Core Insights - The latest financing balance in the market as of December 3 is 24,651.89 billion yuan, showing a decrease of 37.13 billion yuan compared to the previous trading day [1] - Among the 10 primary industries, the telecommunications sector saw the highest increase in financing balance, rising by 9.27 billion yuan [1] - A total of 21 industries experienced a decrease in financing balance, with the computer, electronics, and basic chemicals sectors showing the most significant declines [1][2] Industry Summary - **Telecommunications**: Financing balance increased to 1,144.41 billion yuan, with a growth of 0.82% [1] - **Non-ferrous Metals**: Financing balance rose to 1,192.61 billion yuan, increasing by 6.52 million yuan, reflecting a growth of 0.55% [1] - **Banking**: Financing balance reached 754.22 billion yuan, up by 5.17 million yuan, marking a 0.69% increase [1] - **Food and Beverage**: Financing balance increased to 512.41 billion yuan, with a rise of 1.34 million yuan, showing a growth of 0.26% [1] - **Computer**: Financing balance decreased to 1,777.35 billion yuan, down by 12.53 million yuan, reflecting a decline of 0.70% [2] - **Electronics**: Financing balance fell to 3,612.40 billion yuan, decreasing by 9.93 million yuan, with a decline of 0.27% [2] - **Basic Chemicals**: Financing balance dropped to 999.19 billion yuan, down by 5.91 million yuan, reflecting a decline of 0.59% [2] - **Construction Decoration**: Financing balance decreased to 390.92 billion yuan, down by 3.01 million yuan, marking a decline of 0.77% [1] - **Coal**: Financing balance fell to 142.82 billion yuan, down by 1.04 million yuan, reflecting a decline of 0.73% [1] - **Real Estate**: Financing balance decreased to 358.44 billion yuan, down by 2.31 million yuan, marking a decline of 0.64% [1]

来源：新浪基金∞工作室 12月2日，港红利（520890）收盘涨1.36%，成交额6192.18万元。 港股通红利低波ETF（520890）成立于2024年9月4日，基金全称为华泰柏瑞恒生港股通高股息低波动交 易型开放式指数证券投资基金，基金简称为港红利。该基金管理费率每年0.50%，托管费率每年 0.10%。港股通红利低波ETF（520890）业绩比较基准为恒生港股通高股息低波动指数收益率(使用估值 汇率折算)。 规模方面，截止12月1日，港股通红利低波ETF（520890）最新份额为7900.80万份，最新规模为1.16亿 元。回顾2024年12月31日，港股通红利低波ETF（520890）份额为1.23亿份，规模为1.46亿元。即该基 金今年以来份额减少35.77%，规模减少20.45%。 港股通红利低波ETF（520890）现任基金经理为李茜。李茜自2024年9月4日管理（或拟管理）该基金， 任职期内收益46.89%。 最新定期报告显示，港股通红利低波ETF（520890）重仓股包括首钢资源、兖矿能源、兖煤澳大利亚、 VTECH HOLDINGS、工商银行、深圳国际、中国光大银行、中国神华、中煤能源、 ...

Group 1 - The Shanghai 180 Index (000010) shows mixed performance among its constituent stocks, with Transsion Holdings (688036) leading the gain at 4.86% and GAC Group (601238) up by 3.78% [1] - The market is experiencing increased volatility as the year-end approaches, and CICC suggests maintaining a "barbell" strategy (dividend + technology internet) for portfolio allocation [1] - The management fee for the Shanghai 180 ETF Index Fund (530280) is 0.15%, and the custody fee is 0.05% [1] Group 2 - As of November 28, 2025, the top ten weighted stocks in the Shanghai 180 Index include Kweichow Moutai (600519) and Zijin Mining (601899), collectively accounting for 26.13% of the index [2] - The Shanghai 180 ETF Index Fund has several off-market connection options, including Ping An's various linked funds [2]

Core Insights - The article discusses the rapid growth of the ETF market in China, with the total market size exceeding 5 trillion yuan and the number of stock ETFs surpassing 1,000 [1] - The focus of the new ETF launched by Xingzheng Global is on "quality," tracking the CSI 300 Quality Index, which selects 50 stocks based on profitability and stability [1][2] - The fund manager emphasizes the long-term value creation potential of the CSI 300 Quality Index for investors [1] Market Growth and Opportunities - The ETF market has seen rapid growth, with each 1 trillion yuan milestone being reached in increasingly shorter timeframes, indicating significant opportunities for investors [1] - The CSI 300 Total Return Index is expected to yield positive long-term returns, despite common investor behaviors leading to losses [1] Performance Metrics - The CSI 300 Quality Index has outperformed the CSI 300 Index by 40 percentage points over the past decade, with a return of 72.19% and an annualized return of 5.75% [2] - The annualized volatility of the CSI 300 Quality Index is 18.30%, significantly lower than the CSI 300's 24.67%, showcasing its stability [2] Differentiation Strategy - Xingzheng Global aims to differentiate itself in the ETF market by focusing on quality factors and enhancing its passive investment strategies [3] - The choice of quality factors is based on profitability metrics like ROE (Return on Equity), which is considered a key indicator of a company's financial health [3] Composition and Market Position - As of September 30, 2025, the top ten holdings of the CSI 300 Quality Index account for 48.57%, featuring leading companies with strong growth potential [4] - The index is slightly biased towards large-cap stocks, with over 60% of its constituents having a market capitalization exceeding 100 billion yuan [4] Economic Context - The article notes that quality factors tend to outperform during the early stages of economic recovery, suggesting a favorable environment for the new ETF [5] - The fund manager expresses a long-term vision for the ETF, aiming to provide sustainable returns for investors [5]

Group 1 - The core viewpoint is that the A-share market has not yet confirmed stabilization, with a recommendation to maintain low positions and wait patiently for better market conditions [1][5]. - The market experienced a technical rebound last week, with the CSI 300 index rising by 1.64%, the Shanghai Composite Index by 1.40%, and the CSI 500 index by 3.14%, indicating a recovery after a significant drop [3]. - The fundamental outlook shows that while short-term liquidity risks in the U.S. have eased, China's economy remains in a low-level oscillation, with the latest December official PMI indicating only a slight rebound [4]. Group 2 - Despite the rebound in the A-share market, there is a lack of new capital entering the market, with both institutional and retail investors remaining cautious [5]. - The recommendation for the main board is to maintain a low position due to the ongoing low-level oscillation in the market and the lack of strong signals for a significant upward trend [5]. - For the small and medium-sized market capitalization sector, although there was a rebound, it is advised to remain cautious and maintain low positions, as the main board is expected to outperform in terms of market style [5].

| 代码 | 最新融资余额（亿元） | 较上一日增减（亿元） | 环比增幅（%） | | --- | --- | --- | --- | | 电子 | 3535.32 | 28.58 | 0.82 | | 通信 | 1106.17 | 25.74 | 2.38 | | 电力设备 | 2166.50 | 13.62 | 0.63 | | 有色金属 | 1167.20 | 5.42 | 0.47 | | 医药生物 | 1648.38 | 4.47 | 0.27 | | 房地产 | 357.18 | 3.00 | 0.85 | | 计算机 | 1785.80 | 1.63 | 0.09 | | 银行 | 750.44 | 1.60 | 0.21 | | 商贸零售 | 271.78 | 1.14 | 0.42 | | 公用事业 | 525.48 | 0.91 | 0.17 | | 农林牧渔 | 288.03 | 0.90 | 0.31 | | 建筑装饰 | 393.67 | 0.70 | 0.18 | | 建筑材料 | 135.45 | 0.52 | 0.39 | | 基础化工 | 1006.33 | 0.51 | ...

(产品代码：159726) ★ 跟踪：恒生中国内地企业高股息率指数 近五日涨跌: -3.30% （原标题：【盘中播报】75只A股封板 国防军工行业涨幅最大） 证券时报•数据宝统计，截至下午13:58，今日沪指涨0.23%，A股成交量942.58亿股，成交金额13653.76亿元，比上一个交易日减少14.94%。个股 方面，4511只个股上涨，其中涨停75只，825只个股下跌，其中跌停21只。从申万行业来看，国防军工、传媒、计算机等涨幅最大，涨幅分别为 3.98%、3.53%、2.68%；石油石化、煤炭、银行等跌幅最大，跌幅分别为2.22%、1.29%、0.59%。（数据宝） 今日各行业表现（截至下午13:58） | 申万行业 | 行业 | 成交额 | 比上日 | | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | | 涨跌 | （亿元） | （%） | 领涨（跌）股 | （%） | | | （%） | | | | | | 国防军工 | 3.98 | 722.71 16.12 | | 航天环宇 | 19.99 | | 传媒 | 3.53 | 781.53 25.39 ...

金 点 策 略 晨 报 2025 年 11 月 21 日 外部压力对 A 股影响有限，市场中期向好逻辑未变 英大证券研究所证券研究报告 分析师：惠祥凤 执业证书编号：S0990513100001 电话：0755-83007028 邮箱：huixf@ydzq.sgcc.com.cn 观点： 总量视角 【A 股大势研判】 周三呈现企稳迹象的 A 股市场，周四再度陷入疲软态势。早盘一度高开上行， 然而午后行情再度走弱，最终全线收跌。可能与外部压力有关（美联储 12 月降 息不确定性及地缘政治因素发酵等），不过，我们认为，其对 A 股的整体影响预 计相对有限。A 股定价核心仍锚定国内基本面，中国经济持续恢复的态势没有改 变，内生增长动力不断增强。同时，政策层面继续保持积极，为市场提供了有力 支撑。 因此，尽管面对短期调整与多方压力，我们认为指数短期调整已近尾声，中 期向好逻辑未变。操作上，踏准板块轮动节奏，采取均衡配置、高抛低吸或是占 优策略。无论是科技成长方向（半导体芯片、泛 AI 主题及机器人行业等），还是 顺周期行业（光伏、电池、储能、化工、煤炭、有色等），亦或是红利股（银行、 公用事业、"大象股"等），尽量选 ...

11月21日消息，三大指数集体低开，能源金属板块跌幅居前。截至今日开盘，沪指报3896.66点，跌0.87%；深成指报 12752.72点，跌1.76%；创指报2979.37点，跌2.07%。 财信证券认为，周四，在隔夜美股以及当天日韩市场转暖的背景下，A股高开低走，成交额小幅缩量，反映出当前市场情 绪仍偏谨慎，需继续等待大盘出现明显的企稳回升信号。短期内，随着大盘近期震荡消化整理已相对充分，指数层面下探空间 或相对有限，但当日大盘高开低走的行情给市场带来了一定不确定性。中期来看，在全球科技投资热情不减、"反内卷"政策持 续推进、居民储蓄入市等因素支撑下，本轮慢牛行情的根基并未动摇，后续A股指数仍存在继续走强的基础。 机构观点： 东吴证券认为，周四，A股市场高开低走，震荡调整。盘面上，海南、银行等板块涨幅居前，美容护理、光伏设备、食品 加工等板块跌幅居前。走势上看，上证指数虽未跌破周二低点3926点，但收盘也很接近，且周四阴线反包周三的震荡十字，技 术上短期往3900点整数关口下探概率加大。创业板指数亦是高开低走，收盘跌破60日均线，且近乎最低点收盘，创业板指数技 术走势看继续向3000点整数关口甚至5月线需 ...

Market Overview - The Shanghai Composite Index closed at 3946.74, up by 0.18% with an increase of 6.93 points [2] - The Shenzhen Component Index remained flat at 13080.09, with a change of -0.40 points [2] - The CSI 300 Index rose by 0.44%, closing at 4588.29, an increase of 20.10 points [2] - The ChiNext Index increased by 0.25%, closing at 3076.85, with an increase of 7.63 points [2] - The STAR 50 Index decreased by 0.97%, closing at 1344.80, down by 13.13 points [2] - The North Exchange 50 Index fell by 1.40%, closing at 1461.12, a decrease of 20.70 points [2] Sector Performance - The top-performing sectors included Nonferrous Metals (up 2.39%), Oil & Petrochemicals (up 1.67%), and National Defense & Military (up 1.11%) [3] - The worst-performing sectors were Real Estate (down 2.09%), Media (down 1.72%), and Building Materials (down 1.71%) [3] - Concept sectors showing strong performance included Shipbuilding System (up 4.60%) and Lead Metal (up 2.03%) [3] - Underperforming concept sectors included Hainan Free Trade Zone (down 4.52%) and Childcare Services (down 2.82%) [3] Future Outlook - The market is currently in a consolidation phase, with the Shanghai Composite Index likely to stabilize around the 4000-point mark [5] - The report suggests a "barbell strategy" for investment, focusing on high-dividend sectors for defensive positioning and selectively investing in technology sectors for growth opportunities [5] - The report highlights the importance of embracing free trade and reducing barriers as emphasized by the State Council during the Shanghai Cooperation Organization meeting [4]