上周（1月5日-1月9日），A股市场迎来2026年开门红，主要宽基指数录得上涨，全A指数上涨5.11%。科创50大涨9.80%，中证1000和北证50也均涨超5%。 从风格来看，本周小盘风格相对占优，中证1000（7.03%）涨幅大于沪深300（2.79%）；五大风格指数均录得上涨，其中，成长风格涨幅领先，达7.02%。 一、市场概况 上周五A股放量上涨，上证指数取得16连阳站上4100点，刷新逾10年新高。市场成交额超3.1万亿元，为A股史上第六次成交额突破3万亿。 从行业来看，一级行业多数录得上涨，仅银行收跌。涨幅靠前的三个行业分别为综合、国防军工、传媒。 A股市场交投活跃度显著上行，上周五成交额时隔73个交易日后再度站上3万亿元大关。上周日均成交额为28520亿元，较上周上升7236.16亿元；日均换手率 为2.2363%，较上周上升0.5个百分点。上周北向资金日均成交额为3271.51亿元，较上周上升986.47亿元。截至上周四，两融余额为26206.01亿元，较上周上 升799.24亿元。 二、资金流向 上周ETF市场净流出569.32亿元，股票ETF净流入77.65亿元、商品型ETF净流入69.6 ...

（原标题：从籍籍无名中闯出天地，6万亿ETF市场5年养成） 岁末年初，沪指再度跃上4000点，与此同时，ETF市场也在近期跨越又一个里程碑——总规模突破6万 亿元大关。 当指数投资的热情与市场回暖的势头在此交汇，ETF乘着"5年5倍"的加速度，正驶向一个崭新的纪元。 截至2025年末，全ETF市场超过3/4的产品数量、近5/6的总规模和4/5的总成交量均来自最近的五年内。 时钟拨回五年前，A股正从一轮牛市的高点步入新周期。 彼时，ETF规模仅占全公募市场的约5%，让7亿基民津津乐道的还是管理主动权益基金的"男神女神"； 机构资金虽已是ETF的持有主力，但仍有大规模的中长期机构资金面临诸多入市"堵点"等待政策开闸； 部分基金公司已经开始将发展ETF业务、普及被动投资提到战略高度，但也并非所有规模居前的"大 厂"，都能够提前预见到指数大时代的浪潮…… 如今，ETF在公募市场中的角色地位、其管理人的竞逐生态、所反映的投资偏好，乃至对A股市场能够 产生的影响，都已大有不同。 几大视角、一些数据，让我们一同回顾ETF市场五年来的部分核心变迁。 规模全景：从"积跬步"到"至千里"，ETF发展上演"速度与激情" 2025年 ...

【导读】昨日股票ETF市场净流入近42亿元，资金借道宽基ETF跟上市场行情 1月6日，上证指数实现日线13连阳，创出史上最长连阳纪录。其中，脑机接口概念股延续涨势，券商、保险等金融股拉升，商业航天板块继续活跃，有色 板块走强。 市场大涨背景下，资金借道股票ETF继续净买入。昨日，股票ETF市场资金净流入近42亿元，资金净流入科创50ETF、沪深300ETF、中证500ETF等宽基 ETF；涨幅靠前的证券ETF、芯片ETF则出现资金净流出，部分短期交易型资金选择"落袋为安"。 昨日股票ETF市场净流入近42亿元 宽基ETF成为"吸金"主力 数据显示，截至1月6日，全市场1294只股票ETF（含跨境ETF）总规模达4.96万亿元。在昨日股市大涨行情中，股票ETF市场净流入资金达41.76亿元。 从大类型来看，昨日宽基ETF与商品ETF净流入居前，分别达38.63亿元与29.12亿元；规模变化方面，宽基ETF规模上升449.51亿元。 | 序号 | 证券简称 | 资金流向 | 上市基金规模 | 份额变化 | 涨跌幅 | 基金管理人 | | --- | --- | --- | --- | --- | --- | -- ...

【导读】昨日 股票ETF市场净流入近42亿元，资金借道宽基ETF跟上市场行情 中国基金报记者 李树超 1月6日，上证指数实现日线13连阳，创出史上最长连阳纪录。其中，脑机接口概念股延续涨 势，券商、保险等金融股拉升，商业航天板块继续活跃，有色板块走强。 市场大涨背景下，资金借道股票ETF继续净买入。昨日，股票ETF市场资金净流入近42亿 元，资金净流入科创50ETF、沪深300ETF、中证500ETF等宽基ETF；涨幅靠前的证券 ETF、 芯片ETF则出现资金净流出，部分短期交易型资金选择"落袋为安"。 从大类型来看，昨日宽基ETF与商品ETF净流入居前，分别达38.63亿元与29.12亿元；规模 变化方面，宽基ETF规模上升449.51亿元。 其中， 科创50ETF昨日净流入超15亿元，位居全市场首位。沪深300ETF、中证500ETF净 流入资金也超10亿元，位居全市场前列。 一位基金业内人士表示，股市大涨，投资宽基ETF是跟上行情最便捷透明的投资工具。2026 年"开门红"行情中，半导体、脑机接口、商业航天等板块大涨，"含科量"较高的科创 50ETF，以及跟踪主流大盘指数的沪深300ETF更容易收获大盘 ...

证券研究报告 基金双周报：ETF市场跟踪报告 证券分析师 | 陈 瑶 | | 投资咨询资格编号：S1060524120003 | | --- | --- | --- | | 郭子睿 | | 投资咨询资格编号：S1060520070003 | | 任书康 | | 投资咨询资格编号：S1060525050001 | | 研究助理 | | | | 高 | 越 | 一般从业资格编号：S1060124070014 | | 胡心怡 | | 一般从业资格编号：S1060124030069 | 报告摘要 分类型ETF跟踪： 2 2026年1月4日 请务必阅读正文后免责条款 ETF市场回顾： • 收益表现与资金流向：截至12月31日，近两周ETF产品表现较好。国内主要宽基ETF中，科创100涨幅最大，行业与主题产品中，军工主题ETF涨幅最大。近 两周，国内主要宽基ETF中，中证A500ETF资金大幅流入，此外中证1000、中证500、科创100ETF资金净流入额居前。2）近两周，周期、大制造其他ETF资金 加速流入，红利、医药ETF资金流入速度放缓，消费、新能源、科技ETF资金转为净流出，金融地产ETF净流出速度放缓，军工ET ...

Core Insights - The report emphasizes a market strategy focused on maintaining stability during fluctuations, with a particular emphasis on mid-cap blue-chip stocks for timing and selection [4] - The steel industry is highlighted for its transformation towards high-end, green, and digital advancements, which is expected to enhance competitiveness in the special steel sector [4] - The report suggests that the controlled nuclear fusion sector may experience ongoing catalysts, indicating potential for sustained thematic investment opportunities [5] Market Strategy - The index has shown a rebound, recently surpassing 3900 points, with a clear oscillation pattern observed since late August [4] - A mid-term perspective is recommended, focusing on sectors with moderate valuations, low institutional allocation, and improving marginal conditions, particularly in advanced manufacturing and electronics [4] - Specific ETFs are mentioned for investment, including the CSI 500 ETF and cash flow ETFs, which align with the suggested sectors [4] Industry Strategy - The steel industry is undergoing significant policy adjustments aimed at reducing crude steel production and eliminating inefficient capacities, promoting a shift towards high-end special steel and high-performance materials [4] - Companies like CITIC Special Steel and Nanjing Steel are recommended for their focus on high-end special steel products and their potential for growth in exports [4] - The report indicates that the controlled nuclear fusion sector is transitioning from theoretical research to practical engineering, which is expected to drive substantial investment demand in the future [5]

Group 1: ETF Market Overview - The report highlights the performance of various ETFs, with the Satellite ETF showing a significant increase of 7.72% on the trading day [5][6]. - The top-performing ETFs include the Satellite Industry ETF with a rise of 7.55% and the Satellite ETF from E Fund with a 7.07% increase [5]. - The trading volume for the Satellite ETF reached 38,691.01 thousand yuan, while the Satellite Industry ETF had a trading volume of 50,380.39 thousand yuan [5]. Group 2: Fund Flow Monitoring - The report indicates that the Nonferrous Metals ETF Fund had a net inflow of 270,258.54 thousand yuan on the previous trading day, with a daily increase of 1.23% [8]. - The A500 ETF Leader experienced a slight decline of 0.17% but still had a significant net inflow of 90,435.65 thousand yuan [8]. - The report lists the top ETFs by net inflow, with the Nonferrous Metals ETF leading, followed by the A500 ETF Leader and the CSI 300 ETF [8]. Group 3: Margin Trading Activity - The Securities ETF recorded a financing purchase of 42,272.77 thousand yuan, despite a daily decline of 0.41% [15]. - The report notes that the Sci-Tech Innovation 50 ETF had a financing purchase of 40,667.67 thousand yuan, with a decrease of 1.12% on the trading day [15]. - The margin trading data indicates that the CSI 500 ETF had a financing purchase of 29,028.08 thousand yuan, reflecting a stable interest in this ETF despite market fluctuations [15].

Market Overview - In 2025, the A-share market achieved a historic breakthrough driven by enhanced national governance and increased confidence in technology, with major indices significantly elevated and the Shanghai Composite Index briefly surpassing 4000 points [3] - The total market capitalization exceeded 100 trillion yuan, with active trading and a clear focus on technology growth [3] - The outlook for 2026 suggests a consolidation phase for the A-share market, characterized by "sideways fluctuations with slight strengthening," supported by positive expectations for national governance and long-term development [3] Sector Strategy - The mid-cap blue-chip stocks are positioned as a stabilizing force in the market, with a shift in risk appetite leading funds from extreme technology and dividend styles to the mid-range, providing opportunities for mid-cap blue chips [4] - The performance of cyclical sectors (non-ferrous metals, petrochemicals) and manufacturing (communications, military) has been validated by the market, suggesting a focus on the long-dormant consumer sector and waiting for new catalysts in technology growth [4] Industry Insights - The pig farming sector is viewed as having significant value due to extremely pessimistic expectations, with recent policies and market dynamics driving capacity reduction, which is expected to enhance long-term performance [5] - The market's pessimism regarding pig prices for 2026 is seen as underestimating inventory and capacity reduction, with historical trends indicating a likely market-driven capacity reduction [5] - The humanoid robot sector is anticipated to see rapid advancements in motion control in 2025, with mass production becoming a key focus in 2026, driven by the evolution of brain models [6] - Companies with strong manufacturing and management capabilities in the components sector are expected to benefit from the future of mass production in humanoid robots [6]

Group 1 - The overall macro liquidity environment is balanced and slightly loose, with the central bank conducting a net withdrawal of 34.8 billion yuan through 7-day reverse repos and a net injection of 100 billion yuan via medium-term lending facilities, resulting in a total net injection of 65.2 billion yuan for the week [4][10][11] - The stock market's funding supply is generally recovering, with a significant increase in equity fund issuance and a slight recovery in financing balances, indicating an uptick in leveraged capital participation [5][12] - The stock ETF saw a net inflow of 35.441 billion yuan, with significant inflows into broad-based ETFs like the CSI A500 and CSI 500, while the CSI 300 experienced net outflows [14][18] Group 2 - The stock market's funding demand has shown significant pressure from capital outflows, with equity financing rising to 20.752 billion yuan, driven by a substantial increase in private placements [20][21] - The scale of locked-up shares being released has surged to 192.836 billion yuan, indicating increased market pressure, particularly in sectors like power equipment and non-bank financials [21][26] - The net reduction in holdings by major shareholders has increased to 14.661 billion yuan, with notable reductions in the electronics and power equipment sectors [21][27]

【导读】12月26日股票ETF净流入超100亿元 12月26日，A股三大股指集体收涨，沪指实现日线八连阳，两市成交额显著放量。在市场震荡上扬之时，股票ETF单日净流入103.71亿元。多数宽基ETF 获资金青睐，中证1000、中证500、沪深300、上证50、中证A500等指数ETF均获大举加仓，而国防军工ETF和黄金ETF净流出金额居前。 宽基ETF获大举加仓 数据显示，截至12月26日，全市场1284只股票ETF（含跨境ETF）总规模为4.79万亿元。若按照区间成交均价测算，12月26日股票ETF整体净流入资金为 103.71亿元。 具体来看，中证1000指数ETF单日净流入居前，达30.5亿元。单只ETF方面，南方基金旗下中证1000ETF单日净流入达16.92亿元；华夏基金旗下中证 1000ETF单日净流入8.42亿元，最新规模达500.13亿元，对应跟踪指数近一月日均成交额为12.15亿元，同样位居前列。 跟踪上证50指数的ETF资金净流入金额同样显著，达18亿元。具体来看，上一交易日，华夏基金旗下上证50ETF单日净流入13.49亿元，最新规模达 1798.48亿元，对应跟踪指数近一月日均成交额为 ...