一、交易提示 开年以来，公募基金新发市场持续升温，广发研究智选混合以72.21亿元首发规模刷新纪录，成为2022年11月以来首只超70 亿元的主动权益新基。资金蜂拥而入，绩优老基金同步"关门"，多只年内回报靠前产品收紧大额申购，防范规模过快膨 胀。业内人士指出，居民资产搬家仍处早期，权益长期增量资金可期，春节前后或再现爆款发行潮。 1月22日,A股三大早盘高开低走低位震荡,午后股指震荡拉升集体翻红,截止收盘,沪指涨0.14%报4122.58点,深成指涨0.5%报 14327.05点,创业板指涨1.01%报3328.65点,科创50指数涨0.41%报1541.64点;沪深两市成交额2.69万亿,全市场超3500只个股上 涨。 （1）01月22日新发基金共有2只，主要为基金中的基金(FOF)基金，其中天弘悦享臻选三个月持有期混合(FOF)A募集目标 金额达80.00亿元；基金分红30只，多为ETF联接基金，派发红利最多的基金是申万菱信安泰富利三年定期开放债券型证券 投资基金，每10份基金份额派发红利0.5900元。 二、基金要闻 （2）数据显示，截至1月9日，股票私募仓位指数回升至81%以上，结束此前三连降；其中 ...

与单纯追逐高股息不同，该策略更注重公司利润的质量与可持续性，考察企业在满足必要再投资后可自由分配给股东的真 实现金潜力。这要求公司不仅当期现金流充沛，更需具备使现金流持续增长的能力，从而"更大概率挖掘到未来现金流持续增 长的资产"。 三大指数体系差异化竞争 随着产品数量激增，投资者面临一个现实问题：名称相似的"自由现金流ETF"，内在有何不同？深入分析可见，其核心差 异源于所跟踪指数的编制逻辑，目前市场已形成国证、富时、中证三大主流体系，它们犹如不同的"筛子"，筛选出风格迥异 的"现金牛"组合。 本报记者 彭衍菘 近日，华夏国证自由现金流ETF规模突破100亿元，达101.91亿元，成为该策略赛道首只"百亿基"。从发展节奏看，自由现 金流ETF赛道自2025年2月份首只产品成立以来快速扩容，多只产品规模实现翻倍式增长，彰显出资金对优质现金流企业长期 价值的认可。 现金流策略产品快速成长 华夏国证自由现金流ETF规模突破，是自由现金流策略产品整体崛起的缩影。Wind资讯数据显示，当前全市场跟踪自由现 金流相关指数的ETF多达101只，截至1月21日，整体规模达292.91亿元。 这一赛道的成长速度令人瞩目。以2 ...

来源：金石杂谈 1月20日消息，2026年新年以来，A股春季躁动行情明显，商业航天、脑机接口、AI应用、人形机器 人、半导体设备轮番上涨，且赚钱效应明显。但是，随着近期监管降温，各大科技小登要么提示风险， 一大批雪球大V更是接连封号，科技赛道略显拥挤，今日更是上演杀跌行情。站在当前时点，机构纷纷 看好"老经济"板块配置价值，更认为红利是为数不多可以长期配置的资产。 | < w | | 板块跟踪 | | (0) | | --- | --- | --- | --- | --- | | 概念 | 行业 | 地域 | 风格 | 核心 | | 列表 ⇌ | | | 按今日 涨跌幅排序 V | | | 培育钻石 | | 水泥制造精选 | 房地产精选 | 大基建央企 | | +3.88% | | +3.44% | +3.25% | +3.11% | | 化学原料精选 | | 黄金珠宝 | 银行精选 央企 | 老基建 | | +2.88% | | +2.03% | +1.74% | +1.56% +1.53% | | | | 西部大基 一级地产商 | 銀 | 新型城镇 | | 食品加工精选 +2.16% | | +1.38% ...

Core Viewpoint - The ETF market in China is experiencing significant inflows despite market volatility, with a total scale reaching 5.78 trillion yuan by December 15, 2025, an increase of over 2 trillion yuan since the beginning of the year. This trend indicates that institutional investors are using ETFs to capitalize on market dips, with nearly 35.8 billion yuan flowing into ETFs on a single day of market decline [1][2]. Group 1: ETF Market Dynamics - The total scale of the ETF market has surged to 5.78 trillion yuan, reflecting a substantial increase of over 2 trillion yuan since the start of the year [1]. - On November 21, a significant market drop saw nearly 35.8 billion yuan in funds entering ETFs, highlighting the trend of "smart money" seeking opportunities during downturns [1]. - The preference for ETFs is attributed to their transparency, liquidity, and risk diversification, making them a favored choice for institutional investors like insurance companies and pension funds [3]. Group 2: Fund Flows into ETFs - Broad-based ETFs are the primary beneficiaries of recent fund inflows, with notable growth in the Huatai-PB CSI 300 ETF and Huaxia CSI 300 ETF, which increased by 63.04 billion yuan and 62.36 billion yuan respectively [4]. - The Southern CSI 500 ETF saw a weekly net inflow of nearly 5.8 billion yuan, while the E Fund ChiNext ETF experienced over 4 billion yuan in weekly inflows, indicating a strong preference for core assets during stable economic growth expectations [4]. - Despite some sectors experiencing pullbacks, funds continue to flow into technology-related ETFs, with the Jia Shi SSE Sci-Tech Innovation Board Chip ETF and Huaxia CSI Robot ETF each seeing net subscriptions exceeding 4.4 billion yuan [5]. Group 3: Defensive Investment Strategies - In a volatile market, defensive ETFs focusing on low volatility and free cash flow have become popular, with the Huatai-PB Low Volatility Dividend ETF attracting over 4.5 billion yuan in net subscriptions [6]. - High-rated credit bond ETFs, such as the AAA Sci-Tech Bond ETF, have also performed well, with a growth of nearly 200 billion yuan this year, appealing to investors seeking stable returns in a low-interest environment [6]. Group 4: Investment Principles for Retail Investors - Retail investors are advised to prioritize leading products in the ETF market, focusing on those managed by top companies like Huaxia and E Fund, which offer better liquidity and reliability [7]. - Caution is recommended against blindly chasing high-flying sectors; instead, a dollar-cost averaging strategy is suggested to mitigate risks associated with short-term volatility [7]. - A diversified investment approach is encouraged, combining broad-based ETFs with sector-specific and defensive ETFs to balance risk and return [7]. Group 5: Conclusion on ETF Trends - The flow of funds into ETFs reflects the market's collective judgment, with investments spanning broad-based, high-growth sectors, and defensive options, indicating a strategic approach to navigating market complexities [8].

人民财讯12月30日电，12月30日，易方达国证自由现金流ETF联接基金成立，募集规模7.1亿元，有效 认购户数为2.28万户。根据统计，包括该基金在内，2025年以来成立的现金流相关指数基金已达63只， 募集规模超过880亿元。其中，有29只为ETF产品，当前规模最大的是华夏国证自由现金流ETF（82.99 亿元）。 ...

Core Insights - The total margin balance for ETFs in the Shanghai and Shenzhen markets reached 123.737 billion yuan as of November 12, reflecting an increase of 0.93 billion yuan from the previous trading day [1] - The financing balance for ETFs was 115.391 billion yuan, up by 0.81 billion yuan, while the margin short balance was 8.346 billion yuan, increasing by 0.12 billion yuan [1] ETF Financing Activity - On November 12, 270 ETFs experienced net financing inflows, with the Huaxia SSE Sci-Tech Innovation Board 50 ETF leading with a net inflow of 146 million yuan [1] - Other ETFs with significant net financing inflows included Huaxia National Certificate Free Cash Flow ETF, Harvest SSE Sci-Tech Innovation Board Chip ETF, Guotai Junan CSI All Share Securities Company ETF, E Fund CSI Hong Kong Securities Investment Theme ETF, and E Fund ChiNext ETF [1]

Market Overview - The Shanghai Composite Index rose by 0.11% to close at 3954.79 points, with a weekly high of 4025.7 points [1] - The Shenzhen Component Index increased by 0.67% to 13378.21 points, reaching a peak of 13700.25 points [1] - The ChiNext Index gained 0.5%, closing at 3187.53 points, with a maximum of 3331.86 points [1] - Global markets saw most major indices rise, with the Nasdaq Composite up 2.24%, the Dow Jones Industrial Average up 0.75%, and the S&P 500 up 0.71% [1] - In the Asia-Pacific region, the Hang Seng Index fell by 0.97%, while the Nikkei 225 Index surged by 6.31% [1] ETF Market Performance - The median weekly return for stock ETFs was 0.23% [2] - The highest weekly return among scale index ETFs was 2.4% for the Jiashi Zhongchuang 400 ETF [2] - The South China CSI New Energy ETF led industry index ETFs with a return of 5.94% [2] - The highest return in strategy index ETFs was 2.37% for the China Southern CSI All-Share Dividend Quality ETF [2] - The Jiashi CSI Battery Theme ETF achieved the highest return among thematic index ETFs at 7.75% [2] ETF Performance Rankings - The top five stock ETFs by weekly return were: - Jiashi CSI Battery Theme ETF (7.75%) - Huatai-PB CSI Battery Theme ETF (7.56%) -招商中证电池主题ETF (7.52%) - 富国中证电池主题ETF (7.51%) - 浦银安盛中证光伏产业ETF (7.04%) [4][5] - The five stock ETFs with the largest declines were: - 国联安上证科创板芯片设计主题ETF (-5.35%) - 华安上证科创板芯片ETF (-5.11%) - 国泰上证科创板芯片ETF (-5.06%) - 博时上证科创板芯片ETF (-5.05%) - 南方上证科创板芯片ETF (-5.05%) [4][5] ETF Liquidity - Average daily trading volume for stock ETFs increased by 13.3%, with average daily trading volume rising by 46.7% and turnover rate increasing by 0.22% [6] ETF Fund Flows - The top five stock ETFs by fund inflow were: - 华泰柏瑞沪深300ETF (inflow of 5.084 billion) - 华夏上证科创板50成份ETF (inflow of 1.647 billion) - 华夏上证50ETF (inflow of 1.535 billion) - 国泰中证全指证券公司ETF (inflow of 1.353 billion) - 嘉实上证科创板芯片ETF (inflow of 959 million) [9] - The five stock ETFs with the largest outflows were: - 鹏华中证酒ETF (outflow of 351 million) - 华安创业板50ETF (outflow of 334 million) - 汇添富中证电池主题ETF (outflow of 284 million) - 南方中证申万有色金属ETF (outflow of 279 million) - 嘉实中证稀土产业ETF (outflow of 256 million) [10] ETF Financing and Margin Trading - The financing balance for stock ETFs increased from 47.486 billion to 49.145 billion, while the margin balance rose from 2.5678 billion to 2.6069 billion [11] ETF Market Size - The total market size for ETFs reached 5699.032 billion, an increase of 6.878 billion from the previous week [15] - Stock ETFs accounted for 3724.471 billion, representing 65.4% of the total ETF market size [15][17] ETF Issuance and Establishment - No new ETFs were issued last week, but eight new ETFs were established, including 天弘国证港股通科技ETF and 摩根恒生港股通50ETF [18] Institutional Insights - 财通证券 is optimistic about the solid-state battery industry, expecting breakthroughs in technology and increased industrialization by 2025 [18] - 中国银河证券 believes traditional lithium battery equipment manufacturers will maintain their advantages in the solid-state battery market, suggesting a focus on developments in equipment and orders [18]

Group 1 - The core point of the news is that as of October 30, 2025, institutional investors hold a total of 828 million shares of Debon Holdings (603056.SH), accounting for 81.23% of the total share capital, with a slight decrease of 1.23 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, two public funds, namely GF CSI 1000 ETF and Huaxia CSI 1000 ETF, reported a slight decrease in holdings compared to the previous quarter [2] - A total of 73 public funds did not disclose their holdings this quarter, including Southern CSI 1000 ETF, Rongtong Internet Media Flexible Allocation Mixed Fund, Huaxia National Index Free Cash Flow ETF, Guotai FTSE China A-Share Free Cash Flow Focus ETF, and Fortune CSI 1000 ETF [2]

Group 1 - The core viewpoint of the news is that Jin Yi Industrial (601002.SH) has seen an increase in institutional ownership, with a total of 4.38 billion shares held by five institutional investors, representing 45.92% of the total share capital as of October 29, 2025 [1] - The institutional ownership has increased by 0.17 percentage points compared to the previous quarter [1] - Two new public funds have been disclosed this period, while 74 public funds were not disclosed compared to the previous quarter [1] Group 2 - The foreign investment perspective indicates that J.P. Morgan Securities PLC has not disclosed any holdings this period compared to the previous quarter [2]

Core Viewpoint - Zhaoxun Media (301102.SZ) reported its Q3 2025 results, highlighting significant institutional investor interest with a total holding of 316 million shares, representing 77.72% of the company's total equity [1] Institutional Holdings - As of October 24, 2025, six institutional investors disclosed their holdings in Zhaoxun Media, with a combined shareholding of 316 million shares, accounting for 77.72% of the total share capital [1] - The institutional holding ratio increased by 0.21 percentage points compared to the previous quarter [1] Public Fund Holdings - Two public funds increased their holdings during this period, with a total increase in shareholding ratio of 0.68% [1] - A total of 65 public funds did not disclose their holdings in this quarter, including notable funds such as Huaxia Zhisheng New Star Stock A and Huaxia National Certificate Free Cash Flow ETF [1]