Core Viewpoint - The A-share market experienced a strong performance on the first trading day of the Year of the Horse, with all three major indices closing higher, driven by resource sectors and policy expectations as the Two Sessions approach [3][15]. Market Performance - On February 24, the Shanghai Composite Index rose by 0.87% to 4117 points, the Shenzhen Component increased by 1.36% to 14291 points, and the ChiNext Index gained 0.99% to 3308 points [3][15]. - The total trading volume for the day reached 2.2 trillion yuan, an increase of 219.2 billion yuan compared to the previous trading day, indicating heightened market activity [3][15]. Sector Analysis - Resource sectors, particularly oil and gas, led the market rally, with multiple oil and gas ETFs hitting the daily limit [4][16]. - In contrast, the film and media sector saw significant declines, with related ETFs dropping over 7% due to disappointing box office performance during the Spring Festival [4][17]. ETF Market Insights - Oil and gas ETFs showed remarkable performance, with several reaching the daily limit and an average increase of around 10% [5][18]. - The Standard & Poor's Oil and Gas ETF recorded a trading volume of 1.117 billion yuan and a turnover rate of 152.76%, reflecting strong market interest in this sector [5][18]. Investment Themes - Analysts suggest that resource products and technology sectors may become the main themes for the spring market, driven by policy expectations and industry trends [3][11]. - The focus on stable growth policies ahead of the Two Sessions is expected to benefit infrastructure and resource sectors [11][24]. Market Sentiment - Despite the overall market rally, there is a notable divergence in sector performance, with technology stocks experiencing mixed results [21][23]. - Southbound capital flows showed a "buy the dip" strategy, with net purchases of 3.131 billion Hong Kong dollars on February 24, indicating continued interest in the market despite fluctuations [22][24].

Market Overview - The market experienced fluctuations with all three major indices rising and then retreating. The lithium battery sector surged in the afternoon, while the chemical sector continued to rise. The Fujian sector showed repeated activity, and the organic silicon sector collectively strengthened. Conversely, the robotics sector declined [1]. ETF Performance - Chemical-related ETFs saw gains exceeding 3%, indicating strong performance in this sector [2]. - Specific chemical ETFs and their performance include: - Chemical ETF (516020.SH): Current price 0.801, up 3.49%, estimated size 25.837 billion - Chemical Leader ETF (516220.SH): Current price 0.834, up 3.47%, estimated size 2.242 billion - Chemical 50 ETF (516120.SH): Current price 0.816, up 3.42%, estimated size 11.077 billion - Other chemical and new material ETFs also showed positive performance, with gains ranging from 2.39% to 3.01% [3]. Sector Insights - Analysts suggest that the profitability of chemical products may have bottomed out, with fundamental downward risks fully released. Chemical blue-chip stocks are expected to experience a dual boost in valuation and profitability recovery. Industries facing supply shortages are likely to see early elasticity, emphasizing the importance of demand certainty and the revaluation of high-dividend chemical resource stocks [3]. Decline in Other Sectors - The Hong Kong internet-related ETFs fell by over 2%, indicating a downturn in this sector [4]. - Specific Hong Kong internet ETFs and their performance include: - Hong Kong Internet ETF (513770.SH): Current price 0.571, down 2.89%, estimated size 118.038 billion - Other related ETFs also reported declines ranging from 2.33% to 2.62% [5]. Future Outlook - Analysts believe that the combination of improving fundamental expectations and ongoing financial support may lead to new highs for Hong Kong stocks in the fourth quarter. The narrative around the internet sector is shifting towards "AI empowerment," coupled with policy enhancements, which may improve the fundamental outlook for Hong Kong stocks. Additionally, unexpected foreign capital inflows and continuous southbound fund inflows are strengthening the trend of increased capital entering the Hong Kong market [5].

Market Performance - The A-share market continued its strong upward trend, with the Shanghai Composite Index approaching the 3500-point mark, closing at 3472.32 points, reflecting a weekly increase of 1.4% [1] - Over 70% of ETF products achieved positive returns this week, with the Hong Kong innovative drug-related ETFs leading the gains [1][2] ETF Highlights - After a two-week adjustment, Hong Kong innovative drug-related ETFs surged again, with several products, including the Hong Kong Innovative Drug ETF Fund and the Hong Kong Innovative Drug 50 ETF, seeing weekly increases exceeding 7% [5][6] - The median weekly increase for over 1200 ETF products was 1.08%, with only about 200 products experiencing declines [2] - Notably, the steel ETF (515210) saw a significant rise of 5.41%, attributed to Huazhong Steel being targeted by insurance capital [6] Sector Performance - Game-related ETFs also performed well, with several products recording weekly gains of over 6%, driven by substantial increases in constituent stocks such as Kaineng Network and 37 Interactive Entertainment [6] - Conversely, the Hang Seng Technology Index faced a decline of 2.42%, impacting related products, particularly in the internet sector, which saw declines exceeding 3% for several ETFs [8][9] Notable ETF Data - The top-performing Hong Kong innovative drug ETFs included: - Hong Kong Innovative Drug ETF Fund: 7.553% weekly increase - Hong Kong Innovative Drug 50 ETF: 7.483% weekly increase - Hong Kong Innovative Drug ETF ICBC: 7.477% weekly increase [4][5] - The newly established Huabao Hang Seng Hong Kong Innovative Drug Selected ETF (520880) reported that Barclays Bank holds 20 million shares, accounting for 4.5997% of the total fund [6]