年末，中证A500指数近期成为市场吸金王。截至12月26日，12月以来市场上跟踪中证A500指数的40只ETF净流入资金合计达960.65亿元。 从具体产品看，本轮A500ETF净流入呈现头部集中的特征。规模TOP6的A500ETF几乎承接了12月以来所有的净流入，部分规模较小的产品反而有小幅净流 出。 具体来看，A500ETF南方、A500ETF华泰柏瑞、A500ETF基金、中证A500ETF、A500ETF易方达、A500ETF龙头自12月以来资金净流入额分别为248.25亿 元、210.61亿元、181.96亿元、155.94亿元、106.79亿元、68.75亿元，合计吸金超972亿元。 截至12月26日，A500ETF华泰柏瑞、A500ETF南方、A500ETF基金、中证A500ETF、A500ETF易方达、A500ETF龙头最新规模分别为485.56亿元、473.24亿 元、397.85亿元、382.93亿元、346.57亿元、208.69亿元。 这次调整，涉及两类核心资产：第一，保险公司持仓超过三年的沪深300指数成份股，以及中证红利低波动100指数成份股，风险因子从0.3下调至0.27；第 二， ...

Core Insights - The article highlights a significant inflow of funds into the China Securities A500 ETF, with a net inflow of 32.6 billion yuan this week, accounting for nearly 70% of the total net inflow into stock ETFs during the same period [1]. Group 1: Fund Inflows and ETF Growth - The total market size of the A500 ETF has reached 243.8 billion yuan, with the Huatai-PineBridge A500 ETF surpassing 41.2 billion yuan, becoming the first A500 ETF to exceed 40 billion yuan in size within just one week [2]. - The Southern A500 ETF has also seen a net inflow of over 10 billion yuan in a single week, bringing its total size to 35.684 billion yuan [3]. - Other A500 ETFs from Huaxia, Guotai, and E Fund have all surpassed 26 billion yuan in size, indicating a strong trend in the A500 ETF market [4]. Group 2: Institutional Investment and Policy Support - The recent surge in A500 ETF inflows is likely driven by institutional investors, particularly insurance funds, following regulatory adjustments that lowered the capital occupation costs for insurance companies investing in stocks [4]. - The regulatory changes involve a reduction in risk factors for long-term holdings in the CSI 300 index and the STAR Market, potentially releasing around 19.8 billion yuan in capital, with a possible total incremental fund size of 72.6 billion yuan if fully allocated to stock investments [4]. Group 3: Market Environment and Investment Trends - The current market environment, characterized by declining interest rates and a shrinking pool of compliant and safe assets, is pushing institutional investors to increase their allocation to equity assets [5][6]. - Data shows that insurance funds have reached record high allocations in both bonds and stocks, with direct stock investment exceeding 3 trillion yuan for the first time [7]. - The advantages of ETFs, such as high liquidity, relatively controlled volatility, low costs, and strong transparency, are making them an important tool for insurance funds in equity allocation [7]. Group 4: A500 ETF as a Key Investment Vehicle - The A500 ETF is gaining recognition as a key vehicle for mainstream long-term funds to share in the benefits of China's economic transformation, supported by substantial capital inflows [8]. - The significant increase in holdings of the A500 ETF not only provides solid support for related assets but also indicates a re-evaluation and re-pricing of its investment value in the market [8].

□ 当前，低波红利资产展现出较强的抗风险优势。相关指数及产品的市场配置需求有望显著上升：中长 期资金将更多选择相关指数产品进行稳健投资；金融机构等机构投资者将其作为优化配置的主要选择； 普通投资者多元化需求有望上升 中证红利低波动指数与中证红利低波动100指数行业分布（Wind一级行业） 数据来源：Wind数据库，中证金融研究院整理 □ 低波红利指数在行业结构、市场风格切换、基金规模分化和指数编制等方面还存在一些不足，可能影 响其稳定性和吸引力：股息率的可持续性和未来表现面临考验；对应基金产品分化，首发效应与马太效 应显著；指数编制依据的历史数据较短，滞后于市场趋势 □ 陶 然 李坤昊 武佳薇 □ 为推动低波红利指数的健康发展，建议优化市场环境，充分发挥低波红利指数在资产配置和引导中长 期资本入市中的重要作用：鼓励相关机构积极创设和投资低波红利指数及产品；加大投资者宣教和预期 引导；优化低波红利指数编制；提升上市公司质量和稳健经营能力，引导其持续分红 过去三年，相关产品投资规模显著增加。Wind数据显示，2024年投资于主要低波红利指数的被动指数 型基金规模为470.91亿元，比2022年的21.79亿元增长 ...

Wind金融终端数据显示，截至12月11日，红利低波ETF天弘（159549）近20个交易日有18日获资金净流 入，累计"吸金"近5亿元。 此外，截至收盘，港股通央企红利ETF天弘（159281）成交额超3000万元，成分股中，第一拖拉机股 份、中国船舶租赁、中国银河等跟涨。 Wind金融终端数据显示，截至12月11日，港股通央企红利ETF天弘（159281）近20个交易日有17日获资 金净流入，累计"吸金"超1亿元。 红利低波ETF天弘（159549）紧密跟踪中证红利低波动100指数，该指数从沪深A股中选取100只流动性 好、连续分红、股息率高且波动率低的股票作为指数样本股，采用股息率/波动率加权，以反映A股市场 股息率高且波动率低的股票整体表现。 12月12日，市场探底回升，三大指数全线收红。 热门ETF中，截至收盘，红利低波ETF天弘（159549）净申购5000万份。成分股中，特变电工、陕鼓动 力、苏泊尔等跟涨。 港股通央企红利ETF天弘（159281）紧密跟踪港股通央企红利指数（931233），该指数从港股通范围内 选取中央企业实际控制的分红水平稳定且股息率较高的上市公司证券作为指数样本，以反映港股 ...

12月8日的高规格会议中虽然未提及股市，但当中"内需主导"四个字的出现，意义很大！ 这次会议不仅强调"扩大内需"，而且提出"内需主导"，意味着政府投资、居民消费端可能进一步发力。"十五五"规划建议稿主要目标中也提到： 居民消费率明显提高，内需拉动经济增长主动力作用持续增强。而要提振消费，股市就非常关键。 近期，学习时报发表的以"重视发展资本市场提振消费的作用"为专题的两篇文章说得更具体： 这说明一方面国家持续推动长期资金入市，让股市持续走向长牛、慢牛。另一方面，下调的风险因子包括沪深300指数、中证红利低波动100指数 也说明对这类指数的重视。 原因很简单：一方面，这些指数业绩稳定、股息率高，投资者容易获得稳定收益。另一方面，这些指数不易暴涨暴跌，是险资、储蓄资金等追求 相对稳定收益的首选。 不过，在宽基指数中，沪深300算是基础版，而中证A500才算是升级版。 中证A500指数成份股和沪深 300 重合度高，但是中证A500在行业均衡上进行了升级。比如在ETF当中，南方中证A500ETF（159352）在涵盖沪深 300核心资产的基础上，更进一步纳入了更多具备高成长性的行业龙头，更好地代表了新质生产力方向。 ...

Core Viewpoint - The market is experiencing a rotation in styles, with growth stocks performing strongly while value stocks are lagging behind. Recent regulatory changes are expected to facilitate more capital inflow into the market, particularly benefiting certain indices [3][5][12]. Group 1: Market Performance - The overall market is up, with a closing rating of 4.2 stars [1]. - All market caps (large, mid, and small) have seen similar increases [2]. - The growth style is particularly strong, with the ChiNext Index rising over 2% [3]. - However, there is a rotation in market styles, with growth outperforming value [4]. Group 2: Regulatory Changes - Two positive regulatory announcements were made last week: 1. Insurance institutions have lowered the risk factors for investing in the CSI 300 and the Low Volatility Dividend 100 indices [9][10]. 2. There is a relaxation of capital space and leverage restrictions for quality brokerage firms, enhancing capital efficiency [11]. - These changes are expected to encourage more funds to enter the market [12]. Group 3: Risk Factors and Investment Strategies - The risk factor is akin to a "capital occupation coefficient," which determines how much capital insurance companies must reserve for risky investments [14]. - The risk factors for specific indices have been adjusted: 1. For stocks held over three years in the CSI 300 and Low Volatility Dividend 100, the risk factor decreased from 0.3 to 0.27 [15]. 2. For stocks held over two years in the Sci-Tech Innovation Board, the risk factor decreased from 0.4 to 0.36 [16]. - This adjustment allows insurance companies to allocate more funds to these indices, which is a positive signal for these stocks [17][18]. Group 4: Investment Insights for Retail Investors - Different indices are assigned varying risk levels by institutional investors, which can guide retail investors in their choices [21][22]. - The risk hierarchy for insurance institutions is as follows: 1. Broad-based and value style indices (e.g., CSI 300) are considered lower risk [23][26]. 2. Growth style indices (e.g., ChiNext) have higher risk factors, leading to more cautious investment [29]. 3. Smaller individual stocks not included in major indices carry the highest risk [31][32]. - Observing the risk factors assigned by insurance institutions can help retail investors identify suitable investment options [33]. Group 5: Future Investment Trends - The first batch of indices to be included in personal pension accounts by December 2024 will primarily consist of broad-based indices and dividend-focused indices [34]. - Recently, new stock-bond constant ratio indices have emerged, focusing on broad-based and dividend indices [36]. - Broad-based and dividend products are increasingly being promoted by financial institutions for individual investors [37].

Core Viewpoint - The adjustment of risk factors for insurance companies' related business is expected to enhance the investment capacity of insurance funds in the stock market, particularly benefiting core assets and contributing to market stability [1][2]. Group 1: Regulatory Changes - The National Financial Supervision Administration announced a reduction in risk factors for insurance companies' holdings of certain index stocks, decreasing from 0.3 to 0.27, a drop of 10% [1]. - This regulatory change is interpreted as a release of space for insurance capital to enter the market, reinforcing the "long money" and "ballast stone" attributes of insurance funds [2]. Group 2: Market Impact - The new regulation is expected to increase the stock investment scale by approximately 150 billion yuan, raising the anticipated insurance capital in the equity market to about 2.15 trillion yuan by 2026 [2]. - The adjustment is projected to directly benefit indices such as the CSI 300 and the CSI Low Volatility 100, becoming a significant driver for a "slow bull" market in 2026 [2]. Group 3: Financial Metrics - The adjustment is estimated to provide A-share listed insurance companies with an additional 78.9 billion yuan in stock allocation space, with a minimum capital optimization of 20 billion yuan [2]. - The average solvency adequacy ratio for core and comprehensive solvency is expected to improve by 1.5 and 2.1 percentage points, respectively, following the adjustment [2]. Group 4: Index Overview - The CSI 300 index, comprising the 300 most representative securities in the A-share market, is viewed as a core asset and a standard for individual investors [3]. - The current risk premium for the CSI 300 index stands at 5.33, slightly above the historical average of 5.15 since 2014, indicating that the index valuation remains within a reasonable range [3].

以中证红利ETF（515080）为例，数据显示，2023年和2024年的12月，该ETF月度净流入额分别为7.45亿 元、11.19亿元。今年12月第一周，中证红利ETF（515080）区间累计净流入额近0.22亿元；拉长周期 看，近10日该ETF区间累计净流入额达2.71亿元。 消息面上，12月5日，国家金融监管总局发布《关于调整保险公司相关业务风险因子的通知》（下称《通 知》）。其中提到，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；保险公司持仓时间超过两年的科创板上市普通股的风险因子从0.4下调至 0.36。 相关风险因子下调，险资增量长钱入市可期。据中国经济网，受访人士认为，该监管新政下调了相关业 务的风险因子，将改善险企的偿付能力充足率，有助于释放险资入市空间，并对投资标的起到引导作 用，更好落实"长钱长投"理念。 湘财证券表示，此次调整保险公司相关业务风险因子，可提升股票投资规模约1500亿元，推升2026年权 益市场保险入市资金规模至2.15万亿元左右，预期将直接利好沪深300、中证红利低波动100等指数，并 成为推动2026年 ...

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].

Market Performance - The Sci-Tech 50 Index decreased by 0.08% over the last five trading days, while the ChiNext Index increased by 1.86%. The large-cap value index rose by 0.74%, and the large-cap growth index increased by 1.61%. The Shanghai 50 Index gained 1.09%, and the small-cap index represented by the CSI 2000 rose by 0.19%. The metals and communications sectors performed well, while media and real estate lagged behind [1]. Risk Premium and Valuation Levels - As of December 5, 2025, the risk premium, calculated as the inverse of the static PE of the CSI All Share Index minus the yield of ten-year government bonds, stands at 2.81%. The two-standard deviation boundary is 4.72% [1]. - The valuation level indicates that the CSI All Share Index's PETTM is at the 80th percentile, with the Shanghai 50 and CSI 300 at 75% and 72%, respectively. The ChiNext Index is close to 49%, while the CSI 500 and CSI 1000 are at 61% and 57%, respectively. The ChiNext Index's valuation is relatively at the historical median level [1]. ETF Fund Flow - Over the last five trading days, ETF funds experienced an outflow of 1.4 billion yuan, while margin trading increased by approximately 11.5 billion yuan. The average daily trading volume across both markets was 168.24 billion yuan [2]. Thematic Indexes - The latest thematic allocations include the CSI Communication Equipment Index, the CSI Chengdu-Chongqing Economic Circle Index, the CSI Low Volatility Dividend 100 Index, the ChiNext Momentum Growth Index, and the National Food Index [2][3][11]. Market Sentiment and Risk Appetite - The report includes observations on market sentiment based on the proportion of stocks above the 200-day moving average and tracks the risk appetite between equity and bond assets [12][13]. Financing Balance - The financing balance statistics indicate trends in margin trading and overall market leverage [15]. Individual Stock Performance - The report provides a distribution of individual stock performance based on year-to-date return ranges, highlighting the performance of various stocks in the current market environment [17]. Oversold Indices - An analysis of indices that are currently considered oversold is included, providing insights into potential investment opportunities [19].