Group 1: Economic Trends and Currency Dynamics - The Federal Reserve is expected to continue its interest rate cut cycle into 2026, potentially lowering rates by at least two times, which may lead to a further decline in the US dollar index from around 110 to 97 [1] - The trend of "de-dollarization" is gaining momentum as more countries diversify their reserves away from the US dollar, influenced by the US's use of its currency for sanctions and its high national debt of $38 trillion [2] - The US 10-year Treasury yield has risen to 4.5%, reflecting increased risk premiums, while China's 10-year Treasury yield stands at approximately 1.6% [2] Group 2: Commodity Markets and Resource Management - The US has been stockpiling copper, reaching 400,000 tons, which has contributed to rising copper prices, impacting manufacturing sectors in China [3] - The US's actions in Venezuela, particularly regarding oil resources, highlight its aggressive resource acquisition strategy, which may further destabilize international relations [3] Group 3: Domestic Economic Policies and Growth - China's GDP growth reached 5% last year, but retail sales growth has slowed, indicating a need to boost domestic demand through increased income and investment [3] - The focus of China's economic policy is shifting towards enhancing domestic consumption and reducing overcapacity in traditional industries [3] Group 4: Investment Opportunities in Technology - The 14th Five-Year Plan emphasizes support for technology innovation sectors such as robotics, semiconductors, and quantum technology, which are expected to perform well in 2026 [4] - The capital market is witnessing a shift as residents are moving savings towards the stock market, with a significant amount of deposits maturing and seeking higher returns [5] Group 5: Market Dynamics and Consumer Behavior - The current bull market is expected to positively impact consumer spending, stabilize the housing market, and support the growth of technology firms, potentially leading to the emergence of new industry leaders [6] - The number of new stock accounts opened exceeded 27 million last year, indicating a growing participation in the capital market, which may help offset wealth losses from declining property prices [6]

Core Viewpoint - The strategic collaboration between Shijiazhuang Pharmaceutical Group and AstraZeneca marks a significant milestone in the outbound business development (BD) of Chinese innovative drugs, with a potential total payment of up to $18.5 billion, setting a new record for BD transactions in the Chinese pharmaceutical industry [1][3]. Group 1: Transaction Details - Shijiazhuang Pharmaceutical has signed a strategic R&D cooperation and licensing agreement with AstraZeneca, utilizing its proprietary sustained-release drug delivery technology and peptide drug AI discovery platform to develop innovative long-acting peptide drugs [1]. - The total potential payment of $18.5 billion includes an upfront payment of $1.2 billion, with the remaining $17.3 billion contingent on achieving various R&D and sales milestones over the coming years [3]. Group 2: Market Reaction - Despite the significant deal, Shijiazhuang Pharmaceutical's stock experienced a sharp decline, dropping nearly 13% intraday and closing down 10.2%, attributed to profit-taking after a strong pre-announcement stock performance [1][3]. - The overall market sentiment was also negative, with major indices in Hong Kong, including the Hang Seng Index and the Hang Seng Biotechnology Index, falling over 2%, impacting the performance of other leading Chinese biopharmaceutical companies [3]. Group 3: Industry Outlook - Analysts suggest that the core logic of domestic innovative drugs remains solid, indicating a favorable window for investment as the BD of Chinese companies accelerates and the price gap for innovative drugs between China and the U.S. narrows, presenting significant long-term growth potential [5]. - The Hong Kong Stock Connect innovative drug ETF (520880) has seen substantial net subscriptions, indicating ongoing investor interest despite recent market volatility [4].

Group 1 - The food and beverage sector experienced a decline on January 30, with the Huabao Food and Beverage ETF (515710) dropping by 3.48% during trading [1][2] - Major stocks in the sector, particularly liquor companies, saw significant losses, with Yanghe Co., Shunxin Agriculture, and Bairun Co. all falling over 6% [1] - Moutai's wholesale price surged over 100 CNY per bottle on January 30, with some regions seeing increases of more than 150 CNY within two days, attributed to heightened demand for gifts ahead of the holiday [1] Group 2 - Huabao Food and Beverage ETF (515710) is heavily invested in Kweichow Moutai, which accounts for 14.76% of its holdings as of Q4 2025 [3] - The food and beverage sector remains at a low valuation, with the ETF's underlying index PE ratio at 20.48, placing it in the 8.63% percentile of the last decade, indicating strong medium to long-term investment potential [3] - Traditional consumer goods are expected to benefit from improved economic indicators and consumption policies, with a focus on sectors like food supply chains and dairy for recovery opportunities [4] Group 3 - The Huabao Food and Beverage ETF (515710) tracks the CSI sub-index for the food and beverage industry, with approximately 60% of its portfolio in leading high-end and mid-range liquor stocks, and nearly 40% in beverage, dairy, and seasoning sectors [4] - Investors can also access core assets in the food and beverage sector through the Huabao Food and Beverage ETF linked funds [4]

Core Viewpoint - The recent fluctuations in the precious metals ETF, Huabao (159876), indicate strong investor interest despite volatility, with significant net subscriptions and a positive outlook for the sector driven by rising metal prices and robust earnings forecasts for 2025 [1][3][6]. Group 1: ETF Performance - Huabao ETF experienced a price increase of over 4.1% to reach a historical high before dropping by more than 3.5%, resulting in a real-time fluctuation of 7.85% [1]. - As of the report, Huabao ETF has seen a net subscription of 113 million units, accumulating over 1.4 billion yuan in the past 20 days [1]. Group 2: Market Trends - The spot price of gold is approaching 5600 USD/ounce, prompting caution from major gold stocks like Zhongjin Gold and Sichuan Gold, which have indicated potential risks due to significant short-term price increases [2]. - The overall performance of non-ferrous stocks is positive, with many companies reporting expected profit growth for 2025, supported by rising production and market prices for silver and gold [3]. Group 3: Company Earnings Forecasts - Hunan Silver has projected a net profit for 2025 between 285 million to 385 million yuan, representing a year-on-year growth of 67.88% to 126.78% [3]. - Among the 60 listed companies covered by Huabao ETF, 24 have disclosed earnings forecasts for 2025, with 21 companies expected to be profitable, indicating strong operational resilience in the sector [3]. Group 4: Stock Performance - Gold stocks are performing strongly, with Hunan Gold and Western Gold hitting the daily limit, while Zhongjin Gold has increased by over 6% [4]. - Conversely, companies like Xiamen Tungsten and Baotai Co. have seen declines exceeding 5%, negatively impacting overall index performance [4]. Group 5: Industry Outlook - Southwest Securities anticipates a resource supercycle for the non-ferrous metals industry, with prices for metals like gold, copper, aluminum, tin, and rare earths expected to rise systematically [5]. - Huafu Securities suggests that non-ferrous metals will significantly benefit from economic recovery, with the potential for sustained excess returns due to high industry prosperity [5].

Group 1 - The food and beverage sector is experiencing a strong rebound, with the Huabao Food and Beverage ETF (515710) rising by 1.07% as of the latest report [1] - Major liquor stocks are seeing significant gains, with Luzhou Laojiao up over 4%, and Kweichow Moutai and Gujing Gongjiu both rising over 3% [1] - The latest public fund report shows that Kweichow Moutai remains a top holding, reflecting its resilience and the confidence it brings to the liquor industry during adjustment periods [3] Group 2 - The food and beverage sector is currently at a low valuation, with the PE ratio of the underlying index for the Huabao ETF at 19.09, which is in the 1.37% percentile of the last decade [3] - Analysts suggest that the food and beverage sector is positioned for significant investment value due to low valuations and improving fundamentals, with CPI showing a mild recovery [4] - The Huabao Food and Beverage ETF primarily invests in leading high-end and mid-range liquor stocks, with a significant portion also allocated to beverages, dairy, and seasoning sectors [4][5]

29日早盘，AI应用大爆发，创业板人工智能继续上扬超2%。其中，蓝色光标领涨超14%，昆仑万维、 易点天下、中文在线等多股涨超10%。热门ETF方面，双线布局"算力+AI应用"的创业板人工智能ETF （159363）场内冲高逾2%，冲击新高！ ETF基金相关费用说明：投资者在申购或赎回基金份额时，申购赎回代理机构可按照不超过0.5%的标准 收取佣金。场内交易费用以证券公司实际收取为准，不收取销售服务费。联接基金相关费用说明：创业 板人工智能ETF发起式联接C不收取申购费；赎回费7日以内为1.5%，7日（含）以上为0%；销售服务费 为0.3%。创业板人工智能ETF发起式联接A申购费100万元以下为1%，100万元（含）-200万元为0.6%， 200万元（含）以上为1000元/笔；赎回费7日以内为1.5%，7日（含）以上为0%；不收取销售服务费。 风险提示：创业板人工智能ETF华宝被动跟踪创业板人工智能指数，该指数基日为2018.12.28，发布日 期为2024.7.11，创业板人工智能指数2021-2025年年度涨跌幅分别为：17.57%、-34.52%、47.83%、 38.44%、106.35%。指数成份 ...

新修订《药品管理法实施条例》发布利好加持，今日（1月28日），港股通创新药板块止跌回暖，龙头 股集体起立，石药集团大涨6.14%，百济神州涨4.06%，信达生物涨3.3%。 港股通创新药ETF（520880）重仓创新药龙头，盘中一度涨超1.5%，收涨1.33%收复5日线，放量成交 3.44亿元。 政策继续加码或为创新药行情导火索。1月27日，新修订《药品管理法实施条例》发布，这是条例实施 二十多年来首次全面修订。 据国家药监局相关人士介绍，此次条例修订旨在激励医药创新，明确支持以临床价值为导向，研究和创 制新药，并首次引入了儿童用药品、罕见病药品市场独占期制度，推动药物研发，更好地服务患者临床 用药需求。在制度设计方面，条例明确规定了药品上市的快速审评通道，加快新药好药上市。 业内人士指出，新条例有望显著提升相关领域研发热情，利好创新药企长期发展。设立药品试验数据保 护制度和市场独占期制度，有助于推动中国医药产业从"仿制为主"向"创新驱动"战略转型。 就港股创新药二级市场走势，西部证券认为，2026年，港股创新药或将延续结构性行情。从投资逻辑来 看，BD出海加速，中美创新药价差收敛、创新药企业市值差距收窄，将 ...

Core Viewpoint - The Hong Kong Stock Connect Dividend ETF (520900) has shown significant performance, with a notable increase in both share volume and profits, indicating strong investor interest in high-dividend assets amid a favorable economic environment [1][2][6]. Financial Performance - In Q4 2025, the Hong Kong Stock Connect Dividend ETF (520900) reported a profit of 48.31 million yuan, contributing to an annual profit of 228 million yuan for the year [2][4]. - The fund's share volume increased from 1.592 billion to 1.875 billion, marking a growth rate of 17.78% [2][4]. Market Trends - The demand for high-dividend assets is bolstered by the stable and continuous dividend policies of state-owned enterprises (SOEs), which are now key performance indicators for state-owned enterprises [6][13]. - The index tracking the ETF focuses on SOEs with stable dividend levels and high dividend yields, primarily in sectors like energy and telecommunications [7][9]. Sector Analysis - The top five sectors in the index include Oil & Petrochemicals (28.63%), Telecommunications (21.75%), Coal (11.80%), Transportation (10.47%), and Public Utilities (7.94%) [7]. - The top ten constituent stocks account for 66.88% of the index, featuring major players in the energy and telecommunications sectors [9][10]. Historical Performance - Since its inception, the index has achieved a cumulative return of 120.79%, outperforming the Hang Seng Index and the CSI Dividend Index [11][12]. - The dividend yield has increased significantly from 3%-4% in 2015 to 5%-9% in 2023-2025, reflecting the enhanced dividend capacity of SOEs [12]. Investment Outlook - Analysts suggest that the current market conditions may present a favorable window for investing in high-dividend assets, particularly through the Hong Kong Stock Connect Dividend ETF [13][14]. - The ETF provides a convenient entry point for investors looking to capitalize on stable returns and long-term value in the Hong Kong market [14].

化工板块今日（1月28日）重拾攻势，反映化工板块整体走势的化工ETF（516020）开盘短暂震荡后直 线拉升，盘中场内价格一度涨超2%，截至发稿，涨1.96%。 机构观点来源：①中国银河证券1月25日证券基础化工行业周报《化工品价格表现偏强，关注周期弹性 机会》。 成份股方面，纯碱、石化、氮肥等板块部分个股涨幅居前。截至发稿，浙江龙盛涨停，和邦生物大涨超 9%，卫星化学涨超7%，宝丰能源、恒逸石化双双涨超6%。 化工ETF联接A申购费率为：100万元以下，0.8%；100万元（含）-200万元，0.5%；200万元（含）以 上，每笔1000元。赎回费率为：7天以内，1.5%；7天（含）-180天，0.5%；180天（含）-以上，0%。 | | | | 分时 多日 1分 5分 15分 30分 60分 日 周 月 更多 | | | | | F9 盘用盘后 露出 九种 画线 工具 (0 2 > | | 44. TETF (D) | | | | 516020 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

Group 1 - The core viewpoint of the news highlights a significant rebound in the semiconductor industry, particularly in storage chip stocks, with notable gains from companies like Dongxin Co., which saw a 20% increase, and others like Chipone Technology and Shengke Communication-U also performing strongly [1][3] - The newly listed ETF tracking the semiconductor sector, Huabao (589190), experienced a price increase of 2.72% with a trading volume of 1.19 billion yuan, indicating active market participation [1][3] - The semiconductor industry is being driven by two main catalysts: the AI wave and domestic substitution, with significant price increases in NAND flash memory expected to continue due to rising demand from AI infrastructure [3][6] Group 2 - Data from TrendForce indicates that the prices of DRAM and NAND Flash are expected to rise until 2027, supported by long-term demand from AI servers and enterprise storage [3][6] - The domestic semiconductor equipment substitution rate is projected to increase from 25% in 2025 to 35% by 2026, with core equipment like etching machines and thin-film deposition equipment exceeding a 40% substitution rate [3][6] - The Shanghai Stock Exchange's semiconductor index has shown an annualized return of 17.93%, outperforming other similar indices, with a lower maximum drawdown, indicating a favorable risk-reward profile [5][6]