Core Insights - The quantitative index enhancement strategies performed exceptionally well in 2025, with an average return of 45.08%, and nearly 90% of products achieving positive excess returns [1][2][3] Performance Overview - The average excess return for quantitative index enhancement products reached 16.75%, with small-cap index enhancement strategies leading the performance [2] - The CSI 1000 index enhancement products had an average return of 49.78% and an excess return of 17.49%, with 95.93% of products achieving positive excess returns [2] - Large-cap indices like CSI 300 had a lower average return of 31.22%, despite having the highest positive excess return ratio at 97.14% [2][3] Market Dynamics - The A-share market saw high turnover rates and average daily trading volumes, benefiting quantitative strategies [2] - The performance divergence reflects a structural change in market styles, with small-cap index enhancement products outperforming large-cap ones [3] Industry Trends - The industry experienced a significant increase in dividend distributions, with a total of 1,658 dividends amounting to over 17.3 billion yuan, a 236.59% increase from 2024 [5][6] - The trend of strategy innovation is evident, with new products like micro-index enhancements and technology-themed enhancements emerging [6][7] Future Outlook - For 2026, the industry anticipates continued structural opportunities in quantitative index enhancement strategies, although challenges such as strategy crowding and style switching are expected [8][9] - The head institutions are likely to dominate the market due to their technological, talent, and brand advantages, while smaller institutions may need to focus on differentiation [9][10]

Core Viewpoint - The domestic semiconductor equipment sector is experiencing significant boosts in confidence due to two recent catalysts: the successful development of a high-energy hydrogen ion implanter and strong financial signals from industry leaders indicating expansion. Group 1: Domestic Semiconductor Equipment Development - The China National Nuclear Corporation announced the successful launch of the first domestically developed series-type high-energy hydrogen ion implanter (POWER-750H), achieving international advanced levels in core indicators, marking a breakthrough in key processes of power semiconductor manufacturing [1] - Ion implanters are considered one of the "four core equipment" essential for chip manufacturing, alongside photolithography machines, etching machines, and thin-film deposition equipment, highlighting their critical role in semiconductor production [1] - Historically, China has relied entirely on imports for high-energy hydrogen ion implanters, which has been a bottleneck for upgrading key technology industries due to high technical barriers [1] - According to the China Semiconductor Industry Association, China's equipment localization may have entered a rapid growth phase, indicating a significant shift in the domestic semiconductor landscape [1] Group 2: Financial Performance and Market Outlook - TSMC, the world's largest chip foundry, reported a 35% year-on-year increase in net profit for Q4 2025, with a gross margin of 62%, significantly exceeding expectations; capital expenditures are projected to reach up to $56 billion in 2026 [2] - The surge in AI demand is directly impacting the supply-demand balance for advanced processes, with storage chip prices expected to rise by up to 1800% in 2025 and by 60% in Q1 2026 [2] - The combination of AI-driven price increases in storage and advancements in process technology is likely to create a "golden period" for the domestic semiconductor equipment and materials industry, characterized by simultaneous expansion and technological breakthroughs [2] Group 3: Index Performance - The semiconductor equipment ETF (561980) tracks the CSI index, with over 90% coverage of the upstream and midstream semiconductor industry, including key players like Zhongwei Company and SMIC, indicating a strong concentration in leading firms [2] - The CSI semiconductor index has shown higher elasticity compared to similar indices, achieving a doubling in growth since 2025 and a 308% increase since 2020, outperforming the Sci-Tech Innovation Board chip index [3] - From the last semiconductor cycle in 2018 to the present, the CSI semiconductor index has recorded a maximum increase of over 690%, leading among comparable indices [3] Group 4: Performance Metrics - The following table summarizes the performance metrics of various semiconductor indices: | Securities Code | Securities Name | Growth Rate (2025 to Present) | Growth Rate (2020 to Present) | Maximum Increase (Since 2018) | Maximum Drawdown (Since 2018) | |------------------|------------------|-------------------------------|-------------------------------|-------------------------------|-------------------------------| | 931865. CSI | CSI Semiconductor | 100.01% | 308.03% | 690.33% | 59.89% | | 931743. CSI | Semiconductor Materials & Equipment | 96.29% | 200.21% | 567.12% | 61.71% | | 980017. SZ | National Chip | 61.87% | 144.55% | 479.68% | 61.73% | | 990001. CSI | China Semiconductor Chip | 66.27% | 139.34% | 397.63% | 61.82% | | H30184. CSI | Semiconductor | 69.49% | 138.35% | 397.83% | 62.54% | | H30007. CSI | Chip Industry | 66.06% | 159.76% | 544.10% | 60.78% | | 000685. SH | Sci-Tech Innovation Chip | 87.39% | 203.57% | 243.12% | 56.81% | [4]

Group 1 - The core viewpoint is that the government will implement a more proactive fiscal policy, ensuring that total fiscal expenditure increases while optimizing the structure and improving efficiency [2][3][4] - The fiscal deficit, total debt scale, and total expenditure will maintain necessary levels in 2026, ensuring that overall expenditure intensity "only increases and does not decrease" and that key areas are guaranteed "only stronger and not weaker" [2][3] - The government will break the "base + growth" expenditure solidification pattern by actively using zero-based budgeting concepts to reduce ineffective expenditures and allocate more fiscal funds to boost consumption, invest in people, and ensure livelihood security [3][4] Group 2 - The government aims to increase residents' income through multiple channels, ensuring that funds are used in critical areas to enhance people's sense of gain [3][4] - The government will continue to arrange ultra-long-term special bonds for "two heavy" construction and "two new" work, optimizing policy implementation [3][4] - There will be a focus on deepening fiscal and tax reforms in key areas to further stimulate the internal vitality of the economy [4][5] Group 3 - The government will leverage the role of government investment funds to support early, small, long-term investments in hard technology and promote quality upgrades in key industries [6] - There will be a focus on enhancing the innovation capabilities of small and medium-sized enterprises through structural tax reductions and support policies [6] - A guiding document will be issued to promote high-quality development of agricultural insurance, emphasizing refined management and diversified collaboration [7]

1月20日，财政部等部门发布多项政策通知。 1月20日，财政部等部门发布多项政策通知，包括延长服务业经营主体贷款贴息政策和个人消费贷 款财政贴息政策实施期限，实施民间投资专项担保计划，优化实施设备更新贷款财政贴息政策，实 施中小微企业贷款贴息政策。 要点速览 通知提出，提高贴息标准。取消单笔消费贴息金额上限500元的要求，取消每名借款人在一家经办 机构可享受5万元以下累计消费贴息上限1000元的要求。维持每名借款人在一家经办机构可享受累 计消费贴息上限每年3000元的要求不变。 实施民间投资专项担保计划 额度5000亿元 提高服务业经营主体贷款贴息上限，单户可享受贴息的2026年新发放贷款规模最高可达1000 万元 提高个人消费贷款财政贴息标准，取消单笔消费贴息金额上限500元的要求，取消每名借款人 在一家经办机构可享受5万元以下累计消费贴息上限1000元的要求 实施民间投资专项担保计划，专项担保计划额度5000亿元，分两年实施 明确对今年起向中小微民营企业发放的符合条件的固定资产贷款给予财政贴息，每年贴息1.5 个百分点，最长贴息2年 延长服务业经营主体贷款贴息政策实施期限至2026年底 财政部等四部门发布 ...

Market Overview - On January 20, the three major A-share indices experienced a pullback, with the Shanghai Composite Index down 0.01%, the Shenzhen Component Index down 0.97%, and the ChiNext Index down 1.79% [1] Sector Performance - The chemical sector saw a significant surge, with stocks like Hongbaoli and Shandong Heda hitting the daily limit. China Chemical's market capitalization reached 53.678 billion yuan, with over 240,000 hands of sealed orders at the closing [3][6] - Precious metals continued to show strength, with Hunan Silver hitting the daily limit. The real estate sector was also active, with Dayuecheng and Chengtou Holdings reaching the daily limit. Conversely, sectors like computing hardware and commercial aerospace faced notable declines, with Shenjian Co. experiencing four consecutive daily limits down [6] Chemical Market Insights - The domestic epoxy propane market price surged recently, with an average price of 8,620 yuan/ton as of January 18, up 8.84% week-on-week and 9.88% year-on-year. Factory inventory decreased to 27,500 tons, down 3.85% week-on-week and 10.71% year-on-year, indicating strong downstream demand driven by policy windows and capacity expansion [8] - Tianfeng Securities noted that the supply side of the domestic epoxy propane market remains tight, with overall industry inventory at low levels. The demand side is driven by the "last train" effect of the cancellation of export tax rebates for polyether in April, leading downstream polyether companies to actively secure orders [9] Investment Recommendations - Zhongyin Securities suggests focusing on undervalued leading companies in the chemical sector in January, considering the impact of "anti-involution" on the supply side. Long-term investment recommendations include three main lines: recovery in demand supported by policies, rapid development of downstream industries, and attention to sub-industries with sustained high or improving prosperity [10] Banking Sector Performance - The banking sector saw an increase, with banks like Chengdu Bank, Chongqing Rural Commercial Bank, and CITIC Bank showing positive performance [12][14] - On January 20, the Ministry of Finance released several policy documents aimed at optimizing personal consumption loan subsidies, equipment renewal loan subsidies, and support for small and micro enterprises, which are expected to benefit the banking sector [14]

Group 1: Chemical Sector Performance - The chemical sector experienced a significant surge, with stocks like Hongbaoli (002165) and Shandong Heda (002810) hitting the daily limit up [2][6] - China Chemical (601117) also saw a strong performance, closing at a limit up with a total market value of 53.678 billion yuan and over 240,000 hands of sealed orders at the close [2] - The epoxy propylene sub-sector showed notable growth, with the average market price reaching 8,620 yuan/ton, an increase of 8.84% from the previous week and 9.88% year-on-year [8] Group 2: Market Dynamics and Demand - The domestic epoxy propylene market is facing tight supply, with overall inventory levels remaining low, which supports a strong market performance [9] - Demand is driven by the "last train" effect from the cancellation of the export tax rebate policy for polyether, leading downstream polyether companies to actively secure orders [9] - The market is characterized by low inventory, strong demand during the policy window, and cost-push factors, indicating a robust market outlook [9] Group 3: Investment Recommendations - Investment recommendations for January include focusing on undervalued leading companies in the chemical sector, as well as sectors benefiting from supply-side reforms [10] - Long-term investment strategies should consider three main lines: recovery in demand supported by policies, rapid development in downstream industries, and sectors with sustained high or improving prosperity [10] Group 4: Banking Sector Performance - The banking sector saw an increase, with stocks like Chengdu Bank (601838) and Chongqing Rural Commercial Bank (601077) showing positive performance [11][12] - Recent policy announcements from the Ministry of Finance include optimizing personal consumption loan subsidies and supporting small and micro-enterprises, which are expected to benefit the banking sector [13] - Structural monetary policy tools are being expanded, which is favorable for banks to stabilize interest margins and support key areas of the real economy [14]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has requested additional compliance information from Chengyi Biotechnology regarding its overseas listing application, focusing on three main areas: equity structure, capital situation, and domestic operating entities [1][2][3] Group 1: Compliance Requirements - The CSRC requires Chengyi Biotechnology to clarify the compliance of its equity structure and reverse mergers, including whether shareholders holding over 5% have completed foreign exchange registration and if domestic institutional shareholders have followed necessary regulatory procedures [2] - The company must explain the pricing basis and tax payments related to acquisitions of domestic entities, ensuring compliance with regulations on foreign investment in domestic enterprises [2] - The CSRC also demands a conclusion on whether the equity structure and reverse merger processes adhered to existing foreign exchange management, foreign investment, and tax regulations [2] Group 2: Capital Situation - The CSRC has asked for clarification on the shareholding proportions of key stakeholders and whether they should be consolidated, as well as the specific arrangements regarding special shareholder rights and their impact on control [3] - The company is required to disclose whether there have been any shareholding proxies in its historical evolution and if the pricing for new shareholders in the last 12 months was fair and reasonable [3] - The CSRC seeks a conclusive opinion on whether the equity incentives involving domestic individuals complied with foreign exchange registration requirements [3] Group 3: Domestic Operating Entities - Chengyi Biotechnology must provide details on its wholly-owned subsidiary, Shanghai Chengyi, which holds a patent for an extracellular gene expression intervention method, and whether its business aligns with the negative list of foreign investment access [3] - The company is required to disclose any significant litigation, arbitration, or administrative penalties affecting its domestic operations [3] - A conclusive opinion on the legality and compliance of the establishment and historical equity changes of domestic operating entities is also required [3] Group 4: Financial Performance - Chengyi Biotechnology reported revenues of $36.06 million, $221 million, and $557,000 for the years 2023, 2024, and the first half of 2025, respectively, with net profits of -$52.23 million, $139 million, and -$20.11 million during the same periods [4] - The company has only one customer, AstraZeneca, which is also a shareholder, generating revenues of $36 million, $221 million, and $55,680 from this customer in the respective years [4] Group 5: Competitive Landscape - Chengyi Biotechnology believes its pipeline strength and proprietary TRANDD platform provide a significant competitive advantage, but it faces potential competition from multinational pharmaceutical companies and other biotech firms [5] - The company heavily relies on the success of its candidate drugs, and any failure to complete development, obtain regulatory approval, or commercialize these drugs could significantly harm its business and financial outlook [5]

1月20日，国新办举行新闻发布会，介绍落实中央经济工作会议精神，推动"十五五"实现良好开局有关 情况，多位国家发展改革委有关负责人出席。 要点速览 研究制定出台2026年—2030年扩大内需战略实施方案 研究设立国家级并购基金，加强政府投资基金布局规划和投向指导 正谋划推进一批"十五五"时期的高技术产业标志性引领性重大工程 研究制定全国统一大市场建设条例，制定出台妨碍建设全国统一大市场事项清单、招商引资鼓励和禁止 事项清单 正在研究制定稳岗扩容提质行动和城乡居民增收计划 今年将推动实施服务业扩能提质行动 正在谋划一批高技术产业标志性引领性重大工程 国家发展改革委国民经济综合司司长周陈表示，展望2026年，我国经济结构将持续向"优"、发展动能持 续向"新"、整体发展态势持续向"好"，新质生产力稳步发展，消费与投资、科技与产业、城乡与区域都 将释放出巨大的发展潜能。 周陈表示，新技术新产品新场景蔚然成势。新能源、新材料、航空航天、量子科技、生物制造、具身智 能等新的经济增长点正在蓄势待发。"人工智能+"行动正在为我国海量的场景优势赋能增效，人工智能 加速从数字世界走向物理世界，从说话变成做事，将带动高端制造、新兴 ...

Group 1 - S&P Global has awarded Dongfang Securities a Corporate Sustainability Assessment (CSA) score of 53 for 2025, the highest score among Chinese securities firms published to date [1][2] - The CSA score reflects Dongfang Securities' commitment to ESG principles and its leadership in sustainable finance and risk management [1][2] - The company has established a board-level committee to oversee the implementation of ESG goals and policies, enhancing its governance structure [2] Group 2 - Dongfang Securities is integrating sustainable development into its corporate strategy, focusing on optimizing its ESG risk management system and promoting responsible investment [2] - The company is actively engaged in green operations, reducing carbon emissions, and contributing to social welfare and rural revitalization efforts [2] - Recent disclosures include updates to its ESG risk management and responsible investment statements, improving governance transparency [2]

根据公告，万家基金此次对旗下20只ETF实施更名，覆盖宽基、行业主题、策略及跨境等多个产品类 型。本次调整仅涉及产品在二级市场交易中显示的"扩位简称"，更名后将统一采用"投资标的核心要素 ＋ETF＋万家"的命名格式，进一步强化管理人品牌识别度。例如，"工业有色ETF"将更名为"工业有色 ETF万家"，"红利ETF基金"将更名为"红利ETF万家"。 需要说明的是，此次更名不涉及基金代码、投资目标、投资策略、风险收益特征及基金份额持有人权益 的任何变更。所有产品将继续按照基金合同约定正常运作，投资者可照常进行申购、赎回及二级市场交 易。 万家基金此次对旗下ETF实施集体更名，是积极响应行业命名规范化要求、推动ETF市场高质量发展的 重要举措。2025年11月份，沪深交易所发文明确要求，存量ETF需在2026年3月31日前有序完成扩位简 称规范化调整，且扩位简称必须包含基金管理人简称，采用"投资标的核心要素+ETF+管理人简称"的标 准结构。 1月20日，万家基金发布公告，正式启动旗下20只ETF扩位简称的统一更名工作。此次调整系公司落实 行业命名规范、强化投资者服务的重要举措，体现了其在指数业务发展中对合规性与用 ...