On Friday (January 23), the three major A-share indices collectively closed higher, with the combined turnover 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, boosted by Elon Musk's endorsement of space-based solar power, the photovoltaic sector experienced a wave of limit-up gains; eight stocks, including LONGi Green Energy Technology Co., Ltd., hit the daily limit-up. The sole ETF tracking the green energy index, Green Energy ETF (562010), saw its on-market price surge strongly by 3.68%. Catalyzed by multiple positive factors, the commercial aerospace concept continued its rapid ascent, with Huabao General Aviation ETF (159231) and Huabao Military Industry ETF (512810) seeing their on-market prices rise 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. Coupled with the international gold price challenging the $5,000 per ounce mark,刷新历史新高, Huabao Nonferrous Metals ETF (159876) saw its on-market price surge 3.37%, breaking through its previous listing high on heavy volume, and recorded a net subscription of 55.2 million units for the day. The chemical sector also delivered impressive performance; the Chemical ETF (516020), which comprehensively covers hot themes like new energy and 'anti-involution', saw its on-market price rise strongly by 1.03%, attracting a massive 1.198 billion yuan over the past 5 days. As of January 22, its latest AUM surpassed 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 crucial layer. Huabao STAR Market Artificial Intelligence ETF (589520), which focuses on the domestic AI industry chain, saw its on-market price close up 2.02%, achieving three consecutive days of gains.
Huabao ChiNext Artificial Intelligence ETF (159363), heavily weighted in optical modules, garnered significant capital favor, violently attracting over 2 billion yuan in the past 10 days. In January 2026, within just three trading days (January 14 - January 19), this ETF's AUM grew from the "5 billion+" level to the "6 billion+" level,充分 demonstrating its immense popularity. On January 22, as its AUM leapt to 6.303 billion yuan, Huabao ChiNext Artificial Intelligence ETF (159363) surpassed 24 other AI-themed ETFs focused on the ChiNext and STAR Markets, becoming the largest AI ETF within the dual-innovation track.
Looking ahead, Guosen Securities believes the trend of a slow bull market in A-shares remains intact. Firstly, from the macro policy cycle perspective, 2026 marks the beginning of the "15th Five-Year Plan," with multiple ministries intensively issuing supporting industrial policies and investment plans, while fiscal and monetary policies coordinate to create a favorable liquidity environment for the market. Secondly, the entry of medium to long-term funds like insurance capital, increased household investment in stocks, and foreign capital回流driven by currency appreciation are expected to bring incremental funds. Thirdly, from the perspective of fundamental expectations and the industrial cycle, as the PPI decline narrows, corporate profits are anticipated to enter a mild recovery channel in 2026, and speculation about the profit inflection point will become a key support for the market trend.
Regarding allocation, Huaxi Securities suggests focusing on three main themes: first, the diffusion of the technology industry行情, such as AI computing power, AI applications, and Hong Kong-listed internet stocks; second, sectors benefiting from the "anti-involution" trend and price increases, such as chemicals and nonferrous metals; third, sectors with high growth in annual earnings previews, such as electronics and pharmaceuticals.
[ETF Knowledge Hot Topic Review] focuses on discussing the交易and fundamental aspects of industry-themed ETFs like General Aviation, Nonferrous Metals, and Hong Kong Stock Connect Innovative Drugs.
I. ['Beijing Rocket Street' Six Major Platforms Launch! General Aviation ETF (159231), with 65% Commercial Aerospace Exposure, Surges 3.67% for a Strong Three-Day Winning Streak] Catalyzed by multiple positive factors, commercial aerospace and satellite navigation surged again, with Raytron Technology Co., Ltd. hitting the 20% daily limit-up, China Satellite Communications Co., Ltd. and Aerospace CH UAV Co., Ltd. jointly rising by the 10% limit, and both Zhongke Star图and Aerospace Huan Yu soaring over 10%. Huabao General Aviation ETF (159231), which provides one-click exposure to commercial aerospace + satellite navigation + low-altitude economy + large aircraft, saw its on-market price climb steadily in the morning session, maintaining high-level fluctuations in the afternoon, and closed up 3.67%, successfully achieving three consecutive positive days and strongly reclaiming the 10-day moving average! Capital flow shifted from outflows to inflows, with the ETF recording a net subscription of 2 million units for the day.
The回暖performance of the commercial aerospace sector may be driven by several positive catalysts: 1. The 3rd Beijing Commercial Aerospace Industry High-Quality Development Promotion Conference was held in Beijing on January 23, where the six major platforms of the "Beijing Rocket Street" were launched, accelerating the formation of a full-chain "Thousand Satites" production and development capability. 2. The China Academy of Information and Communications Technology plans to hold the 2026 "Star Computing · Intelligent Connectivity" Space Computing Power Seminar on January 26: 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 21, titled "Deducing China's Commercial Aerospace Cost-Reduction Revolution from First Principles - Commercial Aerospace Industry Depth Series (Part 1)", pointed out that from a global perspective, between 2015 and 2024, global commercial aerospace revenue maintained a compound annual growth rate of 7.7%, showing steady expansion driven by demand in satellite communications, earth observation, and commercial launches. Focusing on the Chinese market, China's commercial aerospace market size was approximately 2.3 trillion yuan in 2024, with a CAGR of 22.5% from 2015 to 2024, significantly higher than the global average.
Great wings for a great nation, embarking on a grand venture! Huabao General Aviation ETF (159231) and its feeder funds (Class A: 024766; Class C: 024767) track an index that 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-stop allocation to China's aerospace industry chain. (As of December 31, 2025)
II. [Surges 3.3%! Huabao Nonferrous Metals ETF (159876) Breaks Through Listing High on Heavy Volume! Records Net Subscription of 55.2 Million Units for the Day! Silver Corp. and 3 Other Stocks Limit Up!] The nonferrous metals sector continued its fierce advance, with Huafon Aluminium Corp., Silver Corp., and Tongling Nonferrous Metals Group Co., Ltd. hitting the daily limit-up. The sector's popular ETF – Huabao Nonferrous Metals ETF (159876) – saw its intraday gain peak at 3.55%, closing up 3.37%. The ETF broke through its previous listing high on heavy volume and recorded a net subscription of 55.2 million units for the entire day.
On the news front,反复geopolitical risks, with the Greenland issue not fully resolved and potential new developments from Iran, heightened risk aversion, pushing gold prices to continuously刷新历史新高. International gold prices surged significantly, with spot gold breaking above the $4,950 per ounce level, setting a new all-time high. Several major domestic gold jewelry brands updated their quotes to around 1,500 yuan per gram. Dongfang Jincheng believes that, from a medium to long-term perspective, the logic for rising gold prices remains solid: firstly, US fiscal risks will continue to be a major支撑for gold prices; secondly, strong global central bank gold allocation意愿remains a core factor influencing prices; thirdly, the US is still within an interest rate cut cycle in 2026; fourthly, escalating global geopolitical risks increase market避险demand.
Looking forward, Guosen Futures pointed out that the strong performance of nonferrous metals stems from the combined push of macro-financial policies and structural changes in supply and demand. Particularly with the rise of emerging demand from AI and new energy, coupled with domestic "anti-involution" policies regulating industry competition, nonferrous metals, under rigid supply-side constraints and elastic demand-side stimulation, have led the performance among A-share's 31 primary sectors and are expected to maintain their impressive performance going forward.
[The Nonferrous Metals Trend is Here, the 'Super Cycle' is Unstoppable] Huabao Nonferrous Metals ETF (159876) and its feeder funds (Class A: 017140, Class C: 017141) track an index that comprehensively covers industries like copper, aluminum, gold, rare earths, and lithium, encompassing different景气cycles such as precious metals (避险), strategic metals (growth), and industrial metals (recovery). Full-category coverage allows for better capture of the entire sector's beta行情.
III. [Fallen Enough! Hong Kong Stock Connect Innovative Drug ETF (520880) Rebounds on Heavy Volume, Has the Inflection Point Arrived? Policy Unleashes Major Support, 238 Million Yuan Already Inflowed] After six consecutive days of declines, Hong Kong Stock Connect innovative drug stocks finally rebounded. Hong Kong Stock Connect Innovative Drug ETF (520880) rose over 2% at the market open, closing up 1.53% to end its six-day losing streak, with turnover surging to 348 million yuan. Component stock Everest Medicines led gains with an 8.2% increase, heavyweight Akeso Inc. rose 3.5%, while CSPC Pharmaceutical Group Limited and BeiGene, Ltd. both closed in positive territory.
On the news front, on January 22, 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 pathway for high-value innovative drugs (like CAR-T) to fill the coverage gap left by medical insurance through inclusion in commercial insurance catalogs. It is worth noting that according to preliminary estimates from the insurance industry association, the total payout amount by commercial health insurance for innovative drugs and devices in 2025 was approximately 14.7 billion yuan, marking four consecutive years of high-speed growth with a compound annual growth rate 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 a global value reassessment, and 2026 will be a key node to verify the effectiveness of this transformation.
Returning to the secondary market, this week was primarily characterized by adjustment for Hong Kong Stock Connect innovative drugs, with the core标的"520880" accumulating a 3.2% weekly decline. Bottom-fishing capital布局counter-trend; as of January 22, 520880 accumulated net subscriptions exceeding 238 million yuan during the week, with its latest share count rising to a new high of 4.538 billion units.
For one-stop investment in innovative drugs, identify the high-elasticity T+0 tool – Hong Kong Stock Connect Innovative Drug ETF (520880) and its off-market feeder fund (025221). Its underlying index (Hang Seng Hong Kong Stock Connect Innovative Drug Selection Index) possesses three unique advantages, offering prominent配置value: 1. Pure innovative drugs. Excludes CXO, 100% purity! Comprehensively covers innovative drug R&D companies. 2. High concentration of leaders. The top ten innovative drug leaders account for over 73% weighting, representing the core strength of innovative drugs. 3. More controllable risk. Enforces reduced weighting for less liquid component stocks, effectively managing tail risk.
Want to also capture A-share innovative drug opportunities? Consider the only on-market ETF tracking the pharmaceutical index, Pharmaceutical ETF (562050) and its feeder fund (024986), which aggregates 50 major A-share pharmaceutical leaders. While heavily weighted in innovative drugs (approx. 60%), it also has about 25% weighting in traditional Chinese medicine, offering both growth potential and resilience against declines.
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