商业航天概念再度爆发,华西证券:“逆周期调节”护航A股“慢牛” | 华宝3A日报(2026.1.22)

Market Overview - The A-share market is experiencing a "slow bull" trend supported by macro policies, moderate recovery in corporate earnings, and high investor risk appetite [2][6] - The overall valuation of A-shares remains within a reasonable range, with a market turnover of 2.69 trillion yuan, an increase of 911 billion yuan from the previous day [6][2] Industry Insights - Key sectors attracting capital inflow include defense and military, non-bank financials, and telecommunications, with net inflows of 29.16 billion yuan, 13.71 billion yuan, and 78.84 billion yuan respectively [6][2] - Investment focus is shifting towards technology sectors such as AI computing, AI applications, and robotics, as well as industries benefiting from "anti-involution" and price increases like chemicals and non-ferrous metals [2][7] ETF Products - The company offers a range of ETFs tracking major indices, including the A50 ETF, A100 ETF, and A500 ETF, providing investors with diverse options to invest in China's market [2][7] - The A50 ETF focuses on 50 leading companies, while the A100 ETF encompasses the top 100 industry leaders, and the A500 ETF targets the top 500 companies in A-shares [7][2]