各路资金开年加仓中国资产！华夏基金：中期宏观环境处于做多期

Group 1 - The A-share market opened the year with a significant trading volume of 2.57 trillion yuan, with the Shanghai Composite Index closing at 4023 points, approaching the previous high of 4034 points from November 14 [1] - The Hong Kong stock market also saw a substantial recovery in liquidity, with a net inflow of approximately 18.72 billion HKD, marking the highest single-day inflow in over two and a half months [1] - Various sectors, including innovative pharmaceuticals and the internet, performed strongly, driven by trends in AI technology and increased attractiveness of Hong Kong stocks to overseas funds due to a stronger RMB [1] Group 2 - The macro environment is currently favorable for bullish sentiment, with expectations for accelerated issuance of local government special bonds and increased central budget investments [2] - January is a key month for the disclosure of earnings forecasts, with anticipated significant year-on-year growth due to a low performance base in Q4 of the previous year [2] - The overall market is in a valuation expansion phase, with short-term fluctuations expected after a sustained rise, emphasizing the importance of strategic asset allocation in high-growth sectors such as AI, new energy, and technology [2] Group 3 - Recommended ETFs for broad market exposure include the CSI 300 ETF (510330.SH) and for high-growth assets, the AI ETF (515070.SH) [3] - For low-priced Hong Kong technology stocks, suggested ETFs include the Hong Kong Stock Connect Technology ETF (159101.SZ), Hang Seng Internet ETF (513330.SH), and Hang Seng Technology Index ETF (513180.SH) [3] - For low-dividend assets, the Free Cash Flow ETF (159201.SZ) is recommended [3]