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 ...

相关度高的ETF持续获资金关注。如电力系统建设（发电、存储、运输等）方面，光伏ETF龙头 （560980）唯一跟踪中证光伏龙头30指数，聚焦光伏设备制造；储能电池ETF广发(159305)跟踪的是国 证新能源电池指数，侧重储能产业链；全市场同类规模最大的电池ETF（159755）则跟踪国证新能源车 电池指数，侧重固态电池概念，连续3个交易日持续获净买入累计超9亿元，最新规模达158.86亿元，是 全市场唯一一只百亿级电池主题指数基金；电网ETF(159320)跟踪恒生A股电网设备指数，更侧重电网 的升级改造。 中证网讯 近期资本市场电力投资再掀热潮。据国金证券牟一凌团队最新研报回溯分析，1980年以来全 球已出现五轮缺电周期，每轮缺电阶段，往往与电力、电网有关的投资增速都会明显抬升。当前，全球 范围内电力供应紧张局面持续加剧，美国AI数据中心用电需求激增、欧洲能源结构转型阵痛，以及新 兴市场工业化进程加速共同推动新一轮缺电周期到来，电力投资有望迎来高速增长阶段。 在这一背景下，中国凭借完善的电力系统和制造业优势，正成为全球电力建设的重要支撑力量。国金证 券研报指出，中国电力系统存在一定冗余量，能源价格和制造业 ...

Group 1 - The core viewpoint is that a new wave of electricity investment is emerging globally due to increasing electricity supply shortages, driven by factors such as surging electricity demand from AI data centers in the US, energy transition pains in Europe, and accelerated industrialization in emerging markets [1] - Since 1980, there have been five cycles of electricity shortages globally, with each cycle leading to a significant increase in investment related to electricity and power grids [1] - China is positioned as a key player in global electricity construction, benefiting from a robust power system and manufacturing advantages, which present substantial growth opportunities for domestic industry chain enterprises [1] Group 2 - Investment focus areas include: 1) Equipment demand growth from power system construction, including storage, power equipment, and photovoltaics; 2) Upstream resource products benefiting from power system construction, such as copper and aluminum; 3) Scarce raw materials due to rising demand for new energy; 4) Companies actively transforming due to rising electricity prices, such as cryptocurrency mining farms [1] - High-interest ETFs related to electricity system construction are attracting significant capital, with notable funds including the photovoltaic ETF (560980), energy storage battery ETF (159305), and the largest battery ETF (159755), which has seen over 900 million yuan in net inflows over three trading days [2] - The rare metals ETF (159608) has also attracted substantial investment, with a recent scale exceeding 800 million yuan, reflecting strong interest in upstream resource products related to electricity system construction [2] Group 3 - The electric equipment and new energy industry is at the beginning of a new cycle, with global new energy installed capacity expected to increase significantly during the "14th Five-Year Plan" period, leading to revolutionary changes in the power system [3] - High proportions of wind and solar energy integration will create massive storage and capacity demands, while global investments in power grids, especially in Europe and the US, will continue to rise to meet carbon neutrality goals [3] - Basic changes in the electricity market are expected to manifest by 2026, driven by increased electricity consumption due to AI and rising electricity prices from grid adjustment and transformation costs [3]

Group 1: Company Developments - The State Power Investment Corporation, the largest clean energy generation company globally, reported a projected total power generation of 724.4 billion kWh for 2024, with total installed capacity exceeding 260 million kW [1] - The company's clean energy installed capacity ratio has increased to nearly 73%, maintaining its global leadership in solar, new energy, and clean energy installations [1] Group 2: Industry Trends - The photovoltaic industry is experiencing structural improvements driven by anti-competitive policies, with the silicon material segment gradually turning profitable and overall profitability in the supply chain improving [2] - Strong overseas demand for photovoltaic products continues to support the industry, with stable prices for silicon wafers, battery cells, and modules, particularly bolstered by robust overseas market demand for battery cells [2] - Integrated solar and storage solutions are becoming a key strategic direction for leading component companies, with firms like Sungrow and Haibo Shichuang rapidly growing in the energy storage sector [2] Group 3: Market Performance - As of November 11, 2025, the CSI Photovoltaic Leaders 30 Index rose by 2.35%, and the leading photovoltaic ETF (560980) increased by 2.20%, with a weekly gain of 5.16% [3] - The leading photovoltaic ETF reached a new high in scale at 548 million yuan and a new high in shares at 708 million, with significant net inflows totaling 170 million yuan over the past five days [3] - The ETF closely tracks the CSI Photovoltaic Leaders 30 Index, selecting 30 large-scale, profitable companies in the photovoltaic generation industry, reflecting the performance of core assets in China's photovoltaic sector [3]

Market Performance - The A-share market showed a mixed performance last week, with the Shanghai Composite Index, CSI 300, and ChiNext Index gaining 1.08%, 0.82%, and 0.65% respectively, while the SME Board Index, CSI 500, and STAR 50 Index recorded losses of -0.59%, -0.04%, and 0.01% respectively [1] - In terms of sectors, power equipment and new energy, steel, and oil and petrochemicals performed well with gains of 5.10%, 4.57%, and 4.56% respectively, while pharmaceuticals, computers, and comprehensive finance lagged with losses of -2.36%, -2.08%, and -1.98% respectively [1] Fund Flows - Last week, the total net inflow for ETFs across the market was 239.45 billion yuan, with stock ETFs experiencing a net outflow of 10.35 billion yuan, while cross-border stock ETFs saw a net inflow of 116.3 billion yuan [2] - The net inflows for various indices included 73.86 billion yuan for Hang Seng Technology, 59.38 billion yuan for money market funds, and 43.10 billion yuan for securities companies, while the CSI 300 and CSI 500 experienced net outflows of 88.35 billion yuan and 23.94 billion yuan respectively [2][4] ETF Performance - The median weekly return for stock ETFs was 0.43%, with the CSI 300 ETF and the Shanghai Composite 50 ETF showing median returns of 0.82% and 0.89% respectively [11] - The top-performing ETFs included the Electric Grid Equipment ETF and various photovoltaic ETFs, which saw returns of 10.92%, 10.80%, and 9.30% respectively [12][14] - Conversely, the worst performers included the Sci-Tech Innovation Drug ETFs, which experienced declines of -7.59% and -7.38% [16][18] New Fund Launches - A total of 45 funds were reported last week, maintaining the same number as the previous week, including three FOFs and one QDII [19] - Upcoming launches include several ETFs focused on photovoltaic industries and internet sectors, indicating a continued interest in these areas [19][20]

Group 1 - The core viewpoint is that the power supply is becoming a critical bottleneck for AI expansion, with significant growth in the photovoltaic, grid, and battery sectors despite market adjustments [1][2] - The leading photovoltaic ETF (560980) has increased by 0.91% recently, with a year-to-date gain of over 57%, while the grid ETF (159320) has risen significantly, with a year-to-date increase of over 73% [1] - The largest and most liquid battery ETF (159755) has seen a year-to-date increase of 70%, and the energy storage battery ETF (159305) has risen over 66% this year, indicating high industry prosperity [1] Group 2 - The photovoltaic ETF tracks the top 30 photovoltaic companies and has outperformed the photovoltaic industry index by nearly 10% this year [2] - Microsoft’s CEO Nadella highlighted that the real bottleneck for AI chip deployment is not chip supply but rather the availability of power and physical space in data centers [2] - The grid ETF closely follows the Hang Seng A-share grid equipment index, which has outperformed the CSI grid equipment index by 34% this year [2]

Market Overview - The three major A-share indices collectively rose in the morning session, with the Shanghai Composite Index increasing by 0.88% to surpass the 4000-point mark, while the Shenzhen Component Index and the ChiNext Index both rose by 1.39% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 13,378 billion yuan, an increase of 1,881 billion yuan compared to the previous day [1] - Over 2,700 stocks in the market experienced gains [1] Sector Performance - The leading sectors in terms of gains included phosphorus chemical industry, storage chips, controllable nuclear fusion, aviation engines, insurance, wind power equipment, and PEEK material concept stocks [1] - Conversely, the sectors that saw the largest declines were Hainan Free Trade Zone, tourism and hotels, short drama games, and the ice and snow industry [1] ETF Performance - The semiconductor sector saw a broad rebound, with notable increases in ETFs such as Bosera Semiconductor Industry ETF (up 3.98%), CMB Semiconductor Equipment ETF (up 3.96%), and Guotai Innovation Chip ETF (up 3.72%) [1] - The photovoltaic and power grid sectors continued their upward trend, with GF Fund Photovoltaic ETF leading at an increase of 3.84% and Huaxia Fund Power Grid Equipment ETF rising by 3.27% [1] - The film and television sector experienced a pullback, with the Film and Television ETF declining by 2.25%, while the tourism sector also fell, with the Tourism ETF down by 1.32% [1] - The media sector weakened, with the Media ETF decreasing by 1.19% [1]

ETF Industry News - The three major indices collectively rose, with the Shanghai Composite Index increasing by 0.23%, the Shenzhen Component Index by 0.37%, and the ChiNext Index by 1.03. Multiple ETFs in the power equipment sector saw significant gains, including the leading photovoltaic ETF (560980.SH) which rose by 5.59%, the grid equipment ETF (159326.SZ) by 5.31%, and the innovative new energy ETF (588830.SH) by 5.18% [1][3][10]. Cross-Border Investment - Recent enthusiasm for cross-border investments is evident as two Brazil-focused ETFs experienced a surge in demand, with subscription scales quickly surpassing their fundraising limits. The proportion of allocation confirmed for the China Asset Management Brazil ETF was approximately 11.5%, while the E Fund Brazil ETF was about 11.8%, indicating strong investor interest in emerging market investment products [2]. Market Overview - On November 5, the A-share market and major overseas indices showed positive performance, with the Shanghai Composite Index closing at 3969.25 points, the Shenzhen Component Index at 13223.56 points, and the ChiNext Index at 3166.23 points. The ChiNext Index, CSI 1000, and CSI 500 ranked highest in daily performance, with respective daily increases of 1.03%, 0.39%, and 0.26% [3]. Sector Performance - In the sector performance analysis, the power equipment, coal, and retail sectors ranked highest with daily increases of 3.4%, 1.39%, and 1.22%, respectively. Conversely, the computer, non-bank financials, and telecommunications sectors lagged behind with declines of -0.97%, -0.49%, and -0.43% [6]. ETF Market Performance - The overall performance of ETFs was categorized by investment type, with stock-based scale index ETFs showing the best average daily increase of 0.27%, while cross-border ETFs had the worst performance with an average decline of -0.56% [8]. Top Performing ETFs - The top three performing stock ETFs for the day were the leading photovoltaic ETF (560980.SH) with a gain of 5.59%, the grid equipment ETF (159326.SZ) with a gain of 5.31%, and the innovative new energy ETF (588830.SH) with a gain of 5.18% [10][11]. Trading Volume of Different ETF Categories - The trading volume for ETFs was led by stock ETFs, with the top three being A500 ETF (512050.SH) at 5.308 billion yuan, CSI A500 ETF (159338.SZ) at 4.310 billion yuan, and A500 ETF Southern (159352.SZ) at 4.195 billion yuan [13][14].

Market Overview - A-shares opened lower but closed higher, with the Shanghai Composite Index and Shenzhen Component Index slightly in the green, while the North China 50 and Shanghai 50 were slightly in the red. Market turnover decreased to 1.89 trillion yuan [2] Sector Performance - The power equipment, forestry, Hainan free trade, and decoration sectors saw the largest gains, while medical beauty, gaming, ground weaponry, and quantum technology sectors experienced the largest declines [2] - The power equipment industry stood out with over 32.4 billion yuan in net inflow from major funds, while machinery equipment saw over 6.8 billion yuan in net inflow. Basic chemicals and electronics each received over 4 billion yuan in net inflow, and several other sectors also saw significant inflows [2] Investment Insights - Huashang Securities believes that short-term market fluctuations do not alter the stable outlook, supported by improving fundamentals, positive factors from Sino-U.S. trade, and policies encouraging long-term capital inflow. Focus areas include AI, autonomous control, humanoid robots, low-altitude economy, and defense industry [2] - The power equipment sector experienced a strong performance, with the sector index rising over 5%, reaching a 10-year high, and historical trading volume exceeding 100 billion yuan. Several stocks, including Caneng Electric and Shuangjie Electric, hit the daily limit [2] ETF Performance - The top 20 ETFs by growth were all related to power equipment, with the photovoltaic ETF, grid equipment ETF, and innovative energy ETF leading with gains exceeding 5% [3] Energy Consumption Trends - Microsoft and OpenAI CEOs noted that the current challenge in the AI industry is not excess computing power but insufficient electricity to support GPU operations. The International Energy Agency estimates that electricity consumption by data centers will double by 2030, with Goldman Sachs projecting a 160% increase in global data center electricity consumption by the same year [3] Investment in Infrastructure - The State Grid reported fixed asset investments exceeding 420 billion yuan from January to September this year, a year-on-year increase of 8.1%. The total investment for the year is expected to surpass 650 billion yuan for the first time [3] Financial Performance - The recently disclosed Q3 report showed that the power equipment sector achieved a net profit of 38.213 billion yuan in the first three quarters, a year-on-year increase of 16.03%. The net profit for Q3 alone was 14.414 billion yuan, up 20.1% year-on-year [3] Policy and Market Outlook - CITIC Securities indicated that policies are further guiding and solidifying long-term opportunities in areas such as ultra-high voltage, flexible DC transmission, and smart grids. In the short term, the demand for transmission and transformation equipment is expected to resonate positively with both domestic and international markets [4]

Core Viewpoint - The A-share market showed a slight upward trend today, with the power equipment sector leading gains, while overall market activity saw a decrease in trading volume to 1.89 trillion yuan Market Performance - The A-share market opened lower but closed higher, with the Shanghai Composite Index and Shenzhen Component Index slightly in the green, while the North Stock 50 and Shanghai 50 were slightly in the red [1] - The power equipment sector experienced significant inflows, with over 32.4 billion yuan in net capital inflow, while other sectors like machinery and basic chemicals also saw substantial inflows [1] Sector Highlights - The power equipment industry surged, with the sector index rising over 5%, reaching a 10-year high, and trading volume exceeding 100 billion yuan for the first time in history [2] - Notable stocks in the power equipment sector included Caneng Electric, which hit a 30% limit up, and several others that also saw significant gains [2] ETF Performance - The top 20 ETFs by growth were all related to the power equipment sector, with the leading solar power ETF, grid equipment ETF, and innovative energy ETF all showing gains exceeding 5% [4] Industry Insights - The International Energy Agency (IEA) estimates that electricity consumption by data centers will double by 2030, with Goldman Sachs projecting a 160% increase in global data center electricity usage [4] - The State Grid Corporation of China reported fixed asset investments exceeding 420 billion yuan from January to September this year, marking an 8.1% year-on-year increase, with expectations for total investments to surpass 650 billion yuan for the year [4] Financial Performance - The power equipment sector reported a net profit of 38.213 billion yuan for the first three quarters, reflecting a year-on-year growth of 16.03%, with the third quarter alone showing a 20.1% increase [5] - Citic Securities highlighted that policies are reinforcing long-term opportunities in areas such as ultra-high voltage and smart grid technologies, with structural demand continuing to show resilience [5]