ETF 及指数产品网格策略周报（2026/1/20）

Core Viewpoint - The article discusses the potential investment opportunities in various ETFs, particularly focusing on the Hong Kong stock market and sectors such as pharmaceuticals, entertainment, and finance, driven by favorable economic conditions and government policies [3][4][5][8][11]. Group 1: Hong Kong Stock Market ETFs - The Hong Kong Stock Connect 50 ETF (159712.SZ) is expected to see a net buy of 1,404.84 billion HKD from southbound funds in 2025, a 73.89% increase from 2024, indicating strong inflows into the Hong Kong market [3]. - This ETF tracks the CSI Hong Kong Stock Connect 50 Index, covering over 57% of the market capitalization of Hong Kong stocks, balancing traditional and new economy sectors [4]. Group 2: Pharmaceutical Sector ETFs - The Hang Seng Pharmaceutical ETF (159892.SZ) is positioned to benefit from lower financing costs for pharmaceutical companies due to the Federal Reserve's interest rate cuts, enhancing their R&D capabilities [5]. - China holds approximately 30% of the global new drug pipeline, with 76 innovative drugs approved in 2025, indicating a robust domestic pharmaceutical industry [5]. Group 3: Entertainment Sector ETFs - The Film and Television ETF (159855.SZ) is anticipated to gain from the upcoming Spring Festival, which may boost market expectations and lead to a short-term rally in the sector [8]. - Government initiatives, such as the "China Film Consumption Year," aim to stimulate cultural consumption, potentially increasing audience engagement and spending in the film industry [8]. Group 4: Financial Sector ETFs - The Securities and Insurance ETF (512070.SH) is expected to benefit from active market trading, with a record turnover of 3.12 trillion RMB on January 9, 2026, positively impacting brokerage and margin financing businesses [11]. - Recent regulatory changes are likely to enhance capital efficiency for leading brokerages and relax investment restrictions for insurance companies, further supporting growth in the financial sector [11].