从板块来看，东京证券交易所33个行业板块多数上涨，房地产业、陆地运输业、建筑业等板块涨幅 靠前，有色金属、机械、电气产品等板块下跌。 【纠错】 【责任编辑:焦鹏】 新华社东京11月21日电（记者刘春燕）日本东京股市两大股指21日下跌。日经225种股票平均价格 指数收盘大跌2.40%，东京证券交易所股票价格指数微跌0.06%。 受隔夜纽约股市三大股指全面下跌、纳斯达克股指重挫超2%拖累，东京股市两大股指21日跳空低 开。日经股指低开570多点，其后继续大跌，全天低位徘徊，午盘时段一度下跌1300多点。当天，东京 电子收盘下跌7%，软银集团下跌10.9%，爱德万测试跌幅超过12%。 至收盘时，日经股指下跌1198.06点，收于48625.88点；东证股指下跌1.84点，收于3297.73点。 ...

科创50指数，指数持仓电子行业69.3%，计算机行业5.17%，合计74.47%，与当前人工智能、机器人等 前沿产业的发展方向高度契合。同时涉及半导体、医疗器械、软件开发、光伏设备等多个细分领域，硬 科技含量高，看好中国硬科技长期发展前景的投资者建议持续关注。 （文章来源：每日经济新闻） 资金方面，近10个交易日内，科创50ETF有8个交易日获资金净流入，合计流入35.88亿元，资金逢低布 局意愿相对较高。 从均线位置来看，科创50指数已调整至周线MA20附近，短期考验其支撑力度。 截至2025年11月21日14:48 ，A股三大指数破位下跌，上证指数跌2.36%，深证成指跌3.29%，创业板指 跌3.86%。科创50ETF（588000）下跌3.01%，最新报价1.354元，创近10日价格新低，盘中成交额达 55.37亿元，换手率7.91%。成分股方面涨跌互现，传音控股领涨6.8%，联影医疗上涨2.56%，中控技术 上涨1.65%，九号公司-WD上涨1.39%，柏楚电子上涨0.92%；中微公司领跌5.42%，海光信息下跌 3.93%，中芯国际下跌3.13%，澜起科技下跌3%，金山办公下跌0.43%。 ...

11月21日，A股三大指数集体下挫，个股呈现普跌态势。截至收盘，沪指跌2.45%，深成指跌3.41%，创业板指跌4.02%。 | 代码 | 名称 | 两日图 | | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | 1 Wm | 3834.89 | | -96.16 | -2.45% | | 399001 | 深证成指 | 200 | 12538.07 | | -442.75 | -3.41% | | 399006 | 创业板指 | mon | 2920.08 | | -122.26 | -4.02% | 盘面上，锂电池产业链领跌，锂矿方向掀跌停潮；算力硬件题材大幅走低，存储器方向跌幅靠前；半导体、消费电子、光伏、金融科技 概念股跌幅明显。 | | | 【资金流向】 主力资金全天净流入传媒、农林牧渔、船舶制造等板块，净流出有色金属、电力设备、电子等板块。 具体到个股来看，凯美特气、易点天下、视觉中国获净流入7.67亿元、6.41亿元、5.46亿元。 净流出方面，工业富联、胜宏科技、新易盛遭抛售20.64亿 ...

Investment Rating - The report suggests a focus on the AI Infrastructure industry chain, indicating a positive outlook for investment opportunities in this sector [2][26]. Core Insights - Nvidia's FY26Q3 revenue reached $57 billion, a 62% year-over-year increase, exceeding market expectations. The data center business contributed $51.2 billion, growing 66% year-over-year, driven by Blackwell shipments [26]. - The report highlights that Nvidia's guidance for the next quarter is $65 billion, also above market expectations, with a Non-GAAP gross margin of 75% [26]. - The anticipated GPU shipments for the Blackwell and Rubin platforms are expected to reach 20 million units by the end of 2026, with projected sales of $500 billion [26]. Market Review and Valuation - The Shenwan Electronics sector experienced a cumulative decline of 7.33% over the past two weeks (11/07-11/20), underperforming the CSI 300 index by 4.60 percentage points, ranking 31st among Shenwan industries [10]. - As of November 20, the PE TTM for the Shenwan Electronics sector (excluding negative values) is 56.82 times, positioned at the 94.90% percentile over the past five years and 89.80% over the past ten years [10][15]. Industry News - Tencent's Liu Chiping mentioned plans for WeChat to eventually launch an AI assistant to help users complete various tasks within the app [19]. - Google has officially released the Gemini 3 model, which significantly outperforms competitors' models [19]. - Nvidia and Microsoft announced a strategic partnership with Anthropic, with Nvidia committing up to $10 billion and Microsoft up to $5 billion [19]. Company Announcements - On November 17, Shengyi Electronics announced a fundraising of up to 2.6 billion yuan for projects related to AI computing and smart manufacturing [18]. - The report also notes significant revenue growth for companies like Huadian and Lixun Precision, driven by emerging computing demands [27][30].

Group 1 - The electronic industry has performed well this year, with a cumulative increase of 40.90% as of November 14, 2025, ranking fifth among the Shenwan primary industries, primarily driven by the AI innovation cycle [15][20][6] - In the first three quarters of 2025, the electronic industry achieved operating revenue of 2.44 trillion yuan, a year-on-year increase of 20.86%, with net profit attributable to the parent company reaching 1,003.33 billion yuan, up 33.41% year-on-year [20][31][6] - The rapid growth in performance is attributed to strong demand from AI data centers, recovery in traditional consumer electronics, and emerging fields such as AI glasses and AR/VR [20][31][6] Group 2 - The AI Infra market is expected to maintain high growth, with global AI infrastructure spending projected to reach $3-4 trillion by 2030, with a CAGR of 38%-46% from 2025 to 2030 [33][70][71] - Major model vendors are increasing their computing power reserves, with OpenAI and NVIDIA planning to deploy significant AI data centers, indicating strong revenue guidance for the coming years [40][51][47] - The demand for AI servers is projected to grow significantly, with global shipments expected to reach 1.249 million units in 2025, a year-on-year increase of 25.28% [71][76][82] Group 3 - PCB and CCL segments are expected to see both volume and price increases, driven by new technologies such as CoWoP and orthogonal backplanes, which will enhance the value of the PCB industry [83][89][90] - The introduction of high-end PCB materials and advanced manufacturing techniques is anticipated to further elevate the market value and production efficiency [83][89][90] - The demand for high-end CCL is also expected to rise due to the increasing requirements from AI computing hardware [31][32][20]

Group 1 - The core viewpoint is that the CSI 500 index is currently valued within a relatively reasonable range, with potential upward space towards the historical +1σ line [1] - The electronic and non-ferrous metal sectors are gaining attention due to performance recovery and price increase logic, with the electronic sector's holding ratio reaching a historical high [1] - Despite the high holding ratio in the electronic sector, the degree of crowding is still lower than the average of the previous four bull markets, indicating potential for increased trading enthusiasm [1] Group 2 - The "14th Five-Year Plan" emphasizes technological self-reliance and new energy, suggesting that related industries such as power equipment (energy storage, overseas grid) and military industry (domestic and external demand resonance) may become long-term allocation directions [1] - The overall broad-based index still holds allocation value in the mid-term of the bull market [1] - The Guotai CSI 500 ETF (561350) tracks the CSI 500 index (000905), which is compiled by the China Securities Index Co., Ltd., selecting 500 liquid small and medium-sized companies from the Chinese A-share market to reflect the overall performance of small and medium-sized listed companies [1]

Core Insights - The Producer Price Index (PPI) for October has shown a month-on-month increase of 0.1%, marking the first positive change this year, while the year-on-year decline has narrowed to -2.1%, indicating a recovery in industrial product prices [1] - Specific sectors such as photovoltaic equipment and components manufacturing, battery manufacturing, and automotive manufacturing have experienced a reduction in price declines, suggesting an improvement in manufacturing sector sentiment [1] - The stabilization of industrial product prices implies a moderate alleviation of economic downward pressure, potentially enhancing overall market risk appetite [1] - Looking ahead, the technology growth sector is expected to remain a mid-term focus, supported by a decline in interest rates and policies promoting "technological innovation" and "new productive forces" [1] Industry and Company Summary - The ChiNext 50 ETF (159375) tracks the ChiNext 50 Index (399673), which has seen a daily fluctuation of 20%. This index selects the top 50 listed companies from the ChiNext market based on liquidity and growth potential, covering high-tech fields such as new energy, biomedicine, electronics, and photovoltaics [1] - The index emphasizes the core directions of "three innovations and four new" which include innovation, creation, creativity, and new technologies, industries, business formats, and models, reflecting the vitality and growth potential of China's emerging economy [1]

关注新材料50ETF（159761）投资机会，行业长期成长逻辑获市场关注。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 新材料50ETF（159761）跟踪的是新材料指数（H30597），该指数聚焦于新材料产业，从市场中选 取涉及先进基础材料、关键战略材料及前沿新材料等业务的上市公司证券作为指数样本，以反映新材料 相关上市公司证券的整体表现。行业配置上侧重化工、有色金属、电子等领域，体现国家战略新兴产业 的发展方向，具有较高的成长性和创新性。 【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 （责任编辑：董萍萍 ） 国海证券指出 ...

Group 1 - The core viewpoint of the news highlights a decline in various indices, with the Guozheng Value 100 Index down by 1.4%, the Guozheng Free Cash Flow Index down by 1.9%, and the Guozheng Growth 100 Index down by 4.2% [1] - The Guozheng Growth 100 Index focuses on stocks with a growth style in the A-share market, closely aligning with the pulse of economic transformation, particularly in high-growth sectors such as electronics, communications, and computers [1] - Investors are encouraged to utilize the Growth ETF (159259) to seize opportunities in growth style allocations amidst the current market conditions [1]

Group 1 - A total of 34 companies were investigated by institutions on November 20, with 21 companies being researched by funds, indicating significant interest in these firms [1] - Among the companies, Lens Technology received the most attention, with 32 funds participating in its research, followed by China Shipbuilding Industry Corporation and Vanadium Titanium Resources, which had 10 and 7 funds respectively [1] - The companies researched by funds span 13 industries, with the electronics sector having the highest representation at 4 companies, followed by basic chemicals and automotive sectors with 3 and 2 companies respectively [1] Group 2 - The total market capitalization of the companies investigated includes 4 firms with a market cap exceeding 50 billion yuan, and 2 firms exceeding 100 billion yuan, such as BOE Technology Group and Lens Technology [1] - In terms of market performance, 6 of the investigated stocks increased in value over the past 5 days, with the highest gains seen in Meino Biological (4.42%), Xinrui Technology (3.21%), and Xinyin Electronics (3.16%) [1] - Conversely, 15 stocks experienced declines, with Lens Technology, Zhonggang Luonai, and Yongtai Technology showing the largest drops at 8.88%, 6.89%, and 6.58% respectively [1] Group 3 - Among the funds' research stocks, 10 showed net inflows over the past 5 days, with Fengyuan Co. leading with a net inflow of 60.25 million yuan, followed by Zhonglv Electric and Jiahe Intelligent with inflows of 22.07 million yuan and 19.09 million yuan respectively [2] - The detailed list of companies researched by funds includes Lens Technology, China Shipbuilding Industry Corporation, and Vanadium Titanium Resources, among others, with their respective latest closing prices and 5-day price changes [2][3]