01 2月10日，影视板块爆发，影视ETF（159855）涨停，影视ETF（516620）盘中涨停。地产、卫星、光 伏相关ETF跌幅居前。 02 今日，A500ETF成交活跃，成交额位列前十的ETF中有两只股票型ETF，均是A500ETF产品。 今日，成交额位列前十的ETF中，多数是货币型和债券型ETF，仅有两只股票型ETF，均为A500ETF产 品。 前一个交易日（2月9日），多只宽基ETF和黄金ETF净流入额居前。 影视ETF领涨 2月10日，影视板块爆发，同花顺影视院线板块大涨11.31%。影视ETF（159855）涨停，影视ETF （516620）盘中涨停。此外，多只游戏ETF和传媒ETF涨超4%。 | 影视主题ETF大涨 | | | | | --- | --- | --- | --- | | 其余代码 | 其金简称 | 今日涨幅(%) | 近一个月涨幅(%) | | 159852 | 影视ETF | 8.98 | 19.37 | | 516620 | 影视ETF | 9.48 | 19.81 | | 159869 | 游戏ETF | 5.56 | 5.69 | | 516770 | 游戏ETF华泰柏 ...

01 2月10日，影视板块爆发，影视ETF（159855）涨停，影视ETF（516620）盘中涨停。地产、卫星、光 伏相关ETF跌幅居前。 02 今日，A500ETF成交活跃，成交额位列前十的ETF中有两只股票型ETF，均是A500ETF产品。 03 前一个交易日（2月9日），多只宽基ETF和黄金ETF净流入额居前。 影视ETF领涨 2月10日，影视板块爆发，同花顺（300033）影视院线板块大涨11.31%。影视ETF（159855）涨停，影 视ETF（516620）盘中涨停。此外，多只游戏ETF和传媒ETF涨超4%。 广发基金基金经理罗国庆表示，当前，国内视频生成模型迭代提速，技术能力得到提升。在内容端， AI技术正深度渗透游戏、电影等领域的生产环节，通过生成式工具降低创作成本、提升内容创新效 率；在应用端，AI依托春节红包、社交互动及本地生活服务等高流量场景，推动从聊天工具向多元化 生活助手转型，加速用户渗透与商业化。可关注2026年传媒板块中AI应用行情的持续性。 今天，地产、卫星、光伏相关ETF跌幅居前。 | 其金代码 | 基金简称 | 今日涨幅(%) | 近一个月涨幅(%) | | --- | - ...

Core Viewpoint - The A-share market has shown significant improvement in trading sentiment, with transaction volumes reaching historical highs, indicating a strong upward trend since mid-December 2025 [1][9]. Group 1: Market Performance - The Shanghai Composite Index achieved a 17-day consecutive rise, reaching its highest level in nearly a decade, with average daily transaction volumes exceeding 30 trillion yuan since the beginning of 2026 [1]. - The market's active trading environment is characterized by a high turnover rate of 5.7%, the most active since 2015, with a record transaction amount of 3.99 trillion yuan on January 14, 2026 [1][12]. Group 2: Investor Behavior - Retail investors have been increasingly entering the market, with an average of 2.43 million new accounts opened monthly in Q4 2025, driven by a "scarcity of assets" and the relative attractiveness of the stock market [2][18]. - High-risk preference funds, including margin financing and private equity, have seen significant increases in their positions, with margin financing balances surpassing 2.7 trillion yuan, marking a historical high [1][16]. Group 3: Fund Flows - Stock ETFs have experienced a shift in growth momentum, with significant inflows into industry-themed ETFs, particularly in sectors like non-ferrous metals and aerospace, reflecting changing investor preferences [3][22]. - Northbound capital has shown a gradual return to the A-share market, with a net inflow of 117 billion yuan in Q4 2025, as global monetary conditions favor Chinese assets [4][24]. Group 4: Institutional Investment - Insurance funds have accelerated their entry into the market, with stock and securities investments reaching 5.6 trillion yuan, the highest since 2013, indicating a growing commitment to equity investments [5][26]. - Active funds have regained excess returns, with the mixed equity fund index yielding 11.6%, outperforming the CSI 300 by approximately 7 percentage points, leading to a positive trend in fund issuance and redemption [5][28]. Group 5: Sector Focus - Institutional investors have increased their focus on sectors such as non-ferrous metals and telecommunications, while reducing exposure to electronics and biopharmaceuticals, reflecting a strategic shift in portfolio allocations [8][34]. - The market is expected to maintain a relatively active trading sentiment, supported by low interest rates and a favorable environment for equity investments, with potential for further inflows from both domestic and foreign investors [9][39].

预计2026年原油步入供应过剩周期，炼油、页岩油、天然气三大领域凸显红利。2026年全球原油市场将正式进入供应过剩周期，IEA预计过剩规模达384万 桶/日，油价中枢系统性下移成为主线。但地缘冲突、制裁与库存扰动仍将带来阶段性交易机会。真正的结构性机会正从"油价"转向"公司"：炼油端裂解价 差高位运行、美国页岩油在60美元附近展现产量韧性，以及LNG扩张与电力需求推动天然气并购升温，构成低油价环境下的核心受益方向。 展望后市，本轮科技行情远未结束，在短期回调后有望延续。核心原因在于，美股发生AI产业基本面逆转的可能性较低，后续仍会给予A股对标公司较大估 值增长空间。从美股看，一方面，AI龙头业绩增长仍然强势。另一方面，美股上市公司回购也较大程度对冲了机构减持压力。在业绩高增和超大规模回购 托底下，可能出现高位震荡和个股层面的内部出清，但与2000年那种"科技泡沫整体破裂"的系统性崩塌还相去甚远。就A股而言，当前AI板块行情的发展阶 段，大致对应美股2023-2024年资金从硬件向应用扩散的时期，硬件基础设施行情已充分演绎，设备材料环节正在发酵，应用层面刚刚起步。这或意味着， AI行情远未进入尾声。 贵金属重回 ...

Core Viewpoint - The article discusses the significant growth of ETF products tracking the CSI A500 index and the potential introduction of A500 ETF options in early 2026, prompting investors to consider the long-term fundamentals behind their investment decisions rather than short-term market fluctuations [1][8]. Group 1: Understanding Broad-Based Indices - Broad-based indices are not uniform; differences in compilation rules and characteristics significantly affect their long-term risk-return profiles and performance in various economic environments [3][4]. - The CSI A500 and CSI 300 indices, while both categorized as large-cap balanced styles, have distinct design intentions and compilation paths, with the CSI 300 focusing on large, liquid companies and the CSI A500 emphasizing broader industry representation and sustainability considerations [4][6]. - The CSI A500 includes a more balanced industry distribution and a lower concentration in traditional sectors compared to the CSI 300, which is more focused on core blue-chip assets [4][6]. Group 2: Importance of Index Selection and Tracking Effectiveness - Selecting the right index is crucial, but the effectiveness of the tracking product is key to realizing investment returns, as investors cannot directly invest in indices [9][10]. - Key metrics for evaluating ETF products include tracking deviation and tracking error, which indicate how closely a fund captures the index's returns and the stability of that tracking over time [10][11]. - Factors influencing an ETF's tracking performance include fees, cash drag from dividends and investor redemptions, and the fund manager's operational capabilities [11][12].

引言 过去一年，A股市场经历了一轮幅度可观的牛市行情，风险偏好明显修复，指数层面的上涨 一度成为市场共识。 随着行情逐步由普涨走向分化，投资决策的重心也开始从"追逐收益"转 向"筛选长期可配置的核心资产"。 在这一阶段，资金的真实流向往往比短期涨幅更具参考意 义。 自2024年9月首只中证A500场内ETF上市以来，A500相关ETF及联接产品规模持续扩张，目 前已超过1600亿元；尤其是在2025年12月，市场整体趋于震荡的背景下，A500ETF却迎来 了大规模机构资金净申购，显示出显著的配置属性。与此同时，中基协备案信息显示，2025 年以来A500指数增强私募产品数量明显增加，量化机构加速布局该赛道。多类资金在同一时 间指向A500，释放出值得重视的配置信号。 规模与资金行为：A500ETF已被机构"用真金白银投票" 0 1 自2024年9月20日首只中证A500场内ETF发行上市以来，A500ETF在不到一年半的时间内，完成了 从"新指数"到"核心宽基"的快速跃迁。截至目前，A500相关ETF及联接产品总规模已超过1600亿 元，成为近十年来增长最快的权益宽基指数之一。 数据来源：聚宽Joinquan ...

ETF Industry News - The three major indices experienced fluctuations and declines, with the Shanghai Composite Index down by 0.01%, the Shenzhen Component Index down by 0.97%, and the ChiNext Index down by 1.79%. Several ETFs in the building materials sector saw gains exceeding 3%, including the Building Materials ETF (516750.SH) up by 3.96%, Building Materials ETF (159745.SZ) up by 3.88%, and E Fund Building Materials ETF (159787.SZ) up by 3.39% [1][4][13] Stock ETF Market - The stock ETF market has seen a net outflow of over 400 billion yuan on January 19, marking the third consecutive day of net outflows exceeding 100 billion yuan. Over the past three trading days, the total net outflow from stock ETFs has surpassed 1900 billion yuan [2][3] Market Overview - On January 20, the three major indices collectively declined, with the Shanghai Composite Index closing at 4113.65 points, the Shenzhen Component Index at 14155.63 points, and the ChiNext Index at 3277.98 points. The highest daily points for these indices were 4128.93, 14337.12, and 3347.94 respectively [4] Sector Performance - In terms of sector performance, the oil and petrochemical, building materials, and real estate sectors ranked highest with daily gains of 1.74%, 1.71%, and 1.55% respectively. Conversely, the communication, defense, and computer sectors ranked lowest with daily declines of -3.23%, -2.87%, and -1.94% respectively [7] ETF Market Performance - The average performance of different categories of ETFs was assessed, with stock strategy ETFs showing the best performance at an average increase of 0.99%, while stock theme ETFs had the worst performance with an average decrease of -1.12% [10] Top Performing ETFs - The top three performing ETFs in the stock category today were the Building Materials ETF (516750.SH) with a return of 3.96%, Building Materials ETF (159745.SZ) with 3.88%, and E Fund Building Materials ETF (159787.SZ) with 3.39% [13] Trading Volume of Different ETF Categories - The top three ETFs by trading volume today were A500 ETF (512050.SH) with a trading volume of 14.245 billion yuan, A500 ETF Huatai-PB (563360.SH) with 14.062 billion yuan, and CSI 300 ETF Huatai-PB (510300.SH) with 13.614 billion yuan [16]

Group 1 - The real estate and building materials sectors showed strength on January 20, with multiple related ETFs rising over 3% [1][4][15] - The precious metals sector, represented by gold stocks, also gained momentum in the afternoon, with several gold-themed ETFs increasing by over 2% [1][4][15] - The commercial aerospace sector has recently entered a high volatility range, with several satellite-themed ETFs dropping over 4% [2][16] Group 2 - There has been a noticeable trend of capital flowing out of broad-based ETFs and into industry-specific ETFs, with significant net inflows into semiconductor materials and non-ferrous metals ETFs exceeding 10 billion yuan [3][17] - On January 19, the electric grid-themed ETF saw a net inflow of over 2.5 billion yuan, while gold ETFs and semiconductor materials equipment also attracted over 1 billion yuan each [10][24] - The broad-based ETFs continued to experience net outflows, with the CSI 300 ETF seeing a net outflow of over 30 billion yuan on January 19, although this was a decrease from over 58 billion yuan on January 16 [10][24] Group 3 - The leading broad-based ETFs remain highly active in trading, with several ETFs achieving transaction volumes exceeding 10 billion yuan [8][22] - The A500 ETF, which is the first to "go abroad" under the mutual market access mechanism, was listed on the Singapore Exchange on January 20, marking a significant milestone for cross-border ETF investment [13][27] - Analysts suggest that the domestic equity market remains active, with a focus on sectors supported by performance, as the market prepares for upcoming earnings reports [12][26]

早盘三大指数震荡回落，深成指跌超1%，中证A500指数下跌0.71%。从板块来看，化工板块逆势拉升，房地产板块表现活跃，AI应用端盘中走高，存储芯 片概念反复活跃；下跌方面，商业航天概念大幅下跌。 截至上午收盘，场内跟踪中证A500指数的ETF集体下跌。其中，有13只中证A500相关ETF成交额超1亿元，2只超111亿元。A500ETF基金、A500ETF华泰柏 瑞早盘成交额分别为113.36亿元、111亿元。 有券商表示，指数快速上行后可能面临一定的调整压力，阶段整固后可能重回慢牛节奏，市场方向上更加注重业绩等方面的确定性。 | 代码 | 名称 | 现价 | 涨跌幅 | IOPV 溢折率 换手率 成交金额 | | | --- | --- | --- | --- | --- | --- | | 512050 | A500ETF基金 | 1.233 | -0.64% | 1.2334 -0.03% 27.65% 113.36 | | | 563360 | A500ETF华泰柏瑞 | 1.310 | -0.61% | 1.3111 -0.08% 23.34% 111.00 | | | 159352 | A500E ...

Market Overview - The three major indices showed mixed performance, with the Shanghai Composite Index rising by 0.29% and the ChiNext Index falling by 0.7% [2] - Over 3,500 stocks in the market experienced gains, while the total trading volume in the Shanghai and Shenzhen markets was 2.71 trillion yuan, a decrease of 317.9 billion yuan from the previous trading day [2] Sector Performance - Leading sectors included electric grid equipment, robotics, tourism and hotels, and precious metals, while the CPO concept faced declines [2] - The average stock price of the entire A-share market continued to rise, reaching the high point of the previous week [5] Fund Flow and ETF Activity - There was a notable reduction in heavy selling pressure from large funds in several major ETFs, indicating a potential stabilization in the market [7] - The trading volume of the Huatai-PB CSI 300 ETF was 13.793 billion yuan, showing a significant decrease in selling activity compared to previous days [7] Market Sentiment and Stock Performance - The number of stocks hitting the daily limit down decreased to 30, down from 72 and 61 in the previous two trading days, indicating a potential recovery in market sentiment [15] - Stocks such as Jin Feng Technology and Yan Shan Technology saw significant trading activity, with Jin Feng Technology recovering to a closing gain of 2.44% [13][12] Institutional Insights - Citic Securities noted that the recent market cooling is a strategic move to manage the bull market's pace, suggesting that the overall market sentiment remains positive despite short-term adjustments [17] - Guosheng Securities indicated that the market's short-term adjustment may be nearing completion, with a likelihood of continued upward movement in the near future [18]