Core Viewpoint - The stock ETF market in China has experienced a significant net outflow of over 12.6 billion yuan, marking the first occurrence of a net outflow exceeding 10 billion yuan in 2026, despite a strong performance in the A-share market [2][4]. Group 1: Market Overview - As of January 7, 2026, the total scale of all stock ETFs (including cross-border ETFs) reached 4.72 trillion yuan, with a net outflow of 12.649 billion yuan on that day alone [4]. - In the first three trading days of the year, the cumulative net outflow exceeded 11.9 billion yuan [4]. Group 2: Fund Flows by Type - On January 7, the net inflows were led by Hong Kong stock ETFs and commodity ETFs, with inflows of 4.086 billion yuan and 1.107 billion yuan, respectively [6]. - Conversely, broad-based ETFs experienced significant net outflows, totaling 15.866 billion yuan, with a scale decrease of 14.372 billion yuan [6]. Group 3: Specific ETF Performance - ETFs tracking the Hong Kong Internet Index saw a net inflow of 1.462 billion yuan, while those tracking the CSI A500 Index faced a net outflow of 4.477 billion yuan [6]. - Over the past five trading days, ETFs tracking the SGE Gold 9999 Index attracted over 6.8 billion yuan, and those tracking specific non-ferrous indices saw inflows exceeding 4.7 billion yuan [6]. Group 4: Notable Fund Managers - Several ETFs managed by large fund companies continued to see net inflows, including the Securities Insurance ETF from E Fund, which reached a scale of 20.524 billion yuan with a net inflow of 557 million yuan [6]. - The China Concept Internet ETF from E Fund also performed well, with a scale of 42.025 billion yuan and a net inflow of 547 million yuan [6]. Group 5: Market Outlook - According to Huaxia Fund, the macro environment is expected to remain favorable for long positions, with anticipated acceleration in local government special bond issuance and central budget investments [13]. - The market is currently in a phase of valuation expansion, supported by long-term factors such as new growth drivers, policy support for A-shares, and a low-interest-rate environment [13].

华夏基金投资者回报研究中心王波也认为："当前踏空的风险要更大，A股港股市场整体处于估值扩张 行情中，大势易上难下，支持本轮行情的长期因素并未变化（新质动能对市场贡献显性化、政策大力支 持A股波动下降、低利率时代资金持续入市及估值修复等）。操作上，可以配置部分宽基锚定大势。 例如沪深300，被称为A股整体走势的"晴雨表"，涵盖金融、科技、消费等多个重要行业。相关ETF包括 沪深300ETF华夏（510330.SH），为全市场同类标的费率最低。 方奕表示："一年之计在于春，开年往往是政策预期、流动性与基本面共振上修的窗口期。在以往历史 中，成长风格往往是春季行情的胜负手。但也存在大小市值分化的情形。春季行情的投资机会是较多 的，对于跨年和春季行情看好的重点在科技、非银、消费。" 据腾讯财经1月6日报道，国泰海通首席策略分析师方奕在采访中表示："中国股市的'转型牛'远未结 束，2026年能够看到一个更高的高度，也会看到更大的增量入市的规模。中国市场也不会仅仅局限在过 去的结构牛，有望进入更全面的牛市，上证指数有望挑战2015年市场高点。"而数据显示，上证指数在 2015年短短一年间，从3000点附近一度升至5000 ...

港股方面，流动性也大幅回暖，南向资金重回"抢筹"模式，全天净流入港股市场约187.23亿港元，也创 下近两个半月以来单日流入新高，全天成交约1436.05亿港元，约占恒指成交总额的50.67%，占比重回 半成以上。创新药、互联网等多板块走强，带动港股通科技ETF基金(159101)、恒生互联网 ETF(513330)、恒生科技指数ETF(513180)涨超4%，主要受益于：1）AI科技产业趋势驱动，快手视频生 成大模型可灵AI产品破圈，百度旗下AI芯片公司昆仑芯向港交所提交主板上市申请；2）人民币汇率走 强，提升了港股对海外资金的吸引力；3）大基金"翻倍"增持中芯国际，提振科技自强信心。 华夏基金投资者回报研究中心王波表示：假期港股市场有所表现，因此投资者对市场高开普遍有一定预 期；而开盘后的持续上涨，则来自近期积累的做多人气。 展望后市，中期宏观环境处于做多期，基本面上地方政府专项债发行有望提速，中央预算内投资加两重 项目有望提速，政府开支和投资数据有望回暖。1月是上市公司业绩预告披露时间窗口，四季度去年同 期业绩基数较低，年报业绩预报披露的同比增速有望明显回升。资金面上，由于赚钱效应积累，开年后 国内各路 ...

新 京 报 业 贝壳财经 出海基地正在通过构建 八大核心服务'体系, 打造'政策创新、生态服 海外订单、合规监 翁、 管" 四大高地和外向型产 业集群助力企业活。 GG 全球贸易变局下，北京外贸以创新为破局密钥，践行"十五五"贸易强国部署。京东、抖音、值得买（300785）科 技等企业发力跨境电商，借助AI、内容生态优化出海全链路；北京数字经济出海创新服务基地搭建"1+3+N"生 态，提供一站式出海支持。同时，企业深化内外贸一体化，通过"出口转内销"等计划筑牢发展屏障。政策护航与 数字赋能叠加，北京外贸从传统代工向"自主研发+全球品牌"转型，成为双循环格局下高质量发展的重要支撑。 (中国互联网发展基金会中国正能量网络传播专项基金支持) 中国互联网友展基金会 hina Internet Development Foundation 上午三十八 元主要的阿隆 跨境电商 打卡北京小巨人 北京数字经济企业出海创新服务基地 副总经理李昱龙: ...

Group 1 - Offshore RMB broke 7, and A-share market completed a mid-term adjustment with an eight-day consecutive rise, approaching mid-November highs. The non-ferrous metals and power equipment sectors led the gains [1] - Institutional investors are optimistic about the continuation of the year-end rally, with expectations for an early spring market surge. Historical data shows that in bull markets, an eight-day consecutive rise often leads to stable upward trends, with average gains of 1.57% over the next five trading days and 15.95% over the next sixty trading days [1] - Two potential scenarios for the market outlook are identified: one where the market continues to rise, attracting new capital and expanding into various sectors, and another where the index remains volatile, potentially leading to adjustments in popular sectors [1][2] Group 2 - The market is currently in a valuation expansion phase, with strong long-term support factors such as new growth drivers, policy support, and low interest rates continuing to attract capital. The market has shown resilience with quick recoveries from previous adjustments [2] - Recommended strategies include a broad-based approach to capture market trends, focusing on high-growth sectors such as computing power, photovoltaic, energy storage, and non-ferrous metals. Investors are advised to prepare for both potential adjustments and continued strength in the market [2] - Relevant ETFs include broad-based options like the CSI 300 ETF and sector-specific ETFs for computing power, photovoltaic, power grid equipment, non-ferrous metals, and petrochemicals [3]

Core Insights - The report on the high-quality development index of China's cultural and tourism economy was officially released, focusing on the assessment of the development quality across 31 provinces and major cities in China [2][3] Group 1: Development Levels - The assessment categorizes the provincial cultural and tourism economic development levels into three tiers, with Zhejiang, Beijing, Guangdong, Jiangsu, Sichuan, Shanghai, Shandong, Hunan, Fujian, and Hubei ranking in the top ten [3] - The first tier, characterized by innovation leadership, includes Zhejiang, Beijing, Guangdong, Jiangsu, Sichuan, and Shanghai, all scoring above 90 points, indicating strong economic development advantages and cultural tourism innovation [3] Group 2: Dimension Analysis - In terms of resource endowment, the top five provinces are Zhejiang, Beijing, Guangdong, Jiangsu, and Fujian, emphasizing both foundational advantages and transformation efficiency [4] - The industrial vitality dimension highlights market-driven dynamics and policy collaboration, with Zhejiang, Guangdong, Beijing, Sichuan, and Jiangsu leading [4] - The new quality dynamics dimension shows that digital empowerment is a common path for enhancing regional cultural tourism, with Zhejiang, Guangdong, Beijing, Fujian, and Shanghai at the forefront [4] - The social ecology dimension focuses on the effectiveness of benefiting the public, with Beijing, Zhejiang, Jiangsu, Guangdong, and Hunan scoring highest [4] Group 3: Economic Significance - The cultural tourism economy is recognized as a crucial component of the modern economic system, characterized by a blend of resource dependence and innovation-driven growth, with high industry interconnectivity and strong sustainable development capabilities [5] - The report indicates that the cultural tourism sector is becoming a significant pillar of the national economy, contributing to growth stabilization, consumption expansion, employment promotion, and public welfare [5] Group 4: Future Outlook - Looking ahead to the 14th Five-Year Plan, the cultural tourism economy is expected to exhibit distinct characteristics, shifting from a focus on traffic to prioritizing people and value, and from resource reliance to innovation-driven growth [6] - The development model is transitioning from extensive expansion to sustainable development, with a shift in governance from government-led to a combination of effective markets and proactive government [6]

Core Viewpoint - The article emphasizes the significant achievements during the "14th Five-Year Plan" period in China, highlighting advancements in various sectors and the ongoing commitment to innovation and development as the country prepares for the "15th Five-Year Plan" [1]. Group 1: R&D Investment - In 2024, China's total R&D investment is expected to exceed 3.6 trillion yuan, representing a 48% increase compared to 2020 [3]. - The number of high-tech enterprises in China is projected to surpass 500,000 in 2024, marking an 83% increase since 2020 [4]. Group 2: Economic Growth and Private Sector - The growth of small and medium-sized enterprises (SMEs) and leading companies reflects the resilience and strength of the private economy, which is crucial for national development [5]. - The article draws parallels between historical figures and modern efforts, emphasizing the importance of practical actions in overcoming challenges and enhancing infrastructure [7]. Group 3: Agricultural Development - The article highlights the importance of agricultural productivity, noting that China's food security is increasingly stable, with a focus on strengthening the foundation of the national grain supply [10]. Group 4: Social Welfare and Healthcare - The "14th Five-Year Plan" has seen an increase in the proportion of nursing care beds to 6%, and the basic pension insurance coverage has reached 94% [12][13]. Group 5: Financial Support for Development - Financial institutions, such as Postal Savings Bank, play a vital role in supporting the aspirations for a better life and contributing to the modernization of China [14].

Group 1 - The 11th Guangzhou International Investment Conference showcased 19 key projects in Zengcheng District with a total investment of 15.6 billion yuan, expected to generate an annual output value of 52.7 billion yuan upon completion [1] - Zengcheng is focusing on building a "12613" modern industrial system, promoting key industries such as "chip-display-vehicle," new materials, and low-altitude economy to accelerate the rise of a trillion-level industrial cluster [2] Group 2 - Zengcheng has successfully launched projects in semiconductor and new display technologies, including the first domestic 12-inch smart sensor wafer manufacturing breakthrough, and has attracted over 30 upstream and downstream enterprises in the new display sector [3] - The automotive industry in Zengcheng has gathered more than 190 enterprises, aiming to create an automotive and new energy vehicle industry cluster worth over 100 billion yuan [3] Group 3 - The district has established a robust innovation ecosystem, with over 1,000 high-tech enterprises and R&D investments exceeding 12 billion yuan for three consecutive years, maintaining an annual growth rate of over 15% [4] - Zengcheng has built a multi-level innovation platform system, including 4 national-level platforms and 29 provincial-level platforms, enhancing the capacity for innovation support [4] Group 4 - The district is developing a comprehensive incubation system, with the Qiaomengyuan serving as a key incubator, having introduced 1,317 quality innovation and entrepreneurship projects [6] - The Guangzhou (Zengcheng) Intelligent Sensor Industrial Park is the first provincial-level intelligent sensor industrial park in the Greater Bay Area, focusing on MEMS core technology [6] Group 5 - The Guangzhou High-end Electronic Information New Materials Industrial Park is the only high-end electronic chemical products park in Guangzhou, crucial for ensuring the supply chain security of chip manufacturing and panel production [8] - The low-altitude economy industrial park is strategically located in the best airspace in Guangzhou, implementing a comprehensive layout to capture the development opportunities in the low-altitude economy [8]