1. Report's Industry Investment Rating - No information provided regarding the report's industry investment rating 2. Core Viewpoints of the Report - Last week, 21 new ETF products were issued in the US, with multiple managers launching series of products, including Trump Media & Technology Group issuing 5 Truth Social ETFs and planning to issue digital - currency related products in the future [4][5] - In the past week, the inflow of US ETFs was relatively stable, with domestic stock products' inflow exceeding that of international stocks again, and gold ETFs experiencing outflows [7][9] - In 2025, the US pharmaceutical sector, especially the biotech field, performed well, with many products rising over 25% and State Street's products performing best, rising over 35% [12] - In November 2025, the total non - money public funds in the US increased by $0.03 trillion compared to October. The scale of domestic stock products decreased by 0.15%, and the redemption pressure eased. From December 17th to 23rd, the outflow of domestic stock funds narrowed to around $20 billion, while mixed - allocation products continued to see outflows and bond products continued to see inflows [14] 3. Summary by Relevant Catalogs 3.1 US ETF Innovation Products: Trump Media & Technology Group Issues ETF - 21 new US ETF products were issued last week. Tuttle Capital issued an option - strategy product based on Magnificent 7. Trump Media & Technology Group issued 5 Truth Social ETFs tracking indexes related to national interests and political party stances, and plans to issue digital - currency related products in the future [4][5] - Opal Capital issued a high - concentration ETF investing in 15 - 30 high - quality companies with long - term growth potential, and a disciplined US stock ETF selecting 60 - 170 stocks through a disciplined approach [5] - Founder ETF issued another ETF investing in founder - led companies, tracking the Founder - Led Index [5] - Innovator issued 4 two - way Buffer products, which provide positive returns in both rising and falling markets with certain return caps [6] - Gabelli issued an ETF investing in the sports and live - performance industries, whose companies have stable revenue and strong pricing power [6] 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Gold ETFs Experience Outflows - In the past week, US ETF inflows were relatively stable, with domestic stock products' inflow exceeding that of international stocks. Vanguard S&P 500 ETF and State Street S&P 500 had certain inflows, and broad - based stock and bond products were among the top in inflows, while gold and silver ETFs had outflows [7][9] 3.2.2 US ETF Performance: Biomedical Products Perform Excellent - In 2025, the US pharmaceutical sector, especially the biotech field, performed well. Many products in this field rose over 25%, and State Street's products performed best, rising over 35% [12] 3.3 Recent US Ordinary Public Fund Fund Flows - In November 2025, the total non - money public funds in the US were $23.72 trillion, an increase of $0.03 trillion compared to October. The S&P 500 rose 0.13% in November, and the scale of US domestic stock products decreased by 0.15%, with redemption pressure easing [14] - From December 17th to 23rd, the outflow of US domestic stock funds narrowed to around $20 billion, mixed - allocation products continued to see outflows, and bond products continued to see inflows [14]

货币市场基金 规模151876.09亿元 混合基金 占比 规模35988.03亿元 41.03% a 4 4 % 规模105240.5亿元 占比 28.43% 电能 ___ 15.66% 股票基金 债券基金 规模57982.89亿元 ...

Pacer 发行出口龙头 ETF 相关研究 证券分析师 沈思逸 A0230521070001 shensy@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 沈思逸 A0230521070001 shensy@swsresearch.com 载 9T3 2025 年 12 月 30 日 海外创新产品周报 20251229 由万宏源研究微信服务号 请务必仔细阅读正文之后的各项信息披露与声明 美国 ETF 创新产品: Pacer 发行出口龙头 ETF。上周美国共 7 只新发产品, 年末假期阶 段新发有所放缓。上周多只主题 ETF 发行，AOT Invest 发行―只软件平台 ETF，通过成 本收入比、E/P、ROIC 在软件驱动的公司中选股，然后采用质量因子而非市值加权，权 重股包括了英伟达、Meta 等头部企业，个股权重在 0.5~7.5%之间; Pacer 上周发行出 口龙头 ETF，从标普 900（标普 500+中盘 400）中挑选境外收入占比高、自由现金流增 长突出的公司。 美国 ETF 资金流向：跨境股票产品流入明显。过去一周中，美 ...

8月18日，A股总市值首次突破100万亿元大关。今年以来，上证指数、深证成指、创业板指、北证50等 指数迭创阶段或历史新高。资本市场坚持稳中求进、提质增效，基础制度不断完善，市场韧性和抗风险 能力明显增强，投资者信心和预期明显改善。其中，新上市企业中九成以上是科技企业或科技含量比较 高的企业；截至今年11月底，公募基金规模37.02万亿元，私募基金规模22.09万亿元，存续私募证券投 资基金规模7.04万亿元，均创下历史新高；以股权登记日计算，A股上市公司年度合计分红金额已经超 过2.6万亿元，再创历史新高。 8月18日，A股总市值首次突破100万亿元。 ...

朋友们早上好，我是帮主郑重。今早一打开财经新闻，说实话，有点看呆了。市场正同时发生几件看似 矛盾、却又紧密相连的事，把当下的躁动与博弈展现得淋漓尽致。 第一件"怪事"，是人民币"强"与基金"赚"的合唱。 人民币汇率一度升破7.0，公募基金年度收益纪录更 是飙到了惊人的236.88%。表面看，形势一片大好。但冷静想，这背后是美元走弱、年底结汇需求等短 期因素在支撑，汇率单边走势不可持续。而那只创纪录的基金，你得知道，它和年内72只翻倍基一样， 都深度绑定在特定的结构行情里。这提醒我们，极致的收益往往伴随极致的集中，是"明珠"还是"流 星"，需要时间检验。 第二件"怪事"，是白银"疯"与个股"崩"的警示。 白银突破83美元，史诗级暴涨背后是投机资金和供应 失衡在推动。而另一边，11连板、8连板的"大牛股"们连夜发公告，直言股价已严重偏离基本面，警告 可能停牌核查。一边是贵金属市场的集体狂热，交易所不得不出台措施引导理性；另一边是题材炒作 的"击鼓传花"到了临界点。这冰火两重天，本质都是流动性在寻找出口，但情绪退潮时，裸泳者会很快 现身。 第三件"怪事"，是"改革"与"跨界"的赛跑。 国资委要求国企抵制"内卷式"竞 ...

【2025年中国公募基金市场多项数据刷新纪录】12月23日消息，2025年中国公募基金市场迎来历史性突 破。ETF规模冲上5.78万亿元，FOF年内发行规模超800亿元，双双刷新纪录。 数据显示，ETF规模今年 4个月从4万亿跃升至5万亿，而此前从0到1万亿花了14年。细分品类表现亮眼，7月和9月两批科创债 ETF上市，市场热度攀升。 截至目前，24只科创债ETF合计规模达2576.64亿元，较发行规模大增 269%，16只产品跻身百亿级梯队。 与此同时，FOF迎来"爆发年"。截至12月17日，全年新成立79只 FOF基金，募集规模达803.54亿元，超此前三年发行总和。单只产品平均发行规模10.49亿元，是2024年 的3倍多。 本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 和讯财经 FUL hexun.con 和而不同 迅达天下 扫码查看原文 本文由 Al 算法生成,仅作参考,不涉投资建议,使用风险自担 ...

周末消息面偏暖，而本周又有两大重要会议值得期许，今天市场算是高开高走，虽然开盘之后半小时有一定的回踩，甚至午后2点也有一次回撤，但总体 表现稍好，算是延续了上周五的升势。当然，也略让人担心会不会重演上周的一五强、二三四弱的苦情戏。七祖的看法是，暂时看多，基本上指数到前高 附近就会再遇大压力。 今天市场有三大特征 ，第一是放量，终于重归20,000亿，这是11月13号以来的首次重回20,000亿。前些天最低达到了1.55万亿，也是8月以来的地量。能够 放量，说明人气活跃，特别是今天放量上涨，这是11月初以来的积极现象。 第二是主线鲜明，科技股再度霸榜，科技赛道的TMT板块重新走强，特别是 三季度最强势的CPO板块，今天迎来一根创历史新高的大阳线，创出9月11号以来的单日最大涨幅，激活了大家对AI硬件产业链的信心。 第三是市场多主线齐头并进，并没有出现特别明显的跷跷板效应，虽然有沪弱深强的格局，虽然总体各大板块都有走强的机会，想做科技股的继续做科 技。商业航天也还维持强势，存储芯片表现较好。光通信板块一骑绝尘，。这就是放量的好处，所以资金方方面面都能照顾到，如果明后天市场还能放 量，那么这里就能够维系强势，一旦缩 ...

Group 1 - The core viewpoint of the article highlights the recent trends in the A-share market, indicating a continuation of volume contraction and a rotation of themes, with market participants awaiting new guiding signals [3][11]. - The A-share market saw a slight increase in major indices, with the Shanghai Composite Index rising by 0.37%, the CSI 300 by 1.28%, and the ChiNext Index by 1.86%, indicating a stronger performance in growth styles compared to value styles [11]. - The average daily trading volume in the A-share market was 16,870 billion, showing a decrease compared to the previous week, reflecting a cautious market sentiment as it approaches significant policy meetings [11]. Group 2 - The non-bank financial sector is influenced by the recent notification from the financial regulatory authority, which aims to encourage insurance funds to invest more in specific equity assets by adjusting risk factors [4][12]. - The commercial aerospace sector has shown active performance due to recent event-driven catalysts, with significant developments in rocket launches and tests, suggesting a potential shift from emotional to logical investment strategies [4][12][13]. - Precious metals, particularly silver, have experienced a rapid price increase due to global liquidity recovery and supply-demand dynamics, with long-term trends expected to be influenced by the narrative of shrinking dollar credit [4][13]. Group 3 - The public fund market is undergoing a transformation with the introduction of new performance assessment guidelines aimed at correcting past issues of short-term incentives and soft accountability, promoting a focus on value creation and high-quality development [4][14]. - The guidelines emphasize a core assessment system based on investment returns, aiming to align the interests of fund managers with long-term returns for investors [14]. Group 4 - The active equity fund indices showed positive performance, with the Active Stock Fund Selection Index rising by 1.64% last week, achieving a cumulative excess return of 15.40% since inception [5]. - The Value Stock Fund Selection Index increased by 1.62%, with a cumulative excess return of 3.96% since inception, while the Balanced Stock Fund Selection Index rose by 1.00%, achieving a cumulative excess return of 9.27% [6][7]. - The Growth Stock Fund Selection Index saw a smaller increase of 0.64%, with a cumulative excess return of 13.45%, while the Pharmaceutical Stock Fund Selection Index decreased by 1.73%, but still recorded a cumulative excess return of 21.62% [8][9].

Group 1 - The core viewpoint of the article highlights a significant increase in the public fund issuance market in November, with a total scale of 966.16 billion yuan, indicating strong investor enthusiasm for subscriptions [2] - A total of 136 new funds were established in November, reflecting a positive trend in both volume and price, driven by increased year-end capital allocation needs [2] - Equity funds (stock and mixed types) remain the main force in the market, with an issuance scale of 306.69 billion yuan, accounting for 32.43% of the total scale, showcasing investor confidence in the equity market [2][3] Group 2 - The top new fund by issuance scale was the E Fund Ruiyi Ying'an 6-Month Holding A, with 58.48 billion yuan, followed closely by Changcheng Yuanli A at 52.51 billion yuan [2][4] - The issuance scale of mixed funds was 239.99 billion yuan, representing 25.38% of the total, while the combined total for equity funds reached 546.69 billion yuan, making up 57.81% of the total issuance [2] - Bond funds also played a significant role, with an issuance scale of 216.66 billion yuan, accounting for 22.91%, and FOFs (funds of funds) reached 169.75 billion yuan, representing 17.95% of the total [3] Group 3 - Notable interest was observed in funds targeting overseas emerging markets, with two ETFs focused on the Brazilian market raising a combined 3 billion yuan, significantly exceeding their initial fundraising limits [3] - The strong performance of bond funds and FOFs indicates a continued demand for stable returns and professional fund selection among investors [3][4] - The concentration of fund establishment dates in November allowed new products to meet year-end capital allocation needs effectively, contributing to a substantial influx of new capital into the market [4]

人民财讯11月28日电，据中基协披露，截至2025年10月底，我国境内公募基金管理机构共165家，其中 基金管理公司150家，取得公募资格的资产管理机构15家。以上机构管理的公募基金资产净值合计36.96 万亿元。 ...