近日， 中央经济工作会议 在京闭幕，为未来宏观经济政策与产业发展方向定下新基调。会议 在总体要求上实施更加积极有为的宏观政策，增强政策前瞻性针对性协同性，并强调了要围 绕发展新质生产力，推动科技创新和产业创新深度融合。高层定调不仅为经济高质量发展明 晰了路径，也为资本市场指明了中长期结构性投资主线。 不过，政策暖风之下，临近年底的A股市场仍处于震荡整理格局。沪指继续在3900点附近反 复波动；叠加市场热点轮动快、"突破即回调"等现象，不少投资者感叹目前市场个股选择难 度较大。对普通投资者而言，在此背景下，借道具备一定科技属性的优质宽基布局或是更好 选择。 上周，基金君聊了聊主流的大盘宽基 中证A500ETF（159338） ，并探讨在产品同质性趋强 环境下，投资者该怎么选择相应的ETF。 市场波动加剧，宽基配置价值凸显 从投资本质来看，应对市场起伏核心，关键或在于回归"买入并持有优质资产"这一朴素原 则。但普通投资者常面临研究资源有限、个股价值判断难度大等现实因素制约，此时借道指 数化投资工具，尤其是能代表市场中坚力量的宽基指数，通过分散配置一篮子股票，或可以 捕捉市场整体趋势，成为更具可行性的选择。 被动投 ...

Group 1 - The new board of directors at Guoyuan Securities showcases a balanced age structure, covering generations from the 1950s to the 1990s, reflecting the company's emphasis on talent development [1][2] - The appointment of a younger management team is expected to inject new vitality into the company, potentially driving business innovation and digital transformation [2] - The stable transition of the executive team ensures strategic continuity, enhancing market expectations for the optimization of the company's governance structure [2] Group 2 - The ETF market in China has experienced explosive growth in 2025, with total assets increasing from approximately 3.73 trillion yuan to about 5.74 trillion yuan, marking a growth of over 2 trillion yuan and a growth rate exceeding 53% [3][4] - The Science and Technology Innovation Bond ETF emerged as the top performer, with a growth of approximately 200.9 billion yuan, driven by active net subscriptions [3][4] - The performance of gold ETFs and Hang Seng Technology ETFs highlights the demand for safe-haven assets and cross-border investment opportunities, indicating a structural shift in investor preferences [4] Group 3 - Three listed securities firms are set to distribute over 1 billion yuan in cash dividends this week, indicating robust industry profitability and a strong willingness to return capital to shareholders [5] - The accelerated dividend distribution by firms like Industrial Securities and Great Wall Securities is likely to boost market confidence in the securities sector, attracting long-term capital [5] - The trend of high dividends emphasizes a value investment approach, which may optimize market structure, although short-term liquidity fluctuations should be monitored [5]

3、本基金的基金管理人为华宝基金管理有限公司（以下简称"本公司"），基金托管人为广发证券股份 有限公司，登记机构为中国证券登记结算有限责任公司。 4、本基金募集对象为符合法律法规规定的可投资于证券投资基金的个人投资者、机构投资者、合格境 外投资者以及法律法规或中国证监会允许购买证券投资基金的其他投资者。 5、本基金于2025年12月22日至2026年1月9日进行发售。 投资者可选择网上现金认购和网下现金认购两种方式认购本基金。 网上现金认购是指投资者通过基金管理人指定的发售代理机构利用深圳证券交易所网上系统以现金进行 认购。网下现金认购是指投资者通过基金管理人及其指定的发售代理机构以现金进行认购。 基金的募集期限不超过3 个月，自基金份额开始发售之日起计算。本公司可根据基金销售情况在募集期 限内适当延长或缩短基金发售时间，并及时公告。 1、华宝中证全指电力公用事业交易型开放式指数证券投资基金（以下简称"本基金"）经中国证券监督 管理委员会2025年11月26日证监许可【2025】2613号文注册，进行募集。中国证监会对本基金募集的注 册，并不表明其对本基金的投资价值及市场前景作出实质性判断或保证，也不表明投资 ...

Core Viewpoint - The article emphasizes that 2025 is a "golden window period" for AI investment, driven by a deep resonance of policy, technology, and demand, transitioning the industry from "possibility" to "certainty" [4]. Policy Support - The Chinese government has elevated AI as a core engine for economic transformation, with a goal of over 70% penetration of smart terminals by 2027 and a fully intelligent society by 2035 [6]. - In Q1 2025, domestic AI-related companies received government subsidies that increased by 38% year-on-year, with subsidies for computing infrastructure and intelligent robotics exceeding 50% growth [6]. Technological Breakthroughs - OpenAI's release of the o3 and o4-mini models has advanced AI capabilities from understanding to performing tasks [6]. - The establishment of the Agentic AI Foundation (AAIF) aims to unify industry standards, enhancing AI application development efficiency by 40% and reducing implementation costs by 25% [6]. Demand Surge - Global tech giants are aggressively investing in AI infrastructure, with Microsoft planning to invest $17.5 billion in India over four years and Alibaba Cloud aiming for over 380 billion yuan in the next three years [7]. - The demand for AI has expanded from consumer entertainment to B2B applications, with smart factories improving efficiency by 30% and medical AI achieving over 92% accuracy in imaging diagnostics [7]. Investment Strategy - The complexity and volatility of the AI industry necessitate diversified investment strategies, as individual stock performance can be significantly affected by changes in policy, technology, and production schedules [9]. - Index-based investments are highlighted as a superior solution for ordinary investors, allowing them to capture industry growth while mitigating risks associated with individual stocks [9]. ETF Products - The company has developed a range of ETFs that cover the entire AI industry chain, catering to different risk appetites. These include: - The AI ETF focusing on "computing devices + software services + application scenarios" [10]. - The Sci-Tech AI ETF targeting core areas like AI chips [10]. - The Software ETF concentrating on AI software and fintech [10]. - The Robotics ETF, which has a high concentration on humanoid robots [10]. Risk Management - The company employs a robust risk management system that includes real-time monitoring and diversified asset allocation to mitigate the impact of uncertainties in the AI sector [13].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The driving factors for stock index futures are relatively empty, and the market will continue to fluctuate [1] 3. Summary by Relevant Catalogs 【期指期现数据跟踪】 - On December 15, all the current-month contracts of the four major stock index futures declined. IF fell 0.64%, IH fell 0.08%, IC fell 0.88%, and IM fell 0.82% [1] - On the trading day, the total trading volume of stock index futures decreased, indicating a cooling of investors' trading enthusiasm. Specifically, the total trading volume of IF decreased by 3,944 lots, IH increased by 5,638 lots, IC decreased by 20,021 lots, and IM decreased by 25,231 lots. In terms of positions, the total positions of IF decreased by 8,509 lots, IH decreased by 693 lots, IC decreased by 9,710 lots; and IM decreased by 11,978 lots [1][2] - The report also provides detailed data on closing prices, price changes, basis, trading volume, and positions for various contracts of IF, IH, IC, and IM [1] 【趋势强度】 - The trend strength of IF and IH is 1, and the trend strength of IC and IM is 1. The trend strength ranges from -2 to 2, indicating the degree of bullish or bearish sentiment [6] 【重要驱动】 - China's economic data for November was released. The added value of industrial enterprises above the designated size increased by 4.8% year-on-year and 0.44% month-on-month. The service industry production index increased by 4.2% year-on-year. The total retail sales of consumer goods increased by 1.3% year-on-year but decreased by 0.42% month-on-month. From January to November, fixed asset investment (excluding rural households) decreased by 2.6% year-on-year; excluding real estate development investment, it increased by 0.8%. Real estate development investment decreased by 15.9%, and the sales area of new commercial housing decreased by 7.8%. In November, fixed asset investment (excluding rural households) decreased by 1.03% month-on-month, and the national urban survey unemployment rate was 5.1%, unchanged from the previous month [7] - In November, 8 out of 70 large and medium-sized cities saw month-on-month increases in new commercial housing prices, up from 6 in October. Xiangyang and Hefei led the increase with 0.3%. Beijing, Shanghai, Guangzhou, and Shenzhen saw changes of -0.5%, +0.1%, -0.5%, and -0.9% respectively. The sales prices of new commercial housing in first-tier cities decreased by 0.4% month-on-month, with the decline expanding by 0.1 percentage points. The sales prices of new commercial housing in second- and third-tier cities decreased by 0.3% and 0.4% respectively, with the decline narrowing by 0.1 percentage points. The sales prices of second-hand housing in first-tier cities decreased by 1.1% month-on-month, with the decline expanding by 0.2 percentage points. The sales prices of second-hand housing in second-tier cities decreased by 0.6% month-on-month, the same as the previous month [8] - The Party Committee of the China Securities Regulatory Commission conveyed and implemented the spirit of the Central Economic Work Conference. It emphasized formulating a "15th Five-Year Plan" system for the capital market, cultivating high-quality listed companies, promoting long-term assessment of long-term funds, developing equity public funds, and strengthening risk monitoring and control. It also plans to deepen the reform of the Growth Enterprise Market, implement the "1+6" reform measures for the Science and Technology Innovation Board, and promote the high-quality development of the private equity fund industry [8] A-share Market Performance - The three major A-share indexes declined with shrinking trading volume. The computing power hardware industry chain generally fell, while the big consumption and insurance industries strengthened. The Shanghai Composite Index closed down 0.55% at 3,867.92 points, the Shenzhen Component Index fell 1.1%, the ChiNext Index fell 1.77%, the Beijing Stock Exchange 50 fell 1.09%, the Science and Technology Innovation 50 fell 2.22%, the Wind All A fell 0.63%, the Wind A500 fell 0.59%, and the CSI A500 fell 0.73%. The full-day trading volume of A-shares was 1.79 trillion yuan, compared with 2.12 trillion yuan the previous day. The CPO concept, shipbuilding, lidar, film and television theater, and computing power hardware concepts declined. Dairy stocks rose significantly, liquor stocks rebounded, insurance stocks strengthened, and the retail concept was active [9]

Group 1 - Huatai-PineBridge Fund announced the launch of the Sci-Tech Innovation and Entrepreneurship Artificial Intelligence ETF, set to be listed on December 19 [1] - Four products from the first batch of dual innovation AI ETFs have released their listing announcements, with Yongying Fund and Invesco Great Wall Fund launching their products on December 11 and December 12, respectively [1] - The China Securities Regulatory Commission (CSRC) emphasized the need to promote long-term funding mechanisms and the development of equity public funds during a recent meeting [1] Group 2 - The National Bureau of Statistics reported that the industrial added value for November increased by 4.8% year-on-year and 0.44% month-on-month [1] - The service industry production index grew by 4.2% year-on-year [1] - The total retail sales of consumer goods reached 43.898 billion yuan, reflecting a year-on-year growth of 1.3% [1]

Group 1: Regulatory Developments - The China Securities Regulatory Commission (CSRC) is promoting the implementation of a long-term assessment mechanism for medium and long-term funds, aiming to enhance the stability of the market and encourage high-quality public equity funds and index investment development [1] - The Ministry of Commerce and five other departments have issued an action plan to promote the high-quality development of service outsourcing, targeting the cultivation of internationally competitive leading enterprises by 2030 [1] - The Ministry of Industry and Information Technology has granted approval for the first batch of L3-level conditional autonomous driving vehicles, marking a significant step towards commercial application in designated areas [1] Group 2: Economic Indicators - In November, the industrial added value above designated size increased by 4.8% year-on-year, while the service production index rose by 4.2%, and retail sales of consumer goods grew by 1.3% [1] - Fixed asset investment decreased by 2.6% year-on-year from January to November, with manufacturing investment growing by 1.9% and real estate development investment declining by 15.9% [1] - The urban surveyed unemployment rate remained stable at 5.1% in November, with housing prices in 70 cities showing a decline both month-on-month and year-on-year [1] Group 3: Corporate Announcements - Muxi Co., Ltd. is set to be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 17, 2025, although it has not yet achieved profitability [6] - Longi Green Energy has announced plans to invest 4.297 billion yuan in a Thai park by 2026 [6] - TCL Technology's subsidiary plans to acquire a 10.77% stake in Shenzhen Huaxing Semiconductor for 6.045 billion yuan [6] Group 4: Market Movements - The Shanghai Composite Index closed at 3867.92, down 0.55%, while the Shenzhen Component Index fell by 1.1% to 13112.09 [5] - The Hang Seng Index decreased by 1.34% to 25628.88, reflecting a broader trend of declines across major indices [5] - The onshore RMB was quoted at 7.048, appreciating by 74 points, while the offshore RMB rose by 103 points to 7.0433 [5]

12月16日热门路演速递丨前瞻2026：新质生产力、港股与商业航天如何 布局？ 01 核心看点： 2026年宏观经济"修复式增长"下如何实现再平衡？市场策略"攻守易形"将如何影响资产配置？金融工程 领域的基准库落地又怎样推动投资进入工具化新时代？本次策略会将从宏观、策略与金融工程三维度解 析新蓝图。 2026年宏观经济将如何影响指数化投资布局？创业板50ETF作为新质生产力代表具备哪些估值优 势？"黄金+"策略在当前利率环境下如何增强资产组合韧性？港股与海外市场又存在哪些结构性机会？ 嘉宾： 扫码预约 李超丨浙商证券首席经济学家、研究所联席所长 倪斌丨指数与量化投资部副总监、基金经理 苏卿云丨指数与量化投资部副总监，基金经理 许之彦丨华安基金总经理助理，首席指数投资官 王立新丨世界黄金协会中国区CEO 徐灵琳丨指数与量化投资部 分析师/主持人 02 西部证券 | 新蓝图 新突破 - 2026年度策略会年度策略报告巡礼之总量篇上午场 9:30-12:00 指数专场：指数赋能，积木星球（上） | 实力为鞍，乘势笃行——华安基金2026马年 投资嘉年华 09:00-11:30 核心看点： 嘉宾： 边泉水丨西部证券宏 ...

Domestic News - The China Securities Regulatory Commission (CSRC) is promoting the implementation of a long-term assessment mechanism for medium and long-term funds, aiming to develop equity public funds and promote high-quality development of index investment [1] - The Ministry of Industry and Information Technology has granted approval for the first batch of L3-level conditional autonomous driving vehicles, marking a significant step towards commercial application in designated areas of Beijing and Chongqing [1] Economic Data - In November, the total retail sales of consumer goods reached 43,898 billion yuan, showing a year-on-year increase of 1.3% but a month-on-month decrease of 0.42% [2] - From January to November, fixed asset investment (excluding rural households) totaled 444,035 billion yuan, down 2.6% year-on-year, while excluding real estate development investment, it grew by 0.8% [2] - The total import and export value in November was 38,987 billion yuan, with a year-on-year increase of 4.1%, accelerating by 4.0 percentage points compared to the previous month [2] Real Estate Market - In November, the sales prices of commercial residential properties in 70 large and medium-sized cities showed a month-on-month decline, with first-tier cities experiencing a 0.4% decrease in new residential prices and a 1.1% decrease in second-hand residential prices [2] - Year-on-year, new residential prices in first-tier cities fell by 1.2%, while second-hand residential prices dropped by 5.8%, with both declines widening compared to the previous month [2] Employment Data - The average urban survey unemployment rate from January to November was 5.2%, with November's rate at 5.1%, unchanged from the previous month [3] - The unemployment rate for local registered labor was 5.3%, while for migrant labor it was 4.7%, with agricultural migrant labor at 4.4% [3] Industry Standards - The China Gold Association has released a group standard for the "Gold Exchange for Old" business, marking a move towards a more standardized, professional, and transparent development phase [3] - The Shanghai Arbitration Commission is set to introduce new arbitration rules for securities and futures, with the official unveiling scheduled for December 26, 2024 [3]

Group 1: Autonomous Driving - China's first batch of L3 conditional autonomous driving vehicles has received approval for road testing in designated areas of Beijing and Chongqing, marking a significant step towards commercialization [1] - The two approved models include an electric sedan capable of 50 km/h in congested traffic and another capable of 80 km/h on highways and urban expressways, both limited to specific routes [1] Group 2: Financial Sector Reforms - The China Securities Regulatory Commission (CSRC) has initiated reforms to enhance the inclusivity and attractiveness of the capital market, focusing on the implementation of the "1+6" reform measures for the Sci-Tech Innovation Board [3][10] - The CSRC aims to promote high-quality development in the private equity fund sector and expedite the pilot program for commercial real estate REITs [10] - A new round of corporate governance initiatives will be launched to encourage quality companies to increase dividend payouts and share buybacks [11] Group 3: Company Financials - Cambrian Technology plans to use approximately 2.78 billion yuan from its capital reserve to offset accumulated losses, with the aim of bringing its negative retained earnings to zero by the end of 2024 [8] - TCL Technology intends to acquire a 10.7656% stake in Shenzhen Huaxing Semiconductor for 6.045 billion yuan, increasing its ownership from 84.21% to 94.98%, to enhance its competitiveness in the semiconductor display industry [12] Group 4: Currency and Real Estate Market - The onshore and offshore RMB against the USD reached a 14-month high, with the onshore rate peaking at 7.0500 and the offshore rate at 7.046, indicating a favorable external environment for the RMB [13] - In November 2025, the sales prices of commercial residential properties in 70 major cities in China showed a month-on-month decline, with first-tier cities experiencing a 0.4% decrease in new residential prices [14]