Group 1: Market Concerns - The upcoming rebalancing of the Bloomberg Commodity Index in January 2026 may lead to a concentrated sell-off of gold, causing technical adjustments[2] - Historical adjustments in 2024 and 2025 due to rising gold prices did not significantly impact the market[2] - The adjustment involves a relatively small fund size of $6.5 billion, which is limited compared to the average daily trading volume of over $400 billion in the gold market[2][14] Group 2: Index Rebalancing Details - The Bloomberg Commodity Index aims for diversity and balance, with annual adjustments based on trading volume and global market value[3] - The target weight for gold in 2026 is set at 14.9%, down from an actual weight of 20.88%, indicating a reduction of approximately 6 percentage points[9][14] - The rebalancing process will occur over five trading days, allowing for a smooth transition without significant market disruption[2][14] Group 3: Price Trends and Influences - Gold prices are expected to continue rising in January 2026, driven by potential interest rate cuts and increased demand for safe-haven assets due to government shutdown risks[20] - Historical data shows that during previous rebalancing periods, gold prices remained relatively stable despite adjustments in weight[8][12]

Economic Growth - The annualized quarterly GDP growth rate for Q3 2025 is +4.3%, exceeding expectations of +3.3% and the previous value of +3.8%[1] - The annualized quarterly personal consumption expenditure growth rate for Q3 2025 is +3.5%, higher than the expected +2.7% and the previous +2.5%[1] - The core PCE price index for Q3 2025 shows an annualized quarterly growth rate of +2.9%, matching expectations and up from +2.6% in the previous quarter[1] Consumer Confidence and Spending - Consumer confidence index rose to 61.7 in July 2025, the highest since March 2025, contributing to a recovery in personal consumption[3] - The Q3 2025 personal consumption expenditure growth rate of +3.5% is the highest recorded in 2025, indicating a rebound in consumer spending[3] Investment Trends - Private investment in Q3 2025 recorded a quarterly growth rate of -0.3%, an improvement from -13.8% in the previous quarter[4] - Fixed investment growth rate for non-residential investment is +2.8%, while residential investment continues to decline at -5.1%[4] Net Exports - The "import rush" effect has weakened, with imports showing a negative growth rate of -4.7% in Q3 2025, while exports increased by +8.8%[6] - Net exports contributed 1.6 percentage points to GDP growth in Q3 2025, driven by improved export demand from trade negotiations[6] Market Reactions - Following the economic data release, major U.S. stock indices rose, with the Dow Jones up by +0.2%, S&P 500 by +0.5%, and Nasdaq by +0.6%[2] - The 10-year Treasury yield increased by 1 basis point to 4.18%, while the 2-year yield rose by 4 basis points to 3.48%[2]

Core Viewpoint - The Hong Kong stock market is expected to experience a "Davis Double Play" in 2026, driven by valuation recovery, profit growth, and a return to main themes, with a focus on the "Four AI Main Lines" framework to identify structural opportunities in the tech sector during the AI era [1][2]. Investment Focus - The Hang Seng Index is anticipated to regain upward momentum, with the Hang Seng Tech Index expected to outperform the broader market. The tech sector, representing core assets of China's new economy, is projected to be the strongest driver of market rebound [2]. Main Line 1: Internet Giants - AI is shifting competition among internet giants from traffic to ecosystem capabilities. Cloud business is accelerating due to AI demand, with capital expenditure doubling and stable profit margins. Advertising is seeing immediate monetization benefits from AI, with click-through rates increasing by 15%-20%. Key investment targets include Tencent, Alibaba-W, and Kuaishou, which are well-positioned to leverage technology and data [3]. Main Line 2: AI Computing Power Industry Chain - Leading companies are consistently exceeding expectations, with strong capital expenditure from cloud vendors and tight chip supply countering "bubble" concerns. High infrastructure investment and high ROI are justified, indicating a robust AI industry cycle. Key opportunities include communication networking benefiting from global tech upgrades, semiconductor manufacturing for domestic substitution, and critical equipment and materials for computing power upgrades [4]. Main Line 3: AI Applications - Investment in AI applications has entered a phase where performance is paramount. Clear signals of commercialization acceleration are observed in key sectors such as SaaS, content ecosystems, and advertising. The evolution of enterprise tools into "intelligent agents" is driving ARPU growth, while AIGC is lowering creation costs, leading to synchronized user and revenue growth [5]. Main Line 4: AI End-User and Robotics - The year 2026 is projected to be pivotal for AI-defined hardware and large-scale production of robots. Hardware manufacturers like Apple and Xiaomi are enhancing AI capabilities, while tech giants like OpenAI and Google are entering hardware markets. The investment landscape includes a comprehensive mapping of the robotics industry chain, highlighting opportunities from upstream expansion and capital empowerment, with humanoid robots like Tesla's Optimus expected to reach significant production levels [6].

Core Insights - The report highlights that ABN products currently do not exhibit significant premium compared to other asset-backed securities, but they still maintain a yield spread advantage over certain ordinary credit bonds, making them a viable option for enhancing returns in a market with scarce high-yield assets [2] - ABN products generally experience lower valuation volatility than ordinary credit bonds, providing a degree of resilience against overall industry shocks, which aids in optimizing portfolio stability [2] Market Overview - The A-share market showed a trend of initial decline followed by recovery, with major indices experiencing a contraction in trading volume compared to the previous week. The net inflow of funds into equity ETFs reached 55.353 billion yuan, with large-cap thematic ETFs being the primary direction for net inflows [3] - Following the Central Economic Work Conference in December, market trading sentiment has improved, and the funding situation has shown continuous improvement, laying a foundation for further market upward movement [3] Market Data Summary - The closing values and percentage changes for major indices are as follows: - Shanghai Composite Index: 3919.98 (+0.07%) - CSI 300: 4620.73 (+0.20%) - Shenzhen Component Index: 13368.99 (+0.27%) - ChiNext Index: 3205.01 (+0.41%) [4] - In the commodity market, gold closed at 1014.24 (+1.34%), while copper and zinc showed slight declines [4] Valuation and Rating System - The report outlines a rating system for companies and industries, with categories ranging from "Buy" (expected return exceeding 15% over 6-12 months) to "Sell" (expected return lagging by over 15%) [5]

Core Insights - The report highlights that ABN products currently do not exhibit significant premium compared to other asset-backed securities, but they still maintain a yield spread advantage over certain ordinary credit bonds, making them a viable option for enhancing returns in a market with scarce high-yield assets [2] - ABN products generally experience lower valuation volatility than ordinary credit bonds, providing a degree of resilience against overall industry shocks, which can help optimize the stability of investment portfolios [2] Market Overview - The A-share market showed a trend of initial decline followed by recovery, with major indices experiencing a slight increase in trading volume compared to the previous week. The net inflow of funds into equity ETFs reached 55.353 billion yuan, with large-cap thematic ETFs being the primary direction for net inflows [3] - Following the Central Economic Work Conference in December, market trading sentiment has improved, and the funding environment has shown continuous improvement, laying a foundation for further market upward movement [3] Market Data Summary - The closing values and percentage changes for major indices are as follows: - Shanghai Composite Index: 3919.98 (+0.07%) - CSI 300: 4620.73 (+0.20%) - Shenzhen Component Index: 13368.99 (+0.27%) - Small and Medium-sized Enterprises Index: 8111.91 (+0.35%) - ChiNext Index: 3205.01 (+0.41%) [4] - In the futures market, the closing values for stock index futures showed positive changes, with IF2601 at 4591.20 (+0.89%) [4] - Commodity market data indicates that gold closed at 1014.24 (+1.34%) and crude oil at 2483 (+1.02%), while copper and zinc experienced slight declines [4] Valuation and Rating System - The report outlines a rating system for companies and industries, categorizing them into five levels: Buy, Accumulate, Neutral, Reduce, and Sell, based on expected investment returns relative to market benchmarks over the next 6-12 months [5]

Group 1 - The article discusses the current market environment for ABN products, highlighting that their premium over other asset-backed securities is not significant, but they still offer a yield advantage over some ordinary credit bonds [5] - ABN products are positioned as a potential investment direction to enhance returns, especially in a context where high-yield assets are scarce [5] - The valuation volatility of ABN products is generally lower than that of ordinary credit bonds, providing a degree of resilience against overall industry shocks, which can help optimize portfolio stability [5] Group 2 - Financial and real estate theme funds have shown superior performance, while TMT theme funds have experienced a net value decline [6] - There was a significant inflow of funds into stock ETFs, with a net inflow of 55.353 billion yuan, primarily directed towards large-cap broad-based ETFs and Hong Kong stock ETFs [6] - The central economic work conference has positively influenced market trading sentiment, leading to improved funding conditions and laying a foundation for further market upward movement [6] Group 3 - Infrastructure investment has declined, but certain sub-sectors continue to grow rapidly, with a focus on stabilizing investment and emphasizing project quality and implementation during the 14th Five-Year Plan period [7] - Major engineering projects will remain a key focus within traditional infrastructure sectors [7] Group 4 - China Shenhua's acquisition of coal mining, coal power, coal chemical, and logistics services from the State Energy Group is valued at 133.6 billion yuan, with a PB/PE of 1.5/17.0 times [7] - Post-transaction, the company's coal production capacity is expected to increase by 57%, and its recoverable coal reserves will rise by 98%, enhancing profitability [7] - The company has committed to maintaining a dividend payout ratio of no less than 65% from 2025 to 2027, indicating strong investment value [7]

公司网址：www.ebscn.com 2、摩根基金管理（中国）有限公司 客服电话：400-889-4888 摩根基金管理（中国）有限公司已与光大证券股份有限公司（以下简称"光大证券"）签订了基金销售代 理协议，现决定自本公告之日起，新增光大证券为摩根双债增利债券型证券投资基金D类份额（份额代 码：023813）的代销机构。 投资人可通过光大证券开展基金的申购、赎回、定期定额等相关业务。具体的业务流程、办理时间和办 理方式以光大证券的规定为准。 有关摩根双债增利债券型证券投资基金D类份额（份额代码：023813）销售的具体事宜请仔细阅读本基 金的招募说明书、基金产品资料概要及基金合同等相关法律文件。 投资者可通过以下途径咨询有关详情： 1、光大证券股份有限公司 客服电话：95525 公司网址：am.jpmorgan.com/cn 特此公告。 摩根基金管理（中国）有限公司 二○二五年十二月二十三日 ...

Core Viewpoint - The recent draft of the "Guidelines for Performance Assessment of Fund Management Companies" has sparked discussions in the industry, particularly regarding the constraints on dividend distributions to shareholders based on fund performance and investor returns [1]. Fund Dividend Regulations - The guidelines require fund companies to prudently determine dividend frequency and ratio based on the long-term performance of fund products and investor profit and loss situations [1]. - For fund products with poor performance over the past three years and significant investor losses, the guidelines suggest reducing both the frequency and ratio of dividends [1]. Dachen Fund Financial Performance - In 2024, Dachen Fund reported revenue of 2.116 billion yuan and a net profit of 461 million yuan, with a total dividend payout of 1.76 billion yuan, resulting in a dividend rate of 38.19% [1]. - Over the past decade (2015-2024), Dachen Fund accumulated revenue of 14.1 billion yuan, net profit of 3.118 billion yuan, and total dividends of 1.293 billion yuan, with an average dividend rate of 41.46% [1]. Dividend Distribution to Shareholders - From 2015 to 2024, Everbright Securities, holding a 25% stake in Dachen Fund, received a total of 323 million yuan in dividends [2]. - The annual dividend distribution from Dachen Fund to Everbright Securities varied, with notable fluctuations in dividend rates across the years, such as a peak of 151.91% in 2016 and a low of 17.79% in 2015 [2]. Fund Performance Analysis - As of the complete three-year period from 2022 to 2024, 60 out of 131 fund products (45.8%) under Dachen Fund reported losses, while 50 products (38%) underperformed their benchmarks [3]. - In a more recent analysis from December 2022 to November 2025, only 13 out of 152 products (8%) reported losses, with 50 products (32%) underperforming their benchmarks [4]. Market Perspectives on Dividend Policies - Market analysts argue that excessively high dividend rates can hinder a fund company's capital accumulation and risk management capabilities, ultimately affecting its ability to innovate and expand [4]. - There is a concern that high dividend payouts during market downturns and periods of poor investor returns negatively impact the experience of fund investors [4].

公司"全栈技术+产品高端化+生态协同"三重协同实现业内竞争领先 智能座舱解决方案营收占比稳固，盈利方面，2024年毛利润3.01亿元(同比+30.3%)。盈利持续改善，核 心源于三大支柱：1)全栈技术筑壁垒：自研"软件+硬件+云端"一体化方案，支持"一车一方案"；截至 2024年累计专利超6000件(发明专利占比80%)，2022-2024年研发投入超7亿元，截至2025年5月末研发团 队规模达709人。2)产品高端化：国内搭载高通8295芯片的高端智能座舱解决方案定点数量居国内首 位，新一代骁龙8397平台方案已获中国头部车企量产定点；同时为少数提供麒麟9610A+鸿蒙方案的供 应商，若华为"鸿蒙智行"车型26-27年放量出货，公司有望深度受益。3)生态协同强赋能：股东涵盖天 津金米(背后控股方为小米，持股5.17%)、广州平安(持股3.89%)等，形成"车企订单+生态资源+金融支 持"协同网络。 盈利预测与估值 该行预测公司2025-2027年营收分别为35.84亿元、56.64亿元、87.61亿元人民币，同比增长40%、58%、 55%，对应2025-2027年PS分别为7.5x、4.7x、3.1x，公 ...

Group 1 - The core viewpoint of the report is that Botai Carlink (02889) is a leading supplier of smart cockpit solutions in China, with potential to penetrate the overseas OEM supply chain through international clients like Porsche, creating a second growth curve for overseas revenue [1][5] - Botai Carlink was established in 2009 and is set to be listed on the Hong Kong Stock Exchange in September 2025. It ranks third in China's passenger car smart cockpit domain control suppliers with a market share of 7.3% in 2024, and second in the new energy passenger car cockpit domain control market with a market share of 13.11% in the first half of 2025 [2] - The smart cockpit industry in China is projected to grow from 129 billion yuan in 2024 to 299.5 billion yuan by 2029, with a CAGR of 18.4%, indicating significant growth potential and a shift towards high-end solutions [3] Group 2 - Botai Carlink's revenue structure is improving, with smart cockpit solutions accounting for 95.5% of revenue in 2024 and 95.7% in the first half of 2025, while network service revenue remains minimal [2] - The company is expected to achieve a gross profit of 301 million yuan in 2024, reflecting a year-on-year increase of 30.3%, driven by its three pillars: full-stack technology, product high-endization, and ecological collaboration [4] - Revenue forecasts for Botai Carlink are 3.584 billion yuan, 5.664 billion yuan, and 8.761 billion yuan for 2025 to 2027, representing year-on-year growth rates of 40%, 58%, and 55% respectively, with a projected PS valuation higher than the average of comparable companies [5]