沪指迎13连阳，突破10年新高，中证A500ETF（159338）收涨1.8%，近20日净流入近140亿元

Core Insights - The Shanghai Composite Index has achieved a 13-day winning streak, reaching a 10-year high, with the CSI A500 ETF (159338) rising by 1.8% and attracting nearly 14 billion yuan in net inflows over the past 20 days [1] Group 1: Economic Context - The current period is seen as a critical buildup phase for the "14th Five-Year Plan," with expectations of continued loose monetary and proactive fiscal policies in China until 2026, which may lead to a further recovery in total demand [1] - Globally, fiscal expansions in the US, Europe, and Japan are progressing simultaneously, contributing to gradual improvements in demand [1] Group 2: Investment Opportunities - The CSI A500 Index, with its overweight in advanced manufacturing, information technology, communications, pharmaceuticals, and raw materials, is positioned to deliver relative returns during the economic recovery phase [1] - Compared to the CSI 300, the CSI A500 emphasizes industry balance and leading companies in specific sectors, offering a more diversified style and higher growth exposure, which can provide a better Beta base during the industrial structure upgrade cycle [1] Group 3: Performance Metrics - As of December 31, 2025, the CSI A500 Index has increased by 464.28% since its base date, outperforming the CSI 300 Index, which has risen by 361.15%, resulting in an excess return of 103.13% [1] - The number of accounts for the Guotai CSI A500 ETF is the highest among its peers, being more than three times that of the second-ranked product, indicating a growing interest from investors [1]