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 ...

Group 1: Market Overview - The overall market adjusted last week, with the Shanghai Composite Index slightly down by 0.18%, the CSI 300 Index down by 1.08%, and the CSI 500 Index down by 1.26% [3][17] - Small-cap stocks outperformed, and value style outperformed growth style, with consumer services, textiles, and basic chemicals leading the sectors [3][17] - The average daily trading volume of the entire A-share market was 20,410 billion, showing an increase compared to the previous week [3][17] Group 2: Sector Analysis - In the technology sector, A-shares have shifted focus from hardware to issues like power shortages and power equipment construction, with storage chips replacing optical modules as a new theme [4][20] - The A-share technology sector is currently influenced by the performance of major US tech companies, with upcoming earnings reports from Nvidia, Alibaba, and Baidu expected to impact market sentiment [20] Group 3: Gold Market Insights - Gold prices experienced fluctuations, driven by a declining US dollar index and a temporary easing of liquidity constraints in the US banking system [21] - The outlook for gold prices will closely follow US economic data releases and signals from Federal Reserve officials regarding interest rate paths [21] Group 4: Public Fund Market Dynamics - The Asset Management Association of China released a draft for the "Guidelines for Investor Suitability Management of Publicly Offered Securities Investment Funds," aimed at enhancing investor protection and fund sales practices [22] - The guidelines introduce new principles for risk assessment, including the correlation between stock positions and risk levels, ensuring that higher-risk funds are not rated lower than lower-risk funds [22][23] Group 5: Fund Performance Tracking - The Active Equity Fund Index decreased by 0.15% last week, with a cumulative excess return of 14.77% since inception [6][24] - The Value Equity Fund Index increased by 1.37%, with a cumulative excess return of 3.23% since inception [7][24] - The Growth Equity Fund Index rose by 0.20%, achieving a cumulative excess return of 16.12% since inception [9][24]

1. Report Industry Investment Rating - The report indicates that the current bond market has more opportunities than risks, especially from November to December [11]. 2. Core Viewpoints - Last week (2025.11.10 - 2025.11.14), the domestic bond market maintained an overall volatile pattern. The yield of 1 - year Treasury bonds rose by 0.59BP to 1.41%, the yield of 10 - year Treasury bonds remained flat at 1.81%, and the yield of 30 - year Treasury bonds fell by 1.00BP to 2.15%. The change in the wording of the third - quarter monetary policy implementation report towards further easing and the warming of inflation data led to a cooling of expectations for further monetary policy easing, resulting in a short - term continuation of the volatile pattern in the bond market [2][10]. - The US bond yield increased last week. The 1 - year US bond yield rose by 7BP to 3.70%, the 2 - year US bond yield rose by 7BP to 3.62%, and the 10 - year US bond yield rose by 3BP to 4.14%. The increasingly hawkish attitude of Fed officials led to a significant cooling of the market's expectation of a Fed rate cut in December [11]. - The issuance of Huaxia Anbo Warehouse REIT was very popular, achieving "one - day sell - out". The public offering part of Huaxia Anbo Warehouse REIT, which was launched on November 11, exceeded the initial fundraising scale limit in one day and started the proportional placement [12][13]. 3. Summary by Directory 3.1. Pan - fixed - income Market Review and Observation - **Domestic Bond Market**: The domestic bond market was volatile last week. The change in the monetary policy report's wording and the warming of inflation data affected the market. In the long term, the downward breakthrough of long - term yields depends on economic data and investors' risk preferences. Overall, the bond market from November to December has more opportunities than risks [10][11]. - **US Bond Market**: The US bond yield increased last week. The hawkish attitude of Fed officials and the under - expected auction yield of 10 - year US Treasury bonds led to a significant cooling of the market's expectation of a Fed rate cut in December [11]. - **REITs Market**: The CSI REITs Total Return Index rose by 0.86% last week, with the transportation, affordable housing, consumption, and warehousing and logistics sectors leading the rise, while the municipal environmental protection and data center sectors falling. The issuance of Huaxia Anbo Warehouse REIT was very popular [12]. 3.2. Public Fund Market Dynamics - The issuance of Huaxia Anbo Warehouse REIT was very popular, achieving "one - day sell - out". The public offering part exceeded the initial fundraising scale limit in one day, and the public investor subscription confirmation ratio was 5.83%, while the offline investor confirmation ratio was as low as 0.68% [12][13]. 3.3. Pan - fixed - income Fund Index Performance Tracking - **Performance Statistics**: - The money enhancement index rose by 0.03% last week, with a cumulative return of 4.30% since its establishment [4]. - The short - term bond fund selection index rose by 0.03% last week, with a cumulative return of 4.48% since its establishment [4]. - The medium - and long - term bond fund selection index rose by 0.07% last week, with a cumulative return of 6.82% since its establishment [4]. - The low - volatility fixed - income + fund selection index rose by 0.07% last week, with a cumulative return of 4.78% since its establishment [4]. - The medium - volatility fixed - income + fund selection index rose by 0.04% last week, with a cumulative return of 6.12% since its establishment [4]. - The high - volatility fixed - income + fund selection index fell by 0.06% last week, with a cumulative return of 8.11% since its establishment [4]. - The convertible bond fund selection index rose by 0.03% last week, with a cumulative return of 23.54% since its establishment [4]. - The QDII bond fund selection index rose by 0.08% last week, with a cumulative return of 10.35% since its establishment [4]. - The REITs fund selection index rose by 1.67% last week, with a cumulative return of 33.81% since its establishment [4]. - **Index Positioning**: - **Money Enhancement Strategy Index**: Aims at liquidity management, pursues a curve that surpasses money funds and rises smoothly, and mainly allocates money market funds and inter - bank certificate of deposit index funds [17]. - **Short - term Bond Fund Selection Index**: Aims at liquidity management, pursues a smooth upward curve on the basis of ensuring drawdown control, and mainly configures 5 funds with stable long - term returns, strict drawdown control, and significant absolute return capabilities [19]. - **Medium - and Long - term Bond Fund Selection Index**: Aims to obtain stable returns by investing in medium - and long - term pure bond funds, controls drawdowns, and tries to obtain excess returns relative to the medium - and long - term bond fund index. It selects funds with both returns and drawdown control, and flexibly adjusts the duration and the proportion of credit bond funds and interest rate bond funds according to market conditions [21]. - **Low - volatility Fixed - income + Selection Index**: The equity center is positioned at 10%, and 10 funds are selected each period. It focuses on selecting fixed - income + targets with an equity center within 15% in the past three years and recently, and emphasizes the holding experience [22]. - **Medium - volatility Fixed - income + Selection Index**: The equity center is positioned at 20%, and 5 funds are selected each period. It selects fixed - income + targets with an equity center between 15% and 25% in the past three years and recently, and focuses on the performance - risk cost - effectiveness [25]. - **High - volatility Fixed - income + Selection Index**: The equity center is positioned at 30%, and 5 funds are selected each period. It selects fixed - income + targets with an equity center between 25% and 35% in the past three years and recently, and focuses on selecting targets with strong stock - picking ability and certain offensiveness on the equity side [26][29]. - **Convertible Bond Fund Selection Index**: Selects bond - type funds with the average proportion of convertible bond investment in bond market value greater than or equal to 60% in the latest period and greater than or equal to 80% in the past four quarters as the sample space. It constructs an evaluation system from multiple dimensions and selects 5 funds to form the index [30]. - **QDII Bond Fund Selection Index**: Selects 6 funds with stable returns and good risk control based on the credit and duration of overseas bonds to form the index [33]. - **REITs Fund Selection Index**: Selects 10 funds with stable operation, reasonable valuation, and certain elasticity based on the underlying asset types of REITs to form the index [34].

基金周报摘要 行业资讯 产品动态 机构动态 01 行业资讯 ◆基民适当性管理新规正出台 智通财经 2025-11-14 投资者保护再迎规范性文件。中国证券投资基金业协会最新发布了《公开募集证券投资基金投资者适当性管理细则（征求意见稿）》，面向社会 公开征求意见。 征求意见稿从基金销售行为出发，进一步细化并规范基金管理人及销售机构的适当性管理行为，规范了风险承受能力评估频次、基金风险等级划 分、风险不匹配处置、65岁以上投资者特别保护、直播销售等重点环节的管理要求，进一步体现"卖者尽责、买者自负"监管导向。该意见反馈截 止时间为2025年11月26日。 ◆两家公募跻身全球二十强 基民适当性管理新规正出台 两家公募跻身全球二十强 安信基金获批QDII业务资格 平安基金新增创金启富为销售机构 主动权益基金募集规模同比翻倍 债券ETF规模突破7000亿元 跨境ETF规模突破9000亿元 港股基金规模超万亿元 年内新发基金数创近三年新高 10只"5毛基"净值重回1元 近百只基金近期密集清盘预警 上海证券报 2025-11-15 随着指数化投资发展提速，中国公募基金公司国际竞争力增强，截至三季度末，有两家机构跻身全球ET ...

ETF Industry News Summary - The three major indices experienced fluctuations and declines, with the Shanghai Composite Index down 0.46%, the Shenzhen Component Index down 0.11%, and the ChiNext Index down 0.2%. Several software ETFs saw gains exceeding 2% [1] - Cross-border ETFs frequently showed premiums, with multiple products having premium rates exceeding 6%. The enthusiasm for investing in overseas ETFs remains high, particularly for new products like the recently launched Brazilian cross-border ETF. The premium situation is attributed to supply-demand imbalances in the secondary market and insufficient QDII quotas from fund companies [1] - The domestic ETF market has seen significant growth, with the number of newly established ETFs and their issuance scale both reaching historical highs. In 2025, the number of new ETFs exceeded 300, totaling 320, and the issuance scale reached 249.68 billion yuan, surpassing previous years [2] - The stock-type ETFs dominated the new issuance with 282 funds and a scale of 154.68 billion yuan, while bond-type ETFs also made a notable impact with 32 new funds and a scale of 91.48 billion yuan, accounting for 36.75% of the total issuance [2] Market Performance Overview - On November 17, the three major indices collectively declined, with the Shanghai Composite Index closing at 3972.03 points, the Shenzhen Component Index at 13202.0 points, and the ChiNext Index at 3105.2 points. The highest intraday points were 3992.4, 13251.78, and 3120.73 respectively [3] - In terms of sector performance, the computer, defense, and coal sectors ranked highest with daily gains of 1.67%, 1.59%, and 1.32% respectively, while the pharmaceutical, banking, and non-bank financial sectors lagged with declines of -1.73%, -1.31%, and -1.11% [7] - The bond-type ETFs showed the best average performance with a daily change of 0.03%, while commodity-type ETFs had the worst performance with an average decline of -2.10% [8] ETF Specific Performance - The top-performing ETFs included rare metal ETFs, with daily gains of 3.68%, 3.66%, and 3.22% for different funds. Software ETFs also performed well, with gains of 2.56% and 2.42% for specific funds [10][11] - The trading volume for stock-type ETFs was led by the CSI A500 ETF with a transaction amount of 4.809 billion yuan, followed by the A500 ETF fund at 4.750 billion yuan and the A500 ETF Huatai at 4.465 billion yuan [13][14]

先锋期货期权日报 2025-11-17 风险揭示 本报告中的信息或所表述的意见并不构成对任何人的投资建议。本报告所载 的资料、工具、意见及推测只提供给客户作参考之用。过去的表现并不代表未来 的表现，未来的回报也无法保证，投资者可能会损失本金。 在任何情况下，我们不对任何人因使用本报告中的任何内容所引致的任何损 失负任何责任，投资者需自行承担风险。此报告中所指的投资及服务可能不适合 阁下，我们建议阁下如有任何疑问应咨询独立投资顾问。 | 标 的 | 平值期权隐 | 排 名 | 标的30天历 | 排 名 | 标的当日 | 排 名 | | --- | --- | --- | --- | --- | --- | --- | | | 含波动率 | | 史波动率 | | 真实波幅 | | | fg512 | 3.4% | 1 | 1.7% | 9 | 3.4% | 2 | | lc2601 | 2.5% | 2 | 2.2% | 1 | 5.7% | 1 | | ps2601 | 2.5% | 3 | 2.0% | 6 | 2.8% | 8 | | sc2512 | 2.4% | 4 | 1.3% | 21 | 1.4% ...

专题：2025第9届"银华基金杯"新浪·理财师大赛 11月17日18:00，新浪财经大赛专题、银华基金通服务号将同步开通"最具人气理财师/理财团队"、"同业 人气理财师/理财团队"网络投票通道，每个IP每日在大赛专题和"银华基金通"服务号通道上分别可为每 个选手投一票和两票。 "最具人气理财师/理财团队"在新浪财经【大赛专题】进行投票，每个 IP 每日在大赛专题上可为每个选 手投一票，投票中前十名理财师和前五支理财团队将分别获得"最具人气理财师"、"最具人气理财团 队"荣誉称号； "同业人气理财师/理财团队"在【银华基金通】通道进行投票，银华基金通"认证用户"每日可为每个选 手投两票，"注册用户"每日可为每个选手投一票；前十名理财师和前五支理财团队将分别获得"同业人 气理财师"、"同业人气理财团队"荣誉称号。 2025（第九届）"银华基金杯"新浪理财师大赛即将进入决赛，为了给选手提供更多展示自我的舞台，大 赛为170位全国菁英理财师和45支全国优秀理财团队开启网络人气投票活动，以投资者的眼光选出"最具 人气/同业人气理财师（理财团队）"。【进入大赛专题投票】 投票时间： 11月17日18:00 — 11月30 ...

证券研究报告—ETF 基金周报 撰写日期：2025 年 11 月 17 日 ETF 周报（20251110-20251114） 摘要 二级市场概况：统计 A 股、海外主要宽基指数、黄金指数和南华商 品指数的走势，样本期内 SGE 黄金 9999、恒生指数和中证 2000 本周收益排 名靠前，分别为 3.39%、1.26%和 0.89%。计算所有申万一级行业在样本期内 的收益情况，其中综合、纺织服饰和商贸零售的收益排名靠前，分别为 6.99%、4.41%和 4.06%，通信、电子和计算机的收益排名较为靠后，分别为 -4.77%、-4.77%和-3.03%。 ETF 资金流情况：从不同类别 ETF 角度来看，行业主题 ETF 的资金净 流入最多，为 145.88 亿元；宽基 ETF 的资金净流入最少，为-24.17 亿元。 从 ETF 跟踪指数及其成分股上市板块角度来看，港股 ETF 的资金净流入最 多，为 87.94 亿元；沪深 300ETF 的资金净流入最少，为-17.44 亿元。从行 业板块角度来看，科技板块 ETF 的资金净流入最多，为 80.16 亿元；周期 板块 ETF 的资金净流入最少，为-1.44 ...

基金经理涉赌刚辞，一则近3亿元的执行案，再次将西部利得基金推上市场关注焦点。 据中国执行信息公开网，西部利得基金近日被上海金融法院列为被执行人，执行标的为2.91亿元，立案 时间是11月6日。由于目前官方尚未公布具体案由，这一事件引发市场多方猜测。 针对此事，西部利得基金对第一财经表示，本次事件系专户产品运作过程中的商事纠纷引发，公司作为 管理人代表资产管理计划管理和处分计划财产，但计划财产产生债务应由计划财产本身承担。"公司后 续协助法院完成对资管计划财产的处分即可。"西部利得基金称。 | 中国执行信息公开网 | 司法为民 司法使民一 | | | | --- | --- | --- | --- | | 命 首页 ■ 执行公开服务 | | | | | 被执行人 | 西部利得基金管理有限公司 | 被执行人姓名/名称: | | | 身份证号码/组织机构代码: | 71788460-8 | 执行法院: | 上海全融法院 | | 立案时间: | 2025年11月06日 | 案号: | (2025) 沪74共1641号 | | 执行标的; | 291151860 | | | 围绕"若资产管理计划财产不足以覆盖债务，管理 ...