电网ETF（561380）跟踪的是恒生A股电网设备指数（HSCAUPG），该指数从中国A股市场中选取涉及 输变电、配电及控制设备制造等业务的上市公司证券作为指数样本，以反映电网设备领域相关上市公司 证券的整体表现。该指数成分股集中体现了中国电网建设与智能化升级的发展趋势，具有显著代表性。 （文章来源：每日经济新闻） 华西证券指出，全球AI快速发展将促使用电量激增，电力设备需求有望保持高景气，重点看好海外供 应紧缺的变压器&燃气轮机环节。欧美等发达市场兼具高景气+高盈利+高门槛等特征，掌握优质渠道资 源、技术实力领先、积极布局相关产能的企业有望充分受益。此外，风电产业作为新型能源体系核心力 量，有望在"十五五"期间持续保持可观增长，国内海风项目进展持续推进，已竞配未装机项目储备充 沛，叠加深远海逐渐开启前期工作，预计"十五五"年均装机量有望较"十四五"进一步增长。海外海风装 机需求提升，在海外本土产能供应偏紧背景下有望带来需求外溢机会，具备出海能力的国内优质海缆/ 管桩/风机企业均有望受益。 ...

黄金股遭遇重挫，黄金股ETF、黄金股票ETF和黄金股票ETF基金分别跌4.16%、3.91%和3.78%。 电网板块全线下跌，电网ETF跌3.48%。光伏板块调整，光伏ETF基金、科创新能源ETF均跌3%。 截至收盘，上证指数跌1.11%，深证成指跌1.51%，创业板指跌2.1%，北证50涨0.54%。全市场成交 额1.75万亿元，较上日成交额缩量463亿元。 板块题材上，乳业、零售板块活跃，商业航天板块午后拉 升，贵金属、影视院线、光伏板块调整。 ETF方面，部分跨境ETF走强，华夏基金巴西ETF、景顺长城基金标普消费ETF和易方达基金巴西 ETF分别涨2.21%、1.64%和1.31%。金融科技板块表现活跃，金融科技ETF兴业涨1.3%。自动驾驶板块 走高，华泰柏瑞基金智能驾驶ETF、鹏华基金智能网联汽车ETF、分别涨1.16%和0.8%。 （责任编辑：刘静 HZ010） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff. ...

ETF方面，部分跨境ETF走强，景顺长城基金标普消费ETF、华夏基金巴西ETF和易方达基金巴西ETF分 别涨2.78%、1.2%和1%。自动驾驶板块走高，鹏华基金智能网联汽车ETF、广发基金汽车ETF分别涨 0.71%和0.7%。金融科技板块小幅反弹，金融科技ETF兴业涨0.43%。 格隆汇12月16日｜A股三大指数集体下跌，截至午盘，沪指跌1.22%，深成指跌1.88%，指跌2.35%，北 证50指数涨1.10%，沪深京三市半日成交额11396亿元，较上日缩量589亿元。全市场超4400只个股下 跌。 光伏、超硬材料、稀土永磁、两岸融合、深海科技、半导体、固态电池概念股纷纷回调；智能驾 驶、免税店、稳定币题材逆势走强。 黄金股遭遇重挫，黄金股ETF、黄金股票ETF和黄金股票ETF基金分别跌4.16%、3.97%和3.93%。电网 板块全线下跌，电网ETF跌3.96%。光伏板块调整，光伏50ETF、科创ETF均跌3%。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任 ...

A股低开高走，截至收盘，上证指数涨0.41%，深证成指涨0.84%，创业板指涨0.97%，北证50涨 0.31%。全市场成交额2.12万亿元，较上日成交额放量2335亿元。 板块题材上， 电网设备、贵金属、半 导体设备板块活跃，零售、海南板块调整。 ETF方面，半导体设备板块全线拉升，华夏基金科创半导体ETF、华泰柏瑞基金科创半导体设备 ETF和科创半导体设备ETF鹏华分别涨5%、4.98%和4.52%。智能电网板块表现强势，华夏基金电网设 备ETF、广发基金电网ETF分别涨3.49%、3.26%。隔夜道指收涨，鹏华基金道琼斯ETF涨2.84%。港股 久违反弹，广发基金港股通非银ETF涨2.84%。 能源化工板块走低，能源化工ETF跌1%，化工ETF跌0.54%。隔夜美股科技股走弱，纳指科技 ETF、纳指科技ETF分别跌0.85%和0.69%。 （责任编辑：贺翀 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun ...

| 代码 | 类型 名称 | | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 159326 | 主 | 电网设备ETF | 1.483 | 0.049 | 3.42% | | 159320 | 行 | 电网ETF | 1.639 | 0.045 | 2.82% | | 561380 | 行 | 电网ETF | 1.634 | 0.044 | 2.77% | 有券商表示，展望2026年，电新行业有望延续积极趋势，国家能源局定调加大"十五五"海上风电开发力度，海外高价值量订单外溢有望打开 我国风电出口空间。此外，海外需求高增叠加国内电网投资增长有望带动电力设备放量，电网设备板块有望维持高景气。 电网概念股走强，特变电工涨超6%，正泰电器、许继电气涨超4%，宏发股份涨超3%。 （文章来源：每日经济新闻） 受盘面影响，电网相关ETF涨约3%。 ...

来源：上海证券报·中国证券网 上证报中国证券网讯 12月12日，ETF午间收盘涨跌不一，电网设备ETF(159326)涨3.07%，道琼斯 ETF(513400)涨2.68%，电网ETF(561380)涨2.64%；电池ETF景顺(159757)跌1.16%，新能源汽车 ETF(516390)跌1.13%，新能源车龙头ETF(159637)跌1.13%。 上证报中国证券网讯 12月12日，ETF午间收盘涨跌不一，电网设备ETF(159326)涨3.07%，道琼斯 ETF(513400)涨2.68%，电网ETF(561380)涨2.64%；电池ETF景顺(159757)跌1.16%，新能源汽车 ETF(516390)跌1.13%，新能源车龙头ETF(159637)跌1.13%。 来源：上海证券报·中国证券网 ...

（责任编辑：董萍萍 ） 电网ETF（561380）跟踪的是恒生A股电网设备指数（HSCAUPG），该指数从A股市场中选取主营 业务涉及电力网络建设及技术升级领域的上市公司证券作为指数样本，具有鲜明的行业代表性和专业聚 焦特征。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 华泰证券指出，输配电定价四大文件修订版发布，重点围绕新能源消纳、电力系统安全及电网管理 效能优化，推动政策体系"从优到精"，对新型电力系统和全国统一电力市场建设意义重大。新规从准许 收益、准许成本、收入结构三方面调整：1）准许收益方面，明确按集团合并口径平均融资利率核定， 贷款利率下降有望传导至用户端；2）准许成本保持严格管控，但采用"费率"替代"费用绝对值"控制， 更适应资产扩张需求，成本或小幅提升；3）收入结构调整突出对清洁能源的支持，包括跨省跨区工程 探索容量制电价、新能源就近消纳实行单一容量制等，同时取消"点对网"与"网对网" ...

Core Points - The A-share market saw all three major indices rise in the morning session, with the Shanghai Composite Index up 0.08%, the Shenzhen Component Index up 0.39%, and the ChiNext Index up 0.47% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 999.6 billion yuan, a decrease of 40.6 billion yuan compared to the previous day [1] - Over 3,500 stocks in the market experienced gains, indicating a broad-based rally [1] Sector Performance - CPO concept stocks surged, while local stocks in Fujian remained active; sectors such as superconductors, ultra-high voltage, 6G, and photovoltaic indices showed significant gains [1] - The banking, real estate, and pharmaceutical sectors faced declines, with the real estate sector leading the losses [1] - ETFs related to industrial and non-ferrous metals led the gains, with the Wanjia Fund's industrial non-ferrous ETF rising by 2.5% [1] - The electric grid equipment sector performed well, with multiple ETFs in this category rising by 2% [1] - The photovoltaic sector also saw a rise, with leading ETFs in this space increasing by 2% [1] - Real estate ETFs declined by 1.4%, reflecting the struggles in the real estate sector [1] - Japanese stocks fell, with the Tokyo Stock Exchange Index ETF down by 1.2% [1] - The innovative drug sector showed weakness, with ETFs in this category declining by 1% [1]

Core Insights - North America is experiencing a power shortage, which is beneficial for the power equipment industry within the overseas supply chain [1] - The development of power generation, energy storage, and transmission & distribution sectors is expected to grow [1] - In 2024, 20 new DC transmission lines are projected to deliver 705.3 billion kilowatt-hours, with renewable energy accounting for 56.8%, an increase of 4.3 percentage points year-on-year [1] - The importance of grid equipment in the absorption of clean energy is highlighted [1] - The high demand for data centers is driving the transition to Solid State Transformer (SST) technology, leading to sustained growth in power equipment demand [1] - The industry is benefiting from the expansion of overseas energy infrastructure and structural opportunities in domestic ultra-high voltage and energy storage sectors [1] - The Grid ETF (561380) tracks the Hang Seng A-share Power Grid Equipment Index, which includes listed companies involved in key areas such as transmission and transformation equipment and grid automation [1]

- The report discusses the macroeconomic recovery in China, highlighting the transition from "weak recovery" to "marginal improvement" as a key phase for economic activity and liquidity structure, which lays the foundation for subsequent profitability recovery and market style shifts towards dividends and low valuation assets [11][16][17] - A macro scoring model is referenced, indicating that the macroeconomic environment has been in a neutral to slightly pessimistic range in 2025, with the latest score (September 2025) being 7, reflecting a neutral to slightly optimistic outlook [13][14] - Dividend strategies (high dividend yield strategies) are emphasized as a classic value investment method, with their core logic analyzed from three dimensions: investor behavior, corporate operating characteristics, and market valuation systems. The dividend yield is identified as the core metric for evaluating dividend strategies [21][23] - The report highlights the strategic allocation value of dividend assets, emphasizing their long-term stable return characteristics and risk diversification functions, making them suitable as a "ballast" in investment portfolios, especially in a low-interest-rate environment [21][23][25] - The report introduces the "stability value + growth premium" logic for the power and power grid sectors, emphasizing their stable cash flow, regulatory framework ("permitted cost + reasonable return"), and policy support for energy transition and power security [26] - The report provides valuation metrics for high dividend yield-related ETF products tracking indices as of October 20, 2025. For example, the PE ratios for the National New Hong Kong Stock Connect Central Enterprise Dividend Index, Smart High Dividend Index, CSI Dividend Index, and CSI All Power Index are 8.88, 8.73, 8.29, and 17.60, respectively, with corresponding PB ratios of 0.85, 1.11, 0.80, and 1.76 [27][30] - The cyclical sector investment direction is analyzed, with key drivers identified as domestic demand policies and global demand recovery. Non-bank financials and consumer sectors benefit from dual drivers, while financial real estate and infrastructure are supported by domestic policies, and materials benefit from global restocking [40][42][47] - Valuation metrics for cyclical-related ETF products tracking indices are provided as of October 20, 2025. For example, the PE ratios for the Hong Kong Stock Connect Non-Bank, Financial Real Estate, 800 Consumer, All Materials, and Infrastructure Engineering indices are 9.44, 9.10, 19.20, 26.90, and 8.51, respectively, with corresponding PB ratios of 1.13, 0.86, 4.36, 2.10, and 0.72 [51][55] - The report emphasizes the role of broad-based assets like the SSE 50 ETF and CSI 300 ETF as core holdings in portfolios, supported by policy efforts to stabilize the market and attract long-term funds, as well as their low historical valuations and high safety margins [64][65][66] - Valuation metrics for broad-based ETF products tracking indices are provided as of October 20, 2025. For example, the PE ratios for the SSE 50 and CSI 300 indices are 11.99 and 14.22, respectively, with corresponding PB ratios of 1.30 and 1.48. Both indices are near the 68th percentile of their five-year PB range [69][70][71]