Group 1 - The Hong Kong stock market experienced a decline, with the Hang Seng Index down by 0.2%, while the Central Enterprises Dividend Index rose by 1.08% [1] - Among the constituents of the Central Enterprises Dividend Index, China Merchants Energy surged over 6%, China Railway increased by over 5%, and China National Offshore Oil, China National Building Material, and China Shenhua all rose by over 4% [1] - The Tianhong Central Enterprises Dividend ETF (159281) recorded a trading volume exceeding 63 million yuan, with a net subscription of 22 million shares during the session [1] Group 2 - CICC indicated that the dividend sector presents phase-specific and structural opportunities amid increasing external uncertainties or a pullback in growth styles, highlighting a "seesaw" effect between dividend and technology growth styles [2] - Demand for capital allocation is expected to support the dividend sector, including the shift of long-term funds from insurance and bank wealth management towards equity assets, as well as the transition of household deposits to dividend assets [2] - The overall dividend payout ratio in the A-share market has increased to 45%, providing fundamental support for the dividend style, alongside continuous encouragement from capital market policies for dividend-oriented strategies [2]

融资担保比例提高后，交易型资金如何反应？ ——资金行为研究双周报（2026/01/09-2026/1/22） 证券研究报告/策略定期报告 2026 年 01 月 23 日 分析师：徐驰 执业证书编号：S0740519080003 Email：xuchi@zts.com.cn 执业证书编号：S0740522050001 Email：wangyj09@zts.com.cn 1、《A H 股市场周度观察（1 月第 2 周）》2026-01-17 2、《从春节到两会，市场轮动的节奏 将如何演绎？》2026-01-17 3、《开年市场新高后或如何演绎？》 2026-01-11 请务必阅读正文之后的重要声明部分 策略定期报告 报告摘要 分析师：王永健 市场资金流向概览：机构流出动能阶段性收敛，市场共识重新凝聚。1 月 12 日后机构 资金流出一度加速，但于 20 日后趋于收敛；散户资金对全 A 及创业板的流入在高位 后亦于 14 日起斜率放缓。全 A 与创业板资金加速度在 13 日及 21 日前后出现剧烈波 动，显示存量博弈依然活跃。截至 1 月 22 日，三大指数散户与机构净流入率差额显 著收窄并向零轴收敛，市场进入力 ...

Core Viewpoint - The AI Fund Hongde Dividend Preferred Mixed (LOF) A (501227) reported a profit of 2.4987 million yuan for Q4 2025, with a weighted average profit per fund share of 0.0155 yuan. The fund's net value growth rate was 3.66%, and the fund size reached 206 million yuan by the end of Q4 2025. The fund manager anticipates a continued structural performance in the A-share market driven by technological innovation and long-term capital inflows, focusing on sectors with high growth and performance improvement [3][11]. Fund Performance - As of January 21, the unit net value was 1.075 yuan. The fund's three-month cumulative net value growth rate was 3.30%, ranking 507 out of 621 comparable funds, while the six-month growth rate was 5.90%, ranking 563 out of 621 [3]. - The fund's Sharpe ratio since inception was 0.1791 as of December 31 [4]. - The maximum drawdown since inception was 5.15%, occurring in Q4 2025 [7]. Investment Strategy - The fund maintains an average stock position of 71.83% since inception, compared to the peer average of 85.83%. The highest stock position reached 90.44% at the end of 2025, while the lowest was 51.24% at mid-2025 [10]. - The fund's top ten holdings include Jizhong Energy, Sichuan Road and Bridge, Hu Nong Commercial Bank, Shangfeng Cement, Yuntianhua, Shanghai Bank, Yunnan Agricultural Commercial Bank, Shaanxi Coal and Chemical Industry, COSCO Shipping Holdings, and Yanzhou Coal Mining [14].

Core Viewpoint - The report highlights various ETFs managed by Huabao Fund, focusing on dividend yields and performance metrics, indicating a potential investment strategy in the current market environment. Group 1: Dividend Yields and ETF Performance - The latest dividend yield for the S&P A-Share Dividend ETF is 4.76% [1] - The S&P A-Share Dividend ETF has shown a 22.7% increase over the past year, while the Shanghai Composite Index has increased by 26.96% [1] - The Hong Kong Stock Connect Low Volatility Dividend ETF has a dividend yield of 5.6% and a 26.18% increase over the past year [7] - The A500 Low Volatility Dividend ETF has experienced a 4.77% increase over the past year [7] - The 300 Cash Flow ETF has shown a 16.33% increase over the past year [8] Group 2: Market Strategy and Investment Recommendations - The current market is experiencing moderate recovery, suggesting a potential "spring market" for investment [8] - Investors are advised to adopt a "barbell strategy," balancing high dividend and quality cash flow assets with high-growth assets aligned with industry trends [8] - The report emphasizes the importance of dividend mechanisms and the potential for consistent income generation from these ETFs [7][8]

Core Viewpoint - The A-share market has shown a strong start in 2026, with the Shanghai Composite Index achieving a 17-day winning streak and trading volume exceeding 3.64 trillion. This positive market sentiment is expected to lead active equity funds to outperform broad indices, similar to trends observed in 2015 and 2020 [1]. Summary by Sections Active Equity Fund Performance - Fidelity's active equity funds have consistently outperformed their benchmarks across various time frames. For instance, Fidelity's 6-Month A Fund achieved a return of 65.71%, surpassing its benchmark by 42.04% [2]. - The performance of other funds includes Fidelity's Dividend Select A Fund with a return of 27.39% (15.66% above benchmark) and Fidelity's Low Carbon Growth A Fund with a return of 56.04% (34.96% above benchmark) [2][3]. Fund Performance Metrics - Fidelity's 6-Month A Fund has shown impressive returns across different periods, including 21.57% in the last month and 36.55% over the last six months [3]. - The table below summarizes the performance of various Fidelity funds compared to their benchmarks: | Fund Name | Year-to-Date | Last Year | Since Inception | | --- | --- | --- | --- | | Fidelity 6-Month A | 13.47% | 65.71% | 59.76% | | Fidelity Dividend Select A | 2.83% | 27.39% | 22.32% | | Fidelity Low Carbon Growth A | 8.18% | 56.04% | 56.06% | | Shanghai Composite Index | 2.20% | 24.65% | - | Product Series Overview - Fidelity has developed a diverse product matrix to meet varying client needs, including: 1. **Active Flagship Series**: Represented by Fidelity 6-Month A, suitable for both novice investors and institutions seeking excess returns [5]. 2. **Active Dividend Series**: Focused on lower volatility and maximum drawdown, appealing to risk-averse investors [6]. 3. **Active Growth Series**: Targets investors with a proactive allocation strategy, particularly in growth sectors [6]. Fund Manager Insights - Fidelity's fund managers, such as Zhang Xiaomu, emphasize sustainable growth and thorough research, which has led to significant returns in their managed funds [9][11]. - The investment philosophy includes a focus on high-quality companies with strong competitive advantages, ensuring a balanced risk-reward profile [12][13]. Manager Development and Training - Fidelity's rigorous training program for fund managers spans over a decade, involving extensive industry exposure and mentorship to cultivate a deep understanding of investment strategies [17][19]. - The program includes a unique fund manager academy that provides practical investment experience and theoretical training [18]. Legacy and Investment Philosophy - Fidelity's investment approach, rooted in the teachings of Peter Lynch, emphasizes deep fundamental analysis and a long-term perspective on value creation [20]. This philosophy continues to guide the firm's strategies in the evolving market landscape [21].

开源证券指出，红利风格在2026年的表现或优于2025年，主要基于三大维度：一是赔率层面，红利与成 长的相对估值已处于2016年以来28.2%分位数的较低水平，具备吸引力；二是盈利层面，预计A股盈利 底将在2025年底或2026年初到达，周期品盈利压制有望缓和；三是资金维度，增量资金如保险、固收 +及银行理财等对权益配置比例提升，且偏好绝对收益属性强的高股息资产。但受科技主线中长期占优 条件未破坏影响，红利风格预计不会重现2022~2023年的极致表现。此外，PPI边际修复信号显现，M1 同比回升及CRB指数与PPI的结构性补涨逻辑，或为周期品盈利修复提供支撑，进一步强化红利资产配 置价值。 资金面看，红利国企ETF（510720）近5日涨超2.4亿元，红利风格在2026年表现可期。 注：分红情况具体详见基金分红公告，基金分红规则以基金法律文件为准，鉴于本基金的特点，本基金 分红不一定来自基金盈利，基金分红并不代表总投资的正回报。提及个股仅用于行业事件分析，不构成 任何个股推荐或投资建议。指数等短期涨跌仅供参考，不代表其未来表现，亦不构成对基金业绩的承诺 或保证。观点可能随市场环境变化而调整，不构成投资建议或 ...

Core Viewpoint - The news highlights the performance and outlook of the Guoqi Gongying ETF (159719), emphasizing its recent increase and the broader economic context in which it operates, particularly in relation to state-owned enterprises and government investment strategies [1]. Group 1: ETF Performance - As of January 20, 2026, the Guoqi Gongying ETF (159719) has risen by 0.76%, with a latest price of 1.6 yuan [1]. - Over the past year, the ETF has accumulated a growth of 3.33% as of January 19, 2026 [1]. Group 2: Economic Policy and Outlook - The State Council Information Office held a press conference to discuss the implementation of the Central Economic Work Conference's spirit, focusing on promoting a good start for the "14th Five-Year Plan" [1]. - The government aims to leverage the National Venture Capital Fund as a benchmark, establish a national-level merger fund, and enhance government investment and fund layout planning to foster innovation and new productive forces [1]. - Dongwu Securities anticipates a return of dividend styles in the second half of 2026, driven by domestic fundamentals and liquidity pricing [1]. - The effectiveness of anti-involution policies is expected to take 3 to 4 quarters to validate, with potential further declines in ten-year bond rates if the Producer Price Index (PPI) turns positive later than the second quarter of 2026 [1]. Group 3: Index Tracking - The Guoqi Gongying ETF closely tracks the FTSE China State-Owned Enterprises Open Win Index, which reflects the performance of Chinese state-owned enterprises listed in mainland China and Hong Kong, focusing on globalization and sustainable development [1]. - The index comprises 100 constituent stocks, including 80 A-share companies and 20 Chinese companies listed in Hong Kong [1].

Group 1 - The Red Chip ETF (510720) has seen a net inflow of nearly 300 million yuan over the past four days, highlighting the value of dividend-style investments [1] - Dongwu Securities projects that growth may dominate in the first half of 2026, with insurance capital benefiting from the "New Year effect" leading to significant net inflows in January [1] - In the second half of the year, the dividend style is expected to regain strength as growth sectors face pressure, with domestic fundamentals and liquidity pricing likely favoring dividend stocks [1] Group 2 - The Red Chip ETF tracks the National Dividend Index (000151), which selects high-dividend and stable dividend-paying companies across sectors like banking, coal, and transportation [1] - The index employs a rigorous assessment of constituent stocks' dividend yields and sustainability, using a cross-industry diversification strategy to effectively manage investment risks [1] - The Red Chip ETF has consistently distributed dividends for 21 consecutive months since its listing, with monthly evaluations of dividends [1]

Market Overview - On January 16, the market opened high but retreated, with all three major indices closing lower. The Shanghai Composite Index closed at 4103.45 points, down 0.22%; the Shenzhen Component Index closed at 14293.08 points, down 0.10%; and the ChiNext Index closed at 3367.45 points, down 0.01% [1][6]. ETF Performance - The Dividend Low Volatility ETF (512890) fell by 0.61%, closing at 1.146 yuan, with a turnover rate of 2.22% and a transaction amount of 581 million yuan [1][6]. - Over the past five trading days, the Dividend Low Volatility ETF experienced a net outflow of 132 million yuan, while it saw a net inflow of 1.169 billion yuan over the past 20 days and 2.697 billion yuan over the past 60 days. As of January 15, 2026, the ETF's circulation scale was 26.205 billion yuan [2][7]. Monetary Policy Measures - The central bank introduced eight monetary policy measures focusing on structural monetary policy tools to support domestic demand, technological innovation, and financing needs of small and micro enterprises. Key measures include a 0.25 percentage point reduction in the interest rates of various structural monetary policy tools, expected to save banks approximately 13.5 billion yuan [4][10]. - The total quota for structural monetary policy tools has been expanded by 1.9 trillion yuan, and the minimum down payment ratio for commercial property loans has been lowered to 30% [4][10]. Economic Outlook - Analysts from Galaxy Securities noted a clear collaboration between monetary and fiscal policies, with expectations of a 50 basis point reserve requirement ratio cut in the first quarter to maintain reasonable liquidity. A comprehensive interest rate cut is anticipated to wait for a suitable timing [4][10]. - Dongwu Securities' chief economist indicated that the current spring market rally is in its latter half, with potential for a price-volume divergence if transaction volumes do not continue to rise [4][10]. Fund Performance - The Dividend Low Volatility ETF, established on December 19, 2018, has a total return of 130.38%, outperforming its benchmark. It ranks 107th among 502 funds, making it a stable tool for asset allocation in volatile markets [5][11].

Group 1 - The latest dividend yield for the S&P A-share Dividend ETF is 4.76% as of January 15, 2026 [1][5] - The S&P China A-share Dividend Opportunity Index has shown a one-year return of 21.18% [1][5] - The Shanghai Composite Index has a one-year return of 10.58% for comparison [1][5] Group 2 - The latest dividend yield for the Hong Kong Stock Connect Low Volatility Dividend ETF is 5.6% [1][5] - The index tracking the Hong Kong Stock Connect Low Volatility Dividend has a one-year return of 27.63% [2][6] - The annualized volatility for the Hong Kong Stock Connect Low Volatility Dividend ETF is 11.84% [2][6] Group 3 - The A500 Low Volatility Dividend ETF has a one-year return of 8.45% [2][6] - The annualized volatility for the A500 Low Volatility Dividend ETF is -0.47% [2][6] - The index tracking the China 800 Low Volatility Dividend has a one-year return of 8.31% [2][6]