Core Viewpoint - The article discusses the significant changes in China's capital market and "hard technology" development since the establishment of the Sci-Tech Innovation Board (STAR Market) over seven years ago, highlighting its role in supporting technological innovation and providing a favorable investment environment [3]. Group 1: Overview of the Sci-Tech Innovation Board - As of January 5, 2026, the number of listed companies on the Sci-Tech Innovation Board reached 600, with a total market capitalization exceeding 10 trillion yuan, and IPO and refinancing funds raised exceeding 1.1 trillion yuan [3][5]. - Over 80% of the listed companies are from emerging industries such as new-generation information technology, biomedicine, and high-end equipment manufacturing, with an average R&D intensity maintained above 10% [3][5]. - The Sci-Tech Innovation Board has over 100 listed ETFs, with a total scale of over 310 billion yuan for related index tracking products [3]. Group 2: Impact on Companies - Companies listed on the Sci-Tech Innovation Board have experienced significant growth, with a compound annual growth rate (CAGR) of 19% in revenue and 8% in net profit over the past five years [5][6]. - The board has facilitated a balanced match between policy supply and industry demand, helping companies like Zhongwei achieve multi-channel financing and enhance market recognition [4][8]. - The board's inclusive and adaptive system has allowed companies to overcome uncertainties in technology innovation and capital returns, providing solid support for national strategic goals [4][6]. Group 3: Characteristics of the Sci-Tech Innovation Board - The Sci-Tech Innovation Board exhibits "three highs and one strong" characteristics: high "new" content, high "science" content, high "gold" content, and strong institutional adaptability [7]. - The board has introduced innovative systems and continuously optimized them, serving as a "testbed" for capital market reforms [7]. - Companies like Ailis have benefited from the board's inclusive policies, achieving rapid development post-listing [7]. Group 4: Sector-Specific Developments - The semiconductor industry has become a core focus, with 127 listed companies on the Sci-Tech Innovation Board, accounting for 60% of the total A-share semiconductor companies [11]. - These semiconductor companies have a combined market value of 5 trillion yuan, with a revenue increase of 25% year-on-year in the first three quarters of 2025 [11][12]. - The board has supported semiconductor companies through direct financing, high-quality mergers and acquisitions, and talent retention strategies [12]. Group 5: Biomedicine Sector Growth - The Sci-Tech Innovation Board has become a major listing venue for biomedicine, with nearly 120 companies and a total market value of 1.75 trillion yuan [13]. - The board has implemented policies to support unprofitable biotech companies, enhancing their financing flexibility [13][14]. - Biomedicine companies listed on the board have significantly contributed to the development of innovative drugs, with 14% of new drugs approved in China originating from these companies [14][15].

Market Overview - The Hong Kong stock market opened slightly higher on January 5, with the Hang Seng Index at 26,361.44 points, up 22.97 points, a gain of 0.09% [2] - The Hang Seng Tech Index reached 5,755.28 points, increasing by 18.84 points, or 0.33% [4] Company Focus - Kuaishou-W (HK01024) saw a significant early morning rise, exceeding 10% [6] - From December 15 to 30, 2025, Kuaishou repurchased a total of 9.9627 million shares for a total amount of 643 million HKD, despite a cumulative drop of 4.37% during that period [7] - In the tech sector, Alibaba rose over 2%, and Bilibili increased by more than 3% [7] - New stock Wan'an Robotics (HK06600), listed on December 30, 2022, continued to attract investment, rising over 20% in early trading and more than 50% from its issue price [7] Sector Performance - Oil and gas equipment and services stocks opened higher, with Shandong Molong rising over 13% [7] - Gold stocks were active, with Zijin Mining International increasing by over 1% [7] - Power equipment stocks opened lower, with Goldwind Technology dropping over 6% [7] - Chinese brokerage stocks generally fell, with China Merchants Securities down over 1% [7] - China Aluminum rose over 6%, and new consumption stocks rebounded, with Pop Mart up over 2% and Chow Tai Fook up over 5% [7] Market Outlook - Huatai Securities believes that the current market sentiment and liquidity environment are better than in November, increasing the likelihood of successful investments in Hong Kong stocks [9] - The firm suggests continuing to allocate to technology chains with performance expectations, as liquidity may catalyze significant growth in the next quarter [9] - The report highlights that in 2026, stock selection will focus more on fundamentals, industry conditions, and profitability, particularly in the power chain and travel sectors [9] - GF Securities' Liu Chenming team is optimistic about the Hong Kong market's rebound, noting a shift from traditional economic cycles to hard technology sectors like AI applications and new energy [9]

在科创板上市公司数量达到600家之际，刻画科创板"全景图"的上证科创板综合指数（下称"科创综 指"）在A股市场的重要性成为一大探讨点。 科创综指是在科创板公司形成一定规模后，于2025年1月20日正式发布的。发布以来至2025年12月31 日，科创综指涨幅达约48%，2024年9月24日以来累计涨幅高达115%。境内已有46家基金管理人推出78 只科创综指指数基金，场内外合计规模达274亿元。 长期以来，市场习惯将上证综指、深证成指、创业板指称为"A股三大指数"，如今随着科创板体量进一 步扩大，科创综指平稳运行，科创综指是否应加入，成为"A股四大指数"之一？ 多位受访人士认为，结合市场规模、行业代表性与指数功能，科创综指已具备与上证指数、深证成指、 创业板指并列成为"A股四大核心宽基指数"的坚实基础，科创综指加入标志着A股指数体系正式形成"全 市场覆盖—精选龙头—板块聚焦"的立体化功能分工，显著弥补了原有体系在科技板块系统性表征上的 结构性空白。 清华大学国家金融研究院院长、清华大学五道口金融学院副院长田轩对第一财经称，科创综指对A股市 场意义重大，进一步完善了A股市场的指数体系，使得不同市场层次、不同行业领 ...

Core Viewpoint - The launch of the Sci-Tech Innovation Board Composite Index (Sci-Tech Index) marks a significant development in the A-share market, with the index being considered for inclusion as one of the "four major indices" alongside the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index, reflecting the growing importance of the Sci-Tech sector in China's economy [3][4][5]. Group 1: Importance of the Sci-Tech Index - The Sci-Tech Index has shown a growth of approximately 48% since its launch on January 20, 2025, and a cumulative increase of 115% since September 24, 2024, indicating strong market performance [3]. - The index has attracted significant interest, with 46 fund managers launching 78 index funds related to the Sci-Tech Index, accumulating a total scale of 27.4 billion yuan [3][12]. - Experts believe that the inclusion of the Sci-Tech Index will enhance the A-share market's index system, providing a comprehensive representation of the technology sector and filling a critical gap in the existing index framework [4][9]. Group 2: Structural Differences and Complementarity - The Sci-Tech Index covers 576 stocks, achieving a coverage rate of 96% within the Sci-Tech Board, while the other major indices have different coverage and industry weightings, creating a complementary relationship among them [7][9]. - The industry weightings reveal that the Sci-Tech Index has a dominant focus on information technology (54.63%), contrasting with the other indices that emphasize traditional sectors or different technology applications [7][8]. - The four indices together create a multi-layered, differentiated core index system for the A-share market, each serving distinct functions and contributing to a collaborative ecosystem [8][9]. Group 3: Investment Logic Shift - The investment logic is shifting from a "profit-oriented" approach to an "innovation-driven" model, reflecting the unique characteristics of hard technology assets that require a different valuation paradigm [10][12]. - Investors are encouraged to focus on long-term growth potential and technological breakthroughs for hard technology assets, while traditional assets should emphasize stable cash flows and dividend capabilities [12][13]. - The Sci-Tech Index's high valuation compared to other indices is not seen as a bubble but rather a reflection of the unique attributes of hard technology investments, which involve high R&D costs and long-term returns [11][12]. Group 4: Future Outlook and Development - The Sci-Tech Index is expected to continue gaining attention and importance in the capital market over the next 3-5 years, with potential to become a global benchmark for China's technological innovation [19]. - Enhancements in the index's composition and governance will be crucial for its global recognition and influence, as well as attracting domestic and international long-term investors [19]. - The index's ability to represent China's "new quality productivity" and its alignment with national strategic directions will further solidify its role as a core asset allocation tool for technology investments [16][18].

Core Insights - The Sci-Tech Innovation Board Comprehensive Index (Sci-Tech Index) has become a benchmark for China's innovation sector, reflecting the overall performance of listed companies in the Sci-Tech Innovation Board since its launch on January 20, 2025, with a cumulative increase of approximately 48% by December 31, 2025, significantly outperforming major market indices [1][3] Group 1: Index Overview - The Sci-Tech Index is composed of eligible securities from the Sci-Tech Innovation Board, providing a comprehensive representation of the market, with a sample size of 576 stocks as of December 31, 2025, covering 96% of the total market capitalization exceeding 10 trillion yuan [2][3] - Compared to previously released indices like the Sci-Tech 50, 100, and 200, which cover about 350 stocks, the Sci-Tech Index includes a broader range of companies, including small and medium-sized enterprises that are in high growth phases [2] Group 2: Investment Opportunities - The Sci-Tech Index has facilitated a reevaluation of the value of hard technology assets, with a cumulative increase of 115% since September 24, 2024, indicating strong market interest in these sectors [3] - The index serves as a vital channel for investors looking to allocate resources to core assets in China's hard technology sector, with 78 index funds launched by 46 fund managers, totaling 27.4 billion yuan in assets under management as of December 30, 2025 [4] Group 3: Investor Sentiment - Institutional investors, including insurance funds, brokerages, and bank wealth management, have steadily increased their holdings in the Sci-Tech Index ETF, reflecting confidence in the long-term investment value of the Sci-Tech Innovation Board [5] - The Sci-Tech Index ETF has become a key investment tool for those looking to capitalize on the growth of China's innovation sector, with an average return of 43.7% since its launch, providing a comprehensive and balanced investment option [4][5]

流动性方面，刘晨明团队指出，"2026年多数国家货币和财政双宽松，流动性宽松或迟早出现。一旦流 动性出现反转，来自全球资本活水的重新注入与境内流动性渠道的拓宽，港股有望开启新一轮上涨。尤 其要注意是否会出现流动性反转+春季躁动共振，形成向上贝塔的机会。" 广发证券刘晨明团队看好港股市场补涨，"港股正从传统的顺经济周期，逐步转向AI应用、新能源等代 表硬科技的主赛道。恒指新经济相关的权重从17%提升至接近50%"。 刘晨明团队表示，前期压制港股的主要是流动性/情绪因素（日本息交易平仓、美联储鹰派降息表述、 基石投资者解禁等），市场情绪可能已经调整到位，恒科在120~250日均线随时有反弹可能性。 恒生指数高开，恒生科技指数涨0.33%，国证港股通科技指数涨0.36%，快手-W涨近6%，阿里巴巴、中 芯国际、哔哩哔哩-W、百度集团-SW、小米集团-W涨幅靠前。 华夏基金建议关注国证港股通科技指数，选股范围为港股通标的，不受QD额度限制，因而相对恒生科 技更具备流动性优势，同时在高端制造、生物科技及互联网行业分布相对均衡，"软硬兼备"。国证港股 通科技指数PE估值目前为26.45倍，位于过去10年的41%分位左右的 ...

Group 1 - The Science and Technology Innovation Board (STAR Market) has seen significant growth since its establishment over seven years ago, with 600 listed companies and a total market capitalization exceeding 10 trillion yuan [1][3] - The STAR Market has raised over 1.1 trillion yuan through IPOs and refinancing, with more than 80% of companies in emerging industries such as new-generation information technology, biomedicine, and high-end equipment manufacturing [1][3] - The average R&D intensity of STAR Market companies remains above 10%, leading all A-share sectors, and over 100 STAR Market ETFs have been launched, with a total scale exceeding 310 billion yuan [1][3] Group 2 - STAR Market companies have achieved a compound annual growth rate of 19% in revenue and 8% in net profit over the past five years, based on 2019 figures [3] - The STAR Market has created a favorable investment environment, allowing investors to share in the benefits of China's technological innovation [1][3] - The STAR Market has established a "three highs and one strong" characteristic, focusing on high innovation, high technology, high financial performance, and strong institutional adaptability [4] Group 3 - The semiconductor and biomedicine sectors have become the main forces in achieving self-sufficiency, with 127 semiconductor companies listed on the STAR Market, accounting for 60% of the total A-share semiconductor companies [7][8] - The total market value of semiconductor companies on the STAR Market has reached 5 trillion yuan, representing half of the total market capitalization of the STAR Market [7] - Biomedicine companies on the STAR Market have raised a total of 184.2 billion yuan, with a combined market value of 1.75 trillion yuan, making it a major listing venue outside the US and Hong Kong [9][10] Group 4 - STAR Market has implemented policies to support the rapid development of semiconductor companies, including significant financing for R&D and high-quality mergers and acquisitions [8] - The STAR Market has also facilitated talent retention and attraction through stock incentive plans, with 93 semiconductor companies launching such plans, covering over 50,000 core technical or business personnel [8] - The STAR Market has become a backbone for China's innovative drug industry, with approximately 14% of the total number of domestically approved Class 1 new drugs coming from STAR Market companies [10]

别以为我在讲大道理，我有数据撑腰——2025年A股成交活跃度创下新高，全年成交额破了400万亿，日均万亿上下，这不是情绪堆出来的烟花，而是"真金 白银在场"，有活水，就可能走出持续性的结构行情，但前提是，钱不会平均撒，它会集中在少数被认为"确定"的方向上 说到1月5日开盘，我给你四个场景，照着看就行，场景A是强势开局，冲高回踩有承接，成片、梯队齐全，这最好；场景B是冲高回落，开盘热闹但到处点 火，轮动盘居多，追后排最难受；场景C是低开走强，早盘不热闹、午后走强、尾盘敢留仓，这种更像真金白银在选队伍；场景D是弱势震荡，指数与结构 都不强，热点没有集中度，这种就别急着动手，等第一条主线站出来再说 再谈主线候选，不要问我给你十个板块，我给你三种角色第一是科技风险偏好线，它像开年第一波的情绪旗帜，代表风险偏好，容易形成集群效应，但能不 能走得长，看两个指标，分歧后核心稳不稳，链条扩散有无梯队；第二是先进制造与智能化，它靠的是产业趋势和订单兑现，不靠一天两天的消息，容量 大、叙事长，能做慢而稳的波段；第三是高现金流高分红的底仓，很多散户要的不是一夜暴富，而是账户别被吓死，抗跌又能在回暖时跟涨，这类底仓是组 合里的压舱石 ...

Group 1 - The current rise in Hong Kong stocks is supported by fundamentals, with signs of structural recovery in profitability starting from the second half of 2024 due to stabilization in both domestic and external demand and macroeconomic policy support [1][24] - The Hang Seng Index is transitioning from traditional economic cycles to focus on hard technology sectors such as AI applications, new energy, and semiconductors, with the weight of new economy sectors in the index increasing from 17% to nearly 50% [1][34] - The performance of Hong Kong stocks is expected to shift from being liquidity-driven to being driven by both profitability and liquidity, with earnings growth projected to rebound to 10.8% in 2026 [1][25] Group 2 - The current low valuation levels of quality companies in Hong Kong stocks highlight their growth potential, and the market sentiment has likely adjusted to current liquidity and emotional factors [6][24] - The structural recovery in profitability is evident, with emerging industries experiencing rapid growth while traditional sectors are still stabilizing [28][29] - The performance of individual stocks correlates positively with earnings growth, with high-growth companies significantly outperforming those under profit pressure [33] Group 3 - The upcoming liquidity improvements, including potential dovish signals from the new Federal Reserve chair and a decrease in HIBOR rates, could provide upward momentum for Hong Kong stocks [52][70] - The AH premium is expected to decline further due to increased investment from insurance funds in H-shares and the growing convenience for foreign capital to allocate resources in Hong Kong [71][74] - The spring market rally in Hong Kong stocks has historically shown a high probability of positive returns, indicating a potential opportunity for investors [56][60]

Core Insights - The article highlights the establishment and operational progress of Xingyin Financial Asset Investment Co., Ltd. (referred to as "Xingyin Investment"), which is the first approved joint-stock bank in China, focusing on supporting traditional industries and emerging sectors [1] Group 1: Financial Performance - Since its official launch on November 16, 2025, Xingyin Investment has invested over 6 billion yuan by December 31, 2025 [1] - The company has targeted over 10 projects in sectors such as semiconductors, photovoltaics, lithium mining, and engineering plastics, contributing to the new energy and new materials industries [1] Group 2: Strategic Focus - Xingyin Investment aims to address challenges in traditional industries, such as low operational efficiency and weak digital collaboration, as well as high technical barriers and slow conversion of results in emerging industries [1] - The company plans to leverage market-oriented debt-to-equity swaps to meet diverse financing needs across different entities and cycles [1] Group 3: Future Plans - The leadership of Xingyin Investment emphasizes a commitment to differentiated competition and aims to enhance investment in fields like new energy, new materials, artificial intelligence, biomedicine, and advanced manufacturing [1] - The company is also working towards obtaining a private equity investment license to support "hard technology" enterprises in overcoming critical challenges [1] - Additionally, there is a focus on building an investment ecosystem to provide comprehensive financial services throughout the client lifecycle [1]