本周，科创100指数上涨10.5%，创业板中盘200指数上涨8.3%，中证500指数上涨7.9%，中证1000指数上涨7.0%，中证2000 指数上涨6.5%。 | | 中 1 500 | 中证1000 | 中证2000 | 上证科创板 | 创业板中盘 | | --- | --- | --- | --- | --- | --- | | | 指数 | 指数 | 指数 | 100指数 | 200指数 | | 本周涨跌幅 | 7.9% | 7.0% | 6.5% | 10. 5% | 8. 3% | | 指数滚动市 | 35.7倍 | 48. 5倍 | 162.7倍 | 211.7倍 | 110.9倍 | | 滚动市盈率 分位 | 68. 1% | 71.5% | 该指数2023年 8月7日发布 | 该指数2023年 8月7日发布 | 该指数2023年 11月15日发布 | | 跟踪该指数 | 中证 500ETF | 中证1000 ETF易方达 | 中证2000ETF 易方达 | 科创100ETF 易方达 | 创业板200ETF 易方达 | | 的ETF | 易方达 | | | | | | | (510580) | ...

以下文章来源于晨星投资说 ，作者陪你聊投资的 晨星投资说 . 全球知名投资研究机构晨星Morningstar，与您一同探索投资星球。我们的使命是"赋能投资者成功"！ ↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：晨星投资说 屈辰晨 来源：雪球 如果只看指数表现，2025年是牛市这件事，几乎没有什么争议。 沪深300指数全年上涨21.54%，代表中小盘走势的中证500和中证1000指数，年内涨幅也都接近30%。 但很多投资者对这一年的体感，却并不一致。 有人确实赚得盆满钵满，也有不少朋友在复盘账户时发现，自己明明经历了一轮牛市，结果却依然是亏钱的。 分化的行业表现是一方面的问题，但 即便在去年完全不做行业选择，只是买入并持有沪深300这样的宽基指数，理论上也能跑赢一半以上的行业， 获得还不错的收益。 指数大涨的一年，为什么我们的账户没有同步受益？ 01 大涨的时候，你是否都在？ 如果把视角转向指数每天的表现，或许能找到一些线索。 下图是2025年沪深300指数的走势。回头看这一年是牛市，但市场的上涨过程，并不是一条线性向上的直线 ...

期货研究报告 今日各股指均大幅上涨。沪深京三市成交额 28322 亿元，较上日放量 2650 亿元。假期后股市连续放量上涨，主要源自假期后市场流动性回流以 及政策利好预期持续升温。近期政策面指出要建设现代化产业体系，优化提 升传统产业，加快战略新兴产业集群发展，推动未来产业建设，相关产业链 的股票在政策利好预期推动下显著上涨。资金面方面，融资余额和融资买入 金额同步回升，融资余额超 2.5 万亿元，融资买入金额接近 3000 亿元，说 明杠杆资金入市意愿较强，市场情绪较为乐观。中长期来看，政策面利好预 期以及资金净流入趋势构成驱动股指上行的主要逻辑。随着 2026 年政策面 不断落实落细政策利好，以及资金面持续净流入，股市风险偏好将持续上 升。总的来说，预计短期内股指震荡偏强运行。 期权方面，目前持仓量 PCR 与隐含波动率均位于正常区间，以牛市价 差或者比例价差温和看涨的思路对待。 （仅供参考，不构成任何投资建议） 姓名：龙奥明 投资咨询业务资格：证监许可【2011】1778 号 金融期权 | 日报 2026 年 1 月 6 日 金融期权 专业研究·创造价值 风险偏好持续回升，股指大幅上涨 核心观点 宝城期 ...

2026 年 1 月 4 日 重点转至政府债发行——资产配置周报 分析师：罗云峰 S1050524060001 luoyf2@cfsc.com.cn 分析师：黄海澜 S1050523050002 huanghl@cfsc.com.cn 相关研究 1、《资金面超预期松弛——资产配 置周报》2025-12-21 2、《事件性冲击结束——资产配置 周报》2025-12-14 3、《流动性高点确认，关注事件性 冲击——资产配置周报》2025-12- 07 投资要点 ▌ 一、国家资产负债表分析 负债端。最新更新的数据显示，2025 年 11 月实体部门负债 增速录得 8.6%，前值 8.7%，符合预期。预计 2025 年 12 月实 体部门负债增速下降至 8.3%附近，低于 2024 年底的 8.8%， 与稳定宏观杠杆率的目标一致。金融部门方面，上周资金面 边际上有所收敛，在 2025 年 12 月下旬资金面宽松超预期之 后，即便 2026 年 1 月资金面风险不大，再进一步明显改善的 概率也在下降。我们认为，观察重点转至 2026 年 1 月政府债 发行情况，就现有信息来看，2026 年 1 月政府债发行中规中 矩， ...

文 | 银行螺丝钉 （转载请注明出处） und #螺丝钉小知识 银行螺丝钉 中证800+1000+2000 = 中证全指? 有朋友问,投了中证800+中证1000+中证 2000,效果是不是类似于中证全指? 答案是很接近。 ·中证800,包含A股规模最大的1-800只 股票; · 中证1000,包含A股规模最大的第 801-1800只股票; · 中证2000,包含A股规模最大的第 1801-3800只股票。 不同地区股票市场不是同涨同跌的。了解多个股票市场，投资者可以把握更多的投资机会。 全球投资还可以显著降低波动风险。 那么，如何做好全球投资，分享全球市场长期上涨的红利呢？ 这里有一门限时免费的福利课程，介绍了通过指数基金投资全球股市的方法。 想要获取这个课程，可以添加下方「课程小助手」，回复「 全球 」领取哦～ 更有课程笔记、思维导图，帮您快速搞懂课程脉络，学习更高效。 如何刷用清频高综 ERNATI 长接添加@课程小助手,回复「全球」 免费领取《全球指数投资指南》课程 更有课程笔记、思维导图 帮你快速搞懂全球指数投资, 分享全球市场长期上涨的红利 est 基金有风险,投资需谨慎 这三个指数加起来,几乎就 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Today, all stock indices fluctuated and slightly declined. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets throughout the day was 1.92 trillion yuan, a decrease of 134 billion yuan compared to the previous day. The Political Bureau meeting pointed out that in 2026, a more proactive fiscal policy and a moderately loose monetary policy will continue to be implemented. The expectation of policy benefits continues to ferment, driving up the market's risk appetite. However, near the end of the year, the power of capital to drive the market to break through is insufficient, and there is still a need for short - term shock consolidation. Currently, the stock indices remain within the previous shock range. Subsequently, as more policy details are introduced at the Central Economic Work Conference, the expectation of policy benefits will gradually become the main line of the market, and the capital inflow is expected to continue, driving the stock indices to have a spring market. In general, the expectation of policy benefits is gradually fermenting, and the stock indices will be mainly fluctuating strongly in the short term. [3] - Regarding options, considering the long - term upward trend of the stock indices, a bull spread or ratio spread with a moderately bullish approach can be adopted. [3] 3. Summary According to Relevant Catalogs 3.1 Option Indicators - On December 9, 2025, the 50ETF fell 0.70% to close at 3.142; the 300ETF (Shanghai Stock Exchange) fell 0.51% to close at 4.708; the 300ETF (Shenzhen Stock Exchange) fell 0.54% to close at 4.783; the CSI 300 Index fell 0.51% to close at 4598.22; the CSI 1000 Index fell 0.57% to close at 7380.58; the 500ETF (Shanghai Stock Exchange) fell 0.74% to close at 7.224; the 500ETF (Shenzhen Stock Exchange) fell 0.80% to close at 2.844; the ChiNext ETF rose 0.54% to close at 3.188; the Shenzhen 100ETF fell 0.29% to close at 3.467; the SSE 50 Index fell 0.71% to close at 2997.96; the Science and Technology Innovation 50ETF fell 0.42% to close at 1.41; the E Fund Science and Technology Innovation 50ETF fell 0.36% to close at 1.37. [5] - The trading volume PCR and position PCR of various options on December 9, 2025, and their changes compared with the previous trading day are provided in detail, such as the trading volume PCR of SSE 50ETF options being 79.26 (previous day: 78.66), and the position PCR being 101.14 (previous day: 107.67). [6] - The implied volatility of at - the - money options in December 2025 and the 30 - trading - day historical volatility of the underlying assets for various options are presented, for example, the implied volatility of at - the - money options of SSE 50ETF options in December 2025 is 11.44%, and the 30 - trading - day historical volatility of the underlying asset is 11.04%. [7][8] 3.2 Relevant Charts - The report provides a series of charts for different types of options, including the trends, volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of different terms for options such as SSE 50ETF options, SSE 300ETF options, etc. [9][20][33]

Core Insights - The key to success in the trading competition for Chengdu Kaipule Asset Management Co., Ltd. was not precise predictions but the inherent advantages of an institutional trend-following system [1][2] - The best-performing strategy this year was index arbitrage, focusing on long positions in the CSI 500 and CSI 1000 indices while shorting the SSE 50 index [2] Strategy and Performance - The trading strategy was designed to capture the upward trend in the A-share market while providing effective risk hedging [2] - The approach involved a systematic analysis of macroeconomic cycles, identifying benefiting or adversely affected asset classes, and continuously tracking key data [2][4] - The transition from subjective prediction to systematic trend-following has led to significant improvements in trading performance [4] Risk Management - Emphasis on stop-loss mechanisms as a critical aspect of trading, including hard stop-loss orders and proactive exit strategies when market movements deviate from expectations [6] - The importance of capital management, including profit withdrawal to reset risk levels and a "anti-fragile" system design to safeguard profits during extreme market conditions [6] - Position management strategies include calculating position sizes based on maximum risk exposure and adjusting positions based on market changes [6] Personal Development and Philosophy - The trading journey has been characterized by exploration, setbacks, and transformation, leading to a refined trading philosophy [3][5] - The trader's unique emotional management approach focuses on allowing emotions to be managed through a behavioral system rather than confronting them directly [5] - The recognition of trading as a form of self-discovery, where understanding personal emotions like greed and fear contributes to long-term growth [6]

Financial Engineering - The report discusses the tracking of index enhancement strategies, indicating a focus on optimizing investment returns through strategic adjustments in index fund management [1] Market Performance - For the week of November 17-21, 2025, the Shanghai Composite 50 and CSI Dividend Index had the highest returns at -2.72% and -3.69% respectively, while the Micro Index and ChiNext Index had the lowest returns at -7.80% and -6.15% [2] - Year-to-date, the Micro Index and ChiNext Index led with returns of 66.12% and 36.35%, while the CSI Dividend and Shanghai Composite 50 Index lagged with returns of -0.48% and 10.10% [2] - The CSI 1000 Index enhancement strategy yielded a return of -5.89% for the week, underperforming the index return of -5.80%, resulting in an excess return of -0.09% [2] - For the month, the CSI 1000 Index enhancement strategy returned -6.45%, compared to the index return of -5.85%, leading to an excess return of -0.60% [2] - Year-to-date, the CSI 1000 Index enhancement strategy achieved a return of 21.60%, outperforming the index return of 18.63% with an excess return of 2.97% [2] Market Analysis - The CSI 1000 Index has shown weak performance recently, attributed to external uncertainties and internal market pressures, with significant declines observed [3] - External factors include reduced expectations for Federal Reserve interest rate cuts and concerns over an AI bubble, which have negatively impacted global risk appetite and valuations in technology and small-cap sectors [3] - Internally, the market's previous gains have led to a need for risk aversion and portfolio rebalancing as the year-end approaches [3] - The report suggests that the recent market pullback is a result of a combination of external sentiment and technical factors, indicating potential continued volatility in the near term [3] - Investors are advised to be cautious of the high volatility associated with the CSI 1000 Index moving forward [3]

Group 1 - The core viewpoint indicates that the current liquidity easing environment is beneficial for the performance of small and micro-cap stocks, with the CSI 2000 Index being a key target for capturing the benefits of technological transformation and industrial upgrades [1] - The CSI 2000 Index has shown good long-term annualized returns and Sharpe ratios, suggesting its growth potential may continue to be released under the backdrop of the explosion in AI, green energy sectors, and increased policy support [1] Group 2 - The CSI 2000 Index consists of 2000 stocks that are smaller in scale and have good liquidity, focusing on the overall performance of small and micro-cap stocks in the Chinese A-share market [6] - The index comprehensively covers 11 first-level industries in the CSI, reflecting the performance of a range of small-cap companies [4][6]

Group 1: Major Indices - The bond index (China Bond Composite) shows a strong performance with a 90% increase rate, making it a stable choice for investors [2][3] - The Hang Seng Index stands out among stock indices with a 60% increase rate and an average increase of 1.34%, indicating potential opportunities in Hong Kong stocks [3] - Large-cap indices like CSI 300 outperform small-cap indices, suggesting a market preference for larger leading stocks in December [3][4] Group 2: Fund Types - Short-term and medium to long-term bond funds have a high increase rate of 90%, making them suitable for investors seeking certainty [5][7] - "Fixed income plus" products, such as secondary bond funds, show a 70% increase rate and an average return of 0.44%, balancing risk and return effectively [7] - Equity funds exhibit a divergence, with high-position ordinary stock and mixed equity funds having a 40% increase rate but higher average returns, appealing to risk-tolerant investors [7] Group 3: Industry Perspective - Consumer sectors, particularly social services, food and beverage, and home appliances, show a 70% increase rate, highlighting the "year-end consumption season" as a driving force [8][10] - Financial and energy sectors, including banks and oil and gas, demonstrate strong defensive characteristics with high increase rates, indicating stability during December [11] - Specific consumer segments like white goods and non-liquor beverages have an 80% increase rate, marking them as significant alpha sources [12][13]