Core Insights - The article discusses the investment opportunities and strategies in the technology sector, emphasizing the importance of building industrial ecosystems and aligning with national strategic directions [1][4][10] Group 1: Investment Strategies - Institutions should focus on selecting the right sectors according to national strategic guidelines, building industrial ecosystems, and being patient for value realization [1][7] - The capital market is increasingly supporting new productive forces, with sectors like aerospace, quantum computing, robotics, and semiconductors gaining attention [1][4] - Investment firms are encouraged to establish specialized teams to enhance their capabilities in emerging technologies [4][5] Group 2: Market Trends - The IPO market has shown signs of recovery, with technology stocks leading the upward trend in both A-shares and Hong Kong stocks [4][7] - The investment landscape has shifted, with a significant increase in state-owned capital's share in the private equity market, now exceeding 70% [7][8] Group 3: Challenges and Considerations - Investment institutions face challenges such as the tightening of A-share IPOs in the second half of 2023, but a recovery is anticipated [7][8] - The need for a diversified investor structure is highlighted to enhance market vitality and focus on the growth potential of investment targets [7][8] - The article emphasizes the importance of maintaining rationality in investment decisions amidst high valuations and market bubbles [8][9] Group 4: Future Outlook - The "15th Five-Year Plan" suggests enhancing the capital market's functionality and adaptability, focusing on both traditional industry upgrades and cutting-edge technologies [9][10] - Investment firms are encouraged to build industrial ecosystems that integrate various stakeholders, including research institutions and financial entities [9][10] - The goal is to support the globalization of Chinese technology companies and attract global investment to foster technological advancement [10][11]

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。 港股通50ETF（159712）跟踪的是港股通50指数（930931），该指数从港股通机制下选取交易活跃、流 动性良好的50只港股上市证券作为指数样本，覆盖金融、信息技术、消费等多个重要行业，综合反映港 股通范围内具有市场代表性和核心竞争力的上市公司证券的整体表现。 招商证券指出，港股通50行业近期受美元指数走强影响出现调整，恒生科技指数领跌，对外部流动性变 化较为敏感。当前港股估值已进入配置价值区间，恒生科技PE-TTM处于历史14.8%分位。在中国经济 结构转型背景下，科技板块汇集了A股稀缺的优质科技公司，AI产业趋势持续强化，相关企业竞争力突 出。顺周期、服务业消费及自主可控成为三大主线，其中科技板块在AI基础设施、大模型竞争升级推 动下具备长期发展潜力。存储器、集成电路等TMT领域维持高景气， ...

Market Overview - The domestic equity market index experienced a downward trend during the week of November 17-21, 2025, with all Shenwan industry sectors collectively declining. The banking, media, and food and beverage sectors showed relative resilience, while the power equipment, comprehensive, and basic chemical industries faced the largest declines [4] Fund Issuance - A total of 41 new funds were established in the domestic market this week, with a combined issuance of 36.035 billion units. This includes 7 bond funds, 3 FOF funds, 12 mixed funds, 16 stock funds, 1 REIT, 1 international (QDII) fund, and 1 money market fund [5] Fund Performance Tracking - The performance of long-term thematic funds was poor this week, with the financial real estate thematic fund showing relative resilience. As of November 21, 2025, the net value declines for various thematic funds were as follows: financial real estate -3.02%, national defense and military industry -3.19%, consumption -3.31%, TMT -4.47%, industry balance -4.92%, industry rotation -4.93%, cyclical -5.28%, pharmaceuticals -5.98%, and new energy -8.82% [6] ETF Market Tracking - Different investment range ETFs saw inflows this week, with significant passive fund accumulation in broad-based thematic ETFs, particularly in TMT. The median return for stock ETFs was -4.61%, with a net inflow of 49.533 billion yuan. Hong Kong stock ETFs had a median return of -6.25% and a net inflow of 17.821 billion yuan. Cross-border ETFs had a median return of -3.42% with a net inflow of 2.329 billion yuan, while commodity ETFs had a median return of -2.50% and a net inflow of 6.495 billion yuan. Notably, the small-cap thematic ETFs saw a significant net inflow of 11.983 billion yuan [7] Fund Position Monitoring - The estimated position of actively managed equity funds increased by 0.14 percentage points compared to the previous week. In terms of industry allocation, there was an increase in funding for household appliances, non-ferrous metals, and banking, while basic chemicals, automobiles, and computers saw a reduction in funding [8] ESG Financial Products Tracking - This week, 24 new green bonds were issued, with a total issuance scale of 24.369 billion yuan. The domestic green bond market has steadily developed, with a cumulative issuance scale of 5.04 trillion yuan and a total of 4,323 bonds issued as of November 21, 2025. In terms of fund performance, the median net value changes for actively managed equity, passive stock index, and bond ESG funds were -5.71%, -4.76%, and +0.03%, respectively. High-quality governance, ecology, and ESG-themed funds showed significantly better performance. As of November 21, 2025, there were 213 ESG funds in the domestic market, with a total scale of 145.742 billion yuan [9]

Core Insights - The report from the Zhang Qiyao team at Industrial Securities indicates that the previous adjustments in the TMT sector have been substantial, with signs of recovery in the AI market as it begins to expand towards downstream applications in both China and the US [1][11]. Group 1: TMT Sector Analysis - The rolling excess return of the TMT sector relative to the entire A-share market has significantly narrowed, reaching a level of approximately -7.5%, which is consistent with historical bottoms [2]. - The trading congestion in the TMT sector has been adequately released, with the trading volume percentage dropping to around 28%, aligning with levels seen during previous adjustments [4]. - The current congestion levels in various AI sub-sectors have notably decreased, with most sectors now at historical lows, indicating a more favorable trading environment [5]. Group 2: Historical Context - The current TMT adjustment has been sufficient in both time and magnitude, with the maximum drawdown recorded at -13.7% over 35 trading days, which is comparable to previous adjustments that typically lasted 30-45 days with drawdowns around 15% [8][10]. Group 3: AI Market Dynamics - Since November, the AI market has begun to shift towards downstream software applications, driven by a change in industry narratives and advancements in global AI applications [11][14]. - Recent developments, such as Alibaba's confidence in domestic AI commercialization and Google's advancements in multi-modal capabilities, have catalyzed the penetration of AI into various sectors including content production, marketing, and e-commerce [14][16]. - The overall market sentiment towards the end of the year is expected to favor the AI downstream sector, providing a conducive trading environment [16].

截至发稿，慧博云通市值为189亿元。 每经头条（nbdtoutiao）——688496，被证监会立案！刚上市业绩就变脸，亏损超1亿元；核心产品受重 创：第一大客户"自产自用"，减少采购 （记者 曾健辉） 每经AI快讯，慧博云通（SZ 301316，收盘价：46.68元）11月25日晚间发布公告称，公司第四届第十一 次董事会会议于2025年11月25日以通讯会议的方式召开。会议审议了《关于调整公司组织架构的议案》 等文件。 2025年1至6月份，慧博云通的营业收入构成为：TMT占比59.06%，金融占比30.83%，其他行业占比 10.11%。 ...

Core Viewpoint - The Hong Kong stock market is experiencing a strong inflow of funds into the technology sector, particularly in AI and semiconductor-related ETFs, following a significant correction in the sector since October, which has made valuations more attractive [1][2]. Group 1: Market Performance - On November 25, the Hong Kong stock market opened higher, with technology and semiconductor sectors showing strong performance, leading to active trading in related ETFs [1]. - The Hang Seng Technology Index has corrected over 14% from its year-to-date high since October, highlighting the increased attractiveness of valuations in the technology sector [1]. - On November 24, the overall market ETFs saw a net inflow of 14.4 billion yuan, with technology ETFs in Hong Kong being the primary focus for fund accumulation [1]. Group 2: ETF Specifics - The Hong Kong Stock Connect Technology ETF (159262) is the largest product tracking the Hang Seng Stock Connect Technology Index, focusing on hard technology sectors like AI and semiconductors, while excluding automotive, pharmaceutical, and home appliance sectors [2]. - As of November 24, the index has gained 45% over the past year, with an annualized Sharpe ratio of 1.37, both of which are among the best in the Hong Kong technology and internet thematic indices [2]. - The Hong Kong Stock Connect Technology ETF (159262) received a net inflow of 270 million yuan on November 24, making it the top-performing ETF in its category, with a total size nearing 6 billion yuan [1][2]. Group 3: Investment Outlook - Analysts believe that the current valuation of the hard technology sector in Hong Kong offers good value for money, especially as the external environment remains in a rate-cutting cycle, providing a favorable opportunity for reverse positioning [2]. - The Hong Kong Stock Connect Technology ETF (159262) is seen as a key investment tool for capturing recovery opportunities in the Hong Kong technology sector [2]. - Tianfeng Securities highlights that the ETF's index covers a broad range of technology fields, including internet, software, and hardware, making it a more precise investment choice compared to other ETFs that focus on narrower segments [3].

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core Views - **Stock Index Futures**: The A - share market closed up with fluctuations on November 24, 2025, with National Defense and Military Industry leading the gains and TMT strengthening. The Wind All - A index rose 0.62%, with a trading volume of 1.74 trillion yuan. The CSI 1000 Index rose 1.26%, the CSI 500 Index rose 0.76%, while the SSE 50 Index fell 0.18% and the CSI 300 Index fell 0.12%. After the liquidity rally since June ended, the market refocused on fundamentals. New - quality productivity themes led by AI have optimistic growth expectations for the next three years, especially in the upstream hardware manufacturing of the technology sector. However, these themes have had large gains since June, and lack further catalysts near the end of the year, entering a volatile market in November. Traditional economic sectors like consumption and cyclicals are in a volatile recovery, with limited short - term prospects for a fundamental bull market. Market trading volume, volatility, and risk appetite are decreasing, and the index is expected to fluctuate in the short term. Overseas technology stocks also face expectation divergence, with concerns about AI's actual profitability, an economic data vacuum due to the US government shutdown, and a hawkish Fed stance on a December rate cut leading to a correction in US technology stocks last week [1]. - **Treasury Bond Futures**: On November 24, 2025, treasury bond futures closed higher, with the 30 - year main contract up 0.16%, the 10 - year main contract up 0.08%, the 5 - year main contract up 0.08%, and the 2 - year main contract up 0.01%. The central bank conducted 338.7 billion yuan of 7 - day reverse repurchases on November 24, with a winning bid rate of 1.4%, realizing a net injection of 5.57 billion yuan. Liquidity is reasonably abundant, but the pressure to achieve the annual economic growth target is low, so the expectation of a central bank rate cut is weak, and the bond market lacks upward momentum. In the short term, as November enters a brief domestic economic data vacuum period, the bond market is expected to fluctuate narrowly [1][2]. 3. Daily Price Changes - **Stock Index Futures**: On November 24, 2025, compared with November 21, 2025, IH decreased by 2.0 points (-0.07%) to 2,944.4; IF increased by 6.8 points (0.15%) to 4,435.2; IC increased by 57.6 points (0.85%) to 6,827.6; IM increased by 77.0 points (1.10%) to 7,095.2 [3]. - **Stock Indexes**: The SSE 50 Index decreased by 5.3 points (-0.18%) to 2,950.6; the CSI 300 Index decreased by 5.6 points (-0.12%) to 4,448.0; the CSI 500 Index increased by 51.6 points (0.76%) to 6,869.0; the CSI 1000 Index increased by 88.7 points (1.26%) to 7,156.4 [3]. - **Treasury Bond Futures**: TS increased by 0.008 points (0.01%) to 102.42; TF increased by 0.14 points (0.13%) to 106.00; T decreased by 0.095 points (-0.09%) to 108.34; TL increased by 0.19 points (0.16%) to 115.76 [3]. 4. Market News - The Chinese Foreign Ministry spokesperson Mao Ning stated on November 24 that due to recent wrong remarks on the Taiwan issue by Japanese leaders, which have damaged the foundation and atmosphere of China - Japan - South Korea cooperation, the current conditions are not suitable for holding a China - Japan - South Korea leaders' meeting [4]. 5. Chart Analysis - **Stock Index Futures**: The report provides charts of the trends of IH, IF, IM, IC main contracts, and their respective monthly basis trends [6][7][9]. - **Treasury Bond Futures**: Charts include the trends of treasury bond futures main contracts, treasury bond spot yields, basis of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures, inter - delivery spreads of different - term treasury bond futures, cross - variety spreads, and capital interest rates [13][14][18][19]. - **Exchange Rates**: There are charts showing the central parity rates of the US dollar, euro against the RMB, forward exchange rates of the US dollar and euro against the RMB, the US dollar index, euro - US dollar, pound - US dollar, and US dollar - yen exchange rates [22][23][26][27]. 6. Member Introduction - Zhu Jintao, a master of economics from Jilin University, is the director of macro - financial research at Everbright Futures Research Institute, with futures qualification number F3060829 and futures trading consultation qualification number Z0015271 [29]. - Wang Dongying, an index analyst with a master's degree from Columbia University, mainly tracks stock index futures, is responsible for macro - fundamental quantification, key industry sector research, index earnings report analysis, and market capital tracking, with futures qualification number F03087149 and futures trading consultation qualification number Z0019537 [29].

Core Viewpoint - The Hong Kong stock market is experiencing a strong inflow of funds into the technology sector, particularly in AI and semiconductor-related ETFs, following a significant correction in the sector since October, which has made valuations more attractive [1][2]. Group 1: Market Performance - On November 25, the Hong Kong stock market opened higher, with technology and semiconductor sectors showing strong performance, leading to active trading in related ETFs [1]. - The Hang Seng Technology Index has corrected over 14% from its year-to-date high since October, highlighting the increased attractiveness of valuations in the technology sector [1]. - On November 24, the overall market ETFs saw a net inflow of 14.4 billion yuan, with technology ETFs in Hong Kong being the primary focus for fund accumulation [1]. Group 2: ETF Specifics - The Hong Kong Stock Connect Technology ETF (159262) is the largest product tracking the Hang Seng Stock Connect Technology Index, focusing on hard technology sectors like AI and semiconductors [2]. - The ETF's top ten holdings include major companies such as Alibaba, Tencent, Xiaomi, Meituan, and SMIC, accounting for nearly 80% of the index, indicating a high concentration in the technology sector [2]. - As of November 24, the index has achieved a 45% increase over the past year, with an annualized Sharpe ratio of 1.37, both of which are among the best in the Hong Kong technology and internet thematic indices [2]. Group 3: Investment Sentiment - Industry experts believe that the current valuation of the hard technology sector in Hong Kong offers good value for money, especially as the external environment remains in a rate-cutting cycle, providing a favorable opportunity for reverse positioning [2]. - The Hong Kong Stock Connect Technology ETF (159262) is seen as a key investment tool for capturing recovery opportunities in the Hong Kong technology sector [2]. - Brokerage firms express optimism about the long-term investment value of the ETF, noting its comprehensive coverage of the technology sector, including internet, software, and hardware, which allows for a more precise focus on core technology areas [3].

Group 1 - The expectation of the Federal Reserve's interest rate cut is impacting global capital markets, with a focus on AI development trends. The weakening of the external market is primarily due to the declining expectation of a rate cut in December, which also indirectly affects the A-share market. There is widespread concern and intense discussion regarding whether there is excessive investment in the AI industry [1] - The A-share market is currently in a typical year-end consolidation phase, characterized by sector rotation, unclear main lines, and balanced allocation [1] - On Monday, both markets experienced a slight rebound, but trading volume significantly decreased. The Shanghai Composite Index opened lower, dipped, and then rebounded slightly, closing still below the short-term moving averages. The Shenzhen Component Index rebounded stronger than the Shanghai index but also failed to reach the short-term moving average [1] Group 2 - The trading volume on that day was around 1.7 trillion yuan, which is a noticeable decrease compared to the previous Friday. Market hotspots were mainly concentrated in the TMT (Technology, Media, and Telecommunications) and military industries [1] - In terms of investment style, small and mid-cap stocks outperformed, while large-cap blue-chip stocks showed weak performance [1] - The Shanghai Composite Index encountered technical resistance and adjusted downward, returning to the consolidation range seen in August and September. After hitting technical resistance in mid-November, the index suddenly adjusted downward, breaking through multiple short-term moving averages [1]

Market Overview - The A-share market experienced significant declines, with the Shanghai Composite Index dropping 4.83% and the Shenzhen Component Index falling 6.96% from November 14 to November 21, 2023, particularly a 2.45% drop in one day [1][2]. Impact on Financial Products - Equity-based financial products were the most affected, with 12 products showing a net value decline of over 6%, and 4 products dropping more than 7% during the same period [3]. - The largest decline was observed in the "Huaxia Wealth Tian Gong No. 4 (New Energy Storage Index)" product, which saw a net value drop of 9.77% [3][4]. Performance of Specific Products - Other notable products with significant declines included "Tian Gong No. 5 (AI Computing Power Index)" and "Tian Gong No. 10 (New Energy Operator Index)", with declines of 8.53% and 8.03% respectively [5]. - Actively managed products also faced declines, such as "Zhao Zhuo Consumer Selected No. 1" with a 7.15% drop and "Minsheng Wealth Jin Zhu Quantitative Enhanced No. 1" with a 6.43% decline, the latter experiencing a 3.49% drop in one day [5]. Mixed-Asset Products - Mixed-asset financial products showed varying levels of resilience, with 10 products reporting net value declines exceeding 3% during the same period. The largest decline was 3.98% for "Hangyin Wealth Happiness 99 Excellent Mixed (Debt ESG Balanced Preferred FOF)" [7]. - "Solid Income+" products also faced some net value retraction, but overall declines were limited to within 1.5% due to lower equity investment ratios [7]. Resilient Products - Some mixed-asset products demonstrated better performance during the market downturn, including "Beiyin Wealth Jinghua Huiying Qiu Series 18-Month Closed No. 1" and "Nongyin Wealth Tongxin·Daily Preferred Configuration Product" [8]. General Observations - The majority of equity-based products are directly impacted by market fluctuations, with only a few newly established products not showing net value declines as of November 21 [9].