2026 年 01 月 06 日 特朗普媒体科技公司发行 ETF ——海外创新产品周报 20260105 相关研究 证券分析师 沈思逸 A0230521070001 shensy@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 沈思逸 A0230521070001 shensy@swsresearch.com 权 益 量 化 研 究 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 ETP 研 究 - ⚫ 美国 ETF 创新产品：特朗普媒体科技公司发行 ETF。上周美国共 21 只新发产品，多家管 理人发行系列产品；Opal Capital 上周发行高集中度 ETF 和纪律化美国股票 ETF，高集 中度 ETF 投资于 15-30 只管理人认为长期有很大成长潜力的高质量公司，纪律化美国股 票 ETF 通过纪律化方法选择 60-170 只股票。 ⚫ 美国 ETF 资金流向：黄金 ETF 有所流出。过去一周中，美国 ETF 流入相对平稳，国内股 票产品流入重新超过国际股票，V ...

【导读】 2025 年 12 月 31 日，股票 ETF 净流入近 48 亿元 中国基金报记者 王思文 2026 年 A 股开市高开高走。回顾 2025 年最后一个交易日，嗅觉敏锐的资金已经抢先借道 ETF 加仓 " 入场 " ，布局 2026 年投资机 会。数据显示， 2025 年 12 月 31 日，股票 ETF 单日净流入近 48 亿元。 具体看， 2025 年 12 月 31 日（上周三）， A 股三大股指涨跌不一，沪指实现日线十一连阳。在市场震荡上扬之时，股票 ETF 资金流 向相对平稳，行业主题 ETF 和部分宽基 ETF 资金净流入尤为突出。 行业主题 ETF 获大举加仓 Wind 数据显示，截至 12 月 31 日，全市场 1289 只股票 ETF （含跨境 ETF ）总规模为 4.76 万亿元。若按照区间成交均价测算， 12 月 31 日股票 ETF 整体净流入资金为 47.92 亿元，选择加仓。 从大类型来看， 2025 年最后一个交易日，行业主题 ETF 净流入居前，达 59.67 亿元。其中，半导体板块净流入居前，达 13.6 亿元， 机器人板块净流入达 10.9 亿元。具体看，机器人 ...

Group 1: ETF Market Overview - The report highlights the performance of various ETFs, with the Satellite ETF showing a significant increase of 7.72% on the trading day [5][6]. - The top-performing ETFs include the Satellite Industry ETF with a rise of 7.55% and the Satellite ETF from E Fund with a 7.07% increase [5]. - The trading volume for the Satellite ETF reached 38,691.01 thousand yuan, while the Satellite Industry ETF had a trading volume of 50,380.39 thousand yuan [5]. Group 2: Fund Flow Monitoring - The report indicates that the Nonferrous Metals ETF Fund had a net inflow of 270,258.54 thousand yuan on the previous trading day, with a daily increase of 1.23% [8]. - The A500 ETF Leader experienced a slight decline of 0.17% but still had a significant net inflow of 90,435.65 thousand yuan [8]. - The report lists the top ETFs by net inflow, with the Nonferrous Metals ETF leading, followed by the A500 ETF Leader and the CSI 300 ETF [8]. Group 3: Margin Trading Activity - The Securities ETF recorded a financing purchase of 42,272.77 thousand yuan, despite a daily decline of 0.41% [15]. - The report notes that the Sci-Tech Innovation 50 ETF had a financing purchase of 40,667.67 thousand yuan, with a decrease of 1.12% on the trading day [15]. - The margin trading data indicates that the CSI 500 ETF had a financing purchase of 29,028.08 thousand yuan, reflecting a stable interest in this ETF despite market fluctuations [15].

（原标题：突发！停牌核查了...） ★ 跟踪：中证细分食品饮料产业主题指数 近五日涨跌: -1.42% 市盈率： 19.99倍 【导读】大牛股停牌核查了！ 中国基金报记者 泰勒 大家好啊，今晚大牛股们的公告不断，不是提示风险就是要停牌核查。 12月29日晚间，连续 12个涨停的牛股——胜通能源发布公告，公司股票价格自2025年12月12日至2025年12月29日期间价格涨幅为213.97%，期间多次触及股票交易异 常波动情形，公司股票短期内价格涨幅较大，已严重背离公司基本面，为维护投资者利益，公司将就股票交易波动情况进行停牌核查。 公告称， 经公司申请，公司股票自2025年12月30日开市起停牌，预计停牌时间不超过3个交易日。 公告称，公司主营业务未发生重大变化，股价短期内连续上涨，可能存在市场情绪过热、非理性炒作风险。公司基本面未发生重大变化，不存在 应披露而未披露的重大信息。 12月28日，胜通能源发布股票交易异常波动公告称，公司股票连续2个交易日收盘价格涨幅偏离值累计超过20%，属于股票异常波动的情况。如未 来公司股票价格进一步上涨，公司可能向深交所申请停牌核查。 胜通能源表示，公司控股股东、实际控制人 ...

Global and A-share Market Overview - The A-share market showed mixed performance last week, with the Sci-Tech 50 Index experiencing the largest decline of 2.99%. The Hong Kong market also saw a decrease, with the Hang Seng Index down by 1.10%. The best-performing ETFs were primarily those tracking the defense and military sectors [1][12][15]. ETF New Issuance Statistics - In the A-share market, 11 stock ETFs were reported last week, and 7 new stock ETFs were established. No new equity ETFs were launched in the US market during the same period [2][17][19]. Fund Flows in A-share Market - The top 10 stock ETFs by net inflow were dominated by the CSI A500 Index ETFs, with a total net inflow exceeding 30 billion yuan. Conversely, the top 10 stock ETFs by net outflow were mainly from the military sector [2][24][25]. - The net inflow for broad-based ETFs was led by those tracking the CSI A500 Index, while the ETFs tracking the SSE 50 Index saw significant outflows [2][27]. Fund Flows in US Market - In the US market, political-themed ETFs saw the highest net inflows, while life sciences-themed ETFs experienced net outflows. Active ETFs based on the S&P 500 Index had the largest net inflows, while those based on the Russell 3000 Index saw outflows [3][24]. ETF Strategy Performance - The performance of the diffusion indicator + RRG ETF rotation strategy yielded a return of -0.31%, with excess returns relative to the CSI Equal Weight Index and the CSI 300 Index at -1.16% and -0.03%, respectively. The 50% base + intraday momentum strategy showed varying returns across different ETFs, with the SSE 50 ETF achieving a return of 0.08% [4][28].

How would you you follow this obviously, at a granular level. How would you sum up the year in gold. There's been a remarkable year.It's kind of been one of those periods of time when gold, I think, has managed to punch its way into the mainstream of kind of the the debate in financial markets. And I think that has been mostly just a reflection of its price. You know, it's set it's up about 63% now or something like that, which, as you say, is its best year since 1979.And then I think as well as that, I thi ...

金 金融工程点评 [Table_Title] [Table_Message]2025-12-05 金工 ETF 点评：宽基 ETF 单日净流入 32 亿元；家电、机械、传媒拥挤变幅较大 [Table_Author] 证券分析师：刘晓锋 电话：13401163428 E-MAIL：liuxf@tpyzq.com 执业资格证书编码：S1190522090001 证券分析师：孙弋轩 电话：18910596766 E-MAIL：sunyixuan@tpyzq.com 执业资格证书编码：S1190525080001 一、资金流向 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 ETF [Table_Summary] 数据截止日：2025/12/4 二、行业拥挤度监测 ◼ 通过构建行业拥挤度监测模型，对申万一级行业指数的拥挤度进行每日监测， 前一交易日通信、军工靠前，相比较而言，计算机、非银的拥挤度水平较低， 建议关注。此外，家电、机械、传媒拥挤度变动较大。从主力资金流动来看， 前一交易日主力资金流入机械、家电；流出电子、电力设备。近三个交易日 主力资金减配电子、电力设备；增配家电、煤炭。 三、ETF ...

[Table_Title] 金 金融工程点评 [Table_Message]2025-12-04 金工 ETF 点评：跨境 ETF 单日净流入 18.45 亿元；石油石化、有色拥挤变幅较大 [Table_Author] 证券分析师：刘晓锋 电话：13401163428 E-MAIL：liuxf@tpyzq.com 执业资格证书编码：S1190522090001 证券分析师：孙弋轩 电话：18910596766 E-MAIL：sunyixuan@tpyzq.com 执业资格证书编码：S1190525080001 一、资金流向 ETF [Table_Summary] 数据截止日：2025/12/3 二、行业拥挤度监测 ◼ 通过构建行业拥挤度监测模型，对申万一级行业指数的拥挤度进行每日监测， 前一交易日通信、农牧、军工靠前，相比较而言，汽车、美护、非银的拥挤度 水平较低，建议关注。此外，石化、有色拥挤度变动较大。从主力资金流动 来看，前一交易日主力资金流入煤炭；流出电子、计算机。近三个交易日主 力资金减配电力设备、计算机；增配煤炭。 三、ETF 产品关注信号 ◼ 根据溢价率 Z-score 模型搭建相关 ETF 产 ...

Summary of Key Points Core Viewpoint - On December 1, the industry-themed ETF funds experienced a net outflow of 2.217 billion yuan, with a cumulative net outflow of 21.43 billion yuan over the past five trading days, indicating a trend of capital withdrawal from these funds [1]. Fund Performance - A total of 66 industry-themed ETFs saw net inflows on December 1, with the Huabao Securities ETF (512000) leading the inflow, increasing by 330 million shares and a net inflow of 186 million yuan [1][3]. - Conversely, 141 industry-themed ETFs experienced net outflows, with the Guotai Zhongzheng All-Index Securities Company ETF (512880) having the largest outflow, decreasing by 501 million shares and a net outflow of 592 million yuan [1][4]. Top ETFs by Net Inflow - The top ETFs by net inflow on December 1 included: - Huabao Securities ETF (512000): 1.86 billion yuan net inflow, 701.77 million shares [3]. - Guotai Zhongzheng All-Index Communication Equipment ETF (515880): 1.72 billion yuan net inflow, 42.93 million shares [3]. - Other notable inflows included the China Merchants Zhongzheng Battery Theme ETF (561910) and the Southern Zhongzheng Shenwan Nonferrous Metals ETF (512400) [3]. Top ETFs by Net Outflow - The top ETFs by net outflow on December 1 included: - Guotai Zhongzheng All-Index Securities Company ETF (512880): 5.92 billion yuan net outflow, 499.03 million shares [4][5]. - Huabao Zhongzheng Bank ETF (512800): 4.35 billion yuan net outflow, 213.76 million shares [5]. - Other significant outflows were seen in the Guolian An Zhongzheng Semiconductor ETF (512480) and the Yongying Zhongzheng Hong Kong Gold Industry ETF (517520) [5].

Core Insights - The total net outflow of broad-based index ETFs reached 4.821 billion yuan on December 1, with a cumulative net outflow of 37.065 billion yuan over the past five trading days [1] - During the same period, 20 broad-based index ETFs experienced net inflows, with the Southern CSI 500 ETF (510500) leading with an increase of 36 million shares and a net inflow of 258 million yuan [1][3] Summary by Category Net Inflows and Outflows - On December 1, 74 broad-based index ETFs saw net outflows, with the largest outflow from the Huaxia SSE 50 ETF (510050), which had a reduction of 492 million shares and a net outflow of 1.539 billion yuan [3] - The Southern CSI 500 ETF (510500) had a net inflow of 258 million yuan, with a share increase of 36 million [1][3] Performance Metrics - The Southern CSI 500 ETF (510500) recorded a price increase of 0.94% [3] - Other ETFs with notable performance include: - E Fund SSE 580 ETF (530100) with a 0.70% increase and a net inflow of 120 million yuan [3] - Huaxia SSE Sci-Tech Innovation Board 50 ETF (588000) with a 0.79% increase and a net inflow of 69 million yuan [3]