跨境ETF跌幅居前，沙特ETF、日本东证指数ETF和法国CAC40ETF分别跌1.17%、0.68%和0.5%。中船 系调整，交运ETF跌0.19%。 【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 格隆汇11月25日｜A股三大指数集体上涨，截至午盘，沪指涨1.13%，深成指涨2.04%，指涨2.60%，北 证50指数涨1.65%，沪深京三市半日成交额11831亿元，较上日放量1506亿元。全市场超4800只个股上 涨。AI硬件方向全线反弹，CPO概念爆发，玻纤、液冷、覆铜板概念同步大涨，AI应用、商业航天概 念持续活跃；水产股大跌，民航、白酒表现低迷。 ETF方面，AI硬件板块暴力反弹，创业板人工智能ETF大成、银华基金5GETF、创业板人工智能ETF华 夏分别涨5.19%、5%和4.97%。科创板小盘股涨幅居前，易方达基金成长ETF、科创200ETF易方达分别 涨4.5%和4.37%。 ...

A股三大指数集体上涨，截至午盘，沪指涨1.13%，深成指涨2.04%，创业板指涨2.60%，北证50指 数涨1.65%，沪深京三市半日成交额11831亿元，较上日放量1506亿元。全市场超4800只个股上涨。AI 硬件方向全线反弹，CPO概念爆发，玻纤、液冷、覆铜板概念同步大涨，AI应用、商业航天概念持续活 跃；水产股大跌，民航、白酒表现低迷。 ETF方面，AI硬件板块暴力反弹，创业板人工智能ETF大成、银华基金5GETF、创业板人工智能 ETF华夏分别涨5.19%、5%和4.97%。科创板小盘股涨幅居前，易方达基金成长ETF、科创200ETF易方 达分别涨4.5%和4.37%。 跨境ETF跌幅居前，沙特ETF、日本东证指数ETF和法国CAC40ETF分别跌1.17%、0.68%和0.5%。 中船系调整，交运ETF跌0.19%。 （责任编辑：郭健东 ） 【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 ...

Core Viewpoint - The article emphasizes the importance of investing in hard technology sectors, highlighting that ETFs are ideal tools for sharing policy dividends as the "14th Five-Year Plan" transitions into actionable policies [3][6]. Group 1: Policy and Market Context - The "14th Five-Year Plan" aims to accelerate high-level technological self-reliance and establish a modern industrial system centered on advanced manufacturing, injecting strong momentum into China's high-tech industry [3][6]. - Historical data indicates that the technology sector, as a policy focus, has outperformed most other sectors in the 1-3 years following policy announcements [4][9]. - The recent A-share market recovery in the technology sector, with significant inflows into technology ETFs, signals a strong market response to policy expectations [7][9]. Group 2: Performance of Technology Sectors - The A-share market has shown robust performance, with the Shanghai Composite Index rising from 2748.92 points to 4000 points, largely driven by the electronics sector, which contributed 34.9% to this increase [10][11]. - The current market rally is characterized as a "hard technology-driven" structural bull market, reflecting a fundamental shift in economic growth dynamics [12][13]. Group 3: Investment Opportunities in ETFs - Technology ETFs have become a primary tool for investors to access the A-share market, with a total market size exceeding 5 trillion, offering low-cost, transparent, and convenient investment options [13][14]. - The Sci-Tech Innovation 50 ETF has shown an average return of 60.8% this year, with the largest fund, the Sci-Tech Innovation ETF, achieving a return of 61.5% [14][19]. - The top holdings in the Sci-Tech Innovation 50 Index include leading companies in semiconductor and renewable energy sectors, indicating strong growth potential [16][24]. Group 4: Risk and Stability in Investment - The article discusses the high volatility associated with the Sci-Tech Innovation 50 Index, which has experienced a maximum drawdown exceeding 60% since inception, suggesting that investors should be prepared for significant fluctuations [25][27]. - For risk-averse investors, the Sci-Tech Bond ETFs provide a more stable investment option, combining fixed income with exposure to technology sectors, thus reducing overall asset volatility [28][36].

Core Insights - On October 14, the overall net inflow of funds into stock ETFs exceeded 10.379 billion yuan, despite a significant decline in the A-share market, with the Shanghai Composite Index down 0.62%, the Shenzhen Component Index down 2.54%, and the ChiNext Index down 3.99% [1][2]. Group 1: ETF Performance - The total scale of 1,157 stock ETFs (including cross-border ETFs) reached 4.48 trillion yuan as of October 14 [2]. - The industry theme ETFs and Hong Kong market ETFs saw the largest net inflows, amounting to 11.963 billion yuan and 6.206 billion yuan, respectively [2]. - The semiconductor sector attracted significant investment, with the semiconductor index dropping 4.46% on the same day, leading to a net inflow of 671 million yuan into the Huaxia National Semiconductor Chip ETF and 657 million yuan into the Jiashi Shanghai Stock Exchange Sci-Tech Innovation Board Chip ETF [2][3]. Group 2: Specific ETF Inflows - The ChiNext 50 Index experienced a decline of 4.26%, yet saw a net inflow of 1.7 billion yuan into ETFs, with the Jiashi ChiNext 50 ETF receiving 370 million yuan and the Huaxia Shanghai Stock Exchange ChiNext 50 ETF receiving 680 million yuan [3]. - The Huaxia Hang Seng Technology ETF had a net inflow of 827 million yuan, bringing its latest scale to 43.113 billion yuan, while the Hang Seng Technology ETF from Yifangda saw a net inflow of 588 million yuan [2][3]. - The total net inflow into the Hang Seng Technology Index ETFs exceeded 9.2 billion yuan over the past five days [2]. Group 3: Outflows from Broad-based ETFs - Broad-based ETFs experienced a significant net outflow of 6.702 billion yuan, with the scale decreasing by 52.483 billion yuan [4]. - The CSI A500 ETF had the largest net outflow at 2.953 billion yuan, followed by the CSI 300 ETF with 2.69 billion yuan and the CSI 500 ETF with 2.06 billion yuan [4].

Market Overview - A-shares experienced a collective pullback with the Shanghai Composite Index down 0.75%, Shenzhen Component Index down 1.10%, and ChiNext Index down 1.13% [1] - The trading volume in the Shanghai and Shenzhen markets approached 1.5 trillion, an increase of nearly 200 billion compared to the previous day [1] ETF Performance - Oil and gold-related ETFs led the gains, with the S&P Oil & Gas ETF (513350) and (159518) rising over 6% [2] - Other notable performers included oil and gas resource ETFs and gold stock ETFs, which saw increases of over 3% [2] - COMEX gold futures closed at $3406.4 per ounce, up 1.88%, while SHFE gold futures settled at 785.16 yuan per gram, up 1.04% [2] Investment Opportunities - Investment opportunities in Hong Kong stocks are expected to expand in the second half of 2025, particularly in internet technology and pharmaceuticals [4] - The top 10 Chinese tech giants listed in Hong Kong accounted for approximately 34% of the market capitalization, indicating potential for valuation reconstruction [4] ETF Issuance - Four new ETFs will begin fundraising on June 16, 2025, including an Artificial Intelligence ETF and a Value ETF [6] - The upcoming ETFs will track various indices, including the ChiNext Artificial Intelligence Index and the CSI A50 Index [6] Index Details - The ChiNext Artificial Intelligence Index focuses on 50 tech companies involved in the AI industry, with strict weight settings [7] - The CSI Value 100 Index includes 100 low P/E, high dividend yield stocks, with a historical annualized return exceeding 17% [7] - The CSI A50 Index covers the largest 50 stocks by free float market capitalization across major exchanges, emphasizing technology and new energy sectors [7] - The Hang Seng Hong Kong Stock Connect Innovative Drug Index selects 40 innovative drug companies, reflecting a significant increase of over 60% since early 2025 [7] Sector Focus - The Shanghai Stock Exchange's Sci-Tech Innovation Board 200 Index targets small-cap stocks with high growth potential, while the New Materials Index focuses on advanced materials and strategic materials [8][9]

Core Viewpoint - The Shanghai Stock Exchange Science and Technology Innovation Board 200 Index shows a rebound after a dip, with notable gains in stocks like Aikesaibo and Electric Wind Power, which rose over 5% [1] Group 1: Index Overview - The Science and Technology Innovation 200 Index selects 200 stocks with smaller market capitalization and better liquidity from the Science and Technology Innovation Board, covering more potential startups and expansion-stage companies [1] - The index complements other indices like the Science and Technology Innovation 50 Index and the Science and Technology Innovation 100 Index, reflecting the overall performance of stocks of different market capitalizations on the board [1] Group 2: Industry Weighting - As of May 16, the top three weighted industries in the index are electronics, pharmaceuticals and biotechnology, and machinery equipment, collectively accounting for about two-thirds of the index [1] - The index has a high content of emerging industries, indicating a focus on sectors with significant growth potential [1] Group 3: Future Industry Potential - Longjiang Securities believes that industries such as biomanufacturing, quantum technology, embodied intelligence, and 6G are still in the early stages of industrialization, with substantial development potential across various segments of the supply chain [1] - Many companies involved in these future industries are present on the Science and Technology Innovation Board and are expected to benefit from industry growth [1] Group 4: Investment Products - In recent years, E Fund has been enhancing its product matrix for the Science and Technology Innovation Board, currently holding the largest number of index funds in the industry [1] - Several products, including the E Fund Science and Technology Innovation Composite Index ETF (589800) and the Science and Technology Innovation 50 ETF (588080), feature a low management fee rate of 0.15% per year, facilitating low-cost investment in Chinese technology assets [1]

Core Viewpoint - The article highlights the emergence of small-cap companies on the STAR Market, particularly through the STAR 200 Index, which reflects the price changes of 200 smaller, liquid companies, providing an efficient tool for investors to capture potential "dark horse" opportunities in the market [1][21]. Group 1: Industry Overview - The STAR 200 Index has a balanced industry distribution, with electronics, pharmaceuticals, and machinery dominating, accounting for 67% of the index [2]. - The semiconductor sector holds a significant weight of 23.6% within the STAR 200 Index, expected to benefit from the high demand in the semiconductor space under the self-sufficiency strategy [5]. Group 2: Investment Opportunities - The STAR 200 Index includes leading companies in emerging industries, particularly in segments like batteries, IT services, and specialized equipment, indicating strong growth potential [5]. - Historical data suggests that the A-share market may be entering a growth style window, making the STAR 200 Index a focal point for investors seeking small-cap growth opportunities [7]. Group 3: Policy and Market Dynamics - The Chinese government's emphasis on technological self-reliance is expected to enhance the profitability outlook for the technology sector, with policies aimed at nurturing emerging industries like smart vehicles and artificial intelligence [18][20]. - The STAR 200 Index is positioned in key hard-tech sectors, which are central to domestic substitution and technological advancements, suggesting a favorable growth trajectory as policy support continues to unfold [20].