11月24日，市场探底回升，三大指数集体收红。 热门ETF方面，截至11月24日收盘，机器人ETF（159770）成交额达2.58亿元。成分股方面，宏英智 能、东杰智能、瑞松科技涨幅领先。 资金流向来看，Wind数据显示，截至11月21日，该ETF连续27个交易日获资金净流入，累计"吸金"超19 亿元。 此外，截至11月24日收盘，科创综指ETF天弘（589860）成交额近2400万元。成分股方面，金橙子、光 云科技、品高股份等涨幅领先。 科创综指ETF天弘（589860）紧密跟踪科创综指，该指数于定位于科创板市场综合指数，对科创板的市 值覆盖度约为97%，成分股覆盖小市值硬科技企业，具有极强的表征性和突出的成长属性。前十大权重 股包括寒武纪-U、海光信息、中芯国际等科技龙头。 消息面来看，据智通财经，智元远征A2完成全球首次人形机器人百公里跨省行走，获吉尼斯世界纪录 认证。 此外，长盈精密11月19日在互动平台表示，第四季度海外人形机器人新订单仍在加速增长，公司正在积 极扩产。 中信建投表示，机器人板块四季度以来持续回调，当前部分优质个股已进入底部可配置区间。产业趋势 处于0-1兑现前夕，进度并未低预期。国 ...

科创综指ETF天弘（589860）紧密跟踪科创综指，该指数于定位于科创板市场综合指数，成分股覆盖小 市值硬科技企业，具有极强的表征性和突出的成长属性。前十大权重股包括寒武纪-U、海光信息、中 芯国际等科技龙头。数据显示，科创综指下半年以来（截至11月20日收盘）累计涨幅达27%。 消息面上，Gemini 3登场！谷歌打出AI王牌。据21世纪经济报道，美国当地时间11月18日，Google正式 发布了其最新一代人工智能模型 Gemini 3，即日起在Google AI Studio开放预览，API接口同步上线，即 将全面集成到谷歌搜索、Android系统等产品中。在谷歌官方的描述中，Gemini 3可以助力"学习、构建 和规划一切"。该模型不仅刷新多项性能纪录，还突出展现了AI从"回答问题"到"完成工作"的转变。 相关ETF中，计算机ETF（159998）昨日成交额达7092万元，居同标的第一；昨日获360万份净申购。 数据显示，截至11月19日，该ETF已连续两日获资金净流入，拉长时间线看，近5个交易日有4日获资金 净流入，累计"吸金"超5400万元。 此外，科创综指ETF天弘（589860）昨日成交额超18 ...

Market Performance - The market experienced fluctuations yesterday, with the ChiNext Index falling over 1% and the CSI Computer Theme Index closing down 1.32% [1] ETF Activity - The Computer ETF (159998) had a trading volume of 70.92 million yuan yesterday, leading among similar funds, and saw a net subscription of 3.6 million shares [2] - The Computer ETF has recorded net inflows for two consecutive days, with a total of 54 million yuan accumulated over four out of the last five trading days [2] - The Tianhong Sci-Tech Innovation Index ETF (589860) had a trading volume exceeding 18 million yuan, with a closing premium rate of 0.15% [2] Industry Insights - The Computer ETF tracks the CSI Computer Theme Index, which encompasses both software and hardware sectors, reflecting the overall performance of the computer industry [2] - Key areas of certainty in AI development include hardware for edge AI, software for consumer markets, enterprise services for B-end clients, and private deployment of large models for government clients [2] Sci-Tech Innovation Index - The Tianhong Sci-Tech Innovation Index ETF closely follows the Sci-Tech Innovation Index, which represents small-cap hard tech companies with strong growth attributes [3] - The top ten weighted stocks in this index include leading tech firms such as Cambricon, Haiguang Information, and SMIC [3] - The Sci-Tech Innovation Index has seen a cumulative increase of 27% since the second half of the year, as of November 20 [3] AI Developments - Google has launched its latest AI model, Gemini 3, which is now available for preview and will be integrated into various Google products [3] - Gemini 3 is designed to assist in learning, building, and planning, showcasing a shift in AI capabilities from merely answering questions to completing tasks [3] - Alibaba's AI application, Quark, has also introduced a dialogue assistant feature, utilizing the latest closed-source model, marking a significant advancement in AI search and dialogue integration [3] Model Advancements - According to Zhongtai Securities, the capabilities of Gemini 3 have exceeded expectations, indicating that the progress in model intelligence has not yet reached its ceiling [4] - Breakthroughs in foundational model capabilities, such as GPT 5.1, Qwen 3, Kimi 2, and now Gemini 3, are enhancing application scenario penetration while reshaping the value chain [4]

A股三大指数早盘集体高开，科技赛道表现亮眼，天岳先进涨超5%，闻泰科技涨超4%，芯原股份涨超 2%。 受盘面影响，芯片ETF天弘（159310）、科创综指ETF天弘（589860）标的指数高开逾1%。 消息面上，全球"AI总龙头"英伟达披露的最新财报显示，2026财年第三财季实现营收570.1亿美元，同 比大幅增长62%，高于分析师预期的551.9亿美元。同时，英伟达给出的第四财季业绩指引也超出市场 预期，大幅缓解了市场对"AI泡沫"的担忧情绪。 有券商表示，人工智能作为新一轮科技革命的核心驱动力，其最大的价值不在于提升效率，而在于创造 新的可能性，推动各行各业向智能化跃迁。大模型技术正深刻重塑全球产业格局，其发展有望为金融业 带来规模达数万亿元的增量商业价值，实现从效率提升到价值创造的范式重构。同时，大模型的迭代发 展需直面技术瓶颈、高投入成本以及与监管框架的平衡等挑战。 资料显示，芯片ETF天弘（159310）跟踪中证芯片产业指数，该指数选取业务涉及芯片设计、制造、封 装与测试等领域，以及为芯片提供半导体材料、晶圆生产设备、封装测试设备等物料或设备的上市公司 证券作为指数样本，以反映芯片产业上市公司证券的 ...

此外，科创综指昨日（11月19日）收跌1.13%，紧密跟踪该指数的科创综指ETF天弘（589860）全天成 交额超2300万元，换手率7.55%，全天交投活跃，收盘时溢折率0.14%。成分股中，腾景科技、英方软 件等股涨幅靠前。 11月19日，市场窄幅震荡，沪指、创业板指均收红。热门赛道中，机器人概念继续回调。中证机器人指 数收跌0.93%，成分股中，宏英智能、东杰智能、华东数控、伟创电气等股涨幅靠前。 ETF方面，紧密跟踪中证机器人指数的机器人ETF（159770）昨日（11月19日）全天成交额3.21亿元， 居深市同标的产品首位。截至11月18日收盘，该ETF最新规模为98.11亿元，为深市同标的第一。 Wind数据显示，该ETF昨日（11月19日）获净申购3450万份。资金流向方面，Wind数据显示，截至11 月18日，该ETF已连续24个交易日获资金净流入，累计"吸金"超17.5亿元。 此外，据中国新闻网，宇树科技CEO王兴兴近日在2025人工智能+大会主论坛上表示，下一个十年，AI 技术将赋予机器人真正"理解世界"的能力。如果说过去十年是机器人行业的萌芽与探索，下一个十年将 是生长与绽放。 中信建投 ...

11月17日，A股继续弱势震荡，中证机器人指数逆市收涨0.3%。跟踪该指数的ETF中，机器人ETF （159770）昨日平收，全天获净申购1500万份。 值得一提的是，机器人ETF（159770）自10月16日以来持续获资金净流入，截至11月14日的22个交易日 里累计已"吸金"超17.4亿元。 与此同时，该ETF的份额也不断增长，截至11月14日流通份额为98.04亿份，创上市以来新高。 此外，科创综指ETF天弘（589860）交投依旧保持活跃，11月17日换手率超10%，近一周日均换手率达 9.27%。 机器人ETF（159770，场外C类014881）紧密跟踪中证机器人指数，从机器人产业链的维度看，标的指 数覆盖了硬件和软件的核心领域：核心零部件、算法控制模块、电机电池模块。 科创综指ETF天弘（589860）紧密跟踪科创综指，该指数于定位于科创板市场综合指数，成分股覆盖小 市值硬科技企业，具有极强的表征性和突出的成长属性。前十大权重股包括寒武纪-U、海光信息、中 芯国际等科技龙头。 消息面上，宇树科技完成IPO辅导。11月15日，中国证监会官网显示，宇树科技IPO上市辅导工作完 成。公告显示，宇树科技 ...

11月14日，A股市场全天震荡调整，沪指跌0.97%失守4000点，科创综指跌1.84%，中证电子指数跌 3.3%。 相关ETF中，截至11月14日收盘，电子ETF（159997）成交额超2800万元，近4日"吸金"超800万元。科 创综指ETF天弘（589860）成交额超2900万元，换手率近9%，交投持续活跃。 消息面上，据央视新闻，从工业和信息化部了解到，我国已完成第一阶段6G技术试验，形成超过300项 关键技术储备。今年以来，6G推进组开展了沉浸式通信、无线智能化等五大技术方向的57项测试。目 前6G已进入国际标准研究阶段，预计2030年前后启动商用部署。 此外，据央视新闻，11月8日，由中国网络空间研究院牵头编撰的《中国互联网发展报告2025》和《世 界互联网发展报告2025》蓝皮书正式发布。报告称，截至2025年6月，中国已成为全球人工智能专利最 大拥有国，占比达60%；6G专利申请量在全球约占40.3%，位居全球第一；中国连续12年成为全球最大 网络零售市场。 东莞证券表示，展望后市，2025年通信行业处于技术迭代与政策红利叠加期，AI、量子通信、低空经 济等新质生产力方向将持续释放增长动能，蜂 ...

Core Insights - The storage chip sector is experiencing significant activity, with major ETFs showing positive performance and inflows, indicating strong investor interest [1][2] - NAND flash memory prices have surged by 50%, prompting major suppliers to pause shipments and reassess pricing, suggesting a bullish market outlook [2][3] - The demand for AI-related chips remains robust, with major suppliers increasing production capacity to meet the needs of companies like NVIDIA [2] Group 1: ETF Performance - The Chip ETF Tianhong (159310) opened high and is currently up nearly 1%, with notable gains in constituent stocks such as Yake Technology and Kema Technology [1] - The Chip ETF saw a net inflow of 4.17 million yuan on November 7, with a cumulative net inflow of 28.64 million yuan over the past five trading days [1] - The latest circulation size of the Chip ETF is 1.323 billion yuan, with a total of 635 million shares in circulation [1] Group 2: Market Dynamics - SanDisk has raised NAND flash contract prices by 50%, causing a ripple effect throughout the storage supply chain [2] - Major module manufacturers like Transcend and Innodisk have decided to halt shipments to reassess pricing due to expected market improvements [2] - The DDR5 spot price has surged by 25%, with quarterly increases projected between 30% to 50% [3] Group 3: Future Outlook - The semiconductor industry is expected to benefit from increased domestic innovation and self-sufficiency, driven by external restrictions [3] - The consumption electronics sector is anticipated to maintain high growth in Q4, with potential catalysts from the supply chain [3] - The demand for semiconductor materials is expected to rise due to the expansion of domestic production and the delivery of HBM3 products [3]

Group 1 - The three major indices collectively declined on October 28, with the Shanghai Composite Index down 0.13%, the Shenzhen Component Index down 0.54%, and the ChiNext Index down 0.72% [1] - The CSI Robotics Index (H30590.CSI) fell by 0.56%, while Oatmeal Technology rose over 7%, and TOSY and Rese Intelligent increased by over 1% [1] - The Robotics ETF (159770) also decreased by 0.56%, with a trading volume of 9.08 million yuan and a real-time premium rate of 0.07%. The ETF saw a net inflow of 99.89 million yuan on the previous trading day, totaling over 300 million yuan in net inflows over the last two days, marking it as the top in the market for similar products [1] Group 2 - The third China Air Transport Association Aviation Conference showcased the world's first AI aviation service robot and the first "Smart Travel Butler" operating system [2] - The Robotics ETF (159770) closely tracks the CSI Robotics Index, with significant holdings in manufacturing and information transmission sectors, including major stocks like Huichuan Technology and iFlytek [2] - The Sci-Tech Innovation Board ETF Tianhong (589860) closely follows the Sci-Tech Innovation Index, covering approximately 97% of the market capitalization of the Sci-Tech Innovation Board, with top-weighted stocks including Cambricon Technologies and Semiconductor Manufacturing International Corporation [2] Group 3 - CITIC Construction Investment Securities noted that funding heat is experiencing phase fluctuations, with a focus on T-chain and domestic chain dual routes [3] - Founder Securities stated that while humanoid robots may face short-term delays, the long-term trend remains unchanged, highlighting core segments worth monitoring [3] - Despite short-term delays in the release of robotics and T-chain technologies, medium to long-term investment opportunities continue to persist [3]

Core Viewpoint - The A-share market showed strong performance in the electronic sector, with significant gains in related ETFs and stocks, indicating a potential growth cycle for the supply chain linked to Apple products [1] Group 1: Market Performance - The three major A-share indices opened high and continued to fluctuate, with the electronic sector performing strongly [1] - The electronic ETF (159997) rose by 3.14%, with a trading volume exceeding 20 million yuan, and constituent stocks such as Shengyi Electronics, Huaxin Electronics, and Huiding Technology hitting the daily limit [1] - The Sci-Tech Innovation Index ETF Tianhong (589860) increased by 1.97%, with stocks like Aerospace Huanyu and Purun Co., Ltd. also reaching the daily limit [1] Group 2: ETF Insights - The electronic ETF (159997) tracks the CSI Electronic Index, reflecting the overall performance of listed companies in the electronic sector, and is the only ETF in the market tracking this index [1] - The Sci-Tech Innovation Index ETF Tianhong (589860) closely follows the Sci-Tech Innovation Index, which includes small-cap hard technology companies, showcasing strong representativeness and growth attributes [1] - The top ten weighted stocks in the Sci-Tech Innovation Index include leading technology firms such as Cambrian-U, Haiguang Information, and SMIC [1] Group 3: Industry News - According to Counterpoint Research's report on smartphone sales, the iPhone 17 series saw a 14% increase in sales in the first ten days post-launch in China and the US compared to the iPhone 16 series [1] - Huaxin Securities suggests that the exceeding expectations of iPhone 17 series sales, along with Apple's plans to launch more new products in 2026-2027, indicate a potential new growth cycle for the supply chain, benefiting related companies in mainland China [1]