Core Viewpoint - The trading volume of the ChiNext 50 Index ETF reached 3.097 billion yuan today, marking an increase of 848 million yuan from the previous trading day, with a growth rate of 37.67% [1] Trading Volume Summary - The Huazhang ChiNext 50 ETF (159949) had a trading volume of 2.524 billion yuan today, an increase of 645 million yuan from the previous day, with a growth rate of 34.32% [1] - The Invesco Great Wall ChiNext 50 ETF (159682) recorded a trading volume of 363 million yuan, up by 140 million yuan, reflecting a growth rate of 63.20% [1] - The Chuang 50 ETF (159681) saw a trading volume of 129 million yuan, increasing by 40.58 million yuan, with a growth rate of 45.74% [1] - The Fuguo ChiNext 50 ETF (159371) and the Dacheng ChiNext 50 ETF (159298) had significant increases in trading volume, with growth rates of 174.65% and 121.51% respectively [1] Market Performance Summary - As of market close, the ChiNext 50 Index (399673) rose by 2.89%, while the average increase for related ETFs tracking the ChiNext 50 Index was 2.77% [1] - The top performers among the ETFs included the Huatai-PB ChiNext 50 ETF (159383) and the Fuguo ChiNext 50 ETF (159371), which increased by 3.41% and 2.90% respectively [1]

Market Overview - The A-share market opened positively on January 5, 2026, with the ChiNext Index leading the gains and the Shanghai Composite Index returning above 4000 points, recording twelve consecutive days of gains [1][11] - The ChiNext 50 ETF (159949) closed up 2.89% at 1.566 yuan, with a turnover rate of 8.09% and a trading volume of 2.524 billion yuan, ranking first among similar ETF products [1][11] Fund Performance - The ChiNext 50 ETF (159949) has seen a net inflow of over 4.3 billion yuan in the last 20 trading days, indicating strong confidence from institutional and individual investors in the technology growth sector [12][13] - As of January 5, 2026, the ETF's cumulative trading amount over the past 20 days reached 36.621 billion yuan, with an average daily trading volume of 1.831 billion yuan [12][13] - The ETF's liquidity is supported by a circulating scale of 30.652 billion yuan as of December 31, 2025 [12][13] Industry Allocation - The ETF closely tracks the ChiNext 50 Index, with a concentration in manufacturing (78.75%), finance (11.18%), and information technology services (5.79%), aligning with China's core themes of technological self-reliance and high-end manufacturing transformation [15][4] - Since Q3 2025, sectors such as AI computing power, new energy, and commercial aerospace have been active, effectively driving the index upward [15][4] Investment Outlook - Analysts suggest that the A-share market in 2026 will be supported by the restructuring of international order and China's industrial innovation, with a focus on three main themes: AI growth, cyclical reversal, and overseas expansion [17][19] - The technology sector is expected to maintain high profit growth, while traditional sectors like consumption and manufacturing are anticipated to see a gradual recovery in profit growth [18][19] - The ChiNext 50 ETF has shown impressive historical performance, with returns of 22.07% over five years, 48.12% over three years, and 93.36% over two years, significantly outperforming its benchmark [20]

日前，联合国贸易和发展会议发布《释放人工智能潜力：重塑发展中国家创业生态》报告指出，人工智 能（AI）技术可以显著提升发展中国家中小微企业和初创企业的生产率、创新能力与市场接入能力， 但这些潜力只有在合适的制度、能力和生态条件下才能转化为现实成果。 此外，报告指出，中小微企业和初创企业采用AI的成功概率与整体创业生态系统是否支持高度相关。 其中，支持性制度环境是前提。清晰、稳定、可预期的监管环境能降低技术试验风险，而缺乏国家层面 的AI战略和规则，会抑制企业投资和创新。同时，配套服务与平台也至关重要。此外，金融工具能放 大采用效应，风险共担机制、补贴、试点项目可降低AI初始成本，公共资金和发展金融在早期尤为关 键。 设计AI治理与监管有助于增强信任、鼓励试验、促进创新，尤其对中小微企业至关重要。治理缺失则 会带来突出风险，会导致信任缺失、投资犹豫和消费者抵制，不明确的责任划分会放大法律与商业风 险；"一刀切"监管对小企业不利，高合规成本的监管制度往往对于大型企业更加有利，中小微企业则需 要与风险和能力相匹配的监管制度。报告指出，当前，全球范围内已有部分善治案例，在这其中，自愿 准则、过渡期安排、监管沙盒均起到 ...

2026年首个交易日，A股主要股指高开高走，沪指涨超1%重返4000点上方，创业板指涨近3%，科创50 指数大涨超4%。 盘面上看，保险、半导体、医药、有色等板块走强，券商、地产、石油、酿酒等板块上扬，人脑工程概 念爆发，存储芯片、创新药、AI应用概念等活跃。 中信证券认为，2026年最大的预期差来自于外需与内需的平衡，对外"征税"、补贴内需应是大势所趋， 今年是个重要的开端。站在开年，考虑到去年末的资金热度并不算高，人心思涨的环境下开年后市场震 荡向上的概率更高。前期共识性品种"调整后再上车"大概率是机构资金主要的考虑方向，例如有色、海 外算力、半导体自主可控等，当然有些偏游资风格的品种也属于这一类别，比如商业航天、机器人等。 反共识品种是一些配置型增量资金的考虑，典型的方向就是通过内需消费的小仓位增配去捕捉年内的超 预期政策变化，免税、航空等出行服务相关的行业应该是增量布局重点，优质的地产开发商也是考虑对 象。 （文章来源：证券时报网） 截至收盘，沪指涨1.38%报4023.42点，深证成指涨2.24%，创业板指涨2.85%，科创50指数涨4.4%，沪 深北三市合计成交25674亿元。 ...

Market Performance - The A-share market opened positively on the first trading day of 2026, with all three major indices significantly rising. The Shanghai Composite Index (SSE) recorded a 12-day winning streak, returning to the 4000-point mark, closing at 4023 points, up 1.38%. The Shenzhen Component Index rose 2.24%, and the ChiNext Index increased by 2.85% [1] - The total market turnover reached 2.57 trillion yuan, an increase of 501.5 billion yuan compared to the previous trading day, with nearly 4200 stocks rising [1] Sector Performance - The brain-computer interface sector surged following Elon Musk's plan for large-scale production of brain-machine interface devices, leading to a wave of limit-up stocks including Daosheng Technology, Sanbo Brain Science, and Lepu Medical [1] - Insurance stocks experienced significant gains, with Xinhua Insurance rising over 8% [1] - The medical device sector also saw an uptick, with companies like Sainuo Medical hitting their daily limit [1] - AI chip and memory chip sectors rallied, with stocks such as Purun Co. and Hengshuo Co. reaching their daily limit [1] - Other sectors with notable gains included recombinant proteins, Kuaishou concepts, CRO, gaming, and Sora concepts [1] - Conversely, the Hainan and duty-free sectors declined, with Haikou Group and Hainan Development leading the losses. The tourism and hotel sector also fell, with Caesar Travel dropping nearly 7% [1] - The railway, highway, electric machinery, and airport sectors were among those with the largest declines [1] Fund Flow and Performance Rankings - The top sectors by net capital inflow over the past five days included insurance (+6.20%), healthcare (+5.46%), and internet (+4.44%) [2] - Other sectors with notable five-day gains included biotechnology (+3.92%), semiconductors (+4.01%), and computer hardware (+3.75%) [2]

Group 1 - The core argument is that individuals who combine their expertise with artificial intelligence will lead a new wave of entrepreneurship, rapidly transforming passionate projects into real business entities [1] - The rise of artificial intelligence is reshaping job roles across various sectors, including consulting, data analysis, and programming, indicating a significant transformation in the labor market [2] - Automation and AI are not eliminating jobs but are redefining work patterns, leading to a phenomenon termed "shadow layoffs," where companies reduce hours or automate tasks instead of outright layoffs [2] Group 2 - AI is making independent entrepreneurship more feasible, with around 80% of U.S. businesses now classified as "non-employer firms," indicating a shift towards independence and flexibility in the workforce [3] - AI tools enable rapid product development, marketing, and scaling, allowing individuals to start businesses in days rather than months, thus lowering the barriers to entrepreneurship [4] - The success of transitioning from disruption to entrepreneurial drive relies on empowering individuals with unique insights and AI skills through training programs and support systems [5] Group 3 - Collaboration between public and private sectors is essential to bridge the gap for those affected by job displacement, with public-private partnerships creating incubators for small businesses [7] - The ongoing changes brought by AI present new opportunities for a generation of entrepreneurs who may not have traditional educational backgrounds or venture capital support [7] - The outcome of this transformation depends on societal responses, with the potential for AI-driven entrepreneurship to become a powerful force if adequate infrastructure is established [7]

1月5日，创业板人工智能ETF国泰（159388）涨超0.9%，通信行业韧性修复引关注 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 创业板人工智能ETF国泰（159388）跟踪的是创业板人工智能指数（970070），该指数从创业板市 场中选取涉及人工智能技术研发、智能系统集成等业务的上市公司证券作为指数样本，以反映人工智能 领域高成长创新企业的整体表现。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供 参考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构 成投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产 品要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 每日经济新闻 国信证券指出，通信行业在生命周期两个阶段均展现出全方位领先优势。在 ...

Core Viewpoint - The A-share market opened positively on the first trading day of 2026, with major indices showing gains, driven by multiple favorable factors including RMB appreciation and improved macroeconomic expectations [1] Group 1: Market Performance - Major A-share indices, including the CSI A500 and ChiNext indices, rose by 1.1% and 1.5% respectively as of 9:52 AM [1] - Active trading was observed in related ETFs, with both A500 ETF (E Fund, 159361) and ChiNext ETF (E Fund, 159915) nearing transaction volumes of 1 billion yuan [1] Group 2: Influencing Factors - Citic Securities highlighted several positive factors such as the appreciation of the RMB, concentrated release of benefits in the technology sector, improved macroeconomic expectations, and positive signals in the capital market [1] - Historical data suggests that after a "eight consecutive days of gains," the market is likely to continue its upward trend [1] Group 3: Investor Sentiment - The investor sentiment index has rebounded to 80, indicating a strong potential for the continuation of the "cross-year market" in January [1] Group 4: Index Composition - The CSI A500 index consists of 500 stocks with large market capitalization and good liquidity, with a balanced industry distribution, emphasizing emerging industries like information technology and healthcare [1] - The ChiNext index is composed of 100 stocks from the ChiNext board, focusing on strategic emerging industries such as new-generation information technology and new energy [1] Group 5: ETF Management Fees - Both A500 ETF (E Fund, 159361) and ChiNext ETF (E Fund, 159915) have a low management fee rate of 0.15% per year, which can help investors seize opportunities in the "cross-year market" [1]

Core Viewpoint - The Chinese A-share market is expected to experience a "spring opening red" as the internal trend of the "transformation bull" becomes more certain, driven by economic transformation, declining risk-free returns, and capital market reforms [1]. Group 1: Market Performance - The ChiNext 200 Index rose by 2.4% at midday, while both the ChiNext Index and the ChiNext Growth Index increased by 2.2% [1]. - The trading volume of the E Fund ChiNext ETF (159915) exceeded 2 billion yuan at midday [1]. Group 2: Sector Analysis - The ChiNext 200 Index consists of 200 stocks with medium market capitalization and good liquidity, reflecting the overall performance of representative companies in the ChiNext market, with the information technology sector accounting for over 40% [3]. - The ChiNext Growth Index is composed of 50 stocks characterized by strong growth, good liquidity, and high expected earnings, with the telecommunications, power equipment, electronics, non-bank financials, and biopharmaceutical sectors making up nearly 80% [3]. Group 3: Investment Outlook - According to Guotai Junan Securities, the trend of emerging technology and capital goods going abroad is strong and has high certainty, indicating a favorable outlook for investment in these sectors [1].

Group 1 - The pharmaceutical and biotechnology industry is entering a critical phase of innovation realization and global layout, with a resonance of industrial, policy, and capital cycles expected by 2026, leading to a potential performance inflection point and valuation reshaping for Chinese innovative drugs, particularly in next-generation therapies such as ADCs, bispecific/multispecific antibodies, cell and gene therapies, and small nucleic acids [1] - The impact of policies on the medical device industry is diminishing, with over half of the market covered by centralized procurement, allowing domestic companies to achieve technological breakthroughs in certain high-end fields and surpass foreign competitors, alongside rapid growth in exports, which are expected to increase by 7.3% year-on-year from January to November 2025 [1] - The medical equipment sector is driven by a significant increase in procurement volume, with a projected 40% year-on-year growth in bidding amounts for 2025, positioning flow-type products and high-end export enterprises for high growth [1] - The demand for blood products and plasma collection continues to grow, with resources concentrating towards leading companies, and stable demand for major products such as albumin and immunoglobulin [1] Group 2 - The ChiNext Medical ETF (159377) tracks the Innovative Medicine Index (399275), which has a daily price fluctuation limit of 20%, and selects listed companies in the biotechnology, genetic engineering, and new drug development sectors from the ChiNext market to reflect the overall performance of high-growth and innovative biopharmaceutical frontier enterprises [1]