近年来，我国ETF市场持续扩容，指数化投资理念深入人心。截至2025年末，我国ETF总规模达6.02万 亿元，较2024年底增长2.29万亿元，成为全球第二大ETF市场，产品数量超过1381只，覆盖宽基、行业 主题、跨境、商品、债券等多个资产类别，成为公募基金行业中增长最快、最具活力的赛道之一。 最新数据统计显示，截至2026年1月12日，ETF总规模已达6.19万亿元。其中华夏基金ETF管理规模更是 首次突破万亿元，这一纪录不仅源于先发优势，更依托于公司在指数跟踪精度、流动性管理、做市服务 及投资者教育等方面的系统性能力。 2026年1月12日，A股成交额首次达到3.64万亿元，突破此前"924行情"创下的3.49万亿最高纪录。截至 收盘，沪市成交额144462.3亿元，深市成交额21551.46亿元，北证50成交额435.21亿元。 ETF涨跌幅方面，科创创业人工智能ETF摩根涨超16%，创业板人工智能ETF招商、创业板软件富国、 创业板软件华夏涨超11%紧随其后。 引人注意的是，今日20多只卫星ETF报收涨停。平安基金马浩然最新观点指出，ETF作为工具产品，当 然能够满足投资者的短期波段操作需要。但从产 ...

Group 1 - The A-share market experienced fluctuations and corrections on January 8, with the satellite and aerospace sectors showing strong gains, leading the top ten in ETF performance [1][8] - The satellite industry chain has been consistently strong since the beginning of the year, with significant increases in sub-sectors such as Beidou navigation, space stations, and commercial aerospace [7][10] - Several ETFs related to satellites and aerospace have shown notable price increases, with the Satellite ETF rising by 6.20% and the Aerospace ETF by 5.62% [9] Group 2 - A total of 876.98 billion yuan was raised by six major A500 ETFs from December 8, 2025, to January 7, 2026, indicating a strong inflow of funds into the market [3][18] - The military industry sector also saw significant inflows, with multiple military-themed ETFs rising over 4% in value [11][12] - Bond and money market ETFs were actively traded, with several achieving transaction volumes exceeding 100 billion yuan, indicating robust investor interest in these asset classes [15][16] Group 3 - Analysts suggest that after recent market rallies, some funds are seeking to allocate to dividend-paying assets with defensive characteristics, leading to a noticeable inflow into the Low Volatility Dividend ETF [21] - The Low Volatility Dividend Index's dividend yield has been rising, currently at 5.06%, which remains attractive compared to the 10-year government bond yield, appealing to medium- to long-term investors [21][22]

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].

Core Viewpoint - As of December 18, the total margin balance of ETFs in the Shanghai and Shenzhen markets is 119.583 billion yuan, showing a decrease of 5.1 billion yuan from the previous trading day [1] Group 1: ETF Margin Balance - The ETF financing balance is 112.237 billion yuan, down by 5.744 billion yuan from the previous trading day [1] - The ETF margin short balance is 7.346 billion yuan, decreasing by 0.086 billion yuan compared to the previous trading day [1] Group 2: Net Buy Insights - On December 18, 245 ETFs experienced net financing purchases, with the Southern CSI 500 ETF leading with a net purchase amount of 179 million yuan [1] - Other ETFs with significant net financing purchases include E Fund ChiNext ETF, Guotai CSI A500 ETF, Huaxia SSE STAR 50 ETF, E Fund Shenzhen 100 ETF, and Huaan ChiNext 50 ETF [1]

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 ...