招商证券指出，展望1月，A股有望延续上行趋势，继续演绎春季攻势，受政府投资回暖及人民币 升值影响，基本面和资金面均呈积极态势。业绩超预期或业绩披露后的情况将是市场关注焦点，建议重 点关注顺周期涨价方向、服务业消费以及国产算力等领域。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 300增强ETF（561300）不仅紧跟沪深300指数，还叠加了量化策略，试图在优质beta的基础上追求 超额收益。截至2025年三季度末，300增强ETF过去三年相对沪深300超额达10.92%。 注：数据来源：基金2025年三季报，如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌 幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议 或承诺。文中提及指数仅供参考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买 相关基金产品，请选择 ...

300增强ETF（561300）不仅紧跟沪深300指数，还叠加了量化策略，试图在优质beta的基础上追求超额 收益。截至2025年三季度末，300增强ETF过去三年相对沪深300超额达10.92%。 招商证券指出，2026年作为中国"十五五"规划开局之年，政策定调积极，预计财政支出将保持扩张，基 建与重大项目集中落地有望带动投资（特别是基建）增速回升，与潜在的房地产企稳政策形成合力，共 同推动内需回暖。行业层面，关注顺周期与产能出清、科技创新与优势制造、扩内需三条线索，重点关 注有色金属、基础化工、食品饮料、电力设备等行业。顺周期板块收入和净利润增速触底回升，利润率 底部修复，资本开支增速处于拐点附近，在建工程持续下滑至历史低位，与历史上几轮顺周期行情高度 契合。科技创新领域，国产算力行业在外部封锁与内需爆发双引擎驱动下处于历史性机遇期，AI、服 务器、数据中心等环节加速迭代。消费服务行业有望在政策支持、经济复苏与结构转型共同作用下迎来 量价齐升的复苏周期，重点关注医疗护理、养老托育、文化旅游等服务消费领域。 （文章来源：每日经济新闻） ...

天风证券指出，投资趋势性下滑势头在政策托底下有望被遏制、实现低位企稳；消费缓慢抬升，政策支 持从商品类逐步转向服务类；出口持平、受基数影响将略有走弱；价格改善或是为数不多的亮点之一， 进而带动名义GDP显著上行，企业盈利持续修复，这将成为市场强有力的基本面支撑。据此，A股有望 从估值抬升带来的"急而促"行情逐渐过渡到盈利支撑的"缓而慢"的行情。 300增强ETF（561300）不仅紧跟沪深300指数，还叠加了量化策略，试图在优质beta的基础上追求超额 收益。截至2025年三季度末，300增强ETF过去三年相对沪深300超额达10.92%。 （文章来源：每日经济新闻） ...

消息面，险资投资股市迎来重磅利好。12月5日，国家金融监管总局发布《关于调整保险公司相关 业务风险因子的通知》，其中保险公司持仓时间超过三年的沪深300指数成分股、中证红利低波动100指 数成分股的风险因子从0.3下调至0.27。该持仓时间根据过去六年加权平均持仓时间确定。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 注：数据来源基金2025年三季报，如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅 及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或 承诺。文中提及指数仅供参考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相 关基金产品，请选择与风险等级相匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 （责任编辑：张晓波 ） 兴业证券表示，本次调降旨在引导保险资金发挥长期资金优势，加大对特定权益资产（如大盘蓝 筹、红利低波、科创板块） ...

300增强ETF（561300）连续2日迎净流入，把握逢低均衡配置机遇。 英大证券表示，沪指在内外部因素影响下于4000点附近波动，短期内市场在该点位反复争夺，主要因为 外部压力增大和内部信心受挫。尽管如此，无需过分担忧，因政策支持下指数大幅下行空间有限，且市 场对即将召开的重要会议充满期待。建议采取适度谨慎的态度，踏准节奏，均衡配置资产。 300增强ETF（561300）不仅紧跟沪深300指数，还叠加了量化策略，试图在优质beta的基础上追求超额 收益。 （文章来源：每日经济新闻） ...

Core Viewpoint - The CSI 300 index is exhibiting "absolute low volatility" characteristics in the current market environment, appealing to long-term capital that prefers strong growth and dividend assets [1] Industry Analysis - Long-term capital has a longer assessment cycle and does not require frequent trading, focusing on assets with strong growth trends and dividends [1] - The crowding effect in the CSI 300 index is less significant compared to specific industry sectors, particularly in dividend assets like the CSI Dividend Index and low-volatility dividend stocks, which show more effective crowding indicators due to similar stock logic [1] - Dividend assets, such as banks, are entering a high win-rate zone in the current market environment, suggesting increased attention towards the end of the year and the beginning of the next [1] Company Insights - The CSI 300 Enhanced ETF (561300) not only tracks the CSI 300 index but also incorporates quantitative strategies aimed at pursuing excess returns based on quality beta [1]

Market Overview - The A-share market experienced a significant decline, with the Shanghai Composite Index dropping by 1.95%, the Shenzhen Component Index by 3.04%, and the ChiNext Index by 3.36% [1] - The trading volume in the Shanghai and Shenzhen markets reached 1.94 trillion, an increase of 6.9 billion compared to the previous trading day [1] - Concerns over the high valuation levels of technology growth stocks have led to a collective sell-off in this sector, which had previously shown strong performance [1][2] Short-term and Long-term Outlook - In the short term, there may be continued downward pressure on the market, but the long-term bull market is not expected to end, and the current pullback may present a good opportunity for active allocation [1][6] - The market has been oscillating around the 3900-point mark, with multiple attempts to break through both upwards and downwards [1][2] Sector Performance - The technology sector has faced significant corrections, with the ChiNext Index's maximum drawdown approaching -12% and the Sci-Tech 50's drawdown exceeding -14% [7] - The "反内卷" (anti-involution) and technology sectors are highlighted as key areas for investment, reflecting market optimism regarding corporate profitability and valuation levels [9][10] Livestock Industry Insights - The livestock sector, particularly pig farming, is showing signs of recovery, with the price of pigs rising from below 14 yuan to around 21 yuan, marking an increase of nearly 50% [12] - The Ministry of Agriculture has initiated measures to control pig production, indicating a shift towards reducing supply, which is expected to support price increases in the future [12][14] - Major pig farming companies like Muyuan Foods and Wens Foodstuffs have reported significant profit improvements, with net profits of 18.9 billion yuan and 9.2 billion yuan, respectively [12] Cost Control and Industry Dynamics - The pig farming industry has seen significant cost optimization, with leading companies reducing their costs to approximately 12-13 yuan per kilogram [17] - The industry is entering a phase of capacity reduction, with the number of breeding sows decreasing, which is expected to support future price increases [14][16] Gold Market Analysis - Gold prices have reached historical highs, with London gold spot prices peaking at 4380 points, driven by ongoing geopolitical tensions and economic uncertainties [19] - The demand for gold as a "safe-haven" asset is expected to remain strong due to concerns over inflation and economic stagnation in the U.S. [20][21]

Group 1 - The overall market sentiment is exuberant, indicating potential for increased volatility, but the medium-term trend remains positive with a healthy upward trajectory [1] - Growth style assets are favored in the market, with the large-cap growth index rising by 4.77%, compared to a 1.56% increase in the large-cap value index [1] - Technology sectors such as telecommunications and electronics are leading the market, with respective gains of 10.84% and 8.95%, while traditional sectors like real estate and coal are underperforming [1] Group 2 - The current market environment resembles the high prosperity investment boom of 2019-2020, suggesting that structural market trends will continue to emerge [1] - The 300 Enhanced ETF (561300) not only tracks the CSI 300 index but also incorporates quantitative strategies to pursue excess returns based on quality beta [1] - Investors without stock accounts may consider the Guotai CSI 300 Enhanced Strategy ETF Initiated Link A (021847) and Link C (021848) [1]

Market Performance - The Shanghai Composite Index closed up 54.66 points, a rise of 1.45%, at 3825.76 points, with a trading volume of 1.095 trillion yuan [1] - The Shenzhen Component Index rose by 246.3 points, or 2.07%, closing at 12166.06 points, with a trading volume of 1.4516 trillion yuan [1] - The ChiNext Index increased by 87.08 points, a 3.36% rise, closing at 2682.55 points, with a trading volume of 697.74 billion yuan [1] - The CSI 300 Index rose by 89.93 points, or 2.1%, closing at 4378.0 points, with a trading volume of 675.935 billion yuan [1] - A total of over 28,000 stocks rose in the market, indicating a strong bullish sentiment [1] Market Trends - The current market has experienced two phases: the first being the "anti-involution" policies that alleviated the negative feedback loop in the economy, leading to a breakout from a year-long consolidation; the second phase involves the expansion of the "profit-making effect" and the influx of previously sidelined funds [2] - The market is currently in a strong upward trend, with the index remaining above the five-day moving average for 14 consecutive trading days [4] Investment Recommendations - It is suggested to adopt a cautious approach, avoiding panic selling or blind chasing of high prices, while considering adding positions during potential pullbacks [6] - Investors are encouraged to consider the China Securities A500 ETF (159338) and the Shanghai Composite Index ETF (510760) to capture long-term investment opportunities in the stabilizing Chinese economy [6] - The CSI 300 Index still has significant room for growth compared to its 2021 peak, presenting potential for catch-up gains [6] Securities Industry Outlook - The current market activity is expected to significantly improve the performance of brokerage firms, with increased trading frequency boosting brokerage income and a recovery in IPOs benefiting investment banking services [8] - The approval of licenses for stablecoin trading by Guotai Junan International Holdings opens new business opportunities for brokerages, potentially enhancing their revenue streams [8] - The ongoing trend of mergers and acquisitions in the brokerage sector is expected to improve market sentiment and elevate valuation expectations for the securities industry [9] ETF Performance - The Securities ETF (512880) has become a market focus, showing significant gains and attracting over 2.5 billion yuan in net inflows over the past five days [10] - The Gaming ETF (516010) has also seen notable inflows, reflecting strong market interest and outperforming the CSI 300 Index with over 50% excess returns since September 2024 [11] Gaming Industry Developments - The gaming industry is witnessing a dual development path of "IP + Quality," with successful titles like "Black Myth: Wukong" boosting market sentiment [12] - The frequency and stability of game license approvals are expected to enhance market confidence, with 757 domestic and 55 imported licenses issued in 2025 [13] - The integration of generative AI models is anticipated to lower development costs and improve profitability in the gaming sector, supported by favorable monetary policies [13]

Group 1 - The core viewpoint is that the CSI 300 index, as a broad-based index, demonstrates stable performance in dividend strategies, with a high weight in the banking sector and significant representation from coal and transportation industries [1] - High dividend-paying companies exhibit a return on equity (ROE) significantly above the industry average, showcasing strong cash flow protection and creating a positive cycle of stable earnings, continuous dividends, and improved ROE [1] - The CSI 300 Enhanced ETF (561300) tracks the CSI 300 index (000300), which consists of 300 large-cap, liquid securities from the Shanghai and Shenzhen markets, covering approximately 48% of the total market capitalization of A-shares [1] Group 2 - The industry distribution of the CSI 300 index is broad, encompassing cyclical sectors such as finance, materials, and industrials, while also increasing the weight of emerging sectors like information technology and healthcare as the economic structure transforms [1] - Investors without stock accounts can consider the Guotai CSI 300 Enhanced Strategy ETF Initiated Link A (021847) and Guotai CSI 300 Enhanced Strategy ETF Initiated Link C (021848) [1]