2026年1月5日，A股三大指数集体高开，通信等科技板块领涨市场，截至9点53分，信息技术ETF （562560）、5G通信ETF（515050）均涨超2%。中微公司涨超10%，江波龙、佰维存储、蓝色科技、 兆易创新、华工科技、立讯精密等纷纷走强。 A股有望进入春季躁动行情，财通证券研究所总量研究团队策略研究团队表示，随着2025年年底观望调 整期结束，叠加2026年险资等新增资金流入、海外降息周期明确等多重积极因素共振，行情大概率将启 动"春季躁动"，整体趋势向上。具体配置方面，中泰证券分析师认为，当前宏观环境仍处边际修复阶 段，金融环境中性偏松，而科技产业趋势持续强化，本轮春季行情更倾向围绕具备高景气度的优势产业 展开结构性机会。 （文章来源：每日经济新闻） ...

Core Viewpoint - The public fund industry has witnessed a record-breaking annual return, with Yongying Technology Smart Selection achieving a total return of 233.29%, surpassing the previous record held by Wang Yawei for 18 years [1][6]. Group 1: Fund Performance - Yongying Technology Smart Selection, managed by Ren Jie, secured the top position in the 2025 public fund rankings with a return of 233.29% [3][6]. - The second place was taken by Zhonghang Opportunity Navigation, managed by Han Hao, with a return of 168.92% [3][4]. - The third place was claimed by Hongtu Innovation Emerging Industry, managed by Liao Xinghao, with a return of 148.64% [3][4]. - A total of 90 funds achieved returns exceeding 100% in 2025, with 75 of these being actively managed equity funds, indicating a highly competitive environment [9]. Group 2: Market Trends - The A-share market saw all major indices rise, with the Shanghai Composite Index increasing by 18.41% and the ChiNext Index leading with nearly 50% annual growth [2]. - The total market capitalization of A-shares reached a new high of nearly 109 trillion yuan [2]. - Various sectors experienced active market trends, with robotics, innovative pharmaceuticals, and hard technology sectors leading the charge [2]. Group 3: Fund Management Insights - The success of Yongying Technology Smart Selection is attributed to its concentrated holdings in high-performing sectors, particularly in CPO, with top ten holdings accounting for 73.25% of the fund's net value [8]. - The fund's top four holdings saw significant gains, with the first holding, Xinyi Sheng, increasing by 187.96% in the fourth quarter [8]. - The active management capabilities of funds have allowed them to outperform passive index products in a volatile market [3]. Group 4: ETF Market Developments - The ETF market in China reached a total scale of 6.03 trillion yuan in 2025, marking a significant increase from 3.73 trillion yuan at the beginning of the year [10]. - The top-performing ETFs included the Guotai Communication ETF with a return of 125.81% and the Guotai Communication Equipment ETF with 121.37% [10][14]. - Gold-themed ETFs also performed well, with several funds achieving returns exceeding 90% [12]. Group 5: Fixed Income + Fund Growth - The "Fixed Income +" strategy saw substantial growth, with the total scale of related funds reaching 2.52 trillion yuan, a 50% increase from the end of 2024 [15]. - The median return for fixed income + funds in 2025 was 10.2%, with the top performer, Southern Changyuan Convertible Bond, achieving a return of 48.77% [16][18].

历史的车轮滚滚向前，大多时候它只是匀速碾过岁月的尘埃，但总有某些特殊的年份，它会突然加速。 2025年正是加速切换轨道的一年。 这不仅是数字的跃升，更是投资范式的根本性改变——ETF已成为投资者必不可少的工具。 透过ETF的涨跌幅与资金流，能清晰地触摸到2025年市场的温度和资金流向。 翻开2025年的成绩单，一片红火的数字背后是情绪的集中释放。 这一年的起笔显得格外厚重。年初，DeepSeek-R1横空出世，以不足OpenAI十分之一的训练成本震动全球，英伟达单日市值蒸发近6000亿美元，中国AI第 一次以破局者的姿态站到了牌桌中央。 随后，人形机器人走出实验室；中国创新药管线数量登顶全球第一；揽月着陆器完成验证，我们目光已望向更深远的星辰大海... 当实体经济的技术革命与全球资本的流向发生共振，一场资产定价的重估悄然展开。 ETF作为最敏锐的市场温度计，忠实地记录了这一年中国资产从悲观犹豫到气势如虹的逆转。 01 6万亿！迈入新时代 2025年，中国ETF市场正式迈入6万亿时代。 从年初的3.73万亿到如今的6万亿，中国ETF市场规模增长2.27万亿，增幅60.86%。1385只ETF产品如同敏锐的触角， ...

Market Performance - On December 26, the Shanghai Composite Index experienced a slight decline of 0.19%, while the ChiNext Index fell by 0.15%. In contrast, the Shenzhen Component Index rose by 0.17% [1] - The total market turnover reached 1.4648 trillion yuan, an increase of 252.9 billion yuan compared to the previous day [1] Sector Performance - The AI industry chain saw a collective pullback, with CPO, liquid cooling, and high-speed copper concepts leading the declines. Technology themes such as robotics and photolithography also underwent a general correction [1] - Conversely, the lithium battery industry chain surged, with the non-ferrous metals sector accelerating. Companies like Luoyang Molybdenum and Zijin Mining reached historical highs in stock prices [1] - The commercial aerospace concept began to show signs of differentiation in performance [1] ETF Performance - Mini-sized Hong Kong stock ETFs continued to rise, with GF Fund's Hang Seng ETF and Cathay Fund's Hong Kong Stock Connect 50 ETF increasing by 7.11% and 2.84%, respectively. Their latest premium/discount rates are 16.96% and 12.35% [1] - The non-ferrous and photovoltaic sectors strengthened, with Southern Fund's Non-Ferrous Metals ETF, Huatai-PineBridge Fund's Non-Ferrous 50 ETF, and Yinhua Fund's Non-Ferrous Metals ETF all rising by 3%. Additionally, Harvest Fund's New Energy ETF and Bosera Fund's New Energy Theme ETF increased by 2% [1] - The semiconductor and CPO sectors declined, with chip equipment ETFs, semiconductor equipment ETFs, and semiconductor device ETFs dropping by 1.6%. Communication ETFs and 5G communication ETFs fell by 1.6% and 1.43%, respectively [1]

Market Performance - The Shanghai Composite Index experienced a slight decline of 0.19% in the morning session, while the ChiNext Index fell by 0.15%. In contrast, the Shenzhen Component Index rose by 0.17% [1] - The total market turnover reached 1.4648 trillion yuan, an increase of 252.9 billion yuan compared to the previous day's trading volume [1] Sector Performance - The AI industry chain saw a collective pullback, with CPO, liquid cooling, and high-speed copper concepts leading the declines. Technology sectors such as robotics and photolithography machines also underwent a general correction [1] - Conversely, the lithium battery industry chain surged, with the non-ferrous metals sector accelerating. Companies like Luoyang Molybdenum and Zijin Mining reached historical highs [1] - The commercial aerospace concept began to show signs of differentiation [1] ETF Performance - Mini-sized Hong Kong stock ETFs continued to rise, with GF Fund's Hang Seng ETF and Cathay Fund's Hong Kong Stock Connect 50 ETF increasing by 7.11% and 2.84%, respectively. Their latest premium/discount rates are 16.96% and 12.35% [1] - The non-ferrous metals sector remained strong, with Southern Fund's Non-Ferrous Metals ETF, Huatai-PineBridge Fund's Non-Ferrous 50 ETF, and Yinhua Fund's Non-Ferrous Metals ETF all rising by 3% [1] - The photovoltaic sector also showed strength, with Harvest Fund's New Energy ETF and Bosera Fund's New Energy Theme ETF both increasing by 2% [1] - The semiconductor sector declined, with chip equipment ETFs and semiconductor equipment ETFs falling by 1.6%. The CPO sector also saw a pullback, with communication ETFs and 5G communication ETFs dropping by 1.6% and 1.43%, respectively [1]

ETF表现：双创类ETF表现居前 板块方面，以通信、电子、有色金属为代表的科技与资源板块领涨，而纺织服饰、传媒等板块表现相对 较弱。ETF方面，科创半导体ETF、5G通信ETF、黄金股ETF等涨幅居前；宽基方面，科创创业 50ETF(159783.SZ)等双创类ETF涨幅居前。相较之下，港股科技涨幅相对落后，恒生科技 ETF(513180.SH)、港股通科技ETF(159101.SZ)等ETF当日涨幅不足1%。 周一A股市场全线走强。三大指数高开高走，其中上证指数收涨0.69%，报3917.36点，实现日线四连 阳，成功收复3900点关口，并站稳5日均线；深证成指与创业板指分别上涨1.47%和2.23%。两市成交额 1.88万亿元，相较上周五的1.75万亿小幅放量1300万元，涨停公司家数超过百家，也是11月17日以来首 次超过100家，显示市场做多情绪升温。 展望后市，多家机构普遍认为市场正进入布局跨年行情的窗口期。广发证券投顾表示：若成交额能持续 放大，指数有望进一步上攻3950-4000点区间。招商证券表示，多项信号显示，一轮经典的"跨年—春 季"行情正在酝酿，并已徐徐拉开帷幕。风格方面，招商证券认为： ...

Core Insights - The report emphasizes the construction of a strategy portfolio based on industry and thematic ETFs, leveraging insights from previous strategy reports on industry style continuation and switching perspectives [1] - The strategy update indicates a cumulative net return of approximately 0.53% for the period from December 15 to December 19, 2025, with an excess return of about 0.66% compared to the CSI 300 ETF [2][11] - Since October 14, 2024, the strategy has achieved a cumulative return of approximately 26.72%, outperforming the CSI 300 ETF by about 5.86% [2] ETF Holdings and Performance - The report lists various ETFs with their market values and performance, highlighting the following: - Real Estate ETF (3.51 billion) is newly added with a 100% allocation to real estate development, showing a weekly timing signal of -1 [2] - Battery ETF (145.30 billion) continues to be held with a 62.7% allocation, showing a weekly timing signal of 0 [2] - Innovative Energy ETF (12.02 billion) continues to be held with a 46.04% allocation, showing a weekly timing signal of 0 [2] - Consumer Electronics ETF (11.41 billion) is newly added with a 46.5% allocation to semiconductors, showing a weekly timing signal of 0 [2] - Grid Equipment ETF (31.17 billion) continues to be held with an 80.77% allocation, showing a weekly timing signal of 1 [2] - 5G Communication ETF (79.24 billion) is newly added with a 41.2% allocation, showing a weekly timing signal of 1 [2] Weekly Recommendations - For the week of December 22 to December 26, 2025, the report recommends increasing holdings in sectors such as real estate development, batteries, and photovoltaic equipment, while continuing to hold existing positions in battery, innovative energy, and grid equipment ETFs [11]

5G通信ETF（515050）跟踪中证5G通信主题指数，最新规模超80亿元。深度聚焦英伟达、苹果、华为 产业链。前五大持仓股：中际旭创、新易盛、立讯精密、工业富联、中兴通讯。相关ETF全称：华夏中 证5G通信主题ETF（515050），场外联接（A类：008086；C类：008087） 创业板人工智能ETF华夏（159381），跟踪创业板人工智能指数（970070.CNI），精准布局创业板人工 智能主业公司。光模块CPO权重占比超57%，同时覆盖国产软件+AI应用企业，具备较高弹性。其中前 三大权重股为中际旭创（28.1%）、新易盛（19.8%）、天孚通信（4.45%）。场内综合费率仅0.20%， 位居同类最低。场外联接（A类：025505；C类：025506） （文章来源：每日经济新闻） 12月22日早盘，光模块CPO概念板块高开，长芯博创、致尚科技、中际旭创、新易盛等多股走强。截至 9:37，光模块CPO含量超57%且费率同类最低的创业板人工智能ETF华夏（159381）、聚焦通信+电子 算力硬件的5G通信ETF（515050）涨近3%。资金加仓热情高涨，近20日，创业板人工智能ETF华夏 （159381 ...

Market Overview - The Shanghai Composite Index rose by 0.16%, while the Shenzhen Component Index fell by 1.29%, the ChiNext Index decreased by 2.17%, and the North Star 50 dropped by 0.51% [1] - The total market turnover was 1.672 trillion yuan, a decrease of 162.1 billion yuan compared to the previous day [1] Sector Performance - The medical commerce and commercial aerospace sectors were active, while the banking sector strengthened in the afternoon [1] - The PCB and battery sectors experienced adjustments [1] ETF Highlights - The satellite internet sector saw significant gains, with the satellite ETFs from E Fund, Fuguo Fund, and Guangfa rising by 3.8%, 3.69%, and 3.69% respectively [1] - The banking sector ETFs also saw afternoon increases, with the Bank ETF from Bosera rising by 2.28% and the Bank ETF from Fuguo Fund increasing by 2.04% [1] - The energy sector's gains expanded in the afternoon, with the Guangfa Energy ETF and the Guotai Fund Coal ETF rising by 1.9% and 1.86% respectively [1] Declines in Specific Sectors - The battery sector faced a pullback, with the Deep Growth ETF and ChiNext Growth ETF both dropping over 3%, and the battery ETF declining by 2.7% [2] - The AI hardware sector also saw declines, with the 5G communication ETF falling by 2.2% [2]

相关ETF： 12月17日，A股午后大幅异动拉升，AI算力板块强势冲高。截止收盘，聚焦通信+电子算力硬件的5G通 信ETF（515050）大涨4.83%；光模块CPO含量超57%且同类费率最低的创业板人工智能ETF华夏 （159381）涨4.70%；云计算50ETF（516630）上涨2.72%。盘面上看，联特科技、光迅科技、深南电 路、中瓷电子、环旭电子等多股实现涨停。 消息面上，社保基金最新持仓出炉。截至今年三季度末，社保基金重仓科技股（TMT四大板块：申万 电子、通信、计算机和传媒）期末市值超过469亿元，创出历史同期新高，彰显出社保基金对科技股的 日益青睐。 基本面看，AI算力业绩持续爆发，需求与技术进步共振向上。中泰证券表示，海外云大厂CAPEX持续 高增，北美以微软、谷歌、Meta、AMZON为主的云大厂持续加大资本开支投入，且英伟达预计到2030 年末，全球AI投资将达到3万亿至4万亿美元，CAGR大约为40%。且谷歌以其模型-算力-入口-应用形成 商业闭环，良好示范效应将使能云大厂模型持续竞速。展望2026年，我们认为谷歌TPU与英伟达GPU将 同台竞技，Scaleup有望打开高速网络连接空间 ...