● 本报记者 王鹤静 2月11日，资源板块再度走强，多只稀有金属主题ETF涨超3%，矿业、有色、黄金股、稀土、化工等主 题ETF普遍涨超2%。 影视、传媒、线上消费等主题ETF历经大涨后，2月11日迎来集体回调，前一日涨停的影视ETF （159855）下跌近6%。 此前，AI应用相关板块大涨。2月10日，跟踪中证影视指数的ETF净流入超13亿元，跟踪中证传媒指数 的ETF也净流入超6亿元。此外，旅游ETF（159766）已连续17个交易日维持资金净流入态势，基金份 额一路增长，目前已突破110亿份，规模突破94亿元。 宽基ETF在近期轮动行情下遭遇资金流出。2月10日，沪深300、中证A500主题ETF均净流出20亿元以 上，中证500、科创50主题ETF净流出均超10亿元。 临近春节假期，汇添富基金表示，随着宏观数据陆续披露、产业催化密集落地，叠加假期后风险偏好回 升、增量资金入场的日历效应，市场环境有望转向积极，持股过节具备较高胜率与赔率。 汇添富基金建议，可逐步转向布局节后行情，重点关注三条主线：一是受海外映射带动的AI硬件（北 美算力链、半导体产业链）；二是高端制造中的新能源（电池储能、电网、光伏）与 ...

2026年春节长假渐行渐近，全民出行热潮开启，资金布局热情高涨。根据深圳证券交易所于2026年2月4 日公布的数据，截至2月3日，富国基金旗下旅游ETF（159766）的最新份额已达到1073364.09万份，突 破百亿份关口。这体现出市场对旅游出行板块的高度认可，资金"抢筹"迹象明显。 业内机构指出，当前旅游板块的配置价值兼具短期爆发力与中长期确定性，资金的大幅流入反映了市场 对服务消费复苏的强烈信心。从基本面看，航空运输的运力恢复、酒店餐饮的入住率回升以及景区客流 的爆发，都为板块业绩提供了坚实支撑。在当前时点，旅游板块不仅具备短期假期催化的爆发力，更具 备中长期业绩修复的确定性，估值性价比逐步凸显。 这背后是政策暖风与节日效应的共振。2026年开年以来，服务消费领域持续迎来政策支持，多部门相继 推出的促消费举措为行业注入强心剂。同时，春运大幕正式拉开，全国铁路、民航、公路客流持续攀 升，春节"黄金周"的催化作用正在兑现；"返乡潮"叠加"避寒游"、"冰雪游"双轮驱动，引爆出行链热 度。 （文章来源：每日经济新闻） 富国基金旗下的旅游ETF（159766）紧密跟踪中证旅游主题指数（930633.CSI），成 ...

Group 1 - The tourism and hotel sector continues to rise, with Shoulv Hotel and Jinjiang Hotel reaching the daily limit increase [1] - Junting Hotel, Huatian Hotel, and Jinling Hotel also experienced gains [1] - Related ETFs saw significant increases, with the tourism ETF (159766) rising by 5.59% and a trading volume of 336 million yuan, while another tourism ETF (562510) increased by 5.53% with a trading volume of 113 million yuan [1]

Core Viewpoint - The A-share tourism and hotel sector is experiencing significant growth, driven by various factors including upcoming holidays and favorable policies [1] Group 1: Market Performance - The tourism ETF (159766) saw an intraday increase of 5.33%, with a current increase of 5.19%, making it the top-performing ETF in the market [1] - Key stocks in the sector, such as China Duty Free Group, Overseas Chinese Town A, and Jin Jiang Hotels, hit the 10% daily limit, while ShouLai Hotel and Junting Hotel both rose over 7% [1] Group 2: Economic Indicators - The National Bureau of Statistics reported a 0.2% month-on-month increase in the Consumer Price Index (CPI) for October, with a year-on-year increase of 0.2% [1] - The core CPI, excluding food and energy prices, rose by 1.2% year-on-year, marking the sixth consecutive month of growth [1] Group 3: Policy and Future Outlook - Hainan Free Trade Port is set to officially launch its "closure" on December 18, significantly increasing the proportion of zero-tariff imported goods within the island [1] - Analysts note that the upcoming New Year and extended Spring Festival holidays, along with the rising popularity of winter tourism and the introduction of duty-free and visa-free policies, are contributing to the heightened interest in the tourism sector [1] Group 4: Sector Valuation - The tourism ETF closely tracks the CSI Tourism Theme Index, which encompasses various sub-sectors including scenic spots, airports, duty-free, and hotel dining [1] - Following previous market adjustments, the valuation of the tourism sector has returned to a relatively reasonable level, enhancing the margin of safety for investors [1]

Economic Outlook - The economic growth momentum has weakened since Q3 2025, with GDP growth expected to decline to approximately 4.8% in Q3 and 4.5% in Q4, although the annual growth target of around 5% is still achievable due to strong performance in the first half of the year [1][7] - The report indicates that the main reasons for the weakening domestic demand include the reduction in the effectiveness of the trade-in subsidy policy and a significant decline in restaurant consumption, which aligns with previous analyses [3][5] Consumer Spending - From January to August, the total retail sales of consumer goods grew by 4.6% year-on-year, a decrease of 0.4 percentage points compared to the first half of the year [5] - The decline in retail sales growth is primarily attributed to the diminishing impact of the trade-in subsidy policy, with sales growth for home appliances and communication equipment dropping significantly [5] - Service consumption has outperformed goods consumption, contributing positively to overall consumption growth, with service retail sales increasing by 5.1% compared to 4.8% for goods [5][3] Real Estate Market - The real estate market has accelerated its downturn since Q3, with pressures on both supply and demand sides becoming more pronounced [6] - Demand has decreased due to a continuous decline in residents' willingness to purchase homes, while supply is increasing with a residential inventory of 400 million square meters, reflecting a year-on-year increase of 5.4% [6][8] Housing Supply Issues - The average housing supply interruption rate across the country has risen to 3.7%, up from 1.6% in 2022, with some third and fourth-tier cities exceeding 5% [8] - This represents a 130% increase in mortgage interruption rates over three years, highlighting significant challenges in the housing market [8] Future Economic Predictions - The report provides forecasts for various economic indicators for Q3 and Q4 of 2025, suggesting a cautious outlook for the macroeconomic environment if no new stimulus policies are introduced [10][7]

Group 1 - The tourism and hotel sector experienced a significant rally, with Sanxia Tourism hitting the daily limit up, and other companies such as Junting Hotel, Jinling Hotel, Huatian Hotel, and Shoulu Hotel also seeing gains [1] - Related ETFs showed notable trading volumes, with the tourism ETF (159766) recording a transaction amount of 81.1689 million yuan, and the tourism ETF (562510) with a transaction amount of 24.8938 million yuan [1]