Core Insights - The report highlights the contrasting trading strategies of long-term fund managers compared to the overall public fund adjustments in Q4 2025, indicating a divergence in stock selection amidst a volatile market environment [1][2]. Fund Manager Adjustments - In Q4 2025, Zhongji Xuchuang replaced Ningde Times as the top holding for public funds, with an increase in market value exceeding 22 billion yuan. However, several long-term fund managers chose to reduce their positions in Zhongji Xuchuang, with reductions exceeding 40% by managers like Mo Haibo and Shen Ai Qian [1][2]. - Similar trends were observed with another popular stock, Xinyi Semiconductor, where public funds increased holdings by over 9 billion yuan, yet long-term fund manager Yang Dong reduced his position by over 40% [2]. - Notably, Industrial Fulian exited the top ten holdings for public funds, while some long-term managers like Liu Yuanhai increased their positions, showcasing differing strategies among fund managers [3]. Portfolio Management - Many long-term fund managers opted to lower their stock positions in Q4 2025, aligning with the overall trend of reduced stock allocations in public funds. For instance, the stock allocation of Mo Haibo's fund dropped from 85.20% to 71.92%, a decrease of approximately 13 percentage points [4]. - The concentration of holdings among long-term funds remained high, with many funds having over 50% of their net asset value in the top ten holdings, although some funds showed a noticeable decrease in concentration compared to Q3 2025 [5]. Sector Allocation - Fund managers displayed a diversified approach in their sector allocations, favoring areas such as AI, cyclical stocks, and consumer sectors. For example, Yang Dong's fund gained excess returns by focusing on AI and robotics, while Liu Yuanhai's fund adjusted its AI allocations during Q4 2025 [6][7]. - The cyclical sector gained traction among fund managers, with significant investments in non-ferrous metals and chemicals. For instance, Li You's fund made substantial increases in holdings of companies like Zijin Mining and Yun Aluminum [6][9]. - In the consumer and social services sectors, managers like Mo Haibo and Miao Weibin focused on domestic demand-related stocks, indicating a strategic shift towards consumer resilience and emerging consumption trends [6][9]. Market Outlook - Looking ahead to 2026, long-term fund managers maintain an optimistic outlook for the A-share market, anticipating a potential upward trend driven by multiple positive factors, including corporate earnings recovery and improved liquidity [7][8]. - The AI sector remains a focal point, with managers emphasizing the importance of AI applications over hardware, suggesting a shift in investment focus towards practical applications of AI technology [8][9].

Market Performance - The market experienced fluctuations last week, with the China Securities Index closing at 2027.72 points, down 1.56% [1] - The Shanghai Composite Index rose by 0.84%, while the Shenzhen Component Index increased by 1.11%. The ChiNext Index fell by 0.34%, and the CSI 300 Index decreased by 0.62% [1] - Notable strong performers included Lanke Technology, Huayi Group, and Salt Lake Shares, with increases of 12.22%, 8.38%, and 7.62% respectively [1] Year-to-Date Performance - Since the beginning of 2026, notable stock performances include: - Zhaoyi Innovation up 38.74% - Lanke Technology up 35.84% - Anji Technology up 35.28% [2] - Other companies such as Zhongwei Company and Changdian Technology have also seen increases of over 30% [2] Market Sentiment and Trends - Market sentiment is relatively stable, with active funds seeking investment opportunities despite outflows from broad market indices [2] - The market style has shown signs of balance, with cyclical sectors performing notably well [2] - The current market is in a mid-uptrend phase, with expectations for a spring rally and strong overall market activity [2] Investment Strategy - Current A-shares are in a mid-uptrend phase, with attractive valuations and no signs of bubble formation [3] - Structural opportunities in 2026 are focused on five major "hard asset" directions: technology innovation, biomedicine, resource supply-side reversal, gold, and high-dividend assets [3] - Investment strategies emphasize holding hard assets, maintaining a high position, and focusing on globally competitive and scarce supply areas [3]

申庆的投资视角始终以长周期维度为核心。在他看来，管理指数增强产品要想提供长期稳健的收益，不 仅收益增强要稳定，下方波动更要控制好。 "权益投资的难点就在于良好收益的可持续性。"申庆以长跑运动类比说，"长跑不可能用百米冲刺的速 度完成，如果时快时慢或者短距离冲刺耗尽体力后就停歇了，不仅是成绩好不好的问题，很可能不能完 赛。" □本报记者 王鹤静 指数基金首次纳入个人养老基金名录并设立Y份额，距今已有一年多的时间。Wind数据显示，2025年， 指数基金（包括被动指数型基金、指数增强型基金）Y份额总规模由3.16亿元迅速扩张至42.43亿元。 作为首批"指增Y"的管理人，兴全沪深300指数增强Y、兴全中证800六个月持有指数增强Y基金经理申 庆在接受中国证券报记者专访时表示，A股指数产品不仅能够分享长期中国经济增长的成果，而且费用 非常低廉，能够给投资者提供更加灵活便捷的投资选择，未来指数产品将是国内养老投资的重要载体之 一。 指数基金契合养老投资需求 谈及2024年指数基金被创新性纳入个人养老基金名录，申庆现在回想起来，依然记得当时意料之外的惊 喜："说实话，这是比较超预期的，但也在情理之中。参考国际惯例来看， ...

Core Insights - The article discusses the recent performance and outlook of the investment banking sector, highlighting key trends and challenges faced by firms in the industry [1] Group 1: Industry Performance - Investment banking revenues have seen a decline of approximately 20% year-over-year, primarily due to reduced deal-making activity and market volatility [1] - Mergers and acquisitions (M&A) activity has dropped significantly, with a reported decrease of 30% in the first half of the year compared to the previous year [1] - Equity capital markets (ECM) have also been affected, with IPO volumes down by 50% as companies delay public offerings amid uncertain market conditions [1] Group 2: Company Strategies - Major investment banks are focusing on cost-cutting measures, including layoffs and restructuring, to adapt to the challenging environment [1] - Firms are increasingly diversifying their service offerings, with a push towards wealth management and advisory services to offset declining revenues from traditional investment banking activities [1] - Technology investments are being prioritized, with banks looking to enhance their digital platforms and improve operational efficiency [1]

04版 本周话题 ...

□本报记者 张舒琳 王鹤静 张凌之 公募基金行业重要新规落地。近日，《公开募集证券投资基金业绩比较基准指引》以及《公开募集证券 投资基金业绩比较基准操作细则》正式发布，将于2026年3月1日起施行。 受访机构认为，《指引》及《操作细则》围绕业绩基准构建了覆盖基金产品创设、投资、监督、销售、 评价等全链条的规范体系，有望破解行业存在的多个痛点，推动公募基金行业告别规模导向和短期排名 惯性，助力行业高质量发展。 增强主动投资纪律性 近期，薪酬考核细则还将进一步明确。据悉，中基协将修订出台薪酬考核规则，细化基金经理薪酬考核 具体指标要求，全面强化基金管理人与投资者绑定关系。 从对机构端的影响来看，华夏基金表示，基准与薪酬考核的紧密联动，将进一步强化机构与投资者的利 益绑定，让管理人更聚焦于为投资者创造长期回报。基准新规的落地将成为行业提质增效的催化剂。合 规管理能力强、投研体系健全、长期业绩稳定的机构将进一步发挥优势，同时也将带动全行业共同提升 专业能力与规范运作水平。 此外，新规将推动行业竞争路径转变。富国基金认为，过往"规模导向"和"短期排名"的激励惯性从根本 上得到改变，将管理人的核心经济利益与为投资者创造长 ...

08中证问基 ...

Core Insights - The article discusses the recent trends in the wealth management industry, highlighting the increasing demand for personalized financial services and the impact of technology on client engagement [1] Group 1: Industry Trends - There is a significant shift towards digital platforms in wealth management, with firms investing heavily in technology to enhance client experiences and streamline operations [1] - The market for wealth management is projected to grow, driven by rising disposable incomes and an increasing number of high-net-worth individuals globally [1] - Regulatory changes are influencing the industry, with firms needing to adapt to new compliance requirements while maintaining client trust [1] Group 2: Company Strategies - Companies are focusing on developing tailored investment solutions to meet the diverse needs of clients, which is becoming a key differentiator in the competitive landscape [1] - Partnerships with fintech firms are becoming more common, allowing traditional wealth management companies to leverage innovative technologies and improve service offerings [1] - There is an emphasis on sustainability and responsible investing, with firms increasingly incorporating ESG (Environmental, Social, and Governance) factors into their investment strategies [1]

Core Insights - The National Energy Group has established a solid energy supply foundation through supply assurance, price stability, green transformation, and innovative reforms, achieving significant milestones in coal production, wind power capacity, and market capitalization [1][2]. Energy Supply and Production - The company has stabilized its self-produced coal volume at 600 million tons and has achieved a wind power capacity exceeding 72 million kilowatts, contributing to a market capitalization surpassing 1 trillion yuan [1]. - The group aims to enhance effective investment and promote the transformation and upgrading of traditional industries while developing emerging industries on a large scale by 2026 [1]. Renewable Energy Development - During the 14th Five-Year Plan, the group has focused on expanding scale and optimizing layout, resulting in a threefold increase in renewable energy installed capacity compared to the end of the 13th Five-Year Plan [2]. - The company has developed large-scale wind and solar bases and launched the world's largest open offshore photovoltaic project, showcasing innovative integration of green energy and agriculture [2]. Energy Storage and Hydrogen Production - The group has made significant advancements in energy storage, with 195 new storage projects operational by the end of 2025, accounting for approximately 6% of the national new energy storage capacity [2]. - The hydrogen energy sector has been established with a production capacity of 6,000 tons per year, representing 5% of the national total, with various applications leading industry development [2]. Coal Power Upgrades - The company is focusing on upgrading coal power as a key transformation strategy, with four projects selected as national pilot projects for next-generation coal power [3]. - These upgrades are expected to reduce carbon emissions by 10% for certain coal power units by 2024 [3]. Energy Security and Supply Assurance - The National Energy Group has built a resilient supply assurance system, prioritizing supply stability and price control while enhancing emergency supply capabilities [3][4]. - The company has accelerated the release of high-quality coal production capacity, achieving significant operational metrics, including a stable self-produced coal volume and record daily power generation [3][4]. Transportation and Logistics - The group is improving its transportation network, with ongoing projects like the Huanghua Port Phase V and the Dongyue Railway, enhancing coal transportation efficiency [4]. - The company’s coal production and power generation metrics account for significant national shares, with annual coal production representing one-sixth of the national total [4]. Reform and Innovation - The company has implemented comprehensive reforms, completing 161 specific reform tasks to enhance governance and operational efficiency [5][6]. - The restructuring of assets has led to a significant increase in the market value of China Shenhua, with over 200 billion yuan in asset restructuring [6]. Future Outlook - By 2026, the company plans to strengthen its safety and supply responsibilities, enhance investment effectiveness, and promote high-quality development while focusing on carbon asset management and technological innovation [6].

近日，招金黄金、湖南黄金等上市公司披露的2025年年报业绩预告显示，受益于金价持续上涨，手握金 矿的上市公司业绩水涨船高。值得注意的是，虽然金价持续飙升，但上市公司"跑马圈地"的脚步并未停 歇，湖南黄金、洛阳钼业等公司对外公告，购买金矿类资产。 ● 本报记者 董添 金矿类公司业绩大幅预喜 招金黄金1月25日晚间对外披露的2025年度业绩预告显示，预计2025年全年实现归属于上市公司股东的 净利润为1.22亿元至1.82亿元，同比扭亏。业绩变动的主要原因为，子公司斐济瓦图科拉金矿有限公司 积极推进技改工作，增产增效，叠加报告期内黄金价格上涨，因此毛利润有较大幅度的提高。 无独有偶。同日晚间，湖南黄金对外披露的2025年业绩预告显示，公司预计2025年全年实现归属于上市 公司股东的净利润约12.7亿元至16.08亿元，同比增长50%至90%。报告期内，业绩上涨主要是公司金、 锑、钨产品销售价格同比上涨。 在此之前，赤峰黄金、紫金矿业等多家手握金矿的上市公司业绩均大幅预喜。 洛阳钼业1月25日晚间披露关于收购金矿项目完成交割的公告。公告显示，公司于2025年12月15日披露 《洛阳栾川钼业集团股份有限公司关于收购金 ...