Core Viewpoint - The stock market is experiencing increased volatility, leading to a significant rise in trading volume for broad-based ETFs, with a focus on capturing structural growth opportunities while balancing profitability and valuation [1] Group 1: ETF Performance - As of December 17, the top three stock ETFs by net inflow over the past month are all from the CSI A500 ETF series, with net inflows of 11.865 billion, 9.386 billion, and 6.897 billion respectively [2] - The CSI A500 ETF has seen the highest trading volume, with the Huatai-PB CSI A500 ETF exceeding 100 billion in trading volume, while the Huaxia and Southern CSI A500 ETFs surpassed 90 billion and 70 billion respectively [2] - A total of five CSI A500 ETFs have trading volumes exceeding 50 billion, and eight have volumes over 10 billion [2] Group 2: Market Trends - The current market volatility has led to a sell-off in certain thematic ETFs, with significant outflows from the Huabao Bank ETF and Guotai Securities ETF, while tech-related ETFs have rebounded strongly [3] - The social security fund has shown a preference for technology stocks, with a market value exceeding 46.9 billion in the TMT sectors as of the end of Q3, indicating a growing interest in tech investments [3] Group 3: Investment Strategy - The preference for broad-based ETFs is attributed to their risk diversification, liquidity, and higher tolerance for errors, making them suitable for core portfolio allocations [4] - In the current environment, funds are seeking structural growth opportunities, favoring technology and growth sectors over large-cap blue chips, which are closely tied to macroeconomic conditions [4] - The upcoming spring market is expected to favor large-cap growth styles, with a potential rebound in large-cap value stocks benefiting from insurance capital allocations [5]

重要提示：本材料不构成任何形式的要约、承诺或其他法律文件，亦非任何投资、法律或财务等方面的专业建议。过往业绩不预示 未来表现。投资须谨慎。 "中美硬脱钩试验"未能奏效 自中美在瑞士日内瓦达成多项经贸领域重要共识后，中美关系从一个极端情况进入到暂时的正常情况之 下，全球资本市场都为之松了一口气。特朗普这一次极限施压，暴露出其自身市场和供应链的弱点。考 虑到这些弱点短期难以改变，可以预见，在未来90天内，甚至更长时间，中美有意愿朝着一个能够去谈 成的方向努力。我们认为，结果可能收敛于：双方解决掉能解决的问题，达成阶段性协议；抛开不能解 决的问题，包括一些战略品、非关税壁垒等，留在后面再博弈。 接下来的"追光灯"可能转向欧盟、日本、韩国、越南、印度等国。在美国硬实力下，尽管有些国家和地 区宣称反制，但意志和实力难及中国，可能延长与美国的谈判时间。 当前局势下，世界多极化趋势开始显现，这为中国改革开放提供了新的空间。"中美硬脱钩试验"的失 败，说明中美的"相互纠缠"可能会持续相当长时间。特朗普打破了一个旧世界，却没提供新世界方案， 世界开始走向多极化。价值观政治不再流行，现实主义占据上风。"政冷经热"的国际背景，为中 ...