以下文章来源于数据宝 ，作者梁谦刚 数据宝 . 历史数据显示，近年来，中国ETF规模逐年递增。2020年，中国ETF规模首次跨越万亿元台阶，2023年迈过2万亿元台阶，2024年升至3万 亿元以上，2025年内实现了4万亿元、5万亿元、6万亿元的三级跨越。 数据宝——证券时报智能原创新媒体，中国股市大数据新媒体领先品牌，依托证券时报财经数据库和证监会指定信息披露媒体的权威信息，让您用手机也 能从海量数据中获得有用的决策信息支持，数据是个宝，炒股少烦恼！ 中国ETF规模再创新纪录。 据证券时报·数据宝统计，截至12月27日，中国ETF规模达到6.03万亿元，历史上首次突破6万亿元大关。最新ETF规模与2024年底相比，增 幅达到61.59%。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 保壳！300472，获赠不超3.3亿元现金资产+豁免不超 0.5亿元债务 丨 人形机器人与具身智能，突传大消息！ 丨 数据产业，重磅利好来了→ 丨 国家统计局，最新公布 ...

刚刚见证历史！ 当上市公司因买私募基金爆亏81%而报案的消息震惊全场时，国内ETF市场再创里程碑式记录，历史首次迈向6万亿时代，创突破万亿关口史上最快纪 录！ 在A股创近10年新高之际，ETF市场突破6万亿，不仅是一个数字的巅峰，更是一个时代的注脚，以前所未有的姿态重塑金融市场。 站在岁末年初的转折时点，基金君将从ETF规模增长、ETF功能、产品发行与创新、投资者结构、资金流向等来盘点中国ETF在2025年的七大变化。 登顶亚洲，国内ETF迈向6万亿时代 2025年12月26日，国内ETF规模历史首次突破6万亿元大关，达到6.03万亿元，较年初的3.73万亿元增长62.6%，年内净增2.29万亿元。 今年ETF连续突破4万亿（204天）、5万亿（131天）、6万亿（122天）三大关口，呈现加速度爆发姿态，从5万亿到6万亿仅用4个月，创突破万亿关口史 上最快纪录！ 2025年8月，国内ETF市场以6810亿美元规模超越日本的6680亿美元，取代日本成为亚太地区ETF之王，成为亚洲最大ETF市场！ 这不仅是数字上的超越，更蕴含着被动投资深刻重塑中国金融生态的信号。 从此，国内资本市场的图谱上，一个属于ETF的黄金 ...

Market Performance - The Shanghai Composite Index recorded an 8-day consecutive rise with a total market turnover of 2.18 trillion yuan on December 26 [1] - The market maintained a strong performance over the week, with sectors such as Hainan, batteries, commercial aerospace, storage chips, and energy metals leading in gains, while dairy, retail, banking, and pharmaceutical sectors saw declines [1] Index Performance - The CSI 300 Index increased by 1.9%, the CSI A500 Index rose by 2.7%, the ChiNext Index climbed by 3.9%, the STAR Market 50 Index went up by 2.8%, and the Hang Seng China Enterprises Index saw a slight increase of 0.2% [1][3] - The rolling price-to-earnings (P/E) ratios for the indices are as follows: CSI 300 at 14.1 times, CSI A500 at 16.9 times, ChiNext at 41.2 times, STAR Market 50 at 161.2 times, and Hang Seng China Enterprises at 10.4 times [3] Historical Performance - Year-to-date performance shows the CSI 300 Index up by 18.4%, CSI A500 up by 23.0%, ChiNext up by 51.5%, STAR Market 50 up by 36.1%, and Hang Seng China Enterprises up by 22.3% [7] - Over the past year, the CSI 300 Index increased by 17.0%, CSI A500 by 21.1%, ChiNext by 47.1%, STAR Market 50 by 32.1%, and Hang Seng China Enterprises by 22.0% [7] Sector Composition - The CSI A500 Index covers 500 securities with large market capitalization and good liquidity, spanning 89 out of 93 three-level industries [4] - The ChiNext Index consists of 100 stocks with high market capitalization and liquidity, with a significant representation from strategic emerging industries, particularly in power equipment, communications, and electronics, which together account for nearly 60% [4] - The STAR Market 50 Index is composed of 50 stocks from the STAR Market, prominently featuring "hard technology" leaders, with semiconductors making up over 50% and combined with medical devices and photovoltaic equipment, accounting for nearly 75% [4]

Core Insights - The recent policies and initiatives, including the establishment of a fast-track approval channel for ETFs and the promotion of index investment, have significantly boosted the development of index funds, particularly ETFs, in China [1][3]. Group 1: ETF Growth and Market Impact - As of December 17, 2025, the number of ETF shares increased by 670 billion to 3.33 trillion, representing a growth rate of 25.43%, while the total scale rose by 2.06 trillion to 5.79 trillion, marking a 55.12% increase [1]. - A total of 328 new ETFs were issued, bringing the total number to 1,380 [1]. Group 2: Company Initiatives and Product Offerings - Fund companies, including Southern Fund, are actively participating in the index investment trend, providing low-cost and transparent passive investment options to investors [2]. - Southern Fund has developed a comprehensive product matrix that aligns with national strategies, covering various sectors and themes, including broad-based, industry-specific, and cross-border products [4][5]. Group 3: Technological Integration and Team Expertise - Southern Fund's index team emphasizes tracking accuracy as a core competitive advantage, achieving industry-leading tracking precision for stock ETFs over the past decade [8]. - The team consists of 33 members with diverse academic backgrounds, including 3 PhDs and 29 master's degree holders, enhancing their capability in product development and quantitative research [9]. Group 4: Future Directions and Commitment - Southern Fund aims to continue focusing on customer needs and professional capabilities to contribute to the high-quality development of the capital market [11].

一晃之间2025年的日历就还剩下几页没翻了。 纵然年尾市场经历了一些波动，但无可否认，2025年是难得的资产大年，投资体验步入春天。这也是复杂的一年：过去大类资产间那些看似规律的相关性 与负相关性，在今年并不总是奏效。 这一年，A股市场在前行中校准航向，投资不再是与"堂吉诃德的风车"搏斗,而是一场关于产业趋势、估值重塑与全球定价权的深度再平衡。 该如何记忆一整年的市场？跟随指数的脉络。指数本质是市场用真金白银投票形成的动态共识。理解指数，便是理解市场在特定时期的集体判断。 未来，跟踪共识、解读共识，将成为投资者在市场中重要的生存技能。此时，一些年度记忆涌上心头，我们来做一个2025年指数投资回忆与复盘。 #时光锚点 春夏秋冬的潮汐 注：指数历史走势不代表具体产品业绩，不预示未来表现，也不代表投资建议。 春 · 科技重估的"东方既白" 蛇年伊始，以DeepSeek为代表的AI突破，重塑了市场对中国科技叙事的态度。AI、算力、端侧Agent、垂直应用…科技树的各个分支都迎来了可预见的未 来。 这一年，即便没有买到翻倍的5G通信，买了科创、创业板宽基，也能有不错的收益。走了三年坎坷路的科创板，终于"换了一个方向，奔 ...

Core Insights - The article emphasizes the importance of independent research and long-term investment strategies in fund selection, highlighting four ETFs in the equity asset category that are worth attention for investors [1] Group 1: Market Trends - As of December 31, 2024, the one-year winning rate of active small-cap funds decreased from 49.6% in 2023 to 38.2%, and the three-year winning rate dropped from 58.7% to 37.6%, indicating a weakening ability of active funds to generate excess returns [2] - The market is increasingly favoring passive products, leading to improved pricing efficiency and overall market effectiveness [2] - The China Securities Regulatory Commission's action plan for promoting high-quality development of public funds is expected to further constrain the ability of active funds to create significant excess returns [2] Group 2: Index Overview - The index tracked by the passive funds is categorized as a mid-cap balanced stock fund, consisting of 500 stocks that are excluded from the CSI 300 index, reflecting the overall performance of mid to large-cap stocks [3][15] - The index is designed to balance market capitalization and liquidity, with a semi-annual adjustment mechanism to maintain stability and reduce turnover rates [4][16] Group 3: Fund Highlights - **E Fund CSI 500 ETF**: Established on August 27, 2015, this fund employs a full replication strategy to track the CSI 500 Index, managed by a team with extensive experience in index investment [7][8] - **Huatai-PB CSI 500 ETF**: Launched on May 13, 2015, this fund also follows a full replication method and is managed by a team with a clear division of responsibilities, focusing on daily index tracking and risk management [11][12] - **China Asset CSI 1000 ETF**: Founded on March 18, 2021, this fund utilizes a full replication strategy and has a robust operational framework supported by a stable team with significant experience in index fund management [19][20] - **E Fund CSI 1000 ETF**: Established on July 28, 2022, this fund follows a similar operational model as other E Fund products, focusing on systematic management and risk control [23][24] Group 4: Performance Metrics - As of September 30, 2025, the E Fund CSI 500 ETF had a scale of 2.95 billion, with a fee level in the lowest quartile among similar products [8] - The Huatai-PB CSI 500 ETF had a scale of 980 million as of September 30, 2025, also positioned in the lowest fee quartile [12] - The China Asset CSI 1000 ETF reached a scale of 45.47 billion by September 30, 2025, with a management fee reduced to 0.15%, placing it in the lowest fee quartile [20] - The E Fund CSI 1000 ETF had a scale of 1.56 billion as of September 30, 2025, with similar fee reductions, enhancing its cost competitiveness [24]

Core Insights - The central thesis of Burton Malkiel's "A Random Walk Down Wall Street" is that short-term price fluctuations are essentially unpredictable, and most efforts to outperform the market ultimately fail [2][4][19] - The book advocates for long-term investment in broadly diversified index funds, which often outperform most active trading strategies [2][4][19] Author's Background - Burton Malkiel combines practical experience as a former investment analyst and chairman of an investment committee with academic rigor as an economist at Princeton University, making his insights particularly credible [3] - His work has introduced generations of investors to the Efficient Market Hypothesis (EMH), which remains a staple in top business schools [3] Book Overview - "A Random Walk Down Wall Street" contrasts two classic theories: the "fundamental theory," which attributes stock value to fundamentals, and the "castle in the air theory," which suggests prices are driven by collective psychology and expectations [4] - The book reviews historical market bubbles, illustrating how speculative behavior recurs over time, and critiques both technical and fundamental analysis for their inherent flaws [4][6] Practical Applications - The book emphasizes that price movements are largely unpredictable, urging traders to focus on risk management rather than attempting to forecast every market fluctuation [8] - Diversification is highlighted as the only "free lunch" in investing, allowing traders to reduce risk without sacrificing returns by avoiding concentration in single assets or sectors [9] - It stresses the importance of being aware of costs, as trading fees and taxes can significantly erode returns over time, even for profitable strategies [10] - Behavioral biases such as overconfidence and herd mentality can lead traders to abandon sound strategies at critical moments, making emotional discipline essential [11] Common Mistakes to Avoid - The book warns against the illusion of market timing, stating that even professionals struggle to consistently time the market accurately [12] - It cautions against chasing popular narratives, as historical patterns show that such trends often end in significant downturns [12] - Risk management is equally important as pursuing returns, as neglecting volatility control can lead to disastrous outcomes [13] Target Audience - The book is not suited for day traders seeking short-term strategies but is ideal for those looking to build long-term wealth without being overwhelmed by daily market noise [17][18] - It provides a systematic investment framework for beginners and challenges experienced traders to evaluate whether their results justify their time and effort [18]

01 伴随指数投资理念日益深入人心，如何在风格轮动中运用指数建立稳健的配置框架也成为投资者普遍关心的焦点话题。12月20日，在2025雪球嘉 年华主会场，易方达基金董事总经理、指数投资部总经理林伟斌跟与会人士分享了题为《使用风格因子指数构建投资组合》的专题演讲，从行业发 展趋势、市场分化特征、风格因子本质及实操方法等多维度切入，结合市场最新动态解码因子投资逻辑，助力投资者在风格切换中构建穿越周期的 高性价比组合。 运用"加减法"做好指数投资 国内主流的代表性因子包括红利、低波、成长、价值、质量等，等权较少。不过单因子体验欠佳，因为很容易卖在低点，但多因子也不好用。针对 投资者普遍关心的"如何用好风格因子"这一核心问题，林伟斌分享了简单实用的配置逻辑，强调无需复杂的量化模型，通过基础的"加减"组合有望 化繁为简。在单因子使用层面，关键在于优化选股逻辑。以价值因子为例，需避免陷入低估值陷阱，通过负向剔除（如剔除ROE不稳定、为负的标 的）筛选优质资产，再结合高股息、高自由现金流等指标构建组合，季度调整优化；对于成长因子，核心是聚焦"未来成长"而非"过去成长"，通过 整合卖方研究员的一致预期数据，包括当季SUE、未 ...

文 | 银行螺丝钉 （转载请注明出处） 一、【第424期直播回放】 有朋友问，哪些指数，是被机构投资者认可的？ 这些指数，适合我们普通投资者入手吗？最适合新手入门的指数，是什么？ 指数投资中，做好分散配置+再平衡，有啥好处？ 在今晚的直播课里，螺丝钉详细介绍了这些问题。 长按识别下面二维码，添加 @课程小助手 微信，回复「 1223 」即可观看直播回放。 （提示：回复后可以耐心等待几秒哦～） 二、【部分直播课内容如下】 1. 新手投资指数基金，适合从哪些品种入门？ 我们投资股票类资产，可以选择单个股票，也可以投资指数基金这样的品种。 对大多数家庭来说，走指数基金投资是更合适的。 因为选个股，是一个很耗费时间和精力、风险也比较大的事情，大多数普通投资者不具备这个能力。 而指数基金， 具备分散配置、新陈代谢的能力， 就不用太担心单个公司的经营风 其中，比较常见的股票指数指引，主要是以下几类： · 公募基金业绩基准一类库指数； 2. 公募基金业绩基准一类库 我们先来了解下 公募基金业绩基准库 一类库 。 公募基金业绩基准库，现阶段主要纳入股票指数，分为一类库和二类库。 | 特点 | 当前指数数量 | 覆盖范围 | ...

近期A股市场在跨年行情中展现出韧性，上证指数在3900点附近，日本加息等外部扰动未改市场内生修 复趋势。在此背景下，紧密跟踪沪深300指数的易方达沪深300ETF联接基金（A类110020；C类 007339）以其低费率、高透明度和便捷配置优势，成为投资者把握中国经济核心资产的重要工具。当前 市场结构性机会凸显，消费板块政策利好密集释放，沪深300指数作为A股"压舱石"，其估值与股息率 双优特征进一步巩固配置价值。在指数投资领域，易方达基金管理公司经验已超21年，且资产管理总规 模处于行业前列，产品线齐全，后续将为产品运行保驾护航。（数据来源：Wind，截至于2025年12月 19日） 近期商务部联合财政部在50个城市试点消费新业态，推动零售、免税等板块集体走强，折射出内需修复 动能加强。与此同时，"新国九条"等政策持续引导资金向优质资产聚集，沪深300指数作为覆盖A股近 半市值的核心标杆，其成分股中工业、信息技术等新经济行业权重逐步提升，与产业升级趋势高度契 合。历史数据显示，"春季躁动"行情多在1-4月展开，当前宽松流动性环境与政策预期叠加，或进一步 催化板块表现。尽管海外流动性波动仍存，但国内央行通过逆 ...