Report Industry Investment Rating The document does not provide a specific industry investment rating. Core Viewpoints of the Report - Future investment strategy suggests balanced style allocation, emphasizing technology, non - banking, and consumption sectors. For stock funds, A - share market may have a spring "good start" with policy expectations, liquidity, and fundamentals improving. For bond funds, short - term negative factors are repaired, but mid - term structural optimization is incomplete. Money funds have no trend investment opportunities in the long - term low - interest environment [3][4]. - Last week, the A - share market continued its upward trend and had a good start, with satellite, AI application, and non - ferrous sectors performing well. The bond market declined, the US stock market reached a new high, and oil and gold prices rose due to geopolitical risks. Funds heavily invested in medical, semiconductor, and military sectors performed well [4][6][7]. Summary by Related Catalogs 1. Last Week's Market Review - **A - share Market**: Continued the upward trend and had a good start during 20260105 - 20260111. Satellite, AI application, and non - ferrous sectors were strong. The satellite sector's popularity and IPO benefits drove the military sector; AI company listings on the Hong Kong Stock Exchange boosted the AI application sector; the US military action in Venezuela affected non - ferrous metal supply and pushed up the sector. The Shanghai Composite Index rose 3.82% to 4120.43, and the Shenzhen Component Index rose 4.40% to 14120.15. The trading volume was 14.13 trillion yuan, with a daily average increase of about 1.56 trillion yuan compared to the previous week. Among industries, defense, media, non - ferrous, computer, and medical sectors led the increase [4][6][7]. - **Bond Market**: Declined as the strong A - share market suppressed it. The 1 - year Treasury yield dropped 5BP to 1.29%, and the 10 - year Treasury yield rose 3BP to 1.88%. Credit spreads narrowed. The ChinaBond Aggregate Net Price Index fell 0.24%, while the CSI Convertible Bond Index rose 4.45% [4][8]. - **Overseas Market**: The US stock market reached a new high, with the Dow Jones Industrial Average rising 2.32%, the S&P 500 rising 1.57%, and the Nasdaq rising 1.88%. European and most Asian markets also rose, except for the Hang Seng Index which fell 0.41%. The US dollar index rose 0.69%. Geopolitical risks from the US military action in Venezuela increased oil and gold prices [4][9]. 2. Last Week's Fund Market Review - **Stock Funds**: Rose 4.92%. Some funds heavily invested in medical, semiconductor, and military sectors performed well. Index funds related to satellite, semiconductor, and media themes did well [4][10][11]. - **Bond Funds**: Rose 0.29%. Partial - debt funds and convertible bond funds with semiconductor and computer in their equity allocation performed well. Among pure - debt funds, those mainly investing in high - grade credit bonds and medium - short - term bonds did better [4][10][11]. - **QDII Funds**: Equity QDII funds rose 2.62%, with funds mainly investing in medicine and semiconductor themes performing well. QDII bond funds rose 0.10% [4][10][12]. - **Money Funds**: Had an annualized yield of 1.58%. Different types of摊余成本法债 funds had different yields [11]. - **Gold ETF and Linked Funds**: Rose 2.85%. Commodity funds rose 2.64% [13]. 3. Future Investment Strategy - **Stock Market**: Policy expectations, liquidity, and fundamentals are expected to improve, and the A - share market may have a spring "good start". Industries with good prospects are technology, non - banking, and consumption. It is recommended to have a balanced style allocation and focus on these sectors [4][14][15]. - **Bond Market**: Short - term negative factors are repaired, but mid - term structural optimization is incomplete. It is recommended to focus on interest - rate bonds with flexible durations and products that mainly invest in high - grade and highly liquid credit bonds [4][15]. - **Money Market**: There are no trend investment opportunities in the long - term low - interest environment [4][15]. - **Commodity Market**: It is advisable to appropriately allocate gold ETFs for long - term and hedging investments [15]. 4. Latest Fund Market Developments - **QDII Quota**: Under the background of promoting inclusive finance, QDII quotas should be more used in public - offering products. Fund companies need to adjust the proportion of QDII quotas used in public - offering and private - placement products, reducing the private - placement quota ratio to within 20% by the end of 2027 and completing at least half of the adjustment by the end of 2026 [17]. - **Fund Sales Fee Regulations**: The official version of the regulations relaxes the redemption fee constraints for bond funds and fine - tunes the subscription and purchase fees. Bond ETFs may become important tools for liquidity management and trading by wealth management institutions. Wealth management funds may gradually increase their allocation to equity funds, with broad - based index funds and low - volatility "fixed - income +" products being more popular [18]. - **Newly Issued Funds**: 11 new funds were established last week, including 3 low - position ordinary FOF funds, 2 strong - equity hybrid funds, 2 stock ETFs, etc. The average subscription days were about 12 days, and the average raised share was 7.45 billion, with a total of 81.91 billion shares [19]. - **Upcoming Fund Dividends**: 99 funds will conduct equity registration in the coming week. The most notable is the Chang Sheng Aerospace and Marine Equipment A, with a dividend of 2.764 yuan per 10 shares [20].