证券研究报告 基金双周报：ETF市场跟踪报告 证券分析师 | 陈 瑶 | | 投资咨询资格编号：S1060524120003 | | --- | --- | --- | | 郭子睿 | | 投资咨询资格编号：S1060520070003 | | 任书康 | | 投资咨询资格编号：S1060525050001 | | 研究助理 | | | | 高 | 越 | 一般从业资格编号：S1060124070014 | | 胡心怡 | | 一般从业资格编号：S1060124030069 | 报告摘要 分类型ETF跟踪： 2 2026年1月4日 请务必阅读正文后免责条款 ETF市场回顾： • 收益表现与资金流向：截至12月31日，近两周ETF产品表现较好。国内主要宽基ETF中，科创100涨幅最大，行业与主题产品中，军工主题ETF涨幅最大。近 两周，国内主要宽基ETF中，中证A500ETF资金大幅流入，此外中证1000、中证500、科创100ETF资金净流入额居前。2）近两周，周期、大制造其他ETF资金 加速流入，红利、医药ETF资金流入速度放缓，消费、新能源、科技ETF资金转为净流出，金融地产ETF净流出速度放缓，军工ET ...

今年以来，跨境ETF扩容节奏明显加快，相关产品规模与数量同步增长，成为资金配置变化 的重要观察窗口。 达恒生科技ETF近三个月规模增长53.30亿元，显示在市场调整过程中，部分资金仍在通过 ETF进行结构性布局。 从结构上看，港股相关ETF成为跨境ETF扩容的主要来源，其中科技股相关产品的规模增长尤 为突出。多只聚焦港股科技类资产的ETF年内实现显著扩容，反映出在全球市场波动背景 下，部分资金仍通过跨境ETF工具参与港股科技板块的配置。 与此同时，进入四季度后，港股科技股走势出现阶段性波动。尽管部分指数表现承压，但资 金流向并未出现一致性撤离。部分机构认为，在流动性预期变化与产业逻辑支撑仍在的背景 下，港股科技类资产的中长期配置价值仍具讨论空间，相关ETF的规模变化亦呈现出一定的结 构性特征。 港股科技类成跨境ETF主要增量来源 今年以来，跨境ETF整体扩容态势明显。数据显示，截至12月26日，跨境ETF规模较年初合计 增长5147亿元，产品数量较年初增加63只。其中，港股相关ETF成为规模扩张的主要来源， 港股ETF内部又以科技主题产品的增长最为突出。 从具体产品表现看，跨境ETF中已有多只产品年内规模增长 ...

Core Viewpoint - The A-share market is experiencing a significant upward trend, with major indices showing substantial weekly gains, particularly in the ETF market, which has reached a new milestone of over 60 trillion yuan in total scale [1][3]. Group 1: Market Performance - From December 15 to December 19, the CSI 300 index rose by 1.95%, and the CSI A500 index surged by 2.75%, while the ChiNext index increased by 3.90% [1]. - The total scale of domestic ETFs increased by 200.4 billion yuan in one week, marking the first time it surpassed 60 trillion yuan [3]. - The stock-type ETFs accounted for a significant portion of this growth, attracting 133 billion yuan, with broad-based indices contributing 85% of the inflow [3]. Group 2: ETF Growth - The CSI A500 index-linked ETF saw a remarkable increase of 1.066 billion yuan in December, entering the 300 billion yuan club [1][5]. - The total number of listed ETFs reached 1,381, with a total scale of 6.03 trillion yuan as of December 27 [3]. - Year-to-date, the total scale of ETFs has grown by 22.947 billion yuan, with stock-type ETFs nearing a growth of 10 trillion yuan [4]. Group 3: Fund Management - The top seven fund management institutions have significantly increased their ETF scales, with six of them surpassing 10 billion yuan in weekly growth [2][7]. - Southern Fund led the charge with a weekly increase of 34.3 billion yuan, accumulating over 50 billion yuan in three weeks [2][7]. - The competition between major fund houses, such as Huaxia Fund and E Fund, continues to intensify, with both showing substantial year-to-date growth [8].

国内ETF规模年内已连续跨越三个万亿级台阶。 据Wind数据统计，在ETF规模从5万亿元增至6万亿元的4个月时间里，22只ETF累计净流入额超100亿元。 从资金流向结构观察，A500ETF、科创债ETF无疑是市场的配置重点。其中，南方中证A500ETF、华泰柏瑞中证A500ETF、华夏中证A500ETF、 国泰中证A500ET、易方达中证A500ETF的净流入额均超100亿元；银华科创债ETF、嘉实科创债ETF、汇添富科创债ETF、兴业科创债ETF、国泰 科创债ETF、招商科创债ETF亦是如此。 另从行业主题ETF的净流入情况来看，黄金、证券、港股通互联网、恒生科技等则是这4个月资金布局的重点方向。 智通财经记者据Wind数据统计，截至12月27日，国内ETF总规模已突破6万亿元关口，达6.03亿元。其中，股票型ETF占据主导地位，规模为3.85 万亿元；跨境ETF规模为9389.06亿元，债券型ETF规模为8045.64亿元，商品型ETF规模为2568.50亿元，货币型ETF规模为1790.69亿元。 目前全市场共有1391只ETF产品，其中125只规模超过百亿元，7只突破千亿元。这7只千亿级ETF中，6 ...

ETF表现：双创类ETF表现居前 板块方面，以通信、电子、有色金属为代表的科技与资源板块领涨，而纺织服饰、传媒等板块表现相对 较弱。ETF方面，科创半导体ETF、5G通信ETF、黄金股ETF等涨幅居前；宽基方面，科创创业 50ETF(159783.SZ)等双创类ETF涨幅居前。相较之下，港股科技涨幅相对落后，恒生科技 ETF(513180.SH)、港股通科技ETF(159101.SZ)等ETF当日涨幅不足1%。 周一A股市场全线走强。三大指数高开高走，其中上证指数收涨0.69%，报3917.36点，实现日线四连 阳，成功收复3900点关口，并站稳5日均线；深证成指与创业板指分别上涨1.47%和2.23%。两市成交额 1.88万亿元，相较上周五的1.75万亿小幅放量1300万元，涨停公司家数超过百家，也是11月17日以来首 次超过100家，显示市场做多情绪升温。 展望后市，多家机构普遍认为市场正进入布局跨年行情的窗口期。广发证券投顾表示：若成交额能持续 放大，指数有望进一步上攻3950-4000点区间。招商证券表示，多项信号显示，一轮经典的"跨年—春 季"行情正在酝酿，并已徐徐拉开帷幕。风格方面，招商证券认为： ...

【导读】神秘资金出手！股票ETF昨日"吸金"超191亿元 12月17日午后，多只宽基ETF放量异动，带动上证指数直线拉升。随着今日最新ETF资金流向数据披露，背后的资金推手也浮出水面。 银河证券基金研究中心数据显示，昨日股票ETF（含跨境ETF）资金净流入191.10亿元，创12月以来单日资金净流入新高。 多只宽基ETF位居当日资金净流入榜前十名。其中，A500ETF华泰柏瑞资金净流入超过32亿元，A500ETF南方、华泰柏瑞沪深300ETF资金净流入均超过 20亿元。全市场32只中证A500ETF合计资金净流入超过110亿元。 股票ETF昨日"吸金"超191亿元 昨日午后，A股市场异动拉升，多只宽基ETF放量成交引发市场关注。 头部基金公司旗下多只ETF获净流入 头部基金公司中，易方达基金ETF最新规模达到8243.9亿元，昨日规模增加156.1亿元。其中，A500ETF易方达净流入8.2亿元，最新规模超245亿元，创历 史新高；沪深300ETF易方达净流入3.4亿元；港股通互联网ETF净流入2.4亿元，最新规模超78亿元，创历史新高；恒生科技ETF易方达净流入1.7亿元，最 新规模超262亿元，创历史新高 ...

Group 1 - The core viewpoint of the articles highlights a significant increase in trading volumes for various ETFs, particularly the 中证A500ETF, indicating strong institutional interest and a potential bullish sentiment in the market [1][2][3] - On December 17, multiple 中证A500ETF products reached record trading volumes, with 华泰柏瑞中证A500ETF achieving a trading volume of 14.118 billion yuan, marking a new high since its inception [1] - The 中证A500ETF is recognized as a new generation of broad-based ETFs, balancing core large-cap assets with growth potential across various leading companies in niche sectors [1] Group 2 - Institutional investors are significant holders of broad-based ETFs, with over 80% of the shares in 华泰柏瑞中证A500ETF held by institutions as of June 30 [1] - The trading activity of other broad-based ETFs also surged, with 华泰柏瑞沪深300ETF reaching a trading volume of 5.079 billion yuan and 华夏科创50ETF at 3.948 billion yuan on the same day [2] - Since November, net subscriptions for equity ETFs have totaled 105.241 billion yuan, with a notable single-day net subscription of 15.688 billion yuan on December 16 [2] Group 3 - The 港股 innovation drug theme ETFs have also attracted significant capital, with 汇添富港股通创新药ETF and 广发港股创新药ETF seeing net subscriptions of 3.624 billion yuan and over 2.7 billion yuan, respectively [3] - Several ETFs have reached new highs in terms of shares outstanding, including 南方中证A500ETF with 25.131 billion shares and 华夏恒生科技ETF with 66.012 billion shares [3] - New fund launches have maintained high interest, with several funds exceeding 1.3 billion yuan in issuance in December, and some funds announcing early closure of their fundraising [3] Group 4 - Institutions generally hold an optimistic view on equity assets, with 富国基金 noting that the equity risk premium for the 沪深300 index remains above one standard deviation, indicating attractive risk compensation [4] - Continued macro liquidity support is expected to create a favorable environment for equities and commodities, with a moderate expansion in the global credit cycle [4] - The combination of ongoing domestic demand policies and stabilizing external demand is anticipated to further solidify corporate profit recovery [4]

这一位置历来被视作重要的"牛熊分界线"。在2016-2017年及2020-2021年的牛市行情中，该指数均未有 效跌破此均线。 这轮港股下跌，并非单一因素所致，而是多股力量叠加的结果。 一方面，海外扰动持续发酵。博通首席财务官公开提到，部分AI芯片系统的毛利率可能下降；与此同 时，彭博社报道称，甲骨文为OpenAI建设的数据中心，部分完工节点已从2027年推迟至2028年。 （原标题：ETF资金涌入港股！13只恒生科技ETF，10月以来合计吸金488亿元） 恒生科技指数在短短两个多月内，自10月3日-12月16日恒生科技指数累计下跌19.16%，罕见跌破250天 线。 华尔街的警告也开始增多。有"大空头"之称的BCA Research指出，美国当前对科技领域的投资强度，已 接近互联网泡沫时期，并警告AI繁荣可能在明年出现"衰落"。 今年四季度以来，港股相关ETF累计净流入资金已超过1200亿元。其中，跟踪恒生科技指数的13只 ETF，合计吸金488亿元。 具体来看：华夏恒生科技指数ETF净流入超过110亿元；天弘、华泰柏瑞、易方达、大成旗下恒生科技 ETF，净流入均超过50亿元。 此外，港股通非银ETF、恒生 ...

【导读】昨日股票ETF资金净流入超157亿元 中国基金报记者 曹雯璟 12月16日，A股全天震荡调整，全市场股票ETF资金净流入超157亿元。恒生科技ETF、港股通科技ETF、中概互联网ETF等港股相关ETF 成为"吸金"主力， 上证50ETF、800ETF、创业板50ETF、沪深300ETF 等宽基ETF 成为"失血"大户。 股票ETF资金净流入超157亿元 12月16日，三大指数集体低开低走。截至收盘，沪指跌1.11%，深证成指跌1.51%，创业板指跌2.1%。昨日全市场股票ETF（含跨境 ETF）资金净流入达157.10亿元。 从大类型来看，宽基ETF与港股市场ETF净流入居前，分别达61.77亿元与40.87亿元；商品ETF净流出居前，达1.32亿元。 具体到指数维度，12月16日，中证A500指数相关ETF资金净流入居前，达35.85亿元。从5日角度观测，近期资金流入中证A500指数ETF 超171亿元、恒生科技指数ETF超52亿元。 头部基金公司方面，易方达基金ETF最新规模达8087.8亿元，昨日资金净流入30.8亿元； 2025年以来，规模增加2081.3亿元（其中资金 净流入646.0亿元） ...

Group 1 - The new board of directors at Guoyuan Securities showcases a balanced age structure, covering generations from the 1950s to the 1990s, reflecting the company's emphasis on talent development [1][2] - The appointment of a younger management team is expected to inject new vitality into the company, potentially driving business innovation and digital transformation [2] - The stable transition of the executive team ensures strategic continuity, enhancing market expectations for the optimization of the company's governance structure [2] Group 2 - The ETF market in China has experienced explosive growth in 2025, with total assets increasing from approximately 3.73 trillion yuan to about 5.74 trillion yuan, marking a growth of over 2 trillion yuan and a growth rate exceeding 53% [3][4] - The Science and Technology Innovation Bond ETF emerged as the top performer, with a growth of approximately 200.9 billion yuan, driven by active net subscriptions [3][4] - The performance of gold ETFs and Hang Seng Technology ETFs highlights the demand for safe-haven assets and cross-border investment opportunities, indicating a structural shift in investor preferences [4] Group 3 - Three listed securities firms are set to distribute over 1 billion yuan in cash dividends this week, indicating robust industry profitability and a strong willingness to return capital to shareholders [5] - The accelerated dividend distribution by firms like Industrial Securities and Great Wall Securities is likely to boost market confidence in the securities sector, attracting long-term capital [5] - The trend of high dividends emphasizes a value investment approach, which may optimize market structure, although short-term liquidity fluctuations should be monitored [5]