Core Viewpoint - The technology sector remains poised for long-term superiority, supported by strong earnings growth, overseas market dynamics, and an upward semiconductor cycle [1]. Group 1: Earnings Growth - The TMT (Technology, Media, and Telecommunications) sector is currently experiencing superior earnings growth compared to the overall A-share market, mirroring characteristics seen before previous technology market rallies in 2013, 2015, and 2020-2021 [1]. Group 2: Overseas Market Dynamics - The current technology sector is benefiting significantly from the expansion of capital expenditure cycles among global technology giants, providing solid fundamental support for domestic related industries [1]. Group 3: Semiconductor Cycle - The global semiconductor industry has entered a new upward cycle since the end of 2023, currently in its early stages, which is expected to sustain the overall optimism for the technology sector [1]. Group 4: ETF Overview - The Sci-Tech Innovation Board 100 ETF (588120) tracks the Sci-Tech 100 Index (000698), which includes 100 securities with larger market capitalization and better liquidity from the Sci-Tech Board, covering high-tech fields such as new-generation information technology, biomedicine, and new materials [1].

高力国际华北区研究部董事陆明指出："中关村24个甲级项目中，已有10个空置率低于5%。"这种火热行情的背后，是人工智能产业的集中爆发。戴德梁行 数据显示，过去五年TMT行业成交占比达45%，其中AI企业需求增速连续三年超30%。 导读：2025年北京写字楼市场呈现两极分化格局，中关村科技企业撑起半边天，金融街却遭遇租金滑铁卢。这背后藏着怎样的产业密码？答案来了。 一、冰与火的市场图景 仲量联行最新数据显示，2025年北京甲级写字楼市场呈现"西热东冷"的奇特景观。中关村子市场空置率骤降至12.8%，创下近五年新低；而金融街租金却跌 破400元/平方米心理关口，环比跌幅达6.1%。这种分化在第四季度愈发明显——中关村净吸纳量占全市总量的53%，金融街则持续面临央国企回迁带来的去 化压力。 科技企业的爆发式扩张成为最大变量。莱坊报告显示，字节跳动等头部企业在中关村连续拿下多个万方大单，仅鼎好大厦就贡献1.27万平方米成交量。与之 形成鲜明对比的是，金融街的银行、保险机构正加速撤回自持物业，长江证券等标志性案例更凸显行业收缩态势。 二、中关村的科技密码 四、未来赛道的分水岭 2026年将是关键转折点。据戴德梁行预测， ...

Group 1 - The Hang Seng Technology Index rose over 1% on January 14, 2026, with notable gains from Alibaba Health (up over 10%), Hua Hong Semiconductor, and Kuaishou (both up over 5%) [1] - Citigroup raised the target for the Hong Kong stock market benchmark index, expecting export growth and government support to improve corporate profit outlook, adjusting the Hang Seng Index year-end target from 28,800 points to 30,000 points [1] - The listings of Zhipu and MiniMax on the Hong Kong Stock Exchange signify a revaluation of AI companies, potentially shifting the industry focus from "parameter competition" to profitability and commercialization efficiency [1] Group 2 - The AI industry is experiencing continuous catalysis, with significant commercial development potential, particularly in generative search (GEO) applications [2] - Southbound capital has been increasing in the Hong Kong stock market, with a net inflow of 41.296 billion HKD since the beginning of 2026, driven by expectations of overseas liquidity easing and improved profit forecasts [2] - The Hong Kong technology sector is expected to recover, influenced by a rebound in risk appetite due to factors like the Federal Reserve's easing pressure [2] Group 3 - As of January 14, 2026, the Hong Kong Stock Connect Technology ETF (159262) rose by 2.31%, with the top ten weighted stocks accounting for 78.45% of the ETF [3] - The latest scale of the Hong Kong Stock Connect Technology ETF reached 10.502 billion HKD, a record high since its inception, with a significant increase in shares over the past week [3] - The ETF closely tracks the Hang Seng Stock Connect Technology Index, focusing on TMT industries and excluding sectors like pharmaceuticals and automobiles, with major weights in leading AI companies [3]

I’m a retired Wall Street PM specializing in TMT; since kickstarting my career, I’ve spent over two decades in the market navigating the technology landscape, focusing on risk mitigation through the dot com bubble, credit default of ‘08, and, more recently, with the AI boom. In one word, what I’d like my service to revolve around is momentum.Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the ...

首先，春季行情继续演绎。 2026年一开局，市场便连续放量上行，原因在于市场对扩大内需的战略方针抱有期待，对"十五五"的开门红有所企盼。 从实际情况看，股票市场的成交金额出现连续放大的趋势，显示增量资金正在集中入场。成长性行业继续表现领先，体现投资者风险偏好提升，资金进攻 欲望较强的市场特征。以上各种信号与传统的春季行情的特征较为相符，并且已经处于快速上行阶段，热点或有进一步的扩散。 其次，周一两市再次上涨，量能放大。 沪指高开后，一路震荡反弹，收盘于全天高点附近，与5天均线的乖离率有所加大。深圳成指表现更强，延5 天均线不断上移重心。两市成交金额超过3.6 万亿元，较上个交易日有所增加。当天市场热点主要集中在TMT和军工行业。投资风格方面，中小盘和科技 股领涨。从运行节奏看，沪指完成小双底形态，正在向前期高点挑战。沪指分别于2025年11月下旬和12月中旬向下调整，止跌的位置基本相。随后进入了 持续反弹的进程，目前已经越过了小"双底"形态的目标位，正在挑战更高的点位。未来需要关同，形态类似于"双底"注量价配合的状况。 风险提示： 国际贸易、地缘冲突超出预期；上市公司业绩增速回落超预期；全球经济衰退超预期。 ...

Group 1 - The core viewpoint of the reports indicates that the demand for office space in Beijing is expected to exceed expectations by the end of 2025, driven primarily by the rapid development of high-tech industries such as artificial intelligence [1][2] - According to Colliers International, the net absorption of Grade A office space in Beijing reached 83,000 square meters in Q4, contributing to an annual total of 330,000 square meters, marking two consecutive years of absorption exceeding 300,000 square meters [1] - The vacancy rate for Grade A office space in Beijing decreased to 19.2% by the end of Q4, while DTZ reported a 0.6 percentage point decrease in the vacancy rate compared to the previous quarter, and a year-on-year decline of 2.4 percentage points to 15.89% [1] Group 2 - The Zhongguancun area emerged as the most significant highlight of the year, with explosive growth in office demand, particularly from the TMT sector, which accounted for nearly 45% of transactions in the office market over the past five years [1] - The legal services sector performed exceptionally well, while the financial sector, including banks, insurance, and securities firms, was notably active in transactions [1] - Colliers International reported that the net absorption of Grade A office space in Zhongguancun exceeded 176,000 square meters, representing 53% of the city's total and setting a record high in nearly 20 years [1][2]

Group 1 - The current market uptrend is supported by long-term capital inflows and strong performance from the insurance sector, with the A500 ETF seeing significant net inflows of nearly 100 billion RMB in December 2025, contributing to market buoyancy [4][8][12] - The "spring rally" is characterized by a seasonal pattern in the A-share market, typically occurring from late December to the first quarter, driven by macroeconomic policies, liquidity conditions, and the timing of financial reports [5][22][24] - Historical data from 2016 to 2025 indicates that the spring rally usually starts in late January and lasts about 30 trading days, with an average index increase of approximately 15% [24][25][31] Group 2 - The macroeconomic environment for 2026 is expected to remain in a weak recovery phase, with structural support for technology-related sectors likely to continue, as policies emphasize growth and technological advancement [33][37][38] - The transition from old to new economic drivers is showing initial results, with several high-tech companies moving from policy-driven growth to performance validation, which is crucial for sustained investment confidence [40][41][45] - The market is likely to experience active trading with structural opportunities rather than a broad-based rally, as long-term capital and policy support create a conducive environment for thematic investments [48][49][50] Group 3 - Investment recommendations suggest prioritizing small-cap growth and innovation-driven sectors, as these areas are expected to benefit from improved liquidity and risk appetite [57][58] - The strategy should focus on short-term trend tracking and rapid rotation among themes, as the market dynamics are driven more by policy and industry expectations than by fundamental improvements [60][61] - The securities and financial technology sectors are expected to benefit from increased trading volumes and active leverage, while the insurance sector is positioned for long-term growth due to favorable market conditions and improved investment returns [63][64]

Group 1 - The core viewpoint of the articles indicates a strong market performance in the A-share market, particularly in AI applications and healthcare sectors, signaling positive investor sentiment and a favorable funding environment [1] - The analysis from Ping An Securities suggests that the A-share market's "opening red" is a positive signal, with short-term indices expected to consolidate at high levels and limited room for correction [1] - Key sectors to focus on include technology growth driven by domestic and international demand, advanced manufacturing benefiting from industry recovery and technological upgrades, cyclical sectors supported by commodity price increases, and dividend assets that still hold investment value [1] Group 2 - Relevant investment products include a Free Cash Flow ETF (159201) and its linked funds, which are characterized by high index quality and strong risk resistance, suitable for long-term investment [2] - The Petrochemical ETF (159731) and its linked funds are guided by top-level design to shift the industry from "quantity increase" to "quality improvement," with ongoing supply-demand improvements expected to sustain upward momentum [2] - The ChiNext New Energy ETF (159368) covers the new energy and electric vehicle sectors, involving multiple sub-sectors such as batteries and photovoltaics [2] - The Hang Seng Internet ETF (513330) focuses on software applications and internet media, with major holdings in Alibaba, Tencent, and Meituan, accounting for nearly 40% of the total weight [2]

Core Viewpoint - The spring market is reaching its peak, with investors optimistic about the strategy to expand domestic demand and the expectation of a strong start to the year [1] Market Performance - This week, the stock market saw a significant increase in trading volume, indicating that new capital is entering the market [1] - The Shanghai Composite Index rebounded significantly, reaching a new high for this round of market activity, while the Shenzhen Component Index experienced an even larger rebound, also hitting a new high for the year [1] - The average daily trading volume for both markets exceeded 28 trillion yuan this week, a substantial increase compared to the previous week [1] Sector Highlights - Market hotspots this week were primarily concentrated in the military and TMT (Technology, Media, and Telecommunications) sectors [1] - The ratio of the CSI 2000 to the CSI 300 (after normalization) was 1.42, continuing to rise since the end of 2025 [1] - Small-cap and technology stocks led the gains throughout the week [1] Technical Analysis - The Shanghai Composite Index completed a small double bottom pattern and is currently challenging higher target levels [1] - The index experienced downward adjustments in late November and mid-December 2025, with the rebound process now underway, having surpassed the target level of the small double bottom pattern [1] - Future attention should be paid to the volume-price relationship, similar to the double bottom pattern [1]

Group 1 - The Hong Kong stock market has seen increased trading activity since the beginning of the year, with the Hang Seng Index's average daily turnover returning to the level of 250 billion HKD [1] - The Hong Kong thematic ETFs have attracted over 10 billion HKD in inflows since the start of the year, with several products reaching record high shares, indicating strong capital inflow into the Hong Kong technology sector, including the Hong Kong Stock Connect Technology ETF [1] - The listing of AI companies such as Zhipu Huazhang and MiniMax on the Hong Kong Stock Exchange in January 2026 marks a transition from technology validation to commercial value realization, particularly in advertising, gaming, and social sectors [1] Group 2 - The A-share technology sector is experiencing rising enthusiasm, which is positively impacting the performance of the Hong Kong technology sector [2] - Investment firms suggest focusing on new consumer sectors benefiting from the Federal Reserve's easing expectations and the recovery of the domestic economy, as well as technology sectors with growth potential amid the AI wave [2] - The Hong Kong Stock Connect Technology ETF reached a new scale of 10.117 billion HKD and a share count of 9.224 billion, both record highs since its inception, with significant net inflows observed recently [2] Group 3 - The Hong Kong Stock Connect Technology ETF closely tracks the Hang Seng Stock Connect Technology Index, which reflects the performance of Hong Kong-listed companies related to technology themes, excluding pharmaceuticals, automobiles, and home appliances [3] - Major constituents of the index include leading AI companies such as Tencent, Alibaba, and Xiaomi, which together account for over 40% of the index weight, with Tencent alone representing nearly 15% [3]