截至收盘，中证A500指数上涨0.5%，实现四连阳，中证A100指数上涨0.2%，中证A50指数上涨0.1%，相关ETF持续获资金加码，A500ETF易方达 （159361）全天净申购超16.6亿份，该产品此前已连续6个交易日"吸金"，合计约80亿元。截至12月22日，该产品今年以来年化跟踪误差仅0.34%，相对指数 超额收益为2.74%，在规模百亿以上的同类产品中位居第一。 华西证券，当前来看，海外美联储降息和日本央行加息均已落地，市场对套利交易逆转担忧缓解，后续人民币汇率升值带动的外资增配、年初保费收 入"开门红"带来的增量保险资金入市亦可以期待。近期股票型ETF再度大规模净申购，多只宽基ETF成交放量，指向增量资金倾向于逢低布局。 每日经济新闻 （责任编辑：刘畅 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请 读者仅作参考，并请自行承担全部责任。邮箱：news_center@staff.hexun.com ...

Market Performance Overview - In the week of December 15-19, 2025, gold prices increased while domestic equity market indices experienced fluctuations, with the ChiNext index showing a significant decline [4] - The retail trade, non-bank financial, and beauty care sectors saw the highest gains, while the electronics, power equipment, and machinery sectors faced the largest declines [4] Fund Product Issuance - A total of 40 new funds were established in the domestic market this week, with a combined issuance of 18.321 billion units. This includes 8 bond funds, 14 equity funds, 11 mixed funds, 3 FOF funds, and 4 money market funds [5] Fund Product Performance Tracking - The financial and real estate theme funds outperformed this week, while TMT theme funds experienced a net value decline. As of December 19, 2025, the net value changes for various theme funds were as follows: financial and real estate (2.17%), national defense and military industry (1.75%), cyclical (1.68%), consumption (0.92%), industry rotation (-0.32%), industry balance (-0.65%), new energy (-1.66%), pharmaceuticals (-1.85%), and TMT (-2.02%) [6] ETF Market Tracking - This week, there was a significant inflow of funds into equity ETFs, with a net inflow of 55.232 billion yuan. The median return for equity ETFs was -0.33%, while the median return for Hong Kong stock ETFs was -2.06% with a net inflow of 12.373 billion yuan [7][8] ESG Financial Products Tracking - 31 new green bonds were issued this week, with a total issuance scale of 18.530 billion yuan. The cumulative issuance scale of the domestic green bond market reached 5.15 trillion yuan, with a total of 4,427 bonds issued [9] - As of December 19, 2025, there were 211 ESG funds in the domestic market, with a total scale of 149.677 billion yuan. The median net value changes for various ESG fund types were: active equity (-1.35%), passive equity index (-0.54%), and bond ESG funds (0.06%) [9]

A500 成跨年行情布局焦点 —— 量化市场追踪周报（2025W51） [Table_ReportTime] 2025 年 12 月 21 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 8 证券研究报告 金工研究 [Table_ReportType] 金工点评报告 吴彦锦 金融工程与金融产品 分析师 执业编号：S1500523090002 联系电话：+86 18616819227 邮 箱：wuyanjin@cindasc.com 周君睿 金融工程与金融产品 分析师 执业编号：S1500523110005 联系电话：+86 19821223545 邮 箱：zhoujunrui@cindasc.com [Table_Title] 量化市场追踪周报(2025W51)：A500 成跨年行情 布局焦点 [Table_ReportDate] 2025 年 12 月 21 日 从整体仓位来看，截至 2025/12/19，主动权益型基金的平均仓位约为 86.92%。其中，普通股票型基金的平均仓位约为 90.44%（较上周下降 1.27pct），偏股混合型基金的平均仓位约为 87.89 ...

Group 1 - The core viewpoint of the articles highlights a significant increase in trading volumes for various ETFs, particularly the 中证A500ETF, indicating strong institutional interest and a potential bullish sentiment in the market [1][2][3] - On December 17, multiple 中证A500ETF products reached record trading volumes, with 华泰柏瑞中证A500ETF achieving a trading volume of 14.118 billion yuan, marking a new high since its inception [1] - The 中证A500ETF is recognized as a new generation of broad-based ETFs, balancing core large-cap assets with growth potential across various leading companies in niche sectors [1] Group 2 - Institutional investors are significant holders of broad-based ETFs, with over 80% of the shares in 华泰柏瑞中证A500ETF held by institutions as of June 30 [1] - The trading activity of other broad-based ETFs also surged, with 华泰柏瑞沪深300ETF reaching a trading volume of 5.079 billion yuan and 华夏科创50ETF at 3.948 billion yuan on the same day [2] - Since November, net subscriptions for equity ETFs have totaled 105.241 billion yuan, with a notable single-day net subscription of 15.688 billion yuan on December 16 [2] Group 3 - The 港股 innovation drug theme ETFs have also attracted significant capital, with 汇添富港股通创新药ETF and 广发港股创新药ETF seeing net subscriptions of 3.624 billion yuan and over 2.7 billion yuan, respectively [3] - Several ETFs have reached new highs in terms of shares outstanding, including 南方中证A500ETF with 25.131 billion shares and 华夏恒生科技ETF with 66.012 billion shares [3] - New fund launches have maintained high interest, with several funds exceeding 1.3 billion yuan in issuance in December, and some funds announcing early closure of their fundraising [3] Group 4 - Institutions generally hold an optimistic view on equity assets, with 富国基金 noting that the equity risk premium for the 沪深300 index remains above one standard deviation, indicating attractive risk compensation [4] - Continued macro liquidity support is expected to create a favorable environment for equities and commodities, with a moderate expansion in the global credit cycle [4] - The combination of ongoing domestic demand policies and stabilizing external demand is anticipated to further solidify corporate profit recovery [4]

Market Performance - On December 17, A-shares saw a significant rise, with the Shanghai Composite Index increasing by 1.19% to 3870.28 points, the Shenzhen Component Index rising by 2.4% to 13224.51 points, and the ChiNext Index climbing by 3.39% to 3175.91 points [3][15] - The total trading volume across the Shanghai, Shenzhen, and Beijing markets reached approximately 1.83 trillion yuan, an increase of over 860 billion yuan compared to the previous day [5][17] - The Shanghai Composite Index recorded its largest single-day gain since October 21, the Shenzhen Component Index its largest since September 11, and the ChiNext Index its largest since October 24 [5][17] Sector Performance - Most of the 31 sectors in the Shenwan classification saw gains, with notable increases in the communication, non-ferrous metals, and electronics sectors, which rose by 5.07%, 3.03%, and 2.48% respectively [5][17] - The top three sectors for net inflows were communication equipment, electronic components, and energy metals, with net inflows of 4.569 billion yuan, 2.972 billion yuan, and 2.083 billion yuan respectively [5][17] Individual Stock Highlights - Muxi Co., Ltd. (688802.SH) debuted on the STAR Market with a staggering price increase of 693%, closing at 829.9 yuan per share, making it the third highest-priced stock in A-shares [8][20] - The total market capitalization of Muxi Co., Ltd. exceeded 330 billion yuan, and the company raised 4.197 billion yuan through its IPO, marking it as the largest IPO project in the Yangtze River Delta region in the past two years [8][20] Market Sentiment and Outlook - Analysts suggest that the recent market adjustments are typical for the year-end period and do not indicate a fundamental trend reversal, with expectations of a continuation of the previous bull market [9][21] - The recent activity in the brokerage sector has positively influenced market sentiment, driven by regulatory support for expanding capital space and shifting focus from price competition to value competition [9][21] - Future market performance is anticipated to improve as policies continue to support the capital market, with expectations for enhanced profitability and a positive economic cycle [10][22][23]

A500ETF南方最新规模为236.29亿元，在40只跟踪中证A500指数的ETF中只有5只ETF规模突破200 亿关口，管理费+托管费合计为0.2%/年，ETF的场外基金为联接A(022434)\联接C(022435)。 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 刚刚A股全线翻绿，继周一大涨后，连续第四日弱势回调，但资金持续涌入A500ETF南方 (159352)，截至发稿，盘中获资金净申购2.49亿份，预估获净流入2.99亿元，已经连续第8日获资金净流 入，12月3日-12月11日的7个交易日合计净流入27.7亿元。 临近年末全球资金存在获利了结需求，隔夜美股同样上演风格转向，A股四季度以来持续调整，股 市震荡往往是估值消化期，ETF资金10月中旬以来持续净流入宽基ETF，此时配置宽基ETF相当于"用便 宜的价格买全市场核心资产"，如A500ETF南方10月21日至今合计 ...

相关机构表示，短期受海外股市风险偏好波动影响，市场波动较大，长期牛市趋势不改。基本面维 度，2025年三季度全A盈利改善，尤其科技板块业绩亮眼，反映产业趋势仍在延续。在"反内卷"坚定推 动下，物价水平也有望持续回升；资金面维度，当前A股资金仍处于流入状态，对估值形成支撑。情绪 面维度，上周各大宽基指数IV仍在下行，市场情绪持续向好。感兴趣的投资者可以关注中证A500ETF （159338），规模位居同类前列。 注：市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构 成任何投资建议，也不构成对基金业绩的预测和保证。指数历史走势仅供参考，不代表投资意见，不预 示未来。如需购买相关基金产品，请选择与风险等级相匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 近期市场波动放大，资金通过宽基ETF布局大盘，中证A500ETF（159338）近4日获资金加仓超12 亿元。 中证A500ETF（159338）跟踪中证A500指数，行业分布全面且均衡，实现100%行业覆盖，且做了 行业中性处理，更能代表A股市场。 另外，成分股方面，中证A500指数成分股包括约50%传统价值行业+约50%新兴 ...

过去一周， A 股市场延续反弹行情，股票 ETF 迎来资金净流入。 据银河证券基金研究中心数据统计，截至 12 月 5 日的一周，股票 ETF （含跨境 ETF ）获资金净流入超过 108 亿元，其中，仅上周五单 日资金净流入就逼近 90 亿元。 【导读】持续加仓，股票 ETF 单周 " 吸金 " 超 108 亿元 中国基金报记者 若晖 多只中证 A500ETF 成为吸金 " 主力军 " ，此外，中证 1000ETF 、科技类 ETF 也受到资金青睐。 股票 ETF 单周 资金净流入超 108 亿元 刚刚过去的一周， A 股市场继续小幅反弹，宽基指数多数收涨，创业板指单周涨幅达到 1.86% ，领跑主要宽基指数。 伴随着市场上涨，场内资金也在借道股票 ETF 布局。银河证券基金研究中心数据显示，截至 12 月 5 日，全市场 1269 只股票 ETF （含 跨境 ETF ）总规模达 4.38 万亿元。股市反弹，股票 ETF 市场单周总份额增加 353.78 亿份。 数据显示，易方达基金旗下 ETF 最新规模达到 8171.2 亿元， 12 月 5 日，规模增加 80.8 亿元。其中，沪深 300ETF 易方达 ...

另外，成分股方面，中证A500指数成分股包括约50%传统价值行业+约50%新兴成长行业，相较于沪深 300，中证A500减少了传统行业的分布，纳入了更多电力设备、医药生物、电子、计算机等新兴领域龙 头。既能把握科技股的上涨弹性，又能拥有传统价值行业抵御风险的能力。 历史业绩来看，中证A500指数历史走势占优。截至2025年10月31日，中证 A500指数基日以来涨幅高达 458.37%，而同期沪深300，中证800指数收益率为362.22%，409.30%，超额分别为96.15%、49.07%。 2025年至今，中证 A500上涨21.15%，同期沪深300，中证800指数涨幅分别为17.94%，20.50%，超额分 别为3.21%、0.65%。 （文章来源：每日经济新闻） 近期市场波动放大，资金青睐宽基ETF布局大盘，中证A500ETF（159338）近3日获资金加仓近8亿元， 根据wind数据，截至目前，今日盘中获资金申购超3亿份额。 中证A500ETF（159338）跟踪中证A500指数，行业分布全面且均衡，实现100%行业覆盖，且做了行业 中性处理，更能代表A股市场。 ...

Group 1 - The recent rebound of gold prices has brought them back to the $4,200 level, with the China Gold ETF experiencing a 4.86% pullback since its peak on October 20, while attracting 2.354 billion yuan in bottom-fishing investments [1] - From October 21, there has been a significant inflow of funds into broad-based ETFs, with the A500 ETF seeing a net inflow of 4.341 billion yuan, making it the largest "capital-absorbing" broad-based ETF [1] - Market optimism for gold has weakened recently, but with the Federal Reserve expected to continue lowering interest rates, the allocation value of gold is expected to remain prominent [1] Group 2 - According to a report by CICC on December 3, the rapid increase in gold prices since the beginning of the year has outpaced levels that align with fundamentals, which may lead to increased volatility in the future [1] - Despite the potential for volatility, the ongoing rate-cutting cycle by the Federal Reserve and the damaged credibility of the US dollar suggest that the gold bull market is not over, with recommendations to maintain an overweight position and to increase allocations on dips [1] - The continuous net inflow into broad-based ETFs since mid-October is attributed to market fluctuations, which often lead to valuation digestion, causing broad index valuations to drop to historical lows [1] Group 3 - The A500 ETF, which balances "value + growth," has a recent performance of -0.44%, with a current scale of 20.457 billion yuan and an average daily trading volume of 4.185 billion yuan, maintaining its position as the top performer in its category [1] - The lowest fee gold investment tool, the China Gold ETF, is anchored to physical gold and supports T+0 trading, with associated off-market connection funds available [2]