【导读】逆市布局步伐加快，股票ETF连续两个交易日"吸金"超百亿元 随着市场风险偏好下行，近期上证指数回落至4000点之下，有着"逆市风向标"之称的股票ETF持续吸引资金加仓。 据银河证券基金研究中心数据统计， 11月17日，全市场股票ETF（含跨境ETF）资金净流入接近110亿元，这也是股票ETF市场连续两个 交易日出现百亿元资金净流入。 股票ETF连续两个交易日 资金净流入超百亿元 中国基金报记者 若晖 11月17日，A股市场延续盘整，全天以小幅缩量震荡为主。截至收盘，上证指数报收于3972.03点，下跌0.46%；两市成交金额小幅缩小 至1.93万亿元。 随着市场回落至4000点下方，股票ETF市场再次展现出逆市布局的特征。银河证券基金研究中心数据显示，截至11月17日，全市场1254 只股票ETF（含跨境ETF）总规模达4.39万亿元。在昨日震荡行情中，股票ETF市场总份额增加103.88亿份，按照区间成交均价测算，净 流入资金达109.80亿元。这也是股票ETF市场连续两个交易日出现百亿元资金净流入。 从大类型来看，行业主题与港股ETF净流入居前，分别达38.7亿元与32.88亿元。 具体到指数维度 ...

Market Overview - The A-share market experienced a decline across major indices last week, with the Shanghai Composite Index, CSI 1000, and CSI 300 showing returns of -0.18%, -0.52%, and -1.08% respectively. In contrast, the STAR 50, ChiNext Index, and SME Board Index had poorer performances with returns of -3.85%, -3.01%, and -1.71% respectively [1] - In terms of industry performance, consumer services, textiles and apparel, and pharmaceuticals led with returns of 4.81%, 4.43%, and 3.29% respectively, while communication, electronics, and computers lagged with returns of -4.90%, -4.44%, and -3.72% respectively [1] Fund Flow - The ETF market saw a net inflow of 29.317 billion yuan last week, with stock ETFs contributing 17.352 billion yuan, QDII stock ETFs 5 billion yuan, commodity ETFs 5.957 billion yuan, money market fund ETFs 1.236 billion yuan, and bond ETFs experiencing a net outflow of 0.276 billion yuan [2] - Specific indices that saw significant net inflows include SGE Gold 9999 (5.573 billion yuan), STAR 50 (3.532 billion yuan), and ChiNext AI (2.300 billion yuan) [4] - Conversely, indices such as CSI A500 and CSI 300 experienced notable net outflows of 4.055 billion yuan and 2.640 billion yuan respectively [2][4] ETF Performance - The median weekly return for stock ETFs was -1.09%, with the CSI 50 ETF showing the highest median return of 0.02% among broad-based ETFs. Consumer ETFs had a median return of 2.10%, the highest among sectors [11] - Top-performing ETFs included the Hong Kong Stock Connect Innovative Drug ETF (10.92%), Hang Seng Innovative Drug ETF (10.80%), and Tourism ETF (9.30%) [12][14] - In contrast, ETFs such as 5G Communication ETF and Communication ETF saw declines of -7.03% and -6.89% respectively [16][18] New Fund Activity - A total of 56 funds were reported last week, an increase from the previous week, including one QDII and several thematic ETFs [20] - 25 new funds were established with a total issuance scale of 14.173 billion yuan, which is a decrease compared to the previous week [20] - 41 funds entered the issuance phase last week, with 33 more expected to begin issuance this week [21] Hot News - Several cross-border ETFs have been flagged for premium risks due to significant discrepancies between market trading prices and net asset values [22] - The "Southbound ETF" program expanded on November 10, adding six ETFs to the Hong Kong Stock Connect list, increasing the total number of products from 17 to 23 [23]

Core Viewpoint - The market is experiencing a significant pullback in computing power, particularly affecting optical modules, with major companies like Zhongji Xuchuang and Tianfu Communication seeing declines of over 4% and 3% respectively. The AI-focused ETF tracking optical module leaders has also dropped over 3% [1][2]. Group 1: Market Performance - The AI-focused ETF (159363) has seen a trading volume exceeding 1 billion CNY, with a net subscription of 20 million shares despite the market downturn [1]. - Major US tech stocks, including Oracle and Nvidia, have faced substantial sell-offs, raising concerns about valuations in the AI sector [2]. Group 2: Investment Opportunities - CITIC Securities highlights the expanding investment opportunities in the AI sector, particularly in the computing power supply chain and AI applications, predicting a potential replication of the long bull market seen in US stocks since 2023 [3]. - The demand for optical modules is expected to grow significantly, with projections for 800G optical modules to maintain high growth rates and the development of 1.6T and 3.2T modules underway [3]. - The first AI ETF tracking the ChiNext AI Index (159363) has a market size exceeding 3.5 billion CNY and leads in trading volume among similar ETFs, with over 70% of its portfolio focused on computing power [3].

| 代码 | 名称 | 现价 | | 涨跌 涨跌幅 ▲ | | --- | --- | --- | --- | --- | | 159279 | 创业板人工智能ETF华安 | 0.942 | -0.028 | -2.89% | | 159388 | 创业板人工智能ETF国泰 | 1.684 | -0.049 | -2.83% | | 159382 | 创业板人工智能ETF南方 | 1.766 | -0.050 | -2.75% | | 159381 | 创业板人工智能ETF华夏 | 1.554 | -0.044 | -2.75% | | 159363 | 创业板人工智能ETF华宇 | 0.823 | -0.024 | -2.83% | | 159246 | 创业板人工智能ETF富国 | 1.557 | -0.043 | -2.69% | | 159242 | 创业板人工智能ETF大成 | 1.388 | -0.037 | -2.60% | 有券商表示，AI应用生态日趋完善，大模型技术在金融、医疗、教育等垂直领域的渗透率快速提升，商业化进程超出市场 预期；随着政策支持力度加大和国产算力建设提速，人工智能产业链各 ...

Core Viewpoint - The recent decline in computing hardware, particularly in optical modules, is attributed to concerns over an AI bubble and a temporary retreat in AI narratives overseas [3] Group 1: Market Performance - Tianfu Communication led the decline with an 8% drop, while Zhongji Xuchuang fell over 4%, and several other stocks like Xinyi Sheng and Ruijie Network dropped more than 2% [1] - The ChiNext AI ETF (159363), heavily invested in leading optical module companies, fell by 2.77% with a trading volume of 697 million yuan, losing its 20-day moving average [1] Group 2: AI Bubble Concerns - Michael Burry, a prominent short-seller, warned that large tech companies are extending the depreciation period of servers and computing devices to inflate their financial reports, a common method of profit manipulation [3] - Goldman Sachs strategists expressed concerns that the current enthusiasm for AI could mirror the internet bubble of the early 2000s, although they believe there is still room for growth in the AI market [3] Group 3: Policy and Industry Outlook - The national "14th Five-Year Plan" emphasizes accelerating breakthroughs in the new technological revolution and enhancing self-reliance in technology, with a focus on integrating AI into various sectors [3] - The AI industry is rapidly developing, driving explosive demand in the computing sector, with optimistic forecasts from companies like OpenAI in North America and Alibaba in China, which is investing 380 billion yuan in AI infrastructure [3] Group 4: Investment Recommendations - CITIC Securities believes the world is undergoing an AI industrial revolution, suggesting a long-term perspective on AI-driven computing demand and applications [4] - The demand for 800G optical modules is expected to grow rapidly, with significant increases in the shipment of 1.6T modules and the initiation of 3.2T module development [4] - Investors are advised to focus on the first ChiNext AI ETF (159363) and related funds, which have a significant allocation to leading optical module companies [4] Group 5: ETF Performance - As of October 31, the ChiNext AI ETF (159363) has a scale exceeding 3.5 billion yuan, with an average daily trading volume of over 700 million yuan, leading among seven ETFs tracking the ChiNext AI index [5]

Group 1 - The core viewpoint of the articles highlights the volatility in the AI and semiconductor sectors, with significant movements in the stock prices of key players like Tianfu Communication and Zhongji Xuchuang, indicating market fluctuations and investor sentiment [1][2] - The first AI ETF on the ChiNext market has a focus on leading companies in the optical module sector, with over 54% of its holdings in this area, and has seen a recent increase in trading volume and market capitalization, reflecting strong investor interest [1] - The Science and Technology Innovation AI ETF is strategically positioned in the domestic AI industry chain, benefiting from the acceleration of AI integration in edge-side chips and software, with a high concentration in semiconductor stocks [2] Group 2 - Analysts suggest that short-term market fluctuations should not overshadow the long-term growth prospects for computing hardware, driven by key indicators such as CAPEX, token consumption, and ARR, indicating a robust demand for computing power in the AI sector [2] - The national "14th Five-Year Plan" emphasizes the acceleration of technological revolutions and industrial transformations, positioning AI as a critical driver of future economic growth, comparable to the industrial revolution [2] - The AI sector is expected to experience sustained high growth in computing demand, as the industry reaches a commercialization inflection point, with optimistic forecasts for AI applications driving this demand [2]

受盘面影响，创业板人工智能ETF跌超2%。 | 代码 | 名称 | 现价 | | 涨跌 涨跌幅 ◀ | | --- | --- | --- | --- | --- | | 159279 | 创业板人工智能ETF华安 | 0.972 | -0.025 | -2.51% | | 159381 | 创业板人工智能ETF华夏 | 1.601 | -0.041 | -2.50% | | 159382 | 创业板人工智能ETF南方 | 1.819 | -0.046 | -2.47% | | 159246 | 创业板人工智能ETF富国 | 1.602 | -0.041 | -2.50% | | 159388 | 创业板人工智能ETF国泰 | 1.734 | -0.043 | -2.42% | | 159363 | 创业板人工智能ETF华宇 | 0.849 | -0.021 | -2.41% | | 159242 | 创业板人工智能ETF大成 | 1.431 | -0.035 | -2.39% | 创业板人工智能概念股早盘走低，协创数据跌超7%，新易盛跌超6%，中际旭创跌超4%。 （文章来源：每日经济新闻） 有券商表示，AI ...

Market Overview - The A-share market saw a collective rise in the three major indices, with the Shanghai Composite Index recovering the 4000-point mark, closing up 0.97% at 4007.76 points [1] - The Shenzhen Component Index rose 1.73%, and the ChiNext Index increased by 1.84% [1] - The total trading volume in the Shanghai and Shenzhen markets exceeded 2 trillion yuan, an increase of 182.9 billion yuan compared to the previous day [1] Electronic Sector - Over 20 billion yuan of main funds flowed into the electronic sector, with the electronic ETF (515260) reaching a peak price increase of 3.45% during the day, ultimately closing up 3.3% [3][5] - The semiconductor chip market is experiencing a strong rally, particularly in Hong Kong stocks, with the first Hong Kong information technology ETF (159131) set to officially launch next week [1][3] - Key stocks in the electronic sector, such as Dongshan Precision, saw a limit-up increase, while other semiconductor leaders also posted significant gains [5][6] Chemical Sector - The chemical sector experienced a significant surge, with the chemical ETF (516020) closing up 2.65% [13] - The phosphorus chemical sector saw strong performance, with leading stocks like Xinfengming and Yuntianhua hitting the daily limit [13] - Recent data indicated a substantial inflow of funds into the basic chemical sector, with a net inflow of 105.93 billion yuan on the day and 270.4 billion yuan over the past five days [15][16] Investment Strategies - Analysts suggest a balanced allocation strategy in November, focusing on technology, cyclical sectors, and core asset industries due to potential market style rebalancing [2][3] - The electronic ETF (515260) and its linked funds are recommended for passive tracking of the electronic 50 index, which includes key sectors like AI chips and automotive electronics [7] - The chemical ETF (516020) is highlighted for its diversified exposure across various chemical sub-sectors, making it a suitable vehicle for investors looking to capitalize on the sector's growth [17]

3日早盘，以光模块为代表的算力硬件继续回调，光模块含量超54%的创业板人工智能跌逾1%。其中， 天孚通信领跌超3%，全志科技、北京君正、长芯博创、锐捷网络、光库科技、中际旭创领跌超2%。热 门ETF方面，同类规模最大的创业板人工智能ETF（159363）场内继续回调逾1%，实时成交额超2.5亿 元。 消息面上，北美持续加大AI投入，算力基础设施高景气度延续。近日，北美四大云厂商（MAMG—— 微软、亚马逊、Meta、谷歌）近日已发布2025Q3业绩：MAMG 2025Q3合计资本开支同比增长68%至 964亿美元，Factset一致预期2025年资本开支将达到3633亿美元（同比+63%）。 同类比较看，截至10月31日，创业板人工智能ETF（159363）最新规模超35亿元，近1个月日均成交额 超7亿元，规模、交投在跟踪创业板人工智能指数的7只ETF中高居第一。 数据来源：沪深交易所等。注："全市场首只"是指首只跟踪创业板人工智能指数的ETF。 风险提示：创业板人工智能ETF华宝被动跟踪创业板人工智能指数，该指数基日为2018.12.28，发布日 期为2024.7.11。创业板人工智能指数2020-2024 ...

Core Viewpoint - The A-share and Hong Kong stock markets experienced fluctuations, with a notable rebound in the "drinking and eating" sector, while the hard technology sector showed weakness, particularly in semiconductor and optical module stocks [1][2]. Group 1: Market Performance - The ChiNext index fell over 2%, and the Hang Seng Index dropped more than 1% [1]. - The Hong Kong Innovation Drug ETF (520880) surged by 4.84%, with over 260 million yuan accumulated in the last 10 days [1][5]. - The Food ETF (515710) rose by 1%, attracting over 155 million yuan in the past five trading days [1][10]. Group 2: Sector Analysis - The "drinking and eating" sector saw a resurgence, with significant gains in liquor and consumer goods stocks, including Guangzhou Restaurant and Gujing Gongjiu, which both rose over 6% [10][12]. - The domestic software and AI applications showed strong performance, with the Xinchuang ETF (562030) increasing by 1.6% [1]. - The hard technology sector faced challenges, particularly in optical modules, with the ChiNext AI ETF (159363) declining over 3% [2][14]. Group 3: Future Outlook - Huabao Fund indicated a potential "slow bull" market due to decreasing uncertainty and increased liquidity, with long-term funds entering the market [2]. - The food and beverage industry is expected to recover as fiscal and monetary policies work together to improve consumer sentiment [12][13]. - The innovation drug sector is anticipated to see renewed interest, especially with supportive policies and positive earnings reports from key companies [7][8].