Group 1 - The Hong Kong stock sentiment index has fallen to 28.6, entering the panic zone for the first time in four months, indicating a potential investment opportunity as historical data shows a 100% success rate for Hong Kong stocks in the following month after entering this zone [1] - The AH premium index has risen to a peak of 122.7, reflecting a significant divergence between the performance of A-shares and Hong Kong stocks, with the latter showing historically low sentiment scores [1] - Huatai Securities suggests that Hong Kong stocks may enter a relative return period, driven by factors such as increased liquidity, inflows from southbound capital nearing 30 billion yuan, and upward revisions in earnings expectations [1] Group 2 - The Hang Seng Technology Index ETF (513180.SH) serves as a benchmark for Hong Kong's technology sector, covering internet, hard technology, and new energy vehicle companies [2] - The enhanced Hang Seng Technology ETF (159101.SZ) adds exposure to the biotechnology sector and increases the weight limit for individual component stocks to 15% [2] - The Hang Seng Internet ETF (513330.SH) focuses on software applications and internet media, with major holdings including Alibaba, Tencent, and Meituan, which together account for nearly 40% of the index [2] - The Hang Seng Pharmaceutical ETF (159892.SZ) targets innovative drugs and leading CXO companies, currently characterized by low valuations and low crowding [2]

中信证券：主题、小票轮动格局还会延续 目前的市场仍处于一个配置型和量化资金富裕，存量交易型资金活跃，个股定价型资金匮乏的环境，市 场要走出基本面驱动的单边趋势行情，还有待超预期的内需变化发生。从资金节奏看，今年春节后仅两 周便临近两会，对于在当前躁动主线中踏空的资金而言，"暂缓入市、等待更清晰的基本面线索"是更理 性的选择——无论是提振内需的具体政策、城乡居民增收计划，还是行业"反内卷"的方向，都可待两会 期间线索明朗后再布局。当前市场的一致预期是 "政策难有强变化"，这一判断在静态视角下成立。但 动态来看，今年外部贸易环境的复杂度远超去年，任何不利变动都可能进一步加大仅靠外需实现5%左 右GDP 增速的难度，内需的关键性会愈发凸显，政策调整也可能随形势变化随时落地，不能固守固有 政策叙事做线性外推。对配置型资金而言，当下的市场躁动并非调仓追热点的时机，今年3月下旬至4月 才是关键的结构调整决策窗口。从过去20年的历史来看，当年1月涨幅前三的行业与全年涨幅前三的行 业重合的概率为29%，慢牛路还长，踏空的投资者也无需过度焦虑。 上周五市场震荡拉升，沪指高开高走突破4100点，深成指涨超1%。沪深两市成交额3. ...

Group 1 - The core viewpoint is that the A-share market continues to rise with increased trading volume, driven by heightened risk appetite and the ongoing spring rally [1] - The strong momentum effect suggests that there may still be room for the spring market to grow, but the trading structure is becoming concentrated, indicating a potential shift towards rotation in the market [1] - As the earnings forecast window approaches, it is recommended to focus on high cost-performance sectors, particularly those benefiting from improvements in external demand and themes with relatively low crowding [1] Group 2 - Specific industries to watch include gaming, duty-free, batteries, construction machinery, and agrochemicals [1] - The mid-term allocation strategy remains unchanged, with a focus on accumulating upstream resource stocks in the power chain during dips [1]

华泰证券展望2026，认为"出海"与"科技"均是市场的重要主线，而半导体洁净室出海企业兼具双重优 势，WSTS预计2026年全球半导体市场规模或冲击万亿美元大关（同比+25%），其背后或是全球科技 巨头积极的资本投入。洁净室工程服务作为场务基础设施，新签订单率先迎来景气提升。一方面，由于 AI芯片对于工艺精度的极致要求，催生了更高规格的洁净室需求，使得先进制程单位产能资本支出提 升至成熟制程的约3～4倍；另一方面，成熟的洁净室专业工程师需时间培育项目现场经验，海外地区人 力扩张较慢，而大陆相关企业参与境外高端洁净室建设短期面临一定难度，短期制约了境外洁净室"建 设力"供给增长，供不应求下，境外洁净室产业链利润率有望提升，相关出海公司或迎来收入与盈利能 力双增。 （文章来源：第一财经） ...

人民财讯1月12日电，华泰证券展望2026，认为"出海"与"科技"均是市场的重要主线，而半导体洁净室 出海企业兼具双重优势，WSTS预计2026年全球半导体市场规模或冲击万亿美元大关(同比+25%)，其背 后或是全球科技巨头积极的资本投入。洁净室工程服务作为场务基础设施，新签订单率先迎来景气提 升。一方面，由于AI芯片对于工艺精度的极致要求，催生了更高规格的洁净室需求，使得先进制程单 位产能资本支出提升至成熟制程的约3～4倍；另一方面，成熟的洁净室专业工程师需时间培育项目现场 经验，海外地区人力扩张较慢，而大陆相关企业参与境外高端洁净室建设短期面临一定难度，短期制约 了境外洁净室"建设力"供给增长，供不应求下，境外洁净室产业链利润率有望提升，相关出海公司或迎 来收入与盈利能力双增。 ...

人民财讯1月12日电，华泰证券指出，上周，A股延续放量上涨，突破前高，风险偏好提升驱动的春季 躁动继续演绎。展望看，华泰证券认为，强动量效应下，春季行情或仍有空间，但从行业涨跌幅标准 差、成交额占比以及杠杆资金和ETF的动向看，交易结构较为集中，部分热点板块或需消化拥挤度压 力，行情转向轮动的概率逐步上升。业绩预告窗口期将至，建议结合基本面预期，寻找高性价比方向， 聚焦外需链景气改善品种以及后续有催化且拥挤度相对低的主题，具体到行业层面，建议关注游戏、免 税、电池、工程机械、农化。中期配置思路不变，电力链上游资源品逢低吸筹。 ...

Core Viewpoint - Ping An Fund Management Co., Ltd. has signed a sales agreement with Huatai Securities Co., Ltd. to add the latter as a sales institution for its products starting from January 12, 2026 [1]. Group 1: Sales Agreement and Product Offerings - Starting from January 12, 2026, investors can open accounts, subscribe, redeem, invest regularly, and convert funds through the newly added sales institutions [2]. - The same product's different share classes cannot be converted into each other [3]. Group 2: Fee Discounts - Investors who subscribe or regularly invest through the sales institution will enjoy fee discounts, with the specifics determined by the sales institution [4]. - The company does not impose restrictions on the discount rates for subscription fees, regular investment fees, and conversion fees, which are managed by the sales institution [4]. Group 3: Important Notes on Investment - Regular investment allows investors to set up automatic deductions for fund purchases, with minimum deduction amounts specified in the prospectus and related announcements [5]. - Fund conversion allows holders to switch their shares from one fund to another managed by the same fund manager, following the rules outlined in the company's announcements [5]. Group 4: Contact Information - Investors can consult for more details through Huatai Securities Co., Ltd. at 95597 or visit their website [7]. - Additionally, inquiries can be made to Ping An Fund Management Co., Ltd. at 400-800-4800 or their website [7].

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 1月9日主力资金净流出2.1亿元，占总成交额8.09%；游资资金净流入1.54亿元，占总成交额5.96%；散 户资金净流入5511.52万元，占总成交额2.13%。 公司公告汇总 华泰证券股份有限公司公告，其境外全资子公司华泰国际金融控股有限公司的附属公司华泰国际财务有 限公司于2020年10月27日设立最高本金总额30亿美元的境外中期票据计划，由华泰国际提供担保。2026 年1月9日，华泰国际财务发行一笔0.15亿美元中期票据，由华泰国际提供无条件及不可撤销的保证担 保。本次担保金额折合人民币1.05亿元，实际为其提供的担保余额为16.20亿美元。担保对象为公司间接 全资子公司，无反担保。截至公告日，公司及控股子公司对外担保总额为人民币452.53亿元，占最近一 期经审计净资产的23.61%，均为对子公司提供的担保，无逾期担保。 截至2026年1月9日收盘，华泰证券(601688)报收于23.95元，上涨0.0%，换手率1.49%，成交量108.65万 手，成交额25.92亿元。 当 ...

Core Viewpoint - The report from Huatai Securities indicates that the A-share market continues to rise with increased trading volume, driven by heightened risk appetite, suggesting that the spring rally may have further room to grow [1] Group 1: Market Trends - The A-share market has broken through previous highs, indicating a continuation of the spring rally driven by strong momentum effects [1] - The trading structure appears concentrated, with some hot sectors needing to alleviate pressure from overcrowding, increasing the likelihood of a rotation in market trends [1] Group 2: Investment Recommendations - As the earnings forecast window approaches, it is advised to seek high cost-performance opportunities, focusing on sectors with improved external demand and relatively low crowding [1] - Specific industries recommended for attention include gaming, duty-free, batteries, engineering machinery, and agricultural chemicals [1] Group 3: Mid-term Strategy - The mid-term allocation strategy remains unchanged, with a recommendation to accumulate upstream resource products in the power supply chain during price dips [1]

Core Insights - The internationalization process of Chinese securities firms is accelerating, with a focus on capital raising and expansion into overseas markets [2][3] - Multiple factors, including policy support, market opportunities, and competitive pressures, are driving the trend of Chinese securities firms increasing their capital in Hong Kong subsidiaries [3][4] Group 1: Capital Raising and Expansion - Guangfa Securities plans to raise approximately HKD 61.1 billion through a combination of H-share placement and convertible bonds to support its international business expansion [2] - Since 2025, at least five securities firms have announced capital increase plans for their Hong Kong subsidiaries, with a total proposed capital increase amount nearing HKD 200 billion [3] - The Hong Kong market is becoming a preferred platform for A-share leading companies to establish international capital platforms and for Chinese concept stocks to return [4] Group 2: Business Focus Areas - Chinese securities firms are focusing on three main areas for overseas business: cross-border financing, wealth management, and asset management [4] - The wealth management sector is experiencing rapid growth due to the increasing demand from high-net-worth individuals [4] - Breakthroughs in sectors such as large models, low-altitude economy, innovative pharmaceuticals, and brain-machine interfaces are reshaping the investment logic for Chinese assets, creating opportunities for qualified foreign institutional investors (QFII) [4] Group 3: Competitive Landscape - A "layered competition" and "differentiated development" trend is expected in the overseas business landscape of securities firms over the next 3 to 5 years [6][7] - Leading firms like CICC, CITIC, and Huatai are forming oligopolies in large-scale A+H listings and cross-border mergers, with the top three firms expected to capture over 70% of the market share [6] - Mid-sized firms are focusing on niche sectors such as renewable energy and healthcare, or deepening their presence in emerging markets like Southeast Asia and the Middle East [6][7]