- The "Hong Kong CCASS Preferred 20 Portfolio" model was constructed using a two-step screening method: first selecting brokers and then selecting stocks[35][39] - The model identifies top-performing brokers by standardizing excess Sharpe ratios and monthly win rates, then combines them into a composite score[39] - The portfolio is built by equally distributing funds among the top 10 brokers and selecting the top 20 stocks based on weight, which are then equally weighted[39] - The benchmark index for the portfolio is the Hang Seng Index (HSI.HI)[40] Model Performance - January 2026 portfolio return: 6.32%, Hang Seng Index return: 6.85%, excess return: -0.53%[41] - Full period (2020.1–2026.1) excess annualized return: 19.3%, excess Sharpe ratio: 2.45[41] - Annualized excess returns by year: 2020: 30.9%, 2021: 12.0%, 2022: 11.9%, 2023: 22.5%, 2024: 23.2%, 2025: 18.6%, 2026 YTD: -6.2%[42] - Maximum drawdown during the full period: -7.6%[42] - Monthly win rate during the full period: 75.3%[42]

Market Analysis - The A-share market continues to rebound, with the Shanghai Composite Index returning to 4100 points, closing at 4102.20 points, up 0.85% [2][7] - The Shenzhen Component Index showed a modest increase of 0.21%, closing at 14156.27 points, while the ChiNext Index fell by 0.40% to 3311.51 points, indicating some adjustment pressure in the technology growth sector [2][7] - The overall market trading volume remained high at 2.5 trillion yuan, with 3252 stocks rising and 2126 falling, suggesting concentrated profit effects in cyclical and policy-themed sectors [2][7] Sector Performance - The coal sector experienced a surge, with a 7.61% increase in the sector index, driven by expectations of reduced production quotas from the Indonesian government, leading to supply contraction [5][13] - The aviation sector saw a 4.95% rise, supported by the commencement of the Spring Festival travel season, with passenger transport expected to reach 95 million during this period [5][7] - The photovoltaic equipment sector remained strong, with the space photovoltaic index rising by 5.10%, driven by expectations of accelerated projects from Elon Musk [5][7] - The media sector faced a decline of 3.28%, reflecting concerns over content industry substitution risks [5][7] Bond Market - The government bond futures market experienced slight adjustments, with the 30-year contract falling by 0.23% to close at 111.70 yuan [10] - The People's Bank of China continued to implement a net liquidity withdrawal, conducting a 750 billion yuan reverse repurchase agreement, indicating a stable monetary policy environment [10][17] - The overall bond market sentiment remains supported by long-term demand for ultra-long bonds, with expectations of further monetary easing [10][17] Commodity Market - The commodity index rose by 2.00%, with significant rebounds in precious metals and industrial products, including silver rising by 11.22% and gold by 7.29% [10][17] - The market sentiment has quickly recovered from previous panic, with expectations of a stabilization phase following rapid price fluctuations [10][17] - The focus on precious metals remains strong, with long-term upward trends expected due to global monetary credit system restructuring and geopolitical risks [10][17] Investment Opportunities - Key sectors to watch include photovoltaic technology, commercial aerospace, and precious metals, driven by policy support and industry trends [7][14] - The report highlights the potential for AI applications, quantum technology, and consumer upgrades as areas of growth, with ongoing monitoring of technological advancements and market conditions [14][17]

Core Viewpoint - Visual China (000681.SZ) announced that its wholly-owned subsidiary, Visual Hong Kong, plans to sign a subscription agreement for the Wonder Fund 3 OFC and its sub-fund, managed by Wonderland International Asset Management Limited, with an investment of 1.7 million USD for a 56.67% stake in the fund [1] Group 1 - The targeted fund aims to invest in cutting-edge artificial intelligence technologies, particularly in large model-related enterprises [1] - The investment will enable the company to closely track the evolution of technology and deepen its understanding and collaboration in multimodal large models, such as text-to-video [1]

Market Overview - On February 4, the A-share market showed a mixed performance, with the Shanghai Composite Index rising by 0.85% to 4102.2 points, while the Shenzhen Component Index increased by 0.21%, and the ChiNext Index fell by 0.40% [4][6] - The total trading volume in the Shanghai and Shenzhen markets was 2.48 trillion yuan, a decrease of 63.3 billion yuan compared to the previous trading day [2][4] Sector Performance - The coal sector experienced a significant surge, with an increase of 7.58%, driven by supply disruptions, seasonal demand increases, and price transmission within the industry [4][15] - The power equipment sector saw a notable inflow of funds, with a net inflow exceeding 20 billion yuan [4][5] - The AI application, precious metals, and computing hardware sectors faced the largest declines, with several stocks hitting the daily limit down [2][4] Key Stocks and Fund Flows - Major stocks with significant fund inflows included Ningde Times, which rose by 4.92% with a net inflow of 31.77 billion yuan, and Kweichow Moutai, which increased by 3.4% with a net inflow of 25.12 billion yuan [5][6] - Conversely, stocks with substantial outflows included Xunwei Communication, which fell by 11.87% with a net outflow of 30.48 billion yuan [5][6] Coal Sector Insights - Indonesia's government announced a significant reduction in its coal production target for 2026, down to 600 million tons, a 24% decrease from the actual production in 2025, which has raised concerns about global coal supply shortages [13][14] - The international thermal coal prices have surged, reaching a one-year high, which indirectly supports domestic coal price expectations [14][15] - The coal sector's high dividend yield, exceeding 6% as of the end of 2025, continues to attract investment amid a declining risk-free interest rate environment [15] Market Sentiment and Trends - The market sentiment has shifted from "AI narrative" to a focus on "real technology and energy revolution," with funds seeking targets that possess technology, orders, policies, and valuations [7] - The coal sector's strong performance reflects a broader trend of capital favoring sectors with defensive and cyclical reversal logic [15]

Group 1 - CICC has been approved to issue bonds totaling no more than 35 billion yuan, with 20 billion yuan in long-term bonds and 15 billion yuan in short-term bonds [2] - Liad plans to invest up to 100 million yuan in a fund targeting non-listed companies in the commercial aerospace sector, with a total fund size of 300 million yuan [3] - Tiantong Co. clarifies that it does not produce commercial satellites or optical module products, and its main business remains unchanged [4] Group 2 - Jing Sheng Electric states that the application scenarios for "space photovoltaics" are still in the exploratory stage, with uncertainties in the industrialization process [5] - Zhongwen Online intends to collaborate with Tencent Computer on the authorization of animated micro-short dramas, with an expected cooperation amount of 23.2 million yuan [6] - Guosheng Technology confirms it is not involved in the space photovoltaic business, despite media reports suggesting otherwise [7] Group 3 - Dabeinong announces the passing of its actual controller and chairman, Shao Genhuo, at the age of 60, with the vice chairman temporarily taking over [8] - Guangyang Co. has signed a strategic cooperation agreement with Shenzhen Xuanchuang Robotics to enhance competitiveness in high-end special products [9] Group 4 - Chongqing Beer reports a net profit of 1.231 billion yuan for 2025, a year-on-year increase of 10.43%, with total revenue of 14.722 billion yuan [11] - Guoji Heavy Industry announces a net profit of 479 million yuan for 2025, up 10.89%, with total revenue of 13.885 billion yuan [12] - Huanxu Electronics reports a net profit of 1.853 billion yuan for 2025, a 12.16% increase, despite a slight decline in total revenue [13] Group 5 - Fuguang Co. plans to reduce its stake by up to 3% through various trading methods [15] - Jiangshan Oupai's shareholder Wang Zhong intends to reduce his stake by up to 3% due to personal financial needs [16] Group 6 - Zonglin Co. has been awarded a contract for a project worth approximately 2.28 billion yuan, expected to positively impact future performance [17] - Yinbang Co. has received a sales order from Holtec, estimated at around 280 million yuan, which will enhance revenue in 2026 and 2027 [18] - China Shipbuilding Defense has signed a contract for the construction of 16 container ships, with a total transaction value between 736 million and 896 million USD [19] Group 7 - Huibo Co. has signed a contract for the Naft Khana oilfield rehabilitation project worth approximately 1.596 billion yuan, expected to positively impact future performance [20] - Guangdong Construction has won a bid for a project valued at 1.524 billion yuan for a lithium battery manufacturing base [21] - Beixin Road and Bridge has been awarded a total of 1.145 billion yuan for two segments of a port project [22]

Group 1: Stock Performance - Hangzhou Electric Co. and Mingdiao Co. achieved four consecutive trading limits, while Tiantong Co. had three limits in four days [1][2] - Major stocks with significant gains include Hangzhou Electric Co. (+49.97% to 12.02), Mingdiao Co. (+9.99% to 30.95), and Datong Co. (+10.00% to 16.94) [2] - The A-share market showed mixed results, with the Shanghai Composite Index up 0.85% and the Shenzhen Component Index up 0.21%, while the ChiNext Index fell by 0.4% [3] Group 2: Trading Volume and Turnover - The top three stocks by net buying on the daily leaderboard were Yinlun Co. (2.37 billion), Huadian Kewang (1.42 billion), and TCL Zhonghuan (1.41 billion) [4][5] - The top three stocks by net selling were Xiexin Integration (-4.21 billion), Dongfang Risheng (-2.7 billion), and Liou Co. (-2.53 billion) [6][8] Group 3: Company Highlights - Jili Sogou Co. is involved in commercial aerospace and deep-sea mooring, with a projected net profit of 16 million to 21 million for 2025, indicating a turnaround from losses [9][10] - Shenghui Technology focuses on grid equipment, hydrogen energy, and lithium batteries, with a market capitalization of 4.965 billion [11] - CIMC Group is engaged in commercial aerospace, hydrogen energy, and marine engineering equipment, with a market capitalization of 615.29 billion [14][15] Group 4: Industry Trends - The National Energy Administration emphasized hydrogen energy as a key component of the future national energy system, with plans to increase green hydrogen production capacity to 250,000 tons per year by 2025 [17] - The Ministry of Industry and Information Technology is focusing on future industries, including 6G, quantum technology, and hydrogen energy, to drive technological breakthroughs [13]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Policy indicates that technology and artificial intelligence are entering an accelerated implementation phase, and the implementation of AI applications in leading technology companies is evident, supporting their performance growth [4]. - The Guozheng Hong Kong Stock Connect Technology Index focuses on leading technology companies in the Hong Kong stock market, has a high - weight concentration, and has relatively excellent historical performance. It also has differences and advantages compared with other Hong Kong technology indexes [4]. - The Huaxia Guozheng Hong Kong Stock Connect Technology ETF has increasing circulating shares and good on - site liquidity since its listing, and its fund managers have rich experience in managing ETF products [4]. 3. Summary According to Directory 3.1 Artificial Intelligence Accelerates Implementation, Supporting the Growth Momentum of Leading Technology Companies 3.1.1 Policy Points to Technology and Artificial Intelligence Entering an Accelerated Implementation Phase - On January 9, 2026, eight departments including the Ministry of Industry and Information Technology jointly issued the "Implementation Opinions on the Special Action of 'Artificial Intelligence + Manufacturing'". By 2027, China will promote the in - depth application of 3 - 5 general large - models in the manufacturing industry, form a large - scale application paradigm covering multiple industries, build 1000 high - level industrial intelligent agents, create 100 high - quality industrial data sets, and promote the implementation of 500 typical application scenarios [4][10]. 3.1.2 The Implementation of AI Applications in Leading Technology Companies is Evident, Supporting Performance Growth - Tencent Holdings: In the second quarter of 2025, AI - driven advertising technology upgrades significantly improved click - through rates and delivery efficiency, and marketing service revenue increased by about 20% year - on - year. The demand from enterprise customers for AI services has increased, and GPU leasing and API token usage have become new sources of revenue [13][14]. - Alibaba: In fiscal year 2025, the revenue growth rate of Alibaba Cloud's public cloud accelerated significantly, and the revenue of AI - related products has achieved triple - digit growth for seven consecutive quarters. The company clearly takes "AI + Cloud" as its core growth direction [14]. - Meituan: In 2025, it introduced AI technology and intelligent assistant tools in multiple scenarios, which helps optimize resource allocation and improve user and merchant experience [14]. - Xiaomi: By the end of 2024, the Xiaomi AIoT platform had connected 904 million devices (excluding smartphones and laptops), showing that AI has formed a real and continuous demand in the terminal [15]. 3.2 Guozheng Hong Kong Stock Connect Technology Index: Fully Covers the Hong Kong Technology Field and has High Offensive Elasticity 3.2.1 The Guozheng Hong Kong Stock Connect Technology Index Focuses on Leading Technology Companies in the Hong Kong Stock Market - The Guozheng Hong Kong Stock Connect Technology Index selects 30 listed company securities with large market capitalizations in the technology - related fields that are listed on the Hong Kong Stock Exchange and eligible for the Stock Connect program as index samples. As of December 31, 2025, the sum of the weights of the top five constituent stocks was 60.45%, and the sum of the weights of the top ten constituent stocks was 79.53%. Leading enterprises such as Tencent Holdings, Alibaba - W, Xiaomi Group - W, and Meituan - W have a weight of more than 10% [4][20]. 3.2.2 Comparison of the Guozheng Hong Kong Stock Connect Technology Index with Other Hong Kong Technology Indexes - In terms of the main industries covered by the index, the Guozheng Hong Kong Stock Connect Technology Index has a wider coverage. It includes the pharmaceutical industry compared with the Hang Seng Technology Index and adds hardware equipment, semiconductors, automobiles, and the pharmaceutical industry compared with the CSI Hong Kong Stock Connect Internet Index. In terms of the single - weight limit, it increases the weights of heavy - weight stocks compared with the Hang Seng Technology Index, making the index more elastic [4][28]. 3.2.3 The Guozheng Hong Kong Stock Connect Technology Index has Relatively Excellent Historical Performance - From 2019 to 2025, the annualized return of the Guozheng Hong Kong Stock Connect Technology Index was 12.98%, and the Sharpe ratio was 0.35, both significantly higher than those of the CSI Hong Kong Stock Connect Internet Index and the Hang Seng Technology Index. In annual return comparisons, it has greater elasticity in good market conditions and smaller decline amplitudes in poor market conditions [4][36]. 3.3 Analysis of the Investment Value of the Huaxia Guozheng Hong Kong Stock Connect Technology ETF 3.3.1 The Circulating Shares have been Continuously Increasing Since Listing and the On - site Liquidity is Good - Since its listing on September 3, 2025, the circulating shares of the Huaxia Guozheng Hong Kong Stock Connect Technology ETF have been increasing. As of January 27, 2026, the circulating shares increased to 3.059 billion, a 131.22% increase compared with the listing. Its on - site average daily turnover was 341 million yuan, and the highest daily turnover reached 792 million yuan [4][42][43]. 3.3.2 The Current Fund Managers' Managed ETF Products - The current fund managers of the Huaxia Guozheng Hong Kong Stock Connect Technology ETF are Mr. Xu Meng and Ms. Wang Xinwei. Taking Mr. Xu Meng as an example, as of January 27, 2026, he is currently managing 10 ETF products with a total scale of 222.98 billion yuan [49].

Group 1 - The central document released on February 3, 2026, emphasizes "multiple measures to promote dairy product consumption," elevating it to a national strategic level, highlighting the importance of basic nutrition and domestic demand [1] - The document also stresses the need for a diversified food supply system, providing institutional support for the expansion of dairy products in health consumption, silver economy, and functional nutrition [1] - The 2026 economic work conference prioritizes domestic demand, indicating a strategic shift from short-term demand expansion to establishing a long-term foundation for growth [1] Group 2 - The essential consumption sector is experiencing a divergence, with basic demand recovering while luxury consumption faces pressure; January 2026 saw positive growth in condiments, frozen foods, soft drinks, and the catering industry, while dairy products and beer experienced negative growth [2] - The cost index for soft drinks decreased by 3.71% month-on-month, marking the largest decline among categories; net inflows into essential consumption stocks reached 61.73 billion yuan by the end of January [2] - The A-share food and beverage sector is currently at a historical PE percentile of 17%, indicating deep valuation levels, with significant inflows from both domestic and foreign investors [2] Group 3 - The liquor industry is preparing for the Spring Festival marketing activities, focusing on market cultivation and consumer education to boost sales [3] - As of February 4, 2026, the main consumption index rose by 2.11%, with significant increases in major stocks such as Dongpeng Beverage and Haida Group [3] - The consumption ETF has seen a scale increase of 24.23 million yuan in two weeks, with a notable net inflow of 12.92 million yuan over the last five trading days [3] Group 4 - The Consumption ETF Guangfa (560680) closely tracks the main consumption index, with significant weight in liquor (38.68%), pig farming (18.04%), and dairy (9.46%) [4] - The Hang Seng Consumption ETF (159699) focuses on new consumption stocks in Hong Kong, with a notable weight of 10.40% in Pop Mart [4] - The Food ETF Guangfa (563850) tracks the CSI Food Index, with major weights in seasoning and fermentation products (25.68%), dairy (16.56%), and meat products (9.54%) [5]

编辑：何颖曦 盘面上看，传媒、半导体板块走低；煤炭板块爆发，掀涨停潮；地产、石油、钢铁、电力、银行、 券商、保险、汽车等板块拉升，光伏、氢能源概念等活跃。 中国经济周刊-经济网讯 截至收盘，上证指数报4102.20点，涨幅0.85%，成交额10635.45亿元；深 证成指报14156.27点，涨幅0.21%，成交额14174.26亿元；创业板指报3311.52点，跌幅0.40%，成交额 6755.89亿元。 ...

Market Overview - The Shanghai Composite Index closed at 4102.20 points, up 0.85%, while the Shenzhen Component Index rose 0.21% to 14156.27 points. The ChiNext Index fell 0.40% to 3311.51 points, and the Sci-Tech Innovation 100 Index decreased by 0.92% to 1620.23 points [4][11] - The total market turnover was 25,034.79 billion, a decrease from the previous trading day [6][12] - In the Shenwan first-level industry classification, coal, building materials, and real estate sectors led the gains, increasing by 7.58%, 3.48%, and 2.97% respectively, while media, communication, and computer sectors saw declines of 3.12%, 2.73%, and 1.70% respectively [4][11] Economic Indicators - The ISM Manufacturing Index in the U.S. unexpectedly rose from 47.9 to 52.6 in January, marking the first time in nearly a year that it entered the expansion zone, significantly exceeding market expectations [3][9] - This strong rebound may reflect a combination of inventory replenishment, demand recovery, and supply chain improvements, although its sustainability requires further data validation [3][9] Policy Developments - The Central Committee of the Communist Party of China and the State Council released the 2026 Central No. 1 Document, emphasizing the importance of food security and agricultural technology, with a target of stabilizing grain production at around 1.4 trillion jin [2][8] - The document highlights the integration of artificial intelligence with agriculture, promoting applications such as drones, IoT, and robotics, which is expected to benefit traditional agricultural sectors and open growth opportunities in agricultural technology and smart machinery [2][8] Monetary Policy - The People's Bank of China conducted a 3-month reverse repurchase operation of 800 billion, resulting in a net injection of 100 billion, marking the first increase in four months [2][9] - This action aims to maintain ample liquidity in the banking system and signals a continued supportive monetary policy stance, which may stabilize market expectations and encourage financial institutions to increase credit issuance [3][9]