经济观察网ETF开盘涨跌不一，人工智能50ETF(517800)领涨5.06%，在线消费ETF(159728)涨4.11%，人 工智能ETF(515980)涨3.43%，港股通100ETF(159788)领跌1.08%，新能源龙头ETF(159752)跌0.94%，农 业ETF(516550)跌0.94%。 ...

一、ETF行业快讯 1.三大指数涨跌互现，多只农业板块ETF上涨 今日，三大指数涨跌互现，上证综指下跌0.39%，深证成指上涨0.26%，创业板指下跌0.76%。多只农业 板块ETF上涨，其中，农业ETF易方达（562900.SH）上涨2.94%，农业ETF（159825.SZ）上涨2.90%， 农业50ETF（516810.SH）上涨2.85%。电子板块多只ETF下跌，人工智能ETF科创（588760.SH）下跌 3.35%，科创芯片设计ETF（588780.SH）下跌3.10%，科创板人工智能ETF（588930.SH）下跌2.69%。 2.国内ETF规模突破5万亿元 据中国证券报，Wind数据显示，截至8月25日，境内ETF总规模首度突破5万亿元大关，创历史新高，达 到5.07万亿元。其中，股票型ETF、跨境ETF、债券型ETF、商品型ETF、货币型ETF最新规模分别为 3.46万亿元、7537.23亿元、5559.03亿元、1532.57亿元、1424.70亿元。 3.权益类ETF规模年内增长超24% 据证券日报，国内权益类ETF市场迎来里程碑时刻。Wind资讯数据显示，截至8月25日，全市场1188 ...

（来源同花顺，以上信息为南都·湾财社AI大数据自动生成） ETF26日收盘涨跌不一，农业ETF易方达（562900）领涨2.94%，在线消费ETF（159728）涨2.92%，农 业ETF（159825）涨2.90%，中证A500增强ETF（561090）领跌5.08%，科创芯片ETF指数（588920）跌 4.18%，稀土ETF易方达（159715）跌3.39%。 ...

ETF8月26日午间收盘涨跌不一，农业50ETF（516810）领涨3.59%，农业ETF易方达（562900）涨 3.55%，农业ETF（159825）涨3.53%，中证A500增强ETF（561090）领跌5.0%，科创芯片ETF指数 （588920）跌3.32%，稀土ETF易方达（159715）跌2.96%。 （来源同花顺，以上信息为南都·湾财社AI大数据自动生成） ...

2025.08. 24 本文字数：2293，阅读时长大约4分钟 作者 | 第一财经 齐琦 反内卷浪潮下，光伏、锂电池行业产能出清会议频开，引发市场高度关注。 "当前光伏、锂电池等板块的估值修复仅完成初期阶段，未来随着产能利用率提升，行情或将逐步见 顶。" 富国基金量化投资部ETF投资总监王乐乐于8月23日在2025雪球指数基金领袖峰会上分析 称，而农业、化工、建材等曾同样受困于"低价竞争"的传统行业，正通过差异化突围、产业链重构 与需求升级，成为"反内卷"背景下更具确定性的结构性机会所在。 近期A股市场"反内卷"题材轮动仍在继续，除了光伏、锂电，化工、农业等板块的资金关注度也快速 抬升。截至8月24日，化工50ETF、建材ETF、煤炭ETF、农业ETF，自七月以来累计涨幅分别为 16%、15%、10%、8%。 华创证券研究所副所长张瑜也在分析报告中提到，钢铁、水泥、光伏设备、能源金属等反内卷主题板 块近期表现强劲，多数跑赢大盘。政策面上，要求盘活存量、做优增量，通过优化竞争秩序推动传统 产业升级与新质生产力创新。而反内卷并非短期主题，背后是行业盈利改善与竞争生态优化的中长期 逻辑。 锂电、光伏"退烧"，产能出 ...

反内卷行情进入第二阶段 反内卷浪潮下，光伏、锂电池行业产能出清会议频开，引发市场高度关注。 "当前光伏、锂电池等板块的估值修复仅完成初期阶段，未来随着产能利用率提升，行情或将逐步见 顶。" 富国基金量化投资部ETF投资总监王乐乐于8月23日在2025雪球指数基金领袖峰会上分析称，而农 业、化工、建材等曾同样受困于"低价竞争"的传统行业，正通过差异化突围、产业链重构与需求升级， 成为"反内卷"背景下更具确定性的结构性机会所在。 近期A股市场"反内卷"题材轮动仍在继续，除了光伏、锂电，化工、农业等板块的资金关注度也快速抬 升。截至8月24日，化工50ETF、建材ETF、煤炭ETF、农业ETF，自七月以来累计涨幅分别为16%、 15%、10%、8%。 华创证券研究所副所长张瑜也在分析报告中提到，钢铁、水泥、光伏设备、能源金属等反内卷主题板块 近期表现强劲，多数跑赢大盘。政策面上，要求盘活存量、做优增量，通过优化竞争秩序推动传统产业 升级与新质生产力创新。而反内卷并非短期主题，背后是行业盈利改善与竞争生态优化的中长期逻辑。 机构看好化工、农业板块结构性机会 "内卷的本质是低效竞争导致的增收不增利陷阱企业陷入增产、降价 ...

2.中国超越日本成为亚洲最大ETF市场 据智通财经，随着沪指不断创新高，ETF规模水涨船高。记者从彭博行业研究ETF团队获悉，中国ETF 规模在7月以6810亿美元的资产管理规模超越了日本（6680亿美元），成为亚洲最大的ETF市场。该团 队并表示，在产品审批加快等资金供应强有力的支持下，ETF上市产品数量持续增加，并促进散户对长 期、低成本、流动性强ETF产品的认可。未来几年，中国在亚太地区ETF的资产管理规模、资金流、流 动性和产品供应方面均可能创下新纪录，进一步吸引外国机构做市商。 3.股债跷跷板效应显现，数百只债基年内亏损 一、ETF行业快讯1.三大指数涨跌互现，多只农业ETF上涨 今日，三大指数涨跌互现，上证综指上涨0.13%，深证成指下跌0.06%，创业板指下跌0.47%。多只农林 牧渔板块ETF上涨，其中，农业50ETF（516810.SH）上涨1.78%，农业50ETF（159827.SZ）上涨 1.69%，农业ETF（159825.SZ）上涨1.69%。电力设备板块多只ETF下跌，科创新能源ETF （588830.SH）下跌2.08%，储能电池ETF（159566.SZ）下跌2.02%，储能 ...

| 代码 | 名称 | 现价 | 涨跌幅 | | --- | --- | --- | --- | | 588500.SH 科创100增强ETF易方达 | | | 1.709 -2.12% | | 588830.SH | 科创新能源ETF | | 1.272 -2.08% | | 159566.SZ | 储能电池ETF | 1.598 | -2.02% | | 159715.SZ | 稀土ETF易方达 | 1.043 | -1.97% | | 516150.SH | 稀土ETF嘉实 | 1.594 | -1.97% | | 513160.SH | 港股科技30ETF | | 1.234 -1.91% | | 516780.SH | 稀土ETF | 1.538 | -1.91% | | 159713.SZ | 稀土ETF | 1.143 | -1.8% | 有券商表示，在"碳中和"等政策的持续推动下，新能源汽车、风力发电及节能电机等高端磁材需求增长迅速。此外，传统制造领域需求复苏及人形机器人加 速落地为稀土需求注入增长动力。 市场全天震荡调整，三大指数涨跌不一。从板块来看，数字货币概念股集体大涨，油气股表现活跃， ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The strategy is based on the research reports "Strategy Portfolio Report under Industry Rotation: Quantitative Analysis from the Perspective of Industry Style Continuity and Switching" (20241007) and "Research on the Overview and Allocation Methods of the Stock - type ETF Market: Taking the ETF Portfolio Based on the Industry Rotation Strategy as an Example" (20241013) to construct a strategy portfolio of industry and theme ETFs [2] - In the week of 20250811, the model recommends allocating sectors such as joint - stock banks, games, and semiconductors. In the next week, the strategy will newly hold products like Game ETF, Science and Technology Innovation Chip Design ETF, and Satellite ETF, and continue to hold products like Bank ETF, Financial Real Estate ETF, and Gold Stock ETF [2] - As of last weekend, some ETFs and the trading timing signals of the underlying indexes gave daily or weekly risk warnings [2] 3. Summary by Relevant Catalogs Performance Tracking - During the period from 20250804 to 20250808, the cumulative net return of the strategy was about 2.62%, and the excess return relative to the CSI 300 ETF was about 1.41% [3] - From October 14, 2024, to the present, the cumulative out - of - sample return of the strategy was about 7.08%, and the cumulative excess relative to the CSI 300 ETF was about - 0.79% [3] Future 1 - Week Recommended ETFs (20250811 - 20250815) | Fund Code | ETF Name | Holding Status | ETF Market Value (billion yuan) | Heavy - Positioned Shenwan II Industry and Weight | Weekly Timing Signal | Daily Timing Signal | | --- | --- | --- | --- | --- | --- | --- | | 512800 | Bank ETF | Continue to hold | 151.38 | Joint - stock banks (44.73%) | 1 | - 1 | | 159869 | Game ETF | Transfer in | 73.17 | Games (81.29%) | 1 | 1 | | 588780 | Science and Technology Innovation Chip Design ETF | Transfer in | 2.77 | Semiconductors (95.73%) | 1 | 1 | | 159940 | Financial Real Estate ETF | Continue to hold | 7.99 | Securities (29.12%) | 1 | - 1 | | 517520 | Gold Stock ETF | Continue to hold | 46.34 | Precious metals (41.51%) | 1 | 1 | | 510000 | Central Enterprise ETF | Continue to hold | 1.21 | State - owned large - scale banks (18.11%) | 1 | 1 | | 512690 | Wine ETF | Continue to hold | 152.39 | Baijiu (85.37%) | - 1 | - 1 | | 159206 | ZETF | Transfer in | 1.33 | Military electronics II (34.22%) | 1 | 1 | | 159786 | VRETF | Transfer in | 1.32 | Optoelectronics (26.64%) | 1 | 1 | | 159652 | Non - ferrous 50 ETF | Transfer in | 5.21 | Industrial metals (49.34%) | 1 | 1 | [9] Near 1 - Week ETF Holdings and Performance (20250804 - 20250808) | Fund Code | Current Holding Status | ETF Name | ETF Market Value (billion yuan) | Near 1 - Week Increase/Decrease (%) | | --- | --- | --- | --- | --- | | 562550 | - | Green Power ETF | 1.21 | 1.50 | | 512800 | Continue to hold | Bank ETF | 151.38 | 1.99 | | 512690 | Continue to hold | Wine ETF | 152.39 | 1.06 | | 159768 | - | Real Estate ETF | 6.13 | 2.14 | | 159940 | Continue to hold | Financial Real Estate ETF | 7.99 | 1.41 | | 515220 | Transfer out | Coal ETF | 80.20 | 3.78 | | 159996 | Transfer out | Home Appliance ETF | 12.72 | 2.55 | | 510060 | Continue to hold | Central Enterprise ETF | 1.21 | 1.42 | | 516550 | Transfer out | Agricultural ETF | 1.87 | 1.76 | | 517520 | Continue to hold | Gold Stock ETF | 46.34 | 8.91 | | - | ETF Portfolio Average Return | - | - | 2.62 | | 510300 | - | CSI 300 ETF | 3819.72 | 1.21 | | - | ETF Portfolio Excess Return | - | - | 1.41 | [10]

Strategy Overview - The report focuses on constructing a strategy portfolio based on industry and thematic ETFs, utilizing quantitative analysis from previous strategy reports [2]. Strategy Update - For the week of August 4, 2025, the model recommends increasing allocations to sectors such as electricity, joint-stock banks, and liquor, while continuing to hold real estate and agriculture ETFs [2]. - New additions include Green Power ETF, Bank ETF, and Liquor ETF, with ongoing holdings in Real Estate ETF and Agriculture ETF [2]. - As of the last weekend, some ETFs and index trading timing signals provided daily or weekly risk alerts [2]. Performance Tracking - From July 28 to August 1, 2025, the strategy recorded a cumulative net return of approximately -2.19%, with an excess return of about -0.53% compared to the CSI 300 ETF [2]. - Since October 14, 2024, the cumulative return of the strategy outside the sample period is approximately 4.34%, with an excess return of about -2.17% relative to the CSI 300 ETF [2].