A股年成交额首破400万亿！金融科技ETF（159851）大举吸金，融资余额逼近前高！板块静待业绩催化

Core Viewpoint - The financial technology sector is experiencing a downturn, with the China Securities Financial Technology Theme Index dropping by 1.6%, while certain stocks show resilience amidst broader declines [1][8]. Market Performance - The financial technology ETF (159851), which is the largest in terms of scale and liquidity, fell by 1.59% with a trading volume of 443 million yuan [1][10]. - A significant number of component stocks are declining, with companies like Cuiwei Co., Guoao Technology, and Hengbao Co. leading the losses of over 5% [1][8]. Fund Inflows - Despite the market downturn, there has been a notable influx of capital, with the financial technology ETF seeing a net subscription of 159 million units following a previous day of over 200 million yuan in purchases [3][10]. - Leveraged funds are also increasing their positions, with a net purchase of 24 million yuan on December 22, bringing the financing balance above 400 million yuan, nearing previous highs [3][10]. Investment Logic - Record Trading Volume: The A-share market has achieved a historic trading volume exceeding 405 trillion yuan, marking the first time it has surpassed 400 trillion yuan in annual trading, which is expected to benefit internet brokerages in 2025 and 2026 [5][12]. - AI Integration: The integration of AI into financial IT is creating new growth opportunities, enhancing product value and customer loyalty through applications like smart investment advisory and big data risk control [5][12]. - Valuation Recovery: The current valuation of the China Securities Financial Technology Theme Index is at a near six-month low, indicating a significant correction and potential for future growth as market activity is expected to remain high [6][12]. ETF Focus - Investors are encouraged to focus on the financial technology ETF (159851) and its associated funds, which cover a wide range of sectors including internet brokerages, financial IT, cross-border payments, and AI applications [6][13]. - As of December 22, the financial technology ETF has a scale exceeding 9.8 billion yuan, with an average daily trading volume of 800 million yuan over the past six months, leading among similar ETFs [6][13].