Investment Rating - The report does not explicitly state an investment rating for the industry, but it discusses various investment opportunities and market trends in the consumer sector. Core Insights - The consumer sector experienced a decline in the week of November 17-21, with notable drops in various sub-sectors such as food and beverage (-1.44%), home appliances (-2.30%), and retail (-7.24%) [3]. - The tourism market is being positively impacted by government policies and sporting events, with Ctrip reporting a 16% year-on-year increase in revenue for Q3 2025, and outbound hotel and flight bookings rising by 20% [3][14]. - Recent financial policies from central and local governments aim to stimulate consumption, particularly in Beijing, with a focus on enhancing financial support for consumer services and infrastructure [3][15]. Market Weekly Review - The consumer sector saw a general decline, with specific sub-sectors like food and beverage and retail facing significant drops [3][8]. - Leading stocks in the consumer sector included Nanqiao Food (+11.91%) and Aopu Technology (+6.73%), while major decliners included Sanyuan Shares (-18.17%) and Lida Xin (-20.32%) [3][12][13]. Industry News and Key Company Announcements - The report highlights various industry developments, including the rise of small group travel products in response to increasing demand for island vacations [15]. - Financial support measures for the consumer sector were announced, including initiatives to help quality enterprises in the consumption chain access financing [15]. - Ctrip's Q3 performance was driven by strong tourism demand, with significant growth in accommodation and transportation bookings [18]. - YUM China announced its "RGM3.0" strategy, aiming for substantial growth in store numbers and profitability over the next few years [15].

| 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 上证指数分时图 | | --- | --- | --- | --- | | 上证指数 | 3834.89 | -2.45% | -96.16 | | 深证成指 | 12538.07 | -3.41% | -442.75 | | 沪深 300 | 4453.61 | -2.44% | -111.34 | | 创业板 | 2920.08 | -4.02% | -122.26 | | 科创 50 | 1285.83 | -3.19% | -42.36 | | 北证 50 | 1377.39 | -4.71% | -68.15 | 资料来源：东莞证券研究所，iFinD 数据 板块排名： 证券研究报告 2025 年 11 月 24 日 星期一 【A 股市场大势研判】 沪指失守 3900 点 市场表现： | 申万行业表现前五 | | | 申万行业表现后五 | 概念板块表现前五 ◼ | | 概念板块表现后五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 传媒 | -0.32% | 综合 | -5.50% | ...

1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report The report focuses on the Bank of China CSI All - Share Free Cash Flow ETF, a passive index fund under the Bank of China Fund. The CSI All - Share Free Cash Flow Index, the underlying index of the fund, is a SmartBeta index that combines value and profitability. The index has advantages in terms of industry distribution, dividend yield, valuation, profitability, and performance. The ETF has achieved excess returns while closely tracking the index, and the current fund manager has rich experience in index fund management [1]. 3. Summary According to the Directory 3.1中证全指自由现金流指数：兼顾价值与盈利的SmartBeta指数 - **Index Introduction**: The CSI All - Share Free Cash Flow Index (932365.CSI) selects 100 listed company securities with high free cash flow rates to reflect the overall performance of securities of companies with strong cash - flow generation capabilities. It was based on December 31, 2013, with a base point of 1000 [6]. - **Component Stock Analysis**: The index has a balanced industry distribution, relatively concentrated in household appliances, non - ferrous metals, and transportation. Market capitalization is concentrated in small - and medium - cap stocks, with companies with a market cap of less than 100 billion accounting for 30% [11]. - **Dividend Yield Analysis**: The dividend yield of the index is between that of the CSI 300 and the CSI Dividend Index. As of November 14, 2025, it was about 3.83%, higher than the CSI 300's about 2.56% but lower than the CSI Dividend Index's about 4.22% [15]. - **Valuation Level**: The PE valuation has an advantage, and the high PB reflects high profitability. As of November 14, 2025, the PE - TTM was about 13.39 times, lower than the CSI 300's 14.24 times, and the PB - LF was about 1.94 times, higher than the CSI 300's 1.48 times [19]. - **Profitability Level**: The ROE of the index is expected to remain stable at around 14% from 2025 to 2027, higher than the CSI 300 (about 11%) and the CSI Dividend Index (about 9%). Net profit is expected to increase steadily from about 490 billion yuan in 2025 to over 560 billion yuan in 2027 [24]. - **Performance Analysis**: In the past nearly six years, the cumulative return of the index was 207.13%, with an annualized return of 21.98%, outperforming the CSI 300 and the CSI Dividend Index. It also had excess returns in multiple years and showed strong defensive capabilities in 2022. The Sharpe ratio was 1.02, indicating high risk - adjusted returns [28]. 3.2中银中证全指自由现金流ETF（563760）介绍 - **Product Introduction**: The Bank of China CSI All - Share Free Cash Flow ETF is a passive index fund under the Bank of China Fund. It was established on May 21, 2025, listed on June 6, 2025, with an issue size of 388 million yuan. It uses the full replication method for investment [33]. - **Excess Returns and Close Tracking**: Since its establishment on May 21, 2025, the ETF has achieved excess returns over its performance benchmark. The net value has been above the CSI Cash Flow Index. The average daily tracking deviation is under control, with the average absolute value of daily tracking deviation less than 0.05%, and the annualized tracking error in the statistical period was 1.23%, significantly lower than the control targets [35]. - **Introduction of the Current Fund Manager**: Mr. Zhao Jianzhong, a finance master, is the Assistant Vice - President of the Bank of China Fund. He has 10.45 years of investment management experience, has managed 19 funds in the past, and currently manages 13 funds, including various index products [42].

天眼查App显示，近日，中山市芯居科技有限公司成立，注册资本10万人民币，经营范围为一般项目： 技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；家用电器制造；家用电器研发；家 用电器销售；厨具卫具及日用杂品批发；厨具卫具及日用杂品零售；家用电器零配件销售；非电力家用 器具制造；非电力家用器具销售；燃气器具生产；家用电器安装服务；五金产品制造；五金产品批发； 五金产品零售；塑料制品制造；塑料制品销售；互联网销售（除销售需要许可的商品）；道路货物运输 站经营；普通货物仓储服务（不含危险化学品等需许可审批的项目）；国内货物运输代理；国内集装箱 货物运输代理；国内贸易代理；供应链管理服务；装卸搬运；信息咨询服务（不含许可类信息咨询服 务）；国际货物运输代理；航空国际货物运输代理；仓储设备租赁服务。（除依法须经批准的项目外， 凭营业执照依法自主开展经营活动）许可项目：道路货物运输（不含危险货物）；互联网信息服务。 （依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许 可证件为准）。 ...

Market Overview - A-shares experienced a collective decline on November 21, with the Shanghai Composite Index dropping by 2.45% to close at 3835 points, the Shenzhen Component down by 3.41%, and the ChiNext Index falling by 4.02% [1] - Market turnover significantly increased, with a total trading volume of 1.97 trillion yuan, up approximately 257.5 billion yuan from the previous trading day [1] Sector Performance - Defensive sectors such as media, home appliances, food and beverage, banking, and agriculture showed relatively smaller declines, while cyclical and technology sectors like non-ferrous metals, power equipment, basic chemicals, and electronics faced deeper adjustments [1] - The banking sector rebounded during the session, providing stability to the market, and dividend assets demonstrated defensive characteristics amid rising risk aversion [1] Influencing Factors - External liquidity concerns intensified as Federal Reserve officials expressed caution regarding a potential rate cut in December, leading to a rapid cooling of expectations for such a move and putting pressure on technology stocks sensitive to liquidity [1] - Divergence in market logic regarding the AI industry emerged, with investors worried about the sustainability of capital expenditures and eventual returns from U.S. AI giants, despite strong earnings from leading AI companies [1] - Event-driven factors, including stock index futures settlement and geopolitical tensions, amplified market volatility [2] Future Outlook - Morgan Asset Management views the current adjustment as a result of both internal and external factors, suggesting that the external factors acted as a trigger rather than the main issue for the A-share market [2] - The market has largely priced in the liquidity shock, with an 89% probability of the Federal Reserve maintaining interest rates in December, indicating that the negative sentiment around "no rate cut" has been largely absorbed [2] - A-shares are expected to maintain an independent logic, with no excessive capital expenditure issues similar to the U.S. AI sector, and the fundamentals of technological innovation and self-sufficiency remain solid [2] - Investment opportunities may arise in the following areas: undervalued quality companies in the technology sector, industries with policy support and improving fundamentals (such as photovoltaics and chemicals), and defensive dividend assets like banking and coal [2]

盘后数据出炉。 今日（11月21日），A股单边下挫，市场逾5000股下跌，截至收盘，上证指数跌2.45%，深证成指跌3.41%，创业板指跌4.02%，A股全天成交1.98万亿元，上日成交 1.72万亿元。 1.两市主力资金净流出超980亿元 今日沪深两市主力资金开盘净流出392.77亿元，尾盘净流出143.68亿元，两市全天主力资金净流出985.55亿元。 | | | 沪深两市最近五个交易日主力资金流向情况 (亿元) | | | | --- | --- | --- | --- | --- | | 日期 | 净流入金额 | 开盘净流入 | 尾盘净流入 | 超大单净买入 | | 2025-11-21 | -985.55 | -392.77 | -143.68 | -521.53 | | 2025-11-20 | -366.03 | -48.79 | -67.73 | -155.72 | | 2025-11-19 | -348.42 | -123.87 | 5.59 | -178.90 | | 2025-11-18 | -624.24 | -232.22 | -66.11 | -354.10 | | 2025-11 ...

Policy Developments - The Ministry of Industry and Information Technology (MIIT) is soliciting opinions on the "Wind Power Equipment Industry Norms" to promote sustainable development in the wind power equipment manufacturing sector [3][18] - The newly released national standard for "Recycled Materials in Household Appliances" will take effect on May 1, 2026, aiming to regulate the use of recycled materials and promote green development in the industry [4][18] Carbon Emission Management - The Ministry of Ecology and Environment has announced that the steel, cement, and aluminum industries will complete their first carbon emission quota compliance by the end of this year, marking their entry into a carbon trading compliance mechanism [5][6] - The central government has initiated ecological and environmental protection inspections in major energy companies, signaling a commitment to high-level ecological protection and the green transformation of the energy sector [7][18] Energy Projects - The National Development and Reform Commission has approved five flexible power interconnection projects, with a total investment of 24.4 billion yuan, aimed at enhancing inter-provincial power support capabilities [8][18] - China's first high-pressure natural gas long-distance pipeline pressure recovery power generation project has commenced operation, utilizing excess pressure during gas transmission to generate clean electricity [9][10] - The highest-altitude wind power project in China has been connected to the grid, with a total installed capacity of 60 MW, expected to supply clean energy to approximately 120,000 households annually [11][18] Ecological Initiatives - Major ecological protection and restoration projects in the Tibetan Plateau are projected to add approximately 30 million tons of carbon sinks annually, contributing significantly to the country's carbon neutrality goals [12][13] Market Trends - The "Shan Electric into Anhui" ultra-high voltage project has been completed, expected to deliver over 36 billion kWh of electricity annually, with more than half from renewable sources [15][18] - The Yangtze River Delta region has exceeded its annual electricity interconnection target of 180 billion kWh, reflecting a growing trend in electricity market integration [16][18] Industry Insights - The MIIT's new norms for the wind power equipment industry aim to enhance quality control and innovation, encouraging manufacturers to adopt green and intelligent technologies [3][19] - The wind power sector is showing signs of recovery, with increased prices and improved profit margins expected in the coming years, driven by a reduction in costs and enhanced operational efficiency [22][18]

Market Overview - The Shenzhen Leading Index (399653) closed at 2908.89 points, down 2.13%, with a trading volume of 105.46 billion yuan and a turnover rate of 1.31% [1] Stock Performance - Among the index constituents, 5 stocks rose while 43 stocks fell, with Sanhua Intelligent Control leading the gainers at 1.77%, and Ruida Futures leading the decliners at 6.28% [1] - The top ten constituents of the Shenzhen Leading Index are as follows: - Contemporary Amperex Technology Co., Ltd. (Ningde Times) holds a weight of 20.44% with a latest price of 370.00 yuan, down 2.48%, and a total market value of 1688.52 billion yuan [1] - Zhongji Xuchuang has a weight of 8.35%, latest price of 464.01 yuan, down 5.69%, and a market value of 515.57 billion yuan [1] - Midea Group has a weight of 7.67%, latest price of 78.75 yuan, up 1.04%, and a market value of 661.51 billion yuan [1] - Luxshare Precision has a weight of 6.06%, latest price of 52.85 yuan, down 5.20%, and a market value of 384.86 billion yuan [1] - Sungrow Power Supply has a weight of 5.67%, latest price of 167.89 yuan, down 5.34%, and a market value of 348.07 billion yuan [1] - BYD has a weight of 5.25%, latest price of 92.70 yuan, down 0.97%, and a market value of 845.16 billion yuan [1] - Wrigley has a weight of 4.41%, latest price of 119.68 yuan, down 0.47%, and a market value of 464.55 billion yuan [1] - Gree Electric Appliances has a weight of 3.53%, latest price of 40.25 yuan, down 0.25%, and a market value of 225.46 billion yuan [1] - ZTE Corporation has a weight of 2.83%, latest price of 38.07 yuan, down 2.86%, and a market value of 182.11 billion yuan [1] - BOE Technology Group has a weight of 2.75%, latest price of 3.83 yuan, down 1.79%, and a market value of 143.30 billion yuan [1] Capital Flow - The net outflow of main funds from the Shenzhen Leading Index constituents totaled 7.45 billion yuan, while the net inflow from speculative funds was 2.39 billion yuan, and the net inflow from retail investors was 5.06 billion yuan [1]

External Environment - The Federal Reserve's policy has shifted from inflation reduction to seeking balance, with a focus on managing inflation and debt sustainability in 2026 [6][20] - The U.S. stock market has experienced significant growth despite aggressive interest rate hikes due to factors such as ineffective interest rate transmission, market expectations, and the resilience of technology sector profits [11][12] Internal Environment - The Chinese economy is facing challenges with slowing investment growth, weakened traditional industry momentum, and cautious market expectations, while consumer confidence needs to be boosted [21][22] - The government is implementing policies to enhance internal demand and stabilize the economy, focusing on preventing excessive competition and promoting upgrades in various industries [23][24] Market Environment - The market is experiencing a shift in risk preferences, with a potential transition from small-cap to large-cap stocks as valuation dynamics change [36] - The bond market has shifted from a bull market to a wide-ranging oscillation, with a focus on stable income assets and low-valuation value assets expected to attract incremental funds [39][40] Investment Outlook for 2026 - The technology sector, particularly AI and related industries, is expected to see a slowdown in profit growth after rapid valuation increases, with a focus on undervalued segments with performance support [7] - Traditional industries are advised to focus on quality upgrades driven by AI and the recovery of profits following capacity clearing due to anti-competitive policies [7] - The consumer sector is anticipated to experience a recovery in inventory cycles, with long-term capital gradually returning to the market, particularly in food and beverage, pharmaceuticals, and duty-free sectors [7][41]

Market Overview - A-shares experienced a significant adjustment with all three major indices declining, the Shanghai Composite Index fell by 1.88% to 3857.24 points, the Shenzhen Component dropped by 2.72%, and the ChiNext Index plummeted by 3.18% [1] - The Hong Kong market also weakened, with the Hang Seng Index down by 2.21% and the Hang Seng Tech Index down by 3.32%, reflecting a global decline in risk appetite as the year-end approaches [1] Sector Performance - The non-ferrous metals sector led the decline with a drop of 4.77%, while steel, basic chemicals, power equipment, and telecommunications sectors all fell by over 3.5%, indicating profit-taking behavior from investors in previously high-performing sectors [1] - Defensive sectors such as agriculture, home appliances, and food and beverage showed resilience, with declines not exceeding 0.6%, attracting funds seeking safety [1] Notable Highlights - Despite the overall market downturn, the China Shipbuilding Industry Index surged by 4.7%, driven by policy and funding support, particularly in the defense and high-end manufacturing sectors [2] - The recent adjustment in the market correlates with a significant drop in U.S. stocks, particularly the Nasdaq and S&P 500, influenced by concerns over AI valuation bubbles, cooling expectations for Federal Reserve rate cuts, and technical selling pressure [2] Future Outlook - The market is expected to enter a phase of "structural differentiation and volatile consolidation," with a noticeable decline in the willingness to invest due to external pressures from U.S. market dynamics [3] - There is a shift in investment style towards balanced and defensive strategies, moving away from growth sectors, although technology sectors representing new productive forces remain a long-term focus [3] - The current market decline is viewed as a test of patience for investors, emphasizing the importance of maintaining a focus on value amidst short-term volatility [3]