Group 1 - The ChiNext Mid-Cap 200 Index rose by 3.1%, while both the ChiNext Index and the ChiNext Growth Index increased by 2.9% [1] - The total trading volume of the E Fund ChiNext ETF (159915) reached 3.5 billion yuan [1] - According to Zhongtai Securities, the current market risk appetite remains high, providing upward space for high-elasticity technology themes [1] Group 2 - The information technology sector accounts for over 40% of the overall performance of representative companies in the ChiNext market [3] - The E Fund ChiNext Growth ETF tracks an index composed of 50 stocks with prominent growth styles, high earnings growth, good profit expectations, and strong liquidity, with the telecommunications, power equipment, electronics, non-bank financials, and pharmaceutical sectors collectively accounting for nearly 80% [3] - The ChiNext Index was launched on June 1, 2010, and the ChiNext Mid-Cap 200 Index will be launched on November 15, 2023 [3]

Core Viewpoint - The Hong Kong stock market is expected to remain active and experience an upward trend due to multiple positive factors, with a focus on the technology and consumer sectors for medium to long-term investment opportunities [1] Group 1: Market Performance - The Hong Kong stock market rose by 2.01% last week, with the Hang Seng Technology Index increasing by 4.31% [2] - Among the primary sectors, 7 sectors saw gains while 4 sectors declined, with notable increases in Information Technology (4.54%), Energy (3.97%), and Materials (2.98%) [2] - In the secondary sectors, Semiconductor, Defense, Oil & Petrochemicals, Software Services, and Paper & Packaging led the gains, while Household Products, Durable Goods, Consumer Services, Daily Consumer Retail, and Textiles & Apparel faced declines [2] Group 2: Market Liquidity - The average daily trading volume on the Hong Kong Stock Exchange was HKD 171.19 billion, an increase of HKD 31.26 billion from the previous week [3] - The average daily short-selling amount was HKD 19.93 billion, up by HKD 2.96 billion from the previous week, with short-selling accounting for 11.78% of the trading volume, a decrease of 0.22 percentage points [3] - There was a net outflow of HKD 3.81 billion from southbound funds, a decrease of HKD 6.37 billion compared to the previous week [3] Group 3: Valuation and Risk Appetite - As of January 2, 2026, the Hang Seng Index had a price-to-earnings ratio of 12.09 and a price-to-book ratio of 1.23, both up by 2.36% from the previous week, positioned at the 79% and 56% percentiles since 2010 [4] - The Hang Seng Technology Index had a price-to-earnings ratio of 23.8 and a price-to-book ratio of 3.15, at the 36% and 66% percentiles since 2010 [4] - The risk premium for the Hang Seng Index was 4.08%, which is 1.82 standard deviations below the 3-year rolling mean, placing it at the 4% percentile since 2010 [4]

Core Viewpoint - Shenzhou Holdings has been recognized for its outstanding ESG practices, winning multiple awards and achieving a leading position in ESG ratings, reflecting its commitment to sustainable development and corporate responsibility [1][2][4][6]. Group 1: ESG Recognition - In 2025, Shenzhou Holdings received an AA rating in the latest ESG assessment by Huazheng Index, ranking first among its peers in the Hong Kong stock market [2]. - The company has won several awards, including the "Social Responsibility Pioneer Award" and the "Best ESG Company Award," forming a comprehensive recognition system for its ESG performance [4]. - These accolades signify the market's trust in the company's long-term sustainability capabilities [6]. Group 2: Environmental Initiatives - Shenzhou Holdings employs AI and big data to enhance its green practices, focusing on optimizing its operations and empowering the industry [7]. - The company has implemented AI-driven innovations in its supply chain, achieving a 1.4-hour reduction in average delivery time during the 2025 "Double 11" shopping festival and a 1-hour decrease in package dwell time, leading to significant carbon emission reductions [7]. - Collaborations with educational institutions have led to initiatives like the "Green Supply Chain Initiative," promoting sustainable procurement and clean production [8]. Group 3: Social Contributions - The company adheres to the principle of "Technology for the People," making strides in smart governance, talent development, and public welfare [9]. - Shenzhou Holdings has established a smart governance model in Zhangzhou, significantly improving online service efficiency and user experience [9]. - The company collaborates with universities to foster talent and has initiated public welfare activities to promote educational equity [10]. Group 4: Governance Framework - Shenzhou Holdings has elevated ESG management to a strategic level, establishing a dedicated ESG task force to ensure comprehensive integration of ESG principles into its operations [11]. - The company has contributed to national and industry standards, leveraging its expertise in data intelligence and smart supply chains to promote standardized development [11]. - Enhanced communication and transparency have earned the company multiple awards for investor relations and brand building, improving information disclosure and market communication [12].

其一，港股开年"独秀"，我们更偏向于理解为资金配置原因，更多的 是新年建仓、空头回补等因素。未来我们预计南向资金会继续增配港股， 边际增量主要来自保险和固收+。外资是否大幅回流还是看基本面叙事 是否有变化。 其二，短期仍然需控制港股仓位，春节前后行情或更好。我们主要担心 一月美股科技有回调风险，间接影响港股。市场对一月中下旬美股科技 财报仍持谨慎观察态度，投资者会对企业 Capex 和 ROI 会更为严格。 如不及预期，美股科技可能会有回调，港股科技反弹会受阻。 证券研究报告·策略报告·策略点评 策略点评 20260105 港股开年"独秀"全球？——港股&海外周观 察 港股开年"独秀"全球，从中长期配置来看，当前位置有吸引力。 其三，港股从现在进入震荡上行期，仍需将红利作为底仓，把握上半年 的科技成长行情。南向潜在增量资金保险和固收+会继续增配价值红利。 考虑估值，AH 对比视角，南向资金整体会增配港股科技成长股票，但 港股科技行情仍会受海外降息节奏和美股科技行情影响，需动态观察。 ◼ 美股：本周纳指领跌 1.5%，道指下跌 1.3%，标普下跌 1.0%。行业上， 能源、公用事业领涨，信息技术、金融领跌。美国 ...

Core Viewpoint - Shenzhou Holdings (00861.HK) has been awarded the "ESG Excellence Sustainable Development Enterprise" award for 2025 at the Hong Kong Global ESG Investment Annual Conference, marking a significant milestone in the company's ESG practices for 2025 [1][10]. Group 1: ESG Recognition - In 2025, Shenzhou Holdings' ESG performance received dual recognition from capital markets and industry institutions, with the company achieving an AA rating in the latest ESG rating by Huazheng Index, ranking first among its peers in the Hong Kong stock market [2][11]. - The company has also received multiple awards, including the "Social Responsibility (S) Pioneer Enterprise Award" and the "Best ESG Company Award," creating a comprehensive recognition system covering both overall performance and specific areas [4][13]. Group 2: Environmental Performance - Shenzhou Holdings has established a dual-dimensional green practice system centered on artificial intelligence and big data, focusing on optimizing its operations and empowering the industrial ecosystem [6][15]. - During the 2025 "Double 11" shopping festival, the company reported a 1.4-hour reduction in average delivery time and a 1-hour decrease in package dwell time in transfer areas, achieving substantial carbon emission reductions [7][15]. Group 3: Social Value Creation - The company adheres to the "Technology for the People" philosophy, actively engaging in smart governance, talent development, and public welfare to release social value [8][16]. - In smart governance, Shenzhou Holdings developed the first fully covered intelligent government service assistant in Fujian Province, significantly improving service efficiency by reducing required form fields by 71% and increasing online approval rates by approximately 80% [8][16]. Group 4: Governance and Future Outlook - Shenzhou Holdings has elevated ESG construction to a strategic level, establishing a dedicated ESG working group in 2025 to implement a closed-loop mechanism for training, review, and annual planning [9][17]. - The company is actively participating in the formulation of national and industry standards, transforming its practical experience in data intelligence and smart supply chains into shared industry outcomes [9][17]. - Looking ahead, Shenzhou Holdings aims to deepen the integration of ESG and technological innovation, continuing to advance practices in green transformation, social responsibility, and governance optimization [9][17].

Group 1 - The technology growth sector showed strong performance, with the Guozheng Growth 100 Index rising by 2.4%, the Guozheng Free Cash Flow Index increasing by 0.6%, and the Guozheng Value 100 Index up by 0.3% as of midday close [1] - Huaxi Securities predicts that 2026 will be a significant year due to multiple positive factors, indicating a solid foundation for a bull market, with early signs of spring rally already observed [1] Group 2 - The Guozheng Growth 100 Index consists of 100 stocks with a strong growth style in the A-share market, with over 65% of its composition in the information technology and materials sectors, and a rolling P/E ratio of 54.1 times [3] - The Guozheng Value 100 Index is made up of 100 stocks with a strong value style, with over 65% in consumer discretionary and financial sectors, and a rolling P/E ratio of 9.5 times [3] - The Guozheng Free Cash Flow Index includes 100 stocks with high free cash flow levels, with over 70% in industrial, materials, and consumer discretionary sectors, and a rolling P/E ratio of 13.6 times [4]

Core Viewpoint - The Chinese A-share market is expected to experience a "spring opening red" as the internal trend of the "transformation bull" becomes more certain, driven by economic transformation, declining risk-free returns, and capital market reforms [1]. Group 1: Market Performance - The ChiNext 200 Index rose by 2.4% at midday, while both the ChiNext Index and the ChiNext Growth Index increased by 2.2% [1]. - The trading volume of the E Fund ChiNext ETF (159915) exceeded 2 billion yuan at midday [1]. Group 2: Sector Analysis - The ChiNext 200 Index consists of 200 stocks with medium market capitalization and good liquidity, reflecting the overall performance of representative companies in the ChiNext market, with the information technology sector accounting for over 40% [3]. - The ChiNext Growth Index is composed of 50 stocks characterized by strong growth, good liquidity, and high expected earnings, with the telecommunications, power equipment, electronics, non-bank financials, and biopharmaceutical sectors making up nearly 80% [3]. Group 3: Investment Outlook - According to Guotai Junan Securities, the trend of emerging technology and capital goods going abroad is strong and has high certainty, indicating a favorable outlook for investment in these sectors [1].

Group 1 - The core viewpoint is that the ChiNext 50 index, representing the technology growth sector, achieved a notable increase of 4.93% in December, indicating strong performance in the year-end market [1] - The main focus of the industry revolves around semiconductors, AI, and future industry hotspots, with government support for new smart glasses and smart home initiatives, as well as the launch of the National Venture Capital Guidance Fund targeting early-stage projects in integrated circuits and artificial intelligence [1] - The global technology stocks are experiencing a synchronized upward trend, with semiconductors and AI chips being the core of the market rally, driven by domestic policy support and valuation recovery in the technology sector [1] Group 2 - The ChiNext 50 ETF (159375) tracks the ChiNext 50 index (399673), which has a daily price fluctuation limit of 20%, and is composed of 50 stocks with high average trading volumes and good liquidity from the ChiNext market [1] - The constituent stocks of the ChiNext 50 index are primarily distributed across high-tech sectors such as power equipment and new energy, pharmaceuticals, and information technology, showcasing significant growth characteristics [1] - The medium to long-term outlook is positive for industrial metals and minor metals, with an upward price trend driven by global liquidity easing and emerging demands from AI and new energy sectors [1]

Core Viewpoint - The launch of the Sci-Tech Innovation Board Composite Index (Sci-Tech Index) marks a significant development in the A-share market, with the index being considered for inclusion as one of the "four major indices" alongside the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index, reflecting the growing importance of the Sci-Tech sector in China's economy [3][4][5]. Group 1: Importance of the Sci-Tech Index - The Sci-Tech Index has shown a growth of approximately 48% since its launch on January 20, 2025, and a cumulative increase of 115% since September 24, 2024, indicating strong market performance [3]. - The index has attracted significant interest, with 46 fund managers launching 78 index funds related to the Sci-Tech Index, accumulating a total scale of 27.4 billion yuan [3][12]. - Experts believe that the inclusion of the Sci-Tech Index will enhance the A-share market's index system, providing a comprehensive representation of the technology sector and filling a critical gap in the existing index framework [4][9]. Group 2: Structural Differences and Complementarity - The Sci-Tech Index covers 576 stocks, achieving a coverage rate of 96% within the Sci-Tech Board, while the other major indices have different coverage and industry weightings, creating a complementary relationship among them [7][9]. - The industry weightings reveal that the Sci-Tech Index has a dominant focus on information technology (54.63%), contrasting with the other indices that emphasize traditional sectors or different technology applications [7][8]. - The four indices together create a multi-layered, differentiated core index system for the A-share market, each serving distinct functions and contributing to a collaborative ecosystem [8][9]. Group 3: Investment Logic Shift - The investment logic is shifting from a "profit-oriented" approach to an "innovation-driven" model, reflecting the unique characteristics of hard technology assets that require a different valuation paradigm [10][12]. - Investors are encouraged to focus on long-term growth potential and technological breakthroughs for hard technology assets, while traditional assets should emphasize stable cash flows and dividend capabilities [12][13]. - The Sci-Tech Index's high valuation compared to other indices is not seen as a bubble but rather a reflection of the unique attributes of hard technology investments, which involve high R&D costs and long-term returns [11][12]. Group 4: Future Outlook and Development - The Sci-Tech Index is expected to continue gaining attention and importance in the capital market over the next 3-5 years, with potential to become a global benchmark for China's technological innovation [19]. - Enhancements in the index's composition and governance will be crucial for its global recognition and influence, as well as attracting domestic and international long-term investors [19]. - The index's ability to represent China's "new quality productivity" and its alignment with national strategic directions will further solidify its role as a core asset allocation tool for technology investments [16][18].

Group 1 - The report predicts that the A-share bull market will continue in 2026, driven by resilient overseas economies, likely continued dollar liquidity easing, and domestic policies maintaining a "dual easing" tone, with technology growth remaining the long-term market focus [4][7][8] - During the New Year holiday, the Hang Seng Technology Index rose by 4.00%, and the Hang Seng Index increased by 2.76%, indicating a positive market sentiment driven by technology and materials sectors [4][8] - The manufacturing PMI returned to the expansion zone at 50.1% in December, marking the first increase since April, driven by policy support and pre-holiday inventory buildup [8][9] Group 2 - The report highlights the importance of service consumption policies, with the National Development and Reform Commission announcing a 2.95 billion yuan investment plan and 625 million yuan in special bonds to support consumption [9][10] - The real estate sector is expected to experience a significant divergence in policy expectations, with new housing sales projected to stabilize at 700-800 million square meters annually during the 14th Five-Year Plan period [11][12] - The public fund industry is expected to see a high-quality development trend, with new regulations aimed at reducing investor costs and promoting long-term holding of funds, potentially saving investors 51 billion yuan annually [12]