风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成 投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品 要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 华鑫证券指出，随着十五五规划开局之年政策靠前发力，反内卷政策持续推进，部分行业供需格局改 善，盈利修复预期逐步显现。新质生产力逐步成为经济增长新引擎，高端装备制造、电子、新能源等 ESG相关产业工业增加值同比增速持续领先，对经济拉动贡献度提升。海外需求方面，非美地区出口保 持高增，高附加值产品占比提升进一步优化毛利率结构。PPI同比有望在2026年下半年转正，带动企业 盈利改善，ESG相关行业将迎来估值与盈利的共振修复。 MSCIESGETF（159621）跟踪的是MSCI中国A股ESG通用指数，该指数通过筛选中国A股市场中ESG （环境、社会和治理）表现优异的上市公司证券作为指数样本，重点增持ESG评级领先的企业。其行业 配置均衡，整体风格聚焦于具备可持续发展特征 ...

Core Viewpoint - The Chinese stock market is expected to undergo a valuation reassessment due to China's comprehensive advancements in both hard and soft power, particularly in its share of the global economy and technology system [1] Industry Insights - The technology sector will remain the core focus of the market, with an accelerated expansion in domestic computing power and storage chips, driving growth in the semiconductor industry chain [1] - Cultural consumption and cultural exports are anticipated to create new growth momentum as part of China's soft power initiatives [1] - Sectors benefiting from the reversal of internal competition and the recovery from deflation are also seen as having potential for turnaround [1] ESG Investment Focus - MSCIESGETF (159621) tracks the MSCI China A-Share ESG Universal Index, which selects listed companies in the Chinese A-share market that meet high standards for environmental, social, and governance criteria [1] - The index employs positive screening and dynamic weighting methods, focusing on companies with robust ESG performance and potential for continuous improvement [1] - The industry distribution of the index is balanced, with a style leaning towards core asset allocation, aiming to reflect the overall performance of high-quality Chinese A-share companies under the ESG investment philosophy [1]