不少机构也表达了对A股后续行情的积极预期。中金公司研究部国内策略首席分析师李求索预计，A股震荡上行行情仍有 望延续。东方财富证券研究所副所长、首席策略官陈果认为，2026年中国资产重估逻辑将继续演绎，内外资对权益市场的增配 有望共振，国内居民权益类资产配置仍有广阔提升空间，A股新高可期。 ■李文 近日，A股市场出现震荡，大量资金选择借道股票型ETF（交易型开放式指数基金）逆势入场、积极加仓。据Wind资讯数 据统计，11月14日至21日，全市场ETF净流入规模突破1000亿元。笔者认为，资金借道ETF逆势加仓释放了三个积极信号。 第一，机构对A股市场信心坚定，耐心资本提供稳定支撑。 在市场回调的过程中，ETF的巨额净流入为市场提供了宝贵的流动性支撑，代表了耐心资本对市场中长期价值的看好。短 期下跌并未动摇市场信心根基，反而被耐心资本视为是以更低价格、更多元渠道、更便捷方式买入优质资产的战略机遇。 "聪明钱"将当前的市场调整视为布局未来产业主线的黄金窗口。Wind资讯数据显示，11月14日至21日，南方创业板人工智 能ETF净流入约22.95亿元；华夏上证科创板人工智能ETF净流入约6.09亿元。此次ETF资金 ...

从资金具体流向看，主要分为三个方向:一是前期涨幅不多的券商主题ETF、红利主题ETF等强势吸金， 例如，国泰证券ETF净申购额为92.72亿元，华宝券商 ETF净申购额为56.98亿元，华泰柏瑞红利低波 ETF净申购额为45.33亿元;二是科技成长主题ETF，例如，华夏科创50ETF净申购额为73.06亿元，嘉实 科创芯片 ETF净申购额为45.8亿元，南方创业板人工智能ETF净申购额为34.17亿元;三是港股主题ETF， 例如，华夏恒生科技ETF净申购额为88.88亿元，华泰柏瑞南方东英恒生科技ETF净申购额为80.92亿 元，天弘恒生科技 ETF、易方达恒生科技ETF、大成恒生科技ETF、华夏恒生互联网ETF等净申购额均 超过50亿元。 摩根资产管理发表观点称，近期市场遭遇调整，但当前流动性冲击已接近充分定价，市场趋势未发生根 本改变。中国AI产业仍处于发展初期，不存在美国式的资本开支过度问题，科技创新与自主可控的产 业逻辑依然坚实。 资金借道权益类ETF入市的步伐显著提速。据Choice测算，四季度以来，截至11月21日，权益类ETF净 申购额合计已达到1964.83亿元。其中，11月21日权益类ETF ...

Group 1: Market Trends - Continuous inflow of funds into equity ETFs, with over 20 billion yuan entering in the first three trading days of the week and a total net subscription of 542.32 billion yuan since November 1 [1][2] - Specific sector ETFs, such as the Southern Growth Enterprise Board AI ETF and Guotai Junan ETF, have seen significant net subscriptions of 32.52 billion yuan and 21.4 billion yuan respectively [2] - Hong Kong-themed ETFs also attracted substantial inflows, with several exceeding 30 billion yuan in net subscriptions [2] Group 2: Bond Fund Dynamics - In stark contrast, bond funds have faced large-scale redemptions, with over 15 bond funds experiencing significant withdrawals in November [4] - Major bond funds, including Tianhong Fund and Yuanxin Yongfeng Fund, have raised their net asset value precision due to large redemptions [4] - The issuance of new bond funds has been sluggish, indicating a decline in attractiveness for pure bond funds amid poor market performance [4] Group 3: Future Market Opportunities - The market is currently experiencing a rebalancing phase, with funds rotating between sectors, particularly moving towards defensive sectors like finance and public utilities [5] - The AI industry is still in its early development stage, with potential for growth as large models improve, leading to a positive cycle of capital investment and revenue [6] - In the Hong Kong market, high-dividend stocks are becoming increasingly attractive, especially with the potential for a new round of interest rate cuts in the US, supporting valuations in this sector [6]

◎记者 赵明超 一场股债之间的资金迁徙持续上演：一边是债券基金频遭大额赎回，新发市场遇冷；另一边是权益类基 金爆款频出、ETF持续吸金。资金从债市向股市的迁徙趋势愈发清晰，权益资产的关注度持续提升。 债基频遭大额赎回 近日，多只债券基金被大额赎回。11月19日，天弘基金公告称，天弘通享债券基金于11月18日发生大额 赎回，为确保基金持有人利益不因份额净值的小数点保留精度受到不利影响，自11月18日起提高基金净 值精度至小数点后8位，小数点后第9位四舍五入。 同日，圆信永丰基金、新华基金也发布类似的公告。具体来看：圆信永丰兴和60天滚动持有债券基金A 类、C类于11月17日发生大额赎回；新华鼎利债券基金E类份额于11月18日发生大额赎回。 11月以来，已有超15只债券基金遭遇大额赎回，不得不提高净值精度。进一步梳理发现，遭遇大额赎回 的债券基金主要是纯债基金。 除存量产品遭遇赎回外，债券基金新发市场同样遇冷，近期鲜有爆款产品。Choice数据显示，截至11月 19日，11月以来共成立6只纯债基金，发行规模合计为18.6亿元，多数纯债基金发行规模2亿元左右，刚 迈过新基金成立门槛。 与债基遇冷形成鲜明对比，权益类 ...

Group 1 - The report aims to track large purchases and net active purchases through transaction detail data, building relevant indicators [1] - The top five industries for large purchases in the last five trading days are: Banking, Real Estate, Steel, Comprehensive, and Textile & Apparel [2] - The top five industries for net active purchases in the last five trading days are: Banking, Transportation, Pharmaceuticals, Real Estate, and Oil & Petrochemicals [2] Group 2 - The top five ETFs for large purchases in the last five trading days are: Guotai CSI A500 ETF, Guotai SSE 10-Year Treasury ETF, Harvest S&P Oil & Gas Exploration and Production Selected Industry ETF, Southern Growth Enterprise Board AI ETF, and Hai Futong SSE Urban Investment Bond ETF [2] - The top five ETFs for net active purchases in the last five trading days are: Guotai SSE 10-Year Treasury ETF, E Fund CSI 300 Non-Bank ETF, Yinhua SSE Sci-Tech Innovation Board 100 ETF, Huabao CSI Nonferrous Metals ETF, and Penghua CSI Liquor ETF [2]

Market Performance - The Shanghai Composite Index decreased by 0.18% last week, closing at 3990.49 points, with a high of 4034.08 points [1] - The Shenzhen Component Index fell by 1.4%, ending at 13216.03 points, with a peak of 13502.16 points [1] - The ChiNext Index dropped by 3.01%, closing at 3111.51 points, with a maximum of 3236.61 points [1] - In global markets, the Nasdaq Composite Index declined by 0.45%, while the Dow Jones Industrial Average rose by 0.34% and the S&P 500 increased by 0.08% [1] - In the Asia-Pacific region, the Hang Seng Index increased by 1.26% and the Nikkei 225 rose by 0.2% [1] ETF Market Performance - The median weekly return for stock ETFs was -1.05% [2] - The highest weekly return among scale index ETFs was 2.32% for the Yinhua CSI 2000 Enhanced Strategy ETF [2] - The highest weekly return among industry index ETFs was 3.9% for the CMB CSI Hong Kong-Shenzhen 500 Healthcare ETF [2] - The highest weekly return among strategy index ETFs was 2.55% for the Bosera CSI All-Share Free Cash Flow ETF [2] - The highest weekly return among theme index ETFs was 5.92% for the Huaxia CSI Tourism Theme ETF [2] ETF Liquidity - Average daily trading volume for stock ETFs decreased by 3.8%, while average daily trading volume increased by 24.1% [6] - The turnover rate decreased by 0.07% [6] ETF Fund Flows - The top five stock ETFs by fund inflow were: - Southern ChiNext AI ETF with an inflow of 899 million yuan - Huaxia SSE Sci-Tech 50 ETF with an inflow of 734 million yuan - Harvest SSE Sci-Tech Chip ETF with an inflow of 707 million yuan - Huatai-PB CSI 300 ETF with an inflow of 580 million yuan - E Fund ChiNext ETF with an inflow of 556 million yuan [9] - The top five stock ETFs by fund outflow were: - GF CSI A500 ETF with an outflow of 336 million yuan - Southern CSI 1000 ETF with an outflow of 324 million yuan - Harvest CSI A500 ETF with an outflow of 283 million yuan - Guotai CSI Coal ETF with an outflow of 199 million yuan - Hua Bao CSI Bank ETF with an outflow of 192 million yuan [10] ETF Financing and Margin Trading - The financing balance for stock ETFs decreased from 47.9148 billion yuan to 47.7222 billion yuan [11] - The highest financing buy amount was for E Fund ChiNext ETF, totaling 54.5 million yuan [11] ETF Market Size - The total market size for ETFs reached 572.9922 billion yuan, a decrease of 2.968 billion yuan from the previous week [14] - The stock ETF market size was 369.935 billion yuan, accounting for 64.6% of the total ETF market size [16] ETF Issuance and Establishment - No new ETFs were issued last week, but five new ETFs were established [17]

Group 1: Oil and Gas Sector Performance - The oil and gas sector showed strong performance on November 14, with multiple related ETFs rising over 1% [1] - The leading oil and gas ETF, Bosera Oil and Gas ETF (561760), recorded a gain of 2.02%, while other ETFs like Oil and Gas Resource ETF (159309) and (563150) also saw increases of 1.68% and 1.48% respectively [4][5] - The best-performing sector this week was the innovative drug sector, with several ETFs gaining over 7% in the last five trading days [4] Group 2: Technology Sector Weakness - The technology sector, particularly in subcategories like chips, internet, cloud computing, and AI, experienced significant declines in ETF performance [2][6] - Despite the weak performance of many technology-themed ETFs, there remains a strong inflow of funds into artificial intelligence ETFs, indicating continued investor interest [3][9] Group 3: Fund Inflows and Market Sentiment - Despite the overall weak performance of technology-themed ETFs, there was a notable net inflow of over 1.1 billion yuan into the Southern Growth Enterprise Board AI ETF from November 10 to 13, even as it dropped over 2.6% [9][10] - The top inflow ETFs included Southern Growth Enterprise Board AI ETF with a net inflow of 5.45 billion yuan, and other ETFs like Huatai Golden ETF and ICBC Hong Kong Stock Innovation Drug ETF also saw significant inflows [10] Group 4: Chemical Industry Outlook - The chemical industry is expected to reach an inflection point, with ongoing "anti-involution" self-regulation actions and demand recovery expectations driving strength in the sector [11] - The chemical sector has been in a bottoming phase since early 2023, and with new capacity nearing its end, the industry is poised for improvement in supply-demand dynamics by 2026 [11]

Group 1: Oil and Gas Sector Performance - The oil and gas sector showed strong performance on November 14, with multiple related ETFs rising over 1% [1] - The leading oil and gas ETF, Bosera Oil and Gas ETF (561760), recorded a gain of 2.02% [4] - Other notable performers included the Innovation Drug sector, with several ETFs gaining over 7% in the past five trading days [4] Group 2: Technology Sector Weakness - The technology sector, particularly in areas like chips, internet, and AI, experienced significant declines, with multiple ETFs showing negative performance [2][7] - Despite the weak performance of many technology-themed ETFs, there was still a notable inflow of funds into artificial intelligence ETFs [3][9] Group 3: Fund Inflows - The Southern ChiNext AI ETF saw a net inflow of over 1.1 billion yuan despite a drop of more than 2.6% from November 10 to 13 [9][10] - Other ETFs, such as the Huatai-PineBridge Gold ETF and the ICBC Innovation Drug ETF, also experienced substantial net inflows during the same period [10] Group 4: Chemical Industry Outlook - The chemical sector is expected to reach an industry turning point, with ongoing "anti-involution" self-regulation actions and demand recovery expectations [11] - The chemical industry has been in a bottoming phase for over two years, with new capacity nearing its end, suggesting potential improvements in supply-demand dynamics by 2026 [11]

Core Insights - The A-share market has shown significant recovery in 2025, with the Shanghai Composite Index reaching a 10-year high of 4025.70 points by the end of October, leading to a strong performance of public equity funds and the emergence of numerous "doubling funds" [1][3] Group 1: Fund Performance - The average net value growth rate of actively managed equity funds for the first ten months reached 27.48%, with the best-performing funds exceeding 200% [3][5] - Over 98% of actively managed equity funds reported positive net value growth rates, with 705 funds achieving over 50% growth, and 34 funds surpassing 100% [7][5] - The top-performing fund, Yongying Technology Smart Selection A, achieved a net value growth rate of 200.63%, capitalizing on opportunities in the cloud computing market [9][8] Group 2: Index and Sector Performance - Major indices such as the ChiNext Index and the Science and Technology Innovation 50 Index saw annual growth rates exceeding 50%, with the ChiNext Index at 48.84% [1][4] - The communication equipment sector emerged as a significant winner, with related index funds showing remarkable performance, including the Guotai CSI All-Index Communication Equipment ETF, which had a growth rate of 98.87% [12][13] Group 3: Investment Themes and Manager Insights - Fund managers are focusing on structural opportunities in sectors like AI, innovative drugs, and robotics, which have shown strong performance [7][14] - Investment strategies include a focus on domestic semiconductor equipment and energy storage, with managers highlighting the increasing production capacity of domestic storage chips and the growing demand for energy storage solutions [15][14]

Market Overview - The Shanghai Composite Index rose by 2.88% to close at 3950.31 points, while the Shenzhen Component Index increased by 4.73% to 13289.18 points, and the ChiNext Index surged by 8.05% to 3171.57 points during the week from October 20 to October 24 [1] - Major global indices also saw gains, with the Nasdaq Composite up by 2.31%, the Dow Jones Industrial Average rising by 2.2%, and the S&P 500 increasing by 1.92%. In the Asia-Pacific region, the Hang Seng Index rose by 3.62% and the Nikkei 225 increased by 3.61% [1] ETF Market Performance - The median weekly return for stock ETFs was 3.23%. The highest performing scale index ETF was the China Tai Zhong Zheng Ke Chuang Chuang Ye 50 ETF, with a weekly return of 11.16% [2] - The top five stock ETFs by weekly return included: - Southern ChiNext Artificial Intelligence ETF (13.98%) - Huabao ChiNext Artificial Intelligence ETF (13.77%) - Huaxia ChiNext Artificial Intelligence ETF (13.71%) - Guotai Zhong Zheng Quan Zhi Tong Xin She Bei ETF (13.57%) - Fuguo ChiNext Artificial Intelligence ETF (13.55%) [4][5] - The worst performing stock ETFs included: - Guotai Zhong Zheng Hu Shen Gang Jin Huo Chan Ye ETF (-7.6%) - Industrial Bank of China Credit Suisse Hu Shen Gang Jin Huo Chan Ye ETF (-6.98%) - Huaxia Zhong Zheng Hu Shen Gang Jin Huo Chan Ye ETF (-6.87%) [5] ETF Liquidity and Fund Flows - Average daily trading volume for stock ETFs decreased by 19.5%, while average daily trading volume increased by 4.0%, and turnover rate decreased by 0.23% [6] - The top five stock ETFs by fund inflow were: - Guotai Zhong Zheng Mei Tan ETF (5.17 billion) - Guangfa Guo Zheng Xin Neng Yuan Che Dian Chi ETF (3.84 billion) - Huaxia Shang Zheng 50 ETF (3.36 billion) [9] - The top five stock ETFs by fund outflow were: - Huatai Baichuan Hu Shen 300 ETF (7.82 billion) - Guolian An Zhong Zheng Quan Zhi Ban Duan Zhi Pin Yu She Bei ETF (7.38 billion) [10] ETF Financing and Market Size - The financing balance for stock ETFs increased from 46.9206 billion to 47.4861 billion, while the securities lending balance rose from 2.4608 billion to 2.5678 billion [11] - The total market size for ETFs reached 568.9293 billion, with stock ETFs accounting for 371.8364 billion, bond ETFs for 68.429 billion, and money market ETFs for 16.9574 billion [15] - Stock ETFs represented 79.1% of the total number of ETFs and 65.4% of the total market size, indicating they are the largest category in the ETF market [17] ETF Issuance and Institutional Views - No new ETFs were issued last week, but 10 new ETFs were established, including the Bosera Zhong Zheng Quan Zhi Zheng Quan Gong Si ETF and the招商国证港股通科技ETF [18] - Guosheng Securities expressed optimism about the computing power sector, highlighting the importance of delivery capabilities in the light of industry recovery [18] - Zhongyin International noted that the technology sector is expected to return, driven by continuous verification of industry chain prosperity and policy catalysts, particularly in the domestic computing power and storage chip sectors [18]