>>>>> ETF早知道 >>>>>> ETF早知道 ETFEFRis al t wabao WP Fund 全力 <<<<< >>>>> ETFOHER 2025 Nov ETF早知道 EF早知道 eces 市场温度计 >>>>> ETFOHER 中长期信号 · 投资看温度 -- 75% -- 75% 75% .- 25% -- 25% -- 25%5 ETFERR 0.18% <<<< 0.25% 0.0% T > T 上证指数 深证成指 创业板提 注:温度计水银条由对应指数的近十年市盘率分位数表示,总值为100%。数据来源:IFind,截至 2025.11.19,上证指数. 测证虚指、创业板排的近十年市盈率分位数分割为94.32%,79.01%。 36.87% ETFE 9 0 0 a 18 4 版协葫芦 ETFEERS <<<< 短期轮动走向 · 观九宫热力值 +2.39% +1.11% +1.67% 有色金属 石油石化 国防军工 第十四十九 +0.92% -1.71% +1.09% 美容护理 建筑材料 银行 -1.72% -2.09% -3.08% 传媒 房地产 综合 数据来源:iFind,截至20 ...

中国人民银行授权全国银行间同业拆借中心公布，2025年11月20日贷款市场报价利率（LPR）为：1年期LPR为 3.0%，5年期以上LPR为3.5%。以上LPR在下一次发布LPR之前有效。 来源｜央行网站 编辑 ｜瑜见 ...

Market Overview - The A-share market experienced fluctuations with sectors such as non-ferrous metals, oil and petrochemicals, national defense, beauty care, and banking showing strong gains, while sectors like comprehensive services, real estate, media, construction materials, and retail faced declines [1][1][1] - The market is currently in a consolidation phase around the 4000-point mark, with a long-term upward trend expected to continue [1][1][1] Sector Performance - Strong performance was noted in shipbuilding, precious metals, energy metals, and banking, while internet services, software development, cultural media, and electronic components lagged behind [1][1] - The market is in a critical phase for positioning for the upcoming year, with a likelihood of continued consolidation around the 4000-point level [1][1] Investor Sentiment - The stabilization of A-share indices is seen as a positive factor for short-term market confidence [1] - Despite geopolitical tensions leading to cautious funding behavior, the potential for increased market volatility remains [1] - Mid-term outlook remains optimistic due to sustained global tech investment enthusiasm, ongoing "anti-involution" policies, and increased retail investment [1][1]

11月19日，丹东市宽甸满族自治县灌水镇农业银行网点内，村民孙洪霞在崭新的社银合作便民服务 专区前询问灵活就业办理情况。工作人员耐心讲解，帮她理清了账户的各类信息。 社银合作不仅是服务场所的延伸，更是服务理念的革新。该模式2025年5月启动以来，已累计完成3 万余件业务，服务效能显著提升。丹东市社保中心已建立一套完整的社银合作培训体系，对50名银行工 作人员进行系统化社保业务培训，确保服务质量不打折扣。 在示范点，记者看到导办人员正在帮助一位老人通过手机办理异地社保转移申请。"以前觉得这些 业务很复杂，现在有专业人员指导，感觉操作起来也不难。"老人满意地说。 "我们计划在今年年底前，将合作网点扩展到全市主要乡镇，让更多农村居民享受到'家门口'的社 保服务。"丹东市人力资源和社会保障局党组书记、局长卢学坤表示，市人力资源和社会保障局将继续 深化社银合作服务模式，发动更多金融机构加入"社银合作"行列，让社保服务的阳光雨露滋润每一个乡 村。 党的二十届四中全会提出，要加大保障和改善民生力度，健全社会保障体系，稳步推进基本公共服 务均等化。丹东市人力资源和社会保障局积极推进"社保服务进万家"活动，大胆创新，将社银合作 ...

公开资料显示，Smart于1996年成立，由新西兰证券交易所全资拥有和运营。Smart是新西兰第一家ETF 发行商，管理着超过150亿新西兰元的基金。该公司专注于跟踪市场的投资，目前有44只ETF产品，主 要为投资新西兰、澳大利亚、美国和全球股票的股票ETF，债券和货币ETF，以及另类资产ETF。 招商基金总经理钟文岳表示，2025年9月25日，中国证监会与新西兰金融市场管理局更新签署了《证券 期货监管合作谅解备忘录》，在中新资本市场监管合作持续深化的背景下，金融机构的合作发挥了联通 两国市场的重要纽带作用。招商基金深耕ETF管理15年，构建了覆盖货币、债券、A股、港股及跨境领 域的完善产品线，并在国际化布局中积累了成熟经验。期待通过合作，更加深入了解新西兰市场及其投 资者，共同开发符合两国投资者需求的跨境投资产品，丰富国际化产品体系，以金融实践支持中新资本 市场联通融合，助力中国资本市场高水平对外开放。 （原标题：招商基金携手新西兰Smart及新西兰中国银行签署合作备忘录合作推进中新资本市场联通融 合） 2025年11月19日，招商基金在新西兰证券交易所及中国银行总行的见证下，与新西兰证券交易所旗下的 基金 ...

中国人民银行授权全国银行间同业拆借中心公布，2025年11月20日贷款市场报价利率（LPR）为： 1年期LPR为3.0% ， 5年期以上LPR为 3.5% ， 连续六个月保持不变。 以上LPR在下一次发布LPR之前有效。 来源丨中国人民银行 编辑丨兰银帆 审核丨许晨辉 往期回顾 在风格上 Review of Past Articles - 郑栅洁主任主持召开民营企业座谈会 就"十五五"时期服务业发展听取意见建议 01 02 等你来投！《清华金融评论》12月刊 " 黄金投资逻辑：历史周期与趋势演变 " 征稿启事 小媒求你加·3 标 TSINGHUA PBCSF TSINGHUA Financial Revi 清华五道厂 明年终的未来 《清华金融评论》专注于经济会融 政策解读与建言,设置一个封面专 题以及宏观经济、政策与监管、 银行与保险、资本市场、财富与资 管、金融与科技、论文故事汇、道 口研究、国际九个专业栏目,所有 栏目都期待这样的来稿: 既可以是分析研判式的文稿,也可以是解读评论型的文稿, 既可以建言献策经济金融理论与实践,也可以归纳总结新经 济金融模式与案例。 在形式上 无需复杂的理论与计量模型,无需过 ...

Group 1: Japan's Economic Outlook - Japan's 10-year government bond yield reached a 17-year high of 1.765%, driven by expectations of significant fiscal spending under Prime Minister Kishida [2] - The 40-year bond yield hit a historical peak of 3.695%, while the 20-year yield reached 2.815%, marking the highest levels since 1999 [2] - The anticipated fiscal expansion is expected to lead to increased government borrowing, contributing to the sell-off in Japanese bonds [2] Group 2: French Investment in China - Approximately 2,800 French companies have established operations in China, making France the largest European investor in the Chinese market [3] - China is the fourth-largest trading partner for France, with French investments in China accounting for one-third of the total [3] - The "France 2030" investment plan aims to inject €54 billion over five years to promote re-industrialization, benefiting foreign investors [3] Group 3: Xiaomi's Financial Performance - Xiaomi reported a total revenue of 113.1 billion yuan for Q3 2025, a year-on-year increase of 22.3%, with adjusted net profit rising 80.9% to 11.3 billion yuan [7] - The smart electric vehicle and AI segment achieved a record revenue of 29 billion yuan, growing 199.2% year-on-year, marking its first profitable quarter [7] - The smartphone and AIoT segments showed modest growth, with challenges anticipated in the automotive sector due to reduced subsidies and increased competition [7] Group 4: Pinduoduo's Revenue Growth - Pinduoduo's Q3 revenue reached 108.28 billion yuan, reflecting a 9% year-on-year growth, with net profit increasing 17% to 29.33 billion yuan [8] - The growth was primarily driven by online marketing services and transaction service revenues, although the pace of growth has slowed [8] - Increased R&D expenses, up 41% year-on-year to 4.33 billion yuan, are aimed at enhancing the company's competitive edge in AI and overseas markets [8][9] Group 5: Baidu's AI Business Performance - Baidu's total revenue for Q3 was 31.2 billion yuan, a 7% decline, while net profit fell 36% to 3.77 billion yuan [10] - The AI business saw over 50% growth, with AI cloud revenue up 33% and AI native marketing services skyrocketing 262% to 2.8 billion yuan [10] - Despite the decline in traditional advertising revenue, Baidu's AI initiatives are showing promise, although profitability remains a concern [10][11] Group 6: Nvidia and Microsoft's Investment in Anthropic - Nvidia and Microsoft announced a collaboration with Anthropic, involving investments of up to $100 billion and $50 billion, respectively [12] - Anthropic plans to purchase $30 billion worth of Azure cloud capacity, indicating strong demand for AI services [12] - The investment cycle raises concerns about potential financial losses if AI products do not generate sufficient returns, despite ongoing advancements in AI technology [13]

2025年11月19日，招商基金在新西兰证券交易所及中国银行总行的见证下，与新西兰证券交易所旗下的基金公司Smart及中国银行新西兰子行在北京签署合 作备忘录，将进一步合作推进中新资本市场联通融合。 公开资料显示，Smart于1996年成立，由新西兰证券交易所全资拥有和运营。Smart是新西兰第一家ETF发行商，管理着超过150亿新西兰元的基金。该公司 专注于跟踪市场的投资，目前有44只ETF产品，主要为投资新西兰、澳大利亚、美国和全球股票的股票ETF，债券和货币ETF，以及另类资产ETF。 招商基金总经理钟文岳表示，2025年9月25日，中国证监会与新西兰金融市场管理局更新签署了《证券期货监管合作谅解备忘录》，在中新资本市场监管合 作持续深化的背景下，金融机构的合作发挥了联通两国市场的重要纽带作用。招商基金深耕ETF管理15年，构建了覆盖货币、债券、A股、港股及跨境领域 的完善产品线，并在国际化布局中积累了成熟经验。期待通过合作，更加深入了解新西兰市场及其投资者，共同开发符合两国投资者需求的跨境投资产品， 丰富国际化产品体系，以金融实践支持中新资本市场联通融合，助力中国资本市场高水平对外开放。 新西兰证券交 ...

Group 1 - Multiple foreign institutions have released outlook reports for 2026, collectively optimistic about the long-term allocation value of the Chinese stock market, with UBS and Morgan Stanley raising target index levels for the Chinese market [1] - The recent actions of foreign institutions, including increased research and accumulation, indicate a strong commitment to investing in Chinese assets, supported by the steady advancement of high-level institutional openness in China's capital market [1] - The active equity funds have outperformed passive index products in a high volatility market environment, with notable funds like Taixin Development Theme leading the charge [1] Group 2 - The pharmaceutical theme funds are showing signs of recovery after a two-month adjustment, with several funds stabilizing and some even regaining upward momentum, driven by the introduction of a "commercial insurance innovative drug catalog" mechanism in medical insurance negotiations [2] - The lithium battery materials sector continues to experience a "volume and price rise," with battery-grade lithium carbonate prices reaching a new high of 97,550 yuan per ton, benefiting the salt lake lithium extraction industry [3] - The energy storage sector has seen multiple stocks doubling in value this year, with leading companies like Haibo Sichuang and Huasheng Lithium Battery showing significant gains [3] Group 3 - The number of newly registered private equity securities investment funds has exceeded 10,000 this year, with equity strategies dominating the issuance market, reflecting increased market participation [4] - The net subscription amount for equity ETFs has reached 484.69 billion yuan in November alone, indicating a strong influx of capital into the market [4] - The China Securities Regulatory Commission (CSRC) has optimized the ETF registration and listing review process, which is expected to enhance market vitality and promote high-quality development of ETFs [5] Group 4 - Over 70 A-share listed companies have disclosed significant contract signings or strategic cooperation agreements since October, with a focus on industries such as machinery and power equipment [8] - The merger and acquisition activity in the securities industry is intensifying, with China International Capital Corporation planning to absorb and merge Dongxing Securities and Xinda Securities through a share exchange [8] - The integration of banking and social platforms is deepening, with over 65 official accounts established by banks on platforms like Xiaohongshu, indicating a trend towards digital engagement in the banking sector [9]

智通财经APP注意到，尽管今年美元与美股水平变化的相关性备受关注，但高盛集团策略师认为，更值得关注的关联在于美元与芝加哥期权交易所波动率指 数（VIX）之间的关系。 过去五年间，美元通常与VIX指数呈正相关，而VIX是衡量标普500指数预期波动率的常用指标。当美股波动加剧时，避险货币美元往往走强，反之亦然。 但这一关系在今年初发生转变，且在2025年大部分时间内呈现相反态势。如果美国股市恐慌情绪上升，美元很可能同步下跌。 包括Michael Cahill和Karen Reichgott Fishman在内的高盛团队周三指出："仅关注外汇与标普500指数的关系，会掩盖美元挥之不去的脆弱性，这种脆弱性在 近几个月其与波动率指数的相关性中更为明显。" 高盛强调美元与股市波动率的关联，该行表示："美元吸引力的下降在其与波动率指数的相关性中更为明显，尽管近日走势看起来更为'正常'。" Bloomberg美元现货指数与VIX指数的90天相关性 ...