Investment Rating - The report maintains a "weaker than market" rating for the U.S. stock market [6][80]. Core Views - The U.S. economy shows resilient consumer spending, with the November PCE price index rising by 2.8% year-on-year, indicating moderate inflation [1]. - The actual GDP growth for Q3 2025 was revised up to 4.4%, driven by strong exports and consumer resilience, suggesting robust economic expansion [2]. - Concerns over potential sell-offs of U.S. Treasuries by European pension funds due to geopolitical tensions have led to market volatility, with U.S. Treasury yields rising [3][4]. - The long-term fiscal situation in the U.S. remains a concern, with a budget deficit of approximately 6% of GDP, historically associated with economic downturns [4]. Summary by Sections Economic Indicators - The November PCE report aligns with market expectations, showing a year-on-year increase of 2.8% and a month-on-month increase of 0.2% [1]. - The core PCE also rose by 2.8% year-on-year, indicating persistent inflationary pressures above the Federal Reserve's 2% target [1]. Market Reactions - European pension funds have begun to sell U.S. Treasuries in response to geopolitical risks, with significant amounts being divested [3]. - The market reacted to these developments with declines in major U.S. stock indices and an increase in long-term Treasury yields [3]. Investment Strategy - The report suggests a "short duration core + steepening satellite" strategy for U.S. Treasuries, focusing on 3-5 year investment-grade bonds to secure stable coupon income while managing exposure to long-term bonds [4].

Report Industry Investment Rating - The investment rating for the US dollar bond market is "Underperform" [1][6] Core Viewpoints - The US economy shows signs of growth, with the Q3 2025 real GDP annualized quarterly growth rate revised up to 4.4%, driven by export growth, reduced negative impacts of inventory changes, and consumer resilience. However, inflation remains sticky, with the core PCE at 2.9%, above the Fed's 2% target. The market expects the Fed to keep rates unchanged in January, with the first rate cut likely in June - July [2] - Geopolitical risks and fiscal concerns have led to an increase in US Treasury yields. The 10 - year yield has exceeded the high since August last year, reaching above 4.3%. The long - term concern lies in the US fiscal situation, with a budget deficit to GDP ratio of about 6% [4] - European pension institutions' consideration of selling US Treasuries has caused market fluctuations, but the actual possibility of large - scale selling is low. The market is currently in a multi - factor game, and it is recommended to adopt a "short - duration core + steepening satellite" configuration [3][4] Summary by Directory US Macroeconomic and Liquidity - The November PCE price index in the US was in line with expectations, with the PCE price index rising 2.8% year - on - year and 0.2% month - on - month. Core PCE also rose 2.8% year - on - year and 0.2% month - on - month. Personal spending remained robust in November, but the savings rate declined, which may pressure long - term consumption [1] - The Q3 2025 real GDP annualized quarterly growth rate was revised up to 4.4%, the fastest in two years. The core PCE remained at 2.9%, above the Fed's target. The market expects the Fed to keep rates unchanged in January, with a nearly 97% probability, and the first rate cut likely in June - July [2] Exchange Rate - No specific content in the provided text directly elaborates on exchange rate analysis, but it is likely related to the impact of US Treasury yield changes on the US dollar index and other non - US currencies [53] Chinese - Issued US Dollar Bonds - The text shows various charts related to the returns, yields, and spreads of Chinese - issued US dollar bonds since 2023, including breakdowns by level and industry [64] Rating Actions - In the past two weeks, the three major international rating agencies took 11 rating actions on Chinese - issued US dollar bond issuers, including 2 rating revocations, 2 upgrades, 2 downgrades, and 5 initial ratings [76]

Report Industry Investment Rating No relevant content provided. Core View of the Report - Last week, the performance of major broad - based indices in the A - share market was divergent. The CSI 500, CSI 1000, and STAR 50 indices had higher returns of 4.34%, 2.89%, and 2.62% respectively, while the CSI 300, ChiNext Index, and SSE Composite Index had lower returns of - 0.62%, - 0.34%, and 0.84% respectively [1]. - In terms of trading volume, the trading volume of major broad - based indices decreased last week. In the industry aspect, building materials, petroleum and petrochemicals, and steel had higher returns of 9.18%, 7.76%, and 6.98% respectively, while banks, communications, and food and beverage had lower returns of - 2.69%, - 1.68%, and - 1.57% respectively [1]. - As of last Friday, the central bank's net reverse repurchase injection was 22.95 billion yuan, with 95.15 billion yuan of reverse repurchases maturing and a net open - market injection of 118.1 billion yuan. Except for the 1 - year Treasury bond, the yields of Treasury bonds with different maturities declined, and the spread narrowed by 5.21 BP [1]. - Last week, 58 funds were reported, an increase compared to the previous week. The reported products included 5 FOFs and 17 ETFs [1][9]. Summary by Related Catalogs 1. Market Review 1.1 Related Hot - Spot Review - **Fund Declaration and Issuance Dynamics**: 58 funds were reported last week, with an increase in the number compared to the previous week. The reported products included 5 FOFs and 17 ETFs such as Cathay Haitong CSI Dividend Low - Volatility ETF, SDIC UBS SSE STAR Market 200 ETF, and Huabao CSI Power Grid Equipment Theme ETF [9]. - **Publication of the Guidelines for Performance Comparison Benchmarks of Publicly Offered Securities Investment Funds**: On January 23, the China Securities Regulatory Commission formulated the "Guidelines for Performance Comparison Benchmarks of Publicly Offered Securities Investment Funds", which will come into effect on March 1, 2026. The guidelines highlight the representational role of performance comparison benchmarks, strengthen the internal control and management of fund managers, enhance external constraints on performance comparison benchmarks, and implement strict supervision [10][11]. - **Establishment of the Third Japanese - funded Securities Firm**: Recently, Mizuho Securities (China) Co., Ltd. was officially established with a registered capital of 2.3 billion yuan, wholly - owned by Mizuho Securities Co., Ltd. Before its establishment, there were already two Japanese - funded securities firms in China, namely Nomura Orient International Securities and Daiwa Securities (China) [12]. - **E - Fund Wealth Launched Nearly 10,000 Funds**: As the industry's first professional institution centered on fund investment advisory, E - Fund Wealth has been advancing its business implementation at an unexpected speed. In the past two months, it has established efficient cooperation with more than 70 large - and medium - sized fund managers and launched nearly 10,000 fund products on its official App e - wallet [13][14]. 1.2 Stock Market - **Index Returns**: The performance of major broad - based indices in the A - share market was divergent last week. The CSI 500, CSI 1000, and STAR 50 indices had higher returns, while the CSI 300, ChiNext Index, and SSE Composite Index had lower returns. In the past month, the CSI 500 index had the highest return of 16.84%, and the CSI 300 index had the lowest return of 1.48%. Since the beginning of this year, the STAR 50 index has had the highest cumulative return of 15.59% [15]. - **Trading Volume**: The trading volume of major broad - based indices decreased last week. On a monthly basis, the average daily trading volume of major broad - based indices increased in the past month [16][20]. - **Industry Returns**: Last week, building materials, petroleum and petrochemicals, and steel had higher returns, while banks, communications, and food and beverage had lower returns. In the past month, the national defense and military industry had the highest cumulative return of 22.66%, and the banking industry had the lowest cumulative return of - 6.46%. Since the beginning of this year, non - ferrous metals, media, and national defense and military industry had relatively high cumulative returns [22]. 1.3 Bond Market - **Central Bank Operations**: As of last Friday, the central bank's net reverse repurchase injection was 22.95 billion yuan, with 95.15 billion yuan of reverse repurchases maturing and a net open - market injection of 118.1 billion yuan [25]. - **Interest Rates**: Except for the 1 - year Treasury bond, the yields of Treasury bonds with different maturities declined, and the spread narrowed by 5.21 BP. The yields of credit bonds with different maturities and ratings also declined, while the credit spreads of credit bonds with different maturities and ratings increased [26][29]. 1.4 Convertible Bond Market - Last week, the CSI Convertible Bond Index rose 2.92%, with a cumulative trading volume of 439.6 billion yuan, a decrease of 70 billion yuan compared to the previous week. As of last Friday, the median conversion premium rate of the convertible bond market was 32.58%, a decrease of 1.07% compared to the previous week, and the median pure - bond premium rate was 34.46%, an increase of 3.61% compared to the previous week [30]. 2. Performance of Open - end Public Funds 2.1 Ordinary Public Funds - Last week, the returns of active equity, flexible allocation, and balanced hybrid funds were 1.51%, 1.37%, and 1.37% respectively. Since the beginning of this year, alternative funds have had the best performance, with a median return of 13.14%. The median returns of active equity, flexible allocation, and balanced hybrid funds were 7.52%, 6.27%, and 5.09% respectively [33][34]. 2.2 Quantitative Public Funds - Last week, the median excess return of index - enhanced funds was 0.31%, and the median return of quantitative hedging funds was 0.13%. Since the beginning of this year, the median excess return of index - enhanced funds was 0.23%, and the median return of quantitative hedging funds was 0.03% [35]. 2.3 FOF Funds - As of last weekend, there were 298 ordinary FOF funds, 108 target - date funds, and 150 target - risk funds in open - end public funds. Last week, 6 new FOF funds were established. Generally, target - date funds have a higher equity position, with the equity position mainly distributed in the range of 50% - 65%. Most target - risk funds have an equity position below 50%, and the equity positions of ordinary FOF funds are mainly distributed below 25% and in the range of 65% - 100%. Last week, the median returns of ordinary FOF, target - date, and target - risk funds were 0.41%, 0.6%, and 0.37% respectively. Since the beginning of this year, target - date funds have had the best median performance, with a cumulative return of 4.53% [38]. 3. Fund Manager Changes - Last week, the fund manager situations of 124 fund products of 41 fund companies changed, including Ping An Fund (21 products), CITIC Prudential Fund (13 products), and Hua An Fund (9 products) [42]. 4. Fund Product Issuance 4.1 Newly Established Funds Last Week - Last week, 42 new funds were established, with a total issuance scale of 44.454 billion yuan, an increase compared to the previous week. Among them, equity funds were issued at 28.753 billion yuan, hybrid funds at 9.42 billion yuan, and bond funds at 6.282 billion yuan. There were no new issues of alternative funds and money funds. The types with a relatively large number of newly established funds were partial - equity hybrid funds (13) and passive index funds (10), with issuance scales of 21.366 billion yuan and 4.434 billion yuan respectively [45][47]. 4.2 Funds Launched for the First Time Last Week - Last week, 40 funds entered the issuance stage for the first time [49]. 4.3 Funds to be Issued This Week - This week, 43 funds will enter the issuance stage, including 12 passive index funds, 10 partial - equity hybrid funds, and 5 hybrid FOFs [51].

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating expected performance above the market benchmark by over 10% [3][28]. Core Insights - The report highlights that 2026 is expected to see a surge in mature AI agent products due to advancements in large models, particularly in multi-modal capabilities, long text processing, and reasoning abilities. This increase in demand for reasoning will drive revenue growth for upstream cloud computing vendors [2][25]. - It notes that domestic internet giants are approximately one year behind their overseas counterparts in AI capital expenditures. As the capabilities of large models improve and supply builds up, AI will increasingly empower the core businesses of these giants [2][25]. - The report anticipates that the third quarter will mark a peak in spending for the internet giants' food delivery competition, with a projected narrowing of losses for Alibaba, Meituan, and JD.com in the fourth quarter [2][25]. - The report recommends focusing on AI-related stock selection, specifically highlighting Alibaba and Tencent Holdings as key investment opportunities [2][25]. Company Summaries - Tencent Holdings (0700.HK) is rated "Outperform" with an adjusted EPS forecast of 27.60 in 2025 and 32.63 in 2026, with PE ratios of 20.3 and 17.1 respectively [3]. - Alibaba Group (9988.HK) is also rated "Outperform," with an adjusted EPS of 6.66 for 2025 and 8.77 for 2026, and PE ratios of 23.8 and 18.1 [3]. - Meituan (3690.HK) is rated "Outperform," with a forecasted adjusted EPS of -1.26 in 2025 and 5.20 in 2026, reflecting a significant improvement in its financial outlook [3]. - Baidu Group (9888.HK) is rated "Outperform," with an adjusted EPS of 7.64 for 2025 and 8.87 for 2026, and PE ratios of 19.7 and 17.0 [3]. - Kuaishou (1024.HK) is rated "Outperform," with an adjusted EPS forecast of 4.68 in 2025 and 5.51 in 2026, with PE ratios of 16.3 and 13.9 [3]. - Tencent Music (TME.N) is rated "Outperform," with an adjusted EPS of 5.64 for 2025 and 6.50 for 2026, and PE ratios of 21.1 and 18.4 [3]. - NetEase Cloud Music (9899.HK) is rated "Outperform," with an adjusted EPS of 14.54 for 2025 and 12.09 for 2026, with PE ratios of 11.5 and 13.8 [3]. - Meitu (1357.HK) is rated "Outperform," with an adjusted EPS of 0.16 for 2025 and 0.27 for 2026, with PE ratios of 48.6 and 28.8 [3].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The median weekly return of equity ETFs last week was 0.95%. Among broad-based ETFs, the CSI 500 ETF had the highest return; among sector ETFs, the cyclical ETF had the highest return; among hot theme ETFs, the photovoltaic ETF had the highest return. Equity ETFs had a net redemption of 338.098 billion yuan last week. Among broad-based ETFs, the CSI 500 ETF had the least net redemption; among sector ETFs, the cyclical ETF had the most net subscriptions; among theme ETFs, the chip ETF had the most net subscriptions. As of last Friday, Huaxia, E Fund, and Huatai-PineBridge ranked in the top three in terms of the total scale of listed non-monetary ETFs. Six ETFs will be issued this week [1][2][58]. Summary by Relevant Catalogs ETF Performance - The median weekly return of equity ETFs from January 19 to January 23, 2026, was 0.95%. Among broad-based ETFs, the CSI 500, CSI 1000, Science and Technology Innovation Board, A500, ChiNext, CSI 300, and SSE 50 ETFs had median returns of 4.34%, 2.88%, 2.46%, 0.78%, -0.34%, -0.60%, and -1.55% respectively. Commodity, bond, money market, and cross-border ETFs had median returns of 7.51%, 0.11%, 0.02%, and -0.67% respectively. By sector, the median returns of cyclical, technology, large finance, and consumer sector ETFs were 3.52%, 0.62%, -0.73%, and -0.95% respectively. By hot theme, the median returns of photovoltaic, military, and chip ETFs were 6.87%, 5.30%, and 2.34% respectively, showing relatively strong performance, while the median returns of bank, liquor, and pharmaceutical ETFs were -2.65%, -1.66%, and -1.53% respectively, showing relatively weak performance [12][15]. ETF Scale Changes and Net Subscriptions/Redeemptions - As of last Friday, the scales of equity, cross-border, and bond ETFs were 352.9 billion yuan, 104.47 billion yuan, and 73.46 billion yuan respectively, while the scales of commodity and money market ETFs were relatively small, at 30.76 billion yuan and 15.35 billion yuan respectively. Among broad-based ETFs, the CSI 300 and A500 ETFs had relatively large scales of 85.38 billion yuan and 28.23 billion yuan respectively, while the Science and Technology Innovation Board, CSI 500, ChiNext, SSE 50, and CSI 1000 ETFs had relatively small scales of 20.23 billion yuan, 19.8 billion yuan, 14.47 billion yuan, 12.89 billion yuan, and 11.2 billion yuan respectively. By sector, the technology sector ETF had a scale of 55.15 billion yuan, followed by the cyclical sector ETF with a scale of 31.76 billion yuan. The consumer and large finance ETFs had relatively small scales of 19.71 billion yuan and 19.69 billion yuan respectively. By hot theme, the chip, securities, and pharmaceutical ETFs had the highest scales of 19.25 billion yuan, 14.05 billion yuan, and 11.16 billion yuan respectively. Last week, equity ETFs had a net redemption of 338.098 billion yuan, and the total scale decreased by 309.829 billion yuan; money market ETFs had a net subscription of 199.5 million yuan, and the total scale increased by 200.9 million yuan. Among broad-based ETFs, the CSI 500 ETF had the least net redemption of 8.427 billion yuan, and its scale decreased by 302 million yuan; the CSI 300 ETF had the most net redemption of 237.252 billion yuan, and its scale decreased by 243.481 billion yuan. By sector, the cyclical ETF had the most net subscriptions of 29.338 billion yuan, and its scale increased by 42.211 billion yuan; the large finance ETF had the least net subscriptions of 1.979 billion yuan, and its scale increased by 230 million yuan. By hot theme, the chip ETF had the most net subscriptions of 12.774 billion yuan, and its scale increased by 15.931 billion yuan; the new energy vehicle ETF had the most net redemptions of 240 million yuan, and its scale decreased by 85 million yuan [18][25][27]. ETF Benchmark Index Valuation - As of last Friday, the price-to-earnings ratios of the SSE 50, CSI 300, CSI 500, CSI 1000, ChiNext, and A500 ETFs were at the 80.28%, 84.90%, 100.00%, 100.00%, 68.32%, and 97.45% quantiles respectively, and the price-to-book ratios were at the 54.08%, 72.03%, 100.00%, 85.48%, 68.81%, and 97.70% quantiles respectively. Since December 31, 2019, the price-to-earnings and price-to-book ratios of the Science and Technology Innovation Board ETFs are currently at the 95.38% and 83.91% quantiles respectively. As of last Friday, the price-to-earnings ratios of the cyclical, large finance, consumer, and technology sector ETFs were at the 90.35%, 22.77%, 33.17%, and 98.27% quantiles respectively, and their price-to-book ratios were at the 93.65%, 41.50%, 37.21%, and 99.01% quantiles respectively. Compared with the previous week, the valuation quantiles of consumer ETFs decreased significantly. As of last Friday, the price-to-earnings ratio quantiles of military, photovoltaic, and chip ETFs were relatively high, at 99.83%, 99.83%, and 99.09% respectively; the price-to-book ratio quantiles of robot, AI, and military ETFs were relatively high, at 99.83%, 99.42%, and 93.23% respectively. Compared with the previous week, the valuation quantiles of bank ETFs decreased significantly. Overall, among broad-based ETFs, the valuation quantiles of ChiNext and SSE 50 ETFs were relatively low; by sector, the valuation quantiles of large finance and consumer ETFs were relatively moderate; by sub-theme, the valuation quantiles of liquor and new energy vehicle ETFs were relatively low [33][35][45]. ETF Margin Trading and Short Selling - Overall, the margin balance and short selling volume of equity ETFs have both increased in the past year. As of last Thursday, the margin balance of equity ETFs decreased from 53.91 billion yuan in the previous week to 53.456 billion yuan, and the short selling volume increased from 2.276 billion shares in the previous week to 2.303 billion shares. Among the top 10 ETFs with the highest average daily margin purchases and short selling volumes from last Monday to Thursday, the Science and Technology Innovation Board ETF and the CSI 500 ETF had relatively high average daily margin purchases, and the CSI 1000 ETF and the CSI 500 ETF had relatively high average daily short selling volumes [46][47][51]. ETF Managers - As of last Friday, Huaxia Fund ranked first in the total scale of listed non-monetary ETFs and had a relatively high management scale in multiple sub-fields such as scale index ETFs, theme, style, and strategy index ETFs, and cross-border ETFs; E Fund ranked second in the total scale of listed non-monetary ETFs and had a relatively high management scale in scale index ETFs and cross-border ETFs; Huatai-PineBridge Fund ranked third in the total scale of listed non-monetary ETFs and had a relatively high management scale in scale index ETFs and theme, style, and strategy index ETFs. Nine new ETFs were established last week, and six ETFs will be issued this week [52][55].

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][11]. Core Views - The food and beverage sector is expected to perform well in 2026, driven by cost advantages, efficiency improvements, innovation, and potential recovery opportunities in the liquor segment [3][11][15]. - The report highlights a diversified performance across sub-sectors, with beverages outperforming food and liquor categories [2][11]. Summary by Relevant Sections 1. Sector Overview - The food and beverage sector saw a cumulative decline of 1.37% this week, with A-shares down 1.57% and H-shares up 1.21% [1]. - Key performers included companies like Hao Xiang Ni and Wei Zhi Xiang, with significant weekly gains [1]. 2. Sub-sector Insights - **Liquor**: - Moutai's price remains stable with an upward trend, and the focus is on sales momentum during the Spring Festival. Recommendations include Moutai, Shanxi Fenjiu, and Luzhou Laojiao [2][11]. - **Beverages**: - The dairy segment is seeing orderly preparations for the Spring Festival, with a focus on leading companies like Yili. Recommendations include Nongfu Spring and Dongpeng Beverage [2][15]. - **Snacks**: - The report emphasizes strong alpha stocks in the snack sector, particularly in konjac products, with companies like Weidong and Yanjinpuzi showing strong innovation [2][13]. - **Catering Supply Chain**: - The sector is entering a peak season for inventory and sales, with new standards for prepared dishes being solicited for public opinion [2][14]. 3. Investment Recommendations - The report suggests a focus on four main lines for investment: cost advantages, efficiency improvements, innovation-driven companies, and potential recovery in the liquor sector [3][11]. - Recommended stocks include Baba Foods, Dongpeng Beverage, Weidong, and Shanxi Fenjiu, which have shown resilience and growth potential [17][19]. 4. Earnings Forecasts - Key companies are projected to maintain strong earnings growth, with Moutai expected to achieve a stable performance and Yili showing significant recovery potential [4][15][19]. - The report provides detailed earnings forecasts for several companies, indicating a positive outlook for the food and beverage sector [4][19].

Investment Rating - The report maintains an "Outperform" rating for the social services sector, indicating expected performance above the market index by over 10% [3][28]. Core Insights - The report highlights the acceleration of investments in the silver economy, driven by recent government policies aimed at fostering the development of elderly care services and related sectors [2][17]. - The Spring Festival travel rush is anticipated to significantly boost travel demand, with projections of approximately 95 million air passengers during the period [2][20]. - The consumer services sector outperformed the market, with a reported increase of 1.52% during the review period, surpassing the broader market by 2.71 percentage points [1][12]. Summary by Sections Industry and Company Dynamics - Recent policies from eight government departments aim to cultivate elderly care service providers, enhancing the silver economy's growth potential [2][17]. - New Oriental has launched a "Retirement Club" to offer local interest courses and social activities for seniors, while China Travel Group has introduced a wellness tourism brand [2][18]. - The Spring Festival travel period is expected to see a surge in passenger numbers, with a projected 5% increase in rail travel and a similar growth in air travel [2][20]. - The IPO activity in the chain industry remains robust, with companies like Yuanji Food and Guming Tea achieving significant milestones [2][21]. Stock Performance - During the review period, notable stock performances included Tongdao Liepin (+26.86%), Keri International (+17.50%), and Zhongxin Tourism (+15.91%) [1][15]. - Conversely, Ctrip Group saw a decline of 18.63%, and Huatu Shanding dropped by 11.55% [1][15]. Investment Recommendations - The report suggests focusing on companies such as China Duty Free, Guming, Huazhu Group, and Ctrip, among others, for potential investment opportunities [3][28]. - Long-term recommendations include China Duty Free, Meituan, and various educational and hospitality companies, indicating a diverse investment strategy across sectors [3][28].

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating expected performance above the market benchmark by over 10% [3][28]. Core Insights - The report anticipates a surge in mature AI agent products in 2026, driven by advancements in multi-modal capabilities, long text processing, and reasoning abilities. This increase in demand for reasoning will boost revenues for upstream cloud computing providers [2][25]. - Domestic internet giants are approximately one year behind their overseas counterparts in AI capital expenditures. As the capabilities of large models improve and supply builds up, AI will increasingly empower the core businesses of these giants [2][25]. - The third quarter is expected to be a peak for investment in the internet giants' food delivery competition, with a projected narrowing of losses for Alibaba, Meituan, and JD.com in the fourth quarter [2][25]. - The report recommends focusing on AI-related stocks, specifically highlighting Alibaba and Tencent Holdings as key investment opportunities [2][25]. Company Dynamics - ByteDance launched version 2.0 of its AI agent platform "Coze," introducing new features such as Agent Skills and Agent Plan, allowing users to set long-term goals for AI to manage [17]. - Anker and Feishu jointly released the "AI Recording Bean," a portable AI hardware device designed for various recording scenarios [17]. - MiniMax's AI native workspace Agent 2.0 was officially launched, featuring components that enhance task execution and business understanding [19]. - The American AI startup Humans& secured $480 million in seed funding, achieving a valuation of $4.48 billion [19]. - Tesla's humanoid robot Optimus is set for public sale by the end of 2027, with a target price of $20,000 [20]. - Google Gemini introduced a free SAT simulation feature in collaboration with The Princeton Review, providing instant feedback to users [20]. - xAI Grok Imagine launched a 10-second video generation feature, enhancing its capabilities in the AI video sector [21]. Underlying Technology - Zhipu AI released and open-sourced the GLM-4.7-Flash model, a lightweight large language model designed for local programming and intelligent assistance [22]. - DeepSeek unveiled a new model architecture called "MODEL1," which is expected to be efficient for inference tasks [22]. - Alibaba's Tongyi Qianwen open-sourced the Qwen3-TTS series voice generation model, supporting multiple languages and dialects [23]. - Baidu launched the official version of its Wenxin model 5.0, which boasts a parameter scale of 24 trillion and excels in multi-modal understanding and generation [23]. - Google DeepMind introduced the D4RT model, significantly improving the speed of dynamic 4D reconstruction [24].

1. Report Industry Investment Rating No relevant information provided in the content. 2. Core View The report summarizes the performance, scale changes, net subscriptions/redemptions, valuation, margin trading, and fund managers of ETFs in the past week. It also mentions recent market events and new fund issuances [1][2][5]. 3. Summary by Related Catalogs ETF Performance - Last week (January 19 - 23, 2026), the median weekly return of equity ETFs was 0.95%. Among broad - based ETFs, the median return of CSI 500ETF was 4.34%, the highest. By sector, the median return of cyclical ETFs was 3.52%, the highest. By theme, the median return of photovoltaic ETFs was 6.87%, the highest [1][12][15]. ETF Scale Changes and Net Subscriptions/Redemptions - Last week, equity ETFs had a net redemption of 338.098 billion yuan, with the overall scale decreasing by 309.829 billion yuan. Among broad - based ETFs, CSI 500ETF had the least net redemption of 8.427 billion yuan; by sector, cyclical ETFs had the most net subscriptions of 29.338 billion yuan; by theme, chip ETFs had the most net subscriptions of 12.774 billion yuan [2][27][30]. ETF Benchmark Index Valuation - In broad - based ETFs, the valuation quantiles of ChiNext and SSE 50ETF were relatively low. By sector, the valuation quantiles of large - finance and consumer ETFs were relatively moderate. Among sub - themes, the valuation quantiles of liquor and new energy vehicle ETFs were relatively low. Compared with the previous week, the valuation quantiles of consumer and bank ETFs decreased significantly [3][33][45]. ETF Margin Trading - From Monday to Thursday last week, the margin trading balance of equity ETFs decreased from 53.910 billion yuan to 53.456 billion yuan, and the short - selling volume increased from 2.276 billion shares to 2.303 billion shares. Among the top 10 ETFs in terms of average daily margin purchases and short - selling volume, Science and Technology Innovation Board ETFs and CSI 500ETF had relatively high average daily margin purchases, while CSI 1000ETF and CSI 500ETF had relatively high average daily short - selling volumes [4][46][51]. ETF Managers - As of last Friday, Huaxia, E Fund, and Huatai - PineBridge ranked in the top three in terms of the total scale of listed non - monetary ETFs. This week, 6 ETFs will be issued, including Huaan CSI Non - ferrous Metal Mining Theme ETF, ICBC Credit Suisse CSI All - Index Electric Power and Utilities ETF, etc. [5][52][55].

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - This week, the REITs market rose significantly, with the China Securities REITs Index up 1.7% week - on - week. New infrastructure, consumer, and municipal facilities REITs had prominent gains. The performance order of major indices in terms of weekly gains and losses was: China Securities Convertible Bonds > China Securities REITs > China Securities All - Bonds > CSI 300 [1]. - As of January 23, 2026, the dividend yield of equity - type REITs was 93BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of concession - type REITs and the 10 - year Treasury yield was 327BP [1]. - Since the beginning of this year, five public REITs have been terminated (withdrawn) on the Shanghai and Shenzhen Stock Exchanges. The public REITs market is gradually transforming towards "emphasizing operation and compliance", and projects with stable cash flows and strong operation and management capabilities will be more favored by the market in the future [1]. 3. Summary According to Related Catalogs 3.1 Secondary Market Trends - As of January 23, 2026, the closing price of the China Securities REITs (closing) Index was 806.72 points, with a weekly increase of 1.7% (from January 17 to January 23, 2026). It performed weaker than the China Securities Convertible Bonds Index (+2.9%) but stronger than the China Securities All - Bonds Index (+0.2%) and the CSI 300 Index (-0.6%). Since the beginning of the year, the order of major indices in terms of gains and losses was: China Securities Convertible Bonds (+8.7%) > China Securities REITs (+3.2%) > CSI 300 (+1.6%) > China Securities All - Bonds (+0.4%) [2][6]. - In the past year, the return rate of the China Securities REITs Index was -2.6%, and the volatility was 7.5%. The return rate was lower than that of the China Securities Convertible Bonds Index, the CSI 300 Index, and the China Securities All - Bonds Index. The volatility was lower than that of the CSI 300 Index and the China Securities Convertible Bonds Index but higher than that of the China Securities All - Bonds Index. The total market value of REITs on January 23 was 228 billion yuan, an increase of 5.5 billion yuan from the previous week. The average daily turnover rate for the whole week was 0.66%, an increase of 0.11 percentage points from the previous week [2][8]. - In terms of different project attributes, the average weekly gains and losses of equity - type REITs and concession - type REITs were 2.9% and 1.8% respectively. In terms of different project types, there was a divergence in the rise and fall of each sector, with new infrastructure, consumer, and municipal facilities REITs leading the gains. The top three REITs in terms of weekly gains were CICC Chongqing Liangjiang REIT (+10.30%), Huaan Bailian Consumer REIT (+9.97%), and Huatai Baowan Logistics REIT (+7.27%) [3][15][19]. - In terms of different project types, new infrastructure REITs had the highest daily turnover rate during the period, with an average daily turnover rate of 1.0%. Transportation infrastructure REITs had the highest proportion of trading volume this week, accounting for 20.5% of the total REITs trading volume. The top three REITs in terms of net inflow of main funds this week were China Resources Commercial REIT (213.02 million yuan), Guojin CRCC REIT (76.03 million yuan), and Southern Runze Technology Data Center REIT (72.96 million yuan) [3][21][22]. 3.2 Primary Market Issuance - From January 1 to January 23, 2026, there was 1 REITs product in the accepted stage, 1 in the in -quired stage, and 3 in the feedback stage on the exchanges. According to the official websites of the Shanghai and Shenzhen Stock Exchanges, the additional issuance of Fuling First - created Water Service Closed - end Infrastructure Securities Investment Fund, Jianxin Jiarongyuan Rental Housing Closed - end Infrastructure Securities Investment Fund, Chuangjin Hexin Electronic City Industrial Park Closed - end Infrastructure Securities Investment Fund, Jianxin Jinfeng New Energy Closed - end Infrastructure Securities Investment Fund, and Huaxia Wanwei Warehouse Logistics Closed - end Infrastructure Securities Investment Fund were terminated or withdrawn [24]. - The public REITs market is changing from "emphasizing issuance" to "emphasizing operation and compliance". In the future, projects with stable cash flows and standardized operation and management capabilities will be more favored by the market [24]. 3.3 Valuation Tracking - REITs have both bond - like and stock - like characteristics. As of January 23, the average annualized cash distribution rate of public REITs was 6.3%. Different valuation indicators were used from the perspectives of bond - like and stock - like characteristics, including relative net value premium rate, IRR, and P/FFO [25]. - As of January 16, 2026, the dividend yield of equity REITs was 93BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of concession - type REITs and the 10 - year Treasury yield was 327BP [28]. 3.4 Industry News - The first national Torch REITs landed in Xiamen. CICC Xiamen Torch Industrial Park Closed - end Infrastructure Securities Investment Fund officially entered the application stage, with underlying assets covering 10 industrial parks within the "one - district, multiple - parks" scope of Xiamen Torch High - tech Zone, with a total construction area of 481,300 square meters [4][36]. - Maoye Commercial plans to carry out the application and issuance of commercial real - estate public REITs. On January 23, Maoye Commercial Co., Ltd. announced that it would use some buildings of Chengdu Maoye Center in Tianfu Avenue North, High - tech Zone, Chengdu held by its wholly - owned subsidiary and related parties as underlying assets to carry out the application and issuance of commercial real - estate public REITs [4][36].