Core Viewpoint - The current market equates "investing in technology" with "buying AI," with popular sectors like optical modules seen as entry points into the AI trend. However, fund manager Zhang Jiansheng from Bodao Fund adopts a unique investment style that focuses on early-stage opportunities rather than chasing hot stocks, achieving significant returns through a diversified approach [1][2]. Investment Strategy - Zhang's investment framework emphasizes a "bottom-up, moderately diversified, and balanced growth" approach, with a strong focus on valuation and drawdown control. His cautious risk preference stems from his early career experiences during market volatility [2][3]. - He employs a "left-side trading" strategy, setting target market value ranges for companies and gradually selling once stock prices enter these pre-set areas, avoiding high premium purchases [2][3]. Market Insights - Zhang believes that leading companies with high market attention require deep industry knowledge to generate excess returns. He prefers to identify "left-side" targets with lower market attention and reasonable valuations, which helps manage downside risks [3][4]. - His portfolio is diversified across high-end manufacturing, TMT, and consumer sectors, with no single industry exceeding 25% of holdings, resulting in better drawdown control compared to other growth-style fund managers [3][4]. Portfolio Construction - Zhang's focus on valuation allows him to uncover opportunities in less popular market segments, such as his early 2024 positioning in the Hong Kong stock market and the innovative drug sector in 2025, where he aimed to capitalize on valuation recovery [4][5]. - He combines valuation assessments with industry trend analysis, as seen in his 2025 investments in semiconductor storage, where he identified low valuations alongside positive industry signals [5][6]. Future Market Outlook - Zhang maintains an optimistic view on the A-share market, supported by a significant decrease in risk premiums, ongoing regulatory support, and signs of corporate earnings recovery [6][7]. - He plans to focus on three main areas in 2026: AI applications, resource sectors benefiting from "re-industrialization" and "re-globalization," and valuation recovery opportunities in traditional industries like chemicals and consumer goods [6][7][8].

本报记者 田鹏 2026年开年以来，港股次新股迎来良好开局。Wind资讯数据显示，今年以来，截至1月13日收盘，121只次新股算术平均涨 幅达5.94%，其中有19只个股自上市以来股价涨幅超过100%。 接受《证券日报》记者采访的专家表示，这一轮港股次新股的良好表现并非短期市场情绪反弹，而是多重核心因素共振的 结果。从标的结构来看，硬科技成为核心主线，人工智能、半导体GPU、生物医药等赛道的优质企业集中上市，这些企业凭借 技术稀缺性与成长确定性，成为资金追捧的核心标的。 首先，标的结构持续优化，硬科技成为上市主力。近年来，赴港上市公司精准覆盖人工智能、半导体、生物医药等前沿领 域，普遍具备技术稀缺性与成长确定性。 其次，全球资本加速回流中国资产，为港股次新股股价走强提供了资金支撑。瑞银数据显示，2025年全球前四十大国际投 资人对中国资产配置较2024年显著回升，但与2017年至2021年的均值相比，仍有较大提升空间。 具体来看，材料行业11只个股中，8只股价年内上涨，其中南山铝业国际控股有限公司和容大合众（厦门）科技集团股份 公司涨幅超过20%。 5只金融类次新股股价年内全部实现上涨，轻松健康集团和南华期货 ...

Core Viewpoint - The A-share market experienced a collective pullback on January 13, with the ChiNext index dropping nearly 2%, while over 900 out of 1300 ETFs fell. However, ETFs focused on defensive sectors like electric power, pharmaceuticals, oil and gas, and gold saw gains, with several products rising over 2% [1][3]. ETF Market Performance - The overall net inflow in the ETF market was approximately 1.16 billion yuan on January 12, a significant decrease from about 16.4 billion yuan on January 9. The media, satellite aerospace, software, non-ferrous metals, and AI sectors attracted substantial net inflows, with the media ETF (512980) leading at 2.32 billion yuan [2][6]. - On January 13, ETFs focused on electric power, oil and gas, and gold sectors showed resilience against the market downturn, with the top 20 gaining ETFs primarily concentrated in these areas. The electric power ETF (561380) surged by 7.37% due to a last-minute rally, while the oil and gas ETFs also performed well, with two tracking the China Securities Oil and Gas Resources Index rising over 2% [3][4]. Sector-Specific Insights - The gold sector ETFs all recorded gains, particularly those linked to the China Securities Hong Kong and Shanghai Gold Industry Stock Index, with all six ETFs rising over 2%. In the pharmaceutical sector, ETFs focusing on Hong Kong medical, innovative drugs, and biomedicine showed strong performance, with the Hong Kong medical ETF (159137) rising by 3.44% [4]. - Conversely, several popular sector ETFs, particularly in AI and aerospace, faced significant declines, with many dropping over 8%. The leading AI ETF, Morgan's ChiNext AI ETF, saw a sharp drop of over 11% after a trading halt due to price premiums [5]. Fund Flows and Trends - Seven ETFs attracted over 1 billion yuan in net inflows, primarily in sectors like media, satellite aerospace, software, and non-ferrous metals, as well as one small-cap broad-based index ETF. The media ETF (512980) alone garnered over 2 billion yuan in net inflows on January 12 [6][7]. - Non-equity ETFs, including money market and bond funds, experienced significant net outflows, with some non-equity ETFs seeing outflows exceeding 10 billion yuan since the beginning of the year. Despite the overall upward trend in the equity market, the ETF market faced a net outflow of over 55 billion yuan year-to-date [8]. Industry Developments - 华夏基金 became the first public fund company in China to surpass 1 trillion yuan in ETF management scale, reaching 1,016.42 billion yuan as of January 12. The rapid growth of ETFs in China is notable, with the time taken to reach successive trillion yuan milestones decreasing significantly [10].

Market Overview - On January 13, A-shares experienced a collective pullback, with the ChiNext Index dropping nearly 2% and over 900 out of 1300 ETFs declining [1] - Despite the overall market downturn, ETFs focused on defensive sectors such as electric grid, oil and gas, gold, and pharmaceuticals saw gains, with several products rising over 2% [1] ETF Performance - The Electric Grid ETF (561380) led the market with a 7.37% increase, experiencing a significant surge in the last four minutes before closing [2][4] - The AI-focused ETF Morgan (588420), which had performed well previously, saw a sharp decline of over 11% today, marking the largest drop in the market [2][7] Fund Flows - The overall net inflow into the ETF market was approximately 1.157 billion yuan, a significant decrease from the 16.4 billion yuan net inflow on January 9 [3][9] - The Media ETF (512980) attracted the highest net inflow of 2.327 billion yuan, contributing to a total of over 3 billion yuan in net inflows this year [3][10] Sector Analysis - ETFs targeting the electric grid, oil and gas, and gold sectors showed resilience, with all ETFs in these categories posting gains [4][5] - The Medical ETF focusing on Hong Kong stocks and innovative drugs also performed well, with the Hong Kong Medical ETF (159137) rising by 3.44% [5][6] Notable Declines - Several ETFs in the AI and aerospace sectors faced significant declines, with nine out of the top ten ETFs by drop percentage being aerospace-related [7] - The AI ETF Morgan experienced a drastic increase in turnover rate, indicating high trading activity amid its price drop [7] Non-Equity ETF Trends - Non-equity ETFs, including money market and bond funds, faced substantial net outflows, with some experiencing over 10 billion yuan in outflows this year [11][12] Industry Insights - The aviation sector is viewed as having significant long-term growth potential, supported by policy backing and industry acceleration [13] - The semiconductor sector is experiencing short-term volatility but is expected to maintain a positive long-term outlook due to strong demand and supportive policies [13] ETF Market Milestone - Huaxia Fund became the first public fund company in China to have an ETF management scale surpassing 1 trillion yuan, reaching 1.016424 trillion yuan as of January 12 [14]

Market Overview - On January 12, the North Exchange A-shares trading volume reached 43.52 billion yuan, an increase of 13.69 billion yuan from the previous trading day[1] - The North Exchange 50 Index closed at 1605.77, up 5.35%, with a PE_TTM of 67.48 times[1] - The North Exchange Specialized and Innovative Index closed at 2782.05, rising by 6.92%[1] Stock Performance - Out of 287 companies on the North Exchange, 272 rose, 0 remained flat, and 15 declined[1] - The top five gainers were: - Zhongcheng Technology (30.0%) - Tianrun Technology (30.0%) - Xingtum Control (30.0%) - Tonghui Information (30.0%) - Liujin Technology (29.9%)[1] - The top five decliners were: - Hongxi Technology (-6.2%) - Henghe Co., Ltd. (-3.0%) - Hengdong Light (-2.5%) - Haixi Communication (-2.3%) - Jiahua Technology (-2.2%)[1] Investment Insights - The overall trading activity on the North Exchange was robust, benefiting from the overall heat in the A-share market, which saw a record trading volume of 3.64 trillion yuan[3] - The technology growth sector, including AI applications, commercial aerospace, and controlled nuclear fusion, experienced significant gains, driving related companies on the North Exchange[3] - The North Exchange's focus on innovative small and medium enterprises aligns well with current policy support for "new quality productivity," suggesting continued benefits from the deepening technology growth trend[3] Risks - Potential risks include policy regulatory risks, unexpected policy changes for the North Exchange, and intensified industry competition[4]

Core Viewpoint - The A-share market has shown strong performance at the beginning of 2026, with a historical high in trading volume and a significant increase in major indices, driven by multiple favorable factors [1][2][4]. Market Performance - As of January 12, 2026, the Shanghai Composite Index has risen by 4.9% since the end of 2025, marking 17 consecutive days of gains, positioning it among the top global markets [1]. - The total trading volume on January 12 reached 3.64 trillion yuan, setting a new historical record [1]. Supporting Factors - Investor optimism for 2026, particularly in the first half, has led to increased capital allocation [2]. - Recent technological advancements in sectors like AI and commercial aerospace have catalyzed market interest, with significant satellite applications submitted to the International Telecommunication Union [2]. - Anticipation of positive earnings reports from A-share companies at the end of January, especially for small and mid-cap stocks, has contributed to market optimism [2]. - The ongoing trend of capital movement from savings to investments has created a positive feedback loop with market performance [2]. - The appreciation of the Chinese yuan, recently reaching 6.96, has also supported market sentiment [2]. Short-term Considerations - The rapid increase in market performance and trading volume necessitates caution regarding potential short-term volatility, as high turnover rates may indicate overheated investor sentiment [3]. - A focus on maintaining market stability and a gradual pace of growth is recommended to attract incremental capital and support long-term market health [3]. Mid-term Outlook - The A-share market is expected to continue its upward trend, driven by the interplay of international order restructuring and domestic industrial innovation [4]. - Recent geopolitical changes and the evolving U.S.-China trade relationship are seen as stabilizing factors for the Chinese market [4]. - The ongoing advancements in AI technology and related sectors are anticipated to sustain high growth and contribute to the revaluation of Chinese assets [4]. Investment Recommendations - Focus on sectors experiencing growth, such as AI technology, innovative pharmaceuticals, and energy storage, which are entering a favorable cycle [5]. - Consider opportunities in export-oriented industries, including home appliances and machinery, which are expected to benefit from global demand [5]. - Monitor cyclical sectors like chemicals and renewable energy for potential recovery as supply-demand dynamics improve [5]. - Emphasize high-dividend stocks for long-term investment strategies, leveraging stable cash flows and lower volatility [5]. - Identify sectors likely to report strong annual performance, such as gold and technology, which are benefiting from high demand in AI [5].

Core Viewpoint - Amway Co., Ltd. (300218) stated that its semiconductor-related business has a small revenue share in the overall company revenue and does not significantly impact its operating performance [1] Group 1 - The company is unable to disclose specific client names and cooperation details due to confidentiality agreements with partners [1] - The revenue from the semiconductor sector currently constitutes a minor portion of the company's total revenue [1] - The company's overall operating performance remains unaffected by this segment of the business [1]

21智讯1月13日电，国机精工在投资者关系活动中表示，2024年公司超硬材料磨具业务收入约为5.8亿 元，下游涵盖半导体及汽车、制冷、LED、工模具等领域，其中半导体领域产品近年来增长较为显著； 公司产品技术门槛较高，主要竞争对手为国际跨国企业，未来将持续提升性能并扩大封装环节市占率。 ...

2026年1月13日，A股上演惊天变脸！此前连涨多日、狂掀涨停潮的商业航天板块突然集体跳水，单日超60只概念股跌停，龙头股如中国卫通、航天电子、 航天发展全线封死跌停板，市场哀鸿遍野。 资金闻风而逃，板块单日成交额骤降，此前占全市场四成的热钱迅速转向AI应用、半导体与机器人等新主线。蓝色光标、中文在线等AI概念股趁势涨停， 80余股掀起反攻潮，显示主力正加速调仓换股。 然而，长期逻辑并未崩塌。国家已申请近20万颗卫星频轨资源，200亿专项基金加持，"十五五"规划明确将商业航天列为战略性新兴产业。可回收火箭成本 大降、卫星年产能突破千颗、手机直连与智能汽车配套需求爆发，产业根基仍在夯实。 但眼下，伪概念股横行——有企业商业航天收入占比不足0.2%，市盈率却飙上百倍；部分标的业绩下滑六成仍被爆炒，监管已亮红灯：大股东减持、个股 停牌核查接踵而至。 专家警示，行情已从"看估值"变为"拼胆量"，短期或有低位硬科技股补涨，如射频连接器、卫星芯片等环节。但纯题材炒作退潮已至，唯有真正具备技术壁 垒与订单落地能力的企业，方能在太空竞赛中笑到最后。 导火索早在前夜埋下——1月12日，超15家上市公司紧急发布风险提示公告，纷纷 ...

Core Viewpoint - The company Meiyai (China) Environmental Technology Co., Ltd. is a leading domestic brand in the air purification and environmental governance sector, focusing on the development, production, and sales of air purification products and atmospheric environment governance products. Group 1: Company Overview - Meiyai specializes in air purification products, atmospheric environment governance products, and has been recognized as a national-level "specialized, refined, and innovative" small giant enterprise, establishing itself as a leader in cleanroom equipment for the semiconductor industry [3]. - The company was founded on June 21, 2001, and went public on November 18, 2022. Its main business revenue composition includes 90.18% from cleanroom air filtration and clean wall and ceiling systems [7]. - As of September 30, 2025, Meiyai achieved operating revenue of 1.486 billion yuan, representing a year-on-year growth of 23.64%, while the net profit attributable to the parent company was 141 million yuan, a decrease of 5.17% year-on-year [7][8]. Group 2: Market Position and Products - The company has developed the first domestic 28nm lithography equipment and provides products that meet the highest international cleanliness standards (ISO Class 1) for the semiconductor industry, positioning itself as a competitive player alongside international brands [2]. - Meiyai has long supplied products such as FFUs, high-efficiency/ultra-high-efficiency filters, and chemical filters to SMIC, ensuring the air cleanliness requirements for SMIC's advanced product lines, including the latest 14nm and 28nm processes [2]. - The company's air purification equipment is capable of efficiently removing PM2.5 and microorganisms, as well as decomposing formaldehyde and VOCs [2]. Group 3: Financial and Stock Performance - On January 13, the company's stock price fell by 1.98%, with a trading volume of 191 million yuan and a turnover rate of 2.36%, resulting in a total market capitalization of 7.969 billion yuan [1]. - The main capital inflow for the day was 5.3422 million yuan, accounting for 0.03% of the total, with the industry ranking at 4 out of 28 [4]. - The average trading cost of the stock is 57.08 yuan, with the stock price currently near a support level of 57.19 yuan, indicating potential for a rebound if this support holds [6].