周二的行情，继续牛！ 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！ （来源：木鱼ETF） 蛰伏已久的券商系、金融科技等ETF终于爆发了，加上市场连续两天成交破2.5万亿，"人气牛"有味道了！ 那么，这对行情有何影响、又会走多远？木鱼边复盘边分享，观点仅供参考！ "人气牛"回归，是给我们设定的"三股风"加码。我们分析指出，人民币资产为首的三股风向是市场做多的主要动力。对于非银金融看好，但主要是看保 险。而另外半壁的券商爆发是补上另外半边，"人气牛"有感觉了！ 谁在做多券商股？我们需要用更新的视角观察。 | 指数 | 涨跌幅 (%) | 成交额(亿) | 成交变化(%) | | --- | --- | --- | --- | | 中证500 | 2.13 | 5717 | 13.27 | | 上证50 | 1.9 | 1800 | 6.18 | | 中证1000 | 1.43 | 5808 | 7.12 | | 沪深300 | 1.55 | 7254 | 15.04 | | 中证A500 | 1.68 | 10827 | 13.63 | | 国证2000 | 1.35 | 8557 | ...

2026年格隆汇"全球视野 下注中国"十大核心ETF重磅揭晓！ 经过长达半个多月， 格隆汇数千万会员参与的投票， 活动组委会统计到数十万的有效投票， 并通过整理、统计、归类后推出此名单： | | 格隆汇2026年"全球视野 下注中国"十大核心ETF | | | | | --- | --- | --- | --- | --- | | 名称 | 44883 | 跟踪指数 | 总规模(亿元) | 管理公司 | | 创业板50ETF | 159949 | 创业板50 | 300.67 | 华安基金 | | 恒生科技ETF易方达 | 513010 | 恒生科技 | 268.96 | 易方达基金 | | 科创芯片ETF | 588200 | 科创芯片 | 396.09 | 嘉实基金 | | 机器人ETF | 562500 | 机器人 | 263.75 | 华夏基等 | | 航空航天ETF | 159227 | 国证航天 | 21.55 | 花夏宴等 | | 储能电池ETF | 159566 | 新能源电池 | 39.23 | 易方达基金 | | 有色金属ETF | 512400 | 有色金属 | 205.01 | 南方基 ...

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].

Core Viewpoint - The A-share market has seen significant inflows into stock ETFs, with a total net inflow of 1189.94 billion yuan in December and 4847.40 billion yuan since the beginning of 2025, indicating strong investor interest in this asset class [2]. Group 1: Fund Inflows - In December 30, the total net inflow for all stock ETFs reached 65.81 billion yuan, with the top inflow sectors being non-ferrous metals (28.7 billion yuan), the CSI A500 index (16.6 billion yuan), and gold (8.2 billion yuan) [4]. - The leading fund companies include E Fund, which saw its ETF scale increase to 844.4 billion yuan, with a net inflow of 3.5 billion yuan on December 30 and a total increase of 243.75 billion yuan since the beginning of 2025 [4]. - The non-ferrous metals ETF from Huaxia Fund reported a net inflow of 27 billion yuan, achieving a new high in both share and scale, growing over 59 times in the year [5]. Group 2: Fund Outflows - The top outflow sectors on December 30 included the Sci-Tech 50 ETF (net outflow of 12.4 billion yuan) and the Shanghai 50 ETF (net outflow of 5.3 billion yuan), indicating a shift in investor sentiment away from these areas [9]. - Other notable outflows were seen in the communication sector (4.3 billion yuan) and artificial intelligence (4.2 billion yuan), suggesting a cautious approach from investors in these segments [9]. Group 3: Market Outlook - The market outlook remains positive, with expectations of increased capital inflows as insurance companies begin year-end allocations and private equity firms engage in concentrated purchases [10]. - Key investment themes for 2026 include AI innovation, domestic hard technology, and the Hong Kong tech market, which is seen as a vital area for investment due to its competitive advantages [10].

证券研究报告 | 金融工程点评 12 月末或为建仓时点：小盘迎来强势期 ——主动量化周报 核心观点 12 月最后三天或迎来建仓窗口，卖出压力年末充分释放。1 月险资、对冲盘有望大幅 回流，风险偏好重回上行。量化策略风格敞口有望放开，风格聚焦中证 1000、中证 2000 及小微盘，行业端建议关注化工 ETF、机械 ETF、电池 ETF、科创 50ETF、券商 ETF。 ❑ 为何此时对 1 月行情边际乐观？ 12 月资金面扰动临近尾声，1 月资金面大幅改善。12 月中上旬的回调系资金面 扰动及风险偏好回落，A 股两大核心牛市基础并未改变。首先，美元贬值趋势尚 未改变，美国财政货币双宽预期强化，12 月 9 日以来人民币升值趋势较强，已 突破 7，美元贬值是新兴市场，尤其是 A 股上涨的重要基础。2026 年 A 股最大 资金增量来自居民存款搬家，且当下来看，存款通过券商开户直接买卖股票的形 式量级有限，其更多通过银行理财底层增配权益资产比例的形式流入 A 股，因 此 2026 年固收+和二级债基等品种需求有望持续增长，且这类资金将推升以 A500 为代表的龙头股牛市。但值得一提的是，由于存款搬家涉及理财、固收+ ...

12月26日，三大指数继续上涨，沪指录得8连阳，年末重返4000点或势在必得。两市成交额2.18万亿 元，创12月新高。 | 序号 代码 | | 名称 | 两日图 现价 | 涨跌 涨跌幅 ▼ | | | --- | --- | --- | --- | --- | --- | | 1 159876 | | 有色ETF华宝 | 0.991 0.036 . | | 3.77% | | 2 | 516020 | 化工ETF | 0.871 0.019 | | 2.23% | | 3 | 562010 | 绿色能源ETF | 1.005 0.019 | | 1.93% | | ব | 159231 | 通用航空ETF华宝 | 0.641 0.009 | | 1.42% | | ર | 516380 | 智能电动车ETF | 1.025 0.013 | | 1.28% | | 6 | 512810 | 库工ETF华美 | 0.771 0.008 | | 1.05% | | 7 | 512000 | 券商ETF | ------ 0.588 0.005 | 0.86% | | 盘面上，有色金属继续狂飙，场内热门的有色ETF ...

12月26日，三大指数继续上涨，沪指录得8连阳，年末重返4000点或势在必得。两市成交额2.18万亿元，创12月新高。 | 序号 代码 | | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 159876 | 有色ETF华宝 | | 0.991 | 0.036 | 3.77% | | 2 | 516020 | 化工ETF | | 0.871 | 0.019 | 2.23% | | 3 | 562010 | 绿色能源ETF | | 1.005 | 0.019 | 1.93% | | 4 | 159231 | 通用航空ETF华宝 | | 0.641 | 0.009 | 1.42% | | 5 | 516380 | 智能电动车ETF | 1 | 1.025 | 0.013 | 1.28% | | 6 | 512810 | 军工ETF华宇 | The Real Property of Children | 0.771 | 0.008 | 1.05% | | 7 | N2000 | 券商ETF | | 0.588 ...

12月26日，三大指数继续上涨，沪指录得8连阳，年末重返4000点或势在必得。两市成交额2.18万亿 元，创12月新高。 | 序号 代码 | | 名称 | 两日图 现价 | 涨跌 涨跌幅 ▼ | | | --- | --- | --- | --- | --- | --- | | 1 159876 | | 有色ETF华宝 | 0.991 0.036 . | | 3.77% | | 2 | 516020 | 化工ETF | 0.871 0.019 | | 2.23% | | 3 | 562010 | 绿色能源ETF | 1.005 0.019 | | 1.93% | | ব | 159231 | 通用航空ETF华宝 | 0.641 0.009 | | 1.42% | | ર | 516380 | 智能电动车ETF | 1.025 0.013 | | 1.28% | | 6 | 512810 | 库工ETF华美 | 0.771 0.008 | | 1.05% | | 7 | 512000 | 券商ETF | ------ 0.588 0.005 | 0.86% | | 盘面上，有色金属继续狂飙，场内热门的有色ETF ...

- The report discusses the impact of year-end liquidity disturbances on the market, suggesting that the recent adjustments are temporary and do not alter the upward trend[1][10] - The main investment theme is shifting from technology to cyclical sectors, with recommendations for chemical ETFs, dividend ETFs, and brokerage ETFs[1][10] - The report highlights the importance of the dollar depreciation as a key factor supporting the A-share market's slow bull trend[1][10] - The report mentions the use of a fund position monitoring model to track the allocation of funds, noting increased allocations in sectors like non-ferrous metals, chemicals, and transportation[1][11] - The report indicates that the technology sector's internal growth rate is slowing down, and the market is transitioning to cyclical sectors[1][11] - The report suggests that the recent market adjustments are due to year-end liquidity disturbances, with quantitative private equity products reducing their risk exposure significantly[1][12] - The report notes that the dollar depreciation trend, supported by lower-than-expected US CPI data, will continue to provide effective support for the A-share market's upward movement[1][13] - The report includes a section on timing strategies, mentioning the use of price segmentation systems and insider trading activity indicators[14][15] - The report provides industry monitoring data, including analysts' industry sentiment expectations and financing and securities lending trends[19][21] - The report discusses the performance of BARRA style factors, noting changes in market preferences and the performance of various factors such as turnover, financial leverage, and profitability volatility[24][25]

Core Viewpoint - On December 19, Huabao Fund announced the renaming of eight popular ETFs, marking a significant trend in the ETF industry towards standardization and improved investor recognition [1][9][10]. Group 1: ETF Renaming Details - The newly renamed ETFs include categories such as broad-based, thematic industries, Hong Kong Stock Connect, and strategies [4][13]. - The new naming convention combines "core elements of the investment target + ETF + fund manager abbreviation," enhancing clarity and ease of identification for investors [10][14]. - The first batch of renamed ETFs includes: - Military Industry ETF Huabao (512810) - Food and Beverage ETF Huabao (515710) - Big Data ETF Huabao (516700) - S&P A-Share Dividend ETF Huabao (562060) - A500 ETF Huabao (563500) - Hong Kong Stock Connect Automotive ETF Huabao (520780) - Hong Kong Stock Connect Low Volatility Dividend ETF Huabao (159220) - Nonferrous Metals ETF Huabao (159876) [4][14]. Group 2: Market Context and Growth - The domestic ETF market has seen rapid growth, with a total scale nearing 5.7 trillion yuan and over 1,300 products as of November 30, 2025 [5][15]. - Huabao Fund has expanded its stock ETF offerings to 41, with a management scale increase of 477.88 billion yuan, reaching 1,295.65 billion yuan, a 58.44% growth compared to the end of 2024 [6][16]. - The total scale of Huabao Fund's ETFs (including money market ETFs) surpassed 200 billion yuan, reaching 2,142.08 billion yuan, ranking in the top 10 of the public fund industry [6][16]. Group 3: Competitive Landscape - The requirement for ETF names to include the fund manager's abbreviation is seen as beneficial for major ETF providers, helping to differentiate products in a crowded market [5][15]. - Popular ETFs under Huabao Fund, such as the brokerage ETF (512000) and medical ETF (512170), have each exceeded 10 billion yuan in scale, with the brokerage ETF reaching 40.169 billion yuan [6][16]. - In 2025, Huabao Fund's ETFs generated a total profit of 16.895 billion yuan, with stock ETFs contributing 16.261 billion yuan, indicating strong performance and returns for investors [6][16].