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 | ...

同时，几乎所有三级行业龙头都入选样本，真正实现了"龙头荟萃"。这些成分股不仅代表了A股市场的 中坚力量，或更是未来经济增长的潜力所在。 中证A500ETF（159338）跟踪中证A500指数，以国际通用的"行业均衡"方式编制，被誉为A股市场 的"尖子班"， 本土"标普500"。它挑选了各行业市值较大、流动性较好的500只证券作为指数样本，涵 盖了A股市场的核心资产。 行业分布方面，中证A500包括约50%传统价值行业+约50%新兴成长行业。相较于沪深300，中证A500 减少了传统行业的分布，纳入了更多电力设备、医药生物、电子、计算机等新兴领域龙头。既能把握科 技股的上涨弹性，又能拥有传统价值行业抵御风险的能力。 历史业绩表现优异，较沪深300超额明显 午后，市场强势反弹，中证A500ETF（159338）涨超2%，成交额持续放大，截至收盘，成交额超73亿 元，根据wind数据，今日盘中申购近12亿份额。 2025年至今，中证 A500上涨21.15%，同期沪深300，中证800指数涨幅分别为17.94%，20.50%，超额分 别为3.21%、0.65%。 展望后市，牛市的脚步并未停下，市场存在继续上攻的潜力 ...

在这种行情下，选择一只优质的宽基ETF，或许能够获得更好的"防御底仓"。 资金层面来看，中证A500ETF（159338）近期持续吸金，根据wind数据，近20日该基金"吸金"超20亿元。 近期市场震荡下探，沪指又来到了3800点上方的位置。 宏观层面，日本加息预期强化，影响全球活跃资金借贷成本，流动性收紧担忧有所加剧。此外，海外AI泡沫担忧仍有一定延续，美股继续震荡调整。同 时，国内11月经济数据显示需求依旧偏弱，因此对市场情绪有所影响。 中证A500ETF（159338）跟踪中证A500指数，以国际通用的"行业均衡"方式编制，被誉为A股市场的"尖子班"， 本土"标普500"。它挑选了各行业市值较 大、流动性较好的500只证券作为指数样本，涵盖了A股市场的核心资产。 同时，几乎所有三级行业龙头都入选样本，真正实现了"龙头荟萃"。这些成分股不仅代表了A股市场的中坚力量，或更是未来经济增长的潜力所在。 市场利好叠加，慢牛格局不改 展望后市，牛市的脚步并未停下，市场存在继续上攻的潜力和动能。 行业分布方面，包括约50%传统价值行业+约50%新兴成长行业。相较于沪深300，中证A500减少了传统行业的分布，纳入了更 ...

Group 1 - The core viewpoint of the article highlights that since 2023, regulatory bodies have implemented multiple policies to encourage insurance funds to increase their market investments, which is expected to bring significant potential incremental capital to the stock market, benefiting A-shares [1] - The adjustments in risk factors are anticipated to provide a potential influx of capital amounting to hundreds of billions, which is favorable for a long-term bullish trend in A-shares [1] - The article suggests that investors may consider the Zhongzheng A500 ETF (159338), which is leading in customer numbers and has a significant advantage over its competitors, being three times more popular than the second-ranked ETF [1]

华创证券指出，中证A500行业配置聚焦四大方向：科创、顺周期、出海及地产链。科创领域受益 于康波周期下的科技博弈，估值上限有望继续打开，重点关注光学元件、PCB、集成电路等细分领域； 顺周期行业在再通胀交易中表现突出，尤其是供给紧张的周期（有色/化工/钢铁/煤炭）、制造（机械/ 医药/交运）、消费（养殖/纺服）及科技（消费电子/光学光电子）板块。出海逻辑强调产能全球化布 局，关注电新、机械、通信等高景气赛道；地产链则处于中期触底阶段，建筑建材、家居家电、物管等 具备困境反转的高赔率机会。行业新旧动能转换中，科技制造ROE稳步抬升。 每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 把握A股机遇，或可关注中证A500ETF（159338），中证A500创新指数编制方案，以国际通用 的"行业均衡"方式编制。从客户数量来看，根据2025年中报，国泰中证A500ETF总户数位列 ...

每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 相关机构表示，近期A股在经过前期调整释放压力后企稳回升，本月即将召开的经济工作会议或有 利于多头情绪进一步发酵，外部流动性改善亦有望推动估值修复。中期来看，A股的系统性慢牛仍将可 期。 把握A股机遇，或可关注中证A500ETF（159338），中证A500创新指数编制方案，以国际通用 的"行业均衡"方式编制。它挑选了各行业市值较大、流动性较好的500只证券作为指数样本，成分股覆 盖全部中证二级行业和97%中证三级行业。同时，几乎所有三级行业龙头都入选样本，真正实现了"龙 头荟萃"。与此同时，指数编制引入互联互通、ESG筛选等机制，符合海内外机构投资者偏好，有利于 吸引长期资金配置A股核心资产。 从客户数量来看，根据2025年中报，国泰中证A500ETF总户数位列同类首位，是第二名的三倍多， 更多人选择中证A500ETF（ ...

首先，海外扰动继续缓和。一方面，联储表态与经济数据共同推升降息预期。另一方面，全球AI产业 的亮眼进展也在持续缓解"AI泡沫"担忧。 中证A500创新指数编制方案，以国际通用的"行业均衡"方式编制。它挑选了各行业市值较大、流动性 较好的500只证券作为指数样本，成分股覆盖全部中证二级行业和97%中证三级行业。同时，几乎所有 三级行业龙头都入选样本，真正实现了"龙头荟萃"。与此同时，指数编制引入互联互通、ESG筛选等机 制，符合海内外机构投资者偏好，有利于吸引长期资金配置A股核心资产。 同时，国内环境继续为中国资产修复提供顺风。尤其是近期人民币汇率加速升值破7.08关口，汇率走强 与资本市场修复形成共振。 （文章来源：每日经济新闻） 天风证券指出，前期扰动市场的各类因素，近期已在逐步缓解。海外冲击下中国资产已调整出性价比， 随着美联储降息悲观预期、"AI泡沫"等压制全球风险偏好的关键因素迎来缓和，中国资产有望凭借自身 逻辑迎来修复。近期这一观点已在逐步验证： 往后看，随着前期扰动逐步过去，市场有望迈入一个新的阶段。后续，从日历效应角度出发，大势上的 焦点在于跨年行情能否如期启动。岁末年初是孕育躁动行情的重要窗口 ...

Core Insights - The Hang Seng Index Company has evolved from a small service company to an international index provider, reflecting the growth of Hong Kong's financial market over more than half a century [1][2] - In 2025, the Hong Kong stock market is expected to rebound strongly, with IPO fundraising returning to the top globally and the Hang Seng Index experiencing a year-to-date increase of over 30% [1][2] Market Performance - The Hang Seng Index is projected to have an upward potential of approximately 7000 points in 2025, with the information technology sector contributing the most at around 2000 points, followed by finance and consumer sectors each contributing about 1900 points [2] - The healthcare sector, despite its 3% weight, is expected to contribute over 400 points, with the Hang Seng Healthcare Index showing a year-to-date increase of over 73% [2] Index Reform and Composition - The Hang Seng Index has undergone significant reforms since its inception in 1969, expanding its constituent stocks from 33 to 88, with a market capitalization coverage of 66% [3][4] - The weight of the consumer sector in the index has increased by 15 percentage points to approximately 30%, while the financial sector's weight has decreased by 13 percentage points to around 30% [3] Product Development and Market Demand - There is a growing demand for thematic indices, particularly in technology and high-yield sectors, with the company launching 15 new indices in 2025, seven of which focus on yield and strategy [6] - The Hang Seng Technology Index has seen significant growth in overseas markets, with assets under management (AUM) in Europe and the US increasing threefold and fourfold, respectively [6] Global Market Engagement - The company has expanded its business to cover 37 markets globally, with a notable presence in Malaysia, where products tracking the Hang Seng Index account for 70% of the local market's turnover [8] - The company aims to enhance Hong Kong's role as a "super connector" by continuously seeking opportunities to launch index products that attract foreign investment [8] Investor Trends - The biotechnology sector has seen a surge in interest, driven by the mainland market, with the number of ETFs tracking this sector increasing from 8 to 13 and AUM doubling to 28 billion RMB [10][11] - There is a notable difference in investment focus between domestic and foreign investors, with overseas investors particularly interested in technology indices [13]

Market Performance Overview - The domestic equity market indices showed mixed performance during the week of September 15-19, 2025, with the ChiNext Index rising by 2.34% [4] - In terms of sectors, coal, power equipment, and electronics industries had the highest gains, while banking, non-ferrous metals, and non-bank financial sectors experienced the largest declines [4] Fund Product Issuance - The domestic new fund market saw increased activity, with 63 new funds established, totaling 748.28 billion units issued. This included 27 bond funds, 27 equity funds, 7 mixed funds, 1 international (QDII) fund, and 1 REIT [5] - A total of 31 new funds were issued across the market, with 21 being equity funds, 4 FOF funds, 4 mixed funds, 1 bond fund, and 1 international (QDII) fund [5] Fund Product Performance Tracking - Various industry-themed funds exhibited volatile and divergent performance, with TMT theme funds continuing to show a net value increase of 2.56%, while financial and real estate theme funds saw a notable decline [6] - As of September 19, 2025, the performance of different themed funds was as follows: New Energy (2.07%), National Defense and Military Industry (1.50%), Balanced Industry (0.92%), Rotation Industry (0.49%), Consumption (-0.53%), Cyclical (-1.63%), Pharmaceutical (-2.41%), and Financial Real Estate (-2.68%) [6] ETF Market Tracking - Domestic stock ETFs experienced a net inflow of funds, while Hong Kong stock ETFs maintained significant inflows. Specifically, stock ETFs had a median return of 0.03% with a net inflow of 77.93 billion yuan [7] - Hong Kong stock ETFs recorded a median return of 0.84% with a net inflow of 166.52 billion yuan, and cross-border ETFs had a median return of 1.56% with a net inflow of 1.227 billion yuan [8] Fund Positioning Monitoring - The estimated equity positioning of actively managed funds decreased by 0.27 percentage points compared to the previous week. Increased allocations were observed in the automotive, electronics, and basic chemicals sectors, while banking, pharmaceutical, and agriculture sectors saw reduced allocations [9] ESG Financial Products Tracking - A total of 34 new green bonds were issued this week, with a cumulative issuance scale of 379.48 billion yuan. The domestic green bond market has steadily developed, with a total issuance scale of 4.82 trillion yuan and 4,153 bonds issued as of September 19, 2025 [10] - The median net value changes for ESG funds were as follows: active equity funds (1.42%), passive equity index funds (0.21%), and bond ESG funds (0.04%). Funds focused on climate change, low-carbon economy, and carbon neutrality showed significant performance advantages [10]

Core Viewpoint - The market is currently undergoing a phase of adjustment after a sustained rally, with two main perspectives: one sees this as a "mid-game rest" in a bull market, while the other interprets it as a signal for a style switch from high to low valuations and from small to large caps [1] Group 1: Market Dynamics - The current A-share market is at a critical window for switching from small-cap to large-cap stocks and from high to low valuations [1] - Short-term market focus has shifted towards sectors with clear industrial trends, particularly in the AI-related industries [1] - There is potential for broader style switching if low-valued assets show clearer signs of profit recovery, with opportunities emerging in domestic demand-related sectors [1] Group 2: Investment Strategy - A strategy that covers a wider range of sectors and has a more balanced industry distribution, such as broad-based products, is recommended to adapt to different market phases [1] - This approach allows investors to keep pace with the main trends of the market while mitigating risks associated with style misjudgments [1] Group 3: Index Characteristics - The CSI A500 Index selects 500 leading stocks from various sectors, achieving a balance between traditional industries and emerging sectors, with each accounting for about 50% of the index [2] - The index has a higher allocation to emerging industries compared to the CSI 300 Index, providing both stability from traditional sectors and growth potential from new industries [2] - The top ten holdings in the index have a lower weight than those in the CSI 300 Index, effectively reducing the impact of any single stock's volatility on the index [4] Group 4: Performance Metrics - As of August 31, 2025, the CSI A500 Index has achieved a return of 437.28% since its base date, outperforming the CSI 300 and CSI 800 indices, which returned 347.89% and 392.39% respectively [4] - This structure allows investors to capture opportunities across the entire market without needing to predict market styles, benefiting from both traditional sector valuation recovery and ongoing growth in emerging sectors [4]