Core Viewpoint - The Hong Kong stock market's hard technology sector is showing strong performance, with significant gains in stocks like Kintor Pharmaceutical and Kingsoft Cloud, alongside the launch of the first ETF focused on the Hong Kong chip industry, indicating potential investment opportunities in this sector [1][6]. Group 1: Market Performance - Kintor Pharmaceutical's stock rose over 13%, while Kingsoft Cloud increased by more than 9%, and both Kintor Group and Xiaomi Group saw gains exceeding 5% [1][6]. - The newly launched Hong Kong Information Technology ETF (159131), which focuses on the chip industry, has seen a price increase of 1.2% and a trading volume exceeding 55.93 million CNY [1][6]. Group 2: ETF Details - The ETF is the first in the market to focus on the Hong Kong chip industry, with its index composed of 70% hardware and 30% software, covering 42 hard technology companies [3][8]. - Major holdings in the ETF include Semiconductor Manufacturing International Corporation (15.21% weight), Xiaomi Group (12.08% weight), and Hua Hong Semiconductor (8.68% weight), excluding large internet companies like Alibaba and Tencent [3][8]. Group 3: Market Analysis - According to recent research from China Merchants Securities, the current market volatility presents a significant allocation value, suggesting that recent fluctuations are primarily due to liquidity shocks [2][8]. - The report indicates that the current market conditions are not fundamentally different from those observed in November 2025, with positive factors accumulating for future outlook [2][8].

风险提示：港股通信息技术ETF被动跟踪中证港股通信息技术综合指数，该指数基日为2014.11.14，发 布于2017.6.23。材料中指数成份股仅作展示，个股描述不作为任何形式的投资建议，也不代表管理人旗 下任何基金的持仓信息和交易动向。本产品由华宝基金发行与管理，代销机构不承担产品的投资、兑付 和风险管理责任。投资人应当认真阅读《基金合同》、《招募说明书》、《基金产品资料概要》等基金 法律文件，了解基金的风险收益特征，选择与自身风险承受能力相适应的产品。基金过往业绩并不预示 其未来表现，基金管理人管理的其他基金的业绩并不构成基金业绩表现的保证，基金投资须谨慎！基金 银河证券2月8日研报《半导体行业周点评丨半导体板块有所回调，长期发展趋势不改》指出，长期来 看，以AI算力、国产CPU为代表的先进设计领域发展趋势不改，但是竞争或将拓展至编程工具、底层设 计方案等领域。摩尔线程推出的AI Coding Plan智能编程服务，在国产AI算力生态建设上迈出了关键一 步。 直指港股芯片超级周期！可以T+0的港股芯片产业链ETF——全市场首只聚焦"港股芯片"产业链的港股 信息技术ETF（159131），标的指数由"70% ...

2月9日，芯片半导体产业链卷土重来，港股方面，鸿腾精密、上海复旦涨逾10%，中芯国际涨超4%。 全市场首只聚焦"港股芯片"产业链的港股信息技术ETF（159131）跳空高开后震荡走强，场内价格收涨 2.80%，单日成交额超8272万元。 | | | 分时 $E 1分 5分 15分 30分 60分 日 周 月 * | | | | F9 盘角盘后 品加 光糖 面线 工具 @ 2 > | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.920 | | | | 159131 战股信息技术ETF] 11:19 价 0.912 篮数 0.019(2.13%) 均价 0.910 威交量 11 IOPV 0.9136 1... | | | | 3 0236 | | 0.918 +0.025 +2.80% | | | | | monom | | with the promote with and the | - 200 | | | 1.51% | | SZSE CNY 15:00:00 00市 在看L ...

Group 1 - The A+H chip industry chain is experiencing a strong performance, with notable increases in stock prices for companies such as Peak Technology (up over 9%), Huahong Semiconductor (up over 5%), and SMIC (up over 3%) [1] - The first ETF focused on the "Hong Kong chip" industry chain, the Hong Kong Information Technology ETF (159131), opened strongly with a price increase of 1.79% and a trading volume exceeding 30 million CNY [1] - Major storage chip companies like Samsung Electronics, SK Hynix, and Micron Technology are shifting from traditional long-term fixed-price contracts to short-term or monthly contracts, indicating a shift in market power towards suppliers [1] Group 2 - According to Huatai Securities, the recent adjustment in the AI industry chain was primarily due to concerns over capital expenditure sustainability, but as these factors are gradually digested by the market, attention should be directed towards the semiconductor and hardware sectors, which are showing improving performance [3] - The semiconductor sector has seen a 4.8% upward revision in earnings expectations over the past four weeks, ranking it among the top sectors, indicating a positive outlook for the fundamentals [3] - The Hong Kong Information Technology ETF (159131) is designed to track the "70% hardware + 30% software" index, heavily investing in semiconductor, electronics, and computer software companies, with significant weights in SMIC (15.21%), Xiaomi Group-W (12.08%), and Huahong Semiconductor (8.68%) [3]

数据来源：中证指数公司，沪深交易所。 注："全市场首只"是指首只跟踪中证港股通信息技术综合指数的ETF。中证港股通信息技术综合指数设 置单个样本权重上限为15%，伴随个股市值波动权重占比会产生相应变化，可能会出现超过15%的情 形。指数样本每半年调整一次，届时单个样本权重上限一般会平衡至15%。近期市场波动可能较大，短 期涨跌幅不预示未来表现。请投资者务必根据自身的资金状况和风险承受能力理性投资，高度注意仓位 和风险管理。 基金费用说明：港股信息技术ETF申购赎回代理机构可按照不超过0.5%的标准收取佣金。场内交易费用 以证券公司实际收取为准。不收取销售服务费。 2月9日早盘，A+H芯片产业链携手走强，港股方面，峰岹科技大涨超9%，华虹半导体涨超5%。中芯国 际涨超3%。全市场首只聚焦"港股芯片"产业链的港股信息技术ETF（159131）强势高开，场内价格现 涨1.79%，实时成交额超3000万元。 | | | 分时 8日 1分 5分 15分 30分 60分 日 周 月 * | | | | F9 盘前盘后 叠加 洗濯 面线 工具 @ 2 > | | | | | | | --- | --- | --- | -- ...

Core Viewpoint - The article emphasizes the importance of focusing on simple investment themes in ETFs due to the current state of extreme liquidity in global markets, which is likely to lead to valuation premiums for assets with industrial trends, potentially increasing over time [1][10]. Group 1: Simple vs. Difficult Investment Themes - Simple investment themes are defined as those with clear industrial trends, where performance and valuation are on an upward trajectory, benefiting from ongoing liquidity expansion [2][12]. - Difficult investment themes involve high uncertainty regarding product realization and future performance, often relying on speculative investments in volatile market conditions [3][13]. Group 2: Market Summary and Trends - The market has shown significant price increases in commodities and basic components, driven by expectations of price hikes regardless of demand [3][13]. - The article notes that midstream companies are currently undervalued despite the strong demand attributed to AI computing, as evidenced by the stagnation of stocks like Nvidia and optical modules [3][14]. Group 3: Future Market Expectations - The outlook for the first half of 2026 remains optimistic, with the Shanghai Composite Index expected to find strong support at 3990 points, followed by a period of consolidation [4][14]. - Key sectors identified for potential investment include non-ferrous metals, optical modules, gaming, Hong Kong internet, and batteries, with optical modules and Hong Kong internet expected to lead the market [4][14]. Group 4: Market Pricing Status of Key Sectors - Non-ferrous metals and chemicals are in a strong expectation and reality phase with low valuations, while gold is anticipated to remain in a price increase channel [5][15]. - The overseas computing sector (ChiNext AI) is characterized by strong expectations and realities with low valuations, suggesting potential strength during market fluctuations [5][15]. - The semiconductor sector is experiencing high valuations due to strong demand for storage chips, with future opportunities likely tied to domestic computing logic [5][15]. Group 5: Investment Opportunities in ETFs - The article suggests focusing on ETFs with significant exposure to optical modules, particularly the ChiNext AI ETF [7][16]. - Attention is also recommended for Hong Kong-focused products, including the Hong Kong Internet ETF, which is expected to perform well in the short term [7][16]. - The domestic AI sector, particularly in big data, is highlighted as having strong potential, with ETFs like the Big Data ETF likely to perform well alongside semiconductor and AI sectors [7][17]. - The acceleration of the digital RMB process positions the Financial Technology ETF as a promising investment opportunity [7][18].

进入2026年以来，南向资金继在2025年度创下1.4万亿港元的单年度净流入金额历史新高之后，又持续 加仓港股市场。据Wind数据统计，截至1月30日，南向资金2026年第一个月累计净流入已达689.72亿港 元。千亿规模ETF大厂——华宝基金今日（2月2日）启动聚焦"港股芯片"产业链的全市场首只港股信息 技术ETF联接基金（026755）募集首发，港股信息技术ETF（159131）为全市场首只跟踪中证港股通信 息技术综合指数（简称"港股通信息C"）的ETF产品，其标的指数由属于信息技术产业的42只港股硬科 技公司构成成份股组合。该基金将为场外投资者参与把握港股"中国硬科技资产"投资机遇提供又一创新 基金工具。 目前，"投资锐度"已成为以芯片为龙头的尖端硬科技产业重要标签。"就要闪耀"！港股信息技术ETF （159131）及其联接基金（026755）跟踪的标的指数为中证港股通信息技术综合指数（930967.CSI，简 称"港股通信息C"），该指数选取中证港股通综合指数中一级行业"信息技术"的相关成份股。按细分行 业来看，该指数成份股由约"70%硬件+30%软件"构成，重仓港股"半导体+电子+计算机软件"。该指 ...

Core Viewpoint - The A-share market shows mixed performance with the Shanghai Composite Index rising by 0.27% while the ChiNext Index fell by 0.57%, driven by a "price increase" theme, particularly in resource sectors [1] Group 1: Market Performance - The overall market saw over 3,600 stocks decline, with a total trading volume of 2.97 trillion yuan [1] - The resource sector, particularly non-ferrous metals, led the market, with significant inflows of over 34.3 billion yuan into the sector [3] Group 2: ETF Performance - The Huabao Non-ferrous ETF (159876) reached a new high, with an intraday price increase of 7.35% and a closing increase of 6.95%, attracting a net subscription of 1.4 million units [3][5] - The Chemical ETF (516020) also performed well, with a closing increase of 2.48%, marking a new high since July 2022 [7] - The Hong Kong Information Technology ETF (159131) rose by 1.75%, reflecting strong performance in the semiconductor sector [10] Group 3: Commodity Prices and Economic Factors - International gold prices have reached historical highs, driven by geopolitical tensions and concerns over the independence of the Federal Reserve, leading to increased demand for safe-haven assets [2][5] - The aluminum price has surged to a nearly four-year high, with spot gold reaching a new record of $5,283 per ounce [5] - The Federal Reserve's upcoming monetary policy decisions are expected to influence market dynamics, with a dovish stance likely to support the non-ferrous metals market [5] Group 4: Sector Analysis - The chemical industry is experiencing a price surge, with a notable increase in prices for products like soda ash and nitrogen fertilizers, indicating a potential turning point for the sector [7][9] - The semiconductor sector is witnessing a price increase, with major companies like Samsung and SK Hynix raising prices significantly for memory products [10][13]

Market Overview - On January 28, A-shares showed mixed performance with the Shanghai Composite Index rising by 0.27% while the ChiNext Index fell by 0.57%. The market logic revolved around the theme of "price increases," with resource products showing strong performance, particularly in the non-ferrous metals sector [1][17]. - The total trading volume across both markets reached 2.97 trillion yuan, with over 3,600 stocks declining [1][17]. Non-Ferrous Metals Sector - The non-ferrous metals sector led the market, attracting a net inflow of over 34.3 billion yuan. Notably, 16 stocks, including China Aluminum, hit the daily limit [4][19]. - The popular non-ferrous ETF, Huabao (159876), saw its price peak at a 7.35% increase, closing up 6.95%, marking a new historical high. This ETF has attracted a net subscription of 140 million units in a single day, accumulating over 1.2 billion yuan in the past 20 days [4][19]. Chemical Sector - The chemical sector experienced a broad increase, with the chemical ETF (516020) rising by 2.48%, reaching a new high since July 2022. The ETF's price saw a peak increase of 3.2% during the trading session [7][24]. - Key stocks in the chemical sector, such as Hebang Biotechnology and Zhejiang Longsheng, hit the daily limit, while others like Satellite Chemical and Huafeng Chemical surged over 8% [7][24]. Technology Sector - The technology sector, particularly in semiconductor stocks, remained active. The Hong Kong technology ETF (159131) rose by 1.75%, continuing its upward trend [11][19]. - The semiconductor market is experiencing a price surge, with major companies like Samsung and SK Hynix significantly increasing prices for memory chips used in iPhones, with increases exceeding 80% [11][14]. Global Economic Factors - International gold prices have been hitting historical records, driven by geopolitical tensions and concerns over the independence of the Federal Reserve, leading to increased demand for safe-haven assets [2][21]. - The Federal Reserve's upcoming monetary policy decisions are anticipated to influence market dynamics, with expectations of a dovish stance potentially benefiting the non-ferrous metals market [5][21]. Policy and Future Outlook - The Chinese government is promoting the construction of zero-carbon factories across various industries, which may reshape the supply chain and production costs in the chemical sector [10]. - Analysts suggest that the chemical industry is entering a favorable period for investment, driven by supply-side constraints and increasing domestic demand as part of the "14th Five-Year Plan" [10][22].

Core Viewpoint - The Hong Kong stock market is experiencing a surge in the hard technology sector, particularly in the semiconductor industry, with significant gains in stocks like Yunzhisheng and Naxinwei, and the launch of the first ETF focused on the Hong Kong chip industry [1][3]. Group 1: Market Performance - Yunzhisheng's stock price surged by 56%, while Naxinwei increased by over 9%, Huahong Semiconductor rose by over 6%, and SMIC gained over 4% [1]. - The newly launched Hong Kong Information Technology ETF (159131) saw a price increase of 1.85%, with a real-time transaction volume exceeding 64.77 million CNY [1][2]. Group 2: ETF Details - The Hong Kong Information Technology ETF (159131) is the first ETF focusing on the "Hong Kong chip" industry chain, with a composition of 70% hardware and 30% software, covering 42 hard technology companies [3]. - Key holdings in the ETF include SMIC with a weight of 15.26%, Xiaomi Group-W at 11.95%, and Huahong Semiconductor at 8.40% [3]. Group 3: Semiconductor Market Insights - According to SIA data, global semiconductor sales are projected to reach 75.28 billion USD by November 2025, marking 25 consecutive months of year-on-year growth [1]. - China's semiconductor sales are expected to be 20.23 billion USD, reflecting a year-on-year increase of 22.9% and a month-on-month increase of 3.9% [1].