Major Events - ST Kaiyuan expects a negative net asset value by the end of 2025, which may lead to a delisting risk warning from the Shenzhen Stock Exchange [1] - Changfei Fiber indicates that the global fiber optic cable market is stable, with new products related to data centers representing a small proportion of total demand [1] - Litong Electronics clarifies that its liquid cooling product development is still in the early discussion stage, denying rumors of significant technological breakthroughs [1] Financial Announcements - Shanghai Yizhong reports a net profit of 64.13 million yuan for 2025, a year-on-year increase of 819.42%, driven by the inclusion of its core product in the national medical insurance directory [4] - Lianyun Technology announces a net profit of 142 million yuan for 2025, up 20.36% year-on-year, benefiting from the recovery in the storage industry and the rapid development of AI [5] Share Buybacks - Midea Group has repurchased 0.35% of its shares for a total of 1.998 billion yuan, with share prices ranging from 69.50 to 80.44 yuan [6] - XGIMI Technology plans to repurchase shares worth between 50 million and 100 million yuan for employee stock ownership plans, with a maximum price of 159.51 yuan per share [6] - GoerTek has repurchased 1.14% of its shares for a total of 1.108 billion yuan, with prices between 20.35 and 34.09 yuan [6] Contracts and Projects - Chongqing Construction has won multiple project bids, including a 673 million yuan contract for the Binzhou Qiwo Ecological Circular Industry Park [8] - Jinchengxin has signed a contract for mining and installation works at the Plang Copper Mine, with an estimated total price of 202 million yuan [9] - Far East Holdings reports that its subsidiaries signed contracts worth approximately 3.075 billion yuan in January 2026 [10] - *ST Songfa's subsidiary has signed a significant contract for the construction of a Capesize bulk carrier, valued between 70 to 100 million USD [11]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - As of January 30, in the past two weeks, ETF products showed mixed performance. Among domestic major broad - based ETFs, CSI 500 had the largest increase, and among industry and theme products, cyclical theme ETFs had the largest increase. In the past two weeks, among domestic major broad - based ETFs, CSI 2000 ETF had a net inflow of funds, while CSI 300 ETF had a significant net outflow of funds [3][10]. - In 2025, the technology theme ETF had the largest cumulative net inflow of funds, followed by the financial real - estate ETF. Except for the military - industry theme, all other industry theme ETFs had a net inflow of funds in 2025. In the past two weeks, the inflow of funds into cyclical, pharmaceutical, and consumer ETFs accelerated, the inflow of funds into military - industry, financial real - estate ETFs slowed down, the net inflow of funds into other large - manufacturing and new - energy ETFs turned positive, and the outflow of funds from dividend ETFs slowed down [11][17]. - In 2025, the credit - bond ETF had the largest net inflow of funds, followed by the treasury - bond ETF. In the past two weeks, the net inflow of funds into convertible - bond ETFs accelerated, the net inflow of funds into short - term financing ETFs turned positive, and the outflow of funds from policy - financial - bond, credit - bond, treasury - bond, and local - bond ETFs slowed down [17]. 3. Summary by Relevant Catalogs 3.1 ETF Market Review 3.1.1 Main Types of ETF Fund Flows Overview - As of January 30, in the past two weeks, among domestic major broad - based ETFs, CSI 500 had the largest increase, and among industry and theme products, cyclical theme ETFs had the largest increase. In the past two weeks, among domestic major broad - based ETFs, CSI 2000 ETF had a net inflow of funds, while CSI 300 ETF had a significant net outflow of funds [3][10]. - In the past two weeks, the inflow of funds into cyclical, pharmaceutical, and consumer ETFs accelerated, the inflow of funds into military - industry, financial real - estate ETFs slowed down, the net inflow of funds into other large - manufacturing and new - energy ETFs turned positive, and the outflow of funds from dividend ETFs slowed down. In the bond ETF category, the net inflow of funds into convertible - bond ETFs accelerated, the net inflow of funds into short - term financing ETFs turned positive, and the outflow of funds from policy - financial - bond, credit - bond, treasury - bond, and local - bond ETFs slowed down [3]. 3.1.2 Cumulative Fund Flows of Main Types of ETFs - For broad - based ETFs, in 2025, the fund flow trend of major broad - based ETFs changed from outflow to inflow and then back to outflow, with a significant inflow at the end of the year. In April, there was a large - scale inflow of funds into broad - based ETFs such as CSI 300 ETF, and thereafter, all types of broad - based ETFs had a continuous outflow of funds. In mid - to late December, there was a significant inflow of funds into CSI A500 ETF. In 2025, CSI 1000/CSI 2000 had the largest cumulative net inflow of funds, followed by CSI 300 and CSI 500 ETFs. The cumulative funds of science - innovation/growth - enterprise and A - series ETFs all had a net outflow. In the past two weeks, major broad - based ETFs had a significant net outflow of funds, with CSI 300, SSE 50, CSI 500, CSI 1000/CSI 2000 ETFs having an accelerated net outflow, and the net outflow of funds from science - innovation/growth - enterprise and A - series ETFs slowing down [11]. - For industry and theme ETFs, in 2025, the technology theme ETF had the largest cumulative net inflow of funds, followed by the financial real - estate ETF. Except for the military - industry theme, all other industry theme ETFs had a net inflow of funds in 2025. The technology ETF had a large - scale outflow at the beginning of the year and then turned to an inflow of funds since March. In the past two weeks, the inflow of funds slowed down. In the past two weeks, the inflow of funds into cyclical, pharmaceutical, and consumer ETFs accelerated, the inflow of funds into military - industry, financial real - estate ETFs slowed down, the net inflow of funds into other large - manufacturing and new - energy ETFs turned positive, and the outflow of funds from dividend ETFs slowed down [17]. - For bond ETFs, since 2025, the credit - bond ETF had the largest net inflow of funds, followed by the treasury - bond ETF. In the past two weeks, the net inflow of funds into convertible - bond ETFs accelerated, the net inflow of funds into short - term financing ETFs turned positive, and the outflow of funds from policy - financial - bond, credit - bond, treasury - bond, and local - bond ETFs slowed down [17]. 3.1.3 ETF Product Structure Distribution - As of January 30, in the past two weeks, a total of 19 new ETFs were established in the market, with a total issuance share of 1.0963 billion, all of which were stock ETFs. Compared with the end of 2025, the scales of commodity ETFs, industry + dividend ETFs, and QDII - ETFs increased by 38.50%, 23.19%, and 6.01% respectively, while the scales of bond ETFs and broad - based ETFs decreased by 12.49% and 34.99% respectively [23][24]. 3.1.4 Fund Manager Scale Distribution - As of January 30, Huaxia Fund had the largest on - exchange ETF scale of 765.023 billion yuan. The ETF management scale of Guotai Fund expanded by more than 170 billion yuan compared with a year ago [25]. 3.2 Classification - Based ETF Tracking 3.2.1 Technology Theme ETF Tracking in the Past Two Weeks - Products tracking semiconductor materials and equipment had the largest net inflow of funds in the past two weeks, while products tracking science - innovation AI had a net outflow of funds [31]. 3.2.2 Dividend Theme ETF Tracking in the Past Two Weeks - Products tracking low - volatility dividend had the largest net inflow of funds in the past two weeks, while products tracking CSI Dividend had a net outflow of funds [34]. 3.2.3 Consumption Theme ETF Tracking in the Past Two Weeks - Products tracking the S&P 500 Consumer Select Index had a relatively high premium rate. ETFs tracking CSI Tourism had the largest net inflow of funds in the past two weeks, while products tracking CSI Animal Husbandry had a net outflow of funds [37]. 3.2.4 Pharmaceutical Theme ETF Tracking in the Past Two Weeks - ETFs tracking CS Innovative Drugs had the largest net inflow of funds in the past two weeks, while products tracking the All - Index Pharmaceutical had a net outflow of funds [40]. 3.2.5 Large - Manufacturing Theme ETF Tracking in the Past Two Weeks - Products tracking the power grid equipment theme had the largest net inflow of funds in the past two weeks, while products tracking robots had a net outflow of funds [43]. 3.2.6 QDII ETF Tracking in the Past Two Weeks - Products tracking Hang Seng Technology had the largest net inflow of funds in the past two weeks, while ETF products tracking the Hang Seng Index had a net outflow of funds [46]. 3.3 Hot - Theme ETF Tracking 3.3.1 AI Theme ETF Tracking in the Past Two Weeks - AI theme products showed mixed performance in the past two weeks, with an average return rate of - 0.6%. Products tracking GEM Artificial Intelligence had the largest increase. Since 2025, there has been an overall net inflow of funds. There was a large - scale inflow from mid - February to April, a continuous outflow from May to August, and a large - scale inflow since mid - August. In the past two weeks, there was a net inflow of funds of 2.944 billion yuan [56]. 3.3.2 Robot Theme ETF Tracking in the Past Two Weeks - Robot theme products had a poor performance in the past two weeks, with an average return rate of - 5.21%. Products tracking the Robot Index had a relatively small decline. After February 2025, the funds had an overall rapid inflow trend, and there was a small net inflow of funds of 0.052 billion yuan in the past two weeks [60]. 3.3.3 New - Energy Theme ETF Tracking in the Past Two Weeks - New - energy theme products had a poor performance in the past two weeks, with an average return rate of - 3.14%. Products tracking Green Power had a relatively small decline. There was a continuous outflow of funds before August 2025, a large - scale inflow from August to October, a large - scale outflow since late October, and a net inflow of funds of 0.0101 billion yuan in the past two weeks [65]. 3.3.4 Satellite and Commercial Aerospace Theme ETF Tracking in the Past Two Weeks - Satellite and commercial aerospace theme products had a poor performance in the past two weeks, with an average return rate of - 3.55%. Products tracking the National Securities Aerospace Index had a relatively small decline. There was a small inflow of funds in late August 2025, a large - scale inflow since mid - to late December, and a net inflow of funds of 3.896 billion yuan in the past two weeks [70]. 3.3.5 Commodity ETF Tracking in the Past Two Weeks - Commodity ETFs had a good performance in the past two weeks, with an average return rate of 7.26%. Products tracking SGE Gold 9999 had the largest increase. There were large - scale inflows in April and mid - to late October 2025, and a large - scale net inflow of funds of 37.054 billion yuan in the past two weeks. Since the beginning of this year, there has been a large - scale net inflow of funds into gold ETFs, with a cumulative net inflow of 23.471 billion yuan in the past week, and the inflow decreased on January 30 [75]. 3.3.6 Central Huijin, Guoxin, and Chengtong's Holdings of ETF Tracking in the Past Two Weeks - As of June 30, 2025, the total scale of ETFs held by Central Huijin, Guoxin, and Chengtong was 39.1336 billion shares. In the past two weeks, there was a net outflow of funds of 711.4 billion yuan. In the past two weeks, ETFs such as Huatai - Peregrine CSI 300 ETF, E Fund CSI 300 ETF, and Huaxia CSI 300 ETF had the largest outflows of funds [79].

Core Viewpoint - The news discusses various ETFs tracking the STAR Market indices, highlighting their performance, composition, and fee structures, indicating a focus on technology and growth sectors in China. Group 1: ETF Performance and Composition - The STAR 50 ETF tracks the STAR Market 50 Index, consisting of 50 large-cap stocks with significant liquidity, primarily in the semiconductor sector, which accounts for over 65% of the index [2] - The STAR 100 ETF follows the STAR Market 100 Index, made up of 100 mid-cap stocks, with a focus on small and medium-sized tech companies, where electronics and power equipment sectors represent over 75% [2] - The STAR 200 ETF tracks the STAR Market 200 Index, comprising 200 small-cap stocks, with a high concentration in electronics, pharmaceuticals, and machinery, accounting for nearly 70% of the index [2] Group 2: Index Performance Metrics - The STAR 50 Index has a rolling P/E ratio of 174.1, with a performance change of -2.2% [2] - The STAR 100 Index has a rolling P/E ratio of 217.5, with a performance change of -3.0% as of August 7, 2023 [2] - The STAR 200 Index has a rolling P/E ratio of 352.8, with a performance change of -2.6% [2] Group 3: Growth Focus and Sector Representation - The STAR Growth ETF tracks the STAR Market Growth Index, consisting of 50 stocks with high growth rates in revenue and net profit, with over 65% in electronics and communications sectors [5] - The growth style is emphasized, indicating a focus on companies with strong performance metrics [5]

Investment Rating - The report assigns a "Trading Buy" rating for the company, indicating a potential upside of 5% to 15% from the current price [5][9]. Core Insights - The company is expected to achieve a net profit of between RMB 270 million and RMB 320 million in 2025, representing a year-on-year increase of 55% to 84%. The fourth quarter of 2025 is projected to show a turnaround with a net profit of RMB 20 million to RMB 70 million [5]. - The company has implemented significant reforms, leading to improved operational efficiency and a reduction in sales expense ratio by over 30% year-on-year. This has resulted in a marginal improvement in business operations [8]. - For 2026, the company anticipates continued operational improvements, with stable growth in its raw materials business and a positive trend in its medical terminal products, which saw a 14.5% year-on-year revenue increase in Q3 2025 [8]. Financial Summary - The company forecasts net profits of RMB 310 million, RMB 530 million, and RMB 600 million for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 76.4%, 72%, and 13.3% [8]. - Earnings per share (EPS) are projected to be RMB 0.64, RMB 1.10, and RMB 1.24 for the same years, with corresponding price-to-earnings (P/E) ratios of 70, 41, and 36 [8]. - The company's revenue is expected to decline to RMB 4.895 billion in 2025 before recovering to RMB 5.315 billion in 2026 and RMB 5.980 billion in 2027 [11].

Core Viewpoint - The A-share market has shown significant improvement in trading sentiment, with transaction volumes reaching historical highs, indicating a strong upward trend since mid-December 2025 [1][9]. Group 1: Market Performance - The Shanghai Composite Index achieved a 17-day consecutive rise, reaching its highest level in nearly a decade, with average daily transaction volumes exceeding 30 trillion yuan since the beginning of 2026 [1]. - The market's active trading environment is characterized by a high turnover rate of 5.7%, the most active since 2015, with a record transaction amount of 3.99 trillion yuan on January 14, 2026 [1][12]. Group 2: Investor Behavior - Retail investors have been increasingly entering the market, with an average of 2.43 million new accounts opened monthly in Q4 2025, driven by a "scarcity of assets" and the relative attractiveness of the stock market [2][18]. - High-risk preference funds, including margin financing and private equity, have seen significant increases in their positions, with margin financing balances surpassing 2.7 trillion yuan, marking a historical high [1][16]. Group 3: Fund Flows - Stock ETFs have experienced a shift in growth momentum, with significant inflows into industry-themed ETFs, particularly in sectors like non-ferrous metals and aerospace, reflecting changing investor preferences [3][22]. - Northbound capital has shown a gradual return to the A-share market, with a net inflow of 117 billion yuan in Q4 2025, as global monetary conditions favor Chinese assets [4][24]. Group 4: Institutional Investment - Insurance funds have accelerated their entry into the market, with stock and securities investments reaching 5.6 trillion yuan, the highest since 2013, indicating a growing commitment to equity investments [5][26]. - Active funds have regained excess returns, with the mixed equity fund index yielding 11.6%, outperforming the CSI 300 by approximately 7 percentage points, leading to a positive trend in fund issuance and redemption [5][28]. Group 5: Sector Focus - Institutional investors have increased their focus on sectors such as non-ferrous metals and telecommunications, while reducing exposure to electronics and biopharmaceuticals, reflecting a strategic shift in portfolio allocations [8][34]. - The market is expected to maintain a relatively active trading sentiment, supported by low interest rates and a favorable environment for equity investments, with potential for further inflows from both domestic and foreign investors [9][39].

Core Viewpoint - The Federal Reserve's interest rate cuts are expected to have significant impacts on various financial aspects, including exchange rates, gold investments, and A-share market performance, driven by a reallocation of global dollar liquidity [1][3]. Exchange Rate - The anticipated interest rate cuts by the Federal Reserve are likely to weaken the dollar, resulting in an appreciation of the Chinese yuan against the dollar. This change will affect cross-border consumers, reducing costs for overseas shopping, travel, and education [4]. - Import-oriented industries, such as steel and non-ferrous metals, will benefit from lower procurement costs, enhancing profit margins and stabilizing employment and income expectations. However, export-oriented sectors must balance the impact of a weaker dollar on overseas purchasing power with potential increases in import demand due to a stimulated U.S. economy [4]. Gold - The impact of Federal Reserve interest rate cuts on gold prices exhibits a "scenario-based characteristic." In the short term, any rate cut is expected to boost gold prices due to increased liquidity, with historical data indicating an average price increase of 3%-5% within 1-3 months post-rate cut [5]. - Long-term trends differ based on the type of rate cut: preemptive cuts may lead to a gradual decline in gold prices as economic expectations improve, while recessionary cuts could sustain upward pressure on gold prices due to heightened demand for safe-haven assets [5]. A-shares - The Federal Reserve's rate cuts will influence A-shares through both liquidity and risk appetite channels. As global funds flow out, A-shares may attract foreign investment, providing liquidity support to the market [6]. - The performance of different sectors will vary based on the type of rate cut: preemptive cuts will favor technology, food and beverage, and healthcare sectors, while recessionary cuts will benefit defensive sectors such as banking and chemicals [6].

Core Viewpoint - The article discusses the recent volatility in the gold and silver markets, the transition of the equity market from a "structural bull" to a "comprehensive bull," and the implications for various sectors, particularly technology and real estate [1][3][4]. Group 1: Precious Metals - On January 30, gold and silver experienced significant declines, with silver dropping 36% and gold falling over 12%, marking the largest daily declines in history [3]. - Short-term market dynamics indicate that the momentum for gold's correction is still accumulating, while the long-term fundamentals for gold remain solid, suggesting a continued bull market trend [3]. Group 2: Equity Market - According to Franklin Templeton, the domestic asset allocation for 2026 will be driven by three core logic points: a weak dollar benefiting RMB assets, low domestic interest rates leading to increased equity investments, and policy support impacting inflation [4]. - Zhejiang Securities notes that the technology growth sector has entered a phase of high-level consolidation after a strong three-week performance, while the resource sector is experiencing volatility amid global resource price fluctuations [6]. - CICC highlights that the willingness of residents to invest in the stock market remains weak, with the correlation between available funds and stock market performance being low [7]. Group 3: Industry Research - Huatai Securities indicates that the real estate sector is entering a "policy + small spring" window, with improved transaction volumes in core cities and relaxed financing conditions [10]. - China Europe Fund emphasizes a moderate bull market for A-shares in 2026, focusing on structural opportunities in overseas computing power and industrial metals [11]. - China Asset Management points out that the demand for electrical equipment exports is rising due to the urgent need for upgrades in North America's aging power grid [12].

私募开年密集调研 机构2026年进攻方向，或可从其1月调研路径窥得端倪。据私募排排网统计，1月有近660家私募参与A 股调研活动，合计调研频次超1700次。分行业来看，计算机、机械设备、医药生物和电子等板块备受关 注。在一些业内人士看来，尽管2025年科技板块整体涨幅显著，但从产业趋势和企业盈利情况来看，现 在远未行至"泡沫阶段"，尤其是半导体和AI应用值得重点挖掘。 私募排排网最新统计数据显示，2026年1月共有659家私募参与A股公司调研活动，覆盖了28个申万一级 行业中的332只标的，合计调研频次达1719次。 1月16日，丹羿投资创始人朱亮则调研了通富微电。据公开资料，通富微电是集成电路封装测试服务提 供商，开源证券研究报告分析称，算力产业已开启"军备竞赛"，国产算力跨越式发展的背景下，本土AI 算力芯片蓬勃发展，相关产业链迎来发展窗口，通富微电有望深度受益。 AI基建与应用受关注 私募机构认为，在AI产业高速发展的过程中，机会将持续涌现，科技仍将是2026年不可忽视的投资主 线之一。 畅力资产董事长宝晓辉分析称，作为AI产业的基建，半导体设备领域值得关注。具体来看，当前AI行 业的发展逻辑已发生转变 ...

Investment Rating - The report maintains an "Overweight" rating for the innovative pharmaceutical and medical device industry chain [4][10][13]. Core Insights - The report continues to recommend the innovative pharmaceutical and medical device industry chain, including a list of A-share and H-share stocks with an "Overweight" rating [2][10][13]. - In January 2026, the pharmaceutical sector underperformed the broader market, with the Shanghai Composite Index rising by 3.8% while the SW Pharmaceutical and Biological Index increased by 3.1% [15][24]. - The report highlights that the medical services, chemical raw materials, and medical devices sub-sectors performed relatively well, with increases of 8.8%, 5.6%, and 5.3% respectively [19][24]. - The report notes that the A-share pharmaceutical sector's premium level is currently at a normal level, with a relative premium rate of 61.1% as of the end of January 2026 [21][26]. Summary by Sections 1. Continued Recommendation for Innovative Pharmaceutical and Medical Device Industry - The report maintains an "Overweight" rating for the following A-share stocks: Hengrui Medicine, Kelun Pharmaceutical, Xinlitai, BeiGene, Teru Biopharma, Jingxin Pharmaceutical, Yifang Biopharma, WuXi AppTec, Kailai Pharmaceutical, Tigermed, Lepu Medical, United Imaging, Microelectrophysiology, and Tongce Medical, and includes these stocks in the February 2026 monthly portfolio [10][12][13]. 2. January 2026 Pharmaceutical Sector Performance - The report states that the pharmaceutical sector underperformed the market in January 2026, with the SW Pharmaceutical and Biological Index ranking 18th among the Shenwan first-level industries [15][16][24]. 3. January 2026 Performance of Hong Kong and US Pharmaceutical Sectors - The Hong Kong pharmaceutical sector outperformed the market, with the Hang Seng Healthcare Index rising by 8.6% and the biotechnology sector by 8.5%, compared to a 6.9% increase in the Hang Seng Index [24]. - Conversely, the US pharmaceutical sector underperformed, with the S&P Healthcare Select Sector Index declining by 0.3% while the S&P 500 rose by 1.4% [24].

Investment Rating - The report maintains a positive outlook on the new stock market, suggesting continued active cycles despite recent corrections [1][13]. Core Insights - The new stock market has shown signs of correction after a period of rapid growth, with the average increase of new stocks since 2025 dropping to -4.0%, and only 13.8% of stocks achieving positive returns [1][30]. - The report emphasizes the importance of focusing on value and thematic investments, indicating that the market remains active with high trading volumes and potential for upward movement [2][13]. - Specific sectors such as technology, AI, robotics, and commercial aerospace are highlighted as areas of continued interest, with a recommendation to seek stocks with strong performance support [3][13]. Summary by Sections New Stock Performance - Last week, three new stocks were available for online subscription, with an average issuance price-earnings ratio of 37.7X [5][23]. - The average first-day increase for newly listed stocks was approximately 212.2%, indicating stable trading sentiment, while the average increase in the secondary market was -0.1% [5][28]. - Since 2025, the average increase for new stocks listed on the Shanghai and Shenzhen exchanges has been -4.0%, with only 13.8% showing gains [30][31]. Upcoming New Stocks - Four new stocks are set to complete subscriptions this week, with two from the Sci-Tech Innovation Board and two from the main board, and their expected issuance price-earnings ratios are 48.8X and 16.9X respectively [7][35]. - The report suggests that the current subscription environment remains profitable, encouraging active participation [36]. Recommended Stocks - The report identifies several stocks for potential investment, including emerging industry leaders and those with favorable valuations, such as Tongyu New Materials and Fengbei Biological [9][45]. - For mid-term investments, stocks like Jun Ding Da and Si Kan Technology are recommended for their potential opportunities [9][45].