On January 5, the three major A-share indices rose, and the Shanghai Index once again reached the 4,000 mark. As of midday trading, A500 ETF Southern's volume rose by 1.53%, with a turnover of 8.272 billion yuan. Looking back at the full year of 2025, Wind data shows that A500 ETF Southern received a net subscription of 21.246 billion yuan, increasing its share from 22.581 billion to 38.688 billion shares, and the scale increased from 22,642 billion yuan to 48.016 billion yuan. The annual cumulative turnover was 883.403 billion yuan, with an average daily turnover of 3.63 billion yuan for the whole year. The average daily turnover in December 2025 was 7.450 billion yuan. CITIC Securities believes that the biggest difference in expectations in 2026 comes from the balance between external demand and domestic demand. “Taxing” the outside world and subsidizing domestic demand should be the general trend, and this year is an important start. Standing at the beginning of the year, considering that capital was not very popular at the end of last year, there is a higher probability that the market will fluctuate and improve after the beginning of the year in an environment where people's mentality is rising. Western Securities believes that 2025 may only be the “early stage” of the bull market. The Federal Reserve will restart interest rate cuts, and the accelerated return of cross-border capital will bring the prices of various factors in China out of “deflation” one after another. We are expected to witness the “main line” of the bull market in the new year — the appreciation of the RMB is driving the physical sector's cash flow statement and asset responsibility statement to be repaired one after another. In 2026, China will move towards a boom period in 1978 with Japan as a catcher country, and the time for a “ice and fire transition” in the manufacturing and consumption cycle is imminent. Investors can use the one-click layout of the China Securities A500 ETF Southern and its linked funds.

On January 5, the three major A-share indices rose, and the Shanghai Index once again reached the 4,000 mark. As of midday trading, A500 ETF Southern's volume rose by 1.53%, with a turnover of 8.272 billion yuan. Looking back at the full year of 2025, Wind data shows that A500 ETF Southern received a net subscription of 21.246 billion yuan, increasing its share from 22.581 billion to 38.688 billion shares, and the scale increased from 22,642 billion yuan to 48.016 billion yuan. The annual cumulative turnover was 883.403 billion yuan, with an average daily turnover of 3.63 billion yuan for the whole year. The average daily turnover in December 2025 was 7.450 billion yuan. CITIC Securities believes that the biggest difference in expectations in 2026 comes from the balance between external demand and domestic demand. “Taxing” the outside world and subsidizing domestic demand should be the general trend, and this year is an important start. Standing at the beginning of the year, considering that capital was not very popular at the end of last year, there is a higher probability that the market will fluctuate and improve after the beginning of the year in an environment where people's mentality is rising. Western Securities believes that 2025 may only be the “early stage” of the bull market. The Federal Reserve will restart interest rate cuts, and the accelerated return of cross-border capital will bring the prices of various factors in China out of “deflation” one after another. We are expected to witness the “main line” of the bull market in the new year — the appreciation of the RMB is driving the physical sector's cash flow statement and asset responsibility statement to be repaired one after another. In 2026, China will move towards a boom period in 1978 with Japan as a catcher country, and the time for a “ice and fire transition” in the manufacturing and consumption cycle is imminent. Investors can use the one-click layout of the China Securities A500 ETF Southern and its linked funds.