北京商报讯（记者 马换换 李佳雪）1月12日，A股三大股指开盘涨跌不一，开盘后集体震荡走高。截至 收盘，上证综指、深证成指、创业板指分别收涨1.09%、1.75%、1.82%，分别报4165.29点、14366.91 点、3388.34点。此外，北证50指数高开高走，当日大幅收涨5.35%，报1605.77点。 盘面上，Kimi概念、AI语料、Sora概念等板块涨幅居前，保险、草甘膦、石油行业等板块跌幅居前。 个股方面，A股4144股飘红，其中201股涨停。此外，1182股飘绿，其中9股跌停。 成交金额方面，沪市成交金额14462.3亿元，深市成交金额21552.2亿元，两市合计成交金额约3.6万亿 元，创下历史新高，这也系沪深两市成交额连续第二个交易日突破3万亿元。 ...

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证 券 研 究 报 告 沪深300隐含波动率低位回升 全球资产配置每周聚焦 (20251219-20251226) 证券分析师：金倩婧 A0230513070004 冯晓宇 A0230521080005 林遵东 A0230524100005 王胜 A0230511060001 2025.12.28 www.swsresearch.com 证券研究报告 2 ◼ 全球资本市场回顾：本周 (20251219-20251226) 美国市场核心矛盾聚焦政策分歧与经济结构性失衡，特朗普明确要求下任美联储主席推动大幅降息，同时白银逼仓背景下，贵金 属领涨全球资产，美股整体震荡收涨。1）固收方面，10Y美债收益率录得4.14%，本周下降2BPs，美元指数下跌0.69%，当前点位为98.0；2）权益方面，本周韩国、日本、新兴市 场股市上涨较多，A股指数全线收涨，创业板指、中证1000和科创50涨幅靠前，阿根廷、法国、英国股市有所下跌；3）商品方面，本周黄金上涨4.24%，并且白银逼仓背景下，贵 金属领涨全球资产，原油本周上涨0.55%。 ◼ 全球资金流向跟踪：截止到2025/12/24，过去一周来看，内外资均流入中国股市；海外 ...

Core Viewpoint - The "National Certificate Energy Sustainable Development Index" (Energy ESG) was officially launched, marking a significant step in promoting green and low-carbon transformation in the energy sector [1][2]. Group 1: Index Development - The index was developed by the China Energy Research Society and Shenzhen Securities Information Co., Ltd. [1] - The selection process involved ranking securities based on average daily trading volume and market capitalization, followed by ESG scoring to select the top 50 companies [1]. - The total market capitalization of the 50 sample companies is 5.9 trillion yuan, with an average market capitalization of 118.2 billion yuan [1]. Group 2: Sample Companies - The index includes companies with strong ESG scores, profitability, and growth potential, with 12 companies having a market capitalization exceeding 100 billion yuan [1]. - The top ten companies by weight in the index account for 65% of the total weight, including major players like China Yangtze Power, China Shenhua, and China Petroleum [1]. Group 3: Future Plans - The China Energy Research Society plans to collaborate with leading investment institutions to create ESG index funds (ETFs) that track the Energy ESG index [2]. - The goal is to establish a complete ecosystem that includes standard setting, index representation, and fund empowerment to position the index as a core benchmark for ESG investment in the energy sector [2].

Core Viewpoint - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) experienced a closing drop of 0.77% on December 8, with a trading volume of 34.4572 million yuan [1]. Group 1: Fund Overview - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF was established on August 20, 2025, with an annual management fee of 0.50% and a custody fee of 0.10% [1]. - As of December 5, the fund had a total of 304 million shares and a total size of 316 million yuan [1]. - The fund's performance benchmark is the adjusted return of the CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index [1]. Group 2: Liquidity and Performance - Over the past 20 trading days, the fund's cumulative trading amount reached 799 million yuan, with an average daily trading amount of 39.9361 million yuan [1]. - The current fund manager, He Yuxuan, has managed the fund since its inception, achieving a return of 4.01% during the management period [1]. Group 3: Top Holdings - The fund's top holdings include: - COSCO Shipping Holdings (0.85% holding, 218,000 shares, market value of 2.9175 million yuan) - Orient Overseas International (0.40% holding, 10,500 shares, market value of 1.3717 million yuan) - China Foreign Transport (0.33% holding, 270,000 shares, market value of 1.1396 million yuan) - China National Petroleum (0.32% holding, 162,000 shares, market value of 1.0973 million yuan) - CITIC Bank (0.32% holding, 175,000 shares, market value of 1.1136 million yuan) [2]. - Other significant holdings include China National Offshore Oil (0.29%), China Shenhua Energy (0.29%), China People's Insurance Group (0.29%), China Unicom (0.28%), and Agricultural Bank of China (0.27%) [2].

Core Viewpoint - The Wanjiac Zhongzheng Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159333) has experienced a decline in both share count and total assets in 2024, indicating potential challenges in attracting investor interest [1][2]. Fund Overview - The fund was established on August 21, 2024, with a management fee of 0.50% and a custody fee of 0.10% [1]. - As of November 13, 2024, the fund's total shares stood at 325 million, with a total asset size of 500 million yuan [1]. - The fund's performance benchmark is the Zhongzheng Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index, adjusted for valuation exchange rates [1]. Performance Metrics - Year-to-date, the fund has seen a 24.60% decrease in share count and a 2.58% decrease in total assets compared to December 31, 2024 [1]. - Over the last 20 trading days, the cumulative trading amount reached 484 million yuan, with an average daily trading amount of approximately 24.22 million yuan [1]. - For the year, the cumulative trading amount over 210 trading days was 8.06 billion yuan, with an average daily trading amount of about 38.38 million yuan [1]. Fund Management - The current fund manager is Yang Kun, who has managed the fund since its inception, achieving a return of 54.64% during the management period [2]. - The fund's top holdings include China COSCO Shipping, China Nonferrous Mining, China National Offshore Oil, and others, with varying ownership percentages [2].

Core Points - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) closed at a 0.00% change on November 5, with a trading volume of 66.32 million yuan [1] - The fund was established on August 20, 2025, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of November 4, the fund's total shares stood at 225 million, with a total size of 231 million yuan [1] - Over the past 20 trading days, the fund's cumulative trading amount reached 1.192 billion yuan, with an average daily trading amount of 59.60 million yuan [1] - The current fund manager is He Yuxuan, who has managed the fund since its inception, achieving a return of 2.46% during the tenure [1] Holdings Summary - The top holdings of the Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF include: - COSCO Shipping Holdings (0.85% holding, 218,000 shares, market value of 2.9175 million yuan) [2] - Orient Overseas International (0.40% holding, 10,500 shares, market value of 1.3717 million yuan) [2] - China Foreign Transport (0.33% holding, 270,000 shares, market value of 1.1396 million yuan) [2] - China National Petroleum (0.32% holding, 162,000 shares, market value of 1.0973 million yuan) [2] - CITIC Bank (0.32% holding, 175,000 shares, market value of 1.1136 million yuan) [2] - CNOOC (0.29% holding, 58,000 shares, market value of 1.0041 million yuan) [2] - China Shenhua Energy (0.29% holding, 30,500 shares, market value of 982,600 yuan) [2] - China People's Insurance Group (0.29% holding, 164,000 shares, market value of 1.0107 million yuan) [2] - China Unicom (0.28% holding, 104,000 shares, market value of 952,800 yuan) [2] - Agricultural Bank of China (0.27% holding, 189,000 shares, market value of 933,900 yuan) [2]

Core Viewpoint - The A-share market has shown signs of a bull market, having risen nearly 1,000 points since the low of 2,689 points in September last year, indicating a technical bull market as it has surpassed a 20% increase from the low point [2][4]. Market Performance - On August 11, the Shanghai Composite Index reached a new high of 3,656.85 points, just 20 points shy of the 2024 peak of 3,674 points, despite daily trading volumes remaining below 2 trillion yuan [3]. - The current A-share market has not yet established a true bull market, as it has not effectively broken through the resistance levels of 3,674 points and 3,731 points from 2021 [4][6]. Stock Trends - The number of low-priced stocks (below 2 yuan) and stocks with a price-to-book ratio below 1 has significantly decreased, a typical phenomenon in a bull market. There are currently fewer than 37 low-priced stocks, down from over 150 a year ago [4][5]. - Historically, banks and brokerages lead the initial phase of a bull market, followed by cyclical industries such as coal, non-ferrous metals, and real estate in the mid-phase, with low-priced stocks experiencing significant price increases [5]. Market Resistance and Future Outlook - The A-share market is approaching critical resistance levels between 3,674 and 3,731 points, and a breakthrough could signify the official entry into a true bull market [6]. - The total market capitalization of the A-share market has exceeded 100 trillion yuan, making it unlikely to experience a uniform rise and fall like in 2007 and 2015 [6]. - The potential for upward movement in the A-share market may depend on the Federal Reserve's actions regarding interest rate cuts, with expectations of three rate cuts this year, which could positively impact emerging markets [7].

Group 1 - The Hang Seng High Dividend Yield Index (HSSCHKY) has shown a slight increase of 0.06% as of July 23, 2025, with notable gains from stocks such as Yancoal Australia (03668) up by 3.86% and CITIC Bank (00998) up by 1.87% [3] - The Bosera Hang Seng High Dividend ETF (513690) has experienced a 3.47% increase over the past week, indicating a positive trend in the market [3] - The trading volume for the Bosera Hang Seng High Dividend ETF reached 3.61 billion CNY with a turnover rate of 7.4% [3] Group 2 - According to Xinyi Securities, there has been a decrease in positions for mid-cap value and small-cap growth funds, while large-cap growth positions have increased, suggesting a trend towards core assets [4] - The Bosera Hang Seng High Dividend ETF has reached a new high in scale at 4.862 billion CNY, reflecting strong investor interest [4] - The ETF has seen a net inflow of 15.5264 million CNY over the last ten trading days, indicating a stable demand for dividend-focused investments [4] Group 3 - The Bosera Hang Seng High Dividend ETF has achieved a net value increase of 44.15% over the past two years, ranking 102 out of 2237 index equity funds [5] - The ETF's highest monthly return since inception was 24.18%, with an average monthly return of 4.96% [5] - The ETF has a Sharpe ratio of 1.55 over the past year, indicating strong risk-adjusted returns [5] Group 4 - The management fee for the Bosera Hang Seng High Dividend ETF is 0.50%, and the custody fee is 0.10% [6] - The ETF closely tracks the Hang Seng High Dividend Yield Index, which reflects the performance of high dividend securities listed in Hong Kong [6] - The top ten weighted stocks in the index account for 29.35% of the total index, with Yancoal Energy (01171) being the largest component [6]

Group 1 - The central enterprise energy ETF has a turnover rate of 2.38% and a transaction volume of 3.0688 million yuan, with an average daily transaction volume of 5.4144 million yuan over the past week as of May 16 [2] - The index tracked by the ETF, the China Securities National New Central Enterprise Modern Energy Index, is currently at a historical low valuation with a price-to-book ratio (PB) of 1.41, which is below 95.4% of the time over the past year, indicating a strong valuation cost-effectiveness [2] - The top ten weighted stocks in the index, including Changjiang Electric Power and China Nuclear Power, account for a total of 51.18% of the index as of April 30, 2025 [2] Group 2 - The A-share market has historically undervalued low-covariance assets due to insufficient risk awareness, but there is a growing recognition of the importance of the "return-risk ratio" amid increased market volatility, leading to a valuation uplift for utility and other low-covariance assets [2] - Huayuan Securities recommends selecting hydropower with strong risk resistance and undervalued quality thermal power benefiting from declining coal prices, while also suggesting a preference for undervalued quality wind power operators despite uncertainties in the new energy market under Document No. 136 [2]