格隆汇1月28日｜国际金价突破5200美元，稀有金属板块也迎来"飙升"时刻，稀有金属ETF(159608)近20 日资金净流入40.76亿元。稀有金属ETF(159608；联接A/C类：019874/019875)跟踪中证稀有金属指数， 指数剔除了受净流入周期影响较大的工业金属，聚焦稀土、锂、钴、钨、钼等能源金属和战略小金属. 全球芯片领域掀新一轮涨价潮。消息称，三星电子、SK海力士已经完成与苹果谈判，大幅上调iPhone 所用LPDDR内存的价格，三星报价涨幅超过80%，SK海力士则接近100%。国内方面，中微半导宣布调 整MCU、Norflash等产品价格，涨幅15%-50%；国科微宣布KGD产品涨价，幅度40%-80%。港股华虹半 导体涨超5.6%，再创历史新高，港股通科技ETF(159262)近20日资金净流入8.71亿元。港股通科技 ETF(159262；联接A/C类：025197/025198)标的指数覆盖港股AI、半导体等"硬科技"领域，重仓股覆盖 阿里巴巴、腾讯控股、小米集团、美团、中芯国际等，科技纯度高。半导体设备ETF广发(560780)近20 日资金净流入25.83亿元。半导体设备ETF ...

第二个契机，也是想对关键的一点：资金格局的边际变化。这要看内外两个方面。对外，要看美联储的 货币政策。如果今年美联储降息的路径越来越清晰，速度比市场预期的更快，那么全球流动性的大环境 就会改善，压在港股头上的"石头"就能减轻，国际资金回流新兴市场的动力会更强。对内，可以观察南 向资金的"决心"。一旦南向资金形成持续、大规模的流入趋势，就可能为港股注入最直接的动力。 1月22日，港股高开，恒生科技延续昨日涨势，百度集团、华虹、阿里巴巴涨幅居前。 实际上，12月以来，港股相比A股一直处于滞涨状态，港股为何缺席本轮躁动行情？最近发生了哪些积 极的变化呢？ 华夏基金分析称，港股缺席的原因主要是结构差异和资金环境的不同。 第一也是当前最直接的一点：市场热点的"错位"。本轮A股领涨的主力军，像人工智能、商业航天，还 有部分顺周期的有色板块，这些领域在A股有很多代表性公司，资金集中度很高。但是反观港股，它的 核心权重主要是互联网龙头、生物医药、以及一些高股息的金融地产。 第二，比结构更深层的是：资金环境的"分化"。A股市场目前有一个很强的支撑，就是内部流动性比较 充裕。比如我们看到的"存款搬家"讨论、两融余额的活跃，这些主 ...

Group 1 - The Hong Kong stock market has seen increased trading activity since the beginning of the year, with the Hang Seng Index's average daily turnover returning to the level of 250 billion HKD [1] - The Hong Kong thematic ETFs have attracted over 10 billion HKD in inflows since the start of the year, with several products reaching record high shares, indicating strong capital inflow into the Hong Kong technology sector, including the Hong Kong Stock Connect Technology ETF [1] - The listing of AI companies such as Zhipu Huazhang and MiniMax on the Hong Kong Stock Exchange in January 2026 marks a transition from technology validation to commercial value realization, particularly in advertising, gaming, and social sectors [1] Group 2 - The A-share technology sector is experiencing rising enthusiasm, which is positively impacting the performance of the Hong Kong technology sector [2] - Investment firms suggest focusing on new consumer sectors benefiting from the Federal Reserve's easing expectations and the recovery of the domestic economy, as well as technology sectors with growth potential amid the AI wave [2] - The Hong Kong Stock Connect Technology ETF reached a new scale of 10.117 billion HKD and a share count of 9.224 billion, both record highs since its inception, with significant net inflows observed recently [2] Group 3 - The Hong Kong Stock Connect Technology ETF closely tracks the Hang Seng Stock Connect Technology Index, which reflects the performance of Hong Kong-listed companies related to technology themes, excluding pharmaceuticals, automobiles, and home appliances [3] - Major constituents of the index include leading AI companies such as Tencent, Alibaba, and Xiaomi, which together account for over 40% of the index weight, with Tencent alone representing nearly 15% [3]

Group 1 - The Hong Kong stock sentiment index has fallen to 28.6, entering the panic zone for the first time in four months, indicating a potential investment opportunity as historical data shows a 100% success rate for Hong Kong stocks in the following month after entering this zone [1] - The AH premium index has risen to a peak of 122.7, reflecting a significant divergence between the performance of A-shares and Hong Kong stocks, with the latter showing historically low sentiment scores [1] - Huatai Securities suggests that Hong Kong stocks may enter a relative return period, driven by factors such as increased liquidity, inflows from southbound capital nearing 30 billion yuan, and upward revisions in earnings expectations [1] Group 2 - The Hang Seng Technology Index ETF (513180.SH) serves as a benchmark for Hong Kong's technology sector, covering internet, hard technology, and new energy vehicle companies [2] - The enhanced Hang Seng Technology ETF (159101.SZ) adds exposure to the biotechnology sector and increases the weight limit for individual component stocks to 15% [2] - The Hang Seng Internet ETF (513330.SH) focuses on software applications and internet media, with major holdings including Alibaba, Tencent, and Meituan, which together account for nearly 40% of the index [2] - The Hang Seng Pharmaceutical ETF (159892.SZ) targets innovative drugs and leading CXO companies, currently characterized by low valuations and low crowding [2]

Group 1 - The core viewpoint of the articles indicates a significant inflow of southbound funds into the Hong Kong stock market, with a net inflow of 28.8 billion HKD on January 6 and a record high of 187.2 billion HKD on January 5, marking the highest single-day inflow in nearly two and a half months [1] - In 2025, the total net purchase of southbound funds reached 1.4 trillion HKD, representing a year-on-year growth of 73.89%, the highest since the launch of the Shanghai-Hong Kong Stock Connect in 2014 [1] - Xu Meng, head of the quantitative investment department at Huaxia Fund, predicts that 2026 will be a year of valuation contraction and profit growth for Hong Kong stocks, with continued inflows of southbound funds expected [1] Group 2 - The Hang Seng Technology Index ETF (513180.SH) serves as a benchmark for the Hong Kong technology sector, covering internet, hard technology, and new energy vehicle sectors [2] - The enhanced Hang Seng Technology ETF (159101.SZ) adds exposure to the biotechnology sector and increases the weight limit for individual constituent stocks to 15% [2] - The Hang Seng Internet ETF (513330.SH) focuses on software applications and internet media, with major companies like Alibaba, Tencent, and Meituan accounting for nearly 40% of its weight [2] - The Hang Seng Pharmaceutical ETF (159892.SZ) targets innovative drugs and leading CXO companies, currently characterized by low valuations and low crowding [2]

Group 1 - The core viewpoint of the articles indicates that the Hong Kong technology sector is experiencing a rebound after a period of adjustment, with significant inflows of capital and a favorable valuation environment [1][2] - The A-share technology index has led the rebound since November 2025, driven by demand for computing hardware, while the Hong Kong technology sector has lagged due to liquidity issues and a focus on software applications [1] - Recent data shows that on January 5, net inflows from southbound capital exceeded 18.2 billion yuan, indicating renewed interest in Hong Kong technology stocks as the market enters a new assessment cycle [1] Group 2 - The Hang Seng Technology Index ETF (513180.SH) serves as a benchmark index covering internet, hard technology, and new energy vehicle sectors [2] - The enhanced version of the Hang Seng Technology ETF (159101.SZ) adds exposure to the biotechnology sector and increases the weight limit for individual components to 15% [2] - The Hang Seng Internet ETF (513330.SH) focuses more on software applications and internet media, with major stocks like Alibaba, Tencent, and Meituan accounting for nearly 40% of its weight [2]

Core Insights - The company achieved a total profit of 1.843 million in 2025, with a return rate of 33.89% [1][14] - The company primarily operates three investment accounts: on-exchange ETF account, off-exchange fund account, and advisory portfolio account [1] On-Exchange ETF Account - The on-exchange ETF account reported a profit of 438,046.77, with a return rate of 39.01% for 2025 [4] - The account's core holdings include Hong Kong innovation drug ETF, Hong Kong technology ETF, and Hong Kong consumer ETF, focusing on the Hong Kong market [4][5] - The account has shown stability, with 9 out of 12 months being profitable, indicating a monthly win rate of 75% [4] Off-Exchange Fund Account - The off-exchange fund account has assets of 5.4 million, with a profit of 1.325 million and a return rate of 33.89% [3][8] - The account's main holdings are in resource and technology funds, with significant contributions from resource funds [9] - The account has also shown stability, with 8 out of 12 months being profitable, resulting in a monthly win rate of over 66% [9] Advisory Portfolio Account - The advisory portfolio account has assets exceeding 1.2 million, with a cumulative profit of around 80,000 [13] - The portfolio focuses on long-term investments, with holdings in various funds, including medical and consumer sectors [13] - The account's strategy includes maintaining a maximum position of 15% in any single sector to manage risk [12][13] Market Outlook for 2026 - The company plans to adopt a more defensive strategy in 2026 due to high valuations in the A-share market, while the Hong Kong market remains relatively reasonable [17][18] - The company aims to reduce its overall position to around 60% if the market continues to rise, focusing on undervalued sectors with potential [21] - Key sectors for 2026 include Hong Kong technology, defense industry, and innovative pharmaceuticals, which together represent 50% of the overall portfolio [26][27]

Core Viewpoint - The investment accounts managed by the company have shown a mixed performance this year, with a total profit of 1.9 million yuan, down from a peak of 2.3 million yuan earlier in the year, indicating a drawdown of 400,000 yuan [2][3]. Group 1: Account Performance - The total assets in the on-market ETF account amount to 2.6 million yuan, while the off-market fund account holds 5.4 million yuan, and the advisory portfolio has 1.2 million yuan [7]. - The on-market ETF account has a year-to-date profit of 460,000 yuan, with a current yield of 40.19% [5][6]. - The off-market fund account has a year-to-date profit of 1.338 million yuan, with a yield of 34.21% [15][16]. Group 2: Investment Strategy - The company has shifted its strategy by reducing its position in a value ETF by 100,000 yuan and reallocating that amount to the Hang Seng Consumer ETF, which has seen a decrease in floating profit from 11% to 8% [4]. - The rationale for this shift includes the belief that consumer valuations are at historical lows and that there will likely be consumption stimulus policies next year, which could improve industry sentiment [5]. - The core holdings in the on-market ETF account focus on Hong Kong stocks, with significant investments in sectors such as innovative pharmaceuticals, technology, and consumer goods [8][9]. Group 3: Market Trends - The recent downturn in the Hong Kong stock market has not changed the company's long-term investment logic, which emphasizes the valuation advantages of Hong Kong stocks compared to A-shares [10]. - The company has noted that the recent performance of aerospace and satellite ETFs has been strong, contributing significantly to this week's profits [11]. - The company adheres to a philosophy of avoiding high-risk investments and focusing on undervalued sectors for long-term gains [12]. Group 4: Precious Metals Market - The precious metals market has experienced significant price increases, with platinum prices rising over 172% year-to-date, driven by demand from the aerospace sector [24]. - The company had previously identified platinum as a valuable investment but missed the opportunity to invest heavily at lower prices [21][24]. - The company advises against chasing prices in the current market, emphasizing the importance of strategic investment rather than following trends [25].

Core Viewpoint - The article discusses the changing dynamics of wealth management in light of declining interest rates and increased market volatility, emphasizing the need for strategic asset allocation rather than mere trading [1][3]. Group 1: Investment Philosophy - The concept of "quality assets" is highlighted, defined by sustained demand and relatively limited supply, which applies to both traditional consumer goods and emerging sectors like AI and semiconductors [3]. - The importance of returning to the fundamentals of supply and demand and maintaining independent judgment is emphasized as a key strategy for navigating market cycles [3]. Group 2: Asset Management Strategies - The discussion includes the significance of asset allocation, advocating for a gradient strategy that starts with defensive assets before moving to more aggressive investments [5]. - The "pyramid accumulation strategy" is introduced, where investors gradually increase their positions in risk assets during market downturns, with specific thresholds for adding to positions to manage risk [6]. Group 3: Market Dynamics - The article contrasts the regulatory environments of A-shares and Hong Kong stocks, noting that Hong Kong's more accommodating regulations allow for greater innovation and the emergence of significant companies [7][8]. - The impact of anti-involution policies on industry development is discussed, particularly in the context of the photovoltaic industry, where government intervention is seen as necessary to alleviate competitive pressures [10].

Group 1 - On December 23, the A-share market experienced slight fluctuations, with all three major indices closing in the green and a total trading volume of approximately 1.90 trillion yuan [1] - The total net inflow of funds into stock ETFs exceeded 38 billion yuan, with significant inflows into broad-based ETFs like the CSI A500 and thematic ETFs related to technology, satellites, and robotics [1][4] - Over the past five trading days, the CSI A500 index-related ETFs have attracted over 50 billion yuan in net inflows [1] Group 2 - As of December 23, the total scale of 1,282 stock ETFs reached 4.70 trillion yuan, with a total trading volume of 1,935.61 billion yuan, slightly down from the previous day's 1,958.19 billion yuan [2] - The top-performing ETFs on that day were all related to the battery sector, with lithium battery ETFs leading the gains, all showing increases of over 2% [2][3] - Conversely, ETFs related to the satellite and general aviation sectors performed poorly, with declines exceeding 3% [2] Group 3 - On December 23, the total net inflow of funds into the stock ETF market was 39 billion yuan, with 31 stock ETFs seeing net inflows exceeding 1 billion yuan [4] - The top sectors for fund inflows included the CSI A500, gold, Hong Kong technology, satellite industry, and robotics, with the CSI A500 alone attracting 133.6 billion yuan [4] - The AAA Sci-Tech bond saw the highest net inflow of 182.15 billion yuan, while the CSI 300 index experienced the largest net outflow of 40.24 billion yuan [4] Group 4 - The top three stock ETFs by net inflow on December 23 were the A500 ETFs from E Fund, Huaxia, and Guotai, with inflows of 31.17 billion yuan, 27.37 billion yuan, and 27.05 billion yuan respectively [5] - A total of 27 stock ETFs experienced net outflows exceeding 1 billion yuan, with the CSI 300 index, SSE 50 index, and ChiNext index among those with the highest outflows [6] Group 5 - E Fund's ETF products have seen significant inflows, with the latest scale reaching 840.48 billion yuan, an increase of 239.83 billion yuan since 2025 [7] - Huaxia Fund's A500 ETF and gaming ETF also saw substantial inflows, with net inflows of 27.37 billion yuan and 2 billion yuan respectively [7] - GF Fund's ETFs also attracted net inflows, particularly the Hong Kong technology ETF, which saw a net buy of 6.42 billion yuan [8]