证券研究报告 | 2025年12月28日 ETF 周报 上周 A500ETF 净申购近 500 亿元，本周将新发行 2 只科创板 芯片 ETF 核心观点 金融工程周报 ETF 业绩表现 上周（2025 年 12 月 22 日至 2025 年 12 月 26 日，下同）股票型 ETF 周度收益率中位数为 2.75%。宽基 ETF 中，中证 500ETF 涨跌幅中位 数为 4.04%，收益最高。按板块划分，周期 ETF 涨跌幅中位数为 5.37%， 收益最高。按主题进行分类，新能车 ETF 涨跌幅中位数为 7.17%，收益 最高。 ETF 规模变动及净申赎 上周股票型 ETF 净申购 356.34 亿元，总体规模增加 1322.02 亿元。在 宽基 ETF 中，上周 A500ETF 净申购最多，为 493.22 亿元；按板块来 看，消费 ETF 净赎回最少，为 5.80 亿元；按热点主题来看，医药 ETF 净申购最多，为 4.08 亿元。 ETF 基准指数估值情况 在宽基 ETF 中，创业板类 ETF 的估值分位数相对较低；按板块来看， 消费、大金融 ETF 的估值分位数相对温和；按照细分主题来看，酒、新 能车 ...

Report Summary 1. Investment Rating of the Industry The document does not mention the investment rating of the industry. 2. Core Viewpoints - 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; among sector ETFs, the cyclical ETF had the highest return; among hot - topic ETFs, the new energy vehicle ETF had the highest return [1][13][59]. - Last week, equity ETFs had a net subscription of 35.634 billion yuan. Among broad - based ETFs, the A500ETF had the largest net subscription; among sector ETFs, the consumer ETF had the smallest net redemption; among theme ETFs, the pharmaceutical ETF had the largest net subscription [2][30][36][59]. - As of last Friday, Huaxia, E Fund, and Huatai - PineBridge ranked top three in the total scale of listed non - monetary ETFs. This week, two ETFs, GF Shanghai Stock Exchange Science and Technology Innovation Chip ETF and Huabao Shanghai Stock Exchange Science and Technology Innovation Chip ETF, will be issued [5][53][59]. 3. Summary by Directory ETF Performance - The median weekly return of equity ETFs was 2.75%. The median returns of CSI 500, STAR Market, ChiNext, CSI 1000, A500, SSE 50, and SSE 500 ETFs were 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 [1][13]. - By sector, the median returns of cyclical, technology, large - finance, and consumer sector ETFs last week were 5.37%, 3.93%, 1.50%, and - 0.16% respectively. By hot - topic classification, the median returns of new energy vehicle, military, and photovoltaic ETFs were 7.17%, 5.84%, and 5.38% respectively, showing relative strength, while those of bank, liquor, and pharmaceutical ETFs were - 0.89%, - 0.79%, and - 0.16% respectively, showing relative weakness [19]. ETF Scale Changes and Net Subscriptions/Redeemptions - 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. Among broad - based ETFs, the SSE 500 and A500ETFs had relatively large scales [21]. - By sector, the scale of the technology sector ETF was 430.5 billion yuan, followed by the cyclical sector ETF with 215.9 billion yuan. The scales of large - finance and consumer ETFs were relatively small [24]. - By hot - topic, the scales of chip, securities, and pharmaceutical ETFs were the highest, reaching 148 billion yuan, 141 billion yuan, and 101.9 billion yuan respectively [25]. - Last week, equity ETFs had a net subscription of 35.634 billion yuan and a total scale increase of 132.202 billion yuan; money - market ETFs had a net redemption of 83.24 billion yuan and a total scale decrease of 83.07 billion yuan. Among broad - based ETFs, the A500ETF had the largest net subscription of 49.322 billion yuan, and the SSE 500ETF had the largest net redemption of 58.97 billion yuan [30]. - By sector, the consumer ETF had the smallest net redemption of 580 million yuan last week, and the technology ETF had the largest net redemption of 6.453 billion yuan. By hot - topic, the pharmaceutical ETF had the largest net subscription of 408 million yuan, and the chip ETF had the largest net redemption of 6.68 billion yuan [32][33]. ETF Benchmark Index Valuation - As of last Friday, the price - to - earnings ratios of the SSE 50, SSE 500, CSI 500, CSI 1000, ChiNext, and A500ETFs were at the 83.92%, 86.40%, 97.69%, 95.55%, 63.15%, and 97.86% quantile levels respectively, and the price - to - book ratios were at the 64.26%, 72.88%, 99.59%, 65.46%, 63.64%, and 97.86% quantile levels respectively. Compared with the previous week, the valuation quantile of the A500ETF increased significantly [37]. - As of last Friday, the price - to - earnings ratios of cyclical, large - finance, consumer, and technology sector ETFs were at the 81.53%, 31.82%, 28.61%, and 94.39% quantile levels respectively, and the price - to - book ratios were at the 77.91%, 56.60%, 35.86%, and 90.52% quantile levels respectively. Compared with the previous week, the valuation quantile of the cyclical ETF increased significantly [38]. - Overall, among broad - based ETFs, the ChiNext - related ETFs had relatively low valuation quantiles; among sectors, the consumer and large - finance ETFs had relatively moderate valuation quantiles; among sub - themes, 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 trading 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 with the highest average daily margin buying amount and short - selling volume, the STAR Market ETF and the securities ETF had relatively high average daily margin buying amounts, and the CSI 1000ETF and the SSE 500ETF had relatively high average daily short - selling volumes [45][50][51]. ETF Managers - As of last Friday, Huaxia, E Fund, and Huatai - PineBridge ranked top three in the total scale of listed non - monetary ETFs. Huaxia had high management scales in multiple sub - fields such as scale index ETFs, theme, style, and strategy index ETFs, and cross - border ETFs; E Fund had high management scales in scale index ETFs and cross - border ETFs; Huatai - PineBridge had high management scales in scale index ETFs and theme, style, and strategy index ETFs [53]. - Five new ETFs were established last week, and two ETFs, GF Shanghai Stock Exchange Science and Technology Innovation Chip ETF and Huabao Shanghai Stock Exchange Science and Technology Innovation Chip ETF, will be issued this week [56].

没有"最好"，只有"最适合"。 | 作者 | | 破浪 | | --- | --- | --- | | 编辑 | | 小白 | 步:确认基本身份 第- 1、基金名称与代码 2、判断基金类型 (0) O 姓名: (eg. 沪深 300) 代码:(eg. 51xxxx) 维度一:买什么? 维度二:在哪里买? o o 类型 投资方向 一次 人 股票 信号 商品 talib 潜在收益:股票 > 债券 >货币 境内市场 境外市场 第二步:关注核心指标 核心:跟踪得准、交易方便、成本低 2. 跟踪误差 1. 跟踪指数 3. 规模与流动性 4. 折溢价率 5. 费用比率 >2亿元 (安全) O <5000万元 价格 > 净值 管理费 + 托管费 偏离小更好 (清盘风险!) (溢价买贵)(折价买便宜) 取分ю、力年 重点看1年以上 股票型 0.2-0.6% n 常在 日均成交额 先 机 . [ ] [ 长期到 债券型 0.2% 左右 ±0.5% 内 >一门元 第三步:结合自身需求 设定角色 明确目标 匹配风险 HEEE 核心持世 STRELE (稳健基石) (高弹性) 四十三 激讲 模 (货币/债券) (股票/商品) 语:通 ...

Group 1 - The best performing assets this year are not A-shares or Hong Kong/US stocks, but rather precious metals like gold and silver, as well as base metals like copper and lithium, which have surged under the expectation of interest rate cuts [1] - Silver LOF has doubled in value within a month, indicating strong interest and investment in this sector, although some investors are only using it for short-term trading [1] - The overall trend in commodities has led to significant gains, with many index funds related to these commodities experiencing substantial increases [5] Group 2 - Investors are advised to avoid stock trading unless they are highly skilled, as trading ETFs is generally easier and less risky, provided that entry points are carefully considered [3] - The strategy for investing in ETFs involves waiting for significant market corrections, with a threshold of a 70% drop in industry indices before entering positions [3] - Commodities are being actively traded through index funds, which are less risky than individual stocks due to their lack of leverage and direct correlation to physical assets [5] Group 3 - The current bull market in commodities has led to collective price surges, with many index funds reaching their limits, indicating a strong upward trend [5] - Investment strategies differ based on market conditions, with high positions being used for short-term trading and low positions for long-term investments [7] - The nature of index funds makes them less volatile compared to individual stocks, providing a more stable investment option [7]

分析师表示，随着2025年流入美国股市的散户资金有望创下纪录，个人投资者已成为股市上涨的主要推动力；受美联储降息预期支撑，这一 涨势可能延续至明年。 摩根大通分析师数据显示，2025年迄今为止，散户投入美国股市的资金较去年同期的1970亿美元增长53%，较2021年散户交易狂热期峰值的 2700亿美元高出14%。 与此同时，摩根大通另一项交易数据显示，今年散户交易量占总交易量的20%至25%，4月更是触及约35%的历史高点。 2025年散户股票交易量增长情况的折线图 散户投资者在股市抛售期间折价抢购优质股票，最显著的案例是4月美国总统特朗普推出"解放日关税"（Liberation Day tariffs）引发全球股市 崩盘后，散户抄底行为助推标普500指数（SPX）创下历史新高。该基准指数今年累计上涨近17%。 "散户投资者将继续存在，尤其是2026年。他们今年赚了钱，热爱股票交易，也有相应的交易应用程序。我们将继续看到他们在市场中发挥积 极作用，"杰富瑞（Jefferies）中小盘股策略师史蒂文·德桑克蒂斯（Steven DeSanctis）表示。 近年来，随着罗宾汉（Robinhood）、盈透证券（Int ...

单纯的短线买卖不是好策略。 | 作者 | | 紫枫 | | --- | --- | --- | | 编辑 | | 小白 | 最近，风云君偶尔在市场上找到一份报告，由国泰海通证券、景顺长城、同花顺和财联社联合发表的 《ETF客户投资行为洞察报告》，发布时间是今年4月份。 正所谓"知己知彼，百战不殆"。虽然这份报告的数据截至于2024年末，但 这份报告的部分数据是来 源于国泰海通证券、同花顺平台的交易数据 ，还有一部分来自于财联社和基金公司的调研，因此我 认为，该报告的数据和结论具有一定的参考意义，揭示了ETF投资者这一群体的交易特征和交易状 况。 风云君将结合自身对ETF及其交易体系的认识，给大家解读一下这份重磅报告，一定能让各位老铁有 所收获，感受到ETF的魅力。 注意，本文所用的数据全部来源于这篇报告，图片下方不再标注来源。 不骗你们，炒ETF比炒股票更容易赚钱 最有利的一条证据是，"9.24"行情中新开且活跃投资者中约有23%，近四分之一的散户参与ETF交 易。风云君认为，主要原因是当时部分投资创业板、科创板ETF的涨跌幅达到20%，而部分刚开户的 投资者并没有开通两个板的期权，只能靠ETF这个工具参与到 ...

Core Viewpoint - Minsheng Wealth Management has launched a new ETF-focused product brand named "Minsheng E Selection Huixing Jumang," aiming to provide transparent, stable, and convenient ETF allocation solutions for investors, thereby enhancing long-term wealth growth [1] Industry Overview - The domestic ETF market in China is maturing, with investor recognition of ETF products increasing. By the end of November, the domestic ETF market reached nearly 2 trillion yuan in explosive growth, totaling approximately 6 trillion yuan, covering various asset types including stocks, bonds, commodities, and cross-border investments [2] - ETFs are characterized by low costs, high transparency, flexible trading, and risk diversification, addressing issues found in traditional investment tools such as unclear direction, complicated operations, and concentrated risks [2] Company Strategy - Minsheng Wealth Management has established a "screening + management" dual professional system in the ETF investment field, focusing on strict selection and evaluation mechanisms to choose quality ETF partners based on liquidity, tracking error, fee levels, and corporate governance [2] - The company employs a "self-management + external cooperation" model, leveraging its market research and ETF investment management capabilities while collaborating with top domestic asset management institutions to enhance strategy complementarity and capability synergy [2] Brand Philosophy - The brand name "Huixing Jumang" reflects the core logic of ETF portfolio investment, emphasizing the collection of high-quality ETF targets across the market and optimizing configurations to achieve risk diversification and yield aggregation [3] - The investment strategy of "Minsheng E Selection" is centered around ETFs, focusing on three "E" aspects: professional selection, stable adaptation, and convenient transparency, aiming to lower investment decision costs and provide clear asset allocation [3] Target Audience - The "Minsheng E Selection" series primarily targets investors with some experience who seek to enhance asset yield potential while valuing asset transparency and holding experience. This audience has three main needs: clarity in fund allocation, ease of management through professional research capabilities, and stable returns through scientific asset allocation [4] Product Features - The E Selection series utilizes ETFs as investment tools, capitalizing on advantages such as holding transparency, risk diversification, strong strategy discipline, and high liquidity. It includes a product matrix covering various strategy themes and risk levels to meet diverse investor needs [5][6] - The series aims to smooth portfolio volatility and optimize the holding experience, guiding investors to focus on long-term asset appreciation and achieve relatively stable long-term investment returns [6]

Core Insights - The article compares two mining ETFs: Global X - Silver Miners ETF (SIL) and VanEck Gold Miners ETF (GDX), highlighting their differences in expense ratios, portfolio breadth, and risk profiles for investors seeking precious metals exposure [2][8]. Expense Ratios and Performance - GDX has a lower expense ratio of 0.51% compared to SIL's 0.65%, making it more cost-effective for investors [3] - Both ETFs have shown a 1-year return of 151% as of December 16, 2025, indicating strong performance in the precious metals sector [3] - GDX offers a lower dividend yield of 0.5% versus SIL's 1.08%, which may attract income-focused investors [3] Portfolio Composition - GDX provides exposure to 56 gold mining companies, primarily large-cap, with significant holdings in Agnico Eagle Mines Ltd, Newmont Corp, and Barrick Mining Corp, reflecting a diversified approach [5] - SIL focuses exclusively on silver miners, holding 39 stocks, with top positions in Wheaton Precious, Pan American Silver Corp, and Coeur Mining Inc, appealing to those seeking direct silver exposure [6] Market Context - Precious metals investing is seen as a hedge against inflation and a means of portfolio diversification, with silver prices recently reaching an all-time high and gold steadily rising [9] - Silver is noted for its higher volatility compared to gold due to its dual role as an industrial metal and a store of value, while gold is primarily viewed as a safe haven during economic or political instability [10] Risk Considerations - Both ETFs are focused on mining companies, which carry specific operational risks that can affect stock performance independently of the precious metals they mine [11]

编者按：为帮助投资者系统了解ETF、掌握ETF投资方法，深交所推出"来！聊聊ETF"系列动画短视 频，希望用浅显易懂的语言传递投资知识。今天是第14期，一起看看参与ETF投资需开立什么账户 吧！ 本文系转载自 深交所公众号。 本文不构成野村东方国际证券的任何投资建议、推介或宣传。野村东方国际证券没有独立核实过被转载文章的 内容，该文章中的任何观点不代表野村东方国际证券观点，野村东方国际证券不对投资者依赖本文的任何内容 而采取的行动承担任何责任。投资有风险，入市需谨慎。 1 24 E NOMURA 野村东方国际证券 . 15 长按二维码关注公众号 长按二维码下载APP 65 A P 10 8 al rith Sure 本文转自深交所微信公众号，请点击"阅读原文"查看原文。 本文转载自： 深交所 向上滑动阅览 免责声明 ...

编者按：为帮助投资者系统了解ETF、掌握ETF投资方法，深交所推出"来！聊聊ETF"系列动画短视 频，希望用浅显易懂的语言传递投资知识。今天是第14期，一起看看参与ETF投资需开立什么账户吧！ 责任编辑：杨赐 视频加载中，请稍候... 来源：深交所 ...