专题：2025基金年终大盘点：冠军基年内狂飙233%，主动权益重获主导，全行业规模逼近36万亿新高 随着2025年收官，QDII（合格境内机构投资者）基金的年度业绩榜单正式揭晓。在全球经济格局变化与资产轮动加速的背景下，QDII基金作为投资者进行 全球化资产配置、分散风险的重要工具，其业绩表现呈现出显著的结构性分化。 一方面，汇添富香港优势精选以超112%的回报位居榜首，创金合信全球医药生物、易方达全球医药行业等基金涨超88%，受益于创新药、生物科技板块的 全球性上涨。另一方面，受原油价格波动、全球房地产周期下行以及部分区域市场调整影响，部分QDII基金在2025年表现较为疲软。 2025年度QDII红榜：汇添富香港优势精选涨超112% 创金合信全球医药生物、易方达全球成长精选涨超88% 2025年，受益于全球医药创新加速、半导体周期回升以及港股市场结构性行情，相关主题QDII基金表现突出。汇添富香港优势精选以超112%的回报位居榜 首，创金合信全球医药生物、易方达全球医药行业等基金涨超88%，受益于创新药、生物科技板块的全球性上涨。在全球避险情绪与货币政策预期调整背景 下，易方达黄金主题QDII亦取得接近7 ...

数据同时显示，开年2个交易日，多只机器人和软件龙头等主题基金净值同样表现较好，例如华夏软件 龙头A和天弘中证机器人ETF联接A等产品。 嘉实创新成长混合基金经理杨欢对此认为，在安全与发展并重的背景下，航天精确制导和商业航天等方 向具备明确的投资潜力，同时也要重点关注机器人等前沿制造领域带来的机遇。"人形机器人和柔韧机 器人等，与低空经济在技术、场景、产业链上存在诸多交集，在智能感知、运动控制等底层技术上共享 相通。" 对于2026年全年投资，受访分析人士认为，投资者可重点关注科技和医疗主题基金，尤其是半导体和创 新药领域，这些基金在短期和长期回报上均表现优异；同时，QDII（合格境内机构投资者）基金和新 成立基金也将展现出强劲潜力。整体来看，市场环境利好创新产业，投资者可据此优化配置，把握增长 机会。 华夏北交所精选基金经理顾鑫峰表示，当前资本市场在流动性、产业周期和信心等三大因素共同构筑 下，处在稳健向好趋势中，A股核心资产估值显著低于海外市场，泛科技制造领域众多龙头水位合理偏 低，远未到估值偏高水平。展望2026年，科技链仍是绝对投资主线，景气度偏高的产业有望继续成为推 动市场的关键动力，例如人工智能和半 ...

Wind统计显示，截至1月5日，沪深两市ETF两融余额为1171.08亿元，较上一交易日增加2.58亿元。其 中，ETF融资余额为1095.84亿元，较上一交易日增加0.1亿元；ETF融券余额为75.24亿元，较上一交易 日增加2.48亿元。 具体来看，1月5日，有246只ETF获融资净买入，其中，华泰柏瑞沪深300ETF获融资净买入额居首，净 买入3.19亿元；融资净买入金额居前的还有易方达中证香港证券投资主题ETF、南方中证500ETF、国泰 中证半导体材料设备主题ETF、华泰柏瑞中证韩交所中韩半导体ETF、富国中债7-10年政策性金融债 ETF、永赢国证商用卫星通信产业ETF等。 （文章来源：证券时报网） ...

Wind统计显示，截至2025年12月31日，沪深两市ETF两融余额为1168.5亿元，较上一交易日减少23.02亿 元。其中，ETF融资余额为1095.74亿元，较上一交易日减少22.76亿元；ETF融券余额为72.76亿元，较 上一交易日减少0.26亿元。 （文章来源：证券时报网） 具体来看，2025年12月31日，有241只ETF获融资净买入，其中，华泰柏瑞中证韩交所中韩半导体ETF 获融资净买入额居首，净买入6892.61万元；融资净买入金额居前的还有易方达中证香港证券投资主题 ETF、易方达黄金ETF、富国中证港股通互联网ETF、永赢国证商用卫星通信产业ETF、易方达上证科 创板50ETF等。 ...

ETF 日报 2025.12.09 市场概况： ◼ 今日 A 股上证综指下跌 0.37%，收于 3909.52 点，深证成指下跌 0.39%，收于 13277.36 点，创业板指上涨 0.61%，收于 3209.60 点， 两市 A 股成交金额为 19179 亿元。涨幅靠前的行业有：综合 （3.45%）、通信（2.23%）、电子（0.78%），跌幅靠前的行业有：有 色金属（-3.03%）、钢铁（-2.47%）、房地产（-2.10%）。 股票 ETF： ◼ 今日成交金额靠前的股票 ETF 为：华泰柏瑞中证 A500ETF 下跌 0.56%，贴水率为-0.56%；华夏中证 A500ETF 下跌 0.26%，贴水率 为-0.34%；南方中证 A500ETF 下跌 0.57%，贴水率为-0.43%。 债券 ETF： ◼ 今日成交金额靠前的债券 ETF 为：海富通中证短融 ETF 上涨 0.01%， 贴水率为-0.00%；南方上证基准做市公司债 ETF 上涨 0.06%，贴水 率为-0.28%；广发上证 AAA 科技创新公司债 ETF 上涨 0.01%，贴水 率为-0.27%。 2025 年 12 月 10 日 ETF ...

Group 1 - The core point of the article highlights the low subscription ratios of the first two Brazilian ETFs, which are below 12%, marking the lowest since 2021 and reflecting the current trend in cross-border ETF development [1][2][3] - The two Brazilian ETFs, managed by E Fund and Huaxia Fund, have subscription ratios of approximately 11.82% and 11.54% respectively, with total subscription funds exceeding 5 billion yuan [2][3] - The low subscription ratios are attributed to a combination of a relatively low fundraising cap of 300 million yuan and high investor enthusiasm, indicating a strong market interest in these new products [3] Group 2 - The global trend of cross-border ETFs is becoming increasingly evident, with the total number of cross-border ETFs reaching 185 and a combined scale of approximately 897.97 billion yuan as of November 5 [4] - The market has seen a significant increase in cross-border ETFs focusing on emerging markets, particularly in regions like the Middle East and South America, with new products being launched to cater to diverse investor needs [5][6] - The dual-directional flow of funds through cross-border ETFs is emphasized, showcasing the mutual benefits for both domestic and international investors, as seen in the recent ETF interconnectivity initiatives between China and Brazil [7][8]

Report Overview - Report date: October 27, 2025 [5] - Analyst: Ma Yaoshi [5] - Qualification certificate: S1330524050001 [5] - Contact email: mayst@hxzb.cn [5] - Contact phone: 15201282186 [5] Market Overview - A-share market: The Shanghai Composite Index rose 0.71% to 3,950.31 points, the Shenzhen Component Index rose 2.02% to 13,289.18 points, and the ChiNext Index rose 3.57% to 3,171.57 points. The total trading volume of A-shares in the two markets was 1.9918 trillion yuan [2][6] - Leading gainers: Communications (4.73%), electronics (4.72%), and national defense and military industry (2.34%) [2][6] - Leading losers: Petroleum and petrochemicals (-1.36%), coal (-1.29%), and food and beverages (-1.18%) [2][6] Stock ETF - Top trading volume: The top three were the Harvest Shanghai - Science and Technology Innovation Board Chip ETF (up 5.40% with a discount rate of 5.47%), the ChinaAMC Shanghai - Science and Technology Innovation Board 50 ETF (up 4.21% with a discount rate of 4.31%), and the ChinaAMC CSI A500 ETF (up 1.38% with a discount rate of 1.49%) [3][7] Bond ETF - Top trading volume: The top three were the Haitong Fortune CSI Short - Term Financing Bond ETF (up 0.01% with a discount rate of 0.01%), the Bosera CSI Convertible and Exchangeable Bond ETF (up 0.43% with a discount rate of 0.54%), and the ChinaAMC Shanghai Benchmark Market - Making Treasury Bond ETF (down 0.02% with a discount rate of - 0.02%) [4][9] Gold ETF - Gold prices: AU9999 fell 0.60%, and Shanghai Gold fell 0.49% [12] - Top trading volume: The top three were the Huaan Gold ETF (down 0.49% with a discount rate of - 0.60%), the E Fund Gold ETF (down 0.50% with a discount rate of - 0.58%), and the Bosera Gold ETF (down 0.51% with a discount rate of - 0.63%) [12][13] Commodity Futures ETF - Performance: The Dacheng Non - Ferrous Metals Futures ETF rose 1.22% with a discount rate of 1.67%, the CCB Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF fell 0.40% with a discount rate of - 0.03%, and the ChinaAMC Feed Soybean Meal Futures ETF fell 0.26% with a discount rate of 4.36% [13][14] Cross - Border ETF - Overseas indices: The Dow Jones Industrial Average rose 0.31%, the Nasdaq Composite rose 0.89%, the S&P 500 rose 0.58%, and the German DAX rose 0.23% the previous day. The Hang Seng Index rose 0.74%, and the Hang Seng China Enterprises Index rose 0.68% today [15] - Top trading volume: The top three were the E Fund CSI Hong Kong Securities Investment Theme ETF (up 1.28% with a discount rate of 1.65%), the Huatai - Peregrine CSI Korea Exchange Sino - Korean Semiconductor ETF (up 4.36% with a discount rate of 4.36%), and the Huatai - Peregrine Hang Seng Technology ETF (up 1.01% with a discount rate of 2.05%) [15][16] Money ETF - Top trading volume: The top three were the Yin Hua Day - to - Day Profit ETF, the Hua Bao Add - Benefit ETF, and the CCB Add - Benefit Money ETF [17][19]

Core Viewpoint - As of October 23, the total margin balance for ETFs in the Shanghai and Shenzhen markets reached 119.55 billion yuan, reflecting an increase of 1.365 billion yuan from the previous trading day [1] Group 1: ETF Financing and Margin Data - The ETF financing balance stood at 111.65 billion yuan, up by 1.181 billion yuan compared to the previous trading day [1] - The ETF margin short balance was 7.905 billion yuan, which increased by 184 million yuan from the previous trading day [1] Group 2: Top Performing ETFs - On October 23, 281 ETFs experienced net financing inflows, with the Pengyang 30-Year Government Bond ETF leading with a net inflow of 165 million yuan [1] - Other notable ETFs with significant net financing inflows included the Huaxia Hang Seng Technology ETF, GF CSI Hong Kong Innovative Medicine ETF, Huaan Gold ETF, and several others [1]

Core Insights - As of October 15, the total margin balance for ETFs in the Shanghai and Shenzhen markets reached 120.231 billion yuan, an increase of 3.644 billion yuan from the previous trading day [1] - The financing balance for ETFs was 112.471 billion yuan, up by 3.686 billion yuan, while the securities lending balance decreased to 7.76 billion yuan, down by 0.042 billion yuan [1] ETF Financing Activity - On October 15, 231 ETFs experienced net financing inflows, with the top net inflow recorded by the Fortune China Government Bond ETF (7-10 years) at 1.555 billion yuan [1] - Other ETFs with significant net financing inflows included the Bosera China Government Bond ETF (0-3 years), Hai Fu Tong CSI Short Bond ETF, Huaan Gold ETF, Guotai CSI 5-Year Government Bond ETF, Huatai-PB Korea Semiconductor ETF, and Southern CSI 500 ETF [1]