来源：上海证券报·中国证券网 2月26日，ETF收盘涨跌不一，中韩半导体ETF(513310)涨9.64%，国证2000ETF博时(159505)涨5.04%， 5GETF博时(159811)涨3.41%，恒生医药ETF(159892)跌3.89%，港股通医疗ETF富国(159506)跌3.67%， 港股通生物科技ETF(159102)跌3.51%。 2月26日日间盘，国内商品期货主力合约涨跌互现，其中碳酸锂主力合约涨幅居前。截至15:00收盘，菜 籽、碳酸锂、沪锡涨超3%，锰硅涨超2%，燃油涨超1%，硅铁、苹果、白糖等微涨。 2月26日，国债期货收盘全线下跌，30年期主力合约跌0.53%，10年期主力合约跌0.10%，5年期主力合 约跌0.08%，2年期主力合约跌0.03%。 2月26日，中证转债指数收跌1.03%，报525.93点。其中，佳力转债涨6.53%，奥飞转债涨6.45%，广联转 债涨6.24%；睿创转债跌7.78%，微导转债跌7.42%，亿纬转债跌6.15%。 【资金风向标】 Choice数据显示，2月26日，资金净流入额排名前十的个股依次是沪电股份、胜宏科技、亨通光电、华 胜天成、润泽科技、航 ...

Market Overview - A-shares showed mixed performance with the Shanghai Composite Index down 0.01%, Shenzhen Component Index up 0.19%, and ChiNext Index down 0.29% as of market close [1] - Total trading volume in Shanghai, Shenzhen, and Beijing reached 25,568 billion, an increase of 756 billion from the previous day [1] ETF Performance - The China-Korea Semiconductor ETF surged by 9.64%, leading the market, driven by the recovery in the semiconductor supply chain [2] - The National 2000 ETF rose by 5.04%, indicating a rebound in small-cap growth stocks [2] - The Electric Grid sector performed well, with the Electric Grid ETF up 3.23% and the Electric Grid Equipment ETFs rising by 3.22% and 2.91% respectively [2] Communication Sector - The communication sector also saw gains, with ETFs in this category rising between 2.73% and 2.78% [3] Declining Sectors - The pharmaceutical sector faced a broad retreat, with the Hang Seng Biotechnology ETF showing the largest decline at -3.89% [4] - Other related ETFs in the healthcare and biotechnology sectors also experienced significant drops, indicating a market shift from defensive sectors to technology growth [4] Trading Activity - The Short-term Bond ETF had a trading volume exceeding 66 billion, leading in activity among ETFs [5] - The top traded ETFs included the Short-term Bond ETF at 661.12 billion and the Silver Day Benefit ETF at 167.16 billion [5] Turnover Rates - Cross-border products showed high trading activity, with the Brazil ETF and China-Korea Semiconductor ETF having turnover rates of 171.99% and 125.76% respectively [6][7] - The National Debt ETF also maintained a strong turnover rate of 88.09%, indicating active trading in interest rate bonds and cross-border assets [7] New ETF Launch - A new Technology Growth ETF by Industrial Bank is set to launch on February 27, with a focus on hard technology and a multi-factor strategy targeting the top 50 securities in various tech sectors [8]

A股三大指数今日涨跌不一，截至收盘， 上证指数跌0.01%，深成指涨0.19%， 创业板指跌0.29%， 北 证50指数跌0.15%，沪深京三市成交额25566亿元，较上日放量757亿元，三市超2400只个股上涨。 板块 题材上，CPO、铜缆高速连接、光纤、PCB、液冷 服务器、 风电设备、 航空发动机、 培育钻石、半导 体、 代糖概念股涨幅居前； 影视院线、 保险、 房地产、短剧 游戏、 汽车整车、贵金属、 免税店、 白 酒、零售板块跌幅居前。 AI硬件股全线领涨， 中韩半导体ETF逼近涨停，5GETF博时、通信ETF嘉实、通信ETF、通信ETF华夏 涨3.41%、2.78%、2.58%和2.54%。电网板块走高，电网ETF、 电网设备ETF涨3.23%和2.91%。 科创机 械ETF嘉实涨3.31%。=0.0331 责任编辑：磐石 医疗板块走低，恒生医药ETF、港股通医疗ETF富国、恒生医疗ETF博时、港股通医药ETF鹏华均跌逾 3%。地产板块回调，地产ETF跌3%。 财经频道更多独家策划、专家专栏，免费查阅>> ...

2月10日早盘，港股市场创新药再度活跃，再鼎医药、信达生物、科伦博泰生物、药明生物、映恩 生物等领涨，恒生医药ETF（159892）盘中涨超2%。 消息面来看，信达生物近日宣布与礼来制药达成战略合作，携手推进肿瘤及免疫领域创新药物的全 球研发，首付款达3.5亿美元，里程碑付款有望达85亿美元。 东海证券表示，创新药板块靓丽的业绩表现，充分验证了国产创新药商业模式的有效性，医保加持 下的核心产品放量成为业绩增长基础，BD等对外合作则成为业绩增厚的重要抓手。 每日经济新闻 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com （责任编辑：张晓波 ） ...

Group 1 - The Hong Kong stock market showed a strong opening on February 9, with the Hang Seng Index rising by 1.59%, the State-owned Enterprises Index increasing by 1.54%, and the Technology Index up by 1.9% [1] - The Hang Seng Biotechnology Index, focusing on innovative drugs, performed robustly, with the largest ETF tracking this index (159892) rising nearly 2% [1] - The innovative drug sector is expected to enter a profit realization acceleration phase by 2025, with companies like Innovent Biologics and Rongchang Biopharmaceuticals turning losses into profits, while companies like 3SBio are significantly increasing their performance [1] Group 2 - The strong performance of the innovative drug sector validates the effectiveness of the domestic innovative drug business model, with core product volume growth supported by medical insurance becoming the foundation for performance growth [1] - External collaborations, such as business development (BD) partnerships, are becoming important drivers for enhancing performance in the innovative drug sector [1] - The Hang Seng Medical ETF (159892) focuses on innovative drugs, CXO, and related industries, benefiting from the advantages of the Hong Kong Stock Exchange's 18A system, covering numerous innovative targets like BeiGene and Innovent Biologics, and is expected to continue its valuation recovery trend under catalysts like overseas expansion of innovative drugs and commercial insurance directories [1]

浙商国际表示，看好行业相对景气且受益于政策利好的新能源、创新药、AI科技等；业绩和股价走势 稳健且受益于政策利好的低估值国央企红利板块；基本面相对独立且受益于降息周期的香港本地银行、 电信及公用事业红利股。另外，我们认为港股2026春季表现将由"AI应用+PPI改善+扩大内需"三轮驱 动，建议关注相关优质标的。 值得关注的标的： 1月28日盘中，港股短线走高，恒生指数涨超1%创4年多新高，恒生科技指数涨超0.7%。消息面上，阿 里通义开源Qwen3-TTS，百度、腾讯先后宣布旗下AI应用春节发放数亿元现金。花旗预计阿里巴巴的 通义千问也将加入红包促销行列。从历史上看，春节活动能有效帮助互联网公司为其消费级应用吸引大 量关注。花旗预计2026年活动后，中国AI助手应用的采用将快速推进。 网罗港股消费核心资产：港股消费ETF（513230）； 全球医药全产业链代表：恒生医药ETF（159892）； 汇集中国AI科技概念公司：恒生互联网ETF（513330）。 港股核心宽基：恒生ETF（159920）； AI+平台经济：恒生科技指数ETF（513180）； ...

Group 1 - The Hong Kong stock market has been lagging behind the A-share market since December, primarily due to structural differences and varying funding environments [1] - The current market hotspots in A-shares, such as artificial intelligence and commercial aerospace, have strong representation and high capital concentration, while Hong Kong stocks are dominated by internet giants, biomedicine, and high-dividend financial real estate [1] - The liquidity environment is more favorable for A-shares, driven by domestic capital, while Hong Kong's offshore market relies heavily on global capital flows, particularly from the US [1] Group 2 - Future opportunities for the Hong Kong market may depend on key "trigger points," including the expansion and rotation of market hotspots from A-shares to Hong Kong's unique assets [2] - Changes in the funding landscape, particularly regarding the Federal Reserve's monetary policy and the trend of southbound capital inflows, could significantly impact Hong Kong stocks [2] - Positive surprises in economic data could lead to substantial revisions in market expectations, benefiting both A-shares and Hong Kong stocks, with the latter potentially showing greater rebound elasticity due to previous declines [3] Group 3 - Recent positive changes in the funding and fundamental outlook for the Hong Kong market suggest potential opportunities in core assets, including the Hang Seng Tech Index ETF, which covers internet, hard tech, and new energy vehicles [4] - The Hong Kong Stock Connect Tech ETF offers higher sharpness by reducing retail and automotive exposure while increasing biopharmaceutical allocations [4] - The Hang Seng Internet ETF focuses on software applications and internet media, with significant weight in Alibaba, Tencent, and Meituan, while the Hang Seng Pharma ETF targets innovative drugs and CXO leaders, currently characterized by low valuations and low crowding [4]

Group 1: Grid Trading Strategy Overview - The essence of "grid trading" is a high buy low sell strategy, which does not predict market trends but utilizes natural price fluctuations within a certain range to generate profits, suitable for frequently fluctuating markets [4][13] - Characteristics of suitable grid trading targets include: selecting on-market targets, stable long-term trends, low trading costs, good liquidity, and high volatility. Equity ETFs are considered relatively suitable for grid trading [4][13] Group 2: ETF Grid Strategy Target Analysis - **Hang Seng Medicine ETF (159892.SZ)**: Benefiting from the Federal Reserve's interest rate cut cycle, which improves the financing environment for innovative drugs. China's innovative drugs are accelerating their globalization, becoming a core driver for commercialization. As of January 4, 2026, China's new drug pipeline accounts for about 30% of the global total, ranking second worldwide. In 2025, 76 innovative drugs were approved for marketing in China, with domestic innovative drugs accounting for 80.85% of chemical drugs and 91.30% of biological products [4][14] - **Brokerage ETF (159842.SZ)**: High market activity catalyzes the release of brokerage performance, with capital market reforms opening up long-term growth space for leading brokerages. The Shanghai Composite Index rose from a low of 3040 points to break through 4000 points, with an annual increase of 18.41%. The total A-share trading volume reached 420.21 trillion yuan, a year-on-year increase of 62.64% [5][17] - **New Economy ETF (159822.SZ)**: A one-stop layout for high-quality new economy leading enterprises in China, capturing the key to economic transformation. The ETF indirectly tracks the S&P China New Economy Industry Index, holding leading companies in artificial intelligence, internet, biotechnology, and innovative drugs, which are high-growth sectors [6][19] - **Coal ETF (515220.SH)**: Benefiting from the "anti-involution" policy and dividend investment logic. The central economic work conference in December 2025 identified "deepening the rectification of 'involutionary' competition" as a key task for 2026, which is expected to control new capacity and improve the coal industry's supply-demand fundamentals. As of January 13, 2026, the coal sector's dividend yield reached 5.52%, significantly higher than the market average and the yield on ten-year government bonds [7][22]

Group 1 - The 44th J.P. Morgan Healthcare Conference is set to take place in San Francisco on January 12, 2026, featuring multiple Chinese innovative pharmaceutical companies [1] - Key speakers include WuXi AppTec, WuXi Biologics, and WuXi AppTec's subsidiary, along with innovative drug companies such as BeiGene, Zai Lab, Ascentage Pharma, and Legend Biotech [1] - A total of 17 companies, including Hengrui Medicine, Baillie Gifford, and 3SBio, will participate in the Asia-Pacific session, highlighting the growing presence of Chinese firms in the global market [1] Group 2 - Guotai Junan Securities views the conference as a critical platform for domestic pharmaceutical companies to showcase their core molecular product capabilities and advance overseas business development collaborations [1] - The industry is transitioning back to a phase of global value verification for products, driven by advancements in global clinical trials, significant data releases, and an optimized competitive landscape [1] - Huayuan Securities indicates that the Chinese pharmaceutical industry has largely completed the transition from old to new growth drivers, with innovative drugs significantly opening new growth trajectories for companies [1] Group 3 - The Hong Kong Stock Connect Medical ETF (520510) has over 27% weight in WuXi-related companies and more than 25% exposure to AI healthcare [2] - The Hang Seng Medical ETF (159892) focuses on the innovative drug sector and is the largest in scale within its index [3]

Group 1 - The Hong Kong stock market's pharmaceutical sector is experiencing multiple catalysts in early 2026, including significant BD transactions in AI healthcare, positive news regarding brain-computer interfaces overseas, and the implementation of commercial insurance for innovative drugs [1] - The Hang Seng Biotechnology Index has seen a strong increase, with a year-to-date rise exceeding 13%, leading the key indices in the Hong Kong stock market [1] - The Hong Kong Stock Exchange launched Hang Seng Biotechnology Index futures in November 2025, enhancing its expanding ecosystem of derivative products and providing investors with precise risk management tools [1] Group 2 - The Hang Seng Biotechnology Index is the only index in the Hong Kong stock market with index futures for the pharmaceutical and healthcare sectors [1] - Among the ETFs tracking the Hang Seng Biotechnology Index, the Hang Seng Healthcare ETF (159892) ranks first in scale, exceeding 7 billion, and offers good liquidity for investors looking to invest in the biotechnology sector [1]