2025年是中国ETF市场的里程碑之年。伴随政策利好与市场认可，ETF整体规模从2024年底的3.73 万亿元激增至6.02万亿元，增幅高达61.4%。资金流向呈现显著特征：行业主题ETF与大盘宽基ETF各领 风骚，科技创新与高股息策略并行，共同勾勒出2026年ETF投资的新图景。 近期，公募4季报出炉，嘉实基金凭借前瞻的产业洞察与深厚的指数投研实力，旗下ETF产品多元 布局，细分行业主题ETF为投资者提供更丰富的资产配置工具。Wind数据显示，截至2025年末，嘉实基 金ETF规模超3696亿元，旗下共有61只ETF产品，其中，有24只ETF在跟踪同标的产品中规模排名第 一。 宽基ETF"压舱石"地位稳固，规模与流动性双优 在宽基及策略产品领域，嘉实基金展现出深厚的根基与强大的市场竞争力。2025年度4季报显示， 嘉实基金旗舰产品沪深300ETF（159919）规模为1971.24亿元，在同类产品中稳居前列，位居深交所 ETF（非货币）规模排名第一，成为投资者进行长期资产配置的核心工具。与之形成有力补充的中证 500ETF（159922）规模达156.15亿元，两者共同覆盖了大、中盘风格的市场机会。此外，A ...

Group 1 - The Shenzhen Composite Index fell by 1.22% and the ChiNext Index dropped by 1.83% as of 11:30 AM on January 20, indicating a bearish trend in the market [1] - Notable stock performances included Nanshan Aluminum rising over 7%, Satellite Chemical and Conch Cement increasing by over 5%, and several other companies like Gujia Home, China Chemical, and Oppein Home gaining over 4% [1] Group 2 - The cash flow ETF managed by Harvest (159221) decreased by 0.08%, with a trading volume of 10.194 million yuan and a turnover rate of 1.29% [2] - There is an increasing market demand for high-dividend and stable cash flow assets, as funds are rotating from momentum-driven bubbles to high-value opportunities under the current "slow bull" market in A-shares [2] - The cash flow index, which includes non-ferrous metals and basic chemicals, benefits from the pricing of physical assets and high operating rates, showing significant cyclical alpha characteristics [2] - During the 14th Five-Year Plan, the State Grid is expected to invest 4 trillion yuan in fixed assets, a 40% increase compared to the previous plan, which directly benefits index components related to grid equipment and energy [2]

Core Insights - The article highlights the proactive role of Jiashi Fund in the ETF market, emphasizing its early entry and leadership in index investment since launching the first CSI 300 index fund in August 2005 [1] - Jiashi Fund is collaborating with CITIC Securities to host the 7th ETF live trading competition, which aims to engage investors and promote rational investment culture [1][5] Group 1: ETF Products - Jiashi Fund has selected four distinctive ETF products for the competition, providing participants with effective tools for their strategy combinations [4] - The Cash Flow ETF (159221) closely tracks the National Securities Free Cash Flow Index, focusing on companies with strong cash flow generation capabilities, making it a convenient tool for long-term value investors [4] - The Hong Kong Stock Connect Consumer ETF (520620) tracks the Hang Seng Consumer Index, encompassing various sectors of daily consumption in Hong Kong, thus offering an efficient way to invest in core consumer assets amid economic recovery and consumption upgrades [4] - The CSI 500 ETF (159922) tracks the CSI 500 Index, representing mid-cap growth stocks in A-shares, providing a quality tool for investors looking to invest in mid-cap core assets [4] - The Rare Earth ETF (516150) tracks the CSI Rare Earth Industry Index, facilitating investment in the domestic rare earth industry chain, which is crucial for sectors like new energy and high-end manufacturing [5] Group 2: Investment Culture and Strategy - Jiashi Fund's participation in the ETF live trading competition is a significant practice aimed at providing diverse investment tools and fostering a rational investment culture among investors [5] - The competition serves as a platform for investors to explore ETF allocation strategies in various market environments, promoting collaboration and knowledge exchange [5]

Group 1 - A-shares showed a rebound in early trading on Friday, with the Shenzhen and ChiNext indices turning positive after a dip, indicating a recovery in the market [1] - The sectors leading the gains included precious metals, film and television, electricity, and liquor, suggesting a broad-based rally in specific industries [1] - The National Index of Free Cash Flow saw a slight increase, with constituent stocks like Jinhong Group, Changbao Co., Hailu Heavy Industry, and Guodian Nanzi rising over 4% [1] Group 2 - The cash flow ETF from Harvest (159221) experienced significant inflows, with over 28 million yuan net inflow this month and a total of over 450 million yuan since its launch on May 13 [1] - Analysts expect the upcoming major meeting to emphasize "more proactive macro policies," with a forecast that the fiscal deficit rate will remain at a reasonable level through 2026, indicating a supportive environment for capital markets [1] - The combination of "expansive fiscal and monetary policies" is anticipated to provide ample liquidity in the capital market, creating favorable investment opportunities for equity assets [1] Group 3 - The National Index of Free Cash Flow is composed of stocks with positive and high free cash flow, selected based on liquidity, industry, and ROE stability, making it suitable for long-term investment strategies [1]

Core Viewpoint - The A-share market opened high but experienced fluctuations, with mixed performance across the three major indices. The cash flow ETF, Jia Shi (159221), tracked by the National Index of Free Cash Flow, saw a significant increase, reaching a new high since its listing. [1] Group 1: Market Performance - The cash flow ETF Jia Shi (159221) rose over 1% during the session, achieving a new listing high. [1] - Among the constituent stocks, Shoulv Hotel increased by over 7%, while Nanjing Xinbai, Huaren Health, and Yuntianhua rose by over 5%. [1] Group 2: ETF Performance - Since its listing on May 13, 2023, the secondary market price of cash flow ETF Jia Shi (159221) has steadily increased, with a cumulative rise of approximately 23%. [1] - In the second half of this year, the shares of cash flow ETF Jia Shi (159221) increased by 464 million shares, attracting a total of 472 million yuan. [1] Group 3: Market Analysis - Analysts suggest that with the completion of the third-quarter reports in November and the high valuations in the technology growth sector, market volatility is expected to increase. [1] - Given the current environment of declining risk appetite, the value style of investment is becoming more prominent, with the divergence between growth and value styles at historically high levels, potentially providing greater returns for value stocks. [1] Group 4: Index Characteristics - The National Index of Free Cash Flow selects stocks with positive and high free cash flow after screening for liquidity, industry, and ROE stability, indicating high quality and strong risk resistance, suitable for long-term investment. [1]