元旦之后A股"牛气"持续，到1月7日沪指实现14连阳，并创出本轮牛市新高。市场向上的背后，是投资 者对股市参与热情的持续高涨。 上证所数据显示，2025年全年A股新开账户数同比增长9.75%。其中个人投资者一年增加2733.24万户， 同比增长9.67%；而机构新开A股账户10.4539万户，同比增长34.91%。 散户、机构都在入场 2025年12月份A股新开户259.67万户，环比增长9%，较2024年12月的198.91万户增长30.55%。由此， 2025年A股新开户总数出炉，达到2743.69万户，同比增长9.75%。 在12月份新开的A股账户中，个人投资者新开258.56万户，机构新开1.11万户，继2025年9月份之后重回 1万户以上。 2025年全年，个人投资者合计新开A股账户2733.24万户，同比增长9.67%；机构新开A股账户10.4539万 户，同比增长34.91%。截至2025年底，A股市场累计总户数为39742.96万户，其中个人投资者总户数为 39617.2159万户。 从2025年每个月A股新开户情况来看，3月份开户数最多，也是唯一单月开户数超过300万户的月份，开 户数达到3 ...

2025年12月份A股新开户259.67万户，环比增长9%，较2024年12月的198.91万户增长30.55%。由此， 2025年A股新开户总数出炉，达到2743.69万户，同比增长9.75%。 在12月份新开的A股账户中，个人投资者新开258.56万户，机构新开1.11万户，继2025年9月份之后重回 1万户以上。 2025年全年，个人投资者合计新开A股账户2733.24万户，同比增长9.67%；机构新开A股账户10.4539万 户，同比增长34.91%。截至2025年底，A股市场累计总户数为39742.96万户，其中个人投资者总户数为 39617.2159万户。 个人投资者一年增加2733.24万户，同比增长9.67%；机构新开A股账户10.4539万户，同比增长34.91%。 元旦之后A股"牛气"持续，到1月6日沪指实现13连阳，并创出本轮牛市新高。市场向上的背后，是投资 者对股市参与热情的持续高涨。 上交所数据显示，2025年全年A股新开账户数同比增长9.75%。其中个人投资者一年增加2733.24万户， 同比增长9.67%；而机构新开A股账户10.4539万户，同比增长34.91%。 散户、机构都 ...

Group 1 - The non-ferrous metal sector showed strength on December 31, with Jiangxi Copper rising over 4%, and other companies like Huayou Cobalt, Hunan Silver, Yunnan Zinc, and Zijin Mining also experiencing gains. The non-ferrous mining ETF (159690) increased by 1.5%, with net inflows exceeding 25 million yuan over the past five trading days [1] - Zijin Mining announced its earnings forecast for 2025, expecting a net profit attributable to shareholders of 51 billion to 52 billion yuan, marking the best annual performance since its listing, with a year-on-year growth of approximately 59% to 62%. The non-recurring net profit is projected to be between 47.5 billion and 48.5 billion yuan, reflecting a year-on-year increase of about 50% to 53% [3] - The non-ferrous mining ETF (159690) tracks an index where Zijin Mining holds a weight of 10.03% [4] Group 2 - The non-ferrous mining ETF (159690) closely tracks the non-ferrous mining index, investing in companies with upstream mineral resources, including Northern Rare Earth, Zijin Mining, Luoyang Molybdenum, Huayou Cobalt, and China Aluminum. The index has seen a year-to-date increase of 103.55%, while the non-ferrous metal industry index rose by 102.5%, indicating stronger performance compared to similar indices [6] - According to a report, the global supply of new mines is expected to significantly decline by 2026, leading to a structural bottleneck in supply. This situation, combined with unexpected production cuts from core mines and rising resource nationalism in major resource regions, will enhance the bargaining power and profit distribution position of the mining sector [6]

Group 1 - The core viewpoint of the articles highlights the significant growth in China's public fund management industry, with total net asset value reaching a historical high of 37.02 trillion yuan by the end of November, marking eight consecutive months of growth [1] - As of the end of November, there are 165 public fund management institutions in China, including 150 fund management companies and 15 asset management institutions with public qualifications [1] - The growth in public fund size in November was primarily driven by money market funds, which increased by nearly 130 billion yuan, and bond funds, which grew by over 30 billion yuan compared to the end of October [1] Group 2 - Despite a nearly 2% decline in the A-share market in November, the net value of equity funds saw a decrease, with the total size of equity funds reaching 5.8 trillion yuan, down 2.2% from the previous month [2] - The latest data shows that the total share of equity funds at the end of November reached 3.82 trillion shares, reflecting a month-on-month growth of 2.09% [2] - Investor interest in equity and mixed funds remains strong, with both categories seeing significant share increases of 783.11 billion shares and 108.46 billion shares, respectively, compared to the end of October [2]

2025年12月26日，市场全天震荡走势，三大指数集体收涨，沪指实现8连涨。截至收盘，沪指涨 0.10%，深成指涨0.54%，创业板指涨0.14%。 【机构：支持性政策有望持续落地，推动商业航天进入高速发展阶段】 消息面上，上海印发《关于支持长三角G60科创走廊策源地建设的若干措施》，加速航空航天产业发 展。围绕卫星制造与商业运营等产业链关键环节，分阶段给予不超过总投入15%、最高5000万元的经费 支持。对开展通信、导航、遥感等增值服务的企业，按照规定给予最高1000万元的一次性奖励。对取得 卫星通信基础电信业务经营许可证的企业，按照规定给予5000万元的一次性奖励。 方正证券表示，"十五五"规划将科技自立自强置于重要位置，明确提出加快建设航天强国，商业航天与 深空经济获得显著政策倾斜，后续支持性政策有望持续落地，推动商业航天进入高速发展阶段。510亿 元战略性新兴产业发展专项基金正式启动，将重点支持航空航天等战略性新兴产业，为产业发展提供实 质性财政支持。 相关ETF：卫星产业ETF(159218)、卫星ETF易方达(563530)、卫星ETF(563230)、卫星ETF广发 (512630)、卫星ETF ...

华龙证券指出，在地缘政治对抗升级、资源民族主义抬头背景下，工业金属景气度持续提升，铜等主要 金属品种价格中枢持续上抬。铜矿品位降低和激励价格压制导致矿端供给刚性，中期供应偏紧，市场普 遍预期2026年前后精炼铜将出现供需关系拐点并转入紧缺。需求方面，美国2026年经济增速预期良好， 美联储"预防性降息"为软着陆提供保障，同时中国铜需求预计保持韧性。在供需关系趋势性转折节点 上，供给提供支撑，需求恢复情况将决定铜价弹性，看好2026年以铜为代表的工业金属表现。2025年前 11个月，伦敦铜现货均价较2024年上涨7.25%，有色金属行业实现归母净利润1512.88亿元，同比增长 41.55%，工业金属子行业利润增速达32.47%。 矿业ETF（561330）跟踪的是有色矿业指数（931892），该指数从市场中选取涉及贵金属、工业金属等 子行业的上市公司证券作为指数样本，以反映有色金属开采与加工企业的整体市场表现。该指数具有较 强的周期性特征和商品价格敏感度。 读基金法律文件，充分了解产品要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产 品，谨慎投资。 风险提示：提及个股仅用于行业事件分析，不构成任何 ...

12月23日，贵金属、工业金属齐涨，山东黄金涨超6%，中钨高新、厦门钨业、云南锗业、中矿资源、中金黄金 等跟涨。矿业ETF（159690）涨1.71%，实时价格1.906元刷新上市以来新高。 消息面上，金价继续刷新历史新高，首次突破每盎司4465美元，此前一个交易日上涨2.4%，创下一个多月以来 的最大单日涨幅。交易员押注美联储明年将再次降息，低利率环境将对贵金属有利。 华龙证券认为，价格锚历史性变动，趋势仍未结束，投资需求决定后续空间。黄金与长期美债实际利率的负相 关框架解释力逐步弱化，其背后是美元及美国信用的弱化，黄金作为避险资产的性质得到加强，成为全球范围 内最佳避险资产。 矿业ETF（159690）紧密跟踪有色矿业指数，聚焦铜、黄金、稀土、铝、锂等关键金属资源。前十大成份股覆 盖北方稀土、紫金矿业、洛阳钼业、华友钴业、中国铝业、山东黄金、中金黄金、天齐锂业、赣锋锂业、赤峰 黄金等细分产业链龙头公司。 此外，工业金属价格景气持续。上周，LME铜上涨2.75%LME铝上涨2.80%，沪锡周涨幅6.98%。 华龙证券指出，2026年前后，精炼铜将或出现供需关系拐点，随后转入紧缺。需求方面，美国2026年经济 ...

（文章来源：第一财经） 天风证券研报表示，近期，随着海外货币政策等不确定性因素落地，A股面临的外部环境趋于平稳，市 场正进入布局"春季躁动"的关键窗口。关注方向：被提及较多的主线包括：科技成长：关注AI（算力、 应用端）、商业航天、机器人等。顺周期/价值：关注工业金属、化工、非银金融等。高股息：短期性 价比突出，有望迎来反弹。 ...

Core Viewpoint - The Central Economic Work Conference held on December 10-11 in Beijing emphasizes the need to fully tap economic potential, combining policy support with reform and innovation, and focusing on both material and human investment to address external challenges [1][4]. Macroeconomic Policy - The conference calls for a more proactive macroeconomic policy that enhances forward-looking, targeted, and coordinated measures, aiming to continuously expand domestic demand and optimize supply [1][8]. - It stresses the importance of maintaining a necessary fiscal deficit and total debt scale while optimizing fiscal expenditure structure and addressing local fiscal difficulties [2][8]. - A moderately loose monetary policy is advocated, with a focus on promoting stable economic growth and reasonable price recovery, utilizing various policy tools to maintain liquidity [2][8]. Key Tasks - The conference outlines several key tasks, including: 1. Prioritizing domestic demand and building a strong domestic market, with initiatives to boost consumption and increase central budget investment [3][9]. 2. Fostering innovation and enhancing new growth drivers, including improving intellectual property protection in emerging fields [3][9]. 3. Promoting coordinated development and urban-rural integration, while ensuring a stable real estate market and managing local government debt risks [3][9]. Overall Attitude - The conference reflects a more optimistic and determined attitude towards future economic challenges, shifting from a focus on recognizing difficulties to consolidating and expanding economic stability [4][10]. - There is a strong emphasis on structural adjustments and reforms, with a focus on quality and efficiency improvements in macroeconomic governance [4][10]. Future Outlook - The outlook for the A-share market suggests a favorable environment for investment as policy and liquidity converge positively, with expectations for a spring market rally [6][12]. - The bond market is also expected to benefit from the conference's outcomes, with a focus on maintaining fiscal policy stability and potential interest rate cuts in early 2024 [6][12].

Core Viewpoint - The stock ETF market in China experienced a significant net inflow of over 4.3 billion yuan on December 4, with a cumulative increase of 10.8 billion yuan over the past three days, indicating a strong interest in broad-based ETFs despite market volatility [2][5]. Group 1: Market Overview - On December 4, the A-share market showed mixed performance, with the Shanghai Composite Index down 0.06% and the ChiNext Index up over 1% [2]. - The stock ETF market saw a total increase of 1.789 billion shares, with a net inflow of 43.15 billion yuan, primarily driven by broad-based ETFs and Hong Kong market ETFs [5]. - The total scale of all stock ETFs in the market reached 4.56 trillion yuan as of December 4 [4]. Group 2: Fund Inflows - The net inflow for broad-based ETFs was 33.54 billion yuan, while Hong Kong market ETFs saw a net inflow of 12.2 billion yuan [5]. - The CSI A500 Index ETF led the inflows with 9.21 billion yuan, while the Shanghai market corporate bond index saw the largest outflow of 5.01 billion yuan [6]. - Recent inflows into the Hang Seng Technology Index exceeded 1.8 billion yuan, and the SGE Gold 9999 Index saw inflows of over 1.1 billion yuan [7]. Group 3: Top Performing ETFs - The top ETFs by net inflow included the Chinese Internet ETF with 5.33 billion yuan, the CSI A500 ETF with 4.56 billion yuan, and the SSE 50 ETF with 4.37 billion yuan [8]. - Notable inflows were also observed in the STAR Market ETF and the CSI 1000 ETF, with net inflows of 3.89 billion yuan and 2.99 billion yuan, respectively [8]. Group 4: Fund Outflows - The industry-themed ETFs experienced significant outflows, totaling 12.02 billion yuan, with the Bank ETF and Gold Stock ETF each seeing outflows exceeding 3 billion yuan [12][13]. - Other ETFs with notable outflows included the Chemical ETF and the Military Industry Leader ETF, both exceeding 2 billion yuan in outflows [13]. Group 5: Market Sentiment - Despite some industry-themed ETFs experiencing outflows, institutions remain optimistic about structural opportunities in the A-share market, anticipating clearer policy and fundamental expectations in December [15]. - Analysts suggest focusing on growth sectors such as AI, electric new energy, and industrial metals, while also considering potential policy-driven opportunities in sectors like hotels, logistics, and aviation as the year-end approaches [15].