行情回顾及主要观点： 上周A股市场整体呈现下跌趋势，主要指数普遍回调：沪深300跌3.77%，中证500跌5.78%，中证1000跌 5.80%，创业板50跌6.04%，科创50跌5.54%。交易面，A股市场上周日均成交额在18700亿元左右，市场 交投活跃。市场热点呈现快速轮动特征，周初以锂电池、AI应用、福建板块及军工为主，随后半导体 （光刻胶）、机器人、水产接力，中后段银行及光刻胶走强。 创业板为主要"三创（创新、创造、创意）四新（新技术、新产业、新业态、新模式）"的成长型创新创 业企业提供直接融资平台。权重行业方面，创业板50指数聚焦信息技术+新能源+金融科技+医药四大新 质生产力赛道，科技成长属性纯粹。 图：创业板50指数四大赛道 数据来源：Wind，华安基金，截至2025-11-21 创业板50指数：追"光"识"新"更掘"金"。横向对比来看，创业板50指数的光模块含量、新能源含量以及 金融科技含量优于创业板指以及主流宽基指数。 创业板50ETF（159949）：汇聚创业板优势领域的成长白马，聚焦于科技成长属性的龙头企业。当前估 值37.44倍，近十年32.83%分位（数据来源：Wind，截至202 ...

Market Performance - The A-share major indices showed strength in early trading on November 19, with the ChiNext Index rising over 1% [1] - As of 10:49, the ChiNext 50 ETF (159949) increased by 1.59%, trading at 1.472 CNY, with a turnover rate of 2.98% and a transaction volume of 756 million CNY [1][2] Fund Flow - The ChiNext 50 ETF (159949) recently shifted from net outflow to net inflow, with a latest circulating scale of 25.183 billion CNY as of November 18, 2025 [1] - In the last 10 trading days, there was a net outflow of 547 million CNY, but the fund has seen net inflows for three consecutive days [1] Top Holdings - The top ten holdings of the ChiNext 50 ETF (159949) include leading companies such as CATL, Zhongji Xuchuang, Dongfang Caifu, and others [3] - Notably, stocks like Xinyisheng, Zhongji Xuchuang, and Tianfu Communication saw significant gains, with increases of 3.06%, 5.03%, and nearly 3% respectively [3] Industry Insights - Multiple brokerages have expressed positive views on the optical module sector, with Guosen Securities estimating that global shipments of 800G optical modules could reach 40 million units next year, and 1.6T modules may exceed 7 million units, indicating substantial market potential [4] - CITIC Securities also anticipates continued high growth in demand for 800G optical modules and significant increases in the shipment scale of 1.6T modules, with R&D for 3.2T modules already underway [5] Investment Recommendations - The ChiNext 50 ETF (159949) is highlighted as a convenient and efficient investment tool for investors looking to capitalize on the long-term growth of China's technology sector [5] - Experts recommend a dollar-cost averaging strategy or phased investment approach to mitigate short-term volatility risks, while closely monitoring the performance of index constituent stocks and relevant policy developments [5]

行情回顾及主要观点： 上周A股市场整体呈现下跌：沪深300跌1.1%，中证500跌1.3%，中证1000跌1.5%，创业板50跌3.7%， 科创50跌3.8%。交易面，A股市场上周日均成交额在2万亿元左右，市场交投活跃。市场热点呈现快速 轮动特征，大消费、医药、化工、油气等板块交替活跃，电子、通信等科技权重板块回调较深。建议短 期内关注需求修复与政策共振、估值相对较低的景气成长领域，把握业绩弹性和产业升级主线，如受益 于储能订单爆发及技术创新突破的锂电池板块，借道新能源含量38%的创业板50ETF（159949）等布局 相关产业。 创业板为主要"三创（创新、创造、创意）四新（新技术、新产业、新业态、新模式）"的成长型创新创 业企业提供直接融资平台。权重行业方面，创业板50指数聚焦信息技术+新能源+金融科技+医药四大新 质生产力赛道，科技成长属性纯粹。 图：创业板50指数四大赛道 医药板块上周大幅反弹。创新药医保谈判预期改善、ADC/GLP-1等赛道活跃、ESMO会议催化创新药数 据披露等多重利好共振。中长期来看，创新药出海（2025年BD交易额高增）、医保支付改革、AI医疗 应用（如内镜机器人）等有望成为医药 ...

Group 1: Report Industry Investment Rating - No information provided regarding the industry investment rating Group 2: Core Viewpoints of the Report - In the recent week, most A - share ETFs declined, while gold ETFs led the gains with a 3.26% increase, and the technology sector mostly fell. Funds were deployed in the science - innovation sector against the trend, and the ETFs targeting SGE Gold 9999 had the largest net inflow of funds [2][9] Group 3: Summary by Directory 1. Index Product Establishment, Raising, and Application - **Product Establishment and Listing**: Five products were listed, with a concentration on Hong Kong Stock Connect products. Eight products were established, including index - enhanced products such as Zhongjia Beizheng 50 Component Index Enhanced A and Huatai Baorui Shanghai Stock Exchange Science and Technology Innovation Board Comprehensive Index Enhanced A [1][4] - **Product Issuance Information**: Two index products ended their fundraising in the coming week, and no index products were set to start fundraising [6] - **Product Application Information**: A total of 28 index products were applied for in the recent week, maintaining the diversified characteristics of industry themes, including 18 theme funds and 6 linked funds [7] 2. ETF Market Review - **Overall ETF Performance**: Most A - share ETFs declined, with the declines of Kechuang 50ETF, ChiNext 50ETF, and CSI 500ETF being - 3.83%, - 3.67%, and - 1.24% respectively. Among Hong Kong - stock ETFs, only the Hang Seng ETF rose by 1.30%, and among US - stock ETFs, the S&P 500ETF rose by 2.68%. In commodity ETFs, the non - ferrous ETF rose by 1.26%, and gold rebounded strongly by 3.26% [2][9] - **Industry - based A - share ETF Performance**: The medical category rose significantly, with the Chinese medicine ETF having the highest increase of 3.61%. The chemical ETF also had a relatively high increase of 3.38%. The technology category declined significantly, with the communication ETF, electronic ETF, and chip ETF having declines of - 6.99%, - 5.62%, and - 4.81% respectively [2][13] - **Cross - border ETF Performance**: In the recent week, the major broad - based indices of cross - border markets had mixed performance. The France CAC40 had the highest increase of 2.77%. Among corresponding ETFs, Boshi Hang Seng Healthcare ETF and Hua'an France CAC40ETF rose significantly, while Huatai Baorui CSI Korea Exchange Sino - Korean Semiconductor ETF declined by 4.20% [16] 3. ETF Fund Flow - **Overall ETF Scale**: As of November 14, 2025, there were 1304 ETFs in the entire market, with a total scale of 563.3719 billion yuan, a decrease of 3.914 billion yuan from the previous week. A - share and cross - border ETFs ranked first and second in scale [22] - **Non - monetary ETF Fund Inflow and Outflow**: Among non - monetary ETFs, the ETFs targeting SGE Gold 9999 had the largest net inflow of 5.567 billion yuan, while the ETFs of CSI A500 had the largest net outflow of 4.04 billion yuan [24] - **High - Inflow and High - Liquidity ETFs**: Huaxia Shanghai Stock Exchange Science and Technology Innovation Board 50ETF and Southern ChiNext Artificial Intelligence ETF had high fund inflows of 2.495 billion yuan and 2.028 billion yuan respectively. Haifutong CSI Short - term Financing ETF and E Fund CSI Hong Kong Securities Investment Theme ETF had high liquidity [26]

Core Viewpoint - After the National Day holiday, the A-share market experienced significant fluctuations around the 4000-point mark, leading to challenges for investors who frequently chase trends [1] Group 1: Market Performance - On October 9, the Shanghai Composite Index closed with a strong upward trend, while the ChiNext and STAR Market indices showed long upper shadows, indicating that many funds were reducing positions at high points [1] - From October 10 to November 12, the STAR 50 Index fell by 10.37%, the ChiNext 50 Index decreased by 4.22%, while the Dividend Index rose by 7.99% [9] - The Shanghai Composite Index fluctuated between a low of 3800 points and a high above 4000 points during this period [6] Group 2: Investment Strategy - Investor "Old Wang" anticipated a likely pullback in the dual innovation indices and decided to adjust his positions to mitigate risks, opting not to fully liquidate his holdings in dual innovation stocks [3] - Old Wang reallocated his investments into a mix of 25% STAR 50 ETF, 20% ChiNext 50 ETF, 45% Dividend ETF, and 10% cash reserves [3][4] - This balanced allocation helped Old Wang hedge against the pullback in the dual innovation indices, as his ETF investments mirrored the performance of the underlying indices [9] Group 3: Fund Performance - Historical data indicates that in similar market conditions, the average adjustment period for A-share main lines is about 20 trading days with an average decline of 18% [15] - The top 10 open-end funds by performance this year showed that 9 out of 10 continued to rise in the past month, with the highest increase being 11.30% [15]

Market Overview - The A-share market showed an overall upward trend last week, with major indices recording positive growth. The CSI 300 index rose by 0.82%, while the CSI 500 index slightly decreased by 0.04%. The ChiNext 50 index performed particularly well, increasing by 0.88% [1] - The average daily trading volume in the A-share market remained around 2 trillion yuan, indicating an increase in market activity [1] Industry Highlights - Key sectors attracting market attention include photovoltaic, new energy, and cyclical industries such as coal, steel, and chemicals. Investors are advised to focus on new energy and photovoltaic sectors, utilizing ETF products like the ChiNext 50 ETF, which has 38% exposure to new energy [1] - The ChiNext 50 index reported a year-on-year growth rate of 49% in net profit attributable to shareholders for Q3 2025, alleviating valuation pressure and enhancing investment value [1] - The ChiNext serves as a direct financing platform for innovative enterprises, supporting the development of "three innovations" (innovation, creation, and creativity) and "four new" (new technologies, new industries, new business formats, and new models) [1] Sector Performance - In the optical module and battery sectors, the ChiNext 50 index outperformed the ChiNext index and other mainstream indices. Despite a capital outflow in the optical module sector last week, long-term demand remains strong, driven by the need for 800G/1.6T optical modules due to AI model training [2] - Major cloud providers in North America, including Microsoft, Google, Meta, and Amazon, increased their capital expenditures to a total of $96.4 billion in Q3 2023, a 68% increase year-on-year. The demand for 1.6T optical modules is expected to be revised up to 20 million units by 2026 [2] - The photovoltaic sector rebounded significantly last week, supported by policy guidance from the Ministry of Industry and Information Technology, which emphasized industry self-discipline to promote the coordinated development of photovoltaic and energy storage [2] - The global photovoltaic installation capacity is projected to exceed 500 GW by 2025, providing strong support for the industry's long-term development [2] Pharmaceutical Sector - The pharmaceutical and biotechnology sector experienced a decline last week and is currently undergoing a technical adjustment. The results of medical insurance negotiations indicate that 127 drugs outside the catalog will participate in negotiations, presenting opportunities for some innovative drugs [3] - The increase in flu cases in northern regions poses challenges for related companies. However, some CXO companies reported over 40% year-on-year revenue growth in Q3 2023, demonstrating strong market competitiveness [3] - Long-term innovation remains a key driver in the pharmaceutical industry, with accelerated global licensing of new therapies such as ADC and bispecific antibodies, and significant potential for domestic companies' internationalization [3] ChiNext 50 ETF - The ChiNext 50 ETF (code: 159949) tracks the ChiNext 50 index and adopts standards focused on the "three innovations" and "four new" criteria, primarily selecting leading companies in five major technology sectors: new energy vehicles, biomedicine, electronics, photovoltaics, and internet finance [3] - The index reflects the overall performance of 50 high liquidity and market capitalization companies on the ChiNext, showcasing high investment value. The ChiNext 50 ETF has a strong liquidity profile, with an average daily trading volume of 1.497 billion yuan over the past year, ranking among the top ETFs on the Shenzhen Stock Exchange [3] - The latest fund size of the ChiNext 50 ETF is 26.974 billion yuan, making it one of the larger funds related to the ChiNext market [3]

Group 1 - The core viewpoint of the article emphasizes the launch of the reform of the ChiNext board, which aims to provide more precise and inclusive financial services for innovative enterprises in emerging industries, aligning with China's "14th Five-Year Plan" for technological self-reliance and innovation [2][4][5] - The reform is seen as a crucial step in enhancing the capital market's ability to support technological innovation and economic high-quality development, facilitating the gathering of resources towards innovation sectors [4][6] - The reform will establish listing standards that better match the characteristics of innovative enterprises, thereby improving financing channels for emerging industries [5][6] Group 2 - The article highlights that the ChiNext reform is part of a broader effort to improve the multi-tiered capital market system, which will enhance the efficiency of capital allocation and support the growth of high-quality innovative companies [6][10] - It is noted that the reform will help attract more patient capital and international investors, thereby increasing the international standing of China's capital market [6][10] - The article discusses the differentiation and complementary roles of various market segments, including the ChiNext, Sci-Tech Innovation Board, and Beijing Stock Exchange, which together will cover the financing needs of different types of technology enterprises [9][10][12] Group 3 - The investment value of the ChiNext is highlighted, with a significant recovery in earnings reported for the third quarter, particularly in emerging industries such as new energy, semiconductors, and biotechnology [14][16] - The article states that the ChiNext's net profit growth rate is the fastest among A-share segments, indicating strong resilience in growth-oriented companies [16][17] - The current valuation of the ChiNext is considered relatively low compared to historical levels, suggesting potential for long-term investment value as earnings improve and reform policies take effect [18][19] Group 4 - The article notes a significant increase in institutional investment in the ChiNext, with a reported allocation weight of 19.29% in the third quarter, reflecting a shift towards high-tech and strategic emerging industries [21][22] - It emphasizes that sectors such as artificial intelligence, semiconductors, and renewable energy are expected to drive future economic growth and investment opportunities [22][23] - The article also mentions the ongoing innovation in ChiNext-themed funds, which have shown strong performance, with an average return of 40% year-to-date [24][26]

Core Viewpoint - The article discusses the contrasting trends in gold prices and A-shares, highlighting the potential for A-shares to benefit from improvements in China's economic fundamentals while gold prices are influenced by global monetary policies and geopolitical factors [2][29]. Summary by Sections 1. Analysis of Gold Price Decline - Gold prices experienced a significant drop, with a decrease of approximately 5.3% on October 21, reaching around $4,123.85 per ounce, and subsequently falling below the psychological threshold of $4,000 on October 29 [4][6]. - The decline in gold prices is attributed to technical factors rather than macroeconomic or geopolitical issues, with a crowded long position leading to profit-taking [9][11]. - Despite the recent downturn, fundamental support for gold remains, including ongoing concerns about inflation, U.S. government debt exceeding $38 trillion, and the potential for economic slowdown [12][14]. 2. Outlook for A-shares - A-shares have recently surpassed the 4,000-point mark, breaking free from historical resistance levels, indicating a new market phase driven by index-led changes [7][19]. - The current bull market is characterized as a structural bull market rather than a broad-based rally, with a focus on individual stocks and sectors rather than the overall index [20][22]. - Key sectors to watch include technology, renewable energy, and consumer brands, which are expected to attract more investment as the market strengthens [22][32]. 3. Investment Choices Between Gold and A-shares - The article suggests that aggressive investors should continue seeking opportunities in A-shares, while conservative investors may prefer gold or related investments due to its relative certainty [28][29]. - Both A-shares and gold are seen as having medium to long-term investment value, with A-shares benefiting from China's economic recovery and gold responding to global monetary conditions [29][30]. - The article emphasizes a "barbell strategy" where investors allocate to both aggressive assets like A-shares and conservative assets like gold, highlighting the complementary nature of these investments [31].

Group 1 - The core conclusion of the report indicates a solid market win rate, with limited odds space under a "structural bull" scenario, and a continued focus on technology style [6] - The report highlights that the overall index showed a fluctuating trend in October, with the Shanghai Composite Index breaking through 4000 points by the 28th, and a daily average of 50.1% of stocks in the Wande All A index rising, indicating a recovery in profit-making effects [6] - The report notes that the technology style has seen some convergence, primarily due to trade environment disturbances, but is expected to rebound due to anticipated policy support for emerging industries [2][4] Group 2 - The report identifies three key investment strategies: focusing on less crowded segments within technology, globally priced resource products, and manufacturing related to external demand [7] - Specific recommendations for November include the ChiNext 50 ETF, Huari Precision, Hebei Steel Resources, Top Group, Meihu Co., Xiansheng Pharmaceutical, Tiger Medical, China Eastern Airlines, Kante Optical, and China Pacific Insurance, with a rationale provided for each [11][12] - The report emphasizes that the probability of style switching is low, as the industry valuation differentiation indicator has not triggered any signals for a style switch [5]

Market Performance - The three major A-share indices collectively declined, with the Shanghai Composite Index down by 0.73%, the Shenzhen Component Index down by 1.16%, and the ChiNext Index down by 1.84% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 24,643 billion yuan, an increase of 1,736 billion yuan compared to the previous day [1] - A total of 4,100 stocks in the market experienced a decline [1] Sector Performance - The sectors that saw the highest gains included energy metals, steel, quantum technology, batteries, wind power equipment, port shipping, and phosphorus chemicals [1] - Conversely, the sectors with the largest declines included CPO, PET copper foil, coal mining and processing, gaming, lithography machines, and securities [1] ETF Performance - Rare metals sector ETFs saw a significant rise in the afternoon, with Guangfa Fund's rare metals ETF, ICBC Credit Suisse Fund's rare metals ETF, and Huafu Fund's rare metals ETF all increasing by over 2% [1] - The energy sector also performed well, with the Huatai-PineBridge Fund's oil and gas resources ETF rising by 1.96% [1] - The non-ferrous metals sector rebounded, with Penghua Fund's non-ferrous ETF and Southern Fund's non-ferrous metals ETF both increasing by 1% [1] - The ChiNext 50 ETF from Fortune experienced a significant drop of 9.67% after a late-session surge the previous day [1] - The Hong Kong stock market's innovative drug sector saw increased declines in the afternoon, with the Hong Kong Stock Connect innovative drug ETF from Southern and the Hang Seng innovative drug ETF falling by 4.3% and 3.5%, respectively [1] - The CPO sector experienced a pullback, with the Southern ChiNext artificial intelligence ETF and the communication equipment ETF declining by 3.65% and 3.5%, respectively [1]