国元国际表示，港股目前处于相对平淡期，市场情绪需等待进一步催化。而在1月份新一任美联储主席 宣布之后市场降息预期或将重启，有望为港股带来新一轮的增量资金，另外美国降息预期或带来人民币 对美元的进一步升值趋势，有助于提升包括港股在内的中国资产对海外投资者的吸引力。 兴业证券认为，优先推荐互联网龙头为代表的中国AI领域领头羊，认为有望迎来内、外资共振做多。 其次，建议关注红利资产——低利率时代下的战略性高胜率生息资产，建议关注保险、银行、能源、物 管、公用环保等行业机会。第三，建议关注新消费领域。新消费可关注三条主线：一是以连锁酒店为主 的传统服务型消费转型；二是Z世代消费，如潮玩、美护龙头机会；三是高端消费。 本文转载自腾讯自选股，智通财经编辑：陈筱亦。 中信证券认为，港股方面，受益于内部的"十五五"催化以及外部主要经济体的"财政+货币"双宽松，港 股2026年有望迎来第二轮估值修复以及业绩进一步复苏的行情，建议关注科技、大医疗、资源品、必选 消费、造纸和航空板块。 华西证券认为，港股继续跑输A股，人气的恢复需要时间。趋势上看，自去年10月初以来港股持续走 弱，直至12月下旬开始反弹，即使开年大涨，也难免催生兑 ...

Market Overview - The Hong Kong stock market opened high on January 13, with the Hang Seng Index rising by 1.01% to 26,877.42 points, the Hang Seng Tech Index up by 0.38% to 5,885.42 points, the National Enterprises Index increasing by 0.8% to 9,293.55 points, and the Red Chip Index up by 0.96% to 4,153.53 points [1] - Major technology stocks mostly rose, with Alibaba increasing by 3.5%, Tencent Holdings up by 0.48%, and JD Group rising by 1.11%. However, Xiaomi fell by 0.67%, Meituan dropped by 0.86%, and Kuaishou decreased by 1.93% [1] Company News - WuXi AppTec (02359.HK) forecasted a net profit of 19.151 billion yuan for the fiscal year 2025, representing a year-on-year increase of approximately 103%, which includes gains from the sale of partial equity in joint ventures and the divestiture of certain businesses [2] - Dongfeng Group (00489.HK) reported cumulative automobile sales of 1.8962 million units for 2025, reflecting a year-on-year growth of approximately 0.01% [3] - Q Technology (01478.HK) announced that it sold 45.938 million camera modules in 2025, a year-on-year increase of 43.6%, while fingerprint recognition module sales decreased by 12% to 17.947 million units [3] - Yue Yuen Industrial Holdings (00551.HK) reported a cumulative operating income of 8.031 billion USD for 2025, a decrease of 1.85% year-on-year [4] - Baoshan International (03813.HK) reported a cumulative operating income of 17.132 billion yuan for 2025, down by 7.2% year-on-year [5] - Jiangshan Holdings (00295.HK) indicated that its total solar power generation for 2025 is approximately 300,700 MWh, a decrease of 6.14% year-on-year [6] - Yida China (03639.HK) projected a contract sales amount of approximately 763 million yuan for 2025, a decline of 19.43% year-on-year [7] - China Lilang (01234) reported a high single-digit growth in retail sales for its "LILANZ" products in the fourth quarter [8] Clinical Trials and Innovations - Clover Biopharmaceuticals (02197.HK) has initiated Phase II clinical trials for its RSV-hMPV-PIV3 respiratory combined vaccine candidate [9] - Yiming Anke (01541.HK) received approval from the National Medical Products Administration for clinical trials of MM01 (Tideglusib) for atherosclerosis treatment [10] - Xianjian Technology (01302.HK) has entered the special review process for its Concave Supra integrated three-branch reconstruction system [11] Corporate Actions - Haitong Securities (01905.HK) plans to issue company bonds not exceeding 1 billion yuan [13] - China Heartland Fertilizer (01866.HK) has approved a new plan to repurchase up to 10% of its issued shares from the open market, not exceeding 200 million yuan in value [13] - Tencent Holdings (00700.HK) repurchased 1.024 million shares for approximately 636 million HKD at prices ranging from 614 to 627 HKD [14] - Geely Automobile (00175.HK) repurchased 9.007 million shares for approximately 151 million HKD at prices between 16.63 and 17.15 HKD [15] - Jun Da Holdings (02865.HK) announced that its controlling shareholder plans to reduce its stake by up to approximately 8.7254 million shares [16] Analyst Insights - CITIC Securities released a 2026 investment outlook, suggesting that the Hong Kong stock market may experience a second round of valuation recovery and performance revival, driven by internal and external economic factors [17] - Huaxi Securities noted that the Hong Kong market continues to lag behind the A-share market, with a need for time to restore market sentiment [18] - Guoyuan International indicated that the Hong Kong market is currently in a relatively quiet period, awaiting further catalysts for market movement [18] - Industrial Securities recommended focusing on leading internet companies in the AI sector, as well as dividend assets in low-interest-rate environments, and new consumption trends [19]

（文章来源：每日经济新闻） 有分析称，年初市场流动性往往较为充裕，同时一季度正值重要会议政策博弈期，乐观预期升温有望带 动交易热度上行。复盘历史，1-3月红利风格的日历效应在全年相对显著，红利资产在绝对与相对收益 层面均有一定胜率。 1月9日，红利资产早盘震荡，截至午间收盘，中证红利价值指数下跌0.3%，成份股中，中粮糖业、中 煤能源涨超2%，中创智领涨超1%。 红利价值ETF易方达（563700）近日发布首次分红公告，投资者每持有10份基金份额可获得0.1元分 红，权益登记日为1月13日，除息日为1月14日，现金红利发放日为1月19日。该产品跟踪的中证红利价 值指数由50只股息率高且价值特征突出的股票组成，反映分红水平高且价值特征突出股票的整体表现， 银行、建筑装饰、交通运输行业合计占比超七成，目前指数股息率达4.8%。 ...

华宝基金 Hwabao WP Fund 红利日报 2026年 1月9日 最新股票率 4.76% 标普A股红利ETF华宝 562060 · 穿越周期·「长红」之选 · 跟踪标普中国A股红利机会指数- 联接A 501029 红利基金LOF 近1月 近1年 近1周 近1年 近一日 指數涨跌幅 指数涨跌幅 指数涨跌幅 指数涨跌幅 年化波动率 10.80% 1.7% 19.25% 0.22% 2.78% 橙至2026.1.8 (VS 上证指数 上证指数 上证指数 上证指数 上证指数 26.4% 2.88% 4.05% 10.18% -0.07% T+0 最新股息率 5.6% 港股通红利低波ETF华宝 159220 官 即自 中航证券首席经济学家董忠云指出,当前市场处于 "慢牛下的春季躁动"阶段。他认为,本轮经济转型 驱动的慢牛行情中,春季躁动的中枢抬升或更为稳 健,持续时间也可能更长。当前市场或处于春季躁动 上半场的初始阶段,建议以红利资产作为底仓,并关 注具备边际催化的行业进行均衡配置。 海力中 安徽木制式有留文 "同权屈斯伯目 | 危危灯| * -跟踪标普港股通低波红利指数 - 联接A 022887 近一日 近1周 ...

Core Viewpoint - The Hong Kong stock market is expected to continue its upward trend in 2026, with significant investment opportunities in sectors such as innovative pharmaceuticals, technology, and dividend assets [1][4]. Group 1: Market Performance - The Hong Kong stock market experienced a strong start in 2026, with the Hang Seng Index and Hang Seng Tech Index rising by 2.76% and 4% respectively on January 2, and maintaining gains of 2.02% and 2.94% by January 8 [2]. - In 2025, both the Hang Seng Index and Hang Seng Tech Index increased by over 20%, ranking among the top global markets [2]. - Several funds investing in Hong Kong stocks achieved impressive returns in 2025, with notable QDII products like Huatai-PineBridge Hong Kong Advantage Select yielding a return of 112.69% [2]. Group 2: Fund Inflows - Multiple cross-border ETFs focused on Hong Kong stocks saw significant net inflows in 2025, with the Hong Kong Stock Connect Internet ETF leading at a net inflow of 56.659 billion yuan [3]. - Other ETFs such as the Hong Kong Stock Connect Technology 30 ETF and the Hong Kong Stock Connect Non-Bank ETF also reported substantial net inflows of 25.544 billion yuan and 24.978 billion yuan respectively [3]. Group 3: Strategic Outlook - The overall sentiment towards the Hong Kong stock market remains optimistic, with expectations of continued capital inflows exceeding 1.3 trillion HKD in 2025, a historical high [4]. - Factors influencing the market include the Federal Reserve's monetary policy, domestic economic fundamentals, technology trends, and geopolitical situations, with a generally positive outlook [4]. Group 4: Sector Opportunities - Key investment areas identified include AI infrastructure, internet technology, new consumption, innovative pharmaceuticals, resource companies, and dividend sectors [5]. - The innovative pharmaceutical sector is highlighted for its potential, with a focus on companies that can sustain cash flow through successful product launches [5]. - Dividend assets are considered attractive due to their historical performance, lower volatility, and favorable valuation compared to A-shares [6].

Core Viewpoint - The Hong Kong stock market is expected to present investment opportunities in 2026, particularly in sectors such as innovative pharmaceuticals, technology, and dividend assets, following a strong performance in 2025 [1][3]. Group 1: Market Performance - The Hong Kong stock market experienced a strong start in 2026, with the Hang Seng Index and Hang Seng Tech Index rising by 2.76% and 4% respectively on January 2, and year-to-date increases of 2.02% and 2.94% as of January 8 [1]. - In 2025, both the Hang Seng Index and Hang Seng Tech Index saw annual gains exceeding 20%, ranking among the top global markets [1]. Group 2: Fund Performance - Several funds investing in Hong Kong stocks achieved impressive returns in 2025, with the Huatai-PineBridge Hong Kong Advantage Selected Fund's A share returning 112.69% [2]. - Other notable funds, including the GF CSI Hong Kong Innovative Pharmaceuticals ETF and Southern Hong Kong Medical Industry A, reported returns over 60% [2]. - Cross-border ETFs focused on Hong Kong stocks attracted significant inflows, with the Hong Kong Stock Connect Internet ETF leading with a net inflow of 56.659 billion yuan in 2025 [2]. Group 3: Strategic Outlook - The overall sentiment towards the Hong Kong stock market remains optimistic, with expectations of continued inflows from southbound capital, which exceeded 1.3 trillion HKD in 2025 [3]. - Factors influencing the market include the Federal Reserve's monetary policy, domestic economic fundamentals, technology trends, and geopolitical situations, with a general positive outlook [4]. - The market's current valuation is considered attractive compared to global standards, providing potential investment opportunities [3][4]. Group 4: Sector Opportunities - Key sectors identified for investment include AI infrastructure, internet technology, new consumption, innovative pharmaceuticals, resource companies, and dividend-paying stocks [3]. - The non-bank financial sector and leading internet companies are viewed as having strong growth potential due to the rapid development of artificial intelligence [4]. - The innovative pharmaceutical sector is highlighted for its attractiveness, with a focus on companies with robust pipelines and cash flow improvements [4].

姜涛曾发布《时间的煤硅》《公用事业化》《火电三部曲》等研究报告。谈及 自身过往的研究经历，姜涛表示： "我一直希望能够把复杂 的研究结论做简单化的传播，让枯燥的数据变成生动的研究。" 加入国金证券后，姜涛将负责牵头开展红利资产研究。 展望未来 ，他 称 ： " 相信伴随更多长期资本与耐心资本入市，将迎来红利的'长 牛'与'慢牛'。我们要做的，就是在这些框架的再重构与再探讨过程中，探索红利资产的景气度，并寻找其脉搏。 " 【导读】广发证券原首席分析师姜涛加盟国金证券，担任副所长 中国基金报记者 赵心怡 国金证券研究所开年即迎人事变动！ 记者近日从业内获悉，广发证券原公用事业联席首席分析师姜涛已加盟国金证券，担任副所长、公用环保煤炭行业首席分析师。 公开资料显示，姜涛拥有武汉大学金融工程学士、硕士学位。加入国金证券前，他一直在广发证券任职。2018年起， 姜涛 从事环保行业 研究；2022年开始，涉足公用事业行业研究。 | SAC | 中国证券业协会 | | | | | | --- | --- | --- | --- | --- | --- | | | | 登记基本信息 | | | | | 姓名 | 姜涛 | | ...

公开资料显示，姜涛拥有武汉大学金融工程学士、硕士学位。加入国金证券前，他一直在广发证券任职。2018年起，姜涛从事环保行业研究；2022年开 始，涉足公用事业行业研究。 国金证券研究所开年即迎人事变动！ 记者近日从业内获悉，广发证券原公用事业联席首席分析师姜涛已加盟国金证券，担任副所长、公用环保煤炭行业首席分析师。 【导读】广发证券原首席分析师姜涛加盟国金证券（600109），担任副所长 苏晨认为，未来，卖方研究所格局将持续变化，市场将对研究所的研究深度、研究格局、产业链研究联动、研究前瞻性提出更高要求。 | | 中国证券业协 | | | | | | --- | --- | --- | --- | --- | --- | | | | 登记基本信息 | | | | | 姓名 | 姜涛 | | 男 | | | | 执业机构 | 国金证券股份有限公 | | S113052512000 | | | | 执业岗位 | 证券投资咨询(分析师) | 学历 | 硕士研究生 | | | | 登记目期 | 2025-12-30 | | | | | | | | 登记变更记录 | | | | | 登记编号 | 登记目期 | 执业机构 ...

4.保险资金新规下调红利资产风险因子，引导长期资金增配，也为红利资产带来结构性资金支持。 综上，红利指数既是防御性配置工具，也是组合中增强长期韧性的重要组成部分。 3.从资产属性看，红利指数成分股多集中于金融、能源、工业等与经济周期相关性较强的行业，具备一 定的股性；同时，其高股息、低波动的特征又赋予其类债属性，尤其在利率下行环境中更具吸引力。在 当前信用周期温和修复、市场情绪中性的背景下，红利指数因其估值低位、股息稳定，配置性价比凸 显。 格隆汇1月8日｜在今日举行的《2026潮起新程·开门红联名策略会》上，易方达基金杨正旺指出，红利 可以"+"，不同风格并非一定"零和博弈"，红利资产不仅具备独立配置价值，更重要的功能在于其能与 成长风格资产形成互补，优化整体组合的风险收益结构： 1.红利资产作为一种具备跨资产属性的资产，其作为组合平衡器的意义非常明显，不仅具备独立配置价 值，更重要的功能在于其能与成长风格资产形成互补，优化整体组合的风险收益结构。 2.成长风格的权益资产在上涨时弹性高，回调及震荡时波动大，在回撤时"拿不住"；"红利+成长"型组 合（如中证红利搭配创新药、云计算、机器人等成长板块）在2019 ...

截至2026年1月8日 11:14，红利低波ETF泰康(560150)成交330.52万元。拉长时间看，跟踪指数中证红利 低波动指数(H30269)下跌0.49%。成分股方面涨跌互现，渝农商行(601077)领涨2.35%，中国国贸 (600007)上涨0.61%，三维化学(002469)上涨0.58%；陕鼓动力(601369)领跌2.24%，中国平安(601318)下 跌2.03%，重庆银行(601963)下跌1.86%。 截至1月7日，红利低波ETF泰康(560150)近2周份额增长400.00万份，实现显著增长。红利低波ETF泰康 (560150)近21个交易日内有11日资金净流入，合计"吸金"1489.06万元。 东吴证券表示，红利资产防御价值凸显。险资等长钱配置需求有望持续释放。险资为代表的中长期资金 基于负债端久期匹配与收益稳定的需求，将为红利资产带来长期稳定的资金流入。 红利低波ETF泰康(560150)紧密跟踪中证红利低波动指数，中证红利低波动指数选取50只流动性好,连续 分红,红利支付率适中,每股股息正增长以及股息率高且波动率低的证券作为指数样本，采用股息率加 权，以反映分红水平高且波动率低 ...