2026/2/25 分析师：卫以诺 分析师登记编码：S0890518120001 电话：021-20321014 邮箱：weiyinuo@cnhbstock.com 分析师登记编码：S0890522110001 电话：021-20321297 邮箱：chengbingzhe@cnhbstock.com 分析师：薛婧怡 分析师登记编码：S0890525070001 电话：021-20321092 邮箱：xuejingyi@cnhbstock.com 2026 年 02 月 25 日 证券研究报告 | 财富生态周报 ETF 及指数产品网格策略周报 （3）证券保险 ETF 易方达（512070.SH）：券商发债规模同比大幅增长，为 业务扩张奠定坚实基础；沪深北交易所优化再融资政策，利好投行业务。据财 联社 2 月 21 日消息，根据 Choice 数据统计，2026 年截至 2 月 20 日，券商累 计发行债券的募资总额达 4260.4 亿元，同比增长 243.97%，体现出券商发债情 绪的高涨。与此同时，年内债券获批额度已达 3220 亿元。这一方面为券商补充 了较低成本的长期资金，有助于扩大其自营、做市、两融、 ...

Market Performance - The Shanghai Composite Index rose by 0.16%, while the ChiNext Index increased by 0.85% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 16,458 billion yuan, a decrease of 2,196 billion yuan compared to the previous day [1] Sector Performance - The computing hardware industry chain showed strength, with GPU and server sectors leading the gains [1] - Active sectors included lithium mining, semiconductors, AI smartphones, rare earths, and humanoid robots [1] - Weaker sectors included coal, retail, liquor, banking, and electric power [1] ETF Performance - The semiconductor sector saw significant gains, with ETFs such as the Jiashi Fund Integrated Circuit ETF, Guolianan Fund Sci-Tech Chip Design ETF, and Guotai Fund Integrated Circuit ETF rising by 4.79%, 4.31%, and 4.22% respectively [1] - The Xinchuang sector also performed well, with the E Fund Xinchuang ETF and GF Fund Xinchuang ETF increasing by 3.88% and 3.62% respectively [1] - Cyclical sectors experienced a pullback, with the coal ETF declining by 1.85%, and the food and beverage sector also saw declines, with the liquor ETF and food and beverage ETF falling by 1.67% and 1.38% respectively [1]

Group 1 - The real estate and building materials sectors showed strength on January 20, with multiple related ETFs rising over 3% [1][4][15] - The precious metals sector, represented by gold stocks, also gained momentum in the afternoon, with several gold-themed ETFs increasing by over 2% [1][4][15] - The commercial aerospace sector has recently entered a high volatility range, with several satellite-themed ETFs dropping over 4% [2][16] Group 2 - There has been a noticeable trend of capital flowing out of broad-based ETFs and into industry-specific ETFs, with significant net inflows into semiconductor materials and non-ferrous metals ETFs exceeding 10 billion yuan [3][17] - On January 19, the electric grid-themed ETF saw a net inflow of over 2.5 billion yuan, while gold ETFs and semiconductor materials equipment also attracted over 1 billion yuan each [10][24] - The broad-based ETFs continued to experience net outflows, with the CSI 300 ETF seeing a net outflow of over 30 billion yuan on January 19, although this was a decrease from over 58 billion yuan on January 16 [10][24] Group 3 - The leading broad-based ETFs remain highly active in trading, with several ETFs achieving transaction volumes exceeding 10 billion yuan [8][22] - The A500 ETF, which is the first to "go abroad" under the mutual market access mechanism, was listed on the Singapore Exchange on January 20, marking a significant milestone for cross-border ETF investment [13][27] - Analysts suggest that the domestic equity market remains active, with a focus on sectors supported by performance, as the market prepares for upcoming earnings reports [12][26]

Market Performance - The A-share market experienced a collective decline, with the Shanghai Composite Index down 0.01%, the Shenzhen Component Index down 0.97%, the ChiNext Index down 1.79%, and the Beijing Stock Exchange 50 Index down 2% [1] - The total trading volume across the three markets reached 28,041 billion yuan, an increase of 720 billion yuan compared to the previous day, with over 3,100 stocks in the three markets showing losses [1] Sector Performance - The top-performing sectors included epoxy propylene, precious metals, glyphosate, cultivated diamonds, real estate, construction materials, banking, and airport shipping [1] - Conversely, the sectors that saw the largest declines were commercial aerospace, military equipment, CPO, copper cable high-speed connections, and photovoltaic equipment [1] ETF Performance - Domestic demand sectors saw a broad increase, with the real estate industry chain leading the gains; notable ETFs included: - Fuguo Fund Construction Materials ETF up 3.96% - Guotai Fund Construction Materials ETF up 3.88% - E Fund Construction Materials ETF up 3.39% - Huabao Fund Real Estate ETF up 3.22% - Yinhua Fund Real Estate ETF up 2.87% [1] - Gold prices reached a new historical high, with Ping An Fund Gold Stock ETF rising by 3.24% [1] - Hong Kong consumer stocks also rose, with the Huitianfu Fund Hong Kong Stock Connect Consumer 50 ETF increasing by 2.8% [1] Declining ETFs - The commercial aerospace sector led the declines, with satellite ETFs such as Satellite ETF, Satellite ETF Penghua, and Satellite ETF Guangfa falling by 4.69%, 4.63%, and 4.58% respectively [1] - The photovoltaic sector experienced a pullback, with the Kexin New Energy ETF down 3.94% [1] - The CPO sector also declined, with the communication equipment ETF down 3.76% [1]

Market Overview - The three major A-share indices collectively declined in the morning session, with the Shanghai Composite Index down 0.3%, the Shenzhen Component Index down 1.22%, and the ChiNext Index down 1.83% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 186.54 billion yuan, an increase of 58.9 billion yuan compared to the previous day [1] - Over 3,300 stocks in the market experienced declines [1] Sector Performance - The chemical, cultural media, real estate, insurance, banking, airport shipping, retail, and semiconductor sectors showed the highest gains [1] - Conversely, the commercial aerospace, CPO, controllable nuclear fusion, minor metals, battery, and military sectors faced the largest declines [1] ETF Performance - Domestic demand sectors saw a broad increase, with the real estate industry chain leading the gains; specific ETFs such as Huabao Fund Real Estate ETF, Guotai Fund Building Materials ETF, and Yinhua Fund Real Estate ETF rose by 3.22%, 2.99%, and 2.87% respectively [1] - In the Hong Kong market, consumer stocks also rose, with ETFs like Huitianfu Fund Hong Kong Stock Connect Consumer 50 ETF and Fuguo Fund Hong Kong Stock Connect Consumer ETF increasing by 2.15% and 2.02% respectively [1] Specific Sector Declines - The commercial aerospace sector led the declines, with satellite ETFs from E Fund, GF Fund, and others dropping by 5% [2] - The photovoltaic sector also experienced a pullback, with photovoltaic ETFs and leading ETFs from GF Fund declining by 3.61% and 3.59% respectively [2]

Group 1 - The Hong Kong Stock Connect Consumption 50 ETF (159268) increased by 0.11% with a trading volume of 49.2591 million yuan on January 15 [1] - The fund's shares decreased by 2 million, bringing the total shares to 739 million, with a reduction of 19.6 million shares over the last 20 trading days [1] - The latest net asset value of the fund is 699 million yuan [1] Group 2 - The performance benchmark for the Hong Kong Stock Connect Consumption 50 ETF is the National Index Hong Kong Stock Connect Consumption Theme Index return (adjusted for valuation exchange rate) [1] - The fund is managed by E Fund Management Co., Ltd., with the fund manager being Le Wuqiong [1] - Since its establishment on July 10, 2025, the fund has returned -5.47%, with a return of -0.46% over the past month [1]

Group 1 - The Hong Kong Stock Connect Consumption 50 ETF (159268) experienced a decline of 0.11% on January 7, with a trading volume of 54.65 million yuan [1] - The fund's shares decreased by 7 million, bringing the total shares to 783 million, with a reduction of 10.1 million shares over the last 20 trading days [1] - The latest net asset value of the fund is calculated to be 739 million yuan [1] Group 2 - The performance benchmark for the Hong Kong Stock Connect Consumption 50 ETF is the National Index of Hong Kong Stock Connect Consumption Theme Index, adjusted for valuation exchange rates [1] - The fund is managed by E Fund Management Co., Ltd., with the fund manager being Le Wuqiong [1] - Since its establishment on July 10, 2025, the fund has returned -5.61%, with a return of -2.30% over the past month [1]

Market Overview - The market has experienced increased volatility since October, particularly in the technology sector, with renewed interest in dividend assets due to heightened risk aversion stemming from escalating trade tensions [1] - The uncertainty from trade disputes may lead to a rotation of funds from crowded trades, resulting in fluctuations in high-valuation growth sectors and a rebound in undervalued sectors [1] Asset Allocation Strategy - In the current market context, focus on sectors with positive earnings forecasts such as semiconductor technology, battery, and non-ferrous metals during the third-quarter earnings reporting period [2] - From a funding perspective, main funds are flowing into AI technology sectors like electronics and communications, while southbound funds are notably directed towards dividend sectors like banking [2] Sector Performance Semiconductor Sector - The semiconductor sector is experiencing high growth, with a significant number of companies reporting strong earnings during the third-quarter disclosures [2] - Notable companies include Cambrian, which reported a net profit of 1.605 billion yuan, marking its first profitable quarter, and Haiguang Information, with a net profit of 1.961 billion yuan, up 28.56% year-on-year [2] Non-Ferrous Metals and Battery Sectors - The non-ferrous metals sector is showing signs of recovery, with expected profit growth of 50% by 2025, driven by various favorable factors including supply-side policies and global economic conditions [4] - The battery sector, previously affected by price wars, is expected to see a turnaround with a projected profit growth of 36% by 2025, supported by demand for energy storage and advancements in solid-state battery technology [7] AI and Technology Trends - The AI sector is catalyzing growth across various industries, with significant investments from major companies like Oracle and domestic tech giants increasing their AI capabilities [8] - The Hong Kong market is well-positioned to benefit from the AI narrative, with a complete domestic AI industry chain and major tech companies included in the Hong Kong Technology ETF [8] Funding Trends - Main funds are showing a "barbell" strategy, focusing on both technology sectors and undervalued dividend sectors like banking and consumer goods [12] - Recent data indicates significant net inflows into electronic and communication sectors, with banking also receiving attention as a defensive investment [12] Conclusion - The current market dynamics suggest a strategic focus on sectors with strong earnings potential and favorable growth forecasts, particularly in technology and dividend-paying sectors, as investors seek stability and returns in a volatile environment [1][2][4][7][12]

Core Viewpoint - The Hong Kong Stock Connect Consumption 50 ETF (159268) experienced a 2.02% increase in value on October 15, with a trading volume of 95.06 million yuan, indicating positive market sentiment towards consumer stocks in Hong Kong [1] Group 1: Fund Performance - The fund's total shares increased by 34 million to reach 561 million, with a total increase of 161 million shares over the last 20 trading days [1] - The latest net asset value of the fund is calculated at 562 million yuan [1] - Since its establishment on July 10, 2025, the fund has returned 0.25%, while the return over the past month has been -3.46% [1] Group 2: Benchmark and Management - The performance benchmark for the fund is the National Index Hong Kong Stock Connect Consumption Theme Index Return Rate, adjusted for valuation exchange rates [1] - The fund is managed by E Fund Management Co., Ltd., with the fund manager being Le Wuqiong [1]

Core Viewpoint - The ETF market showed mixed performance on October 9, with significant gains in gold-related ETFs while some other ETFs experienced declines [1] Group 1: ETF Performance - Gold stock ETF (517520) increased by 9.64% [1] - Gold stock ETF (517400) rose by 8.52% [1] - Gold stock ETF (159321) gained 8.13% [1] - Currency ETF (511600) decreased by 3.81% [1] - Hong Kong Stock Connect Consumer 50 ETF (159268) fell by 1.66% [1] - Hong Kong Consumer 50 ETF (159265) dropped by 1.61% [1]