ETF市场的CR3高达41%。 | 作者 | | 紫枫 | | --- | --- | --- | | 编辑 | | 小白 | 一个数字，见证了中国资本市场一个新时代的加速到来。 截至2025年12月末，ETF的总规模历史性地突破了6万亿元大关，达到6.03万亿元。 就在今年，A股市场接连跨越了4万亿、5万亿、6万亿三道门槛，而每一次万亿级的跨越，时间间隔 都在惊人地缩短——从最初的16年，到如今的短短数月。 以ETF为代表的指数化投资，已从一个小众工具，跃升为资产配置的主流选择，深刻改变着亿万普通 投资者的理财版图。 规模跃迁的背后：多重引擎驱动增长 ETF市场的爆发式增长，并非偶然，而是政策、市场与投资者需求共振的必然结果。 首先，顶层设计的强力推动给发展提供了底层根基。2025年初，证监会发布《促进资本市场指数化投 资高质量发展行动方案》，从国家层面明确了发展被动投资、构建"长钱长投"生态的战略方向。这释 放了明确的信号，简化了产品注册流程，鼓励基金公司丰富产品线。 随后，沪深交易所优化风险管理指引，为市场健康发展保驾护航。政策暖风直接催生了中证A500ET F、现金流ETF、科创债ETF、基准做市信用 ...

2025年12月26日，现金流ETF（159399.SZ）收涨0.61%，主力资金（单笔成交额100万元以上）净流出 1081.51万元，居全市场第一梯队。（数据来源：Wind） 与此同时，该基金最新成交量为1.81亿份，最新成交额达2.07亿元，全市场排名较上一交易日下降15 位。 现金流ETF（159399.SZ），场外联接(A类：023919；C类：023920）。 拉长时间看，该基金近30个交易日有20天主力资金净流出，合计流出1.07亿元，居全市场第一梯队。 （数据来源：Wind） ...

沪深股通今日合计成交1804.38亿，其中寒武纪和中际旭创分居沪股通和深股通个股成交额首位。板块主力资金方面，电新行业板块主 力资金净流入居首。ETF成交方面，现金流ETF（15939 9）成交额环比增长147%。 龙虎榜方面，多氟多获一家实力游资（中信证券西安朱雀大街）买入1.2亿；天际股份获两家实力游资（国泰海通证券成都北一环路、 国泰海通证券上海中山东路）合计买入1.77亿。商业航天概念冲高回落，人气股航天机电跌停，遭一家一线游资（国泰海通证券上海江 苏路）大幅卖出5.29亿。 一、沪深股通前十大成交 今日沪股通总成交金额为830亿，深股通总成交金额为974. 37亿。 | | | 沪股通（ 12月23日 ) | | | --- | --- | --- | --- | | 排名 | 股票代码 | 股票名称 | 成交金额(亿元) | | 1 | 688256 | 寒武纪 | 20.76 | | 2 | 601138 | 工业富联 | 16.59 | | 3 | 601899 | 紫等鸡,不 | 16.21 | | ব | 601888 | 中国中免 | 16.13 | | 5 | 688041 | 海光信 ...

Group 1 - The central economic work conference held on December 10-11 in Beijing emphasized the continuation of a more proactive fiscal policy, maintaining necessary fiscal deficits, total debt scale, and expenditure, while addressing local fiscal difficulties [1] - The conference also highlighted the need for a moderately loose monetary policy, utilizing various policy tools such as reserve requirement ratio cuts and interest rate reductions flexibly and efficiently [1] - China Galaxy Securities indicated that the conference provided initial direction for next year's economic work, with A-share investment focusing on several key areas: technology innovation, "anti-involution," large consumption, financial sector support, real estate chain stabilization, and overseas expansion [1] Group 2 - The cash flow ETF (159399) saw a net inflow of 642 million units, indicating strong capital interest [1] - The China Securities A500 ETF (159338) is noted for its leading customer base, with total accounts being more than three times that of its closest competitor, suggesting a growing preference among investors [2]

中证全指自由现金流指数发布即将满一周年了。 自2024年12月11日指数正式发布以来，相关ETF产品迅速布局，目前已成为境内ETF市场重要的策略主题之一。 在这个颇有纪念意义的节点已成立的现金流ETF情况如何了？ | 证券代码 | 证券间称 | 成立起净值 超越基准收益率 | 基金成立日 | 基金规模合计 | | --- | --- | --- | --- | --- | | | | [单位] % | | [单位] 亿元 | | 562080.SH | 300现金流ETF | 6.86 | 2025-04-07 | 8.11 | | 159232.SZ | 自由现金流ETF南方 | 4.36 | 2025-04-23 | 12.23 | | 159399.SZ | 现金流ETF | 4.21 | 2025-02-19 | 45.69 | | 563390 SH | 现金流ETF全指 | 4.10 | 2025-04-23 | 6.75 | | 159235.SZ | 中证现金流ETF | 3.88 | 2025-04-23 | 17.58 | | 512130.SH | 全指现金流ETF鹏华 | 3.75 | ...

Group 1 - The core viewpoint of the article highlights the weakening of the dividend style in the market, with the cash flow ETF (159399) seeing over 1% increase as funds are being bought on dips, indicating a trend of investors seeking safety in dividend assets amid market volatility [1] - Since December, the cash flow ETF has attracted over 4.6 billion yuan in inflows over the past 10 days, bringing its total size to over 4.5 billion yuan, reflecting a strong interest in dividend stocks as a defensive strategy [1] - Historical data suggests that dividend styles tend to yield significant excess returns in December, January, and April, as investors often turn to dividend stocks for risk aversion before year-end and during performance reporting periods [1] Group 2 - The cash flow ETF (159399) has been consistently distributing dividends for 9 months since its launch, with evaluations conducted monthly, presenting an opportunity for interested investors [2]

投顾发展 | 投顾晨报 耐心等待低位布局时机 朝闻道 20251205 市场策略 耐心等待低位布局时机 风格策略 藏科技进攻的"锋"，待中盘蓝筹的"时" 行业策略 有色：布局正当时 主题策略 计算机：太空算力未来可期，关注核心收益环节 风险提示 宏观经济增速放缓、关税影响需求与产业链稳定性、原料价格波动、中美关系变化、商业化进展不及预 期。 报告发布日期 2025 年 12 月 05 日 江韶军 执业证书编号：S0860525090001 jiangshaojun@orientsec.com.cn 021-63326320 ⚫ 周一"先扬后抑"的预判得到了市场验证，11 月 21 日的跳空缺口阻力明显，本周 前四个交易日沪指一阳三阴。截至 12 月 4 日，是近半年以来沪指月 K 线首次暂时收 在了 5 日均线下方，需要警惕震荡升级。站在当下，我们认为中期震荡格局未改， 耐心等待低位布局时机。要么以时间验证胜率的提升，要么以空间换来赔率的扩 大。 ⚫ 相关 ETF：现金流 ETF(159276/159399/516460/159235)、科创 100ETF(588220/589980/588190) ⚫ 日历 ...

Core Insights - The report emphasizes a cautious optimism in the market, suggesting that investors should wait for low-positioning opportunities as the market is expected to experience fluctuations [3][9] - It highlights the importance of focusing on sectors with improving marginal conditions, particularly in commodities and advanced manufacturing, while also considering short-term timing [9] Market Strategy - The report anticipates a balanced market with a tendency towards large-cap stocks, while small-cap growth stocks may experience weakness [9] - It suggests that investors should select industries with moderate valuations, low institutional allocations, and reduced volatility [9] Industry Strategy - In the non-ferrous metals sector, the report indicates that the current market conditions are favorable for investment, particularly in copper, gold, and aluminum [5][9] - It notes that the supply-demand dynamics are tightening, and inflation expectations are rising, which could lead to a favorable cross-year market for copper and gold starting in December [9] Thematic Strategy - The report discusses the potential of space computing, highlighting the government's support for commercial aerospace development and the expected growth in the satellite data center market, projected to reach $39 billion by 2035 with a CAGR of 67.4% from 2025 to 2035 [6][9] - It identifies key investment opportunities in AI computing and satellite information infrastructure as beneficiaries of the growth in space computing [9]

今天净值出来了。 场内ETF账户亏损0.7万（资产260万）； 场外基金账户亏损1.4万（资产550万）； 两个账户合计亏损2.1万， 周一盈利5.7万，周二亏损2.1万，本周还剩3.6万浮盈。 听说银行下架五年期大额存单了。 银行都不缺钱了，市场降息又有盼头了。 （一） 答案是可以的，接下来给大家具体聊聊 （1）2月初的时候，博格写了一篇文章详细介绍了现金流ETF。 特别强调了：在国债利率持续降低的大背景下，投资者都开始尝试配置稳定分红的资产替代国债。现金流是分红的基石，所以未来分红最稳定的一定是现 金流指数。 | | 现金流ETF(159399)分红记录 | | | | --- | --- | --- | --- | | 收益分配 | 单位分红 | | 分红比例 | | 基准日 | (元) | 单位净值(元) | (%) | | 2025-03-05 | 0.001 | 1.0013 | 0.100% | | 2025-04-02 | 0.003 | 1.0121 | 0.296% | | 2025-04-28 | 0.0029 | 0.9828 | 0.295% | | 2025-06-03 | 0.0 ...

Core Viewpoint - The article emphasizes that Southern Fund has become a leader in the ETF market due to its comprehensive product layout, top-tier research team, and intelligent technology empowerment, amidst increasing complexity in ETF choices for investors [1][2]. Comprehensive Product Layout - Southern Fund has developed a comprehensive product matrix since launching its first deep ETF in 2009, including flagship products like Southern CSI 500 ETF (510500) and Southern CSI 1000 ETF (512100), covering various market segments and asset classes [3][4]. - The total number of funds managed by Southern Fund has reached 126, with a total scale exceeding 402.2 billion yuan, maintaining a leading position in the industry [4]. - The Southern CSI 500 ETF (510500) is noted for being the largest and most liquid equity ETF in the market, with a scale of 136.9 billion yuan [4]. Focus on Technology and New Industries - Southern Fund is strategically focused on new industries and technologies, including artificial intelligence, semiconductors, and green finance, aligning with national strategies and providing investors with opportunities in economic transformation [5]. - The fund has launched various ETFs that reflect shareholder returns, such as the Dividend Low Volatility 50 ETF and Cash Flow ETF, responding to the growing demand for high-quality, stable assets [5]. Top-tier Research Team - The passive index funds managed by Southern Fund are characterized by high tracking precision, supported by a professional research team of 33 members with strong academic backgrounds and international experience [6]. - The core fund manager team has an average research experience of 10 years, covering a complete process from index product development to quantitative research and fund management [6]. Intelligent Technology Empowerment - Southern Fund has integrated AI and expert intelligence (EI) into its investment strategy, enhancing the precision of index investment management and providing a comprehensive risk monitoring system [8][9]. - The fund's intelligent investment management platform allows for automated risk intervention and improved investor service through diversified ETF solutions [8][9]. Service and Support System - Southern Fund has established a robust strategy service system that includes asset allocation, industry rotation, and tactical trading, along with various research reports and direct communication with fund managers [9]. - The company aims to enhance its core competitiveness in the ETF sector by continuously improving its product offerings, management expertise, and intelligent services, thereby supporting investors in seizing long-term opportunities in the capital market [9].