中国AI核心资产：恒生科技指数ETF（513180） 高弹性特征突出：港股通科技ETF（159101） 聚焦创新药产业：恒生医药ETF（159892） 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 12月23日，人民币对美元中间价调升49个基点，报7.0523，创2024年9月30日以来最高。前一交易日中 间价报7.0572，在岸人民币16:30收盘价报7.0382，夜盘收报7.0368。 随着全球无风险利率的下行和人民币汇率的上涨，港股资产在全球的定价有望抬升；在南向资金加速入 场、外资回流的背景下，相对充裕的流动性也将支撑港股表现。 以高盛首席中国股票策略师刘劲津为首的分析师团队预计，2026年中国股票将延续涨势。中国股市周期 正从"预期驱动"转向"盈利驱动"，盈利兑现与估值温和扩张将成为推动回报的核心动力。 相关ETF： ...

Ever since ChatGPT changed the way the world looks at AI, investment opportunities have continued to pop up as the sector grows. However, the next big opportunities to benefit from AI evolution might come from outside the technology sector this time. For advisors and investors seeking to capitalize on the most compelling opportunities in the equity markets, keeping a close eye on the artificial intelligence (AI) sector has oftentimes been a solid strategy. As BNY notes, the third wave of AI investing could ...

22日早盘，光模块CPO继续活跃，重仓光模块的创业板人工智能涨超2%。其中，长芯博创领涨超12%，中际旭创涨超5%，新易盛涨超4%再 创新高，太辰光、金信诺、锐捷网络、光库科技等多股跟涨超2%。 热门ETF方面，同类规模最大、流动性最佳的创业板人工智能ETF（159363）高开高走，现场内价格涨近3%，逼近历史高点，实时成交额超 1.5亿元。 展望2026年，算力依然是科技方向最为景气的方向之一，A股光模块等厂商"卖铲人"逻辑较强，或将持续受益。配置上看，因重仓以光模块为 核心的算力链，创业板人工智能年内累计涨幅翻倍，大幅领跑人工智能、CS人工智、科创AI等同类AI主题类指数，持续超额表现，值得重点 关注创业板人工智能配置机会。 把握以光模块为核心的算力机会，建议重点关注全市场首只创业板人工智能ETF（159363）及场外联接（A类023407、C类023408），标的指 数重点布局光模块龙头"易中天"，光模块含量最新超56%。从赛道分布看，逾七成仓位布局算力，超两成仓位布局AI应用，能够高效捕捉AI主 题行情。（截至2025.11.30） 同类对比看，截至12月18日，创业板人工智能ETF华宝（159363 ...

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].

Core Viewpoint - IFP Advisors, Inc has reduced its holdings in the First Trust Enhanced Short Maturity ETF, indicating a strategic shift in its investment approach while the ETF continues to focus on short-term U.S. debt securities for enhanced yield with low interest rate risk [1][2][11]. Group 1: ETF Overview - The First Trust Enhanced Short Maturity ETF (FTSM) has a market capitalization of $6.16 billion and aims to provide enhanced yield while minimizing interest rate risk through active management of high-quality, short-term debt instruments [6][9]. - As of December 1, 2025, the ETF's price was $59.90, with a dividend yield of 4.34% and a one-year total return of 4.58% [4][8]. Group 2: Recent Transactions - IFP Advisors, Inc sold 395,379 shares of FTSM, reducing its position by approximately $23.66 million, which represents about 0.6116% of the fund's assets under management (AUM) [2][7]. - Post-sale, IFP Advisors holds 361,611 shares valued at $21.66 million, which now accounts for approximately 0.56% of the fund's AUM, placing it outside the fund's top five holdings [2][8]. Group 3: Investment Strategy - The ETF targets institutional and individual investors seeking competitive income and low volatility, maintaining a portfolio of U.S. dollar-denominated fixed- and variable-rate debt securities with an average duration of less than one year and average maturity below three years [9][10]. - Despite its focus on short-term debt, U.S. Treasury notes due in 2027 are the largest holding at 1.2% of the portfolio, while fixed-rate corporate bonds constitute 46.7% of the overall portfolio [12].

Market Performance - On December 19, all three major A-share indices closed higher, with over 80% of more than 1,300 ETFs in the market also rising [1] - The Hong Kong automotive-themed ETFs led the market, with six products ranking among the top ten in daily gains, each rising over 3% [1] Trading Activity - ETF trading was active, with total trading volume exceeding 450 billion yuan, an increase of nearly 25 billion yuan from the previous day [2] - Twelve ETFs had trading volumes exceeding 10 billion yuan, with several bond ETFs seeing significant increases in trading volume [2][6] Net Inflows - On December 18, the ETF market saw a net inflow of over 17 billion yuan, marking the third consecutive day of net inflows exceeding 10 billion yuan [3][8] - Over the past five trading days, the total net inflow into ETFs has surpassed 87 billion yuan [3] Sector Performance - The Hong Kong automotive ETFs performed exceptionally well, with six out of seven ETFs in this category seeing gains, and 38 out of 46 component stocks closing higher [4] - The total scale of the seven Hong Kong automotive ETFs is approximately 1.168 billion yuan, with the largest ETF having a scale of about 528 million yuan [4] Specific ETF Performance - The top-performing ETFs on December 19 included several automotive and tourism ETFs, with notable gains ranging from 2.92% to 3.35% [5] - Bond ETFs were particularly active, with the Shanghai Company Bond ETF's trading volume increasing to over 10 billion yuan, a 4.2-fold increase from the previous day [6][7] Investment Trends - The A500 ETF and the Sci-Tech Bond ETF attracted significant net inflows, with the A500 ETF seeing over 4 billion yuan in net inflows on December 18 [8][9] - Conversely, several military-themed ETFs experienced substantial net outflows, totaling over 2.9 billion yuan in the past five trading days [10] Fund Management Changes - Multiple ETFs announced changes to their fund names, aligning with new regulations from the Shanghai and Shenzhen stock exchanges [11] Sector Insights - Investment opportunities in the innovative pharmaceutical sector are gaining attention, with expectations for a stable upward trend in 2026 [12] - Analysts suggest focusing on companies with global intellectual property and strong cash flow in the pharmaceutical sector [12]

｜2025年12月19日星期五｜ NO.1 数据显示：美国投资者今年爆买中国科技ETF 12月18日，按管理资产规模计，在美上市最大中国股票ETF——KraneShares中国海外互联网 ETF(KWEB)今年以来已累计吸金23亿美元，有望创下2021年以来最佳年度表现。资产规模排名第四的 景顺中国科技ETF(CQQQ)也录得21亿美元资金流入，有望创下历史最佳年度表现。 NO.2 央行加大跨年流动性投放力度，专家：明年初降准预期升温 央行12月18日在公开市场开展883亿元7天期逆回购操作，利率维持在1.40%，并同步进行1000亿元14天 期逆回购操作。东方金诚首席宏观分析师王青表示，年末临近，央行按惯例在这一时点开启14天期逆回 购，可以有效熨平资金面波动，引导市场流动性处于较为稳定的充裕状态。综合当前经济金融运行态势 及货币政策取向，预计2026年1月央行有可能宣布降准，降准幅度估计为0.5个百分点，向市场注入约1 万亿元的长期流动性。 NO.3 价值预估2700万元，全国首单高光谱卫星数据资产入表落地 12月18日，中科西光航天自主研发的"高光谱遥感卫星应用平台数据"完成资产确权、评估与入表流程， ...

｜2025年12月19日 星期五｜ NO.1 数据显示：美国投资者今年爆买中国科技ETF 每经记者｜杨建 每经编辑｜彭水萍 12月18日，按管理资产规模计，在美上市最大中国股票ETF——KraneShares中国海外互联网 ETF(KWEB)今年以来已累计吸金23亿美元，有望创下2021年以来最佳年度表现。资产规模排名第四的 景顺中国科技ETF(CQQQ)也录得21亿美元资金流入，有望创下历史最佳年度表现。 NO.2 央行加大跨年流动性投放力度，专家：明年初降准预期升温 央行12月18日在公开市场开展883亿元7天期逆回购操作，利率维持在1.40%，并同步进行1000亿元14天 期逆回购操作。东方金诚首席宏观分析师王青表示，年末临近，央行按惯例在这一时点开启14天期逆回 购，可以有效熨平资金面波动，引导市场流动性处于较为稳定的充裕状态。综合当前经济金融运行态势 及货币政策取向，预计2026年1月央行有可能宣布降准，降准幅度估计为0.5个百分点，向市场注入约1 万亿元的长期流动性。 NO.5 商汤科技将与大晓机器人、中科曙光共建国产化"算力基础设施+具身智能 "生态 据商汤科技官微12月18日消息，在今日的首届 ...

Group 1 - The core viewpoint of the news highlights the performance of the ChiNext ETF Tianhong (159977), which has seen significant capital inflow despite a decline in the ChiNext Index (399006) by 1.78% [1][2] - As of December 18, 2025, the trading volume of the ChiNext ETF Tianhong reached 161 million yuan, with a notable subscription of 40 million shares [1][2] - The ETF has experienced a growth of 1.26 billion yuan in the past week and an increase of 10.62 billion shares over the last six months, indicating strong demand [2] Group 2 - The ChiNext ETF Tianhong tracks a diverse index that includes high-growth sectors such as pharmaceuticals, new energy, computing power, and brokerage, which are expected to benefit from trends like innovation in pharmaceuticals and strong demand for AI computing power [2] - The current Price-to-Earnings (PE) ratio of the index is 40.51, which is in the relatively undervalued zone at the 33.79% historical percentile since its inception, suggesting attractive investment value [2] - The launch of humanoid robots in CATL's battery production line marks a significant milestone in the application of embodied intelligence in smart manufacturing [4] Group 3 - Institutional views suggest that the market is currently in a high-level consolidation phase, with expectations for a structural bull market in 2026, favoring cyclical and value styles in the first half of the year [4][5] - The economic environment for 2026 is expected to be more balanced and stable, supporting a positive trend in the equity market [5]

01 12月17日，多只宽基ETF午后放量，中证A500ETF成交尤为活跃，沪深300ETF、创业板ETF、科创50ETF 等宽基ETF也有较大成交额，大资金抄底迹象明显。 02 广发基金基金经理夏浩洋表示，科技板块，特别是AI，泡沫化论调不会消失，并还将反复。但整体来看， AI产业高度景气且蓬勃发展，对于明年在应用和端侧的突破仍持乐观态度。 | 代码 | 简称 | 活情 | 近一个月涨幅 | | --- | --- | --- | --- | | | | (%) | (%) | | 515880 | 通信ETF | 5.56 | 16.34 | | 159259 | 成长ETF | 5.28 | 7.62 | | 159382 | 创业板人工智能ETF南方 | 5.19 | 15.52 | | 159388 | 创业板人工智能ETF国泰 | 5.10 | 66'ST | | 159242 | 创业板人工智能ETF大成 | 5.09 | 15.77 | | 159363 | 创业板人工智能ETF华宝 | 5.00 | 15.55 | | TE9E83 | 通信设备ETF | 5.00 | 20.16 | | ...