资金周报｜国防ETF(512670)近一周领涨，商业航天进展不断（12/8-12/12）

Market Overview - The total scale of equity ETFs in the market reached 48,678.32 billion yuan, with an increase of 146.88 billion yuan in total scale over the past week and a net inflow of 80.22 billion yuan [1] - The broad-based and strategy ETFs saw a net inflow of 123.50 billion yuan, primarily driven by the inflow into the CSI A500 sector, while industry and thematic ETFs experienced a net outflow of 109.70 billion yuan, mainly from the artificial intelligence sector [1] Fund Inflow and Outflow Directions - In the broad-based and strategy ETFs, the top three sectors for net inflow were CSI A500, strategy-dividend, and Sci-Tech 50, while the top three sectors for net outflow were the ChiNext, Sci-Tech ChiNext, and CSI 2000 [2] - In the industry and thematic ETFs, the top five sectors for net inflow included innovative drugs, non-ferrous metals, robotics, internet, and battery storage, while the top five sectors for net outflow were artificial intelligence, non-bank financials, military industry, banking, and semiconductor chips [2] Key Focus Areas - Institutions are focusing on the revaluation of life insurance value amid wealth migration, with the insurance securities ETF (515630) rising over 1%. As of December 9, 2025, the margin balance in the Shanghai, Shenzhen, and Beijing markets reached 25,105.72 billion yuan, a new high, with a continuous increase in trading activity and investor risk appetite [4] - The average growth rate of new business value (NBV) for listed insurance companies is close to 45% for the first three quarters of 2025, supported by economic recovery and policy backing, indicating strong valuation recovery momentum [4] - The insurance securities ETF closely tracks the CSI 800 Securities Insurance Index, providing investors with diversified investment options [5] Defense Sector Developments - The defense ETF (512670) has recently outperformed, driven by continuous advancements in commercial aerospace. Notably, the successful launch of the Zhiwei Technology's space experiment vehicle and SpaceX's potential IPO plans are significant developments [6] - The defense ETF tracks the CSI Defense Index, which includes listed companies under the top ten military groups and those providing equipment to the armed forces, reflecting the overall performance of defense industry listed securities [7]