Group 1 - The boundary between passive investment through ETFs and actively managed funds is becoming increasingly blurred, with ETFs evolving into a "duet" with active equity funds [1] - The direction of ETF applications is increasingly serving as a "barometer" for many active equity funds, reflecting market demand and profitability [2] - Active equity funds are adopting ETF-like characteristics, with high concentration in specific sectors to achieve beta returns, often pushing their positions close to the 90% limit [2] Group 2 - The issuance of ETFs is often seen as a precursor to industry booms, as evidenced by the rapid adoption of robotics ETFs leading to a surge in active equity fund investments in the robotics sector [2] - The recent focus on commercial aerospace by active equity funds aligns with the launch of the first satellite ETF, indicating a strategic shift towards this sector [3] - A decrease in ETF applications for consumer sectors correlates with a reduction in active equity fund allocations to those areas, demonstrating a synchronized investment approach [3] Group 3 - The logic behind ETF applications has evolved from merely capturing flows to predicting industry turning points, significantly benefiting the research and investment strategies of active equity funds [4] - The recent surge in chemical ETFs reflects a strategic pivot in ETF product development, aligning with active fund managers' investment strategies [4][5] - The collaboration between ETF product development and research departments enhances the precision of investment strategies, allowing for better positioning in the market [8] Group 4 - The reverse positioning of ETFs during industry downturns often signals the end of a sector's decline and the potential for fundamental recovery, as seen in the solar and battery sectors [7] - The issuance of solar and battery ETFs by leading funds indicates a strategic bet on these sectors, supported by favorable policy changes [7] - The collaborative effect between ETF development and research departments is a significant advantage for precise market positioning [8]

Group 1 - The core investment logic for public funds in Hong Kong stocks is shifting from chasing market hotspots to deeply exploring internal alpha opportunities within industries as the era of "beta" gains from popular sectors comes to an end [1][2] - The valuation repair of Hong Kong stocks is nearly complete, making it difficult to rely solely on index strategies or betting on hot sectors for sustained success [1][2] - The investment perspective is transitioning from emotion-driven narratives to profit-driven fundamental verification, with a focus on "distilling the truth" becoming key to evaluating research and investment capabilities [1][2] Group 2 - The performance of public funds in Hong Kong stocks is increasingly seen as a test of fund managers' true stock-picking abilities, with the ability to identify companies with sustainable growth and explosive performance becoming crucial [2][4] - The consensus among public funds is that the previous beta-driven market rally is over, and the focus will shift to companies with tangible performance rather than those relying on storytelling [3][4] - Fund managers emphasize the importance of actual performance metrics, such as operating cash flow and successful overseas business development (BD) transactions, as indicators of a company's viability [6][7] Group 3 - The investment strategy is evolving towards a balanced approach, combining growth-oriented investments with high-dividend defensive positions to achieve risk and return balance [8][9] - There is a growing interest in sectors that are currently at the bottom of the cycle, such as consumer stocks, which are seen as having potential for recovery and attractive valuations [8][9] - The focus for 2026 will be on two main areas: AI applications and non-AI growth sectors, as well as the real estate chain, which may present unique investment opportunities [9]

Group 1 - The boundary between passive investment through ETFs and actively managed funds is becoming increasingly blurred, with ETFs evolving into a "duet" with active equity funds [1] - The direction of ETF applications is increasingly serving as a "barometer" for many active equity funds, reflecting market demand and profitability [2] - Active equity funds are adopting ETF-like characteristics, with high concentration in specific sectors to achieve beta returns, often pushing their positions close to the 90% limit [2] Group 2 - The issuance of ETFs is seen as a signal for industry booms, with examples like the robotics sector where major fund companies launched ETFs, leading to a surge in active fund investments in that area [2] - The recent focus on commercial aerospace by active equity funds aligns with the launch of the first satellite ETF, indicating a strategic shift towards this sector [3] - A decrease in ETF applications for consumer sectors correlates with a reduction in active fund allocations to those areas, demonstrating a synchronized investment approach [3] Group 3 - The logic behind ETF applications has evolved from merely capturing flows to predicting industry turning points, significantly benefiting the research and investment strategies of active equity funds [4] - The recent surge in chemical ETFs reflects a strategic pivot in ETF product development, with active funds adjusting their holdings in response to these new offerings [4][5] - The synchronization between active fund managers and ETF applications indicates a high level of collaboration between public investment research and product development [5] Group 4 - The reverse positioning of ETFs often signals the end of industry downturns, as seen in the solar and battery sectors, where ETFs were launched despite active funds reducing their exposure [6] - The issuance of solar and battery ETFs by leading public funds aligns with policy changes aimed at industry reform, suggesting a strategic move towards enhancing profitability for leading companies [6] Group 5 - The collaboration between ETF product development and research departments has become a significant advantage for public funds in identifying investment opportunities [7] - ETF applications are evolving into precursors for active equity fund strategies, providing liquidity for sectors that are underrepresented or have been overlooked [7]

Core Viewpoint - The public fund market is experiencing a significant influx of capital at the beginning of the year, with over 45 billion yuan expected to enter the market, driven by new ETF listings and active funds entering their investment phases [1][4]. Group 1: Public Fund Inflows - As of January 9, 2026, the public funds entering the market include 22 newly listed stock ETFs with a total scale of 6.345 billion yuan and approximately 40 billion yuan from actively managed funds that have recently been established [1][2]. - The trend of "deposit migration" is evident, with individual investors becoming the main force in ETF investments, holding over 90% of shares in many products [1][3]. - The rapid increase in stock positions is notable, with ETFs like the Guotai Zhongzheng Hong Kong Stock Connect Internet ETF increasing their stock holdings from 4.8% to 96.59% shortly after listing [3]. Group 2: Active Fund Developments - Since November 2025, 72 new actively managed funds have been established, raising approximately 39.208 billion yuan, with 14 of these funds exceeding 1 billion yuan in size [4][5]. - The fundraising success of these funds is attributed to favorable market conditions and the reputation of well-known fund managers [4]. - The average return of these newly established funds is 3.08%, indicating a stable early-stage performance as they begin to deploy their capital [5]. Group 3: Future Capital Inflows - There is potential for a significant influx of capital into the investment market, estimated to be in the trillions, as excess savings from residents are poised to enter the market [6][7]. - The projected maturity of a substantial amount of fixed-term deposits in 2026 suggests that a portion of these funds may transition into equity markets, particularly in a low-interest-rate environment [6]. - The overall trend indicates a shift in investor confidence towards equity investments, with expectations of continued growth in the stock market driven by improving corporate earnings and valuation recovery [7].

证券研究报告 | 2026年01月11日 ETF 周报 上周军工、芯片主题领涨，股票型 ETF 规模突破 39800 亿 核心观点 金融工程周报 ETF 业绩表现 上周（2026 年 01 月 05 日至 2026 年 01 月 09 日，下同）股票型 ETF 周度收益率中位数为 4.31%。宽基 ETF 中，科创板 ETF 涨跌幅中位数 为 10.15%，收益最高。按板块划分，科技 ETF 涨跌幅中位数为 7.28%， 收益最高。按主题进行分类，军工 ETF 涨跌幅中位数为 13.50%，收益 最高。 ETF 规模变动及净申赎 上周股票型 ETF 净赎回 8.03 亿元，总体规模增加 1801.14 亿元。在宽 基 ETF 中，上周中证 500ETF 净申购最多，为 36.48 亿元；按板块来看， 周期 ETF 净申购最多，为 135.24 亿元；按热点主题来看，医药 ETF 净 申购最多，为 8.92 亿元。 ETF 基准指数估值情况 在宽基 ETF 中，创业板类、上证 50ETF 的估值分位数相对较低；按板 块来看，大金融、消费 ETF 的估值分位数相对温和；按照细分主题来看， 酒、新能车 ETF 的估 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Last week (from January 5th to January 9th, 2026), the median weekly return of equity ETFs was 4.31%. Among broad-based ETFs, the median return of Science and Technology Innovation Board ETFs was 10.15%, the highest. By sector, the median return of technology ETFs was 7.28%, the highest. By theme, the median return of military industry ETFs was 13.50%, the highest [1][12][16]. - Last week, equity ETFs had a net redemption of 803 million yuan, but the overall scale increased by 18.0114 billion yuan. Among broad-based ETFs, CSI 500 ETF had the largest net subscription of 3.648 billion yuan; by sector, cyclical ETFs had the largest net subscription of 13.524 billion yuan; by hot theme, pharmaceutical ETFs had the largest net subscription of 892 million yuan [2][28][31]. - As of last Friday, among broad-based ETFs, ChiNext and SSE 50 ETFs had relatively low valuation quantiles; by sector, large financial and consumer ETFs had relatively moderate valuation quantiles; by sub - theme, wine and new energy vehicle ETFs had relatively low valuation quantiles. Compared with the previous week, the valuation quantiles of CSI 1000, Science and Technology Innovation Board, consumer, and pharmaceutical ETFs increased significantly [3][34][38]. - From Monday to Thursday last week, the margin trading balance of equity ETFs increased from 46.967 billion yuan in the previous week to 48.697 billion yuan, and the short - selling volume increased from 2.394 billion shares in the previous week to 2.42 billion shares. Among the top 10 ETFs in terms of average daily margin buying volume and short - selling volume, securities ETFs and Science and Technology Innovation Board ETFs had relatively high average daily margin buying volumes, and SSE 50 ETFs and CSI 1000 ETFs had relatively high average daily short - selling volumes [4][44][48]. - As of last Friday, Huaxia, E Fund, and Huatai - Peregrine ranked top three in the total scale of listed non - monetary ETFs among fund companies. This week, 9 ETFs will be issued, including Penghua China Securities Consumer Electronics Theme ETF, Yin Hua S&P Hong Kong Stock Connect Low - Volatility Dividend ETF, etc. [5][52][55]. Summary by Relevant Catalogs ETF Performance - Last week, the median weekly return of equity ETFs was 4.31%. The median returns of Science and Technology Innovation Board, CSI 500, CSI 1000, A500, ChiNext, SSE 50, and SSE 300 ETFs were 10.15%, 7.89%, 7.05%, 4.22%, 3.87%, 3.38%, and 2.78% respectively. The median returns of commodity, cross - border, monetary, and bond ETFs were 2.92%, 2.55%, 0.02%, and - 0.01% respectively [12]. - By sector, the median returns of technology, consumer, cyclical, and large financial sector ETFs among equity ETFs last week were 7.28%, 4.95%, 4.15%, and 1.82% respectively [16]. - By hot theme, the median returns of military industry, chip, and AI ETFs among equity ETFs were 13.50%, 11.17%, and 8.51% respectively, showing relatively strong performance; the median returns of bank, dividend, and securities ETFs were - 1.88%, 1.62%, and 1.91% respectively, showing relatively weak performance [16]. ETF Scale Change and Net Subscription/Redeem - As of last Friday, the scales of equity, cross - border, and bond ETFs were 398.11 billion yuan, 101.07 billion yuan, and 76.46 billion yuan respectively. The scales of commodity and monetary ETFs were relatively small, at 26.47 billion yuan and 16.21 billion yuan respectively [20]. - Among broad - based ETFs, SSE 300 and A500 ETFs had relatively large scales of 122.08 billion yuan and 29.96 billion yuan respectively, while the scales of Science and Technology Innovation Board, CSI 500, CSI 1000, SSE 50, and ChiNext ETFs were relatively small [20]. - By sector, as of last Friday, the scale of technology sector ETFs was 47.09 billion yuan, followed by cyclical sector ETFs with a scale of 24.83 billion yuan. The scales of large financial and consumer ETFs were relatively small [26]. - By hot theme, as of last Friday, the scales of chip, securities, and pharmaceutical ETFs were the highest, at 16.17 billion yuan, 14.31 billion yuan, and 10.88 billion yuan respectively [26]. - Last week, equity ETFs had a net redemption of 803 million yuan, and the overall scale increased by 18.0114 billion yuan; monetary ETFs had a net redemption of 1.0539 billion yuan, and the overall scale decreased by 1.0525 billion yuan [28]. - Among broad - based ETFs, CSI 500 ETF had the largest net subscription of 3.648 billion yuan, and its scale increased by 1.8996 billion yuan; A500 ETF had the largest net redemption of 1.3087 billion yuan, and its scale decreased by 59.5 million yuan [28]. - By sector, last week, cyclical ETFs had the largest net subscription of 13.524 billion yuan, and its scale increased by 2.9669 billion yuan; technology ETFs had the largest net redemption of 763 million yuan, and its scale increased by 3.5292 billion yuan [31]. - By hot theme, last week, pharmaceutical ETFs had the largest net subscription of 892 million yuan, and its scale increased by 893.9 million yuan; AI ETFs had the largest net redemption of 538.9 million yuan, and its scale decreased by 9.2 million yuan [31]. ETF Benchmark Index Valuation - As of last Friday, the price - to - earnings ratios of SSE 50, SSE 300, CSI 500, CSI 1000, ChiNext, and A500 ETFs were at the quantile levels of 89.27%, 90.68%, 100.00%, 100.00%, 66.50%, and 99.74% respectively, and the price - to - book ratios were at the quantile levels of 73.68%, 75.83%, 100.00%, 79.37%, 67.90%, and 99.74% respectively. Since December 31, 2019, the current price - to - earnings and price - to - book ratios of Science and Technology Innovation Board ETFs are at the quantile levels of 92.00% and 79.79% respectively. Compared with the previous week, the valuation quantiles of CSI 1000 and Science and Technology Innovation Board ETFs increased significantly [34][36]. - As of last Friday, the price - to - earnings ratios of cyclical, large financial, consumer, and technology sector ETFs were at the quantile levels of 87.54%, 29.87%, 37.87%, and 98.43% respectively, and the price - to - book ratios were at the quantile levels of 83.91%, 57.34%, 45.26%, and 96.04% respectively. Compared with the previous week, the valuation quantile of consumer ETFs increased significantly [38]. - As of last Friday, the price - to - earnings quantiles of military industry, photovoltaic, and chip ETFs were relatively high, at 100.00%, 99.75%, and 98.60% respectively; the price - to - book quantiles of AI, robot, and dividend ETFs were relatively high, at 100.00%, 98.93%, and 98.35% respectively. Compared with the previous week, the valuation quantile of pharmaceutical ETFs increased significantly [39][42]. ETF Margin Trading - Overall, the short - selling volume of equity ETFs has maintained an upward trend in the past year. As of last Thursday, the margin trading balance of equity ETFs increased from 46.967 billion yuan in the previous week to 48.697 billion yuan, and the short - selling volume increased from 2.394 billion shares in the previous week to 2.42 billion shares [44]. - From Monday to Thursday last week, among the top 10 equity ETFs in terms of average daily margin buying volume, securities ETFs and Science and Technology Innovation Board ETFs had relatively high average daily margin buying volumes [48]. - From Monday to Thursday last week, among the top 10 equity ETFs in terms of average daily short - selling volume, SSE 300 ETFs and CSI 1000 ETFs had relatively high average daily short - selling volumes [50]. ETF Managers - As of last Friday, Huaxia Fund ranked first in the total scale of listed non - monetary ETFs, and had a relatively high management scale in multiple sub - fields such as scale index ETFs, theme, style, and strategy index ETFs, and cross - border ETFs; E Fund ranked second, and had a relatively high management scale in scale index ETFs and cross - border ETFs; Huatai - Peregrine Fund ranked third, and had a relatively high management scale in scale index ETFs and theme, style, and strategy index ETFs [52]. - Last week, 2 new ETFs were established, namely Guangfa China Securities Industrial Software Theme ETF and ICBC ChiNext New Energy ETF. This week, 9 ETFs will be issued, including Penghua China Securities Consumer Electronics Theme ETF, Yin Hua S&P Hong Kong Stock Connect Low - Volatility Dividend ETF, etc. [55].

Group 1 - The core viewpoint of the article emphasizes the importance of long-term investment strategies, particularly the power of compound interest and the benefits of index funds over active trading [1][37] - The article discusses the dual drivers of market optimism: "policy expectations" and "technology cycles," which have led to a more solid foundation for market growth compared to previous years [1] - It highlights the common pitfalls of emotional trading and frequent strategy changes among individual investors, suggesting that a simple buy-and-hold strategy in broad index funds often yields better results [1][19] Group 2 - The article introduces the concept of compound interest as a powerful yet often misunderstood phenomenon, illustrating how significant wealth is typically generated in the later stages of investment [6][37] - It presents the "Rule of 72" as a practical tool for estimating how long it will take for an investment to double based on its annual return [8] - The discussion includes the importance of saving as a means of prioritizing future financial security, framing it as a trade-off for greater future utility [10][11] Group 3 - The article notes a fundamental shift in investment dynamics over the past fifty years, with over 90% of market transactions now conducted by professional institutional investors, making it increasingly difficult for individual investors to outperform the market [21][22] - It emphasizes the need for individual investors to adopt a strategy of owning the market at the lowest cost, primarily through index funds and exchange-traded funds (ETFs) [24][25] - The article warns against the high costs associated with active management and highlights the behavioral advantages of index funds, which help mitigate emotional decision-making [25][26] Group 4 - The article advocates for a comprehensive financial planning approach that goes beyond traditional asset allocation rules, encouraging investors to consider their entire financial ecosystem [28][29] - It suggests that investors should limit major investment decisions to about 20 throughout their lifetime to enhance long-term returns [32] - The article concludes with nine key principles of investing, emphasizing the importance of understanding compound interest, saving, and the evolving market structure [37][40]

Market Overview - In the week from January 5 to January 9, 2026, 30 out of 31 industries in the Shenwan first-level industry index rose, with the comprehensive sector leading at a 14.55% increase, followed by defense and military at 13.63% and media at 13.10%. The only sector that declined was banking, which fell by 1.90% [10][11] - The Shanghai Composite Index closed at 4120.43, up 3.82%, while the Shenzhen Component Index rose 4.40% to 14120.15. The average daily trading volume in the Shanghai and Shenzhen markets was 28259.76 billion, totaling 14.13 trillion for the week [10][11] ETF Market Performance - A total of 10 new stock ETFs were listed during the week, including two AI ETFs focused on innovation and entrepreneurship, with a total issuance scale of 4.83 billion [19][21] - The median weekly return for stock ETFs was 4.30%, with the satellite ETF from E Fund showing the highest increase at 22.46%. Conversely, the banking ETF experienced the largest decline at 2.00% [22][23] - The median weekly return for bond ETFs was -0.03%, with convertible bond ETFs performing the best, rising by 4.47% [25][26] - The median return for cross-border ETFs was 2.34%, with the Sino-Korean semiconductor ETF leading at a 15.52% increase [27][28] ETF Strategy Tracking - The PB-ROE framework identified communication, agriculture, forestry, animal husbandry, and transportation as key sectors for the week, with a cumulative strategy return of 1.31%, underperforming the CSI 300 index by 1.47% [6][32] - Since the beginning of 2023, the strategy has achieved a cumulative return of 27.12%, outperforming the CSI 300 index by 4.20% [34] Investment Recommendations - The report recommends focusing on the communication, agriculture, forestry, and transportation sectors for the upcoming week, along with ETFs corresponding to these industries. Additionally, it suggests monitoring wine ETFs, ChiNext 50 ETFs, medical ETFs, chip ETFs, and robot ETFs based on ETF subscription sentiment indicators [7][39]

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - Last week (from January 5th to January 9th, 2026), the median weekly return of equity ETFs was 4.31%. Among broad - based ETFs, the median return of Science and Technology Innovation Board ETFs was 10.15%, the highest. By sector, the median return of technology ETFs was 7.28%, the highest. By theme, the median return of military - themed ETFs was 13.50%, the highest [1][12][16]. - Last week, equity ETFs had a net redemption of 803 million yuan, but the overall scale increased by 18.0114 billion yuan. Among broad - based ETFs, CSI 500ETF had the most net subscriptions, reaching 3.648 billion yuan; by sector, cyclical ETFs had the most net subscriptions, at 13.524 billion yuan; by hot theme, pharmaceutical ETFs had the most net subscriptions, at 892 million yuan [1][2][28]. Summary by Relevant Catalogs ETF Performance - The median weekly return of equity ETFs last week was 4.31%. The median returns of Science and Technology Innovation Board ETFs, CSI 500ETF, CSI 1000ETF, A500ETF, ChiNext - related ETFs, SSE 50ETF, and CSI 300ETF were 10.15%, 7.89%, 7.05%, 4.22%, 3.87%, 3.38%, and 2.78% respectively. The median returns of commodity - type, cross - border, money - market, and bond - type ETFs were 2.92%, 2.55%, 0.02%, and - 0.01% respectively [1][12]. - By sector, the median returns of technology, consumer, cyclical, and large - finance sector ETFs among equity ETFs last week were 7.28%, 4.95%, 4.15%, and 1.82% respectively. By hot theme, the median returns of military, chip, and AI ETFs among equity ETFs were 13.50%, 11.17%, and 8.51% respectively, showing relatively strong performance, while the median returns of bank, dividend, and securities ETFs were - 1.88%, 1.62%, and 1.91% respectively, showing relatively weak performance [16]. ETF Scale Change and Net Subscription/Redeem - As of last Friday, the scales of equity, cross - border, and bond ETFs were 398.11 billion yuan, 101.07 billion yuan, and 76.46 billion yuan respectively. The scales of commodity - type and money - market ETFs were relatively small, at 26.47 billion yuan and 16.21 billion yuan respectively [20]. - Among broad - based ETFs, CSI 300ETF and A500ETF had relatively large scales, at 122.08 billion yuan and 29.96 billion yuan respectively. The scales of Science and Technology Innovation Board, CSI 500, CSI 1000, SSE 50, and ChiNext - related ETFs were relatively small, at 23.25 billion yuan, 21.00 billion yuan, 19.51 billion yuan, 18.99 billion yuan, and 18.02 billion yuan respectively [20]. - By sector, as of last Friday, the scale of technology sector ETFs was 47.09 billion yuan, followed by cyclical sector ETFs at 24.83 billion yuan. The scales of large - finance and consumer ETFs were relatively small, at 20.10 billion yuan and 19.19 billion yuan respectively. By hot theme, as of last Friday, the scales of chip, securities, and pharmaceutical ETFs were the highest, at 16.17 billion yuan, 14.31 billion yuan, and 10.88 billion yuan respectively [26]. - Last week, equity ETFs had a net redemption of 803 million yuan, and the overall scale increased by 18.0114 billion yuan; money - market ETFs had a net redemption of 1.0539 billion yuan, and the overall scale decreased by 1.0525 billion yuan. Among broad - based ETFs, CSI 500ETF had the most net subscriptions, at 3.648 billion yuan, and its scale increased by 1.8996 billion yuan; A500ETF had the most net redemptions, at 1.3087 billion yuan, and its scale decreased by 59.5 million yuan [28]. - By sector, last week, cyclical ETFs had the most net subscriptions, at 13.524 billion yuan, and their scale increased by 2.9669 billion yuan; technology ETFs had the most net redemptions, at 763 million yuan, and their scale increased by 3.5292 billion yuan. By hot theme, last week, pharmaceutical ETFs had the most net subscriptions, at 892 million yuan, and their scale increased by 893.9 million yuan; AI ETFs had the most net redemptions, at 538.9 million yuan, and their scale decreased by 9.2 million yuan [31]. ETF Benchmark Index Valuation - In broad - based ETFs, the price - to - earnings ratios of SSE 50ETF, CSI 300ETF, CSI 500ETF, CSI 1000ETF, ChiNext - related ETFs, and A500ETF were at the 89.27%, 90.68%, 100.00%, 100.00%, 66.50%, and 99.74% quantile levels respectively, and the price - to - book ratios were at the 73.68%, 75.83%, 100.00%, 79.37%, 67.90%, and 99.74% quantile levels respectively. Since December 31, 2019, the current price - to - earnings and price - to - book ratios of Science and Technology Innovation Board - related ETFs are at the 92.00% and 79.79% quantile levels respectively. Compared with the previous week, the valuation quantiles of CSI 1000 and Science and Technology Innovation Board ETFs increased significantly [34][36]. - As of last Friday, the price - to - earnings ratios of cyclical, large - finance, consumer, and technology sector ETFs were at the 87.54%, 29.87%, 37.87%, and 98.43% quantile levels respectively, and their price - to - book ratios were at the 83.91%, 57.34%, 45.26%, and 96.04% quantile levels respectively. Compared with the previous week, the valuation quantiles of consumer ETFs increased significantly [38]. - Among themed ETFs, the price - to - earnings quantiles of military, photovoltaic, and chip ETFs were relatively high, at 100.00%, 99.75%, and 98.60% respectively; the price - to - book quantiles of AI, robot, and dividend ETFs were relatively high, at 100.00%, 98.93%, and 98.35% respectively. Compared with the previous week, the valuation quantiles of pharmaceutical ETFs increased significantly [39][42]. - Overall, among broad - based ETFs, the valuation quantiles of ChiNext - related ETFs and SSE 50ETF were relatively low; by sector, the valuation quantiles of large - finance and consumer ETFs were relatively moderate; by sub - theme, the valuation quantiles of liquor and new energy vehicle ETFs were relatively low [43]. ETF Margin Trading - As of last Thursday, the margin trading balance of equity ETFs increased from 46.967 billion yuan in the previous week to 48.697 billion yuan, and the short - selling volume increased from 2.394 billion shares in the previous week to 2.420 billion shares [44]. - Among the top 10 ETFs with the highest average daily margin purchases and short - selling volumes from last Monday to Thursday, securities ETFs and Science and Technology Innovation Board ETFs had relatively high average daily margin purchases, while CSI 300ETF and CSI 1000ETF had relatively high average daily short - selling volumes [48][50]. ETF Managers - As of last Friday, Huaxia Fund ranked first in the total scale of listed non - money ETFs, and also had a relatively high management scale in multiple sub - fields such as scale index ETFs, theme, style, and strategy index ETFs, and cross - border ETFs; E Fund ranked second in the total scale of listed non - money ETFs, and had a relatively high management scale in scale index ETFs and cross - border ETFs; Huatai - PineBridge Fund ranked third in the total scale of listed non - money ETFs, and had a relatively high management scale in scale index ETFs and theme, style, and strategy index ETFs [52]. - Last week, 2 new ETFs were established, namely GF China Securities Industrial Software Theme ETF and ICBC ChiNext New Energy ETF. This week, 9 ETFs will be issued, including Penghua China Securities Consumer Electronics Theme ETF, Yin Hua S&P Hong Kong Stock Connect Low - Volatility Dividend ETF, Fullgoal China Securities Smart - Selected Shipbuilding Industry ETF, Guotai Hang Seng Biotechnology ETF, China Merchants China Securities Photovoltaic Industry ETF, Ping An Hang Seng Hong Kong Stock Connect Technology Theme ETF, Qianhai Kaiyuan Hang Seng Hong Kong Stock Connect Technology Theme ETF, Taikang China Securities Non - ferrous Metal Mining Theme ETF, and Invesco Great Wall China Securities Non - ferrous Metal Mining Theme ETF [55].

从券商中国记者跟踪观察情况来看，公募增量资金是"存款腾挪"趋势下的典型映射，在新年入市基金产 品上主要有两个表现：一是个人投资者成为ETF主力军，不少产品的份额占比超90%；二是主动基金份 额自2025年三季度后已不再下降，甚至出现小幅回升。业内人士表示，存款搬家趋势有望在2026年带来 万亿级流向投资领域的活化增量资金，多数将寻求稳健型产品。 新年行情暖意融融，公募增量资金持续入市。 根据券商中国记者统计，截至1月10日2026年入市的公募资金预计在450亿元以上：一是新年上市的22只 股票ETF，合计规模63.45亿元。二是岁末年初成立、进入建仓期的主动含权基金，规模接近400亿元。 开年入市的公募资金，最直接的是股票ETF。根据wind统计，截至1月9日，2026开年以来一共有16只 ETF确定上市时间。其中，有7只ETF拟于开年第二周（1月12日至1月15日）上市交易。 入市ETF仓位迅速提升 具体来看，7只ETF品类丰富，建信基金上市的是创业板综合增强策略ETF，华夏基金和鹏华基金是中 证全指食品ETF。易方达一共有两只ETF上市，分别是中证工程机械主题ETF、中证港股通高股息投资 ETF。此外还有 ...