01 1月8日，A股三大指数震荡回调。自2025年12月以来表现活跃的卫星、航天板块，再次强势拉涨，卫 星、航空航天主题ETF"霸榜"涨幅榜前十。 02 Wind数据显示，南方中证A500ETF（159352）、华泰柏瑞中证A500ETF（563360）等6只大型中证 A500ETF，近一个月（2025年12月8日至2026年1月7日）合计吸金规模已达876.98亿元。 03 近期，海外股市整体高位震荡，国内部分QDII产品溢价率居高不下。1月8日，华夏基金、南方基金、 华泰柏瑞基金、易方达基金等多家机构旗下QDII产品发布溢价风险提示公告。 卫星ETF领涨 今日，军工板块ETF显著拉升，多只相关主题ETF涨幅超4%。此外，央企科技、工业软件、影视传媒等 主题ETF涨幅居前，多只科创主题ETF表现也较为活跃。 卫星产业链开年以来持续走强，北斗导航、空间站、商业航天等细分方向持续大幅攀升。 今日，卫星、航空航天板块再度领涨，卫星、航空航天主题ETF"霸榜"涨幅榜前十。 | 代码 | 名称 | 现价(元) | 涨幅 (%) | | --- | --- | --- | --- | | 159206.SZ | 卫星E ...

专题：2025基金行业年终大盘点：公募规模近36万亿元，主动权益重夺主场，"冠军基"揭榜倒计时 临近年末，股票ETF市场迎来资金配置热潮，中证A500指数相关ETF成为最受青睐的品种之一。数据显 示，截至12月25日，全市场A500ETF总规模已突破2967亿元，12月以来净流入资金达947.56亿元，展现 出较强的资金虹吸效应。 不过，A500ETF净流入主要集中在少数头部产品。其中，南方中证A500ETF以235.39亿元的净流入额居 首，最新规模达457.86亿元；华泰柏瑞中证A500ETF紧随其后，净流入211.90亿元，规模484.20亿元， 为当前规模最大的A500ETF。 此外，华夏中证A500ETF净流入额达177.32亿元，规模391.06亿元、国泰中证A500ETF净流入额达 158.71亿元，规模383.61亿元、易方达中证A500ETF净流入额达106.32亿元，规模344.20亿元均表现突 出，目前全市场规模突破300亿元的A500ETF增至5只。 | 证券代码 | 证券简称 | 12月净流入额 | 基金规模合计 | 本周净流入8 | 12月以来换手串 | 今年以来回报 | | | ...

近期，A股情绪有所回暖，市场上关于跨年行情的讨论逐渐增多。 根据兴业证券研究，2008年以来A股均在岁末年初出现过一波长短不一的上涨。从风格角度来看，往往 呈现出明显的"价值搭台、成长唱戏"特征。年末，市场风格较为均衡，大盘、低估值、顺周期风格相对 占优，多与稳增长政策加力预期有关。而随着春节临近，直到两会前，流动性充裕、市场风险偏好抬 升，市场风格转为中小盘，科技成长明显占优。 站在当前节点，随着前期海外扰动缓和、全球流动性宽松预期升温，风险偏好提振，当前跨年已具备良 好基础。经历前期的震荡、消化后，随着中央经济工作会议对来年经济和产业发展做出了更加明确的部 署和定调后，有望进一步凝聚市场共识、指引主线方向。 对于投资者来说，参考往年经验，大盘、中小盘、顺周期、科技成长均有机会，跨年行情中的投资组合 要注重均衡配置，以"新一代大盘宽基"之称的中证A500ETF（159338）或许是不错的选择。 12月以来，大量投资者通过申购中证A500ETF布局A股，成为近期市场主要的增量资金之一。截至12月 23日，中证A500ETF净流入规模合计达到745亿元，日均净流入近50亿元。 为什么大量资金选择A500？ 中证 ...

除了上述宽基ETF以外，多只行业主题ETF也强势"吸金"。永赢卫星ETF，华泰柏瑞红利ETF净申购额均 超过20亿元。另外，港股科技主题ETF也备受关注。广发港股通科技ETF净申购额超30亿元，天弘恒生 科技 ETF，华夏恒生科技ETF，易方达恒生科技ETF等净申购额均超20亿元。 从资金流向看，多只ETF净申购额超百亿元。其中，南方%E4%B8%AD%E8%AF%81A500ETF净申购额 为226.48亿元，华泰柏瑞中证A500ETF净申购额为196.7亿元，华夏中证 A500ETF净申购额为162.83亿 元，国泰中证A500ETF，易方达中证A500ETF净申购额均在100亿元以上。 岁末收官之际，资金入市节奏明显提速。据Choice测算，12月以来，截至12月24日，权益类ETF净申购 额为1063.72亿元，创近期资金流入小高峰。 ...

当前A股结构性行情显著，新质生产力推进催生产业机遇，然而，对普通投资者来说，选赛道怕踩雷，挑个股又没精力深研，很多小伙伴都在犯愁：到底怎 么投资才能省心又稳妥？ 其实答案很简单——跟着政策风口和聪明钱走。 现在监管正鼓励中长期资金通过宽基入市，险资、银行理财这些"长钱"都在持续进场宽基指数，尤其是新一代宽基中证A500指数，有三大特点：一是行业 配置均衡，中证二级行业全覆盖，三级行业基本覆盖；二是龙头荟萃，从各行业选取市值较大、流动性较好的500只证券作为指数样本，堪称A股"尖子 班"。三是融合了ESG评价和行业中性策略，编制更科学，投资性价比直接拉满。 可以说是兼具成长性与稳健性，堪称资产配置的"压舱石"与"增长极"，而国泰中证A500ETF（159338）更堪称新一代宽基里的"六边形战士"——人气高、高 活跃、资金认、成本低、场景全六大维度全在线，每一个亮点都有实打实的数据支撑，对普通投资者来说全是"肉眼可见的福利"！ 下面咱们逐个拆解，看看它到底强在哪？ 1、人气高 2025中报数据显示，中证A500ETF（159338）持有人户数105975户，是第二名的三倍之多。 要知道宽基ETF向来是大机构的主场 ...

Quantitative Models and Construction Methods 1. Model Name: Large Order Transaction Amount Ratio - **Model Construction Idea**: This model tracks the buying behavior of large funds by calculating the proportion of large order transaction amounts to the total daily transaction amount[7] - **Model Construction Process**: 1. Use tick-by-tick transaction data to identify buy and sell orders based on bid and ask sequence numbers 2. Filter transactions by order size to identify large orders 3. Calculate the ratio of large buy order transaction amounts to the total daily transaction amount - Formula: $ \text{Large Order Transaction Amount Ratio} = \frac{\text{Large Buy Order Transaction Amount}}{\text{Total Daily Transaction Amount}} $ - **Model Evaluation**: This indicator effectively captures the buying behavior of large funds[7] 2. Model Name: Net Active Buy Amount Ratio - **Model Construction Idea**: This model measures the active buying behavior of investors by calculating the net active buy amount as a proportion of the total daily transaction amount[7] - **Model Construction Process**: 1. Use tick-by-tick transaction data to classify each transaction as either active buy or active sell based on the buy/sell flag 2. Calculate the net active buy amount by subtracting the active sell amount from the active buy amount 3. Compute the ratio of the net active buy amount to the total daily transaction amount - Formula: $ \text{Net Active Buy Amount Ratio} = \frac{\text{Active Buy Amount} - \text{Active Sell Amount}}{\text{Total Daily Transaction Amount}} $ - **Model Evaluation**: This indicator effectively captures the active buying behavior of investors[7] --- Model Backtesting Results 1. Large Order Transaction Amount Ratio - **Top 10 Stocks by 5-Day Average**: - **East Securities (601198.SH)**: 88.1%, 99.6% time-series percentile[9] - **Shanghai Kaibao (300039.SZ)**: 86.3%, 100.0% time-series percentile[9] - **Sanxiang Impression (000863.SZ)**: 86.0%, 99.6% time-series percentile[9] - **Chongqing Steel (601005.SH)**: 86.0%, 78.7% time-series percentile[9] - **Jinzhengda (002470.SZ)**: 85.7%, 89.8% time-series percentile[9] - **Wanlong Optoelectronics (300710.SZ)**: 85.6%, 99.6% time-series percentile[9] - **Yasheng Group (600108.SH)**: 85.5%, 84.4% time-series percentile[9] - **Sinochem International (600500.SH)**: 85.5%, 90.4% time-series percentile[9] - **Chongqing Water (601158.SH)**: 85.2%, 96.7% time-series percentile[9] 2. Net Active Buy Amount Ratio - **Top 10 Stocks by 5-Day Average**: - **Jiuhua Tourism (603199.SH)**: 26.2%, 100.0% time-series percentile[10] - **Bailong Oriental (601339.SH)**: 22.9%, 100.0% time-series percentile[10] - **Zijin Bank (601860.SH)**: 20.2%, 100.0% time-series percentile[10] - **Bailong Chuangyuan (605016.SH)**: 19.5%, 100.0% time-series percentile[10] - **Hengshun Vinegar (600305.SH)**: 17.8%, 100.0% time-series percentile[10] - **Qingfangcheng (600790.SH)**: 17.7%, 99.6% time-series percentile[10] - **Shandong Steel (600022.SH)**: 17.7%, 99.6% time-series percentile[10] - **Shengda Forestry (002259.SZ)**: 17.5%, 100.0% time-series percentile[10] - **Taoli Bread (603866.SH)**: 17.2%, 100.0% time-series percentile[10] - **Jiangsu Sopo (600746.SH)**: 16.8%, 100.0% time-series percentile[10] 3. Broad-Based Indices - **5-Day Average Results**: - **Shanghai Composite Index**: Large Order Ratio 73.7% (82.0% percentile), Net Active Buy Ratio 2.2% (3.7% percentile)[12] - **SSE 50**: Large Order Ratio 71.7% (58.2% percentile), Net Active Buy Ratio 5.8% (92.6% percentile)[12] - **CSI 300**: Large Order Ratio 73.0% (41.0% percentile), Net Active Buy Ratio 2.9% (20.9% percentile)[12] - **CSI 500**: Large Order Ratio 73.8% (86.9% percentile), Net Active Buy Ratio 1.5% (3.3% percentile)[12] - **ChiNext Index**: Large Order Ratio 70.5% (6.1% percentile), Net Active Buy Ratio 0.1% (14.8% percentile)[12] 4. Industry-Level Analysis - **Top Industries by 5-Day Average**: - **Steel**: Large Order Ratio 79.0% (79.1% percentile), Net Active Buy Ratio 12.7% (0.8% percentile)[13] - **Agriculture, Forestry, Animal Husbandry, and Fishery**: Large Order Ratio 77.1% (87.7% percentile), Net Active Buy Ratio 10.8% (3.3% percentile)[13] - **Food and Beverage**: Large Order Ratio 71.5% (95.5% percentile), Net Active Buy Ratio 10.1% (32.8% percentile)[13] - **Real Estate**: Large Order Ratio 78.7% (70.9% percentile), Net Active Buy Ratio 8.8% (9.8% percentile)[13] - **Consumer Services**: Large Order Ratio 75.8% (32.4% percentile), Net Active Buy Ratio 8.9% (13.9% percentile)[13] 5. ETF Analysis - **Top 10 ETFs by Large Order Ratio**: - **Haifutong Shanghai Urban Investment Bond ETF (511220.SH)**: 93.4%, 63.5% percentile[15] - **Fortune Military Industry ETF (512710.SH)**: 92.1%, 100.0% percentile[15] - **Guotai CSI A500 ETF (159338.SZ)**: 91.5%, 19.7% percentile[15] - **Guotai 10-Year Treasury ETF (511260.SH)**: 91.5%, 91.8% percentile[15] - **Penghua National Defense ETF (512670.SH)**: 90.7%, 99.6% percentile[15] - **Top 10 ETFs by Net Active Buy Ratio**: - **Huaxia Food and Beverage ETF (515170.SH)**: 18.2%, 99.6% percentile[16] - **Yinhua 5G Communication ETF (159994.SZ)**: 16.7%, 100.0% percentile[16] - **E Fund CSI 300 Non-Bank ETF (512070.SH)**: 16.0%, 95.9% percentile[16] - **Huatai-PineBridge Dividend Low Volatility ETF (512890.SH)**: 15.7%, 94.3% percentile[16] - **Fortune Agriculture ETF (159825.SZ)**: 15.2%, 96.7% percentile[16]

Summary of Key Points Core Viewpoint - The trading volume of the CSI A500 Index ETFs increased significantly today, indicating heightened market activity and investor interest in this segment [1]. Trading Volume and Changes - The total trading volume of the CSI A500 Index ETFs reached 61.377 billion yuan, an increase of 11.769 billion yuan from the previous trading day, representing a growth rate of 23.72% [1]. - Specific ETFs such as Guotai CSI A500 ETF (159338) saw a trading volume of 10.832 billion yuan, up by 4.407 billion yuan, with a growth rate of 68.58% [1]. - Southern CSI A500 ETF (159352) had a trading volume of 10.453 billion yuan, increasing by 2.523 billion yuan, reflecting a growth rate of 31.81% [1]. - Huaxia CSI A500 ETF (512050) recorded a trading volume of 12.269 billion yuan, up by 2.265 billion yuan, with a growth rate of 22.64% [1]. Market Performance - The CSI A500 Index (000510) rose by 1.16% by the end of trading, while the average increase for related ETFs was 1.12% [1]. - Notable performers included Morgan CSI A500 ETF (560530) and Tianhong CSI A500 Enhanced Strategy ETF (159240), which increased by 1.44% and 1.39%, respectively [1]. Noteworthy Increases in Trading Volume - ETFs such as Huatai-PineBridge CSI A500 ETF (563880) and Ping An CSI A500 ETF (159215) experienced remarkable increases in trading volume, with growth rates of 309.35% and 234.39%, respectively [1]. - Other ETFs also showed significant increases, including E Fund CSI A500 ETF (159361) with a growth rate of 17.92% and GF CSI A500 ETF (159215) with a growth rate of 14.42% [1]. Additional ETF Performance - The trading volume changes for various ETFs were detailed, showing both increases and decreases in trading volumes across different funds, with some funds like the Morgan CSI A500 Enhanced Strategy ETF (560530) experiencing a decrease of 26.34% [2].

具体来看，12月18日有245只ETF获融资净买入，其中，南方中证500ETF获融资净买入额居首，净买入 1.79亿元；融资净买入金额居前的还有易方达创业板ETF、国泰中证A500ETF、华夏上证科创板 50ETF、易方达深证100ETF、华安创业板50ETF等。 （文章来源：证券时报网） Wind统计显示，截至12月18日，沪深两市ETF两融余额为1195.83亿元，较上一交易日减少58.3亿元。其 中，ETF融资余额为1122.37亿元，较上一交易日减少57.44亿元；ETF融券余额为73.46亿元，较上一交 易日减少0.86亿元。 ...

A股三大指数昨日午后直线拉升，神秘资金出手，多只沪深300ETF、中证A500ETF放量。 此外，国泰中证A500ETF、广发A500ETF龙头昨日均获得超10亿元的资金净流入；中证A500ETF富 国、A500ETF易方达、华夏A500ETF基金分别获得9.16亿元、8.13亿元、7.41亿元的资金净流入。 华夏A500ETF基金在12月净流入56.23亿元，最新规模为262.98亿元，同类排名第三；国泰中证 A500ETF在12月净流入33.44亿元，最新规模251.53亿元，同类排名第四；A500ETF易方达12月净流入 13.47亿元，最新规模245.05亿元，同类排名第五。 （责任编辑：刘畅 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 全市场跟踪中证A500指数的40只ETF在12月17日单日合计净流入111.07亿元。 其中，A500ETF华泰柏瑞单日净流入32.83亿元，12月以来合 ...

截至2025年三季度末，基金管理公司及其子公司、证券公司及其子公司、期货公司及其资管子公司、私 募基金管理机构资产管理产品总规模达80.03万亿元，其中，公募基金规模36.74万亿元，证券公司及其 子公司私募资产管理产品规模6.37万亿元，基金管理公司及其子公司私募资产管理产品规模5.70万亿 元，基金管理公司管理的养老金规模6.85万亿元，期货公司及其资管子公司私募资产管理产品规模0.39 万亿元，私募基金规模21.99万亿元，资产支持专项计划（ABS）规模2.18万亿元。 ｜2025年12月18日星期四｜ NO.1 今日复牌！中金收购东兴、信达预案出炉 备受市场瞩目的中金公司吸收合并东兴证券、信达证券，迎来重要进展。12月17日晚间，上述三家上市 券商齐发公告：每股东兴证券、信达证券能换取中金公司股票的比例，分别确定为1:0.4373、 1:0.5188。此外，三家公司股票于12月18日复牌。合并后，中金公司将成为行业第四家总资产跨入"万亿 俱乐部"的券商。业内人士普遍认为，中金公司合并东兴证券、信达证券，正是其剑指国际一流投行建 设的决心体现。然而，规模跃升只是表象。有非银分析师指出，此次合并的关键逻辑 ...