Market Overview - A-shares experienced a collective pullback with the Shanghai Composite Index down by 0.97%, Shenzhen Component down by 1.93%, and ChiNext down by 2.82% on November 14, 2025, with a total trading volume of 1,958.1 billion yuan [1] ETF Performance - Oil and gas-related ETFs led the gains, with the top performers including: - Oil and Gas ETF Bosera (561760) up by 2.02% - Oil and Gas Resource ETF (159309) up by 1.68% - Oil and Gas Resource ETF (263150) up by 1.48% [2] - Conversely, the top decliners included: - Sino-Korea Semiconductor ETF (513310) down by 4.45% - Hang Seng Internet ETF (159688) down by 3.66% - ChiNext AI ETF Guotai (159388) down by 3.64% [4] Sector Insights - Guolian Minsheng Securities noted that OPEC+ unexpected production increases and U.S. tariffs are pressuring oil prices, but a slowdown in U.S. oil and gas production growth may provide fundamental support. The focus remains on leading oil and gas central enterprises with quality upstream assets and high dividends [3] - The current investment strategy is diversified, emphasizing "anti-involution," domestic demand, and emerging industries. The traditional cyclical chemical sector is expected to see improvements as excess capacity is gradually eliminated [3] A-share Strategy Outlook - Guoxin Securities projected that the bull market initiated in 2024 is not over, entering its second phase with a shift from sentiment to fundamentals. The focus for 2026 will be on technology, particularly in AI applications, robotics, and smart driving [5] - The market is expected to revolve around themes of technological self-reliance, industrial upgrades, and resource security, with opportunities in AI, semiconductors, and high-end manufacturing [5] ETF Trading Activity - The Short-term Bond ETF (511360) had the highest trading volume at 19.797 billion yuan, followed by Silver Hua Daily ETF (211880) at 12.553 billion yuan and Huabao Tianyi ETF (211990) at 11.818 billion yuan [6][7] - The National Debt Policy Bond ETF (511580) led in turnover rate at 275%, indicating high trading activity [7] New ETF Launch - A new QDII product, the Hang Seng Technology ETF Southern (520570), will be launched next Monday, tracking the Hang Seng Technology Index. It is suitable for investors optimistic about China's long-term tech development [8]

（原标题：中药ETF、中药50ETF逆势上涨，2025Q3申万中药行业机构持仓比例已低至0.20%） A股三大指数今日集体走低，截至收盘，沪指跌0.97%报3990点，深证成指跌1.93%，创业板指跌 2.82%，科创50指数跌2.72%。全市场成交额1.98万亿元，较前一交易日缩量853亿元，逾3300股下跌。 众生药业涨停，中药ETF、中药50ETF、中药ETF华泰柏瑞逆势上涨。 机构持仓方面，2023年下半年以来，基金持仓中药比例逐季下滑，截至2025年三季度末已回落至 0.20%，居2021年以来低位，主要受2025年业绩压力和配置资金受创新药和"AI+医疗"虹吸明显所致。 2025年前三季度中药板块营业收入和归母净利润分别同比减少4.28%和减少1.23%。中药板块上市公司 Q3业绩分化明显,69家上市公司中26家营业收入同比正增长，25家营业收入环比正增长。 2025Q3，中药板块整体收入同比增速-1.57%，环比增速-6.15%；归母净利润同比增速-5.25%和环比增 速-29.32%；销售毛利率和销售净利率水平分别为40.40%和9.21%，销售毛利率同比增长0.49个百分点， 环比减少1.0 ...

Group 1 - The core viewpoint indicates a strong performance in the Traditional Chinese Medicine (TCM) sector, with the Zhongzheng TCM Index rising by 1.22% and individual stocks like Zhongsheng Pharmaceutical increasing by 9.98% [1] - The TCM ETF has shown a consistent upward trend, achieving an 8-day consecutive rise, with the latest price reported at 1.06 yuan [1] - The National Health Commission has projected a peak in influenza cases in China during mid-December to early January, which may positively impact the TCM market [1] Group 2 - CITIC Securities anticipates that the collection of traditional Chinese medicine will continue to expand, leading to increased brand concentration in the outpatient market [1] - The TCM industry is expected to reach a healthy inventory level by Q2 2025, following a period of destocking and sales efforts [1] - Continuous growth in R&D investment by TCM companies is highlighted as a key driver for future development, with a focus on innovative TCM contributing to stable growth [1]

Core Viewpoint - The Chinese medicine sector is experiencing a positive trend, with the Zhongzheng Traditional Chinese Medicine Index showing an increase, driven by policy benefits and the rapid modernization of classic formulas into contemporary medicine [1][2]. Group 1: Market Performance - As of November 12, 2025, the Zhongzheng Traditional Chinese Medicine Index (930641) rose by 0.57%, with notable increases in constituent stocks such as Zhongsheng Pharmaceutical (002317) up by 10.02% and Panlong Pharmaceutical (002864) up by 10.00% [1]. - The Chinese Medicine ETF (159647) also saw a rise of 0.29%, marking its sixth consecutive increase, with the latest price reported at 1.05 yuan [1]. Group 2: Industry Trends - There is a continuous release of policy benefits, leading to an accelerated layout of classic formulas by Chinese medicine companies, with products like Loquat Lung Cleansing Granules and Warming Meridian Decoction being rapidly transformed into modern formulations [1]. - Guojin Securities identifies the main investment opportunities in the pharmaceutical sector for 2025 as the innovation drug theme and the reversal of challenges in the left-side sector, emphasizing the potential of dual/multi-antibody drugs and addressing unmet clinical needs in chronic disease medications [1]. Group 3: Index Composition - The Zhongzheng Traditional Chinese Medicine Index includes companies involved in the production and sales of traditional Chinese medicine, with the top ten weighted stocks accounting for 54.92% of the index as of October 31, 2025 [2].

融券方面，当日无融券交易。 融资融券余额7898.71万元，较昨日上涨2.34%。 | 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-11-07 | 180.68万 | 7898.71万 | | | 2025-11-06 | 56.34万 | 7718.04万 | | | 2025-11-05 | 32.90万 | 7661.70万 | | | 2025-11-04 | -415.65万 | 7628.80万 | | | 2025-11-03 | -300.81万 | 8044.45万 | | 证券之星消息，11月7日，中药ETF（560080）融资买入1423.72万元，融资偿还1243.04万元，融资净买 入180.68万元，融资余额7898.71万元，近3个交易日已连续净买入累计269.91万元。 融资融券：融资就是证券公司借钱给投资者买股票，到期将本金和利息一同还了就行，融券可以理解成 是投资者借股票来卖的意思，到期把股票还回来并支付利息。一般来说，投资者会出于看好股价而融资 买入股票，看空股价而融券卖出股票。 ...

Market Strategy - The market is currently experiencing a volatile rotation, with a focus on defensive strategies. It is recommended to prioritize defensive tactics while considering low-value recovery opportunities in the mid-term [2][8] - The "dumbbell strategy" is suggested as a foundational approach, balancing between high dividend yield and low volatility sectors, particularly in the traditional Chinese medicine sector [8] Style Strategy - The technology growth sector is under pressure, while cyclical consumer sectors are positioned for defensive layouts. The market is seeing rapid rotation between technology growth and low-value cyclical sectors [3][8] Industry Strategy - The construction materials industry is expected to emerge from its cyclical bottom, supported by the "Construction Materials Industry Stable Growth Work Plan (2025-2026)" which provides clear policy guidance and development momentum. This plan aims to improve supply-demand relationships and restore profitability through systematic measures [4][8] - Structural opportunities in the construction materials sector include traditional leading companies with optimized supply patterns, leaders in green and emerging materials, and pioneers in digital transformation [8] Thematic Strategy - The environmental protection sector is gaining momentum, with potential for long-term driving forces. Recent climate commitments and policy changes signal a significant shift towards green and low-carbon transitions [5][8] - Relevant stocks in the environmental sector include Xuedilong (002658) and Yongqing Environmental Protection (300187), with associated ETFs such as the Environmental ETF (512580) and Carbon Neutrality ETF (159885) [8]

Group 1 - New Tian Pharmaceutical (002873.SZ) released its Q3 2025 report on October 31, 2025, indicating that as of October 30, 2025, eight institutional investors held a total of 84.1289 million A-shares, accounting for 34.46% of the total share capital [1] - The proportion of shares held by institutional investors increased by 0.41 percentage points compared to the previous quarter [1] - Among public funds, the only fund that increased its holdings this period was the Huatai-PineBridge CSI Traditional Chinese Medicine ETF, with an increase of 0.11% [1] Group 2 - Two new foreign institutions disclosed their holdings this period, including CITIC Securities Asset Management (Hong Kong) Limited - Client Funds and Goldman Sachs [2] - UBS AG was not disclosed in this period compared to the previous quarter [2]

Group 1 - The core viewpoint of the news highlights the mixed performance of the Chinese medicine sector, with specific stocks like Zhenbao Island and Yiling Pharmaceutical showing gains, while Zhaoli Pharmaceutical experienced a decline [1] - The Ministry of Industry and Information Technology is conducting a comprehensive survey of the Chinese medicine industry chain, emphasizing the need for high-standard raw material production bases and a quality traceability system to promote the standardized and ecological development of Chinese medicinal materials [1] - The report from Xinda Securities indicates a marginal improvement trend in the pharmaceutical industry, suggesting a potential market shift towards high-growth sectors supported by performance, with a focus on Q3 earnings, CXO, life sciences upstream, medical device recovery, and innovative drugs [1] Group 2 - The Chinese Medicine ETF closely tracks the CSI Chinese Medicine Index, which includes listed companies involved in the production and sales of Chinese medicine, reflecting the overall performance of the Chinese medicine concept stocks [2] - As of September 30, 2025, the top ten weighted stocks in the CSI Chinese Medicine Index accounted for 55.08% of the index, with notable companies including Yunnan Baiyao, Pian Zai Huang, and Tong Ren Tang [2]

Core Viewpoint - Yabao Pharmaceutical (600351.SH) reported its Q3 2025 results, highlighting a decrease in institutional ownership and changes in public fund holdings [1] Group 1: Institutional Investors - As of October 24, 2025, six institutional investors disclosed holdings in Yabao Pharmaceutical, totaling 144 million shares, which represents 20.63% of the company's total equity [1] - The institutional ownership decreased by 3.27 percentage points compared to the previous quarter [1] Group 2: Public Funds - One public fund, Huatai-PineBridge CSI Traditional Chinese Medicine ETF, increased its holdings by 0.16% compared to the last period [1] - A total of 91 public funds did not disclose their holdings this quarter, including various ETFs and mixed funds [1]

Market Overview - The market has experienced increased volatility since October, particularly in the technology sector, with renewed interest in dividend assets due to heightened risk aversion stemming from escalating trade tensions [1] - The uncertainty from trade disputes may lead to a rotation of funds from crowded trades, resulting in fluctuations in high-valuation growth sectors and a rebound in undervalued sectors [1] Asset Allocation Strategy - In the current market context, focus on sectors with positive earnings forecasts such as semiconductor technology, battery, and non-ferrous metals during the third-quarter earnings reporting period [2] - From a funding perspective, main funds are flowing into AI technology sectors like electronics and communications, while southbound funds are notably directed towards dividend sectors like banking [2] Sector Performance Semiconductor Sector - The semiconductor sector is experiencing high growth, with a significant number of companies reporting strong earnings during the third-quarter disclosures [2] - Notable companies include Cambrian, which reported a net profit of 1.605 billion yuan, marking its first profitable quarter, and Haiguang Information, with a net profit of 1.961 billion yuan, up 28.56% year-on-year [2] Non-Ferrous Metals and Battery Sectors - The non-ferrous metals sector is showing signs of recovery, with expected profit growth of 50% by 2025, driven by various favorable factors including supply-side policies and global economic conditions [4] - The battery sector, previously affected by price wars, is expected to see a turnaround with a projected profit growth of 36% by 2025, supported by demand for energy storage and advancements in solid-state battery technology [7] AI and Technology Trends - The AI sector is catalyzing growth across various industries, with significant investments from major companies like Oracle and domestic tech giants increasing their AI capabilities [8] - The Hong Kong market is well-positioned to benefit from the AI narrative, with a complete domestic AI industry chain and major tech companies included in the Hong Kong Technology ETF [8] Funding Trends - Main funds are showing a "barbell" strategy, focusing on both technology sectors and undervalued dividend sectors like banking and consumer goods [12] - Recent data indicates significant net inflows into electronic and communication sectors, with banking also receiving attention as a defensive investment [12] Conclusion - The current market dynamics suggest a strategic focus on sectors with strong earnings potential and favorable growth forecasts, particularly in technology and dividend-paying sectors, as investors seek stability and returns in a volatile environment [1][2][4][7][12]