Group 1 - The A-share market closed for 2025 with the Shanghai Composite Index rising by 0.09%, marking an 11-day winning streak and an annual increase of 18.41%, the highest in 10 years [1] - The Shenzhen Component Index fell by 0.58% but recorded an annual gain of 29.87%, while the ChiNext Index decreased by 1.23% with an impressive annual rise of 49.57% [1] - The STAR 50 Index saw an annual increase of 35.92%, and the North Exchange 50 Index rose by 38.8% for the year [1] Group 2 - Various sectors such as computing hardware, non-ferrous metals, banking, battery supply chain, innovative pharmaceuticals, commercial aerospace, and robotics contributed to the Shanghai Composite Index reaching above 4000 points during the year [1] - The CPO Index had the largest gain among concept indices, increasing over 180% cumulatively [1] - In the ETF market, the commercial aerospace sector continued its upward trend, with multiple satellite ETFs rising over 7%, while the low-altitude economy sector also performed well with gains of 4.6% [1] Group 3 - In terms of annual performance, AI hardware and non-ferrous themed ETFs showed remarkable results, with the Guotai Fund Communication ETF, the Fortune Fund Communication Equipment ETF, and the Guotai Fund Mining ETF rising by 125.81%, 121.37%, and 106.11% respectively [2] - The AI hardware sector experienced a pullback, with the Growth ETF and the Double Innovation ETF both declining by 2% [2] - The energy storage battery sector also faced a downturn, with the energy storage battery ETF dropping by 1.97% [2]

早盘市场涨跌分化，成长风格相对强势，通信、消费电子板块涨幅居前。创业板成长ETF（159967）涨超1%。 持仓股票中际旭创、天孚通信、新易盛、协创数据涨幅居前。 从近期表现来看，创业板成长ETF持续走强，11月24日至12月30日发稿，相对创业板指数超额涨幅达8.2个百分 点。 | | 涨跌幅 | 涨跌 | 振幅 | 年化收益率 | 最大回撤 | | --- | --- | --- | --- | --- | --- | | 159967(创业板成长) | 19.38% | 0.106 | 22.12% | 415.56% | -7.81% | | 399006(创业板指) | 11.16% | 325.76 | 12.89% | 166.26% | -5.78% | 创业板成长ETF跟踪创成长指数，是创业板的策略指数，通过成长因子和动量因子在创业板中寻找成长性好且 股性活跃的50只股票构建组合，指数具有高弹性、高成长的显著特征。适合作为布局创业板反弹或趋势上涨行情的 指数工具。 相关ETF：创业板成长ETF 159967。 每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网 ...

｜2025年12月19日星期五｜ NO.1 多只货币基金限购 12月17日，多家基金公司陆续发布货币基金限购公告，多只产品限购额仅1万元，还有产品直接暂停代 销渠道申购。 比如，富安达现金通货币公告称，自12月18日起，暂停该基金在代销机构的申购（含定期定额投资及转 换转入）业务，但对于部分销售机构的申购和转换转入业务照常办理，包括银行渠道、三方渠道等。此 外，基金公司直销平台的相关业务也正常办理。 同样暂停申购的还有天治天得利货币基金，自12月18日起暂停该基金代销渠道的申购、转换转入、定期 定额投资等业务，但直销渠道相关业务仍正常办理。 比如，有重仓科技板块的基金经理透露，"11月内，对于持仓收益已非常可观的海外算力链，当其估值 已反映明年约20倍市盈率的预期时，我们认为进一步上行的空间有限，便选择了减持"。 NO.4 FOF发行热度持续攀升 Wind数据显示，截至12月17日，公募年内新成立79只FOF基金，合计成立规模已达到803.54亿元，较此 前2021年的峰值还差281.08亿元。 具体到单季度来看，经历了此前三季度的回落后，今年四季度FOF新发热度明显攀升。Wind数据显 示，截至目前，四季度 ...

Market Overview - The Shanghai Composite Index rose by 0.16%, while the Shenzhen Component Index fell by 1.29%, the ChiNext Index decreased by 2.17%, and the North Star 50 dropped by 0.51% [1] - The total market turnover was 1.672 trillion yuan, a decrease of 162.1 billion yuan compared to the previous day [1] Sector Performance - The medical commerce and commercial aerospace sectors were active, while the banking sector strengthened in the afternoon [1] - The PCB and battery sectors experienced adjustments [1] ETF Highlights - The satellite internet sector saw significant gains, with the satellite ETFs from E Fund, Fuguo Fund, and Guangfa rising by 3.8%, 3.69%, and 3.69% respectively [1] - The banking sector ETFs also saw afternoon increases, with the Bank ETF from Bosera rising by 2.28% and the Bank ETF from Fuguo Fund increasing by 2.04% [1] - The energy sector's gains expanded in the afternoon, with the Guangfa Energy ETF and the Guotai Fund Coal ETF rising by 1.9% and 1.86% respectively [1] Declines in Specific Sectors - The battery sector faced a pullback, with the Deep Growth ETF and ChiNext Growth ETF both dropping over 3%, and the battery ETF declining by 2.7% [2] - The AI hardware sector also saw declines, with the 5G communication ETF falling by 2.2% [2]

来源：上海证券报·中国证券网 上证报中国证券网讯 12月18日，ETF午间收盘涨跌不一，卫星ETF易方达(563530)涨5.48%，卫星ETF广 发(512630)涨5.45%，卫星ETF(563230)涨5.36%，深成长ETF大成(159906)跌2.77%，创业板成长 ETF(159967)跌2.51%，双创50ETF(588380)跌2.23%。 上证报中国证券网讯 12月18日，ETF午间收盘涨跌不一，卫星ETF易方达(563530)涨5.48%，卫星ETF广 发(512630)涨5.45%，卫星ETF(563230)涨5.36%，深成长ETF大成(159906)跌2.77%，创业板成长 ETF(159967)跌2.51%，双创50ETF(588380)跌2.23%。 来源：上海证券报·中国证券网 ...

（原标题：A股市场集体上涨，成长ETF涨5.28%，创业板成长ETF涨4.94%） 今日A股市场集体反弹，沪指涨超1%，创业板指涨超3%。沪深两市成交额1.81万亿，较上一个交易日 放量870亿。 午后，A股主要指数直线拉升。 成长ETF涨5.28%，创业板成长ETF涨4.94%，创业板成长ETF易方达涨3.81%。 消息面上，昨日美国公布非农就业人数远低于预期，叠加失业率升至四年高点，市场对美联储降息、流 动性抬升的预期迅速预期升温，高久期、高成长资产率先受益。 成长ETF跟踪的国证成长100指数编制独特，利用未来短期、未来长期等综合考量多个盈利增速指标精 准筛选出真正的成长股。 国证成长100指数聚焦于每一轮优势产业的崛起，对比同类指数，成长100指 数能够更早调入相关行业，且给予更高的权重配置，2024年以来持续超配了电子、通信行业所代表的 AI算力板块，对产业趋势反应敏锐，选出的100只成份股聚焦具有高成长潜力且当年业绩高增能兑现的 成长股。 高盛表示，基于对盈利增长加速以及估值温和扩张的预期，主要关键指数有望到2027年底实现30%-40% 的上涨，并创下历史新高。 这些逻辑，短期内未必立刻反映在股 ...

下跌方面，巴西ETF跌超3%，航天相关ETF跌约1%。 | 代码 | 名称 | 现价 | 涨跌幅 | 促 | | --- | --- | --- | --- | --- | | 159100.SZ^ | 巴西ETF | 0.98 | -3.73% | | | 520870.SH | 巴西ETF | | 0.972 -3.38% | | | 563380.SH | 航空航天ETF | | 1.021 -1.35% | | | 159230.SZ | 通用航空ETF基金 | | 1.123 -1.32% | | | 513350.SH | 标普油气ETF | | 0.933 -1.27% | | | 159392.SZ | 航空ETF | | 1.099 -0.99% | | | 159283.SZ | 通用航空ETF南方 | 0.999 | -0.99% | | | 159378.SZ | 通用航空ETF | 1.214 -0.98% | | --- | --- | --- | | 561660.SH | 通用航空ETF基金 | 1.065 -0.93% | | 159255.SZ 通用航空ETF易方达 1.0 ...

（文章来源：每日经济新闻） 截至2025年12月17日 14点，A股三大指数集体拉升，上证指数涨1.06%，深证成指涨2.03%，创业板指 涨2.71%。创业板成长ETF（159967）上涨4.12%，最新报价0.632元，盘中成交额达2.87亿元，换手率 8.2%。成分股方面涨跌互现，联特科技领涨20.00%，天华新能上涨14.96%，中石科技上涨9.86%，天孚 通信上涨8.94%，新易盛上涨8.39%；百普赛斯领跌1.47%，汉威科技下跌0.60%，我武生物下跌0.17%， 涛涛车业下跌0.06%，新强联下跌0.04%。 从估值层面来看，创业板成长ETF跟踪的创成长最新市盈率（PE-TTM）仅40.69倍，处于近10年43.60% 的分位，即估值低于近10年56.40%以上的时间，具备布局性价比。 ...

从资金面来看，创业板成长ETF（159967）近期资金波动较大，反应出强势产品多空争夺较为激烈。 截至14:19，A股三大指数涨跌互现，上证指数跌0.22%，深证成指涨0.34%，创业板指涨0.06%。创业板成长ETF （159967）上涨0.47%，最新报价0.646元，盘中成交额达3.19亿元，换手率9.21%。成分股菲利华领涨7.14%，长芯 博创上涨6.33%，新易盛上涨3.57%，光线传媒上涨2.88%，光库科技上涨2.87%。 近期表现来看，创业板成长ETF区间表现明显好于创业板指数，超额涨幅近9个百分点。 | 2025/11/25-2025/12/10 (12日) | | --- | | 名称 | 涨跌幅 | 涨跌 | 振幅 | 年化收益率 | 最大回撤 | | --- | --- | --- | --- | --- | --- | | 159967(创业板成长) | 18.72% | 0.102 | | 17.61% 3466.53% | -4.65% | | 399006(创业板指) | 9.76% | 285.73 | 9.34% | 595.31% | -3.21% | （文章来源：每日 ...

Core Viewpoint - The recent surge in short-selling funds against Pop Mart has led to a significant decline in its stock price, with the short-selling activity reaching a one-year high since September [1][4]. Group 1: Short-Selling Activity - The cumulative funds for short-selling Pop Mart have reached a new high over the past year, contributing to the continuous decline in its stock price [1]. - An increasing number of foreign institutions have published bearish views on Pop Mart, echoing concerns similar to those seen during the AI bubble, indicating a lack of immediate evidence to confirm or refute these views [4]. Group 2: Market Sentiment and Performance - The stock price of Pop Mart is expected to remain stagnant in the short term due to the absence of strong data supporting either bullish or bearish positions, leading to a stalemate [4]. - Concerns have been raised regarding the sustainability of high growth driven by the Labubu product, with fears of a high base effect impacting future performance [6][10]. Group 3: Future Outlook - The ideal time for bottom-fishing in Pop Mart would be when the premium expectations for Labubu diminish and market hopes for new hit products are low [5]. - Pop Mart is currently positioned between the expansion and peak phases of its product cycle, with market fears that it may soon transition into a downturn phase if new hit products are not developed [8][10].