资讯所属栏目还有更多独家策划、专家专栏，免费查阅>> 风险提示：基金有风险，投资需谨慎。 ETF命名规范化迎来历史性一幕。华泰柏瑞基金公告，旗下规模超4300亿元的沪深300ETF（510300） 将于2026年1月9日起正式更名为"沪深300ETF华泰柏瑞"。该产品作为目前全市场规模居首、流动性优 异的ETF，基金规模自2023年以来长期领跑，且是上交所沪深300ETF期权唯一现货标的。 此次更名响应交易所规范化要求，通过"核心标的+ETF+管理人"格式，显著提升产品辨识度，为投资者 提供更清晰的投资选择，有望推动ETF市场向透明化、规范化发展。 ...

□本报记者 张韵 上周五，ETF市场总规模首度突破5.8万亿元，再创历史新高。相较于去年末，仅用约一年时间，ETF规 模骤增超2万亿元，增幅超过50%。其中，股票型ETF依然是市场主流，规模占比超过六成。细分来 看，ETF规模再上新台阶之际，内部分化也愈发明显，头部产品和公司的规模体量大幅领先，行业马太 效应较为突出。 各类ETF百花齐放 在ETF大发展的过程中，各类ETF产品的规模均有不同程度提升。其中，债券型ETF今年的规模增长幅 度尤为亮眼。 据Wind数据统计，截至12月19日，分产品类型来看，规模最大的依然是股票型ETF，超过3.7万亿元， 相较于去年末增超20%；其次为跨境ETF，规模超过9000亿元，较去年末实现翻倍式增长；债券型ETF 规模紧随其后，尽管产品数量仅有53只，但规模超过7400亿元，已经是去年末规模的4倍多，增幅显 著。 头部公司大幅领先 从基金公司层面来看，头部公司的ETF体量已在行业内大幅领先。在部分基金公司内部，ETF甚至已经 成为主导型业务。 据Wind数据统计，截至12月19日，ETF管理规模最高的为华夏基金，超过9200亿元。其次为易方达基 金、华泰柏瑞基金，前者超过 ...

Market Strategy - The market is experiencing increased adjustment pressure, with participants adopting a more conservative mindset as trading willingness decreases due to limited rebound heights and accelerated sector rotation [6] - It is suggested to wait for better layout opportunities rather than frequent trial and error in timing [6] Style Strategy - Defensive strategies are emphasized as year-end approaches, with a focus on mid-cap blue-chip stocks for medium-term timing [3] - The gold sector is expected to benefit from a decline in dollar credit, leading to potential price increases [3] Theme Strategy - The special steel industry is anticipated to undergo high-quality development due to expected cost declines and new import-export management regulations [4] - The implementation of export license management for certain steel products is expected to optimize the export structure and enhance domestic profitability [6] Investment Opportunities - Investment targets include Chifeng Gold (600988, Buy) and Nanjing Steel (600282, Buy) as they are positioned to benefit from the current market dynamics [6]

Core Viewpoint - The market is anticipating the last interest rate decision from the Federal Reserve this year, with a consensus leaning towards a rate cut. The potential new chair has indicated that the negative impact of a government shutdown on the economy is greater than expected, but a stronger economic rebound is anticipated in Q1 next year, suggesting that a "cautious rate cut" is appropriate, with a prediction of a 25 basis point cut in December [1][6]. Group 1: Market Overview - The overall Hong Kong stock market has experienced a pullback, but there is a noticeable trend of capital inflow, particularly into the Hang Seng Tech ETF (513130), which has seen a net inflow of 2.478 billion yuan over the past month, bringing its total size to 42.862 billion yuan and shares to 5.8522 billion, with a year-to-date increase of 25.5 billion shares [1][6]. - The current price-to-earnings (P/E) ratio of the Hang Seng Tech Index is 23.29 times, which is at the lower end of the past five years' range, making it more attractive compared to the Nasdaq's 42.21 times and the STAR Market's 152.29 times [1][6]. Group 2: Future Outlook for Hong Kong Tech Sector - The external environment suggests that maintaining monetary easing is crucial, especially with a weak job market, and a high probability of a Federal Reserve rate cut could alleviate global liquidity pressures, benefiting interest-sensitive Hong Kong tech assets [2][7]. - Internally, continuous inflow of southbound funds, improving profitability of leading companies, and low valuation levels are expected to provide resilience for the Hong Kong tech sector [2][7]. - Huatai Securities recommends focusing on liquidity turning points and sectors that have undergone significant adjustments, such as technology and pharmaceuticals, while also considering alpha opportunities in consumer goods [2][7]. Group 3: Hang Seng Tech ETF Characteristics - The Hang Seng Tech ETF (513130) closely tracks the Hang Seng Tech Index, which includes 30 strong R&D internet platforms and tech manufacturing companies, covering various sectors such as internet, media, software, automotive, and semiconductors, making it a comprehensive and representative index [3][7]. - The ETF offers advantages such as large scale, superior liquidity, and support for T+0 trading, with a management fee of only 0.2% per year, positioning it as a key tool for investors looking to invest in core Hong Kong tech assets [3][7].

市场即将迎来美联储今年最后一次利率决议，降息共识在进一步演绎。近日，美联储下任主席的热门人 选释放鸽派信号，指出政府关门对经济的负面影响比预期大，但明年一季度经济有望更强劲反弹，据此 认为当前是"谨慎降息"的合适时机，并预测12月将降息25个基点。 恒生科技ETF（513130）具有规模较大、流动性较优、支持场内T+0等多重优势，且管理费仅0.2%/年， 有望成为助力投资者布局港股科技核心资产的重要工具，场外投资者可关注其场外联接基金（A类 015310、C类015311）。 恒生科技ETF（513130）的管理人华泰柏瑞基金是境内首批ETF管理人之一，接连打造了目前A股市场 规模居首的ETF——沪深300ETF（510300），目前在全市场所有跟踪中证A500指数的ETF中规模居首 的A500ETF华泰柏瑞（563360），以及红利低波ETF（512890）等ETF精品，拥有超19年ETF运营经 验，致力为广大投资者提供了多元化、高品质的指数投资工具。 风险提示：基金有风险，投资需谨慎。基金管理公司不保证本基金一定盈利，也不保证最低收益，基金 过往业绩不能预示未来收益。市场有风险，投资需谨慎，风险自担。投资 ...

Group 1 - Recently, Guotai Fund has submitted an application for the Shanghai Stock Exchange's Sci-Tech Innovation Board Semiconductor Materials and Equipment ETF, while Taikang Fund has submitted an application for the Innovation and Entrepreneurship Robot ETF. Since November 24, over twenty Innovation and Entrepreneurship semiconductor and robot ETFs have been reported, all targeting the current hottest AI sector [1] - Recently, core assets represented by the CSI A500-related ETFs have seen an influx of new capital. On December 3, among the ETFs with the highest net inflows, several products were noted, including A500 ETF (512050), A500 ETF Huatai-PB, and CSI A500 ETF (159338). The CSI 1000 ETF (512100) and CSI 300 ETF (510300) also received significant net inflows [1] - According to an announcement from Moore Threads, it will be listed on the Sci-Tech Innovation Board of the Shanghai Stock Exchange on December 5, with an issuance price of 114.28 yuan per share, corresponding to a post-issuance market value of approximately 53.715 billion yuan. Previously, public fund companies competed fiercely in the allocation process, with E Fund, Southern Fund, ICBC Credit Suisse Fund, Fortune Fund, Guotai Fund, Huaxia Fund, China Merchants Fund, and Harvest Fund each receiving allocations exceeding 100 million yuan [1]

Core Viewpoint - The launch of the first dual-innovation artificial intelligence ETF by Huatai-PB is expected to provide investors with a streamlined way to invest in cutting-edge technology and seize opportunities in the AI era [1][2]. Group 1: ETF Launch and Performance - The Huatai-PB dual-innovation artificial intelligence ETF (159139) was quickly launched on November 28, 2025, following its approval on November 21, 2025 [1]. - The index tracked by this ETF, the CSI Dual-Innovation Artificial Intelligence Index, has shown a year-to-date increase of 77.69% as of November 25, 2025, outperforming other AI indices during the same period [2]. - The CSI Dual-Innovation Artificial Intelligence Index includes 50 listed companies involved in AI foundational resources, technology, and applications, providing a comprehensive representation of the AI industry [2][3]. Group 2: Management and Industry Position - Huatai-PB Fund, a pioneer in the ETF market with over 19 years of experience, manages the largest ETF in the A-share market, the CSI 300 ETF (510300), with a total ETF management scale of 603.6 billion yuan as of October 2025 [3][4]. - The company has actively engaged in hard technology investments, enhancing its product offerings with various ETFs focused on different sectors, including the newly launched AI ETF [4]. Group 3: Market Context - The increasing global competitiveness and investment value of Chinese technology assets have prompted Huatai-PB to expand its hard technology investment tools, providing investors with diverse allocation options [4].

Core Viewpoint - The Hong Kong stock market, particularly the technology sector, is showing signs of recovery with significant capital inflows into ETFs, indicating investor interest in low valuation opportunities [1][2]. Group 1: Market Performance - The Hong Kong stock market opened with a collective rebound, especially in the technology sector, which had previously faced pressure due to global macroeconomic uncertainties [1]. - The Hang Seng Technology ETF (513130) saw a notable increase in trading volume, reaching a new monthly high of 9.796 billion yuan on November 21, 2025 [1]. Group 2: Capital Inflows - In November, all ETFs tracking the Hang Seng Technology Index experienced a total net inflow of 19.5 billion yuan over 15 trading days, accounting for 21% of the total net inflow for 2025 [1][2]. - The Hang Seng Technology ETF (513130) attracted 4.871 billion yuan during the same period, with its total shares surpassing 58.8 billion, marking a 78% increase year-to-date [1][2]. Group 3: Company Fundamentals - Recent Q3 2025 earnings reports from leading companies in the Hong Kong technology sector indicate resilience amid global economic fluctuations, with stable revenue and profit growth driven by AI enhancements and optimized business structures [2]. - The current price-to-earnings (PE) ratio of the Hang Seng Technology Index is 20.97, significantly lower than the historical average, indicating a valuation advantage compared to the STAR 50 Index and the Nasdaq [2]. Group 4: Investment Strategy - The Hang Seng Technology ETF (513130) is recognized for its large scale, superior liquidity, and low management fee of 0.2% per year, making it a key tool for investors looking to capitalize on core assets in the Hong Kong technology sector [3][4]. - The ETF is managed by Huatai-PineBridge Fund, which has extensive experience in ETF management and has successfully launched several leading ETFs in the market [4].

Group 1 - The core viewpoint of the articles highlights the strong performance of the Hang Seng Technology ETF (513130) amid fluctuating market conditions, driven by investor interest in Hong Kong tech assets and the resilience of leading tech companies in their Q3 earnings reports [1][2]. - The Hang Seng Technology Index is currently at a historically low valuation, with a PE ratio of 21.57, significantly lower than the Sci-Tech 50 Index and the Nasdaq, indicating a notable valuation advantage [2]. - The Hang Seng Technology ETF has seen substantial inflows, with a net inflow of 171 billion yuan in the first 14 trading days of November, reflecting strong investor sentiment towards the tech sector [1][2]. Group 2 - The Hang Seng Technology ETF (513130) offers multiple advantages, including large scale, good liquidity, and a low management fee of 0.2% per year, making it an important tool for investors looking to gain exposure to core Hong Kong tech assets [3]. - The management company, Huatai-PB Fund, is one of the first ETF managers in China, with extensive experience in managing various successful ETFs, enhancing investor confidence in the product [3].

Group 1 - The core focus of the market has shifted towards the CSI A500 Index, which has gained attention as a tool for diversified investment amidst increasing uncertainties and competition among major powers [1][2] - The A500 ETF by Huatai-PB (563360) has shown significant trading activity, with a half-day trading volume reaching 3.589 billion yuan, making it the only ETF in the market to surpass 3.5 billion yuan in half-day trading volume [1] - Foreign institutional investors have increased their holdings in Chinese stocks, with the total number of investigations into A-share listed companies approaching 1,300, indicating a positive outlook on the value of Chinese assets [2] Group 2 - The A500 ETF closely tracks the CSI A500 Index, which employs a "sector-neutral + market capitalization selection" method, covering 35 secondary sectors and 91 tertiary sectors, thus representing the overall performance of core A-share assets [3] - The A500 ETF has a low fee structure, with management and custody fees at 0.15% and 0.05% per year, respectively, making it one of the lowest in the A-share market [3][5] - As of November 18, 2025, the A500 ETF has achieved a cumulative net asset value of 1.2264 yuan, making it one of the few ETFs tracking the CSI A500 Index to exceed 1.22 yuan [4]