| 序号 | 证券名称 | 年内涨跌幅(%) | 基金管理人 | | --- | --- | --- | --- | | 1 | 通信ETF | 125.8065 | 国泰 | | 2 | 通信设备ETF | 121.3740 | 를 잡 | | 3 | 创业板人工智能ETF国泰 | 106.4220 | 国泰 | | ব | 矿业ETF | 106.1093 | 国泰 | | 5 | 创业板人工智能ETF南方 | 105.4422 | 南方 | | 6 | 创业板人工智能ETF华宝 | 105.0146 | 华宇 | | 7 | 有色矿业ETF招商 | 102.6887 | 摺商 | | 8 | 工业有色ETF | 100.3783 | 方家 | | 9 | 有色金属ETF | 99.9676 | 南方 | | 10 | 5G通信ETF | 99.4741 | 华夏 | | 11 | 5GETF | 97.8723 | 領学 | | 12 | 有色金属ETF基金 | 97.1875 | 表直 | | 13 | 有色50ETF | 96.2485 | 汇添富 | | 14 | 有色ETF基金 | 94.995 ...

来源：国际金融报 如果要为2025年的公募基金市场寻找一个年度"题眼"，答案或许并非某位明星基金经理或某只爆款产 品，而是"指数"二字。 全市场ETF规模破6.6万亿 回顾2025年，公募指数基金在全市场规模的权重正大幅提升。Wind数据显示，截至2025年三季度末， 全市场非货币ETF、ETF联接基金及其他场外指数基金总规模合计已逼近8万亿元，年内增长2.1万亿 元。 在A股结构性行情下，主动权益类基金表现分化加剧，指数基金却成了"主角"。其中，ETF更以现象级 速度"吸金"，成为指数化投资的急先锋。数据显示，截至2024年年末，全市场ETF规模合计4.66万亿 元，其中，股票型ETF规模合计2.9万亿元。仅仅过了三个季度，截至2025年三季度末，全市场ETF规模 已突破6.6万亿元，其中，股票型ETF规模已突破3.7万亿元。 股票型ETF仍是资金最青睐的类型，但与往年"宽基独大"不同，在成长风格主导下，行业和主题ETF今 年大放异彩。截至2025年12月25日，全市场股票型ETF中，行业ETF最新场内份额3260.41亿份，相比 2024年年末的2220.51份增长超千亿份；主题ETF最新场内份额7712 ...

Group 1 - The core viewpoint indicates that the A-share profit structure in 2025 will feature a "technology + overseas expansion" dual mainline characteristic, with traditional industries recovering from real estate drag and high-end manufacturing and export becoming new growth points [1] - The technology sector (such as AI hardware and communication equipment) and cyclical sectors (global pricing resource products) are expected to become the next main lines in the market [1] - The CSI A500 index, as a broad-based index, is likely to benefit from the Davis double-click opportunity brought by the transformation of new and old driving forces under the backdrop of profit recovery and industrial upgrading [1] Group 2 - The CSI A500 ETF (159338) tracks the CSI A500 index (000510), which selects samples from industry leaders in the A-share market using an industry-balanced selection method, reflecting both market capitalization representation and balanced industry distribution [1] - The index components embody the characteristics of "new productive forces" and reflect the overall performance of core A-share assets through a dual allocation of value and growth styles [1] - According to the 2025 mid-year report, the total number of accounts for the Guotai CSI A500 ETF ranks first among similar products, being more than three times that of the second place, indicating a strong preference among investors for this ETF [1]

本报记者 彭衍菘 2025年即将收官，伴随A股市场结构性行情，主题类ETF（交易型开放式指数基金）的表现成为投资者关注的焦点。Wind 资讯数据显示，截至12月14日，从年内净值增长率来看，通信设备、人工智能、有色金属及黄金等主题ETF表现突出，尤其以 通信设备主题ETF领涨明显，多只ETF年内净值增长率超100%。与此同时，不同主题之间的资金流向呈现明显差异，既有"越 涨越买"的品种，也有高位流出的现象。 Wind资讯数据显示，在年内净值增长率居前的ETF中，通信设备主题ETF频现。其中国泰中证全指通信设备ETF以118.55% 的年内净值增长率位居前列；同样跟踪中证全指通信设备指数的天弘中证全指通信设备指数发起A、博时中证全指通信设备指 数发起式A，年内净值增长率也均超110%。 对此，陕西巨丰投资资讯高级投资顾问陈宇恒认为，这一表现背后，与年内5G建设持续深化、卫星通信等新基建预期升 温、行业景气度获市场认可密切相关。 除通信设备外，创业板人工智能主题ETF同样表现亮眼。南方创业板人工智能ETF、华宝创业板人工智能ETF年内净值增 长均超100%，显示在科技创新主线中，人工智能仍是资金重点布局方向。此外 ...

Core Viewpoint - The company, International Composite Materials (301526.SZ), does not directly produce switches and optical modules but provides essential materials for their manufacturing, particularly low dielectric glass fiber, which is crucial for high-speed, high-frequency circuit boards [2]. Group 1: Business Operations - The company produces low dielectric glass fiber, a key material used in the manufacturing of high-speed, high-frequency printed circuit boards (PCBs) [2]. - This material is widely applied in data centers, servers, 5G base stations, and optical modules, indicating the company's involvement in the communication equipment sector [2]. Group 2: Aerospace Capabilities - The company possesses the technical and product capabilities to serve the aerospace sector and is recognized as an important materials supplier in this field [2]. - Specific business operations in aerospace will be determined based on customer needs and application scenarios [2].

Core Viewpoint - International Composite Materials (301526.SZ) does not directly produce switches and optical module assemblies, but its low dielectric glass fiber is a key foundational material for manufacturing high-speed, high-frequency printed circuit boards (PCBs) [1] Group 1: Company Overview - The company’s low dielectric glass fiber is widely used in data centers, servers, 5G base stations, and optical modules in communication devices [1] - The company possesses technical and product capabilities to serve the aerospace sector and is a significant materials supplier in this field [1] - Specific business operations will be determined based on customer needs and application scenarios [1]

Core Viewpoint - The ETF market has seen a resurgence with five products achieving over 100% annual returns as of December 9, 2025, particularly in the technology sector, including communication equipment and artificial intelligence [1][8]. Group 1: ETF Performance - Five ETFs have surpassed 100% returns this year, with notable performances from communication and AI sectors [1][8]. - The top-performing ETFs include: - Guotai CSI All-Share Communication Equipment ETF with a return of 122.27% and a scale of 124.50 billion [2][9]. - Fuguo CSI Communication Equipment Theme ETF with a return of 111.21% and a scale of 10.41 billion [2][9]. - Southern Growth Enterprise Board AI ETF with a return of 110.15% and a scale of 25.73 billion [2][9]. - Huabao Growth Enterprise Board AI ETF with a return of 104.57% and a scale of 33.55 billion [2][9]. - Guotai Growth Enterprise Board AI ETF with a return of 100.38% and a scale of 5.51 billion [2][9]. Group 2: Huabao AI ETF Insights - The Huabao Growth Enterprise Board AI ETF, managed by Chen Jianhua and Cao Xucheng, has achieved a return of 104.57% since its inception on December 6, 2024, with a current scale of 33.55 billion [3][12]. - The fund's manager, Chen Jianhua, has delivered a return of 96.02% since the fund's establishment, with an annualized return of 94.60% [5][12]. - The fund's investment strategy focuses on the AI computing power industry chain, with major holdings in leading optical module companies, including Zhongji Xuchuang and Xinyi Sheng, which together represent a significant portion of the portfolio [5][12]. Group 3: Market Outlook - The fund's third-quarter adjustments were conservative, with increases in holdings ranging from 76% to 80% for most stocks [7][15]. - The fund managers expressed confidence in the sustained demand for AI, particularly in large models and computing power, which is expected to drive the performance of the AI sector [7][15]. - Future opportunities are anticipated in high-end computing cycles and new AI terminals, such as robotaxis and robots, which are at critical technological development stages [7][15].

Core Viewpoint - The ETF market has seen a resurgence with five products achieving over 100% annual returns as of December 9, 2025, particularly in the technology sectors of communication equipment and artificial intelligence [1][5]. Group 1: Performance Overview - The top-performing ETF is the Guotai CSI All-Share Communication Equipment ETF (515880.OF) with a return of 122.27%, managing a scale of 12.45 billion and having been established for 6.32 years [2][3][7]. - Following closely is the Fortune CSI Communication Equipment Theme ETF (159583.OF) with an 111.21% return, a scale of 1.04 billion, and a 1.45-year establishment [3][7]. - In the artificial intelligence sector, three ETFs have shown remarkable performance: - Southern Growth Enterprise Board AI ETF (159382.OF) with a 110.15% return and a scale of 2.57 billion [3][8]. - Huabao Growth Enterprise Board AI ETF (159363.OF) with a 104.57% return and a scale of 3.36 billion [3][8]. - Guotai Growth Enterprise Board AI ETF (159388.OF) with a 100.38% return and a scale of 0.55 billion [3][8]. Group 2: Volatility and Market Outlook - The high returns are accompanied by significant volatility, with maximum drawdowns ranging from -15% to -31% for these ETFs, highlighting the risks involved [4][8]. - Looking ahead, Zhongyin Securities indicates that the securities industry is experiencing a "moderate opening of capital space and leverage limits," which may catalyze a "spring surge" in the market, particularly in technology and AI hardware sectors [4][8].

Core Insights - The A-share market has shown significant recovery in 2025, with the Shanghai Composite Index reaching a 10-year high of 4025.70 points by the end of October, leading to a strong performance of public equity funds and the emergence of numerous "doubling funds" [1][3] Group 1: Fund Performance - The average net value growth rate of actively managed equity funds for the first ten months reached 27.48%, with the best-performing funds exceeding 200% [3][5] - Over 98% of actively managed equity funds reported positive net value growth rates, with 705 funds achieving over 50% growth, and 34 funds surpassing 100% [7][5] - The top-performing fund, Yongying Technology Smart Selection A, achieved a net value growth rate of 200.63%, capitalizing on opportunities in the cloud computing market [9][8] Group 2: Index and Sector Performance - Major indices such as the ChiNext Index and the Science and Technology Innovation 50 Index saw annual growth rates exceeding 50%, with the ChiNext Index at 48.84% [1][4] - The communication equipment sector emerged as a significant winner, with related index funds showing remarkable performance, including the Guotai CSI All-Index Communication Equipment ETF, which had a growth rate of 98.87% [12][13] Group 3: Investment Themes and Manager Insights - Fund managers are focusing on structural opportunities in sectors like AI, innovative drugs, and robotics, which have shown strong performance [7][14] - Investment strategies include a focus on domestic semiconductor equipment and energy storage, with managers highlighting the increasing production capacity of domestic storage chips and the growing demand for energy storage solutions [15][14]

Group 1 - The A-share market continues to show volatility, with the ChiNext index down by 0.8% as of 14:10, while the ChiNext ETF (159915) saw a net subscription exceeding 20 million units [1] - Analysts suggest that the ongoing important meetings regarding economic issues and policies are leading the market to factor in certain expectations for policy stimulus, which is beneficial for high-elasticity assets and new productivity assets [1] - The growth-oriented stocks have shown signs of recovery compared to last week, with increased attention on the ChiNext index, which consists of 100 stocks with large market capitalization and good liquidity, where over 90% of the weight is in strategic emerging industries [1] Group 2 - The latest scale of the ChiNext ETF (159915) exceeds 100 billion yuan, making it the largest among all ChiNext-related ETFs, with a management fee rate of only 0.15% per year, providing investors with a low-cost opportunity to capture growth in the technology sector [1]