2026年2月25日，Wind数据显示，A股三大指数今日集体上涨，截止收盘，沪指涨0.72%；深证成指涨1.29%；创业板指涨1.41%。沪深京三市成交额达到 24812亿，较昨日放量2628亿。 涨幅方面，稀土与稀有金属板块强势领涨，巴西ETF单日涨超7% | | | ETF涨幅 TOP10 | | | | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | | 涨幅(%) 基金管理人 | 投资类 | | 520870 | 巴西ETF易方达 | 7.26 | 易方达基金 | QDll股票型 | | 159715 | 稀土ETF易方达 | 6.25 | 易方达基金 | 被动指数型 | | 159713 | 稀土ETF | 6.12 | 富国産尖 | 被动指数型 | | 516780 | 稀土ETF | 6.08 | 华泰柏瑞基金 | 被动指数型 | | 216150 | 稀土ETF嘉实 | 6.07 | 嘉实基金 | 被动指数型 | | 159608 | 稀有金属ETF | 5.74 | 广发基金 | 被动指数型 | | 562800 | 稀有金属ETF | 5.68 ...

在经历了春节长假的休整之后，2月24日A股市场量价齐升，资金入场意愿较为强烈。 与此同时，结构性分化的暗流也在涌动。油气、有色、化工等资源品板块全线走强，影视院线、AI应 用等题材则显著回调。这种"冰火两重天"的格局，使得A股在马年的平稳开局中暗藏分歧。多家一线私 募机构在接受中国证券报记者采访时表示，马年A股首日走势验证了节前的乐观预期，但市场主线也在 逐步切换，投资者需要在"科技"与"资源"的双线逻辑中重新校准攻守节奏。 双轮驱动特征明显 "A股马年首个交易日整体呈现出全线高开、放量走强的行情，上证指数等主要指数同步走高，市场交 投活跃度显著提升。"畅力资产董事长宝晓辉表示，结合春节假期外围市场整体偏暖、资金回流预期较 强的大背景，A股的表现基本符合市场的普遍预期。 奶酪基金投资经理李铭洛则观察到盘面的双轮驱动特征，24日盘面呈现清晰的"资源品+科技成长"双轮 驱动格局——油气能源、贵金属等资源板块与AI算力、半导体、机器人等硬科技赛道领涨，前期涨幅 较大的影视、短剧游戏等题材则有所回调。"这一表现基本兑现了节前市场对'红包行情'的预期，主要 驱动力来自假期期间海外科技股上涨、地缘风险推升避险资产价格以及 ...

在经历了春节长假的休整之后，2月24日A股市场量价齐升，资金入场意愿较为强烈。 与此同时，结构性分化的暗流也在涌动。油气、有色、化工等资源品板块全线走强，影视院线、AI应 用等题材则显著回调。这种"冰火两重天"的格局，使得A股在马年的平稳开局中暗藏分歧。多家一线私 募机构在接受中国证券报记者采访时表示，马年A股首日走势验证了节前的乐观预期，但市场主线也在 逐步切换，投资者需要在"科技"与"资源"的双线逻辑中重新校准攻守节奏。 ● 本报记者 王辉 马科伟同样坚持"左手高质量成长、右手大空间赛道"的均衡思路。他认为，近期海外科技股的震荡反映 出市场对AI的审视正从"讲故事"转向"看业绩"。国内投资机会将更聚焦于能够看到实际订单、具备明确 商业化路径的细分领域，如机器人和国产算力。在地缘风险支撑下，叠加全球流动性宽松预期，贵金 属、石油、有色、化工等资源品板块当前具备持续的上涨驱动力。 也有机构显现出谨慎态度。宝晓辉坦言，她更看好有色金属与石油能源板块的阶段性投资机会，对科技 板块则保持相对谨慎。"科技板块近期震荡幅度偏大，多空分歧突出。虽然长期来看，科技赛道依然是 优质方向，但不适合在当前阶段重仓参与。"宝晓辉表 ...

Market Overview - The first trading day of the Year of the Horse (February 24) saw A-shares open positively, with the ChiNext index rising by up to 2% and the Shanghai Composite Index closing up 0.87% [1][14] - Over 4,000 stocks in the market rose, with more than 100 stocks hitting the daily limit [1][14] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 2.2 trillion yuan, an increase of 219.3 billion yuan from the previous trading day [1][14] Sector Performance - The chemical sector continued to rise, with active performances in phosphate chemicals and fertilizers, leading to several stocks, including Hebang Biotechnology, hitting the daily limit [1][14] - The Chemical ETF (516020) surged by 3.42%, attracting 222 million yuan in the previous five trading days [1][14] Precious Metals and Commodities - Following the Spring Festival, the domestic market entered a peak working season, with the "golden March and silver April" period expected to see increased industrial production and infrastructure projects [3][16] - Precious metals prices surged due to rising risk aversion stemming from U.S. tariff policy disputes and geopolitical tensions, with the Precious Metals ETF (159876) rising by 3.18% and attracting a net subscription of 6 million units [3][16] - The outlook for gold demand is optimistic, with expectations of surpassing 5,000 tons globally by 2025, driven by strong investment flows and central bank purchases [7][19] Military and Aerospace Sector - The military sector showed strong performance, with the Military ETF (512810) rising by 1.16% and experiencing a premium at closing [9][21] - The domestic aviation sector is expected to accelerate, with the C919 aircraft averaging nearly 50 flights per day during the Spring Festival, a 52.6% increase year-on-year [11][24] - Geopolitical tensions, particularly between the U.S. and Iran, are expected to heighten the urgency of national defense construction in China [11][24] Investment Strategies - Analysts suggest maintaining a focus on cyclical price increases and the expansion of AI trends as the main market themes [4][17] - The investment strategy emphasizes a dual focus on technology and resource products, with technology centered on AI, new energy, and innovative pharmaceuticals, while resource products focus on precious metals and basic chemicals [4][17]

Core Viewpoint - After several days of net capital outflow, the A-share market saw a reversal with significant capital inflow on February 3, 2026, as all three major indices closed higher, with a trading volume exceeding 2.5 trillion yuan [1]. Group 1: Market Performance - On February 3, the total scale of all stock ETFs reached 4.15 trillion yuan, with a trading volume of 298.75 billion yuan, a decrease of nearly 20 billion yuan from the previous trading day [2]. - The top-performing sectors included new energy and non-ferrous metals, with four of the top ten ETFs by increase belonging to the new energy sector [2]. - The worst-performing ETFs included those related to brokerage and banking, with declines around 1% to nearly 7% [2]. Group 2: Capital Inflow and Outflow - On February 3, the net inflow of capital into stock ETFs was approximately 97.52 billion yuan, with 56 ETFs seeing inflows exceeding 100 million yuan [4]. - The net inflow for the entire market was 14.9 billion yuan, with broad-based ETFs and Hong Kong market ETFs leading the inflows at 112.49 billion yuan and 23.6 billion yuan, respectively [4]. - The net inflow for the CSI 500 index was 38.01 billion yuan, while the SGE Gold 9999 index saw a net outflow of 68.46 billion yuan [4]. Group 3: ETF Performance Rankings - The top three ETFs by net inflow were the CSI 500 ETF (35.66 billion yuan), the Securities ETF (11.17 billion yuan), and the A500 ETF (9.73 billion yuan) [5]. - The leading ETFs by trading volume included the CSI 500 ETF with 142.18 billion yuan, followed by the A500 ETF with over 100 billion yuan [2]. - A total of 26 ETFs experienced net outflows exceeding 1 billion yuan, with non-ferrous metals and photovoltaic industry ETFs being the most affected [5]. Group 4: Fund Management Insights - Major fund companies like E Fund and Huaxia Fund reported significant net inflows into their ETFs, with E Fund's total ETF scale reaching 652.35 billion yuan, an increase of 96.4 billion yuan [7]. - Fund managers expressed optimism about the A-share market, anticipating a potential spring rally in Q1 2026, particularly in sectors like securities, new energy, semiconductors, and consumer services [7].

Group 1 - The precious metals, industrial metals, and minor metals sectors experienced a significant decline, with multiple gold and colored ETFs hitting the limit down [1][2][9] - Several LOF funds that had previously hit the limit up faced a limit down after resuming trading, indicating market volatility [10][18] - On January 29, gold and colored ETFs attracted substantial net inflows, while semiconductor-related ETFs also saw reverse positioning [11][15] Group 2 - The communication ETF sector showed a general increase, with several ETFs related to communication and artificial intelligence rising significantly [12][13] - Low-valuation sectors such as agriculture, forestry, and paper-making led the market gains, contrasting with the overall decline in precious metals [12] - The trading volume for gold ETFs surged, with the gold ETF reaching a transaction volume of 257.78 billion, significantly higher than the previous week's average of 71.07 billion [4][14] Group 3 - On January 29, various ETFs related to colored metals and gold saw net inflows exceeding 10 billion, indicating strong investor interest [15][17] - The semiconductor sector, despite its recent declines, attracted significant reverse investments, with notable inflows into semiconductor equipment ETFs [16][17] - The core logic supporting gold prices remains unchanged, driven by high geopolitical risks and the weakening of the dollar's credibility due to high U.S. government deficits [8][19]

Core Viewpoint - The article discusses the rising trend in resource-related ETFs, particularly in gold and oil, driven by macroeconomic factors such as US dollar depreciation and inflation, leading to increased investment in resource assets [3][4][10]. Group 1: Market Performance - Gold and various resource ETFs have seen significant increases, with gold ETFs and related stocks gaining traction [4][9]. - The Saudi ETF has shown a price increase of 4.52%, reaching a value of 0.994, with a trading volume of 4.41 billion [8][10]. - The Brazilian ETF has also experienced a surge, indicating a broader trend of rising prices in resource-related assets [9][10]. Group 2: Economic Factors - The article highlights macroeconomic narratives such as the depreciation of the US dollar, resource revaluation, and central banks purchasing gold, which are contributing to the rise in resource prices [3][8]. - Inflation in the US is noted as a catalyst for increasing resource prices, further driving investment in these sectors [3][10]. Group 3: Investment Insights - There is a cautionary note regarding the accumulation of gains in various resource sectors, suggesting that many assets have reached significant profit levels [10]. - The article emphasizes the importance of monitoring premium risks associated with ETFs, particularly in the context of rising prices [10].

Core Insights - In Q4 2025, public funds experienced a loss of 110.1 billion yuan, despite an overall annual profit exceeding 2.6 trillion yuan, indicating a strong performance in equity assets throughout the year [1][2] - Passive investment strategies, particularly large-scale ETFs, dominated the profitability rankings, reflecting significant changes in the capital market over the past year [1][2] - The bond products emerged as the main profit contributors in Q4, with bond funds earning 57.725 billion yuan, while commodity funds also saw substantial gains due to rising precious metal prices [1] Annual Performance Summary - For the entire year of 2025, public funds achieved a total profit of 2.6 trillion yuan, with all fund types reporting gains, particularly mixed and equity funds, which collectively earned nearly 2 trillion yuan [2] - The stock funds alone generated profits exceeding 1.1 trillion yuan, highlighting the strong rise of ETFs in the market [2] Top Performing Funds - In Q4, the top 10 profitable fund products were predominantly gold ETFs and related funds, with six gold ETFs making the list, showcasing the demand for precious metals [2] - The leading fund, Huaan Gold ETF, reported a profit of 8.218 billion yuan, the only product exceeding 8 billion yuan in profit [2] - Other notable funds included Bosera Gold ETF, Huaxia SSE 50 ETF, and E Fund Gold ETF, each earning over 3 billion yuan [2] ETF Performance - The performance of broad-based ETFs remained strong, with Huatai-PB CSI 300 ETF leading with a profit of 78.516 billion yuan, the only fund surpassing 70 billion yuan [3] - Other significant performers included E Fund CSI 300 ETF and Huaxia CSI 300 ETF, both earning over 40 billion yuan [3]

Core Insights - The report highlights that the market index has reached a volatile zone, but the underlying structure remains worthy of attention, indicating a healthy rotation in technology growth and cyclical stocks like non-ferrous metals and chemicals [2][3] - The report emphasizes a strategy focused on mid-cap blue chips as a stabilizing force, with technology growth providing support, particularly in sectors like smart vehicles and robotics [2][3] Industry Strategy - The non-ferrous metals sector is experiencing a price increase in lithium, driven by favorable tax policies and supply-demand dynamics, with lithium carbonate prices rising to $1,880 per ton, up $332 from the previous week [3] - The cobalt market is characterized by cautious purchasing strategies from downstream buyers, but tight supply conditions are supporting cobalt salt prices, indicating ongoing supply-demand negotiations [3] Thematic Strategy - The robotics sector is seeing increased catalysts, with the anticipated release of Tesla's Optimus V3 in Q1 2026 expected to boost attention on the robotics industry, alongside a significant number of domestic companies preparing for IPOs [4] - The report suggests that the domestic humanoid robot market is poised for substantial growth, with expected doubling of shipments and multiple companies likely to complete IPOs, benefiting from both domestic and international market developments [4]

1. Report Industry Investment Rating - The report does not provide a specific industry investment rating. 2. Core Viewpoints of the Report - The "resource products + military manufacturing" trend may continue, and the mid - cap growth style may be dominant in 2026 [2][75][76][82]. - The ETF market's rapid development momentum continues, with various asset varieties showing a "multi - point bloom" situation. The scale has successively exceeded 4 trillion, 5 trillion, and 6 trillion yuan [4]. - In 2026, the "mid - cap blue - chip" style is expected, and industry allocation should focus on the three main lines of "manufacturing, consumption, and cyclical" sectors [4]. 3. Summary According to Relevant Catalogs 3.1 ETF Market Overview - As of December 31, 2025, there were 1381 domestic ETF products, an increase of 350 compared to the end of 2024, with a cumulative scale of 6.03 trillion yuan, an increase of 2.18 trillion yuan compared to the end of 2024, and it successively exceeded the 4 - trillion, 5 - trillion, and 6 - trillion - yuan thresholds during the year [4][8]. 3.2 Dynamics of Various Asset - Class ETFs 3.2.1 A - share ETFs - As of December 31, 2025, there were 826 A - share ETFs, an increase of 27 from the previous month, with a total scale of 28381.44 billion yuan, a decrease of 943.82 billion yuan from the previous month. Currently, 7 products have a scale of over 100 billion yuan [10]. - The CSI A500 products have high capital activity, and satellite - related ETFs have top - performing results. Multiple A500 funds have high average daily trading volumes, and satellite - related ETFs have an average monthly increase of over 40% [13]. 3.2.2 Cross - border ETFs - As of December 31, 2025, there were 247 cross - border ETFs, an increase of 6 from the previous month, with a total scale of 9630.25 billion yuan, a decrease of 67.04 billion yuan from the previous month. Gold - related ETFs are relatively active, with some gold - stock ETFs having a nearly 8% increase in the past month [16][19]. 3.2.3 Bond ETFs - As of December 31, 2025, there were 53 bond ETFs, the same as the previous month, with a current total scale of 8290 billion yuan, a significant increase of 1117 billion yuan from the previous month. Short - term financing ETFs and benchmark treasury bond ETFs are actively traded, and convertible bond - related ETFs have top - performing results recently [22]. 3.2.4 Commodity ETFs - As of December 31, 2025, there were 17 commodity ETFs, the same as the previous month, with a current total scale of 2505 billion yuan, an increase of 90 billion yuan from the previous month. In addition to gold - related ETFs, the Dacheng Non - ferrous Metals ETF has a significant increase in price and volume, rising over 10% in the past month [27]. 3.3 Manager Landscape - The rankings of top managers remain basically stable. Huaxia Fund and E Fund still rank among the top two in non - monetary ETF management scale. In terms of broad - based ETFs, Huaxia Fund ranks first, with a management scale of 6423 billion yuan; in terms of industry ETFs, Huaxia Fund and E Fund rank first and second, with management scales of 2272 billion yuan and 2114 billion yuan respectively [33]. - The concentration of top managers has declined again. As of December 31, 2025, the scale concentration of the top 10 managers decreased by 0.2 percentage points from the previous month to 76.76% [4][36]. 3.4 Capital Flow Changes - In terms of major asset classes, bond and A - share ETFs have received significant capital allocation, while money - market products have been under - allocated. In December, the capital flowing into the ETF market totaled 286 billion yuan, with bond and A - share products having the largest inflows, totaling 216.9 billion yuan, and cross - border products also having an inflow of 70.7 billion yuan. There was an outflow of 7 billion yuan from money - market products [39]. - In terms of sub - sectors, capital has significantly increased the allocation of CSI A500, cross - border technology, science and technology innovation bonds, and gold products. Among A - share products, broad - based products have a large inflow of 102.7 billion yuan, mainly due to the 98 - billion - yuan inflow of CSI A500 products, while industry products have an obvious outflow of 29.2 billion yuan [42]. 3.5 Product Declaration Dynamics - In December 2025, the market received 66 declared products, a decrease of 9 from the previous month but still at a high level in recent years. The declared products in December are diversified, covering areas such as batteries, home appliances, non - ferrous metals, public utilities, ChiNext 50, satellites, engineering machinery, animal husbandry and aquaculture, robots, and free cash flow [46]. 3.6 ETF Holder Structure Analysis 3.6.1 Changes in the Proportion of Individual/Institutional Investors - Overall, the proportion of institutional investors' holdings has been rising in the past two years and currently accounts for about 65%. As of June 30, 2025, institutional investors held 1.78 trillion shares, a year - on - year increase of 38.9%, and the proportion of their holdings increased by 4.7 percentage points from the previous period [53]. 3.6.2 Holdings Preference Characteristics of Various Institutional Investors - State - owned funds: The proportion of holdings in broad - based ETFs remains high, accounting for about 98%. The allocation proportion of the CSI 1000 and CSI A500 sectors has increased [65]. - Brokerages: Broad - based products still account for the majority, and the proportion of holdings in industry products has increased. As of mid - 2025, the proportion of industry products increased to 20.5%, a 2.7 - percentage - point increase from the previous period, while broad - based products accounted for 69.6% [69]. - Insurance funds: The proportion of allocation to industry ETFs has significantly increased, and it is roughly the same as that of broad - based ETFs. As of mid - 2025, the proportion of industry ETFs increased to 44%, a 9.6 - percentage - point increase from the previous period, and broad - based ETFs accounted for 41.7% [72]. 3.7 ETF Monthly Investment Strategy 3.7.1 Rotation Strategy Based on Industry and Style Sentiment and ETF Implementation - Industry perspective: The "resource products + military manufacturing" sector may continue to develop. In January 2026, the model recommends focusing on the communication, non - ferrous metals, power equipment and new energy, national defense and military industry, and coal industries [75][82]. - Style perspective: The mid - cap growth style may be dominant in January 2026, with its sentiment possibly in an expansion state and relatively good market performance [76][86]. 3.7.2 ETF Selection Based on Subjective Strategy Analysis - The market is expected to revolve around "mid - cap blue - chips." In terms of industries, the three main lines of manufacturing, consumption, and cyclical sectors are worthy of attention [76]. 3.7.3 ETF Asset Pool for Reference in January - The table provides a reference for corresponding ETF products based on the conclusions of the industry sentiment rotation strategy and subjective strategy analysis, covering mid - cap broad - based, strategy - based, technology manufacturing, consumption, and cyclical sectors [93][95].