2025.08. 25 本文字数：2854，阅读时长大约4分钟 作者 | 第一财经 曹璐 "牛市是真的来了吗？"这是当前每个投资者心中最火热，也最忐忑的问题。 随着上证指数连破3700、3800两道大关，续创十年新高，并向3900点关口冲击，两市成交额更是 在8月25日爆出3.18万亿元的"天量"，一场资金的狂欢似乎正在上演。 其中，资金入场核心通道ETF同步开启"高速吸金"模式。全市场ETF规模逼近5万亿元，单年增量 1.23万亿元创同期纪录，百亿元级ETF更是扩容至101只，其中行业主题类产品数量翻倍至20只。 然而，在市场一片沸腾之下，投资者的核心疑问无法回避：这场狂欢，究竟是可持续的牛市号角，还 是短期情绪的"虚火"？更关键的是，如果现在还想入场，科技成长、医药创新、传统制造……哪条赛 道才是好机会？ "在经济基本面依然偏弱的情况下，本轮市场的演绎确实已经明显脱离了基本面，水牛是目前宏观环 境下的必然结果。"金鹰基金权益投资部副总经理杨晓斌告诉第一财经，虽然市场依然存在不确定 性，股市短期涨幅过大也不排除可能会调整，但对市场的看法依然较为积极，也希望在目前时间点能 更抓大放小，对当前所处的大时代趋势有 ...

（文章来源：证券时报网） 具体来看，8月13日有183只ETF获融资净买入，其中，华夏恒生互联网科技业ETF获融资净买入额居 首，净买入6336.63万元；融资净买入金额居前的还有汇添富国证港股通创新药ETF、华宝中证全指证 券公司ETF、易方达中证香港证券投资主题ETF、鹏华中证酒ETF、博时恒生医疗保健ETF、国泰纳斯 达克100ETF等，净买入额分别为4650.64万元、3631.81万元、3605.7万元、3417.68万元、3271.58万 元、3137.07万元。 Wind统计显示，截至8月13日，沪深两市ETF两融余额为1021.69亿元，较上一交易日减少27.69亿元。其 中，ETF融资余额为959.3亿元，较上一交易日减少27.03亿元；ETF融券余额为62.39亿元，较上一交易 日减少0.66亿元。 ...

证券之星消息，8月13日行业主题ETF基金合计资金净流出30.37亿元，近5个交易日累计净流出29.97亿 元，5个交易日中出现日合计资金净流出的有3天（ETF资金流向计算公式：（当日ETF场内流通份额-前 一交易日ETF场内流通份额）*当日ETF均价，计算结果仅供参考）。 当日有295只行业主题ETF基金出现资金净流出，其中净流出排首位的是国泰中证军工ETF （512660），份额减少了5.0亿份，净流出额为6.22亿元。 当日有122只行业主题ETF基金出现资金净流入，其中净流入排首位的是鹏华中证酒ETF（512690）， 份额增加了10.8亿份，净流入额为6.27亿元。 | 代码 | 基金筒称 | 涨跌幅 | 份额变化 | 最新份额 | 净流入额 | | 最新规模 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (1743) | (1249) | (亿元) | | (亿元) | | 512690 | ▲ 鹏华中证酒ETF | 0.00% | 10.80 | 267.55 | | 6.27 | 155.42 | | 515880 | ...

Group 1 - The overall scale of ETFs is growing, but domestic stock ETFs are experiencing significant redemptions, with the total fund share falling to 1.96 trillion shares by the end of July [1][4] - As of the end of July, the total scale of stock ETFs reached 3.1 trillion yuan, an increase of over 70.3 billion yuan compared to the previous month [1][2] - The trend of increased net redemptions in stock ETFs has been notable, with July marking the second-highest net redemption of the year, following February [4][5] Group 2 - The broad-based ETFs, which account for the largest share, are key to the redemption situation of stock ETFs, with a total fund share of 1 trillion shares as of the end of July, a decrease of 79.04 billion shares from June [5][6] - The A500 index-linked broad-based ETFs have seen the most significant redemptions, with 21 ETFs linked to the index experiencing net redemptions of over 1 billion shares in July [5][7] - The scale of A500-linked ETFs dropped from over 210 billion yuan in June to 178 billion yuan by the end of July, a decrease of 38.1 billion yuan [5][6] Group 3 - Despite the redemptions in broad-based ETFs, industry-themed ETFs continued to see net subscriptions in July, particularly in dividend themes and undervalued sectors [1][8] - The banking sector ETF was the most subscribed stock ETF in July, with an increase of 9.99 billion shares, bringing its scale to 14.577 billion yuan [8][11] - Other industry-themed ETFs, such as those related to financial technology and liquor, also saw significant net subscriptions, indicating a diverse interest from investors [9][10][12] Group 4 - Looking ahead, institutional analysts remain optimistic about continued inflows into ETFs, with expectations that industry ETFs will remain active as tools for investors to participate in structural market trends [3][12] - The anticipated market volatility in August, coupled with the current earnings disclosure period, is expected to favor technology sectors and small-cap styles [12]

Core Viewpoint - Gu Yue Long Shan has experienced a decline in stock price over six consecutive trading days, with a cumulative drop of -5.87% [1] Company Overview - Zhejiang Gu Yue Long Shan Shaoxing Wine Co., Ltd. is a leading enterprise in China's yellow wine industry, recognized as one of the 520 national key enterprises and holds significant positions within the China Alcoholic Drinks Association [1] - The company ranks seventh among the top ten enterprises in the Chinese light industry brewing sector [1] Financial Performance - The financial report indicates that Penghua Fund's Penghua Zhongzheng Wine ETF is among the top ten shareholders of Gu Yue Long Shan, having reduced its holdings in the second quarter of this year [1] - Year-to-date performance of the ETF shows a return of -7.91%, ranking 3416 out of 3420 in its category [2] ETF Performance Summary - The ETF's performance over various periods is as follows: - Year-to-date: -7.91% - Last 6 months: -0.65% - Last 3 months: -4.51% - Last month: +2.68% - Last week: -2.27% [2] - The average performance of similar funds shows a year-to-date return of +10.56% [2] Fund Manager Profile - The fund manager of Penghua Zhongzheng Wine ETF is Zhang Yuxiang, who has a background in engineering and has been with Penghua Fund since March 2011 [3][4] - Zhang has extensive experience in quantitative research and has managed various funds, including those focused on the stock market and specific sectors [3][4]

6月30日，段永平发帖："对贵州茅台，大家在害怕什么呢？有点意思！"从贵州茅台股价表现来看，5月 15日以来，截至7月1日，股价下跌超12%。 贵州茅台股价持续下跌，知名投资人段永平坐不住了。 他在社交平台发帖表示："对贵州茅台，大家在 害怕什么呢？有点意思！"此后有网友表示，茅台是茅台最好的背书。段永平对此深表认同 。 段永平一直十分看好贵州茅台。今年1月9日，段永平发帖表示："今天买了腾讯，也买了茅台。"3月， 段永平透露："我们买茅台主要用的是人民币。" 值得注意的是，虽然近期白酒板块表现不佳，但资金持续涌入酒相关ETF。与此同时，当前消费领域整 体热度显著提升，公募加大产品布局力度。 不过，虽然十分看好贵州茅台的投资价值，段永平反对加杠杆投资。有位网友提问："年轻人可以在好 公司股价特别便宜（例如前段时间茅台1400元左右）的时候通过银行贷款来投资吗？" 段永平再谈茅台 段永平解释说："如果你懂投资，你不需要加杠杆，因为你早晚会赚到钱的；如果你不懂投资，那么你 更不应该加杠杆，因为杠杆早晚会让你破产的。" 资金加仓酒ETF 对贵州茅台保持关注的不止段永平。事实上，公募基金长期重仓持有贵州茅台。Choi ...

Group 1 - The core viewpoint of the articles highlights a slowdown in the performance of the liquor industry, particularly the white liquor sector, with a significant decline in stock prices and market confidence [1][3] - The white liquor index has experienced a cumulative decline of nearly 14% this year, with some individual stocks like Welcoming Driving Tribute Wine and Wine Ghost Wine dropping over 20% [1] - From the beginning of 2023 to now, the white liquor index has seen a staggering cumulative decline of nearly 50%, indicating a challenging market environment [1] Group 2 - Despite the overall industry pressure, there is a notable trend of capital inflow into the white liquor sector, with private equity firms, financing clients, and retail investors increasing their positions [1][3] - The financing balance for the white liquor sector has increased from a low of 31.50 billion yuan on May 15 to 33.52 billion yuan by June 10, marking a rise of 20.17 million yuan [3] - The Penghua CSI Liquor ETF has seen a significant increase in circulation shares, with daily increases exceeding 300 million shares on multiple trading days, resulting in a total scale of 11.40 billion yuan as of June 10 [3] Group 3 - The financial performance of A-share listed liquor companies in 2024 is projected to show total operating revenue of 442.23 billion yuan, a year-on-year growth of 2.28%, and a net profit of 166.63 billion yuan, reflecting a 4.32% increase [1] - The industry is experiencing a clear differentiation, with leading companies maintaining growth due to brand and channel advantages, while some regional liquor companies face inventory and sales pressure, leading to noticeable performance declines [1] - Many listed companies acknowledge that the industry is still in an adjustment phase, with intensified competition and a need for time to restore customer confidence [1]

Core Viewpoint - The trend of long-term funds investing in A-shares through ETFs is expected to continue throughout 2024, with significant purchases from institutions like Huijin and insurance funds [2][14]. Group 1: Huijin's Increased Holdings - In the second half of 2024, Huijin's investment strategy focused on core broad-based ETFs, with Huijin Asset Management being the main buyer, acquiring 713.58 million ETF shares [3]. - Huijin Asset Management increased its holdings in several ETFs, including Huatai-PineBridge CSI 300 ETF and E Fund CSI 300 ETF, with respective purchases of 258.93 million and 190.11 million shares [3]. - Huijin Investment's actions were primarily concentrated in the first half of 2024, with a notable increase in holdings of the E Fund CSI 500 ETF by 13.86 million shares, while reducing its holdings in the E Fund CSI 300 ETF by 273.80 million shares due to fund share consolidation [4][5]. Group 2: Insurance Funds' Participation - Insurance companies have become a significant source of incremental funds in the ETF market, with China Life and New China Life increasing their ETF holdings by 79.82 million and 78.97 million shares, respectively [8][9]. - Unlike Huijin, insurance funds have adopted a broader investment strategy, focusing on both core broad-based ETFs and industry-themed ETFs, such as the CSI Internet ETF and the ChiNext 50 ETF [9][10]. - By the end of December 2024, China Life held 123 ETFs with a total of 653.19 million shares, while New China Life held 68 ETFs with 291.81 million shares [10][11]. Group 3: Signals for Future ETF Development - The continuous investment by Huijin and insurance funds in ETFs signals a strong policy support for the development of index-based investments in China [15][16]. - The influx of long-term funds is expected to drive innovation in ETF products, with suggestions for multi-asset ETFs and lifecycle smart ETF combinations to meet the needs of long-term investors [18]. - There is an anticipated increase in incremental funds for index products that align with long-term investment philosophies, particularly for core assets that offer strong risk resistance and liquidity [19].