1、16只硬科技主题基金同日获批 11月21日，16只硬科技主题基金集体获批，包括首批7只科创创业人工智能ETF、3只科创板芯片ETF、4只科创板芯片设计主题ETF，以及2只科技主题主动 权益类基金，涉及易方达基金、广发基金、景顺长城基金、摩根资产管理、华宝基金、天弘基金等多家基金管理人。 2、多只红利ETF规模刷新纪录 近期，多家公募旗下红利产品规模创下历史新高，有产品规模突破266亿元。Wind数据显示，截至11月21日，红利主题ETF月内净流入额达63.18亿元，自年 初以来净流入额高达356.23亿元，目前规模较年初增长49.31%。 3、半数以上港股基金回报率超30% Wind数据显示，截至11月18日，在全市场337只名称中包含"港"的基金中（不含今年新成立基金），共有336只今年以来的回报率为正，其中174只年内回报 率在30%以上，占比约为52%。 一、今日基金新闻速览 1、ETF行情复盘 市场探底回升，截至收盘，沪指涨0.05%，深成指涨0.37%，创业板指涨0.31%。沪深两市成交额1.73万亿元，较上一个交易日缩量2379亿元。板块方面，航 天航空、互联网服务、通信设备等板块涨幅居前，而 ...

（责任编辑：刘静 HZ010） ETF方面，美股生物科技板块走高，汇添富基金纳指生物科技ETF、嘉实基金标普生物科技ETF分 别涨2.88%和2.66%。卫星互联网板块走强，华夏基金航空航天ETF、平安基金通用航空ETF基金分别涨 2.83%、2.71%。 A股三大指数高开低走，截至午盘，沪指跌0.34%，深成指跌0.59%，创业板指跌0.77%，北证50指 数跌0.12%，沪深京三市半日成交额10325亿元，较上日缩量2849亿元。全市场超3200只个股上涨。 板 块题材上，军工装备、商业航天板块活跃，锂、海南板块调整。 稀有金属板块继续走低，稀有金属ETF、稀有金属ETF基金分别跌3.86%、3.71%。AI硬件板块继续 回调，通信ETF跌3.14%。新能源板块走低，新能源汽车ETF跌2.9%。 【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 ...

Market Overview - On November 21, the A-share market experienced a correction, with most ETFs declining. The only ETFs that rose were bond and money market ETFs, while media ETFs showed gains against the trend [1][2] - On November 20, despite the three major A-share indices pulling back, the ETF market saw a net inflow of approximately 9 billion yuan, indicating active bottom-fishing funds [3][7] ETF Performance - The media ETFs were the biggest gainers, with one rising by 0.22% and another by 0.10%, while rare metals and innovative energy-related ETFs saw declines exceeding 6% [3][4] - Four ETFs had transaction volumes exceeding 10 billion yuan, all of which were bond or money market ETFs, with notable activity in the Hang Seng Technology ETF and Hong Kong Securities ETF [5][6] Fund Inflows - The net inflow of funds into the ETF market on November 20 was about 9 billion yuan, with significant inflows into broad-based ETFs like the CSI 500 ETF and the STAR 50 ETF [7][8] - The CSI 500 ETF had a net inflow of 7.60 billion yuan on the previous trading day and 25.91 billion yuan over the past week, indicating strong investor interest [8] Future Outlook - The market is expected to maintain a volatile trend in the short term, but the long-term outlook remains positive, with a potential slow bull market emerging. Key sectors to watch include technology, consumption, high-end manufacturing, and pharmaceuticals [9] - There is a suggestion to focus on sectors benefiting from manufacturing recovery and technology growth, particularly in AI, innovative pharmaceuticals, and military industries [9] Cross-Border ETFs - As of November 21, several cross-border ETFs were trading at a premium, with the Nasdaq Technology ETF and Nasdaq 100 ETF showing premiums exceeding 10% [10]

Wind数据显示，截至2025年11月21日A股收盘，仅上海金飘红，上涨0.07%。 上海金 消息面上，当地时间11月20日下午，美国白宫证实，美政府高级官员近期与乌克兰方面举行了会晤，双方就一项"有望被俄乌双方接受的和平计划"展开讨 论。美国国务卿以及美国中东问题特使参与了此次会谈，强调"美国政府正与冲突双方就如何结束冲突进行积极且富有成效的对话"。 广发证券指出，前期中东局势缓和，吉隆坡经贸磋商取得积极成果，伴随美国政府结束停摆，后期公布的美国经济数据或影响12月降息概率及幅度，把握金 价的阶段性底部。反映中国黄金市场价格变动的上海金ETF(518600)近10个交易日有8天获资金净流入，累计达3.26亿元。 截至2025年11月21日A股收盘，有色金属回调5.26%，寒锐钴业、西藏珠峰跌幅居前。电力设备回调5.17%，天华新能、海科新源跌幅居前。 有色金属 中泰证券研报称，看好有色板块全面牛市行情。新能源需求虽增速下滑但占比持续上升，AI带来的电力需求同样有望提供增量，工业金属将迎来宏观+基本 面共振的时刻，看好铜铝商品价格持续上涨。股票维度虽股价基本都在新高位置，但更多因为商品价格的上涨以及公司成长性 ...

ETF方面，华夏基金豆粕ETF涨0.45%，领涨市场。博时基金龙头家电ETF涨0.09%。债券ETF逆势上 扬，科创债ETF景顺、科创债ETF鹏华和科创债ETF博时分别涨0.05%、0.04%和0.04%。 【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21日｜A股三大指数集体调整，截至午盘，沪指跌1.88%，深成指跌2.72%，指跌3.18%，沪 深京三市半日成交额13174亿元，较上日放量2004亿元。全市场超4900只个股下跌。锂电池产业链全线 下挫；算力硬件题材集体回调，存储器、CPO方向领跌；光伏、英伟达、稳定币、消费电子、半导体概 念股跌幅靠前。市场近5000股下跌。 稀有金属板块遭重挫，稀有金属ETF、稀有金属ETF基金分别跌7.05%、6.99%。半导体板块下挫，中韩 半导体ETF跌6.06%。板块全线飘绿，科创新能源ETF、科创板新能源ETF均跌5.8%。 ...

Market Strategy - The market is expected to remain in a volatile state, with a focus on defensive strategies and opportunities for low-cost positioning [2][8] - The Shanghai Composite Index is holding above 3900 points, while the Shenzhen Component and ChiNext are at the lower end of the fluctuation range since September [8] - The technology sector, particularly the STAR 50 index, has fallen below its fluctuation range, indicating a weak market sentiment [8] Industry Strategy - The food and beverage sector is anticipated to undergo a valuation recovery followed by performance-driven growth, with a focus on gradual positioning [3][8] - The sector has seen a significant improvement in capital returns, particularly in non-bank financials, steel, basic chemicals, machinery, and some consumer goods [8] - The consumer staples sector is showing signs of performance improvement, with expectations for a performance bottom in 2026 [8] Thematic Strategy - The non-ferrous metals sector is gaining a "growth" attribute due to financial characteristics and AI demand, enhancing its appeal [4][8] - Precious metals are becoming increasingly attractive as global central banks diversify reserves amid rising U.S. fiscal deficits and weakening dollar credit [8] - Industrial metals are benefiting from improved supply-demand dynamics and increased demand from AI and new energy sectors [8] - New demand drivers in small metals, particularly lithium, are expected to lead to a cyclical reversal [8]

相关度高的ETF持续获资金关注。如电力系统建设（发电、存储、运输等）方面，光伏ETF龙头 （560980）唯一跟踪中证光伏龙头30指数，聚焦光伏设备制造；储能电池ETF广发(159305)跟踪的是国 证新能源电池指数，侧重储能产业链；全市场同类规模最大的电池ETF（159755）则跟踪国证新能源车 电池指数，侧重固态电池概念，连续3个交易日持续获净买入累计超9亿元，最新规模达158.86亿元，是 全市场唯一一只百亿级电池主题指数基金；电网ETF(159320)跟踪恒生A股电网设备指数，更侧重电网 的升级改造。 中证网讯 近期资本市场电力投资再掀热潮。据国金证券牟一凌团队最新研报回溯分析，1980年以来全 球已出现五轮缺电周期，每轮缺电阶段，往往与电力、电网有关的投资增速都会明显抬升。当前，全球 范围内电力供应紧张局面持续加剧，美国AI数据中心用电需求激增、欧洲能源结构转型阵痛，以及新 兴市场工业化进程加速共同推动新一轮缺电周期到来，电力投资有望迎来高速增长阶段。 在这一背景下，中国凭借完善的电力系统和制造业优势，正成为全球电力建设的重要支撑力量。国金证 券研报指出，中国电力系统存在一定冗余量，能源价格和制造业 ...

Group 1 - The core viewpoint is that a new wave of electricity investment is emerging globally due to increasing electricity supply shortages, driven by factors such as surging electricity demand from AI data centers in the US, energy transition pains in Europe, and accelerated industrialization in emerging markets [1] - Since 1980, there have been five cycles of electricity shortages globally, with each cycle leading to a significant increase in investment related to electricity and power grids [1] - China is positioned as a key player in global electricity construction, benefiting from a robust power system and manufacturing advantages, which present substantial growth opportunities for domestic industry chain enterprises [1] Group 2 - Investment focus areas include: 1) Equipment demand growth from power system construction, including storage, power equipment, and photovoltaics; 2) Upstream resource products benefiting from power system construction, such as copper and aluminum; 3) Scarce raw materials due to rising demand for new energy; 4) Companies actively transforming due to rising electricity prices, such as cryptocurrency mining farms [1] - High-interest ETFs related to electricity system construction are attracting significant capital, with notable funds including the photovoltaic ETF (560980), energy storage battery ETF (159305), and the largest battery ETF (159755), which has seen over 900 million yuan in net inflows over three trading days [2] - The rare metals ETF (159608) has also attracted substantial investment, with a recent scale exceeding 800 million yuan, reflecting strong interest in upstream resource products related to electricity system construction [2] Group 3 - The electric equipment and new energy industry is at the beginning of a new cycle, with global new energy installed capacity expected to increase significantly during the "14th Five-Year Plan" period, leading to revolutionary changes in the power system [3] - High proportions of wind and solar energy integration will create massive storage and capacity demands, while global investments in power grids, especially in Europe and the US, will continue to rise to meet carbon neutrality goals [3] - Basic changes in the electricity market are expected to manifest by 2026, driven by increased electricity consumption due to AI and rising electricity prices from grid adjustment and transformation costs [3]

首先，宏观数据持续披露，市场聚焦国内经济状态。从最新公布的一系列十月宏观经济数据来看，四季度开局基本延续了今年经济发展的主要特征， 即前高后低。当然，市场对今年政策的靠前发力所产生的经济运行节奏是有预期的。因此，目前宏观总量的影响相对有限。而海外市场近期有所调整，主 要是关于AI的发展进程有不小分歧，引发了美国科技公司的集体调整。A股市场总体呈现高低切换，风格偏防守，属于典型的年底盘整行情特征：板块轮 动、主线不清晰和均衡化配置。 其次，周一两市震荡调整，量能下降。 周一，沪指略微低开后，震荡下行，收盘跌破20天均线。深圳成指当天走势略强于沪指，但全天都在短期均 线下方运行。两市量能不到2万亿元，较上周五略有下降。当天市场热点主要集中在军工和计算机等成长性行业。投资风格方面，大盘蓝筹股跌幅较大， 中小盘风格上涨。从市场运行节奏看，沪指围绕4000点附近反复拉锯，深圳成指处于整理形态。沪指近期围绕4000 点反复波动，上周五创出新高后快速 回落，本周开局继续下探，失守20天均线。深圳成指近期处于整理形态，同样运行在所有短期均线下方。需要密切关注短期均线能否重新收回。逢低关注 煤炭ETF、稀有金属ETF等。 风险 ...

Group 1: Rare Metals ETF Performance - On November 17, rare metals ETFs led the market with four ETFs rising over 3%, including the rare metals ETF (159608) which increased by 3.68% [2][3] - The rise in the rare metals sector was driven by a significant increase in lithium carbonate futures, with expectations of improved supply-demand fundamentals in the lithium industry from 2026 to 2027 [2][10] - The overall performance of rare metals ETFs over the past month shows substantial gains, with the rare metals ETF (159608) up 12.28% [3] Group 2: AI Application ETFs - AI application-related ETFs also saw positive performance, with software ETFs and the Southern China AI ETF rising over 2% on November 17 [2] - The Southern China AI ETF (159382) recorded a net inflow of 8.99 billion yuan on November 14, indicating strong investor interest despite a general decline in tech stocks [8][9] Group 3: Bond ETFs Activity - Bond ETFs were notably active, with eight out of the top ten ETFs by trading volume being bond ETFs, including several from the Sci-Tech bond category [6] - The trading volume for the Sci-Tech bond ETF from Guotai reached 9.384 billion yuan, up from 7.215 billion yuan the previous day, reflecting increased investor activity [7] Group 4: Decline in Gold ETFs - Gold-themed ETFs experienced a collective decline, with several gold-related ETFs dropping over 2% [4][5] - The gold stock ETF saw a decrease of 2.57%, while other gold ETFs also reported significant losses over the past month [5] Group 5: Market Outlook - The outlook for the A-share market remains positive, with expectations of continued upward trends driven by structural economic improvements and declining risk-free rates [10] - Long-term prospects for the rare metals sector are bolstered by supply constraints and expanding demand, particularly from the new energy vehicle market and emerging industries [10]