一、基金仓位监控 普通股票型基金 仓位中位数为91.51%， 偏股混合型基金 仓位中位数为90.42%，与上一季 度相比略有降低，当前普通股票型基金仓位处在历史92.19%分位点，偏股混合型基金仓位 处在历史95.31%分位点。 普通股票型和偏股混合型基金 港股仓位 均值分别为11.89%和14.56%， 均较上一季度均明 显降低 。普通股票型配置港股基金数量为243只，偏股混合型配置港股基金数量为1692 只，普通股票型以及偏股混合型基金中配置港股的基金数量占比为59.59%。 二、基金持股集中度监控 基金重仓股占权益配置比重为55.03%，上一期为54.96%， 集中度基本持平 ；另一方面， 基金持股数量在2025年四季度相较于上一季度明显提升 ，基金经理总体持股数量为2467 只，上一期为2379只，这意味着，基金经理持仓的股票差异提升。 三、板块配置监控 2025年四季报中披露的主板配置权重为49.04%、创业板配置权重为20.96%、科创板配置权 重为13.89%，港股配置权重为16.11%。其中， 港股权重较上一季度明显降低 ，创业板和主 板权重有所提升，科创板权重与上季度相比略有降低。 在202 ...

Group 1 - The commercial aerospace sector has significant market potential, with the global space economy expected to reach $612 billion in 2024, of which commercial aerospace revenue is projected to be $480 billion, accounting for 78% [2][4] - China's commercial aerospace market has rapidly grown from approximately 0.38 trillion yuan in 2015 to 2.3 trillion yuan in 2024, with an annual compound growth rate of about 22%. The market is expected to reach between 7 trillion and 10 trillion yuan by 2030 [4][6] - Countries are accelerating their efforts to secure satellite frequency and orbital resources, which are considered strategic assets. The "first come, first served" rule by the International Telecommunication Union (ITU) reshapes the competition landscape [6][8] Group 2 - The CSI Satellite Industry Index (931594.CSI) includes up to 50 listed companies involved in satellite manufacturing, launching, ground equipment, navigation, and communication, reflecting the overall performance of the satellite industry [16] - The index is heavily weighted towards the defense and military industry, with a weight of 59.26%. Companies within the index generally have high R&D expenditures, with 38% of constituent stocks spending over 20% of their revenue on R&D [18][21] - The index's revenue growth is projected at 18.12% for 2024, with net profit growth expected to be 222.01% in 2025, 48.86% in 2026, and 32.34% in 2027 [25] Group 3 - The China Securities Index Satellite Industry ETF (159218) is designed to track the CSI Satellite Industry Index and was established on May 14, 2025. The fund aims to minimize tracking deviation and error [42][43] - As of January 13, 2026, the ETF's circulation reached 2.115 billion shares, with a scale of 4.744 billion yuan, indicating significant recent growth and investor interest [44] - The fund manager, Ms. Xu Rongman, has extensive experience in managing index funds, overseeing products with a total scale exceeding 40 billion yuan [46]

Group 1 - The core viewpoint of the article emphasizes that the active equity funds in the A-share market have shown superior long-term performance compared to broad-based indices, with a recovery in market sentiment leading to a gradual opening of excess return opportunities for active equity funds since 2024 [1][2][3] - The growth style has received favorable conditions, making active equity funds the preferred choice for allocation, as the macro environment is shifting towards a more favorable phase for growth styles [4][5] - It is challenging to consistently outperform the median of active equity funds, and only a few funds have managed to achieve this stability over the years, which is worth investors' attention [9][12][34] Group 2 - The Zhongyin Quantitative Stock Selection Fund has demonstrated robust excess returns relative to the Wind Mixed Equity Fund Index, achieving an excess return of 3.18% in 2025, with a maximum drawdown of only 4.13% and an annualized tracking error of 5.44% [17][19][35] - The fund's tracking error is low, and its performance ranking is stable, with an average rolling three-month annualized tracking error of 5.26% and a daily return correlation coefficient of 0.96 with the benchmark [21][22][35] - The fund exhibits strong drawdown control capabilities, ranking in the top 0.5% for relative maximum drawdown among all active equity funds, and its return-to-drawdown ratio is in the top 30% [22][35] Group 3 - The Zhongyin Quantitative Stock Selection Fund has a diversified portfolio with a low concentration of holdings, aligning with the preferences of active equity funds, particularly in sectors like electronics, machinery, and new energy [26][29][36] - The fund's style leans towards growth, momentum, and mid-cap stocks, reflecting a strategic focus on high-growth potential sectors [29][37]

Market Review - The A-share market showed a mixed performance last week, with the CSI 300, Shanghai Composite Index, and ChiNext Index yielding returns of 2.58%, 2.18%, and 1.55% respectively, while the same indices had negative returns of -0.57%, -0.45%, and 1.00% in the previous week [7][12]. - The computer, electronics, and media sectors performed well, with returns of 4.31%, 3.64%, and 3.34% respectively, while the defense, agriculture, and coal sectors lagged with returns of -5.66%, -3.49%, and -3.34% [19][20]. - The central bank's net reverse repurchase was 812.8 billion yuan, with a total market liquidity injection of 951.5 billion yuan [21]. Fund Performance - Last week, active equity, flexible allocation, and balanced mixed funds achieved returns of 1.27%, 0.67%, and 1.06% respectively. Year-to-date, the median return for active equity funds is 5.84% [33][35]. - The median excess return for index-enhanced funds was 0.25%, while quantitative hedge funds had a median return of 0.19%. Year-to-date, both types of funds showed a median excess return of -0.03% [36][37]. Fund Issuance - A total of 23 new funds were established last week, with a total issuance scale of 19.294 billion yuan, an increase from the previous week. The majority of the new funds were passive index funds (8 funds) and equity mixed funds (7 funds) [3][45][46]. - There were 43 funds reported for issuance last week, including various ETFs and FOFs [4][7]. Bond Market - The central bank's net reverse repurchase was 812.8 billion yuan, with a total market liquidity injection of 951.5 billion yuan. The pledge-style repo rates increased, with the 1-month rate rising by 5.01 basis points [21][22]. - The yield spread for different-rated credit bonds has widened, with the yield for various maturities showing a downward trend [23][25][26]. ETF Development - The Huaan Gold ETF reached a scale of 101.528 billion yuan, becoming the first gold ETF in China to exceed 100 billion yuan, reflecting strong investor demand for gold assets amid a favorable international gold price environment [10].

Group 1 - The core viewpoint of the article is to track the performance of various index-enhanced portfolios and the factors influencing stock selection across different indices [2][3][19] Group 2 - The performance of the CSI 300 index-enhanced portfolio showed an excess return of 1.60% for the week and 2.09% year-to-date [7][19] - The CSI 500 index-enhanced portfolio had an excess return of 0.23% for the week but a negative return of -1.59% year-to-date [7][19] - The CSI 1000 index-enhanced portfolio achieved an excess return of 1.77% for the week and -0.36% year-to-date [7][19] - The CSI A500 index-enhanced portfolio reported an excess return of 0.97% for the week and 1.63% year-to-date [7][19] Group 3 - In the CSI 300 component stocks, factors such as standardized unexpected earnings, quarterly earnings surprises, and DELTAROE performed well [8][10] - In the CSI 500 component stocks, factors like year-on-year revenue growth, specificity, and expected net profit quarter-on-quarter showed strong performance [10][12] - For the CSI 1000 component stocks, factors such as illiquidity shock, one-month turnover, and three-month turnover performed well [10][14] - In the CSI A500 index component stocks, factors like three-month earnings adjustments, standardized unexpected revenue, and specificity showed good performance [10][16] Group 4 - The public fund index-enhanced products for the CSI 300 had a maximum excess return of 2.12% and a minimum of -0.45% for the week, with a median of 0.44% [21][23] - The CSI 500 index-enhanced products had a maximum excess return of 0.42% and a minimum of -2.18% for the week, with a median of -0.14% [25] - The CSI 1000 index-enhanced products reported a maximum excess return of 1.18% and a minimum of -0.52% for the week, with a median of 0.49% [24][25] - The CSI A500 index-enhanced products had a maximum excess return of 2.00% and a minimum of -0.52% for the week, with a median of 0.37% [26]

Core Viewpoint - The report tracks the performance of various active quantitative strategies by GuoXin JinGong, aiming to outperform the median returns of active equity funds, with a focus on four main strategies: Excellent Fund Performance Enhancement, Exceeding Expectations Selection, Broker Golden Stocks Performance Enhancement, and Growth Stability Combination [2][3]. Group 1: Performance Overview - The Excellent Fund Performance Enhancement strategy achieved an absolute return of 2.41% this week and 7.39% year-to-date, outperforming the mixed equity fund index by 0.89% and 1.01% respectively [11][3]. - The Exceeding Expectations Selection strategy recorded an absolute return of 3.13% this week and 8.42% year-to-date, with an outperformance of 1.61% and 2.04% against the mixed equity fund index [21][3]. - The Broker Golden Stocks Performance Enhancement strategy had an absolute return of 1.40% this week and 6.87% year-to-date, underperforming the mixed equity fund index by 0.12% but outperforming it by 0.49% year-to-date [22][3]. - The Growth Stability Combination strategy achieved an absolute return of 2.83% this week and 8.98% year-to-date, outperforming the mixed equity fund index by 1.31% and 2.60% respectively [31][3]. Group 2: Strategy Details - The Excellent Fund Performance Enhancement strategy benchmarks against the median returns of active equity funds, utilizing a quantitative approach to enhance performance based on the holdings of top-performing funds [7][36]. - The Exceeding Expectations Selection strategy selects stocks based on exceeding expectations events and analyst profit upgrades, focusing on both fundamental and technical analysis to create a portfolio of stocks with strong support [13][43]. - The Broker Golden Stocks Performance Enhancement strategy uses a stock pool from broker recommendations, optimizing the portfolio to minimize deviations from the stock pool while aiming to outperform the ordinary equity fund index [17][48]. - The Growth Stability Combination strategy employs a two-dimensional evaluation system for growth stocks, prioritizing stocks closer to their earnings announcement dates and using multi-factor scoring to select high-quality stocks [27][51]. Group 3: Historical Performance - The Excellent Fund Performance Enhancement strategy has shown a historical annualized return of 21.40% from 2012 to 2025, outperforming the mixed equity fund index by 9.85% [39][36]. - The Exceeding Expectations Selection strategy has achieved an annualized return of 35.09% from 2010 to 2025, with a 31.73% outperformance against the CSI 500 index [44][47]. - The Broker Golden Stocks Performance Enhancement strategy has recorded an annualized return of 21.71% from 2018 to 2025, outperforming the mixed equity fund index by 14.18% [49][50]. - The Growth Stability Combination strategy has achieved an annualized return of 40.56% from 2012 to 2025, with a 34.05% outperformance against the CSI 500 index [54][56].

Group 1 - The report tracks stocks, industries, and sectors that are reaching new highs, indicating market trends and hotspots [1][4] - As of January 16, 2026, the distance to the 250-day new high for major indices is as follows: Shanghai Composite Index 1.52%, Shenzhen Component Index 0.60%, CSI 300 1.23%, CSI 500 0.20%, CSI 1000 1.49%, CSI 2000 1.77%, ChiNext Index 0.81%, and STAR Market 1.63% [6][27] - Among the CITIC first-level industry indices, electronics, non-ferrous metals, basic chemicals, machinery, and home appliances are closest to their 250-day new highs, while food and beverage, banking, agriculture, forestry, animal husbandry, real estate, and pharmaceuticals are further away [9][28] Group 2 - A total of 1,204 stocks reached a 250-day new high in the past 20 trading days, with the most significant numbers in the machinery, electronics, and basic chemicals sectors [2][15] - The highest proportion of new high stocks is found in the defense, non-ferrous metals, and oil and petrochemical industries, with respective proportions of 61.48%, 52.85%, and 36.00% [15][28] - The manufacturing and technology sectors had the most new high stocks this week, with 388 and 372 stocks respectively, while the proportion of new high stocks in various indices is as follows: CSI 2000 22.95%, CSI 1000 24.10%, CSI 500 31.60%, CSI 300 24.00%, ChiNext Index 31.00%, and STAR Market 26.00% [17][28] Group 3 - The report identifies 50 stocks that have shown stable new highs, including Yaxing Integration, Yuanjie Technology, and Zhongji Xuchuang, with the most stocks in the cyclical and technology sectors [3][22] - The cyclical sector has the highest number of new high stocks in the non-ferrous metals industry, while the technology sector has the most in the electronics industry [22][28]

Group 1 - The core viewpoint of the article emphasizes the tracking of dividend progress and yield across various stock indices, highlighting the current status of dividend announcements and the implications for index performance [1][3][19] - As of January 14, 2026, the dividend progress for major indices shows that several companies are in the proposal stage, with no companies having implemented dividends yet, indicating a cautious approach to dividend distribution [1][3] - The article provides a comparative analysis of dividend yields across different sectors, with coal, banking, and steel industries ranking the highest in terms of dividend yield [2][4] Group 2 - The realized and remaining dividend yields for major indices as of January 14, 2026, are as follows: Shanghai 50 Index has a realized yield of 0.00% and a remaining yield of 2.38%; CSI 300 Index has a realized yield of 0.02% and a remaining yield of 1.84%; CSI 500 Index has a realized yield of 0.00% and a remaining yield of 1.08%; CSI 1000 Index has a realized yield of 0.00% and a remaining yield of 0.87% [8][7][19] - The article discusses the annualized premium and discount of stock index futures, indicating that the IH main contract has an annualized premium of 1.27%, while the IC main contract has an annualized discount of 0.94% [1][4][13] Group 3 - The article outlines the methodology for estimating dividend points for stock indices, emphasizing the importance of accounting for dividend distributions in the calculation of futures premiums [24][26] - It details the process of estimating individual stock weights and dividend amounts, which are crucial for accurate dividend point calculations [27][29] - The article also highlights the predictive accuracy of the dividend point estimation model, showing that it performs well for major indices, with errors generally within acceptable ranges [38][40]

Market Review - The A-share market saw all major broad indices rise last week, with the STAR 50, CSI 500, and CSI 1000 indices leading with returns of 9.80%, 7.92%, and 7.03% respectively, while the CSI 300, Shanghai Composite, and ChiNext indices lagged with returns of 2.79%, 3.82%, and 3.89% respectively [5][10] - The defense, media, and non-ferrous metals sectors performed well, with returns of 14.56%, 13.55%, and 8.66% respectively, while banking, transportation, and oil & petrochemicals sectors underperformed with returns of -1.88%, -0.03%, and 0.17% respectively [16][18] Fund Issuance - A total of 11 new funds were established last week, with a total issuance scale of 8.191 billion yuan, which is a decrease compared to the previous week [3][40] - There were 48 funds that entered the issuance phase last week, and 29 funds are set to begin issuance this week [43] Fund Performance - Active equity, flexible allocation, and balanced mixed funds had returns of 4.15%, 3.54%, and 2.97% respectively last week, with active equity funds showing the best performance year-to-date with a median return of 4.15% [29][35] - The median excess return for index-enhanced funds was -0.36%, while quantitative hedge funds had a median return of -0.11% [32][33] Bond Market - As of last Friday, the central bank's reverse repos had a net withdrawal of 18.076 billion yuan, with a net open market injection of 1.387 billion yuan [19][20] - The yield spread for government bonds widened by 7.94 basis points, with different maturities showing an upward trend in yields, except for the one-year bonds [20][23] Open-End Public Fund Overview - There are currently 290 ordinary FOF funds, 111 target date funds, and 151 target risk funds in the open-end public fund category [34] - The median performance of target date funds was the best this year, with a cumulative return of 2.40% [35]

Group 1 - The core viewpoint of the article emphasizes that in a declining economic growth environment and a low-interest-rate era, dividend strategies remain effective as investors seek more certain assets [2][35] - The article highlights that the policy support is enhancing the attractiveness of dividend assets, with a notable increase in dividend payouts from listed companies, particularly since 2024 [9][10][35] - The S&P Hong Kong Low Volatility Dividend Index (SPAHLVCP.SPI) is presented as having better investment value compared to A-shares, with a 12-month dividend yield of 5.6% and a PE ratio of 5.7 times as of December 31, 2025 [14][31][36] Group 2 - The S&P Hong Kong Low Volatility Dividend Index was launched on February 20, 2017, and consists of 50 low-volatility stocks selected from 75 high-dividend securities that meet the Hong Kong Stock Connect eligibility criteria [21][36] - The index is primarily composed of large-cap stocks, with a balanced distribution across sectors such as finance, real estate, and energy, and it has a historical performance that outperforms the Hang Seng Index and other dividend indices [22][33][36] - The index has shown a cumulative increase of 99.41% since 2021, with an annualized return of approximately 14.8%, indicating strong long-term performance [18][33][36]