投资要点： 分析师：梁俊炜 执业证书编号：S1410524090001 A 股市场快照：宽基指数每日投资动 A 股市场快照：宽基指数每日投资动 和中证 1000（0.53%）涨幅最大，而上证 50（-0.43%）和沪深 300（-0.29%）下跌。 当年涨跌情况，中证 500（5.49%）涨幅最大，其次是中证 1000（4.1%）和创业板 指（3.95%），中证全指（3.78%）和中证 2000（3.46%）涨幅扩大，而沪深 300（3.17%） 涨幅最小。另外，中证 500、中证 1000、中证 2000 和中证全指连续三日连阳。 ◆均线比较：各跟踪指数仍在 5 至 60 日均线之上。创业板指自 2025 年 11 月首次 突破近 250 日高位。中证 500、中证 1000、中证 2000 和中证全指再次突破近 250 相关研究报告 证券研究报告·金融工程报告 2026 年 1 月 8 日 江海证券研究发展部 金融工程定期报告 金融工程研究组 A 股市场快照：宽基指数每日投资动态 2026.01.08 ◆市场表现：2026 年 1 月 7 日, 各宽基指数（表 1）涨跌各现，其中中证 500（0.78%） ...

- The report primarily focuses on tracking and analyzing the performance of broad-based indices in the A-share market, including metrics such as daily returns, moving averages, turnover rates, risk premiums, PE-TTM, dividend yields, and price-to-book ratios[1][2][3] - The turnover rate of indices is calculated using the formula: $ \text{Turnover Rate} = \frac{\Sigma(\text{Component Stocks' Free Float Shares} \times \text{Component Stocks' Turnover Rate})}{\Sigma(\text{Component Stocks' Free Float Shares})} $ This metric reflects the liquidity and trading activity of the indices[15] - The risk premium is measured relative to the 10-year government bond yield, serving as a benchmark for assessing the relative investment value and deviation of indices. The report highlights that indices like CSI 500 and SSE 50 exhibit high 5-year percentile values for risk premiums, indicating relatively attractive valuations[25][26][29] - The PE-TTM (Price-to-Earnings Trailing Twelve Months) is used as a valuation metric, with indices such as CSI 500 and CSI All Share showing high 5-year percentile values (99.92%), suggesting elevated valuations compared to historical levels[37][40][42] - Dividend yield is analyzed as a measure of cash return to investors, with indices like the ChiNext Index and CSI 300 showing relatively high 5-year historical percentile values (57.93% and 31.65%, respectively), indicating their attractiveness during periods of market downturns or declining interest rates[46][51][53] - The price-to-book ratio (P/B) is evaluated through the "break net ratio," which measures the proportion of stocks trading below their book value. The report notes that indices such as SSE 50 and CSI 300 have higher break net ratios, reflecting market sentiment and valuation levels[52][55]

截至午间收盘，中证A500指数上涨1.2%，中证A100指数上涨1.3%，中证A50指数上涨0.9%。相关产品受市场关注，A500ETF易方达（159361）早盘成交额 近60亿元，净申购达1.65亿份。 申万宏源证券表示，上证指数连续阳线后，春季行情仍有纵深，岁末年初不缺增量资金，A股开门红可期，赚钱效应可能普遍扩散。 Wind数据显示，A500ETF易方达（159361）2025年年化跟踪误差仅0.34个百分点，相对指数超额收益为2.86个百分点、在规模百亿以上的同类产品中位居第 一。 | A500ETF易方达 低费率 | | | | | --- | --- | --- | --- | | 跟踪中证A500指数 | | | | | 该指数由各行业市值较大、流 | 截至午间收盘 | 该指数 | 该指数 | | 动性较好的500只证券组成, | 该指数涨跌 | 滚动市盈率 | 以来估 | | 覆盖93个三级行业中的89个 | 1.2% | 17.2倍 | 75. | | A100ETF易方达 低费率 | | | | | 跟踪中证A100指数 | | | | | 该指数由具有行业代表性的市 | 截至午间收盘 | ...

- The report primarily focuses on tracking and analyzing the performance of broad-based indices in the A-share market, including metrics such as daily returns, turnover rates, risk premiums, PE-TTM, dividend yields, and net asset break rates[1][2][3] - **Risk Premium Analysis**: The risk premium is calculated using the yield of 10-year government bonds as the risk-free rate. The report highlights that indices like CSI 500 (52.54%) and CSI 2000 (48.73%) have relatively high 5-year percentile values, while indices like SSE 50 (30.87%) and ChiNext (19.05%) are lower. The risk premium for CSI 500 and CSI 2000 shows higher volatility compared to other indices[29][31][33] - **PE-TTM Analysis**: The PE-TTM values are used as a valuation reference. CSI 500 (97.6%) and CSI All Share (96.28%) have high 5-year percentile values, while SSE 50 (85.7%) and ChiNext (58.43%) are relatively lower. The report notes that the valuation levels of most indices have been on an upward trend since late 2024, with a turning point observed in September 2025[41][44][45] - **Dividend Yield Analysis**: Dividend yield is analyzed as a measure of cash return. ChiNext (61.57%) and CSI 1000 (35.79%) are at relatively high 5-year historical percentiles, while CSI 500 (15.62%) and CSI 2000 (12.81%) are lower. The report emphasizes the importance of high dividend yields during periods of market downturns and declining interest rates[50][55][57] - **Net Asset Break Rate**: The net asset break rate, which reflects the proportion of stocks trading below their net asset value, is used as a market valuation indicator. Current break rates are reported as SSE 50 (22.0%), CSI 500 (11.2%), CSI 1000 (8.1%), and CSI 2000 (3.55%), among others. A lower break rate may indicate market optimism about future growth[56][59][61]

近期A股市场再现典型特征：行业轮动明显，热点切换频繁，市场缺乏持续性领涨主线。在这样的市场环境中，投资者若追逐热点、频 繁切换，往往容易陷入"踏错节奏"的困境。此时，采取以静制动的策略，通过配置以中证A500为代表的、行业分布均衡的宽基指数来 平滑波动、把握整体市场机会，则不失为一种理性选择。 | | 周唐收益排名 | | | | | | --- | --- | --- | --- | --- | --- | | 日期 | 第一 | 第二 | 第三 | 第四 | 第五 | | 2025/10/10 | 有色金属 | 煤炭 | 钢铁 | 电力及公用事业 | 石油石化 | | 2025/10/17 | 银行 | 煤炭 | 食品饮料 | 交通运输 | 商贸零售 | | 2025/10/24 | 通信 | 电子 | 机械 | 石油石化 | 电力设备及新能源 | | 2025/10/31 | 基础化工 | 电力设备及新能源 | 消费者服务 | 综合 | 计算机 | | 2025/11/7 | 电力设备及新能源 | 钢铁 | 石油石化 | 煤炭 | 基础化工 | | 2025/11/14 | 消费者服务 | 纺织服装 | ...

- The report primarily focuses on tracking and analyzing the performance of broad-based indices in the A-share market, including metrics such as daily returns, moving averages, turnover rates, risk premiums, PE-TTM, dividend yields, and net asset ratios [1][3][4] - The turnover rate of indices is calculated as the weighted average of the turnover rates of constituent stocks, with weights based on the free-float market capitalization of each stock [17] - Risk premium is measured relative to the yield of 10-year government bonds, providing insights into the relative investment value and deviation of indices. The report highlights that indices like CSI 1000 and CSI 2000 exhibit higher volatility in risk premiums compared to others [27][28][31] - PE-TTM (Price-to-Earnings Trailing Twelve Months) is used as a valuation metric to assess the investment value of indices. The report notes that indices such as CSI 500 and CSI All Share have relatively high PE-TTM percentiles over the past five years, while indices like SSE 50 and ChiNext have lower percentiles [37][41][42] - Dividend yield is analyzed as a measure of cash return to investors, with indices like ChiNext and CSI 300 showing higher historical percentiles, while CSI 500 and CSI 2000 exhibit lower percentiles [46][51][53] - The net asset ratio (percentage of stocks trading below their book value) is used to gauge market valuation attitudes. The report observes that indices like SSE 50 and CSI 300 have higher net asset ratios compared to others, indicating relatively lower undervaluation [52][55]

【导读】12月26日股票ETF净流入超100亿元 12月26日，A股三大股指集体收涨，沪指实现日线八连阳，两市成交额显著放量。在市场震荡上扬之时，股票ETF单日净流入103.71亿元。多数宽基ETF 获资金青睐，中证1000、中证500、沪深300、上证50、中证A500等指数ETF均获大举加仓，而国防军工ETF和黄金ETF净流出金额居前。 宽基ETF获大举加仓 数据显示，截至12月26日，全市场1284只股票ETF（含跨境ETF）总规模为4.79万亿元。若按照区间成交均价测算，12月26日股票ETF整体净流入资金为 103.71亿元。 具体来看，中证1000指数ETF单日净流入居前，达30.5亿元。单只ETF方面，南方基金旗下中证1000ETF单日净流入达16.92亿元；华夏基金旗下中证 1000ETF单日净流入8.42亿元，最新规模达500.13亿元，对应跟踪指数近一月日均成交额为12.15亿元，同样位居前列。 跟踪上证50指数的ETF资金净流入金额同样显著，达18亿元。具体来看，上一交易日，华夏基金旗下上证50ETF单日净流入13.49亿元，最新规模达 1798.48亿元，对应跟踪指数近一月日均成交额为 ...

◎记者 赵明超 短短4个交易日，规模大增近500亿元。年末，中证A500 ETF上演"激情时刻"。 中证A500 ETF规模缘何短期内大增？又是谁在买入？资金流入了哪些产品？据记者了解，头部中证 A500ETF的"领头羊"之争愈演愈烈，除了看好当前市场点位的投资价值之外，还同中证A500 ETF期权 的合约标的之争有关。 规模大增 年末，中证A500 ETF成为资金关注的焦点。据Choice测算，12月22日至25日，本周前4个交易日，中证 A500 ETF全部产品净申购额合计达到482.45亿元。 拉长时间线来看，截至12月25日，12月以来中证A500 ETF净申购额为949.28亿元。从资金流向看，规模 居前的产品强势吸金。其中，南方中证A500 ETF净申购额为235.49亿元，华泰柏瑞中证A500 ETF为 211.9亿元；华夏中证A500 ETF、国泰中证A500 ETF净申购额均超过150亿元；易方达中证A500 ETF净 申购额超百亿元。 12月26日，中证A500 ETF成交依然活跃，在当日的股票型ETF中，成交额前五名均为中证A500相关 ETF。其中，华夏中证A500 ETF成交额为15 ...

今日早盘，市场震荡分化，全市场近3300只个股上涨，小盘股延续涨势。截至午间收盘，中证2000指数上涨0.9%，创业板中盘200指数上涨0.7%，中证1000 指数上涨0.6%，科创100指数上涨0.4%，中证500指数上涨0.3%。 中证2000指数作为A股市场小微盘成长股的核心标杆，精准聚焦全市场市值尾部的优质中小企业，是宽基指数体系中挖掘 "小而美" 标的、布局细分赛道隐 形冠军的投资工具。从成分股质地来看，中证2000指数的 "专精特新" 属性尤为突出，是推动制造业升级、培育新质生产力的中坚力量。 | 日午盘该指数涨跌 | 该指数滚动市盈率 | 该指数自 | | --- | --- | --- | | | | 发布以来 | | 0. 6% | 45. 8倍 | 64. | | | | | 该指数由创业板中市值中等、流动 | 今日午盘该指数涨跌 | 该指数滚动市盈率 | 该排 | | --- | --- | --- | --- | | 性较好的200只股票组成,反映创 | | | | | 业板市场中盘代表性公司的整体表 现,信息技术行业占比超40% | 0. 7% | 103.8倍 | 2023年1 | ...

Market Overview - The total number of A-shares is 5,092, with 3,941 shares rising and 1,145 shares falling, indicating a strong upward trend in the market [1][10] - The median increase for A-shares is -0.76%, with 1,476 stocks rising and 3,602 stocks falling [3][12] - The Shanghai Composite Index has shown a rise of 16.95%, while the ChiNext Index has increased by 49.65% [1][10] Sector Performance - The leading sectors include Power Equipment, which rose by 1.12%, Building Materials by 0.88%, and Electronics by 0.58% [2][11] - The sectors that experienced declines include Social Services, which fell by 2.07%, Beauty and Personal Care by 1.65%, and Retail by 1.60% [2][11] Individual Stock Performance - A total of 122 stocks reached new highs, including China Ping An and Zijin Mining, while 16 stocks hit new lows, including Daqin Railway and Supor [4][13] - Notably, 44 stocks achieved historical highs, including Zijin Mining and Zhongji Xuchuang [4][13] Convertible Bonds - The average decline for 384 convertible bonds is 0.41%, with the corresponding average decline for underlying stocks at 0.48% [5][14] - The main holdings of convertible bonds showed a smaller decline of 0.20% compared to the average [5][14] Investment Insights - Two stocks have emerged as tenfold gainers this year: Shuangwei New Materials with a rise of 1,451.43% and Tianpu Co. with an increase of 1,102.24% [6][15] - The performance of these stocks and the related fund, Yongying Technology Smart Selection, which has increased by 231.72%, suggests potential volatility in future performance [6][15][16]