【导读】上周五股票ETF资金净流入超200亿元 上周五股票ETF净流入超200亿元 市场强势逼空，部分资金选择入场。数据显示，上一交易日（1月9日）股票ETF市场总份额增加113.96亿份，按照成交均价测算，当日净流入资金达 200.26亿元，63只股票ETF净流入超过1亿元，南方中证1000ETF、沪深300ETF华泰柏瑞、卫星ETF资金净流入位居前三。 从大类型来看，上一交易日行业主题ETF与宽基ETF净流入居前，分别达113.71亿元与51.39亿元，债券ETF净流出居前，达41.05亿元；规模变化方面，行 业主题ETF规模上升291.86亿元。 上周五（1月9日），A股市场放量上涨，三大指数集体收涨，上证指数强势站稳4100点，全市场成交额超过3万亿元。 逼空行情下，有资金选择入场加仓。上周五全市场股票ETF（含跨境ETF）资金净流入超200亿元。中证1000、沪深300等宽基ETF，以及卫星产业、半导 体等行业主题ETF净流入靠前，创业板、科创50、中证A500等宽基ETF，以及芯片、光伏、人工智能等行业主题ETF是资金净流出较多的品种。 传媒、软件、卫星等板块ETF领涨 数据显示，截至2026年1 ...

Choice数据显示，1月9日，资金净流入额排名前十的个股依次是：利欧股份、金发科技、昆仑万维、三 花智控、华胜天成、省广集团、易点天下、天龙集团、蓝色光标和中国联通。其中，利欧股份、金发科 技获资金净流入均超15亿元。 ...

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core Viewpoints of the Report - The overall view on financial futures in the stock index sector is that the index futures are expected to fluctuate with a strong bias after the holiday. For IH2603, the short - term and medium - term trends are both oscillatory, while the intraday trend is strong, with an overall view of oscillating and strengthening. The core logic is the unchanged policy - favorable expectations and the net inflow trend of funds [1][5]. Group 3: Summary by Related Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2603, the short - term view is oscillatory, the medium - term view is oscillatory, the intraday view is strong, and the overall view is oscillating and strengthening. The core logic is the unchanged policy - favorable expectations and the net inflow trend of funds [1]. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties include IF, IH, IC, and IM. The intraday view is strong, the medium - term view is oscillatory, and the reference view is oscillating and strengthening. The core logic is that last Wednesday, each stock index oscillated and consolidated in a narrow range. The National Bureau of Statistics announced that the manufacturing PMI in December was 50.1%, an increase of 0.9 percentage points from the previous month, rising to the expansion range. The strong resilience of macro - economic indicators, combined with policy - favorable expectations and the net inflow trend of funds, jointly support the stock index. In 2026, policies are gradually being implemented, and policy - favorable expectations are gradually fermenting. Against the background of the global monetary easing cycle, the trend of large - scale asset allocation to Chinese technology assets is increasing the risk appetite of the stock market. In the short term, as the stock index approaches the previous high, the technical resistance appears, and the upward trend of the stock index slows down. However, after the holiday, with the return of market liquidity and the further fermentation of policy benefits, the risk appetite of the stock market is expected to continue to recover [5].

期货研究报告 宝城期货股指期货早报（2025 年 12 月 30 日） ◼ 品种观点参考—金融期货股指板块 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | IH2603 | 震荡 | 震荡 | 偏强 | 震荡偏强 | 政策利好预期与资金净流入趋势 不变 | 备注： 投资咨询业务资格：证监许可【2011】1778 号 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为偏弱，涨幅 0~1%为偏强，涨幅大于 1%为强势。 3.偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—金融期货股指板块 品种：IF、IH、IC、IM 日内观点：偏强 中期观点：震荡 参考观点：震荡偏强 核心逻辑：昨日各股指震荡下跌。股市全市场成交额 21577 亿元，较上日缩量 234 亿元。随着股指 接近前期高点位置，股指继续上行面临技术面阻力，股指冲 ...

期货研究报告 宝城期货股指期货早报（2025 年 12 月 29 日） 投资咨询业务资格：证监许可【2011】1778 号 3.偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—金融期货股指板块 品种：IF、IH、IC、IM 日内观点：偏强 中期观点：震荡 参考观点：震荡偏强 ◼ 品种观点参考—金融期货股指板块 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | IH2603 | 震荡 | 震荡 | 偏强 | 震荡偏强 | 政策利好预期与资金净流入趋势 不变 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为偏弱，涨幅 0~1%为偏强，涨幅大于 1%为强势。 核心逻辑：上周五各股指震荡上涨。股市全市场成交额 21603 亿元，较上日成交额放量 2165 亿元。 近期股市成交金额逐渐放量，股指连续上涨，说明市场风 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Today, each stock index fluctuated and rose, with CSI 1000 and CSI 500 leading the gains. The total market turnover of the stock market was 192.18 billion yuan, an increase of 2.46 billion yuan from the previous day. In the medium - to - long term, the positive policy expectations and the trend of capital inflows together form the medium - to - long - term support for the stock index. Currently, positive policy expectations are gradually fermenting. With the appreciation of the RMB, a large number of relatively high - interest time deposits will mature next year, and their "reallocation" may bring a large amount of incremental funds into the stock market. In the short term, the liquidity of the capital market is tightening near the end of the year, policy incremental signals are not yet clear, and the stock index is approaching its previous high, which may cause short - term disturbances. In general, the stock index will maintain a range - bound oscillation in the short term. For options, the current position PCR and implied volatility are both within the normal range, and a bull spread or ratio spread with a mild bullish view can be adopted [3]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - On December 25, 2025, 50ETF rose 0.26% to close at 3.107; 300ETF (SSE) rose 0.19% to close at 4.766; 300ETF (SZSE) rose 0.17% to close at 4.840; the CSI 300 Index rose 0.18% to close at 4642.54; the CSI 1000 Index rose 0.97% to close at 7579.38; 500ETF (SSE) rose 0.86% to close at 7.534; 500ETF (SZSE) rose 0.81% to close at 2.974; the GEM ETF rose 0.31% to close at 3.222; the Shenzhen 100ETF fell 0.09% to close at 3.475; the SSE 50 Index rose 0.25% to close at 3032.84; the STAR 50ETF fell 0.07% to close at 1.42; the E Fund STAR 50ETF fell 0.15% to close at 1.38 [5]. - The trading volume PCR and position PCR of various options on December 25, 2025, and their changes compared with the previous trading day are provided in detail, including 50ETF options, SSE 300ETF options, SZSE 300ETF options, CSI 300 index options, CSI 1000 index options, SSE 500ETF options, SZSE 500ETF options, GEM ETF options, Shenzhen 100ETF options, SSE 50 index options, STAR 50ETF options, and E Fund STAR 50ETF options [6]. - The implied volatility of at - the - money options in January 2026 and the 30 - trading - day historical volatility of the underlying assets of various options are provided, such as 50ETF options, SSE 300ETF options, SZSE 300ETF options, CSI 300 index options, CSI 1000 index options, SSE 500ETF options, SZSE 500ETF options, GEM ETF options, Shenzhen 100ETF options, SSE 50 index options, STAR 50ETF options, and E Fund STAR 50ETF options [7][8]. 3.2 Related Charts - **SSE 50ETF Options**: Include the trend chart of SSE 50ETF, the volatility chart of SSE 50ETF options, the trading volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility for each term [9][11][13][15][19]. - **SSE 300ETF Options**: Include the trend chart of SSE 300ETF, the volatility chart of SSE 300ETF options, the trading volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility for each term [21][23][25][27][29][31]. - **SZSE 300ETF Options**: Include the trend chart of SZSE 300ETF, the volatility chart of SZSE 300ETF options, the trading volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility for each term [34][36][38][40][42][45]. - **CSI 300 Index Options**: Include the trend chart of the CSI 300 index, the volatility chart of CSI 300 index options, the trading volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility for each term [46][48][50][52][54][56]. - **CSI 1000 Index Options**: Include the trend chart of the CSI 1000 index, the volatility chart of CSI 1000 index options, the trading volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility for each term [59][62][63][64][66][68]. - **SSE 500ETF Options**: Include the trend chart of SSE 500ETF, the volatility chart of SSE 500ETF options, the trading volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility for each term [73][75][77][79][81][83]. - **SZSE 500ETF Options**: Include the trend chart of SZSE 500ETF, the volatility chart of SZSE 500ETF options, the trading volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility for each term [86][88][90][92][94][95]. - **GEM ETF Options**: Include the trend chart of GEM ETF, the volatility chart of GEM ETF options, the trading volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility for each term [99][101][103][105][106][109]. - **Shenzhen 100ETF Options**: Include the trend chart of Shenzhen 100ETF, the volatility chart of Shenzhen 100ETF options, the trading volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility for each term [111][113][115][117][119][121]. - **SSE 50 Index Options**: Include the trend chart of the SSE 50 index, the volatility chart of SSE 50 index options, the trading volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility for each term [124][126][128][130][132][134]. - **STAR 50ETF Options**: Include the trend chart of STAR 50ETF, the volatility chart of STAR 50ETF options, the trading volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility for each term [137][138][139][140][142][144]. - **E Fund STAR 50ETF Options**: Include the trend chart of E Fund STAR 50ETF, the volatility chart of E Fund STAR 50ETF options, the trading volume PCR chart, the position PCR chart, the implied volatility curve chart, and the chart of at - the - money implied volatility for each term [145][146][148][149].

时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | IH2603 | 震荡 | 震荡 | 偏强 | 区间震荡 | 政策利好预期与资金净流入趋势 不变 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为偏弱，涨幅 0~1%为偏强，涨幅大于 1%为强势。 3.偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—金融期货股指板块 投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货股指期货早报（2025 年 12 月 25 日） ◼ 品种观点参考—金融期货股指板块 品种：IF、IH、IC、IM 日内观点：偏强 中期观点：震荡 参考观点：区间震荡 核心逻辑：昨日各股指震荡分化，其中 IM 与 IC 大幅上涨，IF 与 IH 窄幅震荡。股市全市场成交额 18972 亿元，较上日成交额缩量 241 亿元 ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 日内观点：偏强 中期观点：震荡 参考观点：区间震荡 宝城期货股指期货早报（2025 年 12 月 19 日） ◼ 品种观点参考—金融期货股指板块 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | IH2603 | 震荡 | 震荡 | 偏强 | 区间震荡 | 政策利好预期与资金净流入趋势 不变 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为偏弱，涨幅 0~1%为偏强，涨幅大于 1%为强势。 3.偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—金融期货股指板块 品种：IF、IH、IC、IM 核心逻辑：昨日各股指均窄幅震荡整理。股市全市场成交额 16722 亿元，较上日成交额缩量 1621 亿 元。目前股市成交量能缩量，股指仍然位于震荡区间内。 ...

Group 1 - The core viewpoint of the news highlights the performance of the A500 index and the significant inflow of funds into the A500 ETF, indicating a stable investment environment and potential growth in foreign investment activity [1][2] - The A500 index (000510) experienced a slight decline of 0.20%, while key stocks such as Kweichow Moutai rose by 0.6% and Ping An Insurance increased by 5.1%, reflecting mixed performance among major companies [1] - The A500 ETF managed by E Fund has seen a net inflow of over 730 million in the last two days and a total of over 2.7 billion in the past 60 days, showcasing strong investor interest [1] Group 2 - E Fund is recognized as a leading comprehensive asset management institution in China, with over 20 years of experience in index investment and a wide range of index products covering multiple sectors [2] - The A500 ETF (159361) has a management fee of 0.15% and a custody fee of 0.05%, which are considered low within the industry, making it an attractive option for investors [2] - The A500 ETF is positioned as a key tool for investors looking to allocate resources into China's core assets, benefiting from its broad industry coverage, strong growth attributes, low fees, and good liquidity [2]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The short - term view of the stock index is range - bound, with the mid - term view being strong and the intraday view being bullish. Policy利好 expectations and the trend of capital inflow into the stock market form strong support for the medium - and long - term upward movement of the stock index, but in the short term, the profit - taking intention of funds and the weakening of policy incremental signals lead to the need for the stock index to consolidate technically [1][5]. Group 3: Summary by Related Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2512, the short - term view is volatile, the mid - term view is strong, the intraday view is bullish, and the overall view is range - bound. The core logic is the game between the profit - taking intention of funds and policy利好 expectations [1]. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - For IF, IH, IC, and IM, the intraday view is bullish, the mid - term view is strong, and the reference view is range - bound. The core logic is that the stock indexes rebounded oscillating yesterday. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2065.7 billion yuan, an increase of 100.9 billion yuan from the previous day. Policy利好 expectations and capital inflow into the stock market support the medium - and long - term upward movement of the stock index. The policy will stabilize the macro - demand expectation and support technological innovation, benefiting the CSI 1000 and CSI 500 indexes. In the short term, the policy incremental signals are weakening, and the profit - taking intention of funds is rising, so the stock index needs to consolidate technically, and the Shanghai Composite Index may oscillate around 4000 points [5].