基 金 研 究 ETF 基金周报（20251110-20251114）： 港股高股息类 ETF 基金获资金青睐 2025 年 11 月 17 日 投资要点 分析师：李荣 SAC 执业证书编号： S0340521010001 基金从业资格证书编号： F4520000001431 电话：0769-26628039 邮箱：lirong@dgzq.com.cn 各类ETF基金周度平均收益及资金流动概览：随着美国政府在史上最长 的43天"停摆"后重启，金融市场流动性得到缓解，权益市场普遍反弹， MSCI新兴市场上涨0.29%，MSCI发达市场上涨0.43%。美国市场方面由于 对AI泡沫的担忧，纳斯达克指数出现微幅下跌。商品方面表现优异，不 论是贵金属黄金、白银还是原油都出现不同程度上涨，映射在ETF基金上， 本周商品ETF基金以周度平均上涨2.95%居首。本周ETF基金资金净流入 295.97亿元，除了债券型ETF基金小幅净流出外，其他各类型ETF基金均 出现不程度净流入。从结构上来看，资金还是"轻宽基金指数，重行业 或主题"。 基 金 策 风险提示：（1）报告数据均来自历史公开数据整理分析，研究人员不对 数据的准确性 ...

摘要：【图】2025年6月云南省烧碱(折100%)产量数据分析 2025年6月烧碱(折100%)产量统计： 烧碱(折100%)产量：2.5 万吨 同比增长：-8.9% 增速较上一年同期变化：低13.2个百分点 2025年1-6月烧碱(折100%)产量统计： 烧碱(折100%)产量：15.9 万吨 同比增长：4.7% 增速较上一年同期变化：低9.0个百分点 据统计，2025年1－6月，云南省规模以上工业企业烧碱(折100%)产量与上年同期相比增长了4.7%，达 15.9万吨，增速较上一年同期低9.0个百分点，增速放缓，增速较同期全国低0.1个百分点，约占同期全 国规模以上企业烧碱(折100%)产量2267.55045万吨的比重为0.7%。详见下图： 据统计，2025年6月云南省规模以上工业企业烧碱(折100%)产量与上年同期相比下降了8.9%，达2.5万 吨，增速较上一年同期低13.2个百分点，增速较同期全国低15.9个百分点，约占同期全国规模以上企业 烧碱(折100%)产量387.2751万吨的比重为0.7%。 详见下图： 图1：云南省烧碱(折100%)产量分月（当月值）统计图 石油化工行业最新动态 石油现状 ...

2024年1至12月份，宏达股份的营业收入构成为：化工业占比57.09%，冶金业占比39.42%，其他业务占 比2.98%，酒店业占比0.5%。 每经AI快讯，宏达股份（SH 600331，收盘价：10.93元）11月17日晚间发布公告称，公司第十届第二十 四次董事会会议于2025年11月17日在中海国际中心H座14楼会议室以现场结合视频通讯方式召开。会议 审议了《关于续聘四川华信（集团）会计师事务所为公司2025年度财务审计机构和内控审计机构的议 案》等文件。 每经头条（nbdtoutiao）——展望"十五五" | 专访尹艳林：让有钱且愿消费的人顺利消费；个税起征点可 提高，最高边际税率可下调，让有关群体少缴税、多收入 （记者 张明双） 截至发稿，宏达股份市值为289亿元。 ...

德国伊福经济研究所（ifo Institute）调查负责人沃尔拉贝（Klaus Wohlrabe）对第一财经记者表示，关 税削减措施迟迟未能落地的影响很难准确界定，因为在这场贸易摩擦中，唯一可以确定的是其不可预测 性与高度不稳定性。欧盟企业将根据美国和欧盟之间的最终协议作出反应。"当前，德国出口业陷入了 困境，短期内看不到真正的复苏。"他称。 美欧贸易协议执行推进缓慢 根据美欧的框架协议，美方承诺维持对欧盟大部分进口商品最高15%的关税税率。同时，美方特别强 调，将在欧盟正式提出"必要立法提案"并降低部分美国商品关税后，再考虑下调汽车关税。 8月底，欧委会公布相关提案，表示将取消美国工业品关税，并为多项海产品与非敏感农产品开放市 场。作为回应，美国在9月下旬履行承诺，将自欧盟进口的汽车及零部件关税下调至最高15%。 欧盟正准备向美国提出一项"落实行动计划"，以推进框架协议下一阶段执行。 尽管美欧双方此前已就贸易协议达成一致，但美国政府近日对协议表达了新的不满。 当地时间16日，美国贸易代表格里尔（Jamieson Greer）表示，欧盟对美国出口产品征收的关税水平依 然偏高。"贸易问题一直是一个导火索。欧盟方 ...

Domestic Macro - In October, major economic indicators showed a decline, with industrial, consumption, and investment growth rates slowing compared to September. The high base from last year's policy stimulus and the misalignment of holidays contributed to short-term disturbances, indicating insufficient domestic demand and external pressure that require policy support [1][7] - The industrial added value in October grew by 4.9% year-on-year and 0.17% month-on-month, while from January to October, it increased by 6.1% year-on-year. Real estate development investment from January to October was 73,563 billion yuan, down 14.7% year-on-year, and new commercial housing sales area decreased by 6.8% year-on-year [7] Foreign Macro - Overseas markets continued to experience fluctuations, particularly in US tech stocks, which affected sentiment in the A-share market. The S&P 500 index rose by 0.08%, while the Nasdaq index fell by 0.45% [8] - Several factors contributed to the ongoing adjustment in US stocks, including the absence of key economic data during the government shutdown, hawkish statements from Federal Reserve officials regarding interest rate cuts, and concerns over the sustainability of debt financing for AI giants [8][9] Bond Market - The bond market is expected to remain in a favorable period despite some pressure on the fundamentals. The central bank has indicated that during this critical economic transition, it is not advisable to overly focus on total data changes [10][15] - The overall liquidity in the market is anticipated to stay relatively loose in the medium term, with the bond market likely to continue benefiting from this environment [15] Equity Market - The market is entering a period of total policy and profit vacuum, with accelerated rotation in the tech sector and increased highlights in low-position consumption and dividends. The high-yield, risk-free financial assets are diminishing, and the influx of new capital is far from over [20] - The Shanghai Composite Index fell by 0.18%, the Shenzhen Component Index dropped by 1.40%, and the ChiNext Index decreased by 3.01% last week, with 20 out of 31 industries showing gains [16][20] Investment Strategy - Emerging technology is expected to be a main focus, with cyclical consumption looking towards transformation. Attention should be given to sectors that have experienced prolonged corrections and significant adjustments [21][22] - Specific directions include technology growth, manufacturing expansion, cyclical consumption, and financial sectors, with a focus on areas such as internet, robotics, semiconductor, and consumer electronics [22]

南财智讯11月17日电，鲁西化工在投资者关系活动中表示，2025年1-3季度公司产销量同比增长，但受 市场供求关系影响，部分化工产品售价同比下降，且售价降幅大于原料采购价格降幅，导致归母净利润 同比下滑。 ...

电气设备、医药生物、有色金属、化工、银行板块表现低迷，软件服务、大消费、煤炭、房地产板块走 强。 11月17日，港股恒生指数收跌0.71%，恒生科技指数跌0.96%。 | HSI | 恒生指数 | 26384.28c -188.18 | | -0.71% | | --- | --- | --- | --- | --- | | HSTECH 恒生科技 | | 5756.88c | -55.92 | -0.96% | | HSBIO | 恒生生物科技 | 15959.29c -321.53 | | -1.97% | | HSCEI | 恒生中国企业指数 | 9328.40c | -69.56 | -0.74% | | HSCI | 恒生综合指数 | 4052.36c | -27.69 | -0.68% | | 2015.HK | 1 J.4UU | - L. JL/C | | --- | --- | --- | | 哔哩哔哩-W | 205.000 | -1.91% | | 9626.HK | | | | 比亚迪电子 | 34.000 | -1.79% | | 0285.HK | | | | 同程旅行 | 22. ...

能源化工周报—PX&PTA 一、主要观点 周内总结 印度解除BIS认证 出口有望回暖 2025年11月17日 研究所 王江楠 TEL：010-82295006 从业资格证号：F03108382 投资咨询从业证书号：Z0021543 一、主要观点 二、价格情况 三、装置运行情况 四、基本面分析 后市预测 1.周内总结 4 PX周内高位震荡，主要原因是油价回涨和调油逻辑的炒 作。近期市场关于亚美芳烃套利和调油炒作传闻增多， 引发对调油逻辑的关注。原油在地缘和供应的消息中摇 摆，价格反弹修复，给予PX支撑。 PTA周内高位震荡，主要原因是成本支撑恢复和印度BIS 解除。成本的稳固使得聚酯原料端总体偏强运行，另外 印度取消BIS认证，一定程度上利好PTA和下游聚酯产品 的出口预期，对聚酯产业链上下游绝对价格形成有效支 撑。 2.后市预测 5 • 原油方面：南美和俄乌的局势问题仍是市场关注重点，若没 有意外发生，原油价格很大概率将延续震荡偏弱的行情走势。 PX方面：PX总开工依旧维持在较高水平，而下游聚酯仍处于 淡旺季转换的节点，后市关注下游TA和聚酯出口订单落实情 况。PTA方面：加工费仍处于低位水平，虽然开工下滑， ...

Core Viewpoint - Despite the German government's concerns about dependency on China, major German exporters continue to invest heavily in the Chinese market, with a projected increase in investment from €54 billion to €57 billion between 2023 and 2024, reflecting a €1.3 billion growth [1] Group 1: Automotive Industry - The automotive sector is central to German investment in China, accounting for approximately two-thirds of total investments, with a significant growth rate of 69% expected from 2023 to 2024, reaching €42 billion [3] - Major German car manufacturers like BMW, Mercedes-Benz, and Volkswagen view China as their most important market, with BMW investing around €3.8 billion in a battery project in Shenyang and planning to export electric SUVs back to Europe [3][4] - Mercedes-Benz is developing electric vehicles exclusively for the Chinese market, while Volkswagen has signed multiple agreements with Chinese companies to accelerate technological development [3] Group 2: Chemical and Engineering Sectors - BASF has opened a comprehensive facility in China valued at €8.7 billion, marking its largest investment project to date, emphasizing the importance of the Chinese market for compensating for weak production capacity in Germany [4] - Bosch is also increasing its R&D efforts in China while reducing jobs in Germany, indicating a shift in focus towards the Chinese market [5] Group 3: Investment Trends and Challenges - Over the past five years, Germany's average annual investment in China has reached €5.2 billion, significantly higher than the €3.3 billion average from 2015 to 2019 [5] - The high costs associated with finding alternative sources for materials like rare earths and chips pose a challenge for companies, as these alternatives are often more expensive than sourcing from China [5] - The automotive industry is actively pursuing risk mitigation measures, but these efforts require political support to be effective [5][6] Group 4: Political Context and Future Outlook - The German government, under Chancellor Merz, is considering a reassessment of trade policies with China, focusing on energy, raw materials, and investments in critical infrastructure [8] - The recent visit of Germany's Vice Chancellor and Finance Minister to China aims to foster open dialogue and cooperation on macroeconomic conditions and multilateral collaboration [9]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report updates the high - frequency data of fixed - income fundamentals from November 10th to November 16th, 2025. The overall high - frequency index of fundamentals is stable, with changes in various sub - indices such as production, demand, prices, inventory, transportation, and financing. For example, the industrial production high - frequency index shows a narrowing increase, the real estate sales high - frequency index has a stable decline, and the infrastructure investment high - frequency index has an expanding increase [1][9]. 3. Summary by Relevant Catalogs 3.1 Total Index - The current Guosheng fundamental high - frequency index is 128.7 points (previous value: 128.6 points), with a week - on - week increase of 6.1 points (previous value: 6.1 points), and the year - on - year increase remains unchanged. The long - short signal of interest - rate bonds is downgraded, with a signal factor of 4.1% (previous value: 4.4%) [1][9]. 3.2 Production - The industrial production high - frequency index is 127.5, with a week - on - week increase of 5.2 points (previous value: 5.3 points), and the year - on - year increase narrows. The electric furnace and PX operating rates increase. The electric furnace operating rate is 60.9% (previous value: 59.6%), and the PX operating rate is 90.5% (previous value: 89.9%) [1][9][15]. 3.3 Real Estate Sales - The high - frequency index of commercial housing sales is 41.5, with a week - on - week decrease of 6.2 points (previous value: 6.2 points), and the year - on - year decline remains unchanged. The transaction land premium rate drops. The 100 - large - city transaction land premium rate is 1.4% (previous value: 3.6%) [1][9][28]. 3.4 Infrastructure Investment - The high - frequency index of infrastructure investment is 122.5, with a week - on - week increase of 9.1 points (previous value: 9.0 points), and the year - on - year increase expands. The operating rate of petroleum asphalt continues to decline, with a current operating rate of 29.0% (previous value: 29.7%) [1][9][42]. 3.5 Export - The high - frequency index of exports is 143.6, with a week - on - week increase of 0.9 points (previous value: 1.0 points), and the year - on - year increase narrows. The container freight rate index rises continuously. The CCFI index is 1094.0 points (previous value: 1058.2 points) [1][9][44]. 3.6 Consumption - The high - frequency index of consumption is 120.7, with a week - on - week increase of 3.5 points (previous value: 3.6 points), and the year - on - year increase narrows. The average daily box office of movies rises, reaching 54410,000 yuan (previous value: 29640,000 yuan) [1][9][54]. 3.7 CPI - The monthly - on - monthly CPI forecast is 0.1% (previous value: 0.1%). The price of white - striped chickens rises slightly, with an average wholesale price of 17.8 yuan/kg (previous value: 17.6 yuan/kg) [1][9][60]. 3.8 PPI - The monthly - on - monthly PPI forecast is 0.0% (previous value: 0.0%). The spot prices of coal and copper rise slightly. The ex - warehouse price of thermal coal in Qinhuangdao Port is 832 yuan/ton (previous value: 798 yuan/ton), and the LME copper spot settlement price is 10841 US dollars/ton (previous value: 10704 US dollars/ton) [1][9][62]. 3.9 Transportation - The high - frequency index of transportation is 132.6, with a week - on - week increase of 10.5 points (previous value: 10.4 points), and the year - on - year increase expands. The highway logistics freight rate index rises slightly, reaching 1051 points (previous value: 1050 points) [2][10][74]. 3.10 Inventory - The high - frequency index of inventory is 163.0, with a week - on - week increase of 7.9 points (previous value: 8.0 points), and the year - on - year increase narrows. The inventory scale of electrolytic aluminum and soda ash increases. The electrolytic aluminum inventory is 122,000 tons (previous value: 116,000 tons), and the soda ash inventory is 1,707,000 tons (previous value: 1,703,000 tons) [2][10][82]. 3.11 Financing - The high - frequency index of financing is 242.2, with a week - on - week increase of 30.5 points (previous value: 30.4 points), and the year - on - year increase expands. The net financing of local bonds turns from negative to positive, with a net financing of 242.8 billion yuan (previous value: - 36 billion yuan) [2][10][93].