Core Viewpoint - The Hong Kong stock market is experiencing a prolonged consolidation phase, with significant challenges in liquidity and performance, particularly in sectors like innovative pharmaceuticals and technology, which previously showed strong growth [1][2][3] Group 1: Market Performance - In early 2026, the A-share market is performing well, while the Hong Kong stock market continues to struggle, particularly in sectors that previously led the market [1] - By the end of 2025, the performance of Hong Kong-themed funds, especially in innovative pharmaceuticals, has declined significantly, with only one fund showing over 112% growth [2] - The Hang Seng Index and Hang Seng Technology Index remain in a consolidation phase, contributing to the underperformance of related thematic funds [2] Group 2: Liquidity Issues - Liquidity is identified as a critical factor restraining the Hong Kong market, with a significant drop in net inflows from southbound funds, which were only 23 billion HKD in December 2025 [3] - The IPO market in Hong Kong is expected to remain active, with total fundraising projected to exceed 300 billion HKD in 2026, posing challenges for liquidity [3] - There is a structural liquidity issue in the Hong Kong market, characterized by concentrated trading in large-cap stocks while small-cap stocks experience very low trading volumes [3] Group 3: Investment Strategies - Investment in Hong Kong stocks should prioritize "winning rate over odds," emphasizing value investing and risk diversification to mitigate liquidity risks [6] - Investors are advised to maintain a cautious approach, focusing on high-quality companies with strong fundamentals and historical integrity, as these are likely to enjoy valuation premiums [6] - The current appreciation of the RMB is seen as a potential driver for increased capital inflows into the Hong Kong market, enhancing its attractiveness [4] Group 4: Sector Focus - Fund managers express optimism about technology and consumer sectors, highlighting the relative undervaluation of Hong Kong stocks compared to global markets [7] - There is a growing interest in high-end manufacturing and innovative consumer sectors, with a focus on companies that leverage supply chain advantages and product innovation [8] - The tea beverage industry is noted for its improving competitive landscape, with leading companies expected to achieve stable long-term growth due to their cost advantages [8]

Core Insights - The A-share market experienced a strong start in January 2026, with a significant increase in public fund issuance, totaling 91 new funds, marking a record high for the period [1] - Equity funds led the issuance with 36 new products, reflecting institutional optimism towards equity assets [1][3] - FOF funds showed remarkable performance, with three newly established products raising over 60 billion yuan, accounting for more than 70% of the total issuance for the month, indicating strong demand for asset allocation products [1][2] Fund Distribution - In January 2026, the distribution of newly issued funds included 36 equity funds, 27 mixed funds, 13 bond funds, 13 FOFs, and 2 QDII funds, catering to various investor needs [2] - The total issuance scale of 11 newly established funds reached 81.91 billion yuan, with FOF funds contributing significantly to this figure [2] Performance of FOF Funds - The three FOF funds raised a total of 60.32 billion yuan, representing 73.64% of the total new fund issuance for the month, with the largest being Guangfa Yueying Stable Three-Month Holding A at 32.88 billion yuan [2] - High subscription efficiency was noted, with several funds completing their fundraising in just one day [2] Focus on Technology Innovation - The issuance of technology-themed funds, particularly those related to the Sci-Tech Innovation Board, emerged as a highlight in January, with multiple companies launching index funds tracking various dimensions of the board [4] - Institutions are recognizing the long-term investment value in the Sci-Tech Innovation Board and are creating more refined tools to capture growth opportunities across different sectors [4] Diverse Product Offerings - New fund products displayed a diverse range, catering to different risk preferences, with several major fund companies launching mixed equity or ordinary equity funds [4] - The trend indicates a growing emphasis on active management to generate excess returns [4] Global Asset Allocation Trends - In response to global asset allocation trends, several fund companies launched QDII or Hong Kong stock-themed funds, enabling investors to seize opportunities in quality Hong Kong assets [5] - Mixed bond funds and bond-mixed funds were also introduced to provide options for investors seeking stable returns [5] Strong Fund Company Performance - Leading public fund companies showcased robust product development capabilities, with several launching multiple new products across various categories [6][7] - Major banks are serving as custodians for many of these products, indicating strong support from distribution channels for the new fund issuance [7] Market Outlook - The public fund market in January 2026 had a promising start, reflecting fund managers' positive expectations for structural opportunities in the market [7] - The trend of innovation and depth in public fund services is expected to continue, providing investors with new tools to strategically position themselves for investment opportunities in 2026 [7][8]

Core Viewpoint - The public fund market is experiencing a significant influx of capital at the beginning of the year, with over 45 billion yuan expected to enter the market, driven by new ETF listings and active funds entering their investment phases [1][4]. Group 1: Public Fund Inflows - As of January 9, 2026, the public funds entering the market include 22 newly listed stock ETFs with a total scale of 6.345 billion yuan and approximately 40 billion yuan from actively managed funds that have recently been established [1][2]. - The trend of "deposit migration" is evident, with individual investors becoming the main force in ETF investments, holding over 90% of shares in many products [1][3]. - The rapid increase in stock positions is notable, with ETFs like the Guotai Zhongzheng Hong Kong Stock Connect Internet ETF increasing their stock holdings from 4.8% to 96.59% shortly after listing [3]. Group 2: Active Fund Developments - Since November 2025, 72 new actively managed funds have been established, raising approximately 39.208 billion yuan, with 14 of these funds exceeding 1 billion yuan in size [4][5]. - The fundraising success of these funds is attributed to favorable market conditions and the reputation of well-known fund managers [4]. - The average return of these newly established funds is 3.08%, indicating a stable early-stage performance as they begin to deploy their capital [5]. Group 3: Future Capital Inflows - There is potential for a significant influx of capital into the investment market, estimated to be in the trillions, as excess savings from residents are poised to enter the market [6][7]. - The projected maturity of a substantial amount of fixed-term deposits in 2026 suggests that a portion of these funds may transition into equity markets, particularly in a low-interest-rate environment [6]. - The overall trend indicates a shift in investor confidence towards equity investments, with expectations of continued growth in the stock market driven by improving corporate earnings and valuation recovery [7].

百元限额，溢价风险依旧高企 [ 除了白银LOF本身的溢价收敛风险，白银资产的高波动风险也不容忽视。短期内监管风控加码、多头 仓位获利了结，白银期货价格高位震荡。但中长期来看，美联储降息路径反复、地缘冲突升级预期仍将 对银价形成支撑，贵金属波动行情远未结束。投资者需重新评估自身风险承受力，切勿把期货杠杆工具 当成零钱理财。 ] "每天定投100元，跟着群友上车白银行情"，成为年轻投资者的新潮流。 作为全市场唯一跟踪白银期货的公募基金，国投瑞银白银期货LOF（下称"白银LOF"）近期热度不断攀 升，其"限制申购金额100元"也被市场情绪误读为"小额试错"的绝佳入口。 上周，白银LOF二级市场交易热度居高不下，该基金更是罕见地每日一提醒：1月5日至9日连续发布溢 价风险提示公告。记者据Wind不完全统计，2025年12月以来，该基金已密集披露18份溢价风险提示。 叠加国际银价连续跳水、交易所连夜上调保证金及涨跌停板幅度，这场被"低门槛"叙事催生的投资热， 正面临着流动性、溢价、杠杆三重风险。 "ETF高溢价率不可持续，一旦情绪退潮，溢价收敛可能在一日内吞噬数周涨幅。"上海一位公募基金研 究员对第一财经称，除了白银L ...

证券研究报告 | 2026年01月11日 ETF 周报 上周军工、芯片主题领涨，股票型 ETF 规模突破 39800 亿 核心观点 金融工程周报 ETF 业绩表现 上周（2026 年 01 月 05 日至 2026 年 01 月 09 日，下同）股票型 ETF 周度收益率中位数为 4.31%。宽基 ETF 中，科创板 ETF 涨跌幅中位数 为 10.15%，收益最高。按板块划分，科技 ETF 涨跌幅中位数为 7.28%， 收益最高。按主题进行分类，军工 ETF 涨跌幅中位数为 13.50%，收益 最高。 ETF 规模变动及净申赎 上周股票型 ETF 净赎回 8.03 亿元，总体规模增加 1801.14 亿元。在宽 基 ETF 中，上周中证 500ETF 净申购最多，为 36.48 亿元；按板块来看， 周期 ETF 净申购最多，为 135.24 亿元；按热点主题来看，医药 ETF 净 申购最多，为 8.92 亿元。 ETF 基准指数估值情况 在宽基 ETF 中，创业板类、上证 50ETF 的估值分位数相对较低；按板 块来看，大金融、消费 ETF 的估值分位数相对温和；按照细分主题来看， 酒、新能车 ETF 的估 ...

"巨无霸"ETF分红了！ 分红机制强化，提升ETF对长期资金吸引力 华泰柏瑞基金长期以来高度重视指数产品的分红安排与投资者体验。若计入本次分红，沪深300ETF华泰柏瑞 自2012年5月4日成立以来的十几年间，已累计实施14次分红，持续向持有人回馈收益，在境内ETF产品中保持 了相对稳定、可持续的分红记录。 1月11日晚间，华泰柏瑞基金公告称，沪深300ETF华泰柏瑞将实施现金分红，每10份基金份额派发现金红利 1.23元。 这是该ETF每10份基金份额分红首次突破1元 。权益登记日为1月16日。按最新基金份额测算，本次 分红总额或接近110亿元，有望创下境内ETF单次分红新高。 随着上市公司分红约束机制持续强化，A股市场分红氛围不断升温，分红逻辑正由上市公司层面向投资工具端 延伸。在此背景下，权益ETF分红规模加快扩张，头部宽基ETF频频实施大额分红，其在长期资金配置体系中 的基础配置价值亦有望进一步显现。 沪深300ETF华泰柏瑞启动分红，规模或创新高 1月11日晚间，华泰柏瑞基金发布公告。继去年实施83亿元分红后，沪深300ETF华泰柏瑞再次启动大额现金分 红安排。按照最新披露的方案，该产品本次每10份 ...

Core Viewpoint - The article highlights that the Huatai-PB CSI 300 ETF is set to distribute a record cash dividend of 1.23 yuan per 10 fund shares, with an expected total payout exceeding 11 billion yuan, marking a significant milestone in the domestic ETF market [2][4]. Group 1: Fund Details - The Huatai-PB CSI 300 ETF, established on May 4, 2012, is managed by Huatai-PB Fund Management Co., Ltd. and is custodied by Industrial and Commercial Bank of China [3]. - The fund has a total share count of 89.509 billion as of January 9, 2026, which positions it as the largest equity ETF in the market [4]. Group 2: Dividend History - This upcoming dividend will be the 13th distribution since the fund's inception, bringing the cumulative total of dividends to over 27 billion yuan [4]. - Previous dividends include 0.88 yuan per 10 shares in June 2025, totaling over 8 billion yuan, and approximately 2.5 billion yuan in early 2024, showcasing a trend of increasing dividend payouts over the years [4]. Group 3: Market Trends - The article notes a growing trend in cash dividends among listed companies in the A-share market, driven by enhanced regulatory policies, which has also influenced the public fund sector, leading to a rapid increase in total dividend payouts [4]. - As of January 11, 2026, 79 public funds have implemented dividend distributions, accumulating over 3.1 billion yuan in total [5].

文 | 银行螺丝钉 （转载请注明出处） 螺丝钉也做了美股、全球股票指数、美债指数的估值表。见文章下面图片。每周日会在公众号、以及「 今天几星 」小程序，每周定期更新。 1. 本周迎来2026年第一个交易周。 A股港股也大幅上涨，涨幅比全球平均涨幅高一大截（A股港股上涨50-60%，同期全球股票市场上涨30%）。 里面有几个挺有意思的现象： 全球股票市场整体上涨1.75%。 人民币资产大幅上涨。 A股大涨超4%，迎来最近几年最强开门红。 A股也在短期大涨之后，回到了3.9星，这也是最近几年首次。 不过在短期上涨之后，股票市场整体也不便宜了。 主动优选、指数增强也暂停了发车。 后面随着市场上涨，低估品种会逐渐减少，高估品种会逐渐增多。 2. 从2024年9月美联储降息之后，全球市场整体上涨。 （1）小盘股领涨。 A股这轮牛市，小微盘股领涨。 上一轮小微盘股领涨的牛市，还是2015年了。 2013年人民币利率比较高，买余额宝都有6-7%的收益率。 到了2014年下半年，开始密集降息。利率下降，市场上资金充裕、流动性充裕。 这种资金充裕的牛市，容易带来小微盘股大幅上涨。 2015年就是小微盘股大幅上涨到泡沫估值。 2 ...

01 重要事件回顾 1、当地时间1月3日，美国总统特朗普宣布美军在委内瑞拉发动突袭行动，抓走委内瑞 拉总统尼古拉斯·马杜罗及其妻子，并称两人将赴纽约面临刑事指控；他同时宣称美国 将"暂时运行"委内瑞拉。 2025年12月制造业PMI回升至50.1%，重返扩张区间，各分项普遍改善，加剧了市场对经 济回暖的预期。同时，2025年12月发布的《关于2026年实施大规 ... 3、财政部办2025年12月30日发布通知，公布了2026年第一季度国债发行有关安排。目 前财政部已经公告的2026年一季度新增地方专项债和再融资专项债的合计计划规模约 1.54万亿元。从发行节奏来看，财政适度靠前发力，体现了积极的财政政策取向。 4、中国证监会对《开放式证券投资基金销售费用管理规定》进行了修订，并更名为《公 开募集证券投资基金销售费用管理规定》，自2026年1月1日起正式施行。《规定》合理 调降了公募基金认申购费、销售服务费率水平，切实降低投资者成本。此外机构投资者 持有债券型基金（债基）的赎回费豁免期限，在正式生效的新规中，已从征求意见稿的6 个月缩短至30天（1个月），降低了机构投资者原来预期的持有和调仓的成本压力。 5、 ...

Investment Rating - The report does not provide a specific investment rating for the REITs industry [1] Core Insights - The REITs index increased by 1.56% this week, with operating rights classes rising by 1.87% and property rights classes by 2.75%. In comparison, the Shanghai Composite Index rose by 1.95% [4][28] - The total number of listed companies in the REITs sector is 78, with a total market capitalization of 219.92 billion yuan and a circulating market capitalization of 123.01 billion yuan [1] Summary by Relevant Sections Market Performance - This week, 68 REITs increased in value while 10 decreased, resulting in an overall increase of 1.56%. The largest gain was seen in Zhongjin Chongqing Liangjiang with a rise of 7.86%, while the largest drop was in Industrial Bank Mengneng Energy with a decrease of 5.04% [28] - The trading volume for the week was 3.26 billion yuan, with an average daily turnover rate of 0.5% across various sectors including highways, ecological protection, clean energy, and logistics [6] Key Events - Several REIT projects have been under review or have received inquiries from the exchange, including Dongfanghong Tunnel REIT and China Aviation Nuclear Group Energy REIT [6][10] - The original equity holder of E Fund Guangkai Industrial Park REIT increased their holding from 35% to 35.62% [6][10] Investment Recommendations - The report suggests that the overall economic stability remains unchanged, with low bond yields providing a favorable environment for REITs. Investors are encouraged to pay attention to sector rotation and opportunities arising from capital increases [7]