Group 1: Fund Issuance and Market Trends - The issuance of public funds has reached a three-year high, with 1,378 funds launched this year, surpassing last year's total of 1,143 [1] - The average subscription period for new funds has significantly decreased to 16.31 days from 22.63 days last year, indicating a recovery in the fund issuance market [1] - Index funds have gained prominence, with 813 new index funds accounting for 59% of the total new funds issued this year [1] Group 2: Gold Jewelry Price Trends - Domestic gold jewelry prices have experienced a three-day decline, with specific brands reporting significant price drops, such as Lao Miao and Lao Feng Xiang [1] Group 3: Lithium Carbonate Market Outlook - Analysts predict a strong supply-demand balance for lithium carbonate by 2026, with global supply expected to reach 207.8 million tons and demand at 197.7 million tons, indicating a notable improvement in the surplus situation compared to this year [3] - The chairman of Ganfeng Lithium forecasts that lithium carbonate prices could exceed 150,000 to 200,000 yuan per ton by 2026 if demand growth accelerates beyond 30% [4] Group 4: Pharmaceutical Industry Developments - Merck has announced a significant acquisition of Cidara Therapeutics for approximately $9.2 billion, focusing on a long-acting antiviral drug for flu prevention, which shows a 76% efficacy in trials [5] - The acquisition is expected to create a substantial market opportunity, potentially exceeding $10 billion if the drug is approved [5] Group 5: Automotive Industry Insights - In October 2025, automotive consumption fell by 7% year-on-year, totaling 425.5 billion yuan, while production and investment in the automotive sector continued to grow [3] Group 6: Storage Market Performance - The global storage market reached a record high of $58.459 billion in Q3 2025, with DRAM and NAND markets showing significant growth [3] - Samsung regained its position as the leading DRAM supplier with a market share of 34.8%, slightly ahead of SK Hynix [3] Group 7: Travel Industry Challenges - Travel agencies are facing a high rate of cancellations for group tours to Japan, with some agencies reporting over 60% of bookings being canceled [6] Group 8: Corporate Actions and Financial Updates - Several companies, including Tianwei Foods and Proya, have submitted applications for H-share listings, indicating ongoing interest in capital market activities [10][12] - Yongtai Technology announced the commencement of trial production for its lithium battery additive project, reflecting advancements in the lithium battery supply chain [15]

Core Insights - The Galaxy Zhaoyi 6-Month Holding Mixed Fund is set to undergo liquidation due to its net asset value falling below 50 million yuan for 50 consecutive working days, as per the fund's contract [4] Fund Overview - The fund was established on January 24, 2024, with an initial subscription amount of 210 million yuan, but by the end of Q2 2025, its net asset value had decreased to 104 million yuan [1] - The fund's last operational day is September 29, 2025, with the liquidation period starting from September 30, 2025, to October 16, 2025 [1] Performance Metrics - As of the end of Q2 2025, the A-class share unit net value increased by 3.85% since inception, underperforming the benchmark by 6.64 percentage points [2] - In the past three months, the unit net value declined by 0.01%, also underperforming the benchmark by 1.67 percentage points [2] Asset Allocation - By the end of Q2 2025, the fund significantly reduced its equity holdings to 1.21%, while bond holdings accounted for 84.55%, including 13.20% in convertible bonds [2] - The fund's strategy focuses on holding high-rated short to medium-term credit bonds and engaging in flexible trading of long-term interest rate bonds [2] Shareholder Composition - The fund reported that a single institution held 99.83% of its shares as of the end of Q2 2025, indicating a lack of diversification among shareholders [1][2]

2025 年 11 月 17 日 股债混合固定久期产品发行 ——海外创新产品周报 20251117 相关研究 证券分析师 沈思逸 A0230521070001 shensy@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 沈思逸 A0230521070001 shensy@swsresearch.com 权 益 量 化 研 究 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 ETP 研 究 - ⚫ 美国 ETF 创新产品：股债混合固定久期产品发行。上周美国共 16 只新发产品，单股票产 品、数字货币产品数量较多。Discipline Funds 上周发行 Defined Duration 系列 ETF， 通过股债混合产品形式来锚定目标久期，除了新发的 5 年、20 年久期产品，另有 10 年 久期产品在此前通过其他 ETF 更名，该系列产品主要通过 CAPE 等估值指标来评估股票 的久期，并与匹配的债券组合结合以获得给定时间区间内更稳健的收益，产品主要通过投 资其他 E ...

11月17日港股市场，北水成交净买入84.48亿港元，其中港股通(沪)成交净买入43.35亿港元，港股通(深)成交净买入41.13亿 港元。 北水净买入最多的个股是盈富基金(02800)、阿里巴巴-W(09988)、小米集团-W(01810)。北水净卖出最多的个股是赣锋锂业 (01772)、中芯国际(00981)、小鹏汽车-W(09868)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 阿里巴巴-W HK 09988 | 36.76 乙 | 28.08亿 | 64.84 乙 | | | | | +8.68亿 | | 盈富县金 | 32.68 亿 | 8780.22万 | 33.56亿 | | HK 02800 | | | +31.80 亿 | | 中芯国际 | 10.25 亿 | 10.55亿 | 20.80亿 | | HK 00981 | | | -2915.29万 | | 腾讯控股 | 7.77 亿 | 9.57亿 | 17.35 Z | | HK 00700 | | | -1.80 亿 | | 小米集团-W ...

截至收盘，创业板中盘200指数上涨0.7%，创业板成长指数上涨0.3%，创业板指数下跌0.2%，资金加仓意愿强烈，创业板ETF（159915）全天净申购近1.5亿 份。 每日经济新闻 ...

今日市场弱势震荡，深成指、创业板指尾盘跌幅有所收窄，盘面上，全市场100只个股涨停，热点快速轮动，能源金属、军工、AI应用等板块涨幅居前，贵 金属、医药等板块跌幅居前；港股整体震荡调整，科技股延续回调，高股息板块尾盘拉升。 截至收盘，中证A500指数下跌0.4%，沪深300指数下跌0.7%，创业板指数下跌0.2%，上证科创板50成份指数下跌0.5%，恒生中国企业指数下跌0.7%。 | 沪深300指数由沪深市场中规 | 今日 | 该指数 | 该指数自2005年 | | --- | --- | --- | --- | | 模大、流动性好的300只股票 | 沪深300指数涨跌 | 滚动市盈率 | 发布以来估值分位 | | 组成,完整覆盖11个中证一级 行业 | -0. 7% | 14.2倍 | 65. 7% | | 中证A500指数由各行业市值较 | 今日 | 该指数 | 该指数自2004年 | | 大、流动性较好的500只证券 | 中证A500指数涨跌 | 滚动市智率 | 以来估值分位 | | 组成,覆盖93个三级行业中的 | | | | | 91个 | -0. 4% | 16.8倍 | 72. 2% | | 创 ...

截至收盘，创业板中盘200指数上涨0.7%，中证2000指数上涨0.6%，科创100指数上涨0.4%，中证1000指数上涨0.3%，中证500指数接近平收。 据工信部近日披露，截至目前，我国已累计培育科技和创新型中小企业超60万家，专精特新中小企业超14万家，国家级专精特新"小巨人"企业超1.76万家， 其中"小巨人"企业以占全国规模以上工业中小企业3.5%的数量，贡献了9.6%的营业收入和13.7%的利润，反映专精特新发展步伐坚实。 | 中证500ETF易方达 | | | 510580 | | --- | --- | --- | --- | | 跟踪中证500指数 | | | | | 该指数由全部A股中剔除沪深300指 | 今日该指数涨跌 | 该指数滚动市盈率 | 该指数自2007年 | | 数成份股及总市值排名前300名的 | | | 发布以来估值分位 | | 股票后,总市值排名靠前的500只 | | | | | 股票组成,完整覆盖11个中证一级 行业 | 0. 0% | 33.0倍 | 61. 6% | | 中证1000ETF易方达 | | | 159633 | | 跟踪中证1000指数 | | | | ...

证券研究报告 2025 年 11 月 17 日 湘财证券研究所 金融工程研究 跟踪周报 超预期股票精选策略跟踪周报 超预期股票精选策略根据净利润同比超预期、分析师超预期这两个指标构 建超预期股票池；我们选择 Wind 全 A 作为底层股票池，将分析师超预期 TOP50 组合、净利润同比超预期 TOP50-100 组合合并，作为最终的超预期 股票池；为了增强策略收益，我们从量价行情角度挖掘增强因子，最终在 超预期股票池内根据增强因子的排序，选出头部股票构建组合。 相关研究： 1. 《湘财证券-金融工程-超预期股 票精选策略》 2024.08.19 2. 《湘财证券-金融工程-超预期股 票 精 选 策 略 改 进 》 2024.11.19 分析师：别璐莎 证书编号：S0500524010001 Tel：(021) 50293663 Email：bls06644 @xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： ❑ 主动型量化基金市场表现 上周（2025.11.10-2025.11.14），根据 Wind，主动型量化基金中位数收益为 0.17%，沪深 300 指数收益为-1. ...

基金代码 基金简称 今日涨跌幅 今日成交额 较上一交易日增加 环比增幅 | 159628 | 万家国证2000ETF | 0.23% | 1.52亿元 | 1.08亿元 | 242.76% | | --- | --- | --- | --- | --- | --- | | 159521 | 平安国证2000ETF | 0.08% | 126.31万元 | 49.35万元 | 64.12% | | 159505 | 博时国证2000ETF | 0.21% | 160.17万元 | -27.13万元 | -14.48% | | 159543 | 国证2000ETF基金 | -0.53% | 6.66万元 | -269.23万元 | -97.58% | | 159907 | 广发国证2000ETF | 0.30% | 1035.91万元 | -1088.34万元 | -51.23% | 注：本文系新闻报道，不构成投资建议 具体来看，万家国证2000ETF（159628）今日成交额1.52亿元，较上一交易日增加1.08亿元，环比增幅 为242.76%；平安国证2000ETF（159521）今日成交额126.31万元， ...

如今超火的"红利策略"正是抓住了这一点！那么当前港股央企红利ETF（513910）跟踪指数的股息率到 哪里了呢？我们一起来看看！截至25年11月17日，指数近12个月股息率是5.59%，高于同日10年期国债 收益率有3.77%！ 存款有利息，股票有股息。 有个叫奥希金斯的哥们每年年底从道琼斯工业指数30只成分股里选10只股息率最高的，第二年闭眼买， 年底再照此方法选10只，买入新上榜的，卖出不在榜的，循环操作。据说他在1975至1999年运用该策略 投资的平均复利回报达18%，远高于市场3%的平均水平。 为啥这么神呢？指数基金之父约翰·博格研究发现，决定股市长期回报的主要就靠三样：初始投资时的 股息率、投资期内的盈利增长率和市盈率变化率。但后两个就像开盲盒，全看天意。唯独这个股息率是 确定的正向助力。股息率越高，确定的正向收益也就越高。 想躺赚"股息"？记住八个字：简单投资，加 | | 涨跌幅 | 开始时间 | 结束时间 | | --- | --- | --- | --- | | 近半年涨跌幅 | 25.27 | 2025/5/19 | 2025/11/17 | | 近1年涨跌幅 | 39.85 | 2024 ...