矿业ETF（561330）跟踪的是有色矿业指数（931892），该指数从市场中选取涉及铜、铝、铅锌、稀有 金属等矿产资源开发业务的相关企业证券作为指数样本，以反映有色金属矿采选行业的整体表现。根据 wind数据，2025年全年，矿业ETF（561330）年内涨幅全市场ETF第三，有色类ETF第一，具备龙头更 集中，【黄金+铜+稀土】占比更高的特点。 风险提示：数据来源：wind，矿业ETF2025年涨幅106.11%，在有色板块10只ETF中排名第一。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，不构成投资建议或承诺。提 及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品要素、风险等级及收 益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 华创证券指出，降息预期和美联储独立性危机强化、地缘冲突下避险升温以及美债或遭抛售等因素，持 续催化贵金属行情。央行购金需求持续对金价形成强支撑，中国央行已连续14个月增持黄金。黄金的避 险需求和投资需求或长期持续，价格或长期上 ...

Group 1 - The latest dividend yield for the S&P A-share Dividend ETF is 4.76% as of January 26, 2026 [1] - The S&P A-share Dividend Opportunity Index has shown a one-year return of 25.31% and a one-day return of 6.88% [1] - The Shanghai Composite Index has a one-year return of 28.05% and a one-day return of 0.84% [1] Group 2 - The S&P Hong Kong Stock Connect Low Volatility Dividend Index has a one-year return of 27.31% and a one-day return of 1.43% [2] - The annualized volatility for the S&P Hong Kong Stock Connect Low Volatility Dividend Index is 11.74% [2] - The A500 Low Volatility Dividend ETF has a one-year return of 4.42% and a one-day return of 0.56% [2][6] Group 3 - The China Securities 800 Low Volatility Dividend Index has a one-year return of 2.66% and a one-day return of 1.06% [6] - The annualized volatility for the China Securities 800 Low Volatility Dividend Index is 8.49% [6] - The A500 Low Volatility Dividend ETF has shown a one-month return of -0.55% [6]

AI基金摩根红利优选股票A（021187）披露2025年四季报，第四季度基金利润363.22万元，加权平均基金份额本期利润0.0625元。报告期内，基金净值增长 率为4.09%，截至四季度末，基金规模为6087.88万元。 该基金属于标准股票型基金。截至1月22日，单位净值为1.209元。基金经理是胡迪、何智豪和韩秀一。 基金管理人在四季报中表示，展望来看，市场风险偏好修复仍是短期制约红利资产相对收益的重要因素，市场风格风险偏好仍然处于高位，对于估值的容忍 度较高，红利资产相对关注度较低，红利资产相对收益可能不突出，但是目前从股息保护角度出发，绝对收益空间仍然值得期待。 截至1月22日，摩根红利优选股票A近三个月复权单位净值增长率为2.68%，位于同类可比基金96/121；近半年复权单位净值增长率为2.73%，位于同类可比 基金110/121；近一年复权单位净值增长率为13.20%，位于同类可比基金107/119。 通过所选区间该基金净值增长率分位图，可以观察该基金与同类基金业绩比较情况。图为坐标原点到区间内某时点的净值增长率在同类基金中的分位数。 截至12月31日，基金成立以来夏普比率为1.0119。 截至 ...

Core Viewpoints - The spring market trend continues with small and mid-cap stocks outperforming while large-cap stocks experience volatility. The A-share market saw a weekly increase of 0.8% in the Shanghai Composite Index, while the CSI 500 and CSI 2000 rose by 4.3% and 4.0% respectively. In contrast, the CSI 300 and SSE 50 declined by 0.6% and 1.5% respectively. Key sectors leading the gains include construction materials, oil and petrochemicals, steel, and basic chemicals, with increases ranging from 7% to 10% [2][12][13]. Recent Dynamics - December economic data indicates a recovery in industrial production, while consumption and investment growth continue to decline. The industrial added value year-on-year growth rate rose to 5.2% in December, with high-tech and equipment manufacturing sectors maintaining high growth rates. However, retail sales growth fell to 0.9%, and fixed asset investment showed a cumulative year-on-year decline of 3.8% [3][4]. Policy Tracking - Recent policies aim to support consumption and private investment through a series of financial measures. The Ministry of Finance and other departments have introduced interest subsidy policies for small and micro enterprises, extending support to sectors such as new energy vehicles, high-end equipment, and artificial intelligence. The total guarantee plan for private investment is set at 500 billion yuan, focusing on enhancing the operational capacity of small and micro enterprises [5][6]. Market Performance - The A-share market has shown a mixed performance, with small and mid-cap indices outperforming large-cap indices. The CSI 500 and CSI 2000 indices recorded gains between 2% and 4.5%, while the Shanghai Composite Index rose by 0.8%. The average daily trading volume across the A-share market was approximately 2.8 trillion yuan, reflecting a 19.23% decrease from the previous week [12][13]. Sector Performance - Among the 31 primary sectors, 24 achieved positive returns, with construction materials, oil and petrochemicals, steel, and basic chemicals leading the way. Conversely, sectors such as banking, telecommunications, and non-bank financials experienced declines. Concept indices related to gold jewelry, photovoltaics, and advanced packaging saw significant gains, ranging from 10% to 13% [12][13][14].

Group 1 - Since September 2024, the proportion of southbound capital in transaction volume has rapidly increased to 20%-30%, nearly doubling compared to before 2024, indicating a significant shift in market dynamics [3][8] - Historical reviews of two rounds of competition for pricing power in the Hong Kong stock market occurred in 2016-2017 and 2020-2021, typically initiated by policy optimizations and inflows of incremental capital [15][28] - The current southbound capital inflow is characterized by a higher proportion of medium to long-term funds, with insurance capital making 41 stakes in 2025, 35 of which were in H-shares, marking a record high in the past decade [3][31] Group 2 - The industries where southbound capital and Chinese capital have pricing power include semiconductors and dividend-paying sectors, while industries lacking pricing power include internet, hardware, software services, home appliances, and media [3][36] - The top five industries by southbound capital holdings include coal (41.8%), semiconductors (32.7%), environmental protection (24.5%), oil and petrochemicals (24.1%), and pharmaceutical biology (20.5%) [37] - The active management public funds have a low preference for Hong Kong stocks, with significant holdings concentrated in AI-related CSP giants, electronics, and innovative pharmaceuticals [46] Group 3 - The current sentiment in the Hong Kong stock market has fully reflected negative factors such as US-China trade friction and the high unlock peak at the end of last year, suggesting potential upward investment opportunities if liquidity pressure eases [53][54] - The spring rally in the Hong Kong stock market has a high probability of success, with southbound capital and foreign capital expected to net inflow at the beginning of the year, driven by the demand for core Chinese assets [53][54] - The pricing power of southbound capital is rapidly increasing, with expectations of a potential upward beta in the Hong Kong stock market at the beginning of the year [3][53]

Investment Rating - The report maintains a recommendation for the transportation industry [2] Core Views - The shipping sector is experiencing high oil tanker rates and improving bulk freight rates, while the express delivery industry is expected to see a growth rate of 13.6% year-on-year in 2025 [1][6][19] Shipping - Oil tanker rates remain high, influenced by geopolitical tensions, with the market sentiment showing signs of volatility [6][12] - The dry bulk shipping market is showing signs of improvement, with increased inquiries from Australian miners and rising grain prices from South America [14][15] - Key stocks to focus on include COSCO Shipping Energy, China Merchants Energy, Haitong Development, and Pacific Shipping [6][15] Infrastructure - Weekly data shows a slight increase in truck traffic, with 56.12 million vehicles recorded, a 1.87% increase week-on-week, but a 1.6% decrease year-on-year [16][17] - Port throughput reached 261.318 million tons, a 6.2% increase year-on-year, while container throughput increased by 7.5% [16][17] - Recommended stocks include Anhui Expressway, which is seen as a stable cash flow asset with low current valuations [17] Express Delivery - The express delivery industry saw a total volume of 199 billion items in 2025, a 13.6% increase year-on-year, with December showing a 2.3% increase [18][19] - The competitive landscape is expected to stabilize, with major companies like SF Express and ZTO Express showing potential for profit growth in 2026 [19] - Recommended stocks include SF Express, ZTO Express, and YTO Express [19] Aviation - The aviation sector is currently in a transitional phase due to the Spring Festival timing, with passenger numbers showing a 9.9% year-on-year decrease [20][21] - The industry is expected to benefit from improved supply-demand dynamics and lower fuel prices in 2026 [21] - Key metrics to monitor include passenger volume and ticket pricing trends during the Spring Festival [21] Logistics - The logistics sector is seeing fluctuations in air freight prices, with a recent decrease of 2% week-on-week but a 7.4% increase year-on-year [22]

基金管理人在四季报中表示，展望2026年一季度，宏观环境与市场格局有望呈现新的特征：中美贸易环境大概率改善，国内政策刺激预期保持平稳，反内卷 进展相对缓慢，出口仍将是经济增长的重要贡献项，而消费受以旧换新补贴退坡影响可能面临回落压力，地产投资仍处于磨底阶段，整体经济维持弱复苏态 势，PPI预计温和修复。流动性方面，海外市场主要博弈美联储主席换届带来的政策不确定性，国内货币政策环境将继续保持宽松。风格层面，春季躁动行 情下成长风格有望相对占优，红利风格或较难跑出显著超额收益，但中长期资金入市与国家队托底的背景下，红利资产仍具备一定支撑。基金将延续行业配 置相对均衡的思路，在红利组合中重点筛选成长与估值匹配度较高、具备长期投资价值的优质企业，力争精准把握市场结构性机会。 截至1月22日，汇添富红利增长混合A近三个月复权单位净值增长率为6.30%，位于同类可比基金179/265；近半年复权单位净值增长率为17.99%，位于同类 可比基金186/265；近一年复权单位净值增长率为31.70%，位于同类可比基金189/265；近三年复权单位净值增长率为21.16%，位于同类可比基金113/256。 通过所选区间该基金净 ...

该基金属于灵活配置型基金。截至1月21日，单位净值为2.398元。基金经理是黄海，目前管理的3只基金近一年均为正收益。其中，截至1月21日，万家新利 近一年复权单位净值增长率最高，达15.69%；万家宏观择时多策略A最低，为9.56%。 基金管理人在四季报中表示，展望 2026 年一季度，从资金角度，一季度险资有望实现"开门红"、居民定期存款集中到期、外资年初季节性配置规律，整体 来看，我们预计一季度市场增量资金相对充裕，主要宽基指数有望呈现偏强震荡的格局，结构性机会较多。 投资策略上，中期看，我们认为当前以中美博弈为核心的全球宏观和地缘政治已经陷入高波动的状态，为应对不确定性，各国前期大概率进一步加大财政和 货币扩张力度，而弱化债务和通胀风险，但这又进一步导致未来更大的宏观动荡风险。因此，投资策略上我们"以不变应万变"，我们认为高现金流、高股息 的红利资产，依然是从绝对收益角度，能够抵御内外高宏观波动的稀缺优质资产。从投资方向上，我们维持此前的判断，我国经济的主要矛盾已经从房地产 周期转向制造业的产能周期，未来"扩内需"需配合"反内卷"协同发力。考虑当前国内宏观经济投资端的疲弱已传导至消费，因此，我们判断基 ...

Group 1 - The latest dividend yield for the Hua Bao Fund is 4.76% as of January 23, 2026 [1] - The S&P A-Share Dividend ETF (Hua Bao 562060) has shown a one-year return of 28.28% and a year-to-date return of 10.62% [1] - The annualized volatility for the S&P A-Share Dividend ETF is reported at 0.83% [1] Group 2 - The S&P Hong Kong Stock Connect Low Volatility Dividend Index has a one-year return of 28.64% and a year-to-date return of 11.86% [2] - The annualized volatility for the S&P Hong Kong Stock Connect Low Volatility Dividend Index is 28.64% [2] - The A500 Low Volatility Dividend ETF (159296) has a one-year return of 6.14% and an annualized volatility of 8.76% [2] Group 3 - The China Securities 800 Low Volatility Dividend Index has a one-year return of 4.02% and an annualized volatility of 8.51% [2] - The A500 Low Volatility Dividend ETF has shown a near-term performance with a one-month return of 0.34% [2] - The 800 Low Volatility Dividend ETF (159355) has a one-month return of 0.38% [2]

Group 1 - The core viewpoint of the article highlights the performance of the Free Cash Flow ETF (159201), which has seen a 1.01% increase in intraday trading, with significant inflows of over 538 million yuan in the last 10 trading days, marking a new high in its scale at 10.191 billion yuan and 7.931 billion shares [1] - Zheshang Securities predicts that the Chinese economy is expected to achieve a "good start" in 2026, with macro policies returning to normal and focusing on new productive forces [1] - The A-share market has entered a phase of "systematic slow growth," with the Shanghai Composite Index expected to show an "N" shaped trend [1] Group 2 - Investment themes are focused on consumption, technology growth, and high-end manufacturing, while also recognizing the stabilizing role of dividend assets [1] - The Free Cash Flow ETF and its linked funds closely track the National Index of Free Cash Flow, addressing the limitations of traditional dividend strategies by emphasizing financial health and sustainable growth [1] - The fund management fee is set at an annual rate of 0.15%, and the custody fee at 0.05%, both of which are among the lowest in the market, maximizing benefits for investors [1]