Core Viewpoint - The Hong Kong stock market shows resilience with various indices experiencing gains, indicating a stabilization in earnings expectations despite previous downward adjustments in EPS forecasts for the Hang Seng Technology Index [1]. Group 1: Index Performance - The CSI Hong Kong Stock Connect Healthcare Index rose by 2.4% [1] - The CSI Hong Kong Stock Connect Consumer Theme Index increased by 1.1% [1] - The Hang Seng Hong Kong Stock Connect New Economy Index gained 0.8% [1] - The Hang Seng Technology Index saw a rise of 0.6% [1] - The CSI Hong Kong Stock Connect Internet Index experienced a slight increase of 0.1% [1] Group 2: Fund Inflows - The E Fund Hang Seng Technology ETF (513010) has recorded over 3 billion yuan in net inflows for six consecutive trading days, totaling more than 20 billion yuan [1]. Group 3: Earnings Expectations - According to China Merchants Securities, the fundamentals of the Hong Kong stock market remain solid, with earnings expectations stabilizing [1]. - The EPS forecast for the Hang Seng Technology Index has been continuously adjusted downward since September but has now stabilized, suggesting that current stock prices reflect the market's phase of earnings revision [1].

Core Insights - The report emphasizes embracing technology and focusing on the new economy within the machinery industry, highlighting significant investment opportunities in various sectors [1][3]. Human-Robot Sector - The humanoid robot industry is seen as a monumental opportunity driven by global technological iterations and domestic policy support, with a breakthrough expected in 2025 and initial stages of scaling in 2026 [5]. - Key components for humanoid robots include actuators, screws, reducers, sensors, motors, and lightweight structural parts, with a focus on core suppliers and technological iterations [35][36]. Commercial Aerospace - The commercial aerospace market is experiencing rapid growth, driven by the urgent demand for low-orbit resources and satellite constellation networks, with significant contributions from both domestic policies and technological advancements [5][41]. - China is advancing national-level satellite constellation plans, aiming to deploy thousands of satellites in the coming decade [42]. Gas Turbine Industry - The demand for electricity is surging, particularly due to the growth of data centers, leading to a supply shortage of gas turbines. Major manufacturers are expanding their production capacity to meet this demand [5][58]. - The global gas turbine market is expected to see a significant increase in sales, with orders projected to rise from 58GW in 2024 to 71GW in 2025 [68]. Controlled Nuclear Fusion - The controlled nuclear fusion sector is on the brink of commercialization, with global investments in the industry skyrocketing from $1.9 billion in 2021 to $9.7 billion in 2025, indicating a strong growth trajectory [75][83]. - The global nuclear fusion market is anticipated to reach $496.5 billion by 2030 and exceed $1 trillion by 2050, marking a critical period for investment [83]. General Equipment - The general equipment sector is expected to benefit from structural growth in downstream technology fields, despite current demand remaining subdued [5][10]. - The domestic industrial mother machine supply chain is anticipated to undergo significant localization efforts [5]. Low-altitude Economy - The "14th Five-Year Plan" highlights the development of the low-altitude economy, with supportive policies and pilot cities paving the way for accelerated growth in this sector [5][10]. Deep Sea Technology - The deep-sea technology sector is identified as a crucial driver for the marine economy, with government reports emphasizing the need for high-quality development in this area [5]. Engineering Machinery - The engineering machinery sector is optimistic about both domestic replacement demand and growth in overseas markets, particularly in Asia, Africa, and Latin America [5][10].

近日，花旗集团大中华区首席经济学家余向荣在2026年中国首席经济学家论坛年会上，从外资视角、新 经济趋势、就业挑战应对等多维度，分享了对中国经济未来五年发展的判断。其观点显示，2025 年已 成为中国叙事的转折之年，"中国资产不可回避" 成为海外投资共识，而人工智能引领的新经济赛道， 正迎来机遇与挑战并存的发展新阶段。 "2025 年是中国叙事的转折之年，海外投资者对中国资产的认知已发生根本性转变。" 余向荣指出，过 去流传的 "中国不可投资论" 已被 "中国资产不可回避" 的共识取代，2025 年成为海外资本对中国的 "警 醒之年"。这一转变的驱动力来自两方面：一方面，以 DeepSeek 为代表的突破性科技成果横空出世，叠 加中国在国际交往中展现的战略定力，让全球资本重新评估中国的核心竞争力；另一方面，2025 年作 为 "十四五" 规划与 "中国制造 2025" 的收官之年，海外机构经全面评估确认，中国设定的各项战略目 标均已圆满实现。"中国通过一个又一个五年计划稳步推进长期战略的执行力，是外资重新定价中国价 值的关键考量。" 余向荣补充道，随着海外投资者对中国政策框架与约束条件的理解不断加深，其对短 ...

Wind数据显示，港股通互联网ETF易方达（513040）、恒生科技ETF易方达（513010）上周净流入额分 别为6亿元和18亿元。 截至收盘，中证港股通医药卫生综合指数上涨2.1%，中证港股通消费主题指数上涨1.9%，中证港股通 互联网指数上涨1.7%，恒生港股通新经济指数上涨1.5%，恒生科技指数上涨1.3%。 活3，但负事产品，其管理费率0.195/年，托管费率0.05%年。 注4，基金有风险。投资消息率0.195/年，托管器率0.05%年。 注4，基金有风险。投资消息者。订阅基金法律文件及交易所，陆加公司等相关业务院则。 | 港股通消费ETF易方达 低费率 | | | 513070 | | --- | --- | --- | --- | | 跟踪中证港股通消费主题指数 | | | | | 该指数由港股通范围内流动性 | 令目 | 该指数 | 该指数自2020年 | | 较好、市值较大的50只消费主 | 该指数涨跌 | 滚动市盈率 | 发布以来估值分位 | | 题股票组成,可选消费占比超 | 1.9% | 18.2倍 | 2. 8% | | 65% | | | | 送1) "但我像"是在上场查2严厉具 ...

同壁财经讯，新经济ETF银华（159822）前一交易日获资金净流入2145万元。主力净流入额869万元 （"主力"指超大单与大单的合计，主力净流入额=主力买入金额-主力卖出金额）。 该基金近一周合计净流入8906万元。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com 截至前一交易日，新经济ETF银华（159822）近六月涨幅达2.43%，近一年涨幅达0.28%。 新经济ETF银华（159822）跟踪标普中国新经济行业指数（SPNCSCHN.SPI），上市日期为2020年10月 23日，基金管理人为银华基金。 ...

Group 1 - The total amount of cornerstone investments in Hong Kong IPOs by institutions has exceeded 30 billion HKD as of February 6 this year, with significant participation from top domestic private equity firms and international funds [1][2] - Notable cornerstone investors in recent IPOs include Tencent,淡水泉, and 泰康人寿, with the IPO of Hunan Mingming Hen Mang Commercial Chain Co., Ltd. raising 3.336 billion HKD at an issue price of 236.6 HKD per share [2] - The influx of large overseas institutions into Hong Kong IPOs is driven by optimism about growth sectors such as AI, biomedicine, and semiconductors, as they seek to capitalize on the potential growth of quality new economy companies [3] Group 2 - The Hong Kong market is expected to see continued opportunities in internet, innovative pharmaceuticals, and high-dividend sectors by 2026, supported by a favorable valuation environment and the influx of risk-averse capital [4] - The market is currently viewed as a global valuation low point, with sufficient momentum for valuation recovery, making it an attractive destination for foreign capital seeking to invest in quality Chinese assets [4] - The rise of artificial intelligence is anticipated to benefit related companies, with the market yet to fully price in these opportunities, indicating potential for continued investment interest [4]

宏观经济 | 专题报告 2026 地方两会：竞逐"高质量" 研究结论 报告发布日期 2026 年 02 月 08 日 | 陈至奕 | 执业证书编号：S0860519090001 | | --- | --- | | | 香港证监会牌照：BUK982 | | | chenzhiyi@orientsec.com.cn | | | 021-63326320 | | 黄汝南 | 执业证书编号：S0860525120004 | | | huangrunan@orientsec.com.cn | | | 010-66210535 | | 孙金霞 | 执业证书编号：S0860515070001 | | | sunjinxia@orientsec.com.cn | | | 021-63326320 | | 孙国翔 | 执业证书编号：S0860523080009 | | | sunguoxiang@orientsec.com.cn | | | 021-63326320 | | 刘姜枫 | 执业证书编号：S0860526010002 | | | liujiangfeng@orientsec.com.cn | | | 021-633 ...

证券研究报告 | 2026年02月05日 策略专题研究 26 年 A 股业绩亮点有哪些？——2026 年牛市展望系列 4 核心观点 策略研究·策略专题 | 证券分析师：吴信坤 | 证券分析师：余培仪 | | | --- | --- | --- | | 021-61761046 | 021-61761040 | | | wuxinkun@guosen.com.cn | yupeiyi@guosen.com.cn | | | S0980525120001 | S0980526010001 | | | 基础数据 | | | | 中小板/月涨跌幅(%) | | 8526.31/3.18 | | 创业板/月涨跌幅(%) | | 3311.51/3.38 | | AH 股价差指数 | | 119.27 | | A 股总/流通市值 (万亿元) | | 101.97/93.33 | | 市场走势 | | | 核心结论：①25 年 A 股盈利边际企稳，主要动力源于整体企业的降本、以及 上市公司层面新经济的拉动已超过老经济的拖累。②宏微观基本面出现脱 钩，意味着传统盈利预测模型效果阶段性下降，定量模型显示中性假设下 26 年 A ...

Market Overview - The spring market has experienced a pause with significant corrections in gold and silver prices, leading to a wide fluctuation in global markets. However, the market quickly stabilized after the initial downturn, with COMEX gold recovering to 5000 points and the Shanghai Composite Index stabilizing around 4100 points [1][13]. - Affected by overseas uncertainties, A-shares saw a substantial adjustment but rebounded on February 3, demonstrating strong market resilience [2][13]. Long-term Opportunities - The new productive forces are becoming the engine for economic growth, with an increasing share of "new economy" stocks in the market. AI is expected to see application results this year, alongside sectors like innovative pharmaceuticals and energy storage entering a favorable cycle [3][14]. - A-shares are attractive in terms of valuation compared to major global markets, with low foreign capital positions and the establishment of mechanisms for long-term domestic funds entering the market. The trend of "deposit migration" among residents may continue in a low-interest-rate environment [3][14][15]. - Policy emphasis on expanding domestic demand and stimulating consumption is expected to translate into systematic improvements in corporate profitability. Following the Spring Festival, policy catalysts are anticipated to accelerate, potentially leading to better index performance post-holiday [15]. Sector Focus - The market is expected to focus on cyclical price increases, with sectors like oil and petrochemicals, food and beverage, AI, and semiconductors continuing to see positive trends. The construction materials sector may benefit from major projects under the 14th Five-Year Plan [15]. - Investors are encouraged to consider broad-based products like the CSI A500 ETF (159338) for exposure to industry leaders, as well as a tech + dividend "barbell" strategy as a satellite approach [4][15]. Commodity Market Insights - The gold market has faced its largest drawdown in 40 years but has quickly rebounded, indicating that the bull market is likely not over yet. Historical context suggests that significant narrative shifts are required to signal the end of a bull market [5][16]. - From a macro perspective, a super cycle in commodities is anticipated this year, with fundamental factors driving long-term trends. The black and chemical sectors, currently at relatively low levels, may offer better value post-adjustment [8][17]. Investment Strategies - For investors concerned about market volatility, "fixed income plus" products are recommended. These strategies focus on safety and stability while allowing for some equity exposure to capture market gains [19][20]. - An example is the Guotai Helix 6-month holding mixed fund, which combines high-grade credit bonds for the fixed income portion and a flexible allocation to equities, aiming for a balanced approach to risk and return [20][21].

在投资中，张寓坚守价值投资核心，专注于大制造赛道投研，擅长左侧布局与自下而上的个股挖掘。具 体投资框架上，他坚持聚焦3个至5个行业深耕细作，希望通过长期深度研究与持续跟踪构筑超额认知， 以此把握左侧布局机会，而非追逐短期行业轮动的博弈性机会。 在行业选择上，张寓锚定价值成长与产业趋势两大主线，并将价值成长作为核心抓手。在其看来，产业 趋势可划分为三个阶段："未来时"产业短期具备高爆发性，但伴随高波动特征，行情依赖事件催化与市 场风险偏好，仅对这类产业做少量配置；"进行时"产业处于产业成长期，业绩兑现是核心逻辑，为重点 配置方向；"过去时"产业步入产业成熟期，需依托周期波动与逆向投资思路布局，同样仅做少量配置。 在个股选择上，张寓偏好具备α（超额收益）溢价的标的，重点看好三类企业：一是行业商业模式成 熟、竞争格局清晰的龙头公司；二是行业商业模式与产业链逐渐成型，具有强竞争力，能快速抢占市场 份额的优质企业；三是产业趋势处于早期阶段，具备先发优势的潜力标的。他坚信："构建组合的根基 在于可持续性，唯有具备核心竞争优势的企业，才能在中长期维度为投资者提供稳定回报。" 岁末年初，市场开启新春布局窗口。2025年表现出 ...