Core Viewpoint - The first batch of seven AI ETFs focusing on innovation and entrepreneurship has been approved and will be launched on November 28, with a total fundraising cap exceeding 30 billion yuan, injecting new capital into the market [4][5]. Group 1: ETF Details - The ETFs track the "CSI Innovation and Entrepreneurship AI Index," which selects 50 companies involved in AI from the Sci-Tech Innovation Board and the Growth Enterprise Market to capture investment opportunities across the entire industry chain [6]. - The index includes companies related to AI foundational resources, technology, and applications, with significant representation from the communication (44.12%), electronics (32.22%), and computer (15.04%) sectors [7][10]. Group 2: Index Performance - As of November 27, the CSI Innovation and Entrepreneurship AI Index has increased by 85.1% year-to-date, significantly outperforming the CSI 300 Index (14.7%), the ChiNext Index (41.5%), and the Sci-Tech Innovation Index (39.8%) [13]. - Since its base date of December 31, 2019, the index has risen by 165.1%, showcasing its aggressive performance and high volatility compared to other indices [13]. Group 3: Key Stocks - The top 20 stocks in the index account for nearly 85% of its weight, focusing on leading companies in overseas computing chips, domestic computing, edge hardware, and AI applications [10][12]. - Key stocks include Zhongji Xuchuang (23.40% weight), Xinyi Sheng (16.99%), and Hanvon Technology (12.17%), which are critical for technology investments [11][16]. Group 4: Comparison with Other Indices - There are five notable AI-related indices, with the CSI Innovation and Entrepreneurship AI Index showing the best performance over the past year at 93.8% [22][23]. - The index's sector allocation is heavily concentrated in communication, computer, and electronics, with a total concentration of over 90% across the five indices [14][15]. Group 5: Investment Strategy - Investors are advised to choose ETFs based on their preferred segments of the AI industry, as the technology sector remains a strategic focus for future development [27].

Market Overview - The Shanghai Composite Index closed at 3878.00 points, down 0.51%, with a trading volume of 647.2 billion yuan [1] - The Shenzhen Component Index closed at 12955.25 points, down 0.78%, with a trading volume of 1022.8 billion yuan [1] - The ChiNext Index closed at 3036.79 points, down 1.12%, with a trading volume of 470.7 billion yuan [1] - The total trading volume of both markets was 1669.996 billion yuan, an increase of 76.606 billion yuan compared to the previous trading day [1] Sector Performance - Strong sectors included transportation, coal, non-ferrous metals, and home appliances [2] - Active concepts included cultivated diamonds, supply and marketing cooperatives, traditional Chinese medicine, prepared dishes, and aquaculture [2] - Weak sectors included media, computer, education, real estate, retail, insurance, defense, and electronics [2] Individual Stock Performance - A total of 1400 stocks rose, while 3641 stocks fell, with 119 stocks remaining flat and 10 stocks suspended [2] - 54 stocks hit the daily limit up, while 16 stocks hit the daily limit down [2] Fund Flow Analysis - The net outflow of main funds from the Shanghai and Shenzhen markets was 45.25 billion yuan, with the ChiNext experiencing a net outflow of 21.12 billion yuan [6] - Only two sectors, non-ferrous metals and coal, saw net inflows of 2.99 billion yuan and 0.46 billion yuan, respectively [6] - The computer sector had the highest net outflow, totaling 7.05 billion yuan [6] Notable Stocks with Fund Inflows - China Uranium Industry had the highest net inflow of 3.671 billion yuan, with a significant increase of 280.04% [11] - Other notable stocks with substantial inflows included Tianfu Communication, BOE Technology, and Huaying Technology, with net inflows of 1.369 billion yuan, 1.084 billion yuan, and 0.865 billion yuan, respectively [10][11] Notable Stocks with Fund Outflows - ZTE Corporation experienced the largest net outflow of 2.148 billion yuan, with a decline of 4.84% [15] - Other stocks with significant outflows included Pingtan Development, Zhongji Xuchuang, and Aerospace Development, with net outflows of 1.825 billion yuan, 1.534 billion yuan, and 1.346 billion yuan, respectively [14][15] Institutional Trading - Institutions had a net selling of approximately 0.525 billion yuan, with the highest net buying in Sifangda at about 56.0728 million yuan [18][19] - The most sold stock by institutions was Nanfang Digital, with a net selling amount of approximately 188 million yuan [18]

科创50指数今日下跌0.89%，报收1308.37点，科创板全日成交量30.40亿股，成交额1384.58亿元，加权 平均换手率为1.58%。 证券时报·数据宝统计显示，今日可交易科创板股中，140只股收盘上涨，涨幅超过10%的有1只，涨幅 在5%至10%的有9只，收盘下跌的有446只。 科创板股换手率区间分布显示，换手率超过20%的有3只，换手率10%~20%的有12只，换手率5%~10% 的39只，换手率3%~5%的60只，换手率1%~3%的276只，换手率不足1%的有203只。 换手率最高的是航天环宇，该股今日收盘下跌3.24%，全天换手率32.10%，成交额12.11亿元，其次是恒 坤新材，该股今日收盘下跌6.66%，全天换手率25.61%，成交额6.12亿元，换手率居前的还有昀冢科 技、微导纳米、碧兴物联等，换手率分别为24.19%、16.65%、16.18%。 市场表现看，换手率超5%的个股中，今日上涨的有16只，涨幅居前的有金迪克、富淼科技、微导纳米 等，分别上涨15.93%、7.90%、7.41%。跌幅居前的有莱斯信息、昀冢科技、斯瑞新材等，分别下跌 9.85%、8.92%、7.67%。 分行 ...

Core Insights - The article highlights the net capital flow across various industries, indicating that three industries experienced net inflows while 28 faced net outflows [1] Industry Summary - **Non-ferrous Metals**: - Net inflow of 4.407 billion yuan - Price change of +0.63% - Turnover rate of 2.72% - Trading volume increased by 41.21% compared to the previous trading day [1] - **Coal**: - Net inflow of 0.235 billion yuan - Price change of +0.57% - Turnover rate of 2.04% - Trading volume increased by 9.63% compared to the previous trading day [1] - **Transportation**: - Net inflow of 0.005 billion yuan - Price change of +0.69% - Turnover rate of 0.87% - Trading volume decreased by 0.10% compared to the previous trading day [1] - **Computer**: - Net outflow of 9.185 billion yuan - Price change of -2.26% - Turnover rate of 3.33% - Trading volume increased by 11.46% compared to the previous trading day [2] - **Electronic**: - Net outflow of 8.163 billion yuan - Price change of -0.93% - Turnover rate of 3.64% - Trading volume increased by 13.80% compared to the previous trading day [2] - **Media**: - Net outflow of 4.554 billion yuan - Price change of -2.86% - Turnover rate of 3.48% - Trading volume decreased by 0.79% compared to the previous trading day [2] - **Telecommunications**: - Net outflow of 4.591 billion yuan - Price change of -1.13% - Turnover rate of 2.25% - Trading volume decreased by 2.81% compared to the previous trading day [2]

分行业来看，申万所属的一级行业中，今日上涨的有6个，涨幅居前的行业为交通运输、有色金属，涨 幅为0.69%、0.63%。跌幅居前的行业为传媒、计算机，跌幅为2.86%、2.26%。 12月3日，沪指下跌0.51%，深成指下跌0.78%，创业板指下跌1.12%，沪深300指数下跌0.51%。可交易 A股中，上涨的有1442只，占比26.50%，下跌的3876只。 资金面上，今日主力资金全天净流出578.83亿元。其中，创业板主力资金净流出189.29亿元；科创板主 力资金净流出58.58亿元；沪深300成份股主力资金净流出150.73亿元。 | 行业 | 日涨跌幅（%） | 资金流向（亿元） | 行业 | 日涨跌幅（%） | 资金流向（亿元） | | --- | --- | --- | --- | --- | --- | | 有色金属 | 0.63 | 44.07 | 机械设备 | -0.19 | -12.27 | | 煤炭 | 0.57 | 2.35 | 建筑装饰 | -0.69 | -12.56 | | 交通运输 | 0.69 | 0.05 | 商贸零售 | -1.40 | -13.55 | | 美容护理 ...

Market Overview - The Shanghai Composite Index fell by 0.51% on December 3rd, with six industries rising, led by transportation and non-ferrous metals, which increased by 0.69% and 0.63% respectively. The media and computer sectors experienced the largest declines, down by 2.86% and 2.26% respectively [2] Capital Flow Analysis - The net outflow of capital from the two markets reached 57.883 billion yuan, with only three industries seeing net inflows. The non-ferrous metals industry had a net inflow of 4.407 billion yuan, followed by coal with 0.235 billion yuan, and transportation with 0.00533 billion yuan [2] - A total of 28 industries experienced net outflows, with the computer industry leading with a net outflow of 9.185 billion yuan, followed by the electronics industry with an outflow of 8.163 billion yuan. Other industries with significant outflows included power equipment, communication, and media [2] Electronics Industry Performance - The electronics industry declined by 0.93%, with a total net outflow of 8.163 billion yuan. Out of 471 stocks in this sector, 95 rose, including 5 that hit the daily limit, while 368 fell [3] - Within the electronics sector, 115 stocks saw net inflows, with 14 stocks receiving over 100 million yuan. The top inflow was from BOE Technology Group, which attracted 1.134 billion yuan, followed by Huaying Technology and TCL Technology with inflows of 0.940 billion yuan and 0.743 billion yuan respectively [3] - The stocks with the largest net outflows included Sai Microelectronics, Shannon Microelectronics, and Changying Precision, with outflows of 1.125 billion yuan, 0.841 billion yuan, and 0.807 billion yuan respectively [3][5] Top Gainers in Electronics - The top gainers in the electronics sector included: - BOE Technology Group: +3.87%, turnover rate 3.54%, net inflow 1.134 billion yuan - Huaying Technology: +10.02%, turnover rate 18.93%, net inflow 0.940 billion yuan - TCL Technology: +4.08%, turnover rate 3.93%, net inflow 0.743 billion yuan [4] Top Losers in Electronics - The top losers in the electronics sector included: - Sai Microelectronics: -19.56%, turnover rate 32.06%, net outflow -1.125 billion yuan - Shannon Microelectronics: -2.99%, turnover rate 8.13%, net outflow -0.841 billion yuan - Changying Precision: -6.35%, turnover rate 11.37%, net outflow -0.807 billion yuan [5]

【博时市场点评12月3日】两市继续调整，量能维持低位 每日观点 今日沪深三大指数继续调整，两市成交仍不足1.7万亿。海外方面，上周多数补发的数据显示政府"停 摆"前美国经济已呈现减速趋势，经济下行风险增加，美联储12月降息概率重回八成以上，本月议息会 议或呈现降息+鹰派表态的局面。国内方面，11月央行通过多种工具净投放流动性，显示货币政策维持 稳健偏宽松基调。12月将进入重要会议的政策窗口期，但当前市场对于增量政策预期或不高。当前经济 处于弱修复状态，权益市场短期或仍维持震荡格局，配置上建议均衡。 消息面 央行发布11月各项工具流动性投放情况显示，11月公开市场国债买卖净投放500亿元，抵押补充贷款 （PSL）净投放254亿元，其他结构性货币政策工具净投放1150亿元，中期借贷便利（MLF）净投放 1000亿元。尽管同期7天期逆回购操作为净回笼，但通过加大中长期流动性工具的运用与搭配，央行在 整体上依然实现了资金面的净投放。 简评：11月央行通过公开市场操作及各类货币政策工具合计净投放2904亿元，显示逆周期调节力度持续 加大。其中结构性工具净投放占比近40%，体现精准滴灌导向，有助于缓解实体经济融资压力。在 ...

Group 1 - The hotel and catering concept stocks are rising against the trend, with Tongqilou (605108) recovering from a drop of over 5% to close at the daily limit [1][7] - The A-share market experienced a slight adjustment, with the Shenzhen Component Index falling below 13,000 points and the North Exchange 50 dropping below 1,400 points, while the STAR Market Index tested the 1,300-point support [1][2] - The overall market saw more declining stocks than rising ones, with a total transaction volume of 1.68 trillion yuan [1] Group 2 - The hotel and catering sector index reached a six-month high, with significant gains in stocks like Xi'an Catering, Shoulu Hotel, and Jinjiang Hotel [7] - The net inflow of main funds into the non-ferrous metals sector exceeded 4.6 billion yuan, while machinery equipment saw over 3.8 billion yuan in net inflow [6] - The hotel sector's overall profitability is expected to stabilize and recover, with mid-to-high-end chain hotel leaders having expansion potential [11] Group 3 - The "ice and snow economy" is being promoted in northern regions, with Jilin Province establishing an "ice and snow holiday" for students from December 3 to 7, 2025, to encourage winter sports [10] - Flight bookings for children aged 0-12 increased by 60.7% year-on-year, while bookings for teenagers aged 13-18 rose by 57.8% during the early part of the winter vacation [10] - Hotel bookings for various theme parks during the winter vacation saw over 50% year-on-year growth, with specific hotels experiencing significant increases in reservations [10]

Group 1 - The market is experiencing a "divergence," with major indices collectively declining: Shanghai Composite down 0.51%, Shenzhen Component down 0.78%, and ChiNext down 1.12%, indicating cautious market sentiment [1] - The total market turnover reached 1.67 trillion yuan, an increase of 76.5 billion yuan from the previous day, suggesting significant fund reallocation and a shift in market focus [1] - The AI application sectors, including computer, media, and communication, faced substantial declines, with the media sector plummeting 2.86%, contrasting with the performance of defensive sectors like non-ferrous metals and transportation [1] Group 2 - Cultivated diamonds emerged as a standout sector, with the cultivated diamond index soaring 6.18% and the superhard materials index rising 3.64%, supported by strong industrial logic [1] - China has become a major global player in the production and consumption of cultivated diamonds, with technological advancements leading to reduced production costs and increased applications in industrial cutting and optical windows [1][2] - The Ministry of Industry and Information Technology's "14th Five-Year Plan" supports the industrialization of new materials, while younger consumers are increasingly accepting "real diamond alternatives," creating significant growth opportunities for the industry [2] Group 3 - The recent downturn in AI application stocks is viewed as a rational correction rather than a collapse of the industry fundamentals, as many stocks had been overvalued due to excessive speculation [2] - The introduction of commercial real estate REITs is a significant policy signal, opening up capital channels for trillions of yuan in existing assets, marking a shift from traditional "incremental investment" to "stock activation" [3] Group 4 - The market is expected to maintain a volatile consolidation pattern in the short term, but there is no need for excessive pessimism as important policy windows are approaching, which may enhance growth expectations [4] - The market is beginning to position itself for the 2026 trend, increasing the attractiveness of current levels for external incremental capital [4]

Market Overview - The A-share market experienced a decline today, with the Shanghai Composite Index falling by 0.51% to close at 3878.00 points, the Shenzhen Component Index down by 0.78% to 12955.25 points, the Sci-Tech 50 Index decreasing by 0.89% to 1308.37 points, and the ChiNext Index dropping by 1.12% to 3036.79 points [1][10] - Overall, there were 1442 stocks that rose while 3872 stocks fell, with 137 stocks remaining unchanged. The total trading volume in the Shanghai and Shenzhen markets reached 167 billion yuan, an increase of 765 million yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, transportation, non-ferrous metals, coal, home appliances, and light industry manufacturing showed the highest gains, with increases of 0.69%, 0.63%, 0.57%, 0.30%, and 0.25% respectively. Conversely, the media, computer, real estate, retail, and comprehensive sectors led the declines, with decreases of 2.86%, 2.26%, 1.53%, 1.40%, and 1.26% respectively [1][10] - The concept sectors that performed well included cultivated diamonds, superhard materials, industrial metal selection, and others, while sectors like WEB3.0, Baidu platform, and Xiaohongshu platform experienced declines [2][12]