Core Insights - Public fund institutions have significantly increased their research activities in January, focusing on AI computing power, high-end medical technology, and new energy as the three core investment themes [1][3][5] Group 1: Research Activity - A total of 156 public fund institutions participated in A-share research in January, covering 486 stocks across 17 industries, with a total of 3,992 research instances [1] - Leading institutions such as Bosera Fund, Huaxia Fund, and Penghua Fund conducted the most research, with Bosera Fund leading at 116 instances [2] - The most researched stocks included Zhongji Xuchuang in the communications sector with 61 instances, followed by Aipeng Medical and Xiangyu Medical in the medical sector with 57 and 47 instances respectively [2] Group 2: Industry Focus - The electronics industry was the most researched, with 603 instances covering 71 stocks, followed by the machinery equipment industry with 591 instances covering 67 stocks [2][3] - Other industries such as medical biology, electric equipment, and basic chemicals also saw significant research activity, each exceeding 276 instances [3] Group 3: Emerging Trends - Brain-computer interfaces have emerged as a key focus within the high-end medical sector, driven by technological breakthroughs and commercial progress [4] - Companies like Aipeng Medical and Meihai Medical are actively engaging in brain-computer interface developments, with Aipeng Medical discussing advancements in brainwave technology [4] - The year 2026 is anticipated to be pivotal for the commercialization of invasive brain-computer interfaces, with several companies already in clinical stages [4]

Overall ETF Fund Flow Overview - During the period from January 26 to 30, 2026, the overall market stock ETFs (excluding cross-border) experienced a net outflow of 314.93 billion, with a notable decrease in outflow scale towards the end of the week as the market weakened [11][14] - A-share industry and thematic ETFs saw a net inflow of 71.75 billion, an increase of 12.88 billion compared to the previous period, indicating strong market entry willingness from individual investors who view market pullbacks as opportunities for allocation [14][16] - Hong Kong stock ETFs recorded a net inflow of nearly 10 billion, continuing the inflow trend, while cross-border industry and thematic ETFs had a net inflow of 1.16 billion, a decrease of 6.35 billion from the previous week [16] Sector Analysis - The inflow into sectors such as non-ferrous metals, semiconductors, chemicals, and gold stocks showed strong sustainability, while the oil and petrochemical sector saw a significant increase in net inflow, although recent market volatility may affect price direction [20][22] - In the cross-border sector, emerging markets, Hong Kong's Hang Seng Technology, and major industry categories like technology and financial real estate saw relatively high inflows [25] Representative ETF Fund Flow - For stock ETFs, the top five by net inflow from January 26 to 30 were: - Huaxia CSI Non-ferrous Metals Industry Thematic ETF (6.46 billion) - Southern CSI Shenwan Non-ferrous Metals ETF (5.63 billion) - Penghua CSI Chemical Industry ETF (4.01 billion) - Huaxia CSI Shanghai-Hong Kong Gold Industry Stock ETF (3.82 billion) - Fortune CSI Chemical Industry Thematic ETF (2.78 billion) - The top five by net outflow were: - E Fund CSI 300 ETF (-74.73 billion) - Huatai-PB CSI 300 ETF (-74.20 billion) - Huaxia CSI 300 ETF (-54.71 billion) - Huaxia SSE 50 ETF (-41.73 billion) - Jiashi CSI 300 ETF (-40.63 billion) [28] Cross-Border ETF Representative Products - The top five cross-border ETFs by net inflow were: - GF CSI Hong Kong Stock Connect Non-bank ETF - Tianhong Hang Seng Technology ETF - Southern Fund Southern Dongying FTSE Asia Pacific Low Carbon Selected ETF (QDII) - GF CSI Hong Kong Innovative Medicine (QDII-ETF) - E Fund CSI Hong Kong Stock Connect Consumer Thematic ETF [3]

Market Overview - On February 2, over 30 ETF products hit the daily limit down, primarily from the gold and non-ferrous metal sectors, while ETFs related to electric grids, food and beverages, and banks showed resilience with gains [1][5] - The overall ETF market saw only about 50 products in the green at the close of trading [3] ETF Performance - The New Economy ETF by Yinhua (159822) recorded the highest single-day gain of over 7% on February 2 [3] - Several ETFs in the electric grid and food and beverage sectors demonstrated significant anti-drawdown characteristics, with notable performances including: - New Economy ETF Yinhua: 0.80 CNY, +7.57% - Food and Beverage ETF: 0.55 CNY, +1.48% - Electric Grid Equipment ETF: 1.75 CNY, +1.33% [4] Fund Flows - In January, multiple broad-based ETFs experienced significant net outflows, with a total exceeding 570 billion CNY from four major Hu-Shen 300 ETFs [8] - The specific net outflows for January included: - Huatai-PineBridge Hu-Shen 300 ETF: -190.84 billion CNY - E Fund Hu-Shen 300 ETF: -152.66 billion CNY - China Asset Hu-Shen 300 ETF: -137.59 billion CNY - Harvest Hu-Shen 300 ETF: -98.69 billion CNY [9] Market Sentiment - Current market conditions are characterized as a short-term emotional disturbance period, with expectations of a spring rally not yet concluded [3] - Analysts suggest that while there may be short-term volatility, the underlying logic supporting risk assets remains intact due to anticipated easing in 2026 and limited tightening actions from the Federal Reserve [3][7] Precious Metals Market - The precious metals market has seen a significant correction, attributed to a combination of speculative trading and increased margin requirements, leading to a technical clearing rather than a fundamental policy shift [6][7] - Despite recent volatility, long-term trends suggest continued support for precious metals due to weakening dollar credit and ongoing central bank purchases [7]

除了宏观政策面的风向突变，交易层面的因素也放大了波动。在1月份价格飙升至历史高位的过程中， 黄金的相对强弱指数（RSI）等技术指标已进入严重超买区间，积累了巨大的获利了结压力。早期涌入 的投机资金与高杠杆交易盘在价格转向时集中平仓，引发了连锁式的技术性抛售。其中，白银因市场规 模相对较小、金融与工业属性交织且投机资金参与度更高，其价格波动较黄金更为剧烈。 针对后市走向，光大期货认为，贵金属价格剧烈调整是对前期极端超买与过度拥挤交易的一次"挤泡沫 和降杠杆"式的强制性清算，但支撑贵金属的长期核心变量（如美元信用体系重构、去美元化储备趋 势、地缘政治裂痕常态化）并未发生逆转，长期驱动逻辑依然完整。进入2月，市场将更加关注宏观、 政策信号与地缘事件驱动寻求贵金属的支撑点，波动率仍将维持高位，但各品种将走向分化。 从长周期来看，国联期货表示，贵金属整体趋势依然稳定。在全球秩序重构大势不可逆、地缘政治仍处 于高度不确定性、全球信用货币体系重构（美元信用松动）的长期宏观趋势背景下，黄金作为重要储备 资产，在避险、货币对冲及抗通胀的配置需求支持下，仍将维持强势格局。而白银在全球战略资产储备 需求升温、结构性供需缺口长期存在 ...

在过去的一周里，港股恒生指数逆市上扬，成功突破去年10月阶段性高点，并接连创出近四年 来指数新高。 在港股升温的交易日里，多家公募基金也紧锣密鼓地布局港股主题产品，当前无论是主题基金的 申报、发行，还是发行时的屡屡提前结募，都体现出资金对于港股投资方面的一致看多。 展望后市，因长期存在的估值优势，"性价比"成为基金经理看多港股的一大因素。此外，有基金 经理认为，随着全球资本的涌入以及"科技牛"的辐射效应，港股科技板块或将与政策主线共振， 长期价值重估有望加速。 港股主题基金密集申报 据证监会官网披露，1月30日，易方达精选策略系列-易方达(香港)中国股票股息基金进入申报环 节，1月23日，易方达基金、招商基金和富国基金旗下也各有港股主题产品申报。 这也是近期各家基金集中申报港股主题基金的缩影，仅在2026年年内申报的基金中，就有39只港 股主题基金（名称中包含了"恒生""港股"等），基金类型有ETF、ETF联接基金以及主动权益类产 品，主题方面，包括恒生科技、港股通红利、港股通消费以及港股通医疗等概念。 值得一提的是，近期随着有色、化工板块的崛起，港股主题基金也将布局方向聚焦于相关板块， 如永赢基金申报了港股 ...

与此同时，该基金最新成交量为1.16亿份，最新成交额突破1.82亿元，居可比基金前3。 科创人工智能ETF华夏（589010.SH），场外联接(A类：024411；C类：024412）。 拉长时间看，该基金近3天主力资金加速流入，合计流入3408.56万元，居可比基金前2。（数据来源： Wind） 2026年2月2日，科创人工智能ETF华夏（589010.SH）收跌3.70%，主力资金（单笔成交额100万元以 上）净流入2350.74万元，居可比基金前2。（数据来源：Wind） ...

Group 1 - The core viewpoint of the article highlights the performance of the Huaxia Sci-Tech Bond ETF (551550.SH), which experienced a slight decline of 0.01% on February 2, 2026, while attracting significant net inflows of 303 million yuan from major funds [1] - Over the past two days, the fund has seen a total net inflow of 2.901 billion yuan, placing it in the top tier of the market [1] - The latest trading volume for the fund reached 92.7756 million units, with a total transaction amount of 9.28 billion yuan, making it the leading fund among comparable options [1]

证券研究报告 基金双周报：ETF市场跟踪报告 2 ETF市场回顾： • 收益表现与资金流向：截至1月30日，近两周ETF产品涨跌不一。国内主要宽基ETF中，中证500涨幅最大，行业与主题产品中，周期主题ETF涨幅最大。近两 周，国内主要宽基ETF中，中证2000ETF资金净流入，沪深300ETF资金大幅净流出。2）近两周，周期、医药、消费ETF资金加速流入，军工、金融地产、科 技ETF资金流入速度放缓，大制造其他、新能源ETF资金转为净流入，红利ETF资金流出速度放缓。债券ETF方面，可转债ETF资金加速净流入，短融ETF资 金转为净流入，政金债、信用债、国债、地方债ETF资金净流出速度放缓。 • 产品结构分布：截至1月30日，近两周市场新成立ETF共19只，发行份额合计109.63亿份，均为股票ETF。相较25年末，商品ETF、行业+红利ETF、QDII-ETF 规模分别上升38.50%、23.19%、6.01%，债券ETF、宽基ETF规模分别下降12.49%、34.99%。 证券分析师 | 陈 | 瑶 | 投资咨询资格编号：S1060524120003 | | --- | --- | --- | | 郭子 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The report presents several ETF strategy indices constructed by Huabao Research and tracks their performance and positions on a weekly basis, aiming to help investors convert quantitative models or subjective views into practical investment strategies [11] 3. Summary by Relevant Catalog 3.1 ETF Strategy Index Tracking - **Overall Performance**: The table shows the performance of various ETF strategy indices last week. The Huabao Research Quantitative Windmill ETF Strategy Index had the highest weekly excess return of 2.56%, while the Huabao Research SmartBeta Enhanced ETF Strategy Index had the lowest weekly excess return of -2.76% [12] 3.1.1 Huabao Research Size Rotation ETF Strategy Index - **Strategy**: It uses multi - dimensional technical indicator factors and a machine - learning model to predict the return difference between the Shenwan Large - Cap Index and the Shenwan Small - Cap Index. It outputs weekly signals to predict the strength of the indices in the next week and determines positions accordingly to obtain excess returns [13] - **Performance**: As of 2026/1/30, the excess return since 2024 was 29.34%, the excess return in the past month was 5.89%, and the excess return in the past week was - 1.86%. The index's positions include 50% in the CSI 500ETF and 50% in the CSI 1000ETF [13][17] 3.1.2 Huabao Research SmartBeta Enhanced ETF Strategy Index - **Strategy**: It uses price - volume indicators to time self - built Barra factors and maps timing signals to ETFs based on their exposure to 9 major Barra factors to achieve market - outperforming returns. The selected ETFs cover mainstream broad - based index ETFs and some style and strategy ETFs [17] - **Performance**: As of 2026/1/30, the excess return since 2024 was 20.15%, the excess return in the past month was - 2.11%, and the excess return in the past week was - 2.76%. The index's positions are mainly in several science - innovation and growth - style ETFs [17] 3.1.3 Huabao Research Quantitative Windmill ETF Strategy Index - **Strategy**: It starts from a multi - factor perspective, including the grasp of medium - to - long - term fundamentals, tracking of short - term market trends, and analysis of the behavior of various market participants. It uses valuation and crowding signals to indicate industry risks and multi - dimensionally digs out potential sectors to obtain excess returns [20] - **Performance**: As of 2026/1/30, the excess return since 2024 was 51.39%, the excess return in the past month was 6.51%, and the excess return in the past week was 2.56%. The index's positions are mainly in commodity - related and financial - related ETFs [20][25] 3.1.4 Huabao Research Quantitative Balance ETF Strategy Index - **Strategy**: It adopts a multi - factor system, including economic fundamentals, liquidity, technical analysis, and investor behavior factors, to construct a quantitative timing system for trend analysis of the equity market. It also builds a prediction model for market large - and small - cap styles to adjust the equity market position distribution and obtain excess returns through comprehensive timing and rotation [24] - **Performance**: As of 2026/1/30, the excess return since 2024 was - 10.24%, the excess return in the past month was 0.48%, and the excess return in the past week was - 0.36%. The index's positions include bonds and equity - based ETFs [24][27] 3.1.5 Huabao Research Hot - Spot Tracking ETF Strategy Index - **Strategy**: It uses strategies such as market sentiment analysis, tracking of major industry events, investor sentiment and professional opinions, policy and regulatory changes, and historical analysis to track and dig out hot - spot index target products in a timely manner, constructing an ETF portfolio that can capture market hot spots and providing short - term market trend references for investors [27] - **Performance**: As of 2026/1/30, the excess return in the past month was 6.21%, and the excess return in the past week was 3.21%. The index's positions are mainly in commodity, Hong - Kong - stock, and short - term financing ETFs [27][30] 3.1.6 Huabao Research Bond ETF Duration Strategy Index - **Strategy**: It uses bond market liquidity and price - volume indicators to screen effective timing factors and predicts bond yields through machine - learning methods. When the expected yield is below a certain threshold, it reduces the long - duration positions in the bond investment portfolio to improve long - term returns and drawdown control [30] - **Performance**: As of 2026/1/30, the excess return in the past month was 0.40%, and the excess return in the past week was 0.14%. The index's positions are mainly in bond - related ETFs [30][33]

周一开盘，金银价格继续大幅下挫，市场陷入一片恐慌。美国总统特朗普提名凯文·沃什出任美联储主席的消息如同重磅炸弹，瞬间引爆 市场对鹰派政策的强烈预期，贵金属市场因此遭到恐慌性抛售。受此影响，商品黄金相关ETF甚至以跌停开盘，这一罕见景象让投资者 措手不及。 沃什的提名意味着什么？他向来以鹰派立场著称，主张紧缩货币政策。市场普遍预期，一旦他正式执掌美联储，加息步伐可能会加快， 这对黄金这一不生息资产来说无疑是重大利空。黄金价格应声暴跌，创下了近期的新低。 对于许多黄金投资者而言，这个周一无疑是"黑色星期一"。黄金ETF的跌停开盘让无数投资者措手不及，尤其是那些刚刚在高位买入的投 资者，面临着巨大的账面亏损。市场情绪极度恐慌，抛售潮此起彼伏。 黄金ETF的跌停开盘在历史上都较为罕见，这充分反映了市场对美联储政策转向的担忧。投资者们纷纷抛售黄金，转而寻求更为安全的 资产，或者干脆暂时离场观望。这种恐慌情绪的蔓延，进一步加剧了黄金价格的下跌。 凯文·沃什的提名之所以引发如此大的市场震动，主要是因为他长期以来一直被视为鹰派人物。他在担任美联储理事期间曾多次投票支持 加息，对通胀保持高度警惕。他的政策理念与现任主席鲍威尔有 ...