?????

?????17.32% ????????????????

2025????,A????????????,??????????????????????????,??6?30?,???????????????????????????17.32%,????????14.17%;??,???????(??????)??????94.75%???????,??????????????,??????????????

????(???20???50??)???????,?????????17.30%,???????14.37%,?????96.71%;??????10????????????????,??????????16.41%,????????13.75%?

??5000?? ??ETF??????

7?17?,??10????ETF????,???????????800???1000????,????,????,???????“??+??”??????????????ETF??????,????ETF????7?18???4945.44???????,??5000??????????

????,?????ETF?????????,???ETF??????ETF??,?180????;???ETF??????ETF??????,????????????,10????ETF?????800???

????????????????

??????????7?18?????,???????(??)????????9051.15???????????,???????????????????

????,7?7?,?????????5??A???;7?8?,????????5???????,??????1.22?????+???,???????1??A++???;7?9?,?????????A4??A5?????,??????????1???;7?15?,????????????????????????????……?7???,??????????????????

???????????? ??????

7?18??,???????????????2025?????????????????,????????????,103????,?????149.30????????????????????:??????????????(601066)???????????????????????????????

??,??????????2025????????????,?????????????????????,????????????,??6???????????????????,??6?????????,??6??????

?????

????????IPO ??????“??”????

????????????IPO,????????????????????,?????????????,???????????????????,??????????10???IPO?????

???????????,???????????????????????7?8?,??????????????????????????,??????????????????????,??“??”????

?????? ????????7600?? ?????ETF???? ????????

??????(??“???”)?7?????????

??5?7?,????????????????????????????,????????????????????????????,??????????????????????????,???????,????????7600????????7??,??????????????

???????? M2-M1“???” ?????

??,M1????????????,??6????4.6%,?8.3%?M2??????3.7????,???????,???5??????

6??,??????(M2)?????(M1)?????“???”(M2??????M1????)???3.7????,?M1???????????,???“??”??????????????????

???????????

4?????,??????????,??????????????,???????????????,?????????????????????????,????????????????????????????,?????????????,??????????????

????

?????????????

2025????????,???????????????????

????,???????????,?????????????????,???????????????????????????,??????????????????

?????????? ?100??????????

????????????,??????(?????????????????)?????????????????,?????100?????????????????

???,?????????????????,???????????????????????????????,??????????????????????????????,???????????????

??????? ????????“???”

??????150?????????,????“????”??????“????”?????,??????????????????6?25?,“????”????????,?“????”??????????????1500????,???????????????

??????“????”?????????,????????????“????”?????????,??70%????????????,??44%???????300????????????????????,???????????????????????????????????,?????“????”????????

A500????????? ????????????

?????????,??A500?????????????????

??7?19?,???????74?????,??A500???????????????,?59????????????,?15??????????

????

??????????????????????

????????????,????????????

7?18???,????????????????2025???????????????,???????????????????????????????????????,????,????????????,?????????????????????????

????????????????????

???:6?18?,?????«????????????? ?????????????»,???????????,??????????????????????????,??????????????????????????????

?????????????????????????,??“??”??????????,?????????????????????“??”???????????????,?????????????????????????????????????,?????????????

???????????? ??????????

7?20?,??5?????????????????(????“???”)?????????????????????????????????????????,????????????????????

????????????????????,????????????(300959)???21???,?????5%???????,??????????????????????6000?,?????????152????????????????,?????67%?

?????????????

????,?????????????,??????????????7?9?,??????120.23????????????????????,??7?20?,??????????????472??????????????,???????????????????????

???????????????????,?????????????????????IPO????????????,??????????????????,??????????????????????