2026 年 01 月 14 日 证券研究报告 | 财富生态周报 ETF 及指数产品网格策略周报 2026/1/14 分析师：卫以诺 分析师登记编码：S0890518120001 电话：021-20321014 邮箱：weiyinuo@cnhbstock.com 分析师登记编码：S0890522110001 电话：021-20321297 邮箱：chengbingzhe@cnhbstock.com 分析师：薛婧怡 021-20515355 分析师登记编码：S0890525070001 电话：021-20321092 邮箱：xuejingyi@cnhbstock.com 1、《ETF 及指数产品网格策略周报— 2026/1/6》2026-01-06 2、《ETF 及指数产品网格策略周报— 2025/12/30》2025-12-30 3、《ETF 及指数产品网格策略周报— 2025/12/23》2025-12-23 4、《ETF 及指数产品网格策略周报— 2025/12/17》2025-12-17 5、《ETF 及指数产品网格策略周报— 2025/12/9》2025-12-09 投资要点 分析师：程秉哲 ◆网格交 ...

HATSE ETF网格策略 ETF网格策略重点关注标的 (1) 恒生医药ETF (159892.5Z) 日期/人/我相之吧 JU7U0 ZVLJ + 14 J 14 H 10 日,中央经济工作会议与中国资本市场学会学术委 员会成立会议均提出"持续深化资本市场投融资综 合改革"，有望稳步扩大制度型高水平对外开放, 持续提高资本市场制度包容性吸引力,提升券商等 金融机构对促进经济高质量发展和中国式现代化大 局的服务能力。2025年12月6日，证监会主席吴清 在出席中国证券业协会第八次会员大会时提出, "对优质机构适当'松绑',进一步优化风控指 标,适度打开资本空间和杠杆限制"。中长期来 看,资本市场改革的持续深化有望提升头部券商资 本利用效率，进一步打开其成长空间。 受益于美联储降息周期作用,药企债权融资成 本或有望降低,有助于间接提升其研发管线推进能 力。据央广网2026年1月4日消息显示，当前我国在 研新药管线约占全球30%,稳居全球第二。据国家 药监局数据,2025年我国已批准上市的创新药达76 个,其中47个化学药品与23个生物制品中,国产创 新药占比分别达80.85%与91.30%;2025年我国创 新 ...

此外，虽然1月12日AI应用、商业航天等板块表现火热，但各大指数涨幅相较于2024年"9.24"行情时期更为温和。 值得关注的是，与2024年"9.24"行情较为类似的是，当前市场"科技牛"的特征依然明显。 从申万一级行业来看，1月12日领涨的行业为传媒、计算机、国防军工、社会服务、通信等科技含量较高的行业。2024年10月8日当 天，A股领涨的行业分别为计算机、电子、电力设备、美容护理、通信、国防军工等。 1月12日，沪深两市全天成交额达到3.6万亿元，为沪深两市历史单日最高成交金额。不过，就成交量而言，目前沪深两市较2024 年"9.24"行情时期的历史天量数据还有较大差距。 每日经济新闻 近期，资本市场各类大型活动密集举行。据《每日经济新闻》记者观察，目前国内外机构看多氛围较浓，尤其是从多家外资机构最近 发表的观点来看，海外投资者对中国资产的态度已发生较大改观。 "科技牛"特征依然明显 今年元旦假期过后，A股市场迎来了一轮春季攻势。1月12日，沪深两市全天成交金额达到3.6万亿元。不过《每日经济新闻》记者注意 到，目前距离历史天量还有较大的差距——2024年10月8日两市当天创下29亿手的历史天量；20 ...

机构认为，短期市场波动或有所加大。 芯片股继续成为市场主线。费城半导体指数上涨2.7%，创纪录新高。存储与设备类个股表现尤为突出，泛林集团（Lam Research）大涨8.7%，至218.36美 元。英特尔股价上涨近11%，此前美国总统特朗普表示，他与英特尔首席执行官陈立武进行了一次"很棒的会面"。 【财经日历】 二十届中央纪委五次全会召开(1/12-1/14) 上海迪士尼乐园正式实行阶梯式退票 七国集团财长在华盛顿举行会议 交易提示：日股休市 新股申购：爱舍伦 当地时间上周五，美股全线上涨，截至收盘，标普500指数涨0.65%，创历史最高收盘价；纳指涨0.81%，道指涨0.48%，同样刷新收盘纪录。 科技巨头中，博通上涨3.76%，特斯拉涨2.11%。Alphabet股价走高，A类股和C类股均上涨0.96%。Meta Platforms上涨1.08%，微软上涨0.24%，亚马逊上涨 0.44%，苹果小幅上涨0.13%，英伟达微跌0.08%。此外，电力公用事业公司维斯特拉能源（Vistra）大涨10.5%，此前Meta Platforms同意购买其核电站电力。 热门中概股涨跌不一，纳斯达克中国金龙指数跌1. ...

Group 1 - The core viewpoint emphasizes the importance of building a stable and healthy capital market as a crucial support for the construction of a financial power, as highlighted in the "15th Five-Year Plan" [2][3] - The capital market's role is evolving from merely a financing platform to a key hub connecting the real economy, technological innovation, and social capital, with a focus on guiding resource flow and risk dispersion [4][5] - The need for a more inclusive and adaptable capital market is increasingly urgent, particularly in supporting new industries and innovative enterprises [5][6] Group 2 - The capital market should serve as a core platform for resource allocation, aligning funding with national strategies in areas like technological innovation and green transformation [3][4] - There is a structural issue in the capital market where financing functions are strong, but investment functions are relatively weak, which hinders long-term healthy operation [7] - The development of direct financing through equity and bond markets is essential for optimizing corporate financing structures and promoting stable capital market growth [8][9] Group 3 - The steady development of futures, derivatives, and asset securitization is crucial for enhancing market completeness and enriching financial products [9] - The capital market must improve its institutional inclusiveness and adaptability to better serve the needs of technological innovation and the growth of tech enterprises [6][7] - Future reforms should focus on differentiating listing standards based on industry characteristics and enterprise development stages to facilitate the entry of high-quality innovative companies into the capital market [6][8]

Core Viewpoint - The 30th China Capital Market Forum emphasized the need for a collaborative approach to enhance the capital market ecosystem, focusing on financing, investment, and regulatory reforms to support high-quality development during the 14th Five-Year Plan period [1] Financing Side - Experts highlighted the importance of enhancing services for technology innovation enterprises, suggesting adjustments to the structure of listed companies to prioritize high-tech and innovative firms [1] - Recommendations include enriching the financial product supply system to better accommodate new industries and technologies, fostering a positive cycle among technology, industry, and finance [1] - The goal is to ensure that the capital market meets investors' risk-return expectations by gradually introducing high-growth tech companies [1] Investment Side - The investment side reform aims to create a stable environment for long-term capital, encouraging large funds to enter the market [2] - The focus is on improving the institutional framework for long-term investments, ensuring that various funds are attracted to the market and can thrive [2] - Historically, the market has been dominated by individual investors, but there is a push to bring in institutional investors like insurance funds and pension funds to enhance market liquidity [2] Regulatory Side - The regulatory environment is deemed crucial for the healthy operation of the capital market, with a focus on enhancing the effectiveness of regulatory enforcement through legal and market-oriented methods [3] - Experts advocate for a comprehensive regulatory system that adapts to rapid market changes, ensuring transparency and accountability among market participants [3] - The core of regulatory reform is to build investor confidence by ensuring market transparency and accurate disclosure of information by issuers [3] Additional Recommendations - Suggestions include establishing a robust securities and futures regulatory system to combat financial fraud and enhance investor protection [4] - There is a call for addressing barriers to long-term capital entering the market, including reforms in public funds and promoting a cycle of fundraising and investment in private equity and venture capital [3][4]

Core Viewpoint - The Chinese capital market has undergone fundamental changes over the past year, particularly since September 24, 2024, with a gradual recovery in market confidence and stabilization of expectations. The next steps involve reforms in three areas: asset side, investment side, and institutional side [1]. Group 1: Asset Side Reform - The goal of asset side reform is to adjust the structure of listed companies, promoting a shift towards high-tech and innovative enterprises to enhance the risk-return capability of the market and optimize the asset structure [1]. Group 2: Investment Side Reform - Investment side reform aims to relax institutional constraints on long-term funds such as insurance, social security, and pension funds entering the market, thereby expanding market liquidity. The revision of rules is intended to guide more long-term institutional funds to enter the market in an orderly and large-scale manner, maintaining a healthy liquidity state [1]. Group 3: Institutional Side Reform - Institutional reform is highlighted as the most critical task, with the core objective being to ensure market transparency, which is deemed the lifeline of the capital market. Various measures will be taken to ensure that issuers disclose information truthfully. The fundamental goal of the reform is to eliminate risks associated with fraudulent listings, financial fraud, false disclosures, and insider trading. Severe penalties will be imposed on all "risk creators" and those who assist them, transitioning from administrative penalties to criminal and civil liabilities. Additionally, intermediary institutions will face equivalent severe penalties [1]. Group 4: Foundations of Capital Market Development - The development of the capital market is supported by three key foundations: a sound legal system, a high degree of contractual spirit, and market transparency. A sound legal system stabilizes market expectations and promotes capital flow, while the contractual spirit is essential for maintaining financial order. Transparency is considered the lifeline of the capital market, with regulatory functions focusing on transparency oversight to ensure all participants, especially listed companies and intermediary institutions, disclose information truthfully [2].

Core Viewpoint - The Chinese capital market has undergone fundamental changes since September 24, 2024, with gradually restored market confidence and stable expectations, necessitating reforms focused on the asset side, investment side, and institutional side to meet diverse financing needs of enterprises and wealth management needs of residents [1][2]. Asset Side Reform - The goal of asset side reform is to adjust the structure of listed companies in China, allowing technology-driven enterprises to become the mainstay, as they can provide risk-return rates that meet investor demands [1]. Investment Side Reform - Investment side reform aims to attract large funds by relaxing rules for their entry into the market, specifically targeting long-term funds such as insurance capital, social security funds, pensions, and annuities. This reform is crucial for expanding market liquidity and ensuring it remains relatively sufficient [1]. Institutional Side Reform - Institutional side reform focuses on ensuring market confidence, expectations, and bottom lines, with the core goal of enhancing market transparency. This includes measures to ensure issuers disclose information truthfully and to eliminate risks associated with fraudulent listings, financial fraud, false disclosures, and insider trading. Severe penalties will be imposed on those who create such risks, transitioning from administrative to criminal and civil penalties [2]. Foundations of Capital Market Development - The development of the capital market relies on three key foundations: a sound legal system, a strong spirit of contract, and transparency. A sound legal system stabilizes market expectations and promotes capital flow, while the spirit of contract maintains financial order through stability and predictability in the macro environment. Transparency is deemed the lifeline of the capital market, with regulatory functions centered on ensuring all participants, especially listed companies and intermediaries, disclose information truthfully [3].

2026.01.11 本文字数：951，阅读时长大约2分钟 作者 |第一财经 周楠 2026年伊始，A股市场表现强势，沪指一举突破4100点，两市成交额站上3万亿大关。 "险资就是一个例子，不是说险资不能进，是险资没法进，它的偿付能力指标就约束它了，把投资风险 市场的系数弄得很高，同时考核周期又很短。"他举例说。 吴晓求认为，推动投资端改革是本轮资本市场改革重点，核心目标是扩大市场流动性。 第三，制度端改革。吴晓求说，没有制度端的改革，前述两项改革很难见效，而制度端改革的核心是要 让市场有信心、有预期、有底线性。 他进一步解释称，制度端改革首先要确保市场透明度，要采取各种手段让发行人如实披露信息，不 能"埋雷"。 "现在有一些上市公司总想'埋雷'，千方百计地'埋雷'。更有甚者欺诈上市，这样下去市场的'雷'该太多 了。"吴晓求说，资本市场改革要从没有"雷"开始。 那么，如何把"雷"去掉？对此，他建议，对"埋雷者"和"帮助埋雷者"重罚，对欺诈上市、财务造假、内 幕交易等行为的处罚，从行政处罚转变为进行刑事处罚、民事赔偿，并对帮助造假的中介机构同等处 罚。 "最近一年多来，特别是从2024年9月24日以来，中国资本 ...

Core Viewpoint - The core viewpoint emphasizes the need for reforms in the capital market to restore market confidence, stabilize expectations, and establish clear bottom lines [2][4]. Group 1: Market Performance - At the beginning of 2026, the A-share market showed strong performance, with the Shanghai Composite Index surpassing 4100 points and total trading volume exceeding 30 trillion [2]. - The fundamental changes in the capital market over the past year, particularly since September 24, 2024, are attributed to the recovery of market confidence and stability of expectations [2]. Group 2: Reform Suggestions - The proposed reforms in the capital market include three main aspects: asset side, demand side, and institutional side [3][4]. - The asset side reform focuses on adjusting the structure of listed companies to prioritize high-tech and innovative enterprises, as their development is seen as the underlying logic for capital market growth [3]. - The demand side reform aims to enhance the investment side, addressing issues such as regulatory constraints and risk perception that have previously limited large capital inflows into the market [3]. Group 3: Institutional Reforms - Institutional reform is deemed essential for the effectiveness of the other two reforms, with the primary goal of ensuring market confidence, expectations, and clear bottom lines [4]. - Key aspects of institutional reform include improving market transparency and ensuring that issuers provide truthful information to avoid hidden risks [4]. - To eliminate risks, it is suggested that severe penalties be imposed on those who conceal risks or engage in fraudulent activities, transitioning from administrative to criminal penalties and civil compensation for such offenses [4].