On Friday, January 23rd, the three major A-share indices collectively closed higher, with the combined trading volume across the Shanghai, Shenzhen, and Beijing markets exceeding 3 trillion yuan (3.12 trillion yuan), an increase of 401.7 billion yuan from the previous day.
In market movements, Elon Musk's endorsement of space-based solar power sparked a surge in the photovoltaic sector, with stocks like LONGi Green Energy Technology among eight hitting the daily 10% limit-up. The sole ETF tracking the green energy index, Green Energy ETF (562010), saw its price surge 3.68%. Catalyzed by multiple positive factors, the commercial aerospace concept continued its rapid ascent, with General Aviation ETF Huabao (159231) and Military ETF Huabao (512810) rising sharply by 3.67% and 2.71% respectively.
In the cyclical sectors, silver-coated copper and electroplated copper solutions are expected to play significant roles in the metallization revolution for photovoltaics. Combined with the international gold price冲击 the $5000 mark,刷新 a historical high, the Metals ETF Huabao (159876) surged 3.37%, breaking through its上市 high on heavy volume and attracting net subscriptions of 55.2 million units for the day. The chemical sector also showed strong performance; the Chemical ETF (516020), which comprehensively covers hot themes like new energy and "anti-involution," rose 1.03%, attracting a substantial 1.198 billion yuan over the past five days. As of January 22nd, its latest规模突破 6 billion yuan (6.242 billion yuan).
In the AI sector, NVIDIA CEO Jensen Huang compared AI to a "five-layer cake" composed of energy, chips, cloud infrastructure, models, and applications, stating that AI applications are the most critical layer. The Science and Technology Innovation Artificial Intelligence ETF Huabao (589520), which focuses on the domestic AI industry chain, closed up 2.02%, achieving three consecutive days of gains.
The创业板 Artificial Intelligence ETF Huabao (159363), heavily weighted in optical modules, was particularly favored by capital, attracting over 2 billion yuan in inflows in the past 10 days. In just three trading days from January 14th to January 19th, 2026, the ETF's规模 grew from "over 5 billion" to "over 6 billion," highlighting its immense popularity. On January 22nd, as its规模 jumped to 6.303 billion yuan, the创业板 Artificial Intelligence ETF Huabao (159363) surpassed 24 other AI-themed ETFs focused on the创业板 and Sci-Tech Innovation Board, becoming the largest AI ETF in this dual-board track.
Looking ahead, Guosen Securities maintains that the trend of a slow bull market in A-shares remains unchanged. First, from the perspective of the macro policy cycle, 2026 marks the beginning of the "15th Five-Year Plan," with multiple departments intensively issuing supporting industrial policies and investment plans, and fiscal and monetary policies协同 to create a favorable liquidity environment. Second, the entry of medium to long-term funds such as insurance capital, household capital入市, and foreign capital回流 driven by currency appreciation are expected to bring incremental funds. Third, from the perspective of fundamental expectations and the industrial cycle, as the PPI decline narrows, corporate profits are expected to enter a温和复苏 channel in 2026, and博弈 over the profit inflection point will become a key支撑 for the market.* Regarding allocation, Huaxi Securities suggests focusing on three main themes: first, the diffusion of the technology industry rally, such as AI computing power, AI applications, and Hong Kong-listed internet stocks; second, sectors benefiting from "anti-involution" and price increases, such as chemicals and non-ferrous metals; third, sectors with high year-end业绩预告 growth, such as electronics and pharmaceuticals.* [ETF Knowledge Hot Review] focuses on the trading and fundamental situations of industry-themed ETFs like General Aviation, Non-ferrous Metals, and Hong Kong Stock Connect Innovative Medicine.
I. ["Beijing Rocket Street" Six Major Platforms Launch! General Aviation ETF (159231), with 65% Commercial Aerospace Exposure, Jumps 3.67% for a Strong Three-Day Rally] Catalyzed by multiple positive factors, commercial aerospace and satellite navigation surged again, with Raytron Technology hitting the 20% limit-up, and China Satellite and Aerospace Electronics both reaching the 10% limit-up. Zhongke Star图和 Aerospace Huanyu both rose over 10%. The General Aviation ETF Huabao (159231), providing one-click exposure to commercial aerospace, satellite navigation, the low-altitude economy, and large aircraft, saw its price climb steadily in the morning session and maintain high levels in the afternoon, closing up 3.67% for a three-day winning streak, strongly reclaiming its 10-day moving average! Capital flows turned from outflows to inflows, with the ETF attracting net subscriptions of 2 million units for the day.
The recovery in the commercial aerospace sector may be driven by several positive news catalysts: 1. The 3rd Beijing Commercial Aerospace Industry High-Quality Development Promotion Conference was held in Beijing on January 23rd, launching the six major platforms of "Beijing Rocket Street" to accelerate the formation of a full-chain "Thousand Satellites Production and Launch" capability. 2. The China Academy of Information and Communications Technology plans to hold the 2026 "Star Computing·Intelligent Connection" Space Computing Power Seminar on January 26th: The meeting will feature the launch of the "Computing Power Star Network" joint promotion initiative and the "Prospective Research Report on Space Computing Power Development (2026)." 3. Elon Musk stated that in a few years, SpaceX will launch solar-powered AI satellites. An AJ Securities research report dated January 21st, titled "Deducing China's Commercial Aerospace Cost Reduction Revolution from First Principles - Commercial Aerospace Industry Deep Dive Series (Part 1)," pointed out that from a global perspective, between 2015 and 2024, global commercial aerospace revenue maintained a CAGR of 7.7%, showing steady expansion driven by demand for satellite communications, Earth observation, and commercial launches. Focusing on the Chinese market, China's commercial aerospace market规模 was approximately 2.3 trillion yuan in 2024, with a CAGR of 22.5% from 2015 to 2024, significantly higher than the global average.
The Wings of a Great Nation, Vast Prospects! The underlying index of General Aviation ETF Huabao (159231) and its feeder funds (Class A: 024766; Class C: 024767) comprehensively covers 50 aerospace component stocks, spanning hot areas like the low-altitude economy, commercial aerospace, satellite navigation, large aircraft, UAVs, and military aircraft. Among these, low-altitude economy concept exposure exceeds 88%, commercial aerospace exposure exceeds 65%, and satellite navigation concept exposure exceeds 47%, making it a powerful tool for one-click allocation to China's aerospace industry chain. (As of 2025.12.31)
II. [Surges 3.37%! Metals ETF Huabao (159876) Breaks上市 High on Heavy Volume! Attracts Net Subscriptions of 55.2 Million Units! Silver-Copper Stocks Among 4 Limit-Ups!] The non-ferrous metals sector continued its strong advance, with Huafon Aluminium, Silver-Copper, and Tongling Nonferrous Metals among three stocks hitting the limit-up. The sector's popular ETF – Metals ETF Huabao (159876) – saw its intraday gain peak at 3.55%, closing up 3.37%. The ETF broke through its上市 high on heavy volume, attracting net subscriptions of 55.2 million units for the day!
On the news front, recurring geopolitical risks, with the Greenland issue not fully resolved and potential new tensions from Iran, have heightened risk aversion, pushing gold prices to continuously刷新 highs. The international gold price surged significantly, with spot gold breaking above the $4950/oz关口, setting a new historical record. Several well-known domestic gold jewelry brands updated their prices to around 1500 yuan per gram. Dongfang Jincheng believes that, from a medium to long-term perspective, the logic for rising gold prices remains solid: first, US fiscal risks will continue to be a major支撑 for gold prices; second, strong global central bank gold allocation意愿 remains a core factor influencing prices; third, the US is still in a rate-cutting cycle in 2026; fourth, escalating global geopolitical risks increase market demand for safe-haven assets.* Looking forward, Guosen Futures pointed out that the strong performance of non-ferrous metals stems from the combined push of macro-financial policies and structural changes in supply and demand. Particularly with the rise of new demand from AI and new energy, coupled with domestic "anti-involution" policies regulating industry competition, non-ferrous metals, under rigid supply-side constraints and elastic demand stimulation, have led the performance among the 31 primary A-share sectors and are expected to continue their strong performance going forward.* [The Metals Trend is Here, the 'Super Cycle' is Unstoppable] The underlying index of Metals ETF Huabao (159876) and its feeder funds (Class A: 017140, Class C: 017141) comprehensively covers industries like copper, aluminum, gold, rare earths, and lithium, encompassing different景气 cycles such as precious metals (safe-haven), strategic metals (growth), and industrial metals (recovery). Full-category coverage enables better capture of the sector's beta行情.
III. [Enough Decline! Hong Kong Stock Connect Innovative Medicine ETF (520880) Rebounds on Heavy Volume, Has the Inflection Point Arrived? Policy Boost, 238 Million Yuan Already Inflowed] After six consecutive days of declines, Hong Kong Stock Connect innovative medicine stocks finally rebounded. The Hong Kong Stock Connect Innovative Medicine ETF (520880) rose over 2% at the market open, closing up 1.53% to end a six-day losing streak, with heavy volume成交 of 348 million yuan. Component stock Everest Medicines led gains, rising 8.2%, while heavyweight Akeso Biopharma rose 3.5%. CSPC Pharmaceutical Group and BeiGene also closed higher.
On the news front, on January 22nd, the Ministry of Commerce and eight other departments issued the "Opinions on Promoting the High-Quality Development of the Drug Retail Industry," explicitly encouraging innovative drugs and reference listed drugs to enter retail pharmacy sales channels. Analysis suggests this policy helps provide a落地 path for high-value innovative drugs (like CAR-T) to fill the gap in medical insurance coverage through commercial insurance catalog supplements. It is worth noting that preliminary estimates from the insurance industry association indicate that the total赔付金额 for innovative drugs and devices by commercial health insurance in 2025 was approximately 14.7 billion yuan, showing high-speed growth for four consecutive years with a CAGR of 70%. On the industry front, the recent JPM conference concluded, with Chinese pharmaceutical companies, leveraging technological breakthroughs in areas like ADC, IO bispecific antibodies, and GLP-1, going global through licensing and cooperative development. China Securities (CSC) stated that overall, the Chinese pharmaceutical industry is at the starting point of global value reassessment, and 2026 will be a key node to verify the effectiveness of this transformation. (CSC 20260122 "Innovative Drug Series: JPM2026, Technological Breakthroughs and Globalization Opportunities for Chinese Companies") Returning to the secondary market, this week, Hong Kong Stock Connect innovative medicine stocks were mainly in adjustment mode, with the core标的 "520880" accumulating a 3.2% weekly decline. Bottom-fishing capital布局逆势, with the ETF accumulating over 238 million yuan in net subscriptions for the week as of January 22nd, its latest份额 rising to a new high of 4.538 billion units.
For one-click investment in innovative medicine, identify the high-elasticity T+0 tool – Hong Kong Stock Connect Innovative Medicine ETF (520880) and its off-exchange feeder fund (025221). The underlying index (Hang Seng Stock Connect Hong Kong Innovative Medicine Index) has three unique advantages, offering prominent配置 value: 1. Pure innovative medicine. Excludes CXO, 100% pure! Comprehensively covers innovative drug R&D companies. 2. High龙头 concentration. The top ten innovative drug龙头权重 exceeds 73%, representing the core strength of innovative medicine. 3. More controllable risk. Mandatory reduction in weight for components with poor liquidity, effectively managing tail risk.
Want to capture opportunities in A-share innovative medicine as well? Consider the only on-exchange ETF tracking the pharmaceutical index, Pharma ETF (562050) and its feeder fund (024986), which aggregates 50 major A-share pharmaceutical龙头. While heavily weighted in innovative drugs (approx. 60%), it also has about 25% weight in traditional Chinese medicine, offering both growth potential and resilience. Source: Shanghai and Shenzhen Stock Exchanges, etc., as of 2026.1.23. Reminder: Recent market volatility may be significant; short-term gains/losses do not预示 future performance. Investors must invest rationally based on their own capital situation and risk tolerance, paying high attention to position and risk management. Note ①: Fund fee rates are detailed in each fund's legal documents. Note ②: As of January 22, 2026, there were 8 AI-themed ETFs tracking the创业板, 10 tracking the Sci-Tech Innovation Board, and 7 tracking the Sci-Tech Innovation Board &创业板 AI theme. Among these, the创业板 Artificial Intelligence ETF Huabao (159363) had a规模 of 6.303 billion yuan, with an average daily turnover exceeding 800 million yuan over the past 6 months, making it the largest and most liquid product in this category. *Institutional views reference sources: ① Guosen Securities report "Five Micro Drivers for A-Share Upside in 2026 - 2026 Bull Market Outlook Series 2" released Jan 15, 2026; ② Huaxi Securities strategy report "Revisiting Three Investment Themes Under the Current 'Spring Rally'" released Jan 18, 2026; ③ Views from Qu Rui, Senior Associate Director of Research and Development at Dongfang Jincheng, Jan 21, 2026, detailed in Global Times Finance article "COMEX Gold Futures Break $4800/oz, Risk Aversion Main Driver"; ④ Guosen Futures report "Copper: Historically Breaks 100,000 Yuan! Upward Trend Unchanged" released Dec 29, 2025. Risk提示: Green Energy ETF passively tracks the Green Energy Index, base date 2013.12.31, published 2021.8.19; General Aviation ETF Huabao passively tracks the CNI General Aviation Industry Index, base date 2012.6.29, published 2012.12.28; Metals ETF Huabao passively tracks the CSI Nonferrous Metals Index, base date 2013.12.31, published 2015.7.13; Military ETF Huabao passively tracks the CSI Military Index, base date 2004.12.31, published 2013.12.26; Chemical ETF passively tracks the CSI Segmented Chemical Industry Theme Index, base date 2004.12.31, published 2012.4.11;创业板 Artificial Intelligence ETF Huabao passively tracks the创业板 Artificial Intelligence Index, base date 2018.12.28, published 2024.7.11; Sci-Tech Innovation AI ETF Huabao passively tracks the SSE Sci-Tech Innovation Board AI Index, base date 2022.12.30, published 2024.7.25; Hong Kong Stock Connect Innovative Medicine ETF passively tracks the Hang Seng Stock Connect Hong Kong Innovative Medicine Index, base date 2020.12.31, publication date 2023.7.17. Index constituent stocks are adjusted according to the index compilation rules; their backtested historical performance does not预示 future index performance. Stocks mentioned are for objective illustration as index components only, not as individual stock recommendations, and do not represent the investment direction of the fund manager or the fund. Any information appearing herein is for reference only; investors are responsible for any independent investment decisions. Furthermore, any views, analysis, or forecasts herein do not constitute investment advice of any kind to readers, and Huabao Fund is not liable for any direct or indirect losses resulting from the use of this content. Investors should carefully read the "Fund Contract," "Prospectus," "Fund Product Summary," and other fund legal documents to understand the fund's risk-return characteristics and choose products suitable for their own risk tolerance. Past fund performance does not预示 future performance, and the performance of other funds managed by the fund manager does not constitute a guarantee of the fund's performance. Based on the fund manager's assessment, Green Energy ETF, General Aviation ETF Huabao, Metals ETF Huabao, Military ETF Huabao, and Chemical ETF have a risk rating of R3-Medium Risk, suitable for Balanced (C3) and above investors;创业板 Artificial Intelligence ETF Huabao, Sci-Tech Innovation AI ETF Huabao, and Hong Kong Stock Connect Innovative Medicine ETF have a risk rating of R4-Medium-High Risk, suitable for Aggressive (C4) and above investors. Suitability matching opinions are subject to the selling institution. Selling institutions (including the fund manager's direct sales机构 and other selling institutions) conduct risk assessments of the above funds according to relevant laws and regulations; investors should promptly pay attention to the suitability opinions issued by the fund manager. Suitability opinions from various selling institutions may not necessarily be consistent, and the risk等级评价 results of fund products issued by fund selling institutions shall not be lower than the risk等级评价 results made by the fund manager. The description of fund risk-return characteristics in the fund contract and the fund risk等级 may differ due to different consideration factors. Investors should understand the fund's risk-return situation,结合 their own investment objectives, time horizon, experience, and risk tolerance to谨慎选择基金产品 and bear the risks themselves. The CSRC's registration of the above funds does not indicate its substantive judgment or guarantee of the fund's investment value, market prospects, or returns. Fund investment involves risk.
MACD golden cross signals formed, these stocks are performing well!
Massive information, precise interpretation, all in the Sina Finance App.
Comments