Market Overview - The A-share market exhibited a fluctuating upward trend this week, with major broad-based indices showing mixed performance and significant market style differentiation [1] - International gold prices recently reached a new historical high, leading to strong performance in related ETFs, with gold stock ETFs rising by 13.17%, the highest among all [1][2] - Other sectors such as photovoltaic and building materials ETFs also saw substantial gains, while Hong Kong innovative drug-related ETFs experienced slight adjustments [1] Fund Flow Analysis - Overall, ETF funds experienced a net outflow of 696.39 billion, with broad-based ETFs facing a net outflow of 873.01 billion, while industry ETFs saw a net inflow of 143.04 billion and commodity ETFs a net inflow of 32.91 billion [3] - Funds have not exited the market but have shifted towards more elastic sectors, with significant net inflows into TMT (Technology, Media, Telecommunications) and cyclical sectors like non-ferrous metals, indicating active funds' preference for technology growth themes [2][3] ETF Performance - The top-performing gold stock ETFs included: - 517400 Gold Stock ETF with a 13.17% increase and a latest scale of 826 million [2] - 159315 Gold Stock ETF from ICBC with a 13.03% increase and a scale of 222 million [2] - 517520 Gold Stock ETF from Yongying with a 12.95% increase and a scale of 177.52 billion [2] - Photovoltaic ETFs also performed well, with the top performer being 560980 Photovoltaic Leader ETF from GF with a 10.71% increase and a scale of 565 million [2] Upcoming ETF Listings - Next week, four new ETFs are set to be listed, including: - 589190 Sci-Tech Chip ETF from Huabao, with subscription starting on December 30, 2025 [5] - 159158 Power ETF from Invesco, with subscription starting on January 7, 2026 [5] - 589220 Sci-Tech 200 ETF from Guotai, with subscription starting on January 5, 2026 [5]

Group 1 - The controllable nuclear fusion sector has shown significant activity, with stocks like Rongfa Nuclear Power hitting the daily limit, indicating strong market interest [1] - On June 11, the controllable nuclear fusion sector experienced a decline of 0.92% but quickly rebounded, reflecting high investor attention [1] - Recent data from Wind shows a correlation between the recent performance of the controllable nuclear fusion sector and other popular sectors like renewable energy and biotechnology, with the biotechnology index rising by 10.33% in the past month [1] Group 2 - The controllable nuclear fusion sector is still in the research and commercialization phase, and its correlation with more mature sectors like renewable energy and technology needs further observation [2] - Investors can indirectly participate in the nuclear fusion sector through technology growth ETFs or renewable energy-related funds, despite the absence of a dedicated controllable nuclear fusion ETF [3] Group 3 - Suggested ETF options for participating in nuclear fusion investments include technology innovation ETFs that cover high-growth technology companies related to the nuclear fusion supply chain, such as the Shanghai Stock Exchange Science and Technology Innovation Board Growth Index [4] - Specific ETFs related to the Science and Technology Innovation Board Growth Index include the Kweichow Moutai Science and Technology 50 ETF and others, which contain manufacturers and suppliers relevant to the nuclear fusion industry [5] Group 4 - The nuclear fusion technology is a crucial component of new energy, and breakthroughs in this area will significantly impact carbon neutrality goals [7] - The China Securities Low Carbon Economy Theme Index includes stocks related to nuclear fusion technology, such as Yangtze Power and CATL, which can be considered for investment [7]