Group 1 - The core viewpoint is that the technology market, particularly in AI, is expected to continue its momentum after a short-term correction, supported by strong performance from leading US AI companies and large-scale buybacks [1] - The current A-share AI market is transitioning from hardware to application, with hardware already fully developed and the application layer just beginning, indicating a focus on AI commercialization and performance realization in the future [1] - The CSI A500 Innovation Index is compiled using an internationally recognized "industry balance" method, selecting 500 securities with large market capitalization and good liquidity across all secondary and 97% of tertiary industries, effectively gathering industry leaders [1] Group 2 - The CSI A500 ETF (159338) has seen a net inflow of 0.99 billion units, indicating a balanced capital influx into broad-based indices [1] - The CSI A500 ETF ranks first in terms of customer numbers among its peers, with more than three times the number of accounts compared to the second-ranked ETF, reflecting strong investor preference [1]

市场早盘冲高回落，沪指震荡拉升，中证A500指数上涨0.29%。 从板块来看，消费电子板块走强，算力硬件股延续强势，大消费板块表现活跃；下跌方面，AI应用概念出现分化。 截至上午收盘，场内跟踪中证A500指数的ETF小幅上涨。其中，有10只中证A500相关ETF成交额超1亿元，3只超27亿元。A500ETF基金、中证A500ETF、 A500ETF易方达早盘成交额分别为42.76亿元、30.06亿元、27.27亿元。 有券商表示，短期内，继续等待放量长阳或者其他明确的回暖信号出现。预计12月中旬左右，随着机构资金重新布局明年方向、美联储降息靴子落地，届时 A股市场将迎来新一轮做多窗口期。 | 代码 | 名称 | 现价 | 涨跌幅 | IOPV 溢折率 换手率 | 成交金 | | --- | --- | --- | --- | --- | --- | | 512050 | A500ETF基金 | 1.142 | 0.44% | 1.1424 -0.04% 21.70% | 42.7 | | 159338 | 中证A500ETF | 1.148 | 0.26% | 1.1495 -0.13% 14.02% | 3 ...

Core Viewpoint - The A-share market is expected to return to a "technology growth" theme by 2026, with a continued trend of high performance growth in the technology sector [1] Group 1: Technology Sector - The performance growth trend in the technology sector has not reversed, and the valuation differentiation between growth and value is not at an extreme [1] - The TMT (Technology, Media, and Telecommunications) sector remains relatively under-traded overall, despite some overheating in AI hardware areas like electronics and communications [1] - There are potential rebound opportunities in media and computer sectors as AI application sectors lag behind [1] Group 2: Traditional Industries - The "anti-involution" policy is expected to improve the fundamentals of certain industries, with traditional sectors like coal and steel likely to see a recovery in profitability driven by policy support [1] - Emerging industries such as photovoltaics and lithium batteries may stabilize in supply-demand dynamics after capacity clearing [1] Group 3: Consumer Sector - The consumer sector is anticipated to experience a mild recovery, with structural opportunities in service consumption and travel industries supported by demand recovery and policy backing [1] Group 4: Index Overview - The CSI A500 ETF (159338) tracks the CSI A500 Index (000510), which selects 500 stocks with large market capitalization and good liquidity from the Shanghai and Shenzhen stock exchanges [1] - The index emphasizes balanced industry allocation, focusing on both growth and cyclical sectors, and highlights leading companies in niche industries and representative firms in the new economy [1]

市场早盘震荡反弹，中证A500指数上涨0.89%。盘面上热点快速轮动，抗流感概念股爆发，算力硬件概念快速拉升，AI应用概念延续强势；下跌方面，军工 板块走弱。 有券商表示，上周由于美联储降息预期出现反复，年底部分机构投资者选择锁定年度收益和排名，市场波动有所加大。但中长期看，支撑本轮A股上涨的基 础并未发生转变。预计上证指数围绕4000点附近蓄势整固的可能性较大，市场风格再平衡仍将延续，周期与科技有望轮番表现。 | 代码 | 名称 | 现价 | 涨跌幅 | IOPV 溢折率 换手率 成交金额 | | | --- | --- | --- | --- | --- | --- | | 512050 | A500ETF基金 | 1.141 | 0.88% | 1.1419 -0.08% 19.92% | 39.48/Z | | 159338 | 中证A500ETF | 1.148 | 0.88% | 1.1497 -0.15% 14.04% | 30.25 Z | | 159361 | A500ETF易方达 | 1.168 | 0.78% | 1.1690 -0.09% 11.84% | 27.36 Z | | 56 ...

从客户数量来看，根据2025年中报，国泰中证A500ETF总户数位列同类首位，是第二名的三倍多，更多 人选择中证A500ETF（159338），感兴趣的投资者或可关注中证A500ETF（159338）。 华龙证券表示，市场震荡修复。市场连续调整后，风险有所释放，市场或有积极变化。一是市场流动性 仍充足，尽管有所波动，但成交金额、两融余额维持高位，显示市场仍保持较高活跃度。二是上周权益 类ETF净流入资金超766亿元，显示长期资金在市场调整时布局意愿较强。三是外围影响因素向积极转 变。市场关于美联储12月降息预期有所上调，即使存在分歧，可能近期市场的调整已经有所反映。 （文章来源：每日经济新闻） 注：数据来源：基金2025年中报，持有人户数位居同类38只产品首位。 ...

市场早盘高开低走，三大指数集体翻绿，中证A500指数下跌0.47%。 盘面上，商业航天概念集体上涨，军工板块再度走强，地产板块表现活跃。下跌方面，锂矿概念股多数回调，算力硬件概念快速回落。 每日经济新闻 | 代码 | 名称 | 现价 | 涨跌幅 | IOPV 溢折率 换手率 成交金额 | | | --- | --- | --- | --- | --- | --- | | 512050 | A500ETF基金 | 1.113 | -0.45% | 1.1136 -0.05% 21.38% | 41.07亿 | | 159338 | 中证A500ETF | 1.120 | -0.62% | 1.1202 -0.02% 15.86% | 33.2217 | | 563360 | A500ETF华泰柏瑞 | 1.183 | -0.42% | 1.1832 -0.02% 11.69% | 29.6412 | | 159361 | A500ETF易方达 | 1.139 | -0.61% | 1.1392 -0.02% 12.90% | 29.14/2 | | 159352 | A500ETF南方 | 1.164 | -0 ...

11月21日，A股出现调整，但从去年"9·24"行情启动以来的一年多的时间来看，权益资产依然取得了显 著收益。截至11月21日，A股34只核心指数从去年"9·24"行情以来均实现上涨，平均涨幅超过50%，其 中有4只指数涨幅超100%。 从证券时报记者梳理来看，核心指数的上涨给1800多只指数基金带来了贝塔收益，指数基金则在行情共 振中加速发展。2024年下半年至今成立的指数基金数量，在当前存续的指数基金数量中占比超过35%。 从近5年情况看，这期间发行的股票ETF规模，在股票ETF发行总规模中占比接近60%。但由于资源禀赋 和跟踪误差等原因，不同公司的产品规模和业绩，存在显著的分化。 布局基金超1800只 根据统计，自去年"9·24"行情以来，34只A股核心指数均取得了两位数的涨幅，北证50指数涨幅最大， 接近130%。科创200指数、创业板50指数、科创创业50指数等涨幅均超100%，分别为109.57%、 105.20%、104.91%。另有3只指数涨幅超90%，分别为科创50指数（99.96%）、科创100指数 （95.53%）、创业板指（90.79%）。 截至11月21日，34只核心指数中有32只获 ...

11月21日，A股三大指数集体收跌，截至收盘，上证指数跌2.45%，深成指跌3.41%，创业板指跌4.02%。全市场成交额 1.98万亿元，较上个交易日放量2609.6亿元。 中证A500ETF（159338）收跌2.76%。 风险偏好下行+全球流动性预期再度收紧+结构反噬 今日市场的大幅调整，主要受到以下几方面因素共同影响： 首先，美联储近期频频释放偏鹰信号，强化了高利率维持更久的政策预期，海外流动性环境的不确定性明显上升，全 球风险资产普遍承压。在此背景下，新兴市场与风险资产的吸引力阶段性走弱，A股市场情绪亦受到明显传导和压制。 | | | | | | CME FEDWATCH TOOL - CONDITIONAL MEETING PROBABILITIES | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | MEETING DATE 175-200 200-225 225-250 250-275 275-300 300-325 325-350 350-375 375-400 | ...

指数表现 中证A500成分股表现 | | | 本周涨幅前十 ↑ | | | --- | --- | --- | --- | | 1 | 000547.SZ | 航天发展 | 31.77% | | 2 | 300058.SZ | 蓝色光标 | 20.18% | | 3 | 603650.SH | 彤程新材 | 14.75% | | 4 | 688099.SH | 晶晨股份 | 9.66% | | 5 | 300346.SZ | 南大光电 | 8.47% | | 6 | 300459.SZ | 汤姆猫 | 8.37% | | 7 | 601988.SH | 中国银行 | 8.08% | | 8 | 601100.SH | 恒立液压 | 7.06% | | 9 | 002292.SZ | 奥飞娱乐 | 5.00% | | 10 | 601155.SH | 新城控股 | 4.63% | | | | 本周跌幅前十 ↓ | | | 1 | 300769.SZ | 德方纳米 | -19.27% | | 2 | 300037.SZ | 新宙邦 | -17.98% | | 3 | 688390.SH | 固德威 | -17.5 ...

Index Performance - The CSI A500 Index decreased by 4.27% this week, closing at 5325.99 points as of November 21 [3][8] - The average daily trading volume for the week was 6047.97 billion yuan, reflecting a decrease of 13.94% compared to the previous week [3][8] Component Stock Performance - The top ten gainers in the CSI A500 Index this week included: 1. Aerospace Development (000547.SZ) with a gain of 31.77% 2. BlueFocus Communication Group (300058.SZ) with a gain of 20.18% 3. Tongcheng New Materials (603650.SH) with a gain of 14.75% [5] - The top ten losers included: 1. Defang Nano (300769.SZ) with a loss of 19.27% 2. Xinzhou Bang (300037.SZ) with a loss of 17.98% 3. GoodWe (688390.SH) with a loss of 17.59% [5] Fund Performance - All 40 CSI A500 funds experienced declines, with losses exceeding 3% this week [8] - The smallest decline was seen in the E Fund CSI A500 Enhanced ETF, which fell by 3.23%, while the largest decline was in the Huaan Fund's CSI A500 Enhanced ETF, which dropped by 4.67% [8] - The total scale of the funds has fallen below 200 billion yuan, now standing at 1920.64 billion yuan, with the top three funds being: 1. Huatai-PB CSI A500 ETF at 256.97 billion yuan 2. E Fund CSI A500 ETF at 226.45 billion yuan 3. Guotai Fund's CSI A500 ETF at 212.14 billion yuan [8] Market Analysis - Huaxin Securities reports that the A-share market is currently in a tug-of-war around the 4000-point mark, influenced by external factors such as the rising US dollar index and internal factors including profit-taking in technology stocks and disappointing earnings reports [9] - The report indicates that while there are signals of short-term adjustments in the market, there are no clear signs of a peak, suggesting that the bull market is still in its mid-stage, awaiting further capital inflows from residents, public funds, and foreign investments [9]