作者：创业板人工智能ETF华宝（159363）基金经理 曹旭辰 1月15日，AI题材内部形成对冲，AI应用冲高回落，近期回调的AI光模块却逆市大幅走强，光模块三巨 头中，中际旭创、新易盛双双涨逾4%。热门ETF方面，双线布局"算力+AI应用"的创业板人工智能ETF 华宝（159363）场内一度跌逾3%，最终收跌1.42%。资金反向继续进场抢筹，1月15日盘中实时净申购 创业板人工智能ETF华宝（159363）超2亿份，此前短短3日已累计加码9.7亿元，该ETF最新基金规模已 突破50亿元大关至53.38亿元。（数据来源：沪深证券交易所、Wind；时间截至2026.1.14） 创业板人工智能ETF华宝（159363）基金经理曹旭辰分析，短线回调并不改变2026年上半年A股市场走 强预期。相反，在行情回调期，经营业绩高靓的AI光模块板块，或将成为资金阶段性追捧的好去处。 国盛证券分析，算力产业链高景气周期背景下，光模块头部厂商在中国和泰国加速扩产，预计光模块行 业2026年一季度将迎来产能集中释放，驱动业绩进入新一轮爬坡期。该机构表示，继续看好算力板块， 坚定推荐算力产业链相关企业，如光模块行业龙头。* 无论是以 ...

Group 1 - The Hong Kong Stock Connect Innovative Drug ETF (520880) experienced a strong increase, reaching a peak price of 2.88% and currently up by 2.52% [1] - Key performing stocks within the ETF include China Biologic Products, BeiGene, and Hansoh Pharmaceutical, with respective increases of 5.21%, 3.53%, and 3.14% [1] - The market anticipates more international collaboration opportunities for Chinese innovative drug companies following the JPM Healthcare Conference held from January 12 to 15, 2026 [2][3] Group 2 - West Securities predicts that the Hong Kong innovative drug sector will continue to show structural trends in 2026, with accelerated BD (business development) overseas driving the convergence of drug price differences between China and the U.S. [3] - Huafu Securities emphasizes that innovation will be a clear focus in 2026, particularly in cutting-edge technology platforms such as gene therapy and small nucleic acids [3] - The top ten weighted stocks in the Hang Seng Stock Connect Innovative Drug Select Index include Kangfang Biologics, CSPC Pharmaceutical Group, BeiGene, and China Biologic Products [3]

Group 1: Market Outlook Post 4100 Points - The A-share market has seen a significant rally, with the Shanghai Composite Index rising above 4100 points and daily trading volume exceeding 3 trillion yuan, indicating a "bottom release market" that has improved the market's profitability [2][11] - The overall outlook for 2026 remains positive, particularly for technology stocks in the first half, although a short-term adjustment is expected after the recent surge [2][11] - The previous strong performers, such as the optical module sector, may see a rebound, providing opportunities for investors during market corrections [2][11] Group 2: Domestic AI Trends - There is a consensus that 2026 will be a pivotal year for domestic AI, but this comes with challenges such as high expectations leading to elevated valuations and potential volatility in sectors like semiconductors and IDC [3][12] - Companies representing GPU technology must deliver on performance in the second half of 2026 to maintain current valuation levels [3][12] - The domestic cloud service providers face critical decisions regarding capital expenditure and the approach to domestic training and inference [3][12] Group 3: Hong Kong Stock Market Outlook - The Hong Kong stock market was disappointing in Q4 2025, but this could lead to better performance in 2026, especially if A-share funds flow into Hong Kong [4][13] - A potential influx of 10% of A-share capital into Hong Kong could double its trading activity, contingent on a favorable trading environment in A-shares [4][13] - Key unchanged factors include the demand for computing power and abundant global liquidity, while changes such as advancements in high-end GPU manufacturing and the emphasis on physical AI by companies like Nvidia and Tesla could impact market dynamics [4][13] Group 4: Investment Opportunities - The market may experience short-term corrections, presenting excellent buying opportunities, particularly in sectors like optical modules represented by the AI ETF [5][14] - Suggested investment directions include focusing on products related to the Hong Kong market and the big data industry, which may see strong performance alongside semiconductor and AI sectors [5][6][14] - The big data ETF is expected to perform well, similar to the trends observed in the technology and AI sectors [6][14]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：潮药Bar 最近instil bio的退货笔者已经进行了比较详细的阐述，虽然在宜明昂科与instil bio关于退货的这件事情 上，根本不足以造成退货潮的恐慌，这件事情完全不需要担心形成蝴蝶效应。 不过2026年有另一件事情，或许会形成蝴蝶效应，甚至是最后会影响甚至决定创新药未来3-5年内的国 运。站在我们现在的视角去看，中国第一个引领全球创新热潮，第一个领先于发达国家数年之内做出来 的产品是什么？我想答案自然是康方的AK112，PD-1×VEGF双抗是中国创新药界第一次引领全球创新 的潮流。 AK112目前来说确实在中国市场获批上市，目前来说，在NSCLC适应症中，EGFR突变患者在EGFR TKI耐药后的治疗中做出了相对不错的结果（harmoni-A），其中PFS数据惊艳，相对于化疗组，PFS数 据为7.06个月vs 4.8个月，HR=0.46。在OS数据上，虽然不算惊艳，但至少是达到了次要终点，AK112 联合化疗组的中位生存期为16.8个月，而单纯化疗组为14.1个月，风险比为0.74（p=0.019）。在中国的 临床数据 ...

华福证券指出，医药创新长期主线逻辑不变，元旦后的港股科技开门红行情是良好开端，亦启示创新药 械作为医药中科技属性最强的方向，2026年大概率有不错机会。此外，兴业证券认为，"创新+国际 化"仍将是2026年医药板块核心主线，重点关注产业趋势持续向好的创新药，全球竞争力持续加强+出 海持续落地+商业化盈利兑现。 把握港股创新药低吸窗口期，重点关注同类最大港股通创新药ETF（520880）及其场外联接基金 （025221），标的指数恒生港股通创新药精选指数具备三大独特优势：其一，纯粹，全面。不含 CXO，纯正创新药，全面覆盖创新药研发类公司；其二，龙头占比大。前十大创新药龙头权重超73%， 表征创新药硬核力量；其三，风险更可控。对流动性较差的成份股强制降权，有力管控尾部风险。 1月8日，港股通创新药逆市上涨，迎来开年四连涨。纯度100%的港股通创新药ETF（520880）早盘高 开后冲上2%，一举站上60日线。进入2026年，港股通创新药经过前期的回调，目前展现反转迹象。 从配置性价比角度看，恒生港股通创新药精选指数自2025年9月上旬开始进入阶段调整期，截至2025年 12月31日回撤超24%，调整较为充分。分 ...

Core Viewpoint - The Hong Kong stock market continues to adjust, but the innovative drug sector is experiencing a rally, with the Hong Kong Stock Connect Innovative Drug ETF (520880) rising for the fourth consecutive day, gaining over 2% and surpassing the 60-day moving average [1][3]. Group 1: Market Performance - The Hong Kong Stock Connect Innovative Drug ETF (520880) opened high and rose by 2.02% to a price of 0.555, with a trading volume of 95,100 shares [2]. - Major constituents of the ETF include: - InnoCare Pharma-B (映恩生物-B) up over 6% - Hutchison China MediTech (和黄医药) up over 4% [1][2]. Group 2: Regulatory and Company Developments - The National Medical Products Administration (NMPA) has optimized the review and approval process for innovative drugs, encouraging the application of urgently needed overseas marketed original and generic drugs in China [1][3]. - Recent announcements from innovative drug companies include: - Sinopharm's SAL0145 injection clinical trial application accepted by NMPA [3]. - Hengrui Medicine's approval for its innovative drug Rilapladib injection [3]. Group 3: Investment Sentiment and Recommendations - Recent reports from securities firms such as Pacific Securities, Guotai Junan, and Industrial Securities are bullish on the innovative drug sector, emphasizing the importance of "innovation + internationalization" as a core theme for the pharmaceutical sector by 2026 [3][4]. - The Hong Kong Stock Connect Innovative Drug ETF (520880) tracks the Hang Seng Stock Connect Innovative Drug Select Index, which has three key advantages: 1. Pure and comprehensive coverage of innovative drug R&D companies [4]. 2. High concentration of leading companies, with the top ten innovative drug leaders accounting for over 73% of the index [5]. 3. Controlled risks through forced de-weighting of less liquid constituent stocks [4].

Core Viewpoint - The Hong Kong stock market continues to adjust, but the innovative drug sector is experiencing a rally, with the Hong Kong Stock Connect Innovative Drug ETF (520880) rising for the fourth consecutive day, gaining over 2% and surpassing the 60-day moving average [1][3]. Group 1: Market Performance - The Hong Kong Stock Connect Innovative Drug ETF (520880) opened high and rose by 2.02%, reaching a price of 0.555 [2]. - Major components of the ETF, such as InnoCare Pharma-B and Hutchison China MediTech, saw significant gains of over 6% and 4%, respectively [1][3]. Group 2: Regulatory Environment - The National Medical Products Administration (NMPA) has optimized the review and approval process for innovative drugs, encouraging the application of urgently needed foreign-origin original and generic drugs in China [1][3]. Group 3: Company Developments - Recent announcements from innovative drug companies include the acceptance of clinical trial applications for SAL0145 injection by Sinopharm and the approval of the innovative drug Rilapladib by Hengrui Medicine [3]. - Securities firms are increasingly optimistic about the innovative drug sector, with reports from Pacific Securities, Guotai Junan, and Industrial Securities recommending continued focus on the innovative drug and medical device industry chain [3]. Group 4: ETF Characteristics - The Hong Kong Stock Connect Innovative Drug ETF (520880) tracks the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index, which has three unique advantages: it is purely focused on innovative drugs, has a high concentration of leading companies, and effectively controls risks associated with less liquid stocks [3][4]. - The top ten holdings in the ETF account for over 73% of its weight, highlighting the dominance of leading innovative drug companies [5].

1月8日早盘，港股延续调整，创新药再度逆市领涨！纯度100%的港股通创新药ETF（520880）连续第4 日上涨，高开后再度冲上2%，一举站上60日线！成份股映恩生物-B涨超6%居首，和黄医药涨超4%。 | | | 分时 多日 1分 5分 15分 30分 60分 日 周 · | | | | | | F9 盘前盘后 盛加 九转 西氏 工具 @ 0 | > | 港股通创新药ETF O | | 520880 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.556 | | | | | 520880JA股通创新资ETF] 09:58 价 0.555 涨跌 0.011(2.02%) 均价 0.553 股交盘 9.51万 IOPV 0. | | | | 2.59% | 0.555 | | +0.011 +2.022 | | 0.553 July 1 | | | | | | | | | 1.7393 | SSE CNY 9:58:33 文理中 | | T+0 图 / 图 + | | | | | | | ...

Core Viewpoint - The A-share market is experiencing a historic moment with the Shanghai Composite Index recording a 14-day winning streak, while the Hong Kong market shows weakness, particularly in technology stocks. However, innovative drug ETFs are performing well, indicating strong investor interest in the healthcare sector [1][3][4]. ETF Performance - The Hong Kong Stock Connect Innovative Drug ETF (520880) has risen over 3%, marking three consecutive days of gains, while the overall market shows mixed results. The Pharmaceutical ETF (562050) also recorded three consecutive daily gains, indicating a strong performance in the pharmaceutical sector [1][3][4]. - The largest medical ETF in the market (512170) is approaching its six-month line, reaching a new 20-day high, reflecting positive momentum in the healthcare sector [1][3][4]. Sector Highlights - The pharmaceutical sector is significantly outperforming the broader market, with leading innovative drug companies like Rongchang Bio surging over 11%. The overall performance of the pharmaceutical ETF indicates a strong bullish sentiment among investors [3][4]. - The AI application sector is also gaining traction, with the Entrepreneurial Board AI ETF (159363) reaching a new high, supported by strong performance in AI hardware and applications [9][11]. Market Outlook - Huaxi Securities suggests that the current market dynamics indicate an early spring rally, maintaining a bullish outlook. Key investment themes include emerging growth sectors and opportunities arising from anti-involution trends, particularly in AI, robotics, and renewable energy [2][20]. - The outlook for the metals sector remains optimistic, driven by macroeconomic factors such as potential interest rate cuts by the Federal Reserve and strong demand in traditional and emerging industries [13][15]. Investment Recommendations - Analysts recommend focusing on sectors benefiting from policy support, such as AI computing chains, robotics, and domestic replacements, as well as sectors poised for price increases like chemicals and non-ferrous metals [2][20]. - The innovative drug and medical device sectors are highlighted as key areas for investment, with a focus on companies that are expected to maintain strong growth trajectories through 2026 [7][20].

Market Overview - A-shares experienced a historic moment with the Shanghai Composite Index recording a 14-day winning streak, while the ChiNext Index fluctuated before closing lower. The total trading volume exceeded 28 trillion yuan over two consecutive trading days [1][19]. - The Hong Kong stock market showed weakness, with the Hang Seng Index down 0.94% and the Hang Seng Tech Index down 1.49%. However, the Hong Kong Stock Connect innovative drug sector performed well [1][19]. ETF Performance - The Hong Kong Stock Connect Innovative Drug ETF (520880) rose over 3%, marking its third consecutive increase, while the only ETF representing the pharmaceutical sector (562050) also recorded three consecutive days of gains. The largest medical ETF (512170) approached its six-month high [1][3][21]. - The Entrepreneurial Board Artificial Intelligence ETF (159363) increased by 0.79%, reaching a new high, while the broad-based dual-innovation leader ETF (588330) aimed for previous highs [1][3][19]. Pharmaceutical Sector - The pharmaceutical sector outperformed the broader market, with the innovative drug leader Rongchang Bio surging over 11%. The medical ETF (562050) achieved three consecutive daily gains [3][21]. - The medical sector showed some differentiation, with the brain-computer interface concept remaining popular. The largest medical ETF (512170) continued to rise, reaching a new 20-day high [3][21]. AI and Technology Sector - The Entrepreneurial Board Artificial Intelligence Index reached a new high, driven by strong performances in computing hardware and AI applications. Notable stocks included Zhishang Technology, which rose over 7%, and several others that increased by over 3% [25][27]. - The upcoming launch of DeepSeek's flagship system R2 is expected to catalyze AI applications, with Meta's acquisition of Manus further enhancing AI capabilities [27][28]. Rare Earth and Nonferrous Metals - The nonferrous metals ETF (159876) saw a significant increase, with a net subscription of 54.6 million units, reflecting strong investor interest. The ETF's price rose by over 1.6% during the day [10][12]. - The nonferrous metals market is experiencing a bullish trend due to various factors, including supply constraints and increased demand from new industries [10][13].