Market Performance - In January 2026, global stock indices generally rose, with the S&P 500 being the only index to decline, falling by 2.2%[3] - The South Korean Composite Index led the gains with a remarkable increase of 24% driven by the semiconductor and AI sectors[3] Sector Performance - In the Hong Kong stock market, the Materials sector topped the performance chart with a growth of 19.0%, while the Telecommunications sector was the only one to decline, dropping by 1.3%[6] - The Energy and Composite sectors both recorded a growth of 13.5%[6] IPO and Financing Activity - In January 2026, the Hong Kong IPO market welcomed 13 new listings, raising approximately HKD 39.25 billion, with MINIMAX (0100.HK) achieving a notable first-day increase of 109%[8] - A total of 68 companies announced plans for additional share placements, expected to raise around HKD 43.5 billion, primarily in the industrial services and consumer sectors[8] Macroeconomic Indicators - As of January 23, 2026, the four-week moving average of initial jobless claims in the U.S. showed a decline, indicating controlled layoff pressures and a stable labor market[10] - The U.S. Federal Reserve's interest rate expectations suggest two potential rate cuts of 25 basis points each in 2026, primarily in June and December[10] Economic Outlook - The U.S. economy is projected to grow moderately in 2026, providing earnings support for U.S. stocks, with a focus on AI themes and cyclical sector recovery[14] - The long-term outlook for gold remains positive due to ongoing U.S. debt issues and increasing global central bank demand, despite short-term fluctuations[14]

Core Viewpoint - The report from CITIC Securities indicates that the Hong Kong stock market is expected to continue its spring rally from late December 2025, with a focus on large-cap stocks before the Lunar New Year and better performance in growth sectors supported by policy directions [1] Group 1: Market Performance and Trends - The performance expectations for Hong Kong stocks have significantly adjusted, with a slowdown in the downward revision of earnings forecasts since late December 2025 [1] - The average return of the Hang Seng Index during the spring rally over the past eleven years is 2.4%, with a weekly win rate of 70.8%, particularly strong in 2019, 2021, and 2023, averaging a 10.6% increase [2] - The upcoming earnings reports for Hong Kong stocks are expected to be concentrated from late March to early April, indicating a period of performance vacuum [1][2] Group 2: Investment Focus Areas - Short-term investment focus should be on three main lines: 1) "14th Five-Year Plan" policy directions including biomanufacturing, embodied intelligence, and 6G; 2) food delivery platforms and real estate benefiting from policy-driven expectations; 3) non-bank financials benefiting from the spring rally [1] - The "15th Five-Year Plan" is expected to guide long-term investment opportunities, with strategic emerging industries like new energy, new materials, and quantum technology likely to receive policy support [3] Group 3: Liquidity and Market Dynamics - The liquidity outlook for Hong Kong stocks is expected to improve as the market approaches the next peak of stock unlocks, with significant reductions in unlock amounts in January and February 2026 [1] - Historical data shows that net inflows from southbound trading in January and February account for an average of 19.3% and 27.9% of the annual total, respectively [2]

风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成 投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品 要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 1月23日，港股通50ETF（159712）涨超1.2%，港股盈利增速或迎修复。 港股通50ETF（159712）跟踪的是港股通50指数（930931），该指数从港股通范围内选取市值最大的50 家上市公司证券作为指数样本，覆盖新经济与传统经济领域，行业配置上侧重金融、非必需性消费及资 讯科技等，以反映兼具高成长性和低估值特性的港股通核心上市公司证券的整体表现。 平安证券指出，港股盈利增速预计于2026年上半年步入修复通道，结构上，互联网平台竞争趋缓，一季 度起非必需性消费盈利拖累明显减轻；资讯科技、医疗保健盈利增速维持较高水平，年内前低后高。此 外，上半年材料、地产建筑行业盈利增速水平较高。AI应用商业化进程加快，港股科技板块估值性价 比突出。 ...

Industry Analysis: Northeast Real Estate and Construction Key Points Industry Overview - The real estate sector experienced a decline in sales, with total sales area down by 8.7% year-on-year and sales amount down by 12.6% in 2025 [1] - Real estate investment saw a significant drop of 17.2% year-on-year, with new construction and completions decreasing by 20.4% and 18.1% respectively [2] - Funding for real estate also declined, with total funds available down by 13.4% year-on-year and domestic loans decreasing by 7.3% [3] - As of December 2025, the price of second-hand homes in 70 large and medium-sized cities continued to decline, with a decrease of 0.7%, indicating a need for improved market confidence [4] Policy Insights - A recent article in "Qiushi" emphasized the financial attributes of real estate, suggesting that policies should be implemented comprehensively to restore market expectations [5] - The article indicates that more supportive policies for the real estate market are anticipated in 2026, which could provide significant relief [6] Investment Recommendations - The fourth quarter of 2025 showed a substantial year-on-year decline due to high base effects, but the emphasis on the financial role of real estate suggests its irreplaceable macro and microeconomic functions [7] - The expectation of stronger policy support in 2026 is seen as a positive indicator for the market [8]

Core Insights - The report highlights a continued slowdown in corporate profits, with the cumulative profit of large-scale industrial enterprises in China showing a year-on-year increase of only 0.1% from January to November 2025, down from 1.9% in the previous period [3] - The report suggests that the current economic environment is characterized by a weak demand, necessitating further policy support to stimulate internal demand and address rising inventory levels [6][25] - The report emphasizes the importance of the upcoming spring market rally, suggesting a dual focus on technology and cyclical sectors for investment strategies [12] Macro Economic Analysis - The cumulative operating revenue of large-scale industrial enterprises from January to November 2025 increased by 1.6%, a slight decrease from the previous year's 1.8% [3] - November's profit margin saw a significant decline, with a year-on-year drop of 13.1%, indicating a challenging environment for industrial profitability [4] - The report notes that the inventory-to-sales ratio has risen significantly, indicating a need for policy intervention to stimulate demand [6] Industry Insights Chemical Industry - The report indicates an overall upward trend in the polyester industry chain, driven by rising prices of PX and PTA, with PX prices increasing by 6.97% and PTA by 8.95% as of December 26, 2025 [35] - The report highlights the importance of the "anti-involution" policy in supporting price stability and profitability within the chemical sector [36] Real Estate - The report notes a month-on-month increase in new and second-hand housing transaction areas, with Beijing further optimizing housing purchase restrictions [40] - The report indicates that various policies aimed at stabilizing the real estate market are beginning to take effect, contributing to a gradual recovery in housing prices [41] Electronics - The electronics sector is experiencing a high level of prosperity, with significant price increases expected in storage components, driven by strong demand and supply constraints [46][49] - The report highlights the positive performance of semiconductor stocks, with notable increases in stock prices for major players like SK Hynix and Micron [46] Biotechnology - The report discusses the upcoming IPO of Rebio Biotech, which focuses on innovative siRNA technology platforms for treating chronic diseases and cancers [52][54] - The company has established multiple clinical research pipelines and has secured significant partnerships with major pharmaceutical firms, indicating strong growth potential [55]

Macro Economic Overview - The US economy shows signs of slight weakening in employment, with October non-farm payrolls significantly declining due to the end of government layoffs, although private employment continues to expand [2] - November non-farm payrolls rebounded better than market expectations, primarily in construction, healthcare, and education services, while the unemployment rate unexpectedly rose to 4.6%, the highest in nearly four years [2] - The overall job market is weakening but not severely deteriorating, with initial and continuing claims for unemployment benefits showing slight improvement [2] - The economic growth rate and unemployment rate are expected to stabilize by 2026, with inflation anticipated to decrease before rising again, and the Federal Reserve may lower interest rates once in June [2] Global Market Performance - The Hang Seng Index closed at 25,469, up 0.92% year-to-date, while the Hang Seng Tech Index rose 1.03% [2] - The Shanghai Composite Index increased by 1.19%, and the Shenzhen Composite Index saw a rise of 1.68% [2] - In the US, the Dow Jones fell by 0.47%, and the S&P 500 decreased by 1.16%, while the Nasdaq dropped by 1.81% [2] - The DAX in Germany and CAC in France also experienced slight declines, while the FTSE 100 in the UK rose by 0.92% [2] Sector Performance in Hong Kong - The Hong Kong stock market saw a rebound, with materials, information technology, and financial sectors leading the gains, while utilities, telecommunications, and real estate lagged [4] - Southbound capital recorded a net inflow of HKD 7.909 billion, with Xiaomi, Meituan, and Alibaba being the top net purchases, while China Mobile and CNOOC saw significant net sales [4] - The Hang Seng Financial Index rose by 1.03% year-to-date, while the Hang Seng Industrial Index increased by 0.94% [3] Chinese Market Developments - The Chinese market regulatory authority warned that requiring merchants to offer "lowest prices online" could constitute monopoly behavior, encouraging platform companies to develop algorithm screening to prevent algorithmic monopolies [4] - The Hainan Free Trade Port is set to launch full island closure, focusing on "one line open, one line controlled" to promote trade and investment liberalization, significantly reducing business operating costs [4] US Market Insights - The US stock market continued to decline, with technology, industrial, and communication services sectors leading the losses, while energy, consumer staples, and materials sectors saw gains [4] - The AI sector faced continued sell-offs, with Nvidia and Caterpillar experiencing significant declines [4] - The Federal Reserve's latest survey indicated that CFOs expect a 4.2% increase in US prices next year, significantly higher than the Fed's forecast of inflation returning close to 2% [4]

Group 1 - The average annual salary for CFOs in Hong Kong is 1.602 million RMB, while in mainland China it is 857,600 RMB, indicating that Hong Kong CFOs earn approximately 1.6 to 1.9 times more than their mainland counterparts [1][2] - In Hong Kong, 5.34% of CFOs earn over 5 million RMB annually, while nearly a quarter of mainland CFOs earn over 1 million RMB [1] - The salary structure in both markets shows a "high middle + high salary tail" pattern, with top-tier CFOs in leading companies earning several million or even tens of millions [1] Group 2 - Individual characteristics significantly influence CFO salaries, with male CFOs earning more than female CFOs in both markets, although top female CFOs demonstrate competitive salaries [1][2] - The age group of 40-55 years is the primary demographic for CFOs, with salaries increasing with age and experience; in Hong Kong, CFOs over 60 earn an average of 2.4563 million RMB [1][2] - Educational background and overseas experience are also linked to salary levels, with PhD CFOs in mainland China earning an average of 1.3004 million RMB, and those with overseas experience earning 556,000 RMB more than their counterparts without [1][2] Group 3 - Industry and company characteristics are key factors affecting CFO salaries; in Hong Kong, the "new economy + domestic demand" sectors (TMT, consumer, healthcare) lead in salary levels, with a median of around 1.2 million RMB [2] - In mainland China, the financial and real estate sectors offer the highest average salaries at 1.2241 million RMB, followed by healthcare and high-tech industries [2] - Company size and profitability are directly correlated with CFO salaries; companies with higher ROE see significant salary premiums, with CFOs in firms with ROE over 20% earning an average of 1.605 million RMB [2] Group 4 - The average salary for CFOs in AH-listed companies is 3.05 million RMB, reflecting a 15% increase from 2023, with leading companies showing a "high base + double-digit growth" trend [2] - The overall salary growth is expected to moderate, but the premium for top-tier CFOs and structural differentiation will continue; salary structures are shifting towards long-term incentives linked to ROE and cash flow [2] - The increasing importance of digital and AI capabilities is becoming a significant source of salary premiums, with the CFO role evolving into a strategic leader [2]

Core Insights - The market experienced a collective adjustment today, with the dividend sector showing relatively smaller declines, particularly the Hang Seng Dividend Low Volatility ETF (159545), which saw net subscriptions exceeding 20 million units throughout the day [1] - Over the week, the CSI Dividend Low Volatility Index fell by 2.3%, the Hang Seng Stock Connect High Dividend Low Volatility Index decreased by 3.0%, the CSI Dividend Value Index dropped by 3.1%, and the CSI Dividend Index declined by 3.7% [1][3] - E Fund is currently the only fund company offering all dividend ETFs at low fee rates, with management fees set at 0.15% per year for products like the Hang Seng Dividend Low Volatility ETF (159545) and others [1] Index Performance - The weekly performance of various indices shows: - CSI Dividend Index: -3.7% - CSI Dividend Low Volatility Index: -2.3% - Hang Seng Stock Connect High Dividend Low Volatility Index: -3.0% - CSI Dividend Value Index: -3.1% [3] - The dividend yields for these indices are as follows: - CSI Dividend Index: 4.2% - CSI Dividend Low Volatility Index: 4.0% - Hang Seng Stock Connect High Dividend Low Volatility Index: 5.8% - CSI Dividend Value Index: 4.1% [3] ETF Tracking and Fees - There are currently six ETFs tracking the CSI Dividend Index, seven tracking the CSI Dividend Low Volatility Index, four tracking the Hang Seng Stock Connect High Dividend Low Volatility Index, and one tracking the CSI Dividend Value Index [4] - The low fee products have a management fee of 0.15% per year and a custody fee of 0.05% per year [4] Historical Performance - The historical performance of the indices over various time frames shows: - Year-to-date performance: CSI Dividend Index: -0.5%, CSI Dividend Low Volatility Index: +3.6%, Hang Seng Stock Connect High Dividend Low Volatility Index: +21.0%, CSI Dividend Value Index: +2.6% [6] - One-year performance: CSI Dividend Index: +4.6%, CSI Dividend Low Volatility Index: +9.4%, Hang Seng Stock Connect High Dividend Low Volatility Index: +28.3%, CSI Dividend Value Index: +8.1% [6]

Market Overview - The Hong Kong stock market showed little change, with the Hang Seng Index and the Hang Seng China Enterprises Index closing at 26,696 points and 9,461 points, respectively, both up by 0.2% [1] - Total trading volume was HKD 210.2 billion, slightly lower than the previous day's HKD 214.8 billion, indicating a mixed market sentiment [1] - Real estate, construction, finance, and telecommunications sectors saw increases of 1.4%, 0.8%, and 0.6%, while non-essential consumer goods, energy, and healthcare sectors declined by 0.4%, 0.3%, and 0.1% [1] Company Highlights - XPeng Motors (9868 HK) surged by 17.9%, reaching a one-year high, following the launch of its new generation IRON robot, expanding its business from electric vehicles to robotaxis and humanoid robots [4] - WuXi AppTec (2269 HK) and Semiconductor Manufacturing International Corporation (981 HK) both experienced declines of 2.7% [1] - Weichai Power (3393 HK) saw a significant increase of 6.9%, with trading volume doubling, attributed to the rising demand in the AI industry and data center electricity consumption [5] Industry Dynamics - In the automotive sector, China's October vehicle sales increased by 8.8% year-on-year to 3.32 million units, a decrease from September's 14.9% growth [3] - The healthcare sector's Hang Seng index fell by 0.2%, with major companies showing little volatility; however, BeiGene (6160 HK) rose by 1.0% after reporting strong Q3 results [4] - The renewable energy sector experienced fluctuations, with notable declines in the photovoltaic segment, including Xinyi Solar (968 HK) down by 2.0% and Xinyi Energy (3868 HK) down by 1.5% [5]

Core Viewpoint - The dividend sector experienced slight declines this week, with various indices showing negative performance, while certain dividend-focused ETFs attracted significant capital inflows [1][3]. Index Performance - The CSI Dividend Index fell by 0.5%, the CSI Low Volatility Dividend Index decreased by 0.9%, and the Hang Seng High Dividend Low Volatility Index dropped by 1.4% [1][3]. - The dividend yield for the CSI Dividend Index is 4.3%, while the rolling P/E ratio stands at 8.4 times [3][5]. - The CSI Low Volatility Dividend Index has a dividend yield of 4.2% and a rolling P/E ratio of 8.3 times [3][5]. - The Hang Seng High Dividend Low Volatility Index has a higher dividend yield of 5.9% and a rolling P/E ratio of 7.5 times [3][5]. Fund Inflows - The E Fund Dividend ETF (515180) and the Hang Seng Low Dividend ETF (159545) saw net inflows of 260 million yuan and 120 million yuan, respectively, this week [1]. Market Analysis - CITIC Securities noted that after a peak in trading activity in the computing power sector in early September, the market has entered a consolidation phase characterized by high capital rotation and low trading volume [1]. - The overall market sentiment remains bullish, supported by ongoing capital market reforms and structural economic stability, with limited downside potential [1]. Sector Composition - The CSI Dividend Index comprises 100 stocks with high cash dividend yields and stable dividends, with significant representation from the banking, coal, and transportation sectors, accounting for nearly 55% [4]. - The CSI Low Volatility Dividend Index consists of 50 stocks with low volatility and stable dividends, with over 60% representation from banking, coal, and transportation sectors [4]. - The Hang Seng High Dividend Low Volatility Index includes 50 stocks from the Hong Kong stock market, with over 60% representation from financial, real estate, and energy sectors [4].