天赐良基日报第791期 一、今日基金新闻速览 1、多只货币基金限购 12月17日，多家基金公司陆续发布货币基金限购公告，多只产品限购额仅1万元，还有产品直接暂停代销渠道申购。 履历显示，汤旻玮证券从业年限为4年，曾任银联智策顾问（上海）有限公司另类数据投资研究部负责人、上海艾悉私募基金管理有限公司量化研究总监、 投资经理。2025年4月加入中欧基金。 三、今日ETF行情点评 1、ETF行情复盘 三大指数涨跌不一，截至收盘，沪指涨0.16%，深成指跌1.29%，创业板指跌2.17%。沪深两市成交额1.66万亿元，较上一个交易日缩量1557亿元。板块方 面，医药商业、航天航空、银行等板块涨幅居前，而电池、电源设备、能源金属等板块回调居前。 2、新发ETF密集宣告成立 12月18日，平安上证科创板50成份ETF、华宝沪深300增强策略ETF，以及鹏华基金、工银瑞信基金、摩根基金旗下科创创业人工智能ETF等多只新ETF产品 发布基金合同生效公告，基金已于12月17日成立。 3、年末基金积极调仓 12月以来，在行情短线切换剧烈的背景下，部分基金的降仓或调仓动作明显。其中，有基金经理旗下产品与三季度重仓风格背道而驰，或调 ...

证券研究报告 | 2025年12月14日 ETF 周报 首批 7 只科创创业人工智能 ETF 近期陆续上市 ETF 业绩表现 上周（2025 年 12 月 08 日至 2025 年 12 月 12 日，下同）股票型 ETF 周度 收益率中位数为0.20%。宽基ETF中，创业板类ETF涨跌幅中位数为2.76%， 收益最高。按板块划分，科技 ETF 涨跌幅中位数为 1.46%，收益最高。按 主题进行分类，芯片 ETF 涨跌幅中位数为 2.69%，收益最高。 ETF 规模变动及净申赎 上周股票型 ETF 净赎回 97.56 亿元，总体规模增加 67.32 亿元。在宽基 ETF 中，上周 A500ETF 净申购最多，为 66.35 亿元；按板块来看，消费 ETF 净 申购最多，为 0.50 亿元；按热点主题来看，红利 ETF 净申购最多，为 19.20 亿元。 ETF 基准指数估值情况 在宽基 ETF 中，创业板类 ETF 的估值分位数相对较低；按板块来看，消费、 大金融 ETF 的估值分位数相对温和；按照细分主题来看，酒 ETF 的估值分 位数相对较低。 ETF 融资融券情况 上周一至周四股票型 ETF 融资余额由 ...

【首批科创创业人工智能ETF等16只硬科技基金今日获批 即将启动募集】智通财经11月21日电，投资者布 局硬科技又有新工具，硬科技行业也再得资金加持。智通财经记者获悉，16只硬科技产品今日迅速获批， 包括易方达、华泰柏瑞、工银瑞信、永赢、景顺长城、摩根、鹏华、天弘等11家基金公司拿到入场券。16 只产品包括首批7只科创创业人工智能ETF、3只科创板芯片ETF、4只科创板芯片设计主题ETF，以及2只科 技主题主动权益类基金。本次获批产品中，部分产品于11月21日当天受理，当天便得到批文，有基金公司 人士称，这传递出监管部门支持战略性新兴产业的积极信号。业内预计，16只产品将于近期启动募集，吸 引一批专注于科技领域投资的新增资金入市。（智通财经记者 闫军） 人工智能 | 半导体芯片 | TMT行业观察 长按右侧二维码阅读原文 准确 快速 权威 专业 CL S 为速度和交易而生 机构和私募都在使用 于11月21日当天受理,当天便得到批文,有基金 公司人士称,这传递出监管部门支持战略性新兴产 业的积极信号。业内预计,16只产品将于近期启动 募集,吸引一批专注于科技领域投资的新增资金入 市。 (财联社记者 闫军) ...

天赐良基日报第787期 一、今日基金新闻速览 1、中银基金官宣新任董事长 12月11日，中银基金发布公告，自12月10日起，刘信群担任中银基金董事长、法定代表人，执行总裁张家文不再代为履行董事长、法定代表人职责。 2、首批科创创业人工智能ETF陆续上市 12月11日，全市场首只跟踪中证科创创业人工智能指数的ETF正式上市。同日，易方达基金、华泰柏瑞基金陆续发布公告，宣布旗下同类ETF基金合同生 效。此外，景顺长城基金旗下的相关产品则定于12月12日上市。 3、沪市ETF规模突破4.1万亿元 Wind数据显示，截至11月末，沪市ETF总体规模达4.1万亿元，较年初规模增长1.35万亿元，增长率达50%。其中，沪市百亿级ETF新增36只。 二、知名基金经理最新动态 1、朱少醒减仓星宇股份 星宇股份最新披露的前十大流通股东名单显示，朱少醒管理的富国天惠精选成长混合基金现身，截至12月10日，持股数量为200万股，比三季度末减少100万 股。 | 代码 | 名称 | 相关链接 | 最新价 | 涨跌额 | 涨跌幅1 | | --- | --- | --- | --- | --- | --- | | 159981 | 能 ...

历史业绩方面，中证科创创业人工智能指数有较高的收益弹性。截至2025年10月底，该指数自基日2019年12月31日以来的 累计收益率为171.29%，表现亮眼。 研发投入方面，中证科创创业人工智能指数成份股2024年年报披露的研发支出总额占营业收入比例为18.05%。摩根资产管 理认为，高强度的研发投入，是推动人工智能技术发展的核心引擎，直接驱动着指数成份股在关键环节的技术加速迭代与升 级，进而为指数孕育较大的成长潜力。 上述首批7只ETF产品跟踪的中证科创创业人工智能指数今年5月14日正式发布。根据编制方案，该指数从科创板和创业板 中选取50只业务涉及人工智能基础资源、人工智能技术以及人工智能应用领域的上市公司证券作为指数样本，以反映上述板块 中人工智能主题上市公司证券的整体表现。 在摩根资产管理看来，中证科创创业人工智能指数聚科技之光，成长能力强。从指数权重股来看，前十大权重股涵盖中际 旭创、新易盛、寒武纪、澜起科技、金山办公、芯原股份等人工智能领域代表性企业，囊括诸多人工智能赛道"旗手"。 工银瑞信基金相关人士对《证券日报》记者表示："中证科创创业人工智能指数成份股集中于'硬科技'核心赛道，覆盖了AI ...

扎堆上报 临近年末，多家公募向监管部门上报了指数型基金。 据《国际金融报》记者统计，截至12月9日，12月以来已有70余只新基金上报，其中指数型占比近半， 且多只聚焦科技赛道。 从发行端看，12月在发的指数型基金亦超三成，包括聚焦成长赛道的创业板、科创板指数基金，以及科 技类ETF（交易型开放式指数基金）等。 业内人士向《国际金融报》记者表示，国内指数化投资正处高速发展阶段，相较成熟市场仍有显著空 间。 持续扩容 近几年，国内指数投资不断扩容。2003年首只完全复制指数的基金诞生，公募指数产品规模用16年突破 了1万亿元；到2024年，仅5年便站上5万亿元关口。截至今年三季度末，全市场非货币ETF、ETF联接 基金及其他场外指数基金规模合计已逼近8万亿元，年内增长达2.1万亿元。 站在8万亿元规模的新起点上，业内人士指出，指数投资正从"规模增长"向"质量提升"转型，专业能力 已成为基金管理人构建指数业务"护城河"的核心。比如，在严控跟踪误差的基础上，如何通过精细化管 理创造超额收益，既是指数投资专业化的进阶方向，也是提升投资者体验的关键。 "国内的指数化投资正处高速发展阶段，参考成熟市场被动投资的市场占比，国 ...

Core Viewpoint - The public offering of technology-focused ETFs, particularly in the AI sector, has intensified, with multiple fund companies launching similar products simultaneously, indicating a strong market interest in AI and related technologies [1][7]. Group 1: ETF Launch and Approval - Seven public fund companies have launched AI-focused ETFs, with one company ending its fundraising early due to reaching the 1 billion yuan limit [1][7]. - The first batch of AI ETFs was approved on November 21, with additional thematic ETFs for robotics and semiconductors also being reported [2][4]. - A total of 19 ETFs targeting robotics and semiconductors have been reported in the week following November 24, reflecting a focus on the hottest AI sector [4]. Group 2: Investment Opportunities and Market Sentiment - Industry insiders emphasize that computing power and algorithms are core investment opportunities within the AI industry, but investors should approach the current hype with caution [3][10]. - The first batch of AI ETFs tracks the CSI Innovation and Entrepreneurship AI Index, which includes 50 leading companies in AI technology development and application [7]. - If all reported ETFs reach their fundraising limits, they could inject over 30 billion yuan into the AI and technology sectors [8]. Group 3: Long-term Investment Trends - The convergence of supportive policies, market performance, and competitive dynamics has fueled the enthusiasm for technology-focused ETFs [10]. - Fund companies are leveraging these themes as a key differentiator to attract new capital and align with the long-term trend of product specialization in the public fund industry [10]. - Despite short-term volatility concerns, AI remains a favored long-term investment area, alongside sectors like semiconductors, biotechnology, and clean energy [10][11].

Core Viewpoint - The regulatory body is implementing a counter-cyclical adjustment mechanism for fund product approvals to better protect investor interests, emphasizing a cautious approach towards new equity fund approvals amid high valuation benchmarks [1][2][7]. Fund Approval and Market Conditions - Regulatory scrutiny on new equity funds has increased, requiring that the performance benchmark index's rolling valuation over the last five years be below the 90th percentile and the last three months below the 80th percentile [2][3]. - Despite a bullish A-share market, fund companies are exercising restraint in launching new equity funds, with many setting initial fundraising caps at 2 billion to 3 billion yuan [1][4]. Fund Product Trends - Recent approvals have favored funds in sectors with relatively low valuations, such as healthcare, food, and consumer electronics, indicating a strategic focus on value [3][4]. - The approval of 16 hard technology products in mid-November reflects the regulatory body's timely response to market fluctuations, showcasing the effectiveness of the counter-cyclical adjustment mechanism [3][7]. Scale Management and Investor Experience - Fund companies are actively controlling the scale of new products, with many setting fundraising limits between 2 billion and 3 billion yuan, contrasting with the past trend of large-scale fund launches [4][5]. - Over 100 equity funds have announced restrictions on large subscriptions, with a focus on protecting existing investors and maintaining stable fund operations [5][6]. Regulatory Changes and Industry Transformation - The regulatory framework is shifting from a focus on scale to quality, with new performance evaluation metrics emphasizing long-term investment returns and investor experience [6][7]. - The implementation of counter-cyclical adjustment mechanisms is expected to enhance the capital market's resource allocation and support long-term investment strategies [7].

Core Viewpoint - The regulatory body is implementing a counter-cyclical adjustment mechanism for fund product approvals to better protect investor interests, emphasizing a cautious approach towards new equity fund approvals amid high valuation benchmarks [1][2][6]. Group 1: Regulatory Actions - The approval process for new equity funds has become more stringent, with requirements for performance benchmarks to be below the 90th percentile for the last five years and the 80th percentile for the last three months [2][3]. - The regulatory framework encourages fund companies to focus on quality over size, promoting a rational and restrained approach during market highs and increasing counter-cyclical investments during market lows [2][6]. Group 2: Market Trends - Despite a bullish A-share market, fund companies are limiting the scale of new equity fund launches, with many setting initial fundraising caps at 2 billion to 3 billion yuan [1][4]. - A significant portion of newly established equity funds this year has set fundraising limits, with 57% of these caps below 3 billion yuan [5]. Group 3: Fund Management Practices - Fund companies are actively controlling the scale of new products and limiting large subscriptions for existing high-performing funds to protect investor interests and maintain stable fund operations [5][6]. - The focus is on aligning fund size with strategy capacity to avoid increased transaction costs and ensure a fair investment experience for all investors [5]. Group 4: Long-term Investment Ecosystem - The deepening implementation of the counter-cyclical adjustment mechanism is shifting the public fund industry from a focus on scale to one on quality, which is expected to attract more long-term capital and enhance investor satisfaction [7]. - Regulatory measures are designed to create a balanced approval rhythm that avoids excessive capital inflow into popular sectors while supporting key areas like hard technology during market corrections [7].

Core Viewpoint - The approval of fund products is initiating a counter-cyclical adjustment mechanism to better protect investor interests under the guidance of the "Action Plan for Promoting High-Quality Development of Public Funds" [1][2] Group 1: Regulatory Adjustments - Regulatory scrutiny on new equity fund approvals has increased, particularly for those with high performance benchmarks, requiring recent five-year rolling valuations to be below the 90th percentile and three-month valuations below the 80th percentile [2][3] - The approval process is being optimized to maintain a rational and restrained approach during market highs while increasing counter-cyclical investments during market lows [2][6] Group 2: Fund Issuance and Management - Fund companies are exhibiting restraint in issuing new equity funds, with many setting initial fundraising caps at 2 billion to 3 billion yuan, contrasting with the past trend of launching large-scale funds [5][6] - Over 50% of the 1,045 new equity funds established this year have set fundraising limits, with 57% of these limits below 3 billion yuan [5] Group 3: Market Response and Strategy - The approval of new funds has focused on sectors with relatively low valuations, such as healthcare and consumer electronics, especially during periods of market volatility [3][4] - The industry is shifting from a focus on scale to quality, aiming to attract more long-term capital and enhance investor satisfaction through better fund management practices [7] Group 4: Performance Evaluation and Investor Experience - The regulatory framework has been restructured to emphasize fund performance over size and revenue, with new metrics introduced to evaluate fund managers based on investor service and experience [6][7] - The implementation of counter-cyclical adjustment mechanisms is expected to improve the overall investment experience for investors and stabilize the capital market [7]