（文章来源：证券时报） ...

Core Insights - The article highlights the intensified focus on merchant ecosystem development by leading e-commerce platforms, particularly Douyin E-commerce, in response to increasing competition in the e-commerce industry [1] Group 1: Merchant Support Policies - Douyin E-commerce has launched an upgraded plan for its "Nine Merchant Support Policies" aimed at enhancing long-term certainty for merchants by addressing cost, traffic, conversion, fulfillment, technology, and governance [1][2] - The policies have successfully reduced costs for merchants by over 32 billion yuan in the past year, with significant contributions from commission exemptions and reduced logistics costs [2] - The platform has expanded its commission exemption policy to cover all categories and reduced technical service fees for merchants using its "Qianchuan Chengfang" product to 0.6% [2] Group 2: AI Empowerment - Douyin E-commerce is leveraging AI technology to enhance operational efficiency for merchants, including free AI customer service and dynamic AIGC creative capabilities that can generate 1 to 2 million marketing materials daily [3] - The platform's AI capabilities also include preemptive identification of malicious refunds and complaints, optimizing the appeal process for merchants [3] Group 3: Business Environment and Differentiated Support - The platform is committed to improving the business environment by strengthening intellectual property protection and market order governance, including stricter measures against false advertising and counterfeit products [4] - Douyin E-commerce is implementing differentiated strategies to support quality merchants and reduce entry costs for new merchants, while also enhancing support for local industries [4] - The platform has optimized payment terms, allowing for a minimum payment period of three days post-order confirmation to alleviate cash flow pressures for merchants [4]

Group 1 - The boundary between passive investment through ETFs and actively managed funds is becoming increasingly blurred, with ETFs evolving into a "duet" with active equity funds [1] - The direction of ETF applications is increasingly serving as a "barometer" for many active equity funds, reflecting market demand and profitability [2] - Active equity funds are adopting ETF-like characteristics, with high concentration in specific sectors to achieve beta returns, often pushing their positions close to the 90% limit [2] Group 2 - The issuance of ETFs is often seen as a precursor to industry booms, as evidenced by the rapid adoption of robotics ETFs leading to a surge in active equity fund investments in the robotics sector [2] - The recent focus on commercial aerospace by active equity funds aligns with the launch of the first satellite ETF, indicating a strategic shift towards this sector [3] - A decrease in ETF applications for consumer sectors correlates with a reduction in active equity fund allocations to those areas, demonstrating a synchronized investment approach [3] Group 3 - The logic behind ETF applications has evolved from merely capturing flows to predicting industry turning points, significantly benefiting the research and investment strategies of active equity funds [4] - The recent surge in chemical ETFs reflects a strategic pivot in ETF product development, aligning with active fund managers' investment strategies [4][5] - The collaboration between ETF product development and research departments enhances the precision of investment strategies, allowing for better positioning in the market [8] Group 4 - The reverse positioning of ETFs during industry downturns often signals the end of a sector's decline and the potential for fundamental recovery, as seen in the solar and battery sectors [7] - The issuance of solar and battery ETFs by leading funds indicates a strategic bet on these sectors, supported by favorable policy changes [7] - The collaborative effect between ETF development and research departments is a significant advantage for precise market positioning [8]

Group 1 - The core viewpoint of the articles indicates that the Hong Kong stock market is facing challenges, particularly in terms of liquidity and performance compared to the A-share market, with a focus on value investment and risk management strategies [1][3][6] - In 2025, the Hong Kong stock market saw significant activity in sectors like innovative drugs and artificial intelligence, but by the end of the year, these sectors experienced a downturn, leading to a lack of high-performing funds in these themes [2][3] - The liquidity issues in the Hong Kong market are characterized by a concentration of trading in large-cap stocks, while small-cap stocks suffer from low trading volumes, leading to a disparity in market performance [3][4] Group 2 - Fund managers emphasize the importance of focusing on fundamental performance and quality of companies when investing in the Hong Kong market, as external factors and macroeconomic conditions heavily influence market dynamics [5][6] - The outlook for the Hong Kong market suggests that sectors such as technology and consumer goods may become key investment themes, with a belief that the market's valuation remains attractive compared to global peers [7][8] - There is a growing interest in high-quality consumer brands and innovative companies within the tea beverage sector, which are expected to achieve stable long-term growth due to their competitive advantages [8]

Group 1 - The core investment logic for public funds in Hong Kong stocks is shifting from chasing market hotspots to deeply exploring internal alpha opportunities within industries as the era of "beta" gains from popular sectors comes to an end [1][2] - The valuation repair of Hong Kong stocks is nearly complete, making it difficult to rely solely on index strategies or betting on hot sectors for sustained success [1][2] - The investment perspective is transitioning from emotion-driven narratives to profit-driven fundamental verification, with a focus on "distilling the truth" becoming key to evaluating research and investment capabilities [1][2] Group 2 - The performance of public funds in Hong Kong stocks is increasingly seen as a test of fund managers' true stock-picking abilities, with the ability to identify companies with sustainable growth and explosive performance becoming crucial [2][4] - The consensus among public funds is that the previous beta-driven market rally is over, and the focus will shift to companies with tangible performance rather than those relying on storytelling [3][4] - Fund managers emphasize the importance of actual performance metrics, such as operating cash flow and successful overseas business development (BD) transactions, as indicators of a company's viability [6][7] Group 3 - The investment strategy is evolving towards a balanced approach, combining growth-oriented investments with high-dividend defensive positions to achieve risk and return balance [8][9] - There is a growing interest in sectors that are currently at the bottom of the cycle, such as consumer stocks, which are seen as having potential for recovery and attractive valuations [8][9] - The focus for 2026 will be on two main areas: AI applications and non-AI growth sectors, as well as the real estate chain, which may present unique investment opportunities [9]

Core Insights - The article highlights the exceptional performance of the Yongying Technology Smart Selection A fund, managed by Ren Jie, which achieved a record annual return of 233.29% in 2025, driven by significant holdings in stocks like New Yisheng and Shenghong Technology, both of which saw cumulative increases exceeding 10 times during the 2024-2025 period [1] - The analysis of A-shares over the past decade reveals that public funds have consistently played a crucial role in the rise of "tenfold stocks" during three major bull markets, with deep involvement in stocks like Tonghuashun and Yiyuan Lithium Energy [1] Group 1: Tenfold Stock Logic - Each bull market is characterized by distinct themes, with public funds aligning their investment strategies closely with policy directions and industrial changes [2] - During the "Leverage Bull" from 2014 to 2015, public funds focused on stocks benefiting from financial innovation and military reform, such as Tonghuashun and Guangqi Technology, which saw significant increases in fund holdings [2] - The "Core Asset Bull" from 2019 to 2021 emphasized high-growth and strong barrier stocks, with public funds investing in sectors like electronics and power equipment, leading to substantial returns [3] Group 2: Recent Market Trends - In the 2024-2025 market, public funds concentrated on technology companies with core competencies, reflecting a "hard technology + high performance" stock selection logic, with New Yisheng and Shenghong Technology showing remarkable profit growth [4] - The article notes that funds displayed caution towards stocks influenced by external factors, such as Upwind New Materials and Tianpu Shares, indicating a preference for performance-driven investments [4] Group 3: Investment Strategies - Public funds have consistently demonstrated three core investment strategies: aligning with prevailing market themes, focusing on high-growth sectors, and maintaining significant holdings in promising stocks [5] - The evolution of stock selection strategies among public funds has progressed from short-term trend capturing to long-term value exploration, showcasing a clear trajectory of improvement in selection capabilities [6][7] Group 4: Practical Insights for Investors - The interaction between public funds and tenfold stocks offers valuable insights for investors, emphasizing the importance of assessing fund positioning in core sectors [8] - Investors should prioritize funds that maintain long-term holdings in high-performing stocks, as these are more likely to yield sustainable returns [9] - Maintaining a diversified investment portfolio is crucial for risk management, as concentrated funds may face significant risks during industry rotations [9]

Group 1 - The A-share market experienced a strong start in 2026, with the Shanghai Composite Index breaking through 4100 points, reaching a nearly 10-year high, and the Shenzhen Component Index surpassing 14000 points, marking a nearly 4-year high [1] - Institutional investors, particularly public funds, had already increased their positions by the end of Q4 2025, anticipating the "spring rally" [2][3] - The market showed significant gains in sectors such as commercial aerospace, semiconductor chips, and innovative pharmaceuticals, with 10 funds achieving over 20% returns in the first week of the year [4] Group 2 - Fund managers reported that they reduced their positions to 70% during the market's downturn in late 2025, but began to increase their holdings in late November to early December as positive macroeconomic signals emerged [2] - Specific funds, such as those managed by Dazheng Jingheng and other notable managers, have been revealed to have increased their stakes in companies like Jiete Bio and Huakai Yibai, which saw significant stock price increases [3] - The average position of active equity funds was reported at 85.74% by the end of last year, with notable increases in sectors like basic chemicals, non-bank financials, and home appliances [3] Group 3 - The commercial aerospace sector has been highlighted as a key driver of the recent market rally, with the China Satellite Industry Index rising by 85.7% from November 2025 to January 2026 [4][5] - Fund managers emphasized the importance of the commercial aerospace industry's growth, driven by technological breakthroughs, capital support, and policy backing, marking 2026 as a transformative year for the sector [5] - The semiconductor industry, particularly in storage chips, is also experiencing significant growth, with funds heavily invested in this area reporting substantial returns [5] Group 4 - Analysts predict that the strong performance of the A-share market is supported by a favorable macroeconomic environment, increased capital inflows, and improvements in economic fundamentals [6] - The consensus among institutions is that "technology" and "cyclical" sectors will be key themes in 2026, with ongoing discussions about the sustainability of the current market rally [6][7] - Investment strategies are focusing on technology sectors, particularly AI and semiconductor industries, as well as cyclical commodities like chemicals and industrial metals, which are expected to benefit from supply constraints and moderate demand recovery [7]

Group 1 - The boundary between passive investment through ETFs and actively managed funds is becoming increasingly blurred, with ETFs evolving into a "duet" with active equity funds [1] - The direction of ETF applications is increasingly serving as a "barometer" for many active equity funds, reflecting market demand and profitability [2] - Active equity funds are adopting ETF-like characteristics, with high concentration in specific sectors to achieve beta returns, often pushing their positions close to the 90% limit [2] Group 2 - The issuance of ETFs is seen as a signal for industry booms, with examples like the robotics sector where major fund companies launched ETFs, leading to a surge in active fund investments in that area [2] - The recent focus on commercial aerospace by active equity funds aligns with the launch of the first satellite ETF, indicating a strategic shift towards this sector [3] - A decrease in ETF applications for consumer sectors correlates with a reduction in active fund allocations to those areas, demonstrating a synchronized investment approach [3] Group 3 - The logic behind ETF applications has evolved from merely capturing flows to predicting industry turning points, significantly benefiting the research and investment strategies of active equity funds [4] - The recent surge in chemical ETFs reflects a strategic pivot in ETF product development, with active funds adjusting their holdings in response to these new offerings [4][5] - The synchronization between active fund managers and ETF applications indicates a high level of collaboration between public investment research and product development [5] Group 4 - The reverse positioning of ETFs often signals the end of industry downturns, as seen in the solar and battery sectors, where ETFs were launched despite active funds reducing their exposure [6] - The issuance of solar and battery ETFs by leading public funds aligns with policy changes aimed at industry reform, suggesting a strategic move towards enhancing profitability for leading companies [6] Group 5 - The collaboration between ETF product development and research departments has become a significant advantage for public funds in identifying investment opportunities [7] - ETF applications are evolving into precursors for active equity fund strategies, providing liquidity for sectors that are underrepresented or have been overlooked [7]

Core Viewpoint - The Hong Kong stock market is experiencing a prolonged consolidation phase, with significant challenges in liquidity and performance, particularly in sectors like innovative pharmaceuticals and technology, which previously showed strong growth [1][2][3] Group 1: Market Performance - In early 2026, the A-share market is performing well, while the Hong Kong stock market continues to struggle, particularly in sectors that previously led the market [1] - By the end of 2025, the performance of Hong Kong-themed funds, especially in innovative pharmaceuticals, has declined significantly, with only one fund showing over 112% growth [2] - The Hang Seng Index and Hang Seng Technology Index remain in a consolidation phase, contributing to the underperformance of related thematic funds [2] Group 2: Liquidity Issues - Liquidity is identified as a critical factor restraining the Hong Kong market, with a significant drop in net inflows from southbound funds, which were only 23 billion HKD in December 2025 [3] - The IPO market in Hong Kong is expected to remain active, with total fundraising projected to exceed 300 billion HKD in 2026, posing challenges for liquidity [3] - There is a structural liquidity issue in the Hong Kong market, characterized by concentrated trading in large-cap stocks while small-cap stocks experience very low trading volumes [3] Group 3: Investment Strategies - Investment in Hong Kong stocks should prioritize "winning rate over odds," emphasizing value investing and risk diversification to mitigate liquidity risks [6] - Investors are advised to maintain a cautious approach, focusing on high-quality companies with strong fundamentals and historical integrity, as these are likely to enjoy valuation premiums [6] - The current appreciation of the RMB is seen as a potential driver for increased capital inflows into the Hong Kong market, enhancing its attractiveness [4] Group 4: Sector Focus - Fund managers express optimism about technology and consumer sectors, highlighting the relative undervaluation of Hong Kong stocks compared to global markets [7] - There is a growing interest in high-end manufacturing and innovative consumer sectors, with a focus on companies that leverage supply chain advantages and product innovation [8] - The tea beverage industry is noted for its improving competitive landscape, with leading companies expected to achieve stable long-term growth due to their cost advantages [8]

Core Insights - The A-share market experienced a strong start in January 2026, with a significant increase in public fund issuance, totaling 91 new funds, marking a record high for the period [1] - Equity funds led the issuance with 36 new products, reflecting institutional optimism towards equity assets [1][3] - FOF funds showed remarkable performance, with three newly established products raising over 60 billion yuan, accounting for more than 70% of the total issuance for the month, indicating strong demand for asset allocation products [1][2] Fund Distribution - In January 2026, the distribution of newly issued funds included 36 equity funds, 27 mixed funds, 13 bond funds, 13 FOFs, and 2 QDII funds, catering to various investor needs [2] - The total issuance scale of 11 newly established funds reached 81.91 billion yuan, with FOF funds contributing significantly to this figure [2] Performance of FOF Funds - The three FOF funds raised a total of 60.32 billion yuan, representing 73.64% of the total new fund issuance for the month, with the largest being Guangfa Yueying Stable Three-Month Holding A at 32.88 billion yuan [2] - High subscription efficiency was noted, with several funds completing their fundraising in just one day [2] Focus on Technology Innovation - The issuance of technology-themed funds, particularly those related to the Sci-Tech Innovation Board, emerged as a highlight in January, with multiple companies launching index funds tracking various dimensions of the board [4] - Institutions are recognizing the long-term investment value in the Sci-Tech Innovation Board and are creating more refined tools to capture growth opportunities across different sectors [4] Diverse Product Offerings - New fund products displayed a diverse range, catering to different risk preferences, with several major fund companies launching mixed equity or ordinary equity funds [4] - The trend indicates a growing emphasis on active management to generate excess returns [4] Global Asset Allocation Trends - In response to global asset allocation trends, several fund companies launched QDII or Hong Kong stock-themed funds, enabling investors to seize opportunities in quality Hong Kong assets [5] - Mixed bond funds and bond-mixed funds were also introduced to provide options for investors seeking stable returns [5] Strong Fund Company Performance - Leading public fund companies showcased robust product development capabilities, with several launching multiple new products across various categories [6][7] - Major banks are serving as custodians for many of these products, indicating strong support from distribution channels for the new fund issuance [7] Market Outlook - The public fund market in January 2026 had a promising start, reflecting fund managers' positive expectations for structural opportunities in the market [7] - The trend of innovation and depth in public fund services is expected to continue, providing investors with new tools to strategically position themselves for investment opportunities in 2026 [7][8]