1月7日消息，据上交所数据显示，截至10：30，上证指数下跌0.02%，稀土产业指数上涨2.55%，个股 方面，中稀有色涨停，格林美、中科磁业涨超9%，九菱科技涨超8%，奔朗新材、银河磁体、安泰科 技、中国稀土等涨超5%，厦门钨业、北方稀土、盛和资源、华宏科技、金力永磁等涨超3%。 热门ETF方面，稀土ETF嘉实（516150）涨2.66%，盘中成交额达2.28亿元，换手率达2.79%。天天基金 网数据显示，该基金近6月涨64.35%。 消息面上，中国正考虑针对性收紧中重稀土相关物项出口许可审查，日本对镝、铽等重稀土几乎100% 依赖中国供应，野村综合研究所估算，若限制持续 3 个月将造成日本 6600 亿日元损失，持续一年损失 额达 2.6 万亿日元。与此同时，缅甸克钦邦 2025 年 7 月公告要求 2025 年 12 月 31 日前全面停止所有稀 土开采活动，其此前贡献全球约 40% 的中重稀土供应，2025 年对华稀土出口已同比下滑 80%，禁采生 效后供应将完全中断；国内中重稀土开采配额更连续五年冻结在 1.92 万吨 / 年，2026 年暂无增加计 划，综合测算 2026 年全球中重稀土总需求达 ...

Core Insights - The A-share market experienced significant growth in 2025, with the Shanghai Composite Index returning to 4000 points for the first time in ten years and total trading volume exceeding 410 trillion yuan, reflecting a record high in market capitalization [1][9]. Market Performance - The Shanghai Composite Index rose by 18.30%, the Shenzhen Component Index increased by 30.62%, and the ChiNext Index surged by 51.42% throughout the year [9]. - Nearly 500 stocks doubled in value, marking an increase of over 460% compared to 2024, indicating heightened market enthusiasm and growth [9]. Sector Performance - The market exhibited a "structural market" where funds were concentrated in sectors with strong growth certainty, rather than a broad-based rally [10]. - The top three performing sectors were: - Non-ferrous metals with a 92.64% increase - Communication sector with an 87.27% rise - Electronics sector with a 49.40% growth [10]. Non-Ferrous Metals - The non-ferrous metals sector led the market with a 92.64% increase, driven by global liquidity, supply constraints, and surging demand from new energy and AI sectors [11]. - Related products, such as rare metal ETFs, also saw significant gains, with a rare metal ETF rising by 89.16% and net inflows of 1.704 billion yuan [11]. Communication Sector - The communication sector achieved an 87.27% annual increase, supported by ongoing 5G construction and strong demand for AI computing power [12]. - A communication ETF rose by 85.08%, reflecting investor confidence in the sector's long-term value [12]. Electronics and Chips - The electronics sector grew by 49.40%, bolstered by AI computing and domestic semiconductor production [13]. - The Sci-Tech Chip Index surged by 63.41%, with a chip ETF reaching a scale of 39.6 billion yuan and net inflows of 2.621 billion yuan [13]. Power Equipment - The power equipment sector increased by 43.12%, driven by the "dual carbon" goals and investment in energy transition technologies [15]. - A battery ETF rose by 70.61%, with a scale of 1.465 billion yuan and net inflows of 779 million yuan [15]. Machinery Equipment - The machinery equipment sector saw a 41.83% increase, with a focus on smart manufacturing and industrial robots [16]. - A robotics ETF rose by 31.03%, indicating market optimism towards advanced robotics [16]. Future Outlook - The structural opportunities in high-growth sectors are expected to continue, driven by the rapid expansion of AI infrastructure, ongoing energy transitions, and strategic layouts in high-end manufacturing [16].

Core Viewpoint - The "14th Five-Year Plan" emphasizes the importance of emerging and future industries, identifying key sectors such as new energy, new materials, aerospace, and low-altitude economy, which are crucial for building a modern industrial system and fostering new productive forces [3][4]. Emerging Industries - The four major emerging industries highlighted are new energy, new materials, aerospace, and low-altitude economy, while six future industries include quantum technology, biomanufacturing, hydrogen and nuclear fusion, brain-computer interfaces, embodied intelligence, and sixth-generation mobile communication [3]. - Emerging industries have established clear industrial forms and development models, transitioning from "quantitative accumulation" to "qualitative leaps," presenting significant growth opportunities [3]. Investment Insights - Investment in emerging industries requires a deep understanding of the entire cycle from technological emergence to commercial realization, focusing on pioneering companies that can define the future and build competitive barriers [3]. - The core themes of advanced manufacturing revolve around "development, safety, and low carbon," indicating a strategic focus for investors [3]. New Energy and New Materials - New energy is essential for economic operation, with the "14th Five-Year Plan" introducing the "Energy Power" strategy to accelerate the construction of a new energy system and expand green electricity applications [6]. - New materials are critical for modern economies and high-end manufacturing, with increasing demand driven by technological advancements and applications in AI and new energy [6]. - The investment landscape includes over 15 actively managed funds focused on new energy and new materials, with notable performance metrics indicating substantial returns [8]. Aerospace and Low-altitude Economy - The aerospace sector is becoming a strategic focal point for national competition, with significant market opportunities emerging from commercial space exploration and advancements in green aviation and smart manufacturing [11]. - The low-altitude economy is recognized as a new growth engine, with a clear market scale and timeline outlined by the government, presenting investment opportunities across various sectors [11]. Fund Performance - Several funds have shown exceptional performance, such as the Jia Shi Environmental Low Carbon Fund, which has achieved a net value growth of 223.4% since its inception, significantly outperforming its benchmark [8]. - The Jia Shi New Energy and New Materials Fund has also demonstrated strong returns, with a net value increase of 173.43% since its establishment [8]. Product Offerings - Jia Shi Fund has systematically laid out a range of products in the new energy and new materials sectors, including ETFs that cover upstream materials, power generation, and energy storage, ensuring comprehensive market coverage [9]. - The high-end equipment ETF tracks a specialized index, providing investors with targeted exposure to the aerospace and high-end manufacturing sectors [12].

金银铜价格纷纷在年内多次创下历史新高。数据显示，截至12月19日，申万有色金属指数年内涨幅已达82.23%，在全市场所有行业中领跑，甚至超越了 通信、电子等长期备受瞩目的科技赛道。（数据来源：Choice，时间截至2025/12/19） A股结构化机会下，资源与化工板块的表现格外抢眼。很多投资者可能会有一个问题，眼前的行情是短暂的周期性反弹，还是新一轮资源品超级周期的起 点？ 三重驱动力，重塑资源品定价逻辑 理解未来趋势，需洞察根本的驱动力量。当前，资源与化工行业正同时受到来自三个维度的冲击与重塑，这决定了其投资逻辑已从单纯的"周期波动"转向 更复杂的"价值重估"。 近期市场的结构性分化格外引人注目。一边是部分成长板块的震荡调整，另一边，以有色金属为代表的资源品却走出了独立的强势行情，成为当下市场一 抹亮眼的色彩。 首先，全球宏观流动性环境的确定性转向构成基础支撑。 美联储货币政策的风向，是影响全球资源品价格的变量之一。 今年9月以来美联储连续三次降息，虽然美联储进一步降息门槛提高，但美联储主席热门候选人之一的哈塞特依旧是力挺继续降息。 长期来看，美联储降息只是节奏问题，并不改方向。 由于大宗商品多以美元计价 ...

作为公募领域最早布局指数业务的头部基金公司之一，嘉实基金在2005年8月便推出了业内首只沪深300 指数基金，奠定了嘉实在被动指数投资领域的开拓者地位。目前旗下ETF产品线覆盖宽基、行业、主 题、跨境等多元赛道，持续为投资者打造兼顾"投资价值+使用场景"的ETF生态圈。 为积极响应市场投资趋势，嘉实基金携手战略合作伙伴中信证券，积极参与其主办的第7期ETF实盘大 赛。大赛已于2025年12月1日启动报名（截止至2026年1月31日），并于12月8日正式开赛，诚邀广大投 资者参与实战，交流智慧，赢取佳绩。 2.港股通消费ETF（520620），紧密跟踪恒生消费指数，成分股近乎囊括港股日常消费的各个领域，消 费属性纯粹。随着经济复苏与消费升级趋势深化，该指数为投资者提供了便捷布局港股消费核心资产、 捕捉泛消费板块成长潜力的高效选择。 3.中证500ETF（159922），紧密跟踪中证500指数。作为A股中盘成长风格的核心代表，该指数汇集了沪 深两市500家具有高成长性和创新活力的中型上市公司，行业分布均衡，是新经济动能的"聚集地"，为 投资者提供布局中盘核心资产的优质工具。 4.稀土ETF嘉实（516150），紧 ...

Core Viewpoint - The A-share market experienced a significant rally in rare earth stocks, driven by strong performances from key companies and the strategic importance of rare earth elements highlighted by recent government policies [1] Group 1: Market Performance - A-share market opened lower but closed higher, with rare earth concept stocks collectively surging, including Jiuling Technology up over 26% and Galaxy Magnetics up 20% [1] - The rare earth ETF, Jia Shi (516150), saw a nearly 7% increase at closing, reaching a historical high in secondary market prices, with a year-to-date increase exceeding 89% [1] - The trading volume of the rare earth ETF surpassed 1.3 billion yuan, marking a new high since its listing [1] Group 2: Strategic Importance - The Ministry of Commerce's recent decision to implement export controls on rare earth-related technologies underscores the strategic value of rare earth elements [1] - Analysts indicate that rare earths are core resources for high-end manufacturing and strategic emerging industries, showing a resonant supply-demand dynamic [1] - China's quota management and export controls are enhancing the strategic autonomy of the industry chain, ensuring resources are directed towards high-end applications [1] Group 3: Demand and Supply Dynamics - The global green transition and dual carbon goals are driving demand for key elements like praseodymium and neodymium, leading to rapid expansion in new applications such as permanent magnet materials [1] - The strategic position of the rare earth industry chain is expected to strengthen further, providing long-term driving forces for high-end manufacturing development [1]

Core Viewpoint - The article discusses the rising prices of lithium and rare earth metals amid the "anti-involution" trend, highlighting the performance of rare metal ETFs, particularly the 嘉实中证稀有金属ETF (562800) [1][16]. Group 1: Market Performance - The technology sector, particularly communication and electronics, has seen significant gains, with ETFs like the communication ETF (159695) and the Sci-Tech Chip ETF (588200) both exceeding 50% year-to-date [3]. - The non-ferrous metals sector has also performed well, with an annual increase of 51.05% [4]. - The rare earth ETF 嘉实 (516150) and the rare metal ETF (562800) have recorded year-to-date increases of 64.2% and 51.9%, respectively [4]. Group 2: Economic Factors - The Federal Reserve's recent interest rate cut of 25 basis points marks the beginning of a new easing cycle, which is expected to enhance liquidity and stimulate demand in the downstream sectors [6]. - The "anti-involution" policy is addressing structural supply-side issues, particularly in industries like new energy vehicles, photovoltaics, and lithium batteries [8]. Group 3: Lithium Market Insights - Lithium carbonate prices have been on the rise, with futures prices increasing over 20% since July [8]. - The lithium sector's listed companies reported a 54% year-on-year increase in net profit, totaling 37.26 billion yuan in the first half of the year [10]. - Demand for lithium is projected to reach 1.386 million tons of LCE by 2025, with a year-on-year growth of 20.4% [11]. Group 4: Rare Earth Market Insights - China holds over one-third of the global rare earth reserves and has a significant share of the global production and processing capacity [15]. - The rare earth prices have surged due to supply chain concerns and increased inventory accumulation by foreign manufacturers [15]. - Companies like 北方稀土 have reported substantial revenue growth, with a 45.2% increase in revenue and a 19-fold increase in net profit year-on-year [15]. Group 5: ETF Overview - The 嘉实中证稀有金属ETF (562800) strategically allocates 40% of its weight to small metals, including rare earths, and 20% to energy metals like lithium, nickel, and cobalt [22]. - The ETF has seen a significant increase in fund size, reaching 2.73 billion yuan, with a 119.7% increase in fund shares this year [27].

Group 1 - The core viewpoint of the news highlights the fluctuations in the rare earth industry, with the China Rare Earth Industry Index declining by 1.69% as of August 26, 2025, while the rare earth ETF managed by Harvest has seen a significant increase of 9.77% over the past week [1][4] - The rare earth ETF has recorded a trading volume of 3.78 billion yuan with a turnover rate of 5.95%, and its latest scale reached 6.436 billion yuan, marking a new high since its inception [4] - The top ten weighted stocks in the China Rare Earth Industry Index account for 59.32% of the index, with notable companies including Northern Rare Earth, Baotou Steel, and China Rare Earth [4][7] Group 2 - The recent policy issued on August 22, 2025, regarding the total quantity control management of rare earth mining and separation indicates a stricter regulatory environment, which is expected to impact production levels [5] - Analysts from Guotai Junan Securities and Everbright Securities suggest that the price increase in rare earths is driven by tightening supply and structural demand surges, leading to potential excess profits for rare earth companies [5]

Group 1 - The A-share market showed mixed performance on August 7, with the Shanghai Composite Index rising by 0.16% to 3639.67 points, while the ChiNext Index fell by 0.68% [1] - The rare earth sector experienced significant gains in the afternoon, with key stocks such as Zhenghai Magnetic Materials and Zhongke Magnetic Materials seeing increases of 20% and over 13% respectively [1] - The rare earth ETFs, specifically the Jiashi Rare Earth ETF (516150) and the Rare Metals ETF (562800), reported daily gains of 3.14% and 2.54%, with trading volumes of 5.81 billion yuan and 1.20 billion yuan, respectively, leading their respective categories [1] Group 2 - Recent analysis indicates that the rare earth sector is expected to maintain an upward trend due to sustained supply tightness and steady demand growth, with strong price support in the short term [2] - Long-term projections suggest that the integration of rare earth production capacity and tightening supply will make price increases more likely, while high refining costs overseas are expected to support price differentials and enhance price increase expectations [2]

Core Viewpoint - The article emphasizes that in the second half of passive investment, the key to success lies not only in the breadth and depth of product offerings but also in the quality of service provided to investors, highlighting the importance of a "super ETF" ecosystem developed by the company [1][14]. Group 1: Market Trends and Growth - The total scale of ETFs in China has surpassed 4.6 trillion yuan, reflecting rapid growth, with the market structure showing a "winner-takes-all" trend where the top 12 fund companies hold over 80% of the market share [2][8]. - The company has achieved a management scale of over 290 billion yuan in ETFs, positioning itself among the top five in the industry [3][8]. Group 2: Investment Strategies and Product Offerings - The company focuses on passive investment tools that allow ordinary investors to participate in market trends, offering advantages such as risk diversification, cost optimization, and systematic capture of industry dividends [4][6]. - The company has launched several ETFs targeting key sectors, including AI, new energy, and biomedicine, with notable products like the Sci-Tech Chip ETF (588200) and Software ETF (159852) showing significant growth [5][6]. Group 3: Performance Metrics - The Sci-Tech Chip ETF (588200) has grown from 367 million yuan to 31.74 billion yuan, marking an 86-fold increase since its inception [5]. - The company’s ETFs have shown impressive performance, with the Hang Seng Medical ETF achieving a return of 100.95% over the past year [6][7]. Group 4: Product Development and Innovation - The company has developed a comprehensive product matrix that includes core broad-based ETFs and actively managed thematic products, ensuring alignment with investor needs [9][15]. - The introduction of the "Super ETF" brand and related investment tools aims to enhance investor experience and provide tailored solutions [14][16]. Group 5: Future Outlook - The article suggests that the future of passive investment will focus on value rather than just fee competition, with the company positioning itself to meet evolving investor demands through enhanced service offerings [18].