今日（12月25日）聚焦信息技术自主可控领域的信创ETF基金（562030）逆市活跃，场内价格一度涨近1%，现涨0.78%，盘中收复20日线、年线，冲击日 线2连阳！ 成份股方面，成都华微领涨超10%，南天信息涨逾5%，亚信安全、信安世纪涨逾2%，卓易信息、天融信、恒生电子等个股跟涨。 3、华为产业链核心参与者：受益于信创逻辑向华为生态的扩散。 1、主流信创生态龙头：在党政和央国企信创中积累了行业经验与产品迭代优势，形成护城河； 2、自主可控需求紧迫的细分领域：包括国产算力生态以及工业软件领域，国内竞争格局较优； 【扎根自主可控，护航国家安全】 聚焦信息技术自主可控领域的信创ETF基金（562030）及其联接基金（A类：024050；C类：024051）被动跟踪的中证信创指数，覆盖基础硬件、基础软 件、应用软件、信息安全、外部设备等信创产业链核心环节，指数具备高成长、高弹性特征，当前形势下，重点关注信创产业的四重投资逻辑： 图：信创ETF基金标的指数涨幅前10大成份股 | 序号 | 名称 | 涨跌幅 ▼ | 两日图 | 申万一级行业 | 申万二级行业 | 申万三级行业 | 总市值 | 成交额 | | --- ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 12月24日，重仓软件开发行业的信创ETF基金（562030）在水面附近震荡，场内价格盘中摸高0.59%， 现跌0.2%，值得关注的是，该ETF回落至今年7月位置，较高点回落明显，考虑到2027年央国企信息化 系统全面替代节点临近，当前或可能是左侧布局的窗口期。 成份股方面，江波龙、赢时胜和千方科技表现较为突出，涨幅分别为2.76%、2.64%和2.29%。另一方 面，奇安信、海光信息和纳思达表现较弱，跌幅分别为0.88%、0.83%和0.76%。 消息面上，12月22日MDC 2025大会聚焦国产算力突破，中国工程院院士郑纬民强调"主权AI"需构建算 力自主体系，摩尔线程展示MUSA架构在AI推理及深度学习生态的进展；同期国内首个规模化光量子计 算机制造工厂在深圳落地，推动量子计算产业化进程，相关技术突破有望赋能信创产业链核心环节。 天风证券（维权）表示，2025年计算机行业跑赢沪深300，基本面自2024年低点后修复，25Q3营收同比 +3.22%、归母净利润同比+2.40%，盈利拐点显现。AI Coding规模化落地将降低研发成本 ...

近期，我们已明确表达，从空间角度看，市场已经达到"低吸"的较好"击球点"。自11月25日至12月9 日，我们看到市场整体呈现出：（1）以光模块为代表的高位板块，强者恒强，估值持续上修，整体板 块基本都达到新高。（2）非强势板块多数标的，在上涨遇到压力位后，遇阻快速回调后不破新低。这 种情势其实就是市场上涨诉求仍存，但底部板块逻辑不够强，难以吸引相对高位板块资金；市场哑铃形 态突出，一面是以机构为代表的景气度抱团，一面是以量化为代表的动量刺激抱团。 本周四凌晨，美联储将公布12月议息会议结果，中性预期为"本次降息25BP且2026年Q1或不降息"，这 意味着全球市场对此次会议保持"偏鹰"观点。因此，即使降息节奏进一步不及预期，或对全球市场的风 险偏好影响相对有限。受到Marvell收购光互连公司Celestial的影响，市场对于OIO、CPO等光连接技术 呈现出更强的信心，这使得以光模块为代表的创业板人工智能ETF华宝（159363）表现强势，近日来迭 创新高。 关于英伟达H200芯片解禁：H200是美国前一代际的主流训练芯片，是目前海外主流模型的基石，其算 力性能弱于B30，但存储带宽强于B30。H200的解 ...

Core Insights - The article discusses the current trends in the ETF market, highlighting the performance of various sectors and the impact of geopolitical tensions on the defense industry [1][7]. Market Temperature - The market temperature indicator shows that the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index have percentile valuations of 97.53%, 80.71%, and 39.08% respectively, indicating a mixed valuation landscape [1]. Sector Performance - The top-performing sectors on November 17, 2025, included: - Computer: +1.67% - Defense Industry: +1.59% - Banking: +1.10% - The sectors that experienced declines were: - Real Estate: -1.11% - Non-bank Financials: -1.31% - Pharmaceuticals: -1.73% [2]. Fund Flow Signals - The top three sectors with net inflows were: - Computer: 4.331 billion - Defense Industry: 2.657 billion - Banking: 0.838 billion - The sectors with the highest net outflows included: - Pharmaceuticals: -6.216 billion - Electronics: -5.311 billion - Power Equipment: -4.718 billion [2]. ETF Performance - The "创业板人工智能ETF华宝" showed a 6-month increase of 78.53% and a daily increase of 2.20% [5]. - The "国防军工ETF" has a strong outlook due to geopolitical tensions and is expected to benefit from increased military orders and technological advancements [7][10]. Geopolitical Impact on Defense Sector - The defense industry is experiencing a surge due to heightened geopolitical tensions, with the 中证军工指数 rising over 1% on November 17, 2025. Key stocks like 长城军工 and 航天发展 reached new highs [7]. - The upcoming "十五五" military orders are anticipated to boost the sector further, alongside military trade catalysts [7].

Core Insights - The article discusses the performance of various sectors and ETFs, highlighting the recent surge in the innovative pharmaceutical sector and the food and beverage industry, driven by favorable policies and strong company performances [1][5]. Sector Performance - The innovative pharmaceutical sector saw a significant increase, with the Hong Kong Stock Connect Innovative Drug Index rising over 5% on October 31, 2025, following the introduction of a new "commercial insurance innovative drug directory" mechanism [5][6]. - The food and beverage sector also experienced a rebound, with the CSI Food and Beverage Index closing up 1% on October 31, 2025, indicating a positive trend in consumer staples as fiscal and monetary policies align to support recovery [5][7]. Fund Flows - The top three sectors for capital inflow included media (3.058 billion), pharmaceuticals (1.971 billion), and utilities (0.564 billion) [2]. - Conversely, the sectors with the highest capital outflows were electronics (-18.309 billion), telecommunications (-9.437 billion), and power equipment (-6.815 billion) [2]. ETF Performance - The article lists several ETFs with notable performance, including the Hong Kong Stock Connect Innovative Drug ETF, which has shown a 4.84% increase over the past six months [3]. - The Food ETF and Medical ETF also demonstrated varying performance metrics, with the Food ETF showing a near flat performance over six months, while the Medical ETF had a significant increase of 16.68% [3][7]. Market Sentiment - The overall market sentiment is cautiously optimistic, with analysts suggesting that the innovative pharmaceutical sector is in a high-probability zone for medium to long-term investment due to controlled risks and strong performances from leading companies [5][6]. - The food and beverage sector is expected to recover from its cyclical low, supported by strong performance from leading companies and favorable economic conditions [5][7].

Group 1 - The focus is on the performance of the Xinchuang ETF fund (562030), which saw a peak intraday increase of 1.24% and is currently up 0.53%, marking an eight-day consecutive rise [1] - Key constituent stocks include Geer Software hitting the daily limit, Foxit Software rising over 16%, and other significant gains from companies like Xinan Century, Zhiyuan Huilian, and others [1] Group 2 - An important meeting on October 28 approved amendments to the Cybersecurity Law, which will take effect on January 1, 2026, emphasizing enhanced legal responsibilities and penalties for violations, as well as new provisions for AI security and development [3] - The development of the Xinchuang industry is seen as crucial for national security, driven by multiple factors including policy support, ongoing external disturbances, and frequent security incidents [3] - The Xinchuang industry is transitioning from policy-driven to a dual-driven approach of policy and market, with significant growth expected in market size, projected to reach over 2.6 trillion yuan by 2026 [3] Group 3 - The Xinchuang ETF fund tracks the CSI Xinchuang Index, which covers core segments of the Xinchuang industry, including hardware, software, and information security, characterized by high growth and elasticity [5] - Four key investment rationales for the Xinchuang industry include: 1. International dynamics necessitating self-sufficiency due to geopolitical tensions [6] 2. Increased local government debt efforts leading to a potential recovery in government procurement for Xinchuang [6] 3. Technological advancements by domestic manufacturers like Huawei, indicating a rise in market share for domestic software and hardware [6] 4. The timing of Xinchuang initiatives reaching critical milestones with further refinement of procurement standards [6]

Core Insights - The article highlights the performance of various ETFs, particularly focusing on the defense and military industry, which has shown significant growth and investment interest recently [3][5]. Group 1: Market Performance - The defense and military sector has outperformed the market, with the China Securities Military Index rising over 1% on October 28, 2025, amidst a general market decline [3]. - Among the 32 companies in the military index that have reported quarterly results, 27 showed profits, with half achieving over 10% year-on-year growth [5]. Group 2: Investment Trends - The article notes a substantial net inflow of capital into the defense and military sector, amounting to 993 million yuan, indicating strong investor confidence [2]. - The AI sector, particularly the entrepreneurial board AI index, has also seen impressive performance, with a year-to-date increase of 93%, outperforming other AI-related indices [5]. Group 3: ETF Performance - The National Defense and Military ETF (512810) has shown a 24.35% increase over the past six months, reflecting the sector's robust growth [3]. - The entrepreneurial board AI ETF (159363) has experienced a remarkable 110.74% increase over the same period, highlighting the growing interest in AI technologies [3].

Core Viewpoint - The announcement by Trump to impose a 100% tariff on China and export controls on key software has significant implications for the domestic software industry, particularly in the context of China's push for self-reliance in technology and the development of the "信创" (Xinchuang) industry [1][6]. Group 1: Industry Developments - The adjustment in the format of the Ministry of Commerce's announcement signifies a major breakthrough in the strategy for domestic office software replacement, marking a milestone for the Xinchuang industry [1]. - The Xinchuang industry is progressing steadily with a "2+8+N" rhythm, transitioning from policy-driven to a dual-driven approach of policy and market [1]. - The market scale of the Xinchuang industry is expected to grow at rates of 17.84% and 26.82% in 2025 and 2026, respectively, with the market surpassing 2.6 trillion yuan by 2026 [1]. Group 2: Market Performance - The domestic software concept saw a surge on October 15, with the Xinchuang ETF fund (562030) rising by 1.81%, indicating strong market interest [3]. - The ETF has attracted a total of 13.16 million yuan in inflows over the past three days, reflecting investor confidence in the sector [3]. - Key stocks within the ETF, such as 格尔软件 (Geer Software) and 华大九天 (Hua Da Jiu Tian), experienced significant gains, with some reaching their daily limit [3]. Group 3: Investment Logic - The Xinchuang industry is supported by four key investment logics: geopolitical tensions necessitating self-reliance, increased local government procurement, technological breakthroughs by domestic firms, and the critical timing for procurement standards [6]. - The data security sector, represented by the big data industry ETF (516700), is also gaining traction, with a focus on data centers and cloud computing [7].

Group 1 - On September 25, cloud computing and big data-related ETFs experienced significant growth, with the Cloud 50 ETF (560660) rising over 4% [1][2] - Other ETFs in the sector, such as the Big Data Industry ETF (516700), Cloud Computing ETF (159890), and Cloud Computing 50 ETF (516630), also saw increases of over 3% [2][3] - The Short-term Bond ETF (511360) had the highest trading volume in the market on September 25, with a transaction amount of 22.18 billion [5][6] Group 2 - On September 24, the second batch of 14 sci-tech bond ETFs was launched, attracting a total net inflow of 63.894 billion on the first trading day [7][8] - Five of these sci-tech bond ETFs surpassed 10 billion in scale within just one trading day, indicating strong market interest [7][8] - The active trading of newly launched sci-tech bond ETFs, such as the Guotai ETF (551800) and Huatai ETF (551520), continued on September 25, with transaction amounts of 10.375 billion and 9.505 billion respectively [5][6] Group 3 - The market remains focused on technology sectors, with expectations for strong performance in AI-related hardware and applications, as well as semiconductor and energy storage industries [9] - Despite high risk appetite, the market is currently in a volatile state, with no significant downward pressure anticipated in the long term [9]

Group 1 - The focus of the news is on the performance of the Xinchang ETF fund (562030) which tracks the Zhongzheng Xinchang Index, showing a significant increase in the early trading session, with a peak rise of over 1.7% [1] - Key constituent stocks of the Xinchang ETF include GeLun Electronics, YunTian LiFei, and QianFang Technology, which saw notable gains of 8.14%, 6.13%, and 5.15% respectively [1][2] - The Zhongzheng Xinchang Index itself rose by 2.27% on the same day, indicating a positive trend in the sector [1] Group 2 - The news highlights the growing importance of the Xinchang industry, driven by geopolitical factors and the urgent need for self-sufficiency in technology, supported by government initiatives [6] - The AI industry is expected to see significant growth, with specific sectors like AI computing and laser radar projected to be highly prosperous by 2025 [4] - The market for the Xinchang industry is anticipated to grow at rates of 17.84% and 26.82% in 2025 and 2026 respectively, with the market size expected to exceed 2.6 trillion yuan by 2026 [4]