2026年开年以来，科技成长板块再度成为上攻行情中的重要引擎。尽管近期市场震荡整固，科技成长板 块也呈现显著分化，但以AI为代表的科技产业叙事仍处于顺风期——OpenAI上市预期提前，应用端模 型迭代节奏加快，春节前后仍有可预期的催化事件落地。 长城基金坚定投资未来，锚定科技产业主航道持续深耕，打造"全景视野之广、多元策略之活、团队协 作之效"动态能力体系，聚焦新能源、新材料、半导体、生物技术、人工智能、国防军工、医药医疗等 细分领域，以深度基本面研究为基石，耐心捕捉"科技+"领域的长期投资价值。 陈良栋：看好2026年A股市场 总体看好2026年A股市场投资机会，原因包括：1）全球处于秩序变化和重建过程，中国有能力维持一 个可持续的预期稳定的经营环境，随着房地产去杠杆到了中后期，对宏观经济的影响将会降低，加上刺 激消费和"反内卷"政策的推出，市场对国家稳住宏观经济信心增强；2）在美国持续进入降息周期，以 及人民币汇率走强预期下，A股市场估值具备吸引力；3）人工智能带动全球新一轮的技术升级和效率 提升，有望驱动比较长的投资周期，以及供给创造需求周期，将逐渐外溢带动更多行业需求增长，而中 国和美国在这轮人工智能 ...

Market Performance - The Hong Kong stock market saw a positive trend with the Hang Seng Index rising by 0.141%, the Hang Seng China Enterprises Index increasing by 0.497%, and the Hang Seng Tech Index up by 0.74% as of the market close [1] - Southbound funds recorded a net inflow exceeding 24.9 billion HKD [1] Sector Performance - Strong performance was noted in sectors such as new energy vehicles, aviation, telecommunications, biomedicine, domestic banks, and logistics [1] - Conversely, sectors like non-ferrous metals, commercial aerospace, optical communications, semiconductors, and photovoltaic solar energy experienced declines [1] Notable Stocks - Tech stocks showed recovery in the afternoon, with Lenovo rising over 3%, Xiaomi and Baidu increasing by more than 2%, and Meituan up by over 1% [1] - Gold stocks generally fell, with Chifeng Jilong Gold Mining dropping over 5% [1] Company Announcements - Baidu announced a new share repurchase plan, allowing for the buyback of up to 5 billion USD of its shares, effective until December 31, 2028 [3] - The board of Baidu also indicated plans to announce its first dividend by 2026, supported by sustainable funding sources [3] Market Outlook - Huazhang Fund noted a significant style rotation in the market, highlighting a "seesaw" effect between the previously strong tech growth sector and dividend value styles [3] - The fund emphasized the attractiveness of dividend stocks due to their high yield and low valuation, alongside expectations of a cyclical recovery and demand from long-term capital [3]

Core Viewpoint - In January 2026, over 90% of insurance asset management equity products achieved positive returns, with 27 products yielding over 10%, indicating a strong start for the year in this sector [1][3]. Group 1: Performance of Insurance Asset Management Products - Among 290 insurance asset management equity products, the top performer was the CITIC Prudential Asset Management's Chengyi Resource product, with a return of approximately 24.71% [1][2]. - The top 20 equity asset management products predominantly included technology growth products, such as Sunshine Asset's Innovation Growth and China Life Asset's Advanced Manufacturing Selected No. 1 [1][2]. - Major institutions like China Life Asset, Ping An Asset, and others had multiple products listed in the top 20, with China Life Asset having four products featured [1][2]. Group 2: Market Trends and Insights - The strong performance in January was attributed to market trends, particularly in the technology sector, with the ChiNext Index rising by 4.47% and the Sci-Tech 50 Index increasing by 12.29% [3]. - Analysts suggest that for insurance funds seeking long-term stable returns, short-term market fluctuations do not significantly impact their long-term strategic asset allocation [3]. - Among over 170 insurance asset management equity products established for more than three years, around 80% have positive annualized returns since inception, with 46 products exceeding 10% annualized returns [3]. Group 3: Future Investment Directions - Looking ahead to 2026, increasing equity asset allocation remains a key investment direction for insurance institutions, with a particular focus on technology growth themes [4]. - Investment strategies will prioritize sectors such as AI, semiconductors, robotics, and new energy, while also considering financial, cyclical, and consumer sectors [4]. - Advanced manufacturing and TMT strategies are expected to continue to provide excess returns, with specific attention to sectors like power equipment, energy metals, and consumer electronics [5].

Core Viewpoint - The overall economic outlook for 2026 is optimistic, with service consumption expected to be the main driver of economic growth, particularly as companies begin to realize their performance in line with the "14th Five-Year Plan" [1][2]. Economic Growth Dynamics - 2026 marks a critical transition from "weak reality" to "strong performance" in the economy, with service consumption becoming the primary growth driver [2]. - The GDP growth for 2025 is anticipated to meet expectations, but structural changes in consumption patterns are more significant than the numerical growth itself [2]. - There is a notable shift from physical consumption to service consumption, as evidenced by a significant increase in travel during the 2025 National Day holiday [2]. New Quality Productivity - The "14th Five-Year Plan" emphasizes accelerating high-level technological self-reliance and leading the development of new quality productivity, which includes not only technological innovation but also the upgrading of traditional industries [2]. - New quality productivity encompasses three dimensions: deep transformation of traditional industries through technologies like industrial internet and AI, the growth of strategic emerging industries, and forward-looking layouts for future industries [2]. Investment Themes - The A-share market is currently experiencing a dual investment theme of "low volatility dividends" and "technology growth," with many traditional industries being significantly undervalued [4]. - The technology growth sector is favored by market funds due to its alignment with industrial transformation and policy support, but there is a need for a balanced asset allocation approach rather than solely focusing on technology [4][5]. - Investors are encouraged to identify undervalued quality companies rather than simply following market trends [5].

● 本报记者 林倩 近日，国元证券副总裁梁化彬在接受中国证券报记者专访时表示，对2026年经济前景总体保持乐观态 度，服务消费将成为拉动经济增长的主力。2026年是"十五五"规划开局之年，上市公司业绩有望逐步释 放，特别是与新质生产力相关的企业逐步完成市场拓展，进入业绩兑现期。 他进一步补充道，待上市公司2025年年报验证经济确实回暖、优质企业业绩得到充分释放后，2026年4 月或5月，A股市场可能迎来新一轮行情。 "低波红利"与"科技成长" 两条投资主线并存 2026年开年以来，A股震荡上行，市场交投活跃。梁化彬表示，从A股走势看，当前"低波红利"与"科技 成长"两条投资主线并存，从市盈率指标来看，大量传统产业估值处于低位，存在显著低估现象。 他表示，科技成长板块因其符合产业转型方向且受到政策扶持，容易得到市场资金青睐，但券商等机构 在进行客户服务时，应向投资者强调资产配置理念，而非单一押注科技成长主线。 "2025年GDP增长符合预期，但结构变化比数字本身更值得关注。"梁化彬开门见山，直指消费领域正在 发生转换。他认为，在政策精准发力的背景下，2025年"十一"假期出游人次总量显著增加，服务消费已 成为消 ...

（来源：市场星报） 资金面规律显示，节前流出的融资资金（往往偏好弹性品种）通常在节后回流，这将为小盘风格提供增 量支撑； 宏观环境亦对风格有所牵引。当前国内制造业PMI数据偏弱，反映内需不足的矛盾依然存在，扩大内需 的政策预期对部分板块形成支撑； 海外方面，美元可能的阶段性走强会对周期风格形成一定压制，相比之下，主要受国内产业政策驱动的 科技成长板块所受影响相对较小，其长期产业趋势并未改变。 技术面上，周三市场探底回升，沪指重返4100点，创业板指盘中一度跌超2%，最终也大幅缩窄跌幅， 再度彰显出当前市场较强的承接动能。不过量能小幅萎缩，已不足2.5万亿，再考虑到节前效应的影 响，近期想要走出连续放量上攻行情的概率相对较低，仍以区间震荡结构看待为宜。 因此，春节前后的市场风格大概率将呈现"节前求稳，节后反弹"的节奏特征。节前，在避险情绪与稳健 配置需求主导下，红利及低估值大盘板块的修复行情有望延续。节后，随着两会政策窗口开启、市场风 险偏好回升以及资金流向变化，市场焦点可能重新转向小盘成长与具备明确产业催化的题材方向。对于 投资者而言，应对当前震荡轮动市的关键在于踏准节奏，无需对短期风格切换过度焦虑。 A股三 ...

在持续多日遭遇资金大幅流出后，股票型ETF终于重现资金净流入。 据Choice测算，2月3日，股票型ETF（剔除跨境ETF）净流入69.65亿元，其中多只宽基ETF吸引资金涌入。与此同时，虽然港股科技板块持续调 整，大量资金借道ETF加仓。 股票型ETF重现净流入 据Choice测算，2月3日，股票型ETF（剔除跨境ETF）净流入69.65亿元，其中多只宽基ETF吸引资金涌入。具体来看，南方中证500ETF净流入 35.66亿元，南方中证A500ETF、华夏科创50ETF、易方达沪深300ETF、南方中证1000ETF、华夏沪深300ETF等净流入均超5亿元。 | 基金全称 | 2月3日 净流入额 | | --- | --- | | | (亿元) | | 南方中证500交易型开放式指数证券投资基金 | 35.66 | | 国泰中证全指证券公司交易型开放式指数证券投资基金 | 11.17 | | 南方中证A500交易型开放式指数证券投资基金 | 9.73 | | 华夏上证科创板50成份交易型开放式指数证券投资基金 | 7.60 | | 易方达沪深300交易型开放式指数发起式证券投资基金 | 7.07 | | 南 ...

Core Viewpoint - The technology growth sector rebounded collectively after a significant drop, with leading gains in optical communication, CPO, and commercial aerospace sectors [1] Group 1: Market Performance - The Guozheng Growth 100 Index increased by 2.3% at market close [1] - The Guozheng Free Cash Flow Index rose by 2% [1] - The Guozheng Value 100 Index saw a rise of 1.4% [1] Group 2: Fund Flows - Related ETFs attracted attention, with the E Fund Growth ETF (159259) experiencing a net inflow of over 100 million yuan across four consecutive trading days [1] Group 3: Index Composition - The Guozheng Growth 100 Index focuses on stocks with prominent growth styles in the A-share market, with over 70% of its weight concentrated in the electronics, communication, and computer sectors [1] - The index is strategically positioned to capitalize on the core aspects of AI computing power [1] Group 4: Investment Opportunities - The E Fund Growth ETF (159259) is the only product tracking the Guozheng Growth 100 Index, providing investors with opportunities to seize growth-style investment chances [1]

Core Insights - The report indicates a continuation of the profit improvement trend in A-shares, with a disclosure rate of 55.8% for 2025 annual reports as of January 31, 2026 [1] - The sectors with the highest pre-announcement rates and profit growth are concentrated in upstream materials and technology manufacturing [1][2] - The overall pre-announcement rate for 2025 is 35.8%, showing a marginal increase from 33.5% in 2024, with the highest rates in non-bank financials, non-ferrous metals, beauty care, and automotive sectors [3][5] Industry Comparison - The highest pre-announcement rates range from 50% to 82% in non-bank financials, non-ferrous metals, beauty care, and automotive sectors, while the lowest rates (below 25%) are found in coal, real estate, light manufacturing, food and beverage, and retail sectors [1][2] - Profit growth rates for 2025 show non-ferrous metals, non-bank financials, steel, automotive, and public utilities leading with a median year-on-year growth of 40% to 70% [2] - The report highlights that the profit growth for the majority of sectors, except for non-ferrous metals and steel, has improved compared to the third quarter of 2025 [2] Profit Growth Insights - The median year-on-year profit growth for all A-shares is reported at 17.9%, with a significant improvement of 12.6 percentage points from the third quarter [3][4] - The growth rates for the main boards, ChiNext, and STAR Market are 14.3%, 24.9%, and 22.4% respectively, indicating substantial improvements across all boards [3][4] - Specific sectors such as personal care products, electric motors, and aviation equipment show remarkable profit growth forecasts ranging from 65% to 275% for 2025 [2][11] Market Outlook - The report suggests that the overall profit improvement trend in A-shares is expected to continue, with structural highlights in upstream price increases and technology manufacturing [6] - Short-term market conditions are anticipated to remain favorable, with a focus on sectors with strong earnings support [6] - Mid-term expectations include continued policy support and industrial innovation driving profit improvements, with recommendations to focus on technology growth, commodity price beneficiaries, advanced manufacturing, and dividend assets [6]

科创200ETF富国（589780）跟踪科创板代表性小盘指数——科创200指数（000688），具备小市值、高 研发、强盈利的特征；1000ETF（159629）跟踪中证1000指数（000852），覆盖全市场优质中小成长 股，科技属性强、成长性高；创业板200ETF富国（159571）则跟踪创业板200指数（399606），布局创 业板中盘股主力，聚焦新兴产业、盈利可期。 今日盘中，A股科技成长主线全面爆发，半导体、存储芯片及AI算力板块集体走强，带动科创200ETF 富国（589780）涨超4.1%，1000ETF（159629）、创业板200ETF富国（159571）、科创100ETF富国 （589950）均涨超3%，截至发稿的最新涨幅分别为3.51%、3.46%、3.07%，中小盘科技股表现强势。 （文章来源：每日经济新闻） 从板块趋势来看，科技成长赛道近期呈现"政策+产业"双轮驱动特征。政策端，央行持续释放流动性支 持硬科技领域，1月以来累计净投放超万亿元，资金精准流向AI算力、半导体等战略赛道；产业端，全 球AI基础设施投资加速扩容，带动半导体产业链景气度持续回升。 研究机构指出，中长期逻辑上，在 ...