Group 1 - The South Korea-China Semiconductor ETF (513310) surged by 9.64%, nearing the daily limit, leading the market ETFs with a premium rate of 21.10% and a turnover rate of 125.76% [1][4][8] - The Short-term Bond ETF (511360) recorded a transaction volume exceeding 66 billion yuan, ranking first among all market ETFs [2][8][9] - Several A500 ETFs, including A500 ETF Fund (512050) and A500 ETF Huatai (563360), saw significant trading volumes, indicating strong investor interest [2][8] Group 2 - The semiconductor equipment sector continues to rise, driven by a sustained "supply-demand imbalance" in the global storage industry, with expectations of continued growth until after 2027 [6] - The chip design sector experienced a significant rally, supported by strong performance from Nvidia and ongoing domestic industry development and policy support [6] - The film and insurance sectors faced declines, with the Hong Kong pharmaceutical sector experiencing substantial drops, as multiple Hong Kong pharmaceutical ETFs fell over 3% [6][7] Group 3 - Funds began to flow back into broad-based ETFs such as the CSI 500 ETF (510500) and the A500 ETF Southern (159352) on February 25, indicating a shift in investor sentiment [10] - The Hong Kong technology and internet-themed ETFs saw significant net inflows, suggesting a renewed interest in these sectors despite market volatility [10] - The market is expected to transition from "valuation-driven" to "earnings-driven" as investor focus shifts towards the quality of earnings and cash flow of listed companies [12]

ETF 配置系列（二）：宏观打分配置策略 [Table_Authors] 江涛(分析师) 以绝对收益为目标 多元配置为手段 本报告导读： 本文将在宏观打分模型下，在战略投资组合的基础上捕捉资产短期内景气度变化， 构建以绝对收益为目标的大类资产 ETF 配置策略。 投资要点： | | | 金 | | 021-23185672 | | --- | --- | | | jiangtao4@gtht.com | | 登记编号 | S0880525040067 | | | 倪韵婷(分析师) | | | 021-23185605 | | | niyunting@gtht.com | | 登记编号 | S0880525040097 | [Table_Report] 相关报告 高质量发展时代公募基金行业回顾与展望 2025.10.31 高质量发展时代公募基金行业回顾与展望 2025.10.29 恒生港股通科技主题指数投资价值分析 2025.10.15 "基"微成著系列（九） 2025.09.06 "基"海拾贝（四） 2025.08.05 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 基 金 评 价 基 专 题 报 ...

2月26日，伟测科技涨5%，截至发稿，报131.40元/股，成交8.42亿元，换手率4.49%，总市值195.86亿 元。 资料显示，上海伟测半导体科技股份有限公司位于上海市浦东新区东胜路38号D区1栋，成立日期2016 年5月6日，上市日期2022年10月26日，公司主营业务涉及晶圆测试、芯片成品测试以及与集成电路测试 相关的配套服务。主营业务收入构成为：晶圆测试55.40%，芯片成品测试40.09%，其他4.51%。 从伟测科技十大流通股东角度 数据显示，华安基金旗下1只基金位居伟测科技十大流通股东。华安媒体互联网混合A（001071）三季 度新进十大流通股东，持有股数112.26万股，占流通股的比例为1.09%。根据测算，今日浮盈赚取约 702.75万元。 华安媒体互联网混合A（001071）基金经理为胡宜斌。 截至发稿，胡宜斌累计任职时间10年96天，现任基金资产总规模153.26亿元，任职期间最佳基金回报 279.25%， 任职期间最差基金回报2.7%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入 ...

Group 1 - The core viewpoint of the news is that Qiangyi Semiconductor (Suzhou) Co., Ltd. has seen a significant stock price increase of 5.19%, reaching 376.06 CNY per share, with a total market capitalization of 48.722 billion CNY [1] - Qiangyi Semiconductor focuses on the research, design, production, and sales of probe cards for wafer testing, with 95.87% of its main business revenue coming from probe card sales, including 84.71% from 2D/2.5D MEMS probe cards [1] - The company was established on August 28, 2015, and is located in Suzhou Industrial Park, Jiangsu Province, with its listing date set for December 30, 2025 [1] Group 2 - Huaan Fund has a significant holding in Qiangyi Semiconductor, with Huaan Intelligent Equipment Theme Stock A (001072) being the largest shareholder, holding 150,200 shares, which accounts for 2.72% of the fund's net value [2] - The fund has achieved a year-to-date return of 18.03% and a one-year return of 65.35%, ranking 225 out of 5,572 and 237 out of 4,311 respectively in its category [2] - The fund manager, Liu Changchang, has been in position for 6 years and has achieved a best fund return of 276.61% during his tenure [3]

今日，有色ETF华安（交易代码：512940）正式上市交易。在有色板块经历短期波动后，站在当前时 点，我们与投资者共同梳理：有色金属板块的长期价值究竟源自何处？聚焦"有矿"企业的差异化价值在 哪里？当前是否是合适的配置时间？ 一、有色金属：工业与科技的基石 有色金属是除黑色金属（铁、铬、锰）以外的各类金属的总称，在现代经济中扮演着不可替代的角色。 它们是电力网络的导体、新能源汽车的心脏、高端装备的"维生素"，更是战略新兴产业的基石。 从大类上看，有色金属主要分为： 工业金属（铜、铝、锌等）：广泛应用于电力、建筑、交通等领域，其中铜因其优异的导电性被称 为"金属黄金"，是AI算力基建的关键材料。 贵金属（黄金、白银等）：兼具商品和金融属性，是对冲货币风险的重要工具。 能源金属（锂、钴、镍等）：现代电池的核心材料，受益于新能源汽车与储能产业高速增长。 稀有金属/稀土（稀土、钨、钼等）：高端制造和尖端技术的"维生素"，战略地位持续提升。 二、三重周期共振，重塑板块价值逻辑 当前有色金属行业正迎来多重驱动因素的叠加，其投资逻辑较以往更为清晰和多元。 宏观维度：流动性环境转向有利 随着全球经济增长放缓压力显现，主要央行 ...

Report Summary 1. Investment Rating The document does not mention the investment rating of the industry. 2. Core Views The report reviews the fund market in 2025, including the overall situation of the public - offering fund industry, the development of various sub - categories of public - offering funds, and the situation of private - offering securities investment funds. It also provides a market outlook for 2026 and selects several types of funds for attention. In 2025, the public - offering fund market achieved significant positive returns, and the private - offering securities investment fund market expanded in scale. In 2026, with the resonance of China's and the US policies, the A - share market is expected to shift from liquidity - driven to profit - driven, and attention should be paid to specific investment directions and the rhythm of the fixed - income market [2][9]. 3. Summary by Directory 3.1 Public Fund Overall Overview - **Asset Management Market Overview**: By the end of Q3 2025, the total scale of China's asset management business reached 80.03 trillion yuan. Public - offering funds and private - offering funds drove the growth of the asset management scale, with public - offering funds contributing 3.92 trillion yuan to the scale growth. The public - offering fund market maintained strong vitality, with a total scale of 36.67 trillion yuan and a total share of 31.30 trillion shares by the end of 2025, showing year - on - year growth [16][20]. - **Public Fund New - issuance Market**: In 2025, stock - type and bond - type funds were the main new - issuance products. The new - issuance volume of stock - type funds was large, and the new - issuance scale was comparable to that of bond - type funds, mainly relying on passive products [40]. - **Non - monetary Head Managers of Public Funds**: Since 2021, the top - three managers in terms of non - monetary fund scale have been relatively stable. In 2025, E Fund, China Asset Management, and GF Fund had different product line focuses in terms of stock and incremental scale. Huatai - Peregrine Fund and Invesco Great Wall Fund showed good performance [47][48]. - **Performance of Public Fund Products**: In 2025, the public - offering fund market achieved significant positive returns. Commodity - type funds represented by gold performed excellently, and stock - type funds also received good returns with reduced volatility and drawdown [3][56]. 3.2 Hot Topics in the Fund Industry - **Reform of Public - offering Fund Policies**: In 2025, a series of reform measures were introduced to promote the transformation of the public - offering fund industry from "scale - oriented" to "return - oriented" [59]. - **New - style Floating - rate Funds**: In 2025, new - style floating - rate funds were successively launched, which had important impacts on the public - offering fund market, such as guiding long - term holding and strengthening the binding mechanism between fund companies and investors [67][69]. - **Commercial Real Estate REITs**: In 2025, the pilot of commercial real estate REITs was officially launched, and 12 products had been officially declared by February 13, 2026 [73][75]. - **Development of the Fund Investment Advisory Industry**: Policy support, product expansion, and institutional empowerment promoted the development of the fund investment advisory industry. The investment scope of fund investment advisors was gradually broadened, and leading public - offering funds entered the market [77][79]. 3.3 Overview of Sub - categories of Public Funds - **Active Equity Funds**: In 2025, the scale of active equity funds rebounded, with an average return of 33.29%. Funds focusing on the AI industry chain led the gains [101]. - **Industry Theme Funds**: By the end of 2025, there were 2,009 industry theme funds, with a significant increase in scale. Funds in technology communication, large - scale technology, and large - scale manufacturing sectors led the gains [4][150]. - **Active Fixed - income Funds**: In the low - interest - rate environment and the rising equity market in 2025, the management pressure of pure - bond portfolios increased, while the scale of bond - containing funds increased significantly [170][174]. - **Passive Funds**: By the end of 2025, the total scale of passive funds exceeded 7.5 trillion yuan. ETFs continued to expand, and industry themes and bonds frequently created hot topics [205]. - **FOF Funds**: By the end of 2025, the total scale of FOF funds increased significantly, with performance showing significant differentiation. The new - issuance market recovered [296][309]. - **Quantitative Funds**: The scale of quantitative funds expanded rapidly, with index - enhanced funds dominating the scale. The new - issuance market of A500 and ChiNext/Science and Technology Innovation Board index - enhanced funds was hot, and small - cap products had outstanding returns [334][346]. 3.4 Overall Situation of Private - offering Securities Investment Funds - **Existing Situation**: By the end of December 2025, the existing scale of private - offering securities investment funds reached a record high of 7.08 trillion yuan, a year - on - year increase of 35.82%. The number of funds decreased, and fund managers continued to be cleared out [377]. - **New - issuance Market**: In 2025, the number and scale of newly - registered private - offering securities investment funds both increased. The access for new fund managers remained strict [382]. - **Industry Pattern**: The number of private - offering funds with a scale of over 10 billion yuan increased, while the number of those with a scale of less than 500 million yuan decreased significantly [391]. - **Market Trends**: In 2025, the scale of quantitative private - offering funds expanded again, and 14 new quantitative private - offering funds exceeded 10 billion yuan in scale. The regulatory rules for program trading were implemented [394][399]. - **Market Trends**: The number of insurance - funded private - offering securities investment funds increased to 7, and insurance funds increased their layout in the equity market through private - offering funds [400]. 3.5 Market Outlook in 2026 - **Macroeconomic Outlook**: In 2026, China's fiscal policy aims to balance "stable growth" and "structural transformation." If the fiscal space is fully released, a series of positive macroeconomic changes are expected. The total demand growth rate is expected to return to expansion [402][404]. - **Investment Direction**: In the equity market, attention should be paid to computing power, AI applications, AI power, cutting - edge technologies proposed in the 14th Five - Year Plan, pro - cyclical sectors, and domestic demand expansion and consumption recovery. In the fixed - income market, the interest rate center may rise, and the trading rhythm should be grasped [9]. - **Fund Selection**: The report selects several types of funds, including all - market investment equity funds, equity funds under different investment themes, fixed - income funds, and index - enhanced funds [10][11][12].

行情回顾及主要观点： 港股方面，上周恒生港股通中国央企红利指数上涨0.56%，恒生指数上涨0.03%，恒生科技指数上涨 0.27%。A股方面，上周中证国企红利指数下跌0.48%，沪深300上涨0.39%。（数据来源：Wind，截至 2026/2/13，均为对应全收益指数的收益率） | 数据来源：Wind，华安 | | --- | 基金，截至2026/2/13 2025年四季度险资继续加大权益资产配置规模，权益资产配置比例大幅上升接近历史新高。2025年末险 资资产配置中，股票和基金的投资比例大幅升至15.3%。险资增配权益体现了"长钱长投"的政策要求， 并且险资的考核机制也不断优化、考核周期拉长，引导其更好地匹配资产负债期限结构，持续释放险资 等中长期资金入市潜力。 国企红利ETF（561060）产品简介 险资的资金属性与红利板块低波动、高股息的特性具有更高匹配度，因此红利为险资主要增配方向。往 后看，保险资金将是股市中的重要增量资金，把握险资配置方向对于投资的重要性愈发突显。在长债收 益率跌至历史低位的背景下，险资增量资金有望更多流向红利板块，红利策略中长期的资金面向好。 港股通央企红利的股息率更高、估值更 ...

继2025年累涨75.63%牛冠全球后，韩国综合指数2026年至今再度累涨45%，继续牛冠全球。 根据机构截至周二汇编的数据，韩国股市总市值攀升至3.76万亿美元，自2025年初以来累计增加约2.23万亿美元。这一规模已超过 法国的3.69万亿美元，使韩国在全球股市市值排名中位列第九。 韩国今年接连超越法国和德国，凸显出投资者正迅速对其市场进行重估，大量资本涌入与AI相关的存储器芯片和机器人龙头企 业。此次市值飙升，反映出韩国在全球AI供应链中日益重要的地位，使其能在经济总量相对较小的情况下，股市表现却优于规模 更大的经济体。 近一年，韩国综指涨幅超120%，日经225、巴西IBOVESPA指数涨幅均超50%，远超标普500约14%的涨幅。 从A股ETF看，中韩半导体ETF年内涨幅超53%，巴西ETF年内涨超37%，日经ETF涨超19%，日本东证指数ETF、亚太精选ETF 南方、法国CAC40ETF涨幅超10%，纳指科技ETF、纳指ETF、美国50ETF年内均下跌。 | 证券代码 | 证券简称 | 年内涨幅% | 管理人 | | --- | --- | --- | --- | | 513310.SH | 中韩 ...

2026年2月25日，Wind数据显示，A股三大指数今日集体上涨，截止收盘，沪指涨0.72%；深证成指涨1.29%；创业板指涨1.41%。沪深京三市成交额达到 24812亿，较昨日放量2628亿。 涨幅方面，稀土与稀有金属板块强势领涨，巴西ETF单日涨超7% | | | ETF涨幅 TOP10 | | | | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | | 涨幅(%) 基金管理人 | 投资类 | | 520870 | 巴西ETF易方达 | 7.26 | 易方达基金 | QDll股票型 | | 159715 | 稀土ETF易方达 | 6.25 | 易方达基金 | 被动指数型 | | 159713 | 稀土ETF | 6.12 | 富国産尖 | 被动指数型 | | 516780 | 稀土ETF | 6.08 | 华泰柏瑞基金 | 被动指数型 | | 216150 | 稀土ETF嘉实 | 6.07 | 嘉实基金 | 被动指数型 | | 159608 | 稀有金属ETF | 5.74 | 广发基金 | 被动指数型 | | 562800 | 稀有金属ETF | 5.68 ...

国内成品油零售限价迎来新一轮调整。 根据国家发改委消息，按照现行成品油价格机制，自2月24日24时起，国内汽、柴油价格每吨分别上涨 175元和170元。 卓创资讯成品油分析师许磊表示，国内成品油本轮计价周期以来，地缘紧张局势致使风险溢价主导国际 原油价格走势，国际原油价格一度创下近六个月以来新高。 春节期间受美伊冲突影响，原油价格出现较大幅度上涨，Brent布伦特原油期货主力合约价格从67.45美 元/桶（截至2月13日15:00）上涨至71.61美元/桶（截至2月21日收盘），涨幅达6%，期间价格最高走至 71.86美元/桶。 瑞达期货分析师指出，美伊冲突对原油价格的影响主要通过以下三个机制传导：即地缘政治风险溢价， 这直接影响油价的核心因素；霍尔木兹海峡航运安全，这是影响油价的关键变量；伊朗原油出口变化。 根据历史数据，2025年6月"美伊冲突"期间，布伦特原油因地缘风险带来的溢价在15美元/桶左右（60美 元上涨至75美元附近），涨幅超20%。 受此影响，2月24日，原油主题ETF领涨。截至收盘，富国标普油气ETF、标普油气ETF嘉实、油气ETF 银华的涨幅均超过9.5%，油气ETF博时、油气ETF汇添 ...