ETF方面，部分跨境ETF走强，景顺长城基金标普消费ETF、华夏基金巴西ETF和易方达基金巴西ETF分 别涨2.78%、1.2%和1%。自动驾驶板块走高，鹏华基金智能网联汽车ETF、广发基金汽车ETF分别涨 0.71%和0.7%。金融科技板块小幅反弹，金融科技ETF兴业涨0.43%。 格隆汇12月16日｜A股三大指数集体下跌，截至午盘，沪指跌1.22%，深成指跌1.88%，指跌2.35%，北 证50指数涨1.10%，沪深京三市半日成交额11396亿元，较上日缩量589亿元。全市场超4400只个股下 跌。 光伏、超硬材料、稀土永磁、两岸融合、深海科技、半导体、固态电池概念股纷纷回调；智能驾 驶、免税店、稳定币题材逆势走强。 黄金股遭遇重挫，黄金股ETF、黄金股票ETF和黄金股票ETF基金分别跌4.16%、3.97%和3.93%。电网 板块全线下跌，电网ETF跌3.96%。光伏板块调整，光伏50ETF、科创ETF均跌3%。 【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 ...

On Dec. 9, Nicholas Financial Corporation filed paperwork with the United States Securities and Exchange Commission (SEC) for the Nicholas Bitcoin and Treasuries AfterDark ETF, a product designed to hold Bitcoin-linked exposure only during overnight hours, exiting positions before the U.S. market opens. The strategy is built around the idea that Bitcoin’s strongest price action tends to occur outside traditional Wall Street trading hours, particularly overnight when U.S. equity markets are closed and glob ...

RT CryptoBizzle (@CryptoBizzle)Looking like @BitwiseInvest will beat @21Shares to market with a Hyperliquid ETF.A fresh amendment to its S-1 filing on Monday includes the management fee and ticker.Read more from @TheBlock__ : https://t.co/jIyGWC8NwC ...

Bitwise's Hyperliquid ETF appears to be coming very soonEric Balchunas (@EricBalchunas):Bitwise just filed amendment for its Hyperliquid ETF which added the 8a thing, the fee (67bps) and the ticker $BHYP. Usually that means launch imminent. Stay tuned. https://t.co/uNXwlIrkga ...

Quantitative Models and Construction Methods 1. Model Name: Industry Crowding Monitoring Model - **Model Construction Idea**: This model is designed to monitor the crowding levels of Shenwan First-Level Industry Indices on a daily basis, identifying industries with high or low crowding levels to provide actionable insights for investors[3] - **Model Construction Process**: The model calculates the crowding levels of various industries based on daily data. It ranks industries by their crowding levels, highlighting those with significant changes. For example, the previous trading day showed high crowding in communication, military, and electronics, while computer, automotive, and media had lower crowding levels. The model also tracks main fund flows to identify industries with increased or decreased allocations[3] - **Model Evaluation**: The model provides a useful tool for identifying industry trends and potential investment opportunities by analyzing crowding dynamics[3] 2. Model Name: Premium Rate Z-Score Model - **Model Construction Idea**: This model identifies potential arbitrage opportunities in ETF products by calculating the Z-score of premium rates over a rolling window[4] - **Model Construction Process**: The Z-score is calculated as follows: $ Z = \frac{(P - \mu)}{\sigma} $ Where: - $ P $ is the current premium rate - $ \mu $ is the mean premium rate over the rolling window - $ \sigma $ is the standard deviation of the premium rate over the rolling window The model flags ETFs with significant deviations from their historical premium rates, indicating potential arbitrage opportunities. It also warns of potential risks of price corrections for these ETFs[4] - **Model Evaluation**: The model is effective in identifying ETFs with significant pricing anomalies, providing actionable signals for arbitrage strategies[4] --- Model Backtesting Results 1. Industry Crowding Monitoring Model - No specific numerical backtesting results were provided for this model[3] 2. Premium Rate Z-Score Model - No specific numerical backtesting results were provided for this model[4] --- Quantitative Factors and Construction Methods No specific quantitative factors were mentioned in the report. --- Factor Backtesting Results No specific quantitative factor backtesting results were mentioned in the report.

🔥 TODAY: Bitwise amended its Hyperliquid ETF filing, adding the 8-A, bps fee, and ticker $BHYP. https://t.co/7TUQzDI5SI ...

LATEST: 📊 Solana ETFs recorded a seven-day inflow streak totaling $674 million despite SOL being down over 50% from its January all-time high, signaling continued institutional interest through the price decline. https://t.co/ut5jq6xUaU ...

Market Overview - The cryptocurrency market is experiencing a downturn, with Bitcoin dropping below $88,000, showing a 2.43% decline over 24 hours [1] - As of the latest update, Bitcoin's price is $88,547.7, reflecting a daily decrease of 1.9% [1] Price Movements - Ethereum is priced at $3,073, down 1.09% in the last 24 hours [3] - Solana (SOL) has decreased by 2.36%, currently at $129.9 [3] - Other cryptocurrencies such as Dogecoin and BNB have also seen significant declines [3] Market Liquidations - Over the past 24 hours, more than 115,000 traders have been liquidated, with a total liquidation amount of $272 million, including $240 million from long positions and $36.48 million from short positions [5] - Liquidation data shows that in the last hour, $3.724 million was liquidated, with $1.8 million in the last 12 hours [6] Market Sentiment - Jeff Park from Bitwise Alpha indicates that Bitcoin's price struggles are primarily due to OG holders selling options, which suppresses price and implied volatility [7] - The market is characterized by "high supply, low volatility," making Bitcoin behave more like a trading asset rather than a growth asset [7] Future Projections - Standard Chartered has revised its short-term Bitcoin price forecast, now expecting it to reach $150,000 by the end of 2026, down from a previous estimate of $300,000 [8] - The long-term target of $500,000 has been pushed back from 2028 to 2030 [8] - The outflow of funds from Bitcoin ETFs, particularly a $2.3 billion net outflow from BlackRock's IBIT last month, adds to the bearish sentiment [8] Economic Factors - The probability of a Federal Reserve rate cut in January has decreased significantly, impacting risk assets negatively [9] - Current probabilities indicate a 24.4% chance of a 25 basis point cut in January, with a 75.6% chance of maintaining current rates [9]

Macro Liquidity - The US dollar index continued to decline, and the degree of "inversion" in the China-US interest rate spread has deepened. The nominal and real interest rates of 10Y US Treasury bonds have both rebounded, with inflation expectations remaining unchanged [1][14]. - Offshore dollar liquidity has marginally tightened, while the domestic interbank funding environment remains balanced and relatively loose. The yield spread between 10Y and 1Y bonds continues to widen [1][19]. Market Trading Activity - Overall market trading activity has increased, with trading heat in sectors such as light industry, retail, military, textiles, communications, and real estate all above the 80th percentile [2][25]. - The volatility of major indices has generally increased, with the volatility of sectors like communications, electric power, and electronics remaining above the 80th historical percentile [2][31]. Institutional Research - Research activity is concentrated in sectors such as electronics, pharmaceuticals, electric power, machinery, and non-ferrous metals, with an upward trend in research heat for non-ferrous metals, computers, and textiles [3][42]. Analyst Forecasts - Analysts have adjusted the net profit forecasts for the entire A-share market for 2025/2026, with increases in forecasts for sectors including pharmaceuticals, coal, automobiles, food and beverage, and oil and petrochemicals [4][21]. - The proportion of stocks with upward revisions in net profit forecasts for 2025/2026 has increased across the A-share market [4][17]. Northbound Trading Activity - Northbound trading activity has rebounded, continuing to net sell A-shares. The ratio of buy/sell amounts in sectors like communications, electronics, and finance has increased, while it has decreased in electric power, chemicals, and automobiles [5][31]. - Northbound trading primarily net bought sectors such as communications, machinery, and home appliances, while net selling occurred in pharmaceuticals, computers, and electronics [5][33]. Margin Financing Activity - The activity of margin financing has slightly increased but remains at a relatively low level since late July 2025. The main net purchases were in sectors like electronics, communications, and military [6][39]. - The proportion of financing purchases in sectors such as oil and petrochemicals, retail, and electronics has increased [6][38]. Hot Stocks Trading - The trading volume on the "Dragon and Tiger List" has increased, with sectors like retail, light industry, and electric power showing relatively high and rising trading volumes [7][41]. Active Equity Fund Positioning - The positions of actively managed equity funds have continued to decline, with significant increases in positions in sectors like pharmaceuticals, agriculture, and retail [8][45]. - The correlation of actively managed equity funds with mid/small-cap growth and mid-cap value has increased, while the correlation with large-cap growth and large/small-cap value has decreased [8][48]. - The scale of newly established equity funds has continued to decline, with both active and passive fund sizes decreasing [8][50].

ETF 日报 2025.12.15 市场概况： ◼ 今日 A 股上证综指下跌 0.55%，收于 3867.92 点，深证成指下跌 1.10%，收于 13112.09 点，创业板指下跌 1.77%，收于 3137.80 点， 两市 A 股成交金额为 17945 亿元。涨幅靠前的行业有：非银金融 （1.59%）、商贸零售（1.49%）、农林牧渔（1.24%），跌幅靠前的行 业有：电子（-2.42%）、通信（-1.89%）、传媒（-1.63%）。 股票 ETF： ◼ 今日成交金额靠前的股票 ETF 为：华泰柏瑞中证 A500ETF 下跌 0.65%，贴水率为-0.73%；华夏中证 A500ETF 下跌 0.60%，贴水率 为-0.66%；南方中证 A500ETF 下跌 0.41%，贴水率为-0.49%。 债券 ETF： ◼ 今日成交金额靠前的债券 ETF 为：海富通中证短融 ETF 涨跌幅为 0.00%，贴水率为-0.01%；华夏上证基准做市国债 ETF 下跌 0.25%， 贴水率为-0.14%；国泰中证 AAA 科技创新公司债 ETF 下跌 0.01%， 贴水率为-0.03%。 2025 年 12 月 15 日 ...