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]