A股 1、据港交所官网近日披露，诺比侃人工智能科技（成都）股份有限公司（以下简称"诺比侃"）向港交所提交上市申请书，中金公司 担任独家保荐人。这已是该公司第三次递表港交所，其曾分别于2024年11月、2025年5月递交上市申请书。 2、今年以来，随着A股展现出一定赚钱效应，资金入市热情逐步提升。数据显示，截至11月17日，今年以来新备案私募证券投资基金数量超过10000只， 股票策略是发行市场的绝对主力。 3、据证券时报·数据宝统计，11月以来（截至11月17日），累计有509家海外机构合计调研109家上市公司。分行业来看，海外机构主要青睐电子和机械设 备两大行业，调研的公司数量分别为22家和15家，紧随其后的是电力设备、医药生物和计算机等行业。 4、Wind资讯数据显示，截至11月14日，今年以来，全市场17只商品ETF合计资金净流入1020.23亿元，总规模达到2299.87亿元，较年初增长203.92%。 5、今年以来，随着A股展现出一定赚钱效应，资金入市热情逐步提升。数据显示，截至11月17日，今年以来新备案私募证券投资基金数量超过10000只， 股票策略是发行市场的绝对主力。 理财 3、11月19日 ...

来源：市场资讯 （来源：ETF之家） 本周海内外利空共振，促使全球市场波动加剧，我大A也未能幸免，截至周五收盘各大宽基指数全线下跌， 其中小微盘风格重创，北证50、中证2000等多只指数周跌幅超过5%，详细表现如下： 与此同时，市场交投氛围被行情拖累，日均成交额相比上周有所回落，全周成交额9.23万亿、日均成交额约 1.84万亿。如果下周成交额继续下滑，那么可以预见行情短期内重回上升轨道的难度大幅增加。 行业方面，本周申万一级行情全线下跌，亏钱效应拉满。其中，今年主线之一的电力设备本周以-10.54%领跌 众行业，此外，基础化工、零售、钢铁等跌幅均超过了5%，而银行成为本周最抗跌板块，详细数据如下： | 基金代码 | 基金筒称 | 涨跌幅(%) | 场内份额(亿份) | 份额变化(亿份) | | --- | --- | --- | --- | --- | | 513180. SH | 恒生科技指数ETF | -6.74 | 630. 91 | 40. 98 | | 513330. SH | 恒生互联网ETF | -5. 85 | 667.03 | 40. 68 | | 513130. SH | 恒生科技ETF ...

商品ETF与其他大类资产相关性低，可分散风险；与其他大类资产投资互补性强，有效优化组合的收益 风险比；商品ETF的发展为资产配置提供了多样化选择，对于丰富市场可投资品种多样性具有重要意 义。 商品ETF是以商品类指数作为跟踪标的的ETF基金产品，通过复制指数的方式，以市场上某一商品指数 为业绩基准构建一篮子商品组合。 国内商品ETF可以根据运作方式不同细分为有实物支撑的ETF和非实物支撑ETF。前者通过持有实物资 产或仓单的方式运作，如黄金ETF；后者则主要包括商品期货ETF，其以持有商品期货合约为主要策 略，以跟踪商品期货价格指数为投资目标。无论哪种运作方式，商品ETF相较于其他资产类别ETF都有 独特之处，具体包括但不限于： （1）商品ETF是资产配置的良好工具 （2）商品ETF是较好的抗通胀投资工具 商品属于实物资产，大多数商品的价格会随通胀而走高，因此投资者可以通过持有商品组合在一定程度 上抵御通胀带来的资产损失。 商品ETF通过将商品投资模式设计成证券投资基金参与，通过投资商品ETF的形式，投资者仅需按照常 规场内基金的投资方式就能间接参与大宗商品交易，大大提高了个人投资者参与商品配置与交易的便利 ...

Group 1: Commodity ETFs Growth - The total scale of commodity ETFs in the market has increased by over 200% this year, reaching a total of 229.99 billion yuan with a net inflow of 102.02 billion yuan as of November 14 [1] - The primary driver of this growth is the performance of gold ETFs, with leading products like Huaan Gold ETF growing from 1.2 billion yuan at inception to 87.38 billion yuan, a more than 70-fold increase [1] - The rise in commodity prices has created a profit-making effect that attracts capital into commodity ETFs, which offer a low-threshold and transparent investment tool for ordinary investors [1] Group 2: Asset Sales by A-Share Companies - Nearly 250 A-share companies have announced asset sales since October, reflecting a significant increase compared to previous years [1] - Companies are selling assets to focus on core businesses, accelerate capital recovery, or improve annual performance due to unsatisfactory results in the first three quarters [1] - The urgency of asset sales is influenced by new delisting regulations that pressure companies to meet financial data standards, although there are uncertainties in completing these sales by year-end [1] Group 3: Lithium Battery Industry and Energy Storage - The energy storage market has surged since Q3, driving rapid demand for lithium battery materials, with prices for lithium hexafluorophosphate, lithium iron phosphate, and lithium carbonate significantly increasing [2] - Phosphate lithium batteries dominate the new energy storage sector, accounting for over 97% of installed capacity [2] - The energy storage boom is seen as a new growth driver for lithium demand, indicating that this trend may just be beginning [2] Group 4: Major Contracts and Stock Price Catalysts - Nearly 70 A-share companies have signed significant contracts or strategic cooperation agreements since October, which are viewed positively by the market and tend to boost stock prices [3] - The mechanical equipment and power equipment sectors have the highest number of companies involved in these contracts, with notable projects like a 6.16 billion yuan contract for a large-scale energy storage project [3] Group 5: Hong Kong-listed Automakers' Q3 Reports - Xpeng Motors, Leap Motor, and Geely Auto reported their Q3 results, with Xpeng's losses narrowing significantly, Leap continuing to be profitable, and Geely's profits increasing substantially [4] - The automotive industry is expected to face a critical phase next year, with companies needing strong profitability to survive [4] - All three companies expressed optimism about the market outlook and plans to accelerate overseas expansion despite the upcoming reduction in new energy vehicle purchase tax incentives [4]

Core Insights - The commodity ETF market has experienced explosive growth in 2023, with total net inflows reaching 102.02 billion yuan and total assets growing by 203.92% to 229.99 billion yuan as of November 14 [1] - The primary driver of this growth is the performance of gold ETFs, with leading products like Huaan Gold ETF reaching a scale of 87.38 billion yuan, a 70-fold increase since its inception in 2013 [1] - Factors contributing to the growth include rising commodity prices, the attractiveness of commodity ETFs as low-threshold investment tools, and the expansion of product lines [1][3] Commodity Price Performance - Gold prices have surged this year, with COMEX gold up 48%, SEG gold 54.17%, and Shanghai gold 54.33% as of November 14 [2] - The strong performance of gold directly impacts the net asset value of related commodity ETFs, with the highest net value growth rate reaching 53.94% for 14 products [2] Market Dynamics - The demand for gold ETFs has been bolstered by increased risk aversion, asset allocation optimization, and favorable index investment policies [3] - While gold ETFs have thrived, other commodity ETFs have shown mixed performance, with some experiencing losses, indicating structural differentiation within the market [4][5] Future Outlook - Industry experts anticipate a continued positive trend for commodity ETFs, although structural differentiation is expected to persist [6] - Factors such as potential interest rate cuts by the Federal Reserve may support commodity prices and the overall performance of commodity ETFs, while agricultural and energy chemical ETFs may remain under pressure [6]

今年以来，商品ETF市场迎来"双丰收"：规模较年初增长超200%，达到2300亿元；业绩表现可圈可点， 最高超53%。 业内人士表示，商品ETF的规模和业绩实现双增长，是避险需求、政策预期与资金虹吸共同作用的结 果。 年内规模增长205% 数据显示，截至11月13日，今年以来，17只商品ETF资金合计净流入966.24亿元，总规模达到2314亿 元，较年初增长205.79%。其中，华安黄金ETF以878.37亿元规模领先；博时、易方达旗下黄金ETF规模 也较大，分别为390.71亿元、338.66亿元。 汇成基金研究中心表示，商品基金规模增长主要源于三大核心驱动：其一，避险需求集中爆发，地缘冲 突与经济不确定性推动黄金ETF规模大幅增长，占商品ETF总增量的约70%，因其优化资产配置、对冲 权益风险的功能凸显；其二，政策与市场环境优化，证监会推动指数化投资高质量发展，叠加养老金、 保险等中长期资金加速入市，个人投资者占比持续提升，被动投资理念普及；其三，ETF产品优势契合 当前投资者需求，低费率、高透明和交易便捷性比较符合分散化配置诉求。 晨星（中国）基金研究中心分析师崔悦表示，商品ETF以黄金ETF为主，黄 ...

（原标题：规模飙升超200%！这类基金火了） 【导读】避险需求爆发，商品ETF"双丰收" 中国基金报记者 曹雯璟 今年以来，商品ETF市场迎来"双丰收"：规模较年初增长超200%，达到2300亿元；业绩表现可圈可点， 最高超53%。 业内人士表示，商品ETF的规模和业绩实现双增长，是避险需求、政策预期与资金虹吸共同作用的结 果。 年内规模增长205% 数据显示，截至11月13日，今年以来，17只商品ETF资金合计净流入966.24亿元，总规模达到2314亿 元，较年初增长205.79%。其中，华安黄金ETF以878.37亿元规模领先；博时、易方达旗下黄金ETF规模 也较大，分别为390.71亿元、338.66亿元。 周期属性在全球需求疲软下转为业绩拖累。而且，能源转型加速压制传统油气价格，工业金属需求受经 济增长放缓制约，而黄金受益于央行持续购金的稳定需求支撑，基本面结构性分化显著。此外，市场风 格轮动中资金明确从周期品转向防御资产，加剧了资金流动的不平衡。 汇成基金研究中心表示，商品基金规模增长主要源于三大核心驱动：其一，避险需求集中爆发，地缘冲 突与经济不确定性推动黄金ETF规模大幅增长，占商品ETF总增 ...

Core Viewpoint - The commodity ETF market has experienced significant growth in both scale and performance this year, driven by heightened risk aversion, policy expectations, and capital inflows [2][3]. Scale Growth - As of November 13, the total net inflow into 17 commodity ETFs reached 96.624 billion, with a total scale of 231.4 billion, marking a 205.79% increase from the beginning of the year [5]. - The leading commodity ETF, Huaan Gold ETF, has a scale of 87.837 billion, followed by Bosera and E Fund's gold ETFs at 39.071 billion and 33.866 billion, respectively [5]. Performance Analysis - The performance of commodity ETFs has been impressive, with the highest returns exceeding 53% as of November 14, primarily driven by precious metals [7]. - There is significant performance differentiation among products, with a 70 percentage point gap between the best and worst performers [8]. Key Drivers of Growth - The growth in commodity fund scale is attributed to three main drivers: 1. A surge in risk aversion due to geopolitical conflicts and economic uncertainty, leading to a substantial increase in gold ETF scale, which accounts for about 70% of the total increase in commodity ETFs [5]. 2. Improved policy and market conditions, with the China Securities Regulatory Commission promoting high-quality development of index investment, alongside increased participation from long-term funds such as pensions and insurance [5]. 3. The advantages of ETF products, including low fees, high transparency, and ease of trading, aligning with current investor needs for diversified asset allocation [5][6]. Future Outlook - The growth of commodity ETFs is expected to be sustainable but may exhibit structural differentiation, with gold-themed funds benefiting from central bank purchases and long-term risk aversion, while agricultural and energy ETFs may face performance pressures due to global economic slowdowns [6][9]. - Investors are advised to be cautious of single commodity cycle fluctuations and to focus on products with strong research capabilities and diverse strategies to navigate the differentiated landscape [6].

Report Industry Investment Rating No relevant content provided. Core View of the Report The layout of leading public fund managers in on - exchange and off - exchange active and passive funds varies significantly. In the third quarter of 2025, different fund managers showed different performance in terms of scale growth, scale increment, and scale ranking changes in various types of funds such as non - monetary funds, on - exchange ETFs, off - exchange active funds, and off - exchange passive funds [1][2][5]. Summary by Relevant Catalogs 1. Overview of the Whole Market Funds - The layout of leading public fund managers in on - exchange and off - exchange active and passive funds is quite different. Some focus on equity ETFs, while others like China Europe Fund and Xingzheng Global Fund mainly focus on off - exchange active and passive funds [1][5]. - In the third quarter of 2025, E Fund, China Asset Management, and Fullgoal Fund had the largest increase in non - monetary fund scale. E Fund led with a scale of 1666.7 billion yuan, and Invesco Great Wall Fund's scale ranking rose by 2 places compared to the second quarter [2][6]. 2. On - exchange ETFs 2.1 Equity ETFs - China Asset Management, E Fund, and Huatai - Peregrine Fund led in equity ETF scale. E Fund had the largest scale increment, and Penghua Fund had the most significant scale ranking change, rising 5 places compared to the second quarter [9]. 2.2 Bond ETFs - Haifutong Fund led in bond ETF scale. Bosera Fund had the largest scale increment, and Penghua Fund's scale ranking rose by 4 places compared to the second quarter [13]. 2.3 Commodity ETFs - Some institutions' scales shrank. Huaan Fund led in commodity ETF scale and also had the largest scale increment. Dacheng Fund's scale ranking rose by 3 places compared to the second quarter [15]. 3. Off - exchange Active Equity Funds 3.1 Active Equity Funds - Yongying Fund had a significant scale increase. E Fund led in active equity fund scale, China Europe Fund had the largest scale increment, and Yongying Fund's scale ranking rose by 11 places after a 48.2 billion - yuan increase in the third quarter compared to the second quarter [18]. 3.2 Active Industry Theme Funds - China Europe Fund led in active industry theme fund scale. Yongying Fund had the largest scale increment, and Ping An Fund's scale ranking rose by 8 places compared to the second quarter [20]. 4. Off - exchange Active Bond Funds 4.1 Pure Bond Funds - In the third quarter, the overall scale of pure bond funds shrank. Bosera Fund led in pure bond fund scale but had the largest scale shrinkage, decreasing by 51.7 billion yuan compared to the second quarter. GF Fund's scale ranking dropped by 4 places compared to the second quarter [23]. 4.2 Fixed - Income + Funds - E Fund led in fixed - income + fund scale. Invesco Great Wall Fund had the largest scale increment, and Huaan Fund and Bosera Fund had relatively large scale ranking changes, rising 10 and 9 places respectively compared to the second quarter [25]. 5. Off - exchange Passive Funds 5.1 Passive Equity Funds - E Fund led in off - exchange passive equity fund scale and also had the largest scale increment. China Europe Fund's scale ranking rose by 6 places compared to the second quarter [27]. 5.2 Passive Fixed - Income Funds - In the third quarter, the overall scale of passive fixed - income funds shrank. GF Fund led in off - exchange passive fixed - income fund scale but its scale decreased by 20.7 billion yuan compared to the second quarter. Huatai - Peregrine Fund had the largest scale shrinkage of 28.1 billion yuan. Shanghai Commercial Bank Fund increased its scale by 2.7 billion yuan and its scale ranking rose by 5 places compared to the second quarter [31].

Core Viewpoint - The rapid development of ETFs (Exchange-Traded Funds) has significantly improved the market environment for individual investors, leading to increased stability and reduced volatility in the market [2]. Group 1: ETF Market Growth - The total market size of ETFs surpassed 5.63 trillion yuan by the end of September, marking an increase of 1.9 trillion yuan since the beginning of the year, setting a historical high [2]. - The variety of ETF products has expanded, covering global stock indices, bonds, commodities, and real estate (REITs), which caters to diverse investor needs [3]. Group 2: Benefits for Individual Investors - The presence of long-term capital, including state-owned funds, has contributed to a more stable market environment, encouraging ordinary investors to engage in capital market investments [2]. - ETFs offer lower management fees, typically 30% to 50% lower than traditional mutual funds, which helps long-term investors save costs [3]. - The flexibility of trading ETFs like stocks, combined with the risk diversification of funds, allows investors to buy and sell during trading hours with lower entry barriers compared to building a diversified portfolio directly [3]. - Daily disclosure of holdings enhances transparency, allowing investors to understand the composition of their investments, thereby reducing uncertainty in the financial market [3]. Group 3: Considerations for Investors - Investors should avoid purchasing ETFs at high premiums, as market prices can deviate from the actual net asset value due to supply and demand dynamics [4]. - It is crucial to understand the operational mechanisms of complex ETFs, especially those using derivatives, as hidden costs may erode long-term returns [4]. - Investors need to clarify their investment objectives, as investing in broad index ETFs means sacrificing the potential for extraordinary gains from individual stocks, which requires discipline to avoid frequent trading that can diminish long-term returns [4].