Group 1 - A total of 75 stocks in the A-share market experienced block trades today, with a total transaction value of 2.667 billion yuan [1] - The top three stocks by transaction value were Hengyi Petrochemical (791 million yuan), Zhongji Xuchuang (187 million yuan), and Baiyin Nonferrous Metals (129 million yuan) [1] - Among the stocks, 6 were traded at par, 3 at a premium, and 66 at a discount; the highest premium rates were for Shengye Electric (26.96%), Laplace (7.22%), and Goldwind Technology (5.27%) [1] Group 2 - The top stocks by institutional buying were Zhongji Xuchuang (178 million yuan), Tuojing Technology (111 million yuan), and Hainan Airport (104 million yuan) [2] - Other notable institutional purchases included Huahai Qingshi (79.44 million yuan) and Wentai Technology (74.64 million yuan) [2] - The top stocks by institutional selling were Jintian Titanium Industry (18.89 million yuan), Wanda Information (6.49 million yuan), and Sanhua Intelligent Control (3.63 million yuan) [3]

金融工程 · 专题报告 研究助理：童诗倍 ：tongshibei_yj @chinastock.com.cn 相关研究 1. 【银河金工】宏观经济周期划分下的 ETF 配置方 法 基于 QRF 分布预测的科技类 ETF 轮动策略 —— ETF 策略系列 2025 年 12 月 22 日 核心观点 分析师 马普凡 ：021-68597610 ：mapufan_yj @chinastock.com.cn 分析师登记编码：S0130522040002 2. 【银河金工】结合价格动量和拥挤度的两融 ETF 交易策略探索 3. 【银河金工】行业轮动模型在行业及主题 ETF 配 置上的应用 4. 【银河金工】ETF 策略系列：结合二阶随机占优 的资金流向 ETF 行业配置策略 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明。 1 ⚫ 科技大类行业 ETF 发展迅猛，轮动效应显著，为轮动策略实施奠定基础： 行业主题 ETF 在 2025 年迎来爆发式增长，整体规模首次突破万亿元，其中 科技与制造大类在数量和规模上均居领先地位，反映出市场对 " 新质生产 力"板 ...

相关机构表示，短期受海外股市风险偏好波动影响，市场波动较大，长期牛市趋势不改。基本面维 度，2025年三季度全A盈利改善，尤其科技板块业绩亮眼，反映产业趋势仍在延续。在"反内卷"坚定推 动下，物价水平也有望持续回升；资金面维度，当前A股资金仍处于流入状态，对估值形成支撑。情绪 面维度，上周各大宽基指数IV仍在下行，市场情绪持续向好。感兴趣的投资者可以关注中证A500ETF （159338），规模位居同类前列。 注：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。指数历史走势仅供参考，不代表投资意见，不预 示未来。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。 每日经济新闻 近期市场波动放大，资金通过宽基ETF布局大盘，中证A500ETF（159338）近4日获资金加仓超12 亿元。 中证A500ETF（159338）跟踪中证A500指数，行业分布全面且均衡，实现100%行业覆盖，且做了 行业中性处理，更能代表A股市场。 另外，成分股方面，中证A500指数成分股包括约50%传统价值行业+约50%新兴 ...

Market Overview - The A-share market experienced a decline today, with the Shanghai Composite Index falling by 0.42% to close at 3897.71 points, the Shenzhen Component Index down by 0.68% to 13056.70 points, the ChiNext Index decreasing by 0.69% to 3071.15 points, and the Sci-Tech 50 Index dropping by 1.24% to 1320.16 points [1][14] - Overall, there were 1541 stocks that rose while 3739 stocks fell, with 171 stocks remaining flat. The total trading volume in the Shanghai and Shenzhen markets was 15934 billion yuan, a decrease of 2805 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the sectors that saw gains included Oil & Petrochemicals (up 0.71%), Light Industry Manufacturing (up 0.55%), Home Appliances (up 0.43%), Building Materials (up 0.32%), and Communications (up 0.27%). Conversely, the sectors that experienced declines included Media (down 1.75%), Nonferrous Metals (down 1.36%), Computers (down 1.34%), Pharmaceuticals & Biology (down 1.23%), and Electric Equipment (down 1.18%) [1][14] Sector Highlights - The concept sectors that performed well today included Cross-Strait Integration, SPD, and Pre-made Dishes, while sectors such as CRO, Cultivated Diamonds, and Lithium Mining saw a pullback [2][11]

以下文章来源于申万宏源证券上海分公司 ，作者李金玲 申万宏源证券上海分公司 . 申万宏源证券上海分公司官微，能为您提供账户开立、软件下载、研究所及投顾资讯等综合服务，为您的财富保驾护航。 数据速看： 1.主力资金：近两周主力资金合计净流出4076.56亿元，主力资金净流入行业为银行，主力资金净流出额前三的行业为电子、电力设备和计 算机。 2.融资融券数据：当前市场融资融券余额为24917.03亿元，较上期下降0.29%，其中融资余额24743.85亿元，融券余额173.17亿元。本 期两融日均交易额为2070.58亿元，较上期下降16.13%，其中融资日均净买入2063.64亿元，较两周前下降16.13%，融券日均净卖出 6.94亿元，较上期下降15.67%。近两周融资净买入前三的行业分别为电力设备、基础化工和国防军工；融券净卖出前三的行业分别为计算 机、传媒和汽车。 3.涨跌情况：近两周全市场下跌家数高于上涨家数，近两周只有两个行业实现上涨，为食品饮料和银行，跌幅前三的行业为电力设备、电子 和通信。 4.强弱分析：近两周全部A股强弱分析得分为3.17，沪深300强弱分析得分3.35，创业板强弱分析得分3.3 ...

点击注册小程序 本周上证综指下跌0.18%，上证50持平，沪深300下跌1.08%，中证500下跌1.26%，中证1000下跌0.52%， 创业板指下跌3.01%，北证50指数下跌0.56%。 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 本周市场核心观点与市场复盘： 本周（2025.11.10-2025.11.14，下同）A股延续宽幅震荡表现，主要宽基指数周度收跌，市场量能再度收 缩。资金面方面，融资增加额环比上周小幅提升；股票型ETF实现净流入，TMT主题ETF为净流入主力。 近期市场交易情绪稳中有降，热点主题有所切换，TMT主题呈现回调。短线市场或延续宽幅震荡格局，后 市看好"红利+科技"主线，红利或在波动方面占优。 截至2025年11月14日，宽基指数来看，上证指数、上证50和沪 ...

- The diffusion index model tracks industry rotation based on momentum principles, focusing on upward trends in industry performance. It has been monitored for four years, with notable performance in 2021 achieving excess returns of over 25% before a significant drawdown in September due to cyclical stock adjustments. In 2025, the model suggests allocating to industries such as non-ferrous metals, banking, communication, steel, electronics, and power equipment & new energy[22][23][26] - The GRU factor model utilizes minute-level volume and price data processed through GRU deep learning networks. It has shown strong adaptability in short cycles but performs less effectively in long cycles. In 2025, the model's industry rotation includes sectors like agriculture, power & utilities, basic chemicals, transportation, steel, and petrochemicals. Weekly average returns were 2.56%, with excess returns of 1.65% against equal-weighted industry benchmarks. Year-to-date excess returns stand at -4.49%[29][30][32] - Diffusion index weekly tracking shows top-ranked industries as non-ferrous metals (0.991), banking (0.931), power equipment & new energy (0.925), communication (0.92), steel (0.871), and electronics (0.864). Industries with the most significant weekly changes include power equipment & new energy (+0.083), petrochemicals (+0.082), and light manufacturing (+0.078)[23][24][25] - GRU factor weekly tracking ranks industries such as comprehensive (7.22), basic chemicals (3.37), building materials (2.7), transportation (2.36), power & utilities (1.96), and food & beverages (1.94) as top performers. Industries with notable weekly increases include power & utilities, non-bank finance, and basic chemicals[30][33][37]

Core Viewpoint - The A-share market is experiencing a collective rise, with significant gains in sectors such as storage chips, CPO, gold, and electricity, indicating positive market sentiment and sector performance [1] Group 1: Market Analysis - The three major A-share indices opened higher, with the Shanghai Composite Index up by 0.13% and the ChiNext Index up by 0.58%, reflecting a bullish market trend [1] - Institutional investors suggest increasing positions in chemical, non-ferrous, and new energy sectors, as these areas are expected to benefit from the ongoing AI narrative and improving return on equity (ROE) trends [2] - The current market volatility is attributed to changes in the underlying structure of incremental capital, with a shift towards stable absolute return funds reducing the effectiveness of traditional aggressive timing strategies [2] Group 2: Sector Recommendations - According to research, cyclical sectors such as non-ferrous metals, steel, and building materials are recommended for investment, driven by expectations of a strong cyclical year ahead [3] - The analysis indicates that the price increase in commodities is linked to historical patterns of PPI rises during significant political events in China and the U.S., suggesting a favorable environment for these sectors [3] - Emphasis is placed on the recovery opportunities in cyclical sectors like steel, chemicals, and building materials, alongside a focus on low-position technology growth areas such as AI software applications and military technology [4] Group 3: Future Outlook - The resource sector is anticipated to emerge as a new main investment direction following the technology sector, with a focus on key resources and military applications [5] - The A-share market is expected to maintain a bullish trend into 2026, although with a potential slowdown in growth rates, prompting investors to prioritize fundamental improvements and sector performance [5]

Market Liquidity Overview - R007 decreased from 1.4923% to 1.4677%, a reduction of 2.46 basis points; DR007 fell from 1.4551% to 1.4130%, down 4.21 basis points. The spread between R007 and DR007 increased by 1.75 basis points [9][13] - The net inflow of funds this week was 7.831 billion, a decrease of 24.527 billion from the previous week. Fund supply was 16.023 billion, while fund demand was 8.192 billion. Specifically, fund supply decreased by 65.002 billion, with net financing purchases down by 21.016 billion and stock dividends down by 12.308 billion [13][16] Industry Sector Liquidity Tracking - Most sectors in the CITIC first-level industry index rose this week, with the electric equipment and new energy sector leading with a weekly increase of 5.11%. Other sectors like steel and oil & petrochemicals also saw slight increases. Conversely, the pharmaceutical and computer sectors led the declines, with decreases of 2.36% and 2.08% respectively [18][21] - The electric equipment and new energy sector received the most net leveraged capital inflow, totaling 2.196 billion, while the electronic sector experienced a net outflow of 2.501 billion [21][24] Style Sector Liquidity Tracking - Most style indices rose this week, with both cyclical and stable styles leading with an increase of 1.85%. The consumer style was the only one to decline, down 0.70%. The growth style was the most active, accounting for 56.88% of the average daily trading volume [32][36] - The main funds in the style sectors were predominantly reduced, with the largest reduction in the growth style amounting to 10.957 billion, followed by the cyclical style with a reduction of 5.597 billion [33][36]

Core Viewpoint - The A-share market is expected to continue its bull market into 2026, with a forecast of a fluctuating upward trend but slower growth, leading investors to focus more on fundamental improvements and economic verification [1] Industry Insights - The technology sector may face structural and phase-based pullback risks, while resource products are likely to emerge as a new main direction for A-shares following the technology theme [1] - The ongoing comprehensive competition between China and the U.S. could significantly impact A-share investments, suggesting a focus on future industries and key resources, particularly in military industry sectors [1] Key Industry Focus - Key industries to watch include: - New energy - Non-ferrous metals - Basic chemicals - Oil and petrochemicals - Non-bank financials - Military industry - Machinery and equipment - Computers [1] Thematic Focus - Thematic areas of interest include: - New materials - Solid-state batteries - Commercial aerospace - Nuclear power - Cross-strait integration [1]