12月31日，市场早盘震荡调整，A股三大指数集体下跌，沪指窄幅震荡跌0.07%。板块题材上，文化传媒、教育、互联网等板块活跃，CPO、GPU、光伏逆 变器板块调整；港股回调，军工板块逆势上涨，医药股跌幅居前。截至午间收盘，中证A500指数下跌0.4%，沪深300指数下跌0.4%，创业板指数下跌1.1%， 上证科创板50成份指数上涨0.9%，恒生中国企业指数下跌0.9%。 创业板大盘宽基:创业板ETF 低 跟踪创业板指数 该指数由创业板中市值大、 流动性好的100只股票组成, 战略新兴产业占比较高,电 力设备、通信、电子行业合 计占比近60% 载至午1 该指数 科创板大盘宽基:科创板50ETF 假 跟踪上证科创板50成份指数 该指数由科创板中市值大、流 "硬 动性好的50只股票组成， 科技"龙头特征显著,半导体 占比超65%，与医疗器械、软 件开发、光伏设备行业合计占 比近80% 港股大盘宽基: 恒生中国企业ET 截至午1 该指数 每日经济新闻 ...

今日市场高开高走，A股三大指数集体上行，全市场成交额近1.9万亿元，较上个交易日放量超1300亿元，超2900只个股上涨，超100只股涨停。盘面上，海 南自贸区、贵金属、算力硬件等板块涨幅居前，医药商业、影视院线、教育、银行等板块跌幅居前；港股走势分化，创新药全天弱势震荡，半导体、智能汽 车等部分科技板块表现活跃。 截至收盘，中证A500指数上涨1.2%，沪深300指数上涨1%，创业板指数上涨2.2%，上证科创板50成份指数上涨2%，恒生中国企业指数上涨0.4%。 创业板大盘宽基:创业板ETF 低 跟踪创业板指数 该指数由创业板中市值大、 流动性好的100只股票组成, 战略新兴产业占比较高,电 力设备、通信、电子行业合 计占比近60% 科创板大盘宽基:科创板50ETF 個 跟踪上证科创板50成份指数 该指数由科创板中市值大、流 动性好的50只股票组成,"硬 科技"龙头特征显著,半导体 占比超65%,与医疗器械、软 件开发、光伏设备行业合计占 比沂80% 法股大发审其:恒生中国企业 <1 该指数 � 该指数 每日经济新闻 ...

Market Performance - The A-share market indices collectively adjusted in the morning session, with the Shanghai Composite Index slightly down by 0.1% [1] - The CSI 500 Index fell by 0.3%, the CSI 300 Index decreased by 0.2%, and the ChiNext Index dropped by 1.3% [1] - The Hong Kong stock market opened lower and continued to decline, with the Hang Seng China Enterprises Index down by 1.2% [1] Sector Performance - Active sectors included dairy, insurance, commercial aerospace, and nuclear power, while sectors such as optical modules, optical communications, and GPUs experienced adjustments [1] - In the Hong Kong market, pharmaceutical stocks saw significant declines, whereas the non-bank financial sector performed strongly [1] Index Composition - The ChiNext Index consists of 100 stocks with high market capitalization and liquidity, with a significant proportion in strategic emerging industries, particularly in power equipment, communications, and electronics, which together account for nearly 60% [3] - The STAR Market 50 Index is composed of 50 stocks from the STAR Market, characterized by leading technology firms, with semiconductors making up over 65% and combined with medical devices and software development, accounting for nearly 80% [3]

Market Performance - The A-share market saw a rebound in the afternoon, with all three major indices closing higher, and over 4,200 stocks in the market rising [1] - The sectors that performed well included military industry, AI applications, and commercial aerospace, while energy metals, Hainan, and gas sectors experienced declines [1] - By the end of trading, the CSI A500 index rose by 0.2%, the CSI 300 index fell by 0.1%, the ChiNext index increased by 0.3%, the STAR Market 50 index rose by 0.8%, and the Hang Seng China Enterprises Index increased by 1.8% [1] Index Composition - The ChiNext index, tracked by the ChiNext ETF, consists of 100 stocks with high market capitalization and liquidity, with a significant proportion in strategic emerging industries, particularly in the power equipment, communication, and electronics sectors, which together account for nearly 60% [3] - The STAR Market 50 index, tracked by the STAR Market 50 ETF, includes 50 stocks from the STAR Market with high market capitalization and liquidity, featuring prominent technology leaders, with semiconductors accounting for over 65% and combined with medical devices and software development, these sectors make up nearly 80% [3]

Market Overview - The A-share market saw a collective decline in the three major indices, with the CSI A500 index down by 1.9%, the CSI 300 index down by 1.8%, the ChiNext index down by 3.0%, and the STAR Market 50 index down by 0.4% as of the midday close [1] - The Hang Seng Index experienced a significant drop, with the Hang Seng China Enterprises Index down by 3.5% [1] Sector Performance - In the A-share market, sectors such as rare earth permanent magnets, precious metals, photolithography machines, genetically modified organisms, military equipment, and semiconductors showed positive performance, while automotive parts, consumer electronics, humanoid robots, CPO, and CRO concept stocks faced declines [1] - The Hang Seng market saw weakness in internet stocks, although there was some activity in the software and semiconductor sectors [1] Index Details - The CSI 300 index consists of 300 stocks with good liquidity from the Shanghai and Shenzhen markets, covering 11 primary industry categories, with a rolling P/E ratio of 14.2 times and a valuation percentile of 65.9% since its inception in 2005 [3] - The CSI A500 index includes 500 securities with good liquidity across various industries, covering 91 out of 93 tertiary industries, with a rolling P/E ratio of 16.9 times and a valuation percentile of 73.4% since its inception in 2004 [3] - The ChiNext index is composed of 100 stocks with good liquidity from the ChiNext board, with a significant focus on strategic emerging industries, particularly in the power equipment, communication, and electronics sectors, which together account for nearly 60% of the index [3] - The Hang Seng China Enterprises Index includes 50 large-cap, actively traded stocks listed in Hong Kong, with nearly 85% of the index covering consumer discretionary, information technology, financials, and energy sectors, and a rolling P/E ratio of 10.7 times with a valuation percentile of 65.5% since its inception in 2002 [4]

Group 1 - The core viewpoint is that A-shares are expected to steadily rise amidst fluctuations, with significant investment opportunities in core assets, particularly in the China Securities A500 ETF (159338), which is the largest in its category with over 20 billion yuan in scale [1] - As of the end of Q1 2025, the insurance industry's investment scale reached 34.93 trillion yuan, reflecting a 5.0% increase from the end of 2024, indicating robust growth in insurance fund utilization [1] - Policy measures are continuously supportive, suggesting that A-shares may remain in a trend of steady upward movement, with various initiatives aimed at injecting new capital and improving market activity [1] Group 2 - The China Securities A500 Index offers a balanced industry distribution, with traditional and emerging industries each accounting for half, reducing the weight of traditional sectors like finance and food and beverage while increasing the weight of emerging sectors such as military, pharmaceuticals, new energy, and computing [1] - Investors without stock accounts can access the core asset investment opportunities in A-shares through the China Securities A500 ETF's connecting fund (022449) [2]

- The report does not contain any quantitative models or factor construction details related to quantitative themes[1][2][3]

Investment Insights - The "Spring Rally" in 2025 is expected to be led by technology growth styles, but a style switch may occur as the Two Sessions approach, with a higher probability of shifting from growth to stability styles [1] - Following the Two Sessions, the technology sector is anticipated to rise again, despite potential short-term underperformance of growth styles due to profit-taking pressures [1] Market Trends - Since February, technology growth styles have shown strong performance, particularly in TMT and robotics sectors, driven by AI themes, while other sectors have performed relatively poorly [1] - During the Two Sessions, there may be an increased demand for index stability, favoring heavyweight stocks, broad-based indices, and dividend stocks [1] Strategic Recommendations - If the market shows strong performance in cyclical sectors due to policy dynamics, it is advisable to take profits at high points [1] - If the technology sector experiences a temporary adjustment, it is recommended to remain proactive and seek opportunities for a "second rise" in March, particularly focusing on AI-related directions [1]