1. Report Industry Investment Rating - The document does not mention the industry investment rating. 2. Core Viewpoints of the Report - The report focuses on the performance and capital flow of the ETF fund market in the past week (December 08 - December 12, 2025), providing investors with a reference [1]. - During this period, the Shanghai Composite Index slightly declined, and most stock ETFs fell. A - share growth ETFs had the largest increase, with an average increase of 3.81% for funds above a certain scale, while Hong Kong - stock theme ETFs and Hong Kong - stock dividend ETFs had significant declines [2][5]. - Capital flowed into A - share large - cap ETFs, with a net inflow of 9.08 billion yuan for the whole week. In contrast, A - share TMT ETFs and A - share financial and real - estate ETFs experienced capital outflows, with net outflows of 7.139 billion yuan and 5.824 billion yuan respectively [3][5]. 3. Summary According to Related Catalogs 3.1 ETF Market Overall Performance - **Market Performance**: The Shanghai Composite Index slightly declined, and most stock ETFs fell. A - share growth ETFs had an average increase of 3.81% for funds above a certain scale, while Hong Kong - stock theme ETFs and Hong Kong - stock dividend ETFs had average declines of 3.03% and 2.82% respectively [2][5]. - **Capital Flow**: Capital flowed into A - share large - cap ETFs with a net inflow of 9.08 billion yuan, and A - share TMT ETFs and A - share financial and real - estate ETFs had net outflows of 7.139 billion yuan and 5.824 billion yuan respectively [3][5]. 3.2 Different Popular Sub - type ETF Fund Market Performance - **A - share ETFs**: Include various types such as broad - based index (full - market, large - cap/super - large - cap, mid - small - cap, science - innovation/growth enterprise board), industry (TMT, mid - stream manufacturing, consumption, pharmaceutical and biological, cycle, financial and real - estate), SmartBeta (value, growth, dividend, free cash flow), and theme. Each type has different performance in terms of weekly capital flow, weekly return, recent 1 - month return, and year - to - date return [13][14][15]. - **Hong Kong - stock ETFs**: Include broad - based index, industry (TMT, mid - stream manufacturing, consumption, pharmaceutical and biological, financial and real - estate), SmartBeta (dividend), and theme. Each type shows different performance in capital flow and return [28][29][30]. - **Shanghai - Hong Kong - Shenzhen ETFs**: Include industry and theme types, with different performance in capital flow and return [34][35][36]. - **US - stock ETFs**: Include broad - based index and industry types, with different performance in capital flow and return [37][38]. - **Other QDII - ETFs (excluding Hong Kong - stock/US - stock)**: Have different performance in capital flow and return [39]. - **Bond ETFs**: Have different performance in capital flow and return [40]. - **Commodity ETFs**: Have different performance in capital flow and return [41]. 3.3 Innovation Theme and Sub - industry ETF Fund Market Performance - **TMT Innovation Theme**: Indexes such as animation and games, cloud computing and big data, etc. have different weekly and year - to - date returns, and their representative funds also show corresponding performance [43]. - **Consumption Sub - industry**: Indexes such as liquor, food and beverage, etc. have different weekly and year - to - date returns, and their representative funds also show corresponding performance [44]. - **Pharmaceutical Sub - industry**: Indexes such as vaccine and biotechnology, innovative drugs, etc. have different weekly and year - to - date returns, and their representative funds also show corresponding performance [45]. - **New Energy Theme**: Indexes such as power utilities, photovoltaic industry, etc. have different weekly and year - to - date returns, and their representative funds also show corresponding performance [46]. - **Central and State - owned Enterprise Theme**: Indexes such as mainland state - owned enterprises, Hong Kong - stock central enterprise dividends, etc. have different weekly and year - to - date returns, and their representative funds also show corresponding performance [47][48]. - **Steady - growth Theme**: Indexes such as coal, real estate, etc. have different weekly and year - to - date returns, and their representative funds also show corresponding performance [49]. - **Shanghai - Hong Kong - Shenzhen/Hong Kong - Stock Connect Sub - industry**: Indexes such as Shanghai - Hong Kong - Shenzhen Internet, Hong Kong securities, etc. have different weekly and year - to - date returns, and their representative funds also show corresponding performance [50]. - **Dividend/Dividend Low - volatility Index Family**: Indexes such as CSI 300 Dividend, CSI Dividend Low - volatility, etc. have different weekly and year - to - date returns, and their representative funds also show corresponding performance [51]. - **Growth Enterprise Board Index Family**: Indexes such as science - innovation chips, growth enterprise board growth, etc. have different weekly and year - to - date returns, and their representative funds also show corresponding performance [52].

转自：前瞻产业研究院 1、杭州市云计算大数据产业政策环境 ——杭州市云计算大数据产业重点政策梳理 杭州作为中国改革开放的标杆城市，其政策红利的持续释放与创新迭代，使其成为全球投资者不可忽视 的战略高地。杭州从"政策红利"向"产业红利"转型的核心抓手是科技创新，始终以产业需求为导向，推 动产业结构向高端化、智能化跃迁。 近年来，杭州市出台多项鼓励性政策，不断加大对云计算大数据产业的支持力度。2023年8月，杭州出 台《杭州市人民政府办公厅关于高标准建设"中国视谷"高质量发展视觉智能产业的实施意见》，推动中 国电信杭州大数据中心、浙江云计算数据中心等算力基础设施建设。2024年7月，杭州出台《杭州市人 民政府办公厅关于高标准建设"中国数谷"促进数据要素流通的实施意见》，计划到2026年，建立15个以 上高质量数据集，推动20个以上公共数据授权运营场景落地。 | 时间< | 政策名称中 | 内容解读 | | --- | --- | --- | | 2025年6月2 | 《杭州市加快建设人 | 支持西湖区重点发展云计算、基础模型、开源社区、智能空天等 | | | 工智能创新高地实施 | 产业赛道。研发开发框架、数据集 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report focuses on the performance of the ETF fund market, summarizing the performance and fund flows of the ETF fund market, different popular sub - type ETF funds, and innovative theme and sub - industry ETF funds in the past week (September 22 - September 26) for investors' reference [1]. 3. Summary by Relevant Catalogs 3.1 ETF Market Overall Performance - Market performance: Most stock ETFs rose this week. A - share TMT ETFs and Shanghai - Hong Kong - Shenzhen theme ETFs had the largest increases, with an average increase of 4.39% and 4.28% respectively for funds above a certain scale. Conversely, A - share consumer ETFs and Hong Kong stock dividend ETFs had significant declines, with an average decline of 2.24% and 2.15% respectively for funds above a certain scale [2][5]. - Fund flow: Funds flowed significantly into A - share TMT ETFs, with a net inflow of 17.889 billion yuan throughout the week. In contrast, A - share small - and - medium - cap ETFs and A - share cyclical ETFs experienced fund outflows, with net outflows of 2.251 billion yuan and 2.023 billion yuan respectively throughout the week [3][9]. - Lists of funds: The report also lists the top - performing funds in terms of recent weekly returns, weekly fund inflows, and weekly fund outflows [11][12][13]. 3.2 Different Popular Sub - type ETF Funds Market Performance The report presents the market performance of various sub - type ETFs, including A - share ETFs (broad - based index, industry, SmartBeta, theme), Hong Kong stock ETFs (broad - based index, industry, SmartBeta, theme), Shanghai - Hong Kong - Shenzhen ETFs (industry, theme), US stock ETFs (broad - based index, industry), other QDII - ETFs, bond ETFs, and commodity ETFs, showing their latest scale, weekly fund flow, weekly return, weekly trading volume, recent one - month return, and year - to - date return [15][30][37]. 3.3 Innovative Theme and Sub - industry ETF Funds Market Performance The report shows the market performance of highly - concerned innovative theme and sub - industry ETF funds, including TMT innovation themes, consumption sub - industries, pharmaceutical sub - industries, new energy themes, central and state - owned enterprise themes, stable - growth themes, Shanghai - Hong Kong - Shenzhen/Hong Kong Stock Connect sub - industries, dividend/dividend low - volatility index families, and ChiNext index families, presenting their index abbreviations, weekly returns, year - to - date returns, fund codes, representative fund abbreviations, weekly returns, and latest scale [46][47][48].