截至2026年1月8日 13:53，证券ETF(159841)盘中换手5.93%，成交5.91亿元。跟踪的中证全指证券公司指数(399975)下跌2.76%。 成分股方面，华林证券(002945)领跌10.00%，华安证券(600909)下跌5.58%，兴业证券(601377)下跌4.72%，华泰证券(601688)下 跌4.68%，广发证券(000776)下跌4.19%。 值得一提的是，证券ETF(159841)获资金逆市布局，盘中净申购已超3.3亿份，位居深市同类产品断层第一。 | | 证券ETF 159841 | ਕੇ | | --- | --- | --- | | | 通 副 √ ○ + | | | 实时申购赎回信息 | 申购 | 赎回 | | 筆数 | 403 | 1 | | 金额 | 0 | O | | 份额 | 3.32亿 | 60万 | 【产品亮点】 证券ETF(159841)跟踪标的一键打包优质上市券商，其中近6成仓位集中于十大龙头券商，"大资管"+"大投行"龙头齐聚；另外4 成仓位兼顾中小券商的业绩高弹性，吸收了中小券商阶段性高爆发特点，是集中布局头部券商、同时兼顾中小券商的高效率投 资工 ...

晨 会 纪 要 [2026]第 1 号 主 题：宏观、市场及行业观点更新 时 间：2026 年 1 月 5 日 8:50-9:30 会议形式：腾讯会议 参会人员：曹旭特 仇华 许雯 王攀 蒋栋 轩鹏程 文正平 李杰 张智珑 郭怡萍 李育文 李正威 邢维洁 马丽明 汪炜 聂孟依 张弛 整理记录：张弛 研究所今日晨会要点如下: 1.1 宏观点评（仇华） 宏观数据方面，12 月制造业 PMI 再次升至扩张区间 据 Wind 数据，近期公布的重要宏观数据主要的 12 月的 PMI。12 月的制造业 PMI 为 50.10%， 4 月份以来首次升至扩张区间，主要推动力量来自产需同步修复。需求方面，新出口订单指 数自 10 月的 45.90%，连续回升，12 月上升至 49%，虽然尚在荣枯线下，但 12 月的新订单指 数（50.80%）已上升至扩张区间；生产方面，12 月 PMI 生产指数上升至 51.70%，进一步改善。 在大、中、小型企业中，12 月的大型企业 PMI（50.80%）领先站上荣枯线，中型企业 PMI 为 49.80%，相比 11 月的 48.90%，也有明显上升；但 12 月的小型企业 PMI 为 4 ...

今年以来，科技类ETF广受追捧。数据显示，1391只ETF中，名称含"科技"或"科创"字样的134只ETF， 总规模达1.05万亿元，占全市场ETF总规模的17.41%。 公募排排网最新数据显示，截至2025年12月26日，全市场ETF(开放型交易式指数基金)产品数量达1391 只，总规模突破6万亿元大关，达到6.03万亿元，数量规模双双创下历史新高。 分类型来看，在所有ETF中，股票型ETF占据其总规模与数量的半壁江山。当前股票型ETF数量达1081 只，占到总数量的77.71%；总规模达3.85万亿元，占ETF总规模的63.78%。跨境ETF和债券型ETF紧随 其后，数量分别为201只和53只，总规模分别为0.94万亿元和0.80万亿元，规模占比依次为15.57%和 13.34%。 被动指数型ETF已成为市场主流。全市场ETF中，被动指数型ETF数量达1208只，占总量的86.84%；总 规模达5.06万亿元，占ETF总规模的83.91%。其中，被动指数型股票基金数量达1155只，总规模为4.25 万亿元；被动指数型债券基金数量为83只，总规模为8045.64亿元。 从年内增长情况来看，债券型ETF和商品 ...

湘财证券指出，短维度来看，在中美贸易相对缓和的大环境下，市场在前期经历了一定调整后，后市有 望保持震荡修复状态。建议关注：长期资金入市相关的红利板块；"反内卷"相关的传统板块；政策支持 的内需相关的消费领域。长维度来看，2026年是"十五五"开局年份，相应五年规划落地将推动新质生产 力相关领域（科技、环保）的发展，此次中央经济工作会议进一步明确2026年政策基调继续保持积极， 为2026年A股市场继续"慢牛"运行奠定坚实基础。 （文章来源：证券时报网） 盘面上看，零售、地产、银行、医药等板块走低，半导体板块午后拉升，保险、电力、券商等板块上 扬，核电、特高压、商业航天概念等活跃。 12日，两市股指午后强势拉升，创业板指涨近1%，科创50指数涨近2%，全A成交额重返2万亿元上方。 截至收盘，沪指涨0.41%报3889.35点，深证成指涨0.84%，创业板指涨0.97%，科创50指数涨1.74%，沪 深北三市合计成交21193亿元。 ...

2025年A股市场表现较好，主要股指震荡上扬，市场韧性持续增强，已呈现"低波动、稳增长"的特征。 当前A股仍具备多维度估值优势，在我国宏观经济企稳向好、政策红利持续释放的背景下，有望开启一 轮基于基本面的价值重估进程。 最近一年多，我感到，长期资金入市正重塑市场生态。从去年新"国九条"提出"构建支持'长钱长投'的政 策体系"，到今年《关于推动中长期资金入市工作的实施方案》的落地实施，当前中长期资金稳步入市 的良好趋势已现，市场逐渐形成"机构为主、外资补充、产业协同"的长钱结构格局，长期投资力量的日 益壮大，提升了市场稳定性。 当前，市场已上涨一年有余，但从估值、基本面、资金面等多维度来看，后市仍然可期。一方面，低估 值形成投资安全边际。截至10月底，沪深300指数市盈率仅14倍左右，而标普500等海外主流指数估值均 超过20倍，A股在全球主要市场中估值洼地效应突出。从资产比价角度看，沪深300股息率显著高于10 年期国债收益率，维持着较强的配置吸引力。另一方面，盈利改善夯实后市向好基础。中国上市公司协 会数据显示，今年前三季度上市公司净利润同比增长5.5%，其中三季度单季增速达11.45%，呈现逐季 加速态势 ...

Core Viewpoint - The market experienced a strong rebound in the first week of December, with the Shanghai Composite Index fluctuating around the 3900-point mark, driven by positive news and increased trading activity [1][11]. Market Performance - The market saw a "good start" with a rebound on Friday after some adjustments earlier in the week, indicating a mixed sentiment among investors but a notable increase in trading volume [1][11]. - The technology sector, particularly consumer electronics and semiconductors, showed rapid rotation alongside resource sectors, with financial stocks leading the index's upward movement [1][11]. Key Upcoming Events - The Federal Reserve's interest rate decision is expected on December 11, with strong market expectations for a rate cut, which could lead to significant market fluctuations [1][12]. - The Central Economic Work Conference is also set to take place, which may provide policy direction for the upcoming year [1][12]. Investment Strategy - Given the current market conditions, a balanced investment approach is recommended, focusing on both dividend and growth styles to navigate potential short-term volatility [2][12]. - The recent adjustment by the financial regulatory authority to lower risk factors for insurance companies is expected to enhance their investment capacity, particularly in high-quality assets and technology sectors [3][13]. Sector Insights - The adjustment of risk factors for insurance companies includes a reduction from 0.3 to 0.27 for stocks held over three years in the CSI 300 Index, and from 0.4 to 0.36 for stocks in the Sci-Tech Innovation Board held over two years, promoting long-term investment [3][13]. - The financial sector, particularly insurance and brokerage firms, is anticipated to act as a stabilizing force in the market, with potential for significant capital inflow due to regulatory support [3][13]. Consumer Electronics Sector - The consumer electronics market is showing positive trends driven by new consumption policies and AI advancements, with leading companies in the sector currently undervalued, providing a safety margin for investors [8][17].

A股周一放量上涨 能源金属板块走强 来源：中国新闻网 编辑：王永乐 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 中新社北京12月8日电 (记者 陈康亮)中国A股8日(周一)放量上涨，主要股指悉数走高。其中，上证指数 收盘站稳3900点之上，创业板指涨逾2%。据相关统计，能源金属板块上涨逾3%，领涨A股所有行业板 块。 截至当天收盘，上证指数报3924点，涨幅为0.54%；深证成指报13329点，涨幅为1.39%；创业板指报 3190点，涨2.6%。沪深两市成交总额约20366亿元(人民币，下同)，较上一个交易日放量约3109亿元。 消息面上，中国国家金融监督管理总局近日发布通知，下调保险公司多项业务风险因子。其中，保险公 司持仓时间超过三年的沪深300指数成分股、中证红利低波动100指数成分股的风险因子从0.3下调至 0.27，该持仓时间根据过去六年加权平均持仓时间确定；保险公司持仓时间超过两年的科创板上市普通 股的风 ...

截至2025年12月8日 10:45，沪深300红利低波动指数下跌0.26%。成分股光大银行领涨，沪农商行、华 夏银行跟涨；宝钢股份领跌，华域汽车、中国神华跟跌。 消息面上，12月5日，金融监管总局发布《关于调整保险公司相关业务风险因子的通知》（下称《通 知》），明确保险公司持仓时间超过三年的沪深300指数成分股、中证红利低波动100指数成分股的风险 因子从0.3下调至0.27。该持仓时间根据过去六年加权平均持仓时间确定。 兴业证券表示，国家金融监督管理总局发布《关于调整保险公司相关业务风险因子的通知》，长期资金 入市趋势强化。根据通知明细，保险公司持仓时间超过三年的沪深300指数成分股、中证红利低波动100 指数成分股的风险因子从0.3下调至0.27。该持仓时间根据过去六年加权平均持仓时间确定。股票类资产 风险因子的下调将利好耐心资本的培育壮大。 数据显示，截至2025年11月28日，沪深300红利低波动指数前十大权重股分别为中国神华、双汇发展、 中国石化、格力电器、美的集团、华域汽车、大秦铁路、宝钢股份、中国移动、中国建筑，前十大权重 股合计占比35.7%。 300红利低波ETF(515300)紧密跟踪沪 ...

Core Viewpoint - The adjustment of risk factors for insurance companies' investments in certain indices is expected to release significant capital into the market, potentially enhancing the performance of low-volatility dividend stocks [1][2]. Group 1: Market Performance - On December 8, major indices opened higher, with the CSI Low Volatility 100 Index rising by 0.06% [1]. - Among the constituent stocks, Fujian Expressway increased by over 2%, with other stocks like Central South Media, Yili, Solar Energy, and Guizhou Tire also showing gains [1]. - The Tianhong Low Volatility ETF (159549) experienced a net inflow of over 110 million yuan last week, ranking first among similar funds [1]. Group 2: Regulatory Changes - On December 5, the Financial Regulatory Authority announced a reduction in risk factors for insurance companies holding stocks from the CSI 300 and CSI Low Volatility 100 indices for over three years, from 0.3 to 0.27 [1][2]. - This adjustment is based on the weighted average holding period over the past six years [1][2]. Group 3: Capital Market Implications - According to estimates, the reduction in risk factors could release approximately 100 billion yuan into the market, with a static release of at least 32.6 billion yuan in capital if insurance funds increase their allocation to stocks [2]. - If this capital is fully allocated to CSI 300 stocks, it could correspond to an influx of 108.6 billion yuan into the stock market [2]. - The adjustment is expected to strengthen the trend of long-term capital entering the market, benefiting patient capital growth [2].

Group 1 - The insurance sector is encouraged to increase equity allocations due to a reduction in risk factors for long-term holdings in the CSI 300 and the Low Volatility 100 indices, potentially releasing over 1 trillion yuan in equity investment capacity [6][11][12] - The spring market is expected to be a small-scale rebound within a high-level fluctuation, with policy layouts starting mid-December potentially triggering this seasonal rally [6] - The market style for 2026 is anticipated to shift from a "bull market 1.0" characterized by cyclical and value stocks in the first half to a "bull market 2.0" dominated by technology and advanced manufacturing in the second half [6] Group 2 - A-share valuations as of December 5, 2025, show the CSI All Share Index at a PE of 21.1 and PB of 1.8, indicating it is at the 77% and 39% historical percentiles respectively [8] - The real estate, retail, pharmaceutical, and IT services sectors are currently at or above the 85% historical percentile for PE valuations, indicating high valuation levels [8][9] - The healthcare services sector is noted to be below the 15% historical percentile for both PE and PB valuations, suggesting potential undervaluation [9] Group 3 - The "14th Five-Year Plan" identifies ten key investment opportunities, including artificial intelligence, robotics, aerospace, and innovative pharmaceuticals, which are expected to drive future growth [11][13] - A-share companies' overseas revenue growth is projected to outpace overall revenue growth, with overseas revenue expected to increase by 10.1% in 2024, compared to a decline of 0.8% in overall revenue [16] - The PPI price increase chain in the upstream sector is expected to continue, with specific industries like automotive manufacturing and energy showing signs of improvement [19][20] Group 4 - In November 2025, stock buybacks and increased loan applications surged by 55%, primarily driven by a nearly 18-fold increase in buyback applications [22] - The overall market sentiment is leaning towards a recovery, with various sectors showing signs of reversal and supply clearing opportunities [20][24]