港股今日回调，煤炭、石油石化等能源股逆势上涨，带动港股红利板块上行。截至收盘，恒生港股通高股息低波动指数上涨0.4%，中证红利指数、中 证红利价值指数均下跌0.5%，中证红利低波动指数下跌0.8%，恒生红利低波ETF（159545）全天净申购约5000万份。Wind数据显示，该ETF月内连续"吸 金"，合计超10亿元。 据悉，易方达基金是目前唯一一家红利类ETF全部实行低费率的基金公司，恒生红利低波ETF（159545）、红利ETF易方达（515180）、红利低波动 ETF（563020）、红利价值ETF（563700）等产品管理费率均为0.15%/年，可助力投资者低成本布局高股息资产。 | 红利ETF易方达 ( | | | | 515180 | | --- | --- | --- | --- | --- | | 跟踪中证红利指数 | | | | | | 该指数由100只现金股息率高、分红 较为稳定,并具有一定规模及流动 | 令日 | 该指数 | 该指数自2013年 | 该指数股息率 | | 性的股票组成,反映高股息率A股上 | 该指数涨跌 | 滚动市盈率 | 以来估值分位 | | | 市公司股票的整体表现, ...

Core Insights - As of November 7, 2023, a total of 10 listed companies have disclosed information regarding the subscription or renewal of private placement products, with a cumulative subscription amount reaching 818 million yuan [1] - The trend of listed companies investing in private placement products is notable, with potential risks that need to be monitored [3][4] Group 1: Investment Trends - The total amount invested by the 10 listed companies varies, with Yaxing Anchor Chain leading by subscribing 263 million yuan, accounting for 32.15% of the total [1] - Other companies that invested 100 million yuan include Yongji Co., Zhongxing Junye, and Innovation New Materials, while companies like Keli Sensor and Rongtai Health invested smaller amounts of 10 million yuan and 5 million yuan respectively [1] - A majority of A-share listed companies are keen on financial management, with investment scales typically ranging from tens of millions to billions of yuan [1] Group 2: Private Fund Industry Growth - The private fund industry in China has grown significantly, with the total asset management scale of the asset management industry reaching 75.38 trillion yuan as of June 30, 2023 [2] - Private funds account for 20.60 trillion yuan of this total, positioning them as the second-largest segment in asset management [2] - The number of private fund products exceeds 140,000, representing 71.87% of the total 195,500 products in the market, indicating robust growth in the private fund sector [2] Group 3: Risks Associated with Private Placement Products - There are four main risks associated with listed companies subscribing to private placement products: 1. The risk of investment losses from private funds, which could negatively impact the performance of the listed companies [3] 2. Financial pressure on listed companies due to large investments in private products, potentially affecting liquidity [3] 3. The risk of fund managers absconding, which has been a recurring issue in the industry [4] 4. The risk of stock price manipulation, where private funds might collaborate with listed companies to influence stock prices for profit [4]

指数化投资的崛起格外引人注目。在今年发行的1378只新基中，指数型基金的数量达到813只，占 总量的59%。这一数据直观地展现出指数化投资在市场中的热度与重要性。 2025年以来，公募基金发行市场迎来显著变化。 据公募排排网数据，截至2025年11月17日，按认购起始日统计，今年以来全市场共计发行公募基金 1378只，这一数字远超去年全年的1143只，并且创下近3年的新高，同时也终止了基金发行连续3年下滑 的颓势。 此外，今年以来发行新基平均认购天数为16.31天，与去年22.63的平均认购天数相比，募集周期明 显大幅缩短，进一步验证了基金发行市场的回暖。 | | | 2025年以来不同奏型公募基金发行统计 | | | | | --- | --- | --- | --- | --- | --- | | 投资类型(一级) | 产品数量 | 卡比 | 投资类型(三级) | 产品数量 | 占比 | | | | | 被动指数型基金 | રેસ | 41. 29% | | 股票型基金 | 762 | 55. 30% | 增强指数型基金 | 167 | 12. 12% | | | | | 普通股票型基金 | 26 | 1 ...

国投期货 韩泽文 期货从业号: F03108100 投资咨询号: Z0021517 7 天 日期 标的物价格 标的涨跌幅 当月IV 次月IV 2025/11/13 3.221 0.75% 13.06% 14.76% 2025/11/14 3.183 -1.18% 13.10% 14.83% 2025/11/17 3.159 -0.75% 13.46% 14.73% 【50ETF】 近1年 当月IV分位数 25.30% 26.50% 29.70% 近2年 当月IV分位数 当月合约距离到期还剩 28.80% 29.40% 34.10% 近1年 次月IV分位数 35.40% 38.30% 34.50% 近2年 次月IV分位数 44.30% 46.30% 43.50% 2025年11月17日 金融期权波动率 0% 5% 10% 15% 20% ATM IV(M1) ATM IV(M2) ATM IV(Q1) ATM IV(Q2) ATM IV期限结构 今日 昨日 0% 20% 40% 60% 80% 2.00 2.50 3.00 3.50 2022/11/15 2023/4/13 2023/9/7 2024/2/5 ...

近日，央行公布2025年10月金融统计数据报告，数据显示，10月居民存款减少1.34万亿元，同比少增7700亿元；非银存款增加1.85万亿元，同比多增7700亿 元。 截至收盘，中证A500指数下跌0.4%，中证A100指数下跌0.6%，中证A50指数下跌1.0%。 中国银河证券表示，资金面向好的逻辑仍有望延续，随着后续政策落地节奏进一步明确，物价回升预期下反内卷板块逻辑明确，科技主线产业趋势与业绩进 入验证阶段，A股市场中长期向好趋势不改。 每日经济新闻 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容的准确性、可靠性或完整性提供任何明 示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱：news_center@staff.hexun.com ...

Group 1 - The core point of the article is the announcement of the resignation of Zhang Zhimei as the fund manager of the Shangzheng New Energy Industry Mixed Fund, with Shi Jingcheng taking over the management role [1][2]. - Shi Jingcheng has been with the company as an industry researcher since August 2021 and will officially assume the role of fund manager starting April 3, 2025 [1][2]. - The Shangzheng New Energy Industry Mixed Fund A/C was established on August 10, 2022, and as of November 14, 2025, it has recorded a year-to-date return of 21.40% and 20.75%, while the cumulative return since inception is -28.47% and -29.87%, with net asset values of 0.7153 yuan and 0.7013 yuan respectively [1][2]. Group 2 - The fund is managed by Shangzheng Fund Management Co., Ltd., and the change in fund manager is in accordance with the "Publicly Raised Securities Investment Fund Information Disclosure Management Measures" [2]. - The fund's main code is 015732, and the announcement is part of the regulatory requirements for fund management [2].

来源：市场投研资讯 （来源：博时基金） 上周（11.10-11.14）贵金属市场上周在美国政府停摆结束后走高，主要受亚特兰大联储主席博斯蒂克明 年二月计划退休提振，市场对未来美联储独立性的忧虑重燃。不过，美联储多位官员提升对通胀的关注 度，降低了后续降息预期。 针对近期共和党地方选举的失利以及特朗普支持率的下降，周内特朗普宣布下调多项食品关税，并与阿 根廷、厄瓜多尔、危地马拉和萨尔瓦多等食品供应国达成框架性贸易协议，以期回应民众期待。 ➤ 从这一角度看，伴随上周关税合法性在最高法院受到质疑，未来一段时间内整体贸易冲突的演变或 趋于缓和，提振市场风险偏好。 王祥 博时黄金ETF基金经理 市场观点方面 过往一周（11.10-11.14）贵金属市场再次迎来明显上涨，市场预期随着经济数据的恢复更新，目前私营 机构所发布的经济弱势报告将进一步得到证实，并提振宽松路径。同时，亚特兰大联储主席博斯蒂克明 年二月计划退休提振，市场对未来美联储独立性的忧虑重燃，成为周内贵金属再度大幅上涨的主要动能 来源。 ➤ 不过，后续多位美联储官员态度转向，从关注就业转为更关注通胀表现，压低了12月份的降息预 期，黄金市场再度回落。 ➤ 政 ...

Core Insights - The domestic economy has shown signs of recovery since 2025, leading to increased consumer confidence and spending, which has positively impacted the performance of real estate investment trusts (REITs) in the consumer infrastructure sector [2][3] - The consumer REITs market has become one of the most prominent sectors in the capital market this year, with 12 listed consumer infrastructure REITs achieving a total market capitalization of 41.865 billion yuan [2][3] - The average increase in the share prices of consumer REITs has significantly outperformed other types of REITs, with some newly listed products showing remarkable growth [4][5] Consumer REITs Performance - In 2025, five consumer infrastructure REITs were successfully listed, bringing the total to 12, with a notable diversification in asset types from traditional shopping centers to outlets [3][4] - Key financial metrics for consumer REITs have remained high, with average occupancy rates of 97.20% and collection rates of 99.65% reported in Q3 2025, indicating strong operational resilience [4][6] - The top-performing consumer REITs have shown significant price increases, with the highest being 71.36% for the E-Fund Huawai Market REIT [4][5] Market Trends and Future Outlook - The REITs market is viewed as a "blue ocean" with potential for future growth, although the current transformation path remains unclear [2][7] - The introduction of policies to facilitate the expansion of REITs, such as reducing the listing period for expansion from 12 months to 6 months, is expected to drive growth in the sector [6][9] - The operational capabilities of REITs are becoming increasingly important for performance differentiation, with a focus on optimizing brand portfolios and enhancing asset appeal [6][9] Industry Insights - The REITs market in China is still in its nascent stage, with a total market size of over 200 billion yuan, which is relatively small compared to the global REITs market of 2 trillion USD [7][9] - Industry experts emphasize the need for innovative thinking and learning from mature markets like Japan and Singapore to enhance the development of China's REITs [7][9] - The REITs model is seen as a solution to the challenges of real estate investment, providing liquidity and flexible exit options for investors, thereby transforming the investment and management landscape [9]

Group 1: Rare Metals ETFs Performance - On November 17, rare metals ETFs led the market with four ETFs rising over 3%, notably the rare metals ETF (159608) which increased by 3.68% [2][3] - The rise in the rare metals sector was driven by a significant increase in lithium carbonate futures, with expectations of improved supply-demand fundamentals in the lithium industry from 2026 to 2027 [2][10] Group 2: AI Application ETFs - AI application-related ETFs also saw gains, with software ETFs and the Southern China AI ETF rising over 2% [2][3] - The Southern China AI ETF (159382) recorded a net inflow of over 8.99 million yuan on November 14, indicating strong investor interest despite a general decline in tech stocks [8] Group 3: Bond ETFs Activity - On the same day, bond ETFs were actively traded, with eight out of the top ten ETFs by trading volume being bond ETFs, including several from the Sci-Tech bond category [6][7] - The top trading bond ETF, Knowledge ETF, had a transaction volume of 24.29 billion yuan, up from 19.79 billion yuan the previous day [7] Group 4: Decline in Gold-themed ETFs - Gold-themed ETFs experienced a collective decline, with several ETFs dropping over 2%, reflecting a bearish sentiment in the gold market [4][5] - The gold stock ETF and other related ETFs showed significant losses, with the gold stock ETF down by 2.57% [5] Group 5: Market Outlook - The market outlook remains positive, with expectations of a continued upward trend in A-shares driven by structural economic improvements and declining risk-free rates [10] - The long-term outlook for the rare metals sector is optimistic, driven by supply constraints and expanding demand from new industries such as electric vehicles and humanoid robots [10]

分析师：孙书娜 登记编号：S0890523070001 分析师：宋逸菲 登记编号：S0890524080003 投资要点 市场回顾： 上周（2025.11.10-2025.11.14）债市整体维持震荡，1年期国债收益率上行0.59BP至1.41%，10年期 国债收益率持平1.81%，30年期国债收益率下行1.00BP至2.15%。具体来看，三季度货币政策执行报告中向进一 步宽松方向改变措辞，但同时经济数据方面，通胀数据的回暖使未来货币政策进一步宽松的预期有所降温，因 此债市短期延续震荡格局。 公募基金市场动态 ：华夏安博仓储REIT发行火爆，实现"一日售罄"。 泛固收基金指数表现跟踪 ： 货币增强指数：上周收涨0.03%，成立以来累计录得4.30%的收益。 短期债基优选：上周收涨0.03%，成立以来累计录得4.48%的收益。 中长期债基优选：上周收涨0.07%，成立以来累计录得6.82%的收益。 低波固收+基金优选：上周收涨0.07%，成立以来累计录得4.78%的收益。 中波固收+基金优选：上周收涨0.04%，成立以来累计录得6.12%的收益。 高波固收+基金优选：上周收跌0.06%，成立以来累计录得8.11 ...