Core Insights - Investors are shifting from traditional fixed income securities to sectors with strong dividends due to falling interest rates, with notable inflows into utilities, energy, and real estate [2] - The approval of the first 11 spot Bitcoin ETFs by the SEC in January 2024 has provided a new avenue for investors to gain crypto exposure without navigating the complexities of decentralized finance [3] - Demand for Bitcoin and Ethereum funds surged, adding over $32 billion in 2025 [4] Group 1 - Traditional fixed income options have lost appeal for income-focused investors due to lower interest rates [2] - The introduction of Bitcoin ETFs allows investors familiar with equity markets to access crypto without the complexities of DeFi [3] - The crypto asset class, including Bitcoin, does not inherently produce yield, presenting challenges for income generation [5] Group 2 - A financial services firm is planning to leverage Bitcoin through traditional equity markets to create income-generating opportunities [6] - With lower interest rates expected in 2026, there is a growing interest in dividend-paying stocks and ETFs that also provide crypto market exposure [8] - BlackRock has filed for approval of a Bitcoin income ETF that utilizes options strategies to generate yield while providing access to Bitcoin prices [8]

拉长时间看，该基金近5个交易日有4天主力资金净流入，合计流入124.59亿元，居全市场前3。（数据 来源：Wind） 与此同时，该基金最新成交量为8354.84万份，最新成交额突破84.02亿元，居全市场第一梯队。 2026年2月2日，科创债ETF天弘（159111.SZ）收跌0.01%，主力资金（单笔成交额100万元以上）净流 入74.48亿元，居全市场前2。（数据来源：Wind） ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Last week (from January 26, 2026, to January 30, 2026), the median weekly return of equity ETFs was -1.20%. Among broad-based ETFs, the Shanghai 50 ETF had the highest return with a median change of 1.13%. Among sector ETFs, the large financial sector ETF had the highest return with a median change of 0.06%. Among thematic ETFs, the liquor ETF had the highest return with a median change of 2.39% [1][12][16]. - Last week, equity ETFs had a net redemption of 324.733 billion yuan, and the overall scale decreased by 360.935 billion yuan. Among broad-based ETFs, the Science and Technology Innovation Board ETF had the least net redemption of 9.35 billion yuan. Among sector ETFs, the cyclical ETF had the most net subscriptions of 386.15 billion yuan. Among thematic ETFs, the chip ETF had the most net subscriptions of 111.56 billion yuan [2][27][30]. - As of last Friday, the top three fund companies in terms of the total scale of listed, non-monetary ETFs were Huaxia, E Fund, and Huatai-PineBridge. This week, four ETFs, namely the E Fund CSI All-Share Dividend Quality ETF, GF Hang Seng Biotech ETF, Bosera CSI Industrial Nonferrous Metals Thematic ETF, and E Fund CSI Battery Thematic ETF, will be issued [5][52][54]. 3. Summary by Relevant Catalogs ETF Performance - The median weekly return of equity ETFs was -1.20%. Among broad-based ETFs, the Shanghai 50, CSI 300, ChiNext, A500, CSI 500, CSI 1000, and Science and Technology Innovation Board ETFs had median changes of 1.13%, 0.09%, -0.10%, -0.62%, -2.54%, -2.57%, and -2.94% respectively. Commodity, bond, cross-border, and money market ETFs had median changes of 4.56%, 0.04%, 0.04%, and 0.02% respectively [1][12]. - Among sector ETFs, the large financial, technology, consumer, and cyclical sector ETFs had median changes of 0.06%, -2.28%, -2.57%, and -3.61% respectively. Among thematic ETFs, the liquor, dividend, and AI ETFs had median changes of 2.39%, 1.78%, and 0.80% respectively, performing relatively strongly, while the military, new energy vehicle, and robot ETFs had median changes of -8.82%, -7.04%, and -5.65% respectively, performing relatively weakly [16]. ETF Scale Changes and Net Subscriptions/Redeemptions - As of last Friday, the scales of equity, cross-border, and bond ETFs were 3.1726 trillion yuan, 1.0544 trillion yuan, and 725.5 billion yuan respectively. Commodity and money market ETFs had relatively smaller scales of 346.9 billion yuan and 153.7 billion yuan respectively. Among broad-based ETFs, the CSI 300 and A500 ETFs had larger scales of 610 billion yuan and 276.5 billion yuan respectively, while the Science and Technology Innovation Board, CSI 500, ChiNext, Shanghai 50, and CSI 1000 ETFs had relatively smaller scales [17]. - Among sector ETFs, the technology sector ETF had a scale of 551.3 billion yuan as of last Friday, followed by the cyclical sector ETF with a scale of 351.7 billion yuan. The consumer and large financial ETFs had relatively smaller scales. Among popular thematic ETFs, the chip, securities, and pharmaceutical ETFs had the highest scales as of last Friday [25]. - Last week, equity ETFs had a net redemption of 324.733 billion yuan, and the overall scale decreased by 360.935 billion yuan. The money market ETF had a net subscription of 1.68 billion yuan, and the overall scale increased by 1.82 billion yuan. Among broad-based ETFs, the Science and Technology Innovation Board ETF had the least net redemption of 9.35 billion yuan, and its scale decreased by 67.28 billion yuan, while the CSI 300 ETF had the most net redemption of 244.613 billion yuan, and its scale decreased by 243.808 billion yuan [27]. - Among sector ETFs, the cyclical ETF had the most net subscriptions of 386.15 billion yuan, and its scale increased by 315.50 billion yuan, while the large financial ETF had the least net subscriptions of 20.62 billion yuan, and its scale increased by 16.09 billion yuan. Among thematic ETFs, the chip ETF had the most net subscriptions of 111.56 billion yuan, and its scale increased by 69.73 billion yuan, while the AI ETF had the most net redemptions of 25.26 billion yuan, and its scale decreased by 16.69 billion yuan [30]. ETF Benchmark Index Valuation - As of last Friday, the price-to-earnings ratios of the Shanghai 50, CSI 300, CSI 500, CSI 1000, ChiNext, and A500 ETFs were at the 83.33%, 87.54%, 99.50%, 99.42%, 66.75%, and 97.23% quantiles respectively, and the price-to-book ratios were at the 63.94%, 74.38%, 99.50%, 82.43%, 68.15%, and 97.23% quantiles respectively. Since December 31, 2019, the current price-to-earnings and price-to-book ratios of the Science and Technology Innovation Board ETF have been at the 90.26% and 81.02% quantiles respectively [33][35]. - As of last Friday, the price-to-earnings ratios of the cyclical, large financial, consumer, and technology sector ETFs were at the 91.75%, 23.35%, 24.01%, and 97.61% quantiles respectively, and the price-to-book ratios were at the 89.27%, 45.13%, 31.60%, and 95.38% quantiles respectively. Compared with the previous week, the valuation quantile of the consumer ETF decreased significantly [39]. - As of last Friday, the price-to-earnings ratio quantiles of the photovoltaic, military, and chip ETFs were relatively high, at 99.34%, 98.51%, and 97.61% respectively. The price-to-book ratio quantiles of the AI, robot, and dividend ETFs were relatively high, at 100.00%, 96.78%, and 94.22% respectively. Compared with the previous week, the valuation quantile of the new energy vehicle ETF decreased significantly [42]. - Overall, among broad-based ETFs, the ChiNext and Shanghai 50 ETFs had relatively low valuation quantiles. Among sector ETFs, the large financial and consumer ETFs had relatively moderate valuation quantiles. Among thematic ETFs, the liquor and new energy vehicle ETFs had relatively low valuation quantiles [44]. ETF Margin Trading and Short Selling - Overall, the margin trading balance and short selling volume of equity ETFs have both increased in the past year. As of last Thursday, the margin trading balance of equity ETFs decreased from 56.364 billion yuan in the previous week to 55.044 billion yuan, and the short selling volume decreased from 2.237 billion shares in the previous week to 2.211 billion shares [45]. - Among the top 10 ETFs with the highest average daily margin trading purchases and short selling volumes from last Monday to Thursday, the CSI 500 ETF and CSI 300 ETF had relatively high average daily margin trading purchases, and the CSI 1000 ETF and Shanghai 50 ETF had relatively high average daily short selling volumes [47][48][51]. ETF Managers - As of last Friday, Huaxia Fund ranked first in the total scale of listed non-monetary ETFs, with a relatively high management scale in multiple sub - sectors such as scale index ETFs, thematic, style, and strategy index ETFs, and cross - border ETFs. E Fund ranked second, with a relatively high management scale in scale index ETFs and cross - border ETFs. Huatai - PineBridge Fund ranked third, with a relatively high management scale in scale index ETFs and thematic, style, and strategy index ETFs [52]. - Last week, 10 new ETFs were established. This week, four ETFs, namely the E Fund CSI All - Share Dividend Quality ETF, GF Hang Seng Biotech ETF, Bosera CSI Industrial Nonferrous Metals Thematic ETF, and E Fund CSI Battery Thematic ETF, will be issued [54].

Market Performance - A-share market indices showed mixed performance this week, with the Shanghai Composite Index declining by 0.44%, the Shenzhen Component Index down by 1.62%, while the CSI 300 Index rose by 1.58% and the SSE 50 Index increased by 1.13% [1] ETF Trends - Resource and technology sector ETFs have attracted significant capital recently, with the Brazil ETF leading the weekly gains at 22.5%, driven by the strong performance of the IBOVESPA index and key stocks like Vale and Petrobras benefiting from rising commodity prices [1] - The Brazil ETF currently has a premium rate of 15.04% [1] ETF Performance Rankings - The top-performing ETFs this week include: - Hotel F ETF: 22.50% - South Korea Semiconductor ETF: 17.14% - Brazil ETF: 12.55% - Gold Stocks ETF: 9.41% - Oil and Gas ETFs: around 7% [2][3] Fund Flows - The ETF market experienced a net outflow of 300 billion yuan this week, with broad-based ETFs seeing a net outflow of approximately 390 billion yuan, while industry ETFs recorded a significant net inflow of 68.55 billion yuan and commodity ETFs saw a net inflow of 24.36 billion yuan [3] Upcoming ETF Issuances - Four new ETFs are set to be issued next week, including: - Battery ETF by E Fund - Dividend Quality ETF by E Fund - Industrial Nonferrous ETF by Bosera - Hang Seng Biotechnology ETF by GF Fund [4][5]

Market Overview - The cryptocurrency market experienced a significant downturn, with the total market capitalization shrinking to approximately $2.82 trillion, reflecting a 5.11% decline over 24 hours, and a trading volume of about $70 billion [1] - Bitcoin fell over 5%, dropping below the $85,000 mark, while other major cryptocurrencies like Ethereum and SOL saw declines exceeding 6% [1] - Over 227,000 traders faced liquidation, with a total liquidation amount of approximately $1.014 billion [1] - The Fear and Greed Index plunged to 16, indicating "extreme fear" among investors, leading to widespread sell-offs [1] Fundamental Analysis - Bitcoin (BTC) faces short-term collapse pressure, with economic risks in the U.S. and over $500 million in liquidations resulting in a market cap loss of about $10 billion [3] - There was a net outflow of $11.37 million from ETFs, indicating a slowdown in institutional demand, although long-term holders are increasing supply, providing some buffer [3] - Ethereum (ETH) shows weak fundamentals, with a rise in active addresses but a slowdown in DeFi and Real World Asset (RWA) adoption; staking withdrawals have cleared, and institutional staking reached $170 million [3] Policy Environment - Uncertainty in the policy landscape has increased, as the Federal Reserve announced on January 28 to maintain interest rates, aligning with expectations [4] - The focus is shifting to the new Fed chair and the 2026 policy outlook, amid geopolitical risks, such as fears of Trump attacking Iran, which are causing market anxiety [4] - There is a risk of a U.S. government shutdown, as federal funding is set to expire on January 30, which could exacerbate market volatility if Congress fails to pass a new budget [4] Technical Analysis - Bitcoin is currently consolidating around $83,000, having touched a low of approximately $81,000 earlier in the day before rebounding [5] - The cryptocurrency is in a downward trend on a weekly basis, with short-term support at the $80,000 level; a drop below this could see it fall to the $76,000 mark, a previous strong support level [5] - For Ethereum, a drop below $2,600 could lead to a decline towards the $2,000 level [5] Operational Strategy - The recommended approach is to focus on defense and observation, waiting for market panic to subside and clearer stabilization signals to emerge [7] - Short-term trading for Bitcoin can be considered within the $81,000 to $86,000 range, while Ethereum can be traded between $2,600 and $2,800, with a strict position control of 10% and proper stop-loss measures [7]

>>>>> ETF早知道 >>>>> ETF早知道 ETFEFRi WP bao ccccc >>>> HILLE 2026 ar ETF早知道 Jan ETFEFR演 <<<<< 市场温度计 >>>>> ETFOF 8 中长期信号 · 投资看温度 --- 75% --- 75% 75% -- 25% -- > 25% --- 25% FTFERS <<<< 0.16% ← -0.3% -0.57% ) 7 上证指数 深证成指 创业模提 注:温度计水银条由对应指数的近十年市盈率分位数表示,总值为100%。数据来源:iFind,截至 2026.1.29,上证指数、深证成指、创业板指的近十年市盈率分位数分别为99.92%、93.91%、49.4% ETFILER 4 e e 6 板块热力图 ETFER通 <<<< 短期轮动走向 · 观九宫热力值 +3.53% +2.65% +6.57% 传媒 房地产 食品饮料 TFEFA +2.28% +2.23% -1.76% 非银金融 机械设备 石油石化 -1.78% -1.79% -3.56% 电子 电力设备 国防军工 <<<< 数据来源:iFind,截至2026.1.29 ...

01 1月29日，国际金价、银价再创新高，黄金、白银、油气、铜、铝等资源品价格大涨，多只相关ETF、LOF涨 停。 02 多只LOF连续两个交易日涨停，场外基金严格限购，场内基金溢价率上升。国投白银LOF将于1月30日开市起停 牌至收市。 03 主要宽基指数ETF今日成交明显降温，部分ETF尾盘仍有大量集中卖单。 LOF批量涨停 近日，LOF市场关注度较高，原油LOF易方达、嘉实原油LOF、石油基金LOF、华宝油气LOF、资源LOF、国投 白银LOF、大宗商品LOF等今日出现批量涨停。这些LOF已经连续两个交易日涨停，溢价率持续攀升。 | 代码 | 简称 | 涨幅(%) | 今年以来涨幅 | 益价率 | | --- | --- | --- | --- | --- | | | | | (%) | (%) | | 512690.OF | 酒ETF | 10.08 | 5.97 | 0.96 | | 520870.OF | 巴西ETF易方达 | 10.03 | 32.85 | 10.41 | | 513350.OF | 标普油气ETF | 10.03 | 19.42 | 12.53 | | 159100.OF | ...

一、ETF行业快讯 1.三大指数涨跌互现，酒ETF涨停 今日，三大指数涨跌互现，上证综指上涨0.16%，深证成指下跌0.3%，创业板指下跌0.57%。多只食品饮料板块ETF上涨，其中，酒ETF（512690.SH）上涨 10.08%，食品饮料ETF基金（516900.SH）上涨7.89%，食品饮料ETF（515170.SH）上涨7.58%。电子板块多只ETF下跌，半导体设备ETF易方达 （159558.SZ）下跌4.64%，半导体设备ETF（159516.SZ）下跌4.51%，半导体设备ETF华夏（562590.SH）下跌4.39%。 中信证券指出，白酒行业即将迎来春节旺季营销活动，渠道在经销商大会后持续学习，吸收龙头企业渠道、产品等多维度改革经验。我们认为，行业或在新 改革和新方向下重新聚焦市场培育和消费者教育，促进开瓶动销并为经销商减负。综合考虑到动销已逐步平稳、2026年春节假期多一天、白酒春节消费场景 等诸多因素，我们判断2026年春节白酒实际动销有望维持平稳，无须过度悲观。再考虑到后续逐步复苏趋势明确，我们看好白酒行业底部配置机会。 2.黄金主题基金总规模已近3800亿元 据证券日报，今年以来，国际 ...

Core Viewpoint - The article highlights the dominance of ETFs in the market, particularly noting a significant surge in the liquor ETF, which has reached its daily limit increase [1] Group 1 - ETFs are currently leading market movements, showing a strong upward trend [1] - The liquor ETF has experienced a limit-up increase, indicating robust investor interest and market performance [1]

2026 年 01 月 29 日 中证 A500 产品规模上升明显 ——2025 年四季度指数基金季报分析 相关研究 shensy@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 沈思逸 A0230521070001 shensy@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 权 益 量 化 研 究 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 ETP 研 究 - 证券分析师 沈思逸 A0230521070001 ⚫ 被动指数基金规模突破 7 万亿，ETF 比例超过 80%。截止到 2025 年四季度，市场上的 2960 只非货币指数基金资产规模共计 7.24 万亿元（规模不计 ETF 联接基金），较上季 度规模增加 0.52 万亿元，继续呈现快速增长态势。分产品形式来看，四季度 ETF 增长约 0.44 万亿，ETF 占比突破 80%。从具体的 5.8 万亿 ETF 的规模来看，目前国内股票宽基 占比进一步下滑至 44%，行业主题产品占比相对稳定、仍在 20%以下，由于黄金上涨商 ...