证券研究报告：金融工程报告 发布时间：2025-11-25 研究所 分析师:黄子崟 SAC 登记编号:S1340523090002 Email:huangziyin@cnpsec.com 研究助理:李子凯 SAC 登记编号:S1340124100014 Email:lizikai@cnpsec.com 近期研究报告 《微盘股继续领涨市场，扩散指数已达 较高区间 — — 微盘股指数周报 20251114》 - 2025.11.18 《连板高度打开情绪持续发酵，GRU 行 业轮动调入房地产——行业轮动周报 20251116》 - 2025.11.17 《连板情绪持续发酵，GRU 行业轮动调 入基础化工 — — 行业轮动周报 20251109》– 2025.11.10 《上证周中突破 4000 点，扩散指数行业 轮动调入电力设备及新能源——行业 轮动周报 20251102》 – 2025.11.03 《贵金属回调风偏修复，GRU 行业轮动 调入非银行金融——行业轮动周报 20251028》 – 2025.10.27 《上证强于双创调整空间不大，ETF 资 金持续配置金融地产与 TMT 方向——行 业轮动周 2025 ...

Core Viewpoint - The recent downturn in the A-share market has led to a significant inflow of funds into ETFs, indicating a "buy the dip" mentality among investors despite the market's overall decline [2][6][10]. Market Performance - The A-share market experienced a substantial adjustment from November 17 to 21, with the Shanghai Composite Index falling over 3% and the ChiNext Index dropping more than 6%, marking the largest weekly decline in months [1][4][5]. - As of November 24, signs of stabilization were observed, with all three major indices showing slight increases and a total of 4,228 stocks rising [3]. Fund Inflows - A total net inflow of 701.21 billion yuan was recorded for stock ETFs and cross-border ETFs, with broad-based index ETFs attracting 359.31 billion yuan, highlighting a strong preference for these investment vehicles during market corrections [2][6]. - Specific ETFs such as the CSI 500 ETF, STAR 50 ETF, and ChiNext ETF were particularly favored, with net inflows of 64.29 billion yuan, 56.99 billion yuan, and 55.33 billion yuan, respectively [6]. Investment Trends - The current market adjustment is viewed as a normal correction, with many investors seizing the opportunity to buy into ETFs as a long-term strategy rather than short-term speculation [6][7]. - A notable trend of "high cutting low" has emerged, where funds are flowing out of high-valuation sectors like electronics and into more stable sectors such as banking and consumer goods [8][9]. Sector Preferences - Despite the overall market correction, there remains a strong interest in technology stocks, with significant inflows into sector-specific ETFs such as AI and robotics [9]. - The market is expected to see a shift towards undervalued assets with high dividend yields and positive fundamental outlooks as investors adjust their strategies [10].

记者丨 庞华玮 编辑丨 张星 市场越跌，资金越买——这看似矛盾的一幕近期在A股市场上演。 上周（11月17日至21日），A股市场遭遇大幅调整，上证指数周跌幅超过3%，创业板指跌超 6%，创下近几个月来最大单周跌幅。 然而，在市场回调之际，大量资金却借道ETF逆市布局。 Wind数据显示，上周沪深两市股票型ETF和跨境型ETF合计净流入701.21亿元，其中宽基指数 ETF净流入359.31亿元，成为资金涌入的主要方向。 业内人士认为，市场大趋势没变，此时资金回流ETF说明很多资金是趁调整抄底。 截至11月24日收盘，A股市场已出现企稳迹象，三大指数小幅上涨，共4228只个股上涨，79 只个股涨停。市场在经历深度调整后，似乎正在寻找新的平衡点。 托合江分析认为， 此轮市场回调主要原因在于两方面， 一方面是今年已经上涨较多，特别是 AI、机器人等热门科技成长板块，具有回调压力；另一方面是市场担忧已经处于估值高位的 AI产业链无法出现爆款应用来消化估值。此外，还叠加美联储降息预期下降、年底资金面压 力等其他因素。 "高切低"成新趋势 在市场调整之际，资金流向也呈现出明显的 "高切低"特征。 7 0 0亿ETF资金" ...

A股调整之际，ETF资金越跌越买！ | 证券代码 | 证券简称 | | --- | --- | | 510500 | 中证500ETF | | 159915 | 创业板ETF | | 510300 | 沪深300ETF | | 588000 | 科创50ETF | | 513180 | 恒生科技指数ETF | | 512100 | 中证1000ETF | | 513130 | 恒生科技ETF | | 510210 | 上证指数ETF。 | | 513330 | 恒生互联网ETE | | 159845 | 中证1000ETF | | 513050 | 中概互联网ETF | | 513010 | 恒生科技ETF易方达 | | 159382 | 创业板人工智能ETF南方 | | 562500 | 机器人ETF | | 159740 | 恒生科技ETF | 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容的准确性、可靠性或完整性提供任何明 示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱：news_center@staff.hexun.com 11月21 ...

Group 1 - The core viewpoint of the article highlights that over 70 billion yuan has flowed into ETFs as investors seek to capitalize on market dips, particularly favoring sectors like artificial intelligence and robotics while selling off banking and chemical-related ETFs [1][10][11] Group 2 - In the past week, the total trading volume of the Shanghai and Shenzhen stock markets reached 9.23 trillion yuan, with the Shanghai index closing at 3,834.89 points, down 3.9%, and the Shenzhen index at 12,538.07 points, down 5.13% [2][12] - The net inflow into stock ETFs and cross-border ETFs amounted to 701.21 billion yuan, with broad-based index ETFs seeing a net inflow of 359 billion yuan [2][5] - The major broad-based index ETFs experienced a total net inflow of 223.26 billion yuan, with the CSI 500 ETF alone seeing a net inflow of 57.78 billion yuan [8][9] Group 3 - In terms of sector-specific ETFs, 48 funds saw net inflows exceeding 100 million yuan, with the Southern AI ETF, robotics ETF, and medical ETF attracting significant investments of 13.96 billion yuan, 13.46 billion yuan, and 9.11 billion yuan respectively [10][11] - Conversely, 20 sector-specific ETFs experienced net outflows exceeding 100 million yuan, with banking, chemical, and coal ETFs seeing reductions of 16.08 billion shares, 12.37 billion shares, and 7.75 billion shares respectively [10][11] Group 4 - The Southern AI ETF has seen its shares surpass 2 billion, marking a new high since its listing, driven by the rapid development of the artificial intelligence sector [10][11] - The robotics ETF has also reached a new high with over 25.3 billion shares, as the industry anticipates a significant growth cycle over the next decade [11] Group 5 - A total of 22 ETFs had trading volumes exceeding 10 billion yuan during the week, indicating strong market activity [12] - Upcoming listings include 5 new ETFs tracking sectors such as chemicals, home appliances, and Hong Kong stocks, which may attract investor interest [14][15]

本周股指普跌，沪深两市股票型ETF和跨境型ETF合计净流入701.21亿元。 行业主题上看，人工智能、机器人等ETF被资金看好，而银行、化工相关ETF被资金抛售。 逾700亿资金借道ETF进场 本周沪深两市成交9.23万亿元，其中沪市成交3.85万亿元，深市成交5.38万亿元。截至最新收盘，沪指报收于3834.89点，全周下跌3.9%，深证成指报收于 12538.07点，全周下跌5.13%。 数据显示，本周沪深两市股票型ETF和跨境型ETF合计净流入701.21亿元，宽基指数ETF净流入359亿元。 具体ETF方面，规模较大的10只宽基指数ETF本周合计净流入223.26亿元，其中中证500ETF净流入57.78亿元，创业板ETF、沪深300ETF净流入超44亿元。 细分来看，主要宽基指数整体资金申赎统计显示，本周中证500净流入64.29亿元，科创50、创业板指净流入均超55亿元。 | 证券代码 | 证券简称 | 收盘价 | 周涨跌 | 周份额 | 周资金 | ETF规模 | | --- | --- | --- | --- | --- | --- | --- | | | | (π) | 幅(%) | 变化 ...

Core Insights - The securities ETF (159841) has seen significant trading activity, with a transaction volume of 234 million yuan and a recent increase in the underlying index by 0.56% [1] - The ETF has experienced a notable growth in scale, with an increase of 33.51 million yuan over the past week, reaching a new high of 9.678 billion shares [1][2] - The recent merger of China International Capital Corporation (CICC) with Dongxing Securities and Xinda Securities is expected to reshape the competitive landscape of the securities industry [4][5] Fund Performance - The securities ETF (159841) has attracted a total net inflow of 488 million yuan over the past week, with a peak single-day inflow of 173 million yuan [1][2] - The ETF's current scale stands at 10.702 billion yuan, making it the largest and most liquid securities ETF in the Shenzhen market [2] Merger Details - CICC is leading the merger with Dongxing Securities and Xinda Securities, utilizing a share exchange method to absorb both firms [4] - As of September 2025, CICC's net assets were 115.5 billion yuan, while Dongxing and Xinda had net assets of 29.6 billion yuan and 26.4 billion yuan, respectively, resulting in a combined net asset exceeding 170 billion yuan post-merger [4][5] Strategic Implications - The merger is expected to enhance CICC's capabilities in debt restructuring and risk resolution, leveraging the expertise of Dongxing and Xinda in managing non-performing assets [5] - The combined entity will not only maintain its leadership in traditional investment banking but also strengthen its retail brokerage and regional market presence, creating a more balanced business model [5] - The merger is anticipated to generate "scale effects + business synergy," leading to improved revenue structure and profitability [5][6]

相关ETF及截至发稿涨跌幅： AI+游戏产能升级：游戏ETF(159869)，-1.94%，权重股涵盖囊括吉比特、恺英网络、巨人网络、三七互 娱（维权）、神州泰岳等游戏头部玩家，以及光线传媒（IP 优势突出）、昆仑万维（维权）（爆款游 戏《梦幻星球》+AI 技术领先）等。 市场规模最大的机器人主题ETF：机器人ETF(562500)，-0.62%，权重股包含汇川技术（工业机器人龙 头）、绿的谐波（全球谐波减速器龙头）和石头科技（服务机器人龙头）等。 对游戏板块而言，行业增长趋势持续，三季度业绩亮眼，营收同比增长23.30%；归母净利润同比增长 73.95%。招商证券指出，传媒互联网行业中游戏板块业绩有望延续高增长，AI技术驱动行业创新。 具身智能是AI最强应用，而人形机器人则是具身智能最重要的方向之一。人形机器人板块近期持续回 调，10月10日至今累计回调13%，规模最大的机器人ETF获资金越跌越抄底，期内净流入额31.42亿元， 稳居机器人主题ETF第一。 格隆汇11月19日｜今日AI应用板块全线回调，传媒、游戏板块跌幅居前，截至发稿，机器人ETF下跌 0.6%，百亿规模的游戏ETF下跌1.9%，盘中净申购 ...

Market Overview - The Huaxia AI ETF (589010) experienced a strong surge, rising over 1.1% on November 18, with its net value stabilizing above 1.34 yuan. The sector showed bullish sentiment, led by Jingchen Co., which increased by over 11%, while other key components like Foxit Software and Haitai Ruisheng rose by more than 3% [1] - The liquidity in the ETF market was robust, with trading volume exceeding 110 million yuan, indicating active market participation. The Robot ETF (562500) showed a slight decline of 0.31%, demonstrating some resilience despite overall cautious sentiment in the sector [1] - Individual stocks like Hongying Intelligent and Yijiahe saw gains of over 3% and 2%, respectively, providing support to the sector. The ETF trading volume surpassed 900 million yuan, reflecting ongoing active trading and a positive signal of capital accumulation during market fluctuations [1] Key News - UBTECH responded to claims regarding the production video of its humanoid robot Walker S2, asserting that the video was a genuine representation of the delivery of hundreds of full-size industrial humanoid robots, countering allegations of it being CGI [2] - Ningbo Fangzheng signed a strategic cooperation agreement with Ningbo Huaxiang Qiyuan Technology Co., focusing on the development and mass production of precision structural components and joint modules for Huaxiang Qiyuan's robot products [2] Industry Insights - The Ministry of Industry and Information Technology issued guidelines for high-standard digital park construction, emphasizing the importance of digital transformation in enterprises. The guidelines aim to enhance productivity through the integration of new-generation information technology and promote the deployment of industrial robots and smart manufacturing equipment [3] - CITIC Securities highlighted that the humanoid robot industry is entering a mass production phase, with expected annual shipments reaching tens of thousands. Domestic manufacturers are advancing faster in production and application across various sectors, including commercial guidance and industrial handling [4]

Core Viewpoint - The article emphasizes the growth potential of various ETFs in response to government policies and market trends, particularly in the financial technology, military, and robotics sectors, highlighting the expected improvements in their fundamentals and investment opportunities [3][5][8]. Financial Technology ETF (159851.SZ) - The "14th Five-Year Plan" stresses the importance of building a strong financial nation and advancing technology in finance, leading to a clear demand for digital transformation in financial institutions [3]. - In the first three quarters of 2025, 42 listed securities firms achieved a total revenue of 419.56 billion yuan and a net profit of 169.05 billion yuan, with a net profit growth exceeding 60% [3]. Military Industry ETF (512710.SH) - The "14th Five-Year Plan" aims for high-quality advancement in national defense and military modernization, with a defense budget of 1.81 trillion yuan for 2025, marking a 7.2% increase and a historical high [5]. - The defense budget as a percentage of GDP remains below 1.3%, significantly lower than the U.S. and Russia, indicating potential for future increases in military spending [5]. - This ETF tracks the China Securities Military Industry Leaders Index, focusing on leading companies in aerospace, missiles, and drones, which are expected to benefit from a new round of military procurement cycles [6]. Robotics ETF (159530.SZ) - The 2025 government work report emphasizes the development of intelligent robots and new-generation smart manufacturing equipment, supported by policies promoting the artificial intelligence industry [8]. - As of July 2025, investment events in the field of embodied intelligence and robotics exceeded 200, with total financing surpassing 24 billion yuan, indicating a significant increase compared to the previous year [8].