文 | 银行螺丝钉 （转载请注明出处） 基金定投是非常适合懒人的投资方式，但是如何才能聪明地做好基金定投？ 定投前要准备什么？如何制定好定投计划？ 4种定投方法，哪个更适合你？如何止盈？ 这里有一门限时免费的福利课程，能帮助你搞清楚这些问题。 想要获取这门课程，可以扫下方二维码添加 @课程小助手 ，回复「 基金定投 」领取哦～ 更有课程笔记、思维导图，帮您快速搞懂课程脉络，学习更高效。 这个风险因子是啥意思呢? 投资有风险,保险机构做了有风险的投 资,就 必 须 拿 出 真 金 白 银 的 "资本 金"作为后备，以防风险发生时无法兑 付给客户。 风险 因 子 ，就 好 比 是 "资本 占 用 系 数"。每家保险机构，资本金都是有限 的,如果某一类资产,风险因子降低, 那保险机构就可以拿出更多的资金,投 资到这类资产中。 如何才能做好意长元主要? 长按添加@课程小助手,回复「基金定投」 免费领取《基金定投指南》课程 更有课程笔记、思维导图 帮你学会如何制定好一个基金定投计划 #螺丝钉小知识 und 银行螺丝钉 保险机构喜欢哪些指数呢，对普 通投资者有何启示? 2025年12月初，保险机构下调投资沪深 300、红 ...

- The report primarily focuses on tracking and analyzing the performance of broad-based indices in the A-share market, including their daily price movements, moving averages, turnover rates, and risk premiums[1][2][3] - The turnover rate for each index is calculated using the formula: $ \text{Turnover Rate} = \frac{\Sigma(\text{Circulating Shares of Component Stocks} \times \text{Turnover Rate of Component Stocks})}{\Sigma(\text{Circulating Shares of Component Stocks})} $ This provides insights into the liquidity and trading activity of the indices[17] - The risk premium is measured relative to the 10-year government bond yield, serving as a benchmark for risk-free rates. This metric evaluates the relative investment value and deviation of each index. For instance, the current risk premium for the CSI 500 is -0.79%, with a 5-year historical percentile of 21.98%[27][31] - The PE-TTM (Price-to-Earnings Trailing Twelve Months) ratio is used as a valuation reference. For example, the CSI 500 has a current PE-TTM value of 32.45, with a 5-year historical percentile of 94.96%, indicating a relatively high valuation compared to its historical range[39][43] - Dividend yield is analyzed as a measure of cash return. For instance, the CSI 500 has a current dividend yield of 1.45%, with a 5-year historical percentile of 24.96%, reflecting its position in the historical distribution of dividend yields[48][53] - The report also examines the net asset value (NAV) break rate, which represents the proportion of stocks trading below their book value. For example, the CSI 500 has a current NAV break rate of 11.0%, suggesting market sentiment and valuation levels[54][57]

- The report primarily focuses on tracking and analyzing the performance of broad-based indices in the A-share market, including metrics such as daily returns, moving averages, turnover rates, risk premiums, PE-TTM, dividend yields, and net asset ratios[1][3][4] - The analysis includes a detailed comparison of indices' daily returns, showing that indices like the CSI 500 and ChiNext Index had the highest daily gains on December 12, 2025, at 1.23% and 0.97%, respectively[11][14] - Moving average analysis reveals that the CSI 500 and ChiNext Index broke above their 5-day moving averages, while all indices surpassed their 10-day and 20-day moving averages. The SSE 50 and CSI 2000 also broke above their 60-day moving averages[14] - Turnover rate analysis indicates that the CSI 2000 had the highest turnover rate at 4.1%, followed by the ChiNext Index at 2.66% and the CSI 1000 at 2.5%[16] - Risk premium analysis, using the 10-year government bond yield as the risk-free rate, shows that the CSI 500 and SSE 50 had the highest 5-year percentile values at 86.75% and 76.83%, respectively, while the CSI 1000 and CSI 2000 had lower values at 74.13% and 65.16%[26][30] - PE-TTM analysis highlights that the CSI 1000 and CSI 500 had the highest 5-year percentile values at 96.61% and 95.45%, respectively, indicating relatively high valuations. In contrast, the ChiNext Index had a lower 5-year percentile value of 57.77%[41][42] - Dividend yield analysis shows that the ChiNext Index and CSI 1000 had relatively high 5-year percentile values at 66.61% and 47.19%, respectively, while the CSI 500 and CSI 2000 had lower values at 15.7% and 12.56%[51][53] - Net asset ratio analysis reveals that the SSE 50 had the highest proportion of stocks trading below their net asset value at 24.0%, while the ChiNext Index had the lowest at 1.0%[55]

从定量来看，"春季躁动"行情平均持续时间约44个交易日，期间上证指数与创业板指的平均涨幅分别可 达11.52%与14.92%（数据来源：西部证券研究中心）。 从定性来看，当企业盈利或宏观经济数据呈现向上趋势，且未受重大外部冲击时，"春季躁动"上演的概 率便显著提升；若此时再叠加宽松的流动性环境（如降准降息），则往往催生出更为强劲的上涨波段。 再将目光投向当前的2026年，我们正目睹一个有利于"春季躁动"滋生的组合条件逐渐成型：上市公司盈 利步入边际改善通道，内部政策与流动性环境友好，外部因素也呈现中性偏正面格局。 古人道："一年之计在于春"。 在由成交缩量、年末抱团、机构排名、美联储鹰鸽分歧、4000点天花板交错而成的冬季迷雾中，不少人 又想起了"春天"这一充满希望的季节。 关于"跨年行情"与"春季躁动"的讨论持续升温，这不仅是基于历史规律的期许，更是对当下积极信号汇 聚的理性回应。 所谓"春季躁动"，特指A股市场在年末至次年年初常常上演的阶段性上涨行情。它虽无精确的日历起 点，可能在上一年的12月、次年的1月或2月任何一个时间点悄然启动，但其历史身影却清晰可辨。 一个颇具启示的历史统计是，在出现"春季躁动" ...

- The report primarily focuses on tracking and analyzing the performance of broad-based indices in the A-share market, including their daily returns, moving averages, turnover rates, and valuation metrics such as PE-TTM and dividend yield[2][3][14] - The turnover rate of the indices is calculated as the weighted average of the turnover rates of their constituent stocks, weighted by the free-float market capitalization of each stock[16] - The risk premium of the indices is measured relative to the yield of 10-year government bonds, serving as a reference for risk-free rates. This metric evaluates the relative investment value and deviation of the indices[26][27][29] - The PE-TTM (Price-to-Earnings Trailing Twelve Months) is used as a valuation reference to assess the investment value of the indices at the current point in time. The report highlights that the PE-TTM percentiles of indices like CSI 1000 (95.7%) and CSI 500 (94.88%) are relatively high, while those of CSI 300 (80.91%) and ChiNext (57.27%) are lower[36][39][40] - Dividend yield is analyzed as a measure of cash return, particularly relevant during market downturns. The report notes that ChiNext (67.6%) and CSI 1000 (49.59%) have relatively high 5-year historical percentiles, while CSI 500 (15.95%) and CSI 2000 (14.79%) are lower[45][49][51] - The report also tracks the percentage of stocks trading below their book value (PB ratio < 1), referred to as the "break-net ratio." This metric reflects market valuation attitudes, with lower ratios potentially indicating optimism about future growth. Current break-net ratios are reported as 20.0% for SSE 50, 15.67% for CSI 300, 11.8% for CSI 500, 8.2% for CSI 1000, 3.4% for CSI 2000, 1.0% for ChiNext, and 6.37% for CSI All Share[50][53]

【导读】12月11日股票ETF净流入近45亿元 12月11日（本周四），A股三大股指震荡下挫，创业板指跌1.41%，深证成指跌1.27%，上证指数跌 0.7%。在市场震荡回调之时，股票ETF资金流向相对平稳，单日净流入44.93亿元。 当日多数宽基ETF获资金青睐，中证A500ETF、科创板50ETF、上证50ETF均获大举加仓，而行业主题 ETF净流出居前。从年底投资配置来看，机构普遍认为可关注核心宽基指数，在市场波动中实现稳健配 置与灵活应对。 宽基ETF获大举加仓 数据显示，截至12月11日，全市场1272只股票ETF（含跨境ETF）总规模为4.56万亿元。若按照区间成 交均价测算，12月11日股票ETF整体净流入资金44.93亿元，"抄底资金"选择"逢低加仓"。 从大类型来看，上一交易日宽基ETF与港股市场ETF净流入居前，分别达24.02亿元与17.66亿元。 从头部机构情况看，易方达基金旗下ETF产品最新规模为8148.5亿元。2025年以来规模增加2142.0亿 元，其中净流入585.8亿元，净值增加1556.2亿元。 华夏基金ETF方面，上一交易日，旗下上证50ETF、A500ETF基金、科创 ...

Core Viewpoint - On December 11, the A-share market experienced a decline, with the three major indices falling, while stock ETFs saw a net inflow of approximately 4.493 billion yuan, indicating a preference for core broad-based indices amidst market volatility [2][4]. ETF Market Overview - As of December 11, the total scale of 1,272 stock ETFs in the market reached 4.56 trillion yuan, with a net inflow of 4.493 billion yuan on that day, reflecting a "bottom-fishing" strategy by investors [4]. - Broad-based ETFs and Hong Kong market ETFs led the net inflows, with 2.402 billion yuan and 1.766 billion yuan respectively, highlighting a strong interest in these segments [5]. Specific ETF Performance - The CSI A500 ETF saw the highest net inflow of 2.867 billion yuan on December 11, with a total inflow exceeding 7.2 billion yuan over the past five days [5]. - The STAR 50 ETF also experienced significant inflows, totaling 1.47 billion yuan, with over 4.3 billion yuan in net inflows in the last five days [5]. - The latest scale of the CSI A500 ETF managed by Huatai-PineBridge reached 30.704 billion yuan, while the STAR 50 ETF managed by E Fund reached 69.341 billion yuan [8]. Institutional Insights - According to Lin Weibin, General Manager of the Index Investment Department at E Fund, the market is expected to maintain a moderate oscillation, with economic resilience and stable expectations supporting the market [6]. - The focus for investment should remain on large-cap growth core assets, as their valuations are currently at historical lows, providing potential for valuation recovery [6]. Outflows from Thematic ETFs - Thematic industry ETFs experienced significant outflows, totaling 877 million yuan on the same day, indicating a shift in investor sentiment away from these sectors [11][12]. - Despite the overall inflow into broad-based ETFs, some segments, such as the CSI 1000 ETF, saw outflows of 390 million yuan, reflecting selective investor behavior [12]. Fund Management Performance - E Fund's ETF products have seen a total scale increase to 814.85 billion yuan since the beginning of 2025, with net inflows of 58.58 billion yuan and a net asset value increase of 155.62 billion yuan [9]. - Huaxia Fund's ETFs, including the CSI 50 ETF and CSI A500 ETF, also reported significant net inflows, showcasing strong performance in the market [10].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：中国基金报 原标题："首只"，突破300亿元！ 距上市仅一年有余，中证A500ETF就迎来首只300亿级单品。 Wind数据显示，截至12月11日，华泰柏瑞旗下中证A500ETF最新规模达到307.04亿元，今年以来规模增 长132.57亿元，成为首只规模突破300亿元的中证A500ETF。 作为新"国九条"发布后的首只宽基指数，中证A500指数相关产品吸引多家基金公司争相布局，截至12 月11日，仅场内跟踪中证A500指数的ETF数量就已经达到45只之多，合计规模突破2000亿元。 首只A500ETF规模突破300亿元 中证A500ETF迎来新的里程碑。 Wind数据显示，截至12月11日，A500ETF华泰柏瑞最新规模达307.04亿元，刷新历史新高，成为全市场 跟踪中证A500指数的ETF中首只突破300亿元大关的ETF产品。 伴随着产品数量增长，中证A500ETF的规模也在提升。截至12月11日，全市场45只中证A500ETF总规模 达到2057.67亿元，相比最初首批10只上市时的200亿元增长超过9倍。 最近一段时间， ...

（原标题："首只"，突破300亿元！） 【导读】首只A500ETF规模突破300亿元大关 距上市仅一年有余，中证A500ETF就迎来首只300亿级单品。 Wind数据显示，截至12月11日，华泰柏瑞旗下中证A500ETF最新规模达到307.04亿元，今年以来规模增 长132.57亿元，成为首只规模突破300亿元的中证A500ETF。 作为新"国九条"发布后的首只宽基指数，中证A500指数相关产品吸引多家基金公司争相布局，截至12 月11日，仅场内跟踪中证A500指数的ETF数量就已经达到45只之多，合计规模突破2000亿元。 首只A500ETF规模突破300亿元 中证A500ETF迎来新的里程碑。 Wind数据显示，截至12月11日，A500ETF华泰柏瑞最新规模达307.04亿元，刷新历史新高，成为全市场 跟踪中证A500指数的ETF中首只突破300亿元大关的ETF产品。 最近一段时间，A500ETF华泰柏瑞持续吸引资金净流入，据Wind数据统计，截至12月11日，A500ETF 华泰柏瑞最近8个交易日连续资金净流入，12月以来合计资金净流入超过46亿元，今年以来资金净流入 更是超过95亿元。 从规模变化上 ...

【导读】首只A500ETF规模突破300亿元大关 中国基金报记者 若晖 距上市仅一年有余，中证A500ETF就迎来首只300亿级单品。 首只A500ETF规模突破300亿元 Wind数据显示，截至12月11日，华泰柏瑞旗下中证A500ETF最新规模达到307.04亿元，今 年以来规模增长132.57亿元，成为首只规模突破300亿元的中证A500ETF。 作为新"国九条"发布后的首只宽基指数，中证A500指数相关产品吸引多家基金公司争相布 局，截至12月11日，仅场内跟踪中证A500指数的ETF数量就已经达到45只之多，合计规模 突破2000亿元。 中证A500ETF迎来新的里程碑。 在此之前，A500ETF华泰柏瑞曾官宣更名。7月1日晚间，华泰柏瑞基金发布公告称，自7月3 日起，旗下华泰柏瑞中证A500ETF的扩位证券简称正式变更为"A500ETF华泰柏瑞"，采 用"标的指数+ETF+管理人名称"三要素命名格式，方便投资者快速提炼核心信息，提升筛选 和决策效率。 总规模突破2000亿元大关 作为新"国九条"发布后的首只宽基指数，中证A500指数以"行业均衡策略"为核心，兼具成长 与价值属性，Wind数据显示， ...