◼ 今日成交金额靠前的股票 ETF 为：华夏中证 A500ETF 上涨 0.53%， 贴水率为 0.40%；易方达创业板 ETF 上涨 2.23%，贴水率为 2.18%； 国泰中证 A500ETF 上涨 0.62%，贴水率为 0.47%。 债券 ETF： ◼ 今日成交金额靠前的债券 ETF 为：海富通中证短融 ETF 上涨 0.00%， 贴水率为 0.00%；博时中证可转债及可交换债券 ETF 下跌 0.80%， 贴水率为-0.99%；国泰中证 AAA 科技创新公司债 ETF 下跌 0.10%， 贴水率为-0.11%。 ETF 日报 2025.11.26 市场概况： ◼ 今日 A 股上证综指下跌 0.15%，收于 3864.18 点，深证成指上涨 1.02%，收于 12907.83 点，创业板指上涨 2.14%，收于 3044.69 点， 两市 A 股成交金额为 17974 亿元。涨幅靠前的行业有：通信 （4.64%）、综合（1.79%）、电子（1.58%），跌幅靠前的行业有：国 防军工（-2.25%）、社会服务（-0.97%）、传媒（-0.82%）。 股票 ETF： 2025 年 11 月 26 日 ETF ...

一、证券市场回顾 南财金融终端数据显示，昨日(11月25日，下同)上证综指日内上涨0.87%，收于3870.02点，最高3882.03 点；深证成指日内上涨1.53%，收于12777.31点，最高12882.81点；创业板指日内上涨1.77%，收于 2980.93点，最高3027.83点。 二、ETF市场表现 1、股票型ETF整体市场表现 昨日股票型ETF收益率中位数为0.98%。其中按照不同分类，规模指数ETF中易方达上证科创板200ETF 收益率最高，为2.94%；行业指数ETF中广发国证通信ETF收益率最高，为3.56%；策略指数ETF中华夏 创业板低波价值ETF收益率最高，为1.47%；风格指数ETF中易方达国证成长100ETF收益率最高，为 3.71%；主题指数ETF中银华中证5G通信主题ETF收益率最高，为4.28%。 2、股票型ETF涨跌幅排行 昨日股票型ETF涨幅最高的3只ETF及其收益率分别为：银华中证5G通信主题ETF（4.28%）、国泰中 证动漫游戏ETF（4.14%）、华夏中证动漫游戏ETF（4.11%）。涨幅前10详情见下表： | 类别 | 代码 | 基金名称 | 涨跌幅(%) | ...

本报记者 彭衍菘 近日，尽管市场情绪趋于谨慎，但ETF市场却迎来资金踊跃进场。 Wind资讯数据显示，11月14日至11月21日，全市场ETF净流入额超1000亿元，其中多只宽基ETF强势"吸金"，成为资金逆 市配置的核心标的。这种"市场调、资金进"的反差，折射出投资者对A股中长期价值的认可。 资金借道ETF逆市布局 尽管短期承压，但机构普遍认为A股市场中长期向好基础未变，震荡筑底期的结构性机会值得把握。富荣基金研究人士表 示，市场在经历调整后，结构性机会或将更侧重于基本面扎实和符合中长期政策导向的领域，其中科技创新与产业升级有望仍 是核心——人工智能、机器人等代表新质生产力的方向，在全球AI产业革命的驱动下更具机会。 具备"全球敞口"的制造业同样被看好。富荣基金研究人士认为，部分工程机械、白色家电、电网设备企业已完成海外产能 布局，在全球价值链中定位提升，有望受益于出海需求扩张。 此外，与"反内卷"政策和需求复苏相关的领域也存在机遇，部分产能出清彻底的顺周期行业及促消费政策提振的新型消费 领域，存在景气改善机会。 "宽基ETF逆市'吸金'反映了资金对市场估值底部的认可。"深圳市前海排排网基金销售有限责任公司 ...

具体来看，11月21日有279只ETF获融资净买入，其中，易方达创业板ETF获融资净买入额居首，净买 入3.29亿元；融资净买入金额居前的还有华泰柏瑞沪深300ETF、国泰中证全指证券公司ETF、南方中证 500ETF、华夏上证科创板50ETF、富国上证综指ETF、华夏中证1000ETF等。 数据显示，截至11月21日，沪深两市ETF两融余额为1212.89亿元，较上一交易日增加3.7亿元。其中， ETF融资余额为1142.66亿元，较上一交易日增加9.86亿元；ETF融券余额为70.23亿元，较上一交易日减 少6.16亿元。 ...

Market Performance - The Shanghai Composite Index fell by 3.9% last week, closing at 3834.89 points, with a high of 3992.4 points [1] - The Shenzhen Component Index decreased by 5.13%, ending at 12538.07 points, with a peak of 13251.78 points [1] - The ChiNext Index dropped by 6.15%, closing at 2920.08 points, with a maximum of 3137.07 points [1] - Major global indices also declined, with the Nasdaq Composite down 2.74%, the Dow Jones Industrial Average down 1.91%, and the S&P 500 down 1.95% [1] - In the Asia-Pacific region, the Hang Seng Index fell by 5.09%, and the Nikkei 225 Index decreased by 3.48% [1] ETF Market Performance - The median weekly return for stock ETFs was -4.56% [2] - The highest weekly return among scale index ETFs was -2.17% for the CCB SSE 50 ETF [2] - The highest weekly return among industry index ETFs was -0.8% for the FTSE China 800 Bank ETF [2] - The highest weekly return among strategy index ETFs was -1.32% for the Harvest CSI 300 Dividend Low Volatility ETF [2] - The highest weekly return among theme index ETFs was -0.15% for the Penghua CSI Media ETF [2] ETF Liquidity and Fund Flows - Average daily trading volume for stock ETFs increased by 32.1%, and average daily turnover rose by 6.8% [6] - The top five stock ETFs with the highest fund inflows included the Huatai-PB CSI 300 ETF with an inflow of 3.876 billion yuan [8] - The top five stock ETFs with the highest fund outflows included the Hua Bao CSI Bank ETF with an outflow of 321 million yuan [8] Financing and Margin Trading - The financing balance for stock ETFs increased from 47.722 billion yuan to 50.553 billion yuan [9] - The highest financing buy amount was for the E Fund ChiNext ETF, totaling 801 million yuan [9] ETF Market Size and Composition - The total size of the ETF market reached 55,994.97 billion yuan, a decrease of 1,305.99 billion yuan from the previous week [13] - Stock ETFs accounted for 64.0% of the total ETF market size, with a total size of 35,817.94 billion yuan [15] - The number of stock ETFs in the market was 1,065 out of a total of 1,355 ETFs [10] New ETF Issuance - No new ETFs were issued last week, but eight new ETFs were established, including the Harvest Hang Seng Technology ETF and the Penghua Hang Seng Biotechnology ETF [16] Institutional Insights - Pacific Securities highlighted the importance of advancements in AI foundational model technology, particularly in e-commerce and advertising sectors [16] - Galaxy Securities noted the potential of AI video and social ecosystems, emphasizing the shift towards ecological construction and scene penetration in various industries [17]

具体来看，11月21日有279只ETF获融资净买入，其中，易方达创业板ETF获融资净买入额居首，净买 入3.29亿元；融资净买入金额居前的还有华泰柏瑞沪深300ETF、国泰中证全指证券公司ETF、南方中证 500ETF、华夏上证科创板50ETF、富国上证综指ETF、华夏中证1000ETF等。 （文章来源：证券时报网） Wind统计显示，截至11月21日，沪深两市ETF两融余额为1212.89亿元，较上一交易日增加3.7亿元。其 中，ETF融资余额为1142.66亿元，较上一交易日增加9.86亿元；ETF融券余额为70.23亿元，较上一交易 日减少6.16亿元。 ...

Core Viewpoint - The recent market correction in A-shares is attributed to external factors, including declining expectations for a Federal Reserve rate cut and rising concerns over an AI bubble, which have transmitted pessimistic sentiment from overseas markets to China [3][8][9]. Market Performance - On November 21, A-shares experienced a significant decline, with the Shanghai Composite Index dropping 2.45% to close at 3834.89 points, while the Shenzhen Component and ChiNext Index fell 3.41% and 4.02%, respectively. Nearly 5100 stocks in the market declined, particularly in high-performing sectors like AI, chips, and lithium batteries [3][4]. - Over the week from November 17 to November 21, the Shanghai Composite Index fell 3.9%, and the Shenzhen Component dropped 5.03%. High-growth sectors such as coke, photovoltaic equipment, electronics, batteries, and chemicals saw declines exceeding 10% [4]. Fund Flows - Despite the market downturn, over 700 billion yuan flowed into stock ETFs, indicating a trend of buying on dips. Notable ETFs like the Southern CSI 500 ETF and E Fund ChiNext ETF saw net inflows exceeding 30 billion yuan each during the week [5][6]. - On the day of the market drop (November 21), over 400 billion yuan was invested in ETFs, with the Huatai-PB CSI 300 ETF alone receiving about 40 billion yuan in net inflow [5]. External Factors - Multiple fund companies attribute the market correction primarily to external disturbances, particularly the unclear direction of the Federal Reserve's monetary policy and heightened concerns over an AI bubble. The U.S. job market data showed strong job growth but an unexpected rise in unemployment, complicating the Fed's decision-making [8][9]. - The sentiment from U.S. markets, particularly regarding tech stocks, has amplified the pressure on A-shares, with concerns about liquidity tightening affecting growth stock valuations [10]. Future Outlook - Several fund companies maintain a positive long-term outlook for Chinese assets, suggesting a "slow bull" market trend. They believe that while short-term volatility may occur, the underlying fundamentals remain strong [11]. - The market is expected to benefit from supportive policies in the tech sector and a potential stabilization in the real estate market, which could lead to a gradual recovery in stock valuations [12].

Core Viewpoint - The recent stock market correction has raised concerns, with significant declines in major indices, but there is a notable influx of capital into ETFs as investors seek to capitalize on lower prices [1][2][3]. Market Performance - The A-share market experienced a substantial drop, with the Shanghai Composite Index falling by 2.45% to 3834.89 points, and the Shenzhen Component and ChiNext indices declining by 3.41% and 4.02% respectively [1]. - Over the past week, the Shanghai Composite Index saw a weekly decline of 3.9%, while the Shenzhen Component and ChiNext indices dropped by 5.03% and 5.96% respectively [2]. Capital Inflow into ETFs - Despite the market downturn, over 700 billion yuan flowed into stock ETFs in the past week, indicating a strong buying interest [3]. - On November 21, the day of the market drop, more than 400 billion yuan was invested in ETFs, with significant inflows into various major ETFs [3]. External Factors Impacting the Market - Multiple fund companies attribute the market correction to external factors, particularly the declining expectations for a Federal Reserve rate cut and rising concerns over an AI bubble, which have transmitted pessimism from overseas markets to China [5][6]. - The recent U.S. employment data showed a paradox, with job growth exceeding expectations but the unemployment rate rising to a four-year high, complicating the Fed's decision-making regarding interest rates [7]. Industry Analysis - Certain sectors, such as batteries, banks, communications, and coal, have shown slight net outflows in their respective ETFs, indicating a shift in investor sentiment [4]. - The technology sector, particularly related to AI, has faced significant pressure, with concerns over valuation and market sentiment affecting stock performance [6][7]. Future Outlook - Fund companies maintain a positive long-term outlook for Chinese assets, suggesting a "slow bull" market trend despite short-term volatility [8]. - The balance between AI capital investment and output is crucial, with expectations that ongoing technological advancements will support long-term growth [8][9]. - The fundamental factors, including real estate stabilization and the impact of "anti-involution" policies, are expected to support a sustained upward trend in the A-share market [9].

Core Viewpoint - Recent market adjustments have led to increased investor concerns, yet significant capital inflows into ETFs indicate a counter-trend buying behavior, suggesting a potential resilience in the market despite external pressures [1] Group 1: Market Conditions - The stock market has experienced a pullback, raising worries among investors [1] - External factors such as declining expectations for Federal Reserve interest rate cuts and rising concerns over an AI bubble are identified as primary reasons for the recent market downturn [1] Group 2: Capital Inflows - Despite the market pullback, over 70 billion yuan in net inflows have been recorded in stock ETFs over the past week [1] - Several major ETFs, including Southern CSI 500 ETF, E Fund ChiNext ETF, Huatai-PB CSI 300 ETF, Huaxia Sci-Tech 50 ETF, and Huaxia Hang Seng Tech ETF, each received over 3 billion yuan in net inflows during the week [1] Group 3: Future Outlook - Support from the domestic technology sector and "anti-involution" policies is expected to sustain a "slow bull" market for Chinese assets [1]

Core Viewpoint - Recent market adjustments have raised concerns, with significant declines in major indices and a collective pullback in previously high-performing sectors like AI, chips, and lithium batteries [1][2]. Market Performance - On November 21, the A-share market saw a substantial drop, with the Shanghai Composite Index falling by 2.45% to 3834.89 points, while the Shenzhen Component and ChiNext indices dropped by 3.41% and 4.02% respectively [1]. - Over the week from November 17 to November 21, the Shanghai Composite Index declined by 3.9%, and the Shenzhen Component fell by 5.03%, with several high-growth sectors experiencing declines exceeding 10% [2]. Fund Flows - Despite the market downturn, over 700 billion yuan flowed into stock ETFs, indicating a trend of buying on dips [2]. - On the day of the market drop (November 21), more than 400 billion yuan was invested in ETFs, with notable inflows into several major ETFs [2]. External Factors - Multiple fund companies attribute the market's recent decline to external factors, particularly the decreased expectations for a Federal Reserve rate cut in December and rising concerns over an AI bubble [3][4]. - The U.S. job market data showed a paradox with strong job growth but rising unemployment, complicating the Fed's decision-making regarding interest rates [4]. Industry Insights - The cyclical and growth sectors have seen significant declines, with industries like non-ferrous metals, power equipment, and basic chemicals lagging behind, while consumer and financial sectors remained relatively stable [3]. - The AI sector's bubble concerns and the unclear direction of the Fed's monetary policy have contributed to the downturn in technology-related stocks [4]. Future Outlook - Several fund companies maintain a positive long-term outlook for Chinese assets, suggesting a "slow bull" market trend despite short-term volatility [5]. - The market is expected to remain strong in the short term due to ample liquidity and supportive technology policies, with potential for increased market activity driven by new capital inflows [5][6]. - Mid-term market strength may depend on macroeconomic policies and the performance of emerging technology sectors, with a focus on supply-demand dynamics in traditional industries [6].