公募基金在一场不太体面的战斗里告别了2025年。 去年 12 月末的最后几个交易日，一则围绕中证 A500ETF 的花边传闻，在水面之下传得有声有色：一边传的是"买量怪"力争让自家的 A500 坐稳季末规模 的头把交椅，一边传的是"举报怪"打不赢又输不起，转头选择了告老师。 至今，没有任何组织宣布对这起传闻负责，但 A500ETF 确实在没有太多散户消费的迹象下，闷声在 12 月上了一个台阶，全部 A500ETF 产品的总规模单 月暴涨了 1000 多亿。 | 沪深交易所年末A500ETF规模排名变化 数据截止日期: 2025年12月31日 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 2025 年 12 月 1 日 A500ETF 战况 | | | | | 2025 年 12 月 31 日 A500ETF 战兄 | | | 交易所 排名 基金公司 A500规模 | | | | 排名 | 基金公司 A500规模 | 变动 | | 259 亿 | 1 | 华泰柏瑞 | | 1 | 华泰柏瑞 | 494 亿 + 235 亿 | | 上海交易 ...

Core Insights - In 2025, Hong Kong's Mandatory Provident Fund (MPF) achieved a record investment return of HKD 219.2 billion, marking the highest annual performance since the system's inception [2][4] - The annual return rate reached 16.73%, making 2025 the fourth-best year in terms of returns since the MPF was established [2] - The total assets of the MPF reached HKD 1.554 trillion by the end of 2025, benefiting from strong contributions and investment performance [3][4] Investment Performance - The average profit per member was HKD 45,728, with the strong performance of Hong Kong and mainland Chinese stocks contributing significantly, showing a 31.27% increase, the best performance since 2017 [4] - The MPF's total assets increased by HKD 54,749 per member compared to the beginning of the year, with an average balance of HKD 324,100 [4] Fund Categories - As of October 2025, stock funds and mixed asset funds, which account for 80% of the total MPF assets, recorded cumulative net returns of 240% and 200%, respectively, outperforming the annual inflation rate of 1.8% [6][7] - The performance of various fund types since 2000 includes: - Stock Funds: 46% of total assets, 240.5% cumulative net return, 5.0% annualized net return - Mixed Asset Funds: 34% of total assets, 201.3% cumulative net return, 4.5% annualized net return - Bond Funds: 4% of total assets, 58.6% cumulative net return, 1.9% annualized net return - Guaranteed Funds: 5% of total assets, 35.4% cumulative net return, 1.2% annualized net return - Money Market Funds: 11% of total assets, 27.3% cumulative net return, 1.0% annualized net return [7] Default Investment Strategy - The Default Investment Strategy (DIS), launched in 2017, has gained popularity, with core accumulation funds under DIS achieving an average annualized net return of 6.9% [8] - More MPF plans have joined the MPF Easy platform, which caps administrative fees at 0.37%, benefiting over 10 million member accounts [8]

Group 1 - The market showed a slight increase with the total trading volume reaching 2.85 trillion yuan, an increase of 476 billion yuan compared to the previous day [6][2] - The number of stocks that rose, remained flat, and fell in the market was 3190, 107, and 2173 respectively [6][2] - The top three sectors with net capital inflow were banking (+28.14 billion yuan), coal (+12.43 billion yuan), and telecommunications (+9.03 billion yuan) [6][2] Group 2 - Huaxi Securities suggests that the spring market rally has started early, maintaining a bullish outlook [2][6] - The report emphasizes focusing on emerging growth sectors and opportunities related to the "anti-involution" trend, including AI computing power chains, AI applications, robotics, domestic substitution, commercial aerospace, and energy storage [2][6] - The report also highlights sectors benefiting from price increases, such as chemicals, new energy, and non-ferrous metals [2][6] Group 3 - Huabao Fund has launched three major broad-based ETFs tracking the China A50, A100, and A500 indices, providing investors with diverse options for investing in China [2][6] - The A50 ETF focuses on the top 50 core leading companies, while the A100 ETF encompasses the top 100 industry leaders [2][6]

Group 1 - The capital market is increasingly focused on the trend of deposit migration, with a potential increase of approximately 2-4 trillion yuan in activated funds flowing into non-deposit investment areas by 2026 [1] - The maturity schedule for deposits in 2026 is expected to be more front-loaded, with 32 trillion yuan of long-term deposits maturing, an increase of 4 trillion yuan year-on-year, and 61% of these deposits maturing in Q1 [1] - The current environment suggests a slight increase in risk appetite among Chinese residents, with asset allocation trends shifting towards more liquid deposits and asset management products [2] Group 2 - The demand for insurance is expected to increase, particularly from the bank insurance channel, with premium income projected to grow year-on-year [3] - Bank wealth management is positioned advantageously, but there are concerns regarding net value fluctuations post-valuation adjustments, with a projected growth rate of 8-12% for wealth management in 2026 [3] - The low interest rate environment and deepening capital market reforms are likely to enhance the attractiveness of fixed-income products, with liquidity for bond funds being supported by recent regulatory changes [3]

与此同时，该基金最新成交量为1.85亿份，最新成交额达2.53亿元，当日主力资金净流出成交额占比达 7.59%。 2026年1月7日，智能驾驶ETF（516520.SH）收跌1.16%，主力资金（单笔成交额100万元以上）净流出 1921.65万元，居可比基金首位。（数据来源：Wind） ...

2026年1月7日，科创债ETF中银（551060.SH）收涨0.10%，主力资金（单笔成交额100万元以上）净流 出24.82亿元，居全市场前2。（数据来源：Wind） 与此同时，该基金最新成交量为5407.01万份，最新成交额达53.98亿元，当日主力资金净流出成交额占 比达45.98%。 ...

与此同时，该基金最新成交量为5256.50万份，最新成交额跌破60.00亿元，全市场排名较上一交易日后 退16位。 2026年1月7日，科创债ETF嘉实（159600.SZ）收涨0.02%，主力资金（单笔成交额100万元以上）净流 出20.36亿元，居可比基金第一。（数据来源：Wind） 拉长时间看，该基金近3天主力资金连续流出，合计流出111.06亿元，居全市场第一。（数据来源： Wind） ...

拉长时间看，该基金近9天主力资金加速流出，合计流出59.53亿元，居全市场第一梯队。（数据来源： Wind） 2026年1月7日，科创债ETF银华（159112.SZ）收涨0.03%，主力资金（单笔成交额100万元以上）净流 出7.40亿元，居全市场第一梯队。（数据来源：Wind） 与此同时，该基金最新成交量为2784.51万份，最新成交额达27.88亿元，可比基金排名较上一交易日后 退1位。 ...

2026年1月7日，科创芯片ETF富国（588810.SH）收涨2.62%，主力资金（单笔成交额100万元以上）净 流出553.86万元，居可比基金第一。（数据来源：Wind） 拉长时间看，该基金近8天主力资金连续流出，合计流出6251.45万元，居可比基金第一。（数据来源： Wind） 科创芯片ETF富国（588810.SH），场外联接(A类：023651；C类：023652）。 与此同时，该基金最新成交量为5182.44万份，最新成交额跌破1.00亿元，居可比基金尾部。 ...

与此同时，该基金最新成交量为1235.12万份，最新成交额突破12.30亿元，居全市场第一梯队。 拉长时间看，该基金近6天主力资金连续流入，合计流入33.33亿元，居可比基金前2。（数据来源： Wind） 2026年1月7日，科创债ETF华安（159115.SZ）收涨0.06%，主力资金（单笔成交额100万元以上）净流 入4.53亿元，居全市场第一梯队。（数据来源：Wind） ...