10月23日，二十届四中全会闭幕，审议通过"十五五"规划建议。一方面，《建议》稿突出科技创新的引 领作用，在建设现代化产业体系、加快高水平科技自立自强、加快经济社会发展全面绿色转型等方面做 出部署，提出优化提升传统产业，培育壮大新兴产业和未来产业，巩固壮大实体经济根基。另一方面， 《建议》稿强调做强国内大循环，对建设强大国内市场、加快构建高水平社会主义市场经济体制做出部 署，强调坚持扩大内需这个战略基点，坚持惠民生和促消费、投资于物和投资于人紧密结合，大力提振 消费，扩大有效投资，并首次提出居民消费率明显提高的目标。泉果基金指出，以科技创新为引领将持 续成为十五五产业发展的主题，同时，更多推动内需增长的政策和措施可期。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 泉果基金在展望中表示，短期市场的波动率有所提升，而中国权益市场长期稳健向好的态势进一步加 强。无论是"十五五"规划建议的发布，还是中美经贸共识的达成，都给予市场新一轮相对缓和的外部环 境，经济发展的方向和抓手也日益明确。泉果基金相信，随着"十五五"规划指导下相关的政策逐步落 地，以自主创新、前瞻布局为主的产业建设，以居民消 ...

Core Insights - The article highlights the investment opportunities presented by the North Exchange 50 Index, which focuses on "specialized, refined, unique, and innovative" enterprises in the context of China's capital market reforms and policy support [1][5][6]. Group 1: Market Overview - The North Exchange has become a key platform for innovative small and medium-sized enterprises, with over 280 listed companies, more than 80% in strategic emerging industries, and over half classified as national-level "specialized, refined, unique, and innovative" enterprises [1]. - As of November 10, 2025, the North Exchange has attracted nearly 9.5 million qualified investors, creating a diverse ecosystem with public offerings and institutional funds [1][4]. Group 2: North Exchange 50 Index Performance - The North Exchange 50 Index has outperformed other technology innovation indices, with a nearly 50% increase in 2025, leading major A-share indices and attracting significant investor interest [3][5]. - The index's liquidity has significantly improved, with trading volume on July 31, 2025, being 44 times that of its inception in 2022 [3][7]. Group 3: Policy Support and Market Dynamics - Continuous policy support has been a core driving force behind the North Exchange 50 Index's strength, including reforms to enhance resource integration efficiency and improve information disclosure quality [5][6]. - The introduction of the North Exchange 50 ETF is expected to inject over 20 billion yuan into the market, boosting investor confidence [5]. Group 4: Sector Focus and Growth Potential - The North Exchange 50 Index primarily invests in sectors such as power equipment, machinery, computers, and electronics, which are aligned with national strategic emerging industries [6]. - The index focuses on "bottleneck" areas in hard technology, such as AI and renewable energy, which are expected to experience growth due to favorable policies and market demand [6]. Group 5: Investment Strategies - The newly launched Zhongjia North Exchange 50 Enhanced Index Fund employs a dual strategy of passive tracking and active enhancement to achieve both index returns and additional gains [9][10]. - The fund utilizes a quantitative multi-factor selection model, combining human expertise and AI to optimize stock selection and manage risk effectively [10].

进入2025年11月，A股市场三季报披露已基本结束，即将迎来数月的业绩真空期。叠加年末重要会议可 能带来的政策预期，投资者情绪趋于谨慎。在此阶段，红利类资产凭借其较低波动性和较高盈利确定 性，有望成为资金进行风险防御的重要工具。从近期资金动向看，部分投资者为降低市场不确定性带来 的影响，已开始提前布局股息率较高、基本面较稳健的红利类资产。（数据来源：Wind，截至 25/11/12） 在增量资金持续涌入的推动下，红利低波ETF（512890）基金规模在连续4个交易日（25/11/7- 25/11/12）抬升后达264.02亿元，创成立以来（18/12/19）新高，反映出市场对红利类资产的配置热情持 续升温。（数据来源：交易所，截至25/11/12） 此外，低利率环境也成为了推动红利类资产长期配置价值瞩目的主要动因。一方面，能够维持较高股息 率的企业往往具备相对稳健的盈利能力和健康的财务状况；另一方面，其高股息率或可为投资者提供可 预期的收益来源，形成资本利得之外的收益可能。截至2025年11月12日，10年期国债收益率已下行至 1.81%，与红利低波ETF（512890）标的指数红利低波指数的股息率仍然存在2 ...

Core Viewpoint - The A-share market shows a trend of low opening and high closing, while the Hong Kong stock market experiences slight adjustments, indicating a potential shift in market funds from defensive to offensive strategies [1] Group 1: Market Performance - The Hang Seng Dividend Low Volatility ETF (159545) has ended its eight-day winning streak, slightly declining by 0.76% as of 11:01 AM, suggesting a potential opportunity for positioning [1] - As of November 12, the product scale of the Hang Seng Dividend Low Volatility ETF has surpassed 5 billion yuan, reaching 5.233 billion yuan [1] Group 2: Investment Trends - Approaching year-end, the dividend style is expected to outperform overall due to the mean reversion in the divergence of growth and value returns, benefiting dividend-oriented styles [1] - Institutional investors typically seek stable returns towards the end of the year, which may lead to a shift towards more conservative dividend styles [1] - By 2026, many insurance funds are expected to face a demand for reduced volatility due to new accounting standards, potentially driving funds towards high-dividend Hong Kong stocks [1] Group 3: Company Information - E Fund is currently the only fund company that implements low fee rates for all dividend ETFs, with management fees for products like the Hang Seng Dividend Low Volatility ETF (159545) set at 0.15% per year, facilitating low-cost investment in high-dividend assets [2]

Core Viewpoint - Tianshan Electronics experienced a stock price increase of 5.65%, reaching 29.00 CNY per share, with a trading volume of 135 million CNY and a turnover rate of 3.78%, resulting in a total market capitalization of 5.749 billion CNY [1] Company Overview - Tianshan Electronics, established on August 26, 2005, and listed on November 1, 2022, is located in the Qianhai Kexing Science Park, Bao'an District, Shenzhen, Guangdong Province [1] - The company specializes in the research, design, production, and sales of customized liquid crystal displays and display modules in the professional display sector [1] Revenue Composition - The revenue composition of Tianshan Electronics is as follows: - Color LCD display modules - non-entrusted processing: 58.97% - Monochrome LCD display modules: 22.39% - Monochrome LCD displays: 10.62% - Color LCD display modules - entrusted processing: 4.96% - Touch screens: 1.73% - Material sales and other businesses: 1.33% [1] Shareholder Information - Among the top ten circulating shareholders of Tianshan Electronics, a fund under the Fortune Fund ranks first, specifically the Fortune Innovation Technology Mixed A (002692), which entered the top ten in Q3 with 1.5001 million shares, accounting for 1.18% of circulating shares [2] - The fund has achieved a year-to-date return of 102.54%, ranking 39 out of 8145 in its category, and a one-year return of 83.19%, ranking 81 out of 8059 [2] - The fund manager, Luo Qing, has been in position for 3 years and 259 days, with a total asset scale of 5.29 billion CNY during his tenure [2]

近期成立的股票ETF基金建仓期仓位 | 基金代 | 基金简称 | 基金成立 | 募集规模 | 上市公告数据 | 上市公告书披露股 | 上市日期 | | --- | --- | --- | --- | --- | --- | --- | | 码 | | 日 | （亿份） | 截止日期 | 票仓位（%） | | | 515370 | 华夏中证光伏产业 | 2025.11.06 | 3.00 | 2025.11.11 | 33.19 | 2025.11.18 | | | ETF | | | | | | | 159129 | 嘉实中证细分化工产 | 2025.11.06 | 9.26 | 2025.11.07 | 19.99 | 2025.11.14 | | | 业主题ETF | | | | | | | 563530 | 易方达中证卫星产业 | 2025.11.05 | 4.86 | 2025.11.07 | 10.02 | 2025.11.14 | | | ETF | | | | | | | 159120 | 国联安港股通科技 | 2025.11.05 | 2.36 | 2025.11.06 | 0.06 | 20 ...

2025年以来，聚焦北交所核心资产的北证50指数年内涨幅近五成，领跑A股主要指数，吸引众多投资者关注。 如何抓住"创新摇篮"带来的投资机遇，参与北证50指数投资是重要方向。作为北交所的标杆指数，这一由50只市场代表性龙头证券构成的核心标的池，对 创新型中小企业达到"精准覆盖"，更网罗了一批细分赛道的"隐形冠军"。根据数据统计，2025年上半年，北证50成份股40%为专精特新企业，88%为高新 技术企业 。 从业绩指标来看，北证50指数不仅收益率领先其他科创类指数，夏普比率、Calmar比率等风险调整后的收益指标也都处于领先的地位。2025年7月31日成 交额为2022年指数成立初期的44倍，流动性也有了新的突破。 在政策红利密集释放，创新活力加速涌动的前提下，北交所正以服务创新型中小企业主阵地之姿强势出圈！ 作为资本市场赋能新质生产力发展的重要载体，这里汇聚了280家上市公司，战略性新兴产业、先进制造业企业超过八成，国家级专精特新"小巨人"企业 过半。目前，全市场已有近950万户合格投资者与公募、QFII等机构资金形成多元生态合力。在深化改革托底、创新产业（300832）汇聚与资金活水持续 注入的共振下，北交 ...

Core Viewpoint - 瑞丰新材's stock price has increased by 5.1% on November 13, reaching 62.25 CNY per share, with a total market capitalization of 18.422 billion CNY, indicating a positive market sentiment towards the company [1] Group 1: Company Overview - 瑞丰新材, established on November 11, 1996, is located in Xinxiang County, Henan Province, and was listed on November 27, 2020 [1] - The company specializes in the research, production, and sales of fine chemical products, primarily oil additives (98.12% of revenue) and other products (1.88% of revenue) [1] Group 2: Stock Performance - The stock has seen a cumulative increase of 3.37% over the past three days [1] - The trading volume on November 13 was 1.28 million CNY, with a turnover rate of 1.00% [1] Group 3: Shareholder Insights - 富国天惠成长混合(LOF)A/B (161005) is among the top ten circulating shareholders of 瑞丰新材, having reduced its holdings by 3.8 million shares in the third quarter, now holding 10 million shares, which is 4.82% of the circulating shares [2] - The fund has realized a floating profit of approximately 30.2 million CNY today and 19.3 million CNY during the three-day increase [2][3] Group 4: Fund Performance - 富国天惠成长混合(LOF)A/B (161005) has a total scale of 22.661 billion CNY and has achieved a year-to-date return of 16.98% [2] - The fund manager, 朱少醒, has a tenure of over 20 years, with the best fund return during this period being 1659.44% [2]

11月13日，现货黄金冲高回落，现报4185美元/盎司，盘中最高一度突破至4209美元/盎司，为10月21日 以来首次。自11月6日起，现货黄金一路冲高，在迅速冲破3970美元、4000美元、4010美元等关口后， 于11月12日凌晨向上触及4200美元/盎司，年内累计涨幅近60%。 相关分析指出， 美国政府停摆即将结束，疲软的就业市场及政府长期停摆带来的经济增长担忧，使得 市场加大了12月美联储降息的押注，叠加近日区域政治风险加剧，助推黄金价格走高。 最新消息，美联储博斯蒂克将退休。美国证券经纪人Peter Schiff表示，这样特朗普就可以提名另一位忠 诚的人来他的班。市场预期美联储将由更多鸽派人士主导，推动美元走弱、黄金应声大涨逾40美元。 场内ETF方面，截至2025年11月13日 10:07，上海金ETF(518600)上涨1.39%。截至11月12日，上海金 ETF近1年净值上涨52.77%。从收益能力看，截至2025年11月12日，上海金ETF自成立以来，最高单月 回报为11.46%，最长连涨月数为6个月，最长连涨涨幅为8.23%。 资金流入方面，上海金ETF最新资金净流入1129.97万元。拉 ...

Market Overview - The Shanghai Composite Index fell by 0.07% to close at 4000.14 points, with a daily high of 4020.38 points [1] - The Shenzhen Component Index decreased by 0.36% to 13240.62 points, reaching a high of 13312.53 points [1] - The ChiNext Index dropped by 0.39% to 3122.03 points, with a peak of 3137.58 points [1] ETF Market Performance - The median return of stock ETFs was -0.21% [2] - The highest performing ETFs included: - Huatai-PB SSE Sci-Tech Innovation Board Innovative Drug ETF with a return of 1.99% [4] - Fuguo CSI Hong Kong-Shenzhen Innovative Drug Industry ETF at 1.89% [4] - Guotai CSI Hong Kong-Shenzhen Innovative Drug Industry ETF at 1.85% [4] - The worst performing ETFs included: - Penghua SSE Sci-Tech Innovation Board New Energy ETF with a return of -4.68% [5] - Hua'an CSI Photovoltaic Industry ETF at -4.42% [5] - Fuguo SSE Sci-Tech Innovation Board New Energy ETF at -4.32% [5] ETF Fund Flow - The top three ETFs by fund inflow were: - Huaxia SSE Sci-Tech Innovation Board 50 Component ETF with an inflow of 1.286 billion yuan [6] - Huabao CSI All-Index Securities Company ETF with 582 million yuan [6] - Guotai CSI All-Index Securities Company ETF with 577 million yuan [6] - The top three ETFs by fund outflow were: - Guotai CSI Coal ETF with an outflow of 337 million yuan [7] - Hua'an ChiNext 50 ETF at 294 million yuan [7] - E Fund CSI A500 ETF at 287 million yuan [7] ETF Margin Trading Overview - The highest margin buy amounts were: - Huaxia SSE Sci-Tech Innovation Board 50 Component ETF with 639 million yuan [8] - E Fund ChiNext ETF at 522 million yuan [8] - Guotai CSI All-Index Securities Company ETF with 421 million yuan [8] - The highest margin sell amounts were: - Huatai-PB SSE 300 ETF with 49.49 million yuan [9] - Huaxia SSE 50 ETF at 24.32 million yuan [9] - Fuguo CSI A500 ETF at 14.19 million yuan [9] Industry Insights - Everbright Securities noted that the performance growth trend in the innovative drug industry is expected to continue, driven by strong sales and business development transactions [10] - Guoxin Securities highlighted that the innovative drug sector has shown high revenue growth and profitability recovery, indicating a long-term positive development trend [10]