出品 | 妙投APP 作者 | 段明珠 编辑 | 关雪菁 头图 | AI生图 在当下的巴西，总统像是"二进制"的，不是走进总统府，就是走进监狱。 这，或许才是巴西资本市场最深层次的波动源。 但为何跟踪巴西IBOVESPA指数的ETF产品会在募集期间被资金火速抢空，申购资金达到目标的 7 倍？平均每户投入二三十万元，典型的"成熟资金"配 置规模，难道成熟投资者不知道其中的风险吗？ 看巴西ETF的走势，上市首日涨停开盘后一路下跌，并在一段缓慢修复后又暴跌"回到解放前"。对于巴西ETF，投资者在抢什么？又在担心什么？巴西 ETF本质上是商品期货替代吗？未来是否会出现"股债汇三杀，从而导致ETF暴跌"的风险？ 但为何之前境外ETF产品如沙特ETF、日经ETF等能如此吸金？最终，对普通投资者来说，在存款利率不断下行，大A震荡调整时，境外ETF产品是否 值得配置？ 投资者在抢什么？ 不久前，证监会主席吴清访问巴西里约热内卢，并与巴西证监会代理主席卢博交流；前后脚，两只巴西ETF上市且以涨停价开盘。 可惜的是，上市即巅峰。两只巴西ETF当日分时图典型"高开-回落-平收"，超高换手率说明短线打新资金多选择了"落袋为安"，而当 ...

一、强化政治引领，以高质量发展彰显使命担当 三、强化功能发挥，为做好"五篇大文章"贡献南方力量 "十五五"是推进中国式现代化、加快建设金融强国的关键时期。南方基金深刻学习领会全会精神和"十 五五"规划部署，坚持以全会精神统一思想、凝聚共识、指导行动，深化党建引领公司高质量发展， 将"有意义的事做得有意思"，推进公司经营提质增效；时刻谨记金融工作的政治性、人民性，将"金融 报国"的价值追求融入发展全过程，以服务中国式现代化建设大局、服务实体经济和国家战略、服务资 本市场高质量发展、服务居民财富管理需求作为公司谋篇布局的基本出发点，持续加大对重大战略、重 点领域和薄弱环节提供优质金融服务；将"投资于人"的理念内化于组织建设，大力引进高素质优秀人 才，前瞻做好投研、科技等重点领域人才储备，积极弘扬"五要五不"的中国特色金融文化，守好企业发 展的"根"和"魂"；打造一支厚植家国情怀、具有高度责任感使命感的高素质金融人才队伍。 二、聚焦主责主业，助力资本市场更好发挥投融资功能 "十五五"规划建议明确提出，提高资本市场制度包容性、适应性，健全投资和融资相协调的资本市场功 能。加快建设安全、规范、透明、开放、有活力、有韧性 ...

以提升国际化竞争力为目标，助力打造更加开放包容的资本市场。打造具备包容度和全球吸引力的资本 市场，是坚定不移扩大高水平对外开放的重点内容，也是畅通国内国际双循环的重要环节。南方基金始 终将国际化作为重点业务布局，力争服务好中国资本市场高水平开放大局。"十五五"规划建议强调要坚 定不移扩大高水平对外开放，无论是"中国投资"还是"投资中国"，都需要专业服务机构。南方基金责无 旁贷将国际化作为重点业务布局，力争服务好中国资本市场高水平开放大局。发行国内首只权益类 QDII公募基金，率先参与各类互联互通业务试点，陆续推出首批"中新通"ETF、首批沙特ETF等行业代 表性互挂产品。公司于2008年成立南方东英资产管理有限公司，是第一家在香港成立子公司的内地基金 公司。目前南方东英已成为香港第二大ETF管理人，搭建起海外投资者布局中国资产的重要桥梁。 ——南方基金深入学习贯彻党的二十届四中全会精神 党的二十届四中全会对"十五五"时期加快建设金融强国提出明确要求、作出战略部署，为扎实高效做 好"十五五"时期金融工作提供了基本遵循。南方基金将深入学习宣传贯彻全会精神作为当前和今后一个 时期的一项重大政治任务，以实际行动诠释国 ...

Market Overview - The stock market experienced a rebound during the week of November 24-28, 2025, with major indices showing positive performance: Shanghai Composite Index up 1.40%, Shenzhen Component Index up 3.56%, and ChiNext Index up 4.54% [1] - Trading volume remained low, with daily turnover around 1.8 trillion, indicating weak enthusiasm from external investors [1] - The market showed a trend of small-cap stocks outperforming larger ones, with gains increasing from the CSI 300 to the CSI 2000 [1] ETF Performance - Growth sectors saw significant rebounds, with the top-performing ETFs showing gains over 10%: S&P Biotechnology ETF up 12.04% and NASDAQ Biotechnology ETF up 10.43% [2] - The average gain for all ETFs was 2.42%, driven by a rebound in sectors like CPO and telecommunications [2] - The top ten ETFs by gain were all related to growth sectors, indicating a strong recovery in previously popular themes [2] Fund Flow Trends - Overall, there was a net outflow of 279.76 billion, with stock ETFs experiencing a significant outflow of 362.95 billion [6] - In contrast, money market ETFs and cross-border ETFs saw net inflows, indicating a shift towards safer investments [6] - The top inflow ETFs included the Huabao Qiyi ETF with 36.91 billion and the Benchmark Treasury ETF with 29.45 billion [8] Economic Indicators - Fiscal revenue showed a year-on-year increase of 3.16%, driven by higher tax income, while land transfer income continued to decline [5] - General fiscal expenditure fell by 9.78%, reflecting a significant drop compared to the previous month [5] - The real estate sector remains under pressure, with calls for new policies to stimulate the market [5] Upcoming ETF Listings - Two new ETFs are set to launch next week: Penghua Hang Seng Technology ETF and E Fund CSI A500 Dividend Low Volatility ETF, both targeting specific growth and dividend strategies [11][12] - The Hang Seng Technology ETF will focus on major tech stocks in Hong Kong, while the A500 Dividend ETF aims to provide stable returns through high dividend-paying stocks [11][12]

Core Insights - The article reports on the performance of various ETFs, highlighting significant gains in the AI-focused ETFs and losses in certain international ETFs [1] Group 1: ETF Performance - The leading performer is the Chuangye Ban Artificial Intelligence ETF Dachen (159242), which increased by 5.19% [2] - The 5GETF (159994) also showed strong performance with a rise of 5.00% [2] - Another notable gain was the Chuangye Ban Artificial Intelligence ETF Huaxia (159381), which rose by 4.97% [2] - Other AI-focused ETFs, such as the Chuangye Ban Artificial Intelligence ETF Fuguo (159246) and Huazhong (159279), also reported gains of 4.90% and 4.85% respectively [2] Group 2: Underperforming ETFs - The Saudi ETF (520830) led the declines with a drop of 1.17% [2] - Another Saudi ETF (159329) fell by 1.16% [2] - The Japan TSE Index ETF (513800) decreased by 0.68% [2]

Core Points - The A-share market saw a collective rise in the three major indices, with the Shanghai Composite Index up by 1.13%, the Shenzhen Component Index up by 2.04%, and the ChiNext Index up by 2.60% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 11,831 billion yuan, an increase of 1,506 billion yuan compared to the previous day [1] - Over 4,800 stocks in the market experienced gains, indicating a broad-based rally [1] Sector Performance - The AI hardware sector experienced a significant rebound, with the CPO concept surging and related sectors such as fiberglass, liquid cooling, and copper-clad boards also seeing substantial increases [1] - AI applications and commercial aerospace concepts remained active, contributing to the overall market strength [1] - Conversely, the aquaculture sector faced a sharp decline, while the civil aviation and liquor sectors showed weak performance [1] ETF Performance - In the ETF market, AI hardware-related ETFs saw strong gains, with the Dachen and Yinhua 5GETF rising by 5.19% and 5%, respectively, while the Huaxia ETF increased by 4.97% [1] - Small-cap stocks in the Sci-Tech Innovation Board led the gains, with the E Fund Growth ETF and the Sci-Tech 200 ETF rising by 4.5% and 4.37%, respectively [1] - Cross-border ETFs experienced declines, with the Saudi ETF, Japan's TOPIX ETF, and France's CAC40 ETF falling by 1.17%, 0.68%, and 0.5%, respectively [1] - The transportation ETF, related to the China Shipbuilding Industry, saw a slight decrease of 0.19% [1]

Group 1 - The final share confirmation ratio for Huaxia Brazil ETF is 11.54% [1] - The final share confirmation ratio for E Fund Brazil ETF is 11.82% [2] - The timing for selling these ETFs is crucial, with reference to the performance of the Saudi ETF on its listing day [2][3] Group 2 - Both Huaxia and E Fund Brazil ETFs track the Brazil IBOVESPA Index, which covers major listed companies in Brazil [10] - The IBOVESPA Index accounts for approximately 80% of the trading volume in the Brazilian stock market [12] - The index is a total return index, meaning dividends are included in its performance [14] Group 3 - The annualized return of the IBOVESPA Index is approximately 8.9%, which is lower than the annualized returns of the S&P 500 and CSI 800 when dividends are considered [17] - The Brazilian real has depreciated significantly against the US dollar, impacting investment returns [19] - From January 2016 to May 2021, the IBOVESPA Index increased by 191.16%, but currency depreciation reduced the effective returns [20] Group 4 - The largest company by market capitalization in the IBOVESPA Index is Vale S.A., a global leader in iron ore production [27][29] - The index is diversified across various sectors, including materials, utilities, finance, and energy, with no single sector dominating [31][32] Group 5 - The Brazilian stock market is currently experiencing high volatility, with significant trading activity around the 4000-point mark [34] - There is a noticeable lack of clear market leadership among sectors, leading to a cautious investment sentiment [37] - Recent trends show that while some sectors have performed well, investor confidence remains fragile, with many choosing to sell during price increases [46]

Group 1 - The report outlines a grid trading strategy, which is essentially a high buy low sell trading approach that capitalizes on price fluctuations without predicting market trends, making it suitable for volatile markets [4][12] - Characteristics of suitable grid trading targets include selecting on-market assets, stable long-term trends, low transaction costs, good liquidity, and high volatility, with equity ETFs being identified as appropriate for this strategy [4][12] Group 2 - The report highlights key ETFs for grid trading strategies, including the Military Industry Leader ETF (512710.SH), which is expected to benefit from a new round of military procurement driven by the "14th Five-Year Plan" and the upcoming "15th Five-Year Plan," with a projected defense budget of CNY 1.81 trillion for 2025, a 7.2% increase year-on-year [4][13] - The Hang Seng New Economy ETF (513320.SH) is noted for its potential to capture the benefits of China's industrial upgrade and technological development, tracking the Hang Seng New Economy Index, which includes leading companies in internet, semiconductors, innovative pharmaceuticals, and new energy sectors [5][16] - The Saudi ETF (159329.SZ) is recognized as a tool to capture long-term economic transformation opportunities under Saudi Arabia's "Vision 2030," which aims to diversify the economy away from oil dependency, with over 40% of its holdings in the financial sector and significant allocations in consumption and technology [6][18]

Group 1 - The core viewpoint of the report emphasizes the effectiveness of grid trading strategies, which capitalize on price fluctuations rather than predicting market trends, making them suitable for volatile markets [4][12]. - The report identifies key characteristics for suitable grid trading targets, including low trading costs, good liquidity, and significant volatility, suggesting that equity ETFs are particularly appropriate for this strategy [4][12]. Group 2 - The report highlights three specific ETFs for grid trading: - The Computer ETF (159586.SZ) aligns with China's 14th Five-Year Plan, focusing on AI applications and digital infrastructure, indicating long-term growth potential driven by strategic policy support [4][13]. - The Saudi ETF (159329.SZ) aims to capture opportunities from Saudi Arabia's Vision 2030, which seeks to diversify the economy away from oil dependency, with over 40% of its holdings in the financial sector [5][16]. - The Bank ETF (159887.SZ) offers a high dividend yield of 4.40%, making it an attractive option for long-term capital allocation, particularly for insurance companies looking to mitigate interest rate risks [6][18].

Core Viewpoint - The article discusses various ETFs that are positioned to benefit from specific economic trends and government policies, highlighting their potential for investment returns. Group 1: Saudi ETF (159329.SZ) - Saudi Arabia's "Vision 2030" aims to diversify its economy away from oil dependency, targeting a non-oil GDP export share increase from 16% to at least 50% [3] - The ETF's holdings reflect this diversification, with over 40% in the financial sector and more than 20% in consumer and technology sectors, while traditional fossil fuels account for only about 10% [3] - A proposed amendment by the Saudi Capital Market Authority could allow foreign ownership in listed companies to exceed 50%, potentially attracting more foreign investment [4] Group 2: Bank ETF (512800.SH) - A policy initiative encourages large state-owned insurance companies to increase their investments in A-shares, which may lead to a sustained inflow of long-term capital [6] - The ETF tracks the CSI 800 Bank Index, which had a dividend yield of 4.40% as of September 30, 2025, significantly higher than the market average and the yield on ten-year government bonds [7] Group 3: Military Industry ETF (515660.SH) - China's defense budget for 2025 is set at 1.81 trillion yuan, a 7.2% increase, but still below 1.3% of GDP, compared to 3.5% for the U.S. and 6.3% for Russia [10] - The ETF tracks the CSI Defense Index, focusing on core areas such as aviation equipment, missiles, and new materials, which are expected to benefit from improvements in the defense sector's fundamentals [10]