万亿资金，涌入A股这些方向

Group 1 - The A-share market shows a strong growth style, with notable performances in the pharmaceutical and semiconductor sectors, where multiple related ETFs rose over 5% in a single day [1] - The Hong Kong pharmaceutical sector is performing strongly, with several ETFs in innovative drugs and medical devices increasing by over 6%, highlighting the attractiveness of the sector post-adjustment [4][5] - The semiconductor sector is also experiencing significant gains, with multiple ETFs in this field rising over 5%, indicating a robust market for semiconductor-related investments [6][7] Group 2 - In December 2025, the A500 and Sci-Tech bonds became major directions for capital inflow, with several ETFs in these categories seeing net inflows exceeding 100 billion yuan [2][8] - The total net inflow for all ETFs in the market reached 11,785.99 billion yuan in 2025, showcasing a strong interest in ETF investments [2] - Specific ETFs such as the FuGuo CSI Hong Kong Internet ETF and the HuaAn Gold ETF saw annual net inflows exceeding 400 billion yuan, indicating strong investor confidence in these funds [10] Group 3 - The Hong Kong market is expected to see a recovery in corporate earnings, particularly benefiting sectors like non-ferrous metals and competitive industry leaders in internet and consumption [10][11] - The anticipated decline in risk-free rates in Hong Kong may lead to improved liquidity, potentially enhancing valuations in the market [11] - Key investment focuses for 2026 are expected to include AI, new consumption, pharmaceuticals, and dividend stocks, reflecting evolving market trends [11]