与 工业互联产品2.01%，其他(补充)0.06%。 从基金十大重仓股角度 数据显示，国联安基金旗下1只基金重仓剑桥科技。国联安中证1000指数增强A（016962）三季度持有 股数1.06万股，占基金净值比例为0.79%，位居第二大重仓股。根据 ...

Group 1 - The A-share market experienced fluctuations on Wednesday, with strong performance in sectors such as communication equipment, electronic components, pharmaceuticals, and semiconductors, while shipbuilding, aerospace, gaming, and decoration sectors lagged behind [1] - The market volatility increased due to the mixed expectations surrounding the Federal Reserve's interest rate cuts and year-end profit-taking by institutional investors, but the long-term support for the current A-share rally remains intact [1][2] - The Shanghai Composite Index is expected to consolidate around the 4000-point level, with a continued rebalancing of market styles, where cyclical and technology sectors are likely to alternate in performance [1] Group 2 - The A-share market showed mixed performance on Wednesday, with the Shanghai Composite Index finding support at 3816.575 points, but facing short-term pressure from the 5-day moving average [1] - The tightening of overseas liquidity expectations and geopolitical risks are likely to continue to suppress market risk appetite, leading to increased selling pressure as the market approaches resistance levels [2] - A new bullish window for the A-share market is anticipated around mid-December, coinciding with institutional investors repositioning for the next year and the expected Federal Reserve interest rate cut [2]

Market Overview - The market has experienced increased volatility, with fixed income plus funds regaining focus as a key marketing product [1] - On November 26, A-shares showed mixed performance, with the Shanghai Composite Index closing down 0.15% at 3864.18 points, while the Shenzhen Component Index rose 1.02% to 12907.83 points, and the ChiNext Index increased by 2.14% to 3044.69 points [1] Fund News - On November 26, four new funds were launched, primarily bond and mixed funds, with 30 funds distributing dividends, the highest being 9.00 CNY per 10 shares for the Guotai Nasdaq 100 Index Fund [2] - Over the past three months, the Shanghai Composite Index fluctuated between 3800 and 4000 points, leading to investor sentiment swinging with the index [2] - Hong Kong stocks have been oscillating at high levels, with a net outflow of 3.95 billion HKD on the same day, ending an eight-day buying streak, but the cumulative net inflow for the year has reached 1.38 trillion HKD [2] ETF Insights - On November 26, the CPO concept stocks surged, with the Southern AI ETF rising by 5.06%, and Zhongji Xuchuang increasing by over 13.25% [3] - The Hong Kong Internet ETF rose by 0.74%, with Meituan shares increasing by 5.65% following Alibaba's Q2 FY2026 earnings report, which exceeded market expectations with revenues of 247.795 billion CNY, a 15% year-on-year growth after excluding sold businesses [3] Fund Performance - On November 26, the best-performing fund was the Hongtu Innovation Technology Innovation Stock (LOF) with a daily growth rate of 5.8721% [6] - The top-performing stock fund was Hongtu Innovation New Technology Stock C with a daily growth rate of 5.8359%, while the top bond fund was Jingshun Great Wall Jingyifengli Bond F with a growth rate of 0.7194% [6][7]

Market Performance - The A-share market showed mixed results with the Shanghai Composite Index down by 0.15%, while the Shenzhen Component and ChiNext Index rose by 1.02% and 2.14% respectively [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.7972 trillion yuan, a decrease of 29 billion yuan compared to the previous trading day [1] CPO and AI Sector - The CPO sector continued to perform strongly, with Changguang Huaxin hitting a 20% limit up and Zhongji Xuchuang rising over 13% [2] - Alibaba Group reported a revenue of 247.795 billion yuan for Q2 of FY2026, exceeding market expectations, with a year-on-year growth of 15% after excluding sold businesses [2] - Alibaba Cloud's revenue reached 39.824 billion yuan, marking a 34% year-on-year increase, driven by strong AI demand and public cloud revenue growth [2] - The CEO of Alibaba stated that the demand for GPUs is currently at full capacity, indicating a supply-demand imbalance in AI resources for the next three years [2] - CITIC Securities reported that Alibaba's capital expenditure for the quarter was 31.5 billion yuan, with a total of approximately 120 billion yuan spent on AI and cloud infrastructure over the past four quarters [2] Pharmaceutical Sector - The pharmaceutical sector showed strong performance, driven by the flu season, with companies like Yuyuan Health and Huaren Health hitting a 20% limit up [3] - The Chinese CDC reported that flu activity is currently at a rising stage, with the H3N2 subtype accounting for over 95% of cases [3] - Companies like Zhenbaodao have responded to investor inquiries regarding their flu treatment drugs and vaccines, indicating ongoing production and sales [3] - Everbright Securities noted that the global interest rate cut cycle benefits innovative assets, and the aging population is driving increased healthcare spending, expanding global demand for pharmaceuticals [3] Foreign Investment Sentiment - Foreign investment sentiment remains positive towards Chinese assets, with Morgan Asset Management forecasting a 7.7% annualized return for A-shares over the next 10 to 15 years [4] - The report cites three main drivers: long-term economic resilience, stronger shareholder return policies, and potential valuation upside due to improved corporate governance and increased international investment [4] - Morgan Stanley's chief equity strategist expressed cautious optimism, highlighting investor focus on positive signals for the Chinese market while being wary of rising market volatility [5]

Core Viewpoint - The A-share market shows a mixed performance with technology stocks like optical communication modules experiencing significant gains, leading to a stronger performance in the Shenzhen market compared to Shanghai. The overall trading volume has decreased, indicating a cautious market sentiment influenced by external factors and internal pressures [1][2][9]. Market Performance - The Shanghai Composite Index closed down 0.15% at 3864.18 points, while the ChiNext Index rose 2.14% to 3044.69 points. The Shenzhen Component Index increased by over 1% [2][4]. - The total trading volume dropped to 1.8 trillion yuan, with a slight inflow of leveraged funds, bringing the margin balance to 2.46 trillion yuan as of November 25 [2][4]. Sector Performance - The optical communication module, CPO (Co-Packaged Optics), and other technology-related sectors such as semiconductor and electronic components saw substantial gains. The communication sector rose by 4.64%, with notable stocks like Zhongji Xuchuang increasing by 13.25% [4][6][8]. - Conversely, sectors like banking and military defense faced declines, with the defense sector dropping by 2.25% [6][7]. Investor Sentiment - Investor sentiment remains cautious due to significant pressure from trapped positions and slow foreign capital inflows. There is a notable divergence between domestic and foreign investors, leading to a prevalent wait-and-see attitude [1][9]. - Analysts suggest maintaining a balanced portfolio with a 50% position, focusing on strong sectors like communication while also investing in defensive sectors such as banking and pharmaceuticals to hedge against risks [1][11]. Key Events to Watch - Investors are advised to closely monitor three critical events: developments in the China-Japan conflict, the Federal Reserve's stance on interest rate cuts in December, and the upcoming Central Economic Work Conference, which will set the tone for economic policies in the coming year [10][11].

Core Insights - The article provides an overview of the latest net asset value (NAV) rankings of various funds, highlighting the top-performing and underperforming funds in the market [2][3][5]. Fund Performance Summary Top 10 Funds by NAV Growth - The top-performing funds as of November 26, 2025, include: 1. 红土创新科技创新股票 (LOF) with a NAV of 1.3378 and a growth of 5.87% 2. 红土创新新科技股票 C with a NAV of 4.5610 and a growth of 5.84% 3. 红土创新新科技股票 A with a NAV of 4.5632 and a growth of 5.83% 4. 长安宏观策略混合 C with a NAV of 2.1070 and a growth of 5.83% 5. 红土精选混合 with a NAV of 3.4405 and a growth of 5.82% 6. 长安宏观策略混合 A with a NAV of 2.1400 and a growth of 5.78% 7. 天弘中证全指通信设备指数发起 C with a NAV of 2.2523 and a growth of 5.57% 8. 天弘中证全指通信设备指数发起 A with a NAV of 2.2593 and a growth of 5.57% 9. 融通产业趋势股票 with a NAV of 1.1857 and a growth of 5.56% 10. 红土创新智能制造混合型发起式 C with a NAV of 0.8728 and a growth of 5.54% [2]. Bottom 10 Funds by NAV Decline - The underperforming funds as of November 26, 2025, include: 1. 前海开源沪港深强国产业 with a NAV of 1.1640 and a decline of 2.98% 2. 国投瑞银国家安全混合 A with a NAV of 1.1460 and a decline of 2.63% 3. 国投瑞银国家安全混合 C with a NAV of 1.1279 and a decline of 2.62% 4. 东方阿尔法招阳混合 E with a NAV of 0.4100 and a decline of 2.59% 5. 中欧高端装备股票发起 C with a NAV of 0.9648 and a decline of 2.58% 6. 东方阿尔法招阳混合 A with a NAV of 0.4152 and a decline of 2.58% 7. 中欧高端装备股票发起 A with a NAV of 0.9794 and a decline of 2.58% 8. 招商瑞丰灵活配置混合发起式 C with a NAV of 1.9930 and a decline of 2.54% 9. 招商瑞丰灵活配置混合发起式 A with a NAV of 2.0970 and a decline of 2.51% 10. 前海开源鼎新 D with a NAV of 1.0496 and a decline of 2.48% [3]. Market Analysis - The Shanghai Composite Index experienced a slight decline, while the ChiNext Index showed a rebound after a low opening, closing with a moderate gain. The total trading volume reached 1.79 trillion, with a market breadth of 1,692 gainers to 3,593 losers [5]. - The leading sectors included communication equipment, which rose over 3%, while the shipping and aviation sectors faced declines exceeding 2% [5]. Fund Holdings Analysis Top Holdings of 红土创新科技创新股票 (LOF) - The fund's top holdings include: 1. 工业富联 with a daily increase of 4.10% 2. 中际旭创 with a daily increase of 13.25% 3. 新易盛 with a daily increase of 8.66% 4. 天孚通信 with a daily increase of 6.24% 5. 胜宏科技 with a daily increase of 4.51% - The top ten holdings account for 56.55% of the total portfolio, indicating a focus on the artificial intelligence sector [7]. Top Holdings of 前海开源沪港深强国产业 - The fund's top holdings include: 1. 亚星酒钱 with a daily decrease of 6.68% 2. 中科海讯 with a daily decrease of 5.08% 3. 中船防务 with a daily increase of 8.68% - The top ten holdings account for 75.36% of the total portfolio, reflecting a focus on the military industry [7].

Group 1 - The core point of the article is that Wu Tong Holdings announced its participation in the "2025 Suzhou Listed Companies Investor Reception Day" to enhance interaction with investors [2] - The event is scheduled for December 2, 2025 [2] - The announcement was made on the evening of November 26 [2]

Market Overview - A-shares exhibited a mixed performance, with technology stocks such as optical communication modules driving gains in the Shenzhen market, leading to a rise of over 2% in the ChiNext Index [1][2] - The market saw a slight decrease in trading volume, with total turnover shrinking to 1.8 trillion yuan, and 3,593 stocks closing lower [1][3] Sector Performance - The communication sector surged by 4.64%, with notable stocks like Zhongji Xuchuang (300308) rising by 13.25% to 543.22 yuan per share, and other companies such as Tefa Information (000070) and Shida Group (600734) hitting the daily limit [5][8] - Conversely, the defense and military sector led the declines with a drop of 2.25%, showing significant stock divergence [6][7] Investment Sentiment - Investor sentiment remains cautious due to significant pressure from trapped positions and slow foreign capital inflow, leading to a pronounced wait-and-see attitude [1][10] - Analysts suggest maintaining a balanced portfolio with a recommended position of around 50%, focusing on strong sectors like communication while also including defensive sectors such as banking and pharmaceuticals to hedge against risks [11][12] Key Events to Watch - Investors are advised to closely monitor three major events: developments in the China-Japan conflict, the Federal Reserve's stance on interest rates in December, and the upcoming Central Economic Work Conference [11][12] - The market is expected to maintain a strong oscillating trend in the short term, with potential for further gains in 2026 as liquidity expectations improve and key support levels are tested [12]

Core Viewpoint - The preliminary ruling results of the 337 investigation are expected to be released in mid to late January 2026, based on the duration of the U.S. federal government shutdown [1] Company Summary - Kangxi Communication responded to investor inquiries on November 26, indicating the timeline for the 337 investigation results [1]

Core Viewpoint - The integration of 5G applications into 91 categories of the national economy is progressing, with a complete 5G industry chain established from chips to terminals and base station equipment [1][2] Group 1: 5G Development and Infrastructure - China has surpassed 4.7 million 5G base stations, with 5G-A commercial deployment advancing orderly, covering over 300 cities [1] - The country has built the world's largest 5G network, with over 60% of global 5G base stations located in China [1] Group 2: Policy and Strategic Initiatives - The Ministry of Industry and Information Technology is actively promoting the large-scale development of 5G applications through various policies, including the "5G Sailing" action plan and the "5G + Industrial Internet" 512 project implementation plan [1][2] - Future work will focus on accelerating technological breakthroughs and expanding the depth of integration to unleash application potential [2] Group 3: Industry Chain and Product Development - A complete and efficient 5G industry chain has been established in China, covering chips, modules, terminals, base stations, and medical applications [2] - The variety of 5G products, including modules, base stations, and smartphones, is rich and of high performance, with 5G robots gradually becoming more widely used [2]