分析师：卫以诺 分析师登记编码：S0890518120001 电话：021-20321014 邮箱：weiyinuo@cnhbstock.com 2026 年 01 月 06 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 2026/1/6 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 021-20515355 2025/12/30》2025-12-30 2、《ETF 及指数产品网格策略周报— 2025/12/23》2025-12-23 3、《ETF 及指数产品网格策略周报— 2025/12/17》2025-12-17 4、《ETF 及指数产品网格策略周报— 2025/12/9》2025-12-09 5、《ETF 及指数产品网格策略周报— 2025/12/2》2025-12-02 投资要点 分析师：程秉哲 ◆网格交易策略概述：简单来说，"网格交易"本质上 ...

Core Insights - Despite challenges such as tariffs and geopolitical conflicts, several markets in the Asia-Pacific region, including China, Japan, South Korea, and Southeast Asia, have shown strong stock market performance [1][2] - The key drivers behind the robust performance of the Asia-Pacific markets include a revaluation of Chinese market values, corporate governance reforms in Japan, and the cyclical nature of technology stocks in South Korea [1][2] - The future of the Asia-Pacific capital markets may face pressures from traditional growth models due to demographic changes, geopolitical factors, and global supply chain restructuring [1][3] Market Dynamics - The Asia-Pacific region is experiencing a divergence between developed markets like Japan and Australia and less developed markets, highlighting the varying economic conditions across the region [2] - Market liquidity is becoming less significant as more companies opt for privatization, leading to a situation where not all economic indicators are publicly available [2] - Tariffs have introduced uncertainty that affects economic activities requiring stability, such as investment decisions and mergers [2] Future Trends - The power of capital will ultimately manifest as companies consider various manufacturing locations, including China, Southeast Asia, and developed regions like the U.S. [3][4] - The importance of low-cost labor is expected to diminish over the next 50 years due to the rise of artificial intelligence and related technologies, leading to a shift in manufacturing site selection closer to consumer bases [4] - The Asia-Pacific region, with two-thirds of the world's population, is likely to remain a central hub for manufacturing due to its high domestic consumption levels [3][4]