Fund Overview - The fund is named "Ping An Hang Seng Hong Kong Stock Connect Technology Theme Exchange-Traded Fund" with a code of 159152 [17] - It is classified as an equity fund and operates as an open-ended index fund [17] - The fund aims to closely track the performance of the Hang Seng Hong Kong Stock Connect Technology Theme Index [17][18] Fundraising Details - The initial fundraising cap is set at 2 billion RMB, excluding interest and subscription fees [5][19] - The fundraising period is from January 12 to January 16, 2026, with a maximum duration of three months [6][24] - Investors can subscribe through online and offline cash methods, with a minimum subscription of 1,000 shares for online and 50,000 shares for offline subscriptions [4][32] Subscription Process - Investors must have a Shenzhen A-share account or a Shenzhen securities investment fund account to participate [34] - Subscription fees are capped at 0.80% of the subscription amount [4][28] - The fund allows multiple subscriptions, but the total subscription amount is subject to the fundraising cap [4][19] Fund Management and Custody - The fund is managed by Ping An Fund Management Co., Ltd., and the custodian is China Merchants Bank [1][59] - The fund's assets will be verified by a qualified accounting firm after the fundraising period [54] Investor Eligibility - The fund is open to individual investors, institutional investors, qualified foreign investors, and other investors permitted by regulations [21] - Investors must ensure that the funds used for subscription are legally sourced [8]

1. Report's Investment Rating for the Industry - No information provided regarding the report's investment rating for the industry 2. Core Viewpoints - After the Christmas holiday, the decline of US stocks may suppress the opening of today's A - share market. However, the current market index is still in a benign state with an overall tone of continued volatile upward movement, and there is no need to worry about a pull - back at the index level. But as the market approaches 4000 points, it is not advisable to chase higher in the short term, especially when only large - cap stocks are rising, as market volatility will increase [1][2] 3. Summary by Relevant Catalogs 3.1 Important News - CME globally increased the performance bond for metal varieties [4] - The price of silver has repeatedly hit new highs, and Elon Musk expressed concerns about it [4] - During the US - Ukraine presidential talks, there were differences in the statements about the US - Ukraine security guarantee agreement. Trump also had a phone call with Putin before meeting Zelensky. They also discussed a referendum for a peace plan, but the two sides have not reached an agreement on key territorial issues, and a tri - party meeting is not ruled out [4] - Starting from the early morning of December 27th, local time, the Russian army launched large - scale air strikes on multiple places in Ukraine, mainly targeting energy and civilian infrastructure, and controlled two cities in the Zaporizhzhia region [4] - The Japanese cabinet approved a record - high initial budget for fiscal year 2026, totaling 122.3 trillion yen, and it is expected to achieve a primary fiscal surplus for the first time in 28 years [4] - The Ministry of Finance will expand the scale of fiscal expenditure next year, implement a special action to boost consumption, continue to allocate funds to support the replacement of consumer goods with new ones, and promote employment and income growth for residents [4] - The National Venture Capital Guidance Fund was launched to guide financial capital to invest in long - term and hard - tech projects [5] - China imposed counter - measures on 20 US military - related enterprises and senior management personnel [6] - As of December 27th, the scale of Chinese ETFs reached 6.03 trillion yuan, breaking through the 6 - trillion - yuan mark for the first time in history [6] - The Shanghai and Shenzhen Stock Exchanges introduced fee - reduction measures for 2026, with an expected fee reduction of over 1.9 billion yuan [7] - The People's Bank of China and the State Administration of Foreign Exchange decided to promote the cross - border corporate RMB and foreign currency integrated fund pool business nationwide based on the pilot experience in some regions [7] 3.2 Futures Market Tracking - The report presents detailed data on the performance, trading volume, and positions of various futures contracts such as the Shanghai 50 Index, CSI 300 Index, CSI 500 Index, and CSI 1000 Index futures contracts, including closing prices, settlement prices, price changes, trading volume changes, position changes, etc. [9][10] 3.3 Spot Market Tracking - The report shows the performance of various spot market indices, including the current points, daily, weekly, monthly, and annual price changes, trading volumes, and price - to - earnings ratios of indices such as the Wind All - A Index, Shanghai Composite Index, Shenzhen Component Index, and others. It also analyzes the performance of different sectors and the impact of market styles on major indices [33][34][35] 3.4 Liquidity Tracking - The report includes charts on central bank open - market operations (showing money injection, money withdrawal, and net money injection) and Shibor interest rates [49][50][51]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report Last week (12/22 - 12/26), bond - type ETFs had a net capital inflow of 54.515 billion yuan. The net unit value of bond ETFs showed marginal recovery. There was no new issuance of bond ETFs. The trading volume and turnover rate of various bond ETFs showed different changes, and the performance of different types of bond ETFs also varied [2][12]. 3. Summary According to Relevant Catalogs 3.1 Issuance Progress Tracking - No new bond ETFs were issued last week [3][16]. 3.2 Stock Product Tracking - As of December 26, 2025, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were 152.6 billion yuan, 426.4 billion yuan, and 60.9 billion yuan respectively, with credit - bond ETFs accounting for 66.6% of the total scale. The circulating market values of Haifutong CSI Short - term Financing ETF and Boshi Convertible - bond ETF ranked top two, at 65.1 billion yuan and 52.3 billion yuan respectively [18]. - Compared with the previous week, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs increased by 1.586 billion yuan, 31.621 billion yuan, and decreased by 2.768 billion yuan respectively. Products with significant scale growth last week included Yinhuakongchuangzhai ETF, Harvest CSI AAA Science and Technology Innovation Corporate Bond ETF, and Huatianfu CSI AAA Kechuang Bond ETF, with a year - on - year scale growth of over 6 billion yuan [20]. - Among credit - bond ETFs, the circulating market values of benchmark - market - making credit - bond ETFs and science - innovation bond ETFs were 124.8 billion yuan and 340.5 billion yuan respectively, increasing by 7.262 billion yuan and 56.694 billion yuan compared with the previous week [22]. 3.3 ETF Performance Tracking - Last week, the cumulative net unit values of interest - rate bond ETFs and credit - bond ETFs closed at 1.18 and 1.03 respectively [23]. - As of December 26, based on February 7 as the base date, the average cumulative return of benchmark - market - making credit - bond ETFs rose to 0.89%; based on July 17 as the base date, the cumulative return of science - innovation bond ETFs marginally recovered to 0.22%, returning to the positive range [29]. 3.4 Premium/Discount Rate Tracking - Last week, the average premium/discount rates of credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs were - 0.11%, - 0.06%, and - 0.10% respectively. The average trading price of credit - bond ETFs was lower than the fund's net unit value, indicating low allocation sentiment. Specifically, the weekly average premium/discount rates of benchmark - market - making credit - bond ETFs and science - innovation bond ETFs were - 0.25% and - 0.07% respectively [36]. 3.5 Turnover Rate Tracking - Last week, the turnover rate was in the order of interest - rate bond ETFs > credit - bond ETFs > convertible - bond ETFs. The weekly turnover rates of the three types of products all increased marginally, reaching 136%, 102%, and 84% respectively. Specifically, products such as Huaxia Shanghai Stock Exchange Benchmark - Market - Making Treasury Bond ETF, Southern CSI AAA Science and Technology Innovation Corporate Bond ETF, and Yongying Science - Innovation Bond ETF had relatively high turnover rates [41].

Group 1 - The number of "billion-dollar ETFs" has increased to 125, nearly doubling by the end of 2024, with products like AI ETF (159819), Robot ETF E Fund (159530), and Dividend ETF E Fund (515180) expected to exceed 100 billion in 2025 [1] - The ETF market has reached a new milestone, with the total market size surpassing 60 trillion yuan, reaching 60,304.77 billion yuan, which is an increase of over 60% compared to the 37,258.02 billion yuan at the end of 2024 [2][3] - The C-class shares of the Guotou Ruijin Silver Futures Securities Investment Fund (LOF) have begun to suspend subscriptions as of today [1]

Group 1 - The commercial aerospace sector led the market last week, with multiple satellite-themed ETFs rising over 10% [1] - The lithium battery sector showed strong performance, with several battery-themed ETFs ranking among the top gainers [1] - The Hong Kong pharmaceutical sector continued to adjust, with several related ETFs declining over 2% [1] Group 2 - The short-term bond ETF (511360) maintained high trading activity, with weekly transaction volume exceeding 140 billion [1] - Among equity ETFs, four large-scale CSI A500 ETFs had the highest transaction volumes [1] - Last week, the entire market's ETFs saw a net inflow of 91.5 billion, with the Sci-Tech Bond ETF and CSI A500 ETF attracting significant capital [1] Group 3 - In the context of substantial capital inflow, the total market ETF size surpassed 6 trillion, representing an increase of over 60% compared to the end of 2024 [1] - A MACD golden cross signal has formed, indicating positive momentum for certain stocks [1]

1. Report Industry Investment Rating No relevant information provided in the content. 2. Core Viewpoints of the Report - Last week (from December 22, 2025, to December 26, 2025), the median weekly return of equity ETFs was 2.75%. Among broad - based ETFs, the CSI 500ETF had the highest return with a median increase of 4.04%. By sector, the cyclical ETF had the highest return with a median of 5.37%. By theme, the new energy vehicle ETF had the highest return with a median of 7.17% [1][13]. - Last week, equity ETFs had a net subscription of 35.634 billion yuan, and the overall scale increased by 132.202 billion yuan. Among broad - based ETFs, the A500ETF had the largest net subscription of 49.322 billion yuan; by sector, the consumer ETF had the least net redemption of 580 million yuan; by hot theme, the pharmaceutical ETF had the largest net subscription of 408 million yuan [2][30][36]. 3. Summary by Relevant Catalogs ETF Performance - The median weekly return of equity ETFs was 2.75%. Among broad - based ETFs, the CSI 500, STAR Market, ChiNext, CSI 1000, A500, SSE 50, and SSE 300 ETFs had median returns of 4.04%, 4.00%, 3.92%, 3.78%, 2.75%, 1.96%, and 1.41% respectively. The median returns of commodity, cross - border, bond, and money - market ETFs were 3.59%, 0.16%, 0.13%, and 0.02% respectively [13]. - By sector, the median returns of cyclical, technology, large - financial, and consumer - sector ETFs were 5.37%, 3.93%, 1.50%, and - 0.16% respectively. By theme, the new energy vehicle, military, and photovoltaic ETFs had relatively strong performance with median returns of 7.17%, 5.84%, and 5.38% respectively, while the bank, liquor, and pharmaceutical ETFs had relatively weak performance with median returns of - 0.89%, - 0.79%, and - 0.16% respectively [19]. ETF Scale Change and Net Subscription/Redeem - As of last Friday, the scales of equity, cross - border, and bond ETFs were 3.8155 trillion yuan, 970.1 billion yuan, and 804.6 billion yuan respectively. The scales of commodity and money - market ETFs were relatively small, at 257 billion yuan and 177.9 billion yuan respectively. Among broad - based ETFs, the SSE 300 and A500ETFs had larger scales of 1.1944 trillion yuan and 299.7 billion yuan respectively [21]. - By sector, the technology - sector ETF had a scale of 430.5 billion yuan, followed by the cyclical - sector ETF with a scale of 215.9 billion yuan. The large - financial and consumer ETFs had relatively smaller scales of 197.6 billion yuan and 185.5 billion yuan respectively. By hot theme, the chip, securities, and pharmaceutical ETFs had the highest scales of 148 billion yuan, 141 billion yuan, and 101.9 billion yuan respectively [24][25]. - Last week, equity ETFs had a net subscription of 35.634 billion yuan and the overall scale increased by 132.202 billion yuan; money - market ETFs had a net redemption of 8.324 billion yuan and the overall scale decreased by 8.307 billion yuan. Among broad - based ETFs, the A500ETF had the largest net subscription of 49.322 billion yuan, and its scale increased by 56.639 billion yuan; the SSE 300ETF had the largest net redemption of 5.897 billion yuan [30]. ETF Benchmark Index Valuation - As of last Friday, the price - to - earnings ratios of the SSE 50, SSE 300, CSI 500, CSI 1000, ChiNext, and A500ETFs were at the 83.92%, 86.40%, 97.69%, 95.55%, 63.15%, and 97.86% quantiles respectively, and the price - to - book ratios were at the 64.26%, 72.88%, 99.59%, 65.46%, 63.64%, and 97.86% quantiles respectively. Compared with the previous week, the valuation quantiles of the A500ETF increased significantly [37]. - Among broad - based ETFs, the ChiNext - related ETFs had relatively low valuation quantiles; by sector, the consumer and large - financial ETFs had relatively moderate valuation quantiles; by sub - theme, the liquor and new energy vehicle ETFs had relatively low valuation quantiles [44]. ETF Margin Trading and Short Selling - As of last Thursday, the margin balance of equity ETFs increased from 47.637 billion yuan in the previous week to 47.882 billion yuan, and the short - selling volume decreased from 2.44 billion shares in the previous week to 2.433 billion shares. Among the top 10 ETFs in terms of average daily margin purchases and short - selling volumes, the STAR Market ETF and the securities ETF had relatively high average daily margin purchases, and the CSI 1000ETF and the SSE 300ETF had relatively high average daily short - selling volumes [4][45][52]. ETF Managers - As of last Friday, Huaxia, E Fund, and Huatai - Peregrine ranked in the top three in terms of the total scale of listed non - money ETFs. This week, two ETFs, GF SSE STAR Market Chip ETF and Huabao SSE STAR Market Chip ETF, will be issued [5][56].

ETF进化论 史诗级大爆发！谁是2025年的胜者？ 原创 阅读全文 ...

（文章来源：每日经济新闻） 每经AI快讯，Wind数据显示，截至12月26日，全市场ETF总只数达到1391只，总规模达到6.03万亿元， 相比于前一交易日增长354.52亿元，正式突破6万亿元大关。（深交所ETF份额数据截至12月25日） ...

Core Viewpoint - The article discusses the evolution of ETFs (Exchange-Traded Funds) and their implications for the investment landscape, highlighting significant changes and trends in the market [2] Group 1: ETF Market Trends - The ETF market has seen substantial growth, with assets under management reaching a record high, indicating increasing investor interest and adoption [2] - The article notes a shift in investor behavior, with more individuals and institutions favoring ETFs for their liquidity and cost-effectiveness compared to traditional mutual funds [2] Group 2: Implications for Investors - The rise of thematic ETFs is transforming investment strategies, allowing investors to target specific sectors or trends, which could lead to more tailored investment portfolios [2] - The article emphasizes the importance of understanding the underlying assets and strategies of ETFs, as this knowledge can significantly impact investment outcomes [2]

Core Insights - The competition for scale in the ETF market is intensifying, with the China Securities A500 ETF attracting nearly 95 billion yuan in inflows since December, contributing to a total market ETF scale approaching 6 trillion yuan [1][6] Group 1: Market Performance - On December 25, the stock ETF market saw a net inflow of over 7.3 billion yuan, with total inflows exceeding 110 billion yuan since the beginning of December [2] - The total scale of all stock ETFs (including cross-border ETFs) reached 4.74 trillion yuan as of December 25, with an increase of 3.127 billion units in total shares [2] Group 2: Fund Flows - Broad-based ETFs and bond ETFs led the net inflows, with 9.189 billion yuan and 8.814 billion yuan respectively, while thematic industry ETFs experienced a net outflow of 2.063 billion yuan [4] - The A500 ETF from major fund companies like Huatai-PB, Huaxia, and Southern saw net inflows exceeding 10 billion yuan each, with total net inflows for the A500 ETF reaching approximately 94.757 billion yuan since December [7] Group 3: Specific Fund Performance - The A500 ETF and the Sci-Tech 50 ETF from Huaxia Fund were among the top performers, with net inflows of 1.449 billion yuan and 0.697 billion yuan respectively, bringing their latest scales to 39.106 billion yuan and 76.493 billion yuan [5] - Several Sci-Tech bond ETFs also saw significant inflows, with inflows of 3.474 billion yuan and 2.050 billion yuan for Yin Hua and Huitianfu respectively on December 25 [7]