回望2025年的资本市场，在复杂变局中书写着韧性的篇章。全球经济在波动中探寻平衡，地缘政治与贸易环境的不确定性交织显现，而中国经济的增速却 展现出了强大的发展定力，高质量发展的脚步扎实稳健。从A股总市值突破百万亿元的里程碑，到科技板块占比持续提升的结构之变，资本市场的成熟演 进，既映照出创新驱动的时代脉搏，也为资管行业提供了深耕的土壤。2025年，中邮基金在投研体系深化改革的背景下，坚持党建引领，持续推动党建与 业务深度融合，实现了经营效益、管理规模与产品业绩的协同提升。 深化投研体系改革：持续落实绝对收益理念，完善投研一体化机制，结合央行"加强科技创新、扩大内需等重点领域金融支持"的要求，加强宏观研判与产 业研究，适度布局与国家战略契合的优质赛道，提升产品业绩的可持续性。 升级客户服务体验：优化服务流程，针对不同客群推出定制化陪伴服务，进一步提升客户沟通的坦诚度与有效性，筑牢信任桥梁。迭代投资者陪伴体系， 通过线上服务与线下沙龙结合的方式，打通专业服务的"最后一公里"。用更坦诚的沟通搭建信任桥梁，实现与客户的双向奔赴。 风控合规筑牢底线："十五五"规划将金融安全纳入国家安全体系，要求健全风险防范化解长效机制 ...

（原标题：中央财办分管日常工作的副主任、中央农办主任韩文秀，发表署名文章） 来源：《求是》杂志、长安街知事 韩文秀 资料图 以下为全文内容—— 2025年12月召开的中央经济工作会议是党的二十届四中全会后一次十分重要的会议。习近平总书记在会 上发表了重要讲话，全面总结2025年经济工作和"十四五"时期经济社会发展成就，深入分析国际国内形 势，系统部署了2026年经济工作，为确保"十五五"开好局、起好步提供了科学指引。我们要认真学习领 会中央经济工作会议精神，全面抓好贯彻落实。 一、准确把握我国发展面临的国际国内形势 2025年是"十四五"规划收官之年，发展历程很不平凡，取得成绩令人鼓舞。以习近平同志为核心的党中 央团结带领全党全国各族人民迎难而上、奋力拼搏，坚定不移贯彻新发展理念、推动高质量发展，统筹 国内国际两个大局，实施更加积极有为的宏观政策，经济运行总体平稳、稳中有进，经济顶压前行、向 新向优发展，展现出强大韧性和活力。国民经济主要指标表现好于预期，现代化产业体系建设持续推 进，改革开放迈出新步伐，房地产等重点领域风险化解取得积极进展，民生保障更加有力。 在充分肯定成绩的同时，也要看到，我国经济发展中老 ...

Market Overview - The Hong Kong stock market showed a positive trend with the Hang Seng Index rising by 0.59% to close at 26,723.00, while the Hang Seng Technology Index increased by 0.13% to 5,367.28 [2][3] - The trading volume reached 54.3 billion HKD, with net buying from southbound funds amounting to 20.2 billion HKD [3] Sector Performance - The storage concept stocks performed strongly, with notable gains in sectors such as non-ferrous metals, semiconductors, and petrochemicals, while defense, building materials, and automotive parts experienced fluctuations [3][4] - The storage chip price surge is expected to positively impact the capital market, with major players like Kioxia planning to increase average selling prices by approximately 50% starting Q1 2026 [5][7] Key Stock Movements - Notable gainers in the storage sector included: - Lanqi Technology, up 15.14% with a market cap of 228.7 billion HKD - Zhaoyi Innovation, up 10.54% with a market cap of 245.8 billion HKD - Tianyu Semiconductor, up 6.36% with a market cap of 23 billion HKD [6][5] - AI application stocks also saw significant increases, with Haizhi Technology Group rising by approximately 30% [8] AI Applications - The AI application sector continued its upward trend, driven by the launch of ByteDance's Doubao-Seed-2.0 model, which aims to optimize performance for large-scale production environments [8][9] - The Doubao-2.0 Pro flagship version achieved top-tier results in various mathematical and programming competitions, surpassing competitors in benchmark tests [9] Cryptocurrency Sector - Starry Chain Group experienced a dramatic rise of over 90% following the announcement of a strategic cooperation framework with China International Digital Finance Group for a gold asset tokenization project [11] - Other cryptocurrency-related stocks also performed well, with Guofu Quantum rising over 21% and Mi Strategy increasing by over 10% [11]

【导读】现货黄金跌破4990美元/盎司，现货白银同步走低 黄金白银，又跳水了！ 2月16日，现货黄金、白银盘中再度下探。现货黄金盘中跌超1%，跌破4990美元/盎司，失守5000美元/盎司的压力位。 | 〈 | | | 伦敦金现 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | SPTAUUSDOZ.IDC | | | | | 4996.880 | | 昨结 | 5042.205 | 开盘 | 5028.944 | | | -45.325 | -0.90% | 总量(kq) | 0.00 | 现手 | | 0 | | 最高价 | 5053.110 | 持 | 0 | 外 盟 | | 0 | | 最低价 | 4988.700 | 增 仓 | 0 | 内 盘 | | 0 | | સ્ત્રે | 五日 | 日K | 間K | 月K | 重多 | (0) | | 叠加 | | | | 均价: -- | 盘口 | | | 5095.710 | | | | 1.06% | 卖1 4997.180 | 0 | | | | | | | 员1 4996.8 ...

Market Overview - The Hang Seng Technology Index experienced a decline of nearly 2%, with major internet companies falling [1] - The Hang Seng Index dropped by 0.25%, while the Hang Seng Technology Index fell by 0.19% and the Hang Seng China Enterprises Index decreased by 0.08% [1] Sector Performance - Precious metals, semiconductors, and oil & petrochemicals sectors showed strength against the market trend, while sectors like defense, consumer discretionary, and hardware equipment struggled [2] - The non-ferrous metals sector led the market, with notable gains from companies such as Luoyang Molybdenum, which rose over 7%, and Lingbao Gold, which increased by over 6% [4] Notable Stocks - Luoyang Molybdenum's stock price increased by 7.55% to 23.36 [5] - Lingbao Gold's stock price rose by 6.73% to 25.36 [5] - Other companies in the non-ferrous metals sector, such as China Nonferrous Mining and Shandong Gold, also saw significant gains [4] AI and Semiconductor Stocks - AI application stocks opened higher, with Fubo Group rising over 10% and MINIMAX-WP increasing nearly 6% [9] - The semiconductor sector saw a sharp rise, with companies like Zhaoyi Innovation increasing by over 17% and Lanke Technology rising by over 13% [11] Upcoming Changes - The Hang Seng Index will increase its constituent stocks from 88 to 90, adding Ningde Times, Luoyang Molybdenum, and Lingbao Gold, while removing Zhongsheng Holdings, effective March 9 [7]

Market Overview - The Hong Kong stock market opened slightly lower on February 16, with the Hang Seng Index down by 0.25%, the Hang Seng Tech Index down by 0.19%, and the Hang Seng China Enterprises Index down by 0.08% [1] - The market experienced a downward trend, with the Hang Seng Tech Index seeing a decline of nearly 2% at one point, although the losses narrowed by the time of reporting [1] Index Performance - As of the latest update, the Hang Seng Index decreased by 0.41%, the China Enterprises Index fell by 0.62%, and the Hang Seng Tech Index dropped by 1.58% [2] - The Hang Seng Tech Index reached a high of 5351.270 and a low of 5253.640, with a trading volume of 171 million shares [2] Sector Performance - The precious metals, semiconductor, and oil & petrochemical sectors showed strength against the market trend, while sectors such as defense, consumer discretionary, and hardware equipment struggled [2] - The non-ferrous metals sector led the market, with notable gains from companies like Luoyang Molybdenum, which rose over 7%, and Lingbao Gold, which increased by over 6% [4][5] Notable Stocks - Luoyang Molybdenum's stock price increased by 7.55% to HK$23.360, while Lingbao Gold rose by 6.73% to HK$25.360 [5] - Other companies in the non-ferrous metals sector, such as China Nonferrous Mining and Shandong Gold, also saw significant gains [5] AI and Semiconductor Sector - The AI application sector opened higher, with stocks like Fubo Group rising over 10% and MINIMAX-WP increasing by nearly 6% [8][9] - The semiconductor sector experienced a sharp rise, with stocks like North Microelectronics increasing by over 17% and Lanke Technology rising by over 13% [12][13] Upcoming Changes in Index Composition - The Hang Seng Index will increase its constituent stocks from 88 to 90, adding Ningde Times, Luoyang Molybdenum, and Laopuguojin, while removing Zhongsheng Holdings, effective March 9 [7]

刘晓艳博士，现任易方达基金管理有限公司董事长，公司创始团队成员，2011年至2025年3月任公司总 经理，拥有32年证券行业从业经验。 回顾2025年，党的二十届四中全会胜利召开，中国式现代化建设扎实推进，创新动能显著增强，我国已 成为全球创新力提升最快的经济体之一。资本市场向新向优发展，长钱长投的市场生态加速形成，韧性 和活力明显增强。公募基金行业改革稳步推进，服务实体经济和居民财富管理的能力不断提升。 易方达基金始终坚持以投资者为本，将公司发展融入国家发展大局，以"发现价值，创造未来"为使命， 引导金融活水流向现代化产业体系关键环节和重点领域，努力创造长期可持续回报，助力广大投资者分 享中国经济增长的红利。截至2025年底，易方达基金及下属机构资产管理规模超4.1万亿元，权益投资 规模及占比进一步提高，积极投向科技创新和新质生产力领域，持续优化产品和服务体系，降低投资者 成本，成立财富子公司大力开展投顾业务，提升投资者体验与获得感。 （原标题：易方达基金董事长刘晓艳：马不停蹄 共赴新未来） 最后，再次衷心祝愿大家新春快乐、阖家幸福！ 值此马年春节到来之际，我谨代表易方达基金给大家拜年，祝大家新春快乐、马到 ...

（原标题：国海富兰克林基金总经理徐荔蓉：骏业新程，共谱新篇） 岁序更替，骏业启新。2026农历马年新春如约而至，值此辞旧迎新、阖家团圆的美好时刻，我谨代表国 海富兰克林基金，向长期以来信任支持我们的每一位持有人、携手同行的合作伙伴、辛勤付出的全体员 工及家人，致以最诚挚的新春祝福！祝愿大家马年投资顺遂，收获满满！ 回首旧岁，AH市场不负众望、整体表现亮眼，2025年沪深300指数上涨17.66%，创业板指上涨 49.57%，恒生指数上涨27.77%。尽管行业板块间存在分化，但我们始终坚守投研初心，以专业能力为 持有人筛选优质标的，力争贡献可持续的风险调整后回报。对未来，我们也充满信心与期待。 长期来看，在宏观经济预期改善与市场生态深刻变革的双重驱动下，A股市场正在步入一个以"长牛、 慢牛"为特征的新发展阶段。这一判断基于以下四个方面的积极变化：首先，投资者结构持续向长期 化、机构化方向优化，保险、理财子公司、券商及外资等中长期资金的持仓占比逐步提升，显著增强了 市场的整体稳定性。其次，随着资本市场在国家发展战略中的地位日益凸显，"国家队"的增持行为正逐 渐转向系统化、规划化的长期配置，成为市场重要的"压舱石" ...

客户陪伴与投资者教育上，我们深知，客户在什么时候买，能不能在底部加仓，对客户盈利与否至关重 要。频繁申赎、追涨杀跌等是侵蚀收益的主要因素，因此将重点工作围绕基民的投资行为展开。为此， 创金合信基金2021年初筹备专注投资知识分享的子品牌"合信岛"——一个集特色投资课程、沉浸式互动 体验于一体的学习型投资者知识共享平台。合信岛已在各大自媒体平台建立了官方账号，通过直播、短 视频、互动调研、定期主题训练营等方式，向投资者传递各类投资知识。目前合信岛拥有百万粉丝用 户，累计内容曝光过亿，并获评中国基金报2025中国资产管理行业英华典型案例投资者教育创新项目。 投研能力建设方面，创金合信基金在尊重基金经理的个人专长与投资风格，发挥基金经理个人能动性的 同时，强调发挥团队力量，从好的方法论支撑、流程化管理等角度不断提升团队智慧。 （原标题：创金合信基金总经理苏彦祝：践行高质量发展 提升投资者获得感） 公募基金行业需要在服务实体经济与国家战略、促进资本市场改革发展稳定、满足居民财富管理需求等 方面发挥更大的积极作用。创金合信基金坚持做难而正确的事，倡导长期主义，久久为功，致力于不断 提升投资者获得感。 过去的2025年， ...

多数资产的牛市由若干基本面因素共同构成：首先，美国例外论的消退，以及央行去美元化进程在延续，对应了弱美元和贵金属牛市；其次，全球基本面 在软着陆的路径上前行，也即是增长不弱的同时通胀回落，这一组合对风险资产较为有利；此外，以AI为代表的科技领域持续推进，为成长板块以及相 关工业金属进一步奠定了超额收益的基础。 展望2026年，中性假设下我们预计全球经济增速温和放缓但不失稳健，美、欧等发达经济体增速虽未必一帆风顺但并不显著弱于2025年。美国的AI相关 投资依然火热，尽管投资增速不如2025年，但0.5至1个百分点的GDP拉动即可有效缓解美国经济进入衰退的风险。同时，美国、德国、日本等主要经济体 处于财政加码状态，对经济的拉动强于2025年。低利率、弱美元、低油价形成的宽松金融环境对传统经济也起到了预防失速的正向作用。 中国方面，通胀走势是2026年基本面乃至股、债走势的核心因素。我们的中性假设是PPI同比随基数趋于上行，而CPI同比修复并稳定于正值区间。我们预 测名义与实际GDP增速均呈现逐季走高的态势，强于2025年下半年名义增长低迷的环境，国内基本面再通胀渐行渐近。结合修复中的基本面，筑底回升的 企业盈利 ...