（4）数据显示，截至12月15日，境内ETF总份额3.3万亿份，总规模5.78万亿元，较年初净增超2万亿元，增速创历史新 高。规模跃升源于产品创新、投资者结构变化等多重因素共振，其中保险、养老金等长期资金配置需求集中释放是主因； 透明度高、流动性佳的ETF成为机构布局权益市场的首选工具，被动投资浪潮持续升温。 一、交易提示 中央经济工作会议把"坚持内需主导"列为明年八大任务之首，明确提出提振消费专项行动、城乡居民增收计划及"两新"政 策升级。政策暖风下，基金经理认为消费板块正处温和修复通道，但内部分化显著，2026年将重点挖掘优质供给、性价比 零售、银发经济等细分赛道，借助盈利改善与估值双击获取超额收益。 12月15日,A股三大股指低开高走冲高回落,全天整体呈现倒"V"型走势,截止收盘,沪指跌0.55%报3867.92点,深成指跌1.1%报 13112.09点,创业板指跌1.77%报3137.8点,科创50指数跌2.22%报1318.91点,全市场成交额1.79万亿元,较前一交易日缩量3246 亿元,超2900股下跌。 二、基金要闻 （1）12月15日新发基金共有17只，主要为股票型基金和混合型基金，其中广发 ...

Core Viewpoint - Huashang Fund Management Co., Ltd. announced the suspension of large-scale subscription (including regular investment and transfer-in) for institutional clients of the Huashang Advantage Industry Flexible Allocation Mixed Securities Investment Fund starting from November 20, 2025, to ensure stable operation and protect the interests of fund shareholders [1][2]. Summary by Sections Fund Suspension Details - The fund management decided to limit large-scale subscriptions for institutional clients, with a subscription, transfer-in, and regular investment cap set at 100,000 yuan [1]. - The specific fund categories affected include Huashang Advantage Industry Mixed A and C, both with a subscription limit of 100,000 yuan [1]. Application Process - Any application for a single transaction exceeding 100,000 yuan will be rejected, while multiple applications that cumulatively exceed this limit will be processed in descending order until the total is within the limit [2]. - The suspension for large-scale subscription applications will take effect from November 19, 2025, at 15:00, with applications submitted after this time considered as transactions on November 20, 2025 [2].