风险提示：基金有风险，投资需谨慎。 12月25日，A股市场震荡整理，沪深两市涨跌互现，国产软件板块上涨0.77%。截至11点15分，计算机 ETF南方(159586.SZ)涨0.78%，恒生电子涨1.49%。 长江证券认为，2025年计算机板块基本面弱复苏， 2026年AI步入下半场，完善系统能力、应用落地为王。基本面看，2025年板块收入修复，利润增速上 行由降本驱动，合同负债连续增长支撑营收修复。行情上，当前应用落地为核心叙事，AI应用兑现处 早期制约板块β，但AI上下半场切换，推理算力需求将提振。军备竞赛利好基础资源，聚焦云与国产算 力，云有望价值定价提升毛利，国产算力供需格局景气，量子计算成新范式。模型侧头部集中，应用侧 关注垂类闭环场景。计算机ETF南方(159586.SZ)可把握AI驱动的板块机会，覆盖云、算力及应用等核心 领域。（A类021653，C类021654） 资讯所属栏目还有更多独家策划、专家专栏，免费查阅>> ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The Financial Street Securities Research Institute constructed a strategic portfolio of industry and theme ETFs based on two strategy reports: "Strategy Portfolio Report under Industry Rotation: Quantitative Analysis from the Perspective of Industry Style Continuity and Switching" (20241007) and "Research on the Overview and Allocation Methods of the Stock - type ETF Market: Taking the ETF Portfolio Based on the Industry Rotation Strategy as an Example" (20241013) [2] - From 20251201 - 20251205, the cumulative net return of the strategy was about 0.55%, and the excess return relative to the CSI 300 ETF was about - 0.81%. From October 14, 2024, to the present, the out - of - sample cumulative return of the strategy was about 24.26%, and the cumulative excess return relative to the CSI 300 ETF was about 3.20% [3] - In the week of 20251208, the model recommended the allocation of sectors such as aviation equipment, software development, gaming, communication equipment, and communication services. In the coming week, the strategy would newly hold products such as Aerospace ETF, Computer ETF, Gaming ETF, Cloud Computing ETF, and Central Enterprise Science and Technology Innovation ETF [12] 3. Summary of Relevant Catalogs 3.1 Strategy Construction - The strategy was constructed based on two reports: "Strategy Portfolio Report under Industry Rotation: Quantitative Analysis from the Perspective of Industry Style Continuity and Switching" (20241007) and "Research on the Overview and Allocation Methods of the Stock - type ETF Market: Taking the ETF Portfolio Based on the Industry Rotation Strategy as an Example" (20241013) [2] 3.2 Performance Tracking - During 20251201 - 20251205, the strategy's cumulative net return was about 0.55%, and the excess return relative to the CSI 300 ETF was about - 0.81%. From October 14, 2024, to the present, the strategy's out - of - sample cumulative return was about 24.26%, and the cumulative excess return relative to the CSI 300 ETF was about 3.20% [3] 3.3 Portfolio Adjustment - In the week of 20251208, products like Aerospace ETF (159227), Computer ETF Southern (159586), Gaming ETF (159869), Cloud Computing ETF (516510), Central Enterprise Science and Technology Innovation ETF (159335) etc. were recommended to be newly held, while products such as Real Estate ETF (159768), Grain ETF (159698), Petrochemical ETF (159731) etc. were to be removed from the portfolio [3][12] 3.4 Timing Signals - The timing signals were price - volume indicators, where 1 indicated a bullish signal, 0 indicated a neutral signal, and - 1 indicated a bearish signal. For example, the weekly and daily timing signals for Aerospace ETF (159227) were 0 and 1 respectively [3]

ETF Industry News Summary - The three major indices experienced fluctuations and declines, with the Shanghai Composite Index down 0.46%, the Shenzhen Component Index down 0.11%, and the ChiNext Index down 0.2%. Several software ETFs saw gains exceeding 2% [1] - Cross-border ETFs frequently showed premiums, with multiple products having premium rates exceeding 6%. The enthusiasm for investing in overseas ETFs remains high, particularly for new products like the recently launched Brazilian cross-border ETF. The premium situation is attributed to supply-demand imbalances in the secondary market and insufficient QDII quotas from fund companies [1] - The domestic ETF market has seen significant growth, with the number of newly established ETFs and their issuance scale both reaching historical highs. In 2025, the number of new ETFs exceeded 300, totaling 320, and the issuance scale reached 249.68 billion yuan, surpassing previous years [2] - The stock-type ETFs dominated the new issuance with 282 funds and a scale of 154.68 billion yuan, while bond-type ETFs also made a notable impact with 32 new funds and a scale of 91.48 billion yuan, accounting for 36.75% of the total issuance [2] Market Performance Overview - On November 17, the three major indices collectively declined, with the Shanghai Composite Index closing at 3972.03 points, the Shenzhen Component Index at 13202.0 points, and the ChiNext Index at 3105.2 points. The highest intraday points were 3992.4, 13251.78, and 3120.73 respectively [3] - In terms of sector performance, the computer, defense, and coal sectors ranked highest with daily gains of 1.67%, 1.59%, and 1.32% respectively, while the pharmaceutical, banking, and non-bank financial sectors lagged with declines of -1.73%, -1.31%, and -1.11% [7] - The bond-type ETFs showed the best average performance with a daily change of 0.03%, while commodity-type ETFs had the worst performance with an average decline of -2.10% [8] ETF Specific Performance - The top-performing ETFs included rare metal ETFs, with daily gains of 3.68%, 3.66%, and 3.22% for different funds. Software ETFs also performed well, with gains of 2.56% and 2.42% for specific funds [10][11] - The trading volume for stock-type ETFs was led by the CSI A500 ETF with a transaction amount of 4.809 billion yuan, followed by the A500 ETF fund at 4.750 billion yuan and the A500 ETF Huatai at 4.465 billion yuan [13][14]

Market Overview - The A-share market experienced a decline across the board, with the Shanghai Composite Index falling by 0.46% to close at 3972.03, the Shenzhen Component Index down by 0.11% at 13202.00, and the ChiNext Index decreasing by 0.20% to 3105.20 [1][2] - The total trading volume in the Shanghai and Shenzhen markets was 19,303 billion, a decrease of 501 billion from the previous day [1] Sector Performance - The military, energy metals, and Fujian sectors showed gains, while precious metals and photovoltaic sectors underwent adjustments [1] - The rare metals sector led the gains, with ETFs such as the Jiashi Fund Rare Metals ETF and the Guangfa Fund Rare Metals ETF both rising by 3.6% [3] - The software sector also performed well, with the Huazhang Fund Software ETF and the Southern Computer ETF increasing by 2.56% and 2.42%, respectively [3] - AI hardware stocks rebounded, with various AI ETFs rising by 2.2% [3] - Conversely, the innovative drug sector declined, with the Guotai and Huitianfu ETFs dropping by 2.7% and 2.58% [3] - Gold stocks experienced a broad pullback, with gold stock ETFs falling by 2.57% and 2.4% [3]

Group 1 - The computer sector shows a significant performance turnaround, with a 3.67% year-on-year revenue increase and a 240.37% rise in net profit attributable to shareholders for the first three quarters of 2025 [1] - The AI and domestic computing sectors are particularly strong, with AI applications driving substantial revenue growth [1] - The Computer ETF Southern (159586) has risen by 0.92%, reflecting positive market sentiment and increased trading volume [1] Group 2 - Quantum technology is gaining recognition for its advantages over classical information tools, with applications in computing, communication, and measurement [2] - The quantum computing market is expected to experience rapid growth between 2028 and 2030, with significant developments such as Google's quantum chip "Willow" and China's "Zu Chongzhi No. 3" [2] - The Computer ETF Southern closely tracks the CSI All-Share Computer Index, which categorizes companies into various industry levels for comprehensive performance analysis [2]

Group 1 - The ETF market on August 8 showed mixed performance, with the construction materials ETF from E Fund (159787) leading gains at 2.18% [2] - The photovoltaic ETF (560980) and the infrastructure ETF (516950) both increased by 2.05% [2] - The software index ETF (560360) experienced the largest decline, falling by 3.07%, followed closely by the innovation-driven ETF (562570) which dropped 3.02% [2] - The computer ETF from Southern (159586) decreased by 2.87% [2]

Group 1 - The ETF market opened with mixed results, with the Southern Computer ETF (159586) leading the gains at 6.16% [1] - The Sci-Tech Innovation Board 50 ETF (588840) increased by 3.79% [1] - The Shanghai 180 ETF Index Fund (530280) rose by 2.99% [1] Group 2 - The Resource ETF (510410) experienced the largest decline, falling by 1.41% [1] - The French CAC40 ETF (513080) decreased by 1.36% [1] - The Rare Metals ETF Fund (561800) dropped by 1.28% [1]

Group 1: ETF Industry News - The three major indices experienced fluctuations and declines, with the Shanghai Composite Index down 0.07%, the Shenzhen Component Index down 0.47%, and the ChiNext Index down 0.83. Multiple ETFs in the food and beverage sector saw increases, including the liquor ETF (512690.SH) rising by 2.20% and the food and beverage ETF (516900.SH) increasing by 1.20% [1] - According to Zhongyuan Securities, the revenue growth of food and beverage listed companies is expected to remain in single digits by 2025, slightly above the overall industry growth. The cost environment is anticipated to remain favorable, which will support corporate profits during a period of significant revenue growth slowdown. Investment opportunities are recommended in the dairy, beer, soft drinks, health products, and snacks sectors [1] Group 2: Credit Bond ETF Market - The first batch of eight benchmark market-making credit bond ETFs has surpassed a total scale of 100 billion yuan, reaching 102.33 billion yuan as of June 19. This rapid growth reflects the increasing demand from investors for credit bond ETFs since their inception in early 2025 [2] - Since the launch of the first batch of benchmark market-making credit bond ETFs, there has been a net inflow of 33.10 billion yuan over the first ten working days of their pledge-style repurchase trading [2] Group 3: Market Performance Overview - On June 20, the three major indices collectively declined, with the Shanghai Index closing at 3359.9 points, the Shenzhen Component at 10005.03 points, and the ChiNext at 2009.89 points. The highest intraday points were 3370.8, 10084.1, and 2036.02 respectively [3] - In terms of sector performance, transportation, food and beverage, and banking sectors ranked highest with daily increases of 0.88%, 0.73%, and 0.69% respectively, while media, computer, and oil and petrochemical sectors ranked lowest with declines of -1.91%, -1.79%, and -1.71% [6] Group 4: ETF Market Performance - The overall performance of ETFs showed that strategy-based stock ETFs had the best average daily return of 0.39%, while thematic stock ETFs had the worst average return of -0.54% [9] - The top-performing ETFs today included the liquor ETF (512690.SH) with a return of 2.20%, the logistics express ETF (516530.SH) with 1.44%, and the logistics ETF (516910.SH) with 1.43% [12] Group 5: ETF Trading Volume - The top three ETFs by trading volume today were the A500 ETF (159351.SZ) with a trading volume of 2.638 billion yuan, the A500 ETF fund (512050.SH) with 2.488 billion yuan, and the Shanghai 50 ETF (510050.SH) with 2.165 billion yuan [17]