今日（12月22日）科技成长方向大反攻，创业板指、科创50纷纷涨超2%，覆盖创业板+科创板高成长龙 头的硬科技宽基——双创龙头ETF（588330）场内价格一度涨近3%，现涨2.85%，盘中收复10日均 线。 细分方向来看，光模块三巨头方面，中际旭创涨超8%，新易盛涨逾6%再创新高，天孚通信涨超4%；半 导体设备方面，拓荆科技涨超9%，盛美上海涨逾6%。此外，光伏龙头晶盛机电涨超8%，印制电路板 （PCB）龙头胜宏科技涨逾3%。 图：双创龙头ETF标的指数涨幅前10大成份股 消息面上，上海交通大学科研人员近日在新一代光芯片领域取得突破，首次实现了支持大规模语义媒体 生成模型的全光计算芯片。相关成果12月19日发表于《科学》杂志。 资料显示，光芯片是光模块的核心上游组件，承担光电/电光转换的核心功能，其性能直接决定光模块 的速率、功耗与稳定性。中原证券表示，光芯片在不同速率光模块的成本占比通常在30%-70%，而越高 速、越高端的光模块，光芯片的成本占比就越高。 1、跨市场多元配置，百分百战略新兴：标的指数从科创板和创业板中选取市值较大的50只战略新兴产 业上市公司作为指数样本，汇集高成长龙头，囊括新能源、光伏 ...

今日（12月17日）科技成长方向表现活跃，百分百布局新质生产力的硬科技宽基——双创龙头ETF（588330）场内涨幅盘中上探1.68%，现涨1.23%，值得 关注的是，该ETF此前5日连续获资金净流入，合计金额8953万元，反映资金看好科技方向后市表现，积极运用宽基进行布局！ 【掘金新质生产力，投资中国版"纳斯达克"】 关注双创龙头ETF（588330）及其场外联接基金（A类：013317/C类：013318）的四大特征： 1、跨市场多元配置，百分百战略新兴：标的指数从科创板和创业板中选取市值较大的50只战略新兴产业上市公司作为指数样本，汇集高成长龙头，囊括新 能源、光伏、光模块、半导体、医疗设备等热门主题； 细分方向来看，半导体方面，卓胜微领涨超6%，晶合集成涨逾4%，华润微涨近4%；光模块三巨头方面，天孚通信涨超5%，新易盛涨逾4%，中际旭创涨超 2%。此外，国防军工龙头中航城飞涨近6%，光伏龙头大全能源涨逾1%。 图：双创龙头ETF标的指数涨幅前10大成份股 | 序号 名称 | | 涨跌幅 ▼ | 两日图 | 申万一级行业 | 申万二级行业 | 申万三级行业 | 总市值 | 成交额 | | --- | ...

今日（12月17日）科技成长方向表现活跃，百分百布局新质生产力的硬科技宽基——双创龙头ETF （588330）场内涨幅盘中上探1.68%，现涨1.23%，值得关注的是，该ETF此前5日连续获资金净流入， 合计金额8953万元，反映资金看好科技方向后市表现，积极运用宽基进行布局！ 细分方向来看，半导体方面，卓胜微领涨超6%，晶合集成涨逾4%，华润微涨近4%；光模块三巨头方 面，天孚通信涨超5%，新易盛涨逾4%，中际旭创涨超2%。此外，国防军工龙头中航城飞涨近6%，光 伏龙头大全能源涨逾1%。 消息面上，社保基金会表态，充分发挥长期资金、耐心资本作用，在守住安全底线的基础上，积极服务 国家发展需要，更好支持科技创新和产业创新深度融合。 外资巨头瑞银表示，中国科技股2025年涨幅达30%，在2024年20%涨幅的基础上继续上行，但与美国相 比仍有30%的折让，且远低于2021年峰值水平，上升空间可观。 中原证券认为，2026年要紧跟"十五五"规划建议的政策导向，把握全球货币宽松周期与产业升级浪潮深 度共振的机遇。看好以人工智能技术为代表的科技创新主线。华安证券表示，产业趋势不可违，科技依 旧是最强主线。 【掘金新质 ...

Core Insights - The financing net purchase of the Double Innovation Leader ETF (588330) on November 28 was 666,700 yuan, with a financing balance of 22,076,500 yuan [1] Financing Summary - On November 28, the financing net purchase was 666,700 yuan, and the financing balance increased to 22,076,500 yuan [2] - The financing balance on November 27 was 21,409,800 yuan, showing a decrease of 64,000 yuan from the previous day [2] - The financing balance on November 26 was 21,473,800 yuan, indicating a decrease of 815,300 yuan from the previous day [2] - The financing balance on November 25 was 22,289,100 yuan, reflecting an increase of 458,300 yuan from the previous day [2] - The financing balance on November 24 was 21,830,800 yuan, with an increase of 174,400 yuan from the previous day [2] Margin Trading Summary - On November 28, the margin trading balance was 22,925,200 yuan, which increased by 670,000 yuan, or 3.04%, from the previous day [4] - The margin trading balance on November 27 was 22,248,200 yuan, showing a decrease of 60,000 yuan [4] - The margin trading balance on November 26 was 22,308,200 yuan, indicating a decrease of 707,300 yuan [4] - The margin trading balance on November 25 was 23,015,500 yuan, reflecting an increase of 438,700 yuan [4] - The margin trading balance on November 24 was 22,576,800 yuan, with an increase of 235,300 yuan [4] Short Selling Summary - On November 28, there was a net short sale of 3,000 shares, with a remaining short position of 959,000 shares [3] - The net short sale on November 27 was 10,000 shares, with a remaining short position of 956,000 shares [3] - The net short sale on November 26 was 97,400 shares, with a remaining short position of 946,000 shares [3] - The net short sale on November 25 was -38,400 shares, indicating a buyback, with a remaining short position of 848,600 shares [3] - The net short sale on November 24 was 74,300 shares, with a remaining short position of 887,000 shares [3]

Core Viewpoint - The A-share market is expected to improve in profitability as PPI gradually rebounds by 2026, creating a favorable environment for market operations. The upcoming spring market may start early, with a trend back towards growth styles, particularly in technology [1]. Group 1: Policy and Strategic Focus - The new five-year plan emphasizes the importance of technological self-reliance and innovation, with "new quality productivity" being a key focus [1]. - The development of new quality productivity is identified as a primary task for the upcoming five-year planning period, especially in the context of increasing external uncertainties [1][2]. - Investment in technology is viewed as a bet on national strategic security, highlighting the urgency for self-reliance in technology [1]. Group 2: Market Performance and Trends - The "Double Innovation Leading ETF" (588330) has shown significant market activity, with a price increase of over 3% and a trading volume exceeding 50 million yuan, indicating strong investor interest [2]. - Key sectors such as optical modules, semiconductors, and photovoltaics are experiencing robust performance, with notable stock price increases among leading companies [4]. Group 3: Investment Opportunities - The "Double Innovation Leading ETF" is designed to capture high-growth technology stocks, focusing on sectors like new energy, photovoltaics, and semiconductors, which are expected to benefit from the strategic focus on technological advancement [6]. - The ETF has demonstrated a cumulative increase of 78.78% since its low point on April 8, significantly outperforming other major indices [7].

Core Insights - The technology growth sector is experiencing strong momentum, with the ChiNext Index rising over 2.5% and the Sci-Tech Innovation Index increasing by more than 1.7% [1] - The Double Innovation Leader ETF (588330) saw a peak intraday increase of 3.45%, currently up by 2.5%, with a trading volume exceeding 320 million yuan, indicating active trading [1] Sector Summaries Communication Equipment - Major players in the optical module sector, including Zhongji Xuchuang and Xinyi Sheng, saw stock increases of over 6%, while Tianfu Communication rose by more than 4% [1] - The report highlights the strong performance of communication equipment stocks, driven by advancements in technology [2] PCB (Printed Circuit Board) - HSBC's latest report indicates that the acceleration of AI server iterations is driving a dual cycle of technological and price increases for PCBs and copper-clad laminates [2] - Citigroup previously projected that the supply-demand tension for AI PCBs will persist into next year [2] Renewable Energy - In the photovoltaic sector, Yangguang Electric Power increased by over 5%, and Canadian Solar rose by more than 2% [1] - The renewable energy sector continues to attract investment interest, reflecting its growth potential [1] Investment Opportunities - The Double Innovation Leader ETF is characterized by cross-market diversification, focusing on strategic emerging industries, including new energy, photovoltaics, optical modules, semiconductors, and medical devices [3] - The ETF offers a low entry point for investors, allowing participation in the technology sector with a minimum investment of less than 100 yuan [3]

Group 1 - The technology growth sector is experiencing strong gains, with the ChiNext Index rising over 2.5% and the Sci-Tech Innovation Index increasing by more than 1.7% [1] - The Double Innovation Leader ETF (588330) saw a peak intraday increase of 3.45%, currently up 2.5%, with a trading volume exceeding 320 million yuan [1] - Key stocks in the optical module sector, such as Zhongji Xuchuang and Xinyi Sheng, rose over 6%, while Tianfu Communication increased by more than 4% [1] Group 2 - HSBC's latest report indicates that the acceleration of AI server iterations is driving a dual rise in technology and pricing for core components like PCBs and CCLs [1] - Citigroup previously projected that the supply-demand tension for AI PCBs will persist until next year [1] - The report emphasizes the importance of technology leadership in the A-share market, with a focus on sectors like new energy vehicles and the internet [2] Group 3 - The Double Innovation Leader ETF is characterized by cross-market diversification, focusing on 50 large-cap strategic emerging industry companies from the ChiNext and Sci-Tech Innovation boards [2] - The ETF is designed to capture technology market trends with a low investment threshold, allowing entry for less than 100 yuan [2] - The index has a 20% limit on daily price fluctuations, enhancing its ability to act as a rebound leader [2]

Core Viewpoint - The Shanghai Composite Index has reached the 4000-point mark for the first time in 10 years, indicating significant changes in the A-share market as it approaches the end of 2025 and the commencement of the next five-year plan in China [1] Group 1: Major Changes in the Market - Change One: Slow Bull Market - The Shanghai Composite Index rose from 2748 points on September 24, 2022, to surpass 4000 points on October 28, 2023, taking 400 days with an annualized volatility of 15.28%. In comparison, previous surges in 2007 and 2015 took only 89 and 127 days, respectively, with higher volatilities of 27.94% and 23.01% [1] - Change Two: Shift in A-share Pricing Power - By Q3 2024, the scale of passive equity funds, particularly stock ETFs, has surpassed that of actively managed equity funds for the first time, with the current ETF market reaching 5 trillion yuan, indicating a significant shift in pricing power within the A-share market [4] - Change Three: Leading Themes in the Current Market - The current bull market is primarily driven by sectors such as communication, electronics, and power equipment, reflecting a broader trend towards technological self-sufficiency and the global AI wave, alongside the narrative of revaluation of Chinese assets [5] Group 2: Fund Flows and Investment Trends - Significant Capital Inflows - Since September 24, 2022, the ETF market has seen a net inflow of 1.17 trillion yuan, with major inflows directed towards core A-share assets, technology innovation, and cyclical sectors [11][12] - Performance of Key ETFs - The Double Innovation Leader ETF tracking the Sci-Tech Innovation 50 Index has risen by 57.63% this year, while the Tianhong Growth ETF tracking the ChiNext Index has increased by 45.78% [8] - Year-End Capital Rotation - Following six months of continuous growth, A-shares have seen a rotation of capital, with significant inflows into ETFs tracking sectors like technology, securities, and consumer goods, particularly in the context of the upcoming "15th Five-Year Plan" [14][18]

Core Viewpoint - The technology sector, particularly in the context of the ChiNext board, is experiencing a significant rally, with the Double Innovation Leader ETF (588330) attracting substantial investment, indicating a growing interest in hard technology and new productivity sectors [1][5]. Group 1: Market Performance - The ChiNext index is leading the major indices, with the Double Innovation Leader ETF (588330) seeing a price increase of over 1.2% during intraday trading, currently up by 0.88% [1]. - The ETF has attracted a total of 45.26 million yuan in the last four days, reflecting a steady accumulation of capital in the technology sector [1]. - In the power equipment sector, notable stocks include: - Canadian Solar (阿特斯) hitting the daily limit with a 20% increase - Trina Solar (天合光能) rising over 11% - Other significant gains from companies like Sungrow Power Supply (阳光电源) and JinkoSolar (晶科能源) [3][4]. Group 2: Industry Insights - The photovoltaic industry is entering a critical bottom phase, with expectations that leading companies will drive supply chain concentration and enhance global competitiveness through technological advancements [5]. - The development of new productivity is identified as a key task for the upcoming five-year planning period, emphasizing the urgency for China to achieve technological self-reliance [5]. - Investment in technology is increasingly viewed as a strategic move for national security, with companies possessing genuine technological barriers likely to become focal points for investment in the A-share market [5]. Group 3: Investment Strategy - Investing in a broad-based index like the Double Innovation Leader ETF allows for risk diversification across various technology sectors, mitigating the volatility associated with individual stocks [6]. - The ETF provides exposure to multiple technology sub-sectors, helping investors capture overall trends and avoid missing out on market movements [6]. - The current technology growth trend is driven by policy shifts and expectations of economic improvement, suggesting that investing in broad-based indices could yield significant returns [6][7]. Group 4: ETF Characteristics - The Double Innovation Leader ETF (588330) features a diversified portfolio of 50 large-cap strategic emerging companies from the STAR Market and ChiNext, covering sectors like renewable energy, photovoltaic, semiconductors, and medical devices [7]. - The ETF is designed for high elasticity, allowing investors to quickly capitalize on market rebounds, with a relatively low investment threshold [7].

Core Viewpoint - The recent market correction of the Double Innovation Leading ETF (588330) is seen as a technical adjustment within a medium-term upward trend, indicating potential buying opportunities if support levels hold [1][3]. Group 1: Market Performance - The Double Innovation Leading ETF (588330) experienced a price drop of over 3.8%, currently down 3.53%, with a trading volume exceeding 69 million yuan, indicating strong buying interest despite the pullback [1]. - The ETF's price reached a high of 0.989, close to its listing peak of 0.991, marking the highest level since July 2021 [1]. - The index has risen 95.19% since its low on April 8, significantly outperforming other major indices such as the ChiNext Index (80.56%) and the STAR Market Composite Index (60.15%) [5][6]. Group 2: Sector Performance - There is a divergence in the performance of constituent stocks, with computing hardware stocks declining, including a drop of over 9% for chip leader Lanke Technology and over 8% for PCB leader Shenghong Technology [1]. - Conversely, sectors such as pharmaceuticals, software development, and photovoltaics are seeing gains, with notable increases including over 10% for pharmaceutical leader Baili Tianheng and over 5% for software leader Kingsoft Office [1]. Group 3: Strategic Initiatives - On October 29, a special fund for strategic emerging industries was launched in Beijing with an initial scale of 51 billion yuan, focusing on areas like artificial intelligence, aerospace, and quantum technology [3]. - The development of new productive forces is highlighted as a key task in the upcoming five-year plan, emphasizing the importance of technology self-reliance and strategic security [3].