人民银行：2026年将实施适度宽松的货币政策。将建立特定情景下向非银机构提供流动性的机制，发挥 好支持资本市场的货币政策工具作用。 相关ETF： 国债政金债ETF(场内：511580) 【卫星互联网】 国内首家商业火箭公司（科工火箭）即将易主，整体估值约112亿元。 【宏观】 中国宣布禁止所有两用物项对日本军事用途出口。涉及稀土、钨、钼、铟、锂、钛合金等多种关键金属 材料。 相关ETF： 有色矿业ETF招商(场内：159690) 【人工智能】 市场就英伟达下一代Rubin平台规格进行讨论，卖方调研称不存在降规问题。 卖方表示，根据产业链调研，25年底AIDC招投标显著提速，交付时间紧迫。 相关ETF： 卫星产业ETF(场内：159218) 【半导体】 英伟达BlueField-4重构AI存储层级，有望打开NAND增量需求空间。 希捷计划每季度对产品涨价10%。 相关ETF： 半导体设备ETF(场内：561980，场外：020464) 【有色金属】 相关ETF： 云计算ETF(场内：159890，场外：021716)、软件龙头ETF(场内：159899，场外：018385)、 TMT50ETF(场内：15990 ...

从产品情况看，百亿级ETF批量涌现。2024年底，规模超百亿元的ETF有66只，到了2025年底，这一数 字是128只，更有17只规模突破500亿元。其中，华泰柏瑞沪深300 ETF规模为4222.6亿元，易方达沪深 300 ETF为2998.51亿元，华夏沪深300 ETF为2286.54亿元。此外，嘉实沪深300 ETF、华夏上证50 ETF、南方中证500 ETF、易方达创业板ETF规模均超千亿元。 ETF的快速发展，与政策推动密不可分。2025年1月，中国证监会发布的《促进资本市场指数化投资高 质量发展行动方案》提出，持续丰富指数基金产品体系，包括积极发展股票ETF，稳步拓展债券ETF， 支持促进场外指数基金发展，稳慎推进指数产品创新。同时，加快优化指数化投资发展生态，包括优化 ETF注册发行安排，全面完善ETF运作机制，以及降低指数基金投资成本等。 ◎记者 赵明超 规模增长近2.3万亿元，各种创新ETF产品竞相推出，机构积极入局，呈现"群雄逐鹿"的火热态势——对 于公募基金行业来说，2025年ETF赛道或许是"最亮的风景线"。 2026年，ETF或仍将是"兵家必争之地"，但从最新发展态势看，在总规模 ...

Satellite Internet - Blue Arrow Aerospace's IPO on the Sci-Tech Innovation Board has been accepted, aiming to raise 7.5 billion yuan, with a focus on reusable rockets [1] - Starlink announced it will provide free broadband service to the people of Venezuela for one month [3] Artificial Intelligence - Wall Street is seeing active IPOs and financing, with companies like Biran Technology experiencing a significant stock price increase, and Suiyuan Technology completing IPO guidance [4] - Google and Anthropic reported strong demand for TPU, while there are rumors of significant price increases for NVIDIA and AMD GPUs starting next month [4] Semiconductor - The Big Fund has increased its stake in SMIC H-shares, and TrendForce has revised upward its expectations for DRAM and NAND contract price increases in Q1 2026 [5] - TSMC has received U.S. permission to transport equipment to its Nanjing plant and plans to raise prices for advanced processes [6] Robotics - Reports suggest that Tesla's Optimus V3 mass production review has been completed, with seven Chinese companies as core suppliers, targeting a production capacity of 50,000 to 100,000 units by the end of the year [7] New Energy - Tianci Materials has released an annual forecast, confirming that Q4 performance is on track [9] Nuclear Fusion - The all-superconducting tokamak experiment has achieved significant physical breakthroughs, providing a basis for high-density operation [10] - The first nuclear fusion conference of the year will be held from January 16 to 17 in Hefei [11] Autonomous Driving - Tesla owners have achieved "full self-driving across the United States" for the first time [13] Digital Currency - State-owned banks will start paying interest on digital RMB real-name wallet balances at current account rates from January 1 [14] Market News - The New Year speech mentioned advancements in artificial intelligence, semiconductors, aerospace, and robotics across multiple sectors [15] - Companies are required to disclose annual performance forecasts by January 31 [16] - Market pricing clues for 2026 indicate sustained high growth, broad recovery, U.S. inflation, and Chinese domestic demand [17] Market Observation - On the last trading day before the holiday, the transaction volume reached 2.05 trillion yuan, with indices closing in the green but not reaching 4,000 points [18] - The satellite internet sector successfully crossed the year-end, with funds remaining in the market, and there is potential for healthy pullbacks to provide better entry opportunities [18]

说明：博格一共有3个主要投资账户。 主要账户分别是：场内etf账户、场外某基金账户、场外投顾组合账户。 因投顾组合账户净值更新较晚，所以工作日仅统计场内账户和场外某基金账户。每周周六周报统计3个主要账户收益。 今天码字较多，下文有密集干货和文末礼品，需要大家多一点耐心阅读时间~ 截至2025年最后一个交易日收盘后： 合计持仓超过1000万（还有一些散装账户），2025年合计盈利184万，收益率为33.89%。 相比2025盈利最高时候的230万元，浮盈回撤了46万元。 一、场内ETF账户 | ( | 股票证券 | | | じく | | 公易 郑*勇 3275***4918 | C | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025年收益额 | | | ⇌ 看收益率 | 买入 | 委员 | 撤单 持仓 | 查询 | | +438.046.77 | | | | 市值 = | 持仓/可用 ( 现价/成本价(2 | | 总盈亏; | | 年 月 | | ▲ 2025年 | | 港股创新药 ... | 270000 | 1.194 | +133,125. ...

Report Industry Investment Rating - There is no information provided regarding the industry investment rating in the report. Core Viewpoints - The Financial Street Securities Research Institute constructed a strategy portfolio based on industry and theme ETFs, referring to two strategy reports published in 2024 [1]. - From December 22 - 26, 2025, the strategy's cumulative net return was about 4.34%, and the excess return relative to the CSI 300 ETF was about 2.29%. From October 14, 2024, to the present, the strategy's out - of - sample cumulative return was about 32.21%, and the cumulative excess relative to the CSI 300 ETF was about 8.98% [2]. - In the week of December 29, 2025, the model recommended allocating to sectors such as securities, industrial metals, and precious metals. The strategy will newly hold products like Securities ETF Leader, Mining ETF, Gold Stocks ETF, and Communication ETF, and continue to hold products such as Power Grid Equipment ETF and Battery ETF [11]. Summary by Relevant Catalogs ETFs Information - The report lists information about multiple ETFs, including their fund codes, names, market values, holding situations, heavy - held Shenwan industries and weights, as well as weekly and daily timing signals. For example, Securities ETF Leader has a market value of 41.14 billion yuan, is being调入, and has 100% in the securities industry, with a weekly timing signal of - 1 and a daily timing signal of 1 [2]. Performance Tracking - In the period from December 22 - 26, 2025, the strategy's cumulative net return was about 4.34%, and the excess return relative to the CSI 300 ETF was about 2.29%. From October 14, 2024, to the present, the strategy's out - of - sample cumulative return was about 32.21%, and the cumulative excess relative to the CSI 300 ETF was about 8.98% [2]. Portfolio Adjustment - In the week of December 29, 2025, some ETFs were newly added, some continued to be held, and some were removed. For instance, Securities ETF Leader, Mining ETF, Gold Stocks ETF, and Communication ETF were newly added; Power Grid Equipment ETF and Battery ETF continued to be held; while Real Estate ETF, etc., were removed [2][11].

证券研究报告 | 金融工程点评 12 月末或为建仓时点：小盘迎来强势期 ——主动量化周报 核心观点 12 月最后三天或迎来建仓窗口，卖出压力年末充分释放。1 月险资、对冲盘有望大幅 回流，风险偏好重回上行。量化策略风格敞口有望放开，风格聚焦中证 1000、中证 2000 及小微盘，行业端建议关注化工 ETF、机械 ETF、电池 ETF、科创 50ETF、券商 ETF。 ❑ 为何此时对 1 月行情边际乐观？ 12 月资金面扰动临近尾声，1 月资金面大幅改善。12 月中上旬的回调系资金面 扰动及风险偏好回落，A 股两大核心牛市基础并未改变。首先，美元贬值趋势尚 未改变，美国财政货币双宽预期强化，12 月 9 日以来人民币升值趋势较强，已 突破 7，美元贬值是新兴市场，尤其是 A 股上涨的重要基础。2026 年 A 股最大 资金增量来自居民存款搬家，且当下来看，存款通过券商开户直接买卖股票的形 式量级有限，其更多通过银行理财底层增配权益资产比例的形式流入 A 股，因 此 2026 年固收+和二级债基等品种需求有望持续增长，且这类资金将推升以 A500 为代表的龙头股牛市。但值得一提的是，由于存款搬家涉及理财、固收+ ...

Core Viewpoint - The investment accounts managed by the company have shown a mixed performance this year, with a total profit of 1.9 million yuan, down from a peak of 2.3 million yuan earlier in the year, indicating a drawdown of 400,000 yuan [2][3]. Group 1: Account Performance - The total assets in the on-market ETF account amount to 2.6 million yuan, while the off-market fund account holds 5.4 million yuan, and the advisory portfolio has 1.2 million yuan [7]. - The on-market ETF account has a year-to-date profit of 460,000 yuan, with a current yield of 40.19% [5][6]. - The off-market fund account has a year-to-date profit of 1.338 million yuan, with a yield of 34.21% [15][16]. Group 2: Investment Strategy - The company has shifted its strategy by reducing its position in a value ETF by 100,000 yuan and reallocating that amount to the Hang Seng Consumer ETF, which has seen a decrease in floating profit from 11% to 8% [4]. - The rationale for this shift includes the belief that consumer valuations are at historical lows and that there will likely be consumption stimulus policies next year, which could improve industry sentiment [5]. - The core holdings in the on-market ETF account focus on Hong Kong stocks, with significant investments in sectors such as innovative pharmaceuticals, technology, and consumer goods [8][9]. Group 3: Market Trends - The recent downturn in the Hong Kong stock market has not changed the company's long-term investment logic, which emphasizes the valuation advantages of Hong Kong stocks compared to A-shares [10]. - The company has noted that the recent performance of aerospace and satellite ETFs has been strong, contributing significantly to this week's profits [11]. - The company adheres to a philosophy of avoiding high-risk investments and focusing on undervalued sectors for long-term gains [12]. Group 4: Precious Metals Market - The precious metals market has experienced significant price increases, with platinum prices rising over 172% year-to-date, driven by demand from the aerospace sector [24]. - The company had previously identified platinum as a valuable investment but missed the opportunity to invest heavily at lower prices [21][24]. - The company advises against chasing prices in the current market, emphasizing the importance of strategic investment rather than following trends [25].

2025年12月26日，市场全天震荡走势，三大指数集体收涨，沪指实现8连涨。截至收盘，沪指涨 0.10%，深成指涨0.54%，创业板指涨0.14%。 【机构：支持性政策有望持续落地，推动商业航天进入高速发展阶段】 消息面上，上海印发《关于支持长三角G60科创走廊策源地建设的若干措施》，加速航空航天产业发 展。围绕卫星制造与商业运营等产业链关键环节，分阶段给予不超过总投入15%、最高5000万元的经费 支持。对开展通信、导航、遥感等增值服务的企业，按照规定给予最高1000万元的一次性奖励。对取得 卫星通信基础电信业务经营许可证的企业，按照规定给予5000万元的一次性奖励。 方正证券表示，"十五五"规划将科技自立自强置于重要位置，明确提出加快建设航天强国，商业航天与 深空经济获得显著政策倾斜，后续支持性政策有望持续落地，推动商业航天进入高速发展阶段。510亿 元战略性新兴产业发展专项基金正式启动，将重点支持航空航天等战略性新兴产业，为产业发展提供实 质性财政支持。 相关ETF：卫星产业ETF(159218)、卫星ETF易方达(563530)、卫星ETF(563230)、卫星ETF广发 (512630)、卫星ETF ...

Macroeconomic Dynamics - The RMB to USD exchange rate is expected to gradually appreciate from 7.0 to around 6.0 over the next decade [1] - The US economy grew by 4.3% in Q3, with former officials suggesting that the Federal Reserve is lagging behind in addressing interest rate cuts [1] Satellite Internet - The Long March 12A rocket's maiden flight was successful for the first stage, but the recovery of the sub-stage failed [1] - Related ETF: Satellite Industry ETF (on-market: 159218) [1] Non-ferrous Metals - London copper prices have surpassed $12,000 per ton, setting a new historical high [1] - Sellers are optimistic about the prices of gold, silver, platinum, and lithium [1] - Related ETF: Mining ETF (on-market: 159690) [1] Semiconductor - Sellers emphasize that clean rooms are a necessary engineering phase for the continued expansion of global AI capital expenditure [1] - The US has announced zero tariffs on Chinese semiconductor products until June 2027 [1] - Related ETF: Semiconductor Equipment ETF (on-market: 561980, off-market link: 020464) [1] Artificial Intelligence - Reports indicate that ByteDance plans to invest $23 billion in purchasing top-tier chips and building AI infrastructure [1] - Volcano Engine will become the AI cloud partner for the Spring Festival Gala in 2026 [1] - Market rumors suggest that ByteDance may significantly increase its procurement framework for Huawei's AI chips [1] - Related ETF: Cloud Computing ETF (on-market: 159890, off-market link: 021716), Semiconductor Equipment ETF (on-market: 561980, off-market link: 020464) [1] New Energy - The market is focused on the progress of long-term negotiations for lithium hexafluorophosphate, with price expectations shifting upward [1] - Leading manufacturers are expected to start bidding for solid-state battery pilot lines in January next year [1] - Policies aim for a total installed capacity of solar thermal power generation to reach around 15 GW by 2030 [1] - Related ETF: Battery ETF (on-market: 561910, off-market link: 016020) [1] Autonomous Driving - Beijing has issued the first batch of special license plates for L3 level autonomous driving vehicles, all of which are from BAIC's Arcfox brand [1] - Related ETF: Consumer Electronics 50 ETF (on-market: 159779, off-market link: 016007) [1] Market Observation - On December 23, the market transaction volume reached 1,899.8 billion, an increase of 37.9 billion [2] - The market is experiencing strong fluctuations at high levels, with sectors like electric equipment, building materials, and electronics leading the gains [2] - The satellite launch recovery failure may lead to a shift in expectations towards high-level fluctuations; AI core leaders are consolidating while upstream sectors like liquid cooling and PCB are showing determined performance [2] - The upstream energy storage sector rebounded due to news catalysts [2] - The market is expected to experience short-term fluctuations near previous highs, but the clear industrial trends in technology and commodities remain focal points [2]

01 12月22日，多只A500ETF"吸金"，在巨量资金持续涌入的背景下，多只A500ETF规模创历史新高。 02 12月23日，锂电概念震荡走高，全市场涨幅前十的ETF均为电池相关ETF。 03 电池相关ETF涨幅居前 12月23日，锂电概念震荡走高，全市场涨幅前十的ETF均为电池相关ETF。 | 代码 | 名称 | 当日涨跌幅 (%) | 当日IOPV溢折率 (%) | | --- | --- | --- | --- | | 561160.SH | 锂电池ETF | 2.49 | 0.17 | | 561910.SH | 电池ETF | 2.37 | 0.07 | | 159755.SZ | 电池ETF | 2.33 | 0.03 | | 159775.SZ | 电池ETF基金 | 2.33 | 0.08 | | 159840.SZ | 锂电池ETF | 2.30 | 0.17 | | 159767.SZ | 电池龙头ETF | 2.26 | 0.00 | | 159757.SZ | 电池ETF景顺 | 2.22 | 0.01 | | 562880 SH | 电池ETF嘉实 | 2.20 | -0.01 ...