Core Viewpoint - The news discusses various ETFs tracking the STAR Market indices, highlighting their focus on high-growth sectors such as technology and healthcare, and their respective performance metrics since inception. Group 1: ETF Overview - The STAR Market 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 Market 100 ETF follows the STAR Market 100 Index, focusing on 100 mid-cap stocks, with over 75% of its composition in electronics, power equipment, and biomedicine [2] - The STAR Market 200 ETF tracks the STAR Market 200 Index, which includes 200 small-cap stocks, with nearly 70% in electronics, biomedicine, and machinery sectors [2] Group 2: Performance Metrics - The STAR Market 50 Index has a rolling price-to-earnings (P/E) ratio of 173.4 times and a valuation percentile of 96.9% since its launch in July 2020 [2] - The STAR Market 100 Index has a rolling P/E ratio of 218.1 times, with a valuation percentile of 89.3% since its launch in August 2023 [2] - The STAR Market 200 Index has a rolling P/E ratio of 350.1 times, reflecting its focus on growth potential in smaller companies [2] Group 3: Growth Focus - The STAR Growth ETF tracks the STAR Growth Index, which includes 50 stocks with high growth rates in revenue and net profit, predominantly in the electronics and communications sectors, which together account for over 65% of the index [3] - The STAR Growth Index has a rolling P/E ratio of 232.3 times and a valuation percentile of 89.3% since its launch in November 2022 [3]

数据来源：国家统计局，智研咨询整理 2025年1-11月，计算机、通信和其他电子设备制造业企业数（以下数据涉及的企业，均为规模以上工业 企业，从2011年起，规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收 入2000万元）为30507个，和上年同期相比，增加了1377个，同比增长4.73%，占工业总企业的比重为 5.8%。 2016-2025年1-11月计算机、通信和其他电子设备制造业企业数统计图 上市公司：中国长城（000066），浪潮信息（000977），新大陆（000997），魅视科技（001229），智 微智能（001339），纳思达（002180），证通电子（002197），大华股份（002236），电科网安 （002268），中威电子（300270），智迪科技（301503），中润光学（688307），萤石网络 （688475），三未信安（688489） 相关报告：智研咨询发布的《2026-2032年中国通信设备行业市场行情监测及发展趋向研判报告》 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究 ...

Economic Overview - In 2025, Shanghai's GDP reached 56,708.71 billion yuan, with a year-on-year growth of 5.4%, surpassing the national growth rate [1] - Shanghai's economic total ranked fifth among global cities for the first time [1] Industry Performance - The primary industry added value was 99.39 billion yuan, growing by 2.0%; the secondary industry added value was 11,650.62 billion yuan, growing by 3.5%; and the tertiary industry added value was 44,958.70 billion yuan, growing by 6.0% [1] - Industrial added value in Shanghai increased by 5.0%, with total industrial output value growing by 4.6% [1] - Notable growth in specific sectors included transportation equipment manufacturing (15.8%), electrical machinery (11.1%), automotive manufacturing (7.8%), and electronics (7.7%) [1] Leading Industries - The three leading industries in Shanghai—integrated circuits, artificial intelligence, and biomedicine—saw a manufacturing output growth of 9.6%, with integrated circuits growing by 15.1% and artificial intelligence by 13.6% [2] - Strategic emerging industries in Shanghai's industrial sector grew by 6.5%, with new energy industries increasing by 12.9% and high-end equipment industries by 11.1% [2] Service Sector Growth - The tertiary sector's added value grew by 6.0%, with information transmission, software, and IT services increasing by 15.3% and the financial sector by 9.7% [2] Consumer Market - Shanghai's total retail sales of consumer goods reached 16,600.93 billion yuan, with a year-on-year growth of 4.6%, improving by 0.3 percentage points compared to the first three quarters [2] Trade Performance - The total import and export value in Shanghai was 4.51 trillion yuan, growing by 5.6%, with exports at 2.02 trillion yuan (10.8% growth) and imports at 2.49 trillion yuan (1.8% growth) [2] - Exports of "new three samples" products reached 0.16 trillion yuan, growing by 17.4%, with electric vehicle exports increasing by 13.8% [2] Future Development Plans - The "14th Five-Year Plan" suggests that by 2035, Shanghai aims to enhance its five central functions and achieve international leading levels in key development indicators, doubling per capita GDP from 2020 [3] - The plan emphasizes agile development in quantum technology, brain-computer interfaces, controlled nuclear fusion, biomanufacturing, and sixth-generation mobile communications [3] - It also supports the establishment of an international financial asset trading platform and the development of market-oriented merger funds, venture capital funds, and foreign investment funds [3]

Core Viewpoint - In 2025, Shanghai's GDP reached 56,708.71 billion yuan, growing by 5.4% year-on-year, surpassing the national growth rate, marking Shanghai as the fifth largest economy among global cities [1] Economic Performance - Shanghai's primary industry added value was 99.39 billion yuan, growing by 2.0% - The secondary industry added value was 11,650.62 billion yuan, growing by 3.5% - The tertiary industry added value was 44,958.70 billion yuan, growing by 6.0% [1] Industrial Production - In 2025, Shanghai's industrial added value grew by 5.0% - The total industrial output value above designated size increased by 4.6% - Notable growth in specific sectors: - Railway, shipbuilding, aerospace, and other transport equipment manufacturing grew by 15.8% - Electrical machinery and equipment manufacturing grew by 11.1% - Automobile manufacturing grew by 7.8% - Computer, communication, and other electronic equipment manufacturing grew by 7.7% [1] Leading Industries - The three leading industries in Shanghai are integrated circuits, artificial intelligence, and biomedicine, with manufacturing output growing by 9.6% - Integrated circuit manufacturing grew by 15.1% - Artificial intelligence manufacturing grew by 13.6% - Strategic emerging industries in Shanghai saw a 6.5% increase in output, with new energy industries growing by 12.9% and high-end equipment industries growing by 11.1% [2] Service Sector Growth - The tertiary sector's added value grew by 6.0% - Information transmission, software, and IT services added value reached 7,139.93 billion yuan, growing by 15.3% - Financial services added value was 8,979.66 billion yuan, growing by 9.7% [2] Consumption and Trade - Shanghai's total retail sales of consumer goods reached 16,600.93 billion yuan, growing by 4.6% - The total import and export value of goods was 4.51 trillion yuan, growing by 5.6% - Exports reached 2.02 trillion yuan, growing by 10.8%, while imports were 2.49 trillion yuan, growing by 1.8% - "New three samples" products exports reached 0.16 trillion yuan, growing by 17.4%, with electric vehicle exports growing by 13.8% [2] Future Development Plans - The "14th Five-Year Plan" suggests that by 2035, Shanghai aims to upgrade its "five centers" functions to international leading levels, doubling per capita GDP from 2020 [3] - The plan emphasizes agile development in quantum technology, brain-computer interfaces, controlled nuclear fusion, biomanufacturing, and sixth-generation mobile communications [4]

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core View of the Report - The proportion of high - price and high - valuation convertible bonds has reached a historical peak. With the TMT, automotive, chemical, electrical equipment, and machinery industries as representatives, the proportion of convertible bonds with both high prices and high valuations is over 40%. [4][22] - The convertible bond market is performing strongly. The median convertible bond price remains at a historical high, trading sentiment is hot, and certain types of convertible bonds have actively increased their valuations. [2][11] - Last week, the risk preference of funds decreased significantly. Stock ETF shares decreased substantially, while convertible bond ETFs were favored by funds. [3][21] 3. Summary by Related Catalogs Market Performance - Last week, there was policy cooling in the equity market. Broad - based ETF funds flowed out significantly, while convertible bond ETFs flowed in reversely. Bull market expectations were strong, and equity - like convertible bonds and newly - issued bonds drove the convertible bond performance to be stronger than that of equities. [2][11] - The median convertible bond price remained at a historical high, fluctuating around 138 yuan. The average daily trading volume of the entire convertible bond market was 92.2 billion yuan, second only to the "924" level. The 100 - yuan premium rate continued to rise to 33% at a historical high, and the implied volatility fluctuated around the historical extreme point of 45%. The implied volatility difference remained at a historical high of around 13%. [2][11] - The trading sentiment of convertible bonds was hot, and the turnover rates of convertible bonds with extremely low balances and low ratings were relatively high. The valuations of high - price and equity - like convertible bonds actively increased, with a growth rate (1.7%) higher than that of the underlying stocks (1.26%); the valuations of convertible bonds issued by companies with an underlying stock market value of over 20 billion yuan also actively increased, with a growth rate (1.9%) higher than that of the underlying stocks (0.8%); newly - issued bonds and convertible bonds listed within 2 years also significantly and actively increased their valuations. [2][11] Funds Sentiment - From the comparison of the share fluctuations of various broad - based indexes, bond - type, and major commodity (gold) ETFs, the risk preference of funds decreased significantly last week. Stock ETF shares decreased by 12%. In particular, the ChiNext ETF, Science and Technology Innovation 50 ETF, and SSE 50 ETF shrank by 16%, 12%, and 12% respectively last week. In contrast, the CSI 2000 ETF had a relatively large expansion, with its shares increasing by 7% last week. [3][21] - Convertible bond ETFs have been favored by funds recently. On the basis of performing no worse than equities in the previous week, their shares increased by 4.3% last week; the shares of interest - rate bonds continued to show an obvious shrinking trend. [3][21] Investment Strategy - Currently, the proportion of high - price and high - valuation convertible bonds has reached a historical peak. It is recommended to focus on newly - issued convertible bonds. Currently, newly - issued bonds are mainly from the Science and Technology Innovation Board, with high - quality underlying stocks and good performance realization. Against the background of strong expectations for the second stage of the equity bull market, their scarcity has increased. [4][22] - Combining performance, it is recommended to focus on: Maolai Convertible Bond, Qizhong Convertible Bond, Weidao Convertible Bond, Yongxi Convertible Bond, Luwei Convertible Bond, Weice Convertible Bond, Anji Convertible Bond, and Dinglong Convertible Bond in the electronics industry; Ruike Convertible Bond in the field of robotics and industrial automation; Jin 05 Convertible Bond, Funeng Convertible Bond, Jinlang Convertible Bond 02, and Yingliu Convertible Bond in the fields of energy power and gas turbines; Bo 25 Convertible Bond in the automotive industry; and Jin 25 Convertible Bond. [4][22]

今日各行业表现（截至上午10:28） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 电子 | 2.47 | 2392.98 | -6.49 | 中熔电气 | 20.00 | | 计算机 | 1.50 | 797.09 | -18.72 | *ST立方 | 20.00 | | 通信 | 1.39 | 552.96 | -30.54 | 联特科技 | 9.51 | | 有色金属 | 1.14 | 932.66 | -2.55 | 湖南白银 | 10.00 | | 电力设备 | 1.09 | 1352.97 | -30.59 | 奕帆传动 | 20.00 | | 汽车 | 0.94 | 507.87 | -24.20 | 纳百川 | 11.09 | | 医药生物 | 0.88 | 439.40 | -22.66 | N爱舍伦 | 202.88 | | 传媒 | 0.86 | 444.96 | -9.88 | 浙文互联 | 10.03 | | 机械设备 | 0.81 | 7 ...

Domestic Market Overview - The domestic market showed a weak consolidation with a slight recovery, with the Shanghai Composite Index closing at 4113.65 points, down 0.01%, and the Shenzhen Component Index at 14155.63 points, down 0.97% [1][4] - Among 30 sectors, 17 saw gains, with the oil and petrochemical, construction materials, and real estate sectors leading the increases, while defense, telecommunications, and computer sectors experienced significant declines [1][4] - The total trading volume of the A-share market was approximately 280.42 billion yuan, showing a slight increase compared to the previous day [1][4] Overseas Market Overview - All three major U.S. stock indices closed lower, with the Dow Jones down 1.76%, the S&P 500 down 2.06%, and the Nasdaq down 2.39% [2][4] - Notable declines included 3M Company, which fell nearly 7%, and IBM, which dropped over 4%, leading the Dow's decline [2][4] - Chinese concept stocks mostly fell, with JinkoSolar down over 12% and CenturyLink down more than 10% [2][4] News Highlights - The Chinese government has released five significant fiscal and financial policies aimed at boosting consumption, investment, and industrial upgrades [3][14] - The National Development and Reform Commission is working on plans to stabilize employment and increase urban and rural residents' income [3][19] - The Ministry of Natural Resources and the Ministry of Housing and Urban-Rural Development have announced measures to further support urban renewal actions [3][17] Driving Factors - The macro policy for 2026 will focus on strengthening domestic circulation and expanding domestic demand, with plans to optimize support policies and establish a national-level merger fund [10] - On January 20, 2026, a total of 2233 stocks rose while 3102 fell, indicating a mixed market sentiment [10] - International market fluctuations may impact short-term market sentiment [10]

Fiscal Policy and Investment - The overall fiscal expenditure for 2026 will "only increase" and focus on key areas to "strengthen" support, with a special bond issuance of 500 billion yuan for private investment[2] - A 500 billion yuan guarantee plan for private investment aims to guide banks in providing loans to small and micro enterprises[2] - The implementation of interest subsidies for loans in 14 key industrial chains is expected to support social investment activities and consumption[2] Market Performance - On January 20, the Shanghai Composite Index fell by 0.01%, while the Shenzhen Component Index dropped by 0.97%, with total trading volume at 27,776.57 billion yuan, an increase of 693.09 billion yuan from the previous trading day[3] - Major global stock indices experienced declines, with the NASDAQ, S&P 500, and Dow Jones down by 2.39%, 2.06%, and 1.76% respectively[3] - The 10-year government bond yield in China decreased by 1.66 basis points to 1.8260%[3] Currency and Commodity Trends - The US dollar index closed at 98.5413, down by 0.51%, while the offshore RMB appreciated by 10 basis points to 6.9559[4] - Gold prices rose above $4,762 per ounce, and silver prices peaked at $95 per ounce amid increased global risk aversion[2] Sector Performance - The oil and petrochemical, construction materials, and real estate sectors led gains with increases of 1.74%, 1.71%, and 1.55% respectively[3] - The telecommunications, defense, and computer sectors saw declines of 3.23%, 2.87%, and 1.94% respectively[3]

Core Insights - In 2025, Beijing's industrial added value above designated size increased by 6.5% year-on-year in real terms [1] Industry Performance - The computer, communication, and other electronic equipment manufacturing sectors grew by 20.2% and 17.7% respectively, driven by new energy vehicles, consumer electronics, and integrated circuits [1] - The electricity and heat production and supply industry saw a growth of 5.5% [1] - The pharmaceutical manufacturing sector experienced a decline of 8.6% [1] - The five major equipment manufacturing industries grew by 4.9% [1] Export Performance - The value of industrial exports above designated size reached 211.34 billion yuan, marking a growth of 6.4% [1] - The automotive manufacturing and specialized equipment manufacturing sectors grew by 24.6% and 10.8% respectively [1]

Core Viewpoint - As of January 21, a total of 13 ST stocks have announced their annual performance forecasts, with 1 company expecting profit, 5 companies expecting reduced losses, and 5 companies expecting losses [1] Group 1: Performance Forecasts - The company with the highest expected loss is ST Changyuan, with an estimated loss of 1.08 billion yuan, followed by ST Saiwei and ST Dongshi, with expected losses of 720 million yuan and 600 million yuan respectively [1] - The performance forecast details show that *ST Huamei expects a profit increase with a projected net profit range of 145 million to 175 million yuan, while ST Yuan anticipates a profit increase with a range of 90 million to 110 million yuan [1] - ST Tianze is expected to achieve a profit with a forecasted net profit of 27 million to 30 million yuan [1] Group 2: Loss Reduction - ST Hongda, ST Ningke, ST Huawang, and ST Zhanggu are among the companies expecting reduced losses, with ST Hongda projecting a loss reduction from 24 million to 16 million yuan, and ST Ningke from 100 million to 75 million yuan [1] - ST Huawang expects a loss reduction from 240 million to 180 million yuan, while ST Zhanggu anticipates a reduction from 550 million to 450 million yuan [1] Group 3: Industry Performance - The industries represented include electronics, machinery, media, basic chemicals, construction decoration, and social services, with varying performance trends across these sectors [1] - The performance of ST stocks shows a mixed trend, with some companies experiencing significant declines, such as ST Saiwei with a year-to-date decline of 41.10% and ST Changyuan with a decline of 24.08% [1]