今日早盘，半导体、存储芯片、医疗器械等板块走强，科创板系列指数集体大涨。截至午间收盘，科创50指数上涨4.1%，科创综指上涨3.2%，科创100 指数上涨2.8%，科创成长指数上涨2.4%，科创50ETF易方达（588080）半日成交额超12亿元，较前一交易日大幅放量。 每日经济新闻 （责任编辑：张晓波 ） 【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 ...

- The report focuses on the analysis of single-market indices, including comprehensive indices (e.g., Shanghai Composite Index, Shenzhen Composite Index) and component indices (e.g., SSE 50, ChiNext Index), highlighting their construction principles, industry distribution, and performance characteristics [1][3][50] - Comprehensive indices aim to cover the entire market or a specific segment without subjective selection, reflecting the overall market performance through total market capitalization weighting [3][4][10] - Component indices, such as SSE 50 and ChiNext Index, are constructed by selecting representative stocks based on criteria like market capitalization, liquidity, and industry position, aiming to efficiently reflect the performance of specific stock groups [50][51][52] - Comprehensive indices exhibit "broad coverage, low concentration" characteristics, with diluted individual stock weights due to the large number of constituents, while component indices show "high concentration" in both industry and stock weights, reflecting their focus on large-cap stocks [10][57][62] - The industry distribution of comprehensive indices is relatively balanced, with traditional large-cap sectors like banking having weight advantages, whereas component indices are more concentrated in specific industries, such as technology for ChiNext and banking for SSE 50 [5][53][57] - Market valuation analysis reveals that technology-focused indices (e.g., ChiNext, STAR 50) have higher PE and PB ratios compared to market-wide indices, indicating different pricing logic for growth-oriented sectors [21][65][69] - Performance analysis shows that technology-oriented indices outperformed in 2025 due to structural market trends, but their risk-adjusted returns (e.g., Sharpe ratio) are comparable to market-wide indices due to higher volatility [23][71][83] - Dividend analysis indicates that market-wide indices (e.g., Shanghai Composite, Shenzhen Composite) have higher dividend yields compared to technology-focused indices, reflecting their composition of more mature, dividend-paying companies [41][80][87] - Profitability metrics, such as ROE and net profit growth, show that technology-focused indices generally have higher growth potential but exhibit greater volatility, while market-wide indices demonstrate more stable returns [43][89][93]

作者丨朱芷葵 王冰 编辑丨叶映橙 视频｜ 陈泽锴 2025年即将落下帷幕，你持有的资产获得了多少投资收益？ 全球股市普涨，中国资产表现亮眼 贵金属迎史诗级行情 今年以来，全球股市呈现罕见的普涨格局。21财经·南财快讯记者梳理发现，从美洲到亚 洲，从发达市场到新兴市场，主要股指全数实现正收益。中国资产今年的表现甚是亮眼：截 至12月30日，创业板指年内累计涨超51%，科创50指数涨幅达37.5%，在全球主要股指涨幅 排名中分别位列第二、第三。恒生指数、恒生科技指数也分别录得28.89%、24.85%的涨 幅。高盛预测，到2027年底中国股市仍有38%的上涨空间。 值得注意的是，这场由流动性宽松和增长预期驱动的资产价格上涨，并不仅限于权益市场， 贵金属领域更是上演了史诗级的行情。 今年12月，金价一度突破每盎司4500美元的历史新高，COMEX黄金期货年内涨超65%，黄 金正经历自1979年以来表现最好的一年。 黄金的强势表现也带动了其他贵金属上涨。今年以来，铂金涨幅高达141.57%，钯金期货涨 超85%。白银期货的表现更为惊人，涨幅超150%，位列全球主要资产涨幅第一。 与之形成鲜明对比的是比特币的挣扎表现。 ...

Group 1 - The overall performance of the Sci-Tech Innovation Board (STAR Market) in 2025 is impressive, with major indices like the Sci-Tech 200, Sci-Tech 100, and Sci-Tech Composite Index showing gains exceeding 40%, while the Sci-Tech 50 Index has risen over 30% [1] - Key sectors leading the gains include hard technology areas such as Sci-Tech chips and Sci-Tech AI, reflecting a structural market driven by technological innovation [1] - Recent volatility in the STAR Market is attributed to three main factors: profit-taking by investors as year-end approaches, limited new changes in the industry, and debates in overseas markets regarding AI bubbles affecting investor sentiment [2] Group 2 - The long-term investment logic for the STAR Market remains unchanged, as the technology industry is crucial for national competitiveness, and the emergence of AI technology has initiated a new global tech cycle [2] - Key macro factors influencing the STAR Market include liquidity conditions, geopolitical factors accelerating domestic semiconductor and software sectors, global AI demand driving various industry chains, and comprehensive policy support from the government [2] - The "1+6" reform policy for the STAR Market aims to energize companies by creating a full lifecycle financing ecosystem, optimizing funding structures, and enhancing financing efficiency while protecting innovation [2] Group 3 - The Sci-Tech 100 Index represents "new quality productivity" in the capital market, focusing on mid-cap companies in critical phases of technology maturity and commercialization [3] - The index has a high concentration in sectors like electronics, biomedicine, and power equipment, which are driven by technological innovation and high added value [3] - The Sci-Tech 100 Index ETF and linked funds offer significant advantages, including risk diversification, low management fees, and real-time trading capabilities, making them attractive tools for investing in mid-cap growth companies on the STAR Market [4] Group 4 - The Sci-Tech AI Index differs from broader indices like Sci-Tech 50 and Sci-Tech 100 by focusing on approximately 30 companies directly related to AI, emphasizing a more aggressive and flexible investment approach [5] - Investors are advised to balance risk and return in a volatile environment by employing asset allocation strategies and utilizing systematic investment methods like dollar-cost averaging [6] - Common investment misconceptions include neglecting short-term volatility in favor of long-term prospects and blindly following market trends, highlighting the need for independent decision-making based on individual risk tolerance [7]

Market Index Analysis - The major A-share indices in Shanghai and Shenzhen are undergoing adjustments, with most stocks declining and overall market sentiment being low [1] - The Shanghai Composite Index and the ChiNext Index are highlighted for further analysis, with a focus on the Shanghai 50 Index and the ChiNext Index in the afternoon [1] Shanghai 50 Index - The Shanghai 50 Index showed a strong bullish candlestick yesterday, but the upward momentum was insufficient, and the trading volume did not increase significantly [3] - Currently, the index is in an adjustment cycle after three effective upward cycles, indicating that further adjustments are expected [3] - The hourly chart indicates that after four effective upward cycles, the first hour of the morning session marked a turning point, leading to adjustments [3] ChiNext Index - The ChiNext Index has experienced four effective upward cycles over the past four trading days, with today marking the fifth cycle and a turning point [6] - The candlestick from yesterday had a large body but a long lower shadow, signaling a clear adjustment [6] - The hourly chart shows that after two hours of adjustment in the morning, there are still 2-3 cycles left before reaching a new turning point, suggesting continued adjustments in the afternoon [6]

Market Performance - The Sci-Tech 50 Index decreased by 3.85% over the last five trading days, while the ChiNext Index fell by 3.01%. In contrast, the large-cap value stocks rose by 1.44%, and large-cap growth stocks declined by 1.64%. The Shanghai Stock Exchange 50 Index saw a minimal increase of 0.003%, and the small-cap index represented by the CSI 2000 dropped by 0.53%. The comprehensive and textile apparel sectors performed well, whereas the communication and electronics sectors lagged behind [1]. Valuation Levels - As of November 14, 2025, the static PE of the CSI All Share Index is at a percentile rank of 81%. The Shanghai Stock Exchange 50 and CSI 300 indices are at 77% and 73%, respectively. The ChiNext Index is close to the 50th percentile, while the CSI 500 and CSI 1000 indices are at 62% and 61%, respectively. The valuation of the ChiNext Index is relatively at the historical median level [1]. Risk Premium - The risk premium, calculated as the inverse of the static PE of the CSI All Share Index minus the yield of ten-year government bonds, stands at 2.78% as of November 14, 2025. The two-standard deviation boundary is at 4.74% [1]. ETF Fund Flows - In the last five trading days, ETF inflows amounted to 12.2 billion yuan, while the margin trading balance increased by approximately 7.7 billion yuan. The average daily trading volume across both markets was 20.226 billion yuan [2]. Thematic Indexes - The latest thematic allocations include energy and high dividend strategies, specifically focusing on the CSI Energy Index, CSI High Dividend Strategy Index, and CSI Tourism Theme Index among others [2][3].

Group 1 - The market showed mixed performance in early trading, with the Sci-Tech 50 Index experiencing a nearly 1% decline and breaking below the 10-day moving average [1] - According to CITIC Securities, the technology sector has faced significant upward movement, with the ChiNext Index and Sci-Tech 50 rising over or close to 60% since the end of June, indicating accumulated high-level risks and profit-taking pressure [1] - The recommendation is to adopt a neutral stance in the short term due to recent disturbances in the technology sector and US-China relations, while maintaining a long-term focus on the technology theme [1] Group 2 - The Sci-Tech 50 ETF (588000) tracks the Sci-Tech 50 Index, with 68.77% of its holdings in the electronics sector and 4.99% in the computer sector, totaling 73.76%, aligning well with the development of cutting-edge industries such as artificial intelligence and robotics [1] - The ETF also covers multiple sub-sectors including medical devices, software development, and photovoltaic equipment, indicating a high content of hard technology [1] - The current position of the Sci-Tech 50 Index remains near the baseline, and based on historical trends of the ChiNext, the future growth potential is promising, suggesting that investors optimistic about China's hard technology development should continue to pay attention [1]

Core Viewpoint - The A-share market showed significant volatility, with the Sci-Tech 50 Index being the first to turn positive after a sharp decline in the morning session, indicating potential resilience in certain sectors amidst broader market concerns [1][2][5]. Market Performance - The A-share market opened sharply lower, with the Shanghai Composite Index down 2.49%, Shenzhen Component down 3.88%, and ChiNext down 4.44%. However, the Sci-Tech 50 Index managed to turn positive during the continuous auction phase, rising over 1% [5]. - By the time of reporting, the Shanghai Composite Index's decline narrowed to under 1%, while the Shenzhen Component and ChiNext were down 1.64% and 1.61%, respectively. The Sci-Tech 50 Index was up 1.33% [5]. Sector Analysis - Among industry sectors, the comprehensive, automotive, machinery equipment, home appliances, and media sectors experienced the largest declines. In contrast, sectors such as non-ferrous metals, steel, banking, and agriculture showed relative resilience [5]. Company-Specific News - Wentech Technology (600745) opened with a limit down and remained at that level during the continuous auction phase. This was attributed to recent announcements regarding its subsidiary, Anshi Semiconductor, facing regulatory challenges from the Dutch government and a court ruling, which may impact operational efficiency [6][8]. Institutional Perspectives on Tariff Impact - Multiple brokerage firms expressed that the impact of the new round of tariffs on the market is expected to be less severe than the "reciprocal tariffs" from April. They noted that the current situation offers more negotiation room and is likely to be less disruptive [4][10]. - Research from various institutions, including Galaxy Securities and Guojin Securities, indicated that the market's reaction to the current tariff situation is expected to be more measured compared to the previous April incident, with established mechanisms in place to stabilize the market [11][12].

Core Viewpoint - The article discusses the extreme divergence in A-share market styles this year, highlighting the significant gains in the Sci-Tech 100 and Sci-Tech 50 indices compared to the decline in the Dividend Index, emphasizing the importance of maintaining investment discipline regardless of market conditions [1][3]. Market Performance - The Shanghai Composite Index recently broke the 3900-point mark, reaching a 10-year closing high [1]. - The Sci-Tech 100 Index has surged over 60% year-to-date, while the Dividend Index has dropped nearly 8%, indicating a nearly 70% difference in performance between these indices [1][3]. - Approximately 500 stocks have doubled in value this year, accounting for nearly 10% of the market [3]. Investor Psychology - Many investors may feel distressed by their underperformance in the market, leading to a detrimental mindset that equates others' gains with their losses [3]. - This mindset can result in irrational behavior, prompting investors to buy stocks they should not hold in a bid to avoid missing out on potential gains [3][5]. - The article references legendary fund manager Peter Lynch, who noted that many investors suffer from the pain of missing out on top-performing stocks, which can lead to poor investment decisions [3][4]. Investment Principles - Successful investing is not about achieving the highest returns but about reaching financial goals with the lowest possible risk [5]. - The article emphasizes the importance of adhering to investment principles, such as avoiding high valuations and maintaining a critical mindset towards investments [9][10]. - It highlights that long-term success in investing is more important than short-term market performance, with a focus on minimizing significant losses over time [10].

Group 1 - The A-share market is showing signs of recovery, with the Sci-Tech 50 Index leading the gains at 6.5% [1] - The LPR interest rate remains unchanged, and national standards for prepared dishes are being advanced; stable growth plans are being introduced in the steel industry [1] - Analysts generally believe that the market is likely to continue its upward trend after the holiday, with a particular focus on the TMT sector [1] Group 2 - Retail investors often fall into the trap of "buying low and selling high," mistakenly believing that stocks that have risen significantly are too risky [3] - The perception of "high" and "low" is often a retrospective judgment, and the willingness of institutional funds to participate is a more critical factor in stock price movements [3][5] - Institutional funds have been actively investing in bank stocks since 2022, despite ongoing skepticism about their valuations and earnings [5] Group 3 - The data indicates that institutional funds have withdrawn from the liquor sector, leading to short-lived rebounds without sustained support [8] - The strong performance of the Sci-Tech 50 Index is attributed to the continuous investment by institutional funds in the technology sector [8] - The TMT sector is favored by analysts due to quantitative data showing long-term institutional interest [8] Group 4 - In an era of information overload, investors need analytical tools that penetrate superficial data to understand the underlying trends in capital flow [8] - Investors should not rely solely on "high" and "low" judgments for trading decisions but should focus on core indicators like institutional participation [8] - The ultimate goal of investing is long-term stable growth rather than short-term profits, emphasizing the importance of data-driven analysis [9]