炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ （数据来源：中证指数公司、Wind，数据截至2025/11/24。同期科创创业50、双创100指数涨幅为 45.74%、23.86%，指数历史涨跌情况不代表未来表现，不构成对基金业绩表现的保证，请投资者关注 指数波动风险） 风险提示：基金有风险，投资需谨慎。本基金投资于科创板和创业板，会面临科创板和创业板机制下因 投资标的、市场制度以及交易规则等差异带来的特有风险，包括但不限于科创板和创业板上市公司股票 价格波动较大的风险、流动性风险、退市风险等。如需购买相关基金产品，请您关注投资者适当性管理 相关规定，提前做好风险测评，并根据您自身的风险承受能力购买与之相匹配的风险等级的基金产品。 基金的过往业绩并不预示其未来表现，基金管理人管理的其他基金的业绩并不构成基金业绩表现的保 证。产品标的指数由中证指数有限公司（"中证"）编制和计算，其所有权归属中证。中证将采取一切必 要措施以确保指数的准确性，但不对此作任何保证，亦不因指数的任何错误对任何人负责。 责任编辑：宋雅芳 硬科技领域迎来重磅投资利器。2025年11月25日，华泰柏瑞基金公告，旗下 ...

证券研究报告 | 2025年11月23日 基金周报 ETF 简称统一规范正式落地，非货基"T+0.5"赎回时代来临 核心观点 金融工程周报 上周市场回顾。上周A股市场主要宽基指数全线下跌，沪深 300、上证综 指、中小板指指数收益靠前，收益分别为-3.77%、-3.90%、-5.10%， 创业板指、中证 1000、中证 500 指数收益靠后，收益分别为-6.15%、 -5.80%、-5.78%。 从成交额来看，上周主要宽基指数成交额均有所下降。行业方面，上周 银行、食品饮料、传媒收益靠前，收益分别为-0.87%、-1.36%、-1.39%， 综合、电力设备及新能源、基础化工收益靠后，收益分别为-9.47%、 -9.41%、-8.24%。 截至上周五，央行逆回购净投放资金 5540 亿元，逆回购到期 11220 亿 元，净公开市场投放 16760 亿元。除 5 年期和 10 年期外，不同期限的 国债利率均有所下行，利差扩大 1.22BP。 上周共上报 54 只基金，较上上周申报数量下降。申报的产品包括 1 只 REITs，3 只FOF，上证科创板芯片ETF、中证科创创业人工智能ETF、 易方达中证港股通信息技术 ...

Core Viewpoint - The STAR Market has become the most popular area in the market, with the STAR 50 Index increasing by 5%, driven by significant gains in companies like SMIC and Cambricon [1][3]. Market Performance - SMIC's stock price surged nearly 15%, reaching a historical high, contributing over 17 points to the STAR Market's rise [3]. - Cambricon's stock also saw an increase of over 8%, surpassing the stock price of Kweichow Moutai, with a total market capitalization exceeding 610 billion yuan [5]. Investment Trends - Analysts believe that the AI sector is the main theme for future industry development, with key companies concentrated in the STAR Market, attracting significant capital inflow [1]. - Last week, 18 stock ETFs were reported in the mainland market, with 10 being focused on the AI sector, indicating a trend towards passive allocation as stock market values increase [1]. Market Signals - There are two significant signals in the market: a shrinking bullish pattern and the need to be cautious of deteriorating trading structures [1]. - Despite the highs of SMIC and Cambricon, over 3,700 stocks experienced declines, indicating a divergence in market performance [7]. Trading Structure Concerns - Citic Securities noted that while recent adjustments appear technical, there is a need to be wary of deteriorating trading structures, as the market shows signs of overheating [9]. - The TMT sector's trading volume has increased significantly, nearing historical highs, which raises concerns about potential market corrections [9]. Market Sentiment - The investor sentiment index reached 95.2, indicating that the market is still in an accelerated upward phase, but signs of sentiment retreat have begun to emerge [10]. - Following the rapid rise in the STAR Market, the overall market experienced a pullback, suggesting a potential period of stability after the dilution of bullish sentiment [10].

Core Viewpoint - The article highlights the significant rise in stock prices of SMIC and Cambricon, both reaching historical highs, amidst a strong interest in the AI sector on the STAR Market [1][2][4]. Group 1: Stock Performance - SMIC's stock price surged nearly 15%, contributing over 17 points to the STAR Market's gains [2]. - Cambricon's stock rose over 8%, surpassing the price of Kweichow Moutai, with a total market capitalization exceeding 610 billion yuan [4][6]. Group 2: Market Dynamics - The influx of capital into the AI sector is expected to continue as the market capitalization of key companies increases, attracting passive ETF allocations [1]. - Despite the strong performance of major stocks, there is a warning about a potential deterioration in trading structure, with over 3,700 stocks declining in value [6][7]. Group 3: Future Outlook - Analysts suggest that while the current market dynamics appear to be driven by a short-term surge, caution is advised regarding the potential for a reversal in market sentiment and the stability of trading structures [7][8]. - The TMT sector's trading volume has increased significantly, nearing historical highs, indicating a concentrated investment trend that may not be sustainable [8].

Group 1 - The total net asset value of public funds in China reached a historic high of 35.08 trillion yuan as of July 31, 2025, marking the first time it has surpassed the 35 trillion yuan threshold [2] - The total scale of public funds increased by 690 billion yuan month-on-month, with stock funds growing by 192.59 billion yuan and mixed funds by 138.56 billion yuan, while bond funds decreased by 48.19 billion yuan [2][4] - The number of public funds reached 13,014, with a total net value of 350,755.87 billion yuan, showing an increase in both the number of funds and their net value compared to the previous month [3] Group 2 - The share of stock and mixed funds declined, with stock funds down by 11.465 billion shares and mixed funds down by 37.059 billion shares, indicating a shift in investor sentiment [4] - Bond funds faced a significant drop, with a decrease of 194.44 billion shares, attributed to market volatility and a shift in risk appetite towards equities and commodities [4] - QDII funds saw a month-on-month increase of 3.87% in shares and 6.77% in scale, driven by the release of new quotas by the foreign exchange authority [5] Group 3 - The scale of ETFs surpassed 5 trillion yuan, with a notable increase of 1.34 trillion yuan year-to-date and 976.37 billion yuan in the last three months [6] - A total of 34 ETFs experienced growth exceeding 10 billion yuan in the last three months, with several popular products leading the increase [6][7] - The launch of new ETF products, including the first batch of 10 sci-tech bond ETFs, contributed to the growth in scale, with more products in the pipeline [8][9] Group 4 - The ETF market is experiencing a high-quality expansion phase, with increasing recognition of index products among investors, particularly in a bullish market [10] - The trend towards index-based investment is expected to continue, enhancing the asset allocation function of ETFs [10]

Market Overview - On August 25, the market saw significant gains, with the Shanghai Composite Index rising by 1.51%, the Shenzhen Component Index by 2.26%, and the ChiNext Index by 3%[2] - The total trading volume reached 3.18 trillion, an increase of approximately 600 billion compared to the previous trading day, marking the second-highest volume since September of the previous year[1][5] Sector Performance - All sectors experienced gains, with telecommunications, non-ferrous metals, real estate, and steel leading the way[1] - The technology sector, represented by telecommunications, electronics, and semiconductors, remains the main focus of market activity, attracting substantial capital inflows[1] Capital Flow - On August 25, net inflows into the Shanghai Stock Exchange amounted to 42.176 billion, while the Shenzhen Stock Exchange saw net inflows of 27.474 billion[3] - The top three sectors for capital inflows were telecommunications equipment, real estate development, and industrial metals, while semiconductors, optical electronics, and passenger vehicles saw the largest outflows[3] Industry Developments - The rapid advancement in satellite internet construction in China has led to the successful launch of 72 low-orbit satellites, with the issuance of satellite internet licenses expected soon[4] - In Hangzhou, the production of industrial robots increased by 110.1% year-on-year from January to July, indicating strong growth in the smart manufacturing sector[7] Fund Dynamics - Over 35 new technology-themed funds have been reported in August, reflecting a growing interest in the technology sector among public funds[11] - The public fund fee reform is progressing, focusing on restructuring management, trading, and sales fees, with a shift towards performance-based fee models expected to enhance alignment between fund managers and investors[13]

Group 1 - The technology sector has shown strong performance in recent months, prompting public funds to increase their investment in technology-themed funds [1] - Over 35 technology-themed funds have been reported in August, including the first batch of 10 China Securities Innovation and Entrepreneurship Artificial Intelligence ETFs [1] - Additionally, there has been an expansion of broad-based index funds for the Science and Technology Innovation Board and Hong Kong technology-themed funds [1]

Group 1 - The ETF market is experiencing a surge in new product applications, with 14 fund companies reporting the second batch of Sci-Tech Bond ETFs, indicating strong interest and potential growth in this investment vehicle [1][2] - The first batch of 10 Sci-Tech Entrepreneurship AI ETFs has been reported, tracking the newly established index that includes major tech stocks, reflecting a growing focus on AI and technology sectors [2][3] - The inclusion of Sci-Tech Bond ETFs in the general pledge repo collateral pool is expected to enhance liquidity and efficiency for investors, allowing for better capital utilization [2] Group 2 - Multiple fund companies are actively launching ETFs focused on various sectors, including Hong Kong stocks, aerospace, and satellite industries, showcasing a trend towards thematic investment strategies [3][4] - Recent data indicates a significant net inflow into stock ETFs, with a reported 12.575 billion yuan in net active purchases over the past week, highlighting the increasing attractiveness of stock ETFs [4][5] - The ongoing improvement of market mechanisms and the growth of core asset valuations are likely to drive more investors towards passive investment tools, particularly those based on broad market indices [5]

Group 1 - The technology sector has seen a strong performance recently, prompting public funds to increase their investment in technology-themed funds, with over 35 new funds reported since August [1][2] - The new funds include various types such as technology sub-sector thematic funds, broad-based index funds for the Sci-Tech Innovation Board, and Hong Kong stock technology-themed funds [2][3] - The launch of the CSI Sci-Tech Innovation and Entrepreneurship Artificial Intelligence ETF has attracted 10 fund managers, indicating significant interest in AI-related investments [2][3] Group 2 - The broad-based index funds for the Sci-Tech Innovation Board have also been expanding, with several funds reported since August, including the SSE Sci-Tech Innovation Board 200 ETF and the SSE Sci-Tech Innovation Board Comprehensive Index Enhanced Fund [3] - Major fund companies are actively reporting Hong Kong stock technology-themed funds, reflecting a continued interest in this area [3] - The issuance of technology-themed funds has rebounded significantly, with several funds achieving substantial fundraising, indicating a positive market sentiment [4] Group 3 - Institutions have been actively researching hard technology companies, particularly in sectors like integrated circuits, computer software, and semiconductors, showing a trend of increased institutional interest [5] - AI is becoming a key driver for growth in the semiconductor sector, with expectations for continued investment in semiconductor materials, equipment, and AI chips [6] - The domestic AI infrastructure investment is still in its early stages, with opportunities concentrated in internet giants and hardware systems, particularly in robotics and terminal products [6]

Group 1 - The China Securities Regulatory Commission (CSRC) has received applications from 10 fund companies for the first batch of the CSI Sci-Tech Innovation and Entrepreneurship Artificial Intelligence ETF [1] - The fund managers involved include Huatai-PB Fund, E Fund, Huaan Fund, ICBC Credit Suisse Fund, Guolian An Fund, Fortune Fund, Yongying Fund, Taikang Fund, Invesco Great Wall Fund, and China International Capital Corporation Fund [1] - The CSI Sci-Tech Innovation and Entrepreneurship Artificial Intelligence Index selects 50 listed companies from the Sci-Tech Innovation Board and the Growth Enterprise Market that provide foundational resources, technology, and application support for artificial intelligence [2][3] Group 2 - The selection method involves identifying securities that meet investment criteria related to artificial intelligence, including foundational resources, technology, and application fields [3] - The top 10 weighted stocks in the index include Xinyisheng, Zhongji Xuchuang, Cambrian, Lanke Technology, Kingsoft Office, Chipone Technology, Stone Technology, Kunlun Wanwei, Runze Technology, and Hengxuan Technology [4] - As of August 22, Cambrian's market capitalization reached 520.1 billion yuan, increasing by 86.7 billion yuan in a single day, making it the leading semiconductor company and the second stock to exceed 1,000 yuan in the market [4]