Group 1 - The core viewpoint is that the non-ferrous metal sector is experiencing a historical high, with the Huabao Non-Ferrous ETF (159876) rising over 4% and reaching a new historical peak, reflecting a year-on-year increase of over 128% in the index it tracks [1] - The Huabao Non-Ferrous ETF has seen a net subscription of over 78 million units in just 10 minutes, with a total net inflow of nearly 900 million yuan in the last 20 trading days [1] - China Galaxy Securities suggests capitalizing on the "AI leap + century change" resonance under the super cycle of non-ferrous metals, indicating that this cycle is supported by strong macro narratives [1] Group 2 - Historical experience indicates that each commodity cycle lasts long, typically 25-30 years, with upward trends lasting 8-10 years and downward trends lasting 15-20 years, suggesting that the current non-ferrous metal cycle is likely to continue for an extended period [2] - Institutions generally agree that the non-ferrous metal sector is expected to maintain a bullish trend, with expectations of a bull market driven by monetary, demand, and supply factors by 2026 [2] - The Huabao Non-Ferrous ETF (159876) and its linked fund (017140) cover a wide range of metals, including copper, aluminum, gold, rare earths, and lithium, allowing for better capture of the sector's beta performance [2]

Report Overview - The report provides an overview of the A-share market, ETFs, and other financial instruments on January 23, 2026 [2][6]. Market Overview - The Shanghai Composite Index rose 0.33% to 4136.16 points, the Shenzhen Component Index rose 0.79% to 14439.66 points, and the ChiNext Index rose 0.63% to 3349.50 points [2][6]. - The total trading volume of A-shares was 31184 billion yuan [2][6]. - The top-performing sectors were power equipment (3.50%), non-ferrous metals (2.73%), and national defense and military industry (2.65%), while the worst-performing sectors were communication (-1.52%), banking (-0.90%), and coal (-0.76%) [2][6]. Stock ETF - The top-traded stock ETFs were Huatai-PineBridge CSI 300 ETF (-0.49%, discount rate -0.56%), E Fund CSI 300 ETF (-0.46%, discount rate -0.59%), and ChinaAMC CSI 300 ETF (-0.49%, discount rate -0.59%) [3][7]. Bond ETF - The top-traded bond ETFs were Haifutong CSI Short-term Financing Bond ETF (0.02%, discount rate 0.00%), ChinaAMC Shanghai Stock Exchange Benchmark Market-making Treasury Bond ETF (0.09%, discount rate 0.13%), and Bosera CSI Convertible and Exchangeable Bond ETF (1.28%, discount rate 1.26%) [4][9]. Gold ETF - Gold AU9999 rose 2.46%, and Shanghai Gold rose 2.55%. The top-traded gold ETFs were HuaAn Gold ETF (2.67%, discount rate 2.57%), E Fund Gold ETF (2.73%, discount rate 2.59%), and Bosera Gold ETF (2.67%, discount rate 2.59%) [12]. Commodity Futures ETF - Dacheng Non-ferrous Metals Futures ETF rose 1.61% with a discount rate of 1.56%, China Construction Bank Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF rose 2.54% with a discount rate of 3.68%, and ChinaAMC Feed Soybean Meal Futures ETF fell 0.30% with a discount rate of 3.57% [13]. Cross-border ETF - The previous trading day, the Dow Jones Industrial Average rose 0.63%, the Nasdaq Composite rose 0.91%, the S&P 500 rose 0.55%, and the German DAX rose 1.20%. On January 23, the Hang Seng Index rose 0.45%, and the Hang Seng China Enterprises Index rose 0.51%. The top-traded cross-border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF (-0.58%, discount rate -1.29%), GF CSI Hong Kong Innovative Drug ETF (1.30%, discount rate 0.79%), and Huatai-PineBridge Hang Seng Technology ETF (0.67%, discount rate -0.21%) [16]. Money Market ETF - The top-traded money market ETFs were Silver HuaRui Daily Interest ETF, Huabao Tianyi ETF, and China Construction Bank Money Market ETF [18].

资金持续青睐，规模再创新高！截至1月22日，创业板人工智能ETF华宝（159363）最新规模达63.03亿元再创新高，近6个月日均成交额超8亿元，规模、成 交额在跟踪创业板人工智能指数、科创AI指数、科创创业AI指数的25只ETF中高居第一，是双创赛道规模最大、流动性最佳的人工智能ETF！ 周四（1月22日），算力、AI应用午后共振走强，创业板人工智能继续反弹3%。算力方面，光模块CPO成为上攻主力，中际旭创收涨5.72%，天孚通信上涨 5.96%，金信诺、光库科技涨超5%；AI应用方面，深信服20CM涨停，中文在线、蓝色光标、飞利信等多股涨超2%。 热门ETF方面，双线布局"算力+AI应用"创业板人工智能ETF（159363）场内收涨3%，重回所有均线上方，单日成交6.81亿元。资金尾盘再现逆转净流入， 单日抢筹超2300万元，近10日已累计增持超20亿元。 消息面上，光模块龙头天孚通信发布2025年业绩预告，预计净利润18.81亿-21.50亿元，同比增长40%-60%。主要受益于AI与全球数据中心建设带动高速光 器件需求增长，叠加公司降本增效，有源及无源产品线营收提升。 此外，AI应用持续活跃，据智通财 ...

Group 1 - The core viewpoint is that the non-ferrous metal sector is experiencing a super cycle driven by the "AI leap" and "century change," with historical parallels to significant macroeconomic narratives [1] - The non-ferrous ETF Huabao (159876) has seen a net inflow of approximately 600 million yuan over the last 10 trading days, indicating strong investor interest [1] - Historical data suggests that commodity cycles are long, typically lasting 25-30 years, with upward trends lasting 8-10 years and downward trends lasting 15-20 years [1] Group 2 - The non-ferrous ETF Huabao (159876) and its linked fund (017140) cover a wide range of metals including copper, aluminum, gold, rare earths, and lithium, providing comprehensive exposure to different economic cycles [2] - As of January 21, the latest scale of the non-ferrous ETF Huabao (159876) reached 1.736 billion yuan, marking a new historical high and making it the largest ETF tracking the non-ferrous metal index in the market [2]

Core Viewpoint - The performance expectations in the optical module CPO sector are driving the rise of the AI sector in the ChiNext market, with significant gains in stocks like Tianfu Communication and AI application companies like Deepin Technology [1] Group 1: Market Performance - The ChiNext AI sector rose over 1%, with Tianfu Communication up 6%, Zhongji Xuchuang up over 2%, and Xinyi Sheng up over 1% [1] - The ChiNext AI ETF (159363) saw a 2% increase, with real-time transactions exceeding 150 million yuan and over 1 billion yuan added in the past five days [1] Group 2: Company Performance - Tianfu Communication announced a profit forecast for 2025, expecting net profit attributable to shareholders to be between 1.881 billion yuan and 2.150 billion yuan, representing a year-on-year growth of 40% to 60% [1] - The growth is attributed to the accelerated development of the AI industry and the ongoing global data center construction, which has driven stable demand for high-speed optical device products [1] Group 3: Industry Insights - Tianfeng Securities expresses optimism about investment opportunities in the core players of the computing power supply chain, driven by AI-related demand [2] - The communication industry has seen a low increase in stock prices despite strong earnings forecasts, indicating potential for capital inflow during the earnings disclosure period [2] - The ChiNext AI ETF is positioned to benefit directly from the commercialization of AI technology, with approximately 60% of its portfolio in computing power and 40% in AI applications [2]

Market Overview - On January 20, both computing power and AI applications experienced significant declines, with the ChiNext AI index dropping sharply and testing the 20-day moving average [1][9] - AI applications led the decline, with notable stocks like Yidian Tianxia hitting a daily limit down, while others like Zhongwen Online, Tuorisi, and Runhe Software fell over 2% [1][9] - In the computing power sector, leading optical module stocks such as Lian Te Technology, Guangku Technology, and Taicheng Light fell over 5%, while Tianfu Communication and Zhongji Xuchuang dropped over 3% [1][9] ETF Performance - The ChiNext AI ETF (159363), which focuses on both computing power and AI applications, saw a decline of 2.61%, marking its fourth consecutive day of losses, with a single-day trading volume exceeding 1.3 billion yuan [1][9] - Over the past 10 days, the ChiNext AI ETF has attracted over 2 billion yuan, leading its category in capital inflow [1][9] Financing and Market Sentiment - A decrease in margin trading is identified as a key reason for the short-term adjustment in the computing power sector, with a net sell of 8.5 billion yuan recorded on January 19 [3][12] - Major stocks like Zhongji Xuchuang and Xinyisheng faced significant repayment pressures, with repayment amounts reaching 2.4 billion yuan and 2.1 billion yuan respectively [3][12] Future Outlook - Despite the recent volatility, the computing power sector, particularly optical modules, is expected to maintain a favorable outlook, with potential for recovery providing investment opportunities [5][11] - The telecommunications sector has seen upward revisions in profit forecasts since November, indicating strong fundamental support [5][11] - The overseas computing power market is projected to enter a new growth phase by 2026, with continued investment in infrastructure and high growth rates anticipated [6][11] - AI applications are expected to remain a primary focus in 2026, with ongoing catalysts for growth and a favorable environment for application deployment in China [6][11] Investment Strategy - The ChiNext AI ETF is positioned to benefit from the commercialization of AI technology, with approximately 60% of its portfolio allocated to computing power and 40% to AI applications [6][13]

Group 1 - The core viewpoint of the news highlights the accelerating investment in the non-ferrous metals sector, driven by a combination of the "AI leap" and the "century change" in global order, suggesting a super cycle for non-ferrous metals [1] - The non-ferrous ETF Huabao (159876) has seen significant net subscriptions, with over 31 million shares purchased in real-time and a total of 376 million yuan in the last five days, indicating strong market interest [1] - Historical patterns show that each super copper cycle corresponds with a strong macro narrative, and the current cycle is expected to last until at least 2026, influenced by factors such as the recovery of the US dollar credit and strategic stockpiling [1] Group 2 - The non-ferrous ETF Huabao (159876) and its linked fund (017140) cover a wide range of sectors including copper, aluminum, gold, rare earths, and lithium, allowing for better capture of the overall sector's beta performance [2] - As of January 19, the latest scale of the non-ferrous ETF Huabao (159876) reached 1.626 billion yuan, setting a new historical high and making it the largest ETF tracking the China Nonferrous Metals Index in the market [2]

周一（1月19日），创业板人工智能震荡回调，资金继续低吸买入。成份股跌多涨少，上涨方面，航宇微领涨超6%，蓝色光标涨超3%，新易盛、北京君 正、首都在线、易华录等涨超1%。下跌方面，锐捷网络领跌超10%，深信服、联特科技、中科创达纷纷下挫逾5%。 从资金配置思路看，交易光模块等算力绩优板块业绩预期或是做多思路。 兴业证券表示，1月下半月业绩披露期，聚焦基本面进行结构上的调整短期，随着市场情绪回归理性，叠加上市公司年报预告陆续披露，业绩将成为阶段性 主导市场的重要因素，市场或将围绕基本面进行一轮结构上的调整，前期热点板块面临业绩验证，同时部分低位绩优板块也有望承接新一轮资金流入。* 该机构表示，自去年11月以来，高景气的上游算力硬件（通信、半导体等）属于盈利预测上修较多的科技行业之一，表明基本面可能具备积极支撑。另一方 面，从市场表现看，通信行业也是开年行情以来涨幅偏低的AI硬件领域行业之一。这种"盈利上修"与"涨幅偏低"的组合，意味着该板块在业绩披露期有望 吸引关注基本面的资金流入。* 此外，创业板人工智能ETF华宝（159363）基金经理曹旭辰表示，短线回调并不改变今年上半年A股市场的强势表现预期，在回调期 ...

Group 1: Monetary Policy and Market Operations - The central bank conducted a 7-day reverse repurchase operation on January 19, with a fixed rate of 1.40%, totaling 158.3 billion yuan, resulting in a net injection of 72.2 billion yuan after accounting for 86.1 billion yuan in reverse repos maturing on the same day [1] - The interbank market showed stable funding supply and pricing, with the overnight repo weighted average rate (DR001) slightly above 1.3%, and the overnight quotes on the anonymous X-repo system also maintained around 1.30% [3] - The latest overnight financing rate in the U.S. was reported at 3.66% [4] Group 2: Bond Market Overview - The latest transaction rate for one-year interbank certificates of deposit was around 1.63%, unchanged from the previous day [7] - Most yields on interbank major interest rate bonds have increased [9] - The main contracts for government bond futures showed a decline, with the 30-year contract down by 0.22%, the 10-year down by 0.02%, and the 5-year also down by 0.02%, while the 2-year contract remained flat [11] Group 3: Economic Data and Trends - According to the National Bureau of Statistics, China's GDP for 2025 is projected to be 14,018.79 billion yuan, with a year-on-year growth of 5%. The quarterly growth rates are 5.4% in Q1, 5.2% in Q2, 4.8% in Q3, and 4.5% in Q4 [12] - The industrial added value for the year increased by 5.9%, while the service sector's added value grew by 5.4%. However, fixed asset investment decreased by 3.8%, with real estate development investment down by 17.2% [12] - In December 2025, the sales prices of residential properties in 70 large and medium-sized cities showed a month-on-month decline, with first-tier cities' new home prices down by 0.3% and second and third-tier cities down by 0.4% [12] Group 4: Global Economic Context - Germany's finance minister indicated a strong response to U.S. tariffs, emphasizing the EU's readiness to find solutions without being coerced by the U.S. [15] - France's finance minister expressed full support for Greenland and Denmark, highlighting the need for European unity and preparation to utilize the EU's anti-coercion mechanism [15] - The bond market is experiencing a weakening of the stock-bond seesaw effect, with institutions being cautious about the bond market in Q1 [16]

展望后市，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19日，创业板人工智能震荡下探1%，大额资金继续涌入。成份股跌多涨少，截至发稿，航宇微、蓝色光标领涨超5%，铜牛信息、首都在线、新易盛等 上涨超2%。下跌方面，锐捷网络领跌超10%，深信服、联特科技、太辰光、光环新网等多股跌超2%。 热门ETF方面，双线布局"算力+AI应用"的创业板人工智能ETF（159363）场内下探1%，盘中下触10日线，资金逢跌买入。继单周爆买近17亿元后，今日盘 中资金再度净申购3亿份，按场内平均价估算约超3亿元。 | 分时 多日 1分 5分 15分 30分 综合屏 F9 前复权 超级叠加 画线 工具 ♡ 2 » | | | | | | 创业板人工智 | | --- | --- | --- | --- | --- | --- | --- | | 2 ...