Market Performance - The three major A-share indices opened high and closed higher, with the Shanghai Composite Index rising by 1.41%, the Shenzhen Component Index increasing by 2.17%, and the ChiNext Index up by 2.98% [1] - The North China 50 Index rose by 1.36%, and the total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 22,702 billion yuan, an increase of 1,067 billion yuan compared to the previous day [1] - Over 4,600 stocks in the three markets experienced gains [1] Sector Performance - The leading sectors included video production, optical fiber, dyes, photovoltaics, CPO, cultivated diamonds, computing power leasing, semiconductors, commercial aerospace, and smart grids [1] - The oil and gas extraction and service sectors lagged behind in performance [1] ETF Performance - The film and television sector saw strong gains, with the Guotai Fund Film and Television ETF and the Yinhua Fund Film and Television ETF rising by 7.5% and 6.89%, respectively [1] - The CPO sector experienced a significant surge, with the ChiNext Artificial Intelligence ETFs from Huashan, Guotai, and Fuguo increasing by 6.98%, 6.59%, and 6.59%, respectively [1] - The artificial intelligence sector was active, with the Science and Technology Innovation ChiNext Artificial Intelligence ETF from Yongying rising by 5% [1] Bond ETF Performance - The oil and gas extraction and service sectors showed weakness, with the Energy and Chemical ETF from Jianxin declining by 0.08% [2] - Bond ETFs were in the red, with the Science and Technology Innovation Bond ETF from Fuguo and the 10-Year Local Government Bond ETF from Haifutong falling by 0.05% and 0.04%, respectively [2]

Market Overview - The A-share market saw a collective rise in the three major indices, with the Shanghai Composite Index recovering the 4100-point mark, closing up 1.41% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 2.27 trillion yuan, an increase of 106.7 billion yuan compared to the previous trading day [1] ETF Performance - The film and AI ETFs led the market with significant gains, with the Guotai Film ETF (516620) surging 7.50% and the Huazhang AI ETF (159279) rising 6.98% [2] - Other AI-related ETFs also performed well, with several exceeding a 6.50% increase, indicating strong investor interest in AI applications and computing infrastructure [2] - The new energy sector also showed positive movement, with the Invesco Battery ETF (159757) up 2.20% and the Fortune Lithium Battery ETF (561160) rising 2.12% [2] ETF Declines - Commodity and bond ETFs experienced slight adjustments, with the maximum decline being less than 0.1%, indicating a stable market environment [3][4] Trading Activity - The Short-term Bond ETF (211360) had a trading volume of 52.734 billion yuan, leading the market, followed by the Yin Hua Daily ETF (211880) at 17.104 billion yuan [5][7] - The Huaxia Brazil ETF (159100) had a turnover rate of 211.93%, reflecting a high level of speculative trading in cross-border products [6][7] New ETF Launch - The E Fund Shanghai Composite Index ETF (530060) is set to launch on February 10, 2026, with 321 million shares issued, tracking the overall performance of stocks listed on the Shanghai Stock Exchange [8]

（责任编辑：刘畅 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com A股今日集体上涨，截至收盘，沪指涨0.18%，深成指涨0.09%，创业板指涨0.71%，北证50指数跌 0.05%，沪深京三市成交额29215亿元，较上日缩量3592亿元，三市超1900只个股飘红。 板块题材上， 贵金属、半导体、培育钻石、光伏设备、保险、军工装备、CPO、AI语料板块涨幅居前；生物疫苗、煤 炭开采加工、化学化工、电池、猪肉、白酒、旅游及酒店、电网设备板块跌幅居前。 ETF方面，半导体板块强势走高，华泰柏瑞基金中韩半导体ETF、华夏基金科创半导体ETF、华泰 柏瑞基金科创半导体设备ETF分别涨4.51%、3.59%、3.52%。科创100指数午后拉升，国泰基金科创板 100ETF涨3.41%。CPO板块久违反弹，创业板人工智能ETF华宝涨2.76%。 国证2000ETF工银跌4.93%。疫苗板块走低，疫苗ETF、疫苗ET ...

1. Report Industry Investment Rating - The operation rating for CITIC Five-Style - Stable is ☆☆★ [2] 2. Core Viewpoints - As of the week ending on January 23, 2026, the weekly returns of Tonglian All A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index were 1.75%, 0.21%, and 2.08% respectively [3] - In the public fund market, the enhanced index strategy performed strongly in the past week, with a weekly return of 1.82%. Most neutral strategy products had positive returns, and the convertible bond strategy outperformed the pure bond strategy. Among the commodity ETFs, the return of non-ferrous metals ETFs had a slight correction, while the return of energy and chemical ETFs rebounded, with a weekly return of 3.48% [3] - Among the CITIC Five-Styles, the financial style declined in the past week, while the other styles rose. The style rotation chart showed that the relative strength of the stable and cyclical styles strengthened recently, and the relative strength momentum of the financial and cyclical styles increased month-on-month [3] - In the public fund pool, the financial and consumer fund style indexes outperformed the benchmark in the past week, with the financial style fund index having an excess return of 2.72%. The market's deviation from the consumer style continued to decline according to the trend of the fund style coefficient. The crowding indicator decreased slightly this week, and the cyclical and financial styles are currently in a historically high crowding range [3] - Among the Barra factors, the medium - long - term momentum and residual volatility factors had better performance in the past week, with weekly excess returns of 1.98% and 1.69% respectively. The returns of the profitability and leverage factors continued to decline. In terms of win - rate, the low - volatility factors strengthened marginally, and the dividend factor performed weakly recently. The cross - section rotation speed of the factors decreased month - on - month this week and is currently in a low - percentile range in the past year [3] - According to the latest scoring results of the style timing model, the growth style decreased month - on - month this week, and the current signal favors the stable style. The return of the style timing strategy last week was 1.81%, with an excess return of 0.56% compared to the benchmark balanced allocation [3] 3. Summary by Related Catalogs Fund Market Review - The enhanced index strategy in the public fund market performed strongly in the past week, with a weekly return of 1.82%. Most neutral strategy products had positive returns, and the convertible bond strategy outperformed the pure bond strategy. Among the commodity ETFs, the return of non - ferrous metals ETFs had a slight correction, while the return of energy and chemical ETFs rebounded, with a weekly return of 3.48% [3] CITIC Five - Style Analysis - Among the CITIC Five - Styles, the financial style declined in the past week, while the other styles rose. The style rotation chart showed that the relative strength of the stable and cyclical styles strengthened recently, and the relative strength momentum of the financial and cyclical styles increased month - on - month [3] - In the public fund pool, the financial and consumer fund style indexes outperformed the benchmark in the past week, with the financial style fund index having an excess return of 2.72%. The market's deviation from the consumer style continued to decline according to the trend of the fund style coefficient. The crowding indicator decreased slightly this week, and the cyclical and financial styles are currently in a historically high crowding range [3] Barra Factor Analysis - Among the Barra factors, the medium - long - term momentum and residual volatility factors had better performance in the past week, with weekly excess returns of 1.98% and 1.69% respectively. The returns of the profitability and leverage factors continued to decline. In terms of win - rate, the low - volatility factors strengthened marginally, and the dividend factor performed weakly recently. The cross - section rotation speed of the factors decreased month - on - month this week and is currently in a low - percentile range in the past year [3] Style Timing Model - According to the latest scoring results of the style timing model, the growth style decreased month - on - month this week, and the current signal favors the stable style. The return of the style timing strategy last week was 1.81%, with an excess return of 0.56% compared to the benchmark balanced allocation [3]

1. Report Industry Investment Rating - The operation rating for CITIC Five-Style - Cycle is ☆☆★ [2] 2. Core Views of the Report - As of the week ending December 31, 2025, the weekly returns of Tonglian All A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index were -0.31%, -0.20%, and -0.71% respectively [3] - In the public fund market, the performance of stock and bond strategies diverged in the past week. The short-term pure bond strategy performed strongly, the ordinary stock strategy index declined slightly, and most neutral strategy products rose. In the commodity market, the net value of precious metal ETFs corrected, with the adjustment of gold ETFs greater than that of silver. The non-ferrous and energy chemical ETFs continued to rise [3] - Among the CITIC five styles, the cyclical style rose last week, while the other styles declined. The style rotation chart shows that the relative strength of the stable and consumer styles has declined marginally recently, and the relative strength momentum of the five styles has decreased month-on-month [3] - In the public fund pool, the average performance of consumer and financial style funds outperformed the benchmark in the past week. From the trend of the fund style coefficient, the market's deviation from the consumer style has increased. This week, the congestion indicator has increased compared with last week, and the congestion of growth style funds has risen to the middle and high percentile range of history [3] - Among the Barra factors, the medium- and long-term momentum factor had a better performance in the past week, with a weekly excess return of 0.89%. The excess return of the profitability factor weakened, the winning rate of the liquidity and capital flow factors strengthened marginally, and the volatility factor weakened slightly during the week. This week, the cross-sectional rotation speed of the factors continued to decline, falling to the middle and low percentile range in the past year [3] - According to the latest scoring results of the style timing model, the growth style has recovered month-on-month this week, and the current signal favors the cyclical style. The return of the style timing strategy last week was -1.41%, and the excess return compared with the benchmark balanced allocation was -0.76% [3] 3. Summary by Relevant Catalogs Recent Market Returns - The weekly, monthly, quarterly, and semi-annual returns of Tonglian All A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond (net), and Nanhua Commodity are presented in the report [5] - The weekly returns of major public fund strategy indices are also provided [5] - The establishment scale of public fund products in recent years is shown in the report [5] - The maximum drawdown of major public fund strategy indices in the past three months is presented [5] CITIC Style Index - The net value trend of the CITIC style index from December 1 to December 30, 2025, is shown, including the financial, cyclical, consumer, growth, and stable styles [7] - The relative rotation chart of the CITIC style index shows the relative strength and momentum of different styles in the past week, last week, past month, past three months, past six months, and past year [9] - The excess return performance of the fund style index in different time periods is presented [10] - The congestion of different fund styles is shown, with the data as the percentile in the past year [11] Barra Factor - The preference of Barra single-factor styles this week is presented, with the preference range from 0 to 1, where a value closer to 1 indicates a higher degree of preference [12] - The excess return performance of Barra single-factor style strategies in different time periods is shown [14] - The excess net value trend of Barra single-factor styles in the past year is presented [17]

最近两个交易日，聚酯品种表现较强。本周五，PX和PTA期货主力合约开盘后增仓上行，双双创下近3个月以来的新高。 库存方面，12月PTA维持去库态势，1至2月聚酯开工负荷大概率季节性下降，有小幅累库预期，但整体累库压力明显偏低，短期基本面的稳健表现为行情 提供了有力支撑。 PTA2605 ▲ TA2605 期货 主力 夜盛 2.03% 74.24万 4992 振幅 高 메레 4980 4822 117.3万 4894 持仓 俱 昨结 158 3.28% 4896 +87088 开 今结 日增 l 相关ETF 2 能源化工 ETF 1.215 0.75% > 日K 周K 月K 五日 分时 更多。 0 均线 ▼ 日线 MA5:4792 10:4745 20:4754 30:4749 筹码 5028 4992-> 4873 4718 4563 L7 -4444 2025/10/20 2025/11/20 2025/12/22 其中，PX期货价格创下自3月以来的阶段高点，PTA期货价格成功突破年内高点4900元/吨。在当前原油和化工品市场整体表现偏弱的背景下，PX和PTA的 价格表现引发市场关注。 强预期成为行情"发动 ...

Market Performance - The A-share market opened lower but closed higher, with the Shanghai Composite Index rising by 0.41%, the Shenzhen Component Index increasing by 0.84%, the ChiNext Index up by 0.97%, and the Northern Stock 50 gaining 0.31% [1] - The total market turnover reached 2.12 trillion yuan, an increase of 233.5 billion yuan compared to the previous day [1] Sector Performance - Active sectors included electric grid equipment, precious metals, and semiconductor equipment, while retail and Hainan sectors experienced adjustments [1] - The semiconductor equipment sector saw significant gains, with ETFs such as Huaxia Fund's Sci-Tech Semiconductor ETF, Huatai-PB Fund's Sci-Tech Semiconductor Equipment ETF, and Penghua's Sci-Tech Semiconductor Equipment ETF rising by 5%, 4.98%, and 4.52% respectively [1] - The smart grid sector performed strongly, with Huaxia Fund's Electric Grid Equipment ETF and GF Fund's Electric Grid ETF increasing by 3.49% and 3.26% respectively [1] International Market Influence - The overnight Dow Jones index closed higher, contributing to a 2.84% increase in Penghua Fund's Dow Jones ETF [1] - Hong Kong stocks showed resilience, with GF Fund's Hong Kong Stock Connect Non-Bank ETF also rising by 2.84% [1] Declining Sectors - The energy and chemical sectors declined, with the Energy Chemical ETF falling by 1% and the Chemical ETF decreasing by 0.54% [2] - Overnight, U.S. tech stocks weakened, leading to a drop of 0.85% in the NASDAQ Technology ETF and a 0.69% decrease in another NASDAQ Technology ETF [2]

Market Overview - The market has shown signs of recovery with all three major indices closing in the green. The commercial aerospace sector continues to perform strongly, while the electric grid equipment sector has seen a rapid increase. Semiconductor equipment stocks have also been active, although the retail sector has experienced a decline [1]. ETF Performance - The following ETFs related to the semiconductor sector have shown significant gains: - Sci-Tech Semiconductor ETF (588170.SH) increased by 5% with an estimated scale of 3.3287 billion - Sci-Tech Semiconductor Equipment ETF (588710.SH) rose by 4.98% with an estimated scale of 0.7738 billion - Semiconductor Equipment ETF (159516.SZ) gained 3.88% with an estimated scale of 6.4818 billion - Electric Grid Equipment ETF (159326.SZ) increased by 3.26% with an estimated scale of 0.1159 billion [2]. Semiconductor Industry Insights - Institutions indicate that semiconductor equipment is positioned upstream in the supply chain, serving as a core industry supporting chip manufacturing and packaging. The year 2025 is anticipated to be a significant year for the growth of domestic semiconductor equipment orders and performance realization. The evolution of storage technology towards 3D, driven by AI models, along with the expansion projects of domestic storage giants, is expected to usher in a new phase of rapid growth opportunities for the domestic semiconductor equipment supply chain [2]. AI Applications and Consumer Electronics - Recent developments include Alibaba's launch of AI glasses and Doubao's introduction of an AI mobile assistant, suggesting a potential acceleration in breakthroughs within edge AI applications. Brokerages recommend focusing on the consumer electronics supply chain related to edge AI, as well as the domestic computing power supply chain, including chips, storage, servers, and the release of advanced process capacities [3].

Group 1: Market Performance Overview - In the first eleven months of 2025, the communication ETF led the market with a remarkable increase of 96.11%, showcasing strong momentum in the AI era [1] - The Hong Kong innovative drug sector emerged as a significant winner, with various ETFs in this category showing substantial gains: Hong Kong innovative drug ETF fund up 87.42%, Hong Kong innovative drug ETF up 86.62%, and Hong Kong Stock Connect innovative drug ETF up 85.22% [1] - The resource sector also performed well, with mining ETF up 82.32%, non-ferrous metals ETF up 76.83%, and rare metals ETF up 76.58%, driven by rising global inflation expectations [1] Group 2: ETF Performance Data - The top-performing ETFs from January to November 2025 include: - Communication ETF: 96.11% [2] - Hong Kong innovative drug ETF fund: 87.42% [2] - Hong Kong innovative drug ETF: 86.62% [2] - Communication equipment ETF: 85.24% [2] - Hong Kong Stock Connect innovative drug ETF: 85.22% [2] - The worst-performing ETFs included: - Energy chemical ETF: -14.78% [5] - S&P Consumer ETF: -11.40% [5] - Alcohol ETF: -5.36% [5] Group 3: Fund Flows - The Hong Kong Stock Connect Internet ETF saw the highest net inflow of 553.05 billion yuan, indicating strong market confidence in the Hong Kong tech sector [8] - Other notable net inflows included short-term bond ETF at 436.42 billion yuan and gold ETF at 406.63 billion yuan [8] - Conversely, significant outflows were observed in the Sci-Tech 50 ETF, with a net outflow of 463.46 billion yuan, indicating pressure on growth sectors [12]

Core Viewpoint - The commodity ETF market has experienced significant growth in both scale and performance, indicating its transition from a niche option to a core strategic asset in asset allocation [3][4]. Group 1: Growth in Scale and Performance - The total scale of commodity ETFs has increased by over 200% since the beginning of the year, with a total net inflow of 966.2 billion yuan, bringing the total scale to 2,267 billion yuan [5][7]. - Gold ETFs have emerged as the main driver of this growth, with an average scale increase of 4.8 times this year, significantly outperforming traditional equity and bond assets [7][9]. Group 2: Factors Driving Growth - The explosive growth of commodity ETFs is attributed to a combination of macroeconomic conditions, market structure, and investor awareness, with gold ETFs particularly benefiting from their inflation-hedging and asset preservation functions [9][10]. - The price of gold has surged, reaching a peak of over 4,100 USD per ounce, which has been a key factor in the strong performance of gold ETFs, with returns close to 50% this year [9][21]. Group 3: Investment Value Analysis - Gold ETFs dominate the commodity ETF market, accounting for over 95% of the total scale, making it essential to analyze future gold price trends for assessing the investment value of commodity ETFs [17][18]. - The anticipated easing of monetary policy by the Federal Reserve is expected to support gold prices, as historical trends show that a rate-cutting cycle typically leads to a weaker dollar and stronger gold prices [18][19]. Group 4: Selection and Allocation Strategies - For investors focused on asset preservation and risk hedging, gold ETFs are the preferred choice, while those looking to capitalize on economic cycles may consider allocating to industrial metal or energy ETFs [24][25]. - A diversified allocation strategy is suggested, with varying proportions of gold ETFs, industrial metal ETFs, and energy ETFs based on the investor's risk tolerance and market outlook [25]. Group 5: Future Outlook - The future of the commodity ETF market appears promising, with ongoing product innovation expected to solidify commodity ETFs as a standard allocation in investment portfolios, especially in times of global uncertainty [26].