周五，大奇迹日啊！A股三大指数集体翻红，尤其是创业板指涨了近1%，两市成交额也回到了2万亿以 上。 盘面上热点轮动很快，可控核聚变、商业航天掀起了涨停潮，还得是科技成长！ 1、科技创新与高端制造 这里面还有具体细分，大家可以找找对应的ETF进行布局。 比如，人工智能与算力，会议提到了深入"人工智能+"行动； 其次，高端装备与商业航天。"实施新一轮重点产业链高质量发展行动"直接利好高端装备。国家设立商 业航天司，推动产业高质量发展，使商业航天板块近期持续受到资金关注。 港股，恒生指数涨得更带劲，全天涨了1.75%，表现比A股还强一些。整体看，市场在经历了前几天的 调整后，情绪有所回暖，资金又开始活跃起来了。 重磅经济会议落地，提到了几个重点任务，坚持内需主导、强化科技创新、建设全国统一大市场（反内 卷）、统筹发展与安全。 这里主次很明显了，后续，或者说2026年这几个方向值得重点关注： 还有，工业母机与机器人。作为智能制造的基础，工业母机被"十五五"规划列为优先方向，机器人产业 也受益于政策助推产业化落地。 2、内需与大消费 提振消费是"坚持内需主导"的核心，还有一个逻辑，部分消费板块估值已处于历史中低水平。 ...

A股三大指数今日（12月12日）集体上涨，截至收盘，沪指涨0.41%，深证成指涨0.84%，创业板指涨0.97%。沪深两市全天成交额达到2.09万亿元，较昨日 放量超2300亿元。 盘面上，AI产业链重拾攻势，重点布局国产AI产业链的科创人工智能ETF（589520）、光模块CPO含量超56%的创业板人工智能ETF（159363）盘中场内价 格双双涨超2%；商业航天、可控核聚变、超导等多题材联袂带动，一键布局低空经济+大飞机+军民融合+商业航天的通用航空ETF华宝（159231）场内价格 收涨1.69%，高人气国防军工ETF（512810）收盘价再创逾1个月新高。 港股方面，港股科技股大面积爆发，A+H芯片产业链再度走强，全市场首只聚焦"港股芯片"产业链的港股信息技术ETF（159131）全天震荡走强，放量收涨 2.07%；重仓互联网龙头的港股互联网ETF（513770）场内价格大涨1.86%，一举收复5日、10日线。 | | 159131 | 港股信息技术ETF T+0 | 2.07% | | --- | --- | --- | --- | | | 513770 | ** | 1 86% | | | | 1 ...

>>>> ETF早知道 >>>>> ETF早知道 ETFEFR道 WP bao <<<< >>>>> 2025 目早知道 Dec ETFEFR通 <<<< 市场温度计 >>>>> 中长期信号 · 投资看温度 ETFER -- > 75% --- 75% 75% -- + 25% + 25% -- > 25% ETFLERS -0.37% 0.61% -0.39% ↑ > > <<<< 上证指数 深证成指 创业板指 注:温度计水银条由对应指数的近十年市盈率分位数表示,总值为100%。数据来源:iFind,截至 2025.12.9,上证指数、深证成指、创业板指的近十年市盈率分位数分别为94.12%、81.32%、41.69% e 0 ( ETFOFF 6 板块热力图 ETF 早知道 <<<< 短期轮动走向·观九宫热力值 +3.45% +2.23% +0.78% 综合 电子 通信 ETF 早知道 ET | 097616 1.31% | 电子EIF | | 0.66 | 54.12%0 | | | --- | --- | --- | --- | --- | --- | | 515000 | 科技ETF | 1.32% ...

Core Insights - The article discusses the performance and trends of various ETFs, highlighting significant movements in the market, particularly in the technology and semiconductor sectors. Market Overview - As of December 8, 2025, the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index have historical P/E ratios at the 92.68%, 79.39%, and 38.09% percentiles respectively, indicating varying levels of valuation across these indices [16][21]. - The article notes a strong performance in the electronic and communication sectors, with respective inflows of 33.95 billion and 14.28 billion [17]. Sector Performance - The top-performing sectors include electronics (+4.79%), communications (+3.03%), and non-bank financials (+1.90%) [2][16]. - Conversely, sectors experiencing the most significant outflows include defense and military (-36.34 billion), pharmaceuticals (-23.96 billion), and food and beverage (-14.66 billion) [17]. ETF Highlights - The "Hua Bao AI ETF" (159363) saw a notable increase of 5.41%, reaching a new high, driven by strong demand in the computing power sector [20][21]. - The "Hong Kong Chip Chain ETF" (159131) recorded a 0.95% increase, marking its third consecutive day of gains, reflecting positive sentiment in the semiconductor industry [22]. Future Projections - The global semiconductor revenue is projected to grow by 22.5% to 772 billion in 2025 and further increase by 26.3% to 975 billion in 2026, nearing the trillion-dollar mark [22]. - The AI supply chain in China is expected to enter a critical growth phase in 2026, as indicated by Bernstein's analysis [22]. Investment Opportunities - The article emphasizes the potential for investment in the AI and semiconductor sectors, particularly through ETFs that focus on these industries, given their projected growth and current market dynamics [22].

综上所述，我们认为：（1）谷歌大模型和芯片的组合拳确实很强、明年的逻辑确实顺风，但单单依靠大模型而让接近4万亿美元市值的公司股价短期进一步 再显著上涨（比如20-30%），我们认为还有难度。大模型的竞赛尚未定论，仍会呈现此起彼伏状态。（2）谷歌v6p芯片单位算力性价比弱于英伟达 B200,2026年v7p和v8e跟英伟达Rubin系列推出的节奏相似，意味着谷歌TPU颠覆英伟达的逻辑尚未充分暴露。（3）一旦TPU颠覆英伟达，创业板人工智能 ETF华宝可能下跌，所以意味着这类博弈在2026年上半年会持续反复，但是当前无法定论、还需观察跟踪。 我们当前所倾向的ETF配置策略及产品关注：在美股开始底部显著反弹之际，虽然调整会反复，但我们认为主跌浪或许已经结束，更多是做底部了，这便使 得泛科技ETF的配置有了价值；同时A股高位板块也死守箱体，低位板块位置调整充分。总体而言，我们认为从空间角度，市场已经达到"低吸"的较好"击 球点"，配置上保持之前的两个观点：（1）以光模块为代表的创业板人工智能ETF华宝（159363）目前就相当于成长板块指数增强。（2）按顺序，建议重 点关注已具有一定安全边际的港股信息技术ETF（15 ...

Group 1 - The technology sector has undergone a one-and-a-half-month adjustment, with expectations that a bottom may be reached around mid to late November [1][10] - The low point of the bottom sector is becoming clearer, allowing for gradual attention to broad technology ETF products [1][10] - There is ongoing speculation about whether high-positioned sectors will experience further declines, while the next core direction for growth remains uncertain [1][10] Group 2 - Following the review of the A-share and US stock markets post-November 12, several companies, including Nvidia, Tesla, and Kioxia, have shown indiscriminate declines due to reduced expectations for a December interest rate cut [2][11] - The A-share technology sector is experiencing a "top sector contraction" while the bottom sector is facing overselling, with strong fundamental companies like Zhongji Xuchuang being deeply supported [2][11] - Weak sectors such as robotics and edge chips have entered a continuous oversold phase, indicating a risk-averse sell-off by investors [2][11] Group 3 - The current rebound in the technology sector is primarily driven by liquidity rather than clear industrial logic, suggesting a general rebound without a defined industry-level focus [3][12] - High-positioned stocks like Zhongji Xuchuang have not significantly declined, while low-positioned sectors such as edge chips and domestic robotics have returned to early May levels, indicating deep adjustments [3][13] Group 4 - The combination of Google's large model and chips is strong, but significant short-term price increases for companies nearing a $4 trillion market cap are challenging [4][13] - Google's v6p chip has a lower cost-performance ratio compared to Nvidia's B200, and the competitive dynamics between Google TPU and Nvidia are still unfolding [4][13] - The potential disruption of Nvidia by TPU could lead to declines in the performance of the Huabao AI ETF, indicating ongoing uncertainty in this competitive landscape [4][13] Group 5 - The current ETF allocation strategy suggests that with the US stock market showing signs of a significant bottom rebound, the configuration of broad technology ETFs has become valuable [5][14] - The focus should be on ETFs with certain safety margins, including the Huabao AI ETF, Hong Kong Information Technology ETF, and Financial Technology ETF, among others [5][14]

Group 1 - The technology sector has undergone a month and a half of adjustments, with expectations that a bottom may be reached around mid to late November [1] - The low point of the bottom sector is becoming clearer, prompting attention towards broad technology ETF products [1] - There is ongoing debate about whether high-positioned sectors may face further declines, while the next core direction for growth remains uncertain, with opportunities primarily in low-positioned varieties [1] Group 2 - A review of the A-share and US stock markets post-November 12 indicates a broad decline in major tech stocks like Nvidia, Tesla, and Kioxia, influenced by reduced expectations for a December interest rate cut [2] - The A-share technology sector is experiencing a "top sector contraction" while bottom sectors are facing overselling, with strong fundamental companies like Zhongji Xuchuang being deeply supported [2] - Weak sectors such as robotics and edge chips have entered a continuous oversold phase, indicating a risk-averse sell-off by investors [2] Group 3 - The current situation in the technology sector suggests that short-term rebounds are primarily driven by liquidity rather than clear industry logic, indicating a general rebound without a defined sector focus [3] - High-positioned stocks like Zhongji Xuchuang have not seen significant declines, while low-positioned sectors such as edge chips and domestic robotics have returned to early May levels, indicating deep adjustments [3] Group 4 - The combination of Google's large model and chips is strong, but significant short-term price increases for companies with nearly $4 trillion in market value may be challenging [4] - The performance of Google's v6p chip is weaker in cost-effectiveness compared to Nvidia's B200, suggesting that the potential disruption of Nvidia by Google's TPU is not yet fully realized [4] - The competition surrounding TPUs and Nvidia is expected to continue into the first half of 2026, requiring ongoing observation [4] Group 5 - The current ETF allocation strategy suggests that with the US stock market showing signs of a significant rebound, the broad technology ETF configuration has value [5] - The focus should be on ETFs with a certain safety margin, including the Huabao AI ETF and various Hong Kong technology ETFs, as the market has reached a favorable entry point for "buying the dip" [5] - Specific ETFs recommended for attention include the Huabao AI ETF, Hong Kong Information Technology ETF, Financial Technology ETF, and others, indicating a strategic approach to sector allocation [5]

Core Viewpoint - The article discusses the performance of various ETFs and sectors in the market, highlighting significant movements in the artificial intelligence and semiconductor sectors, as well as the overall market trends as of November 25, 2025 [5][6]. Sector Performance - The top-performing sectors on November 25, 2025, included Media (+3.54%), Communication (+2.42%), and Non-ferrous Metals (+2.85%), while sectors like Transportation (-0.11%) and Defense (-0.32%) saw declines [3]. - The net inflow of capital was highest in the Communication sector with 38.30 billion, followed by Electric Equipment (37.85 billion) and Electronics (36.77 billion). Conversely, the Defense sector experienced the largest outflow at -28.88 billion [3]. ETF Highlights - The "Entrepreneurship AI ETF" (159363) saw a strong performance with a daily increase of 3.45%, recovering key moving averages and achieving a trading volume of 8.73 billion [5][6]. - The "Hong Kong Chip ETF" (159131) recorded a significant price increase of nearly 4% during the day, closing with a 1.10% gain, marking a record trading volume of 1.36 billion since its launch [6]. Investment Insights - Fund managers indicated that the U.S. stock market is showing signs of a significant rebound, suggesting that the main downtrend may have ended, making technology ETFs attractive for investment [6]. - The article emphasizes the valuation advantages of Hong Kong chip stocks, with a PE ratio percentile of around 38%, significantly lower than that of the ChiNext Index (83%) and Nasdaq 100 (67%) [6][8].

港股信息技术ETF（159131）业绩比较基准为经人民币汇率调整的中证港股通信息技术综合指数收益 率，管理人为华宝基金管理有限公司，基金经理为曹旭辰、张放，成立（2025-11-05）以来回报 为-7.44%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 来源：新浪基金∞工作室 11月25日，港股信息技术ETF（159131）涨1.10%，成交额1.36亿元。当日份额增加100.00万份，最新份 额为2.87亿份。最新资产净值计算值为2.66亿元。 ...

Core Insights - The approval of multiple hard technology fund products, including the Huabao Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF, is significant for guiding investments in key sectors like chips and artificial intelligence, aligning with national strategies and industrial policies [1][4] - The Huabao Shanghai Stock Exchange Chip ETF tracks the SSE Science and Technology Innovation Board Chip Index, which includes 50 companies involved in semiconductor materials, chip design, manufacturing, packaging, and testing, reflecting the overall performance of representative chip industry companies [4] - The latest "14th Five-Year Plan" emphasizes breakthroughs in critical technologies across various sectors, including integrated circuits and artificial intelligence, positioning China's chip industry for substantial growth [4] Fund Management and Performance - Huabao Fund manages the largest on-market money market ETF, Huabao Tianyi ETF, with an asset management scale of 131.49 billion yuan as of October 2025, ranking it among the top in the industry [5] - Huabao Fund has developed a comprehensive ETF matrix focused on high-tech strategic emerging industries, including various AI-related ETFs and sector-specific funds, enhancing its product offerings [6] - The "High Dividend ETF Family" has gained significant scale, with Huabao Fund holding the largest bank ETF and several other notable dividend-focused ETFs [7] Investment Returns - In the first three quarters of 2025, Huabao Fund's ETFs generated a total profit of 16.895 billion yuan for investors, with equity ETFs contributing 16.261 billion yuan, showcasing strong performance in the index fund and ETF investment space [7]