来源：新浪基金 今日（1月5日）自带"科技+红利"哑铃策略的——香港大盘30ETF（520560）高位活跃，场内涨幅一度 上探2.72%，现涨2.18%，盘中收复20日均线。值得关注的是，该ETF近20日累计吸金1.22亿元，反映资 金看好港股后市表现，积极运用哑铃策略积极布局！ 相较于同样"两手抓"（一手抓科技，一手抓红利）的恒生指数而言，恒生中国（香港上市）30指数略偏 向于科技成长，这或是香港大盘30ETF标的指数近5年收益能够跑赢恒生指数的主要原因之一。 成份股方面，快手领涨超10%，百济神州涨近6%，华润置地涨逾5%，中国平安、泡泡玛特、阿里巴 巴、中国人寿、中芯国际、美团、腾讯等个股跟涨。 消息面上，旗下可灵"连环升级"，统一多模态O1+2.6音画同出+数字人2.0。此外，阿里巴巴旗下高德已 布局世界模型，并计划基于世界模型推出一项新的产品应用，且该模型将于近期开源 风险提示：香港大盘30ETF被动跟踪恒生中国（香港上市）30指数，该指数基日为2000.1.3，发布于 2003.1.20，指数成份股构成根据该指数编制规则适时调整。文中指数成份股仅作展示，个股描述不作为 任何形式的投资建议，也不代表 ...

中经记者 张漫游 北京报道 2026年全球经济身处格局重构、动能切换的关键节点，经济合作与发展组织预测全球GDP增速将降至 2.9%，针对2026年全球及中国经济走势，在《中国经营报》零观财经栏目中，《中国经营报》记者对 话了星展银行首席中国经济学家纪沫博士。 不同于目前的市场观点，她对2026年全球经济走势持乐观态度。纪沫认为，美国经济受降息、"大漂 亮"法案实施、AI基础设施投资等多重因素驱动大概率上行，中国作为"十五五"开局之年经济表现将超 市场预期，新兴经济体也将同步受益，2026年全球经济或呈现上升趋势。同时，纪沫特别提出，中国有 54项核心科技已实现全球领先，将以"全球经济稳定器"与"全球科技助推器"双重身份，在复杂变局中引 领高质量发展。 全球经济：上行动能凸显 财政发力成关键 在全球经济展望方面，纪沫打破市场普遍的悲观预期，指出2026年全球经济存在多重未被计价的上行因 素。 对于美国经济，她分析称，除市场已预期的美联储降息将形成政策刺激外，"大漂亮"法案的正式执行、 AI基础设施投资的持续推进、国防开支增加以及制造业全产业链布局（包括稀土在内的领域）的投资 加码，将共同推动美国经济上行。 谈 ...

Core Insights - The article highlights the increasing clarity and momentum in the growth path of Chinese technology companies, driven by enhanced policy support and technological breakthroughs [1] - The Hong Kong stock market's technology assets are attracting significant investor interest, with the launch of the Hong Kong Stock Connect Technology ETF Fund (159101) by Huaxia Fund, which has reached a scale of 2.283 billion yuan [1] - Huaxia Fund plans to issue the Hong Kong Stock Connect Technology ETF Link Fund (025805) on November 27, providing a low-threshold investment channel for retail investors [1][2] Investment Products - The Hong Kong Stock Connect Technology ETF Link Fund (025805) will primarily invest in the Hong Kong Stock Connect Technology ETF Fund (159101), closely tracking the "National Index of Hong Kong Stock Connect Technology" [2] - This index comprises 30 large-cap technology companies with high R&D investment and revenue growth, showcasing strong innovation and growth potential [2][4] Index Performance - As of November 6, 2025, the National Index of Hong Kong Stock Connect Technology has achieved a cumulative increase of 180.48% since 2017, outperforming other indices such as the CSI Hong Kong Stock Connect Technology and Hang Seng Technology indices [3] - The index has a high annualized volatility of 35.91%, indicating potential for higher returns for investors with trading capabilities [3] Index Composition - The index currently has a total market capitalization of 13.53 trillion yuan, with the top five stocks accounting for 61.03% and the top ten stocks for 79.58% of the index [4] - The index focuses on leading technology companies in sectors such as electronics and media, with significant representation in internet, semiconductor, smart vehicle, and emerging biopharmaceutical industries [4] Management Expertise - The new fund will be managed by Xu Meng, who has over 22 years of experience in the securities industry and has managed assets exceeding 250 billion yuan [5] - Huaxia Fund is recognized as a leader in the domestic ETF sector, aiming to enhance index tracking accuracy and operational efficiency [5]

Market Overview - Technology stocks rebounded significantly, with the ChiNext Index rising by 1.98% and the Shenzhen Component Index increasing by 0.98% [1] - The Shanghai Composite Index also saw a rise of 0.63%, while trading volume in A-shares dropped to 1.75 trillion yuan, the lowest since August 8 [1] - The market is experiencing a "see-saw" effect between banking and technology sectors, with the top bank ETF achieving a record high in fund size, surpassing 20 billion yuan [1] Defense and Military Sector - Indonesia confirmed its procurement plan for the J-10 fighter jet, boosting confidence in the defense and military sector [2] - China Aviation Securities predicts a continued recovery in the third-quarter reports for the defense and military sector [2] - The defense and military ETF has attracted over 73 million yuan in inflows over six consecutive days, indicating strong interest from investors [1][2] AI and Technology Hardware - The demand for 1.6T optical modules has been revised upwards, leading to a strong performance in the optical module market [6][8] - The AI sector is experiencing a resurgence, with significant gains in related stocks, including a nearly 8% increase in Zhongji Xuchuang [6] - The leading AI ETF saw a trading volume increase of over 70%, reflecting heightened investor interest [1][6] Hong Kong Market Dynamics - The Hong Kong market saw a collective rebound, with the Hang Seng Index and Hang Seng Tech Index rising by 2.42% and 3%, respectively [1][4] - The Hong Kong Large Cap 30 ETF, which tracks the Hang Seng China (Hong Kong-listed) 30 Index, has been attracting significant capital inflows since its launch [4][11] - The ETF's strategy combines high-growth technology stocks with high-dividend yield stocks, appealing to a broad range of investors [4][16] Investment Sentiment - There is a notable increase in foreign capital inflows into Chinese technology stocks, with significant purchases from prominent investment firms [14][22] - The overall sentiment in the Hong Kong market remains optimistic, driven by AI advancements and favorable macroeconomic conditions [21][22] - Analysts suggest focusing on sectors with high earnings growth and low valuations, such as consumer discretionary and public utilities [15]

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Core Viewpoint - The A-share market is experiencing a strong performance, particularly in the technology sector, with significant trading volume and a notable rise in the Sci-Tech Innovation Board [1][2] Market Performance - The A-share market indices collectively strengthened, with a trading volume reaching 29,708 billion yuan [1] - The Sci-Tech Innovation Board has shown robust performance, with the Shanghai Sci-Tech Innovation Board New Generation Information Technology Index achieving a one-year increase of 129.41%, outperforming the Sci-Tech 50 Index and Sci-Tech 100 Index, which recorded increases of 103.30% and 100.41% respectively [2] Index Performance - Historical performance data indicates that over the past three years, the Shanghai Sci-Tech Innovation Board New Generation Information Technology Index has increased by 94.64%, while the Sci-Tech 50 Index and Sci-Tech 100 Index have increased by 30.46% and 3.77% respectively [2] - The index's performance over the past five years shows an increase of 26.98%, contrasting with declines in the Sci-Tech 50 Index and Sci-Tech 100 Index, which decreased by 3.47% and 13.08% respectively [2] Key Holdings - As of July 31, 2025, the top ten weighted stocks in the Shanghai Sci-Tech Innovation Board New Generation Information Technology Index include SMIC (10.1%), Cambricon (10%), and Haiguang Information (8.8%) [2] Future Outlook - The Sci-Tech Innovation Board is viewed as a "testing ground" for capital market reforms, with long-term investment value supported by the ongoing push for technology-driven high-quality growth in China [1] - The index is expected to provide an efficient way for investors to share in China's technological dividends, particularly in key areas such as semiconductors, software, and AI [1]

Core Viewpoint - The article discusses the significant changes in the education sector and broader economic landscape in China, highlighting the shift from a population dividend to a technology dividend, the transition from industrial expansion to financial expansion, and the geopolitical shift towards the East. Group 1: Changes in Education Sector - The number of students in schools is decreasing, leading to concerns about an oversupply of teachers [1][4] - Hubei Ezhou has announced a freeze on the total number of primary and secondary school teacher positions, indicating a shift in teacher demand [2] - The teaching profession, once highly valued in smaller cities, is facing challenges due to demographic changes [3][4] Group 2: Transition to Technology Dividend - The population dividend is diminishing, with China's total population experiencing a negative growth for the first time in 60 years [10] - The emergence of technology dividends is expected, driven by advancements in mobile internet, AI, and industrial automation [11] - China is projected to have the largest number of industrial AI engineers globally by 2025, indicating a shift from a labor-driven economy to a technology-driven economy [11][12] Group 3: Financial Expansion - The economic engine is shifting from industrial logic to financial logic, with a focus on enhancing the quality of development through capital [19] - There is a significant opportunity for monetary expansion in China, with a lower debt-to-GDP ratio compared to developed countries [23] - The government is expected to increase social welfare and consumer power through financial means [27][28] Group 4: Geopolitical Shifts - The narrative and power dynamics in the world are shifting from the West to the East, with China emerging as a key player [29][30] - The dominance of the US dollar is being challenged, with countries increasingly using the Chinese yuan for trade [33] - China's role in the global supply chain is evolving from a manufacturing hub to a leader in new global industrial chains [34][35] Group 5: Recommendations for Adaptation - Companies and individuals should adopt a technology-oriented mindset to stay relevant in their industries [42] - There is a need for an international perspective to identify global opportunities, especially in emerging markets [42] - Understanding asset allocation and financial strategies will be crucial for capitalizing on future wealth opportunities [43]