（文章来源：每日经济新闻） 央企共赢ETF（517090）跟踪的是富时中国国企开放共赢指数，该指数从上市的国有企业中选取成分证 券，以反映在全球化与可持续发展方面表现突出的国有企业整体走势。指数编制侧重于企业的全球化布 局与可持续发展能力，并在选样中关注海外营收、绿色收入等维度，同时向质量、低波动率及高股息风 格倾斜。 招商证券指出，地方国资委负责人会议为"十五五"时期国资国企改革绘就蓝图，推动国有资本向关系国 家安全与国计民生的关键领域集中，并强化其在供需两侧对经济"稳增长"的支撑作用。政策目标更强调 价值创造与功能提升，部署推动国资国企从"规模扩张"全面转向"功能引领与质量贡献"，通过"稳增 长、强创新、优布局、深改革、严监管"五大主线的协同推进，引导国有资本进一步向国家战略关键领 域与战略性新兴产业集聚，旨在系统性激活新质生产力，构建与现代化产业体系相适配的国有经济新格 局。具体而言，在供给端要求国企通过打造智慧物流、充电网络等高显示度"消费新基建"场景以激活内 需；在需求端则继续发挥其在基础设施与产业升级中的投资关键作用，依托超长期特别国债等实施一批 强链补链的重大项目，巩固其作为宏观经济"压舱石"的 ...

Group 1 - The core viewpoint is that China's economic growth engine is transitioning from a "debt-real estate" driven model to a new paradigm focused on "industrial upgrading and profit recovery" [1] - The policy focus is shifting from demand-side stimulus to supply-side optimization, primarily through "anti-involution" policies aimed at driving economic "profit recovery" [1] - The effects of this transition can be tracked through a three-layer framework: - Framework one addresses resource/monopoly industries (e.g., coal, electricity) by managing capacity and pricing to ensure stable profits and cash flow, serving fiscal and financial stability, thus becoming a high-dividend, low-valuation "value ballast" [1] - Framework two targets strategic emerging manufacturing industries (e.g., photovoltaic, lithium batteries) by regulating energy consumption and technology thresholds to accelerate the exit of inefficient capacity, guiding prices above cost lines, and driving industry profitability recovery with "cyclical growth elasticity" [1] - Framework three focuses on market-oriented overseas industries (e.g., new energy vehicles), where companies engage in global competition through R&D, branding, and channel development, achieving "survival of the fittest" and pricing power, representing "long-term growth aspirations" [1] Group 2 - The Central Enterprise Win-Win ETF (517090) tracks the FTSE China State-Owned Enterprises Open Win Index, which selects 100 Chinese state-owned enterprises from A-share and Hong Kong markets, including 80 A-shares and 20 Hong Kong stocks [2] - The index emphasizes the global layout and sustainable development capabilities of enterprises, focusing on overseas revenue and green income, while leaning towards quality, low volatility, and high dividend styles in its selection [2] - The industry distribution is highly concentrated, primarily covering sectors such as oil and petrochemicals, construction, and telecommunications, reflecting the overall performance of Chinese state-owned enterprises with open and win-win characteristics [2]

央企共赢ETF（517090）跟踪的是富时中国国企开放共赢指数，筛选标准注重大市值、低估值与高盈利 特征，旨在反映具有全球化布局和可持续发展能力的优质央企上市公司证券的整体表现。 （文章来源：每日经济新闻） 东吴证券指出，2025年是国企改革深化提升收官之年，改革将持续推进，中央提出深化国资国企改革， 做强做优做大国有企业和国有资本，推进国有经济布局优化和结构调整。地方国企资本运作主要通过资 产注入、并购重组、增资控股等方式完成，未来仍将围绕战略性重组和专业化整合展开。随着地方加强 盘活存量资产，国企改革进一步深化，地方国企资本运作有望持续加速推进。地方政府现有股权资产规 模较大，但证券化比例相对较低，2023年省级行政区股权资产总额约为29.26万亿元。国有资产盘活重 点包括"三资""三化"原则，即国有资源资产化、国有资产证券化、国有资金杠杆化，以提升资产利用效 率。2026年各地将进一步加强地方国企考核管理，提升竞争力。 ...

Market Overview - The stock market experienced a rebound during the week of November 24-28, 2025, with major indices showing positive performance: Shanghai Composite Index up 1.40%, Shenzhen Component Index up 3.56%, and ChiNext Index up 4.54% [1] - Trading volume remained low, with daily turnover around 1.8 trillion, indicating weak enthusiasm from external investors [1] - The market showed a trend of small-cap stocks outperforming larger ones, with gains increasing from the CSI 300 to the CSI 2000 [1] ETF Performance - Growth sectors saw significant rebounds, with the top-performing ETFs showing gains over 10%: S&P Biotechnology ETF up 12.04% and NASDAQ Biotechnology ETF up 10.43% [2] - The average gain for all ETFs was 2.42%, driven by a rebound in sectors like CPO and telecommunications [2] - The top ten ETFs by gain were all related to growth sectors, indicating a strong recovery in previously popular themes [2] Fund Flow Trends - Overall, there was a net outflow of 279.76 billion, with stock ETFs experiencing a significant outflow of 362.95 billion [6] - In contrast, money market ETFs and cross-border ETFs saw net inflows, indicating a shift towards safer investments [6] - The top inflow ETFs included the Huabao Qiyi ETF with 36.91 billion and the Benchmark Treasury ETF with 29.45 billion [8] Economic Indicators - Fiscal revenue showed a year-on-year increase of 3.16%, driven by higher tax income, while land transfer income continued to decline [5] - General fiscal expenditure fell by 9.78%, reflecting a significant drop compared to the previous month [5] - The real estate sector remains under pressure, with calls for new policies to stimulate the market [5] Upcoming ETF Listings - Two new ETFs are set to launch next week: Penghua Hang Seng Technology ETF and E Fund CSI A500 Dividend Low Volatility ETF, both targeting specific growth and dividend strategies [11][12] - The Hang Seng Technology ETF will focus on major tech stocks in Hong Kong, while the A500 Dividend ETF aims to provide stable returns through high dividend-paying stocks [11][12]

Core Insights - The "14th Five-Year Plan" emphasizes optimizing the existing structural adjustments and coordinating the enhancement of new growth while revitalizing existing assets, forming a strong policy synergy [1] - Different provinces are adopting various measures based on their resource endowments, such as Hubei's "three assets" management concept and Hunan's total revenue revitalization of approximately 150 billion yuan [1] - The central state-owned enterprises (SOEs) are showing an overall upward trend in major indices recently [1] Group 1: Policy and Economic Measures - Hubei proposed a "three assets" management concept to optimize resource allocation [1] - Hunan achieved a total revenue revitalization of about 150 billion yuan [1] - Anhui is constructing a virtuous cycle of "revitalization-debt repayment-reinvestment" [1] Group 2: Market Performance and Investment Products - The Central State-Owned Enterprises Co-Winning ETF (517090) tracks the FTSE China State-Owned Enterprises Open Co-Winning Index, focusing on SOEs in globalization and sustainable development [1] - The index samples are selected from A-shares and Hong Kong stocks, primarily covering industries such as oil and petrochemicals, and construction decoration [1] - The ETF aims to reflect the overall market performance of Chinese SOEs under the theme of open co-winning [1]