Report Industry Investment Ratings - **Gold**: After a short - term acceleration in precious metals, beware of the risk of a phased reversal [13] - **Foreign Exchange Futures (US Dollar Index)**: The US dollar index rebounds in the short term [17] - **US Stock Index Futures**: During the earnings season, US stocks are more volatile and are expected to remain in a high - level shock [22] - **Treasury Bond Futures**: It is more cost - effective to short after the market's upward momentum fades [25] - **Black Metals (Rebar/Hot - Rolled Coil)**: In the short term, still treat it with a shock mindset, and if the price rebounds, conduct spot hedging at high prices [30] - **Black Metals (Steam Coal)**: The coal price is expected to be strongly supported [31] - **Black Metals (Iron Ore)**: The ore price is expected to remain weakly volatile in a shock [33] - **Black Metals (Coking Coal/Coke)**: In the short term, it will operate weakly in a shock [35] - **Agricultural Products (Cotton)**: Zhengzhou cotton has increased positions and risen sharply, and there is still a risk of shock and repetition in the future [41] - **Agricultural Products (Soybean Meal)**: Under the threat of the Argentine weather, the internal and external futures prices may fluctuate strongly. Closely monitor the South American weather and production forecast adjustments [43] - **Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil)**: Pay attention to the support levels of domestic palm oil at 9400 - 9500 yuan and Malaysian palm oil at 4300 ringgit. In the short term, focus on the de - stocking range of Malaysian palm oil in January, the specific details of the US 45Z review, and the domestic market's acceptance of Australian rapeseed oil [45] - **Non - ferrous Metals (Lithium Carbonate)**: Still view it with a bullish mindset, pay attention to the opportunity of going long on dips after the trading volume and volatility stabilize, but pay attention to position control and risk management [48] - **Non - ferrous Metals (Copper)**: Unilateral and arbitrage strategies suggest waiting and seeing, and the copper price is expected to remain in a high - level shock [52] - **Non - ferrous Metals (Lead)**: Unilaterally, gradually pay attention to the opportunity to stop losses on short positions; for arbitrage, suggest waiting and seeing [57] - **Non - ferrous Metals (Zinc)**: Unilaterally, be cautious about chasing long, continue to hold previous long positions, and manage positions well; for arbitrage, wait and see in terms of month - spread and internal - external spreads [60] - **Non - ferrous Metals (Tin)**: In the short term, it is expected to maintain a wide - range shock. Focus on the implementation of supply recovery expectations and the improvement of consumption [64] - **Energy and Chemicals (Crude Oil)**: Pay attention to changes in geopolitical conflicts in the short term [66] - **Energy and Chemicals (Liquefied Petroleum Gas)**: It is expected to fluctuate strongly due to ongoing geopolitical disturbances [68] - **Energy and Chemicals (Asphalt)**: The asphalt price fluctuates strongly [69] Core Views - The Fed's January interest - rate meeting kept the interest - rate level unchanged, with an increased marginal optimism about the economy, rising market risk appetite, and a rebound in the US dollar index [17] - Gold prices are rising strongly and accelerating, with increased market volatility. The Fed's interest - rate meeting was as expected, and while the employment market is stable, there is an upward risk of inflation [12] - Steel prices continue to fluctuate, recently showing weakness, with no obvious trend - driven factors. The seasonal weakening of building materials demand suppresses steel prices, but the fundamental contradictions are not prominent, and the valuation is not high, so there is limited downward space [29] - For zinc, the zinc concentrate production of Fresnilloplc in 2025 increased and decreased. Be cautious about chasing long, and previous long positions can be held. Short - term operation is difficult, and position management is recommended [4][59] - The utilization rate of domestic heavy - traffic asphalt production capacity has decreased. Due to the scarcity of low - price heavy - crude oil resources, the rebound of asphalt is relatively strong, but the pre - holiday stocking pace has slowed down, and the actual demand support is weak [5] Summary by Directory 1. Financial News and Comments 1.1 Macro Strategy (Gold) - The Fed kept the federal funds rate target range at 3.50% - 3.75%, in line with market expectations. Two Fed governors opposed the decision and supported a 25 - basis - point rate cut [10] - Trump warned Iran, and the situation in Iran remains uncertain, driving gold prices up. The Fed's monetary policy will maintain a wait - and - see attitude in the short term, and short - term precious - metal fluctuations increase [12] 1.2 Macro Strategy (Foreign Exchange Futures (US Dollar Index)) - The US Treasury Secretary defended the Justice Department's investigation of Powell, emphasizing that independence does not mean no responsibility [14] - Trump threatened Iran and urged it to negotiate a nuclear agreement. The Fed kept interest rates unchanged, with a more cautious attitude towards potential future rate adjustments. The US dollar index rebounded in the short term [15][17] 1.3 Macro Strategy (US Stock Index Futures) - Tesla's Q4 earnings were higher than expected, but its annual revenue declined for the first time. Meta's Q4 results, Q1 guidance, and annual capital expenditure exceeded expectations. Microsoft's capital expenditure reached a record high, but the growth rate of its cloud business slowed down [18][19][20] - The Fed continued to suspend rate cuts in January, and future rate cuts are still the benchmark path. Large - tech company earnings support market risk appetite, but the market is sensitive to the slowdown of cloud business. US stocks are expected to remain in a high - level shock during the earnings season [21] 1.4 Macro Strategy (Treasury Bond Futures) - The central bank conducted 377.5 billion yuan of 7 - day reverse - repurchase operations on January 28, with a net investment of 1.4 billion yuan. The central bank's short - term interest - rate control thinking is clearer [23] - The bond market will enter a shock in the short term, but the shock is expected to be short - lived. It is more cost - effective to short after the market's upward momentum fades [23][25] 2. Commodity News and Comments 2.1 Black Metals (Rebar/Hot - Rolled Coil) - Many real - estate companies are no longer required by regulatory authorities to report the "three red lines" indicators monthly. In 2025, China started the renovation of 27,100 old urban residential areas, exceeding the annual plan. The production volume of three major white - goods in February 2026 decreased compared with the same period last year [26][27][29] - Steel prices continue to fluctuate, with the weakening of building materials demand suppressing prices. The fundamental contradictions are not prominent, and the valuation is not high, so the steel price is expected to maintain a shock pattern. Pay attention to the pre - holiday winter - stocking and spot - futures arbitrage operations of traders [29] 2.2 Black Metals (Steam Coal) - On January 28, the price of steam coal in the northern port market was stable. Some traders expect the coal price to rise, and there was a small amount of demand at the end of the month, but the actual transaction is limited [31] - The steam - coal price has stabilized since January and is expected to be strongly supported in the short term due to the seasonal decline in supply and high demand in February [31] 2.3 Black Metals (Iron Ore) - In 2025, Vale's iron - ore production reached the highest level since 2018. In Q4, iron - ore production increased by 6% year - on - year, while pellet production decreased by 9% [32] - Iron - ore prices are expected to remain weakly volatile in a shock before and after the Spring Festival due to concerns about plate orders and the end of raw - material replenishment [32] 2.4 Black Metals (Coking Coal/Coke) - The price of coking coal in the Changzhi market remained stable. Most coal mines maintained normal production, and downstream coke enterprises' replenishment was basically completed. The first round of coke price increase is still in the game stage [34] - In the short term, the coking - coal market will operate weakly in a shock due to high supply and the end of downstream replenishment [34] 2.5 Agricultural Products (Cotton) - As of January 24, 2026, the cotton - planting progress in Brazil reached 60.6%, accelerating significantly year - on - year. As of January 23, the inspection volume of US cotton accounted for 96.9% of the estimated annual output, with a slower progress year - on - year [36][37] - The sales rate of Xinjiang cotton is higher than that of the previous year, and cotton enterprises are more willing to support the basis. Zhengzhou cotton increased positions and rose sharply, but there is still a risk of shock and repetition in the future due to factors such as the narrowing of the cotton - yarn price difference and the approaching Spring Festival [40] 2.6 Agricultural Products (Soybean Meal) - It is estimated that the domestic soybean - crushing volume in February will decrease year - on - year. The estimated arrival of imported soybeans at domestic oil mills in February is about 5.005 million tons, and the estimated arrivals in March and April are 4.8 million tons and 9.5 million tons respectively [42][43] - The hot and dry weather in Argentina threatens soybean production, and the CBOT soybean and soybean - meal futures prices have risen. The domestic soybean - meal spot market is stable, and the internal and external futures prices may fluctuate strongly under the threat of the Argentine weather [43] 2.7 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Argentina is experiencing continuous high - temperature and drought weather, which may lead to a decline in the 2025/26 crop yield [44] - The oil market continued to rise. The drought in Argentina may affect the new - crop soybean yield and support the FOB price of Argentine soybean oil. Pay attention to the support levels of palm oil and relevant factors such as the de - stocking of Malaysian palm oil and the domestic acceptance of Australian rapeseed oil [45] 2.8 Non - ferrous Metals (Lithium Carbonate) - Tianci Materials' annual production capacity of lithium hexafluorophosphate is about 110,000 tons, and it plans to expand the production capacity in the future [46] - The lithium - carbonate market is in a high - level shock, and the core issue is the downward price transmission. The demand supports the price, but the industrial negative feedback needs time to materialize. It is recommended to view it with a bullish mindset and pay attention to long - on - dip opportunities [47][48] 2.9 Non - ferrous Metals (Copper) - The owners of Turkey's largest open - pit copper mine have hired Goldman Sachs to handle the sale. Grupo Mexico plans to invest billions of dollars in multiple projects in the next decade, and its 2026 copper production plan is 1.028 million tons [50][52] - In the short term, the copper price is likely to operate in a high - level shock due to the volatile US dollar, marginal improvement in domestic demand, and weakening downstream replenishment demand [52] 2.10 Non - ferrous Metals (Lead) - The fog in Henan affected the arrival of waste batteries, and a large - scale smelting enterprise reduced production by 30%. The LME lead was at a discount of $47.43 per ton on January 27 [53][54][56] - The lead market is in a situation of weak supply and demand. Although the reduction of secondary smelters is expanding, there is no clear upward driving force, and the lead price may bottom - seek in the short term [56] 2.11 Non - ferrous Metals (Zinc) - On January 27, the LME zinc was at a discount of $30.81 per ton. Fresnilloplc's zinc - concentrate production in 2025 was 105,900 tons, a 9% year - on - year decrease, and its production guidance for 2026 is 85,000 - 95,000 tons [58] - The zinc price rose due to the influence of the aluminum price. The overseas energy price increased, and the February smelting production is expected to decline. Be cautious about chasing long, hold previous long positions, and manage positions well [59][60] 2.12 Non - ferrous Metals (Tin) - India significantly reduced the tariff on EU cars, and the price of LPDDR memory used in iPhone increased. On January 27, the LME tin was at a discount of $244 per ton [61][62][63] - The supply - side recovery of tin is uncertain, the demand is weak, and the price is expected to maintain a wide - range shock in the short term. Pay attention to the implementation of supply recovery and consumption improvement [63][64] 2.13 Energy and Chemicals (Crude Oil) - The US EIA crude - oil inventory decreased in the week ending January 23. Trump threatened Iran again, and the market is pricing in the risk of escalating tensions in the Middle East [65] - Oil prices are rising in a shock, and the short - term market focus is on geopolitical situations, with a possibility of further increase [65] 2.14 Energy and Chemicals (Liquefied Petroleum Gas) - As of January 23, the EIA propane/propylene inventory decreased by 4.7 million barrels. The increase in exports was the main reason for the inventory reduction, and the price was strong due to geopolitical disturbances [67] - Due to ongoing geopolitical disturbances, the price of liquefied petroleum gas is expected to fluctuate strongly [68] 2.15 Energy and Chemicals (Asphalt) - From January 22 - 28, 2026, the utilization rate of domestic asphalt production capacity decreased. The BU futures price rose stronger than crude oil due to the scarcity of low - price heavy - crude oil resources, but the pre - holiday stocking slowed down, and the actual demand support was weak [68] - The asphalt price is expected to fluctuate strongly, and pay attention to the post - holiday raw - material procurement [68][69]

Core Viewpoint - The report analyzes the fourth-quarter performance of 77 REITs, highlighting ongoing differentiation in various sectors and the need to monitor signs of stabilization in the market [1]. Group 1: Industry Overview - The industrial park sector is still in an adjustment phase, with some projects stabilizing occupancy rates through price adjustments, although short-term pricing pressures remain [4][6]. - The logistics and warehousing sector shows signs of stabilization in occupancy rates, particularly among projects with high proportions of related tenants and leading operators [4][13]. - The overall performance of rental housing remains stable, though some projects experienced slight declines in occupancy rates due to seasonal leasing impacts [4]. - The consumption sector continues to perform well, although individual income levels are influenced by seasonal fluctuations and active management [4]. - Data centers maintain high utilization rates, with operations remaining steady [4]. - The highway sector faced seasonal and network changes in the fourth quarter, leading to pressure on most projects' performance [4]. - Municipal environmental and energy projects showed year-on-year improvement, while energy projects exhibited a mixed performance [4]. Group 2: Financial Performance - The total distributable amount for the quarter increased year-on-year, with managers actively employing various strategies to mitigate performance volatility, achieving an average completion rate of 26% [5]. - The overall distributable amount for REITs in the fourth quarter decreased by 16% quarter-on-quarter but increased by 3% year-on-year [5]. - Some projects maintained dividend stability through management fee reductions, performance guarantees from original equity holders, and other cash adjustments [5]. Group 3: Sector-Specific Insights Industrial Parks - The industrial park sector is experiencing a continued adjustment, with some projects stabilizing occupancy rates through price reductions [6][8]. - Rental levels have further declined, with significant decreases observed in projects like Hefei High-tech REIT (-15.9%) and He Da High-tech REIT (-5.3%) [7][11]. - The sector is expected to face headwinds due to weak market demand and new supply, necessitating close monitoring of occupancy rates [8]. Logistics and Warehousing - The logistics and warehousing sector shows a temporary stabilization in occupancy rates, with projects like JD REIT and SF REIT maintaining high occupancy [13]. - Rental levels for market-oriented projects have decreased, with notable declines in projects such as Prologis REIT and Yantian Port REIT [13][14]. - The sector's resilience is attributed to the stability of related tenant projects, suggesting a focus on projects with strong tenant relationships [14].

隔夜股市 | 标的 | 涨跌 | | --- | --- | | 上证指数 | 0.27% | | 深证成指 | 0.09% | | 恒生指数 | 2.58% | | 日经225 | 0.05% | | 韩国KOSPI | 1.69% | | ADDAX | -0.29% | | 英国富时100 | -0.52% | | 法国CAC40 | -1.06% | | 道琼斯指数 | 0.02% | | 标普500指数 | -0.01% | | 纳斯达克综合指数 | 0.17% | 美股三大指数收盘涨跌不一，道指涨0.02%，纳指涨0.17%，标普500指数跌0.01%。存储概念股走高， 希捷科技涨超19%，西部数据涨超10%。热门中概股涨跌不一，纳斯达克中国金龙指数收涨0.32%。 商品市场 | 标的 | 涨跌 | | --- | --- | | NYMEX WTI原油 | 1.31% | | ICE布伦特原油 | 1.23% | | COMEX黄金 | 5.18% | | COMEX白银 | 3.81% | | 比特币 | 0.22% | | LME铜 | 0.74% | | LME铝 | 1.76% | | ...

虽然特斯拉四季度营收由三季度的两位数同比大增转为下滑，但储能部署装机量创纪录，应被市场视为短期内对冲汽车端下行的"硬支撑"。更重要的 是，特斯拉强调"物理 AI"进展与对外投资。 Q4特斯拉营收同比由增转降3%、略低于预期、首次年度营收下滑，当季EPS盈利降17%仍强于预期，毛利率升破20%，储能部署增29%至新高 14.2GWh；1月开始在奥斯汀限量提供无安全监督员的Robotaxi服务；Cybercab、Semi卡车、新储能系统Megapack 3均按计划将今年开始量产； Optimus第一代生产线正在铺设，目标今年底开始量产；预计Q1完成20亿美元认购xAI股票交易。特斯拉股价盘后一度涨超4%。 特斯拉四季度营收由三季度的两位数同比大增转为下滑，电动车交付量连续第二年下滑，成为营收与汽车毛利承压的主要原因，但EPS盈利高于预期， 能源与服务业务继续放量，披露投资xAI、无人驾驶出租车Robotaxi等"物理 AI"相关业务的进展。 盘后公布财报后，股价盘后跳涨，盘后涨幅曾超过4%。盘后上涨更像是源于特斯拉短期的业绩并没有太差，长期的叙事——Robotaxi/Optimus/xAI方 面继续给估值提供想象 ...

1月28日，国务院新闻办举行新闻发布会，国务院国资委公布央企2025年成绩单—— 2025年，中央企业实现利润总额2.5万亿元，完成固定资产投资5.1万亿元，上交税费2.5万亿元。截至 2025年底，中央企业资产总额突破95万亿元。 中央企业运行呈现哪些新变化？2026年有哪些发力点？国务院国资委有关负责同志进行了介绍。 增强规模实力 "十四五"时期央企科技人才数量增加近50% "中央企业加快推进高质量发展，实现质的有效提升和量的合理增长"，国务院国资委副主任庞骁刚总结 央企"十四五"时期的发展成效。 规模增大，"十四五"时期中央企业资产总额连续跨上70万亿元、80万亿元、90万亿元台阶，年均增速达 6.9%；实现增加值51.3万亿元，比"十三五"时期增长44.6%；实现利润总额12.7万亿元，比"十三五"时期 增长56.2%。 重点产品产量稳定增长，"十四五"时期央企原油产量较"十三五"时期增长24.7%，发电量、售电量较"十 三五"时期分别增长38.2%、40.7%。 "这些实物量指标既体现中央企业自身经济运行情况，又反映出国民经济稳中有进良好态势。"庞骁刚 说。 质效提升，"十四五"时期中央企业全员劳动 ...

央企在战略性新兴产业累计投资超10万亿元 □新华社记者 王 希 高 亢 王悦阳 1月28日举行的国新办发布会上，国务院国资委介绍国资央企运行情况，一组数据引人关注："十四 五"以来，中央企业在战略性新兴产业累计投资超过10万亿元，占总投资比重从"十四五"初期的22%提 升至40%以上。 产业是发展的根基。10万亿元巨量投资，是中央企业努力推动产业体系向高附加值、高技术含量方向跃 迁的一个缩影。 近年来，国资央企牢牢把握新一轮科技革命和产业变革历史机遇，坚持传统产业转型和新兴产业发展并 举，大力推进战略性、专业化重组和高质量并购，积极有序开展国际化经营，国有经济向新质生产力布 局明显提速。 一方面，突出"以新求进"，布局新兴产业。 2025年，中央企业完成战略性新兴产业投资2.5万亿元、占总投资的41.8%；中央企业战略性新兴产业发 展专项基金正式发布，首期募资510亿元，有效撬动社会资本共同"投早、投小、投长期、投硬科 技"…… （来源：河北日报） 转自：河北日报 国新办发布会介绍"十四五"以来国资央企运行情况 据他介绍，国务院国资委正在研究起草关于推动中央企业培育新兴支柱产业的工作文件，引导中央企业 实现从 ...

Core Insights - The total import and export value of Hebei Province to countries involved in the Belt and Road Initiative is projected to reach 440.53 billion yuan by 2025, reflecting a year-on-year growth of 22.9% [1] - The share of trade with Belt and Road countries in the province's total foreign trade value has increased by 6.8 percentage points compared to the previous year [1] Group 1: Trade Performance - Exports to Belt and Road countries are expected to be 243.87 billion yuan in 2025, marking a year-on-year increase of 10.1% [2] - Imports from these countries are projected to reach 196.66 billion yuan, showing a significant year-on-year growth of 43.8% [2] - Trade with Middle Eastern countries is anticipated to reach 96.56 billion yuan, with a remarkable year-on-year increase of 71.9% [2] - Trade with African countries is expected to total 64.2 billion yuan, reflecting a year-on-year growth of 51.7% [2] Group 2: Industry Cooperation - The manufacturing sector is a key area of cooperation, with exports of electromechanical products, pharmaceuticals, and other industrial goods leading the way [2] - Exports of electromechanical products are projected to be 111.41 billion yuan, with a year-on-year growth of 6.6% [2] - The demand for bulk commodities such as energy and metal ores is driving imports, with iron ore and aluminum ore imports expected to reach 24.42 billion yuan and 10.04 billion yuan, respectively, reflecting year-on-year increases of 7.9% and 41.9% [2] Group 3: Agricultural Products - The import of agricultural products from Belt and Road countries is expected to reach 32.51 billion yuan [3] - Notable increases in imports include frozen shrimp from Myanmar and Ecuador, with year-on-year growth rates of 634.6% and 11.6%, respectively [3] - The import of sunflower oil from Kazakhstan is projected to grow by 50.8%, while cherries from Chile are expected to see a year-on-year increase of 21.2% [3] - Exports of agricultural products such as potato starch, apples, and fresh pears are also gaining popularity, with year-on-year growth rates of 535.1%, 43.2%, and 12.9%, respectively [3]

1月28日，国务院新闻办举行新闻发布会，国务院国资委公布央企2025年成绩单—— 2025年，中央企业实现利润总额2.5万亿元，完成固定资产投资5.1万亿元，上交税费2.5万亿元。截至 2025年底，中央企业资产总额突破95万亿元。 "十四五"时期央企科技人才数量增加近50% "中央企业加快推进高质量发展，实现质的有效提升和量的合理增长"，国务院国资委副主任庞骁刚总结 央企"十四五"时期的发展成效。 规模增大，"十四五"时期中央企业资产总额连续跨上70万亿元、80万亿元、90万亿元台阶，年均增速达 6.9%；实现增加值51.3万亿元，比"十三五"时期增长44.6%；实现利润总额12.7万亿元，比"十三五"时期 增长56.2%。 重点产品产量稳定增长，"十四五"时期央企原油产量较"十三五"时期增长24.7%，发电量、售电量较"十 三五"时期分别增长38.2%、40.7%。 "这些实物量指标既体现中央企业自身经济运行情况，又反映出国民经济稳中有进良好态势。"庞骁刚 说。 质效提升，"十四五"时期中央企业全员劳动生产率从每年每人59.4万元增长到83.6万元，年均增速达 7.1%；营业收入利润率从6.2%提升到6. ...

欧洲股市下跌，法国LVMH业绩疲软打击了市场对奢侈品行业复苏的预期，而美国总统唐纳德·特朗普 对伊朗的最新警告也令风险偏好承压。 斯托克欧洲600指数收盘下跌0.8%。奢侈品股跌幅居前，LVMH公布时装和皮具部门销售降幅超预期 后，股价重挫7.9%。 银行股同样走低。德意志银行股价下跌2%，该行办公场所遭到德国当局突击搜查，搜查与涉及员工的 洗钱调查有关。 能源板块涨幅居前，美国与伊朗之间紧张局势持续，推动油价走高。 个股方面，阿斯麦抹去早前涨幅，公司管理层电话会议引发分析师对公司能否尽快扩产以满足设备需求 的疑问。 继上周欧美贸易紧张局势加剧冲击市场情绪后，欧洲股市走势震荡。市场目前聚焦企业财报季，花旗集 团的一项指数显示，分析师已在进入财报季之际下调盈利预期。 瑞士百达财富管理表示，随着美元走弱提升欧洲及其他地区股票的相对吸引力，投资者应当降低对美国 股票的敞口。 MACD金叉信号形成，这些股涨势不错！ MACD金叉信号形成，这些股涨势不错！ 欧洲股市下跌，法国LVMH业绩疲软打击了市场对奢侈品行业复苏的预期，而美国总统唐纳德·特朗普 对伊朗的最新警告也令风险偏好承压。 斯托克欧洲600指数收盘下跌0.8 ...

本报记者 昌校宇 2026年以来，港股市场再度成为公募机构的重点布局方向。中国证监会官网公布的信息显示，截至1月28日，年内已有27 只港股主题基金密集上报，科技、医药、周期三大赛道成为布局焦点。与此同时，资金正借道ETF持续南下，其中，富国中证 港股通互联网ETF份额突破1000亿份，成为首只跻身"千亿俱乐部"的港股主题ETF。 在资源品价格上涨的周期背景下，港股周期板块也进入公募机构的"掘金"视野。永赢基金申报的港股通周期慧选混合基 金、汇添富基金上报的港股通周期精选混合基金等，将目光投向有色金属、能源等传统周期行业。 新基金密集申报的背后，是资金持续流入港股市场的趋势性力量。今年以来，港股主题ETF持续获得资金净流入，并催生 出规模增长迅速的产品。Wind资讯数据显示，截至1月28日，富国中证港股通互联网ETF最新规模达到910.07亿元，最新份额为 1001.51亿份，成为首只份额超千亿的港股主题ETF。 兴银基金指数与量化投资部负责人、基金经理林学晨对《证券日报》记者表示："展望2026年，港股市场在估值低位、资 金持续流入以及科技股与全球产业链深度绑定的综合优势下，有望迎来估值修复与盈利增长的双轮 ...