2025年，A股市场呈现全面上行格局，主要股指累计涨幅均超10%。成长型板块表现尤为突出，创业板指、 北证50及科创50指数全年涨幅均超过30%。结 构性行情特征明显，科技与资源类板块在全年行情中表现居前，光模块（CPO）指数全年上涨超过180%，光芯片、覆铜板、光通信及光电路交换机等指 数涨幅均超过100%。同时，稀有金属、铜产业及稀土相关指数表现活跃，成为2025全年热门主线。 1.3 A股风格指数表现 市场篇 1.1 A股主要股指表现 2025年度A股主要股指均呈上涨态势。创业板指领涨，累计涨幅达49.57%，北证50、科创50指数累计涨幅分别为38.80%、35.92%，深证成指、万得全A、 中证1000指数累计涨幅均超20%，分别为29.87%、27.65%、27.49%，上证指数、沪深300、上证50指数累计涨幅均超10%。 1.2 A股行业表现 在Wind二级行业分类的35个行业中，2025年度共有31个行业录得上涨。有色金属行业涨幅居首，累计涨幅达92.20%；硬件设备、工业贸易与综合行业涨 幅居前，分别累计上涨62.39%、54.65%。日常消费零售行业表现垫底，累计下跌6.42%；电信服务 ...

｜2025年12月19日星期五｜ NO.1近八成券商一年多次分红！券商打响"季度分红赛" 12月19日，长城证券实施2025年中期派息，每手派发现金红利7.6元，合计派发现金红利约3.07亿元。这 只是近期上市券商加大分红力度的一个缩影。在政策持续引导下，A股券商的分红实践在2025年发生了 重要变化，"一年多次分红"成为鲜明的新常态。这场变化最直观的体现是分红频次的"井喷"。截至12月 18日，叠加三季报分红与中报分红，全年有35家券商分红达两次及以上，占比高达79.55%，意味着近 八成券商已进入"多次分红、及时分享"的常态化阶段。与此同时，分红的"含金量"在中报季尤为突出。 头部券商引领风潮，中信证券2025中报每手分红29元，中信建投、华泰证券、国泰海通等也力度可观。 从年度总额看，中信证券、国泰海通等多家头部机构年内分红均超40亿元。而近期推出的三季报分红， 则显示出行业在尝试提高分红频次上的新探索。 近期，股票市场震荡加剧，宽基类ETF(交易型开放式指数基金)的成交明显放量。截至12月17日，近一 个月来，多只中证A500ETF的成交额和净流入额双双跻身股票型ETF前列，部分科创50ETF、中证 ...

Group 1 - The core viewpoint of the articles highlights a significant increase in dividend frequency among brokerage firms, with nearly 80% of them implementing multiple dividends within a year, marking a new norm in the industry [1][2] - As of December 18, 2025, 35 brokerage firms have distributed dividends two times or more, accounting for 79.55% of the total, indicating a shift towards regular and timely sharing of profits [1] - Leading brokerage firms such as CITIC Securities have set a precedent with substantial dividends, with CITIC Securities distributing 29 yuan per share in the mid-year report, and several top firms exceeding 4 billion yuan in total annual dividends [1][2] Group 2 - The recent surge in trading volume of broad-based ETFs indicates a growing interest in capturing structural growth opportunities, with significant net inflows observed in various ETFs like the CSI A500 ETF [3][4] - The active participation of public fund institutions in the A-share private placement market, with 39 institutions involved and a total allocation exceeding 34 billion yuan, reflects a positive outlook on market prospects [4] - The increased dividend practices among brokerages are expected to enhance investor return expectations and attract long-term capital, potentially stabilizing market sentiment and improving risk appetite [2][4]

一、交易提示 四、12月18日基金分红一览 近一个月震荡市中，中证A500、科创50、沪深300等宽基ETF成交与净流入同步放大，齐齐跻身股票型ETF前十。资金借道 宽基兼顾盈利与估值，提前布局结构性行情，预计春节前列具备产业趋势的大盘成长风格有望阶段性占优。 | | 你 | 权益登记日 | 每10份整 | | | | --- | --- | --- | --- | --- | --- | | | | | 液发红利( | 100 | | | 201 | 3 | 2025-12-18 | 4.0600 | | 14 | | 012221 | 瑞达行业轮动漫台 A | 2025-12-18 | 1.6600 | 2025-12-19 | 混合型 | | 012222 | 瑞达行业轮动混合 C | 2025-12-18 | 1.1600 | 2025-12-19 | 温合型 | | 012353 | 英大通惠多利债券 C | 2025-12-18 | 0.4000 | 2025-12-19 | 债券型 | | 016727 | 鑫元亮利一年定期开放债券 | 2025-12-18 | 0.2840 | 2025-12 ...

Wind数据显示，截至12月17日，近一个月来，净流入最多的前三只股票型ETF均为中证A500ETF，分别 是华泰柏瑞、南方、华夏基金旗下产品，区间净流入额分别为118.65亿元、93.86亿元、68.97亿元。同 期区间净流入额靠前的股票型ETF多为宽基ETF，除中证A500ETF外，还有科创50ETF、中证500ETF、 沪深300ETF、中证1000ETF等。 从区间成交额来看，本月最"吸金"的股票型ETF非中证A500莫属。数据显示，华泰柏瑞、华夏、南方基 金旗下中证A500ETF成交额占据前三席。其中，华泰柏瑞中证A500ETF区间成交额破千亿元，华夏中证 A500ETF和南方中证A500ETF区间成交额分别突破900亿元和700亿元。合计共有5只中证A500ETF区间 成交额突破500亿元，8只中证A500ETF区间成交额突破百亿元。 此前沪深300ETF罕见放量的幕后推手是"国家队"。自去年以来，中央汇金等机构多次公告坚定看好中 国资本市场、充分认可A股配置价值，并明确将持续增持ETF；随后披露的季报、半年报也印证，巨量 资金正是借道沪深300ETF入场。 来源：国际金融报 近期，股票市场震荡加 ...

Market Overview - On December 16, A-shares and Hong Kong stocks experienced a pullback, with only about 50 out of over 1300 ETFs closing higher, and 6 of these ETFs rising by 1% or more. Financial technology, tourism, and automotive sector ETFs showed relative resilience [1] - In the cross-border ETF segment, two Brazilian ETFs and one S&P Consumer ETF led the market in terms of gains [1] ETF Performance - Notably, several ETFs that rose against the market trend saw significant increases in trading volume. The S&P Consumer ETF (159529) had a turnover rate of 199.92%, with a trading volume nearing 2 billion yuan, four times that of the previous day. The Smart Driving ETF (516520) also saw its trading volume increase to approximately seven times that of the previous day [2] - On December 16, financial technology, tourism, and automotive sector ETFs performed well, with multiple products ranking among the top gainers. The financial technology ETFs linked to the CSI Financial Technology Index saw over half of their constituent stocks close in the green, with notable gains from companies like Chuangshi Technology (300941) and Cuiwei Co. (603123) [4] Fund Flows - On December 15, despite the market pullback, ETFs experienced a net inflow of approximately 6.7 billion yuan, with broad-based ETFs attracting significant capital. Several ETFs linked to the CSI A500 Index ranked among the top for net inflows, with three A500 ETFs collectively receiving over 13.5 billion yuan in net inflows over the past five trading days [3][9] - The A500 ETF from Southern Fund (159352) led with a net inflow of 3.915 billion yuan on December 15, significantly outpacing other products [11] Sector-Specific Insights - The gold stock ETFs faced a sharp decline on December 16, with the largest drop exceeding 4%. Six out of the top ten ETFs with the largest declines were gold-related, reflecting a cautious market sentiment ahead of key economic data releases [7] - The CSI A500 Index has over 280 public funds linked to it, with more than 80 asset management firms involved, totaling over 240 billion yuan in assets. Over 80% of this is held in ETF products, with 40 ETFs exceeding 210 billion yuan in total assets [10] Upcoming Products - On December 19, Huatai-PB Fund will launch the Sci-Tech Entrepreneurship Artificial Intelligence ETF, adding to the growing list of innovative ETF products in the market [13]

文 | 银行螺丝钉 （转载请注明出处） 现在低迷的品种,可能会成为未来某个 阶段领涨的品种，只是这需要有足够的 耐心。 杜鹃不啼,则待之啼。 皿以以下リ） ←Ｖム▽十人にリソ皿 以 ハイ 市。很少有普涨型牛市。 因为有结构性牛市的特点，不能指望一 次牛市所有品种都到高估。 但上涨少的品种，也不用担心，它们可 能在未来某一轮行情中，会遇到上涨。 例如2015年是小盘股的牛市，之后的 2016-2017年是大盘价值风格领涨; 2019-2021年是大盘成长领涨。小盘股 在这段时间里都没有太强，一直到2025 年,小盘又变成强势品种。 ▼点击阅读原 文，免费学习大额家庭资产配置课程 另外，没到高估，也不是说没有收益。 即伊—卢左紅汁 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the A - share market showed a significant differentiation pattern. The performance of broad - based indices was diverse, with the BeiZheng 50 and ChiNext Index leading the gains, while the Shanghai Composite Index and CSI 300 had slight pullbacks, and the CSI Dividend and China Securities Value Index had relatively large pullbacks. At the industry level, the communication sector was strong, while traditional energy and real - estate industrial chain - related sectors were under pressure. The margin trading balance reached a phased high on Wednesday and then declined, with the latest level on Thursday at 25079.82 billion yuan. [3][11] - Active equity funds' stock positions continued the downward trend, with the position of allocation - type funds falling back to the level around the end of July. In terms of industry allocation, in the short - term, the change in the allocation structure was relatively limited. From a medium - term perspective, the positions in the electronics and new energy industries continued to rise, and the exposure level of active equity funds to the large - cap growth style further increased. [3][11] - In the ETF market, A500 and Hong Kong - stock technology - related indices continued to receive net capital inflows, while indices such as the ChiNext Index, securities firms, CSI Bank, and convertible bonds had varying degrees of net capital outflows. [3][11] - In the context of a marginal increase in risk aversion, it is recommended to focus on structural allocation, moderately pay attention to sectors with mid - term prosperity advantages, maintain a relatively balanced allocation at the index level, and control the overall position. [3][11] 3. Summary According to Relevant Catalogs 3.1 This Week's Market Review - **Broad - based Index Performance**: The A - share broad - based indices showed a differentiated trend this week. The BeiZheng 50 and ChiNext Index led the gains, while the Shanghai Composite Index, CSI 300, CSI Dividend, and China Securities Value Index had pullbacks. As of December 12, 2025, the Shanghai Composite Index closed at 3889.35 points, with a weekly change of about - 0.34%; the Shenzhen Component Index closed at 13258.33 points, with a weekly change of about 0.84%; the ChiNext Index closed at 3194.36 points, with a weekly change of about 2.74%; and the CSI 300 closed at 4580.95 points, with a weekly change of about - 0.08%. [11][12] - **Industry Index Performance**: The performance of primary industries was also significantly differentiated. The communication sector led the gains, while coal and petroleum and petrochemical sectors had relatively large declines. The top - performing industries in terms of weekly change were communication (5.92%), national defense and military industry (3.57%), electronics (2.51%), power equipment and new energy (1.34%), and machinery (1.33%); the bottom - performing industries were coal (- 3.80%), petroleum and petrochemical (- 3.43%), textile and clothing (- 2.68%), real estate (- 2.62%), and steel (- 2.53%). [14] 3.2 Public Funds - **Public Fund Position Calculation**: Active equity funds' stock positions continued to decline, with the position of allocation - type funds falling back to the level at the end of July. As of December 12, 2025, the average position of active equity funds was about 88.41%. Among them, the average position of ordinary stock - type funds was about 91.71% (up 0.10 pct from last week), the average position of partial - stock hybrid funds was about 89.72% (down 0.05 pct from last week), the average position of allocation - type funds was about 85.03% (down 0.49 pct from last week), and the average position of "fixed - income +" funds was about 23.33% (up 0.03 pct from last week). [2][21] - **Style Trends of Active Equity Products**: The exposure to the large - cap growth style has significantly increased compared to three months ago, with little change this week. As of December 12, 2025, the large - cap growth position of active partial - stock funds was 42.77% (down 0.12 pct from last week), the large - cap value position was 6.61% (down 0.23 pct from last week), the mid - cap growth position was 7.67% (up 0.09 pct from last week), the mid - cap value position was 7.44% (up 1.43 pct from last week), the small - cap growth position was 26.82% (down 0.86 pct from last week), and the small - cap value position was 8.69% (down 0.31 pct from last week). [3][29] - **Industry Trends of Active Equity Products**: In the past three months, the positions in electronics and new energy have significantly increased, while the positions in medicine and banking have decreased. This week, the industries with relatively large increases in the allocation ratio of active equity funds were petroleum and petrochemical (about 0.92%, up 0.11 pct from last week), electronics (about 20.79%, up 0.11 pct from last week), real estate (about 0.63%, up 0.09 pct from last week), building materials (about 0.93%, up 0.08 pct from last week), and power equipment and new energy (about 8.57%, up 0.07 pct from last week). The industries with relatively large decreases in the allocation ratio were computer (about 4.51%, down 0.20 pct from last week), steel (about 1.12%, down 0.08 pct from last week), agriculture, forestry, animal husbandry and fishery (about 1.78%, down 0.08 pct from last week), transportation (about 1.21%, down 0.06 pct from last week), and medicine (about 10.20%, down 0.05 pct from last week). [3][32] - **ETF Market Tracking**: This week, equity indices with a net inflow of over 1 billion yuan included A500, Hang Seng Technology, Science and Technology Innovation 50, and Hong Kong Stock Connect Technology. Indices with a net outflow of over 1 billion yuan included the ChiNext Index, securities companies, CSI Bank, and CS Artificial Intelligence. The total net outflow of domestic stock - index ETF funds was about 9.893 billion yuan, with a total scale of 36740.46 billion yuan; the total net inflow of overseas index ETFs was about 10.139 billion yuan, with a total scale of 9385.21 billion yuan; the total net inflow of bond - index ETFs was about 2.954 billion yuan, with a total scale of 7208.3 billion yuan; and the total net inflow of commodity - index ETFs was about 0.121 billion yuan, with a total scale of 2435.63 billion yuan. [34] - **Newly Established Funds**: This week, there were 27 newly established domestic funds, including 3 active equity funds. The total newly - issued share of active equity funds was about 2.152 billion shares, which was at the 50% quantile in the past year. Since the beginning of this year, 312 active equity funds have been newly issued, with a total scale of about 156.326 billion yuan, exceeding the levels of last year and 2023. 574 passive equity funds have been newly issued, with a total scale of about 307.153 billion yuan, significantly exceeding the levels of previous years. [40] 3.3 Main/Active Capital Flows - Active funds had a net inflow into electronics and communication. The main funds had a net outflow from electronics, computer, and basic chemicals this week. In terms of individual stocks, stocks with main - fund net inflow and small - and medium - sized order net outflow included Dongshan Precision, Shenghong Technology, BYD, Lingyizao, and Xiangnong Core Creation; stocks with main - fund net outflow and small - and medium - sized order net inflow included ZTE, Sungrow Power Supply, Tianfu Communication, Industrial Fulin, and Aerospace Development. In terms of industries, industries with main - fund net inflow and small - and medium - sized order net outflow were not specified; industries with main - fund net outflow and small - and medium - sized order net inflow included electronics, computer, basic chemicals, communication, and medicine. The net main - buying amount this week was about - 280.694 billion yuan, and active funds had a net inflow into electronics and communication. Active funds were more optimistic about stocks such as New E - Sheng, Dongshan Precision, Ping An of China, Shenghong Technology, and Changxinbochuang, while stocks such as China Merchants Bank, Kweichow Moutai, ZTE, Yonghui Superstores, and Industrial Fulin were net - sold by active funds. The industries with the highest net main - buying amounts were electronics and communication; the industries with relatively large outflows were medicine, basic chemicals, computer, machinery, and non - ferrous metals. [5][50]

联合解读中央经济工作会议 20251211 摘要 会议强调通过城乡居民增收计划、清理消费限制等措施提振消费，并推 动投资止跌回稳，稳定房地产市场，清理拖欠企业账款，回应社会广泛 关注问题。 财政政策保持积极，货币政策延续适度宽松基调，灵活运用降准降息等 工具，并强调创新驱动，培育壮大新动能，与现代化产业体系和科技自 立自强相一致。 积极稳妥化解房地产债务风险和地方政府融资平台经营性债务风险，对 房地产市场表述积极，旨在防范系统性金融风险，确保经济持续健康发 展。 会议对资本市场直接表态不多，但提到持续深化资本市场投融资综合改 革，需注重投资者中长期回报，防止市场大起大落。看好大盘成长风格 及 AI+新能源领域。 货币政策更加强调质量，灵活高效运用降准降息等工具，探索新的结构 性货币政策方向，以支持有效优质供给，或加快货币政策的放松步伐。 Q&A 这次中央经济工作会议有哪些新的提法和表述？ 这次中央经济工作会议以务实为主，明确回应了社会关注的多个问题。首先， 会议强调扩大内需，将其作为 2026 年工作的首要任务，提出坚持内需主导， 建设国内强大市场，从居民收入、清理消费限制、优化政策等多方面入手，并 制定城乡 ...

转自：新华财经 展望后市，短期风格切换较难持续，在中外流动性宽松周期共振的背景下，A股市场估值相对合理，AI 科技革命与能源革命支撑上游原材料到中游制造需求，成长产业高景气带动上市公司业绩改善，震荡上 行的趋势仍在延续。当前时点至明年初，仍重点关注大盘成长风格，较长时间维度的风格切换可能出现 在明年一季度左右。四季度以来通胀预期普遍下调，年末涉及房地产、促消费等相关领域的政策信号有 待观察。 编辑：林郑宏 新华财经上海12月2日电 中金公司研报分析认为，11月A股市场震荡调整，交易活跃度有所下降，风格 演绎阶段性"高切低"但持续时间短且主线不清，红利略有相对表现。从全球范围看，主要经济体股票市 场普跌，一方面投资者对于美联储降息节奏预期反复，另一方面对当前AI资产是否已经出现泡沫、科 技叙事持续性的担忧阶段性升温。 ...