Core Viewpoint - Tiger Med has seen a 5% increase in stock price, reaching 53.32 CNY per share, with a total market capitalization of 45.91 billion CNY, and a cumulative increase of 6.82% over three consecutive days [1][5]. Company Overview - Tiger Med, established on December 15, 2004, and listed on August 17, 2012, is located in Hangzhou, Zhejiang Province. The company specializes in providing professional clinical research services for domestic and international pharmaceutical and health-related products [1][5]. - The main business activities include I to IV phase clinical trial technical services, data management and statistical analysis, registration application, on-site clinical trial services, SMO services, medical testing services, medical documentation translation, medical imaging diagnosis services, and training services [1][5]. - The revenue composition of the main business is as follows: clinical trial-related services and laboratory services account for 52.60%, clinical trial technical services for 45.21%, and other services for 2.19% [1][5]. Shareholder Insights - The Huabao CSI Medical ETF (512170) is among the top ten circulating shareholders of Tiger Med, having reduced its holdings by 2.11% to 14.568 million shares in the third quarter, resulting in a floating profit of approximately 37.03 million CNY today [2][6]. - Over the three-day increase, the floating profit for the ETF has reached 47.20 million CNY [2][6]. Fund Performance - The Huabao CSI Medical ETF (512170) was established on May 20, 2019, with a current scale of 25.26 billion CNY. It has experienced a loss of 6.22% this year, ranking 4644 out of 5563 in its category [7]. - The fund manager, Zhang Fang, has been in position for 5 years and 59 days, with the fund's total assets amounting to 35.43 billion CNY. The best return during his tenure is 57.19%, while the worst is -23.7% [3][7]. Fund Holdings - The Huabao CSI Medical ETF (512170) increased its holdings in Tiger Med by 126.14 million shares in the fourth quarter, now holding 15.8293 million shares, which constitutes 3.55% of the fund's net value, making it the sixth-largest holding [4][8]. - The floating profit from this position today is approximately 40.21 million CNY, with a total floating profit of 51.29 million CNY over the three-day increase [4][8].

Market Overview - The performance of major indices during the sample period shows that the South China Commodity Index, SGE Gold 9999, and CSI 300 had returns of 6.43%, -0.49%, and -1.07% respectively [1][10] - Among the Shenwan first-level industries, the top performers were Oil & Petrochemicals, Coal, and Utilities with returns of 8.06%, 3.79%, and 3.42% respectively, while Media, Non-ferrous Metals, and Computers lagged with returns of -6.97%, -5.47%, and -5.29% respectively [1][14] ETF Product Overview Market Performance - The weighted average return for style ETFs was the highest at 0.79%, while industry theme ETFs had the lowest average return at -3.44% during the sample period [18][20] - MSCI China A-share concept and US stock ETFs performed relatively well with weighted average returns of -0.62% and -0.82% respectively, while Japan stock and Sci-Tech Board related ETFs performed poorly with returns of -6.10% and -4.94% respectively [18][22] Fund Flow - Industry theme ETFs saw the highest net inflow of 356.80 billion, while broad-based ETFs experienced the largest net outflow of -389.41 billion [2][25] - The US stock ETFs had the highest net inflow of 12.54 billion, while the CSI 500 ETF had the lowest net outflow of -100.91 billion [2][29] - The cyclical sector ETFs had the highest net inflow of 363.76 billion, while the technology sector ETFs had the lowest net outflow of -85.15 billion [30][32] New Issuance and Listing - During the sample period, one new fund was established and seven funds were listed [3] Trading Volume - The trading volume for style ETFs increased the most, with a daily average trading volume change rate of 30.27%, while commodity ETFs saw the largest decrease at -10.07% [35][41] - US stock ETFs had the highest increase in daily average trading volume change rate at 39.40%, while the CSI 500 had the largest decrease at -19.13% [37][39]

Core Viewpoint - The sudden resignation of Hu Jie, the index investment director of Huabao Fund, who managed assets worth 101.36 billion yuan, raises concerns about the future of the company's passive investment strategy and highlights the contrasting performance between its ETF and active equity funds [1][19][20]. Group 1: Hu Jie's Departure - Hu Jie has served nearly 20 years at Huabao Fund, with over 13 years as a fund manager, and her departure is significant due to her management of 16 index funds totaling 101.36 billion yuan, which is over half of the company's index fund assets [1][3][19]. - Despite her contributions to the rapid expansion of the ETF scale, her funds underperformed, with a one-year return of 9.33%, significantly lagging behind the 20.4% increase of the CSI 300 index [19][24]. - Hu Jie's exit has exposed the long-standing structural issues within Huabao Fund's equity funds, where the passive investment segment has thrived while active equity funds have struggled [19][20]. Group 2: Performance of Funds - The non-cash ETF scale reached 127.88 billion yuan by the end of 2025, marking a 56.38% year-on-year growth, nearly doubling in two years [19][28]. - In contrast, the active equity fund management scale has remained below 20 billion yuan for the past two years, with several products being liquidated due to insufficient scale [20][31]. - Huabao Fund's ETF products have been successful, with 34 new funds launched since 2025, including 26 ETFs, covering various market hotspots [28][30]. Group 3: Management Changes - Huabao Fund has undergone significant management changes, including the resignation of its chairman and several executives, which may impact the company's strategic direction [14][33][36]. - The new leadership aims to strengthen passive equity funds while potentially sidelining active equity strategies, raising questions about how the company will fill the void left by Hu Jie [36][37]. - The overall fund management scale of Huabao Fund reached 416.53 billion yuan by the end of 2025, with the non-cash ETF contributing significantly to this growth [36].

Core Viewpoint - Hu Jie has resigned from multiple funds managed by Huabao Fund Management Co., Ltd., including the Huabao CSI Hong Kong-Shenzhen New Consumption Index and Huabao CSI Sci-Tech Innovation 50 ETF [1][5][9]. Fund Performance Summary - **Huabao CSI Hong Kong-Shenzhen New Consumption Index A/C**: Established on April 11, 2023, with a year-to-date return of -0.14% and a cumulative net value of 1.3040 yuan [1]. - **Huabao CSI Sci-Tech Innovation 50 ETF**: Established on August 25, 2021, with a year-to-date return of 0.84% and a cumulative net value of 1.0850 yuan [1]. - **Huabao Securities ETF**: Established on August 30, 2016, with a year-to-date return of -3.28% and a cumulative net value of 1.1206 yuan [2]. - **Huabao Medical ETF**: Established on May 21, 2015, with a year-to-date return of 3.68% and a cumulative net value of 0.4702 yuan [2]. - **Huabao Military Industry ETF**: Established on August 5, 2016, with a year-to-date return of 7.88% and a cumulative net value of 1.7146 yuan [2]. - **Huabao Consumer Leader ETF**: Established on September 28, 2021, with a year-to-date return of -0.95% and a cumulative net value of 0.7753 yuan [3]. - **Huabao Technology Leader ETF**: Established on July 22, 2019, with a year-to-date return of 3.85% and a cumulative net value of 2.0646 yuan [3]. - **Huabao Bank ETF**: Established on July 18, 2017, with a year-to-date return of -5.42% and a cumulative net value of 1.5586 yuan [4]. - **Huabao Technology ETF**: Established on August 30, 2019, with a year-to-date return of 3.61% and a cumulative net value of 1.7809 yuan [4]. Fund Manager Changes - Hu Jie has been replaced as the fund manager for several funds, including the Huabao CSI Hong Kong-Shenzhen New Consumption Index and Huabao CSI Sci-Tech Innovation 50 ETF, with new managers appointed [5][6][9][10].

Group 1 - The core viewpoint of the news is that Meinian Health experienced a decline of 5.03% in its stock price, reaching 6.61 yuan per share, with a trading volume of 553 million yuan and a turnover rate of 2.08%, resulting in a total market capitalization of 25.873 billion yuan [1] - Meinian Health is primarily engaged in health check-ups and health management services, with 95.67% of its revenue coming from check-up services and 4.33% from other services [1] Group 2 - According to data from the top ten circulating shareholders of Meinian Health, Huabao Fund's Huabao Zhongzheng Medical ETF (512170) reduced its holdings by 15.1218 million shares in the third quarter, now holding 88.664 million shares, which accounts for 2.29% of the circulating shares [2] - The estimated floating loss for Huabao Zhongzheng Medical ETF today is approximately 31.0324 million yuan [2] - The fund was established on May 20, 2019, with a current scale of 25.263 billion yuan, and has achieved a year-to-date return of 3.86%, ranking 2811 out of 5580 in its category [2]

Content: --------- <doc id='2'>金 融 工 程 研 究 证 券 研 究 报 告 融 资 融 券 周 报</doc> <doc id='9'>1. 市场数据概览 上周（2 月 4 日-2 月 10 日）A 股市场主要指数多数上涨，其中上证 50 涨幅最大， 上涨了 1.74%；创业板指跌幅最大，下跌了 0.13%。此外，上证综指上涨 1.49%， 深证成指上涨 0.59%，科创 50 上涨 0.03%，沪深 300 上涨 1.38%，中证 500 上 涨 0.24%。</doc> <doc id='10'>表 1：A 股市场主要指数上周表现 | 指数名称 | 2 月 3 日收盘价 | 2 月 10 日收盘价 | 周涨跌幅(%) | | --- | --- | --- | --- | | 上证综指 | 4067.74 | 4128.37 | 1.49 | | 深证成指 | 14127.11 | 14210.63 | 0.59 | | 创业板指 | 3324.89 | 3320.54 | -0.13 | | 科创 50 | 1471.07 | 1471.50 | 0.03 | | 沪深 300 | 4660.11 | 4724.30 | 1.38 | | 上证 50 | 3034.58 | 3087.41 | 1.74 | | 中证 500 | 8286.70 | 8306.44 | 0.24 | 资料来源：同花顺，渤海证券研究所 图 1：近一年沪深 300 收盘价与融资买入额占成交额比例</doc> <doc id='12'>资料来源：同花顺，渤海证券研究所 2 月 10 日，沪深两市两融余额为 26,517.83 亿元，较上周减少 459.93 亿元。其 中融资余额为 26,350.49 亿元，较上周减少 460.03 亿元；融券余额为 167.34 亿 元，较上周增加 0.10 亿元。</doc> <doc id='13'>表 2：三市融资融券余额 | 日期 | 沪深京三市余额 | 沪深两市余额 | 沪市余额 | 深市余额 | 京市余额 | 融资余额 | 融券余额 | | --- | --- | --- | --- | --- | --- | --- | --- | | | （亿元） | （亿元） | （亿元） | （亿元） | （亿元） | （亿元） | （亿元） | | 2026-02-04 | 26,928.72 | 26,841.25 | 13,598.65 | 13,242.60 | 87.47 | 26,671.51 | 169.74 | | 2026-02-05 | 26,808.60 | 26,721.87 | 13,547.70 | 13,174.17 | 86.73 | 26,553.94 | 167.93 |</doc> <doc id='15'>| 2026-02-06 | 26,636.60 | 26,549.98 | 13,470.36 | 13,079.62 | 86.62 | 26,383.84 | 166.14 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2026-02-09 | 26,644.00 | 26,556.13 | 13,475.12 | 13,081.01 | 87.87 | 26,387.82 | 168.31 | | 2026-02-10 | 26,604.75 | 26,517.83 | 13,459.14 | 13,058.69 | 86.92 | 26,350.49 | 167.34 | 资料来源：同花顺，渤海证券研究所 图 2：近期融资业务情况（亿元） 图 3：近期融券业务情况（亿元）</doc> <doc id='24'>2 月 10 日，融资融券个人投资者数量为 798.23 万名，较上周增长 0.24%；融资 融券机构投资者数量为 51,114 家，较上周增长 0.11%。有融资融券负债的投资者 数量为 1,901,935 名，较上周下降 0.97%。户均融资融券余额为 1,398,825 元， 较上周减少 10,417 元。有融资融券负债的投资者数量占全体融资融券投资者数 量的占比为 23.68%，较上周减少 0.29 个百分点。2 月 4 日-2 月 10 日每日平均 参与融资融券交易的投资者数量为 432,017 名，较前一周下降 17.79%。</doc> <doc id='28'>2. 行业融资融券特征 从申万一级行业来看，煤炭、综合和轻工制造等行业涨幅较大，有色金属、通信 和国防军工等行业跌幅较大。</doc> <doc id='29'>资料来源：同花顺，渤海证券研究所 融资方面，传媒、综合和环保行业融资净买入额较多，有色金属、通信和非银金 融行业融资净买入额较少。</doc> <doc id='32'>资料来源：同花顺，渤海证券研究所 融券方面，上周传媒、煤炭和机械设备行业融券净卖出额较多，有色金属、食品 饮料和国防军工行业融券净卖出额较少。</doc> <doc id='35'>上周融资买入额占成交额比例较高的行业为非银金融、通信和电子，较低的行业 为纺织服饰、轻工制造和建筑材料；融资余额占流通市值比例较高的行业为计算 机、通信和国防军工，较低的行业为石油石化、银行和煤炭。</doc> <doc id='37'>行业名称 融资买入额占成交额(%) 较上周变化(pct.) 融资余额占流通市值(%) 较上周变化(pct.) 非银金融 11.13 0.10 3.04 -0.11 通信 10.57 -0.46 3.42 -0.13 电子 9.17 -0.14 3.13 -0.03 国防军工 8.73 -0.02 3.28 -0.03 计算机 8.63 -0.05 4.09 -0.02 电力设备 8.50 0.06 2.95 -0.07 有色金属 8.40 -1.14 2.76 -0.05 钢铁 8.13 -0.47 1.71 -0.08 银行 7.94 -1.01 0.82 -0.05 传媒 7.89 0.14 3.07 -0.04 煤炭 7.78 -0.79 0.88 -0.10 公用事业 7.74 -0.30 1.73 -0.02 美容护理 7.72 1.11 2.56 -0.12 汽车 7.72 0.01 2.97 -0.08 家用电器 7.67 0.32 2.01 -0.12 医药生物 7.61 -0.37 2.74 -0.11 机械设备 7.38 0.03 2.51 -0.07 建筑装饰 7.35 -0.83 2.37 -0.03 房地产 7.27 -0.45 3.05 -0.17 基础化工 7.25 -0.36 2.31 -0.09 综合 7.17 0.20 2.84 -0.14 农林牧渔 6.84 -0.46 2.73 -0.08 表 3：上周标的券所属行业融资情况</doc> <doc id='39'>| 交通运输 | 6.64 | -1.07 | 1.38 | -0.09 | | --- | --- | --- | --- | --- | | 食品饮料 | 6.62 | -0.13 | 1.16 | -0.05 | | 石油石化 | 6.40 | -0.70 | 0.66 | -0.03 | | 环保 | 6.32 |

Group 1 - The stock ETF market experienced a significant net outflow of 790 billion yuan in January, with broad-based ETFs being the main contributors to this outflow [2] - On February 2, the first trading day of the month, stock ETFs saw a net outflow of 13.771 billion yuan, influenced by a sharp decline in the three major stock indices [2] - Broad-based ETFs and the metals sector were the largest "bloodletting" categories, while sector-specific ETFs like semiconductors and pharmaceuticals attracted significant inflows [2][3] Group 2 - As of February 2, the total scale of 1,321 stock ETFs (including cross-border ETFs) was 4.09 trillion yuan, showing a notable decrease due to the market downturn [3] - Sector-specific ETFs and Hong Kong stock ETFs saw substantial inflows, with 3.715 billion yuan and 3.346 billion yuan respectively on the previous trading day [3] - The semiconductor sector had a remarkable net inflow of 2.61 billion yuan on February 2, with the Guolian An CSI All-Share Semiconductor ETF leading with a net inflow of 903 million yuan [3] Group 3 - Over the past five days, the SGE Gold 9999 index saw inflows exceeding 13.9 billion yuan, while the specialized chemical index attracted over 7 billion yuan [4] - Leading institutions like E Fund reported a total ETF scale of 642.71 billion yuan, with a net inflow of 800 million yuan on the previous day [4] - Notable single product inflows included 526 million yuan for the ChiNext ETF and 352 million yuan for the Hang Seng Technology ETF [4] Group 4 - Broad-based ETFs continued to experience significant outflows, with a net outflow of 23.778 billion yuan on the previous day, leading to a scale decrease of 68.672 billion yuan [5] - The CSI 500 ETF had the largest single-day outflow of 13.02 billion yuan, followed by the CSI 300 ETF with 7.2 billion yuan [5] Group 5 - The metals sector also faced notable outflows, with a net outflow of 4.39 billion yuan, influenced by expectations surrounding the Federal Reserve's monetary policy and profit-taking sentiments [6] - Despite short-term volatility, the long-term investment logic for the metals sector remains solid, supported by global manufacturing cycles and energy transition demands [6] Group 6 - Current market adjustments are viewed as providing better valuation windows for long-term investments, with a stable long-term market outlook supported by policy measures and improving economic fundamentals [7] - Key factors include ongoing policy support, marginal improvements in economic indicators, and a favorable funding environment with increasing allocations to A-shares from various institutional investors [7]

Group 1 - The core point of the news is that Zhaoyan New Drug's stock price dropped by 5.05% to 36.09 CNY per share, with a trading volume of 569 million CNY and a turnover rate of 2.45%, resulting in a total market capitalization of 27.044 billion CNY [1] - Zhaoyan New Drug Research Center Co., Ltd. specializes in non-clinical safety evaluation services for drugs, with its main business revenue composition being 95.59% from non-clinical research services, 4.34% from clinical services, and 0.07% from experimental model supply [1] - The company was established on February 25, 1998, and was listed on August 25, 2017, located in Beijing Economic and Technological Development Zone [1] Group 2 - Among the top ten circulating shareholders of Zhaoyan New Drug, Huabao Fund's Huabao CSI Medical ETF (512170) reduced its holdings by 2.1693 million shares in the third quarter, now holding 12.4838 million shares, which accounts for 1.67% of the circulating shares [2] - The estimated floating loss for Huabao CSI Medical ETF today is approximately 23.9689 million CNY [2] - The fund was established on May 20, 2019, with a current scale of 25.263 billion CNY, and has achieved a year-to-date return of 4.77% and a one-year return of 14.49% [2]

Group 1 - The total margin balance of ETFs in the Shanghai and Shenzhen markets as of January 30 is 120.251 billion yuan, a decrease of 2.896 billion yuan from the previous trading day [1] - The financing balance of ETFs is 112.88 billion yuan, down by 2.767 billion yuan, while the margin balance for securities lending is 7.371 billion yuan, a decrease of 0.129 billion yuan [1] - On January 30, 241 ETFs experienced net financing inflows, with the E Fund CSI Hong Kong Securities Investment Theme ETF leading with a net inflow of 84.1736 million yuan [1] Group 2 - Other ETFs with significant net financing inflows include the Huaxia Hang Seng Internet Technology ETF, the FTSE China A50 ETF, the Huabao CSI Medical ETF, the Bosera Gold ETF, and the Huaan Gold ETF [1]

Group 1 - The core viewpoint of the news is the performance and financial details of Sanbo Brain Science Hospital Management Group Co., Ltd, which saw a stock price increase of 5.12% to 80.28 CNY per share, with a trading volume of 601 million CNY and a market capitalization of 16.537 billion CNY [1] - The company, established on November 25, 2003, and listed on May 5, 2023, primarily provides medical services, with revenue composition as follows: 74.35% from medical services, 25.02% from pharmaceuticals, 0.39% from other sources, and 0.24% from supply chain [1] Group 2 - From the perspective of the top ten circulating shareholders, Huabao Fund's Huabao CSI Medical ETF (512170) reduced its holdings by 749,300 shares in the third quarter, now holding 4.0556 million shares, which accounts for 2.52% of the circulating shares [2] - The estimated floating profit from this reduction is approximately 15.8575 million CNY [2] - The Huabao CSI Medical ETF was established on May 20, 2019, with a current scale of 25.263 billion CNY, yielding 4.83% this year, ranking 3398 out of 5551 in its category, and 14.55% over the past year, ranking 3650 out of 4285 [2] Group 3 - The fund manager of Huabao CSI Medical ETF is Hu Jie, who has a cumulative tenure of 13 years and 109 days, managing total assets of 101.358 billion CNY [3] - During Hu Jie's tenure, the best fund return was 161.34%, while the worst was -98.01% [3]