12月30日午后，国证自由现金流指数震荡上行，现涨约0.5%，成分股南京新百涨停，中集集团、 云铝股份、鄂尔多斯、中国铝业等跟涨。相关ETF方面，同类规模最大的自由现金流ETF（159201）近 10个交易日合计"吸金"超3.75亿元，最新规模达82.99亿元，资金抢筹特征显著。 （责任编辑：董萍萍 ） 信达证券表示，当前内外部不确定性均缓和，催化跨年行情启动的积极因素正在增加：美股科技股 反弹、人民币升值、有色金属（金银铜）价格上行、商业航天等主题催化较多。当前政策、情绪和部分 行业的产业逻辑均较好，在机构资金的支撑下，有望把指数推升到年内高点附近，但后续进一步大幅突 破还是需要验证居民资金活跃度。不过考虑到每年1-3月是居民资金容易出现季节性脉冲的阶段，对本 轮跨年行情空间还是乐观的，建议投资者积极参与。 【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 自由现金流ETF（159201）及其联接基金（A ...

Group 1 - The core viewpoint of the articles highlights the significant growth in China's public fund management industry, with total net asset value reaching a historical high of 37.02 trillion yuan by the end of November, marking eight consecutive months of growth [1] - As of the end of November, there are 165 public fund management institutions in China, including 150 fund management companies and 15 asset management institutions with public qualifications [1] - The growth in public fund size in November was primarily driven by money market funds, which increased by nearly 130 billion yuan, and bond funds, which grew by over 30 billion yuan compared to the end of October [1] Group 2 - Despite a nearly 2% decline in the A-share market in November, the net value of equity funds saw a decrease, with the total size of equity funds reaching 5.8 trillion yuan, down 2.2% from the previous month [2] - The latest data shows that the total share of equity funds at the end of November reached 3.82 trillion shares, reflecting a month-on-month growth of 2.09% [2] - Investor interest in equity and mixed funds remains strong, with both categories seeing significant share increases of 783.11 billion shares and 108.46 billion shares, respectively, compared to the end of October [2]

Group 1 - The low interest rate environment is beneficial for the development of capital markets, providing stable investment returns for investors. The rich supply of products and deepening market reforms have effectively translated into investor satisfaction, with the weighted average annualized return of all equity and mixed public funds performing well over the past year [2][10] - Current asset-side returns are under pressure, and various asset management institutions need to build comparative advantages through differentiated operations. The core of trust business differentiation lies in the business cycle of asset management trusts and asset service trusts. Since the regulatory "three-category" transformation began in 2023, asset service trusts have reshaped the fundamental functions of trusts, fully leveraging the advantages of the trust system in property independence, risk isolation, flexible structure, and inheritance distribution [2][10] - Under the low interest rate environment, the demand for wealth inheritance and security among residents is gradually being released. The scale of assets that residents can inherit is expected to reach 20 trillion yuan, with a continuous increase in wealth inheritance demand. The trust industry provides diversified asset allocation solutions through patient service and long-term companionship, achieving multi-asset cross-cycle allocation and truly practicing the buy-side investment advisory concept [2][10] - Financial technology is continuously expanding the boundaries of production possibilities in the asset management industry. Only by optimizing and integrating data models and decision-making chains in investment, operation, risk control, and compliance through AI and information technology can the asset management capabilities with Chinese characteristics be effectively enhanced [2][10] Group 2 - The Shanghai Financial Regulatory Bureau and other authorities have issued an action plan to promote the comprehensive pilot work of the intellectual property financial ecosystem in Shanghai, aiming to establish a convenient, efficient, and well-structured intellectual property financial ecosystem by the end of 2027 [3][11] - The action plan optimizes the development of intellectual property financial products and enhances the quality of comprehensive services. It guides financial institutions to provide integrated intellectual property financial services tailored to the characteristics of enterprises' intellectual property. It encourages trust companies to engage in innovative businesses such as intellectual property trusts, achieving efficient management of intellectual property security and conversion benefits [4][12] - To enhance the activity of intellectual property transactions, the plan emphasizes leveraging the functions of the Shanghai Intellectual Property Trading Center and the Shanghai Technology Trading Center in areas such as value assessment, pricing, transfer transactions, and asset disposal, while exploring feasible paths for intellectual property registration under trusts and wealth management products [4][13]

12月29日，A股缩量微跌，逾3000只个股收绿，但成交额仍在2.1万亿元上方。有色金属、电力设备等板块拖累科创50、创业板指小幅下挫；石油石化、银 行等板块护盘，沪指微红。 受访人士表示，年末资金避险情绪显著升温，机构正加速向低估值、高股息的防御板块调仓。2025年仅剩两个交易日，市场大概率维持震荡收官，同时为 跨年结构性行情蓄势。操作上延续"哑铃型"均衡配置，一手抓成长弹性，一手抓防御高股息。 沪市跑赢深市 指数涨跌互现，沪指收涨0.04%报3965.28点，创业板指收跌0.66%报3222.61点，深证成指微跌0.49%。科创50微涨，沪深300、上证50、北证50微跌。 量能较上一个交易日减少234.5亿元，今日成交额2.16万亿元。杠杆资金方面，截至12月26日，沪深京两融余额为2.54万亿元。 盘面上，石油天然气、页岩气、航空机场、Chiplet概念、数字货币涨势不错，但锂矿概念、黄金概念、氟化工、磷化工领跌，基础金属、贵金属、稀有金 属、电力、化肥农药跌幅也靠前。 31个申万一级行业中，只有10个收红。石油石化、国防军工、银行、农林牧渔板块均表现不错，洲际油气（600759）、统一股份（6005 ...

上周（12月22日~12月28日），权益市场带动公募FOF重现高胜率投资景象，特别是权益类FOF当中，极少出现单周业绩为负的产品，多只FOF单周业绩超 过3%。 从A股表现来看，上周市场稳步上涨。宽基指数方面，上证指数报收3963.68点，上涨1.88%；深证成指报收13603.89点，上涨3.53%；创业板指报收3243.88 点，上涨3.90%。板块方面，有色金属、国防军工、电力设备板块涨幅居前。 易方达优势回报A单周业绩达到4.26%，是上周业绩最好的一只FOF。从三季报公布的重仓基金来看，易方达信息产业C、易方达战略新兴产业C以及易方达 信息行业精选C业绩突出，近一周业绩均在5%以上。 此外，国泰行业轮动A上周也取得4.20%的收益率。从该基金三季报公布的持仓来看，广发国证新能源车电池ETF、工银国证新能源车电池ETF、易方达国证 新能源电池ETF等业绩突出，近一周业绩都在6%以上。 | 债券型FOF | | | | --- | --- | --- | | 证券简称 | 周收益率% | | | 平安盈轩90天持有A | 0.386 | | | 平安盈福6个月持有A | 0.315 | | | 平安元亨 ...

沪指八连阳，跨年行情可期？ 2025 2025年年1212月月2222日日-2025 -2025年年1212月月2626日日 基金投顾观点 本周权益市场稳步上涨，债市回暖，黄金创年内新高，美股等全球风险资产普遍上涨。具体来看，市场有以下几个重要方面： | 01 | | | --- | --- | | | 权益方面，本周上证指数实现8连阳，但全周上证指数仅上涨1.88%，对应73.23点，呈现出"小步 | | | 稳涨"的特征。相比之下，深圳成指和创业板指表现更为积极，周涨幅分别为3.55%和3.90%。万 | | | 得商业航天指数单周上涨8.36%，创该指数下半年最大单周涨幅。申万一级行业上，有色金属、 国防军工、电力设备行业涨幅居前，美容护理、社会服务、银行行业跌幅居前。本周国证价值 | | | 上涨0.94%，国证成长上涨3.23%，成长风格占优。恒生指数上涨0.50%，受休市影响，上涨幅度 | | | 可能不足。 | | 02 | | | | 债市方面，本周资金面整体均衡，债市整体回暖，短债相对表现更好，利率债表现和信用债双 | | | 双走强，国债期货走强。基本面上，从目前披露的经济数据来看，基本面 ...

离岸人民币持续升值！ 对股市有何影响 20251227 摘要 上游资源如铜、镍、碳酸锂价格上涨，或预示春季行情启动，投资者可 关注贵金属、有色金属等板块，并采用 ETF 网格策略降低风险。 人民币升值与港股回调并存，反映外资对港股短期前景不确定性增加， 需综合考虑宏观经济、政策及国际形势等因素。 A 股成交量创历史新高，但需关注成交量能否稳定在 2 万亿以上，以及 高位板块能否顶住压力，以判断市场反弹空间。 港股面临圣诞假期资金避险及外资观望情绪影响，短期波动风险增加， 但基本面和估值仍具潜力。 美元走弱预期增强，导致结汇需求增加，人民币升值，增加了港股投资 的持仓成本和参与成本。 外资对中国经济复苏持乐观态度，但需政策落地和数据验证，目前观望 情绪浓厚，影响港股增量资金。 北证 50 专注于"专精特新"企业，长期发展前景乐观，但基本面不够 稳健，波动性较大，适合短线操作。 Q&A 近期市场行情出现了哪些变化，如何看待这些变化？ 最近市场行情出现了显著的变化。首先，A 股市场表现出色，指数开始修复， 而港股市场则相对疲弱，仍处于回调状态。其次，人民币汇率持续升值，同时 贵金属价格也进入新一轮上涨周期，包括铜、 ...

Group 1 - The market experienced a slight increase with the Shanghai Composite Index rising by 0.1%, marking an eight-day winning streak, while the total trading volume reached 2.16 trillion yuan, an increase of 235.7 billion yuan from the previous trading day [1] - The commercial aerospace sector saw a resurgence, and the lithium battery supply chain strengthened, while sectors such as paper, liquor, and computing hardware faced significant declines [1] - Analysts from Dongfang Caifu Securities believe that the "price increase" concept is likely to further develop, indicating a potential for sustained market activity [2] Group 2 - CITIC Construction Investment states that the cross-year market trend has begun, driven by optimistic expectations from institutional investors and improvements in overseas liquidity and risk [3] - The focus for industry allocation in the cross-year market includes sectors with catalytic potential such as non-ferrous metals and AI computing power, with commercial aerospace remaining a primary market hotspot [3] - Guosheng Securities suggests that the market is likely to confirm its direction before the holiday, with a mixed performance across various indices and sectors, indicating potential for strategic positioning [4]

Group 1: Company News - Tongye Technology plans to acquire 91.69% stake in Beijing Silingke Semiconductor for approximately 561 million yuan, constituting a major asset restructuring [3] - Fenglong Co., after a change in control, will maintain its original business focus without significant changes, and there are no plans for major asset restructuring in the next 36 months [4] - Victory Energy, despite stock price fluctuations, confirms that its main business remains unchanged, focusing on liquefied natural gas procurement, transportation, and sales [6] Group 2: Industry News - The Ministry of Finance emphasizes a more proactive fiscal policy for 2026, including expanding fiscal spending, optimizing government bond tools, and enhancing the effectiveness of transfer payments [2] - The China Securities Regulatory Commission aims to build a healthy AI ecosystem in the capital market, balancing innovation and regulatory compliance [1]

Group 1 - The 2025 CICC Wealth Annual Investment Strategy Conference focuses on a comprehensive outlook for 2026, covering global macroeconomic trends, major asset classes, A-shares, Hong Kong stocks, bond markets, foreign exchange, and commodities, emphasizing the new investment paradigm under the theme "Ride the Momentum, Seek New Opportunities" [2] - Key speakers include leading analysts from CICC, providing insights into the impact of AI, easing trading conditions, economic recovery, and restructuring of order on investment strategies [2][3] Group 2 - The CICC Macro Strategy Weekly discusses strategies for positioning in the cross-year market, analyzing 50 key global and Chinese market charts, and exploring the implications of policy-driven supply-side reforms on consumption [5][6] - The report highlights the strengthening of the RMB and its effects on exchange rate dynamics and asset revaluation, aiming to assist investors in seizing opportunities at the beginning of 2026 [5][6] Group 3 - The macroeconomic outlook for the U.S. in 2026 includes considerations for the upcoming elections, with a focus on the interplay between monetary policy, fiscal measures, and tariff policies [8] - The U.S. economic forecast suggests a V-shaped recovery with a K-shaped structural outcome, indicating varied performance across sectors [9] Group 4 - The commercial aerospace sector is expected to benefit from the "14th Five-Year Plan," with significant opportunities arising from policy, performance, and technological advancements in 2026 [11] - Breakthroughs in rocket reusability are projected to significantly reduce launch costs and increase launch frequency, while advanced manufacturing concepts from the automotive industry will facilitate large-scale satellite production [11] Group 5 - The mechanical sector is witnessing a cyclical reversal and growth, with AI leading the charge in innovation and development [14] - Chinese industry leaders are positioned to shine on the global stage, reflecting a new wave of globalization [14]