机构表现方面，中小基金公司凭借高弹性产品布局展现突出业绩弹性，华富基金、西部利得基金、永赢 基金平均收益率位居前列，其中华富基金凭借人工智能ETF（515980.SH）的优异表现，平均收益率突 破70%；资金吸附能力上，国泰基金因旗下证券ETF吸引近300亿元资金流入，成为年度唯一资金净流 入超300亿元的基金公司，景顺长城基金、华宝基金等资金净流入规模紧随其后。机构格局呈现"强者恒 强"与"差异化突围"共生特征，华夏基金、易方达基金规模增长均超千亿，头部公司依托宽基赛道优势 巩固地位，中小基金则通过细分行业产品实现突围。 展望2026年，新时空研究院认为，机构竞争将进一步聚焦细分品类创新与服务能力提升，头部公司在宽 基和主流赛道的规模优势难以撼动，中小基金需在细分行业ETF、跨境产品等领域挖掘差异化机会。整 体而言，2026年ETF市场将更考验管理人对产业趋势的前瞻布局能力与资金流动的敏锐把握。 关于新时空NewTimeSpace：新时空NewTimeSpace是一家采用人工智能技术的国际财经新闻媒体，内容 覆盖股票市场、宏观经济、可持续投资等领域，提供中英文双语财经资讯服务。新时空研究院 （NewTime ...

上周（1月5日-1月9日），A股市场迎来2026年开门红，主要宽基指数录得上涨，全A指数上涨5.11%。科创50大涨9.80%，中证1000和北证50也均涨超5%。 从风格来看，本周小盘风格相对占优，中证1000（7.03%）涨幅大于沪深300（2.79%）；五大风格指数均录得上涨，其中，成长风格涨幅领先，达7.02%。 一、市场概况 上周五A股放量上涨，上证指数取得16连阳站上4100点，刷新逾10年新高。市场成交额超3.1万亿元，为A股史上第六次成交额突破3万亿。 从行业来看，一级行业多数录得上涨，仅银行收跌。涨幅靠前的三个行业分别为综合、国防军工、传媒。 A股市场交投活跃度显著上行，上周五成交额时隔73个交易日后再度站上3万亿元大关。上周日均成交额为28520亿元，较上周上升7236.16亿元；日均换手率 为2.2363%，较上周上升0.5个百分点。上周北向资金日均成交额为3271.51亿元，较上周上升986.47亿元。截至上周四，两融余额为26206.01亿元，较上周上 升799.24亿元。 二、资金流向 上周ETF市场净流出569.32亿元，股票ETF净流入77.65亿元、商品型ETF净流入69.6 ...

03 今日，易方达基金、南方基金、富国基金、华夏基金、华泰柏瑞基金、汇添富基金等多家机构旗下QDII产品 发布溢价风险提示公告。 文娱、软件、卫星板块走强 1月9日，文娱传媒ETF（516190）单日涨幅最高，达8.41%。值得注意的是，该ETF盘中一度涨9.85%，逼近 涨停。创业板软件ETF华夏（159256）紧随其后，单日涨超7%。 01 1月9日，上证指数站上4100点。文化传媒、卫星、航空航天、有色、软件等多个板块表现强势，相关主题 ETF涨幅明显。其中，文娱传媒ETF（516190）领涨全市场，盘中一度逼近涨停，收盘涨超8%。 02 2026年前4个交易日，有色板块受资金青睐。1月5日-1月8日，股票型ETF中，资金净流入额最高的两只ETF均 为有色主题ETF。此外，卫星、半导体设备、A500等ETF产品亦成为资金涌入的重要方向。 公募机构表示，2026年，随着全球进入降息周期，以金、铜、铝为代表的有色金属板块高景气有望延续。 | 代码 | 名称 | 现价(元) | 涨跌幅 (%) | | --- | --- | --- | --- | | 516190.SH | 文娱传媒ETF | 1.43 | ...

Group 1 - The core strategy for investing in stocks, particularly in cyclical commodities like non-ferrous metals, is to follow futures prices rather than market trends [1] - In 2025, gold prices experienced significant fluctuations, with COMEX gold futures rising over 60% for the year, marking the strongest annual performance since 1979 [1] - Copper prices also surged, with LME three-month copper reaching a historical peak of $12,960 per ton, and Shanghai copper futures surpassing 100,000 yuan per ton for the first time [1] Group 2 - The recent copper price rally is attributed to the weakening of the US dollar, which directly boosts prices and reduces holding costs, benefiting non-ferrous metals from the Fed's interest rate cuts [2] - Jiangxi Copper's acquisition of the Cascavel copper-gold mine, which holds 12.2 million tons of copper and over 30 million ounces of gold, is expected to double copper production by 2028 [2] - The macroeconomic narrative of "green inflation" and "interest rate cuts" provides strong support for the sector's prosperity, with structural demand for copper driven by AI and new energy [2] Group 3 - The outlook for copper prices in 2026 is optimistic, with expectations of further price increases due to limited new supply and ongoing demand from new energy and grid upgrades [2] - Investment plans for 2026 include holding stocks like Tongling Nonferrous Metals and Northern Copper, while observing Jiangxi Copper as an industry leader [2] - The international market for gold, silver, and copper futures reached new highs by the end of 2025, indicating a strong upward trend in non-ferrous metals [2]

Core Viewpoint - The public fund industry has witnessed a record-breaking annual return, with Yongying Technology Smart Selection achieving a total return of 233.29%, surpassing the previous record held by Wang Yawei for 18 years [1][6]. Group 1: Fund Performance - Yongying Technology Smart Selection, managed by Ren Jie, secured the top position in the 2025 public fund rankings with a return of 233.29% [3][6]. - The second place was taken by Zhonghang Opportunity Navigation, managed by Han Hao, with a return of 168.92% [3][4]. - The third place was claimed by Hongtu Innovation Emerging Industry, managed by Liao Xinghao, with a return of 148.64% [3][4]. - A total of 90 funds achieved returns exceeding 100% in 2025, with 75 of these being actively managed equity funds, indicating a highly competitive environment [9]. Group 2: Market Trends - The A-share market saw all major indices rise, with the Shanghai Composite Index increasing by 18.41% and the ChiNext Index leading with nearly 50% annual growth [2]. - The total market capitalization of A-shares reached a new high of nearly 109 trillion yuan [2]. - Various sectors experienced active market trends, with robotics, innovative pharmaceuticals, and hard technology sectors leading the charge [2]. Group 3: Fund Management Insights - The success of Yongying Technology Smart Selection is attributed to its concentrated holdings in high-performing sectors, particularly in CPO, with top ten holdings accounting for 73.25% of the fund's net value [8]. - The fund's top four holdings saw significant gains, with the first holding, Xinyi Sheng, increasing by 187.96% in the fourth quarter [8]. - The active management capabilities of funds have allowed them to outperform passive index products in a volatile market [3]. Group 4: ETF Market Developments - The ETF market in China reached a total scale of 6.03 trillion yuan in 2025, marking a significant increase from 3.73 trillion yuan at the beginning of the year [10]. - The top-performing ETFs included the Guotai Communication ETF with a return of 125.81% and the Guotai Communication Equipment ETF with 121.37% [10][14]. - Gold-themed ETFs also performed well, with several funds achieving returns exceeding 90% [12]. Group 5: Fixed Income + Fund Growth - The "Fixed Income +" strategy saw substantial growth, with the total scale of related funds reaching 2.52 trillion yuan, a 50% increase from the end of 2024 [15]. - The median return for fixed income + funds in 2025 was 10.2%, with the top performer, Southern Changyuan Convertible Bond, achieving a return of 48.77% [16][18].

2026年格隆汇"全球视野 下注中国"十大核心ETF重磅揭晓！ 经过长达半个多月， 格隆汇数千万会员参与的投票， 活动组委会统计到数十万的有效投票， 并通过整理、统计、归类后推出此名单： | | 格隆汇2026年"全球视野 下注中国"十大核心ETF | | | | | --- | --- | --- | --- | --- | | 名称 | 44883 | 跟踪指数 | 总规模(亿元) | 管理公司 | | 创业板50ETF | 159949 | 创业板50 | 300.67 | 华安基金 | | 恒生科技ETF易方达 | 513010 | 恒生科技 | 268.96 | 易方达基金 | | 科创芯片ETF | 588200 | 科创芯片 | 396.09 | 嘉实基金 | | 机器人ETF | 562500 | 机器人 | 263.75 | 华夏基等 | | 航空航天ETF | 159227 | 国证航天 | 21.55 | 花夏宴等 | | 储能电池ETF | 159566 | 新能源电池 | 39.23 | 易方达基金 | | 有色金属ETF | 512400 | 有色金属 | 205.01 | 南方基 ...

（原标题：2025年最牛ETF榜单来了！6只ETF收益率翻倍） 2025年最牛ETF榜单来了！通信ETF涨幅125.81%夺得年内ETF涨幅榜冠军；通信设备ETF涨幅 121.37%，摘下亚军；矿业ETF涨幅106.11%，拿下季军；创业板人工智能ETF华宝、有色矿业ETF招 商、工业有色ETF年内均翻倍；有色金属ETF、黄金股ETF等15只ETF年内涨超90%。(格隆汇) ...

Core Viewpoint - The A-share market has seen significant inflows into stock ETFs, with a total net inflow of 1189.94 billion yuan in December and 4847.40 billion yuan since the beginning of 2025, indicating strong investor interest in this asset class [2]. Group 1: Fund Inflows - In December 30, the total net inflow for all stock ETFs reached 65.81 billion yuan, with the top inflow sectors being non-ferrous metals (28.7 billion yuan), the CSI A500 index (16.6 billion yuan), and gold (8.2 billion yuan) [4]. - The leading fund companies include E Fund, which saw its ETF scale increase to 844.4 billion yuan, with a net inflow of 3.5 billion yuan on December 30 and a total increase of 243.75 billion yuan since the beginning of 2025 [4]. - The non-ferrous metals ETF from Huaxia Fund reported a net inflow of 27 billion yuan, achieving a new high in both share and scale, growing over 59 times in the year [5]. Group 2: Fund Outflows - The top outflow sectors on December 30 included the Sci-Tech 50 ETF (net outflow of 12.4 billion yuan) and the Shanghai 50 ETF (net outflow of 5.3 billion yuan), indicating a shift in investor sentiment away from these areas [9]. - Other notable outflows were seen in the communication sector (4.3 billion yuan) and artificial intelligence (4.2 billion yuan), suggesting a cautious approach from investors in these segments [9]. Group 3: Market Outlook - The market outlook remains positive, with expectations of increased capital inflows as insurance companies begin year-end allocations and private equity firms engage in concentrated purchases [10]. - Key investment themes for 2026 include AI innovation, domestic hard technology, and the Hong Kong tech market, which is seen as a vital area for investment due to its competitive advantages [10].

// 核心摘要 // ETF 市场规模已突破 6 万亿元、2025年内增长超 60%，债券ETF、跨境ETF 资金增量显著，ETF正从配置补充加速走向资产配置底座。 本周交易层面， 权益端结构性分化加剧，A500 及中小盘宽基受青睐，行业与风格轮动加快。 在低利率与新考核框架共振下，ETF 正成为资金重构配置路径的关键载体。 // 一、ETF 市场规模概况 // 国内ETF市场最新总规模已突破6万亿元大关，达60019.30亿元 ，产品数量增至1385只，显示出强大的市场活力。 今年以来规模净增约2.27万亿元，较年 初增长幅度超过60%， 增速显著快于往年，反映出投资者对ETF工具的配置需求持续升温。 图一：近三年月频ETF基金规模 登录 Wind 终端 / App 搜索同名 Agent ，获取 ETF 市场洞察 。 // 二、ETF 成交与流动性 // 近期全市场ETF交易活跃度呈现逐步回落趋势， 近一周平均成交额为3558.94亿元，较近一月的4090.22亿元环比下降约13.0%，较近三月的4684.42亿元 进一步缩减24.0%，显示市场整体交投热度有所降温。 图二：近三月日频ETF基金成交额 从结 ...

Core Viewpoint - The non-ferrous metal sector is experiencing a strong upward trend driven by macroeconomic benefits, policy support, and supply constraints, leading to optimistic market sentiment [1] Group 1: Market Performance - The Shanghai and Shenzhen stock markets showed a fluctuating upward trend, with the non-ferrous metal ETF (512400.SH) rising by 1.76% and Zijin Mining increasing by 2.11% [1] - Precious metals are gaining strength due to a weaker US dollar and escalating geopolitical risks, supported by their financial and safe-haven attributes [1] Group 2: Sector Analysis - The industrial metals sector is performing strongly, driven by expectations of macroeconomic easing and rigid supply [1] - Policy encouragement for mergers and acquisitions is expected to enhance the bargaining power of leading companies, reinforcing the sector's logic [1] - Copper is driven by expectations of future supply shortages, while aluminum benefits from low inventory and favorable policies, indicating potential for price recovery [1] Group 3: Sub-sector Insights - The performance of new energy metals and minor metals shows divergence, with raw material shortages being a key variable [1] - Cobalt is supported by expectations of overseas supply disruptions, lithium prices are fluctuating at high levels, and rare earths are adjusting in the short term due to demand impacts, with long-term value reassessment driven by policy [1] - The non-ferrous metal sector is expected to maintain a strong trend supported by macroeconomic, policy, and supply factors, with a focus on the rigid supply logic of copper and aluminum, as well as the allocation value of precious metals [1]