11月25日，以光模块为代表的科技成长板块集体大涨，部分5G、游戏主题ETF涨超4%，多只通信、人工智能主题ETF涨超3%，超千只ETF收涨。 在近期A股宽幅震荡行情下，沪深300、中证500等宽基ETF成为资金的"避风港"。11月24日，跟踪沪深300的ETF净流入超53亿元，跟踪上证50、中证 A500、中证500等宽基指数的ETF均净流入超10亿元。 11月24日至11月25日，华夏基金、易方达基金、广发基金、华泰柏瑞基金、南方基金、鹏华基金、国联安基金上报首批科创创业机器人ETF，招商基金上 报首只科创创业半导体ETF。 11月25日，光模块、光通信等人工智能板块大幅领涨，中际旭创、新易盛分别上涨5%、4%；游戏、有色金属等板块也有亮眼表现，巨人网络涨停，世纪 华通涨超7%；创业板指、科创创业50等核心指数涨幅都在1.5%以上。 5GETF（159994）以及多只游戏主题ETF今日涨超4%，另有多只通信、动漫游戏、人工智能等主题ETF涨超3%。整体来看，超千只ETF收涨。 广发基金基金经理吕鑫认为，海外算力依旧是当前高确定性的方向。随着12月美联储降息概率提升，流动性压力大幅缓解，海外算力链在前期跌幅 ...

11月24日至11月25日，华夏基金、易方达基金、广发基金、华泰柏瑞基金、南方基金、鹏华基金、国联 安基金上报首批科创创业机器人ETF，招商基金上报首只科创创业半导体ETF。 人工智能板块领涨 11月25日，光模块、光通信等人工智能板块大幅领涨，中际旭创、新易盛分别上涨5%、4%；游戏、有 色金属等板块也有亮眼表现，巨人网络涨停，世纪华通涨超7%；创业板指、科创创业50等核心指数涨 幅都在1.5%以上。 11月25日，以光模块为代表的科技成长板块集体大涨，部分5G、游戏主题ETF涨超4%，多只通信、人 工智能主题ETF涨超3%，超千只ETF收涨。 在近期A股宽幅震荡行情下，沪深300、中证500等宽基ETF成为资金的"避风港"。11月24日，跟踪沪深 300的ETF净流入超53亿元，跟踪上证50、中证A500、中证500等宽基指数的ETF均净流入超10亿元。 5GETF（159994）以及多只游戏主题ETF今日涨超4%，另有多只通信、动漫游戏、人工智能等主题ETF 涨超3%。整体来看，超千只ETF收涨。 广发基金基金经理吕鑫认为，海外算力依旧是当前高确定性的方向。随着12月美联储降息概率提升，流 动性压力大幅 ...

一、ETF行业快讯1.三大指数集体上涨，多只游戏板块ETF涨超4% 今日，三大指数集体上涨，上证综指上涨0.87%，深证成指上涨1.53%，创业板指上涨1.77%。多只游戏 板块ETF上涨，其中，游戏ETF（516010.SH）上涨4.14%，游戏ETF（159869.SZ）上涨4.11%，游戏 ETF华泰柏瑞（516770.SH）上涨4.04%。 2.超700亿元资金借道ETF逆市加仓 据21世纪经济报道，上周（11月17日至21日），A股市场遭遇大幅调整，上证指数周跌幅超过3%，创 业板指跌超6%，创下近几个月来最大单周跌幅。然而，在市场回调之际，大量资金却借道ETF逆市布 局。Wind数据显示，上周沪深两市股票型ETF和跨境型ETF合计净流入701.21亿元，其中宽基指数ETF 净流入359.31亿元，成为资金涌入的主要方向。业内人士认为，市场大趋势没变，此时资金回流ETF说 明很多资金是趁调整抄底。 二、今日行情速览1.指数走势 统计A股与海外主要核心指数走势，今日（11月25日，下同）三大指数集体上涨，其中上证指数上涨 0.87%，收于3870.02点，日内最高3882.03点；深证成指上涨1.53 ...

Market Performance - The three major A-share indices rose collectively, with the Shanghai Composite Index up 0.87% to 3870 points, the Shenzhen Component Index up 1.53%, and the ChiNext Index up 1.77% [1] - The total market turnover reached 1.83 trillion yuan, an increase of 858 billion yuan compared to the previous trading day, with 4300 stocks rising [1] Sector Highlights - The CPO concept and optical communication module sectors experienced significant growth, with stocks like Zhongji Xuchuang rising by 5%, Xinyi Sheng by 4%, and Tianfu Communication by 2.4% [1] - Various ETFs related to 5G and artificial intelligence also saw substantial gains, with the 5GETF rising over 4% and several other ETFs increasing by more than 3% [1][2] ETF Details - The 5G Communication ETF tracks an index that includes key components of AI computing systems, with significant weight in optical modules and leading companies in the 5G industry [4] - The Communication ETF's index has over 81% weight in "optical modules + servers + copper connections + optical fibers" [4] - The ChiNext Artificial Intelligence ETFs have over 50% "CPO content," featuring major stocks like Xinyi Sheng and Zhongji Xuchuang [4] AI and Technology Developments - Google is challenging NVIDIA's dominance in chips by potentially selling its TPU to Meta, which could capture 10% of NVIDIA's annual revenue, leading to billions in new income for Google [5] - Google’s Gemini 3 model demonstrates the ongoing effectiveness of the Scaling Law, indicating further advancements in algorithms and a growing demand for computing power [6] - The AI industry is expected to see significant catalysts by 2026, including new GPU releases and advancements in AI applications, with a positive outlook for sectors like optical modules and AI smartphones [7]

来源：上海证券报·中国证券网 | 代码 | 名称 | 最新 | 涨幅% 1 | | --- | --- | --- | --- | | 159242 | 创业板人工智能ETF大成 | 1.439 | 5.19 | | 159994 | 5GETF | 1.596 | 5.00 | | 159381 | 创业板人工智能ETF华夏 | 1.604 | 4.97 | | 159246 | 创业板人工智能ETF富国 | 1.607 | 4.90 | | 159279 | 创业板人工智能ETF华安 | 0.973 | 4.85 | | 515050 | 5G通信ETF | 1.948 | 4.84 | | 159388 | 创业板人工智能ETF国泰 | 1.738 | 4.76 | | 什么样 | 名称 | 長新 | 涨幅% ↑ | | 520830 | 沙特ETF | 0.929 | -1.17 | | 159329 | 沙特ETF | 0.939 | -1.16 | | 513800 | 日本东证指数ETF | 1.608 | -0.68 | | 513080 | 法国CAC40ETF | 1.775 | -0.5 ...

（文章来源：每日经济新闻） 5G概念股走强，沪电股份涨停，新易盛涨超7%，中际旭创、兆易创新、东山精密涨超6%。 受重仓股大涨影响，5GETF、5G通信ETF涨超5%。 有券商表示，AI可能是自云计算以来最大的产业机会。从硬件层面看，除GPU保持较快增速之外，ASIC 可能在明年成为第二增长引擎，北美算力产业链条业绩有望在后续几个季度保持较高增速。从需求端看， 北美云厂商云收入增长和资本开支投入形成共振，人工智能闭环清晰，发展仍处上升通道。 ...

Market Overview - The A-share market experienced a decline across major indices last week, with the Shanghai Composite Index, CSI 1000, and CSI 300 showing returns of -0.18%, -0.52%, and -1.08% respectively. In contrast, the STAR 50, ChiNext Index, and SME Board Index had poorer performances with returns of -3.85%, -3.01%, and -1.71% respectively [1] - In terms of industry performance, consumer services, textiles and apparel, and pharmaceuticals led with returns of 4.81%, 4.43%, and 3.29% respectively, while communication, electronics, and computers lagged with returns of -4.90%, -4.44%, and -3.72% respectively [1] Fund Flow - The ETF market saw a net inflow of 29.317 billion yuan last week, with stock ETFs contributing 17.352 billion yuan, QDII stock ETFs 5 billion yuan, commodity ETFs 5.957 billion yuan, money market fund ETFs 1.236 billion yuan, and bond ETFs experiencing a net outflow of 0.276 billion yuan [2] - Specific indices that saw significant net inflows include SGE Gold 9999 (5.573 billion yuan), STAR 50 (3.532 billion yuan), and ChiNext AI (2.300 billion yuan) [4] - Conversely, indices such as CSI A500 and CSI 300 experienced notable net outflows of 4.055 billion yuan and 2.640 billion yuan respectively [2][4] ETF Performance - The median weekly return for stock ETFs was -1.09%, with the CSI 50 ETF showing the highest median return of 0.02% among broad-based ETFs. Consumer ETFs had a median return of 2.10%, the highest among sectors [11] - Top-performing ETFs included the Hong Kong Stock Connect Innovative Drug ETF (10.92%), Hang Seng Innovative Drug ETF (10.80%), and Tourism ETF (9.30%) [12][14] - In contrast, ETFs such as 5G Communication ETF and Communication ETF saw declines of -7.03% and -6.89% respectively [16][18] New Fund Activity - A total of 56 funds were reported last week, an increase from the previous week, including one QDII and several thematic ETFs [20] - 25 new funds were established with a total issuance scale of 14.173 billion yuan, which is a decrease compared to the previous week [20] - 41 funds entered the issuance phase last week, with 33 more expected to begin issuance this week [21] Hot News - Several cross-border ETFs have been flagged for premium risks due to significant discrepancies between market trading prices and net asset values [22] - The "Southbound ETF" program expanded on November 10, adding six ETFs to the Hong Kong Stock Connect list, increasing the total number of products from 17 to 23 [23]

Core Insights - The 5GETF (159994) experienced a net financing inflow of 66.99 million yuan on November 10, 2025, with a total financing balance of 2137.59 million yuan, indicating a positive trend in investor sentiment [1][2] - Over the past three trading days, the cumulative net financing inflow reached 175.05 million yuan, with 12 out of the last 20 trading days showing net financing inflows [1] - The total margin trading balance increased by 2.16% to 2756.63 million yuan on the same day, reflecting a strengthening bullish sentiment in the market [3][4] Financing Activity Summary - On November 10, 2025, the net financing inflow was 66.99 million yuan, with a financing balance of 2137.59 million yuan [2] - The previous trading days showed the following net financing activities: - November 7: 87.82 million yuan - November 6: 20.23 million yuan - November 5: -7.08 million yuan - November 4: -13.85 million yuan [2] Margin Trading Overview - The total margin trading balance as of November 10, 2025, was 2756.63 million yuan, which is an increase of 58.23 million yuan from the previous day [3][4] - The margin trading balance changes over the last few days were as follows: - November 7: 2698.40 million yuan (up 75.05 million yuan) - November 6: 2623.35 million yuan (up 37.75 million yuan) - November 5: 2585.60 million yuan (down 8.90 million yuan) - November 4: 2594.50 million yuan (down 24.07 million yuan) [4]

Group 1 - The overall performance of ETFs on November 10 showed mixed results, with some sectors experiencing significant gains while others faced declines [1][2] - The tourism ETFs (codes 159766 and 562510) saw notable increases of 5.19% and 4.74% respectively, indicating strong investor interest in the tourism sector [1][2] - The wine ETF (code 512690) also performed well, rising by 3.29%, reflecting positive market sentiment towards the beverage industry [1][2] Group 2 - On the downside, the Sci-Tech Information ETF (code 588260) dropped by 4.16%, suggesting potential concerns in the technology sector [1][2] - The Communication ETF (code 515880) and the 5G Communication ETF (code 515050) experienced declines of 4.14% and 4.04% respectively, indicating challenges in the telecommunications market [1][2] - Other ETFs such as the Growth ETF (code 159259) and the GEM Growth ETF (code 159967) also faced losses, with declines of 3.94% and 3.80% respectively, highlighting a broader trend of weakness in certain growth sectors [2]

Core Viewpoint - Multiple fund managers, including E Fund, Invesco Great Wall, and Yinhua Fund, have announced the addition of liquidity service providers for their technology-themed ETFs, indicating a trend towards enhancing market liquidity for these funds [1][2]. Group 1: Fund Management Actions - Over 20 technology-themed ETFs have added liquidity service providers since the second half of the year, with more than half being newly established products in 2023 [1]. - On November 5, E Fund announced the addition of CITIC Securities and CITIC Jinshi Securities as liquidity service providers for its Hang Seng Biotechnology ETF [1]. - Invesco Great Wall and Yinhua Fund also announced similar actions for their respective ETFs on the same day [1]. Group 2: Market Analysis - The high market attention on technology ETFs compared to broad-based or other industry-themed ETFs has led to increased demand for liquidity support, especially for smaller products with potential liquidity issues [1]. - The introduction of liquidity service providers is expected to enhance the liquidity level of ETFs, reduce trading costs for investors, and stabilize market prices during significant subscription or redemption events [2]. Group 3: Investor Impact - The presence of liquidity service providers is improving the trading experience for investors by narrowing bid-ask spreads and enhancing order depth, particularly during periods of market volatility [2]. - The fundamental liquidity of ETFs still relies on the growth of the product's scale and the liquidity of underlying assets, necessitating ongoing optimization of index selection and product management by fund managers [2].