A股三大指数集体上涨，截至午盘，沪指涨1.13%，深成指涨2.04%，创业板指涨2.60%，北证50指 数涨1.65%，沪深京三市半日成交额11831亿元，较上日放量1506亿元。全市场超4800只个股上涨。AI 硬件方向全线反弹，CPO概念爆发，玻纤、液冷、覆铜板概念同步大涨，AI应用、商业航天概念持续活 跃；水产股大跌，民航、白酒表现低迷。 ETF方面，AI硬件板块暴力反弹，创业板人工智能ETF大成、银华基金5GETF、创业板人工智能 ETF华夏分别涨5.19%、5%和4.97%。科创板小盘股涨幅居前，易方达基金成长ETF、科创200ETF易方 达分别涨4.5%和4.37%。 跨境ETF跌幅居前，沙特ETF、日本东证指数ETF和法国CAC40ETF分别跌1.17%、0.68%和0.5%。 中船系调整，交运ETF跌0.19%。 （责任编辑：郭健东 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

Core Insights - The railway freight volume and highway truck traffic show resilience and maintain steady growth, with railway freight reaching 80.32 million tons, a week-on-week increase of 2.33%, and highway truck traffic at 58.12 million vehicles, a week-on-week increase of 24.72% [1] Industry Summary - The two main investment themes in the highway sector are expected to persist throughout 2025, focusing on traditional high-dividend investments and potential value management catalysts from undervalued stocks [1] - The transportation ETF (561320) tracks the mainland transportation index (000945), which selects listed companies involved in rail, road, air, and maritime transport to reflect the overall performance of transportation-related securities [1] - The mainland transportation index components are representative of the industry, emphasizing balanced sector allocation to provide investors with a benchmark for measuring market performance in the transportation sector [1]

Group 1 - The "Second Golden Unicorn Best Investment Advisor Selection" event is currently ongoing, with over 3,000 professional investment advisors participating in simulated portfolio competitions [1] - The event aims to provide a platform for investment advisors to showcase their capabilities, expand services, and enhance skills, thereby promoting the healthy development of China's wealth management industry [1] Group 2 - The top ten most frequently bought ETFs on October 21 include the Nikkei ETF, Transportation ETF, and Hong Kong Securities ETF, indicating strong interest in these sectors [2] - The top ten ETFs by purchase amount on the same day are led by the Hong Kong Securities ETF and Nikkei ETF, suggesting significant capital flow into these funds [3] - The data for the top bought stocks/ETFs is based on the aggregated buying activity of all participants, highlighting popular investment choices among advisors [4]

Group 1 - The core viewpoint is that infrastructure stocks have become undervalued, with dividend yields exceeding 5%, indicating potential for a rebound if market sentiment shifts [1] - The leading expressway companies are expected to maintain stable annual performance and dividend expectations, making them attractive after recent price adjustments [1] - Ports are highlighted as stable cash flow assets, currently valued lower than other infrastructure assets, enhancing their investment appeal [1] Group 2 - The transportation ETF (561320) tracks the mainland transportation index (000945), which includes listed companies in aviation, shipping, rail, and road transport sectors, reflecting the overall performance of these companies [1]

Core Viewpoint - The railway freight industry is benefiting from logistics transformation and pricing policy adjustments, leading to steady growth in freight volume and turnover, although the growth rate remains low [1] - The logistics industry is leveraging AI to enhance transportation efficiency, with leading companies expected to expand their business scope and increase market share [1] Group 1: Railway Freight Industry - The railway freight industry is experiencing steady growth in freight volume and turnover due to logistics transformation and pricing policy adjustments, although the growth rate is at a low level [1] - Digitalization improvements are expected to optimize costs and drive unit profit enhancement in the railway freight sector [1] Group 2: Highway and High-Speed Rail - The highway sector is seeing stable growth in passenger and freight vehicle traffic, although the growth rate is experiencing a phase of slowdown [1] - High-speed rail passenger volume is maintaining steady growth, but turnover growth is weak due to distance impact, with structural changes in passenger demographics leading to stable expectations [1] Group 3: Logistics Industry - The logistics industry is integrating traditional operations research with logistics processes, promoting "model governance" through AI empowerment to enhance transportation efficiency [1] - Leading companies in the logistics sector are expected to expand their business landscape and improve market share [1] Group 4: Investment Index - The transportation ETF (561320) tracks the transportation index (000945), which includes representative listed companies from the aviation, shipping, highway, and railway transportation sectors to reflect the overall performance of the transportation industry [1]

Core Insights - The ETF market showed mixed performance, with the China International Capital Corporation (CICC) Technology Pioneer ETF (560990) leading gains at 6.40% [1] - The Hang Seng Innovative Medicine ETF (520500) increased by 4.29%, while another Hang Seng Innovative Medicine ETF (159316) rose by 3.85% [1] - The Greater Bay Area ETF (512970) experienced the largest decline at 1.41%, followed by the Transportation ETF (561320) down 0.82% and the Sci-Tech Semiconductor ETF (588170) down 0.72% [1] Summary by Category - **Top Performers** - CICC Technology Pioneer ETF (560990) led with a 6.40% increase [1] - Hang Seng Innovative Medicine ETF (520500) rose by 4.29% [1] - Hang Seng Innovative Medicine ETF (159316) increased by 3.85% [1] - **Underperformers** - Greater Bay Area ETF (512970) declined by 1.41% [1] - Transportation ETF (561320) fell by 0.82% [1] - Sci-Tech Semiconductor ETF (588170) decreased by 0.72% [1]

Group 1 - The ETF market showed mixed performance at midday, with the Hang Seng Innovative Drug ETF (520500) leading gains at 4.29% [1] - The Hong Kong Stock Connect Innovative Drug ETF (159570) increased by 4.16%, while the Hong Kong Innovative Drug ETF (513120) rose by 4.08% [1] - The Greater Bay Area ETF (512970) was the biggest loser, declining by 1.49%, followed by the Logistics ETF (516910) down 0.66% and the Transportation ETF (561320) down 0.62% [1] Group 2 - A-share accounts can now buy Hong Kong stocks on a T+0 basis without the need for Hong Kong Stock Connect [1]

ETF Industry News - Major indices experienced fluctuations with the Shanghai Composite Index down 0.02%, Shenzhen Component down 0.26%, and ChiNext down 0.31. Multiple transportation sector ETFs saw gains, including the Logistics Express ETF (516530.SH) up 1.23%, Logistics ETF (516910.SH) up 1.15%, and Transportation ETF (561320.SH) up 0.93 [1] - The logistics industry is expected to maintain rapid growth in 2024, despite a decline in package value and ticket prices due to trends towards smaller packages. Rail passenger volume is projected to grow at a double-digit rate in 2024, while road freight and passenger transport will continue to increase [1] - In the ETF market, as of the end of April, the Shanghai Stock Exchange had 680 ETFs with a total market value of 2.96 trillion yuan and total shares of 1.75 trillion. The Shenzhen Stock Exchange had 467 ETFs with a total market value of 1.09 trillion yuan and total shares of 866.68 billion [3][4] - The top three brokers in terms of ETF trading volume on the Shanghai Stock Exchange in April were Huatai Securities, China Galaxy, and CITIC Securities, with market shares of 10.94%, 8.52%, and 7.94% respectively [4] - The overall performance of ETFs showed that strategy-based ETFs had the best average return of 0.43%, while thematic ETFs had the worst average return of -0.37% [11] - The top three performing stock ETFs for the day were Communication ETF (515880.SH) with a return of 1.42%, 800 Cash Flow ETF (563990.SH) with 1.37%, and 180 Governance ETF (510010.SH) with 1.24% [13] - The top three stock ETFs by trading volume were A500 ETF Fund (512050.SH) with 2.798 billion yuan, A500 Index ETF (159351.SZ) with 2.533 billion yuan, and CSI 300 ETF (510300.SH) with 2.130 billion yuan [17]

Group 1 - The core viewpoint of the news highlights significant progress in China's transportation infrastructure, particularly in high-speed rail and bridge projects, with infrastructure investment increasing by 5.8% year-on-year [1] - In April 2025, the national railway freight volume showed a steady increase, with a total of 428 million tons sent, representing a year-on-year growth of 4.9%, and a cumulative total of 1.681 billion tons for the first four months, up 2.0% year-on-year [1] - The launch of the first grain multimodal transport "single document" train significantly reduced transportation time to 13 days, effectively lowering logistics costs [1] Group 2 - The Shanghai-Chongqing-Chengdu high-speed railway segment from Wuhan to Yichang has begun joint debugging and testing, designed for a speed of 350 kilometers per hour [1] - The transportation ETF (561320) tracks the transportation index (000945), which reflects the overall performance of representative listed companies in the transportation sector, including railways, highways, waterways, and aviation [1]