Group 1 - The A-share market showed mixed performance on December 31, with the cultural media and aerospace military sectors leading the gains. The real estate ETF (512200.SH) rose by 1.35%, and Zhangjiang Hi-Tech increased by 6.68% [1] - According to Kaiyuan Securities, the investment logic for the real estate sector is driven by several policy measures, including the Ministry of Housing and Urban-Rural Development promoting housing delivery, old housing updates, expansion of financing whitelist, and the implementation of existing housing sales regulations. The central bank is also facilitating affordable housing re-loans, and Beijing is optimizing purchase restrictions [1] - The market is witnessing a month-on-month increase in both new and second-hand housing transactions, indicating a marginal improvement in demand. Additionally, under a backdrop of proactive fiscal policy and moderately loose monetary policy, the acceleration of stockpiling and urban village renovations is improving the supply-demand relationship [1] - Although housing prices may experience slight fluctuations, the continuous policy support is expected to stabilize the industry, making the real estate ETF (512200.SH) a potential focus for investors [1]

01 12月10日，A股市场调整，个股表现分化。房地产板块异军突起，多只房地产相关ETF位居ETF市场涨幅榜前列。 02 12月10日，农业板块表现亮眼。种业、土地流转、水产品等主题表现强势，农业股整体表现活跃，农业相关主题ETF涨 幅居前。 03 上周，科技类ETF显著吸金，多只相关主题ETF上周净流入额超10亿元。本周前两个交易日，资金持续流入科技类 ETF。其中，科创债、科创板代表指数、恒生科技指数等相关主题ETF显著吸金。 房地产类ETF领涨 今日，房地产板块表现强势，多只成分股涨停，房地产类ETF跻身ETF市场涨幅榜前列。 | 代码 | 名称 | 现价 | 今日涨幅 | | --- | --- | --- | --- | | 159768.SZ | 房地产ETF | 0.575 | 3.79% | | 159707.SZ | 地产ETF | 0.64 | 3.73% | | 512200.SH | 房地产ETF | 1.534 | 3.09% | | 515060.SH | 房地产ETF基金 | 0.732 | 2.95% | | 159542.SZ | 工程机械ETF | 1.419 | 2.23 ...

ETF方面，地产股午后异动拉升，银华基金ETF、华宝基金地产ETF和南方基金房地产ETF分别涨3.79%、3.73%和3.09%。跨境QDII基金走高，景顺长城基金 纳指科技ETF和景顺长城基金标普消费ETF分别涨2.18%和1.7%。工程机械板块走高，大成基金工程机械ETF涨2.23%。卫星板块再度走高，招商基金卫星产 业ETF涨1.69%。 大数据板块走弱，大数据ETF跌2%。银行板块下挫，中证银行ETF跌1.92%。红利指数继续下挫，港股通红利ETF富国、港股通红利ETF均跌1.6%。 格隆汇12月10日｜截至收盘，上证指数跌0.23%，深证成指涨0.29%，指跌0.02%，北证50跌0.85%。全市场成交额1.79万亿元，较上日成交额缩量1260亿 元。 地产股午后异动上涨，万科A涨停；教育、CPO、半导体题材午后拉升，海南自贸区、零售板块全天强势。光伏、超硬材料、服务器、板块调整。 | 上证指数 | 深证成指 | 北证5( | | --- | --- | --- | | 3900.50 | 13316.42 | 1389.8 | | -9.03 -0.23% +39.06 +0.29% -11.93 ...

除了短期的市场情绪，房地产板块的中长期投资逻辑已经发生了根本性变化，二十届四中全会明确提出"推动房地产高质量发展"，这意味着政策逻辑从短期 托底转向长效机制构建。 今日午后，万科A直线拉升封涨停，封单金额超27亿。此外，港股内房股走高，万科企业涨超17%，融信中国、融创中国涨超12%，世茂集团涨11%，中国 金茂涨逾9%，碧桂园涨超5%。 截至发稿，房地产ETF、地产ETF、房地产ETF、房地产ETF基金分别涨3.61%、3.57%、3.02%、2.67%。 | 序号 | 证券代码 | 证券简称 | 当日涨跌幅% | 年涨跌幅% | 基金管理人 | | --- | --- | --- | --- | --- | --- | | 1 | 159768 | 房地产ETF | 3.61 | 0.70 | 销花直笑 | | 2 | 159707 | 地产ETF | 3.57 | 0.63 | 华宝县等 | | 3 | 512200 | 房地产ETF | 3.02 | 4.86 | 南方县金 | | 4 | 515060 | 房地产ETF基金 | 2.67 | 5.49 | 花童童等 | | 5 | 159542 | ...

| 代码 | 类型 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | 159707 | 行 地产ETF | 0.642 | 0.025 | 4.05% | | 159768 | 主 房地产ETF | 0.575 | 0.021 | 3.79% | | 512200 | 行 房地产ETF | 1.536 | 0.048 | 3.23% | | 515060 | 行 房地产ETF基金 | 0.733 | 0.022 | 3.09% | 有分析认为，房企基本面处于"磨底"阶段。未来一段时间，加码政策出台及行业基本面站稳回升的进程，将主导板块行情走势。中长期来看， 行业发展将从"高杠杆、高周转"转向"品质、服务、可持续"，并以城市更新释放存量潜力。 （文章来源：每日经济新闻） 地产股午后拉升，万科A涨停，海南机场涨超7%，保利发展涨超5%，新城控股、华发股份涨超3%。 受盘面影响，房地产相关ETF涨超3%。 ...

Core Points - The A-share market saw all three major indices rise in the morning session, with the Shanghai Composite Index up 0.08%, the Shenzhen Component Index up 0.39%, and the ChiNext Index up 0.47% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 999.6 billion yuan, a decrease of 40.6 billion yuan compared to the previous day [1] - Over 3,500 stocks in the market experienced gains, indicating a broad-based rally [1] Sector Performance - CPO concept stocks surged, while local stocks in Fujian remained active; sectors such as superconductors, ultra-high voltage, 6G, and photovoltaic indices showed significant gains [1] - The banking, real estate, and pharmaceutical sectors faced declines, with the real estate sector leading the losses [1] - ETFs related to industrial and non-ferrous metals led the gains, with the Wanjia Fund's industrial non-ferrous ETF rising by 2.5% [1] - The electric grid equipment sector performed well, with multiple ETFs in this category rising by 2% [1] - The photovoltaic sector also saw a rise, with leading ETFs in this space increasing by 2% [1] - Real estate ETFs declined by 1.4%, reflecting the struggles in the real estate sector [1] - Japanese stocks fell, with the Tokyo Stock Exchange Index ETF down by 1.2% [1] - The innovative drug sector showed weakness, with ETFs in this category declining by 1% [1]

Core Insights - The report emphasizes the construction of a strategy portfolio based on industry and thematic ETFs, leveraging insights from previous strategy reports on industry rotation and ETF market overview [2][3]. Strategy Update - The strategy has seen a cumulative net return of approximately 4.59% during the period from November 24 to November 28, 2025, with an excess return of about 3.03% compared to the CSI 300 ETF [3][12]. - Since October 14, 2024, the cumulative return of the strategy sample has reached approximately 23.58%, with an excess return of about 4.05% relative to the CSI 300 ETF [3][4]. ETF Holdings and Performance - The report lists various ETFs with their respective market values and holdings, indicating adjustments in positions such as the addition of real estate, grain, petrochemical, chemical, and tourism ETFs, while continuing to hold the electric grid equipment ETF [3][12]. - The weekly performance of the ETF portfolio shows an average return of 4.59%, with specific ETFs like the electric grid equipment ETF maintaining a strong position [3][12]. Recommended Sectors and Products - For the upcoming week, the strategy recommends increasing holdings in sectors such as real estate development, agriculture, refining and trading, and tourism, while continuing to hold the electric grid equipment ETF [12].

Market Strategy - The recent market rebound aligns with previous predictions of a "layout window emerging," but the market has not shown a simultaneous increase in volume and price, indicating that the rebound does not change the overall oscillating pattern [6] - The current tension in Sino-Japanese relations is a major factor restraining risk appetite, suggesting a cautious approach to technology growth sectors, which are more sensitive to risk preferences [6] - The real estate market has been in a downward trend since the policy release last September, with recent price increases in the sector driven by changes in policy expectations and capital inflows, but further confirmation of policy effectiveness is needed to sustain this momentum [6] Sector Strategy - In the technology sector, a cautious approach is recommended due to the difficulty in further upward adjustments in expectations amid declining risk appetite [6] - The cyclical consumer manufacturing sector, characterized by medium risk, is expected to gain market consensus as conditions evolve [6] - The real estate sector requires significant fiscal policy measures, such as mortgage interest subsidies, to boost market confidence and reverse negative expectations [6] Defense Industry - Recent U.S. arms sales to Japan, totaling approximately $82 million, may accelerate China's equipment development in response to increasing uncertainties in the Asia-Pacific region [6] - The geopolitical climate, influenced by Japan's military expansion and U.S. support, is likely to drive growth in China's defense capabilities [6]

Trading Summary - The total trading volume of the Shanghai and Shenzhen Stock Connect today reached 1920.55 billion, with Industrial Fulian and CATL leading in trading volume for the Shanghai and Shenzhen markets respectively [1][2] - The banking sector saw the highest net inflow of funds, while the real estate ETF (512200) experienced a significant increase in trading volume, up 255% compared to the previous trading day [1][4][11] Top Stocks - In the Shanghai Stock Connect, the top traded stocks included Industrial Fulian (14.59 billion), China Aluminum (9.42 billion), and Zhaoyi Innovation (9.20 billion) [3] - In the Shenzhen Stock Connect, CATL topped the list with a trading volume of 44.07 billion, followed by Zhongji Xuchuang (35.83 billion) and Sunshine Power (23.16 billion) [3] Sector Performance - The banking sector led with a net inflow of 21.40 billion, followed by the communication sector with 10.34 billion [5] - The new energy sector faced the largest net outflow, totaling -93.72 billion [6] ETF Trading - The Hong Kong Securities ETF (513090) had the highest trading volume at 103.87 billion, with a 37.01% increase from the previous trading day [9][10] - The real estate ETF (512200) also saw a remarkable increase in trading volume, up 255.06% [11] Futures Positioning - In the futures market, both long and short positions increased across major contracts, with the IM contract seeing a significant increase in short positions [12] Stock Market Activity - Aerospace Development achieved a five-day consecutive rise, attracting significant buying interest from institutional investors [14] - Multi-Fluorine faced substantial selling pressure, with a net outflow of -13.65 billion [8]

Core Viewpoint - The article highlights the trading activities in the Shanghai and Shenzhen stock markets, focusing on the top traded stocks, sector performances, and ETF transactions, indicating significant movements in capital flows and investor sentiment. Group 1: Stock Market Trading - The total trading volume of the Shanghai and Shenzhen Stock Connect today reached 1920.55 billion, with Industrial Fulian and CATL leading in trading volume for the Shanghai and Shenzhen markets respectively [1] - The top ten stocks traded on the Shanghai Stock Connect included Industrial Fulian with a transaction amount of 14.59 billion, followed by China Aluminum and Zhaoyi Innovation [4] - On the Shenzhen Stock Connect, CATL topped the list with a transaction amount of 44.07 billion, followed by Zhongji Xuchuang and Sunshine Power [5] Group 2: Sector Performance - The banking sector saw the highest net inflow of capital, amounting to 21.40 billion, with a net inflow rate of 5.03% [7] - Other sectors with notable net inflows included telecommunications and public utilities, while the new energy sector experienced the largest net outflow of 93.72 billion [8][9] Group 3: ETF Transactions - The Real Estate ETF (512200) experienced a remarkable 255% increase in trading volume compared to the previous trading day, making it the top performer in terms of growth [15] - The top ten ETFs by trading volume included the Hong Kong Securities ETF, which had a transaction amount of 103.87 billion, followed by the Hang Seng Technology ETF [14] Group 4: Futures Positions - In the futures market, both long and short positions increased across major contracts, with the IM contract seeing a significant increase in short positions while the IF contract saw an increase in long positions [17] Group 5: Institutional and Retail Trading - Institutional trading showed moderate activity, with Aerospace Development receiving significant buying interest from institutions, while Multi-Fluor faced notable selling pressure [18] - Retail trading was characterized by active participation from first-tier funds, particularly in Aerospace Development, which achieved a five-day consecutive rise [20]