资料显示，西安曲江文化旅游股份有限公司位于西安市雁塔区雁翔路3369号曲江创意谷A座16层，成立 日期1992年10月30日，上市日期1996年5月16日，公司主营业务涉及景区运营管理业务、历史文化主题 酒店管理(含餐饮管理)业务、旅行社业务、演出演艺业务、文化旅游商品业务及其他新型旅游业务,房地 产的开发、销售。主营业务收入构成为：景区运营管理50.38%，酒店餐饮23.67%，体育项目17.98%， 旅游服务(旅行社)5.36%，数字科技1.54%，旅游商品销售0.70%，园林绿化0.37%。 从曲江文旅十大流通股东角度 11月27日，曲江文旅涨5.23%，截至发稿，报11.06元/股，成交1.29亿元，换手率4.72%，总市值28.21亿 元。 富国中证旅游主题ETF（159766）基金经理为曹璐迪。 截至发稿，曹璐迪累计任职时间5年193天，现任基金资产总规模212.09亿元，任职期间最佳基金回报 113.35%， 任职期间最差基金回报-44.98%。 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） ...

Group 1 - China Eastern Airlines' stock price fell by 5.06% to 4.88 CNY per share, with a total market capitalization of 107.79 billion CNY, marking a cumulative decline of 4.1% over four consecutive days [1] - The company's main business includes passenger, cargo, mail, and baggage transportation, with passenger service revenue accounting for 92.50% of total revenue [1] - The company is headquartered in Shanghai and was established on April 14, 1995, with its stock listed on November 5, 1997 [1] Group 2 - The Fortune Fund's China Eastern Airlines holdings include an increase of 25.41 million shares in the Fortune CSI Tourism Theme ETF, bringing total holdings to 70.03 million shares, which represents 5.9% of the fund's net value [2] - The ETF has incurred a floating loss of approximately 18.21 million CNY today, with a total floating loss of 15.41 million CNY during the four-day decline [2] - The Fortune CSI Tourism Theme ETF was established on July 15, 2021, with a current size of 4.927 billion CNY and a year-to-date return of 6.84% [2]

Core Points - On November 18, Huazhou City A experienced a decline of 5.28%, trading at 2.69 CNY per share, with a transaction volume of 318 million CNY and a turnover rate of 1.67%, resulting in a total market capitalization of 21.622 billion CNY [1] - The company, Shenzhen Huazhou City Co., Ltd., was established on September 2, 1997, and listed on September 10, 1997. Its main business segments include tourism (72.15% of revenue), real estate (27.18%), and other (0.67%) [1] Shareholder Insights - The top circulating shareholder of Huazhou City A is the Fuquan Fund, which increased its holdings in the Fuquan CSI Tourism Theme ETF (159766) by 29.8912 million shares in the third quarter, bringing its total to 81.994 million shares, representing 1.19% of circulating shares. The estimated floating loss today is approximately 12.2991 million CNY [2][4] - The Fuquan CSI Tourism Theme ETF was established on July 15, 2021, with a current scale of 4.927 billion CNY. Year-to-date returns are 13.01%, ranking 3378 out of 4212 in its category, while the one-year return is 12.44%, ranking 3089 out of 3956. Since inception, the fund has experienced a loss of 20.36% [2] Fund Management - The fund manager of the Fuquan CSI Tourism Theme ETF is Cao Ludi, who has been in the position for 5 years and 184 days. The total asset size of the fund is 21.209 billion CNY, with the best return during the tenure being 122.97% and the worst return being -44.98% [3]

Market Performance - The Shanghai Composite Index decreased by 0.18% last week, closing at 3990.49 points, with a high of 4034.08 points [1] - The Shenzhen Component Index fell by 1.4%, ending at 13216.03 points, with a peak of 13502.16 points [1] - The ChiNext Index dropped by 3.01%, closing at 3111.51 points, with a maximum of 3236.61 points [1] - In global markets, the Nasdaq Composite Index declined by 0.45%, while the Dow Jones Industrial Average rose by 0.34% and the S&P 500 increased by 0.08% [1] - In the Asia-Pacific region, the Hang Seng Index increased by 1.26% and the Nikkei 225 rose by 0.2% [1] ETF Market Performance - The median weekly return for stock ETFs was -1.05% [2] - The highest weekly return among scale index ETFs was 2.32% for the Yinhua CSI 2000 Enhanced Strategy ETF [2] - The highest weekly return among industry index ETFs was 3.9% for the CMB CSI Hong Kong-Shenzhen 500 Healthcare ETF [2] - The highest weekly return among strategy index ETFs was 2.55% for the Bosera CSI All-Share Free Cash Flow ETF [2] - The highest weekly return among theme index ETFs was 5.92% for the Huaxia CSI Tourism Theme ETF [2] ETF Liquidity - Average daily trading volume for stock ETFs decreased by 3.8%, while average daily trading volume increased by 24.1% [6] - The turnover rate decreased by 0.07% [6] ETF Fund Flows - The top five stock ETFs by fund inflow were: - Southern ChiNext AI ETF with an inflow of 899 million yuan - Huaxia SSE Sci-Tech 50 ETF with an inflow of 734 million yuan - Harvest SSE Sci-Tech Chip ETF with an inflow of 707 million yuan - Huatai-PB CSI 300 ETF with an inflow of 580 million yuan - E Fund ChiNext ETF with an inflow of 556 million yuan [9] - The top five stock ETFs by fund outflow were: - GF CSI A500 ETF with an outflow of 336 million yuan - Southern CSI 1000 ETF with an outflow of 324 million yuan - Harvest CSI A500 ETF with an outflow of 283 million yuan - Guotai CSI Coal ETF with an outflow of 199 million yuan - Hua Bao CSI Bank ETF with an outflow of 192 million yuan [10] ETF Financing and Margin Trading - The financing balance for stock ETFs decreased from 47.9148 billion yuan to 47.7222 billion yuan [11] - The highest financing buy amount was for E Fund ChiNext ETF, totaling 54.5 million yuan [11] ETF Market Size - The total market size for ETFs reached 572.9922 billion yuan, a decrease of 2.968 billion yuan from the previous week [14] - The stock ETF market size was 369.935 billion yuan, accounting for 64.6% of the total ETF market size [16] ETF Issuance and Establishment - No new ETFs were issued last week, but five new ETFs were established [17]

Core Viewpoint - Yunnan Tourism's stock price increased by 5.15% to 5.92 CNY per share, with a trading volume of 278 million CNY and a turnover rate of 4.94%, resulting in a total market capitalization of 5.994 billion CNY [1] Group 1: Company Overview - Yunnan Tourism Co., Ltd. is located in Kunming, Yunnan Province, and was established on December 29, 2000, with its listing date on August 10, 2006 [1] - The company's main business includes tourism scenic area operation, tourism real estate development, transportation, landscaping, conference hotels, travel agencies, and tourism culture [1] - The revenue composition of the main business is as follows: transportation 41.26%, scenic area operation 39.10%, tourism culture technology 19.54%, and travel agency 0.10% [1] Group 2: Shareholder Information - Among the top ten circulating shareholders of Yunnan Tourism, a fund under the Fortune Fund holds a significant position [2] - The Fortune CSI Tourism Theme ETF (159766) increased its holdings by 3.65 million shares in the third quarter, bringing its total to 10.1815 million shares, which accounts for 1.04% of the circulating shares [2] - The estimated floating profit from this investment is approximately 2.9526 million CNY [2] Group 3: Fund Performance - The Fortune CSI Tourism Theme ETF (159766) was established on July 15, 2021, with a current scale of 4.927 billion CNY [2] - Year-to-date return is 13.1%, ranking 3445 out of 4216 in its category; the one-year return is 8.14%, ranking 3241 out of 3951; since inception, it has a loss of 20.3% [2]

Market Overview - The Shanghai Composite Index rose by 0.53% to close at 4018.6 points, with an intraday high of 4018.7 points [1] - The Shenzhen Component Index increased by 0.18% to 13427.61 points, reaching a peak of 13502.16 points [1] - The ChiNext Index fell by 0.92% to 3178.83 points, with a maximum of 3236.61 points during the day [1] ETF Market Performance - The median return of stock ETFs was 0.22% [2] - The highest performing scale index ETF was the Penghua CSI 800 Free Cash Flow ETF, with a return of 1.37% [2] - The Tianhong CSI Food and Beverage ETF led the industry index ETFs with a return of 3.96% [2] - The highest return among strategy index ETFs was 1.89% from the ICBC Credit Suisse Shenzhen Dividend ETF [2] - The top performing thematic index ETF was the Fortune CSI Tourism Theme ETF, achieving a return of 5.99% [2] ETF Performance Rankings - The top three ETFs by return were: - Fortune CSI Tourism Theme ETF (5.99%) - Huaxia CSI Tourism Theme ETF (5.66%) - Penghua CSI Liquor ETF (4.5%) [5] - The three ETFs with the largest declines were: - Huaan SSE Sci-Tech Innovation Board New Generation Information Technology ETF (-2.44%) - E Fund National Index New Energy Battery ETF (-2.37%) - GF National Index New Energy Battery ETF (-2.36%) [6] ETF Fund Flows - The top three ETFs by fund inflow were: - E Fund ChiNext ETF (inflow of 903 million yuan) - Huitianfu CSI Major Consumption ETF (inflow of 528 million yuan) - Huaxia SSE Sci-Tech Innovation Board 50 Component ETF (inflow of 478 million yuan) [8] - The ETFs with the largest outflows were: - Penghua CSI Liquor ETF (outflow of 1.017 billion yuan) - GF National Index New Energy Vehicle Battery ETF (outflow of 741 million yuan) - Huabao CSI All-Index Securities Company ETF (outflow of 291 million yuan) [9] ETF Margin Trading Overview - The top three ETFs by margin buying were: - E Fund ChiNext ETF (626 million yuan) - Huaxia SSE Sci-Tech Innovation Board 50 Component ETF (561 million yuan) - Guotai Junan CSI All-Index Securities Company ETF (435 million yuan) [11] - The highest margin selling amounts were: - Huatai-PB CSI 300 ETF (35.1 million yuan) - Southern CSI 500 ETF (18.1 million yuan) - Huaxia SSE 50 ETF (11.4 million yuan) [12] Industry Insights - Open Source Securities forecasts a recovery in the food and beverage industry by 2026, with a correlation to macroeconomic conditions [13] - The white liquor sector is currently in a deep adjustment phase, with demand decline affecting company performance [13] - Guoxin Securities sees a bottoming out in the social service sector, supported by favorable funding, policy, and fundamental conditions [14]

Group 1 - The core point of the news is that Xi'an Catering Co., Ltd. experienced a stock price increase of 5.15%, reaching 9.40 CNY per share, with a trading volume of 289 million CNY and a turnover rate of 6.17%, resulting in a total market capitalization of 5.395 billion CNY [1] - Xi'an Catering was established on December 31, 1996, and listed on April 30, 1997. The company operates in various sectors including catering, hotels, entertainment, tourism services, construction and renovation, refrigeration equipment, culinary training, technical consulting, and labor technical output [1] - The main revenue composition of Xi'an Catering includes 64.30% from catering services, 23.51% from other income, 5.60% from supplementary sources, 5.00% from merchandise sales, and 1.59% from room revenue [1] Group 2 - The top circulating shareholder of Xi'an Catering is the Fuquan Fund, which increased its holdings in the Fuquan CSI Tourism Theme ETF (159766) by 1.0031 million shares, bringing the total to 2.7994 million shares, representing 0.55% of the circulating shares [2] - The Fuquan CSI Tourism Theme ETF was established on July 15, 2021, with a current scale of 4.927 billion CNY. Year-to-date returns are 6.75%, ranking 3932 out of 4216 in its category, while the one-year return is 0.05%, ranking 3614 out of 3917 [2] - The fund manager of the Fuquan CSI Tourism Theme ETF is Cao Ludi, who has been in the position for 5 years and 176 days, managing a total fund size of 21.209 billion CNY, with the best return during his tenure being 124.03% and the worst being -44.98% [3]

Group 1 - The core point of the news is that Junting Hotel's stock price increased by 5.98%, reaching 22.87 CNY per share, with a total market capitalization of 4.447 billion CNY [1] - Junting Hotel Group, established on August 8, 2007, and listed on September 30, 2021, operates high-end resort and business hotel management, with main revenue sources being accommodation services (67.55%), hotel management (16.21%), dining services (9.76%), and other supporting services (6.47%) [1] Group 2 - Among the top ten circulating shareholders of Junting Hotel, the Fuqua Fund's ETF (159766) increased its holdings by 519,000 shares, totaling 1.5298 million shares, which represents 0.86% of the circulating shares [2] - The Fuqua China Securities Tourism Theme ETF has a current scale of 4.927 billion CNY and has achieved a year-to-date return of 6.75% [2] Group 3 - The fund manager of Fuqua China Securities Tourism Theme ETF is Cao Ludi, who has been in the position for 5 years and 176 days, with the fund's total asset scale at 21.209 billion CNY [3] - During Cao Ludi's tenure, the best fund return was 124.03%, while the worst return was -44.98% [3]

Group 1: Macro Timing Strategy - The macro timing strategy has an annualized return of 7.67% as of October 31, 2025, with a Sharpe ratio of 1.45 and a Calmar ratio of 1.67, indicating a maximum drawdown of -4.60% [2][4][5] - The latest portfolio allocation includes 7.01% in CSI 300 ETF, 7.99% in CSI 500 ETF, 55.94% in government bond ETF, 11.63% in soybean meal ETF, 5.02% in non-ferrous ETF, 7.40% in gold ETF, and 5.00% in currency ETF, with no allocation to S&P 500 ETF and corporate bond ETF [7][8] Group 2: Momentum Strategy - The momentum strategy has an annualized return of 18.25% since January 2020, with a Sharpe ratio of 0.88 and a Calmar ratio of 0.64, experiencing a maximum drawdown of -28.72% [9][10] - The latest portfolio allocation includes 27.01% in Huatai-PB CSI Telecom Theme ETF, 24.92% in Fuguo CSI Tourism Theme ETF, 21.52% in Xinhua CSI Cloud Computing 50 ETF, 16.38% in Huatai-PB CSI Smart Car ETF, and 8.17% in Huaxia CSI Artificial Intelligence ETF [13][14] Group 3: Sector Rotation Strategy - The sector rotation strategy has an annualized return of 10.00% since 2020, with an excess return of 7.27% relative to CSI 300, and a maximum drawdown of -42.98% [15] - The latest portfolio includes home appliance ETF, green power ETF, steel ETF, new energy vehicle ETF, financial ETF, and agricultural ETF, while excluding non-ferrous metals ETF and transportation ETF [18][19] Group 4: Copula-Based Second-Order Stochastic Dominance Strategy - The Copula-based second-order stochastic dominance strategy has an annualized return of 14.41% since January 2020, with a Sharpe ratio of 0.68 and a maximum drawdown of -42.62% [20][24] - The latest portfolio allocation includes 5.00% in Huaxia CSI Petrochemical Industry ETF, 85.00% in Fuguo CSI 800 Bank ETF, 5.00% in Fuguo CSI All-Index Securities Company ETF, and 5.00% in Bosera CSI Oil and Gas Resources ETF [23][25] Group 5: Quantile Random Forest Technology ETF Allocation Strategy - The quantile random forest technology ETF allocation strategy has an annualized return of 13.54% since 2020, with a Sharpe ratio of 0.76 and a maximum drawdown of -29.89% [26] - The latest portfolio allocation consists of 95.63% in technology ETFs, including 4.78% in Jiahua National Communication ETF, 4.78% in Tianhong CSI Photovoltaic Industry ETF, 4.78% in Huabao CSI Military Industry ETF, 76.51% in Ping An CSI Consumer Electronics Theme ETF, and 4.78% in Fuguo CSI Technology 50 Strategy ETF [29][30]

Core Viewpoint - The performance of the two ETFs tracking the China Tourism Index shows a significant difference in growth and market dynamics, with the FuGuo ETF leading in scale and liquidity, potentially benefiting from institutional and arbitrage investments [1][3]. Group 1: ETF Performance - On November 6, FuGuo China Tourism Theme ETF (159766) fell by 1.45%, while Huaxia China Tourism ETF (562510) decreased by 1.44%, both tracking the same index [1]. - For Q3 2025, FuGuo Tourism ETF's fund shares reached 6.86 billion, with a quarterly net increase of approximately 2.49 billion, representing a growth of about 57%, and a net asset value of 4.927 billion [1]. - Huaxia Tourism ETF ended the quarter with 1.51 billion shares, a net increase of 480 million, and a net value of 1.097 billion [1]. Group 2: Performance Comparison - In Q3, Huaxia Tourism ETF's net value grew by 6.35%, slightly outperforming the China Tourism Index's growth of 6.03%, with a positive deviation of about 0.32 percentage points [3]. - FuGuo Tourism ETF's growth was 6.18%, with a deviation of approximately 0.15 percentage points [3]. - Since its inception in 2021, FuGuo has experienced a cumulative decline of 28.20%, which is better than the index's decline of 29.24% [3]. Group 3: Market Dynamics - Both ETFs have identical top ten holdings, including major companies like China Duty Free, Shanghai Airport, and China Eastern Airlines, indicating a concentrated industry characteristic [3]. - The "head effect" in the ETF market is strengthening, where larger products attract more liquidity and institutional interest, potentially leading to a "Matthew effect" favoring larger funds like FuGuo [3].