2025年我国ETF迎来了令人瞩目的发展，不仅产品规模突破了6万亿元大关，分红市场也呈现了爆发式 增长。数据显示，按红利发放日统计，2025年ETF总分红规模达450.13亿元，较2024年增长113%，创历 史新高。总体来看，2025年中国ETF基金分红市场呈现出总额创新高、宽基ETF占主导以及分红向头部 产品集中的趋势。 宽基ETF是分红主力 宽基ETF成为推动分红总额跃升的核心力量，贡献了312.88亿元，占ETF总分红的69.51%。这一比例较 2024年的约55%提升显著。有分析认为，这与沪深300、上证50等核心宽基指数成分股的高盈利、高分 红特性得到市场认可下的规模增长有关。 头部公司集中度提升 值得注意的是，头部基金公司普遍提高了ETF的分红频率和分红金额，通过分红常态化来吸引长期投资 者，提升产品竞争力。在此影响下，2025年ETF的分红也高度集中于头部基金公司。 具体来看，华夏基金2025年ETF分红总额达101.31亿元，同比增长161%；华泰柏瑞基金分红95.99亿 元，同比增长196%；易方达基金分红87.79亿元，同比增长194%；嘉实基金分红60.25亿元，同比增长 218%；南 ...

一、交易提示 2025年ETF市场迎来爆发式扩容，全年新发产品340只，合计发行份额超2400亿份，刷新年度纪录。低费率、高透明度和交 易便捷等优势，叠加政策引导与赚钱效应，推动ETF从小众工具走向大众配置。随着指数体系持续细化，产品设计更趋多 元，ETF正加速向产业链纵深延伸，其中科技主题ETF贡献主要增量，成为资金布局高成长赛道的重要抓手。 12月26日,A股三大股指早盘冲高回落,沪指及创业板指一度双双转绿,午后股指再度冲高后保持窄幅震荡走势,截止收盘,沪指 涨0.1%报3963.68点,深成指涨0.54%报13603.89点,创业板指涨0.14%报3243.88点,科创50指数跌0.24%报1345.83点;全市场成交 额2.18万亿元,超3400股下跌。 二、基金要闻 数据来源：巨灵财经 （2）12月行情虽震荡，资金借道ETF入场意愿不减。统计显示，截至12月20日，权益类ETF单月净申购额已突破1000亿 元，创下半年来资金流入小高峰，其中中证A500、沪深300等宽基指数成为绝对主角。与此同时，科创、红利、人工智能 等主题新品密集挂牌，发行节奏明显提速，为来年行情提前"蓄力"。 （3）数据显示，截 ...

你知道吗？ 就在过去短短四个月里，有一股"神秘"的资金以每月2500亿的速度，疯狂涌入A股。 不是外资，也不是游资，而是一种很多普通投资者以前不 太在意的工具，ETF。 到12月26日，它的总规模已经像坐火箭一样，冲破了6万亿元大关。 这个数字意味着，它已经悄无声息地超越了那些由明星基金经理 掌舵的主动型基金，成为了A股里块头最大的机构投资者。 很多人还没反应过来，市场的游戏规则，其实已经变了。 这股资金的洪流并不是突然出现的。 我们把时间拉回到2020年，那时候整个ETF市场的规模才刚突破1万亿元。 用了整整十六年，它才走到这个节点。 但 从那以后，一切都加速了。 万亿到两万亿，只用了三年。 而从五万亿冲到六万亿，仅仅花了四个月。 这种膨胀速度，在以前的金融市场里几乎不敢想象。 推动这一切的力量是多方面的。 监管层这几年一直在鼓励长线资金入市，ETF的审批通道变得前所未有的顺畅。 但更深层的原因，恐怕还是投资者自己用 脚投了票。 越来越多的人发现，费尽心思去挑选个股、追逐热点，结果可能还跑不赢简单的指数。 于是，无论是手握重金的保险机构，还是普通的散户， 都开始把目光投向这种透明、成本低、像"购物车"一样打 ...

Core Viewpoint - A significant increase in trading volume for various broad-based ETFs was observed on December 17, with a net subscription of 19.2 billion yuan for equity ETFs, indicating strong investor interest in this asset class [1] Group 1: ETF Subscription Data - The net subscription for the CSI A500 ETF reached 11.2 billion yuan, while the CSI 300 ETF saw a net subscription of 3.1 billion yuan and the Hong Kong stock theme ETF had a net subscription of 2.6 billion yuan [1] - Over the recent week (December 11-17), the net subscription for CSI A500-related ETFs exceeded 25 billion yuan, highlighting a trend of substantial capital inflow [1] Group 2: Market Outlook - According to Fortune Fund, the current domestic policy is positively oriented, while external liquidity conditions remain uncertain, suggesting that the market may continue to experience volatility in the short term [1] - In the medium to long term, the market fundamentals are expected to strengthen due to the resonance between policy guidance and industrial cycles, maintaining the logic of a long-term slow bull market for A-shares [1] - Future investment themes are anticipated to focus on expanding domestic demand, innovation leadership, and countering excessive competition [1]

Group 1 - Positive signals from the funding side are emerging, with nearly 20 billion yuan net inflow into equity ETFs in just four trading days since December 2 [2][4] - The recent reversal in fund flows shows a significant net subscription of 19.5 billion yuan in equity ETFs from December 2 to December 5, indicating renewed investor interest [4][6] - Major contributors to the net inflow include Huatai-PB CSI A500 ETF with 2.451 billion yuan and Huaxia CSI A500 ETF with 1.839 billion yuan, among others [5] Group 2 - The upcoming end of the year is expected to trigger a resonance of incremental funds, with a notable increase in insurance funds entering the A-share market [7] - Historical data suggests that strong performance in equity assets in previous years leads to increased allocations by residents towards equity assets at year-end [7] - The current average return of active equity funds is 27.38% for the year, with over 90% of funds achieving positive returns, further encouraging investment [7] Group 3 - A surge in new fund issuances is observed, with 81 equity funds currently or soon to be launched, indicating a robust market environment [7] - Foreign capital is anticipated to be a significant source of incremental funds, with seasonal characteristics in northbound capital flows suggesting higher inflows from November to January [7] - Long-term market outlook remains optimistic, with a focus on sectors like AI infrastructure, robotics, and innovative pharmaceuticals, which are expected to present structural opportunities [8]

证券研究报告·宏观报告·宏观周报 金融产品周报 20251206 权益 ETF 系列：持续磨底，大级别反攻行情 仍需要保持耐心 [Table_Tag] [Table_Summary] 事件 ◼ 观点：持续磨底，大级别反攻行情仍需要保持耐心。 ◼ 基金配置建议： 2025 年 12 月 06 日 证券分析师 芦哲 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 唐遥衎 执业证书：S0600524120016 tangyk@dwzq.com.cn 相关研究 《六部委"供需适配政策"精准发力 "新消费"》 2025-12-05 《恒生科技 ETF， 2025 年 11 月复盘 及 12 月展望》 2025-12-02 ◼ A 股市场行情概述：（2025.12.01-2025.12.05） ◼ 主要宽基指数涨跌幅：排名前三名的宽基指数分别为：深证红利 （0.79%），创业板指（0.54%），上证 50（0.28%）；排名后三名的宽 基指数分别为：万得微盘股日频等权指数（-1.20%），科创 50（-0.80%）， 科创综指（-0.75%）。 ◼ 风格指数涨跌幅：排名前三名的风格 ...

Core Viewpoints - Various style indices experienced adjustments last week, with cyclical and growth styles seeing the most significant declines due to recent rapid increases leading to overvaluation and short-term profit-taking [3][7] - The expectation for a Federal Reserve rate cut in December has increased, although there remains considerable disagreement among officials regarding this decision [10] Market Liquidity - Overall market liquidity remains sufficient, with average daily trading volume close to 2 trillion yuan despite recent fluctuations [11] - The margin financing balance has stabilized around 2.5 trillion yuan, indicating a steady recovery since the beginning of the year [11] - Long-term capital inflows are evident, with insurance funds' stock investments increasing by 1.19 trillion yuan to 3.62 trillion yuan by the end of Q3 2025 [11] Market Analysis - The market is undergoing a corrective phase, with major indices experiencing declines, influenced by external factors affecting the technology sector and changing expectations regarding the Federal Reserve's interest rate policy [13][15] - Despite the adjustments, there are signs of potential positive changes, including strong inflows into equity ETFs and a shift in external factors towards a more favorable outlook regarding the Federal Reserve's rate decisions [15] Industry and Theme Allocation - Focus on growth sectors such as technology and advanced manufacturing, which have seen some overvaluation corrections while maintaining high overall economic vitality [5][15] - Continuous attention to "anti-involution" policies, particularly in sectors like electric equipment and basic chemicals where fundamentals are improving and valuations are reasonable [5] - Emphasis on domestic demand improvement, with potential opportunities in machinery, home appliances, automobiles, and consumer electronics benefiting from domestic policies [5][15]

新华财经北京11月25日电四大证券报内容精华摘要如下： 中国证券报 ·阿里千问引爆下载热潮资金涌入AI应用板块 11月24日，受阿里巴巴千问应用下载量攀升带动，AI应用板块集体走强，多只阿里巴巴概念股出现明 显上涨。券商人士预计，随着模型能力提升和应用加速落地，AI应用商业化进程将继续推动产业链景 气延续，数据中心、算力设备等相关方向有望受益。 ·个人养老金保险格局生变：分红型产品占比突破40% 随着个人养老金制度深化，产品供给格局日渐清晰。最新数据显示，在118款在售个人养老金保险产品 中，年金保险以近六成数量占据主导地位；超四成为分红型保险产品，它们通过"保证+浮动"的收益模 式，既为投资者提供了更具弹性的收益空间，又帮助保险公司实现了与投保人的风险共担。业内人士认 为，在利率下行背景下，分红型保险产品正凭借其风险分散与收益弹性的双重优势，逐步成为市场主流 发展方向。此外，保险机构正积极通过开发与健康管理、养老服务深度融合的综合解决方案，进一步提 升个人养老金产品的整体吸引力。 ·沪深ETF规模逾5.7万亿元注册新规落地激发市场新活力 日前，上海证券交易所和深圳证券交易所分别在行业内部通报最新一期基金市场 ...

Core Viewpoint - The equity ETFs have seen significant inflows, with a total net subscription of 196.48 billion yuan since the beginning of the fourth quarter, indicating strong investor interest despite market fluctuations [1][2]. Fund Inflows - As of November 21, the net subscription for equity ETFs reached 40.79 billion yuan in a single day, marking the highest daily inflow since April 9 [1][2]. - The inflow pattern shows a "barbell" configuration, with strong interest in both underperforming broker-themed ETFs and technology growth ETFs [3]. ETF Performance - Broker-themed ETFs have attracted substantial capital, with notable net subscriptions including 9.27 billion yuan for Guotai Junan ETF and 5.70 billion yuan for Huabao Broker ETF [3]. - Technology growth ETFs also received significant attention, with net subscriptions of 7.31 billion yuan for Huaxia Sci-Tech 50 ETF and 4.58 billion yuan for Jiashi Sci-Tech Chip ETF [3]. Market Outlook - The upcoming launch of new ETFs is expected to bring additional capital into the market, with 54 funds currently in issuance and 24 about to start [4]. - Analysts predict that absolute return funds will be a key source of new liquidity, driven by the conversion of household deposits [4]. - Public funds currently maintain a relatively high stock position, with an average equity position of 89.09% as of November 21 [4]. Investment Strategy - The market is currently in a policy and earnings lull, leading to a potential for short-term volatility without new catalysts [5]. - Long-term fundamentals for A-shares remain strong, with a focus on balanced investment across sectors such as consumption, real estate, and non-bank financials [5]. - Mid-term attention should be directed towards sectors benefiting from manufacturing recovery and technology growth, including AI and innovative pharmaceuticals [5].

Core Insights - The net subscription amount for equity ETFs in October reached 100.894 billion yuan, with a significant inflow of over 25 billion yuan on October 31 during a market adjustment [1] Fund Flows - The net subscription amount for Guotai Junan Securities ETF was 7.549 billion yuan, while other ETFs such as Huabao Bank ETF, Huabao Securities ETF, and Jiashi Science and Technology Chip ETF each had net subscriptions exceeding 3.5 billion yuan [1] - Hong Kong-themed ETFs, including Huaxia Hang Seng Technology ETF, Huatai-PB Hang Seng Technology ETF, Tianhong Hang Seng Technology ETF, and Dacheng Hang Seng Technology ETF, also saw net subscriptions above 3 billion yuan [1]