Core Insights - 2025 experienced record inflows into international ETFs, indicating a strong interest from investors in this asset class [1] Group 1: Investment Trends - The dollar weakness observed in 2025 may present opportunities for investors focusing on international ETFs [1] - The article emphasizes a long-term value investment philosophy, highlighting the importance of rational decision-making and downside protection [1] Group 2: Author's Background - The author has 10 years of experience in managing a portfolio, with a focus on ETF cyclicality and value-oriented investments [1] - The author aims to provide research-based insights to help investors understand valuation, fundamentals, and risk [1]

（文章来源：证券时报网） 沪股通ETF买入及卖出成交额（亿元） 31.90 深股通ETF买入及卖出成交额（亿元） 17.62 北向资金ETF买入及卖出成交额（亿元） 49.52 北向资金ETF买入及卖出成交额 今日（1月13日）北向资金ETF买入及卖出成交额为49.52亿元，较前一日增加0.04亿元，占北向资金今 日成交额的1.18%。 具体来看，今日沪股通ETF买入及卖出成交额31.90亿元，深股通ETF买入及卖出成交额17.62亿元。 （数据宝） ...

ETF Industry News - The three major indices experienced fluctuations and declines, with the Shanghai Composite Index down by 0.64%, the Shenzhen Component Index down by 1.37%, and the ChiNext Index down by 1.96%. However, several ETFs in the power equipment sector saw increases, including the Grid ETF (561380.SH) which rose by 7.37%, the Grid Equipment ETF (159326.SZ) which increased by 2.83%, and another Grid ETF (159320.SZ) which went up by 2.69% [1] - Gold and silver prices surged, with London spot gold reaching a high of $4610.68 per ounce, up over 2%, and silver rising more than 7% to surpass $85 per ounce. This led to a significant inflow of funds into gold ETFs, with net subscriptions exceeding 400 million shares in the first seven trading days of 2026. The Huaan Gold Easy ETF's scale reached 97.29 billion yuan, approaching the 100 billion yuan mark [2][3] - The first "trillion" asset manager in the ETF sector has emerged, with Huaxia Fund's ETF management scale surpassing 1 trillion yuan. This marks a significant milestone in the development of China's ETF market, which has grown from the launch of its first product in 2004 to now having over 60 trillion yuan in total ETF assets. The market is divided into three tiers, with the top three managers holding over 40% of the market share [4] Market Performance Overview - On January 13, the three major indices collectively declined, with the Shanghai Composite Index closing at 4138.76 points, the Shenzhen Component Index at 14169.4 points, and the ChiNext Index at 3321.89 points. The Nikkei 225 and Hang Seng Index showed positive performance, with daily changes of 3.1% and 0.9%, respectively [5] - In terms of sector performance, the oil and petrochemical, pharmaceutical, and non-ferrous metal sectors ranked highest, with daily increases of 1.62%, 1.21%, and 0.91%, respectively. Conversely, the defense, electronics, and telecommunications sectors saw declines of 5.5%, 3.3%, and 2.88% [8] ETF Market Performance - The overall performance of ETFs was categorized by investment type, with cross-border ETFs showing the best average daily increase of 0.53%, while thematic stock ETFs had the worst performance with an average decline of 1.73% [11] - The top-performing ETFs included the Grid ETF (561380.SH), Oil and Gas Resources ETF (563150.SH), and Grid Equipment ETF (159326.SZ), with daily returns of 7.37%, 2.84%, and 2.83%, respectively [13] - The highest trading volumes were recorded for the A500 ETF (159352.SZ), with a transaction amount of 8.801 billion yuan, followed by the CSI A500 ETF (159338.SZ) at 8.701 billion yuan, and the Sci-Tech Innovation 50 ETF (588000.SH) at 6.940 billion yuan [17]

Market Overview - The A-share market experienced a significant increase last Friday, with the Shanghai Composite Index achieving a 16-day winning streak, surpassing 4100 points, marking a new high in over 10 years. The market turnover exceeded 3.1 trillion yuan, making it the sixth instance in A-share history where turnover surpassed 3 trillion yuan [1] - During the week of January 5 to January 9, the A-share market welcomed a strong start to 2026, with major broad-based indices recording gains. The All A Index rose by 5.11%, while the Sci-Tech 50 surged by 9.80%. The CSI 1000 and Northbound 50 also saw increases of over 5% [2] Style and Sector Performance - In terms of market style, small-cap stocks outperformed, with the CSI 1000 rising by 7.03%, compared to the CSI 300's increase of 2.79%. All five major style indices recorded gains, with the growth style leading at 7.02% [3] - Most primary industries recorded gains, with the banking sector being the only one to decline. The top three performing sectors were comprehensive, defense and military industry, and media [3] Trading Activity - The A-share market showed a significant increase in trading activity, with the turnover on Friday surpassing 3 trillion yuan for the first time in 73 trading days. The average daily turnover for the week was 28.52 billion yuan, an increase of 7.236 billion yuan from the previous week. The average turnover rate was 2.2363%, up by 0.5 percentage points from the previous week. Northbound capital's average daily turnover was 327.15 billion yuan, an increase of 98.647 billion yuan from the previous week. As of last Thursday, the margin trading balance was 2.6206 trillion yuan, up by 79.924 billion yuan from the previous week [3] Fund Flows - Last week, the ETF market saw a net outflow of 56.932 billion yuan, with stock ETFs experiencing a net inflow of 7.765 billion yuan, commodity ETFs a net inflow of 6.967 billion yuan, and cross-border stock ETFs a net inflow of 5.374 billion yuan. Conversely, bond ETFs faced a significant net outflow of 66.4 billion yuan, and money market ETFs saw a net outflow of 10.607 billion yuan [4] - Specific indices such as Hang Seng Technology, satellite industry, SGE gold 9999, and others saw net inflows ranging from 3.484 billion yuan to 5.611 billion yuan, while various bond-related indices experienced net outflows [4][6] ETF Performance - The median weekly return for stock ETFs from January 5 to January 9 was 4.31%. Among broad-based ETFs, the Sci-Tech board ETF had the highest median return at 10.15%. By sector, technology ETFs had a median return of 7.28%, while military industry ETFs led with a median return of 13.50% [13] - Satellite ETFs saw significant gains, with the top performers including the E Fund Satellite ETF and the GF Satellite ETF, which rose by 22.46% and 22.42%, respectively [14][16] - Conversely, banking ETFs experienced declines, with the leading banking ETF dropping by 2.00% [17] Upcoming Developments - This week, nine new ETFs are set to be issued, including those focused on consumer electronics, low-volatility dividends, and biotechnology [19] - There are rumors regarding potential purchase limits on satellite ETFs and commercial aerospace ETFs, but fund companies have stated they have not received any official notifications regarding these changes [20]

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 ...

ETF进化论 杀疯了，刷爆历史记录的一天！ 原创 阅读全文 ...

Group 1 - The article discusses the expertise of Sensor Unlimited, who has a PhD in financial economics and has been covering the mortgage market, commercial market, and banking industry for a decade [2] - Sensor Unlimited focuses on asset allocation and ETFs related to the overall market, bonds, banking and financial sectors, and housing markets [2] - The investing group Envision Early Retirement, led by Sensor Unlimited, offers solutions for generating high income and growth with isolated risks through dynamic asset allocation [2] Group 2 - Envision Early Retirement features two model portfolios: one for short-term survival/withdrawal and another for aggressive long-term growth [2] - The group provides direct access via chat for discussing ideas, monthly updates on holdings, tax discussions, and ticker critiques by request [2]

Core Insights - The appetite for cryptocurrency exposure among Main Street investors is expected to grow significantly this year, indicating a shift in market dynamics [1] - BlackRock's U.S. head of equity ETFs, Jay Jacobs, emphasizes that the concept of spot bitcoin ETFs is still relatively new, with many investors beginning their educational journey regarding bitcoin and its portfolio fit [2] Cryptocurrency Market Performance - As of the latest market close, the iShares Bitcoin Trust ETF (IBIT) has decreased by over 3% in the past year, following a peak price of approximately $126,000 last October, with current trading around the low $90,000 range [2] - The iShares Ethereum Trust ETF (ETHA) has experienced a decline of nearly 6% [3] Investment Trends - The recent traction in cryptocurrencies is partly attributed to large asset managers like BlackRock expanding investment options through equity-like formats such as ETFs, making it more accessible for financial advisors and their clients [3] - Despite market volatility, crypto investors are showing loyalty to their investments, with many choosing to hold rather than sell during uncertain times, indicating confidence in long-term trends [4][5]

6.15万亿ETF市场迎来新玩家。 1月8日，兴证全球基金旗下首只ETF——兴全沪深300质量ETF（563960.SH）上市，这是全市场第一只跟踪沪深300质量指数（932431.CSI）的被动指数型基 金。截至当日收盘，兴全沪深300质量ETF微跌0.79%，换手率为33.87%，成交额为3.94亿元。 从募集情况来看，该基金原定于在2025年11月28日至12月5日发售，随后的12月1日该基金宣布提前结束募集，最终募集金额为11.56亿元。其中基金公司自 购1000万元，基金公司从业人员自购338.1万元。该基金托管行为兴业银行。 智通财经记者 | 杜萌 Wind数据显示，截至1月7日，ETF总规模为6.15万亿元。以沪深300ETF、中证A500ETF为代表的核心宽基ETF是主力，其中，跟踪沪深300指数的ETF规模 接近1.2万亿元，跟踪中证A500指数的ETF规模超3000亿元。 从管理人角度来看，目前共有55家公募管理人布局了ETF，从资产净值规模来看，管理ETF规模在1000亿元以上的公募机构共有16家，呈现"一超多强"的竞 争格局。其中华夏基金、易方达基金两家巨头的ETF规模分别达到了989 ...

1月9日起，目前境内ETF规模居首的华泰柏瑞沪深300ETF（510300）正式启用新场内简称"沪深300ETF 华泰柏瑞"。"核心标的+ETF+管理人"的命名结构，有望使投资者可轻松在全市场多只跟踪沪深300指数 的ETF中，找到华泰柏瑞旗下的产品。 （文章来源：每日经济新闻） 交易所数据显示，该产品最新规模超过4300亿元，2025年成交额占同类产品54%以上，交易活跃度高， 且是上交所沪深300ETF期权唯一现货标的。截至2025年三季度末，产品成立以来累计为持有人赚取基 金利润超1424亿元，分红超过165亿元。 ...