Core Viewpoint - The article discusses the recent volatility in the global risk asset market, particularly focusing on the surge in demand for precious metals and the performance of the Huabao ETF amid geopolitical tensions and macroeconomic factors [1][3]. Group 1: Market Dynamics - Geopolitical risks have led to a significant drop in global risk assets, prompting some investors to take profits, which has resulted in a sharp decline in gold and silver prices [1]. - Despite the market downturn, the Huabao ETF saw a net subscription of 142 million units, indicating a counter-trend investment in the non-ferrous metals sector [1]. - The demand for non-ferrous metals is supported by macroeconomic factors such as the Federal Reserve's ongoing easing policies, rising geopolitical uncertainties, and concerns over the sustainability of U.S. debt and deficits [3]. Group 2: Industry Outlook - The non-ferrous metals sector is expected to maintain a high profitability state for an extended period, driven by new demand from emerging industries such as renewable energy, AI, and aerospace [4]. - Domestic non-ferrous metal companies are valued lower compared to their international counterparts, despite having similar growth potential and core competitiveness [4]. - The industry is experiencing a significant output gap due to a long-term contraction in capital expenditures since 2011, which continues to support prices and highlight the strategic value of these metals [3]. Group 3: Performance Indicators - As of January 28, 2025, 24 out of 60 listed companies covered by the non-ferrous ETF have released earnings forecasts, with 21 companies expected to be profitable, indicating a positive outlook for the sector [3]. - The Huabao ETF covers a wide range of metals, including copper, aluminum, gold, rare earths, and lithium, allowing investors to capture the overall sector's performance effectively [5].

今日（1月29日）重点布局国产AI产业链的科创人工智能ETF华宝（589520）早盘活跃，场内涨幅一度上探1.28%，后随市盘整回调，场内价格现跌1.14%， 值得关注的是，该ETF场内频现溢价区间，显示买盘资金更为强势，或有资金逢跌进场抢筹！ 中信建投证券指出，当前AI产业动态密集，后续DeepSeek-V4推出，有望引发新一轮AI应用热潮。随着模型能力不断提升，尤其是推理与长窗口成本的显著 下降，AI下游应用场景正加速进入商业化验证阶段，商业化进程有望进一步加速。 值得关注的是，科创人工智能ETF（589520）标的指数全面覆盖应用软件、终端应用、终端芯片、云端芯片四大环节，AI产业链正由云端向边缘侧发展，从 依赖海外技术向自主可控发展，科创人工智能方向契合AI产业链当下现状，或具备更大潜力。 | | VEHITY | 成份股举例 | | --- | --- | --- | | M = 5 (4 | 33.80% | 金山办公、中科星图、道通科技、云从科技 | | 2 THE NY FE | 15.23% | 石头科技、 奥比中光、凌云光、萤石网络 | | - The Book T | 26.33% | ...

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].

Core Insights - The AI industry is entering a period of comprehensive explosion driven by both computing power and application development [1][2] Group 1: Computing Power - According to Cignal AI, the revenue of the optical module market is expected to exceed $18 billion by 2025, driven by the construction of data centers and transmission networks fueled by AI [2][14] - The demand for AI computing power is anticipated to continuously drive the performance of optical modules [2][14] Group 2: AI Applications - Alibaba's flagship reasoning model Qwen3-Max-Thinking was officially launched on January 26, 2026, and its comprehensive performance is comparable to GPT-5.2 and Gemini3Pro, making it one of the closest domestic models to international top levels [2][14] - The trend of accelerating AI application deployment is expected to continue [2][14] Group 3: Investment Performance - The ChiNext AI Index has significantly outperformed its peers, with a cumulative increase of 322.31% since the beginning of 2023, compared to other AI indices which saw increases of 258.76%, 133.08%, 124.73%, and 121.87% [4][19][20] - The ChiNext AI Index's performance is indicative of strong market interest and investment in AI-related sectors [4][19] Group 4: Index Composition - The ChiNext AI Index allocates approximately 60% of its portfolio to computing power (including optical modules and IDC data centers) and 40% to AI applications, emphasizing both core computing power and significant AI application representation [8][19] - The index focuses on the upstream segment of the AI industry chain, particularly in advantageous areas such as CPO optical modules and IDC data centers, with over 44% allocation to CPO optical modules [8]

28日早盘，算力方面继续领涨，创业板人工智能再涨逾1%冲击前高！IDC数据中心概念股冲锋，网宿科技再度封板，3天斩获2个20CM涨停， 首都在线大涨超12%！CPO光模块同样拉升，太辰光、金信诺等多股涨超5%。热门ETF方面，同类规模最大、流动性突出的创业板人工智能 ETF（159363）场内上扬逾1%冲击前高！ | 多日 1分 5分 15分 30分 7 | F9 盘前盘后 查加 九转 画线 工具 © 2 | 创业板人工智能ETF华宝 | 159363 | 159363[创业板人工智能ETF华宝] 10:35 价 1.128 涨跌 0.011(0.98%) 均价 1.135 成 ... | 1.1 | +0.011 +0.98% | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 通 融 / @ + | SZSE CNY 10:35:57 交易中 | A Mar ...

周二（1月27日），算力+AI应用多点开花，创业板人工智能大涨超2.5%直逼前高，光模块龙头"易中天"齐齐拉升。其中，协创数据领涨超 9%，航宇微涨超8%，天孚通信涨超7%，中际旭创涨超4%，新易盛涨超2.5%。 热门ETF方面，双线布局"算力+AI应用"的创业板人工智能ETF（159363）场内全天走高，收涨2.76%逼近前期高点，全天放量成交8.45亿元。 当前AI发展从算力建设走向应用落地，一键布局"算力+AI应用"的创业板人工智能ETF（159363）及场外联接（A类023407、C类023408），更 直接受益于AI技术商业化爆发的增长红利。从赛道看，创业板人工智能约六成仓位布局算力（光模块龙头+IDC龙头），约四成仓位布局AI应 用，不止是"算力"核心，也是真正的"AI应用"代表。 数据来源：沪深交易所等。注："全市场首只"是指首只跟踪创业板人工智能指数的ETF。 *机构观点参考资料来源：①国盛证券《光模块复盘与思考》；②国泰海通证券《通信行业2025Q4基金持仓总结：基金持仓占比涨幅位列第一 AI算力产业链持续向好》；中信证券《从CES 2026看中国AI应用投资趋势》 ETF基金相关费用说明： ...

Market Pricing Status - The market transaction activity has moderately decreased, while the profit effect has increased. The average daily trading volume across the A-share market has dropped to 2.8 trillion yuan, with the proportion of stocks rising by 76.7% and the median weekly return increasing to 2.7% [4][7][14]. A-share Liquidity Tracking - Financing funds have slightly flowed out, while ETF funds have continued to experience significant outflows. The new issuance scale of equity funds has risen to 26.12 billion yuan, and foreign capital has flowed into the A-share market at 39 million USD [4][18][26]. - The net outflow of ETF funds has reached 326.47 billion yuan, primarily due to state-owned enterprises selling ETFs to optimize their capital structure [4][18][26]. - The net selling amount of financing has increased to 6.89 billion yuan, with the trading volume proportion decreasing to 9.8% [4][18][26]. A-share Industry Allocation - There is a clear divergence in the behavior of foreign capital, ETFs, and financing funds. Foreign capital has seen net inflows in the metals (+27.3 million USD) and computer sectors (+12.8 million USD), while banks (-35.1 million USD) and telecommunications (-20.8 million USD) have seen net outflows [4][18][26]. - In terms of financing, the electronics sector has seen a net inflow of 20.65 billion yuan, while the beauty and construction materials sectors have experienced net outflows [4][18][26]. - The ETF sector has seen widespread outflows, particularly in electronics (-48.7 billion yuan), banks (-33.28 billion yuan), and non-banking financials (-32.33 billion yuan) [4][18][26]. Hong Kong and Global Fund Flow - Southbound funds have accelerated their inflow, with net purchases rising to 23.52 billion yuan, representing the 71.0 percentile since 2022 [4][18][26]. - Global foreign capital has marginally flowed into the US and Asian markets, with the US receiving a net inflow of 2.9 billion USD and China 2.07 billion USD [4][18][26].

当前AI发展从算力建设走向应用落地，一键布局"算力+AI应用"的创业板人工智能ETF（159363）及场 外联接（A类023407、C类023408），更直接受益于AI技术商业化爆发的增长红利。从赛道看，创业板 人工智能约六成仓位布局算力（光模块为主），约四成仓位布局AI应用，不止是"算力"核心，也是真正 的"AI应用"代表。 1月27日，CPO概念震荡拉升，龙头中际旭创一度涨近7%，创业板人工智能持续走强，逆市冲击新高。 热门ETF方面，双线布局"算力+AI应用"的创业板人工智能ETF（159363）一度涨逾3.2%。资金持续大 幅流入，创业板人工智能ETF（159363）最近10个交易日累计吸金超16亿元，最新基金规模冲高至 62.28亿元。 CPO光模块方面，国盛证券表示，光通信行业的旺盛需求已形成共识，市场正在消化过度拥挤的交易结 构。与此同时，反映公司间相对强弱的业绩周期，则通过龙头公司市值比的动态变化，持续为市场提供 微观结构的验证，而从长久来看，光模块龙头公司将凭借先发优势和交付能力，持续扩大领先优势。 创业板人工智能ETF华宝（159363）基金经理曹旭辰近期表示，短线回调并不改变今年上半年A ...

Group 1 - The article discusses the formation of MACD golden cross signals, indicating a positive trend for certain stocks [6][9] - It highlights that these stocks have shown good upward momentum recently [6][9] Group 2 - The document references various funds and indices, including Hwabao WP Fund and specific connection funds [1][2] - It mentions that the index size is the largest among similar benchmarks [4]

Core Viewpoint - The trading volume of the CSI A50 Index ETFs increased significantly today, indicating heightened market activity and investor interest in these funds [1][2]. Trading Volume Summary - The total trading volume of CSI A50 Index ETFs reached 691 million yuan today, an increase of 166 million yuan from the previous trading day, representing a growth rate of 31.58% [1]. - Specific ETFs showed notable increases in trading volume: - Ping An CSI A50 ETF (159593) had a trading volume of 156 million yuan, up 80.5 million yuan, with a growth rate of 106.57% [1]. - Dacheng CSI A50 ETF (159595) recorded a trading volume of 177 million yuan, an increase of 49.5 million yuan, with a growth rate of 38.87% [1]. - Fortune CSI A50 ETF (159591) saw a trading volume of 67.8 million yuan, up 44.1 million yuan, with a remarkable growth rate of 186.78% [1]. - Other ETFs with significant increases in trading volume included Xinhua CSI A50 ETF (560820) and Fortune CSI A50 ETF (159591), with increases of 1306.25% and 186.78% respectively [1]. Market Performance Summary - As of market close, the average increase for ETFs tracking the CSI A50 Index was 0.45%, with notable performers including Bosera CSI A50 ETF (561750) and E Fund CSI A50 Enhanced Strategy ETF (512030), which rose by 3.46% and 0.82% respectively [2]. - Conversely, Xinhua CSI A50 ETF (560820) and Penghua CSI A50 ETF (512240) experienced declines of 0.67% and 0.09% respectively [2]. - Detailed performance data for various ETFs included: - Ping An CSI A50 ETF (159593): +0.30%, trading volume 156 million yuan, increase of 80.5 million yuan, growth rate 106.57% [2]. - Dacheng CSI A50 ETF (159595): +0.23%, trading volume 177 million yuan, increase of 49.5 million yuan, growth rate 38.87% [2]. - Fortune CSI A50 ETF (159591): 0.00%, trading volume 67.8 million yuan, increase of 44.1 million yuan, growth rate 186.78% [2]. - Xinhua CSI A50 ETF (560820): -0.67%, trading volume 139.94 million yuan, increase of 129.99 million yuan, growth rate 1306.25% [2].