数据显示，国泰基金旗下1只基金位居宝地矿业十大流通股东。国泰中证钢铁ETF（515210）三季度新 进十大流通股东，持有股数405.21万股，占流通股的比例为1.07%。根据测算，今日浮亏损失约158.03 万元。 国泰中证钢铁ETF（515210）成立日期2020年1月22日，最新规模36.6亿。今年以来收益28.95%，同类 排名1537/4208；近一年收益25.28%，同类排名1449/3972；成立以来收益70.78%。 国泰中证钢铁ETF（515210）基金经理为吴中昊。 11月21日，宝地矿业跌5.03%，截至发稿，报7.37元/股，成交4379.55万元，换手率1.55%，总市值58.96 亿元。 资料显示，新疆宝地矿业股份有限公司位于新疆乌鲁木齐市沙依巴克区克拉玛依东街390号深圳城大厦 15楼，成立日期2001年11月14日，上市日期2023年3月10日，公司主营业务涉及铁矿石的开采、选矿加 工和铁精粉销售。主营业务收入构成为：铁精粉99.30%，其他0.70%。 从宝地矿业十大流通股东角度 截至发稿，吴中昊累计任职时间3年299天，现任基金资产总规模253.91亿元，任职期间最佳基金回报 ...

11月20日，海南矿业涨5.48%，截至发稿，报13.28元/股，成交7.80亿元，换手率3.10%，总市值265.37 亿元。 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 数据显示，国泰基金旗下1只基金位居海南矿业十大流通股东。国泰中证钢铁ETF（515210）三季度新 进十大流通股东，持有股数606.24万股，占流通股的比例为0.31%。根据测算，今日浮盈赚取约418.3万 元。 国泰中证钢铁ETF（515210）成立日期2020年1月22日，最新规模36.6亿。今年以来收益29.07%，同类 排名1604/4208；近一年收益26.37%，同类排名1524/3971；成立以来收益70.94%。 国泰中证钢铁ETF（515210）基金经理为吴中昊。 截至发稿，吴中昊累计任职时间3年298天，现任基金资产总规模253.91亿元，任职期间最佳基金回报 77.87%， 任职期间最差基金回报-13.36%。 资料显示，海南矿业股份有限公司位于海南省澄迈 ...

Company Overview - Shengde Xintai New Materials Co., Ltd. is located in Changzhou, Jiangsu Province, and was established on October 15, 2001, with its listing date on September 1, 2020 [1] - The company specializes in the production, research, and sales of seamless steel pipes for various industrial energy equipment [1] Revenue Composition - The main business revenue composition includes: - Alloy steel pipes: 45.54% - Stainless steel pipes: 29.38% - Automotive motor shafts: 5.67% - Components and others: 5.55% - Automotive motor housings: 4.68% - Steel grating: 4.05% - Waste revenue: 3.49% - Carbon seamless steel pipes: 1.64% [1] Stock Performance - On November 18, Shengde Xintai's stock fell by 5.04%, trading at 35.60 CNY per share, with a transaction volume of 95.28 million CNY and a turnover rate of 4.60% [1] - The total market capitalization of the company is 3.916 billion CNY [1] Shareholder Information - Guotai Fund's Guotai Zhongzheng Steel ETF (515210) entered the top ten circulating shareholders in the third quarter, holding 328,600 shares, which is 0.57% of the circulating shares [2] - The estimated floating loss for this fund today is approximately 621,000 CNY [2] Fund Performance - Guotai Zhongzheng Steel ETF (515210) was established on January 22, 2020, with a latest scale of 3.66 billion CNY [2] - Year-to-date return is 33.9%, ranking 1401 out of 4212 in its category; the one-year return is 32.58%, ranking 1224 out of 3956; and since inception, the return is 77.33% [2]

Group 1 - The core point of the news is that Jinling Mining's stock price has dropped by 5.01%, currently trading at 9.86 CNY per share, with a total market capitalization of 5.87 billion CNY [1] - Jinling Mining, established on September 28, 1996, and listed on November 28, 1996, is primarily engaged in iron ore mining and the production and sale of iron concentrate, copper concentrate, cobalt concentrate, and pellet ore [1] - The revenue composition of Jinling Mining is as follows: iron concentrate accounts for 76.99%, pellets 9.03%, other (supplementary) 8.46%, copper concentrate 5.10%, and mechanical processing 0.41% [1] Group 2 - Guotai Fund's Guotai Zhongzheng Steel ETF (515210) has entered the top ten circulating shareholders of Jinling Mining, holding 3.0028 million shares, which is 0.5% of the circulating shares [2] - The Guotai Zhongzheng Steel ETF was established on January 22, 2020, with a latest scale of 3.66 billion CNY, and has achieved a year-to-date return of 33.9% [2] - The fund's performance over the past year is a return of 32.58%, ranking 1224 out of 3956 in its category [2]

资料显示，杭州钢铁股份有限公司位于浙江省杭州市拱墅区半山路178号，成立日期1998年2月25日，上 市日期1998年3月11日，公司主营业务涉及钢铁及其压延产品的生产和销售、部分原燃材料和钢材的贸 易、环保业务。主营业务收入构成为：废旧物资45.09%，热轧钢材23.34%，原燃料13.77%，OEM钢材 8.15%，金属贸易7.05%，其他1.74%，副产品0.87%。 从杭钢股份十大流通股东角度 11月13日，杭钢股份涨6.29%，截至发稿，报9.47元/股，成交5.54亿元，换手率1.81%，总市值319.82亿 元。 截至发稿，吴中昊累计任职时间3年291天，现任基金资产总规模253.91亿元，任职期间最佳基金回报 78.61%， 任职期间最差基金回报-13.9%。 从基金十大重仓股角度 数据显示，国泰基金旗下1只基金重仓杭钢股份。国泰中证钢铁ETF（515210）三季度增持836.37万 股，持有股数1346.63万股，占基金净值比例为3.67%，位居第六大重仓股。根据测算，今日浮盈赚取约 754.12万元。 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 ...

Core Insights - The report suggests increasing allocation to large-cap value stocks while focusing on TMT (Technology, Media, and Telecommunications) and cyclical sectors [3][30] - The industry rotation model has been optimized to adapt to market conditions, incorporating high-frequency factors and enhancing the strategy's effectiveness [4][26] - The latest industry rotation model identifies non-bank financials, steel, media, non-ferrous metals, environmental protection, and telecommunications as preferred sectors [30][33] Market Review and Fund Flow Tracking - As of October 31, 2025, the total monthly trading volume of A-shares reached 36.78 trillion yuan, with a slight decrease in daily average trading volume by 10.49% compared to the previous month [12][18] - The average stock return dispersion for the past month was 2.41%, indicating a slight decline but remaining above the median level for the past six months [12][18] - The industry rotation speed has continued to expand, significantly exceeding the average level since 2015 [12][18] Industry Rotation Model and ETF Fund Configuration - The report emphasizes the importance of focusing on large-cap value and cyclical sectors, particularly in the context of the current unclear market leadership [3][30] - The recommended ETF portfolio includes six funds: E Fund CSI 300 Non-Bank ETF, Guotai Junan CSI Steel ETF, GF CSI Media ETF, Southern CSI Non-Ferrous Metals ETF, Southern Yangtze River Protection Theme ETF, and Guotai Junan CSI All-Share Communication Equipment ETF [3][34] - The model's historical performance has shown consistent positive excess returns, outperforming major benchmark indices [5][42] Historical Performance and Model Effectiveness - The industry rotation model has maintained a strong performance over the years, achieving excess returns compared to industry averages, with a notable performance in 2025 [5][42] - The model's win rates over the past 1, 3, and 5 years are 83.33%, 69.44%, and 71.67% respectively, indicating its robustness [43][44] - The report highlights the significance of emotional and price-volume factors in capturing market dynamics, especially in weak market conditions [42][43]

Group 1 - The core point of the news is that Ba Yi Steel experienced a significant drop in stock price, falling by 5.24% to 3.80 CNY per share, with a trading volume of 445 million CNY and a turnover rate of 7.51%, resulting in a total market capitalization of 5.825 billion CNY [1] - Ba Yi Steel, established on July 27, 2000, and listed on August 16, 2002, is located in Urumqi, Xinjiang, and primarily engages in steel smelting, rolling, processing, and sales, with its main business revenue composition being 93.89% from steel products, 3.52% from others, and 2.58% from chemical products and energy media [1] Group 2 - Among the top ten circulating shareholders of Ba Yi Steel, Guotai Fund's Guotai Zhongzheng Steel ETF (515210) entered the list in the third quarter, holding 7.8101 million shares, which accounts for 0.51% of the circulating shares, with an estimated floating loss of approximately 1.6401 million CNY today [2] - The Guotai Zhongzheng Steel ETF (515210) was established on January 22, 2020, with a current scale of 3.66 billion CNY, achieving a year-to-date return of 31.2%, ranking 1709 out of 4216 in its category, and a one-year return of 21.88%, ranking 1874 out of 3922, with a cumulative return since inception of 73.75% [2] Group 3 - The fund manager of Guotai Zhongzheng Steel ETF (515210) is Wu Zhonghao, who has been in the position for 3 years and 289 days, managing a total fund asset size of 25.391 billion CNY, with the best fund return during his tenure being 75.35% and the worst being -15.48% [3]

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 viewpoint of the news is that Guizhou Steel Rope Co., Ltd. (贵绳股份) experienced a stock price increase of 5.12%, reaching 15.81 CNY per share, with a trading volume of 176 million CNY and a turnover rate of 4.70%, resulting in a total market capitalization of 3.875 billion CNY [1] - The company, established on October 19, 2000, and listed on May 14, 2004, specializes in the research, production, processing, sales, and import-export of steel wire, various types of steel rope products, prestressed steel strands, and related equipment and materials [1] - The main revenue composition of the company includes steel ropes (48.27%), steel strands (26.87%), steel wires (22.88%), and other supplementary products (1.39%), with entrusted processing materials and rigging contributing 0.31% and 0.29% respectively [1] Group 2 - From the perspective of the top ten circulating shareholders, Guotai Fund's Guotai Zhongzheng Steel ETF (国泰中证钢铁ETF, 515210) entered the top ten circulating shareholders in the third quarter, holding 2.0017 million shares, which accounts for 0.82% of the circulating shares [2] - The Guotai Zhongzheng Steel ETF was established on January 22, 2020, with a latest scale of 3.66 billion CNY, achieving a year-to-date return of 28.55% and ranking 1974 out of 4216 in its category [2] - The fund has a one-year return of 25.88%, ranking 2099 out of 3896, and a cumulative return of 70.25% since its inception [2]

Core Viewpoint - Hainan Mining (601969.SH) reported its Q3 2025 results, highlighting significant institutional ownership and changes in public fund holdings [1] Institutional Ownership - As of October 30, 2025, seven institutional investors disclosed holdings in Hainan Mining A-shares, totaling 1.575 billion shares, which represents 78.80% of the company's total equity [1] - Key institutional investors include Shanghai Fosun High Technology (Group) Co., Ltd., Hainan Haigang Group Co., Ltd., Hainan Provincial State-owned Capital Operation Co., Ltd., and several funds managed by China Merchants Bank [1] Public Fund Holdings - One public fund, the Guotai CSI Steel ETF, increased its holdings by 0.19% compared to the previous period [1] - One public fund, the Huaxia CSI 1000 ETF, reported a slight decrease in holdings [1] - A total of 54 public funds did not disclose their holdings this period, including notable funds such as the Southern CSI 1000 ETF and the GF CSI 1000 ETF [1]