防御风格再度活跃，国企共赢ETF(159719)早盘涨近1%

Core Viewpoint - The news highlights the performance and outlook of the Guoqi Gongying ETF (159719), emphasizing its recent increase and the broader economic context in which it operates, particularly in relation to state-owned enterprises and government investment strategies [1]. Group 1: ETF Performance - As of January 20, 2026, the Guoqi Gongying ETF (159719) has risen by 0.76%, with a latest price of 1.6 yuan [1]. - Over the past year, the ETF has accumulated a growth of 3.33% as of January 19, 2026 [1]. Group 2: Economic Policy and Outlook - The State Council Information Office held a press conference to discuss the implementation of the Central Economic Work Conference's spirit, focusing on promoting a good start for the "14th Five-Year Plan" [1]. - The government aims to leverage the National Venture Capital Fund as a benchmark, establish a national-level merger fund, and enhance government investment and fund layout planning to foster innovation and new productive forces [1]. - Dongwu Securities anticipates a return of dividend styles in the second half of 2026, driven by domestic fundamentals and liquidity pricing [1]. - The effectiveness of anti-involution policies is expected to take 3 to 4 quarters to validate, with potential further declines in ten-year bond rates if the Producer Price Index (PPI) turns positive later than the second quarter of 2026 [1]. Group 3: Index Tracking - The Guoqi Gongying ETF closely tracks the FTSE China State-Owned Enterprises Open Win Index, which reflects the performance of Chinese state-owned enterprises listed in mainland China and Hong Kong, focusing on globalization and sustainable development [1]. - The index comprises 100 constituent stocks, including 80 A-share companies and 20 Chinese companies listed in Hong Kong [1].