1月21日早盘，港股医疗板块盘初下探后持续走强。截至10:29，中证港股通医疗主题指数上涨1.4%，成 分股中，微创机器人-B涨超12%，微创医疗涨超4%，阿里健康涨超3%。 消息面上，在2026年1月举办的J.P. Morgan医疗健康大会上，全球药企密集披露前沿研发管线与大额BD 交易，为CXO行业带来明确订单预期。与此同时，AI医疗在C端的渗透正在加速，从智能问诊到慢病管 理的应用场景不断拓展，推动阿里健康、京东健康等港股互联网医疗平台价值重估。 有分析指出，当前医疗板块具备多重投资机会。CXO行业在海外订单回暖和国内产能出清的双重推动 下，景气度持续提升且估值仍具修复空间；医疗器械领域受益于国内设备更新政策支持与海外市场拓 展，脑机接口、AI影像等前沿方向催化不断；互联网医疗则在医保支付改革深化背景下，平台运营效 率持续优化，盈利增长曲线愈发清晰。 中证港股通医疗主题指数从港股通证券范围内选取50只业务涉及医疗器械、医疗商业与服务、制药与生 物科技服务等领域的股票作为指数样本，重点覆盖CXO与互联网医疗等港股特色标的。港股通医疗ETF 易方达（520850）跟踪该指数，可助力投资者精准把握医疗产业创新 ...

Wind数据显示，1月20日的ETF市场资金流向延续了宽基指数产品面临的赎回压力。整体来看，主要宽 基ETF呈现净流出态势，其中以沪深300为代表的大盘宽基指数依然是资金流出的主要方向。 从指数层面看，沪深300相关ETF净流出规模最为显著，合计达到318.86亿元，相比前日（1月19日）净 流出规模增加近12亿元。中证1000指数ETF同样出现明显流出，净流出额为75.05亿元。此外，上证 50、科创50、中证500等主流宽基指数ETF也均呈现资金净流出，规模分别为58.30亿元、49.39亿元和 91.72亿元。 数据来源：Wind，截止至 20260120 | 数据来源：Wind，截止至 | | --- | 20260120 至20260120 具体到产品层面，华泰柏瑞沪深300ETF（510300.SH）净流出109.84亿元，成为当日资金流出最多的 ETF。其他沪深300相关产品如嘉实沪深300ETF（159919.SZ）、易方达沪深300ETF（510310.SH）和华 夏沪深300ETF（510330.SH）也分别净流出73.42亿元、68.48亿元和64.70亿元。此外，南方中证500ETF ...

Core Viewpoint - The U.S. stock market declined overnight due to tariffs and geopolitical tensions, leading to increased safe-haven sentiment, which resulted in gold and silver reaching new highs [1] Group 1: Market Impact - The COMEX gold futures surpassed $4800 per ounce during the trading session [1] - Gold-related ETFs saw an early morning increase of over 2% due to market conditions [1] Group 2: ETF Performance - Various gold ETFs experienced notable price increases, with the following highlights: - Zhongyin Shanghai Gold ETF T+0 rose by 2.61% to a price of 10.365 [2] - Shanghai Gold ETF T+0 increased by 2.75% to a price of 10.797 [2] - Shanghai Gold ETF Required T+0 saw a rise of 2.72% to a price of 10.455 [2] - E Fund Gold ETF T+0 gained 2.63% to a price of 10.808 [2] - Other gold ETFs also reported similar increases, generally around 2.6% to 2.97% [2]

数据显示，截至1月20日，QDII基金总规模达9700亿元，较去年同期大增59%，距离万亿关口仅一步之遥，占全市场基金比 重升至2.6%。全球资产配置需求升温、美股及亚太市场赚钱效应显现，叠加美元强势预期，推动资金借道QDII"出海"；尽 管体量仍低于股票、债券等主流品种，但跨境投资潜力持续释放，后续额度扩容与新品落地有望进一步提速。 1月20日,A股三大股指高开低走,探底后震荡回升,截止收盘,沪指跌0.01%,报4113.65点,深成指跌0.97%,报14155.63点,创业板指 跌1.79%,报3277.98点,科创50指数跌1.58%,报1482.99点。沪深两市成交额2.78万亿,全市场超3100只个股下跌。 二、基金要闻 一、交易提示 | | 标 | 权益登记日 | 每10份整 | | | | --- | --- | --- | --- | --- | --- | | | | | 派发红利( | 0 | | | | 28 | 2026-01-20 | 1.8000 | | | | 255010 | 国际安稳健混合 A | 2026-01-20 | 1.7680 | 2026-01-21 | 常见照 ...

Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd., China's largest leisure food and beverage retail chain, is set to launch its global offering on January 20, with plans to list on the Hong Kong Stock Exchange on January 28 [1] Group 1: IPO Details - The company plans to issue a total of 14.1011 million shares, with approximately 12.6909 million shares for international offering and about 1.4102 million shares for public offering in Hong Kong [1] - The Hong Kong public offering commenced on January 20 and is expected to close at noon on January 23, with estimated net proceeds of approximately HKD 3.124 billion based on a median offer price of HKD 233.10 per share [1] Group 2: Cornerstone Investors - The IPO has attracted significant attention, with a strong lineup of cornerstone investors, including Tencent and Temasek, each subscribing USD 45 million [3] - Other notable investors include BlackRock and Fidelity, with subscriptions of USD 35 million and USD 30 million, respectively, indicating a diverse investor base [3] Group 3: Company Performance - As of November 30, 2025, the company operates 21,041 stores, making it the largest leisure food and beverage retail chain in China [5] - For the nine months ending September 30, 2025, the company's retail sales reached RMB 66.1 billion, a year-on-year increase of 74.5%, serving over 2.1 billion customers [5] - Revenue for the first nine months of 2025 was RMB 46.371 billion, up 75.2% year-on-year, with adjusted net profit rising 240.8% to RMB 1.81 billion [5] Group 4: Use of Proceeds - The funds raised from the IPO will primarily be used to enhance supply chain capabilities, product development, store network upgrades, and ongoing support for franchisees [6] - Additionally, the company plans to invest in brand building, digital transformation, and strategic acquisitions [6]

Core Viewpoint - The company, Hunan Mingming Hen Mang Commercial Chain Co., Ltd., is set to launch its global offering and list on the Hong Kong Stock Exchange, aiming to raise approximately HKD 3.124 billion through the issuance of 14.1011 million shares, with a significant portion allocated to international investors [1]. Group 1: IPO Details - The global offering consists of 14.1011 million shares, with approximately 12.6909 million shares for international offering and about 1.4102 million shares for public offering in Hong Kong [1]. - The public offering in Hong Kong commenced on January 20 and is expected to close on January 23, with a median offer price of HKD 233.10 per share [1]. Group 2: Investor Participation - The IPO has attracted significant attention from the capital market, with a total of 8 cornerstone investors committing approximately USD 195 million (around HKD 1.52 billion) [3]. - Notable cornerstone investors include Tencent and Temasek, each subscribing USD 45 million, indicating strong confidence in the emerging retail sector [3]. - Other prominent asset management firms such as BlackRock and Fidelity also participated, showcasing a diverse investor base that includes sovereign wealth funds and leading asset managers [3]. Group 3: Company Position and Performance - Mingming Hen Mang is recognized as the largest leisure food and beverage retail chain in China, operating under the brands "Zero Snacks" and "Zhao Yiming Snacks" [4]. - As of September 30, 2025, the company had 19,517 stores nationwide, with a retail sales volume (GMV) of CNY 66.1 billion, reflecting a year-on-year growth of 74.5% [4]. - The company achieved a revenue of CNY 46.371 billion in the first nine months of 2025, a 75.2% increase year-on-year, and an adjusted net profit of CNY 1.81 billion, up 240.8% [4]. Group 4: Future Plans - The funds raised from the IPO will primarily be used to enhance supply chain capabilities, product development, store network upgrades, and support for franchisees [5]. - The company plans to invest in brand building, digital transformation, and strategic acquisitions to solidify its leading position in the leisure food and beverage retail sector [5].

Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. (referred to as "Mingming Hen Mang") has officially launched its global offering and plans to list on the Hong Kong Stock Exchange on January 28, aiming to raise approximately HKD 3.124 billion from the IPO [1]. Group 1: IPO Details - Mingming Hen Mang plans to issue a total of 14.1011 million shares, with approximately 12.6909 million shares allocated for international offering and about 1.4102 million shares for public offering in Hong Kong [1]. - The Hong Kong public offering will commence on January 20 at 9 AM and is expected to close on January 23 at 12 PM [1]. - The estimated net proceeds from the global offering, based on a median offer price of HKD 233.10, will be around HKD 3.124 billion after deducting related expenses [1]. Group 2: Investor Participation - The offering has attracted eight cornerstone investors, with a total subscription amount of approximately USD 195 million (around HKD 1.52 billion) [2]. - Notable cornerstone investors include Tencent and Temasek, each subscribing USD 45 million, BlackRock with USD 35 million, and Fidelity with USD 30 million [3][4]. Group 3: Financial Performance - For the nine months ending September 30, 2025, Mingming Hen Mang reported revenue of RMB 46.372 billion, a year-on-year increase of 75.2% from RMB 26.465 billion [5][6]. - The adjusted net profit for the same period was RMB 1.810 billion, reflecting a significant growth of 240.8% compared to RMB 531 million in the previous year [6]. - The company has a total of 21,041 stores nationwide as of November 30, 2025, with a retail sales volume (GMV) of RMB 66.1 billion, marking a 74.5% increase year-on-year [5]. Group 4: Use of Proceeds - The funds raised from the IPO will primarily be used to enhance supply chain capabilities, product development, store network upgrades, and ongoing support for franchisees [4]. - Additionally, the company plans to invest in brand building, digital transformation, and strategic acquisitions to solidify its position in the retail sector of leisure food and beverages [4].

Group 1 - The core viewpoint is that despite a slight decline in major indices, the overall valuation of A-shares remains reasonable, and factors such as macro policy support, long-term capital inflow, and moderate recovery in corporate earnings are expected to sustain the bull market [1] - The CSI A500 index and CSI A100 index both fell by 0.5%, while the CSI A50 index decreased by 0.4% [1] - As the end of January approaches, a concentrated disclosure period for annual performance forecasts is expected, leading to renewed focus on performance-driven investment themes, particularly in technology sector expansion, price increase trends, and high growth in annual reports [1]

Group 1 - The ChiNext Index fell by 1.8%, the ChiNext Mid 200 Index decreased by 2.2%, and the ChiNext Growth Index dropped by 2.4% [1] - The National Development and Reform Commission stated that new economic growth points such as new energy, new materials, aerospace, quantum technology, biomanufacturing, and embodied intelligence are gaining momentum [1] - The installed capacity of new energy storage has surpassed 100 million kilowatts, accounting for over 40% of the global share [1] Group 2 - The "Artificial Intelligence +" initiative implemented last year is enhancing the advantages of various scenarios in China, accelerating the transition of AI from the digital world to the physical world [1] - This transition is expected to drive explosive growth in high-end manufacturing, emerging consumption, and new business models in China [1]

1月20日，湖南鸣鸣很忙商业连锁股份有限公司（以下简称"鸣鸣很忙"）正式开启全球发售，拟于1月28 日在港交所主板挂牌上市，有望成为港股"量贩零食第一股"。 根据弗若斯特沙利文报告，按2024年休闲食品饮料产品GMV计，鸣鸣很忙是中国最大的连锁零售商。 公司旗下拥有"零食很忙"和"赵一鸣零食"两大品牌。其中"零食很忙"由晏周于2017年3月在湖南长沙创 立，"赵一鸣零食"由赵定于2019年1月在江西宜春创立，二者于2023年完成合并。 鸣鸣很忙计划全球发售1410.11万股股份，其中国际发售股份约为1269.09万股，香港公开发售股份约为 141.02万股。按发售价中位数233.10港元计算，扣除相关费用后，公司预计募集资金净额约为31.24亿港 元。 本次发行，鸣鸣很忙共引入8家基石投资者，合计认购约1.95亿美元（约合15.20亿港元）。基石投资者 包括腾讯、淡马锡（Temasek）、贝莱德（BlackRock）、富达基金（Fidelity），以及泰康人寿、博时 国际、易方达和淡水泉（Springs Capital）等机构。 | | | 截至12月31日止年度 | | 截至9月30日止九個月 | | | ...