ETF及指数产品网格策略周报（2026/1/14）

Core Viewpoint - The article discusses various ETF grid strategies focusing on sectors such as pharmaceuticals, biotechnology, and coal, highlighting their potential for investment based on market trends and economic policies. Group 1: Pharmaceutical Sector - The Hang Seng Pharmaceutical ETF (159892.5Z) is expected to benefit from the Federal Reserve's interest rate cut cycle, which may lower financing costs for pharmaceutical companies, thereby enhancing their R&D capabilities [3][4]. - As of January 2026, China holds approximately 30% of the global new drug pipeline, ranking second worldwide. In 2025, 76 innovative drugs were approved in China, with domestic innovations accounting for 80.85% of chemical drugs and 91.30% of biological products [3][4]. - The total value of innovative drug licensing transactions in China exceeded $130 billion in 2025, with over 150 deals, indicating a significant enhancement in China's innovative drug capabilities and acceleration in globalization [3][4]. Group 2: Brokerage Sector - The Brokerage ETF (159842.5Z) reflects a strong performance in 2025, with the Shanghai Composite Index rising from a low of 3040 points to over 4000 points, marking an annual increase of 18.41%. The total trading volume in A-shares reached 420.21 trillion yuan, a year-on-year growth of 62.64% [7][8]. - By the end of 2025, the financing balance in A-shares exceeded 2.52 trillion yuan, growing over 36% compared to the end of 2024, indicating a robust expansion in market activity [7][8]. - The ongoing reforms in the capital market are expected to enhance the efficiency of capital utilization among leading brokerages, thereby expanding their growth potential [8]. Group 3: New Economy Sector - The New Economy ETF (159822.SZ) aims to track the S&P China New Economy Index, focusing on high-growth sectors such as artificial intelligence, internet, biotechnology, and innovative pharmaceuticals, which are crucial for capturing new economic growth drivers in China [11]. Group 4: Coal Sector - The Coal ETF (515220.SH) is positioned to benefit from the central economic work conference's focus on controlling new capacity and improving the coal industry's supply-demand fundamentals, which may enhance profitability [15]. - As of January 2026, the coal sector's dividend yield reached 5.52%, significantly higher than the market average and the yield on ten-year government bonds, indicating strong investment value in the medium to long term [15].