1月22日，A股三大指数探底回升全线上涨，截止收盘，港股通红利ETF广发（520900）涨1.55%，成交 额8586万元。浙商证券表示，以红利板块为代表的权重股目前估值仍处于历史较低水平，这既反映了人 民币升值带来的资产重估潜力，也体现了其在经济结构转型过程中盈利稳定性的防御价值。国金证券认 为，港股红利板块可作为长期战略底仓，可增强防御性并持续提供股息回报。方向建议关注低估值央国 企，非银等。2026上半年长端利率低位震荡结合海外宽松延续，南向资金与险资等长线资金持续增配， 港股红利相对A股的股息优势仍在，具备估值回升与稳定现金回报的双重基础。港股通红利ETF广发 （520900）及其场外联接（022719/022720）为投资者提供了一键布局港股红利资产的便捷入口，让稳 健收益与长期价值兼得。 ...

Core Viewpoint - The A-share market experienced significant gains on October 9, with the Shanghai Composite Index reaching its highest level since August 2015, driven by strong performances in sectors such as gold, nuclear fusion, and rare earths, while tourism and real estate sectors faced declines [1] Group 1: Market Performance - The Shanghai Composite Index rose by 1.32% to 3933.97 points, the Shenzhen Component increased by 1.47% to 13725.56 points, and the ChiNext Index gained 0.73% to 3261.82 points [1] - The total market turnover reached 2.67 trillion yuan, with over 3100 stocks rising and nearly 100 stocks hitting the daily limit [1] Group 2: Sector Highlights - The gold sector saw a surge, with multiple stocks including Shandong Gold and Zhongjin Gold hitting the daily limit, following a rise in COMEX gold futures by 1.42% to $4060.6 per ounce, marking a 4.45% increase during the National Day holiday [3] - The controllable nuclear fusion sector experienced a significant rally, with stocks like Haheng Huadong and Guoguang Electric hitting the daily limit, following key breakthroughs in the BEST project in Anhui [2] - The rare earth sector also rose sharply due to the Ministry of Commerce's announcement of export controls on related technologies, with stocks like Northern Rare Earth and Antai Rare Earth reaching their daily limits [6][1] Group 3: Institutional Insights - Huajin Securities noted that the market is likely to continue a slow bull trend post-holiday, with technology and cyclical sectors remaining dominant, supported by positive policies and external events [7][8] - CITIC Construction emphasized the strengthening of technology and gold as key investment themes, with a focus on AI and semiconductor sectors amid a stable economic backdrop [9] - Xinyu Securities highlighted the potential for a new upward momentum in the market, driven by global macroeconomic conditions and structural highlights, with a focus on sectors benefiting from the 14th Five-Year Plan [11]

Core Viewpoint - The A-share market showed strong performance on October 9, with the Shanghai Composite Index surpassing the 3900-point mark, reaching a nearly 10-year high, driven by active performance in the technology growth sector [1] Market Performance - The Shanghai Composite Index rose over 1%, while the Shenzhen Component Index and the ChiNext Index both increased by nearly 2% [1] - The ChiNext 50 ETF (159949) gained 1.76%, closing at 1.564 yuan, with a turnover rate of 5.05% and a trading volume of 1.486 billion yuan, leading among similar ETFs [1][2] Fund Flow and Investment Trends - Investors are increasingly allocating funds to the ChiNext 50 ETF, with a net inflow of 1.433 billion yuan over the past five trading days and a total of 2.346 billion yuan over the last ten trading days, indicating strong investment interest [2] - The top ten holdings of the ChiNext 50 ETF exhibited mixed performance, with notable gains from companies like Ningde Times (up 3.91%) and Huichuan Technology (up 7.16%), while others like Dongfang Wealth and Mindray Medical experienced declines [2] Long-term Investment Outlook - Multiple institutions are optimistic about the long-term investment value of A-shares, highlighting structural opportunities in resource security, corporate overseas expansion, and technological competition [3] - CITIC Securities emphasizes a framework for industry allocation focusing on "resources + overseas expansion + new productivity," while CITIC Jin Investment Strategy anticipates a continued upward trend in A-shares supported by stable economic fundamentals and ongoing capital inflows [3] - Key sectors to watch include AI, semiconductors, precious and industrial metals, renewable energy, humanoid robots, innovative pharmaceuticals, and non-bank financials [3] Investment Tools - The ChiNext 50 ETF (159949) is presented as a convenient and efficient investment tool for those optimistic about the long-term growth of China's technology sector, being the largest and most liquid ETF tracking the ChiNext 50 Index [3] - Investors can trade the ChiNext 50 ETF directly through stock accounts or invest via linked funds, with recommendations for dollar-cost averaging to mitigate short-term volatility risks [3]