Core Viewpoint - The macroeconomic landscape at the beginning of 2026 is complex, showcasing a resilient picture of the domestic economy that is progressing towards improvement, contrasting with the market's focus on "structural differentiation" [1] Economic Overview - The domestic economy is advancing under pressure, with ongoing construction of a modern industrial system and positive progress in risk mitigation in key areas, despite challenges such as insufficient domestic demand and low price levels [4] - The U.S. economy is experiencing moderate expansion, with slowing job growth and a slight increase in unemployment, while inflation remains high, prompting the Federal Reserve to continue lowering interest rates [4] Market Indicators - In Q4 2025, the manufacturing PMI improved from 49 to 50.1, indicating marginal improvement [4] - External trade demonstrated strong resilience, with continuous enhancement in export competitiveness [4] - The real estate market in some cities is stabilizing but still exhibits volatility [4] - Monetary policy maintained a reasonably ample liquidity environment to support economic recovery, with average DR001 and DR007 rates decreasing by 15 basis points and 3 basis points respectively compared to Q3 2025 [4] Bond Market Performance - The yield on 10-year government bonds slightly decreased from 1.86% at the end of Q3 2025 to 1.85% in Q4 2025, showing minimal change [4] - The fund manager adjusted leverage and duration according to market conditions during this period, aiming to ensure safety while striving for stable returns for clients [4]

Core Viewpoint - The A-share market is expected to experience a robust upward trend in 2026, with a solid foundation for the "spring rally" compared to previous years, driven by macroeconomic policies and risk appetite recovery [1] Group 1: Market Overview - In 2025, the A-share market showed significant structural opportunities, with major alpha concentrated in growth and cyclical sectors [5] - The first quarter saw a notable "spring rally," primarily driven by thematic trends in the technology sector, including robotics, low-altitude economy, and AI applications [5] - The second quarter experienced volatility due to external tariff expectations, leading to adjustments in broad market indices [5] - By the third quarter, there was a clear recovery in growth style valuations, particularly in computing power, semiconductors, and technology stocks, alongside a strong performance in the cyclical sector driven by liquidity easing [5] - The fourth quarter entered a phase of oscillation, characterized by alternating industry rotations as the main trading opportunity [5] Group 2: Investment Strategy - The investment strategy focuses on high-quality industry leaders, with a preference for mid to large-cap stocks to mitigate the impact of small-cap volatility [5] - The approach emphasizes balanced sector allocation to prevent excessive volatility from rapid industry rotations [5] - For 2026, the outlook remains positive, with broad market indices expected to maintain reasonable valuation levels, supported by ongoing technological innovation and favorable liquidity conditions [6] - The strategy will continue to utilize quantitative diversified allocation to maintain a stable return profile [6]

Group 1 - Strong One Semiconductor (Suzhou) Co., Ltd. is focused on semiconductor design and manufacturing, specializing in the research, design, production, and sales of probe cards for wafer testing, with 95.87% of its revenue coming from probe card sales [1] - The company's revenue breakdown includes 84.71% from 2D/2.5D MEMS probe cards, 8.25% from cantilever probe cards, and 2.57% from wafer test boards, among other categories [1] - As of February 13, the stock price of Strong One shares increased by 5.87% to 347.56 CNY per share, with a total market capitalization of 45.03 billion CNY [1] Group 2 - The Jiashi Zhongzheng Photovoltaic Industry ETF (014604) holds 253 shares of Strong One, representing 0.01% of the fund's net value, making it the eighth largest holding [2] - The fund has achieved a year-to-date return of 17.73% and a one-year return of 53.49%, ranking 166 out of 5569 and 653 out of 4295 respectively in its category [2] - The fund manager, Li Zhi, has been in position for over 8 years, with the best fund return during his tenure being 93.34% [3]

Group 1 - The core viewpoint of the news is that Wangsu Technology's stock price increased by 5.97%, reaching 23.44 CNY per share, with a trading volume of 1.084 billion CNY and a turnover rate of 2.05%, resulting in a total market capitalization of 57.65 billion CNY [1] - Wangsu Technology, established on January 26, 2000, and listed on October 30, 2009, is headquartered in Shanghai and primarily provides content delivery network (CDN), internet data center (IDC), and cloud computing services [1] - The revenue composition of Wangsu Technology includes CDN and edge computing at 64.34%, security and value-added services at 27.51%, IDC and liquid cooling at 5.36%, and merchandise sales and others at 2.79% [1] Group 2 - Among the top circulating shareholders of Wangsu Technology, E Fund's Chuangye ETF (159915) reduced its holdings by 7.0387 million shares in the third quarter, now holding 44.1262 million shares, which accounts for 1.91% of the circulating shares [2] - The estimated floating profit for E Fund's Chuangye ETF today is approximately 58.2466 million CNY [2] - E Fund's Chuangye ETF was established on September 20, 2011, with a current scale of 100.446 billion CNY, yielding 4.05% this year, ranking 3395 out of 5569 in its category, and achieving a one-year return of 54.24%, ranking 622 out of 4295 [2]

Group 1 - The core viewpoint of the news is that 富创精密 (Fuchuang Precision) has seen a stock price increase of 6.07%, reaching 93.00 yuan per share, with a total market capitalization of 28.478 billion yuan [1] - 富创精密 specializes in manufacturing precision components for semiconductor equipment, particularly in the 7nm process technology, with its main business revenue composition being 68.56% from mechanical and electromechanical components, 28.92% from gas transmission systems, and 2.51% from other sources [1] Group 2 - 嘉实上证科创板芯片ETF (Jiashi SSE Sci-Tech Innovation Board Chip ETF) is one of the top ten circulating shareholders of 富创精密, having reduced its holdings by 160,300 shares to a total of 3.4752 million shares, representing 1.96% of the circulating shares [2] - The Jiashi SSE Sci-Tech Innovation Board Chip ETF has achieved a year-to-date return of 14.52% and a one-year return of 71.78%, ranking 433 out of 5,569 and 204 out of 4,295 respectively in its category [2] Group 3 - The fund manager of 嘉实上证科创板芯片ETF is 田光远, who has been in the position for 4 years and 343 days, with the fund's total asset size being 79.133 billion yuan [3] - During his tenure, the best fund return was 163.5%, while the worst return was -46.65% [3]

Group 1 - The Securities ETF Index Fund (516200) opened with a slight increase of 0.09%, priced at 1.134 yuan [1] - Major holdings in the Securities ETF Index Fund include Dongfang Caifu, which rose by 0.18%, and other securities firms like CITIC Securities and Huatai Securities, which remained stable or showed minor fluctuations [1] - The fund's performance benchmark is the CSI All Share Securities Company Index return rate, managed by Huaan Fund Management Co., Ltd., with a return of 13.19% since its inception on March 9, 2021, and a recent one-month return of -5.46% [1]

2月12日，军工板块低开高走，高人气军工ETF华宝（512810）放量收涨1.3%跑赢大市。成份股58涨22 跌，华丰科技领涨12.09%，应流股份涨停创新高，权重股航发动力涨5.89%，中国船舶涨3.06%。商业 航天权重股航天电子、中国卫星跌逾2%。 军工行业多领域景气高企，行情催化剂尤为密集。 *券商观点来源：太平洋证券20260209《军工行业周报（2026.02.02-2026.02.08）：我国成功发射一型可 重复使用试验航天器》 注：投资者在申购或赎回基金份额时，申购赎回代理机构可按照不超过0.5%的标准收取佣金，其中包 含证券交易所、登记机构等收取的相关费用。 商业航天领域， 2月11日长征十号飞行试验的火箭一子级成功完成返回段飞行和受控溅落。我国可回收 火箭持续取得突破，太空运力产能有望持续增长。 大飞机领域，日前中国商飞携C909、C919参展新加坡航展，期间与山西成功通用航空股份有限公司签 署6架C909灭火机订单，国产大飞机全球拓展进程有望加速。 船舶领域，2025年中国船企三大核心指标（完工量、新接订单量、手持订单量）逆势增长，连续16年稳 居全球首位。2026年强劲势头延续，多家船 ...

Group 1 - The overall performance of the food and beverage sector is declining, with the Huabao Food and Beverage ETF (515710) dropping 1.19% by the end of trading on February 12 [1] - Major stocks in the sector, including Kweichow Moutai and Wuliangye, experienced declines, with Kweichow Moutai and Wuliangye both falling over 1% [1] - The price of Feitian Moutai has rebounded, reaching 1700 RMB for the original box and 1660 RMB for the loose bottle as of February 12 [3] Group 2 - The white liquor industry is showing signs of differentiation, with demand concentrating on leading brands, particularly Kweichow Moutai, which is benefiting from market reforms [3] - The food and beverage sector is currently at a historical low in valuation, with the price-to-earnings ratio of the Huabao ETF at 20.58, indicating a potential good entry point for investment [3] - Analysts predict a rebound in the white liquor market post-Spring Festival, suggesting a favorable period for annual investment [4] Group 3 - The industry is expected to see a recovery in demand as policy pressures ease, with a clearer direction for industry consolidation and improved pricing signals [4] - The Huabao Food and Beverage ETF focuses on high-end and mid-range liquor brands, with approximately 60% of its portfolio allocated to leading liquor companies [5] - Investors can also access core assets in the food and beverage sector through the Huabao Food and Beverage ETF linked fund [5]

Group 1 - The core point of the news is that Jieshun Technology's stock price dropped by 5.06% to 9.94 CNY per share, with a trading volume of 291 million CNY and a turnover rate of 6.29%, resulting in a total market capitalization of 6.396 billion CNY [1] - Jieshun Technology, established on June 17, 1992, and listed on August 15, 2011, is based in Longhua District, Shenzhen, Guangdong Province, and specializes in smart parking and smart community platform operation services [1] - The revenue composition of Jieshun Technology includes: smart hardware 39.18%, parking asset operation 27.81%, software and cloud services 16.79%, smart parking operation 10.69%, property leasing 5.11%, and others 0.43% [1] Group 2 - Dongzheng Asset Management has a fund that ranks among the top ten circulating shareholders of Jieshun Technology, with the Dongfanghong New Power Mixed A fund (000480) newly entering the top ten in the third quarter, holding 6.066 million shares, accounting for 1.32% of circulating shares [2] - The Dongfanghong New Power Mixed A fund, established on January 28, 2014, has a latest scale of 4.228 billion CNY, with a year-to-date return of 8.58%, ranking 2128 out of 8882 in its category, and a one-year return of 36.05%, ranking 2933 out of 8127 [2] Group 3 - The fund manager of Dongfanghong New Power Mixed A is Zhou Yun, who has a cumulative tenure of 10 years and 155 days, with the fund's total asset scale at 17.378 billion CNY, achieving the best return of 305.01% and the worst return of 8.52% during his tenure [3]

Group 1 - The core viewpoint of the news is that Lu'an Environmental Energy has seen a continuous increase in its stock price, rising 7.24% over three days, with a current price of 14.22 CNY per share and a market capitalization of 42.538 billion CNY [1] - Lu'an Environmental Energy, established on July 19, 2001, and listed on September 22, 2006, primarily engages in coal mining, coal washing, and coke smelting, with coal accounting for 92.66% of its main business revenue [1] - The company is located in Xiangyuan County, Changzhi City, Shanxi Province, and primarily extracts lean coal, poor lean coal, and poor coal [1] Group 2 - Among the top ten circulating shareholders of Lu'an Environmental Energy, a fund under China Europe Fund, specifically the China Europe Dividend Enjoy Flexible Allocation Mixed A (004814), has entered the list, holding 19.6 million shares, which is 0.66% of the circulating shares [2] - The fund has achieved a floating profit of approximately 1.372 million CNY today and a total floating profit of 18.816 million CNY during the three-day price increase [2] - The fund manager, Lan Xiaokang, has been in the position for 8 years and 280 days, with the fund's total asset scale at 28.78 billion CNY and a best return of 205.81% during his tenure [2]