国泰中证半导体材料设备主题ETF（159516）基金经理为艾小军。 截至发稿，艾小军累计任职时间11年344天，现任基金资产总规模1690.29亿元，任职期间最佳基金回报 274.94%， 任职期间最差基金回报-46.54%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 12月19日，神工股份跌5.07%，截至发稿，报63.67元/股，成交2.68亿元，换手率2.38%，总市值108.43 亿元。 资料显示，锦州神工半导体股份有限公司位于辽宁省锦州市太和区中信路46号甲，成立日期2013年7月 24日，上市日期2020年2月21日，公司主营业务涉及半导体级单晶硅材料的研发、生产和销售。主营业 务收入构成为：硅零部件53.86%，大直径硅材料44.37%，其中:16英寸以上24.07%，其中:16英寸以下 20.30%，半导体大尺寸硅片1.44%，其他0.33%。 从神工股份十大流通股东角度 数据显示，国泰基金旗下1只基金位居神工股份十大流通股东。国 ...

Core Viewpoint - The stock price of Lian Micro has experienced a decline of 7.32% over the past three days, closing at 29.58 CNY per share with a market capitalization of 19.859 billion CNY [1]. Company Overview - Lian Micro Electronics Co., Ltd. is located in Hangzhou Economic and Technological Development Zone, Zhejiang Province, and was established on March 19, 2002. The company went public on September 11, 2020 [1]. - The main business areas include semiconductor wafers, semiconductor power devices, and compound semiconductor RF chips. The revenue composition is as follows: semiconductor wafers 66.96%, semiconductor power device chips 25.09%, compound semiconductor RF and optoelectronic chips 7.12%, and others 0.83% [1]. Shareholder Information - The Guotai Fund's ETF, Guotai Zhongzheng Semiconductor Materials and Equipment Theme ETF (159516), has entered the top ten circulating shareholders of Lian Micro, holding 5.6803 million shares, which is 0.85% of the circulating shares. The estimated floating loss today is approximately 8.8612 million CNY, with a total floating loss of 13.9734 million CNY over the three-day decline [2]. - The Guotai Zhongzheng Semiconductor Materials and Equipment Theme ETF was established on July 19, 2023, with a latest scale of 8.299 billion CNY. Year-to-date returns are 41.2%, ranking 730 out of 4208 in its category, while the one-year return is 24.11%, ranking 1564 out of 3972 [2]. - The fund manager, Ai Xiaojun, has a tenure of 11 years and 316 days, managing total assets of 169.029 billion CNY, with the best fund return during his tenure being 259.2% and the worst being -46.54% [2].

国泰中证半导体材料设备主题ETF（159516）成立日期2023年7月19日，最新规模82.99亿。今年以来收 益44.76%，同类排名628/4208；近一年收益27.2%，同类排名1458/3971；成立以来收益45.15%。 国泰中证半导体材料设备主题ETF（159516）基金经理为艾小军。 截至发稿，艾小军累计任职时间11年315天，现任基金资产总规模1690.29亿元，任职期间最佳基金回报 259.2%， 任职期间最差基金回报-46.54%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 11月20日，神工股份跌5.05%，截至发稿，报67.00元/股，成交3.99亿元，换手率3.42%，总市值114.10 亿元。 资料显示，锦州神工半导体股份有限公司位于辽宁省锦州市太和区中信路46号甲，成立日期2013年7月 24日，上市日期2020年2月21日，公司主营业务涉及半导体级单晶硅材料的研发、生产和销售。主营业 务收入构成为：硅零部件53.8 ...

Core Insights - The China Securities Regulatory Commission (CSRC) has issued a plan to promote the high-quality development of public funds, emphasizing investor-centric principles and the establishment of a mechanism linking fund company income to investor returns [1][3] - The recent draft guidelines for performance benchmarks aim to enhance the stability and clarity of fund products, allowing investors to better match their needs with suitable products [1][3] - The public fund industry is maturing, with increasing scale and influence, and the integration of professional capabilities, trust systems, and responsibility is essential for sustainable growth [1][2] Investor-Centric Approach - The long-termism of public funds is centered around the needs and growth of investors, with measures to optimize fund operations and reduce costs [1][2] - Guotai Fund has implemented fee reductions and floating fee rate funds to enhance investor experience and trust [2][3] - The Guotai CSI A500 ETF generated a profit of 4.275 billion yuan for investors in the first three quarters of 2025, ranking first among similar products [2] Research and Development Platform - The CSRC's action plan emphasizes the need for a robust research and development (R&D) platform to support high-quality development in the industry [3][4] - Guotai Fund believes that a clear product line and stable investment style are crucial for adapting to the industry's evolving demands [4][5] - The public fund management scale in China has surpassed 36 trillion yuan, necessitating enhanced core research capabilities and systematic support [5] Talent Development and Retention - Guotai Fund has established a resource-sharing system and a clear growth path for research personnel, emphasizing ethical standards and long-term investment logic [6][7] - The company focuses on creating a supportive culture that encourages long-term value creation and retains core research talent [7] Technological Integration - The action plan encourages the application of emerging technologies like AI and big data to enhance fund management efficiency [7][8] - Guotai Fund has developed an AI application platform to improve decision-making and operational efficiency across various business scenarios [8] Enhancing Investor Experience - Guotai Fund aims to improve investor satisfaction by aligning with national strategies and investing in key sectors such as technology and green development [9] - The company is committed to innovating product offerings and enhancing research capabilities to provide better investment experiences [10] - A systematic investor education program is being developed to foster a mature and rational investor community [11] Commitment to High-Quality Development - Guotai Fund expresses its dedication to transforming the vision of high-quality development into tangible benefits for investors, contributing to the overall stability and growth of the asset management industry in China [12]

Core Viewpoint - Jingrui Electric Materials Co., Ltd. has shown a significant increase in stock price, reflecting positive market sentiment and potential growth in the semiconductor and new energy sectors [1][2]. Company Overview - Jingrui Electric Materials, established on November 29, 2001, and listed on May 23, 2017, is located in Suzhou, Jiangsu Province. The company specializes in high-purity chemicals, photoresists, functional formulation materials, lithium battery materials, pharmaceutical intermediates, and electronic-grade materials [1]. - The main revenue composition is as follows: high-purity chemicals (58.69%), photoresists (13.79%), lithium battery materials (13.68%), industrial chemicals (9.61%), energy (4.01%), and others (0.23%) [1]. Shareholder Insights - Guotai Fund's ETF, Guotai Zhongzheng Semiconductor Materials and Equipment Theme ETF (159516), has increased its holdings in Jingrui Electric Materials by 4.9362 million shares, now holding a total of 8.8061 million shares, which represents 0.82% of the circulating shares [2]. - The ETF was established on July 19, 2023, with a current scale of 8.299 billion. It has achieved a year-to-date return of 44.08%, ranking 736 out of 4216 in its category [2]. - The fund manager, Ai Xiaojun, has a tenure of 11 years and 312 days, with the fund's total assets amounting to 1690.29 billion. The best return during his tenure is 265.64%, while the worst is -46.54% [2].

Group 1 - The core point of the news is that 康强电子 (Kangqiang Electronics) experienced a decline of 5.03% in its stock price, reaching 20.02 yuan per share, with a trading volume of 1.02 billion yuan and a turnover rate of 13.31%, resulting in a total market capitalization of 7.513 billion yuan [1] - 康强电子 is located in Ningbo, Zhejiang Province, and was established on June 29, 1992. It was listed on March 2, 2007. The company's main business involves the manufacturing and sales of semiconductor packaging materials, including lead frames and bonding wires [1] - The revenue composition of 康强电子 includes lead frame products at 59.11%, bonding wire products at 23.69%, electrode wire products at 16.36%, and other products at 0.82%, with molds and spare parts contributing 0.02% [1] Group 2 - 国泰中证半导体材料设备主题ETF (Guotai CSI Semiconductor Materials and Equipment Theme ETF) is among the top ten circulating shareholders of 康强电子, having increased its holdings by 1.4853 million shares in the third quarter, totaling 2.6834 million shares, which represents 0.72% of the circulating shares [2] - The estimated floating loss for 国泰中证半导体材料设备主题ETF today is approximately 2.8444 million yuan [2] - The fund was established on July 19, 2023, with a latest scale of 8.299 billion yuan. Year-to-date, it has achieved a return of 48.71%, ranking 666 out of 4217 in its category, and a one-year return of 32.01%, ranking 1118 out of 3918 [2]

Group 1: Report Overview - The report focuses on the construction methods and performance of various ETF portfolios in November 2025, including macro-based, macro + momentum, core - satellite, and trinity style rotation portfolios [2] Group 2: ETF Portfolio Construction Methods Based on Macro Approach - Calculate macro - sensitivity of indices tracked by broad - based, industry - themed, and Smart Beta ETFs according to economic, liquidity, and credit variables, and select ETFs monthly. Also consider adding momentum indicators. Traditional cyclical industries are suitable for economic up - periods, TMT for weak - economic but liquid - abundant times, and consumption benefits from credit expansion. Three ETF portfolios are constructed and rebalanced monthly [5] Trinity Style Rotation - Build a mid - to long - term style rotation model centered on macro - liquidity, compared with the CSI 300 index. Combine three models (growth/value, market - cap, and quality) to get 8 style preference results, then screen target - style - exposed ETFs with controlled industry exposure and set allocation limits [6] Group 3: Macro Industry Portfolio - Select industry - themed ETFs with over 1 - year establishment and over 200 million current scale. Calculate sensitivity scores, adjust according to economic, liquidity, and credit indicators, and select the top 6 industry - themed indices. Currently, with economic indicators rising and liquidity/credit tightening, the portfolio turns to value with high bank and cyclical proportions. November holdings are mainly bank and energy - related ETFs, each with a 16.67% weight. The portfolio has large fluctuations and was close to the CSI 300 in October [7][9][11] Group 4: Macro + Momentum Industry Portfolio - Combine macro and momentum methods to address the left - side bias of macro - based strategies. Use clustering to select one product with the highest 6 - month gain from each of 6 industry - themed groups. The portfolio includes many pro - cyclical industries. November holdings have multiple ETFs, with weights like 16.67% for some and 8.33% for others. The portfolio performed well this year and was close to the CSI 300 in October [12][14][15] Group 5: Core - Satellite Portfolio - Designed to address the high volatility and fast industry rotation of industry - themed ETFs. Use the CSI 300 as the core. Construct three sub - portfolios (broad - based, industry, and Smart Beta) and combine them at 50%, 30%, and 20% respectively. November holdings are mainly mid - to large - cap biased. The portfolio performed steadily this year, outperforming the index almost every month, including in October [16][17][21] Group 6: Trinity Style Rotation ETF Portfolio - The model favors small - cap growth + high - quality segments this period. The portfolio's factor exposure and historical performance are provided. November holdings include ETFs such as Southern CSI 500 ETF and Southern CSI 1000 ETF. The portfolio had significant fluctuations in monthly returns and outperformed the index in most months this year, including in October [22][23][26]

Group 1 - The core point of the news is that Lian Microelectronics has experienced a decline in stock price, falling 1.31% to 33.14 CNY per share, with a total market capitalization of 22.249 billion CNY and a cumulative drop of 8.35% over the past five days [1] - Lian Microelectronics, established on March 19, 2002, and listed on September 11, 2020, is primarily engaged in semiconductor silicon wafers, semiconductor power devices, and compound semiconductor RF chips, with revenue contributions of 66.96% from silicon wafers, 25.09% from power device chips, and 7.12% from RF and optoelectronic chips [1] Group 2 - Among the top ten circulating shareholders of Lian Microelectronics, Guotai Fund's ETF, Guotai Zhongzheng Semiconductor Materials and Equipment Theme ETF (159516), entered the top ten in Q3, holding 5.6803 million shares, which is 0.85% of the circulating shares, with a floating loss of approximately 2.4993 million CNY today and a total floating loss of 17.1544 million CNY over the past five days [2] - The Guotai Zhongzheng Semiconductor Materials and Equipment Theme ETF (159516) was established on July 19, 2023, with a latest scale of 8.299 billion CNY, achieving a year-to-date return of 44.47% and a one-year return of 35.66% [2] - The fund manager, Ai Xiaojun, has a tenure of 11 years and 300 days, managing total assets of 169.029 billion CNY, with the best fund return during his tenure being 253.52% and the worst being -46.54% [2]

Group 1 - The report highlights the continuous growth of the ETF market, with a total of 1346 ETFs and an asset scale of 57,038.30 billion yuan as of October 31, 2025, reflecting an increase of 103.75 billion yuan in the past week [5][7][11] - The report emphasizes the comprehensive layout of Guotai Fund in the ETF sector, with 72 non-monetary ETFs totaling 2,699.55 billion yuan as of October 31, 2025, since its first launch in 2011 [11][12][21] - The report outlines the construction of an ETF industry rotation strategy based on anchoring ratios and momentum acceleration, aiming to capture industry momentum trends effectively [16][20][21] Group 2 - The report presents the historical performance of the ETF index combination, which achieved a total return of 9.46% and an annualized return of 2.11% from July 1, 2021, to October 31, 2025, outperforming the CSI 300 index by 4.82% on an annualized basis [21][24][27] - The report lists the current ETF combination for November, which includes Guotai SSE Sci-Tech Board Chip ETF (589100), Guotai ChiNext New Energy ETF (159387), Guotai CSI New Energy Vehicle ETF (159806), Guotai CSI Semiconductor Materials and Equipment Theme ETF (159516), and Guotai CES Semiconductor Chip ETF (512760) [25][26][27]

Group 1 - The report focuses on the ETF industry rotation investment strategy based on Guotai Fund's research [2][4] - As of Q2 2025, the total asset size of 2587 non-monetary index funds reached 5.61 trillion yuan, with an increase of 0.64 trillion yuan from the previous quarter [6][4] - By October 31, 2025, there were 1346 ETFs in the market with a total size of 57,038.30 billion yuan, showing an increase of 103.75 billion yuan in the last week [6][4] Group 2 - Guotai Fund has a comprehensive layout in the ETF market, with 72 non-monetary ETFs totaling 2699.55 billion yuan as of October 31, 2025 [10][4] - The report highlights the top five ETFs selected based on a scoring system that combines anchoring ratio and momentum acceleration [19][25] - The selected ETFs for the current month include Guotai SSE Sci-Tech Innovation Board Chip ETF, Guotai ChiNext New Energy ETF, Guotai CSI New Energy Vehicle ETF, Guotai CSI Semiconductor Materials and Equipment Theme ETF, and Guotai CES Semiconductor Chip ETF [25][26] Group 3 - The historical performance of the ETF index combination from July 1, 2021, to October 31, 2025, showed a total return of 9.46% and an annualized return of 2.11% [20][21] - The ETF combination outperformed the CSI 300 index with an annualized excess return of 4.82% [20][27] - In 2025, the cumulative return of the ETF combination reached 42.43%, significantly surpassing the CSI 300's 17.94% [24][27]