事实上，近期资金持续涌入港股科技主题ETF。近三个月来，截至2月24日，华夏恒生科技ETF净流入96.84亿元，华泰柏瑞恒生科技ETF净流 入95.94亿元，天弘恒生科技ETF净流入95.7亿元，富国港股通互联网ETF净流入92.93亿元。此外，易方达恒生科技ETF、易方达中概互联网 ETF净流入均超80亿元。 随着资金持续涌入，多只港股科技主题ETF份额创历史新高。具体来看，截至2月24日，华泰柏瑞恒生科技ETF份额为724.99亿份，富国港股通 互联网ETF份额为1021.27亿份，华夏恒生科技ETF份额为764.83亿份，易方达恒生科技ETF份额为432.28亿份，均创历史新高。 除了港股科技主题ETF以外，今年以来，广发港股通非银ETF净流入109.08亿元，汇添富港股通创新药ETF净流入34.99亿元。 在港股近期的震荡调整行情中，大量资金借道主题ETF"抄底"。 据测算，2月24日，港股主题ETF净流入近百亿元，其中港股科技主题ETF成为资金重点加仓方向。拉长期限来看，近三个月，港股主题ETF净 流入超千亿元。 多只港股科技主题ETF份额创新高 据Choice测算，2月24日，港股主题ETF净流入 ...

Group 1 - The core viewpoint of the article highlights a significant influx of funds into Hong Kong stock-themed ETFs, particularly the Hang Seng Technology ETF, indicating a new trend in asset allocation for 2026 [1][2][3] - As of February 24, 2023, the Hang Seng Technology ETF saw a net inflow of 342.50 billion yuan year-to-date, while the overall market for broad-based ETFs experienced net redemptions exceeding 1000 billion yuan [2][3] - The Hang Seng Technology Index has dropped over 21% since its peak in October 2022, yet this decline has not deterred investors, who are adopting a "buy the dip" strategy [2][3] Group 2 - The article notes that the Hang Seng Technology ETF has accumulated a total net subscription of 1047.30 billion yuan over the past six months, indicating strong investor interest despite market volatility [1][3] - Analysts suggest that the current low valuation of Hong Kong stocks, combined with a shift in global monetary policy, has made these ETFs an attractive option for investors seeking to capitalize on potential rebounds [2][4] - The Hang Seng Technology Index's current price-to-earnings ratio is approximately 22 times, which is considered low compared to historical averages, suggesting a favorable valuation compared to global tech indices [5][6] Group 3 - Investment strategies are being discussed, with recommendations for a balanced approach to ETF investments, including both A-shares and Hong Kong stocks, as well as sector-specific ETFs [6] - The potential for growth in the Hong Kong technology sector is linked to advancements in AI, although there are concerns about the sustainability of valuations in the face of changing market conditions [4][6] - Investors are advised to consider dollar-cost averaging as a strategy, while closely monitoring the Federal Reserve's monetary policy, which could impact the valuation recovery of Hong Kong stocks [6]

Core Viewpoint - The A-share market has experienced a significant surge, with public equity funds seeing a strong start to the year, as nearly half of these products have reached historical net asset value highs, and over 90% have achieved positive returns [1][2]. Group 1: Market Performance - The A-share market has shown a strong upward trend, with over 3,700 stocks rising and more than 100 hitting the daily limit in the last two days [6]. - The trading volume has increased significantly, surpassing 2 trillion yuan, reaching 2.48 trillion yuan [6]. - The performance of the non-ferrous metal sector has been particularly strong, with a year-to-date increase of 21.94%, and 18 constituent stocks within this sector have seen gains exceeding 50% [3]. Group 2: Fund Performance - Among 4,780 comparable active equity funds, 2,347 have achieved historical net asset value highs this year, representing 49.1% of the total [2]. - Over 90% of active equity funds have recorded positive returns since the beginning of the year, with 149 funds showing gains of over 20% [2]. - The top-performing funds, managed by the same fund manager, have achieved returns of 52.64%, 51.95%, and 46.61% respectively [2]. Group 3: Investment Strategies - Investment strategies are shifting from liquidity-driven to profit-driven, with a recommendation for investors to maintain a contrarian mindset as market leadership may rotate quickly [1]. - The focus on resource-related sectors has provided significant advantages in the current market environment, with many top-performing funds heavily invested in non-ferrous metals and technology stocks [3][4]. - Analysts suggest that the market may stabilize and recover post-Spring Festival, with emerging technologies and value stocks expected to perform well [7].

截至收盘，中证红利指数上涨0.5%，中证红利价值指数上涨0.2%，中证红利低波动指数下跌0.2%，恒生港股通高股息低波动指数下跌0.3%。Wind数据显 示，红利低波ETF易方达（563020）和恒生红利低波ETF易方达（159545）近两个交易日均连续获资金净流入，合计分别达1.2亿元和1.9亿元。 据悉，易方达基金是目前唯一一家红利类ETF全部实行低费率的基金公司，旗下恒生红利低波ETF易方达（159545）、红利ETF易方达（515180）、红利低 波ETF易方达（563020）、红利价值ETF易方达（563700）、A500红利低波ETF易方达（563510）等产品的管理费率均为0.15%/年，可助力投资者低成本布 局高股息资产。 该指数由50只流动性好、连续分红、 红利支付率适中、每股股息正增长 以及股息率高目波动率低的股票组 成,反映分红水平高且波动率低的A 股上市公司股票的整体表现,银行、 建筑装饰、医药生物行业合计占比 沂65% 恒生红利低波ETF易方达 低费率 跟踪恒生港股通高股息低波动指数 该指数由港股通范围内50只流动性 较好、连续分红、红利支付率适中 且波动率较低的股票组成,反映分 红 ...

中证500（中盘核心）+中证1000（小盘成长）形成黄金组合，动量、资金、行业、景气、流动性 全面占优，成为当前市场优选宽基。中证1000+中证500互补，覆盖全层次成长红利中证500稳中有进、 质地更优；中证1000弹性更强、爆发力足；两者市值梯度互补、行业交叉强化，既抓龙头中盘的稳健收 益，又享小而美公司的成长弹性，适配当前结构性行情； 中证500ETF易方达（510580）+中证1000ETF易方达（159633）适配多元配置成分股流动性充裕、 交易顺畅，专精特新含量高、产业政策加持，业绩兑现度提升；无论是底仓配置、波段操作还是定投布 局，都能兼顾收益潜力与持有体验，是当下性价比突出的组合。 （责任编辑：王治强 HF013） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 2026开年以来，A股风格清晰，中盘占优、成长领跑。截至发稿，中证500ETF易方达（510580）年 内涨幅14.63%，中证 ...

截至收盘，中证A500指数上涨1.0%，中证A50指数上涨0.9%，中证A100指数上涨0.8%。 开源证券认为，A股当下处在牛市逻辑当中，不要因为短期的波动和调整就动摇对积极行情的信心，本轮牛市的核心驱动力没有显著收紧和转向前维持看 多。 【 ///// // // // // l女恒到 证券组成,覆盖46个中证三级 行业,反映大盘核心龙头上市 公司证券的整体表现 OL 8 中证A50ETF易方达 低费率 跟踪中证A50指数 该指数由各行业龙头上市公司 中市值最大的50只股票组成, 覆盖50个中证三级行业,行业 分布均衡,超大盘风格突出 ▽┣ 该指数 注3: 低费率产品,其管理费率0.15%/年,托管费率0.05%/年。 注4:基金有风险,投资须谨慎,详阅基金法律文件及交易所、结算公司等相关业务规则。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 0 1 注1:"该指数"指各上述基金产品具体跟踪的指数。数据来自Wind，指数涨跌幅截至2026年2月25日 润,该估值指标和企业盈利紧密相关,适用于盈利相对稳定且受周期影响较小的行业。估值分位指该ł 日/可查询估值记 ...

行情回顾及主要观点： 港股方面，上周恒生港股通中国央企红利指数上涨0.56%，恒生指数上涨0.03%，恒生科技指数上涨 0.27%。A股方面，上周中证国企红利指数下跌0.48%，沪深300上涨0.39%。（数据来源：Wind，截至 2026/2/13，均为对应全收益指数的收益率） | 数据来源：Wind，华安 | | --- | 基金，截至2026/2/13 2025年四季度险资继续加大权益资产配置规模，权益资产配置比例大幅上升接近历史新高。2025年末险 资资产配置中，股票和基金的投资比例大幅升至15.3%。险资增配权益体现了"长钱长投"的政策要求， 并且险资的考核机制也不断优化、考核周期拉长，引导其更好地匹配资产负债期限结构，持续释放险资 等中长期资金入市潜力。 国企红利ETF（561060）产品简介 险资的资金属性与红利板块低波动、高股息的特性具有更高匹配度，因此红利为险资主要增配方向。往 后看，保险资金将是股市中的重要增量资金，把握险资配置方向对于投资的重要性愈发突显。在长债收 益率跌至历史低位的背景下，险资增量资金有望更多流向红利板块，红利策略中长期的资金面向好。 港股通央企红利的股息率更高、估值更 ...

Core Viewpoint - The article highlights the investment philosophy of Mo Qiao, a fund manager at Ping An Fund, who emphasizes deep research and dynamic positioning over macro predictions and market trends [1][2]. Investment Philosophy - Mo Qiao's core investment philosophy revolves around the dynamic matching of value and price, rejecting the traditional view of never selling good companies [2][3]. - He integrates the Kelly formula into his investment practice, adjusting positions based on the proximity of stock prices to their value ranges [2][3]. - The focus is on long-term value space rather than short-term growth rates, with a preference for assessing companies based on their dividend yield for safety margins [2][3]. Investment Framework - Mo Qiao's investment framework is summarized as "Dao and Qi Distinction," where "Dao" refers to the DCF principle and "Qi" encompasses four differentiated strategies [3][6]. - The strategies include extreme depth of research to determine value ranges, dynamic position adjustments following the Kelly formula, focusing on price-value comparisons rather than low PE/PB, and investing in quality companies [3][6]. Research Methodology - The depth of research involves creating extensive notes for each holding, covering business models and industry dynamics, which enhances stock-picking capabilities and decision-making [7][10]. - The approach emphasizes understanding the underlying logic of industries and companies, allowing for targeted research and investment decisions [10]. Market Approach - Mo Qiao avoids pure thematic investments and market timing, focusing instead on individual stock selection based on current value assessments [3][4]. - The strategy includes dynamic position adjustments based on market conditions, with a focus on absolute returns and controlling drawdowns [5][6]. Industry Focus - The investment strategy prioritizes low-cycle industries, as they often present better pricing opportunities during downturns [10][11]. - Mo Qiao's approach includes analyzing industries through global benchmarks and focusing on companies with strong governance and growth potential [9][10]. Response to Market Trends - In the context of popular sectors like AI and robotics, Mo Qiao remains cautious, emphasizing the importance of intrinsic value over speculative price movements [11][12]. - The strategy involves reducing positions in overvalued stocks driven by market hype while increasing stakes in undervalued quality companies [11][12].

Group 1 - The core viewpoint is that under the restructuring of the global monetary system, there are still opportunities for gold performance, supported by rising geopolitical tensions and the ongoing risks associated with U.S. government debt [1] - The market is expected to face more legal and policy fluctuations regarding future tariffs, which may continue to create uncertainty in trading [1] - The demand for gold as a safe asset is expected to increase due to frequent global geopolitical turmoil and the trend of "de-dollarization," positioning gold as a potential new pricing anchor [1] Group 2 - The long-term trend for gold remains solid, driven by monetary overexpansion and the monetization of fiscal deficits, which challenge the credibility of the U.S. dollar [1] - The logic supporting gold prices includes the Federal Reserve's interest rate cut cycle, increasing overseas uncertainties, and the global trend of de-dollarization [1] - Investors are encouraged to pay attention to investment opportunities in gold ETFs, specifically the Cathay Gold ETF (518800) and the Gold Stock ETF (517400) [1]

从资金流向上看，春节期间表现强势的港股板块强势"吸金"，多只跟踪港股市场标的的ETF资金净流入居前；宽基 ETF继续延续资金净流出的态势；因假期票房表现平淡，传媒类ETF也遭资金抛售。 股票ETF马年开市净流入近60亿元 受假期海外市场上涨利好提振，马年首个交易日，A股高开后震荡收涨。截至收盘，上证指数上涨0.87%，站稳 4100点，创业板指盘中一度涨超2%，市场成交额小幅回升至2.18万亿元，风格整体表现均衡，建筑材料、基础化 工及石油石化涨幅领先，传媒、计算机及商贸零售表现靠后。 股票ETF一改年前连续五个交易日资金净流出的态势，重现资金净流入。银河证券基金研究中心数据显示，截至2 月24日，全市场1339只股票ETF（含跨境ETF）总规模达3.92万亿元。在股市上涨行情中，股票ETF市场净流入资 金达56.34亿元。 马年开年，市场做多热情高涨，股票ETF也获资金积极加仓。 从大类型来看，港股市场ETF与行业主题ETF净流入居前，分别达84.72亿元与25.79亿元；宽基ETF净流出居前， 净流出50.11亿元。 据银河证券基金研究中心数据统计，2月24日，全市场股票ETF（含跨境ETF）资金净流入5 ...