2025年以来，港股市场IPO破发率较低，投资者打新情绪非常火热。由于鸣鸣很忙定价相对便宜、基石投资者阵容 强大。据测算，甲组中签率最高仅5%，乙组中签率相对较高。 1月28日，鸣鸣很忙上涨69.06%，收报400港元/股，最新市值856亿港元。 投资者阵容豪华 1月28日，"量贩零食第一股"鸣鸣很忙在港股上市，首日开盘即大涨，盘中一度涨超88%。这意味着，若在最高点 卖出，相较于招股价236.6港元，不计手续费，每100股最高可赚超2万港元。 量贩零食股上市 鸣鸣很忙被不少消费者熟悉，在各大县城、社区附近常见的"零食很忙""赵一鸣零食"，均是鸣鸣很忙旗下品牌， 消费者几十块钱就可以买一大袋不同的零食。作为主打下沉市场，依靠低毛利、高周转快速扩张的零售渠道，鸣 鸣很忙近年来门店增长迅速。 据招股书，2025年前三季度，鸣鸣很忙零售额（GMV）达661亿元人民币，同比增长74.5%。截至2025年11月，鸣 鸣很忙的在营门店突破2.1万家，覆盖全国所有县级城市。 图片来源：招股书 提供线下差异化情绪价值 头部机构之所以在早期即敢于大手笔布局鸣鸣很忙，核心在于看好其商业模式，认为其精准捕捉了零食行业的新 趋势与消 ...

Group 1 - Resource stocks experienced a surge, leading to significant gains in related ETFs, particularly in gold stocks, with three gold-related ETFs hitting the daily limit [1][3] - The top ten ETFs by market performance included six gold-related ETFs, indicating strong investor interest in this sector [3][4] - The recent rise in gold prices is attributed to its safe-haven appeal and a renewed trend of "selling U.S. assets," driven by declining confidence in U.S. assets and geopolitical tensions [3][11] Group 2 - Multiple Hu-Shen 300 ETFs saw substantial trading volumes, with total ETF trading reaching 538.918 billion yuan, an increase of 223.914 billion yuan from the previous day [2][7] - Major Hu-Shen 300 ETFs, such as Huatai-PB and E Fund, reported trading volumes exceeding 400 billion yuan and 320 billion yuan, respectively [2][8] - Despite high trading volumes, several of these ETFs faced net outflows, indicating potential investor caution [2][9][10] Group 3 - The strong performance of the resource sector has led to continued inflows into related ETFs, with five gold and resource-related ETFs appearing in the top ten for net inflows on both January 26 and 27 [5][6] - The top inflow ETF on January 27 was the Nonferrous Metals ETF, with a net inflow of 1.657 billion yuan, highlighting investor confidence in this sector [6] Group 4 - The demand for nonferrous metals is being driven by new engines such as AI data centers and renewable energy, which are expected to increase consumption of key metals like copper and aluminum [11] - Supply constraints persist due to long-term underinvestment in global mining capital expenditures, reinforcing the bullish outlook for resource prices [11] - Investment strategies should focus on cyclical resources supported by global demand and the AI industry, as these sectors are expected to outperform in the current market environment [11]

| 柜台 | 股份代号 | 股份名称 | | --- | --- | --- | | 港币 | 2824 | 易方达黄金矿 | | 美元 | 9824 | 易方达黄金矿-U | | 人民币 | 82824 | 易方达黄金矿-R | 智通财经APP获悉，港交所发布公告称，易方达(香港)Solactive全球黄金矿业精选指数ETF的港币，美 元，人民币柜台单位(统称"单位") 预计在2026年1月30日开始在香港联交所上市及买卖，并于当日被纳 入成为中央结算系统多柜台合资格证券。 ...

Group 1 - The core conclusion of the report indicates that in Q4 2025, the scale of public FOFs increased, with 7 fund companies exceeding 10 billion yuan, and E Fund ranking first in scale, while the CR10 concentration ratio decreased to 60% [1][3][34] - In Q4 2025, the number of public FOFs reached 549, with a total scale of 239.34 billion yuan, reflecting an increase of 458.54 billion yuan compared to the previous quarter [3][13] - The report highlights that the new issuance scale reached 458.54 billion yuan, primarily driven by bond-type FOFs, with a positive return ratio of 49% [1][4][17] Group 2 - The report identifies a structural opportunity in the market, focusing on technology and cyclical sectors as the main investment themes [1][7] - The analysis of FOF fund performance shows that the positive return ratio for Q4 2025 was 49%, while the cumulative positive return ratio since 2025 has been 100% [4][7] - The report notes that the allocation strategy for Q4 2025 involved increasing bond fund holdings while reducing equity and commodity fund allocations [5][24] Group 3 - The report emphasizes the significant growth of bond mixed FOFs, which saw an increase of 493.87 billion yuan, accounting for 61.01% of the total scale [21][24] - The top ten FOF funds by scale accounted for 31.75% of the total, with the largest being the E Fund with 143.09 billion yuan [25][26] - The report highlights that 51 fund companies saw an increase in FOF scale, with five companies growing by over 50 billion yuan, notably E Fund and Guotai Junan [30][33]

业内人士指出，ETF高成交反映出当前市场波动下，机构借助ETF工具快速调整仓位、对冲风险的需求 激增，也凸显出资金布局方向的结构性转变。 排排网财富公募产品运营曾方芳表示，当前 ETF 高成交主要受三大因素驱动。其一，量化交易持续深 化，程序化套利与高频交易贡献了可观的成交增量。其二，公募、险资等机构资金，借助ETF高效调 仓，有效规避个股交易带来的冲击风险。其三，低利率环境下，资金追求高效配置，ETF 流动性佳、 风险分散的特质备受青睐，叠加政策引导资金布局优质赛道，进一步提升了市场成交活跃度。 实际上，本轮ETF成交放量，核心由机构调仓换股、量化策略高频交易以及套利资金推动。沪深 300ETF、上证50ETF等宽基产品是成交主力，同时有色金属、黄金、半导体等主题 ETF 交易同样活 跃。市场呈现明显分化，宽基ETF遭遇大额资金净流出，而贵金属、硬科技等主题 ETF获资金持续净流 入。 数据统计，截至1月27日，华泰柏瑞沪深300ETF年内净流出已超1000亿元，单日净流出额在1月27日达 140.65亿元，显示机构资金持续从核心宽基产品中撤离。 业内人士认为，资金正从规模指数ETF向行业主题ETF迁移。同 ...

这家拥有超过2.1万家门店的零食连锁巨头，首日上市高开88.08%，报445港元，市值达952.75亿港元。鸣 鸣很忙此次IPO公开发售获1899.49倍认购，国际配售获44.44倍认购。 从2017年晏周在湖南长沙创办"零食很忙"开始，这家最初只有一家不足40平米小店的企业，用了不到八年 时间，凭借加盟、合并、扩张等方式持续发力，成为年度GMV达555亿元的细分行业龙头。它的崛起不仅 是一个商业"奇迹"，更是近年来中国下沉市场消费升级与零售渠道变革的缩影。 官方数据显示：截至2025年11月30日，鸣鸣很忙全国在营门店达21041家，覆盖中国28个省份。其约59%的 门店位于县城与乡镇，网络已深入1341个县，构成了中国零食市场最末端的毛细血管。 上市前夕，鸣鸣很忙获得了包括腾讯、淡马锡、贝莱德等在内的豪华基石投资者阵营的加持，合计认购约 1.95亿美元。资本市场的热切期待，指向了一个核心问题：一家毛利率长期徘徊在7%-9%区间的公司，如 何依靠"薄利模式"，支撑起千亿市值？ 资本引擎 此次鸣鸣很忙全球发售1410.11万股股份，预计募集资金净额约31.24亿港元（以发售价中位数计）。香港公 开发售于1月2 ...

| 令日 | 该指数 该指数自20 | | --- | --- | | 该指数涨跌 | 滚动市销率 发布以来估值 | | -0.4% | 5.3倍 99.79 | 截至收盘，中证云计算与大数据主题指数下跌0.4%，中证芯片产业指数上涨1.4%，中证半导体材料设备主题指数上涨1.3%。据Wind数据统计，半导体设备 ETF易方达（159558）和芯片ETF易方达（516350）近一周均连续获资金净流入，合计分别达4.3亿元和1.4亿元。 东吴证券研报指出，在扩产方面，国产半导体设备正迎来历史性的发展机遇。2026年将开启确定性较强的扩产周期，预计半导体设备全行业的订单增速将超 过30%。 每日经济新闻 ...

截至收盘，中证A500指数上涨0.4%，中证A100指数上涨0.5%，中证A50指数上涨0.3%。 高盛分析师今日指出，盈利增长是驱动今年中国股票上涨的主要原因，不计外资，预计将有3.6万亿元规模的增量资金流入中国股市。据估算，国内的个人 投资者出于增加股票配置的考虑，将有约2万亿元资金流入股市；机构层面，以保险公司增配权益类资产带动为核心，将有约1.6万亿元资金流入股市。 | A500ETF易方达 低费率 | | | | | --- | --- | --- | --- | | 跟踪中证A500指数 | | | | | 该指数由各行业市值较大、流 | マ日 该指数涨跌 | 该指数 滚动市盈率 | 该指数 以来估 | | 动性较好的500只证券组成, | | | | | 覆盖93个三级行业中的89个 | 0. 4% | 17.4倍 | 76. | | A100ETF易方达 低费率 | | | | | 跟踪中证A100指数 | | | | | 该指数由具有行业代表性的市 | 令日 | 该指数 | 该指数! | | 值较大、流动性较好的100只 | 该指数涨跌 | 滚动市盈率 | 发布以来 | | 证券组成,覆盖4 ...

截至收盘，国证机器人产业指数下跌2.1%，中证智能电动汽车指数下跌0.4%，中证物联网主题指数下跌0.02%，中证消费电子主题指数上涨0.4%。资金逆势 布局，机器人ETF易方达（159530）全天净申购达3300万份。拉长时间来看，该ETF近一月合计"吸金"超20亿元。 中信建投证券指出，展望2026年，全球流动性宽松格局进一步深化，国内金融市场政策红利持续增厚，个人投资者入市的动力正在增强，A股市场增量资金 有望覆盖更大基础。整体来看，支持牛市的核心逻辑预计仍将延续甚至强化。综合商业化场景分析，预计具身智能远期市场规模超过万亿，人形机器人板块 关注核心从主题投资到量产预期。 每日经济新闻 ...

Core Viewpoint - The "Dividend+" index has shown strong performance, driven by the non-ferrous and energy sectors, with significant interest in related ETFs, particularly the E Fund Free Cash Flow ETF, which saw a net subscription of 21 million shares on January 28 [1]. Group 1: Index Performance - The Guozheng Free Cash Flow Index increased by 2.3%, while both the Guozheng Value 100 Index and the CSI Dividend Index rose by 1.6% [1]. - The CSI Dividend Index consists of 100 stocks with high cash dividend yields, reflecting the overall performance of high-dividend A-share companies, with banks, coal, and transportation sectors accounting for over 50% of the index [2]. - The Guozheng Value 100 Index is composed of 100 stocks with prominent value characteristics, with consumer discretionary, financials, and industrials making up over 65% of the index [2]. Group 2: ETF Details - The E Fund Free Cash Flow ETF (159222) tracks the Guozheng Free Cash Flow Index, which includes 100 stocks with high free cash flow levels, primarily from the industrial, materials, and consumer discretionary sectors, accounting for over 70% of the index [2]. - The E Fund Value ETF (159263) tracks the Guozheng Value 100 Index, focusing on value stocks with a low price-to-earnings ratio and high dividend yield [1][2]. Group 3: Historical Performance - The CSI Dividend Index has shown a compound annual growth rate of 11.1% since 2013, with notable fluctuations in annual returns [3]. - The Guozheng Value 100 Index has a compound annual growth rate of 18.0% [3]. - The Guozheng Free Cash Flow Index has experienced a compound annual growth rate of 18.9% [3].