1月6日A股早盘延续开年强势，量能再度刷新近期纪录，市场交易活跃度攀升至高位。 证券ETF(159841)，对应场外联接基金（A：008590，C：008591）。 【热点事件】 A股放量逼空！成交额连续6日破2万亿 截至2026年1月6日 14:31，证券ETF(159841)盘中换手10.27%，成交10.91亿元，市场交投活跃。跟踪的中证全指证券公司指数 (399975)强势上涨4.13%，成分股华林证券(002945)上涨9.99%，华安证券(600909)上涨9.99%，长江证券(000783)上涨6.63%，国 泰海通(601211)，东方财富(300059)等个股跟涨。 【产品亮点】 证券板块具备较强β属性，主营业务表现与资本市场表现息息相关，因此被喻为"牛市旗手"。历史市场反弹期间，证券板块显著 跑赢大盘，深市规模流动性同类持续领先的证券ETF(159841)助力把握机遇。 【相关产品】 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 沪深两市成交额实现连续第6个交易日突破2万亿，早盘阶段较前一交易日同期放量超1500亿，预计全天成交金额超2.7万亿，有 望创出近期成交 ...

与此同时，该基金最新成交量为1.44亿份，最新成交额突破1.90亿元，全市场排名较上一交易日前进41 位。 拉长时间看，该基金近4天主力资金加速流入，合计流入5503.65万元，居全市场第一梯队。（数据来 源：Wind） 2025年12月29日，银行ETF（159887.SZ）收涨1.05%，主力资金（单笔成交额100万元以上）净流入 4306.56万元，居全市场第一梯队。（数据来源：Wind） ...

沪深股通今日合计成交1821.61亿，其中紫金矿业和中际旭创分居沪股通和深股通个股成交额首位。板 块主力资金方面，通信板块主力资金净流入居首。ETF成交方面，中证A500指数ETF（563880）成交额 环比增长309%。此外，银行ETF（512800）近三周共计减少51亿份。 龙虎榜方面，商业航天概念今日持续活跃，天银机电获两家机构买入6544万，遭三家机构卖出6487万， 一家实力游资（国泰海通证券成都北一环路）卖出7062万；通宇通讯获一家实力游资（中国银河证券大 连黄河路）买入9021万，却遭两家机构卖出1.2亿。 一、沪深股通前十大成交 今日沪股通总成交金额为810.44亿，深股通总成交金额为1011.17亿。 | | | 沪股通( 12月22日 ) | | | --- | --- | --- | --- | | 排名 | 股票代码 | 股票名称 | 成交金额(亿元) | | 1 | 668109 | 紫雯郎,亦 | 14.03 | | 2 | 688256 | 其武纪 | 13.68 | | 3 | 600900 | 长江电力 | 12.01 | | 4 | 601138 | 工业富联 | 11. ...

2025 年 12 月 21 日 证券研究报告 | 策略周报 继续耐心布局高景气 策略周报 分析师：郝一凡 分析师登记编码：S0890524080002 电话：021-20321080 邮箱：haoyifan@cnhbstock.com 分析师登记编码：S0890524100002 电话：021-20321091 邮箱：liufang@cnhbstock.com 021-20515355 相关研究报告 1、《由守转攻，布局高景气方向等风起 —策略周报》2025-12-07 2、《全球共振高位调整，耐心等待情绪 企稳 —策略周报》2025-11-23 3、《沪指围绕 4000 点震荡整固，轮动 有所加快 —策略周报》2025-11-09 4、《波动再度放大，如何应对？ —策略 周报》2025-10-12 5、《长假期间国内外大事一览—策略周 报》2025-10-09 投资要点 分析师：刘芳 【债市方面】做多情绪有所回升，但仍以震荡思维对待。年末市场利空或已 被充分计价，在收益率处于近期偏高水平的阶段，市场做多情绪有所回升，对 降息、公募基金费率新规落地的预期回暖。但当前债市利好落地后兑现速度较 快，预计 10 ...

Core Viewpoint - On December 19, Huabao Fund announced the renaming of eight popular ETFs, marking a significant trend in the ETF industry towards standardization and improved investor recognition [1][9][10]. Group 1: ETF Renaming Details - The newly renamed ETFs include categories such as broad-based, thematic industries, Hong Kong Stock Connect, and strategies [4][13]. - The new naming convention combines "core elements of the investment target + ETF + fund manager abbreviation," enhancing clarity and ease of identification for investors [10][14]. - The first batch of renamed ETFs includes: - Military Industry ETF Huabao (512810) - Food and Beverage ETF Huabao (515710) - Big Data ETF Huabao (516700) - S&P A-Share Dividend ETF Huabao (562060) - A500 ETF Huabao (563500) - Hong Kong Stock Connect Automotive ETF Huabao (520780) - Hong Kong Stock Connect Low Volatility Dividend ETF Huabao (159220) - Nonferrous Metals ETF Huabao (159876) [4][14]. Group 2: Market Context and Growth - The domestic ETF market has seen rapid growth, with a total scale nearing 5.7 trillion yuan and over 1,300 products as of November 30, 2025 [5][15]. - Huabao Fund has expanded its stock ETF offerings to 41, with a management scale increase of 477.88 billion yuan, reaching 1,295.65 billion yuan, a 58.44% growth compared to the end of 2024 [6][16]. - The total scale of Huabao Fund's ETFs (including money market ETFs) surpassed 200 billion yuan, reaching 2,142.08 billion yuan, ranking in the top 10 of the public fund industry [6][16]. Group 3: Competitive Landscape - The requirement for ETF names to include the fund manager's abbreviation is seen as beneficial for major ETF providers, helping to differentiate products in a crowded market [5][15]. - Popular ETFs under Huabao Fund, such as the brokerage ETF (512000) and medical ETF (512170), have each exceeded 10 billion yuan in scale, with the brokerage ETF reaching 40.169 billion yuan [6][16]. - In 2025, Huabao Fund's ETFs generated a total profit of 16.895 billion yuan, with stock ETFs contributing 16.261 billion yuan, indicating strong performance and returns for investors [6][16].

今日（12月18日）A股三大指数走势分化，沪指微涨0.16%，深证成指、创业板指分别收跌1.29%、 2.17%，沪深两市成交额超1.6万亿元，较昨日缩量逾1500亿元。 盘面上，银行板块领涨两市，全市场规模最大的银行ETF（512800）场内价格拉升1.85%；国防军工板 块主力资金全天净流入额（95.6亿元）高居全行业首位，国防军工ETF（512810）场内价格盘中涨逾 2.1%价格触及近3个月高点；同样受益于商业航天题材爆发，通用航空ETF（159231）场内价格劲涨 2.03%，一举收复所有均线。 与此同时，资金正在密集加仓AI方向！摩尔线程、沐曦股份带动光模块景气度提升，重仓光模块龙头 的创业板人工智能ETF（159363）昨天单日吸金1.54亿元，今天场内再获资金净申购2亿份！字节火山 引擎FORCE原动力大会于12月18-19日举行，字节产业链含量超33%的科创人工智能ETF（589520）此 前3日连续吸金1346万元，今天场内频现溢价区间，显示买盘资金更为强势！ | 序号 代码 | | 名称 | 涨跌幅 ▼ | | --- | --- | --- | --- | | 1 1 | 159231 ...

（原标题：银行股全线上涨，银行ETF、银行ETF基金、银行ETF易方达、银行ETF南方涨超2%） A股三大指数今日涨跌不一，截至收盘，沪指涨0.16%，深证成指跌1.29%，创业板指跌2.17%。全市场 成交额16722亿元，较上日成交额缩量1621亿元，超2800股上涨。 盘面上，银行股全线上涨，上海银行、渝农银行涨超3%。 12月以来，A股上市银行正陆续带来一场"红包雨"——32家上市银行宣布拟实施中期分红（或三季度分 红），数量较2024年多8家，其中9家银行为首次计划实施；目前已有26家银行宣布具体的利润分配方 案，平均分红率为24.9%，合计分红金额2645.66亿元，较去年增长2.55%。 2022年底至2025上半年，银行板块持续跑出超额收益，红利主线推动价值重估，银行板块PB估值从 2022年低点的0.5倍提升至2025年12月18日的0.7倍。三季度市场风险偏好大幅提升，银行板块明显回 调，四季度市场风格转向+银行中期分红提前落地+机构资金增持，银行板块重新迎来上涨行情。从港 股银行来看，2025年H股银行显著跑赢A股，折溢价率收窄至30%。 配置资金持续流入夯实基本盘，交易资金加速行情演绎 ...

Market Overview - The three major indices showed mixed performance, with the Shanghai Composite Index opening lower but recovering, while the ChiNext Index opened low and fell over 2% [1] - The banking sector experienced fluctuations and a rally, while the commercial aerospace concept showed active performance, and the pharmaceutical sector continued its strong trend [1] ETF Performance - Satellite-related ETFs saw significant gains, with the E Fund Satellite ETF rising by 3.8% and the GF Satellite ETF increasing by 3.69% [2] - Other ETFs in the aviation and banking sectors also reported positive performance, with the General Aviation ETF gaining around 3% [2] Industry Insights - Analysts suggest that China is at a pivotal moment similar to SpaceX's network development from 2018 to 2020, with the G60 and GW National Grid entering a phase of intensive launches [3] - The satellite manufacturing process is transitioning from custom laboratory production to a more standardized assembly line approach, which is expected to benefit suppliers of general-purpose power, communication, and attitude control systems [3] Battery Sector Analysis - Battery-related ETFs experienced declines, with the Battery ETF dropping over 2% [3] - Recent policies have provided strong support for the battery industry, including incentives for new energy vehicles and infrastructure development, which are expected to enhance consumer potential [5] - The gradual implementation of "anti-involution" policies is leading to more rational competition within the industry, potentially improving the overall profitability environment [5]

龙虎榜方面，雷科防务今日探底回升成功涨停，获一家机构买入1.51亿，深股通席位买入1.99亿，一家实力游资（国泰海通证券上海新闸路）买入2.3亿，一 家量化席位（开源证券西安西大街）买入1.96亿。 一、沪深股通前十大成交 今日沪股通总成交金额为993.85亿，深股通总成交金额为1128.20亿。 | | | 沪股通 ( 12月15日 ) | | | --- | --- | --- | --- | | 排名 | 股票代码 | 股票名称 | 成交金额(亿元) | | 1 | 601318 | 中国平安 | 20.81 | | 2 | 688256 | 其武纪 | 15.03 | | 3 | 668109 | 紫美矿业 | 13.97 | | 4 | 600519 | 贵州茅台 | 13.75 | | 5 | 688012 | 中微公司 | 10.91 | | 6 | 688008 | 澜起科技 | 10.34 | | 7 | 601138 | 工业富联 | 10.22 | | 8 | 603993 | 洛阳铝业 | 9.52 | | 9 | 600036 | 招商银行 | 9.08 | | 10 | 60010 ...

Group 1 - The total trading volume of the Shanghai and Shenzhen Stock Connect today reached 212.06 billion, with China Ping An and Zhongji Xuchuang leading in individual stock trading volume [1][2] - The defense and military industry sector saw the highest net inflow of funds, indicating strong investor interest [1][5] - The bank ETF (512800) experienced a significant reduction in shares, decreasing by 2.6 billion shares last week and 1.9 billion shares in the first week of December [1][12] Group 2 - The top ten stocks by trading volume in the Shanghai Stock Connect included China Ping An at 20.81 billion, followed by Cambricon Technologies and Zijin Mining [3] - In the Shenzhen Stock Connect, Zhongji Xuchuang led with a trading volume of 39.76 billion, followed by Xinyi Solar and CATL [3] - The sectors with the highest gains included dairy, insurance, retail, and precious metals, while sectors like CPO, film and television, and semiconductors saw declines [4][6] Group 3 - The top five stocks with the highest net inflow of funds included Leike Defense at 14.14 billion, followed by Aerospace Electronics and Yiwei Communication [7] - The stocks with the highest net outflow included Changying Precision at -1.46 billion and Luxshare Precision at -1.31 billion [7] - The top ten ETFs by trading volume were led by the Hong Kong Securities ETF (513090) with 10.39 billion, followed by A500 ETF Huatai Baichuan [9] Group 4 - The ETFs with the highest week-on-week share growth included A500 ETF Huatai Baichuan, which increased by 3.276 billion shares, and A500 ETF Southern, which grew by 3.102 billion shares [11] - The bank ETF (512800) saw a significant reduction in shares for two consecutive weeks, indicating a bearish sentiment in the banking sector [12]