证 券 研 究 报 告 金融地产行业基金：从投资能力分析到基金经理画像 ——金融产品每周见20260306 | 证券分析师：奚佳诚 | | A0230523070004 | | | --- | --- | --- | --- | | 蒋辛 | | A0230521080002 | | | 邓虎 | | A0230520070003 | | | 联系人： | 奚佳诚 | A0230523070004 | xijc@swsresearch.com | | 2026.3.6 | | | | 投资要点 www.swsresearch.com 证券研究报告 2 ◼ 基于基金持仓，我们可以将金融地产行业基金分类为3类：1）金融地产+卫星；2）细分赛道：以大金融为主；3）板块轮动。大部分基金 经理采用的策略为"细分赛道" ，采用"金融地产+卫星"、"板块轮动"策略的基金经理较少。 ◼ 金融地产行业基金的3大整体投资能力分析：1）与板块指数相比，金融地产行业基金表现略弱，与金融地产内部本身分化度较低有关；2） 相对擅长选股的行业：银行、非银金融；相对不擅长的行业：房地产；3）对比与全行业基金所选的金融地产股，金融地产行业基金 ...

Core Viewpoint - As of January 8, the total margin balance for ETFs in the Shanghai and Shenzhen markets is 117.709 billion yuan, showing a decrease of 1.606 billion yuan from the previous trading day [1] Group 1: ETF Financing and Margin Data - The ETF financing balance stands at 110.06 billion yuan, down by 1.603 billion yuan from the previous trading day [1] - The ETF margin short balance is 7.649 billion yuan, which is a decrease of 0.03 billion yuan compared to the previous trading day [1] Group 2: Top Performing ETFs - On January 8, 236 ETFs experienced net financing inflows, with the Guotai CSI All-Share Securities Company ETF leading with a net inflow of 436 million yuan [1] - Other ETFs with significant net financing inflows include the E Fund ChiNext ETF, Yongying National Standard Commercial Satellite Communication Industry ETF, Huabao CSI All-Share Securities Company ETF, GF CSI Hong Kong Innovative Drug ETF, Huaxia SSE STAR 50 ETF, and Haitong Baichuan Hang Seng Technology ETF [1]

Core Viewpoint - As of December 12, the total margin balance for ETFs in the Shanghai and Shenzhen markets is 117.918 billion yuan, showing a decrease of 0.0096 billion yuan from the previous trading day [2] Group 1: ETF Financing and Margin Data - The ETF financing balance is 109.906 billion yuan, which represents an increase of 0.0096 billion yuan from the previous trading day [2] - The ETF margin short balance is 8.012 billion yuan, reflecting a decrease of 0.0192 billion yuan from the previous trading day [2] Group 2: Net Buy Data for ETFs - On December 12, 244 ETFs experienced net financing purchases, with the E Fund CSI Hong Kong Securities Investment Theme ETF leading with a net purchase of 1.91 billion yuan [2] - Other ETFs with significant net financing purchases include Huatai-PB CSI 300 ETF, Guotai CSI All Share Securities Companies ETF, Southern CSI 500 ETF, Huabao CSI All Share Securities Companies ETF, and Huaxia SSE STAR 50 ETF [2]

Market Overview - The Shanghai Composite Index rose by 1.4% to close at 3888.6 points, with a peak of 3895.59 points during the week from November 24 to November 28 [1] - The Shenzhen Component Index increased by 3.56% to 12984.08 points, reaching a high of 13082.77 points [1] - The ChiNext Index saw a rise of 4.54%, closing at 3052.59 points, with a maximum of 3113.44 points [1] - Global markets also experienced gains, with the Nasdaq Composite up by 4.91%, the Dow Jones Industrial Average up by 3.18%, and the S&P 500 up by 3.73% [1] - In the Asia-Pacific region, the Hang Seng Index increased by 2.53%, and the Nikkei 225 rose by 3.35% [1] ETF Market Performance - The median weekly return for stock ETFs was 2.33% [2] - The highest weekly return among scale index ETFs was 7.58% for the E Fund Shanghai Stock Exchange Science and Technology Innovation Board 200 ETF [2] - The highest return in the industry index ETFs was 8.42% for the Harvest National Index Communication ETF [2] - The top five stock ETFs by weekly return included the Fortune National Communication Equipment Theme ETF at 10.3% [4][5] ETF Liquidity and Fund Flows - Average daily trading volume for stock ETFs decreased by 7.3%, while average daily trading volume increased by 17.8% [6] - The top five stock ETFs by fund inflow included the Huaxia SSE 50 ETF with an inflow of 417 million yuan [9][10] - The largest outflows were seen in the Huabao National Bank ETF, which had an outflow of 428 million yuan [10] ETF Financing and Inventory - The financing balance for stock ETFs decreased from 50.5535 billion yuan to 47.097 billion yuan [11] - The total number of existing ETFs reached 1363, with 1069 being stock ETFs [12] - The total market size for ETFs reached 5687.882 billion yuan, an increase of 84.359 billion yuan from the previous week [14] Institutional Insights - Zhongyuan Securities highlighted a supply-demand imbalance in high-end optical chips, predicting price increases due to tight supply and accelerated domestic innovation [17] - Guoyuan Securities noted that the demand for computing power remains strong, driven by the accelerated penetration of model applications in the AI sector [17]

Core Insights - As of November 17, the total margin balance for ETFs in the Shanghai and Shenzhen markets reached 120.003 billion yuan, an increase of 1.58 billion yuan from the previous trading day [1] ETF Financing Overview - The ETF financing balance stood at 111.775 billion yuan, up by 1.586 billion yuan compared to the previous trading day [1] - The ETF margin trading balance was recorded at 8.228 billion yuan, showing a slight decrease of 0.06 billion yuan from the previous trading day [1] Top Performing ETFs - On November 17, 309 ETFs experienced net financing inflows, with the top performer being the Fortune China Government Bond 7-10 Year Policy Financial Bond ETF, which saw a net inflow of 256 million yuan [1] - Other notable ETFs with significant net inflows included the Huatai-PB Hang Seng Technology ETF, Guotai Junan CSI All Share Securities Company ETF, E Fund CSI Hong Kong Securities Investment Theme ETF, Huaxia SSE Sci-Tech Innovation Board 50 ETF, Pengyang China Government Bond 30-Year ETF, and Huabao CSI All Share Securities Company ETF [1]

Group 1 - Dongxing Securities experienced a 5% increase in stock price, reaching 13.23 CNY per share, with a trading volume of 697 million CNY and a turnover rate of 1.69%, resulting in a total market capitalization of 42.765 billion CNY [1] - The company, established on May 28, 2008, and listed on February 26, 2015, operates in various sectors including securities brokerage, investment banking, asset management, proprietary trading, alternative investments, credit trading, futures, and direct investments [1] - The main revenue composition of Dongxing Securities includes wealth management (38.98%), investment trading (37.14%), investment banking (11.16%), other businesses (6.78%), and asset management (5.94%) [1] Group 2 - Huabao Fund's ETF (512000) is among the top ten circulating shareholders of Dongxing Securities, having increased its holdings by 8.5645 million shares in Q3, totaling 31.7508 million shares, which represents 0.98% of the circulating shares [2] - The Huabao ETF has a current scale of 35.86 billion CNY, with a year-to-date return of 5.74%, ranking 4037 out of 4216 in its category, and a one-year loss of 4.22%, ranking 3863 out of 3951 [2] Group 3 - The fund managers of Huabao ETF are Hu Jie and Feng Chen, with Hu Jie having a tenure of 13 years and 32 days and a total fund size of 100.204 billion CNY, achieving a best return of 184.96% and a worst return of -98.01% during his tenure [3] - Feng Chen has a tenure of 10 years and 4 days with a fund size of 70.102 billion CNY, achieving a best return of 117.51% and a worst return of -19.14% during his tenure [3]

Group 1 - The report highlights that the Hong Kong technology ETFs have attracted over 140 billion yuan in inflows this year, indicating strong investor interest in this sector [4][12]. - The overall net inflow for ETFs this week was 24.53 billion yuan, with significant contributions from cross-border ETFs focusing on the Hang Seng Technology and Hong Kong innovative pharmaceuticals [12][18]. - The report notes a clear market focus on the energy sector, with both traditional and renewable energy stocks performing well, particularly coal and photovoltaic industries [15][19]. Group 2 - The stock ETFs showed a significant divergence in performance, with the best-performing funds centered around the photovoltaic sector, while the worst were in the innovative pharmaceuticals sector [4][11]. - The report indicates that insurance funds have been increasing their holdings in securities ETFs, suggesting a strategic reallocation in response to a declining interest rate environment [18][23]. - In the bond ETF segment, convertible bond ETFs performed well, with an average weekly increase of 0.86%, while pure bond ETFs lagged behind [19][22]. Group 3 - The report emphasizes the importance of the consumer sector, particularly in light of recent government policies aimed at boosting consumption, although the sustainability of this growth remains uncertain [23][24]. - The report also discusses the potential for short-term style shifts in the market, with a focus on consumer stocks as the economic emphasis remains on supply-side reforms [23][24]. - The bond market is expected to have a positive outlook despite current pressures from the stock market, with reasons to remain optimistic about future performance [19][22].

Core Viewpoint - CICC's stock price has declined for four consecutive days, with a total drop of 6.87%, currently trading at 36.35 CNY per share, with a market capitalization of 175.47 billion CNY [1] Company Overview - China International Capital Corporation (CICC) was established on July 31, 1995, and listed on November 2, 2020. The company is headquartered in Beijing and operates in various financial services including investment banking, equity sales and trading, fixed income, commodities, currency, wealth management, and investment management [1] - CICC's revenue composition is as follows: Wealth Management 32.58%, Equity Business 25.78%, Fixed Income 13.38%, Investment Banking 11.26%, Other 8.87%, Asset Management 4.21%, and Private Equity 3.91% [1] Shareholder Analysis - The top circulating shareholder of CICC is the Huabao CSI All-Share Securities Company ETF (512000), which increased its holdings by 562.95 thousand shares in Q3, now holding 1,960.47 thousand shares, representing 0.41% of circulating shares [2] - The ETF has incurred a floating loss of approximately 607.75 thousand CNY today, with a total floating loss of 5,254.06 thousand CNY over the past four days [2] Fund Manager Performance - The fund managers of Huabao CSI All-Share Securities Company ETF are Hu Jie and Feng Chen Cheng, with total fund assets of 1,002.04 billion CNY and 701.02 billion CNY respectively. Their best and worst fund returns during their tenure are 175.19% and -98.01% for Hu Jie, and 111.61% and -19.14% for Feng Chen Cheng [3] Fund Holdings - Two funds under Huabao hold a total of 1,967.49 thousand shares of CICC, with a daily floating loss of 609.92 thousand CNY and a total floating loss of 5,272.87 thousand CNY over the past four days [4] - The Huabao CSI All-Share Securities Company ETF (512000) holds 1,960.47 thousand shares, accounting for 2.02% of the fund's net value, while the Huabao Securities ETF Link (006098) holds 70.20 thousand shares, accounting for 0.06% of the fund's net value [4]

Market Overview - The market rebounded yesterday with all three major indices turning positive, driven by active performance in the photovoltaic sector, a strong coal sector, and continued strength in the Hainan Free Trade Zone [1] - Storage chip concept stocks also showed signs of recovery, while battery concept stocks underperformed [1] ETF Market Activity - On November 3, the non-monetary ETF market saw significant inflows, with the following notable changes: - The Cathay CSI All Share Securities Company ETF saw an increase of 883 million shares and a net inflow of 1.098 billion yuan [1] - The Huatai-PB CSI Hong Kong Stock Connect Innovative Drug ETF increased by 531 million shares with a net inflow of 944 million yuan [1] - The Huatai-PB CSI A500 ETF increased by 738 million shares with a net inflow of 914 million yuan [1] Fund Performance - The top 20 ETFs by net inflow as of November 3 include: - Cathay CSI All Share Securities Company ETF with a net inflow of 1.098 billion yuan and a total fund size of 62.234 billion yuan [4] - Huatai-PB CSI Hong Kong Stock Connect Innovative Drug ETF with a net inflow of 944 million yuan and a total fund size of 21.786 billion yuan [4] - Huatai-PB CSI A500 ETF with a net inflow of 914 million yuan and a total fund size of 26.104 billion yuan [4] Overall ETF Market Statistics - As of November 3, the total ETF market had 31,321.06 billion shares and a total size of 57,204.87 billion yuan [4] - The financial sector saw the largest increase in ETF shares, with 25 funds tracking it [4] - The largest increase in thematic funds was in the CSI Wine Index, with one fund tracking it [4] - The largest increase in index tracking was for securities companies, with 14 funds following this index [4] - The highest return was from the photovoltaic leading 30 index, which rose by 3.87%, with one fund tracking it [4]

Market Overview - As of October 30, the total ETF margin balance in the two markets is 118.284 billion yuan, a decrease of 3.25 billion yuan from the previous trading day [1] - The financing balance is 110.05 billion yuan, down by 3.193 billion yuan, while the securities lending balance is 8.234 billion yuan, reduced by 57.9547 million yuan [1] - In the Shanghai market, the ETF margin balance is 82.462 billion yuan, a decrease of 2.532 billion yuan, with a financing balance of 75.209 billion yuan, down by 2.477 billion yuan [1] - In the Shenzhen market, the ETF margin balance is 35.822 billion yuan, a decrease of 719 million yuan, with a financing balance of 34.841 billion yuan, down by 715 million yuan [1] ETF Margin Balance - The top three ETFs by margin balance on October 30 are: - Huaan Yifu Gold ETF (8.181 billion yuan) - E Fund Gold ETF (5.722 billion yuan) - Huaxia Hang Seng (QDII-ETF) (4.116 billion yuan) [2] - The detailed top 10 ETFs by margin balance are provided in the table [2] ETF Financing Amount - The top three ETFs by financing amount on October 30 are: - Huatai-PB Southbound Hang Seng Technology Index (QDII-ETF) (2.015 billion yuan) - E Fund China Securities Hong Kong Investment Theme ETF (2.008 billion yuan) - Haifutong China Securities Short-term Bond ETF (1.703 billion yuan) [3] - The detailed top 10 ETFs by financing amount are provided in the table [4] ETF Net Financing Amount - The top three ETFs by net financing amount on October 30 are: - Huaan Growth Enterprise Board 50 ETF (114 million yuan) - E Fund CSI 300 Medical and Health ETF (62.307 million yuan) - Huabao CSI All-Index Securities Company ETF (49.924 million yuan) [5] - The detailed top 10 ETFs by net financing amount are provided in the table [6] ETF Securities Lending Amount - The top three ETFs by securities lending amount on October 30 are: - Huaxia Shanghai 50 ETF (32.5105 million yuan) - Huatai-PB CSI 300 ETF (22.6088 million yuan) - Southern CSI 500 ETF (18.3234 million yuan) [7] - The detailed top 10 ETFs by securities lending amount are provided in the table [8]