Group 1 - The overall performance of upstream resource products remains low, but internal structure continues to differentiate, with coal industry stability and slight price increases in thermal coal [4] - The manufacturing sector shows an overall recovery, with notable performance in machinery and equipment, while the automotive industry is experiencing marginal improvements [4] - Downstream consumption sectors exhibit varied recovery dynamics, with significant improvements in social services and entertainment, while the real estate sector shows signs of marginal recovery [4] Group 2 - The banking system maintains ample liquidity, with stable growth in M2 and social financing, indicating marginal improvements in the funding environment [4] - The transportation sector shows continued differentiation, with significant growth in port container throughput, while comprehensive freight rates face slight pressure due to geopolitical and supply-demand factors [4] - The environmental sector is experiencing a recovery in performance, with improved air quality rates and sustained high levels of related infrastructure investment [4] Group 3 - The chemical industry is under pressure, with prices of PVC and methanol continuing to decline, while the performance of the basic chemical sector is closely linked to fuel oil and methanol futures prices [5][10] - The steel industry shows a correlation between excess returns and various operational metrics, including iron ore operating rates and steel production inventories [21][25] - The non-ferrous metals sector maintains relative stability, with slight increases in copper and aluminum prices, and its performance is linked to the LME base metals index [27][32] Group 4 - The construction materials sector is facing weak demand, with cement and glass prices remaining in negative territory, and its performance is correlated with cement price indices [38][39] - The coal industry shows a correlation between excess returns and thermal coal closing prices, indicating a relationship with market dynamics [39][43] - The oil and petrochemical sector continues to experience weak performance, with expanding year-on-year declines in gasoline and natural gas prices [44] Group 5 - The electric equipment sector's performance is linked to the prices of photovoltaic components and polysilicon, indicating a recovery phase [46][52] - The automotive sector shows a correlation between excess returns and tire operating rates, with daily average sales of passenger vehicles also being a significant indicator [54][60] - The machinery sector's performance is associated with the BPI and machinery price indices, reflecting its recovery trajectory [61][62] Group 6 - The retail sector's performance is linked to the Yiwu order price index, indicating a recovery in trade activities [89] - The agricultural sector shows a correlation between excess returns and the food price index, with specific attention to the dynamics of vegetable prices and pig feed ratios [92][93] - The food and beverage sector's performance is associated with various agricultural product price indices, reflecting market trends [94][98]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - Yang Dong's fundamental quantitative team provides a product matrix with diverse strategies and low correlations, and the excess returns come from the comprehensive support of the team and the platform [115][116][117] - Yang Dong's team's products mainly fall into two categories: bottom - position funds aiming to beat mainstream indices and style - enhancing funds for enhanced performance [115] Group 3: Summary According to the Table of Contents 1. Guangfa Fund Yang Dong: Combining Subjective Research and Quantitative Investment to Build a Product Matrix with High Strategy Uniqueness and Wide Coverage - **Fund Manager Introduction**: Yang Dong, with a master's degree in finance, has 19 years of securities experience and 16 years of investment management experience. He has worked at Guangfa Fund since 2006 and currently holds multiple positions. His team uses a framework combining "subjective long - only + quantitative investment" to pursue excess returns [11] - **Managed Product Situation**: Yang Dong manages 8 public funds with a total scale of 25.065 billion yuan. The products can be divided into subjective long - only products and "subjective + quantitative" products, each with different investment scopes, strategies, and characteristics [13] - **Product Line with Different Positions and Unique Strategies**: From the perspective of user needs, the products are divided into bottom - position funds and style - enhancing funds. Most products have "subjective + quantitative" features, with differences in position ratios. The products pursue strategy differentiation, and most have low correlations [17][19][24] 2. Subjective Long - Only Products: The Choice for Bottom - Position, Balancing Equilibrium, Value, and Growth Styles - **Guangfa Multi - Factor**: An equilibrium - style fund that has outperformed three major indices for 8 consecutive years. It has a "close - to - benchmark + outstanding - excess - return" bottom - position fund attribute, with balanced industry style and moderate rotation, and strong stock - selection ability [26][34][45] - **Guangfa Value Pilot**: A product with value - growth attributes and outstanding performance elasticity. It focuses on PB and ROE, has a unique industry structure, and its performance comes from stock - selection and industry contributions, with an emphasis on Hong Kong stocks [53][57][60] - **Guangfa Balanced Growth**: An actively - selected product with high rolling win - rates and many days of reaching new highs within the year. It has low - valuation characteristics among growth funds, with balanced industry allocation and a focus on growth, and the ability to select stocks to contribute excess returns [64][68][79] 3. "Subjective + Quantitative" Products: Style Enhancement, Differentiated Smart Beta + Focus on Sectors - **Guangfa Steady Strategy**: A dividend - style enhanced product that has achieved outstanding absolute and excess returns since Yang Dong took office. It balances income elasticity and drawdown control, combines high dividends and growth, and actively allocates Hong Kong stocks [86][89][96] - **Guangfa Growth Smart Selection**: Positioned as a growth - style enhanced product, it shows relatively stable excess returns compared to the benchmark. It emphasizes high - growth sectors, has the ability to rotate industries, and focuses on A - share growth opportunities [99][102] - **Guangfa Smart Selection Series**: The three "Smart Selection" products use a composite strategy of "subjective long - only + active quantification + AI enhancement". Taking Guangfa Manufacturing Smart Selection and Guangfa Technology Smart Selection as examples, they have high industry concentration, a "quantitative - led + active - enhanced" stock - selection feature, and have achieved excess returns compared to the relevant index [105][109][112] 4. Summary - Yang Dong's team's products meet the two solutions provided by public funds: bottom - position funds and style - enhancing funds. The team provides a diverse product matrix with low correlations, and the excess returns come from the comprehensive support of the team and the platform, which is in line with the requirements of the "Action Plan for Promoting the High - Quality Development of Public Funds" [115][116][118]

行情回顾及主要观点： 上周A股市场整体呈现上涨趋势，主要指数普遍反弹：沪深300涨1.6%，中证500涨3.1%，中证1000涨 3.8%，创业板50涨4.7%，科创50涨3.2%。交易面，A股市场上周日均成交额在17400亿元左右，市场投 资热情高涨。近期市场热点主要集中在AI应用、商业航天、军工、半导体及创新药等领域。建议关注 高景气成长板块及多元化配置，借道ETF布局相关产品如创业板50ETF（159949）等。 基金，截至2025-11-28 创业板50指数：追"光"识"新"更掘"金"。横向对比来看，创业板50指数的光模块含量、新能源光伏含量 以及金融科技含量优于创业板指以及主流宽基指数。 创业板50ETF（159949）：汇聚创业板优势领域的成长白马，聚焦于科技成长属性的龙头企业。当前估 值38.98倍，近十年35.98%分位（数据来源：Wind，截至2025-11-28）。 创业板50指数（399673.SZ）权重行业观点： 科技、AI、通信 创业板为主要"三创（创新、创造、创意）四新（新技术、新产业、新业态、新模式）"的成长型创新创 业企业提供直接融资平台。权重行业方面，创业板50指数聚焦信息技 ...

2025 年 12 月 02 日 金融工程研究团队 魏建榕（首席分析师） 证书编号：S0790519120001 傅开波（分析师） 证书编号：S0790520090003 高 鹏（分析师） 证书编号：S0790520090002 苏俊豪（分析师） 证书编号：S0790522020001 胡亮勇（分析师） 证书编号：S0790522030001 王志豪（分析师） 证书编号：S0790522070003 盛少成（分析师） 证书编号：S0790523060003 蒋 韬（分析师） 证书编号：S0790525070001 相关研究报告 《开源量化评论（49）-对近期北向持 续撤离，南下持续抄底的几点思考》 -2022.3.15 开源量化评论（50）-港股优选：技术 fukaibo@kysec.cn 证书编号：S0790520090003 港股市场 11 月概览：港股持续承压，价值板块占优 面、资金面、基本面》-2022.3.22 《开源量化评论（96）-公募港股投资 变化及港股通优选组合构建》 -2024.7.15 《开源量化评论（112）：基于港交所 CCASS 数 据 的 港 股 投 资 策 略 》 -2025. ...

今日早盘（25/12/2），港股银行、非银金融、煤炭、石油石化等高股息板块集体上涨。在当前经济弱 复苏、海外流动性及国内政策仍存不确定性的环境下，港股红利类资产的防御属性有望持续吸引资金关 注。 （数据来源：Wind） 截至最新（25/12/1），港股通红利ETF（513530）自25年10月28日以来连续24个交易日均实现资金净流 入，累计吸金7.78亿元，推动其基金规模连续9周（25/9/27-25/11/28）正增长后攀升至28.91亿元，创下 阶段性新高；交投活跃度也显著升温，最新交易日（25/12/1）成交额放量至1.85亿元，较前一交易日增 长153%，同期资金净流入大幅增长245%。 （数据来源：Wind、交易所，规模前高日为2025/8/6；25/12/1成交额、净流入分别为1.85亿元、0.69亿 元，25/11/28成交额、净流入分别为0.73亿元、0.20亿元） 港股红利类资产之所以受到资金关注，离不开其在低利率环境下愈发凸显的较高股息优势。港股通红利 ETF（513530）跟踪的港股通高股息（CNY）指数近一年股息率来到5.63%，不仅与同期1.82%的10年 期国债收益率存在明显利差 ...

港股红利逆势上涨，港股红利低波ETF、港股通红利低波ETF、恒生红利低波ETF、港股通红利ETF广 发、恒生红利ETF、港股央企红利50ETF、港股央企红利ETF、港股红利低波ETF、港股通红利低波 ETF、港股红利指数ETF、港股通央企红利ETF南方、港股通红利低波ETF基金涨超1%。 广发证券指出，港股红利在岁末年初日历效应最强，12月-次年1月中旬的阶段获得绝对收益/超额收益 的概率较大、收益率较高。 外资加仓科技，内资加仓红利。根据港交所中央结算系统持股明细数据，最近一周（2025/11/5- 2025/11/11）各类资金合计流入港股市场164亿港元，其中稳定型外资流出139亿港元，灵活型外资流入 69亿港元，港股通流入336亿港元，中国香港或大陆本地资金流出107亿港元。行业层面，最近一周外资 流入软件服务、电气设备、医药生物等较多，港股通流入银行、石油石化、非银金融等较多。 华福证券表示，利率下行周期下，红利高股息的防御性，从资产配置角度而言，红利资产的高股息、低 波动属性能够有效降低投资组合的整体风险水平，优化风险收益比。国内降息周期下的低利率环境、经 济弱复苏的背景均利好红利策略，其中港股红 ...

南财金融终端数据显示，昨日（12月1日，下同）上证综指日内上涨0.65%，收于3914.01点，最高 3914.46点；深证成指日内上涨1.25%，收于13146.72点，最高13149.4点；创业板指日内上涨1.31%，收 于3092.5点，最高3093.96点。 二、融资融券情况 昨日沪深两市的融资融券余额为24767.41亿元，其中融资余额24591.4亿元，融券余额176.02亿元。两市 融资融券余额较前一交易日增加106.91亿元。分市场来看，沪市两融余额为12605.47亿元，相较前一交 易日增加57.11亿元；深市两融余额12161.94亿元，相较前一交易日增加49.8亿元。 两市共有3454只个股有融资资金买入，其中中际旭创、新易盛、中兴通讯排名前三，买入金额分别29.0 亿元、19.94亿元、17.82亿元。融资买入额前10个股详情见下表： 一、证券市场回顾 昨日有52只新基金发行，分别为：苏新苏匠债券A、华夏卓安债券C、金鹰中证港股通高股息投资指数 C、苏新苏匠债券C、金鹰中证港股通高股息投资指数D、银华盛安六个月持有混合C、华夏卓安债券 A、财通消费优选混合发起C、国投瑞银创业板综合指数 ...

Market Overview - The A-share market experienced a rally, with the Shanghai Composite Index returning above 3900 points, closing at 3914.01, up 0.65% [1] - The Shenzhen Component Index and the ChiNext Index also saw significant gains, closing at 13146.72 (up 1.25%) and 3092.50 (up 1.31%) respectively [1] Sector Performance - The top-performing sectors included non-ferrous metals (up 2.85%), communication (up 2.81%), and electronics (up 1.58%) [2] - Conversely, the weakest sectors were agriculture, forestry, animal husbandry, and fishery (down 0.43%) and environmental protection (down 0.23%) [2] Concept Indexes - Notable concept indexes that performed well included smart speakers (up 3.71%) and AI mobile phones (up 3.39%) [2] - Underperforming concepts included horse racing (down 0.92%) and digital watermarking (down 0.75%) [2] Economic Indicators - The manufacturing PMI for November was reported at 49.2%, a slight increase of 0.2 percentage points from the previous month, indicating a modest improvement but still below the expansion threshold [4] - The non-manufacturing business activity index fell to 49.5%, marking the first contraction in three years, primarily due to seasonal effects and diminishing impacts from policy measures [4] Market Outlook - The report suggests that the domestic economic fundamentals are expected to gradually improve under a backdrop of policy support, aiming for a growth target of around 5% for the year [5] - Key upcoming events include the political bureau meeting and the central economic work conference in December, which will set the policy direction for 2026 [5] - A balanced allocation strategy is recommended, focusing on sectors such as non-ferrous metals, new energy, technology growth, and dividend stocks [5]

截至12月1日，市场融资余额合计2.47万亿元，较前一交易日增加102.08亿元，这已经是融资余额连续5 个交易日持续增加，其中，沪市融资余额12486.17亿元，较前一交易日增加52.82亿元；深市融资余额 12105.23亿元，较前一交易日增加48.84亿元；北交所融资余额75.69亿元，较前一交易日增加4184.58万 元。 证券时报·数据宝统计显示，具体到个股，12月1日共有1937只股获融资净买入，净买入金额在千万元以 上的有520只，其中43只融资净买入额超亿元。沪电股份融资净买入额居首，当日净买入5.73亿元，其 次是香农芯创、紫金矿业，融资净买入金额分别为5.60亿元、4.62亿元，融资净买入金额居前的还有杰 瑞股份、宁德时代、东方精工等。 | 代码 | 简称 | 12月1日涨跌幅 | 融资净买入额 | 最新融资余额 | 占流通市值比例 | 所属行 | | --- | --- | --- | --- | --- | --- | --- | | | | （%） | （万元） | （万元） | （%） | 业 | | 002463 | 沪电股 份 | 3.80 | 57347.07 | 34558 ...

Core Insights - The manufacturing PMI index for November is at 49.2%, showing a slight month-on-month increase of 0.2 percentage points, indicating a minor recovery within the contraction zone [6][7] - The new orders index for November is also at 49.2%, with a month-on-month increase of 0.4 percentage points, while the new export orders index rose by 1.7 percentage points to 47.6%, likely driven by the upcoming holiday shopping season [6][7] - The production index stands at 50.0%, reflecting a month-on-month increase of 0.3 percentage points, indicating stability at the threshold level [6][7] Macroeconomic Overview - Manufacturing purchasing and inventory intentions are still in the contraction zone, suggesting a need for further improvement in procurement sentiment [6][7] - Fixed asset investment projects, particularly in infrastructure and affordable housing, are expected to gain momentum towards the end of the year and the beginning of the next [6][7] Market Performance - The Shanghai Composite Index closed at 3914.01, up by 0.65%, while the Shenzhen Component Index rose by 1.25% to 13146.72 [3] - The performance of various industry indices shows that non-ferrous metals and telecommunications sectors led with increases of 2.85% and 2.81%, respectively, while agriculture and forestry sectors saw declines [4] Sector Analysis - The manufacturing sector's price index showed a recovery in November, with the main raw material purchase price index rising by 1.1 percentage points to 53.6%, indicating a high level of activity [7] - The equipment manufacturing and raw materials industries are sensitive to downstream fixed asset investments, with some signs of demand recovery in November [8]