Economic Indicators - The US ISM Manufacturing PMI for January 2026 significantly exceeded expectations, recording 52.6%, compared to the expected 48.5% and the previous value of 47.9%, indicating a strong recovery signal in manufacturing [1] - The US ISM Non-Manufacturing PMI for January 2026 remained in expansion, recording 53.8%, aligning with the expected 53.5% but lower than the previous value of 54.4%, indicating moderate growth [1] - The US JOLTS job openings for December 2025 fell to a five-year low of 6.542 million, down by 386,000 from the revised previous value of 6.928 million, and below the expected 7.25 million, suggesting a continued weakening in labor demand [1] - The US ADP private sector employment for January 2026 added only 22,000 jobs, significantly below the expected 45,000 and the revised previous value of 37,000, indicating a notable slowdown in hiring momentum in the private sector [1] Market Performance - The S&P Oil & Gas Index rose by 4.00% over the week from February 2 to 6, while the Nasdaq 100 Index fell by 1.87% and the S&P 500 Index decreased by 0.10%, with 8 out of 11 sectors in the S&P 500 showing gains [2][3] - The S&P 500 Consumer Staples sector led the gains with an increase of 6.04%, while the S&P 500 Consumer Discretionary sector lagged, declining by 4.57% [2][3] Investment Outlook - Following a decline in US stocks, the market showed resilience in economic activity, although employment data was weak, raising concerns about large capital expenditures from AI giants, leading to a pullback in tech stocks [4] - The market anticipates a slight increase in interest rate cut expectations, with the first potential cut possibly occurring in June [4] - As of the latest earnings season, 59% of S&P 500 companies have reported, with 76% exceeding expectations, slightly lower than the 82% from Q3 2025 [4]

Macroeconomic Overview - In November 2025, US durable goods orders improved with a month-on-month growth of 5.3%, up from a previous value of -2.1% [1] - Non-transportation durable goods orders increased by 0.4%, surpassing the previous value of 0.2% [1] - Excluding aircraft, non-defense durable goods orders rose by 0.4%, slightly below the previous value of 0.5% [1] - The FHFA house price index for November 2025 increased by 0.6%, exceeding the expected 0.3% and the previous value of 0.4% [1] Consumer Confidence - The Conference Board Consumer Confidence Index for January 2026 dropped significantly to 84.5, down from 94.2, marking the lowest level since May 2014 [1] - The present situation index fell to 113.7, while the expectations index decreased to 65.1, indicating heightened concerns about the economic outlook and job market [1] Major Index Performance - For the week of January 26-30, the S&P Oil & Gas Index rose by 3.72%, while the Nasdaq 100 Index fell by 0.21% [2] - The S&P 500 Index increased by 0.34%, with 7 out of 11 sectors showing gains, led by the S&P 500 Energy sector which rose by 3.88% [2] Earnings Reports - As of the reporting period, 33% of S&P 500 companies had released their earnings reports, with 75% exceeding expectations, slightly lower than the 82% in Q3 2025 [2] - The expected earnings growth for the S&P 500 in 2026 is projected to remain at 12% [2] Investment Products - The Bosera Nasdaq 100 ETF (513390) tracks the Nasdaq 100 Index, with the information technology sector comprising 57.87% of the index [3] - The top ten stocks in the index are high-quality technology companies [3]

Macroeconomic Overview - The core PCE price index in the US for November 2025 increased by 2.8%, aligning with the expected value of 2.8% and remaining consistent with the previous value of 2.8% [1] - The overall PCE price index for November 2025 also rose by 2.8%, matching the previous value and market expectations [1] Major Index Performance - The S&P Oil & Gas Index rose by 3.73% during the week of January 19-23, while the Nasdaq 100 Index increased by 0.30%. In contrast, the S&P 500 Index fell by 0.35% [2][10] - Among the 11 sectors covered by the S&P 500, 6 sectors experienced gains, with the S&P 500 Energy sector leading with an increase of 3.11%, while the S&P 500 Financial sector saw a decline of 2.52% [2][10] Market Configuration - The US stock market experienced fluctuations, with gold reaching a historical high. Economic data remains stable, but concerns about geopolitical uncertainties persist. The probability of Reed being elected as the Federal Reserve Chair has surged, leading to a slight decrease in market expectations for interest rate cuts, with the first cut potentially still in June [2][10] - Upcoming focus includes the tariff case ruling and the interest rate decision from the January FOMC meeting scheduled for Thursday [2][10] Index Composition - The S&P 500 Index is recognized as a benchmark for US stocks, covering over 500 representative companies across 11 sectors, accounting for approximately 80% of the total market capitalization of US stocks [4][12] - The Bosera Nasdaq 100 ETF (513390) tracks the Nasdaq 100 Index, with the technology sector comprising 57.87% of the index, indicating a strong presence of high-quality tech companies among the top ten stocks [4][12]

Macroeconomic Indicators - The core CPI in the US for December 2025 increased by 2.6% year-on-year, aligning with the previous value and slightly below the expected 2.7% [14][15] - The month-on-month core CPI rose by 0.2%, matching the previous value and slightly below the expected 0.3% [14][15] - Retail sales in the US for November 2025 grew by 0.6% month-on-month, exceeding the expected 0.5% and the previous value of -0.1%, indicating strong consumer resilience [15] - The core PPI in the US for November 2025 increased by 3% year-on-year, higher than the previous value of 2.6% and the expected 2.7%, while remaining flat month-on-month, suggesting limited price pressure at the production level [15] - New home sales in the US for October 2025 were stable, with an annualized total of approximately 737,000 units, a slight month-on-month decline of 0.1%, better than the expected -10.6% but lower than the previous value of 20.5% [15] - Existing home sales in the US for December 2025 saw a significant month-on-month increase of 5.1%, reaching an annualized total of 4.35 million units, well above the expected 2.2% and the previous value of 0.7%, marking a three-year monthly high [15] Major Index Performance - The S&P Oil & Gas Index rose by 2.23% during the week of January 12-16, while the Nasdaq 100 Index fell by 0.92% and the S&P 500 Index decreased by 0.38% [2] - Among the 11 sectors covered by the S&P 500, 6 sectors experienced gains, with the S&P 500 Real Estate sector leading at 4.07%, while the S&P 500 Financial sector lagged with a decline of 2.33% [2] Investment Direction - The US stock market experienced a pullback, with small-cap stocks continuing to outperform the S&P and Nasdaq indices [16] - Economic data overall exceeded expectations, and the probability of Fed Chair candidate Waller's selection significantly increased, leading to a decline in market rate cut expectations, with the first potential cut possibly in June [16] - The S&P 500 Index is recognized as a benchmark for the US stock market, covering over 500 representative companies across 11 sectors, accounting for approximately 80% of the total market capitalization [16] - The Bosera Nasdaq 100 ETF (513390) tracks the Nasdaq 100 Index, with the information technology sector comprising 57.87% of the index, along with distributions in consumer services, consumer goods, and healthcare sectors [16]

Macroeconomic Indicators - The FHFA house price index in the US increased by 0.4% month-on-month in October, surpassing the expected 0.1% and the previous value of -0.1% [1][10] - The number of initial jobless claims in the US dropped significantly to 199,000 for the week ending December 20, falling below 200,000 and approaching historical lows, compared to the previous value of 215,000 and an expectation of 218,000 [1][10] - The US refinery utilization rate slightly increased to 94.7% for the week ending December 26, up from 94.6% the previous week [1][10] - The US crude steel production continued to decline year-on-year, with a decrease of 1.8% compared to a previous decline of 3.6% [1][10] Major Index Performance - The S&P Oil & Gas Index rose by 3.11% over the week from December 29, 2025, to January 2, 2026, while the Nasdaq 100 Index fell by 1.71% and the S&P 500 Index decreased by 1.03% [2][12] - Among the 11 sectors covered by the S&P 500, three sectors saw gains, with the S&P 500 Energy sector leading with a rise of 3.29%, while the S&P 500 Consumer Discretionary sector lagged with a decline of 3.17% [2][12] Investment Products - The Bosera S&P 500 ETF (513500) is designed to track the US S&P 500 Index, providing a low-cost investment tool for domestic investors to capture growth in US stocks [4][13] - The Bosera Nasdaq 100 ETF (513390) tracks the Nasdaq 100 Index, with a significant portion (57.87%) of its composition in the information technology sector, along with exposure to consumer services, consumer goods, and healthcare [4][13]

Macroeconomic Overview - The actual GDP growth in the US for Q3 2025 significantly exceeded expectations, driven by resilient consumer spending and a reduction in imports, with an annualized quarter-on-quarter growth of 4.3%, surpassing the expected 3.3% and the previous 3.8% [1][11] - In October, US durable goods orders were weaker than expected, with a month-on-month decline of 2.2%, below the forecast of -1.5% and the previous increase of 0.7% [1][12] Major Index Performance - For the week of December 22-26, the S&P Oil & Gas Index rose by 0.27%, the Nasdaq 100 Index increased by 1.18%, and the S&P 500 Index gained 1.40%, with 10 out of 11 sectors in the S&P 500 showing gains [1][13] - The S&P 500 Materials sector led with a rise of 2.38%, while the S&P 500 Consumer Staples sector saw a slight decline of 0.10% [1][13] Investment Direction - Following the strong GDP growth in Q3, expectations for interest rate cuts decreased, leading to a rebound in US stocks, while gold reached a historical high [1][15] - Despite high valuations in the US stock market, liquidity expansion and profit recovery are expected to provide support [1][15] ETF Products - The Bosera S&P 500 ETF (513500) is designed to track the US S&P 500 Index, providing a low-cost investment tool for domestic investors to capture growth in US stocks [1][15] - The Bosera Nasdaq 100 ETF (513390) tracks the Nasdaq 100 Index, with a significant focus on the information technology sector, which constitutes 57.87% of the index [1][15]

Macroeconomic Overview - In November, the US non-farm payrolls increased by 64,000, exceeding the expected 50,000 but lower than the previous 119,000 [1] - The unemployment rate in November rose to 4.6%, higher than the expected 4.5% and the previous 4.4% [1] - The US Consumer Price Index (CPI) for November unexpectedly weakened, with a year-on-year increase of 2.7%, below the expected 3.1% and the previous 3% [1][10] - The core CPI for November also rose by 2.6%, not meeting the expected and previous 3% [10] - Retail sales in October showed no growth, primarily due to declines in automobile and gasoline sales, with a month-on-month change of 0% [10] - Excluding automobiles, retail sales increased by 0.4%, surpassing the expected 0.2% and the previous 10.1% [10] - Excluding both automobiles and gasoline, retail sales rose by 0.5%, matching the expected 0.5% and improving from 0% previously [10] - The annualized month-on-month sales of existing homes in November decreased by 0.5%, lower than the expected 1.2% and the previous 1.5% [1][10] - The total annualized sales of existing homes in November were 4.13 million units, below the expected 4.15 million but higher than the previous 4.11 million [10] Index Performance - For the week of December 15-19, the S&P Oil & Gas Index fell by 4.85%, while the Nasdaq 100 Index rose by 0.59% [2][11] - The S&P 500 Index increased by 0.10%, with five of its eleven sectors showing gains, led by non-essential consumer goods up by 1.01% and energy down by 2.91% [2][11] Investment Products - The Bosera S&P 500 ETF (513500) tracks the US S&P 500 Index, providing a low-cost investment tool for domestic investors to capture growth in US stocks [4][13] - The S&P 500 Index is recognized as a benchmark for US stocks, covering over 500 representative companies across 11 sectors, accounting for approximately 80% of the total market capitalization of US stocks [4][13] - The Bosera Nasdaq 100 ETF (513390) tracks the Nasdaq 100 Index, with the information technology sector comprising 57.87% of the index [4][13]

Macroeconomic Overview - In October, the JOLTS job openings in the U.S. unexpectedly increased to 7.67 million, surpassing the expected 7.12 million and the previous value of 7.66 million, primarily driven by a significant rise in the retail sector [1] - The NFIB small business optimism index for November rose to 99%, above the expected 98.3% and the previous 98.2%, indicating a recovery in sales expectations and hiring demand [1] - The Sentix investor confidence index for December increased to 9.7, up from 4.0 in the previous month, reflecting improved investor sentiment [1] Major Index Performance - For the week of December 8-12, the S&P Oil & Gas index fell by 3.69%, the Nasdaq 100 index decreased by 1.93%, and the S&P 500 index declined by 0.63% [2][15] - Among the 11 sectors covered by the S&P 500, 6 sectors saw gains, with the S&P 500 Materials sector leading with a rise of 2.44%, while the S&P 500 Communication Services sector lagged with a drop of 3.20% [2][15] Federal Reserve Insights - The Federal Reserve's decision to lower interest rates was accompanied by an unexpected expansion of its balance sheet, which is beneficial for market liquidity [16][17] - Internal divisions within the Federal Reserve were noted, with some members advocating for a more significant rate cut of 50 basis points, while others preferred to maintain the current rates [17] - The market's expectations for future rate cuts have adjusted, with projections for 2026 decreasing from 3 times to 2.2 times [16][17] Investment Products - The Bosera S&P 500 ETF (513500) is designed to track the S&P 500 index, which includes over 500 representative companies across 11 sectors, accounting for approximately 80% of the total market capitalization of U.S. stocks [17] - The Bosera Nasdaq 100 ETF (513390) tracks the Nasdaq 100 index, with a significant portion (57.87%) of its composition in the Information Technology sector, alongside exposure to Consumer Services, Consumer Goods, and Healthcare sectors [18]

Group 1: US Macroeconomic Data - The US PCE price index for September remained high, with a year-on-year increase of 2.8%, matching expectations and up from the previous value of 2.7% [1] - The month-on-month PCE price index for September rose by 0.3%, consistent with expectations and the previous value [1] - The core PCE price index for September increased by 2.8% year-on-year, in line with expectations but lower than the previous value of 2.9% [1] - The month-on-month core PCE price index for September rose by 0.2%, matching expectations and the previous value [1] - Personal consumption expenditures in September increased by 0.3% month-on-month, in line with expectations but lower than the previous value of 0.5% [1] - Actual personal consumption expenditures for September showed no growth, falling short of the expected increase of 0.1% and the previous value of 0.2% [1] - The ISM manufacturing index for November recorded 48.2, below expectations of 49 and the previous value of 48.7, indicating continued contraction in manufacturing [1] - The ISM services index for November recorded 52.6, exceeding expectations of 52 and the previous value of 52.4, indicating accelerated expansion in services [1] - The ADP employment report for November showed a decrease of 32,000 jobs, significantly below the expected decrease of 10,000 and the previous decrease of 42,000 [1] - Consumer confidence improved significantly in December, with inflation expectations declining [1] Group 2: Consumer Confidence and Inflation Expectations - The preliminary consumer confidence index from the University of Michigan for December recorded 52.3, better than the expected value of 52 and the previous value of 51 [2] - The one-year inflation expectation from the University of Michigan for December was 4.1%, lower than both the expected and previous values of 4.5% [2] - The five-year inflation expectation from the University of Michigan for December was 3.2%, lower than both the expected and previous values of 3.4% [2] Group 3: Major Index Performance - The S&P Oil & Gas Index rose by 1.97% during the week of December 1-5, while the Nasdaq 100 Index increased by 1.01% and the S&P 500 Index rose by 0.31% [3] - Among the 11 sectors covered by the S&P 500, 6 sectors experienced gains, with the S&P 500 Energy sector leading with a 1.40% increase, while the S&P 500 Utilities sector lagged with a 4.52% decline [3] Group 4: Market Outlook - US stocks experienced slight gains during the week of December 1-5, driven by disappointing employment data and stable interest rate cut expectations [5] - The market is closely monitoring the upcoming FOMC meeting for voting and dot plot information [6]

Core Viewpoint - The trading volume of Nasdaq 100 index ETFs increased significantly today, with a total trading volume of 3.647 billion yuan, marking a 56.18% increase compared to the previous trading day [1] Trading Volume Summary - The trading volume of GF Nasdaq 100 ETF (159941) reached 1.441 billion yuan, an increase of 655 million yuan, representing an 83.39% rise from the previous day [1] - The trading volume of Guotai Nasdaq 100 (QDII-ETF) (513100) was 604 million yuan, up by 142 million yuan, with a 30.74% increase [1] - The trading volume of Nasdaq 100 (513110) was 252 million yuan, increasing by 136 million yuan, which is a 118.11% rise [1] - Other notable increases in trading volume include Huashan Nasdaq 100 ETF (QDII) (159632) with a 97.06% increase and Dacheng Nasdaq 100 ETF (QDII) (159513) with a 74.72% increase [1] Market Performance Summary - As of market close, the average decline for ETFs tracking the Nasdaq 100 index was 0.59%, with GF Nasdaq 100 ETF (159941) and Dacheng Nasdaq 100 ETF (QDII) (159513) experiencing the largest declines of 0.90% and 0.87% respectively [1]