● 本报记者 谭丁豪 日前，中信证券首席A股策略师裘翔在接受中国证券报记者专访时表示，当前长期资金持续入市正重塑 市场结构，在春节前的特殊时间窗口下，投资逻辑将围绕情绪修复与资金再配置展开，各类板块有望迎 来差异化的结构性机会。结合宏观数据与资金动向来看，节前A股市场的运行脉络与投资布局方向清晰 可辨。从当前市场表现来看，情绪修复迹象显著，在震荡分化的主基调下，把握共识方向、布局反共识 领域以及配置长期低波品种，成为开年投资的核心思路。 三重支撑提供安全垫 今年以来，A股市场在政策支持、经济企稳与流动性改善的三重支撑下，呈现震荡上行态势。随着春节 临近，市场投资逻辑与布局方向愈发成为投资者关注的焦点。 长钱入市重塑市场生态 2026年以来，A股市场交投活跃，截至1月16日，上证指数累计上涨3.35%，深证成指累计上涨5.59%， 创业板指累计上涨4.93%。 裘翔认为，当前A股震荡上行的核心支撑源于政策、经济、流动性三大因素的协同发力，且各因素均具 备扎实的数据支撑，为市场提供了坚实的"安全垫"。 政策层面，监管层明确引导A股形成"缓步上涨"格局，中长期资金入市机制持续完善，从制度层面提升 了市场内在稳定性。 ...

③2026年开年以来，多只跨境ETF陆续发布溢价风险提示公告，提示投资者关注二级市场交易价格溢价 风险。1月7日，易方达基金、南方基金、富国基金、汇添富基金等多家机构旗下QDII产品，也发布了 溢价风险提示公告。（王辉） 中证网讯 ①中国人民银行1月7日公告，1月8日将以固定数量、利率招标、多重价位中标方式开展11000 亿元买断式逆回购操作，期限为3个月（90天）。考虑到1月月内将有11000亿元3个月期买断式逆回购到 期，本次操作为等量续作。 ②Wind数据显示，2026年前两个交易日，资金多流向宽基、有色、黄金等涨幅明显的板块。此外， 2025年的最后三个交易日，至少有超50亿资金涌入有色主题ETF。截至1月7日，华夏中证细分有色金属 产业ETF等多只有色主题ETF今年以来实现"三连涨"。 ...

Group 1 - Significant capital inflow was observed in the technology and non-ferrous metal sectors during the last two trading days, with over 3 billion yuan net inflow into the Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF and over 2 billion yuan into the Huaxia Shanghai Stock Exchange Science and Technology Innovation Board 50 ETF and the Southern CSI Shenwan Non-ferrous Metals ETF [1] - The non-ferrous metal sector showed notable gains, with several public fund institutions' non-ferrous themed ETFs reporting over 5% increase in value from October 9 to October 10 [1] - As of October 10, multiple gold stock ETFs have seen year-to-date gains exceeding 90%, with Yongying Fund's gold stock ETF rising over 96% this year, driven by various macroeconomic factors and a strong upward trend in gold prices [1]

Core Viewpoint - The article discusses the recent collective rise of gold-themed ETFs and related non-ferrous metal ETFs, highlighting the differences among three key indices: the China Securities Non-Ferrous Metals Index, the China Securities Sub-Industry Non-Ferrous Metals Theme Index, and the National Non-Ferrous Metals Industry Index [1]. Group 1: Differences Among Indices - **Constituent Stock Composition**: The China Securities Non-Ferrous Metals Index includes a broad range of listed companies involved in the mining, smelting, and processing of non-ferrous metals, with an average market capitalization of approximately 40.2 billion CNY [2]. The China Securities Sub-Industry Non-Ferrous Metals Theme Index focuses on larger, more liquid companies within specific sub-industries, with an average market capitalization of about 45.9 billion CNY [3]. The National Non-Ferrous Metals Industry Index selects 50 prominent securities based on industry classification standards, with an average market capitalization of around 46.7 billion CNY [4]. - **Industry Distribution**: The top five industries in the China Securities Non-Ferrous Metals Index are copper, gold, aluminum, rare earths, and lithium, with a relatively balanced distribution [6]. The China Securities Sub-Industry Non-Ferrous Metals Theme Index also lists the same top five industries, but copper's share exceeds 30% [8]. Similarly, the National Non-Ferrous Metals Industry Index has a comparable distribution, with copper also exceeding 30% [10]. - **Top Ten Weightings**: The cumulative weighting of the top ten stocks in the China Securities Non-Ferrous Metals Index is 45.91% [12]. In contrast, the China Securities Sub-Industry Non-Ferrous Metals Theme Index has a cumulative weighting of 51.22% [12], while the National Non-Ferrous Metals Industry Index stands at 52.1% [12]. Notably, the largest stock, Zijin Mining, has a weight of less than 11% in the China Securities Non-Ferrous Metals Index, but exceeds 16% in the other two indices [12]. Group 2: Similarities Among Indices - **Industry Focus**: All three indices concentrate on the non-ferrous metals sector, reflecting the performance of listed companies in this industry, closely tied to the overall development trends, market supply and demand, and price fluctuations of non-ferrous metals [18]. - **Constituent Stock Selection Rules**: Each index selects stocks from the Shanghai and Shenzhen markets (with the National Non-Ferrous Metals Industry Index also including the Beijing Stock Exchange) based on liquidity and market capitalization to ensure a representative sample of the industry [18]. - **Valuation Levels**: The valuation levels of the three indices are consistent, with all having a TTM price-to-earnings ratio below the historical 20th percentile, indicating a historically low valuation [18].