来源：市场资讯 （来源：ETF万亿指数） 港股创新药26年开年以来录得三连涨，且涨幅不低，主要创新药指数反弹在10%左右。港股通创新药 ETF（520880）开年以来累计涨9.24%，今天也涨超3.4%。 数据来源：Go-Goal 先来看下25年回顾，更新了34只重点医药医疗指数的25年年度涨幅及四季度回撤情况。 整体来看，25年以港股创新药为代表的细分赛道，涨幅普遍超60%，成为绝对主角。同时，板块在25年 四季度经历了不小的回撤，整体估值仍然低位。 此外，1月中旬的JPM（摩根大通）医药健康大会临近，市场预期海外药企将更新研发计划，相关 CXO、创新药企业可能释放订单与管线进展等积极信号。 经过前期调整，板块估值处于相对低位，在强劲的基本面数据催化下，资金回流明显。近5日板块主力 资金净流入显著。 | 序号 代理 | 指数名称 | 2025涨幅 | 25Q4 | PE-TTM | PE分位置 | | --- | --- | --- | --- | --- | --- | | | | | 回散 | | 近10年 | | 1 931250.CSI | 港股通创新约(中证) | 72.7% | -20.9% | ...

2026年开门红，中国资产迎来"红包"行情！今日（1月5日），A股高开高走，创业板指领涨2.85%，沪指重回4000点上方斩获12连阳，创1993年以来最长连 阳纪录，放量成交超2.5万亿元。元旦假期港股率先迎来开门红，1月2日恒生指数收涨2.76%，恒生科技指数涨4%，今日港股继续震荡上扬。 盘面上，港股通创新药领衔港股大反攻，创新药含量100%的港股通创新药ETF（520880）场内绝地反击，暴涨5.42%放量成交超5亿元；港股AI核心工具 ——港股互联网ETF（513770）场内跳空大涨4.43%，一举收复4根重要均线；全市场首只聚焦"港股芯片"的港股信息技术ETF（159131）场内反弹3.63%。 | 序号 代码 | | 一 教堂 名称 | 现价 | 涨跌幅 ▼ | 成交额 | | --- | --- | --- | --- | --- | --- | | 11 | 520880 | 跨 港股通创新药ETF T+0 | 0.525 c | 5.42% | 5.09亿 | | 2 | 513770 | 跨 港股互联网ETF T+0 | 0.542 c | 4.43% | 8.16亿 | | 3 159 ...

2026年开门红，中国资产迎来"红包"行情！今日（1月5日），A股高开高走，创业板指领涨2.85%，沪 指重回4000点上方斩获12连阳，创1993年以来最长连阳纪录，放量成交超2.5万亿元。元旦假期港股率 先迎开门红，1月2日恒生指数收涨2.76%，恒生科技指数涨4%，今日港股继续震荡上扬。 盘面上，港股通创新药领衔港股大反攻，创新药含量100%的港股通创新药ETF（520880）场内绝地反 击，暴涨5.42%放量成交超5亿元；港股AI核心工具——港股互联网ETF（513770）场内跳空大涨 4.43%，一举收复4根重要均线；全市场首只聚焦"港股芯片"的港股信息技术ETF（159131）场内反弹 3.63%。 A股医疗板块大反攻，脑机接口概念领衔涨势，医疗ETF（512170）持仓股三博脑科、美好医疗、乐普 医疗集体20CM涨停封板！制药板块亦不甘示弱，创新药概念百济神州-U飙涨12%，康弘药业涨停，场 内唯一药ETF（562050）劲涨2.98%。 全市场规模最大医疗ETF（512170）全天单边上行，放量大涨5.29%收于日内高点，创下2024年10月9日 以来最大单日升幅，超长大阳线连续突破5根均线！ ...

>>>>> ETF早知道 >>>>> ETF早知道 ETF문知道 WP bao (<<<< >>>> HDFIT 2025 国际早知道 Dec 76 ETFEFR通 (4) { (4) { (4) { (4) = (4) 市场温度计 >>>>> ETFOF B 中长期信号 · 投资看温度 -- > 75% --- 75% 75% -- + 25% -- + 25% -- + 25% ETFOFRE <<<< 0.47% 0.33% 0.30% ← ← ↑ 上证指数 深证成指 创业板指 注:温度计水银条由对应指数的近十年市盈率分位数表示,总值为100%。数据来源:iFind,截至 2025.12.25，上证指数、深证成指、创业板指的近十年市盈率分位数分别为94.94%、85.93%、 43.25% ETFER e 0 2 6 板块热力图 ETFEFRE <<<< 短期轮动走向 · 观九宫热力值 +1.59% +2.91% +1.51% 机械设备 国防军工 轻工制造 FEFR +1.08% +1.46% -0.24% 煤炭 非银金融 汽车 -0.77% -1.12% -0.47% 商贸零售 综合 有色金属 数据来 ...

Market Overview - The market continues to rise, with the Shanghai Composite Index achieving a seven-day winning streak, closing up 0.47% at 3959.62 points. The Shenzhen Component Index rose 0.33%, and the ChiNext Index increased by 0.3%, while the STAR Market 50 Index fell by 0.23% [1][11] - A-shares saw a total trading volume of 1.94 trillion yuan, an increase from the previous day's 1.9 trillion yuan, with over 3700 stocks rising across the market [1][11] - Sectors such as aerospace, military, robotics, and insurance led the gains, while precious metals and non-ferrous metals experienced a pullback [1][11] Monetary Policy - The Central Bank's Monetary Policy Committee has decided to continue implementing a moderately loose monetary policy, enhancing counter-cyclical and cross-cycle adjustments to better utilize monetary policy tools for economic stability and reasonable price recovery [4][14] - The ongoing release of policy dividends is expected to further boost total economic demand, accelerating the transition of economic growth momentum and reinforcing the long-term positive logic of the capital market [4][14] - The CSI A500 Index, focusing on advanced manufacturing and information technology, is positioned to better capture opportunities in industrial structure upgrades compared to traditional broad-based indices [4][14] Robotics Sector - The robotics sector is experiencing a strong performance, driven by accelerated capital operations and positive market sentiment. A notable acquisition in Hong Kong aims to integrate precision manufacturing capabilities and supply chain resources [5][15] - The industry is at a critical juncture for large-scale production, with Tesla's Optimus robot achieving significant breakthroughs, supporting its 2026 production goals [5][15] - The total order volume for humanoid robots has exceeded 30,000 units this year, indicating a continuous growth trend towards commercialization [6][15] AI in Healthcare - AI in healthcare is gaining market attention, supported by policy initiatives and technological innovations. The National Health Commission and other ministries have outlined plans for AI applications in healthcare, aiming to establish clinical models and smart applications by 2027 [8][18] - The total procurement orders for medical IT projects, including pilot bases, have surpassed 1 billion yuan since December, indicating accelerated development in the AI healthcare sector [8][18] - Major internet companies are actively developing AI healthcare applications, with significant user engagement reported for various platforms [8][18] Pharmaceutical Industry - The pharmaceutical sector is a key area for AI applications, with potential for cost reduction and efficiency improvements in innovative drugs and high-end medical devices [9][19] - Domestic healthcare policies are supportive of innovative drug development, with promising prospects for the internationalization of innovative drugs and medical devices [9][19] - The industry is expected to see enhanced competitiveness and improved market conditions, making it an attractive area for investment [9][19]

Core Viewpoint - On December 19, Huabao Fund announced the renaming of eight popular ETFs, marking a significant trend in the ETF industry towards standardization and improved investor recognition [1][9][10]. Group 1: ETF Renaming Details - The newly renamed ETFs include categories such as broad-based, thematic industries, Hong Kong Stock Connect, and strategies [4][13]. - The new naming convention combines "core elements of the investment target + ETF + fund manager abbreviation," enhancing clarity and ease of identification for investors [10][14]. - The first batch of renamed ETFs includes: - Military Industry ETF Huabao (512810) - Food and Beverage ETF Huabao (515710) - Big Data ETF Huabao (516700) - S&P A-Share Dividend ETF Huabao (562060) - A500 ETF Huabao (563500) - Hong Kong Stock Connect Automotive ETF Huabao (520780) - Hong Kong Stock Connect Low Volatility Dividend ETF Huabao (159220) - Nonferrous Metals ETF Huabao (159876) [4][14]. Group 2: Market Context and Growth - The domestic ETF market has seen rapid growth, with a total scale nearing 5.7 trillion yuan and over 1,300 products as of November 30, 2025 [5][15]. - Huabao Fund has expanded its stock ETF offerings to 41, with a management scale increase of 477.88 billion yuan, reaching 1,295.65 billion yuan, a 58.44% growth compared to the end of 2024 [6][16]. - The total scale of Huabao Fund's ETFs (including money market ETFs) surpassed 200 billion yuan, reaching 2,142.08 billion yuan, ranking in the top 10 of the public fund industry [6][16]. Group 3: Competitive Landscape - The requirement for ETF names to include the fund manager's abbreviation is seen as beneficial for major ETF providers, helping to differentiate products in a crowded market [5][15]. - Popular ETFs under Huabao Fund, such as the brokerage ETF (512000) and medical ETF (512170), have each exceeded 10 billion yuan in scale, with the brokerage ETF reaching 40.169 billion yuan [6][16]. - In 2025, Huabao Fund's ETFs generated a total profit of 16.895 billion yuan, with stock ETFs contributing 16.261 billion yuan, indicating strong performance and returns for investors [6][16].

Core Insights - The article highlights a significant inflow of 12 million units into the medical ETF (159865), indicating strong investor interest in medical assets [1] - Beijing has issued measures to promote the high-quality development of the medical device industry, focusing on various aspects such as clinical research support, application promotion, and international expansion [1] Industry Summary - The new policies aim to provide robust support for innovative medical device companies, addressing previous barriers to hospital access for new products and fostering a positive cycle between research and market [1] - The measures include financial support for qualifying innovative device enterprises, which is expected to enhance the innovation and development of medical consumables [1] - Policies related to international expansion are designed to reduce the cost burden of overseas registration for companies, particularly benefiting those seeking new market opportunities amid domestic procurement pressures [1] Company Summary - The medical ETF (159828) tracks the CSI Medical Index (399989), which selects listed companies in the pharmaceutical and healthcare sectors from the Shanghai and Shenzhen markets [1] - The index primarily covers areas such as medical devices, medical services, and medical research outsourcing, reflecting the overall performance of related listed companies [1] - The constituent stocks of the index tend to be small to mid-cap companies, characterized by high growth potential and volatility [1]

Core Viewpoint - The recent downturn in the A-share market has led to a significant inflow of funds into ETFs, indicating a "buy the dip" mentality among investors despite the market's overall decline [2][6][10]. Market Performance - The A-share market experienced a substantial adjustment from November 17 to 21, with the Shanghai Composite Index falling over 3% and the ChiNext Index dropping more than 6%, marking the largest weekly decline in months [1][4][5]. - As of November 24, signs of stabilization were observed, with all three major indices showing slight increases and a total of 4,228 stocks rising [3]. Fund Inflows - A total net inflow of 701.21 billion yuan was recorded for stock ETFs and cross-border ETFs, with broad-based index ETFs attracting 359.31 billion yuan, highlighting a strong preference for these investment vehicles during market corrections [2][6]. - Specific ETFs such as the CSI 500 ETF, STAR 50 ETF, and ChiNext ETF were particularly favored, with net inflows of 64.29 billion yuan, 56.99 billion yuan, and 55.33 billion yuan, respectively [6]. Investment Trends - The current market adjustment is viewed as a normal correction, with many investors seizing the opportunity to buy into ETFs as a long-term strategy rather than short-term speculation [6][7]. - A notable trend of "high cutting low" has emerged, where funds are flowing out of high-valuation sectors like electronics and into more stable sectors such as banking and consumer goods [8][9]. Sector Preferences - Despite the overall market correction, there remains a strong interest in technology stocks, with significant inflows into sector-specific ETFs such as AI and robotics [9]. - The market is expected to see a shift towards undervalued assets with high dividend yields and positive fundamental outlooks as investors adjust their strategies [10].

Core Viewpoint - The recent A-share market has experienced significant adjustments, with major indices seeing substantial weekly declines, yet there is a notable influx of funds into ETFs, indicating a "buy the dip" mentality among investors [2][4]. Fund Flows and Market Trends - During the week of November 17-21, A-shares faced a major downturn, with the Shanghai Composite Index dropping over 3% and the ChiNext Index falling more than 6%, marking the largest single-week decline in months [2][4]. - Despite this downturn, a total of 701.21 billion yuan flowed into stock and cross-border ETFs, with broad index ETFs attracting 359.31 billion yuan, highlighting a strong interest in these investment vehicles [4][5]. - The trend of "buying the dip" is evident, as many investors are taking advantage of the market correction to enter positions in ETFs [5][8]. Sector Preferences - The most favored ETFs during this period include the CSI 500 ETF, STAR 50 ETF, and ChiNext ETF, with net inflows of 64.29 billion yuan, 56.99 billion yuan, and 55.33 billion yuan, respectively [5][8]. - There is a clear shift in fund flows, with significant outflows from high-valuation sectors such as electronics and technology, while sectors like banking and consumer goods are gaining attention due to their relative stability and lower valuations [7][8]. Investment Strategies - Analysts suggest that the current market environment calls for a balanced investment approach, focusing on undervalued assets and sectors with strong fundamentals, such as AI, chips, robotics, and innovative pharmaceuticals [9]. - The recommendation for investors is to diversify their portfolios and consider stocks that have not seen significant price increases, rather than concentrating on high-flying tech stocks [9].

Market Overview - The Shanghai Composite Index rose by 0.53% to return above 4000 points, while the ChiNext Index fell by 0.92% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.17 trillion yuan, an increase of 1.754 billion yuan compared to the previous day [1] Sector Performance - The consumer sector saw significant gains, with the Food ETF (515710) surging by 3.64%, the Pension ETF (516560) increasing by 2.54%, and the Consumer Leader ETF (516130) rising by 2.14% [2][5] - The AI computing sector experienced a downturn following the announcement of the Kimi K2 Thinking open-source model, with the ChiNext AI ETF (159363) and the Sci-Tech AI ETF (589520) declining by 0.46% and 1.19%, respectively [1] Economic Indicators - The National Bureau of Statistics reported that the Consumer Price Index (CPI) rose by 0.2% year-on-year in October, reversing a decline from September, while the Producer Price Index (PPI) showed a narrowing year-on-year increase [7] - Analysts noted that the core CPI's growth indicates a stabilization in price levels, suggesting a recovery in demand [2][7] Investment Strategies - According to Industrial Securities, the A-share market is currently positioned for dual-line investment, focusing on cyclical sectors such as chemicals, consumption, and agriculture, while also emphasizing strong industrial trends represented by AI computing [2] - The Food ETF (515710) is highlighted as a favorable investment opportunity due to its low valuation, with a price-to-earnings ratio of 20.59, placing it at a low historical percentile [8][9] Hong Kong Market Dynamics - The Hong Kong market saw the Hang Seng Index and the Hang Seng Tech Index both rise over 1%, driven by continuous inflows from southbound funds and favorable valuations of quality assets [3] - The launch of the Hong Kong Automobile 50 ETF (520783) is noteworthy, as it includes major players in the smart driving sector, providing a convenient investment tool for automotive leaders [3] Sector-Specific Insights - The food and beverage sector has attracted significant capital, with over 100 billion yuan in net inflows recently, indicating strong investor interest [7][8] - The pharmaceutical sector is also showing signs of recovery, with major ETFs in this space experiencing gains, reflecting a broader market rebound [18][25]