指数化投资周报：周期板块迎来回升，华泰柏瑞A500ETF净流入领先-20251223

1. Report Industry Investment Rating Not provided in the content 2. Core Viewpoints of the Report - In the recent week, the cycle sector has rebounded, and Huatai-PineBridge A500ETF has led in net inflows. The new issuance of artificial intelligence-themed products is booming, with 5 ETF products listed and 13 products established. In the coming week, 25 index products will end their fundraising, and 8 will start. A total of 21 index products were declared in the recent week [1][5][7]. - In the recent week (2025/12/15 - 2025/12/19), most of the major broad-based ETFs in the A-share market declined, with significant pullbacks in the Science and Technology Innovation Board 50 ETF and ChiNext 50 ETF. The Hong Kong and US stock broad-based ETFs also pulled back synchronously. Commodity ETFs such as energy and chemical and gold ETFs rose. The cycle sector had the highest increase among major industries, while many sectors in the technology category faced pullbacks [2][13]. - As of December 19, 2025, there were 1,385 ETFs in the entire market, with a total scale of 5,829.125 billion yuan, an increase of 52.135 billion yuan from the previous week. Among non-monetary ETFs, the ETFs targeting CSI A500 had the largest net inflow of funds, while those targeting CSI short-term financing bonds had the largest net outflow [2][25]. 3. Summary by Relevant Catalogs 3.1 Index Product Establishment, Fundraising, and Declaration - Product Establishment and Listing: In the recent week, 5 ETF products such as Huatai-PineBridge CSI Science and Technology Innovation and Entrepreneurship Artificial Intelligence ETF were listed, and 13 products including Huatai-PineBridge CSI Science and Technology Innovation and Entrepreneurship Artificial Intelligence ETF were established. The new issuance of artificial intelligence-themed products is booming [1][5]. - Product Issuance Information: In the coming week, 25 index products will end their fundraising, including Southern Shanghai Stock Exchange Science and Technology Innovation Board 50 Component ETF Linked A, and 8 products will start fundraising, such as ICBC ChiNext New Energy ETF [7]. - Product Declaration Information: A total of 21 index products were declared in the recent week, including 9 theme funds and 5 cross-border - Hong Kong Stock Connect products [9]. 3.2 ETF Market Review - Asset - Type Classification: Classify ETFs into four categories: stocks, commodities, cash, and bonds according to the Merrill Lynch Investment Clock theory [11]. - Broad - Based ETF Performance: Most of the major broad-based ETFs in the A-share market declined, with significant pullbacks in the Science and Technology Innovation Board 50 ETF and ChiNext 50 ETF. The Hong Kong and US stock broad-based ETFs also pulled back synchronously. Commodity ETFs such as energy and chemical and gold ETFs rose [2][13]. - Industry - Based ETF Performance: The major industry ETFs had mixed performance. The cycle sector had the highest increase, with the chemical ETF rising 3.54%. Many sectors in the technology category faced pullbacks, such as the chip ETF and electronic ETF [16]. - Cross - Border ETF Performance: The major broad-based cross-border ETFs had mixed performance, with the French CAC40 having the highest increase of 1.03%. The Hong Kong stock-related ETFs pulled back across the board [19]. - Non - Monetary ETF Performance: In the recent week, E Fund CSI Satellite Industry ETF led in terms of yield, while Huabao CSI Hong Kong Stock Connect Information Technology Comprehensive ETF lagged behind [22]. 3.3 ETF Fund Flow - Overall Market Scale: As of December 19, 2025, there were 1,385 ETFs in the entire market, with a total scale of 5,829.125 billion yuan, an increase of 52.135 billion yuan from the previous week. A-share and cross-border ETFs ranked among the top two in terms of scale [25]. - Net Inflow and Outflow of Funds: Among non-monetary ETFs, the ETFs targeting CSI A500 had the largest net inflow of funds, while those targeting CSI short-term financing bonds had the largest net outflow. Huatai-PineBridge CSI A500ETF and Harvest CSI AAA Science and Technology Innovation Corporate Bond ETF had relatively high fund inflows [28][30]. - Liquidity: Haifutong CSI Short - Term Financing Bond ETF led in terms of liquidity, with an average daily trading volume of 23.702 billion yuan in the recent week. China Merchants CSI AAA Science and Technology Innovation Corporate Bond ETF also had relatively high liquidity [30].