2025年11月19日，有色金属ETF（159871.SZ）收涨2.60%，主力资金（单笔成交额100万元以上）净流 出1094.92万元，居可比基金首位。 与此同时，该基金最新成交量为3040.54万份，最新成交额达5362.51万元，当日主力资金净流出成交额 占比达20.42%。 ...

Core Viewpoint - The stock ETF market has shown resilience by attracting over 10 billion yuan in net inflows for two consecutive trading days, despite the overall market decline below 4000 points [2][4]. Group 1: Market Performance - As of November 17, the Shanghai Composite Index closed at 3972.03 points, down 0.46%, with total trading volume shrinking to 1.93 trillion yuan [4]. - The total scale of all stock ETFs (including cross-border ETFs) reached 4.39 trillion yuan, with a net inflow of 109.80 billion yuan on the same day [4][6]. Group 2: ETF Inflows - The leading categories for net inflows were industry themes and Hong Kong stock ETFs, with inflows of 38.7 billion yuan and 32.88 billion yuan, respectively [6]. - Major fund companies like E Fund and Huaxia Fund reported significant inflows, with E Fund's ETFs reaching a scale of 8160.6 billion yuan and a net inflow of 17.7 billion yuan [6][7]. Group 3: Specific ETF Performance - The top-performing ETFs on November 17 included the CSI 300 ETF with a net inflow of 16.58 billion yuan and the SSE 50 ETF with 11.6 billion yuan [10]. - The Southern Innovation ETF saw a net inflow of 9 billion yuan, driven by interest in AI-related sectors [11]. Group 4: Gold ETFs - Gold ETFs also attracted significant investment, with the Huaan Gold ETF receiving 7.6 billion yuan in net inflows, reflecting a trend towards safe-haven assets [11]. - The Guangfa Shanghai Gold ETF has shown a year-to-date increase of 49.71%, indicating strong demand for gold as a hedge against economic uncertainty [11][12]. Group 5: Outflows from Certain ETFs - Recent profit-taking has led to net outflows from cyclical ETFs such as chemical, coal, and non-ferrous metal ETFs, indicating a shift in investor sentiment [14].

Report Industry Investment Rating - The operation rating for CITIC's five - style stability is ★☆☆, indicating a bullish bias but with limited operability in the market [4] Core Viewpoints - In the week ending November 7, 2025, the weekly returns of Tonglian All - A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index were 0.63%, - 0.01%, and - 0.47% respectively. In the public fund market, convertible bond products performed well, the common stock strategy index declined slightly, neutral strategy products mostly rose, non - ferrous metal ETFs weakened slightly, and soybean meal ETFs had better returns. Among CITIC's five styles, only the consumer style declined last Friday, while the stable and cyclical styles were strong. The style rotation chart showed that the relative strength of the growth style decreased, and the relative strength momentum of the financial style rebounded marginally. The average returns of various style funds in the public fund pool underperformed the benchmark index. The market's deviation towards the financial style decreased. The congestion index dropped, with the growth style congestion falling to the medium - percentile range of the past year. In the neutral strategy, the contract basis weakened slightly last week, with the current IH basis close to 1 standard deviation below the three - month average. The average premium rates of IC and IM corresponding index ETFs rebounded to the medium - percentile range of the past three months. The profit factor had a good return performance in the past week, with a weekly excess return of 0.97%, and the excess of the growth factor was significantly compressed. The win - rate of the residual momentum factor decreased, but the factor itself strengthened. The cross - section rotation speed of factors rebounded slightly this week, currently at the medium - percentile range of the past year. According to the latest scoring results of the style timing model, the financial style declined marginally this week, the consumer style strengthened slightly, and the current signal favored the stable style. The return of the style timing strategy last week was 1.85%, with an excess return of 0.97% compared to the benchmark balanced allocation [4] Summary by Relevant Catalogs Fund Market Review - The weekly returns of Tonglian All - A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index were 0.63%, - 0.01%, and - 0.47% respectively [4] - In the public fund market, convertible bond products performed well, the common stock strategy index declined slightly, neutral strategy products mostly rose, non - ferrous metal ETFs weakened slightly, and soybean meal ETFs had better returns [4] Equity Market Style - Among CITIC's five styles, only the consumer style declined last Friday, while the stable and cyclical styles were strong. The style rotation chart showed that the relative strength of the growth style decreased, and the relative strength momentum of the financial style rebounded marginally [4] - The average returns of various style funds in the public fund pool underperformed the benchmark index. The market's deviation towards the financial style decreased. The congestion index dropped, with the growth style congestion falling to the medium - percentile range of the past year [4] Neutral Strategy - The contract basis weakened slightly last week, with the current IH basis close to 1 standard deviation below the three - month average. The average premium rates of IC and IM corresponding index ETFs rebounded to the medium - percentile range of the past three months [4] Barra Factor - The profit factor had a good return performance in the past week, with a weekly excess return of 0.97%, and the excess of the growth factor was significantly compressed. The win - rate of the residual momentum factor decreased, but the factor itself strengthened. The cross - section rotation speed of factors rebounded slightly this week, currently at the medium - percentile range of the past year [4] Style Timing Model - According to the latest scoring results of the style timing model, the financial style declined marginally this week, the consumer style strengthened slightly, and the current signal favored the stable style. The return of the style timing strategy last week was 1.85%, with an excess return of 0.97% compared to the benchmark balanced allocation [4]

Core Viewpoint - The article emphasizes the importance of the "15th Five-Year Plan" in shaping investment strategies, highlighting the shift towards a modern industrial system and the prioritization of technological self-reliance and innovation as key drivers for economic growth [1][12]. Summary by Sections Introduction - The "15th Five-Year Plan" prioritizes the construction of a modern industrial system and sets "technological self-reliance" as the second development goal, providing quantifiable targets for the capital market [1]. Historical Context - Previous five-year plans have led to the emergence of significant industries: - The 12th Five-Year Plan (2011-2015) focused on seven strategic emerging industries including energy conservation and new energy vehicles [2]. - The 13th Five-Year Plan (2016-2020) emphasized supply-side reforms [3]. - The 14th Five-Year Plan (2021-2025) introduced a focus on carbon neutrality and supply chain security [4]. Investment Opportunities - The "15th Five-Year Plan" is expected to drive investment in strategic emerging industries, with a focus on sectors such as new energy, biotechnology, and high-end equipment [7][12]. - Historical data shows that industries highlighted in the 14th Five-Year Plan have outperformed the market, with significant excess returns observed in sectors like photovoltaics and new energy vehicles [6][8]. Policy Tools - The article outlines the policy tools prepared for the "15th Five-Year Plan": 1. Fiscal measures to enhance macroeconomic policies and increase central government spending. 2. Monetary policies aimed at developing direct financing and financial markets. 3. Industrial policies to boost innovation and new productivity [4]. Strategic Focus Areas - The "15th Five-Year Plan" identifies key strategic areas for investment, including: - Advanced manufacturing, artificial intelligence, and semiconductor industries as core components of the hard technology sector [15][18]. - Emphasis on the integration of technology and industry, with a focus on scaling innovations [12][16]. ETF Recommendations - Specific ETFs are highlighted as investment vehicles to capitalize on the trends outlined in the "15th Five-Year Plan": 1. Chip ETF focusing on semiconductor industries. 2. AI ETF targeting companies in the artificial intelligence sector. 3. Robotics ETF covering the entire robotics supply chain [18][29]. Conclusion - The article concludes that the "15th Five-Year Plan" is not just a domestic economic strategy but also a framework for global capital reallocation, with significant implications for investment in technology and innovation [28].

Group 1 - On November 3, the stock ETF market saw a net inflow of approximately 5.974 billion yuan, with significant contributions from industry-themed ETFs, particularly the brokerage sector, which attracted over 3.6 billion yuan in a single day [2][5] - The total scale of all stock ETFs in the market reached 4.64 trillion yuan as of November 3, with the Korean semiconductor ETF leading the market with a 4.62% increase [3][4] - The brokerage sector, referred to as the "bull market flag bearer," experienced a notable inflow of 1.767 billion yuan in ETF funds on the same day, with specific ETFs from Guotai Fund and Huabao Fund seeing substantial inflows [5][6] Group 2 - The industry-themed ETFs and Hong Kong market ETFs were the top gainers in terms of net inflow, with 3.675 billion yuan and 3.54 billion yuan respectively [5] - Several industry-themed ETFs, including those focused on banking, liquor, and chemicals, also saw significant inflows, with the banking ETF alone attracting 678 million yuan [5][6] - Despite the overall positive trend in industry-themed ETFs, broad-based ETFs experienced significant outflows, particularly the Shanghai Stock Exchange 50 ETF, which saw a net outflow of 1.195 billion yuan [7][8]

Group 1 - The non-ferrous metal sector stocks experienced a decline in early trading, with Northern Rare Earth and Luoyang Molybdenum falling over 5%, and Zijin Mining and Huayou Cobalt dropping over 4% [1] - The related ETFs for non-ferrous metals dropped nearly 4% due to adjustments in heavy-weight stocks [1] - Specific ETF performance includes: Non-ferrous Metal ETF at 1.701 (-3.95%), Non-ferrous 60 ETF at 1.629 (-3.89%), and Non-ferrous Leaders ETF at 0.872 (-3.75%) [2] Group 2 - Brokerages indicate that the non-ferrous metal sector will face high market volatility risks in 2025, influenced by uncertainties from both demand and supply sides [2] - Emerging demand in the downstream structure of copper and aluminum has shifted from quantitative to qualitative changes, which is expected to support a long-term upward adjustment in the price center of non-ferrous metals [2]

Core Viewpoint - The article discusses the emerging challenge to the US dollar's global dominance, highlighting China's efforts to rebuild a trust system for currency using gold, marking a revolutionary shift in the concept of money [1]. Group 1: Dollar Trust Erosion - For decades, over 70% of global foreign exchange reserves were tied to dollar assets, with countries relying on US Treasury bonds to safeguard their wealth [3]. - The freezing of approximately $300 billion of Russia's foreign reserves by the US in 2022 shattered this trust, signaling that the dollar is not merely an asset but a liability of the US [3]. - This incident prompted central banks worldwide to reduce their holdings of US Treasuries and increase their gold reserves, with China emerging as the largest official gold buyer [3]. Group 2: China's Gold Corridor - China has established a "Gold Corridor" centered around the Shanghai Gold Exchange, which is the largest physical gold market globally, supported by a network of vaults in Hong Kong, the Middle East, and Africa [6]. - This system allows countries holding renminbi to directly exchange it for physical gold, effectively transforming the renminbi into a reserve currency backed by gold [6]. - The initiative aims to create a parallel financial system to the US dollar, bypassing traditional systems like SWIFT and the IMF, with a focus on BRICS nations [6]. Group 3: Future of Gold in Finance - By July 2025, gold will be recognized as a level one asset under Basel III, allowing it to be counted at 100% value on banks' balance sheets, restoring its status as a monetary asset [6]. - Central banks are pushing for gold to be classified as a "high-quality liquid asset," which would enable it to be used for collateral in repurchase financing, fundamentally altering the global financial system [6]. Group 4: Diverging Financial Systems - A clear division is emerging between two financial systems: one led by China and the BRICS, anchored in gold, and the other by the US and the West, based on digital dollars and stablecoins [9]. - This transformation is already impacting asset prices, with central banks and sovereign funds averaging 20% of their reserves in gold or equivalent physical assets, with recommendations to increase this to 30% [9]. - The anticipated increase in gold demand could reach approximately $2 trillion globally, as gold cannot be printed like dollars, suggesting a potential "structural revaluation" of gold prices in the next five years [9]. Group 5: Investment Strategies - Investment strategies are becoming clearer, with recommendations for strategic allocations in gold ETFs, cyclical assets like copper and other metals, and innovative assets such as Bitcoin [9]. - Assets denominated in renminbi, including government bonds, blue-chip stocks, and commodities, are expected to benefit from the trend of de-dollarization, becoming new safe havens as global capital exits the dollar system [9]. Group 6: Trust in Currency - Gold represents a return to "trust," while Bitcoin symbolizes "innovation in trust," together forming the dual pillars of the post-dollar era [11]. - The future may see a diversified currency landscape, with China rebuilding tangible trust through gold and the US maintaining institutional trust through technology [11].

Market Performance - The three major A-share indices collectively declined, with the Shanghai Composite Index down by 0.73%, the Shenzhen Component Index down by 1.16%, and the ChiNext Index down by 1.84% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 24,643 billion yuan, an increase of 1,736 billion yuan compared to the previous day [1] - A total of 4,100 stocks in the market experienced a decline [1] Sector Performance - The sectors that saw the highest gains included energy metals, steel, quantum technology, batteries, wind power equipment, port shipping, and phosphorus chemicals [1] - Conversely, the sectors with the largest declines included CPO, PET copper foil, coal mining and processing, gaming, lithography machines, and securities [1] ETF Performance - Rare metals sector ETFs saw a significant rise in the afternoon, with Guangfa Fund's rare metals ETF, ICBC Credit Suisse Fund's rare metals ETF, and Huafu Fund's rare metals ETF all increasing by over 2% [1] - The energy sector also performed well, with the Huatai-PineBridge Fund's oil and gas resources ETF rising by 1.96% [1] - The non-ferrous metals sector rebounded, with Penghua Fund's non-ferrous ETF and Southern Fund's non-ferrous metals ETF both increasing by 1% [1] - The ChiNext 50 ETF from Fortune experienced a significant drop of 9.67% after a late-session surge the previous day [1] - The Hong Kong stock market's innovative drug sector saw increased declines in the afternoon, with the Hong Kong Stock Connect innovative drug ETF from Southern and the Hang Seng innovative drug ETF falling by 4.3% and 3.5%, respectively [1] - The CPO sector experienced a pullback, with the Southern ChiNext artificial intelligence ETF and the communication equipment ETF declining by 3.65% and 3.5%, respectively [1]

Core Insights - The global monetary landscape is undergoing a significant transformation, with a shift from a dominant currency structure to a more diversified system, influenced by different camps focusing on varying foundations of monetary trust [1][4][19] Group 1: Dual Monetary Systems - The current financial environment is characterized by a bifurcation in the monetary system, with one side led by China and BRICS nations advocating for a "Gold Standard 2.0," relying on tangible gold, while the other side, led by the U.S. and Western allies, promotes a technology-driven approach with digital dollars and stablecoins [4][8] - This division is not sudden; it has been developing as the U.S. Treasury and Federal Reserve have been quietly repatriating gold from London since November 2024, with New York Commodity Exchange gold inventories increasing from 17.2 million ounces to 34.6 million ounces in just three months [6][8] Group 2: Erosion of Dollar Trust - The dollar's dominance has been challenged, particularly after the U.S. froze approximately $300 billion of Russian foreign reserves in 2022, signaling that the dollar is a political tool rather than a secure asset [8][9][11] - Since 2023, global central banks have shifted towards gold, with countries like China, India, and Turkey significantly increasing their gold purchases, while major holders of U.S. Treasury bonds have begun to reduce their holdings [11][13] Group 3: China's Gold Corridor Strategy - China has established a "Gold Corridor" system, centered around the Shanghai gold market, allowing countries holding renminbi to convert it into gold, enhancing the renminbi's status as a hard currency [13][15] - A new settlement channel has been created to bypass SWIFT and the IMF, enabling BRICS nations to use gold as collateral for loans, which could fundamentally change global financing dynamics [15][17] Group 4: Future of Gold and Currency - The inclusion of gold as a primary asset in Basel III by July 2025 could restore gold's monetary identity, leading to a significant transformation in global financial logic [15][21] - Central banks are currently allocating 20% of their reserves to gold, with suggestions to increase this to 30%, indicating a potential $2 trillion increase in demand for gold, which is expected to undergo a "systemic revaluation" in the next five years [17][21] Group 5: Long-term Trends - The competition between trust mechanisms—China's tangible gold trust versus the U.S.'s rule-based trust—will reshape the global financial landscape, with the dollar's trust foundation eroding and gold regaining prominence [19][21] - As the monetary system diversifies, individuals will need to adapt their asset allocation strategies, with gold ETFs and renminbi-denominated assets emerging as viable options [21]

Group 1 - The non-ferrous metal ETF (159871.SZ) experienced a decline of 2.84% on October 28, 2025 [1] - The net outflow of main funds (transactions over 1 million yuan) reached 10.09 million yuan, ranking first among comparable funds [1] - The latest trading volume for the fund was 38.75 million shares, with a total transaction amount of 66.76 million yuan, indicating that the net outflow accounted for 15.11% of the total transaction amount on that day [1]