Market Performance - The A-share market saw all three major indices rise, with the Shanghai Composite Index up by 1.38%, the Shenzhen Component Index up by 2.24%, and the ChiNext Index up by 2.85% [1] - The total market turnover reached 2.57 trillion yuan, showing an increase compared to the pre-holiday period [1] Driving Factors for the Rise - The significant rise in the Hong Kong stock market during the New Year period catalyzed the positive opening of the A-share market [3] - Key drivers include: - Intensified global AI application [3] - Increased interest in innovative pharmaceuticals [3] - Strengthening of the Renminbi, with the offshore Renminbi breaking the 7 mark, enhancing the attractiveness of Hong Kong stocks to foreign capital [3] Future Outlook - Externally, the imminent announcement of the new Federal Reserve chairperson and ongoing pressure from Trump for significant interest rate cuts may reinforce expectations for a weaker dollar [4] - Internally, various policies are being implemented to stabilize expectations and stimulate activity, such as optimizing housing purchase restrictions and reducing the value-added tax on second-hand housing [4] - The Guotai CSI 500 ETF (561350) tracks the CSI 500 Index, which focuses on emerging manufacturing and growth sectors like electronics and biomedicine, reflecting China's economic transformation [4] - The Hong Kong Stock Connect 50 ETF (159712) tracks the Hong Kong Stock Connect 50 Index, which includes large-cap blue-chip stocks across various sectors, providing good market representation and industry distribution [4] Industry Developments - Meta has acquired Manus for over $2 billion to enhance its AI agent capabilities [6] - Volcano Engine will be the exclusive AI cloud partner for the 2026 Spring Festival Gala [6] - Deepseek has released a new architecture paper that balances model training performance and efficiency [6] - The brain-computer interface sector is gaining traction, with Elon Musk's Neuralink set to begin large-scale production of brain-computer interface devices in 2026 [6] - The first industry standard for medical devices using brain-computer interface technology will be implemented on January 1, 2026, laying the foundation for standardized development in the industry [6] - The small nucleic acid drug sector is heating up, with Rebio Biotechnology set to enter the Hong Kong market, further stimulating market sentiment [6]

Market Performance - The A-share market experienced a nine-day rally, with the Shanghai Composite Index rising by 0.31% and the Shenzhen Component Index increasing by 0.03% [1] - The ChiNext Index fell by 0.32%, while the North China 50 Index rose by 0.11% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 1.4078 trillion yuan, a decrease of 57.8 billion yuan compared to the previous day [1] - Over 3,400 stocks in the market declined [1] Sector Performance - Leading sectors included carbon fiber, diversified finance, brain-computer interfaces, non-ferrous metals, CPO, wind power equipment, commercial aerospace, and humanoid robots [1] - Underperforming sectors were food and beverage, retail, batteries, chemicals, and influenza [1] ETF Performance - The non-ferrous metal sector saw gains, with the Dachen Fund Non-Ferrous Metal ETF rising by 2.9% [1] - The oil and gas sector performed well, with the Penghua Fund Oil and Gas ETF and the Jingshun Great Wall Fund Oil and Gas ETF increasing by 2% and 1.92%, respectively [1] - The AI sector showed signs of recovery, with the Kexin AI ETF and the Kexin Artificial Intelligence ETF rising by 2% [1] - The commercial aerospace sector continued its upward trend, with the Satellite ETF from Yifangda increasing by 1.7% [1] Declining ETFs - High-premium Hong Kong stock ETFs saw significant declines, with the Hang Seng ETF for Hong Kong Stock Connect hitting the limit down and the Hong Kong Stock Connect 50 ETF dropping by 7% [1] - The latest premium/discount rates for these ETFs were 5% and 0.27%, respectively [1] - The Hong Kong innovative drug sector declined, with the Hang Seng Innovative Drug ETF falling by 2% and the Hong Kong Stock Connect Innovative Drug ETF decreasing by 1.7% [1] - Power stocks experienced a pullback, with the Green Power ETF and Power ETF both declining by 1.6% [1]

Group 1 - The article discusses the phenomenon of certain funds, particularly small-cap Hong Kong funds, being sold at high premiums intermittently, suggesting a potential trading strategy to buy during low premium periods and sell during high premium periods [5][6][10] - Specific funds that have shown high premiums include "Hong Kong Small Cap LOF" with a premium of 9.69% and "Guotou China Value LOF" with a premium of 8.63% as of September 24 [7][6] - The underlying reason for these high premiums is attributed to the small scale of the funds, making them susceptible to speculative trading [6][10] Group 2 - QDII commodity funds, particularly those related to gold, frequently experience high premiums due to factors such as purchase limits and rising underlying asset prices [10][12] - The "Gold Theme LOF" is highlighted as a fund that often sees significant premiums, with a recent premium of 18.43% [12] - The article also notes that the "National Investment Silver LOF" had a high premium but historically has not maintained such levels consistently [10][12] Group 3 - QDII stock funds, especially those linked to the Nasdaq and S&P 500, are also mentioned as having premiums due to quota restrictions and the strong performance of U.S. stocks [17][18] - The Nasdaq Technology ETF has been noted for maintaining a long-term premium of around 20% [17] - The article suggests that if premiums disappear, investors holding related funds might consider converting their holdings from off-market to on-market [17]

Market Performance - The Shanghai Composite Index experienced a slight decline of 0.19% in the morning session, while the ChiNext Index fell by 0.15%. In contrast, the Shenzhen Component Index rose by 0.17% [1] - The total market turnover reached 1.4648 trillion yuan, an increase of 252.9 billion yuan compared to the previous day's trading volume [1] Sector Performance - The AI industry chain saw a collective pullback, with CPO, liquid cooling, and high-speed copper concepts leading the declines. Technology sectors such as robotics and photolithography machines also underwent a general correction [1] - Conversely, the lithium battery industry chain surged, with the non-ferrous metals sector accelerating. Companies like Luoyang Molybdenum and Zijin Mining reached historical highs [1] - The commercial aerospace concept began to show signs of differentiation [1] ETF Performance - Mini-sized Hong Kong stock ETFs continued to rise, with GF Fund's Hang Seng ETF and Cathay Fund's Hong Kong Stock Connect 50 ETF increasing by 7.11% and 2.84%, respectively. Their latest premium/discount rates are 16.96% and 12.35% [1] - The non-ferrous metals sector remained strong, with Southern Fund's Non-Ferrous Metals ETF, Huatai-PineBridge Fund's Non-Ferrous 50 ETF, and Yinhua Fund's Non-Ferrous Metals ETF all rising by 3% [1] - The photovoltaic sector also showed strength, with Harvest Fund's New Energy ETF and Bosera Fund's New Energy Theme ETF both increasing by 2% [1] - The semiconductor sector declined, with chip equipment ETFs and semiconductor equipment ETFs falling by 1.6%. The CPO sector also saw a pullback, with communication ETFs and 5G communication ETFs dropping by 1.6% and 1.43%, respectively [1]

部分港股相关ETF早盘再度活跃，恒生ETF港股通涨超5%，溢价超15%。 此外，港股通50ETF溢价超13%。 值得注意的是，相关基金公司昨日均发布溢价风险提示公告，特此提示投资者关注基金二级市场交易价格溢价风险，投资者如果盲目投资于高溢 价率的基金份额，可能遭受重大损失。 | 代码 现价 类型 名称 | | 涨跌 涨跌幅▼ 益折率 | | --- | --- | --- | | 159312 | | 0.078 5.72% 15.43% | | 159712 跨 港股通50ETF T+0 | 0.055 3.91% 13.51% | | | 159318 跨 恒生港股通ETF T+0 1.472 | | 0.041 2.87% 6.07% | | 159788 跨 港股通100ETF T+0 1.418 | | 0.033 2.38% 5.80% | （文章来源：每日经济新闻） ...

上证指数收涨0.47%，录得7连阳； 创业板指涨0.3%。 商业航天概念股掀涨停潮， 机器人概念股爆发， 稳定币、存储器、智能交通题材涨幅居前， 造纸、 包装、 保险板块表现活跃。 海南自贸区、 黄金、 锂矿方向调整。 财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：钟离 ETF方面，商业航天概念股掀涨停潮，永赢基金卫星ETF、卫星ETF广发和卫星ETF易方达分别涨 6.93%、5.91%和5.86%。迷你规模港股ETF连续第二日上涨，广发基金恒生ETF港股通涨4.92%，最新溢 折率为9.22%。机器人板块突然爆发，景顺长城基金机器人50ETF涨4.23%，机器人ETF富国涨4.15%。 贵金属板块回调，黄金股走低，黄金股票ETF、黄金股ETF基金和黄金股票ETF基金跌1%。部分 港股科 技ETF走低， 港股通50ETF跌1%。 ...

贵金属板块回调，矿业ETF、有色金属ETF分别跌2%和1.98%。黄金股走低，黄金股票ETF、黄金股 ETF跌1.9%。 格隆汇12月25日｜上证指数午盘涨0.29%，创业板指跌0.37%。保险股再度走强，造纸、包装行业同步 拉升，商业航天概念股反复活跃，稳定币、机器人题材表现强势。能源金属产业链回调，锂矿方向领 跌；半导体板块走弱。 ETF方面，迷你规模港股ETF连续第二日上涨，广发基金恒生ETF港股通、国泰基金港股通50ETF分别 涨7.31%、4%，最新溢折率分别为11.72%和15.11%。商业航天板块延续涨势，永赢基金卫星ETF、华泰 柏瑞基金航空航天ETF和卫星ETF广发分别涨4.5%、4.23%和3.94%。 ...

01 12月24日，A股商业航天板块再度大涨，多只卫星主题ETF涨超5%，多只航空航天、新材料等主题ETF涨超3%。 02 港股因假期原因今日下午休市，二级市场资金涌向已暂停申购的港股通ETF，导致多只ETF产品涨幅与溢价率同步飙升。其中，港股通50ETF （159712）涨停，溢价率超10%。 03 A500ETF年终规模战继续上演。12月24日，A500ETF华泰柏瑞（563360）单日成交额首度突破150亿元，再创历史新高。A500ETF相关产品昨 日净流入超130亿元，总规模逼近2750亿元，突破今年2月高点，创下历史新高。 商业航天板块走强 12月24日，A股商业航天板块再度大涨，跟踪卫星产业、卫星通信指数的多只ETF涨超5%。此外，多只跟踪通用航空、国证航天、科创材料等 指数的ETF今日也涨超3%。 华夏基金表示，近期政策催化频频，商业航天板块热度骤升。我国商业航天发展势头强劲，行业处于快速成长期，随着未来更多应用落地，将 驱动行业空前繁荣。 机构表示，在ETF暂停申赎的情况下，做市商无法在一级市场申购ETF份额进行套利操作、平抑溢价，导致场内溢价率迅速飙升。对于溢价较 高的ETF，投资者需要关注 ...

01 12月24日，A股商业航天板块再度大涨，多只卫星主题ETF涨超5%，多只航空航天、新材料等主题ETF涨超3%。 02 12月24日，A股商业航天板块再度大涨，跟踪卫星产业、卫星通信指数的多只ETF涨超5%。此外，多只跟踪通用航空、国证航天、科创材料等 指数的ETF今日也涨超3%。 华夏基金表示，近期政策催化频频，商业航天板块热度骤升。我国商业航天发展势头强劲，行业处于快速成长期，随着未来更多应用落地，将 驱动行业空前繁荣。 | 代码 | 简称 | 今日涨幅 | 今日IOPV溢折率 | | --- | --- | --- | --- | | | | (%) | (%) | | 159712.SZ | 港股通50ETF | 10.03 | 10.48 | | 159218.SZ | 卫星产业ETF | 5.76 | 0.71 | | 512630.SH | 卫星ETF广发 | 5.36 | 0.39 | | 563230.SH | 卫星ETF | 5.27 | 0.49 | | 159206.SZ | 卫星ETF | 5.25 | 0.30 | | 563530.SH | 卫星ETF易方达 | 4.94 | ...

02 01 12月24日，A股商业航天板块再度大涨，多只卫星主题ETF涨超5%，多只航空航天、新材料等主题ETF涨超3%。 机构表示，在ETF暂停申赎的情况下，做市商无法在一级市场申购ETF份额进行套利操作、平抑溢价，导致场内溢价率迅速飙升。对于溢价较 高的ETF，投资者需要关注二级市场交易价格溢价风险，警惕溢价回落可能带来的损失。 港股因假期原因今日下午休市，二级市场资金涌向已暂停申购的港股通ETF，导致多只ETF产品涨幅与溢价率同步飙升。其中，港股通50ETF （159712）涨停，溢价率超10%。 03 A500ETF年终规模战继续上演。12月24日，A500ETF华泰柏瑞（563360）单日成交额首度突破150亿元，再创历史新高。A500ETF相关产品昨 日净流入超130亿元，总规模逼近2750亿元，突破今年2月高点，创下历史新高。 商业航天板块走强 12月24日，A股商业航天板块再度大涨，跟踪卫星产业、卫星通信指数的多只ETF涨超5%。此外，多只跟踪通用航空、国证航天、科创材料等 指数的ETF今日也涨超3%。 华夏基金表示，近期政策催化频频，商业航天板块热度骤升。我国商业航天发展（000547）势头 ...