沪深股通今日合计成交1920.55亿，其中工业富联和宁德时代分居沪股通和深股通个股成交额首位。板块主力资金方 面，银行板块主力资金净流入居首。ETF成交方面，房地产ETF（512200）成交额环比增长255%。期指持仓方面， IM合约空头加仓数量较多，IF合约多头加仓数量较多。龙虎榜方面，航天发展走出5连板，获一家一线游资席位 （中国银河大连黄河路）买入1.26亿，遭三家一线游资（国泰海通证券上海新闸路、东亚前海证券上海分公司、国 泰海通证券成都北一环路）分别卖出1.88亿、1.09亿、0.93亿。多氟多遭深股通卖出2亿，遭中金公司上海分公司席 位卖出8447万，同时遭一家机构卖出6517万。 一、沪深股通前十大成交 今日沪股通总成交金额为884.40亿，深股通总成交金额为1036.15亿。 | | | 沖股通( 11月20日 . D | | | --- | --- | --- | --- | | 排名 | 股票代码 | 股票名称 | 成交金额(亿元) | | 1 | 601138 | 工业富联 | 14.59 | | 2 | 601600 | 中国铝V | 9.42 | | 3 | 603986 | 兆易创 ...

ETF成交方面，房地产ETF（512200）成交额环比增长255%。期指持仓方面，IM合约空头加仓数量较多，IF合约多头加仓数量较多。 龙虎榜方面，航天发展走出5连板， 获一家一线游资席位（中国银河大连黄河路）买入1.26亿， 遭三家一线游资（国泰海通证券上海 新闸路、东亚前海证券上海分公司、国泰海通证券成都北一环路）分别卖出1.88亿、1.09亿、0.93亿。多氟多遭深股通卖出2亿，遭中 金公司上海分公司席位卖出8447万，同时遭一家机构卖出6517万。 一、沪深股通前十大成交 今日沪股通总成交金额为884.40亿，深股通总成交金额为1036.15亿。 | | 沪股道( | 11月20日 | ) | | | --- | --- | --- | --- | --- | | 排名 | 股票代码 | 股票名称 | | 成交金额(亿元) | | 1 | 601138 | 工业富联 | | 14.59 | | 2 | 601600 | 中国铝V | | 9.42 | | 3 | 603986 | 兆易创新 | | 9.20 | | 4 | 600519 | 贵州茅台 | | 8.87 | | 5 | 601899 | ...

Strategy Overview - The report focuses on the industry rotation ETF strategy, recommending a portfolio based on industry and thematic ETFs, with an emphasis on quantitative analysis of industry style continuation and switching [2][3]. Recommended Sectors and Products - For the week of November 17, 2025, the model recommends increasing allocations to sectors such as communication equipment, consumer electronics, and real estate development. New additions include real estate ETF, consumer electronics ETF, and gaming ETF, while continuing to hold communication ETF and VRETF [2][3]. Performance Tracking - From November 10 to November 14, 2025, the strategy recorded a cumulative net return of approximately -2.23%, with an excess return of -1.11% compared to the CSI 300 ETF. Since October 14, 2024, the cumulative return of the strategy is about 22.80%, with an excess return of 0.64% relative to the CSI 300 ETF [2][3][11].

Core Insights - The report emphasizes a strategy based on industry rotation and thematic ETFs, recommending a focus on sectors such as communication equipment, real estate development, and gaming for the upcoming week [2][3]. - The model portfolio has shown a cumulative net return of approximately 0.96% for the period from October 27 to October 31, 2025, outperforming the CSI 300 ETF by about 1.25% [3][12]. - Since October 14, 2024, the strategy has achieved a cumulative return of approximately 26.57%, with an excess return of about 4.11% compared to the CSI 300 ETF [3][12]. Strategy Update - For the week of November 3, 2025, the strategy will add positions in communication ETFs, real estate ETFs, and gaming ETFs, while continuing to hold the Sci-Tech Medicine ETF [2][12]. - The report includes a detailed list of ETFs with their respective market values and weightings, indicating a strategic shift towards sectors with positive timing signals [12]. Performance Tracking - The report provides a performance comparison of the industry rotation ETF strategy against the CSI 300 ETF, highlighting a significant outperformance since the strategy's inception [3][4]. - A graphical representation shows the cumulative return rates of the industry rotation ETF strategy compared to the CSI 300 ETF, illustrating the effectiveness of the strategy over time [4][5].

Group 1 - The "Second Golden Unicorn Best Investment Advisor Selection" event is currently ongoing, with over 3,000 professional investment advisors participating in simulated trading competitions [1] - The event aims to provide a platform for investment advisors to showcase their capabilities, expand their services, and enhance their skills, thereby promoting healthy development in China's wealth management industry [1] Group 2 - The top ten ETFs by buy frequency on October 23 include Communication ETF, Bank ETF, and Securities ETF, indicating strong interest in these sectors [2] - The top ten ETFs by buy amount on the same date also feature Communication ETF and Bank ETF, highlighting significant investment flows into these products [3] Group 3 - The data for the top buy stocks/ETFs is based on the frequency of purchases by all participating advisors, while the buy amount data reflects the total investment amounts in the top ten stocks/ETFs [4] - The competition includes a performance evaluation segment divided into three categories: stock simulation group, on-site ETF simulation group, and public fund simulation configuration group, with specific trading rules in place [4]

Group 1 - The real estate ETF (159768.SZ) experienced a decline of 0.32% on October 15, 2025 [1] - The net outflow of main funds (transactions over 1 million yuan) reached 746.11 thousand yuan, ranking first in the market [1] - The latest trading volume of the fund was 69.61 million shares, with a trading amount dropping below 44 million yuan, which is a decrease of 90 positions in market ranking compared to the previous trading day [1]

Core Insights - The recent "anti-involution" policies in China aim to combat unhealthy competition and promote high-quality economic development through a series of measures targeting ten key industries [1][3][4] Group 1: Policy Initiatives - The Ministry of Industry and Information Technology has released new growth plans for ten major industries, which collectively account for approximately 70% of the industrial economy [1] - These plans set clear quantitative growth targets, such as an annual average growth of 5% in the petrochemical and non-ferrous metal industries from 2025 to 2026 [1] - The National Development and Reform Commission and the State Administration for Market Regulation have issued guidelines to address chaotic pricing competition while maintaining fair market conditions [1][3] Group 2: Economic Indicators - In August, profits of industrial enterprises showed a significant turnaround, increasing by 20.4% year-on-year, marking the highest growth rate since December 2023 [3] - The Producer Price Index (PPI) remained stable month-on-month in August, ending an eight-month decline, with a narrowing year-on-year decrease of 0.7 percentage points [3] - Profit growth was particularly noted in upstream industries such as coal, steel, and non-ferrous metallurgy, indicating a positive initial response to the "anti-involution" policies [3] Group 3: Investment Opportunities - Investors are encouraged to consider ETFs that align with the "anti-involution" policies, which span both traditional and emerging industries [4][5] - Specific sectors highlighted for investment include non-ferrous metals, petrochemicals, steel, cement, lithium batteries, and photovoltaic industries, each with supportive policy measures and improving fundamentals [5] - The ongoing "anti-involution" policies are expected to enhance gross margins and capacity utilization, thereby improving the long-term investment value of related sectors [5]

- The style rotation model is constructed based on the Dongwu quantitative multi-factor system, starting from micro-level stock factors. It selects 80 underlying factors as original features, including valuation, market capitalization, volatility, and momentum, and further constructs 640 micro features. The model replaces the absolute proportion division of style factors with common indices as style stock pools, creating new style returns as labels. A random forest model is trained in a rolling manner to avoid overfitting risks, optimizing features and obtaining style recommendations. The framework integrates style timing, scoring, and actual investment[9][4] - The performance of the style rotation model during the backtesting period (2017/01/01-2025/09/30) shows an annualized return of 16.41%, annualized volatility of 20.43%, IR of 0.80, monthly win rate of 58.49%, and a maximum drawdown of 25.54%. When hedging against the market benchmark, the annualized return is 10.54%, annualized volatility is 10.85%, IR is 0.97, monthly win rate is 55.66%, and the maximum drawdown is 8.79%[10][11] - The style rotation model's latest timing directions for October 2025 are value, large market capitalization, momentum, and low volatility[2][19] - The latest holdings of the style rotation model for October 2025 include indices such as CSI Central Enterprise Dividend (ETF code: 561580.SH), CSI Bank (ETF code: 512700.SH), CSI Film and Television (ETF code: 159855.SZ), CS Battery (ETF code: 159796.SZ), and CSI All Real Estate (ETF code: 512200.SH)[3][19]

Core Insights - The report emphasizes a strategy based on sector rotation and thematic ETFs, recommending increased allocations to semiconductor, consumer electronics, and battery sectors for the upcoming week [2][3]. - The strategy has yielded a cumulative net return of approximately 1.52% from September 29 to October 9, 2025, with an excess return of about 0.06% compared to the CSI 300 ETF [3]. Strategy Update - The model recommends adding positions in the Sci-Tech Chip ETF, Consumer Electronics ETF, Sci-Tech New Materials ETF, and Smart Car ETF, while continuing to hold the Satellite ETF [2]. - The report highlights the trading timing signals for various ETFs and indices, indicating daily or weekly risk assessments [2]. Performance Tracking - Since October 14, 2024, the strategy has achieved a cumulative return of approximately 26.66%, outperforming the CSI 300 ETF by about 5.05% [3]. - The report includes a performance comparison chart showing the cumulative return rates of the sector rotation ETF strategy against the CSI 300 ETF [5][6]. Recommended ETFs and Holdings - The report lists specific ETFs and their respective weights, such as the Sci-Tech Chip ETF with a weight of 96.34% and the Consumer Electronics ETF with a weight of 31.89% [13]. - It also details the recent performance of various ETFs, indicating which have been added or removed from the portfolio based on their performance over the past week [14].

Core Insights - Recent policies in China aim to combat "involution" and promote high-quality economic development through various measures targeting ten key industries [1][3][7] - The Ministry of Industry and Information Technology has released new growth plans for ten major industries, which collectively account for approximately 70% of the industrial economy [1][3] - The National Development and Reform Commission and the State Administration for Market Regulation have issued guidelines to address chaotic pricing competition, emphasizing fair market practices [1][3] Group 1: Policy Initiatives - The ten industries targeted for growth include steel, non-ferrous metals, petrochemicals, chemicals, building materials, machinery, automotive, electrical equipment, light industry, and electronic information manufacturing [1] - Each industry has been assigned specific quantitative growth targets, such as a 5% annual increase in value added for the petrochemical and non-ferrous metals sectors from 2025 to 2026 [1][3] - The recent announcement of measures to regulate pricing competition indicates a systematic approach to governance, moving from recognition to execution at both central and local levels [1][3] Group 2: Economic Indicators - In August, profits of industrial enterprises showed a significant turnaround, increasing by 20.4% year-on-year, marking the highest growth rate since December 2023 [3][4] - The Producer Price Index (PPI) remained stable in August, ending an eight-month decline, with a narrowing year-on-year drop of 0.7 percentage points [3][4] - Profit growth was particularly noted in upstream industries such as coal, steel, non-metallic minerals, and chemicals, suggesting a positive impact from the "involution" policies [3][4] Group 3: Investment Opportunities - Investors are encouraged to consider ETFs that align with the sectors benefiting from the "involution" policies, as these can provide efficient exposure to the relevant industries [5][6] - Specific ETFs are highlighted for sectors such as non-ferrous metals, petrochemicals, coal, and new energy vehicles, reflecting the anticipated benefits from the policy measures [6][7] - The ongoing "involution" policies are expected to enhance gross margins and capacity utilization, thereby improving the long-term investment value of related sectors [7]