今日重点推荐 | 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3835 | -2.45 | -2.08 | -3.9 | | 深证综指 | 2370 | -3.43 | -3.76 | -5.62 | | 风格指数 (％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 大盘指数 | -2.32 | -3.33 | 13.91 | | 中盘指数 | -3.4 | -5.27 | 19.79 | | 小盘指数 | -3.69 | -3.21 | 16.89 | | 涨幅居前 行业(％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 广告营销 | 1.82 | 11.93 | 13.51 | | 数字媒体 | 1.65 | 1.21 | 8.87 | | 渔业 | 1.55 | 25.59 | 34.57 | | 白色家电 | 0.56 | 5.09 | ...

Wind数据显示，截至2025年11月21日A股收盘，仅上海金飘红，上涨0.07%。 上海金 消息面上，当地时间11月20日下午，美国白宫证实，美政府高级官员近期与乌克兰方面举行了会晤，双方就一项"有望被俄乌双方接受的和平计划"展开讨 论。美国国务卿以及美国中东问题特使参与了此次会谈，强调"美国政府正与冲突双方就如何结束冲突进行积极且富有成效的对话"。 广发证券指出，前期中东局势缓和，吉隆坡经贸磋商取得积极成果，伴随美国政府结束停摆，后期公布的美国经济数据或影响12月降息概率及幅度，把握金 价的阶段性底部。反映中国黄金市场价格变动的上海金ETF(518600)近10个交易日有8天获资金净流入，累计达3.26亿元。 截至2025年11月21日A股收盘，有色金属回调5.26%，寒锐钴业、西藏珠峰跌幅居前。电力设备回调5.17%，天华新能、海科新源跌幅居前。 有色金属 中泰证券研报称，看好有色板块全面牛市行情。新能源需求虽增速下滑但占比持续上升，AI带来的电力需求同样有望提供增量，工业金属将迎来宏观+基本 面共振的时刻，看好铜铝商品价格持续上涨。股票维度虽股价基本都在新高位置，但更多因为商品价格的上涨以及公司成长性 ...

Core Insights - The securities ETF (159841) has seen significant trading activity, with a transaction volume of 234 million yuan and a recent increase in the underlying index by 0.56% [1] - The ETF has experienced a notable growth in scale, with an increase of 33.51 million yuan over the past week, reaching a new high of 9.678 billion shares [1][2] - The recent merger of China International Capital Corporation (CICC) with Dongxing Securities and Xinda Securities is expected to reshape the competitive landscape of the securities industry [4][5] Fund Performance - The securities ETF (159841) has attracted a total net inflow of 488 million yuan over the past week, with a peak single-day inflow of 173 million yuan [1][2] - The ETF's current scale stands at 10.702 billion yuan, making it the largest and most liquid securities ETF in the Shenzhen market [2] Merger Details - CICC is leading the merger with Dongxing Securities and Xinda Securities, utilizing a share exchange method to absorb both firms [4] - As of September 2025, CICC's net assets were 115.5 billion yuan, while Dongxing and Xinda had net assets of 29.6 billion yuan and 26.4 billion yuan, respectively, resulting in a combined net asset exceeding 170 billion yuan post-merger [4][5] Strategic Implications - The merger is expected to enhance CICC's capabilities in debt restructuring and risk resolution, leveraging the expertise of Dongxing and Xinda in managing non-performing assets [5] - The combined entity will not only maintain its leadership in traditional investment banking but also strengthen its retail brokerage and regional market presence, creating a more balanced business model [5] - The merger is anticipated to generate "scale effects + business synergy," leading to improved revenue structure and profitability [5][6]

11月19日，市场窄幅震荡，沪指、创业板指均收红。 热门ETF中，截至收盘，上海金ETF（159830）成交额超5300万，换手率超2.4%。资金流向上，据Wind 数据，截至11月18日，该ETF近20个交易日获资金累计净流入6.19亿元，净流入率为37.65%，居同标的 首位。 中证A500ETF天弘（159360）成交额超4000万元，成分股中，航天发展、春风动力、合盛硅业等股涨 幅居前。 上海金ETF（159830）紧密跟踪上海金（SHAU.SGE）；费率方面，上海金ETF（159830）管理费率 0.25%，基金托管费率为0.05%，均低于同标的产品平均水平，同时该ETF支持T+0交易。该ETF还配置 了场外联接基金（联接A：014661，联接C：014662）。 中证A500ETF天弘（159360）紧密跟踪中证A500指数，该指数从各行业选取市值较大、流动性较好的 500只证券作为指数样本，以反映各行业最具代表性上市公司证券的整体表现。 消息面来看，据21世纪经济报道，当地时间11月12日，亚特兰大联储主席博斯蒂克意外宣布将于2026年 2月28日任期届满时退休。需要注意的是，博斯蒂克是"鹰派" ...

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 ...

Group 1: Market Performance - Xpeng Motors' stock surged nearly 18%, leading to a strong performance in the Hong Kong automotive sector [1][2] - The overall market saw significant inflows into various ETFs, particularly in the automotive and gold sectors, with multiple ETFs tracking these sectors showing notable gains [1][2][5] Group 2: ETF Highlights - Several automotive ETFs outperformed the market, with multiple products tracking the Hong Kong automotive sector leading the gains [2][3] - Gold-themed ETFs continued to show strength, with many commodity gold ETFs rising over 1.4% [4][5] Group 3: Fund Inflows - Since October, sectors such as gold, Hang Seng technology, banking, and securities have attracted significant capital, with several ETFs seeing net inflows exceeding 50 billion [1][7] - The Huatai-PineBridge Dividend Low Volatility ETF attracted 4.166 billion in net inflows since October, indicating strong interest in dividend-focused investments [7][8] Group 4: Market Trends - The current market environment is characterized by structural trends, with a focus on dividend assets as institutional demand for high-dividend, low-valuation equities increases [9] - Analysts suggest that the market may experience rapid rotation among themes, with potential opportunities in sectors like electric grid equipment, lithium batteries, and chemicals [9]

Market Overview - The three major A-share indices collectively adjusted today, with the Shanghai Composite Index down 0.38%, the Shenzhen Component Index down 0.52%, and the ChiNext Index down 0.74% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets was 12,680 billion yuan, a decrease of 1,864 billion yuan compared to the previous day [1] - Over 2,900 stocks in the market experienced an increase [1] Sector Performance - The sectors with the highest gains included cultivated diamonds, photovoltaic equipment, battery chemicals, gas, pharmaceutical commerce, and non-ferrous metals [1] - The sectors with the largest declines included coal mining and processing, insurance, liquor, AI corpus, computing power hardware, and securities [1] ETF Performance - In the ETF market, Hong Kong automotive ETFs showed strong performance, with gains of 2.38%, 2.35%, and 2.26% for Guangfa Fund, ICBC Credit Suisse Fund, and Huatai-PineBridge Fund respectively [1] - The new energy sector also performed well, with Penghua Fund's Science and Technology New Energy ETF rising by 1.94% [1] - Gold prices continued to rise, with Tianhong Fund's Shanghai Gold ETF increasing by 1.86% [1] - The coal sector saw significant declines, with the coal ETF down 2.56% [1] - The AI hardware sector weakened, with both the communication ETF and communication equipment ETF falling by 2% [1] - Consumer electronics concept stocks weakened, with the consumer electronics ETF down 1.63% [1]

现货黄金站上4100美元/盎司，为10月27日以来首次。市场普遍认为美国政府可能即将重启，这一预期 提振了贵金属市场，美国经济数据的恢复发布，将增加美联储12月降息的可能性。 场内ETF方面，截至2025年11月11日 13:03，上海金ETF(518600)现涨1.78%，早盘高开涨超2%，冲击4 连涨。截至11月10日，上海金ETF近年净值上涨51.25%。从收益能力看，截至2025年11月10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，拉长时间看，上海金ETF近21个交易日内，合计"吸金"8.19亿元。 上海金ETF(518600)通过主要投资于上海黄金交易所的上海金集中定价合约及其他黄金现货合约，在跟 踪偏离度和跟踪误差最小化的前提下，争取为投资者提供与上海金集中定价合约表现接近的投资回报。 中金公司认为，展望明年，黄金或延续涨势。一方面，逆全球化大势和战略安全诉求或继续为新兴国家 央行增持黄金储备提供中长期支撑。另一方面，美国经济增长压力或在明年上半年继续显现，美联储已 在今年9月重启降息，并可能在年末结束缩表，流动性宽松 ...

Core Insights - Spot gold prices surged by 2.00%, currently at $4081.45 per ounce, with gold-related ETFs and stocks also experiencing significant gains [1] - As of November 7, A-share market saw a net inflow of 106.67 billion yuan into 20 gold-themed ETFs [3] Group 1: Gold ETFs and Market Performance - Gold ETFs are anchored to physical gold, reflecting price fluctuations and supporting T+0 trading [7] - The average daily trading volume in the gold market reached a historical high in October, with a daily average of $561 billion, a 45% increase month-on-month [7] - Global gold ETFs saw a net inflow of $8.2 billion in October, increasing total assets under management by 6% to a record high of $503 billion [7] Group 2: Domestic Gold ETF Growth - Domestic gold ETFs increased their holdings by 79.015 tons in the first three quarters of 2025, a 164.03% year-on-year increase [8] - As of September 30, domestic gold ETF holdings reached 193.749 tons [8] Group 3: Central Bank Gold Reserves - China's central bank has increased its gold reserves for 12 consecutive months, with a total of 7.409 million ounces as of the end of October [8] - Since 1996, gold's share in central bank reserves has surpassed that of U.S. Treasury bonds, indicating a shift towards gold as a safer reserve asset [9] Group 4: Investment Returns Comparison - An investment of $10,000 in gold in January 2000 would have grown to approximately $127,000 by October 2025, with a compound annual growth rate of 10.4%, outperforming the S&P 500's growth to over $77,000 at 8.3% [9]

Group 1 - The core viewpoint of the articles indicates that gold prices are experiencing a significant increase due to factors such as a weakening US dollar, government shutdown risks, and regional political tensions, with expectations for continued growth in the coming year [1][2] - As of November 10, 2025, spot gold prices rose over 1%, reaching a peak of $4056.85 per ounce, reflecting a strong market response [1] - The Shanghai Gold ETF (518600) has shown a notable performance, with a 1.07% increase on November 10, 2025, marking its third consecutive rise, and a cumulative increase of 17.09% over the past three months [1][2] Group 2 - The Shanghai Gold ETF has attracted significant capital inflow, with a total of 9.24 billion yuan over the past 21 trading days, indicating strong investor interest [2] - According to the China Gold Association, domestic gold ETF holdings increased by 164.03% year-on-year in the first three quarters of 2025, with a total holding of 193.749 tons by the end of September [2] - The long-term outlook for gold remains positive, driven by global liquidity expansion and preferences influenced by de-globalization risks, with ongoing fluctuations in gold prices primarily influenced by US-China trade relations and interest rate expectations [2]