申庆告诉中国证券报记者，美国市场的养老基金投资非常成熟，指数产品就是401K计划的主要投资对 象。而且，海外公募淡化主动权益投资称谓，而更加强调"九宫格"，即按照大盘、中盘、小盘以及价 值、成长、平衡分别组合，本质上就是宽基指数与风格指数的排列组合。 □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。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，未来指数产品会是国内养老 投资的重要载体之一。" 在申庆看来，收益的稳定性不仅体现 ...

Core Viewpoint - The increasing variety of passive investment tools in the domestic market is making ETF-based multi-asset FOF products a popular choice among investors, enhancing asset allocation efficiency and allowing managers to focus on asset management [1] Group 1: Investment Strategy - The FOF investment system is based on a localized all-weather strategy, supplemented by three enhancement strategies: asset allocation management, style and sector rotation, and alternative asset investment, aiming to provide long-term stable returns for investors [1][4] - The FOF product is designed to help investors achieve sustainable profit, with a strong emphasis on risk management and a focus on providing a stable holding experience rather than high volatility [2][3] Group 2: Asset Management Techniques - The strategy emphasizes "rule-based" management over "human-based" management, aiming to reduce uncertainty and improve performance stability through a scientific investment system [3] - A diversified asset allocation approach is adopted to mitigate portfolio volatility, with a focus on effective beta management as the core source of returns [3] Group 3: Enhanced Tactical Strategies - The three enhancement strategies include: 1. Equity and bond position management, utilizing a satellite monitoring system to adjust the portfolio based on economic fundamentals and market sentiment [5] 2. Style and sector rotation, prioritizing style rotation over sector rotation to improve rotation success rates [5][6] 3. Investment in alternative assets like gold and QDII to reduce portfolio volatility by introducing assets with lower correlation to domestic markets [6] Group 4: Risk Control and Portfolio Management - The selection of broad-based ETFs and sector-specific thematic ETFs is strategically differentiated, with broad-based ETFs serving as indicators for potential weaknesses in sub-sectors [7] - Strict standards are applied to the selection of underlying assets for the FOF, ensuring a balanced portfolio and minimizing concentrated exposure to specific risks [7] - Emphasis is placed on controlling maximum drawdown, as it reflects the manager's risk control capabilities more effectively than volatility alone [7]

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 installation, and market capitalization [1] Group 1: Energy Supply and Production - The company has stabilized its self-produced coal volume at 600 million tons and has achieved a wind power installation capacity exceeding 72 million kilowatts [1] - The group has implemented a robust supply assurance system, enhancing its emergency supply capabilities and maintaining a high ratio of long-term coal contracts [4] - The coal production volume accounts for one-sixth of the national total, with annual electricity generation and heating volume each representing one-eighth of the national total [5] Group 2: Renewable Energy Development - During the 14th Five-Year Plan, the group has made significant progress in expanding renewable energy capacity, achieving a threefold increase in overall 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-sea photovoltaic project, showcasing innovative models for renewable energy integration [2] - The group has established a hydrogen energy production capacity of 6,000 tons per year, accounting for 5% of the national total, and has made advancements in coal power upgrades [3] Group 3: Technological Innovation and Reform - The company has completed 161 specific reform tasks to enhance governance and operational efficiency, including the establishment of a comprehensive risk management system and the promotion of digital management platforms [6] - Through asset restructuring exceeding 200 billion yuan, the company has significantly increased the market value of China Shenhua, reinforcing its position as a leading player in the energy sector [6] - The group is committed to enhancing value creation capabilities and promoting high-quality development through effective investment and the transition of traditional industries [7]

● 本报记者 王舒嫄 熊彦莎 商务部近日发布数据显示，2025年，全国新设立外商投资企业70392家，同比增长19.1%。实际使用外 资金额7476.9亿元人民币，引资结构不断优化，服务业实际使用外资5451.2亿元人民币。 专家认为，今年稳外资政策料接续加力，缩减外资准入负面清单，实施好新版鼓励外商投资产业目录， 促进外资境内再投资，推动更多标志性项目落地。同时，不断优化引资结构，深入挖掘服务业引资新增 长点。 值得一提的是，从来源地看，2025年瑞士、阿联酋、英国实际对华投资分别增长66.8%、27.3%、15.9% （含通过自由港投资数据）。 近日，多个中国外商投资企业协会和外资企业负责人表示，中国超大规模市场活力强劲，营商环境持续 优化，对在华发展前景充满信心，愿扩大在华长期投资。 美中贸易全国委员会会长谭森表示，美国商界愿支持中国高质量发展，拓展互利共赢领域。中国欧盟商 会主席彦辞表示，中国欧盟商会及其会员企业将继续为促进中国长期可持续经济增长发挥建设性作用。 在商务部近日召开的英资企业圆桌会上，与会英资企业表示，中国市场潜力巨大，营商环境不断优 化，"十五五"规划进一步增强其在华长期投资经营的信心 ...

近日，招金黄金（000506）、湖南黄金（002155）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（603993）等公司对外公告，购买金矿类资产。 ● 本报记者 董添 1月25日晚，湖南黄金对外披露发行股份购买资产并募集配套资金暨关联交易预案。上市公司拟通过发 行股份方式购买交易对方湖南黄金集团、天岳投资集团持有的黄金天岳合计100%股权，及湖南黄金集 团持有的中南冶炼100%股权，并向不超过35名符合中国证监会规定条件的特定投资者发行股份募集配 套资金。 本次交易前，湖南黄金主要负责黄金及锑、钨等有色金属矿山的开采、选矿，金锑钨等有色金属的冶炼 及加工，黄金、精锑的深加工及有色金属矿产品的进出口业务等。标的公司黄金天岳主要从事万古矿区 的矿权整合、勘探，以及部分金矿的采选及销售，主要产品为金精矿。标的公司中南冶炼主营业务聚焦 高砷、高硫等难处理金精矿的专业化冶炼加工，业务体系涵盖原料收购、冶炼加工、产品销售及技术服 务一体化：原料端收购金精矿及有色金属原料；冶炼中 ...

报告提出，2026年经济社会发展主要预期目标是：地区生产总值增长5%左右，一般公共预算收入增长 4%左右，城镇调查失业率控制在5%以内，居民消费价格涨幅2%左右，居民收入增长和经济增长同步， 细颗粒物年均浓度控制在29微克/立方米左右、争取更优水平，能源、水资源、碳排放等指标达到国家 要求。 对于"十五五"时期的发展目标，《北京市国民经济和社会发展第十五个五年规划纲要(草案)》从创新、 协调、绿色、开放、共享、安全六个维度设置了29项主要指标，包括地区生产总值年均增速4.5%-5%、 努力争取更好结果，全员劳动生产率达58万元/人左右，全社会研发投入占比6%以上等。 ● 本报记者熊彦莎连润 1月25日，北京市第十六届人民代表大会第四次会议开幕，北京市市长殷勇作政府工作报告。报告提 出，2026年北京地区生产总值增长目标为5%左右。北京将积极扩大有效投资，面向民间资本推介重大 项目总投资不低于2000亿元；全面实施"人工智能+"行动，建设国家人工智能应用中试基地；推进未来 产业先导区建设，培育6G、量子科技、生物制造等新增长点；支持北京证券交易所加强中小企业上市 融资服务，加快中关村科创金融改革试验区建设，完善 ...

Core Insights - The semiconductor industry is experiencing significant growth driven by the demand for artificial intelligence, with many companies projecting strong earnings for 2025 [1][2][3][4]. Industry Performance - The semiconductor market is recovering globally, with companies like ShenGong Co. expecting a net profit of 90 million to 110 million yuan for 2025, representing a year-on-year increase of 118.71% to 167.31% [2]. - Shannon Chip expects a net profit of 480 million to 620 million yuan for 2025, with a growth rate of 81.77% to 134.78%, driven by increased demand for enterprise-level storage products due to the rise of generative AI [3]. - Zhongwei Company anticipates a revenue of approximately 12.385 billion yuan for 2025, a year-on-year increase of about 36.62%, and a net profit of 2.08 billion to 2.18 billion yuan, reflecting a growth of 28.74% to 34.93% [4]. R&D Driven Growth - Companies are increasing R&D investments to support growth, with Allwinner Technology projecting a net profit of 251 million to 295 million yuan for 2025, a growth of 50.53% to 76.92% [5]. - Juchip Technology expects a revenue of 922 million yuan for 2025, a year-on-year increase of 41.44%, and a net profit of 204 million yuan, up 91.40% [6]. Institutional Focus on Sustainability - Institutions are closely monitoring semiconductor companies for their AI-related orders and earnings sustainability, with companies like Chip Origin reporting a record new orders of 2.494 billion yuan in Q4 2025, with over 84% related to AI computing [7]. - Companies are also providing products for AI servers and humanoid robots, indicating a broadening application of semiconductor technologies in various sectors [7]. Industrial AI Development - The domestic industrial AI sector is expected to accelerate, with advancements in AI applications across design, manufacturing, and management processes, as reported by Shanxi Securities [8].

Core Insights - The commercial aerospace sector is experiencing a significant surge, transitioning from a "national strategic direction" to "actual commercial implementation," driven by technological advancements and supportive policies [1][3]. Group 1: Market Performance - The satellite-themed ETFs have shown strong performance, with the Guangfa Satellite ETF rising by 26.85% year-to-date as of January 23, ranking sixth among all ETFs [2]. - Other aerospace-related ETFs, including general aviation ETFs, have also performed well, with gains exceeding 15% year-to-date [2]. - Despite an overall trend of capital outflow, certain thematic ETFs, particularly the satellite ETFs, have attracted significant inflows, with the satellite ETF (159206) seeing a net inflow of 7.697 billion yuan [2]. Group 2: Technological and Policy Support - The commercial aerospace sector's growth is supported by a systematic policy framework that encourages participation and outlines a comprehensive support system [3][4]. - Technological innovations, such as reusable rockets and mass satellite manufacturing, are crucial for reducing costs and enabling scalable profitability in the industry [3][4]. - The establishment of a dedicated Commercial Aerospace Department by the National Space Administration and the introduction of a three-year plan are pivotal in facilitating the sector's growth [3]. Group 3: Investment Opportunities - The investment value in the satellite sector is driven by strong policy support, expanding demand scenarios, and technological advancements that lower costs [4]. - The industry is characterized by a three-tier structure: upstream manufacturing (satellites and rockets), midstream service (launch and ground operations), and downstream applications [6]. - Investors are advised to focus on long-term strategies and consider index products to mitigate risks, as the sector is still in its early stages and individual stock risks are high [6].

Core Insights - The investment landscape for embodied intelligence is heating up, with significant funding rounds indicating strong interest from top-tier investors [1][2] - The focus of capital is shifting from merely funding technological blueprints to emphasizing scalable production and commercial viability [1][7] Investment Highlights - Self-variable Robotics completed a 1 billion yuan A++ round of financing, attracting major investors like ByteDance, Sequoia China, and local state-owned funds [1][2] - Other companies in the embodied intelligence sector, such as Future Not Far Robotics and Manifold AI, have also secured funding, reflecting a broader trend of investment in this field [1][4] Government Support - The Chinese government has recognized embodied intelligence as a new economic growth point, with supportive policies emerging from regions like Beijing, Zhejiang, and Guangdong [1][3] - The establishment of investment platforms by local governments aims to nurture embodied intelligence as a key industry [3] Market Trends - The year 2025 is projected to be a critical juncture for the commercialization of embodied intelligence, with over 140 domestic companies expected to emerge [6] - The transition of humanoid robots from experimental stages to practical applications in homes and factories is accelerating [6] Competitive Landscape - The investment community is increasingly focused on the practical application and mass production capabilities of companies, moving away from speculative funding [7] - Concerns exist regarding the concentration of capital towards leading firms and the potential for price competition as many companies pursue similar technological paths [7]

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 unique approach to navigating the structural market conditions [1] Fund Manager Adjustments - In Q4 2025, Zhongji Xuchuang (300308) became the largest holding for public funds, with an increase of over 22 billion yuan, while many long-term fund managers chose to reduce their positions in this stock by over 40% [2] - Similar trends were observed with Xinyisheng (300502), where public funds increased holdings by over 9 billion yuan, yet long-term fund manager Yang Dong reduced his position by over 40% [3] Divergence in Stock Adjustments - There were notable differences among long-term fund managers regarding their adjustments in Xinyisheng, with some increasing their positions while others significantly reduced theirs [3] - Industrial Fulian (601138) exited the top ten holdings for public funds, while some fund managers drastically reduced their positions, with reductions exceeding 80% [3] - In contrast, Zijin Mining (601899) and Shengyi Technology (600183) saw overall increases in public fund holdings, but individual fund managers had varying strategies, with some increasing and others decreasing their stakes [3] Position Management - Many long-term fund managers opted to lower their stock positions in Q4 2025, with significant reductions noted, such as a drop from 78.70% to 62.74% in one fund [4] - Other funds also reported reductions in stock positions ranging from 1% to 10% [4] Portfolio Diversification - Long-term funds generally maintained a high concentration in their top ten holdings, but there was a noticeable decrease in concentration compared to Q3 2025, with some funds seeing reductions of over 25 percentage points [5][6] - The focus of many fund managers shifted towards diversified sectors, including AI, cyclical industries, and consumer sectors, indicating a broader investment strategy [6] Sector Focus - The cyclical sector became a popular area for public fund increases, with significant investments in non-ferrous metals and chemicals [7] - Consumer and social service sectors also saw increased attention from fund managers, with notable additions to top holdings in these areas [8] Major Changes in Top Holdings - Several funds underwent significant changes in their top ten holdings, with multiple stocks being replaced, indicating a strategic shift in investment focus [9] Outlook for 2026 - Fund managers expressed optimism for the A-share market in 2026, anticipating a potential upward trend driven by multiple positive factors [10] - AI applications are expected to be a core focus, with varying strategies among fund managers regarding their investment in AI-related sectors [11] - The cyclical sector is recognized for its investment potential, with expectations of improved performance in related industries [12]