量化金融研究丨深度报告 [Table_Title] 兴业中证港股通互联网 ETF（520790）：AI 主题 多点开花，港股互联网迎配置良机 %% %% %% %% research.95579.com 1 [Table_Summary] 中证港股通互联网指数，从港股通范围内选取 30 家涉及互联网相关业务的上市公司证券作为 指数样本，以反映港股通内互联网主题上市公司证券的整体表现，该指数是对应成分股在调整 市值的基础上按相应的指数编制规则计算出来的。兴业中证港股通互联网 ETF（520790）紧密 跟踪标的指数，追求跟踪偏离度和跟踪误差最小化。 分析师及联系人 [Table_Author] 邓元哲 刘胜利 SAC：S0490524080006 SAC：S0490517070006 SFC：BWH883 请阅读最后评级说明和重要声明 2 / 27 %% %% %% %% research.95579.com 2 丨证券研究报告丨 报告要点 在美联储后期有望继续降息的预期下，全球市场的流动性有望得到提升，其中由于港股市场当 前估值水平相对适中，所以港股市场有较大概率会在该背景下受到全球投资者的广泛关注。因 此一 ...

事实上，近期资金持续涌入港股科技主题ETF。近三个月来，截至2月24日，华夏恒生科技ETF净流入96.84亿元，华泰柏瑞恒生科技ETF净流 入95.94亿元，天弘恒生科技ETF净流入95.7亿元，富国港股通互联网ETF净流入92.93亿元。此外，易方达恒生科技ETF、易方达中概互联网 ETF净流入均超80亿元。 随着资金持续涌入，多只港股科技主题ETF份额创历史新高。具体来看，截至2月24日，华泰柏瑞恒生科技ETF份额为724.99亿份，富国港股通 互联网ETF份额为1021.27亿份，华夏恒生科技ETF份额为764.83亿份，易方达恒生科技ETF份额为432.28亿份，均创历史新高。 除了港股科技主题ETF以外，今年以来，广发港股通非银ETF净流入109.08亿元，汇添富港股通创新药ETF净流入34.99亿元。 在港股近期的震荡调整行情中，大量资金借道主题ETF"抄底"。 据测算，2月24日，港股主题ETF净流入近百亿元，其中港股科技主题ETF成为资金重点加仓方向。拉长期限来看，近三个月，港股主题ETF净 流入超千亿元。 多只港股科技主题ETF份额创新高 据Choice测算，2月24日，港股主题ETF净流入 ...

（来源：中国商报） 转自：中国商报 中国商报（记者 王彤旭）1月27日，A股三大指数集体上涨。截至收盘，沪指涨0.18%，深成指涨0.09%，创业板指涨0.71%，北证50指数跌0.05%。沪深京 三市成交29215亿元，较上一日缩量3592亿元，三市超1900只个股飘红。在板块题材上，贵金属、半导体、培育钻石等板块涨幅居前。 在消息面上，今天依旧有好消息。 据人力资源和社会保障部消息，我国将实施稳岗扩容提质行动，推出重点行业就业支持举措，出台应对人工智能影响促就业文件。强化重点群体就业支 持，印发高校毕业生等青年就业文件，出台统筹城乡就业体系意见，建立常态化防止返贫致贫就业帮扶机制。 近期，A股市场的风格变化很快。资金在科技、周期和红利板块中，在大小盘之间来回流转。 分析人士认为，市场近期依然存在三大变数。一是在节前最后三周的交易中，去杠杆的行为和程度到底会在多大程度上影响多头；二是此前A50经历了9 连阴，可以说大盘权重股调整比较充分，后续风格是否会让主题炒作难以为继并影响到市场的赚钱效应；三是进入业绩披露和预披露期之后，1月份最后 几个交易日，一些"业绩雷"也可能逐步"引爆"。 华西证券认为，在中长期视 ...

Market Overview - The three major A-share indices opened lower on January 27, with the Shanghai Composite Index closing at 4139.9 points, up 0.18% [2] - The ChiNext Index rose by 0.71% to 3342.6 points, while the Sci-Tech 50 Index increased by 1.51% to 1555.98 points [2] Trading Activity - A total of 1928 stocks rose, while 3450 stocks fell, with 91 stocks remaining flat [3] - The total trading volume was 28.949 billion yuan, a decrease of 3.533 billion yuan from the previous trading day [3] Sector Performance - Semiconductor stocks saw significant gains, with over 20 stocks hitting the daily limit or rising more than 10% [5] - Gold stocks also performed well, with several stocks reaching the daily limit or increasing by over 10% [5] - Coal and basic metal sectors experienced notable declines, with major coal stocks dropping over 4% [6] Market Sentiment and Predictions - Financial analysts suggest that the A-share market may continue to experience fluctuations in the short term due to increased overseas uncertainties and pressure at previous high levels [7] - The current market is viewed as a short-term adjustment risk, with expectations for continued upward movement in the medium term [7] - Long-term perspectives indicate that the current market trend is still in its mid-stage, with potential for a "slow bull" market to continue [8][9] Investment Recommendations - Analysts recommend focusing on sectors such as technology, particularly AI and robotics, as well as industries benefiting from price increases like chemicals and non-ferrous metals [8][9] - Short-term investment opportunities are suggested in power equipment and photovoltaic sectors, which are supported by market demand and policies [10]

1月27日早盘，沪指盘中窄幅震荡上扬，创业板指等走高；小盘股整体疲弱，A股市场超4400股飘绿。 截至午间收盘，沪指微涨0.03%，深证成指跌0.37%，创业板指涨0.44%，科创50指数涨0.57%，中证 1000、中证2000指数跌超1%，沪深北三市合计成交约1.89万亿元。 华西证券认为，中长期视角下，本轮行情仍处中段，"慢牛"趋势有望延续。与2007年、2015年、2021年 高点相比，沪深300指数曾触及5300点—6000点区间，当前指数点位仅至中段；从大类资产比价的维 度，当前沪深300风险溢价5.27%，在近十年的几次行情中，风险溢价均降低至2.5%水平；从市值的角 度，A股总市值/M2、自由流通市值/居民存款的比重也均处于历史中枢附近，表明行情仍有充足空间与 机会。行业配置上，建议关注：科技产业行情扩散：如AI算力、AI应用、机器人、太空光伏、存储、 港股互联网等；受益于"反内卷"与涨价方向，如化工、有色金属等；年报业绩预告高增行业：如电子、 机械设备、医药等。 （文章来源：证券时报网） 盘面上看，农业、煤炭、钢铁、医药、石油、酿酒、电力等板块走低，保险、半导体板块强势拉升，银 行板块上扬， ...

凤凰网财经讯 1月27日，A股三大指数集体低开，沪指跌0.18%，深成指跌0.23%，创业板指跌0.09%。 有色金属、玻纤、BC电池等板块指数跌幅居前。 2026年家电国补政策调整，将聚焦核心品类与农村市场。政策覆盖大家电6个核心品类、补贴1级能效， 补贴比例为15%。首批625亿元额度提前下达，全国覆盖，重点攻坚农村市场。京东投入300亿元推 行"三免四不限"，预计新增覆盖3000-4000万农村人口，农村市场成2026年主增量场景。 中信建投：锂电通胀开始，产能刚性环节价格趋势明确，上限难以捉摸 鉴于本轮锂电周期与上轮光伏周期本质驱动力和截至目前的剧情演绎高度相似，本篇报告系统性地复盘 光伏大周期是为本轮锂电之参考，主要结论有三：1、市场多言涨价影响需求，但实际从未影响，最终 演绎的结果是量价齐升，中上游向下游电站要利润，全产业链通胀。2、产能刚性环节的价格是需求的 风向标，最终价格回落是由于产能投放而非需求萎缩。3、股价层面：底部估值抬升之后，市场可能会 对需求产生怀疑导致板块阶段性纠结，但最终因产业链量价齐升股价同步跟随，价格弹性大的环节表现 最优。 机构观点 华西证券：趋势不变，聚焦三条配置主线 ...

（文章来源：第一财经） 华西证券指出，中长期视角下，对比A股历次牛市，本轮行情仍处中段，"慢牛"趋势有望延续。行业配 置上，建议关注：（1）科技产业行情扩散：如AI算力、AI应用、机器人、太空光伏、存储、港股互联 网等；（2）受益于"反内卷"与涨价方向，如化工、有色金属等；（3）年报业绩预告高增行业：如电 子、机械设备、医药等。 ...

Market Review - Global stock indices experienced more declines than gains this week, with Hong Kong, US, and European markets all showing downturns. In contrast, the A-share market saw slight increases, with the Shanghai Composite Index and Shenzhen Component Index rising by 0.8% and 1.1% respectively. Small-cap stocks outperformed large-cap stocks, with indices such as the Micro-cap Index, CSI 500, and CSI 2000 leading gains, while the SSE 50 and CSI 300 lagged behind. In terms of sectors, cyclical and technology growth sectors performed well, with construction materials, oil and petrochemicals, steel, and chemicals leading the gains, while large financials, telecommunications, and food and beverage sectors faced declines. In the commodities market, precious metals continued to strengthen, with COMEX silver and gold prices reaching new historical highs, while domestic black commodities remained weak. The US dollar index fell below 98, and the RMB appreciated against the US dollar [1][2][3]. Market Outlook - The report maintains a "slow bull" market trend and focuses on three main investment lines. In the past two weeks, under "counter-cyclical adjustment" measures, net outflows from major A-share ETFs and a slight decline in financing balances have effectively controlled trading momentum. Market turnover remains relatively high, with strong support for small-cap growth stocks, indicating a shift into a phase of accelerated sector rotation. Looking ahead, the current period coincides with a dense disclosure of annual report forecasts, with high-growth sectors becoming the focal point of market attention. The report suggests focusing on the expansion of technology trends, price increase themes, and sectors with high growth in annual report forecasts [2][3]. Sector Allocation - The report recommends focusing on the following sectors: 1) Technology industry expansion, including AI computing, AI applications, robotics, space photovoltaics, storage, and Hong Kong internet sectors 2) Sectors benefiting from "anti-involution" and price increases, such as chemicals and non-ferrous metals 3) Industries with high growth in annual report forecasts, including electronics, machinery, and pharmaceuticals [2][3]. Structural Analysis - Currently, the market is in a window of dense annual report forecast disclosures, with high growth or improving sectors becoming the focus. As of January 24, over 900 listed companies have disclosed their 2025 performance forecasts, with an overall positive forecast rate of 38%. In specific sectors, those with high growth in annual reports (with a median year-on-year growth rate of over 100% in net profit after deducting non-recurring gains) include PCB, storage, optical modules, lithium batteries, non-ferrous metals, and pharmaceuticals. Since the beginning of the year, the Wind pre-increase index has risen by 18%, indicating that outstanding performance sectors have become one of the market's focal points [3][4]. Long-term Perspective - From a medium to long-term perspective, comparing the current A-share market to previous bull markets, this round of market activity is still in the middle stage, with a "slow bull" trend expected to continue. Compared to the peaks of the bull markets in 2007, 2015, and 2021, the CSI 300 index has only reached the mid-stage, with current index levels significantly lower than previous highs. The current risk premium of the CSI 300 is 5.27%, which is higher than the 2.5% level seen in previous bull markets. Additionally, the ratios of total A-share market capitalization to M2 and free float market capitalization to household deposits are both near historical averages, indicating that there is still ample space and opportunity for the market [3][4].

Market Overview - On January 22, Hong Kong stocks opened high but closed lower, continuing to fluctuate, with the Hang Seng Index and Hang Seng Tech Index slightly up [1][8] - The Hong Kong Internet ETF (513770) experienced a slight decline of 0.18% despite showing a wide premium throughout the day, indicating positive buying sentiment [1][8] - Over the past 20 days, the Hong Kong Internet ETF has seen a net inflow of 1.361 billion yuan, suggesting ongoing capital entry [1][8] AI Sector Developments - The commercialization of AI applications is accelerating, with Hong Kong Internet stocks as key beneficiaries [3][10] - Alibaba's Qianwen has integrated into the Taobao ecosystem to create a one-stop AI service application [3][10] - Kuaishou's AI model has achieved over 12 million monthly active users, while Meituan has upgraded its app to enhance local search functionalities [3][10] Capital Inflows and Stock Performance - Southbound funds are actively buying leading internet stocks, with Alibaba-W receiving a significant net purchase of 1.078 billion HKD on the latest trading day, marking its eighth consecutive day of increased holdings [3][10] - In the past week, Alibaba-W topped the net purchase list with 5.63 billion HKD, followed by Tencent Holdings, Xiaomi Group-W, and Kuaishou-W among the top ten [3][10] ETF Composition and Strategy - The Hong Kong Internet ETF (513770) tracks the CSI Hong Kong Internet Index, with Alibaba-W as the largest weight at 14.71%, and the top ten stocks collectively accounting for nearly 77% of the index [4][11] - For investors seeking to reduce volatility while maintaining exposure to technology, the Hong Kong Large Cap 30 ETF (520560) is recommended, combining high-growth tech stocks with stable dividend-paying companies [12]

Market Overview - The A-share market is experiencing a "slow bull" trend supported by macro policies, moderate recovery in corporate earnings, and high investor risk appetite [2][6] - The overall valuation of A-shares remains within a reasonable range, with a market turnover of 2.69 trillion yuan, an increase of 911 billion yuan from the previous day [6][2] Industry Insights - Key sectors attracting capital inflow include defense and military, non-bank financials, and telecommunications, with net inflows of 29.16 billion yuan, 13.71 billion yuan, and 78.84 billion yuan respectively [6][2] - Investment focus is shifting towards technology sectors such as AI computing, AI applications, and robotics, as well as industries benefiting from "anti-involution" and price increases like chemicals and non-ferrous metals [2][7] ETF Products - The company offers a range of ETFs tracking major indices, including the A50 ETF, A100 ETF, and A500 ETF, providing investors with diverse options to invest in China's market [2][7] - The A50 ETF focuses on 50 leading companies, while the A100 ETF encompasses the top 100 industry leaders, and the A500 ETF targets the top 500 companies in A-shares [7][2]