电网ETF（561380）跟踪的是恒生A股电网设备指数（HSCAUPG），该指数从A股市场中选取涉及电力 网络建设、输变电设备制造、配电系统升级及智能控制技术等领域的上市公司证券作为指数样本，综合 反映中国电网设备行业在智能化转型与产业升级过程中的整体表现。 1月7日，电网ETF（561380）涨超1.2%，政策与技术双轮驱动行业前景。 西部证券指出，我国两个大型海上风电项目实现全容量并网，海上风电产业正朝着规模化与高效化快速 发展。甘肃储能容量补偿机制正式发布，国内核心区域储能有望维持较高景气度。银价走高背景下， HJT电池性价比或有所提高。全球AI算力竞赛加剧，埃隆·马斯克旗下xAI计划将训练算力提升至2GW级 别。新能源装机持续增加，电价机制与送出通道完善助力能源转型，山东登州站升压及招远核电送出特 高压工程获核准，ITER校正场线圈采购包实现100%自主研制并竣工交付。电力设备行业受益于海内外 协同共振，景气度有望上行。 （文章来源：每日经济新闻） ...

Group 1 - The core viewpoint of the article is an optimistic long-term outlook for the equity market, while emphasizing the need to focus on structural issues in the short term [1] - The optimism is driven by policies aimed at "expanding domestic demand," which include support for income-driven demand, reasonable investment returns, and financial demand constrained by principal and debt [1] - The current bottleneck in the A-share market is attributed to the K-shaped economic divergence, where high-performing sectors include AI, anti-involution, and export chains, while low-performing sectors are consumer real estate [1] Group 2 - The growth in high-performing sectors is facing uncertainties, particularly regarding the sustainability of capital expenditures by AI giants, which has amplified volatility in related sectors between US and A-shares [1] - There are concerns about the effectiveness of anti-involution measures, leading to downward adjustments in market expectations [1] - In the short term, the economic structure remains unchanged, but if risks emerge in sectors like AI, the market may shift back to a dividend-focused approach, such as cash flow ETFs [1] Group 3 - Given the crowded nature of single-track trading, the company suggests focusing on the diffusion effect of AI investments and allocating resources to more certain sectors [1] - Recommended sectors include those related to power infrastructure, such as mining ETFs, non-ferrous metal ETFs, and grid ETFs [1]

Market Overview - The market experienced a day of volatility with all three major indices opening lower and closing down. The Shanghai Composite Index fell by 1.11%, the Shenzhen Component by 1.51%, and the ChiNext Index by 2.1% [1][13] - The total trading volume in the Shanghai and Shenzhen markets was 1.72 trillion yuan, a decrease of 49.3 billion yuan from the previous trading day, with over 4,300 stocks declining [1][13] Macro Economic Factors - The Bank of Japan is set to discuss a potential interest rate hike from 0.5% to 0.75% during its monetary policy meeting on December 18-19, which would be the highest rate in 30 years [1][13] - Concerns about tightening liquidity and the ongoing worries regarding an AI bubble in overseas markets have contributed to market sentiment [1][13] AI and Semiconductor Sector - The semiconductor and AI-related sectors saw significant declines, particularly in communication and entrepreneurial AI stocks, likely due to weak overseas AI trading [3][15] - Despite recent downturns, there is a strong expectation for continued growth in capital expenditure in the AI sector next year, with a focus on upstream supply chain stocks in A-shares [3][15] - Communication ETF (515880) and semiconductor equipment ETF (159516) are recommended for investors looking to capitalize on domestic alternatives and AI-related opportunities [3][15][20] Automotive Sector - The smart automotive sector performed relatively well, with the smart automotive ETF (159889) rising by 0.19% [8][21] - The Ministry of Industry and Information Technology has granted approval for the first batch of L3 conditional autonomous driving vehicles, marking a significant step towards commercialization [8][21] - Tesla's advancements in L4 autonomous driving technology may serve as a benchmark for domestic players aiming to initiate similar operations [9][21] New Energy Sector - The new energy sector experienced notable declines, with the electric grid ETF (561380) down 3.13% and the photovoltaic ETF (159864) down 3.05% [11][23] - Factors contributing to this decline include external macroeconomic influences and the approaching sales off-season, leading to concerns about the sustainability of energy storage demand [11][23] - Despite the current downturn, the outlook for energy storage remains positive, with expectations of sustained demand into the first half of next year [11][24]

风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成 投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品 要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 东莞证券指出，中央经济工作会议明确坚持"双碳"引领，推动全面绿色转型，制定能源强国建设规划纲 要，加快新型能源体系建设，扩大绿电应用，加强全国碳排放权交易市场建设。会议将"综合整治"升级 为"深入整治"内卷式竞争，光伏行业作为重灾区，预计"反内卷"举措将深化，加速落后产能退出，促进 行业利润率回升，并强化技术创新导向，引导光伏行业从规模扩张转向质量提升。电网设备方面，浙江 特高压交流环网工程获批建设，总投资293亿元，是国内投资最高、单体工程量最大的特高压交流工 程，计划2029年建成投运，将构成全国首个省内特高压交流环网。 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 ...

（文章来源：每日经济新闻） 电网ETF（561380）跟踪的是恒生A股电网设备指数（HSCAUPG），该指数从内地市场选取主营业务 涉及电网设备领域的上市公司证券作为指数样本，以反映电网设备相关行业证券的整体表现。指数成分 股覆盖电力网络建设、技术升级等关键领域，在行业代表性和聚焦性方面特征显著，配置上以制造业为 主，同时涵盖科技及周期性板块。 华福证券指出，攀西特高压交流工程项目获批，计划2026年上半年开工，总投资231.7亿元，将新建两 座1000千伏变电站及双回特高压线路，提升攀西地区580万千瓦电力外送能力，并带动700万千瓦新能源 开发。甘肃—浙江±800千伏特高压直流输电工程进入电气安装阶段，投运后每年可为浙江输送超360亿 千瓦时电能，其中新能源占比超50%。特高压建设加速推进，有助于提升清洁能源消纳能力，推动电网 升级。 ...

（责任编辑：张晓波 ） 【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 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供 参考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构 成投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产 品要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 每日经济新闻 相关机构表示，消息面上，浙江特高压交流环网工程获得发改委批复，计划2029年建成投运，总投 资约293亿元。国内特高压线路建设不断推进，今年以来已有2条特高压直流线路与3条特高压交流线路 获批。特高压线路是指电压等级在交流1000千伏及以上、直流±800千伏及以上的输电工程，具有输送 容量大、输送距离远，损耗低的特点，能有效提升电网输送效率以及对清洁能源的消纳能力，当前建设 需 ...

国内电网建设叠加AI电力缺口催化，电网设备板块利好不断，电网ETF（561380）涨超2.8%。 AI发展带来用电需求激增。今年1-10月，我国互联网数据服务用电量同比增长43%。"算力的尽头是电力"已逐步成为全球共识，微软CEO纳德拉近期多次公 开表示，当前人工智能产业面临的核心瓶颈为电力短缺。北美缺电情况延续，全球电力系统存在迫切的升级和扩建需求。传统电网扩容速度较慢，或将倒逼 分布式、高弹性供电技术（如SOFC）与主网投资双轨并进，中国电网设备供应链迎来有望迎来系统性发展机遇。 看好电网板块后续表现，关注电网ETF（561380）。 产业趋势看，AI产业持续爆发引发全球性电力短缺，电力设备成为市场焦点。相关机构表示，根据EIA的预测，2030年数据中心的电力需求将较2023年增加 150%以上，AI驱动的数据中心将占美国总电力负荷的9%，将带来14GW的装机缺口。装机缺口的需求将对电源电网设备形成强拉动。同时，英伟达此前发 布800V电源架构白皮书，单机能耗和电压提升，指引了800v供电、SST等新技术的发展需求。这也印证了那句话"AI的基础是算力，算力的尽头是电力。" 考虑到国内电网建设投资增长预期， ...

Core Viewpoint - The article highlights the ongoing development of China's ultra-high voltage (UHV) power transmission projects, emphasizing the increasing demand for electricity driven by AI advancements and the need for infrastructure upgrades in the global power system [2][3]. Group 1: UHV Projects and Investment - The Zhejiang UHV AC ring network project has received approval from the National Development and Reform Commission, with a planned completion and operation by 2029 and a total investment of approximately 29.3 billion yuan [2]. - In 2023, two UHV DC lines and three UHV AC lines have been approved, indicating a strong ongoing demand for UHV infrastructure, which is characterized by high capacity, long-distance transmission, and low losses [2]. - The construction of a unified national electricity market is accelerating, with clear demands for inter-regional power interconnection and electricity export from the western regions, suggesting a potential increase in non-UHV main network construction [2]. Group 2: Electricity Demand and Supply Chain Opportunities - From January to October 2023, the electricity consumption for internet data services in China increased by 43%, highlighting the surge in electricity demand driven by AI development [2]. - The global consensus that "the end of computing power is electricity" is becoming more pronounced, with Microsoft CEO Satya Nadella noting that the core bottleneck for the AI industry is the shortage of electricity [2]. - The persistent electricity shortages in North America and the urgent need for upgrades and expansions in global power systems may drive advancements in distributed and high-resilience power supply technologies, presenting systemic development opportunities for China's power grid equipment supply chain [2]. Group 3: Investment Outlook - Given the expected growth in domestic power grid construction investment and the opportunities for equipment exports against the backdrop of overseas electricity shortages, the outlook for the power grid sector remains positive [3]. - Investors are encouraged to pay attention to the power grid ETF (561380) as a potential investment opportunity [3].

今日市场震荡调整，截至收盘，上证指数跌0.70%报3873.32点，深证成指跌1.27%，创业板指冲高后回 落，收跌1.41%，科创50收跌1.55%。沪深两市全天成交额1.86万亿元，较上日放量786亿元。市场情绪 偏弱，全天超4300只个股下跌。分板块来看，特高压、商业航天等概念上涨，房地产、零售、通信设备 等板块调整明显。 资料来源： Wind 今日黄金基金ETF（518800）收涨0.18%，黄金股票ETF（517400）收涨0.07%。 资料来源： Wind 美联储降息如期落地。当地时间12月10日，美联储宣布降息25个基点，将联邦基金利率目标区间下调至 3.50%-3.75%，这是继9月17日，10月29日之后的年内第三次降息，幅度均为25个基点。本次降息落地前 市场已经有充分预期，关注点更多在于美联储对后续降息路径的态度。点阵图中位数维持了2026年仅有 1次降息的预测，鲍威尔也表示当前利率处于"有利位置"，表明后续降息门槛可能提高。 但同时，美联储重启扩表操作，将自2025年12月12日起启动短期美国国债购买，未来30天计划购买400 亿美元，购买规模或将在未来数月维持高位，此举将为市场直接注 ...

（责任编辑：张晓波 ） 【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 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 华福证券指出，攀西特高压交流工程项目已获核准，计划2026年上半年开工，总投资231亿元，将 新建两座1000千伏变电站和双回特高压线路，提升攀西地区580万千瓦电力外送能力及700万千瓦新能源 开发规模。甘肃—浙江±800kV特高压直流输电工程取得关键进展，越州换流站进入电气安装阶段，预 计投运后每年可为浙江输送超360亿千瓦时电能，其中新能源占比超50%。特高压建设加速将显著增强 清洁能源消纳与跨区域调配能力 ...