01 1月5日，A股成长风格走强，医药与半导体板块表现亮眼，多只相关主题ETF单日涨超5%。此外，黄 金、有色、军工、港股消费等板块亦有不错表现。多只银行、石油、红利等主题ETF表现疲软。 02 2025年12月，A500、科创债成为资金涌入的重要方向，多只相关主题ETF当月净流入额超100亿元。纵 观整个2025年，富国中证港股通互联网ETF、华安黄金ETF、嘉实中证AAA科技创新公司债ETF、海富 通中证短融ETF年度净流入额超400亿元。Wind数据显示，2025年，全市场所有ETF净流入额合计达 11785.99亿元。 今日，医药板块行情火热。多只港股创新药ETF、医疗器械ETF等涨超6%，其中港股通医疗ETF富国 （159506）单日涨幅达7.13%。 | 港股医药板块表现强势 | | --- | | 代码 | 名称 | 现价(元) | 涨跌幅 (%) | | --- | --- | --- | --- | | 159506.SZ | 港股通医疗ETF富国 | 1.40 | 7.13 | | 159570.SZ | 港股通创新药ETF | 1.64 | 6.97 | | 562600.SH | 医疗 ...

01 1月5日，A股成长风格走强，医药与半导体板块表现亮眼，多只相关主题ETF单日涨超5%。此外，黄 金、有色、军工、港股消费等板块亦有不错表现。多只银行、石油、红利等主题ETF表现疲软。 02 2025年12月，A500、科创债成为资金涌入的重要方向，多只相关主题ETF当月净流入额超100亿元。纵 观整个2025年，富国中证港股通互联网ETF、华安黄金ETF、嘉实中证AAA科技创新公司债ETF、海富 通中证短融ETF年度净流入额超400亿元。数据显示，2025年，全市场所有ETF净流入额合计达11785.99 亿元。 03 多只跨境ETF今日出现较高溢价，其中纳指科技ETF（159509）溢价率超20%。今日盘后，多只跨境 ETF发布溢价风险提示公告，提示投资者关注二级市场交易价格溢价风险。 港股医药板块表现强势 展望未来，金信基金指出，结合国内半导体行业竞争格局演进，半导体板块投资机会将集中在三大核心 方向：一是国产光刻机及核心供应链；二是前端低国产化率核心赛道，如半导体设备、核心材料、高端 芯片设计等；三是中低渗透率成长环节，如刻蚀、薄膜沉积、键合设备等。 A500、科创债板块"吸金"显著 今日，医药板 ...

本文仅供参考，不构成买卖依据，入市风险自担。 与此同时，华夏上证50ETF份额减少5.87亿份，净流出额18.24亿元；华泰柏瑞沪深300ETF份额减少1.99亿份，净流出额9.47亿元；易方达沪深300ETF份额 减少1.49亿份，净流出额6.78亿元。 截至12月31日，当月资金净流入额居前20的ETF名单如下： | | | | | 贸易 | | --- | --- | --- | --- | --- | | 证券代码 | 证券简称 | 本月净流入额(亿元) | 总规模(亿元) | 基金管理人简称 | | 159352.OF | 南方中证A500ETF | 257.28 | 480.89 | 南方基金 | | 159600.OF | 嘉实中证AAA科技创新公司债ETF | 226.86 | 436.5 | 营注音等 | | 563360.OF | 华泰柏瑞中证A500ETF | 221.71 | 495.08 | 华泰柏瑞基金 | | 512050.OF | 华夏中证A500ETF | 206.27 | 420.79 | 华夏基金 | | 159112.OF | 银华中证AAA科技创新公司债ETF | 1 ...

Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Report's Core View - The cycle sector of ETFs has rebounded, with the CSI Satellite Industry ETF leading in gains. The AI - themed new ETF issuance is hot, and the inflow of funds into the Huatai - Berry A500ETF is leading [1][23]. 3. Summary by Directory 3.1 Index Product Establishment, Raising, and Declaration - **Product Establishment and Listing**: In the recent week, 5 ETF products such as the Huatai - Berry CSI Science and Technology Innovation and Entrepreneurship Artificial Intelligence ETF were listed, and 13 products including the Huatai - Berry CSI Science and Technology Innovation and Entrepreneurship Artificial Intelligence ETF were established. The new issuance of AI - themed ETFs is hot, with products from Penghua, Morgan, and ICBC established [4]. - **Product Issuance Information**: In the coming week, 25 index products will end their fundraising, including the Southern Shanghai Science and Technology Innovation Board 50 Component ETF Linked A. And 8 index products will start fundraising, such as the ICBC Gemdale New Energy ETF on the Growth Enterprise Market and the Huaxia CSI All - Industry Food ETF [6]. - **Product Declaration Information**: In the recent week, 21 index products were declared. Among them, there are 9 theme funds such as the Taikang CSI Non - ferrous Metal Mining Theme ETF, and 5 cross - border - Hong Kong Stock Connect products like the Boshi Hang Seng Hong Kong Stock Connect High - Dividend Low - Volatility ETF [8]. 3.2 ETF Market Review - **Overall Market Performance**: In the recent week (2025/12/15 - 2025/12/19), most of the major broad - based A - share ETFs declined. The Science and Technology Innovation 50ETF and the Growth Enterprise Market 50ETF saw obvious pull - backs, with declines of - 2.92% and - 2.67% respectively. The major broad - based ETFs in Hong Kong and the US also pulled back synchronously. The Commodity ETFs showed different trends, with the Energy and Chemical ETF and the Gold ETF rising by 2.71% and 1.16% respectively [2]. - **Sector - Specific Performance**: Among the major industry ETFs, the cycle sector had the highest increase, with the Chemical ETF rising by 3.54%. Many sectors in the technology category faced pull - backs, such as the Chip ETF and the Electronic ETF, which declined by 3.03% and 3.02% respectively [15]. - **Cross - Border ETF Performance**: Among cross - border ETFs, the French CAC40 had the highest increase of 1.03%. The Huatai - Berry CSI KRX Korea - China Semiconductor ETF continued its previous volatile trend and declined by 4.80%. The Hong Kong - related ETFs all pulled back, with the Huatai - Berry Southern Dongying Hang Seng Technology ETF falling the most, by 2.84% [17]. 3.3 ETF Fund Flow - **Overall Scale and Change**: As of December 19, 2025, there were 1385 ETFs in the whole market, with a total scale of 5829.125 billion yuan, an increase of 52.135 billion yuan compared with the previous week. Among non - money ETFs, the ETFs targeting the CSI A500 had the largest net inflow of funds, reaching 32.702 billion yuan, while the ETFs targeting the CSI Short - Term Commercial Paper had the largest net outflow of 2.796 billion yuan [2][23]. - **Individual Product Performance**: In the recent week, the Huatai - Berry CSI A500ETF and the Harvest CSI AAA Science and Technology Innovation Corporate Bond ETF had relatively high fund inflows, with 8.688 billion yuan and 5.346 billion yuan respectively. The Haitong CSI Short - Term Commercial Paper ETF led in liquidity, with an average daily trading volume of 23.702 billion yuan in the recent week [28].

2025 年 12 月 23 日 周 期 板 块 迎 来 回 升 ， 华 泰 柏 瑞 A500ETF 净流入领先 ——指数化投资周报 20251222 ⚫ 产品成立募集情况： 产品成立方面，最近一周，汇添富恒指港股通 ETF、华泰柏瑞中证科创创业人工智能 ETF 等 5 只 ETF 产品上市；汇添富上证科创板 200 指数 A、人保中证 500 指数增强 A、东方 红中证全指指数增强 A 等 13 只产品成立。 募集方面，未来一周 25 只指数产品结束募集，8 只指数产品将开始募集。结束募集的指 数产品包括南方上证科创板 50 成份 ETF 联接 A 和国投瑞银创业板综合指数增强 A 等 25 只产品，开始募集的指数产品包括工银创业板新能源 ETF、华夏中证全指食品 ETF 等 8 只产品。 申报方面，最近一周共计 21 只指数产品进行申报，主题基金包括泰康中证有色金属矿业 主题 ETF、永赢中证畜牧养殖产业 ETF、鹏华中证电池主题 ETF 等 9 只产品；跨境-港股 通产品包括博时恒生港股通高股息低波动 ETF、广发标普港股通低波红利 ETF、工银瑞信 中证港股通医疗主题 ETF 等 5 只产品。 证 证 ...

Core Viewpoint - The total margin balance of ETFs in the two markets has increased to 125.413 billion yuan, reflecting a rise of 10.05 billion yuan from the previous trading day, indicating a growing interest in ETF investments [1] Group 1: ETF Margin Balance Overview - As of December 17, the total ETF margin balance reached 125.413 billion yuan, up 10.05 billion yuan or 0.81% from the previous day [1] - The financing balance for ETFs is 117.981 billion yuan, which is an increase of 8.63 billion yuan or 0.74% from the previous day [1] - The Shenzhen market's ETF margin balance is 36.306 billion yuan, increasing by 1.15 billion yuan, while the Shanghai market's ETF margin balance is 89.107 billion yuan, rising by 8.90 billion yuan [1] Group 2: Notable ETFs by Financing Balance - The ETF with the highest financing balance is Huaan Gold ETF at 7.291 billion yuan, followed by the Fuguo Zhongzhai 7-10 Year Policy Financial Bond ETF at 6.019 billion yuan and the E Fund Gold ETF at 5.546 billion yuan [2] - The top three ETFs with the highest percentage increase in financing balance are Tianhong Zhongzheng 500 ETF (394.14%), Guangfa Zhongzheng 500 ETF (371.65%), and Guangfa Zhongzheng 1000 ETF (270.68%) [2] Group 3: Financing Net Inflows and Outflows - The ETFs with the highest net inflows are Hai Futong Zhongzheng Short Bond ETF (0.493 billion yuan), E Fund Zhongzheng Hong Kong Securities Investment Theme ETF (0.201 billion yuan), and Bosera Convertible Bond ETF (0.128 billion yuan) [4] - The ETFs with the highest net outflows include Huaan Gold ETF (-0.151 billion yuan), Huaxia Hang Seng ETF (-0.069 billion yuan), and Huaxia Hang Seng Technology ETF (-0.068 billion yuan) [4] Group 4: Margin Trading and Short Selling - The latest short selling balance is highest for the Southern Zhongzheng 1000 ETF at 2.395 billion yuan, followed by Southern Zhongzheng 500 ETF at 2.164 billion yuan and Huaxia Zhongzheng 1000 ETF at 0.505 billion yuan [5] - The ETFs with the largest increase in short selling balance include Southern Zhongzheng 500 ETF (40.895 million yuan), Huatai Bairui Huasheng 300 ETF (27.044 million yuan), and Huaxia Shangzheng 50 ETF (23.359 million yuan) [5][7]

Group 1 - The Central Economic Work Conference held on December 10-11 emphasized the need for a stable yet progressive economic policy, focusing on quality and efficiency improvements, and enhancing macroeconomic governance effectiveness [1] - The conference highlighted the continuation of a more proactive fiscal policy to support economic growth [1] Group 2 - On December 11, various thematic ETFs, including satellite and consumer ETFs, showed significant gains, with the E Fund Satellite ETF (563530) leading the market with a 1.48% increase [1] - The satellite industry sector and related ETFs have been among the top performers in the A-share market for the second time this week [1] Group 3 - Since December, the bond, technology innovation, and A500 sectors have been the main directions for capital inflow into the ETF market, with several ETFs, including the Jiashi China AAA Technology Innovation Company Bond ETF and Huatai-PB China A500 ETF, seeing net inflows exceeding 2 billion yuan this month [1] - Despite some Hang Seng Technology ETFs showing negative returns in early December, the net inflow for related products during the same period remained significant [1]

01 12月11日，卫星、标普消费、纳指生物、港股等多个主题ETF涨幅明显，其中，卫星ETF易方达（563530） 以1.48%的涨幅领涨市场。此外，全市场53只债券型ETF中，有50只飘红，两只30年期国债ETF单日涨幅均 超0.65%。 02 12月11日，连续多个交易日上涨的创业板人工智能主题ETF出现回调。此外，房地产、通信等主题的ETF亦 表现疲软。 03 进入12月以来，债券、科创、A500是资金流入ETF市场的三大重要方向。截至12月10日，嘉实中证AAA科 技创新公司债ETF、华泰柏瑞中证A500ETF、华夏中证A500ETF、华夏上证科创板50ETF等多只ETF，本月 以来净流入额超20亿元。值得注意的是，多只恒生科技ETF本月上旬的回报率告负，但区间净流入额依旧显 著。 卫星主题ETF领涨 12月11日，卫星板块表现亮眼，多只相关主题ETF涨幅超1%。 | 代码 | 名称 | 现价(元) | 今日涨幅 (%) | | --- | --- | --- | --- | | 515880.SH | 通信ETF | 2.94 | -3.92 | | 159583.SZ | 通信设备ETF | 1. ...

1. Report Industry Investment Rating No information provided in the given content. 2. Core View of the Report - In the recent week, the A - share market showed signs of recovery, with most major broad - based ETFs rising, and the commodity ETFs led by the non - ferrous metals sector also performed well. The issuance and application of index products were active, with a focus on the "Sci - tech innovation, entrepreneurship, and artificial intelligence" theme [1][2][10]. 3. Summary by Directory 3.1 Index Product Establishment, Raising, and Application - **Product Establishment and Listing**: In the recent week, 2 ETF products, including Penghua Hang Seng Technology ETF and E Fund CSI A500 Dividend Low - Volatility ETF, were listed, and 17 products such as China Merchants Shanghai Science and Technology Innovation Board Comprehensive Price Index Enhancement A were established [1][4]. - **Product Issuance Information**: In the coming week, 13 index products will end their fundraising, including GF Shanghai Science and Technology Innovation Board Chip Design Theme ETF, and 14 index products will start fundraising, such as Penghua CSI General Aviation Theme ETF [1][6]. - **Product Application Information**: In the recent week, a total of 29 index products were applied for, with the application of fund products picking up. The issuance market focused on the "Sci - tech innovation, entrepreneurship, and artificial intelligence" theme, including 2 artificial - intelligence - themed funds [8]. 3.2 ETF Market Review - **Broad - based ETFs**: Most major A - share broad - based ETFs rose in the recent week, with ChiNext 50ETF and MSCI China A50ETF leading the gains at 2.57% and 1.83% respectively. The gains of major broad - based ETFs in Hong Kong and the US were relatively low. Among commodity ETFs, non - ferrous ETFs rose 4.30%, and gold ETFs rose 0.87% [2][10]. - **Industry ETFs**: The performance of major industry ETFs varied. The cyclical sector generally rose, with the non - ferrous metals ETF having the highest increase of 5.11%. The technology sector showed significant differences, with the communication ETF rising 4.38% and the media ETF falling 3.23% [12]. - **Cross - border ETFs**: Most major cross - border broad - based ETFs rose in the recent week, with the China - South Korea Semiconductor ETF having the highest increase of 2.60% [14]. 3.3 ETF Fund Flows - **Total Market Scale**: As of December 5, 2025, there were 1,373 ETFs in the whole market, with a total scale of 5,755.251 billion yuan, an increase of 65.288 billion yuan from the previous week. The A - share and cross - border ETFs ranked first and second in scale, with the A - share ETF scale increasing by 41.821 billion yuan in the recent week [2][21]. - **Fund Inflows**: In the recent week, the ChinaAMC CSI AAA Science and Technology Innovation Corporate Bond ETF and Huatai - Peregrine CSI A500ETF had high fund inflows, with 3.115 billion yuan and 2.220 billion yuan respectively [2][24]. - **Liquidity**: The Haitong CSI Short - Term Financing ETF led in liquidity in the recent week, with an average daily trading volume of 20.704 billion yuan. The Huaxia Shanghai Benchmark Market - Making Treasury Bond ETF also had high liquidity, with an average daily trading volume of 9.361 billion yuan [24].

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - A-share major broad-based ETFs mostly rose in the recent week, with ChiNext 50 ETF and MSCI China A50 ETF leading the gains, up 2.57% and 1.83% respectively; the recent-week gains of major broad-based ETFs in Hong Kong and US stocks were relatively low. Commodity ETFs saw the non-ferrous ETF up 4.30% and the gold ETF up 0.87%. Each major industry ETF showed mixed performance. The cyclical category mostly rose, with the non-ferrous metal ETF having the highest increase of 5.11%. In the technology category, the communication ETF rose 4.38%, while the media ETF had a relatively high decline of -3.23% [2][11]. - As of December 5, 2025, there were 1,373 ETFs in the entire market, with a latest total scale of 575.5251 billion yuan, an increase of 6.5288 billion yuan from the previous week. In the recent week, the inflows of ChinaAMC CSI AAA Sci-tech Innovation Corporate Bond ETF and Huatai-PineBridge CSI A500 ETF were relatively high, with inflows of 3.115 billion yuan and 2.22 billion yuan respectively [2]. 3. Summary According to the Directory 3.1 Index Product Establishment, Raising, and Declaration - **Product Establishment and Listing**: In the recent week, 2 ETF products, including Penghua Hang Seng Tech ETF and E Fund CSI A500 Dividend Low Volatility ETF, were listed; 17 products, such as China Merchants Shanghai Stock Exchange Science and Technology Innovation Board Comprehensive Price Index Enhanced A, Dacheng CSI 800 Index Enhanced A, and Taixin CSI All - Free Cash Flow Index A, were established [1][5]. - **Product Issuance Information**: In the coming week, 13 index products will end their fundraising, including GF Shanghai Stock Exchange Science and Technology Innovation Board Chip Design Theme ETF and Dongxing China Bond 1 - 3 Year Policy Financial Bond Index A; 14 index products will start their fundraising, including Penghua CSI General Aviation Theme ETF and E Fund CSI Hong Kong Stock Connect High Dividend Investment ETF [1][7]. - **Product Declaration Information**: A total of 29 index products were declared in the recent week, and the declaration of fund products has recovered. The issuance market focuses on the "Sci - tech Innovation and Entrepreneurship Artificial Intelligence" theme, including 2 artificial intelligence theme funds, Tianhong CSI Artificial Intelligence Theme ETF and Orient Securities Asset Management CSI Shanghai - Hong Kong - Shenzhen Artificial Intelligence 50 Index Fund [1][9]. 3.2 ETF Market Review - A - share major broad - based ETFs mostly rose, with ChiNext 50 ETF and MSCI China A50 ETF leading the gains, up 2.57% and 1.83% respectively; the recent - week gains of major broad - based ETFs in Hong Kong and US stocks were relatively low. Commodity ETFs saw the non - ferrous ETF up 4.30% and the gold ETF up 0.87%. Each major industry ETF showed mixed performance. The cyclical category mostly rose, with the non - ferrous metal ETF having the highest increase of 5.11%. In the technology category, the communication ETF rose 4.38%, while the media ETF had a relatively high decline of - 3.23%. Among cross - border ETFs, most major broad - based indexes in cross - border markets rose in the recent week, with the China - South Korea Semiconductor having the highest increase of 2.60%. In the global market, Huaxia Hang Seng Tech ETF rose 1.20%, and E Fund Hang Seng H - share ETF rose 1.02%. Among non - monetary ETFs, Wanjia CSI Industrial Non - ferrous Metal Theme ETF led the gains with a yield of 7.91%, while Penghua Shanghai Stock Exchange Science and Technology Innovation Board New Energy ETF lagged behind with a yield of - 3.79% [2][11][15]. 3.3 ETF Fund Flow - As of December 5, 2025, there were 1,373 ETFs in the entire market, with a latest total scale of 575.5251 billion yuan, an increase of 6.5288 billion yuan from the previous week. Among them, A - share ETFs and cross - border ETFs ranked first and second in scale, at 364.7542 billion yuan and 95.2548 billion yuan respectively. The scale of A - share ETFs increased by 41.821 billion yuan in the recent week. In the recent week, the inflows of ChinaAMC CSI AAA Sci - tech Innovation Corporate Bond ETF and Huatai - PineBridge CSI A500 ETF were relatively high, with inflows of 3.115 billion yuan and 2.22 billion yuan respectively. Haifutong CSI Short - term Financing ETF led in liquidity in the recent week, with an average daily trading volume of 20.704 billion yuan. Huaxia Shanghai Stock Exchange Benchmark Market - Making Treasury Bond ETF had relatively high liquidity, with an average daily trading volume of 9.361 billion yuan [2][22][25].