记者丨 李依农 杨雨莱 编辑丨李依农 进入2026年，中国股市的表现，正在引发全球资本的重新审视。 A股自年初以来延续上涨态势，上证指数站稳4100点重要整数关口。长期来看，这并不是一轮 情绪驱动的"突发行情"。2025年全年，成交规模和融资水平持续放大，为这一轮上涨奠定了更 扎实的资金和结构基础。 更值得关注的是， 行情背后，外资的态度正在发生方向性变化。 进入2026年，高盛、摩根大通、摩根士丹利、瑞银等多家外资机构，在年度和新年展望中，对 中国资产的判断明显转向积极—— 已从"是否需要配置中国资产"，悄然切换至"这一轮中国股 市上涨能延续多久、空间多大"的深度探讨。 高盛维持A股超配评级，预计2026年MSCI中国指数、沪深300指数分别上涨20%和12%；摩根 大通则将A股评级上调至"超配"，预测沪深300指数能达到5200点的目标位。 但指数点位只是表象，更重要的是背后的逻辑变化：2025年更多是估值修复，而2026年开 始，市场正在进入由盈利改善和结构性成长驱动的新阶段。 在此背景下，外资为什么重新加大对中国资产的配置？ 渣打中国财富管理部首席投资策略师王昕杰亦持相似观点。在接受南方财经记者采访时 ...

Group 1 - The total net asset value of public funds in China reached 37.02 trillion yuan by the end of November, marking a slight increase of approximately 60 billion yuan compared to the end of October [2] - This is the first time in history that the public fund scale has surpassed 37 trillion yuan, achieving a new high for eight consecutive months, with an increase of over 4 trillion yuan since the beginning of the year [3] - The main contributor to the growth in November was money market funds, which saw an increase of 135.49 billion yuan, despite a decline in overall yields [3] Group 2 - Bond funds reached a total scale of 10.52 trillion yuan by the end of November, growing by 34.21 billion yuan compared to the end of October [3] - Qualified Domestic Institutional Investor (QDII) funds also saw a monthly increase of over 25.63 billion yuan, while Fund of Funds (FOF) experienced a growth of approximately 24.76 billion yuan [3] - FOFs are increasingly diversifying their asset allocations to include Hong Kong stocks, commodity futures, and public REITs, aligning with investors' desire for stability and risk diversification [3] Group 3 - Stock funds and mixed funds experienced a slight decrease in total scale due to adjustments in the Shanghai and Shenzhen stock indices, with stock funds at 5.80 trillion yuan (a decrease of 130.20 billion yuan) and mixed funds at 3.60 trillion yuan (a decrease of 71.81 billion yuan) [4] - The chief equity investment officer at Yongying Fund expressed optimism about the A-share market, predicting a potential turning point in overall profitability for listed companies by 2026, driven by economic cycle patterns [4] - The net asset value of public funds has grown from approximately 9.1 trillion yuan in 2016 to the current level, reflecting a strong customer base with an average annual growth rate of about 16% [4]

Group 1 - The total net asset value of public funds in China reached 37.02 trillion yuan by the end of November, marking the first time it has surpassed the 37 trillion yuan threshold and representing an increase of over 4 trillion yuan since the beginning of the year [1] - The growth in public fund assets is primarily driven by money market funds, which saw an increase of 1,354.49 billion yuan in November, despite a low overall yield of around 1% [1] - Bond funds reached a total scale of 10.52 trillion yuan by the end of November, with an increase of 342.15 billion yuan compared to the end of October [1] Group 2 - Stock funds experienced a slight decrease in total scale to 5.80 trillion yuan, down by 1,302.01 billion yuan from the end of October, while mixed funds also saw a decline to 3.60 trillion yuan, decreasing by 718.12 billion yuan [2] - The analysis indicates that the public fund asset value has grown from approximately 9.1 trillion yuan in 2016, with an average annual growth rate of about 16%, suggesting a strong customer base in a low-interest-rate environment [3] - The industry is expected to continue growing, with projections indicating that the total scale could approach 40 trillion yuan next year if the recent growth rates of 10% to 15% are maintained [3]

这个数字，有一个很明确的含义。它已经是2008年全球金融危机以来的最低水平。 最近，美国财政部公布了一组数据，引发了不少关注。数据显示，今年10月，中国继续减持美国国债， 单月减持规模达到118亿美元。减持之后，中国持有的美国国债规模，降至6887亿美元。 如果把时间拉长来看，这个变化并不突然。中国对美债的减持，已经持续了很多年。从高峰时期超过 1.3万亿美元，一路下降到现在不到6900亿美元，这是一个方向非常清晰的过程，而不是短期操作。 这组数据放在全球范围内一起看，更有意思。10月份，海外投资者对美债的总体持仓，是下降的。但在 中国减持的同时，日本和英国却选择了加仓。 日本当月的美债持仓，增加到大约1.2万亿美元，创下近两年来的新高。英国的持仓，也上升到8779亿 美元。这种对比，本身就很说明问题。 这并不是简单的"谁看好、谁不看好"。而是不同国家，在不同位置上，做出了不同选择。 而美国这边，其实也已经开始感受到变化。美债的买家结构，正在发生变化。美联储在缩表，美国国内 资金承接能力有限，越来越多的压力，需要通过海外资金来消化。 不过，需要注意的是，中国的减持方式非常克制。中国并没有一次性抛售，也没有制造 ...

Core Viewpoint - The A500 ETF has become a focal point for capital inflow during market fluctuations, particularly highlighted by significant trading activity on December 17, where the total trading volume exceeded 520 billion yuan, surpassing that of the CSI 300 ETF, indicating a strong institutional and index-based investment trend [1][3][4]. Trading Activity - On December 17, 2022, the total trading volume of 45 A500 ETFs reached 526.38 billion yuan, marking the highest record for December, while on December 18, it slightly decreased to 474.01 billion yuan, still the second highest for the month [3][4]. - The trading volume of A500 ETFs has consistently exceeded 400 billion yuan on multiple days in December, reflecting a growing interest from investors [4]. Capital Inflow - On December 17, A500 ETFs attracted a net inflow of 111.59 billion yuan, accounting for 68.5% of the total net inflow into stock ETFs, with major public funds leading the inflow [7][10]. - The total net inflow for A500 ETFs from December 15 to December 17 approached 197 billion yuan, indicating strong demand from institutional investors [7][10]. Institutional Investment - The influx of capital into A500 ETFs is driven by three main types of institutional investors: insurance funds, bank wealth management subsidiaries, and foreign capital, all seeking stable returns and growth potential [8][10]. - Regulatory changes have facilitated insurance funds' entry into the market, aligning with their long-term investment strategies [8]. Fund Size and Competition - As of December 17, the A500 ETFs managed by Huatai-PB and Southern Fund surpassed 300 billion yuan in size, establishing a duopoly in the market [11]. - The overall market size of A500 ETFs has exceeded 2 trillion yuan, making it the second-largest core broad-based index after the CSI 300 [12]. Future Development - The A500 ETF market is expected to continue expanding, with a focus on product differentiation and the introduction of Smart Beta strategies to enhance competitiveness [12]. - The A500 index is anticipated to improve its market positioning due to its balanced industry allocation and selection of leading companies, catering to both value and growth investment strategies [12].

Core Insights - The A500 ETF has become a focal point for capital inflow during market fluctuations, particularly highlighted by a record trading volume on December 17, where the total trading volume exceeded 520 billion yuan, surpassing that of the CSI 300 ETF [1][4] - The total scale of A500 ETFs has surpassed 230 billion yuan, reflecting a significant increase of nearly 37 billion yuan since the end of November, indicating a deepening trend towards institutional and index-based investment [1][11] Trading Activity - On December 17, the total trading volume of 45 A500 ETFs reached 526.38 billion yuan, marking the highest record for December [4] - The trading volume on December 18 decreased to 474.01 billion yuan, still the second highest for the month [5] - The trading activity has been consistently high throughout December, with daily trading volumes exceeding 400 billion yuan on multiple occasions [6] Capital Inflow - On December 17, the net inflow into A500 ETFs was over 111 billion yuan, accounting for 68.5% of the total net inflow into stock ETFs, which was 162.90 billion yuan [8][9] - Major public funds such as Huatai-PB and Southern Fund saw significant net inflows, with amounts reaching 32.83 billion yuan and 26.32 billion yuan respectively [9] Institutional Participation - The influx of capital into A500 ETFs is attributed to three main types of institutional investors: insurance funds, bank wealth management subsidiaries, and foreign capital [10] - Insurance funds are particularly driven by regulatory changes that lower capital costs for stock investments, making A500 ETFs attractive for long-term stable returns [10] Market Dynamics - The A500 ETF market has shown a clear trend of head concentration, with the top products like Huatai-PB and Southern Fund surpassing 300 billion yuan in scale, creating a dual-giant landscape [12][13] - The competitive landscape is evolving, with fund companies focusing on product differentiation and exploring Smart Beta strategies to enhance their offerings [13] Future Outlook - The A500 index is expected to gradually enhance its market positioning due to its balanced industry allocation and selection of leading stocks, catering to both value and growth investment strategies [14]

Core Viewpoint - The public REITs market is rapidly developing, with wealth management subsidiaries becoming significant participants, reflecting a growing interest in stable returns and long-term asset appreciation [1][3]. Group 1: Market Overview - As of December 12, a total of 78 public REITs have been issued, with a cumulative issuance scale of 201.75 billion yuan. This year, 19 new REITs were issued, totaling 38.6 billion yuan [1]. - Wealth management products have significantly increased their participation in newly issued REITs, with 15 products receiving strategic allocations or offline subscriptions, representing a participation rate of 79% [1]. Group 2: Investment Strategies - Public REITs are typically issued through three methods: strategic placement, offline issuance, and public issuance. Wealth management subsidiaries primarily engage through the first two methods to secure shares and participate in long-term allocations [3]. - Several wealth management subsidiaries have actively entered the REITs sector this year, with three institutions participating in the placement of 15 products, indicating a strong interest in assets that offer stable returns and long-term growth potential [3]. Group 3: Market Dynamics - The acceleration of wealth management funds entering the REITs market is driven by the need for diversified asset allocation, particularly in the context of declining interest rates and increased market volatility. The stable cash flows and dividend returns from underlying assets like infrastructure and logistics align well with the goals of wealth management funds seeking steady returns [3]. - Regulatory support encouraging long-term capital participation in REITs investments has also provided a favorable environment for wealth management subsidiaries [3]. - Despite a slowdown in the number and scale of REITs issued this year compared to last year, institutional participation remains strong. Wealth management subsidiaries can acquire shares at lower costs through strategic placements, enhancing the competitiveness of their product returns [3].

（编辑 王雪儿） 证券日报网12月11日讯 华利集团在回答调研者提问时表示，随着越南经济的不断发展，劳动力成本提 升不可避免，但是目前以及未来相当长的一段时期，越南的投资环境仍对制鞋业具有吸引力。公司的对 外销售价格是成本加成的定价模式，公司会随着人工工资的调整来调整销售价格。同时，为了分散风险 并把握东南亚其他地区的成本优势，公司已在印尼建设新工厂，并且印尼工厂已于2024年上半年开始投 产。 ...

Core Viewpoint - The Hong Kong technology sector has shown signs of recovery after reaching a low point, with the Hang Seng Tech Index slightly down by 0.17% as of 10:53 AM, led by stocks such as Horizon Robotics, Alibaba, Meituan, and Baidu Group [1] Group 1: Market Performance - The Hang Seng Tech ETF (513010) has seen a trading volume exceeding 400 million yuan, indicating a slight increase compared to the previous trading day [1] - Since June 12, the ETF has not experienced any single-day net outflow, accumulating a total inflow of 17.115 billion yuan year-to-date as of December 9 [1] Group 2: Investment Insights - Institutions believe that both A-shares and Hong Kong stocks are currently at mid-to-low valuation levels, with earnings transitioning from a bottoming phase to a recovery pricing phase [1] - There are structural opportunities in the mid-to-high-end manufacturing sector based on dividends and cash flow factors [1] - The potential investment space for global asset allocation is steadily increasing, supported by the moderate core inflation, profit margin recovery, and low correlation with US dollar assets [1] Group 3: ETF Composition - The Hang Seng Tech ETF tracks the Hang Seng Tech Index, which includes major Hong Kong tech leaders such as Alibaba, Tencent, Meituan, JD Group, Baidu Group, NetEase, and SMIC, covering sectors like e-commerce, digital media, semiconductors, smart electric vehicles, and cloud computing [1]

Core Insights - The ETF market is experiencing significant growth, with a total scale of 5.7 trillion yuan as of October 31, 2023, representing an increase of nearly 2 trillion yuan or approximately 53% since the end of 2024 [1][2][10] - Stock and bond ETFs are the main drivers of this expansion, with stock ETFs increasing by 831.3 billion yuan and bond ETFs by 526.1 billion yuan in the first ten months of the year [1][7] - The number of ETFs exceeding 10 billion yuan in scale has grown, with 118 products now in the "billion club," an increase of 52 since the end of 2024 [1][10] ETF Market Growth - The total scale of the ETF market reached 5.7 trillion yuan by October 31, 2023, surpassing the 4 trillion yuan mark in April and 5 trillion yuan in August [2] - Stock ETFs account for approximately 65% of the total ETF market, with a combined scale of 3.73 trillion yuan [2][3] - The growth in stock ETFs is attributed to structural market trends and significant inflows of capital into these products [2][3] Stock ETF Performance - In the first ten months of 2023, stock ETFs saw an increase of approximately 831.3 billion yuan, with 24 products contributing over 10 billion yuan each to this growth [3][4] - Major contributors include broad-based ETFs like Huatai-PB CSI 300 ETF and industry-themed ETFs such as the Guotai Securities ETF and Huaxia Robotics ETF [4][5] Bond ETF Expansion - Bond ETFs have also seen substantial growth, with a total scale of 700.04 billion yuan, up from 173.97 billion yuan at the end of 2024, marking an increase of over 3 times [7][8] - The introduction of new bond ETF products and the performance of existing ones have driven this growth [7][8] Cross-Border and Other ETF Categories - Cross-border ETFs have shown rapid growth, reaching nearly 900 billion yuan, with an increase of 472.22 billion yuan since the end of 2024 [9] - Commodity and currency ETFs have also seen growth, with total scales of 216.01 billion yuan and 163.50 billion yuan, respectively [9] Competitive Landscape - The ETF market is becoming increasingly competitive, with 118 products exceeding 10 billion yuan in scale, primarily from leading firms like E Fund, Huaxia, and Harvest [10][11] - The competition is shifting towards comprehensive service capabilities and investor education, focusing on enhancing the investor experience in ETF selection and investment [11]