Group 1 - The core index tracks 50 stocks from the Sci-Tech Innovation Board with high growth rates in revenue and net profit, emphasizing a growth style [3] - The electronic and pharmaceutical industries account for nearly 75% of the index's composition, indicating a strong presence of high-growth sectors [3] - As of the latest trading session, the index experienced a slight increase of 0.1% and has a rolling price-to-earnings ratio of 142.3 times [3] Group 2 - The index was officially launched on July 23, 2020, and is part of a broader set of indices including the Sci-Tech Innovation 100 Index and the Sci-Tech Innovation Comprehensive Index [4] - The rolling price-to-earnings ratio is calculated as total market value divided by net profit, which is a relevant valuation metric for stable industries less affected by economic cycles [4] - The fund products associated with this index have low management fees of 0.15% per year and custody fees of 0.05% per year, making them attractive for investors [4]

中信建投证券表示，当前市场处于"三期叠加"：牛市中段整固期，景气验证关键期，业绩政策空窗期， 市场震荡轮动和资金年底止盈等特征也会进一步放大。近期海外环境出现较多扰动，美联储12月降息预 期反复，带动全球市场流动性预期波动；英伟达财报超预期，但股价出现巨震，投资者担忧AI开支可 持续性，蔓延影响A股情绪。长期而言，慢牛格局的主要因素不变；短期来看，策略层面以择机布局为 主，时点上等待12月中上旬的美联储议息会议和中央经济工作会议落地，其间若调整较充分也可加仓吸 筹，关注60日线与半年线支撑和市场缩量情况。 24日早盘，两市主要股指盘中震荡回落，创业板指盘中跌约1%失守2900点，场内约3200股飘红。 盘面上看，煤炭、燃气、有色、电力、保险等板块走低，军工、医药等板块逆市拉升，军贸概念、AI 应用概念等活跃。 截至午间收盘，沪指跌0.34%报3821.68点，深证成指跌0.59%，创业板指跌0.77%，沪深北三市合计成交 10326亿元。 ...

11月24日，香港恒生指数开盘涨0.92%，恒生科技指数涨1.13%。 | 代码 | 名称 | 现价 涨跌 | 涨跌幅 | | --- | --- | --- | --- | | HSI | 恒生指数 | 25452.87 232.85 | 0.92% | | HSTECH 恒生科技 | | 5456.61c 61.12 1.13% | | | HSBIO | 恒生生物科技 | 15167.07c 148.28 | 0.99% | | HSCEI | 恒生中国企业指数 | 8991.62c 71.84 | 0.81% | | HSCI | 恒生综合指数 | 3893.05c 31.93 | 0.83% | 零跑汽车涨超3%，该股纳入恒生科技指数，12月8日起生效。 编辑丨瑜见 | < W | 恒生科技(HSTECH) | | | | --- | --- | --- | --- | | | 5456.61 61.12 1.13% | | | | 资料 成分 | 资讯 相关基金 | | 月度收益 | | 名称 | | 现价 | 涨跌幅 == | | 蔚来-SW | | 44.900 | 4.52% | | 986 ...

A-shares - Nobikang Artificial Intelligence Technology (Chengdu) Co., Ltd. has submitted its third listing application to the Hong Kong Stock Exchange, with CICC as the sole sponsor [2] - As of November 17, over 10,000 new private equity securities investment funds have been registered this year, with stock strategies being the dominant force in the issuance market [2][3] - In November, 509 overseas institutions conducted research on 109 listed companies, with a focus on the electronics and machinery equipment sectors [2] Financial Products - As of November 20, 19 insurance companies have issued capital replenishment bonds or perpetual bonds this year, totaling over 70 billion yuan, with nearly 70% being perpetual bonds [4] - The latest LPR remains unchanged at 3.0% for 1-year and 3.5% for 5-year terms, maintaining stability for six consecutive months [4] - The Shanghai and Shenzhen Stock Exchanges have released new guidelines to promote high-quality development of index investment [4] Fund Market - As of November 17, a total of 1,378 public funds have been issued this year, surpassing last year's total of 1,143, marking the highest issuance in three years [5] - The average subscription period for new funds has decreased from 22.63 days last year to 16.31 days this year, indicating increased market activity [5] Economic Indicators - In October, China's retail sales grew by 2.8%, with significant increases in the sales of upgraded consumer goods such as gold and jewelry, which rose by 37.6% [6][7] - From January to October, the national general public budget revenue reached 18.65 trillion yuan, a year-on-year increase of 0.8%, while expenditure was 22.58 trillion yuan, up 2% [8]

Market Overview - The U.S. stock market did not experience a continued decline, with major indices rebounding significantly [1] - Concerns regarding liquidity issues were primarily driven by the Federal Reserve's statements, leading to global market volatility [1][6] - The recent fluctuations in technology stock valuations have contributed to increased market volatility and a decline in risk appetite [1][6] Technical Analysis - The Shanghai Composite Index has a downward support level projected between 3800-3810 [3][7] - The ChiNext Index has a downward support level projected between 2500-2530 [3][7] - The market is currently in a phase of adjustment, with a focus on identifying potential buy signals [6] Investment Strategy - The current recommendation is to maintain a cautious approach and wait for stabilization signals before entering the market [5][10] - Short-term buying opportunities may arise during panic selling, but a low position is advised [5][6] - The focus should be on sectors such as banking for blue-chip stocks, pharmaceuticals for potential rebounds, and renewable energy for price increase opportunities [7] Market Sentiment - The overall sentiment indicates that risks currently outweigh opportunities, with a cautious outlook on market movements [6][10] - The market is experiencing a phase of risk release, and investors are advised to either refrain from trading or wait for clear signals of stabilization [10]

Market Performance - The A-share market has shown poor profitability this week, with only 11% of respondents reporting profits, while 89% reported losses [7] - Major indices such as the Shanghai Composite Index and the Shenzhen Component Index experienced declines, with the Shanghai Composite Index down 3.90% this week [2] - The overall market sentiment indicates a bearish outlook, with 38% of respondents expecting the market to trade sideways and unable to reach 4000 points [8] Sector Performance - All major industry indices saw declines, with the power equipment sector leading the losses at 10.54%, followed by comprehensive and basic chemical sectors [3] - The banking sector experienced the smallest decline at 0.89%, indicating relative stability compared to other sectors [3] Fund Flow - A total of 249.32 billion yuan in net outflow was recorded from A-share main funds this week, with all 31 major industry sectors experiencing net outflows [3] - The power equipment, electronics, and pharmaceutical sectors saw the highest net outflows, amounting to 50.52 billion yuan, 38.39 billion yuan, and 25.76 billion yuan respectively [3] Investor Sentiment - A survey indicated that 26% of investors increased their positions, while 18% reduced their holdings, reflecting a cautious approach to market conditions [4] - The proportion of investors holding less than 50% of their positions increased, indicating a shift towards more conservative investment strategies [4] Future Outlook - Respondents remain optimistic about the long-term trend of the A-share market, with 50% believing the Shanghai Composite Index could reach 4000 points [10] - The military industry sector has seen a significant increase in positive sentiment, rising by 9 percentage points to 12%, indicating growing interest in this area [12] Industry Trends - The military industry is expected to experience significant growth driven by domestic and international demand, with key factors including the "14th Five-Year Plan" and military trade developments [13] - Analysts predict a shift towards high-end demand and improved financial health within the military sector, with a focus on new combat capabilities and military-civilian integration [13]

Group 1 - The average first-day increase of new stocks listed on the Beijing Stock Exchange (BSE) in 2025 is 364%, indicating a strong market performance for newly listed companies [2][36][35] - As of November 21, 2025, a total of 35 companies have passed the review process, with 22 companies listed, suggesting an increase in the number of new listings expected in 2026 [12][41] - The average net profit of companies queued for listing in 2024 is 99.34 million, with 157 companies (92.90%) having a net profit exceeding 50 million, reflecting high-quality companies in the pipeline [31][32] Group 2 - The average maximum subscription limit for online applications in the BSE is 10.46 million, with a significant increase in the subscription threshold starting from the third quarter of 2025 [25][20] - The average fundraising amount per company listed in 2025 is 250 million, which is a 22.92% increase compared to 2024, indicating a growing capital market [28][29] - The average price-to-earnings (P/E) ratio for the BSE is reported at 44.22X, with specific sectors such as high-end equipment and information technology showing varied P/E ratios [3][19] Group 3 - The expected average return on new stock subscriptions in 2026 is projected to be between 3.00% and 4.50%, assuming an average return rate of 300% and a subscription rate of 0.02%-0.03% [37][44] - The first-day price increase for the latest listed companies, such as Beikang Detection and Dapeng Industry, reached 1211.11% and 295.52%, respectively, showcasing the potential for high returns [36][2] - The BSE's market performance is characterized by a significant drop in the North Certificate 50 index, which fell by 9.04%, indicating a volatile market environment [3][19]

Group 1 - A total of 78 stocks had a turnover rate exceeding 100% this week, with C South Network leading at 256.12%, followed by Jianglong Shipbuilding at 251.43%, and C Hengkun at 243.47% [1] - The majority of stocks with a turnover rate above 100% belong to the electric equipment, computer, and pharmaceutical industries according to the Shenwan first-level industry classification [1] - In terms of weekly price changes, Jianglong Shipbuilding, Rongji Software, and *ST Dongtong (rights protection) had the highest increases among stocks with a turnover rate exceeding 100% [1]

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report - This week, the equity market declined across the board, with the large - cap value style being relatively resilient and the North - Star 50 index experiencing a significant decline. Among industries, the banking sector had the smallest decline, while the power equipment & new energy and comprehensive sectors had larger declines [1][2][6]. - The average return of all - market active equity funds was - 4.83%. Funds with better performance were heavily invested in the automobile and banking industries. Among industry - themed funds, financial and real estate funds had relatively leading average returns, while pharmaceutical sector funds had relatively lagging average returns [2][11]. - In the bond market, the interest - rate bond market declined, the credit - bond market rose, and the convertible - bond market declined. The average returns of short - term and medium - to - long - term bond funds were 0.02%, while the average returns of equity - linked bond funds and convertible - bond funds were negative [1][2]. - As of November 19, 2025, the average returns of low - risk, medium - risk, and high - risk FOF funds in the sample in the past week were - 0.43%, - 1.12%, and - 1.55% respectively [2]. - During the statistical period, the average declines of equity - oriented, index - type, other - type, and bond - type QDII funds were 2.96%, 3.45%, 1.89%, and 0.20% respectively. This week, REITs declined by an average of 1.20% [2]. 3. Summary According to Relevant Catalogs 3.1 Market Review - The equity market declined across the board this week. The Shanghai - Shenzhen 300 Index closed at 4454 points, down 3.77%; the Shanghai Composite Index closed at 3835 points, down 3.9%; the Shenzhen Component Index closed at 12538 points, down 5.13%; and the ChiNext Index closed at 2920 points, down 6.15%. In the Hong Kong stock market, the Hang Seng Index declined by 5.09% and the Hang Seng Tech Index declined by 7.18% [6]. - In terms of industries, the banking sector declined the least, by 0.87%, while the power equipment & new energy and comprehensive sectors declined by 9.41% and 9.47% respectively [9]. 3.2 Key Fund Tracking 3.2.1 Active Equity - **Fund Performance**: The average return of all - market funds in the sample this week was - 4.83%. Funds with better performance were heavily invested in the automobile and banking industries. Among industry funds, financial and real estate funds had relatively leading average returns, while pharmaceutical sector funds had relatively lagging average returns [11][12]. - **Position Estimation**: This week, the positions of common stock - type and partial - stock hybrid funds both decreased. Compared with the previous week, the position of common stock - type funds decreased by 0.31 percentage points, and that of partial - stock hybrid funds decreased by 0.05 percentage points. Actively managed partial - stock funds increased their allocation to consumption, finance, and cyclical sectors and reduced their allocation to stable and growth sectors [17]. 3.2.2 Bond - Type Funds - **Bond Market Performance**: The credit - bond market rose this week. The ChinaBond Total Wealth Index closed at 246.39, down 0.01% from last week; the ChinaBond Treasury Bond Index closed at 246.64, down 0.05% from last week; and the ChinaBond Credit Bond Index closed at 225.09, up 0.04% from last week. The convertible - bond market declined, with the CSI Convertible Bond Index closing at 482.94, down 1.78% week - on - week, and the trading volume was 318 billion yuan, a decrease of 31.316 billion yuan from last week [20][22]. - **Fund Performance Overview**: The average return of short - term bond funds this week was 0.02%, and the median was 0.03%; the average return of medium - to - long - term bond funds was 0.02%, and the median was 0.02%. The average returns of first - tier and second - tier bond funds were - 0.16% and - 0.77% respectively. The average return of partial - bond hybrid funds was - 1.1%, and the median was - 0.99%; the average return of low - position flexible - allocation funds was - 0.84%, and the median was - 0.67%. The average return of convertible - bond funds was - 2.41%, and the median was - 2.4% [25][27][29]. 3.2.3 FOF As of November 19, 2025, the average returns of low - risk, medium - risk, and high - risk FOF funds in the sample in the past week were - 0.43%, - 1.12%, and - 1.55% respectively [2][32]. 3.2.4 QDII During the statistical period, the average declines of equity - oriented, index - type, other - type, and bond - type QDII funds were 2.96%, 3.45%, 1.89%, and 0.20% respectively [2]. 3.2.5 REITs This week, REITs declined by an average of 1.20%. Among them, CICC Yizhuang Industrial Park REIT had a relatively high increase, rising 0.96% in the past week. China Asset Management CR Land Ucommune REIT had the highest liquidity, with a trading volume of 128.2851 million yuan in the past week [36][37].

A-share Market Valuation - The current PE (TTM) for the A-share market is 16.10, with a median of 13.51 and a maximum of 30.60[12] - The PE (TTM) for the Shanghai Composite Index is 13.95, while the CSI 300 is at 13.11[9] - The PE (TTM) for the ChiNext Index is significantly higher at 48.76, indicating a growth-oriented market segment[12] Hong Kong Market Valuation - The Hang Seng Index has a current PE (TTM) of 11.48, with a median of 10.29 and a maximum of 22.67[60] - The Hang Seng Technology Index shows a higher PE (TTM) of 20.97, reflecting the tech sector's growth potential[60] US Market Valuation - The S&P 500 has a current PE (TTM) of 28.09, with a median of 21.13 and a maximum of 41.99[84] - The NASDAQ Index is at 39.93, indicating a strong valuation in the tech-heavy index[92] Sector Valuation Insights - Non-bank financials, food and beverage, and non-ferrous metals sectors in A-shares are currently at historically low PE levels[22] - The technology sector, including computing and electronics, is at historically high PE levels, suggesting potential overvaluation[22] Risk Premium Analysis - The equity risk premium (ERP) for the A-share market has fluctuated, with a current value indicating a risk-averse market environment[16]