【人工智能】 政策支持：八部门印发《"人工智能+制造"专项行动实施意见》，提出到2027年AI核心关键技术安全可 靠供给等目标。 产业动态：智谱AI与国产GPU公司天数智芯将于明日（1月8日）在港股上市；金融时报称Meta收购 Manus正面临监管审查；网传DKL在谷歌TPU OCS采购中获超70%份额；卖方指出单机柜电源（PSU） 价值量预计提升至少30%。 其他传闻：市场传闻春节期间将有大模型重大动作；另有传闻称科技公司被要求暂停英伟达H200芯片 订单。 相关ETF： 半导体设备ETF(场内：561980，场外：020464)、云计算ETF(场内：159890，场外： 021716)、软件龙头ETF(场内：159899，场外：018385) 【卫星互联网】 日本政府计划打造本土版"星链"系统，拟列支1500亿日元补助相关企业。 相关ETF： 卫星产业ETF(场内：159218) 【有色金属】 中国央行连续第14个月增持黄金。 相关ETF： 有色矿业ETF招商(场内：159690) 【煤炭】 多重因素催化：蒙煤短期通关下降预期；榆林部分核增产能退回；市场对反内卷政策加码存预期；行业 处于冬储补库阶段。 相 ...

人民银行：2026年将实施适度宽松的货币政策。将建立特定情景下向非银机构提供流动性的机制，发挥 好支持资本市场的货币政策工具作用。 相关ETF： 国债政金债ETF(场内：511580) 【卫星互联网】 国内首家商业火箭公司（科工火箭）即将易主，整体估值约112亿元。 【宏观】 中国宣布禁止所有两用物项对日本军事用途出口。涉及稀土、钨、钼、铟、锂、钛合金等多种关键金属 材料。 相关ETF： 有色矿业ETF招商(场内：159690) 【人工智能】 市场就英伟达下一代Rubin平台规格进行讨论，卖方调研称不存在降规问题。 卖方表示，根据产业链调研，25年底AIDC招投标显著提速，交付时间紧迫。 相关ETF： 卫星产业ETF(场内：159218) 【半导体】 英伟达BlueField-4重构AI存储层级，有望打开NAND增量需求空间。 希捷计划每季度对产品涨价10%。 相关ETF： 半导体设备ETF(场内：561980，场外：020464) 【有色金属】 相关ETF： 云计算ETF(场内：159890，场外：021716)、软件龙头ETF(场内：159899，场外：018385)、 TMT50ETF(场内：15990 ...

Satellite Internet - Blue Arrow Aerospace's IPO on the Sci-Tech Innovation Board has been accepted, aiming to raise 7.5 billion yuan, with a focus on reusable rockets [1] - Starlink announced it will provide free broadband service to the people of Venezuela for one month [3] Artificial Intelligence - Wall Street is seeing active IPOs and financing, with companies like Biran Technology experiencing a significant stock price increase, and Suiyuan Technology completing IPO guidance [4] - Google and Anthropic reported strong demand for TPU, while there are rumors of significant price increases for NVIDIA and AMD GPUs starting next month [4] Semiconductor - The Big Fund has increased its stake in SMIC H-shares, and TrendForce has revised upward its expectations for DRAM and NAND contract price increases in Q1 2026 [5] - TSMC has received U.S. permission to transport equipment to its Nanjing plant and plans to raise prices for advanced processes [6] Robotics - Reports suggest that Tesla's Optimus V3 mass production review has been completed, with seven Chinese companies as core suppliers, targeting a production capacity of 50,000 to 100,000 units by the end of the year [7] New Energy - Tianci Materials has released an annual forecast, confirming that Q4 performance is on track [9] Nuclear Fusion - The all-superconducting tokamak experiment has achieved significant physical breakthroughs, providing a basis for high-density operation [10] - The first nuclear fusion conference of the year will be held from January 16 to 17 in Hefei [11] Autonomous Driving - Tesla owners have achieved "full self-driving across the United States" for the first time [13] Digital Currency - State-owned banks will start paying interest on digital RMB real-name wallet balances at current account rates from January 1 [14] Market News - The New Year speech mentioned advancements in artificial intelligence, semiconductors, aerospace, and robotics across multiple sectors [15] - Companies are required to disclose annual performance forecasts by January 31 [16] - Market pricing clues for 2026 indicate sustained high growth, broad recovery, U.S. inflation, and Chinese domestic demand [17] Market Observation - On the last trading day before the holiday, the transaction volume reached 2.05 trillion yuan, with indices closing in the green but not reaching 4,000 points [18] - The satellite internet sector successfully crossed the year-end, with funds remaining in the market, and there is potential for healthy pullbacks to provide better entry opportunities [18]

Core Insights - The Hu-Shen 300 Enhanced ETF (561990) experienced a net financing inflow of 0.35 million yuan on October 23, 2025, with a total financing balance of 12.92 million yuan [1][2][3] - Over the past three trading days, the ETF has seen a cumulative net inflow of 0.72 million yuan, with 11 out of the last 20 trading days recording net financing inflows [1][2] - The financing balance increased by 0.03% compared to the previous day, indicating a slight upward trend in financing activity [2][3] Financing Activity Summary - On October 23, 2025, the financing buy-in was 0.81 million yuan, while financing repayment was 0.81 million yuan, resulting in a net buy of 0.35 million yuan [1] - The financing balance on October 22 was 12.91 million yuan, which increased to 12.92 million yuan on October 23, reflecting a daily increase of 0.03% [2][3] - The financing balance has shown a consistent increase over the past few days, with notable inflows on October 22 (0.40 million yuan) and October 21 (0.31 million yuan) [2][3]

Core Insights - The A-share market has seen a significant surge, with trading volume exceeding 2 trillion yuan, indicating a strong market atmosphere [1] - The China Securities 2000 Enhanced ETF (159552) has achieved remarkable performance, with a year-to-date increase of over 50% and reaching a historical high for the 40th time [1] - The fund's scale has skyrocketed by 6831.25% this year, making it the largest China Securities 2000 product on the Shenzhen Stock Exchange [1] Market Dynamics - The small-cap stocks are experiencing a robust performance due to a recovering fundamental backdrop, supported by pro-growth policies and stable export conditions [3] - The latest Producer Price Index (PPI) shows signs of recovery, indicating improving corporate profits, which small-cap stocks are particularly sensitive to [3] - The liquidity in the market is exceptionally high, with margin trading balances surpassing 2 trillion yuan, reflecting strong investor interest in small-cap growth stocks [3] ETF Comparison - The traditional passive ETFs are being outperformed by small-cap enhanced ETFs this year, as investors seek higher returns amid market volatility [5] - The China Securities 2000 Enhanced ETF (159552) has consistently outperformed its benchmark since inception, with an excess return of approximately 40% [5] Investment Strategy - Caution is advised regarding the high short-term gains of the China Securities 2000 index, with recommendations to set disciplined buying strategies during market corrections [8] - Asset allocation is crucial, suggesting a balanced approach by pairing small-cap investments with large-cap blue-chip ETFs to mitigate risk [9] - The goal of enhanced strategies is to provide a relative advantage in risk management, aiming for lower declines and higher gains compared to the index [9]

Core Viewpoint - The recent volatility in the A-share market indicates that merely following market beta may not yield ideal returns, suggesting the need for products that capture alpha to navigate through fluctuations effectively [1]. Group 1: Performance of Enhanced ETFs - The Hu-Shen 300 Enhanced ETF (SH561990) has consistently outperformed the index since its inception, regardless of market conditions [2]. - From 2019 to 2024, only 75.29% of Hu-Shen 300 enhanced funds managed to outperform the index on average, with a notable drop in 2023 and 2024 where only 60% did so [4]. - The Hu-Shen 300 Enhanced ETF adopts a balanced style, focusing on cash flow and valuation to achieve superior performance without excessive style exposure [4]. Group 2: Annual Performance Data - The annual performance of the Hu-Shen 300 Enhanced ETF since inception shows the following net value growth percentages: - 2022: -17.69% (benchmark: -21.63%, excess return: 3.94%) - 2023: -9.59% (benchmark: -11.38%, excess return: 1.79%) - 2024: 18.19% (benchmark: 14.68%, excess return: 3.51%) - 2025 (projected): 0.44% (benchmark: -2.11%, excess return: 2.55%) - Since inception: 7.00% annualized excess return [5]. Group 3: Market Dynamics - The Hu-Shen 300 index is a core broad market index with significant capital inflow, leading to a total ETF scale of 10,442.67 billion, the largest among all indices [5]. - The Hu-Shen 300 index-linked ETFs have seen a 356% increase in scale since the central government announced its first increase in holdings [5]. Group 4: Alternative Investment Opportunities - The CSI 2000 Enhanced ETF (SZ159552) has outperformed the Hu-Shen 300 index by 11.58% since April 8, with a cumulative increase of 19.27% [9]. - The CSI 2000 Enhanced ETF achieved a year-to-date return of 22.93%, outperforming the Hu-Shen 300 index, which had a return of -1.76% [10]. - The top three performing sectors from April 8 to date are Beauty Care (22.01%), Media (17.65%), and Communication (16.88%), all of which did not surpass the CSI 2000 Enhanced ETF's performance [11]. Group 5: Strategic Recommendations - To capture both market beta and alpha, a combination of the balanced Hu-Shen 300 Enhanced ETF (SH561990) and the more volatile CSI 2000 Enhanced ETF (SZ159552) is recommended as a strategic approach [12].

当外资涌入 A 股、新质生产力写入政策文件、传统宽基指数逐渐 " 钝化 " 时，中国资本市场亟需一个 既能承载外资配置需求、又能精准映射产业升级的"新标尺"。中证 A500 的诞生，恰似一场指数编制 的 " 供给侧改革 " 。 开年以来， DeepSeek 的崛起打破了美国 Al 技术垄断的核心壁垒，也打破了"美国例外论"。市场方 面，以 A 股和港股为代表的中国资产联袂走强，昔日 "YYDS" 美股显露疲态，这一轮以 " 技术突破 " 驱动的行情，或许也是中国资产重估的主线。 当下，全球"聪明资金"正在形成共识——中国核心资产已成新时代的 " 必选项 " 。 再看"新"核心宽基 该指数的编制方式，突破了传统的仅靠市值排序的方案，吸收海外指数编制经验，旨在打造属于中国自 己的 " 新 " 核心宽基。 | | 中证A500指数编制规则"新"在哪? | | | --- | --- | --- | | 1、流动性筛选 | 1 | 提升指数可投资性 | | 2、ESG负面剔除 | 1 | 降低成份股发生重大负面风险事件概率 | | 3、互联互通标的 | 1 | 便利外资投资 | | 4、优先纳入行业市值龙头 | 1 ...