先说结论： 买这只ETF，相当于一次性买入A股市场中500家较具代表性的上市公司。 近日，香港市场迎来首只跟踪中证A500指数的ETF产品正式上市。这是中证A500指数首次以ETF形式 在香港交易所挂牌交易，也意味着境外投资者可以通过港股市场，更便捷地参与A股核心资产的整体表 现。 对很多投资者来说，"中证A500""跨境ETF"这些词听起来并不直观。本文尝试用更清晰的方式，解释这 只ETF是什么、有什么不同，以及它可能带来的影响。 中证A500指数选取的是A股中市值较大、交易较活跃的500只股票，覆盖金融、消费、制造、科技等多 个行业。它不是押注某一个赛道，而是反映整个A股市场的整体运行情况。 过去，境外投资者如果想参与A股，通常需要通过沪港通、QFII等渠道，流程相对复杂。 这次的变化在于： 投资者只要有港股账户，就可以直接在香港买卖这只ETF，用熟悉的交易方式配置A股市场的整体表 现，而不必逐只研究、买卖内地股票。 简单理解： A股的"打包版"，放到了港股市场上卖。 这只产品采用的是一种"联接"的方式运作： 对投资者来说，不需要关心具体技术细节，只要理解一点： 它的收益来源，最终还是来自A股市场。 ET ...

Regulatory Actions - The China Securities Regulatory Commission (CSRC) emphasizes the need to prevent significant market fluctuations and strengthen market monitoring and regulation to maintain stability [1] - The Shanghai and Shenzhen Stock Exchanges have raised the minimum margin requirement for margin trading from 80% to 100% to reduce leverage and protect investors' rights [2] Automotive Industry - The Ministry of Industry and Information Technology, along with other regulatory bodies, has called for an end to disorderly price wars in the electric vehicle sector to promote fair competition [2] Commodity Market - Silver has surpassed Nvidia to become the second most valuable asset globally, with a market capitalization exceeding $5 trillion, driven by a cumulative price increase of over 200% in the past five years [2] Company Developments - Alibaba's Qianwen has launched an "AI Life Assistant" with over 400 functions, marking a transition into the "AI service era" [3] - TSMC plans to significantly increase its capital expenditure over the next three years, with 2026 spending projected between $52 billion and $56 billion, a potential increase of up to 36.92% year-on-year [3] - Xibei will close 102 stores, accounting for approximately 30% of its total, following significant losses exceeding 500 million yuan since a controversy last year [4] - Ctrip Group is under investigation for alleged monopolistic practices, including unauthorized price modifications that have led to consumer price discrimination [4] Fund Market - The first commodity ETF in China has surpassed 100 billion yuan in size, with the Huaan Gold ETF reaching 100.76 billion yuan [5] - The total size of cross-border ETFs in China has exceeded 1 trillion yuan, driven by strong performance in overseas markets [5][6] - Public fund issuance has accelerated in 2026, with 78 new funds launched, particularly in the FOF category, which has seen strong fundraising capabilities [6] IPO Activities - Yuanji Food has submitted an IPO application in Hong Kong, with over 4,200 stores globally and a compound annual growth rate of 44.7% in store openings from 2023 to 2025 [7] - Shangmi Technology has filed for an IPO in Hong Kong, with significant backing from major shareholders including Ant Group, Meituan, and Xiaomi [8]

Core Viewpoint - The Hong Kong Consumption ETF (159735) has seen significant net inflows, indicating growing investor interest in the fund and the underlying consumer sector in Hong Kong [1][2]. Group 1: Fund Performance - As of January 14, the Hong Kong Consumption ETF (159735) recorded a net subscription of 4.8298 million yuan, ranking 27th out of 208 in cross-border ETF net inflows for the day [1]. - The fund's latest size is 814 million yuan, up from 802 million yuan the previous day, reflecting a 0.60% increase in net inflow relative to the previous day's size [1]. - Over the past five days, the fund has accumulated a net subscription of 69.8219 million yuan, ranking 28th out of 208 in cross-border ETF net inflows [1][2]. Group 2: Fund Details - The Hong Kong Consumption ETF (159735) was established on May 25, 2021, with an annual management fee of 0.50% and a custody fee of 0.10% [2]. - The fund's latest share count is 1.007 billion shares, with a year-to-date increase of 9.46% in shares and a 12.08% increase in size compared to December 31, 2025 [2]. - The fund has a total trading volume of 922 million yuan over the last 20 trading days, averaging 46.0913 million yuan per day [2]. Group 3: Holdings and Composition - Major holdings in the Hong Kong Consumption ETF include Alibaba (19.54%), Tencent (16.59%), and Pop Mart (7.99%), among others, with the total market value of these holdings detailed [3]. - The ETF tracks the Hong Kong Consumption CNY index (931455), and its performance is compared with another fund, Hong Kong Consumption (513590), which has a smaller size and negative net subscriptions [3].

近5日，港股红利(513530)遭净赎回3177.25万元，位居跨境ETF净流出排名第28/207。近10日，港股红利 (513530)获净申购6975.08万元，位居跨境ETF净流入排名第34/207。近20日，港股红利(513530)获净申 购3.16亿元，位居跨境ETF净流入排名第26/207。 来源：新浪基金∞工作室 数据显示，1月12日，港股红利(513530)遭净赎回1433.26万元，位居当日跨境ETF净流出排名21/207。最 新规模37.07亿元，前一日规模37.18亿元，当日资金净流出额占前一日规模的比例为0.39%。 代码名称基金规模(亿元) 20260112近1月日均成交额 (亿元)净申购(亿元) 20260112近1周净申购 (亿元)近1月净申购 (亿元)基金公司513530港股红利37.071.36-0.14-0.323.08华泰柏瑞基金 风险提示：市场有风险，投资需谨慎。本文为AI大模型基于第三方财汇数据库自动发布，任何在本文 出现的信息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参 考，不构成个人投资建议。受限于第三方数据库质量等问题，我们无法对 ...

Group 1 - The cross-border ETF market has seen significant inflows, with over 13.8 billion yuan in net purchases since the beginning of the year, bringing the total market size to nearly 978.8 billion yuan, approaching the 1 trillion yuan mark [1] - There are currently 25 cross-border ETF products with a scale exceeding 10 billion yuan, highlighting the growing interest in this investment category [1] - GF Fund has a leading position in the cross-border ETF market, managing 11 cross-border ETFs, of which 5 have surpassed 10 billion yuan in size, accounting for 45% of the total number of such products in the market [1] Group 2 - GF Fund's flagship products include the Nasdaq ETF (159941), which has a scale exceeding 30 billion yuan and has demonstrated a strong annualized return of over 17% since its inception [2] - The Hong Kong Stock Connect Non-Bank Financial ETF (513750) is unique in tracking the non-bank financial sector in Hong Kong, with over 68% exposure to the insurance industry [2] - The Hong Kong Stock Connect Innovative Drug ETF (513120) is the largest of its kind, having increased by over 66% since 2025, showcasing the high concentration of innovative drug assets [2] Group 3 - GF Fund has been systematically developing its index business since 2008, establishing a comprehensive product line across multiple markets, including A-shares, Hong Kong stocks, US stocks, and commodities [3] - The company has received a five-star rating for its index fund management capabilities, based on a comprehensive assessment of tracking ability, excess return capability, and overall costs [3]

Group 1 - The cross-border ETF market has seen significant inflows, with over 13.8 billion yuan in net purchases since the beginning of the year, bringing the total market size to nearly 978.8 billion yuan, approaching the 1 trillion yuan mark [1] - There are currently 25 cross-border ETF products with a scale exceeding 10 billion yuan, with the Hong Kong Stock Connect Technology ETF (159262) recently reaching a scale of 10.117 billion yuan, making it a new addition to the billion-yuan category [1] - GF Fund has a leading position in the cross-border ETF market, managing 11 cross-border ETFs, of which 5 have surpassed 10 billion yuan in scale, accounting for 45% of the total number of billion-yuan cross-border ETFs in the market [1][2] Group 2 - GF Fund's five billion-yuan products cover core assets and high-growth sectors across different markets, including the Nasdaq ETF (159941), which has a scale exceeding 30 billion yuan and an annualized return of over 17% since inception [2] - The Hong Kong Stock Connect Non-Bank Financial ETF (513750) is the only tool tracking the Hong Kong Stock Connect non-bank financial theme index, with over 68% exposure to the insurance industry [2] - The Hong Kong Stock Connect Innovative Drug ETF (513120) is the largest in its category, having increased by over 66% since 2025, while the Hong Kong Stock Connect Technology ETF (159262) and the Hang Seng Technology ETF (513380) focus on AI technology leaders and classic technology assets, respectively [2] Group 3 - GF Fund has been systematically developing its index business since 2008, establishing a comprehensive product line across A-shares, Hong Kong stocks, US stocks, and commodities, making it one of the most complete providers of index products [3] - The company's index investment management capabilities have been recognized by authoritative institutions, earning a five-star rating in the index fund management capability from the Ji'an Jinxin Fund Evaluation Center [3]

Core Viewpoint - The expansion of cross-border ETFs has accelerated significantly this year, with both the scale and number of related products increasing, making it an important observation window for changes in capital allocation [1][3]. Group 1: Cross-Border ETF Expansion - As of December 26, the total scale of cross-border ETFs has increased by 514.7 billion yuan since the beginning of the year, with the number of products rising by 63 [3]. - Hong Kong stock-related ETFs have become the main source of this scale expansion, particularly those focused on technology stocks, which have shown remarkable growth [3]. - Several cross-border ETFs have seen their scale increase by over 10 billion yuan this year, with the majority of the top ten products being technology-focused ETFs [3]. Group 2: Market Dynamics and Performance - In the fourth quarter, the performance of Hong Kong technology stocks has experienced temporary fluctuations, influenced by multiple factors such as the return of southbound funds to A-shares and concerns over IPO financing and lock-up expirations [3][6]. - Despite the market adjustments, some funds continue to flow into specific Hong Kong technology-related ETFs, indicating ongoing structural investment [4][5]. - Notable growth in ETF scales includes Tianhong Hang Seng Technology ETF increasing by 10.257 billion yuan and Huaxia Hang Seng Technology ETF by 5.502 billion yuan over the past three months [4][5]. Group 3: Long-Term Outlook - Institutions remain optimistic about the future, citing the potential for a favorable liquidity environment to support risk assets, including Hong Kong technology stocks [6][7]. - The Hong Kong technology sector is attracting attention due to narratives surrounding AI development, Federal Reserve interest rate cuts, and increased southbound capital inflows [7]. - The recent market corrections may provide opportunities for long-term investors to position themselves in high-quality technology assets, as the risk factors have been somewhat alleviated [7][8].

来源：新浪基金∞工作室 数据显示，12月17日，港股金融(513140)遭净赎回158.41万元，位居当日跨境ETF净流出排名20/201。最 新规模1.47亿元，前一日规模1.47亿元，当日资金净流出额占前一日规模的比例为1.08%。 流动性方面，截止12月17日，港股金融（513140）近20个交易日累计成交金额13.3亿元，日均成交金额 6651.68万元；今年以来，233个交易日，累计成交金额96.76亿元，日均成交金额4152.69万元。 港股金融（513140）现任基金经理为李茜。李茜自2022年12月26日管理（或拟管理）该基金，任职期内 收益60.02%。 跟踪H300金融服务(人民币)（H30116）的ETF包括港股金融（513140），规模、流动性、近期资金净申 购情况如下： 代码名称基金规模(亿元) 20251217近1月日均成交额 (亿元)净申购(亿元) 20251217近1周净申购 (亿元)近1月净申购 (亿元)基金公司513140港股金融1.470.67-0.02-0.020.0003华泰柏瑞基金 风险提示：市场有风险，投资需谨慎。本文为AI大模型基于第三方财汇数据库自动发布，任何 ...

A股投资全球的T+0 ETF大合集来了！ A股中锚定全球市场的ETF，主要有三个特点： 第一，标的在全球，跟踪的是美股或其他海外市场指数； 第二，交易在A股； 第三，支持T+0。 目前A股市场上"全球投资T+0 ETF"，已经覆盖了多个市场： 有跟踪纳指100、标普500等宽基指数的，也有聚焦科技、半导体等海外细分赛道的，指数透明、规则清晰、交易路径相对简化。 当然，便利并不等于"更容易赚钱"。跨境ETF的价格波动，除了指数本身，还会受到汇率、交易时差、情绪溢价等多重因素影响。 格隆汇 | ETF进化论 来源：wind，规模、涨跌幅、溢折率截至2025年12月12日 官商圈汇 投资港股、中概股的 T+0 ETF- | 代码 | 名称 | 规模(亿元) | 年初至今涨幅 | 溢折率 | 管理公司 | | --- | --- | --- | --- | --- | --- | | 159792 | 港股通互联网ETF | 816.89 | 28.20% | 0.05% | 昌国套尖 | | 513130 | 恒生科技ETF | 434.30 | 24.16% | 0.04% | 华泰柏瑞基金 | | 513050 ...

Summary of Key Points Core Viewpoint - On December 1, the total net inflow of cross-border ETF funds reached 418 million yuan, with a cumulative net inflow of 2.391 billion yuan over the past five trading days, indicating strong investor interest in these funds [1]. Fund Inflows - A total of 45 cross-border ETFs experienced net inflows on the same day, with the Tianhong Hang Seng Technology ETF (520920) leading the inflow, increasing by 200 million shares and a net inflow of 176 million yuan [1][3]. - Other notable ETFs with net inflows include: - Huichuan Fortune CSI Hong Kong Stock Connect High Dividend Investment ETF (513820) with a net inflow of 86 million yuan [3]. - Huatai-PineBridge CSI Hong Kong Stock Connect High Dividend Investment ETF (513530) with a net inflow of 69 million yuan [3]. - Several other ETFs also reported positive inflows, contributing to the overall positive trend in the market [3]. Fund Outflows - Conversely, 13 cross-border ETFs saw net outflows, with the Huatai-PineBridge Southern Dongying Hang Seng Technology (QDII-ETF) (513130) experiencing the largest outflow, decreasing by 144 million shares and a net outflow of 107 million yuan [5]. - Other ETFs with significant outflows include: - Invesco Hang Seng Stock Connect Technology Theme ETF (520670) with a net outflow of 18 million yuan [5]. - Several other ETFs also reported minor outflows, reflecting a mixed sentiment among investors [5].