Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The report presents the market performance of A - shares and various ETFs on January 28, 2026, including the performance of the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index, as well as the price changes and trading volumes of different types of ETFs [2][3][4]. 3. Summary by Related Catalogs Market Overview - The Shanghai Composite Index rose 0.27% to close at 4151.24 points, the Shenzhen Component Index rose 0.09% to close at 14342.89 points, and the ChiNext Index fell 0.57% to close at 3323.56 points. The trading volume of A - shares in the two markets was 29919 billion yuan. The top - performing industries were non - ferrous metals (5.92%), petroleum and petrochemical (3.54%), and coal (3.42%), while the bottom - performing industries were comprehensive (-2.53%), media (-1.77%), and national defense and military industry (-1.68%) [2][6]. Stock ETF - The top - trading - volume stock ETFs included: Huatai - Peregrine CSI 300 ETF, up 0.32% with a discount rate of 0.24%; E Fund CSI 300 ETF, up 0.29% with a discount rate of 0.19%; and China AMC CSI 300 ETF, up 0.27% with a discount rate of 0.18% [3][7]. - The report also provided a table of the top ten stock ETFs by trading volume, showing details such as code, fund name, price, change rate, tracking index, and discount rate [8]. Bond ETF - The top - trading - volume bond ETFs were: Haifutong CSI Short - term Financing Bond ETF, down 0.00% with a discount rate of 0.00%; China AMC Shanghai Stock Exchange Benchmark Market - making Treasury Bond ETF, up 0.04% with a discount rate of 0.03%; and Bosera CSI Convertible and Exchangeable Bond ETF, up 0.99% with a discount rate of 1.22% [4][9]. - A table of the top five bond ETFs by trading volume was presented, including code, fund name, price, change rate, discount rate, and trading volume [10]. Gold ETF - Gold AU9999 rose 3.57% and Shanghai Gold rose 3.27%. The top - trading - volume gold ETFs were: Huaan Gold ETF, up 3.16% with a discount rate of 3.23%; E Fund Gold ETF, up 3.19% with a discount rate of 3.22%; and Bosera Gold ETF, up 3.20% with a discount rate of 3.20% [10]. - A table of the gold ETFs showed details such as code, fund name, price, change rate, trading volume, IOPV, and discount rate [11]. Commodity Futures ETF - Dacheng Non - ferrous Metals Futures ETF rose 0.74% with a discount rate of 0.98%; Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF rose 1.53% with a discount rate of 1.27%; and China AMC Feed Soybean Meal Futures ETF rose 0.76% with a discount rate of 3.92% [11]. - A table provided information on the commodity futures ETFs, including code, fund name, price, change rate, trading volume, IOPV, discount rate, tracking index, and tracking index change rate [12]. Cross - border ETF - The previous trading day, the Dow Jones Industrial Average fell 0.83%, the Nasdaq rose 0.91%, the S&P 500 rose 0.41%, and the German DAX fell 0.15%. On this day, the Hang Seng Index rose 2.58% and the Hang Seng China Enterprises Index rose 2.89%. The top - trading - volume cross - border ETFs were: E Fund CSI Hong Kong Securities Investment Theme ETF, up 0.62% with a discount rate of - 0.43%; Huatai - Peregrine Hang Seng Technology ETF, up 1.88% with a discount rate of 1.56%; and Huatai - Peregrine CSI KRX China - South Korea Semiconductor ETF, up 7.43% with a discount rate of 17.96% [14]. - A table of the top five cross - border ETFs by trading volume was shown [15]. Money ETF - The top - trading - volume money ETFs were: Yin Hua Ri Li ETF, Hua Bao Tian Yi ETF, and Money ETF Jianxin [16]. - A table presented the top three money ETFs by trading volume [17].

Group 1 - The core viewpoint emphasizes that computing power remains the most important theme for the year, with AI-driven applications penetrating the edge [1] - "Hard technology" is performing prominently under the influence of AI, with sectors such as domestic computing power, AI-PCB, AIDC supporting facilities, and AI edge SoC design/testing expected to show rapid growth in 2024 and maintain high growth in Q1-Q3 of 2025 [1] - The demand for AI is driving technological upgrades in optical modules and expanding market size, with the development of AI data centers accelerating the advancement and application of high-speed optical modules, making the upgrade from 800G to 1.6T a mainstream trend [1] Group 2 - The demand for liquid cooling solutions is rapidly increasing due to the continuous rise in power density, while the surge in data volume driven by AI is also boosting the demand for data centers [1] - The valuation system of the technology industry is expected to be restructured under the context of major power competition, with the valuation center of the technology sector, represented by the electronics industry, likely to rise further [1] Group 3 - The ChiNext AI ETF Guotai (159388) tracks the ChiNext AI Index (970070), which has a daily price fluctuation limit of 20% [2] - This index selects listed companies in the ChiNext market whose main business involves the AI field, reflecting the overall performance of AI-related listed company securities [2] - The index focuses on the development trends of the AI industry, covering subfields such as machine learning, smart hardware, and data processing, characterized by high growth and innovation [2]

Market Performance - A-shares have shown strong performance with the Shanghai Composite Index achieving a 13-day consecutive rise and breaking the 4080-point mark, reaching a 10-year high [1] - The A-share market has recorded over 20 trillion yuan in trading volume for six consecutive trading days, with two recent days surpassing 2.5 trillion yuan [1] Bull Market Sentiment - The bull market sentiment is reinforced by the continuous appreciation of the RMB, improving international trade relations, and the central bank's low interest rate and easing policies, creating a favorable environment for A-shares [3] - Regulatory bodies are expected to introduce policies to enhance long-term investment, aiming to increase the amount and proportion of medium to long-term funds entering the A-share market [3] Investment Trends - Investors are increasingly opting to allocate funds to professional investment institutions, such as public and private funds, with many choosing to invest in various ETF funds [5] - Active equity funds performed exceptionally well in 2025, with several funds achieving over 65% annual returns, and many of E Fund's FOFs ranking among the top performers [5][6] Fund Performance - The top-performing funds include Guotai's Optimal Selection Fund and E Fund's Advantage Return A, with net value growth rates of 65.46% and 62.10% respectively [6] - The average return of stock-type FOFs outperformed the Shanghai Composite Index's 18.41% with an average return of approximately 27.2% [5][6] ETF Performance - In 2025, several ETFs achieved remarkable returns, with the top performer being the Communication ETF, which rose by 125.81%, followed by various mining and AI-related ETFs [8][9] - The recommendation for investors is to consider ETFs for their potential high returns and lower risk compared to actively managed funds, as many ETFs have shown significant gains [9][10] Investment Strategy - Investors are advised to focus on ETFs for their flexibility, low fees, and high transparency, which can provide stable returns in a bull market [10] - The total scale of domestic ETFs has surpassed 6 trillion yuan, with a significant portion being passive funds, which can help balance investment risks [10]

创业板新能源ETF国泰（159387）跟踪的是创新能源指数（399266），单日涨跌幅限制达20%，该指数 聚焦于新能源及相关技术领域，从市场中选取涉及可再生能源、清洁能源技术及设备制造等业务的上市 公司证券作为指数样本，以反映在技术创新和可持续发展方面表现突出的相关企业整体表现。 （文章来源：每日经济新闻） 华西证券指出，钠电兼具成本和性能优势。由于碳酸锂在锂电池成本中的比重较高，其价格的明显上涨 将带来锂电池成本的提升。而钠元素凭借资源禀赋优势，相比之下性价比优势突显。经过多年的发展， 钠电池技术和工艺逐步成熟，在储能、商用车、乘用车等领域，以及换电、低温等场景中的性能优势明 显，钠电池有望实现规模应用。在电力市场化改革、新能源消纳需求提升背景下，国内储能装机需求持 续释放，目前独立储能收入结构多元、经济性凸显，国内储能已经迈入成长快车道。海内外AIDC建设 放量，叠加海外电网建设需求提升，电力设备出海迎超级景气周期。 从资金面来看，创业板新能源ETF国泰（159387）近10日资金净流入超2.4亿元，钠电池技术和工艺逐 步成熟。 ...

Group 1 - The core viewpoint of the article is that the Ministry of Commerce and nine other departments have jointly issued opinions to promote the high-quality development of the pharmaceutical retail industry, transitioning from a "single drug sales" model to a "health service" model [1] - The policy encourages mergers, acquisitions, and horizontal consolidation, which is expected to accelerate the clearance of individual pharmacies and enhance industry concentration [1] - The optimization of external prescription reviews and the establishment of pharmacy service platforms are aimed at facilitating prescription outflow and market expansion [1] Group 2 - Retail pharmacies are encouraged to expand their business scope to include health consultations, traditional Chinese medicine culture, elderly care, and convenient retail services, thereby creating a comprehensive health service entity [1] - The Guotai Innovation Drug ETF (589720) tracks the Innovation Drug Index (950161), which includes listed companies engaged in innovative drug research and development, covering areas such as biological products, chemical drugs, and traditional Chinese medicine [1]

Group 1 - The core viewpoint of the article highlights the significant growth and investment interest in the artificial intelligence (AI) sector, particularly reflected in the performance of the ChiNext AI ETF, which saw a more than 2% increase in intraday trading on January 27, with over 100 million yuan net inflow in the past 10 days [1] - Goldman Sachs' research indicates that the average price of AI training servers equipped with the latest architecture has increased by 28% year-on-year, driven by a surge in demand for HBM4 storage chips and a restructuring of advanced packaging capacity in the supply chain [1] - According to a report by China International Capital Corporation (CICC), the global edge AI chip market is projected to reach 68 billion USD by the end of 2026, with a compound annual growth rate (CAGR) of 42% [1] Group 2 - HP's global president anticipates that AI PC shipments will exceed 200 million units by 2026, accounting for over 40% of the total PC market [1] - The ChiNext AI ETF (159388) tracks the ChiNext AI Index (970070), which includes listed companies in the AI sector, reflecting the overall performance of securities related to AI [1] - The index focuses on the development trends of the AI industry, covering subfields such as machine learning, smart hardware, and data processing, characterized by high growth and innovation potential [1]

Core Viewpoint - The public fund of funds (FOF) market is experiencing a significant turnaround in 2025 after three years of contraction and performance pressure, driven by changes in market conditions, product strategies, and increased investor demand for allocation [4][5]. Group 1: Market Recovery - In 2025, a total of 89 new FOFs were established, with a combined issuance of 84.529 billion units, marking the second-highest level in history, only behind the peak in 2021 [4]. - The total market size of FOF reached 238.376 billion yuan by the end of 2025, a substantial increase of over 100 billion yuan compared to 133.150 billion yuan at the end of 2024 [5]. - The issuance of new FOFs in 2025 surged over six times compared to 115.98 million units in 2024, with the average issuance size per product rising to 9.54 million yuan [6]. Group 2: Performance Improvement - The overall performance of FOFs in 2025 was impressive, with an average net value growth rate of 14.95%, and 134 FOFs achieving returns exceeding 20% [11]. - Notable high-performing funds included Guotai's Preferred Navigation with a return rate of 68.47% and E Fund's Advantage Return at 55.90% [11]. - Long-term performance also attracted attention, with the Qianhai Kaiyuan Yuyuan fund achieving a cumulative return of 135.20% since inception [13]. Group 3: Asset Allocation Trends - FOFs are increasingly favoring low-risk assets, with a notable preference for short-term bond ETFs and gold stock ETFs, reflecting a shift in risk appetite among investors [14][16]. - The top holdings in FOFs included various ETFs, particularly those focused on technology and artificial intelligence sectors, indicating a strategic shift towards growth-oriented assets [14]. - Despite rising international gold prices, FOFs reduced their holdings in gold ETFs while increasing positions in gold stock ETFs, suggesting a strategy to capture higher elasticity through equity assets [16]. Group 4: Industry Evolution - The FOF industry is witnessing a deepening of structural issues, with only one product exceeding 10 billion yuan in size, while over half of the FOFs have sizes below 200 million yuan [17][18]. - Leading institutions like E Fund and GF have over 10 billion yuan in assets under management, indicating a concentration of research and investment resources among top players [19]. - Fee reforms are becoming prevalent, with several FOFs reducing management and custody fees, aligning with the long-term holding needs of investors [19]. Group 5: Future Outlook - The FOF market is expected to continue its growth in 2026, supported by three main drivers: the shift of wealth management, the demand for retirement solutions, and the upgrading of investment tools [20]. - The penetration rate of FOFs in the total public fund market remains below 1%, indicating significant growth potential [20]. - Future product designs are anticipated to become more refined, with a focus on risk-targeted FOFs and expanded allocation strategies to global and alternative assets [20].

Core Viewpoint - The AI chip complexity is driving the chip testing industry into a "quantity and price rise" inflation cycle, with testing demand growing faster than AI chip shipments due to increased testing duration and complexity [1] Group 1: Industry Trends - The semiconductor process iteration and the complexity of AI chips have significantly increased the testing duration per chip, leading to a rise in testing demand [1] - The complexity and power consumption of chips are raising hardware requirements, contributing to inflation in testing demand prices [1] - TSMC's Q4 2025 performance and positive guidance for Q1 2026 confirm that the booming AI industry is driving the upstream supply chain into an upward cycle [1] Group 2: Market Dynamics - The continuous iteration of large models is significantly boosting the expansion momentum of the upstream supply chain, with overseas semiconductor supply chains entering a phase of accelerated performance growth [1] - The significant increase in upstream memory chip prices is creating temporary pressure on profit margins within the consumer electronics supply chain [1] Group 3: Investment Opportunities - The Guotai AI ETF (589110) tracks the Sci-Tech AI Index (950180), which has a daily price fluctuation limit of 20%, reflecting the overall performance of listed companies in AI, semiconductors, and software development [1] - The index constituents are characterized by high R&D investment and technological innovation capabilities, with a focus on cutting-edge technology sectors such as electronics and computers [1]

Core Viewpoint - Cathay Pacific Haitong continues to recommend innovative pharmaceuticals and medical devices, highlighting the high growth potential in the innovative drug sector and the gradual realization of performance in Biopharma/Biotech [1] Group 1: Investment Recommendations - The company recommends Pharma, which is expected to see a revaluation due to its value potential [1] - Biopharma/Biotech is highlighted for its innovative pipelines and performance entering a growth phase [1] - CXO and upstream pharmaceutical sectors are recommended due to their benefits from innovation and recovery in market conditions [1] Group 2: Medical Devices and Consumer Healthcare - Medical devices are recommended, particularly those benefiting from engineering talent and successful overseas expansion [1] - The consumer healthcare sector is noted for its gradual recovery [1] Group 3: Policy Support and Market Catalysts - Recent supportive policies include the National Healthcare Security Administration's release of guidelines for pricing projects related to surgical and therapeutic auxiliary services, which are expected to benefit innovative surgical projects [1] - The medical device sector is experiencing frequent catalysts, with investment opportunities in overseas expansion, brain-computer interfaces, and AI healthcare [1] Group 4: ETF and Index Information - The Cathay Pacific Medical ETF (159377) tracks the innovative pharmaceutical index (399275), which has a daily price fluctuation limit of 20% [1] - This index focuses on innovative biopharmaceuticals, including companies engaged in biotechnology, genetic engineering, and new drug development, reflecting the overall performance of related listed companies [1] - The index emphasizes high growth potential and innovation capability, aiming to represent the development trends in the relevant industry [1]

Core Viewpoint - The latest heavy holdings of public FOFs reveal a strong preference for bond funds and ETFs, indicating a cautious investment strategy in the current market environment [2][4]. Group 1: FOF Heavy Holdings - As of the end of Q4 2025, bond funds dominate the top 50 holdings of FOFs, with 40 out of 50 being bond-related [4]. - The top five funds favored by FOFs include Hai Fudong Zhongzheng Short Bond ETF, Guotai Lixiang Short and Medium-term Bond C, and others, with Hai Fudong holding a market value exceeding 5.98 billion yuan [4][5]. - The total market value of the top 50 funds held by FOFs reflects a significant investment in passive index products, highlighting a shift towards index-based strategies [4][5]. Group 2: Active Equity Fund Holdings - The top active equity fund held by FOFs is Xingquan Commercial Model Preferred A, with a total holding value of 406.73 million yuan, held by 16 FOFs [8][9]. - Other notable active equity funds include E Fund Information Industry Selected C and E Fund Supply Reform, both with substantial holdings, indicating a diversified approach within equity investments [8][9]. Group 3: Fund Increases - The most increased fund in Q4 2025 was Hai Fudong Zhongzheng Short Bond ETF, which saw an increase of 2.69 billion yuan, bringing its total holding value to 5.98 billion yuan [10][12]. - Other funds with significant increases include Guotai Lixiang Short and Medium-term Bond C and Jingshun Changcheng Short Bond F, each with increases exceeding 600 million yuan [11][12]. Group 4: Sector Focus - FOF managers are increasingly optimistic about sectors such as technology, resources, and non-bank financials, with a focus on gold and rare earth stocks as key investment areas [13][14]. - The strategy includes a long-term asset allocation approach, emphasizing consumer sectors and non-bank financials, while also exploring overseas bond markets and REITs [14][15].