本报记者 彭衍菘 作为资产配置领域的"专业买手"，FOF（基金中的基金）在2025年迎来高光时刻。公募排排网数据显示，截至12月8日，全 市场515只公募FOF管理规模达1869.88亿元，年内平均净值增长率为12.58%，其中3只产品单位净值突破2元。与此同时，年内 新成立74只FOF，发行份额创下近4年新高，产品策略覆盖多品类，彰显多元专业资产配置能力。 FOF的专业配置优势在年内持续展现，赚钱效应显著。Wind资讯数据显示，截至12月8日，前海开源裕源、光大保德信阳 光三个月持有期混合（FOF）A、浙商汇金卓越配置一年持有混合（FOF）A等3只FOF单位净值均超2元，年内净值增长率分别 为38.13%、17.01%和8.18%。其中，前海开源裕源近3年净值平均增长率达37.31%，近三年业绩居同类首位。 Wind资讯数据显示，按基金成立日统计，截至12月8日，年内共有74只FOF成立，发行份额达776.06亿份，创下近4年新 高，目前平均单位净值为1.08元。 晨星（中国）基金研究中心总监孙珩将FOF发行热归因于政策、市场与需求的三重共振。"低利率环境下，随着传统理财 吸引力的下降，FOF凭借其多元资产 ...

资料显示，宁波杉杉股份有限公司位于浙江省宁波市鄞州区日丽中路777号杉杉大厦28层，成立日期 1992年12月14日，上市日期1996年1月30日，公司主营业务涉及锂离子电池负极材料和电解液的研发、 生产和销售。主营业务收入构成为：偏光片58.15%，锂电池材料41.77%，其他0.09%。 从杉杉股份十大流通股东角度 数据显示，广发基金旗下1只基金位居杉杉股份十大流通股东。广发国证新能源车电池ETF（159755） 三季度新进十大流通股东，持有股数1781.84万股，占流通股的比例为1.01%。根据测算，今日浮盈赚取 约142.55万元。连续3天上涨期间浮盈赚取1265.11万元。 广发国证新能源车电池ETF（159755）成立日期2021年6月15日，最新规模150.97亿。今年以来收益 59.38%，同类排名231/4207；近一年收益52.13%，同类排名339/4009；成立以来收益4.06%。 广发国证新能源车电池ETF（159755）基金经理为罗国庆。 截至发稿，罗国庆累计任职时间10年53天，现任基金资产总规模1047.11亿元，任职期间最佳基金回报 77.66%， 任职期间最差基金回报-48 ...

Group 1 - The recent ETF financing data shows significant net inflows, particularly in the Guotai CSI All-Share Securities Company ETF with a net inflow of 49 million, indicating a strategic positioning by professional investors in the brokerage and new energy sectors [1][3] - Despite an overall decrease of 1.4 billion in financing balances, professional players are quietly accumulating positions in the brokerage and new energy sectors, highlighting a divergence between market sentiment and actual investment behavior [3][4] - The data suggests that while retail investors focus on index fluctuations, smart money is utilizing industry ETFs for precise allocations, reflecting a shift in investment strategies [12] Group 2 - The article emphasizes three key lessons from past market experiences: the importance of active participation, the need to move beyond concept-driven speculation, and the superiority of behavioral analysis over technical indicators [4][5][6] - Quantitative data reveals that many stocks perceived as risky may actually be undergoing institutional accumulation, while others may be experiencing retail-driven sell-offs, underscoring the value of understanding market dynamics [10][12] - The analysis of ETF flows indicates a growing interest in sectors like brokerage and new energy vehicles, suggesting a potential trend in capital allocation towards these industries [12]

Core Insights - As of November 26, the total margin balance for ETFs in the Shanghai and Shenzhen markets is 118.441 billion yuan, a decrease of 1.239 billion yuan from the previous trading day [2] - The financing balance for ETFs is 111.01 billion yuan, down by 1.472 billion yuan, while the margin short balance increased to 7.431 billion yuan, up by 0.233 billion yuan [2] ETF Financing Activity - On November 26, 199 ETFs experienced net financing inflows, with the top net inflow being the Guotai CSI All-Share Securities Company ETF, which saw a net inflow of 49 million yuan [2] - Other ETFs with significant net financing inflows include the GF National Index New Energy Vehicle Battery ETF, E Fund CSI Hong Kong Securities Investment Theme ETF, GF NASDAQ 100 ETF, Huabao CSI Bank ETF, and Invesco Great Wall NASDAQ Technology Market Cap Weighted ETF [2]

Group 1: Fixed Income + Product Performance Tracking - As of November 21, 2025, the total market size of fixed income + funds reached 21,846.96 billion, with 1,151 products, and 23 products achieved historical net value highs last week [2][20] - The median performance of various fund types for the week of November 17-21, 2025, showed mixed results: mixed bond type I (-0.04%), mixed bond type II (-0.72%), and flexible allocation type (-0.60%) [2][13] - The median returns for conservative, balanced, and aggressive funds were -0.13%, -0.59%, and -0.93%, respectively [2][13] Group 2: Major Asset Allocation and Industry ETF Rotation Strategy Tracking - The macro environment forecast for Q4 2025 indicates inflation, with the Shanghai Composite Index, China Government Bond Total Wealth Index, and AU9999 contract yielding -4.03%, -0.10%, and 0.63% respectively since November [3] - Recommended industry ETFs for November 2025 include semiconductor, securities companies, communication equipment, new energy vehicle batteries, and animation game ETFs, with a weekly return of -5.15% and a cumulative return of -7.92% for the month [3] Group 3: Absolute Return Strategy Performance Tracking - The macro timing-driven stock-bond 20/80 rebalancing strategy yielded -0.38% last week, with a year-to-date return of 4.84% [4] - The small-cap growth style within the stock-bond 20/80 combination showed a notable annual return of 10.57%, while the PB earnings, high dividend, and small-cap value strategies returned 4.35%, 3.81%, and 10.20% respectively [4] - The cumulative return for the small-cap growth combination based on a macro momentum model was 12.70% [4]

Core Viewpoint - As of November 26, the total margin balance for ETFs in the Shanghai and Shenzhen markets is 118.441 billion yuan, showing a decrease of 1.239 billion yuan from the previous trading day [1] Group 1: ETF Financing and Margin Data - The ETF financing balance stands at 111.01 billion yuan, down by 1.472 billion yuan compared to the previous trading day [1] - The ETF margin short balance is 7.431 billion yuan, which has increased by 0.233 billion yuan from the previous trading day [1] Group 2: Net Buy Data - On November 26, 199 ETFs experienced net financing purchases, with the Guotai CSI All Share Securities Company ETF leading with a net purchase amount of 49 million yuan [1] - Other ETFs with significant net purchase amounts include the GF National Certificate New Energy Vehicle Battery ETF, E Fund CSI Hong Kong Securities Investment Theme ETF, GF Nasdaq 100 ETF, Huabao CSI Bank ETF, and Invesco Great Wall Nasdaq Technology Market Cap Weighted ETF [1]

Core Points - The stock price of Teruid has dropped by 5.04% to 26.21 CNY per share, with a total market capitalization of 27.666 billion CNY, marking a cumulative decline of 5.99% over three consecutive days [1] Company Overview - Teruid Electric Co., Ltd. is located in Laoshan District, Qingdao, Shandong Province, established on March 16, 2004, and listed on October 30, 2009. The company specializes in outdoor box-type electrical equipment and indoor switchgear, focusing on the research, design, and manufacturing of power distribution products rated at 220kV and below [1] - The main business revenue composition is 70.57% from smart manufacturing and integrated services, and 29.43% from electric vehicle charging networks [1] Shareholder Insights - The Guangfa Fund has a significant stake in Teruid, with the Guangfa National Index New Energy Vehicle Battery ETF (159755) entering the top ten circulating shareholders in Q3, holding 7.8684 million shares, which is 0.76% of the circulating shares. The estimated floating loss today is approximately 10.9371 million CNY, with a total floating loss of 13.8484 million CNY over the three-day decline [2] - The Guangfa National Index New Energy Vehicle Battery ETF (159755) was established on June 15, 2021, with a current scale of 15.097 billion CNY, yielding 65.42% year-to-date and ranking 169 out of 4208 in its category [2] Fund Performance - The Guangfa Hengsheng A-Share Power Grid Equipment ETF (159320) has increased its holdings in Teruid by 6,800 shares in Q3, now holding 33,900 shares, which constitutes 2.06% of the fund's net value. The estimated floating loss today is about 47,100 CNY, with a total floating loss of 59,700 CNY during the three-day decline [3] - The Guangfa Hengsheng A-Share Power Grid Equipment ETF (159320) was established on December 12, 2024, with a current scale of 44.7963 million CNY, achieving a year-to-date return of 58.31% and a cumulative return of 54.15% since inception [3]

广发国证新能源车电池ETF（159755）成立日期2021年6月15日，最新规模150.97亿。今年以来收益 74.31%，同类排名117/4212；近一年收益63.03%，同类排名173/3956；成立以来收益13.81%。 广发国证新能源车电池ETF（159755）基金经理为罗国庆。 截至发稿，罗国庆累计任职时间10年40天，现任基金资产总规模1047.11亿元，任职期间最佳基金回报 79.2%， 任职期间最差基金回报-48.08%。 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18日，星源材质跌5.09%，截至发稿，报16.61元/股，成交21.66亿元，换手率10.23%，总市值 223.92亿元。 资料显示，深圳市星源材质科技股份有限公司位于广东省深圳市光明区公明办事处田园路北,香港湾仔 皇后大道东248号大新金融中心40楼，成立日期2003年9月17日，上市日期2016年12月1日，公司主营业 务涉及锂离子电池隔膜研发、生产及销售 ...

Group 1 - Tianhua New Energy's stock price increased by 6.61%, reaching 53.10 CNY per share, with a trading volume of 1.29 billion CNY and a turnover rate of 0.36%, resulting in a total market capitalization of 441.13 billion CNY [1] - Suzhou Tianhua New Energy Technology Co., Ltd. was established on November 13, 1997, and went public on July 31, 2014. The company's main business involves the production and sales of new energy lithium battery materials, anti-static ultra-clean technology products, and medical devices [1] - The revenue composition of Tianhua New Energy is primarily from lithium battery materials, accounting for 99.10%, while other products contribute 0.90% [1] Group 2 - Among the top ten circulating shareholders of Tianhua New Energy, a fund under GF Fund ranks first. The GF Guozheng New Energy Vehicle Battery ETF (159755) entered the top ten in the third quarter, holding 6.3451 million shares, which is 0.94% of the circulating shares [2] - The GF Guozheng New Energy Vehicle Battery ETF (159755) was established on June 15, 2021, with a latest scale of 15.097 billion CNY. It has achieved a return of 71.96% this year, ranking 140 out of 4216 in its category, and a return of 55.03% over the past year, ranking 202 out of 3956 [2] - The fund manager of GF Guozheng New Energy Vehicle Battery ETF is Luo Guoqing, who has a cumulative tenure of 10 years and 39 days, with the fund's total asset scale at 104.711 billion CNY. The best fund return during his tenure is 79.2%, while the worst is -48.08% [2]

Group 1 - Tianhua New Energy's stock increased by 5.12%, reaching 50.50 CNY per share, with a trading volume of 3.846 billion CNY and a turnover rate of 11.71%, resulting in a total market capitalization of 41.953 billion CNY [1] - The company, Suzhou Tianhua New Energy Technology Co., Ltd., was established on November 13, 1997, and went public on July 31, 2014. Its main business involves the production and sales of new energy lithium battery materials, anti-static ultra-clean technology products, and medical devices [1] - The revenue composition of Tianhua New Energy is heavily weighted towards lithium battery products, accounting for 99.10% of total revenue, while other products contribute 0.90% [1] Group 2 - Among the top ten circulating shareholders of Tianhua New Energy, a fund under GF Fund Management has entered the list, specifically the GF Guozhen New Energy Vehicle Battery ETF (159755), which acquired 6.3451 million shares, representing 0.94% of circulating shares [2] - The GF Guozhen New Energy Vehicle Battery ETF was established on June 15, 2021, with a current scale of 15.097 billion CNY. It has achieved a year-to-date return of 76.21%, ranking 141 out of 4216 in its category, and a one-year return of 53.38%, ranking 208 out of 3955 [2] - The fund manager of GF Guozhen New Energy Vehicle Battery ETF is Luo Guoqing, who has been in the position for 10 years and 36 days, managing a total fund size of 104.711 billion CNY, with the best fund return during his tenure being 83.44% and the worst being -48.08% [3]