点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 市场表现综述： 大类资产方面，本周（下文如无特殊说明，本周均指代2025.12.22-2025.12.26）权益市场指数集体上涨， 中证500上涨4.03%。行业方面，本周有色金属、国防军工、电力设备行业涨幅居前，美容护理、社会服 务、银行行业跌幅居前。基金市场方面，本周各类基金净值均呈现上涨，股混基金表现占优。 基金产品发行情况： 长期行业主题基金指数表现来看，本周国防军工主题基金净值显著上涨，医药、消费主题基金净值回调。 截至2025年12月26日，国防军工、新能源、TMT、行业均衡、行业轮动、周期、金融地产、消费、医药 主题基金本周净值涨跌幅分别为6.62%、6.34%、4.15%、3.08%、2.63%、2.63%、 ...

查看完整报告 点击注册小程序 （张宇生/王国兴） 2025-12-30 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【金工】核心稳固，边际灵活：增量加速与定价权提升下的南向资金配置格局 ——南向资金跟踪 南向资金规模与配置节奏显著加速，已成为港股流动性与定价的重要支撑。资金由情绪与套利驱动转向以基本 面为核心的长期配置，在行业轮动与估值形成中逐步扮演"定价锚"角色。结构上，行业配置由金融地产主导演 进为"金融+科技+消费"的多元格局。2025年以来，南向资金呈现"核心配置稳固、边际行业灵活轮动"的特征， 个股上增量集中于优质龙头，总体看对港股中长期定价权持续提升。 （祁嫣然/陈颖）2025-12-30 您可点击今日推送内容的第1条查看 【策略】关注春季行情——2026年1月A股及港股月度金股组 ...

2025 年 12 月 30 日 总量研究 国防军工主题基金净值显著上涨，大盘宽基 ETF 资金大幅净流入 ——基金市场与 ESG 产品周报 20251230 要点 市场表现综述：大类资产方面，本周（下文如无特殊说明，本周均指代 2025.12.22-2025.12.26）权益市场指数集体上涨，中证 500 上涨 4.03%。 行业方面，本周有色金属、国防军工、电力设备行业涨幅居前，美容护理、 社会服务、银行行业跌幅居前。基金市场方面，本周各类基金净值均呈现上 涨，股混基金表现占优。 基金产品发行情况：本周国内市场新成立基金 65 只，合计发行份额为 278.94 亿份。其中债券型基金 19 只、股票型基金 18 只、混合型基金 18 只、FOF 基金 6 只、REITs1 只、货币市场型基金 3 只。全市场新发行基金 23 只，从类型来看，混合型基金 8 只、股票型基金 8 只、债券型基金 5 只、FOF 基金 1 只、REITs1 只。 基金产品表现跟踪：长期行业主题基金指数表现来看，本周国防军工主题基 金净值显著上涨，医药、消费主题基金净值回调。截至 2025 年 12 月 26 日，国防军工、新能源、 ...

Market Performance Overview - The domestic equity market showed mixed performance during the week of December 8 to December 12, 2025, with the ChiNext Index rising by 2.74% [4] - In terms of sectors, telecommunications, national defense and military industry, and electronics sectors led the gains, while coal, oil and petrochemicals, and steel sectors experienced the largest declines [4] Fund Product Issuance - A total of 28 new funds were established in the domestic market this week, with a combined issuance of 18.218 billion units. This includes 9 bond funds, 10 stock funds, 4 FOF funds, 3 mixed funds, 1 international (QDII) fund, and 1 money market fund [5] - Overall, 38 new funds were issued across the market, categorized as 13 stock funds, 8 FOF funds, 8 bond funds, 8 mixed funds, and 1 international (QDII) fund [5] Fund Product Performance Tracking - The defense and military industry theme funds outperformed this week, while cyclical theme funds saw a net value correction. As of December 12, 2025, the net value changes for various theme funds were as follows: defense and military industry (3.39%), TMT (3.17%), industry balanced (1.08%), industry rotation (0.50%), new energy (0.12%), pharmaceuticals (-0.42%), financial real estate (-0.66%), consumption (-0.67%), and cyclical (-1.12%) [6] ETF Market Tracking - Stock ETFs experienced a slight outflow of funds this week, primarily from TMT, financial real estate, and ChiNext theme ETFs, while large-cap broad-based ETFs saw significant inflows from passive funds. Hong Kong stock ETFs also experienced notable inflows [7] - The median return for stock ETFs this week was 0.19%, with a net outflow of 2.974 billion yuan. In contrast, Hong Kong stock ETFs had a median return of -1.42% and a net inflow of 8.865 billion yuan. Cross-border ETFs had a median return of -0.11% with a net inflow of 1.115 billion yuan, while commodity ETFs had a median return of 0.81% and a net inflow of 241 million yuan [7] Broad-based ETF Insights - Broad-based ETFs saw a significant net inflow of 9.058 billion yuan this week. Additionally, the new energy theme ETFs also experienced notable net inflows totaling 778 million yuan [8] ESG Financial Products Tracking - This week, 28 new green bonds were issued, with a total issuance scale of 29.152 billion yuan. The domestic green bond market has steadily developed, with a cumulative issuance scale of 5.12 trillion yuan and a total of 4,396 bonds issued as of December 12, 2025 [8] - As of December 12, 2025, there were 211 ESG funds in the domestic market, with a total scale of 150.981 billion yuan. The median net value changes for various ESG fund types this week were as follows: active equity funds (0.60%), passive stock index funds (-0.01%), and bond funds (0.05%). Funds focused on low-carbon economy, carbon neutrality, and social responsibility performed well [8]

Group 1: Market Overview - The domestic equity market continues to rise, with various fund indices achieving positive returns, particularly in the healthcare sector, which saw the highest net value increase among thematic funds [3] - Stock ETFs experienced a net outflow of 20.817 billion yuan, while Hong Kong stock ETFs saw a significant inflow of 7.821 billion yuan [3] Group 2: Financial Data Insights - In June, the expected increase in RMB loans is projected to be between 2.3 to 2.5 trillion yuan, with a year-on-year increase of 200 to 400 billion yuan [4] - Social financing is expected to remain stable, supported by steady credit and government bond issuance, leading to an anticipated increase in social financing growth rate [4] Group 3: Industry Developments - The Central Economic Committee emphasized the need to strengthen market mechanisms to eliminate inefficient production capacity and prevent "involution" in competition, which may optimize the photovoltaic materials industry [5] - The National Medical Products Administration announced measures to support the innovation and commercialization of high-end medical devices, which is expected to benefit leading companies with strong R&D capabilities and international strategies [6] Group 4: Company Performance - China Hongqiao is expected to see a 35% increase in net profit for the first half of 2025, reaching approximately 12.36 billion yuan, supported by lower costs and stable aluminum prices [6] - Yanjing Beer anticipates a net profit of 1.062 to 1.137 billion yuan for the first half of 2025, reflecting a year-on-year growth of 40% to 50%, driven by cost reduction and efficiency improvements [6]

Market Overview - In the week from May 6 to May 9, 2025, oil prices surged, domestic equity market indices generally rose, while US stocks experienced a pullback [3] - All primary industries in the Shenwan classification saw an increase, with defense, military industry, telecommunications, and electric equipment sectors leading the gains [3] Fund Issuance - A total of 15 new funds were established in the domestic market this week, with a combined issuance of 6.345 billion units. This included 13 equity funds, 1 bond fund, and 1 mixed fund [4] - Overall, 27 new funds were issued across the market, comprising 18 equity funds, 6 bond funds, and 3 mixed funds [4] Fund Performance Tracking - The defense and military industry theme fund performed notably well, rising by 4.46%, while the pharmaceutical theme fund saw a decline [5] - As of May 9, 2025, the weekly performance of various theme funds was as follows: defense and military (4.46%), financial real estate (2.54%), new energy (2.27%), cyclical (1.30%), industry rotation (1.25%), consumption (1.23%), industry balance (1.20%), TMT (-0.28%), and pharmaceuticals (-1.45%) [5] ETF Market Tracking - This week, equity ETFs experienced a net outflow of 8.514 billion yuan, with broad-based ETFs being the primary direction of outflow. In contrast, commodity ETFs, represented by gold ETFs, saw continued inflows [6] - The median return for equity ETFs was 1.86%, while Hong Kong stock ETFs had a median return of 2.19% with a net outflow of 1.683 billion yuan [6] - The median return for cross-border ETFs was 2.12%, with a net outflow of 1.009 billion yuan, while commodity ETFs had a median return of 0.67% and a net inflow of 2.025 billion yuan [6] Fund Positioning - The estimated position of actively managed equity funds decreased by 0.50 percentage points compared to the previous week (as of April 30, 2025) [8] - In terms of industry allocation, sectors such as electronics, computers, and pharmaceuticals received increased funding, while telecommunications, defense, military, and electric equipment sectors faced reductions [8] ESG Financial Products Tracking - The green bond market saw a slowdown this week, with 6 new green bonds issued, totaling 6.641 billion yuan. Cumulatively, the green bond market has issued 4.43 trillion yuan across 3,822 bonds as of May 9, 2025 [9] - In terms of fund performance, the median return for actively managed equity, passive equity index, and bond ESG funds was 1.54%, 2.04%, and 0.14%, respectively, with low-carbon, sustainable development, and environmental governance themes performing particularly well [9] - As of May 9, 2025, there were 287 existing bank ESG wealth management products, with 2 new fixed-income ESG products launched this week, characterized by lower risk levels [9]