SIASUN(SZ:300024) Sou Hu Cai Jing·2026-01-13 08:05Core Viewpoint - The A-share market has seen a record trading volume, with the Shanghai Composite Index experiencing a decline after a 17-day rally, indicating a potential shift in market sentiment and investor behavior [1]. Group 1: Market Performance - The Shanghai Composite Index opened high but closed down by 0.64%, ending a 17-day streak of gains [1]. - The total trading volume in the A-share market reached a historical high of 36,987 billion yuan, an increase of 541 billion yuan from the previous day [1]. Group 2: ETF Performance - The "Global Vision, Betting on China" top ten core ETFs have collectively risen by 5.27% since the beginning of the year, with the Robot ETF (562500) up by 5.99% and the Hang Seng Technology ETF (513010) increasing by 5.47% [1]. - The Hang Seng Technology ETF (513010) saw a 0.13% increase today, reflecting positive sentiment towards Chinese tech stocks, particularly after a significant rise in US-listed Chinese stocks [2]. Group 3: Factors Affecting Hong Kong Stocks - Three main reasons for the underperformance of Hong Kong stocks compared to A-shares include: 1. Reduced likelihood of interest rate cuts by the Federal Reserve, with a 95.6% probability of no cuts in January due to a low unemployment rate of 4.4% [3]. 2. Lack of hot themes in Hong Kong stocks, such as commercial aerospace and military technology, which are currently driving A-share enthusiasm [3]. 3. Anticipation of a Supreme Court ruling on the legality of Trump tariffs, which could impact market sentiment [3][4]. Group 4: Catalysts for Hong Kong Tech Sector - Recent events are expected to catalyze the Hong Kong tech sector, including: 1. The CES 2026 showcasing China's "robot army" and AI advancements, with Chinese companies dominating the exhibition [5]. 2. Alibaba's e-commerce challenges being fully priced in, with a 35% growth in its cloud business serving as a revaluation driver [5]. 3. The emergence of a complete AI industry chain in Hong Kong, with unicorns and leading companies gathering in the market [5]. Group 5: Robot ETF Insights - The Robot ETF (562500) has increased nearly 6% this year and approximately 17% since December 17 of the previous year, driven by upcoming product launches and production plans [8]. - The ETF covers the entire robot industry chain, with a significant focus on industrial and humanoid robots, and has seen its scale grow from 507 million yuan to 26.464 billion yuan, making it the largest robot-themed ETF in the market [9][12].