2026 年 01 月 16 日 证券研究报告|银行理财月报 银行理财大事记：2025 指数型理财崛起，理财公司加 码 A 股与港股 IPO 2025 年 12 月银行理财市场月报 分析师：蔡梦苑 分析师登记编码：S0890521120001 电话：021-20321004 邮箱：caimengyuan@cnhbstock.com 分析师登记编码：S0890525040001 电话：021-20321070 邮箱：zhoujiahui@cnhbstock.com 021-20515355 1、《银行理财大事记：协会更名深化 "功能监管"，理财打新聚焦"硬科 技"—2025 年 11 月银行理财市场月 报》2025-12-09 扩全国，数据基建升级迈新阶—2025 年 10 月 银 行 理 财 市 场 月 报 》 2025-11-11 3、《银行理财大事记：政策重塑流动 性管理，指数化布局与科技金融成创 新焦点—2025 年 9 月银行理财市场月 报》2025-10-17 局—2025 年 8 月银行理财市场月报》 2025-09-09 涌现哪些新范式？—2025 年 7 月银行 理财市场月报》2025-08- ...

2026 年 01 月 14 日 证券研究报告 | 公募基金月报 权益市场多点开花，建议关注景气主线 基金配置策略报告（2026 年 1 月期） 分析师：孙书娜 分析师登记编码：S0890523070001 电话：021-20321306 邮箱：sunshuna@cnhbstock.com 分析师登记编码：S0890522090001 电话：021-20321067 邮箱：wanghua@cnhbstock.com 邮箱：zhangqiwei@cnhbstock.com 021-20515355 2025-12-10 2、《"空窗期"将至，震荡行情中需攻 守兼备—基金配置策略报告（2025 年 11 月期）》2025-11-11 格切换—基金配置策略报告（2025 年 10 月期）》2025-10-21 4、《关注景气线索，多元配置防御风 险—基金配置策略报告（2025 年 9 月 期）》2025-09-10 5、《"反内卷"推升权益风险偏好—基 金配置策略报告（2025 年 8 月期）》 2025-08-12 投资要点 分析师：王骅 近期市场回顾：2025 年 12 月，权益市场方面，主要指数 12 月均收 ...

Group 1: Grid Trading Strategy Overview - The essence of "grid trading" is a high buy low sell strategy, which does not predict market trends but utilizes natural price fluctuations within a certain range to generate profits, suitable for frequently fluctuating markets [4][13] - Characteristics of suitable grid trading targets include: selecting on-market targets, stable long-term trends, low trading costs, good liquidity, and high volatility. Equity ETFs are considered relatively suitable for grid trading [4][13] Group 2: ETF Grid Strategy Target Analysis - **Hang Seng Medicine ETF (159892.SZ)**: Benefiting from the Federal Reserve's interest rate cut cycle, which improves the financing environment for innovative drugs. China's innovative drugs are accelerating their globalization, becoming a core driver for commercialization. As of January 4, 2026, China's new drug pipeline accounts for about 30% of the global total, ranking second worldwide. In 2025, 76 innovative drugs were approved for marketing in China, with domestic innovative drugs accounting for 80.85% of chemical drugs and 91.30% of biological products [4][14] - **Brokerage ETF (159842.SZ)**: High market activity catalyzes the release of brokerage performance, with capital market reforms opening up long-term growth space for leading brokerages. The Shanghai Composite Index rose from a low of 3040 points to break through 4000 points, with an annual increase of 18.41%. The total A-share trading volume reached 420.21 trillion yuan, a year-on-year increase of 62.64% [5][17] - **New Economy ETF (159822.SZ)**: A one-stop layout for high-quality new economy leading enterprises in China, capturing the key to economic transformation. The ETF indirectly tracks the S&P China New Economy Industry Index, holding leading companies in artificial intelligence, internet, biotechnology, and innovative drugs, which are high-growth sectors [6][19] - **Coal ETF (515220.SH)**: Benefiting from the "anti-involution" policy and dividend investment logic. The central economic work conference in December 2025 identified "deepening the rectification of 'involutionary' competition" as a key task for 2026, which is expected to control new capacity and improve the coal industry's supply-demand fundamentals. As of January 13, 2026, the coal sector's dividend yield reached 5.52%, significantly higher than the market average and the yield on ten-year government bonds [7][22]

2026 年 01 月 13 日 证券研究报告 | 公募基金周报 权益市场"开门红" ，把握节奏布局机会 公募基金量化遴选类策略指数跟踪周报（2026.01.11） 分析师：李亭函 分析师登记编码：S0890519080001 电话：021-20321017 邮箱：litinghan@cnhbstock.com 分析师登记编码：S0890524110001 电话：021-20321391 邮箱：huanghao@cnhbstock.com 021-20515355 1、《权益市场交投活跃，顺势而为避免 追 高 — 公 募 基 金 指 数 跟 踪 周 报 （ 2026.01.05-2026.01.09 ）》 2026-01- 12 2 、《 ETF 策 略 指 数 跟 踪 周 报 — 2026/1/12》2026-01-12 3、《策略指数持续表现稳健，积极布局 2026 —公募基金量化遴选类策略指数跟 踪周报（2026.01.04）》2026-01-06 4、《跨年行情延续，期待春季躁动—公 募 基 金 指 数 跟 踪 周 报 （ 2025.12.29- 2025.12.31）》2026-01-05 5 、《 ...

Report Industry Investment Rating No relevant content provided in the report. Core Viewpoints of the Report - In the first week of 2026 (01.05 - 01.09), the A - share market continued its upward trend, with the Shanghai Composite Index achieving 16 consecutive positive days and standing above 4100 points. The market trading remained highly active, with Friday's turnover reaching 3 trillion and the margin trading balance exceeding 2.6 trillion. The market was mainly driven by bottom - up growth themes, with technology - related sectors like AI applications, commercial space, and brain - computer interfaces rotating. The small and medium - cap style was dominant [3][12]. - In the short term, the overseas US employment market has resilience but also structural pressure. Inflation data is not expected to have a strong rebound, and the market has digested the possibility of the Fed not cutting interest rates in January. Overseas markets may experience high - level volatility in the short term, with limited impact on the domestic market. The overall supply - demand of market funds is neutral to optimistic, and with the profit - making effect, off - market funds may continue to flow in, and the market is expected to continue its upward trend [3][14]. - Last week (01.05 - 01.09), the bond market showed a "V - shaped reversal", with long - term yields generally weakening. The short - term sentiment in the bond market has stabilized slightly, but the possibility of interest rate cuts in the medium and short term is still low. The bond market lacks positive catalysts, and it may have a short - term rebound but is likely to remain neutral in the medium term, with a dominant wait - and - see sentiment [4][15]. Summary According to Relevant Catalogs 1. Weekly Market Observation 1.1. Equity Market Review and Observation - Market Performance: In the first week of 2026 (01.05 - 01.09), the A - share market continued to rise, with major broad - based indices generally increasing and reaching new stage highs. The trading volume on Friday returned to the peak of 3 trillion, and the margin trading balance exceeded 2.6 trillion. The market was driven by growth themes such as AI applications, commercial space, and brain - computer interfaces, with the small and medium - cap style being dominant [12]. - Sector Analysis: The brain - computer interface sector was active this week. Expectations of Neuralink's mass production, the establishment of Gestalt Technology in China, and market expectations for the "14th Five - Year Plan" drove the sector's sentiment. The sector may maintain its popularity with the upcoming "2026 Brain - Computer Interface Developers Conference" and other positive news. The aerospace sector had a continuous rally, driven by factors such as the IPO boom in the commercial space field, policy support, and satellite constellation plans. The growth of the growth sector was also related to the CES 2026 exhibition, with the intelligent vehicle and robot sectors being catalyzed by the "physical AI" concept and the focus on the autonomous driving ecosystem and mass production plans at the CES 2026 [12][13]. - Outlook: Overseas markets may experience high - level volatility in the short term with limited impact on the domestic market. The market funds' supply - demand is neutral to optimistic, and off - market funds may continue to flow in. However, the establishment of a fundamental one - sided trend still needs the verification of better - than - expected domestic demand. It is recommended that funds that missed the previous rally wait patiently for policy clues during the "Two Sessions" to seek more certain allocation opportunities [14]. 1.2. Pan - Fixed - Income Market Review and Observation - Bond Market: Last week (01.05 - 01.09), the bond market showed a "V - shaped reversal", with the 1 - year Treasury yield falling 4.35BP to 1.29%, the 10 - year yield rising 3.55BP to 1.88%, and the 30 - year yield rising 4.95BP to 2.30%. The short - term sentiment in the bond market has stabilized slightly, but the possibility of interest rate cuts in the medium and short term is low, and it may have a short - term rebound but remain neutral in the medium term [4][15]. - US Treasury Bonds: The US Treasury yield curve flattened last week, with short - term yields rising and long - term yields falling. The 1 - year yield rose 5BP to 3.52%, the 2 - year yield rose 7BP to 3.54%, and the 10 - year yield fell 1BP to 4.18%. The market believes the probability of the Fed cutting interest rates in the short term is small [15][16]. - REITs: The CSI REITs Total Return Index rose 1.89% last week, closing at 1028.93 points. Four new public REITs made progress in the primary market [16]. 2. Fund Index Performance Tracking 2.1. Equity Strategy Theme - Based Index - **Active Stock Fund Selection Index**: The index selects 15 funds in each period, with equal - weight allocation. It selects active equity funds based on performance competitiveness and style stability in value, balanced, and growth styles, and matches the style distribution of the CSI Equity - Oriented Fund Index. The performance benchmark is the CSI Equity - Oriented Fund Index (930950.CSI) [20]. 2.2. Investment Style - Based Index - **Value Stock Fund Selection Index**: It includes both deep - value and quality - value styles. It selects 10 funds of deep - value, quality - value, and balanced - value styles based on multi - period style classification. The performance benchmark is the CSI 800 Value Index (H30356.CSI) [20]. - **Balanced Stock Fund Selection Index**: Balanced - style fund managers balance stock valuation and growth. The index selects 10 relatively balanced, value - growth style funds based on multi - period style classification. The performance benchmark is the CSI 800 (000906.SH) [22]. - **Growth Stock Fund Selection Index**: The growth style aims to capture the double - click opportunities of performance and valuation. It selects 10 funds of active - growth, quality - growth, and balanced - growth styles based on multi - period style classification. The performance benchmark is the 800 Growth Index (H30355.CSI) [24][26]. 2.3. Industry Theme - Based Index - **Pharmaceutical Stock Fund Selection Index**: It selects funds based on the intersection market value of fund equity holdings and the constituent stocks of the representative index (CITIC Pharmaceutical). The average purity in the past 3 years/inception should be no less than 60%. It constructs an evaluation system and selects 15 funds. The performance benchmark is the pharmaceutical theme fund index (fitted by Huabao Securities) [28]. - **Consumer Stock Fund Selection Index**: It selects funds based on the intersection market value of fund equity holdings and the constituent stocks of representative indices (CITIC Automobile, Home Appliances, etc.). The average purity in the past 3 years/inception should be no less than 50%. It constructs an evaluation system and selects 10 funds. The performance benchmark is the consumer theme fund index (fitted by Huabao Securities) [31]. - **Technology Stock Fund Selection Index**: It selects funds based on the intersection market value of fund equity holdings and the constituent stocks of representative indices (CITIC Electronics, etc.). The average purity in the past 3 years/inception should be no less than 60%. It constructs an evaluation system and selects 10 funds. The performance benchmark is the technology theme fund index (fitted by Huabao Securities) [34]. - **High - end Manufacturing Stock Fund Selection Index**: It selects funds based on the intersection market value of fund equity holdings and the constituent stocks of representative indices (CITIC Construction, etc.). The average purity in the past 3 years/inception should be no less than 50%. It constructs an evaluation system and selects 10 funds. The performance benchmark is the high - end manufacturing theme fund index (fitted by Huabao Securities) [37]. - **Cyclical Stock Fund Selection Index**: It selects funds based on the intersection market value of fund equity holdings and the constituent stocks of representative indices (CITIC Petroleum & Chemicals, etc.). The average purity in the past 3 years/inception should be no less than 50%. It constructs an evaluation system and selects 5 funds. The performance benchmark is the cyclical theme fund index (fitted by Huabao Securities) [41]. 2.4. Money - Market Enhancement Index - **Money - Market Enhancement Strategy Index**: It aims at liquidity management, pursuing a curve that exceeds money - market funds and is smooth and upward. It mainly allocates money - market funds with relatively good performance and inter - bank certificate of deposit index funds in passive index - bond funds. The performance benchmark is the CSI Money - Market Fund Index (H11025.CSI) [44]. 2.5. Pure - Bond Index - **Short - Term Bond Fund Selection Index**: It aims at liquidity management, pursuing a smooth and upward curve while ensuring drawdown control. It mainly allocates 5 funds with stable long - term returns, strict drawdown control, and significant absolute - return ability. The performance benchmark is 50% * Short - Term Pure - Bond Fund Index + 50% * Ordinary Money - Market Fund Index [46]. - **Medium - and Long - Term Bond Fund Selection Index**: It invests in medium - and long - term pure - bond funds, pursuing stable returns while controlling drawdowns. It selects 5 funds with both return and drawdown control, and adjusts the duration and the ratio of credit - bond funds and interest - rate - bond funds according to market conditions. [48] 2.6. Fixed - Income + Index - **Low - Volatility Fixed - Income + Selection Index**: The equity center is 10%. It selects 10 funds with an equity center (considering convertible bond and stock holdings) within 15% in the past three years and recently. The performance benchmark is 10% CSI 800 Index+90% ChinaBond New Composite Full - Price Index (CBA00303.CS) [49][52]. - **Medium - Volatility Fixed - Income + Selection Index**: The equity center is 20%. It selects 5 funds with an equity center between 15% - 25% in the past three years and recently. The performance benchmark is 20% CSI 800 Index+80% ChinaBond New Composite Full - Price Index (CBA00303.CS) [52]. - **High - Volatility Fixed - Income + Selection Index**: The equity center is 30%. It selects 5 funds with an equity center between 25% - 35% in the past three years and recently. The performance benchmark is 30% CSI 800 Index+70% ChinaBond New Composite Full - Price Index (CBA00303.CS) [56]. 2.7. Other Pan - Fixed - Income Index - **Convertible Bond Fund Selection Index**: It selects bond - type funds with the average proportion of convertible bond investment in bond market value no less than 60% in the latest period and no less than 80% in the past four quarters as the sample space. It constructs an evaluation system and selects 5 funds [59]. - **QDII Bond Fund Selection Index**: It selects 6 funds with stable returns and good risk control based on credit and duration conditions, with underlying assets being overseas bonds [61]. - **REITs Fund Selection Index**: It selects 10 funds with stable operation, reasonable valuation, and certain elasticity based on the underlying asset type [62].

Report Summary 1. Investment Ratings No investment ratings for the industry are provided in the report. 2. Core Viewpoints The report presents several ETF strategy indices constructed with the help of ETFs, which can convert quantitative models or subjective views into practical investment strategies. The performance and positions of these indices are tracked on a weekly basis [12]. 3. Summary by Directory 1. ETF Strategy Index Tracking - **ETF Strategy Index Last Week's Performance**: - **Huabao Research Size Rotation ETF Strategy Index**: Last week's index return was 7.47%, the benchmark was CSI 800 with a return of 4.18%, and the excess return was 3.30% [13]. - **Huabao Research SmartBeta Enhanced ETF Strategy Index**: Last week's index return was 1.97%, the benchmark was CSI 800 with a return of 4.18%, and the excess return was -2.21% [13]. - **Huabao Research Quantitative Fire - Wheel ETF Strategy Index**: Last week's index return was 3.81%, the benchmark was CSI 800 with a return of 4.18%, and the excess return was -0.36% [13]. - **Huabao Research Quantitative Balance Art ETF Strategy Index**: Last week's index return was 1.73%, the benchmark was SSE 300 with a return of 2.79%, and the excess return was -1.06% [13]. - **Huabao Research Hot - Spot Tracking ETF Strategy Index**: Last week's index return was 6.24%, the benchmark was CSI All - Share with a return of 5.04%, and the excess return was 1.20% [13]. - **Huabao Research Bond ETF Duration Strategy Index**: Last week's index return was -0.12%, the benchmark was ChinaBond Aggregate Index with a return of -0.23%, and the excess return was 0.11% [13]. 1.1 Huabao Research Size Rotation ETF Strategy Index - **Strategy Principle**: It uses multi - dimensional technical indicator factors and a machine - learning model to predict the return difference between the Shenwan Large - Cap Index and the Shenwan Small - Cap Index. The model outputs signals weekly to predict the strength of the index in the next week and determines positions accordingly to obtain excess returns relative to the market [14]. - **Performance**: As of January 9, 2026, the excess return since 2024 was 25.26%, the excess return in the recent month was 2.56%, and the excess return in the recent week was 3.30% [14]. - **Positions**: As of January 9, 2026, it held 50% of CSI 500ETF (code: 159922.SZ) and 50% of CSI 1000ETF (code: 512100.SH) [18]. 1.2 Huabao Research SmartBeta Enhanced ETF Strategy Index - **Strategy Principle**: It uses price - volume indicators to time self - built Barra factors and maps timing signals to ETFs based on the exposure of ETFs to 9 major Barra factors to obtain returns exceeding the market. The selected ETFs cover mainstream broad - based index ETFs and some style and strategy ETFs [18]. - **Performance**: As of January 9, 2026, the excess return since 2024 was 18.76%, the excess return in the recent month was -3.73%, and the excess return in the recent week was -2.21% [18]. - **Positions**: As of January 9, 2026, it held 25.21% of High - Dividend ETF (code: 159207.SZ), 25.13% of Shenzhen Dividend ETF (code: 159905.SZ), 24.98% of Free Cash Flow ETF800 (code: 563580.SH), and 24.68% of Dividend Low - Volatility 100ETF (code: 515100.SH) [21]. 1.3 Huabao Research Quantitative Fire - Wheel ETF Strategy Index - **Strategy Principle**: It starts from a multi - factor perspective, including the grasp of medium - and long - term fundamental dimensions, the tracking of short - term market trends, and the analysis of the behaviors of various market participants. It uses valuation and crowding signals to prompt industry risks and multi - dimensionally digs out potential sectors to obtain excess returns relative to the market [21]. - **Performance**: As of January 9, 2026, the excess return since 2024 was 39.31%, the excess return in the recent month was 2.75%, and the excess return in the recent week was -0.36% [21]. 1.4 Huabao Research Quantitative Balance Art ETF Strategy Index - **Strategy Principle**: It uses a multi - factor system including economic fundamentals, liquidity, technical aspects, and investor behavior factors to build a quantitative timing system for trend judgment of the equity market. It establishes a prediction model for the market's large - and small - cap styles to adjust the position distribution of the equity market and comprehensively obtains excess returns relative to the market through timing and rotation [25]. - **Performance**: As of January 9, 2026, the excess return since 2024 was -12.27%, the excess return in the recent month was -1.07%, and the excess return in the recent week was -1.06% [25]. - **Positions**: As of January 9, 2026, it held 20.50% of Non - Ferrous Metals ETF (code: 512400.SH), 20.11% of Chemical ETF (code: 159870.SZ), 20.06% of Securities and Insurance ETF E Fund (code: 512070.SH), 19.88% of Steel ETF (code: 515210.SH), and 19.46% of Oil and Gas ETF (code: 159697.SZ) [26]. 1.5 Huabao Research Hot - Spot Tracking ETF Strategy Index - **Strategy Principle**: It tracks and mines hot - spot index target products in a timely manner based on strategies such as market sentiment analysis, industry major event tracking, investor sentiment and professional opinions, policy and regulatory changes, and historical deduction. It constructs an ETF portfolio that can capture market hot - spots in a timely manner, providing investors with references for short - term market trends and helping them make more informed investment decisions [28]. - **Performance**: As of January 9, 2026, the excess return in the recent month was 1.08%, and the excess return in the recent week was 1.20% [30]. - **Positions**: As of January 9, 2026, it held 40.04% of Non - Ferrous Metals 50ETF (code: 159652.SZ), 22.32% of Hong Kong Stock Dividend ETF Bosera (code: 513690.SH), 19.90% of Hong Kong Stock Connect Pharmaceutical E Fund ETF (code: 513200.SH), and 17.74% of Short - Term Financing ETF (code: 511360.SH) [31]. 1.6 Huabao Research Bond ETF Duration Strategy Index - **Strategy Principle**: It uses bond market liquidity indicators and price - volume indicators to screen effective timing factors and predicts bond yields through machine - learning methods. When the expected yield is lower than a certain threshold, it reduces the long - duration positions in the bond investment portfolio to improve the long - term return and drawdown control ability of the portfolio [31]. - **Performance**: As of January 9, 2026, the excess return in the recent month was 0.15%, and the excess return in the recent week was 0.11% [32]. - **Positions**: As of January 9, 2026, it held 50.00% of 10 - Year Treasury Bond ETF (code: 511260.SH), 25.00% of Treasury Bond ETF 5 - 10 Years (code: 511020.SH), and 25.00% of Policy Financial Bond ETF (code: 511520.SH) [34].

Investment Rating - The report does not explicitly provide an investment rating for the industry [3] Core Insights - The implementation of the new public offering sales regulations by the China Securities Regulatory Commission (CSRC) aims to standardize sales practices, reduce investor costs, and promote long-term investment strategies [4][11] - The launch of the new direct connection system by China Everbright Bank Wealth Management marks a significant step in the industry’s standardization efforts, enhancing data reporting accuracy and efficiency [13][16] - The cash management products recorded a 7-day annualized yield of 1.35%, reflecting a 5 basis points increase week-on-week, while money market funds saw a slight decline [17][21] - The overall bond market exhibited a volatile trend, with the 10-year government bond yield remaining stable at 1.84% and the 30-year yield increasing by 3 basis points to 2.25% [19][28] - The report highlights a decrease in the net asset value (NAV) ratio of bank wealth management products to 0.86%, down by 0.15 percentage points, indicating a potential increase in redemption pressure if credit spreads continue to widen [28][32] Summary by Sections Regulatory and Industry Dynamics - The CSRC's new sales fee management regulations are set to take effect on January 1, 2026, marking the completion of the third phase of fee reform in the public fund industry [4][11] - The new direct connection system by China Everbright Bank enhances the efficiency of product and investor information registration, contributing to the overall transparency of the wealth management sector [13][16] Yield Performance - Cash management products showed a week-on-week increase in annualized yield, while money market funds experienced a slight decline, indicating a shift in investor preferences [17][21] - The bond market remains under pressure due to various factors, including monetary policy expectations and government bond supply dynamics [19][22] NAV Tracking - The bank wealth management products' NAV ratio decreased, suggesting potential challenges ahead if credit spreads continue to widen, which could lead to increased redemption pressures [28][32]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In 2025, the equity market showed an upward trend with significant fluctuations. The CSI All-Share Index recorded a 24.60% annual return, and the Shanghai Composite Index climbed to around 4000 points. The Evergreen Low-Volatility Strategy maintained low volatility and achieved nearly 15% return, while the Stock Fund Enhancement Strategy was limited by balanced fund selection but could still optimize the risk-return ratio. The Overseas Equity Allocation Strategy recorded a 13.98% return [3]. - The quantitative strategy allocation preference is Stock Fund Enhancement Strategy > Evergreen Low-Volatility Strategy > Overseas Equity Strategy. The report is optimistic about A-share investment opportunities, suggesting active short - term layout. The Evergreen Low-Volatility Strategy can be used as a base position, and the Overseas Equity Strategy still has some allocation value but with more risk points [4]. 3. Summary by Relevant Catalogs 3.1 Quantified Strategy Allocation Viewpoints - A-shares: The report is bullish on A-share investment opportunities. The Shanghai Composite Index has exceeded 4000 points, and the trading volume has increased in 2026. The market is expected to break through further in the spring offensive. The Stock Fund Enhancement Strategy is more attractive, and the Evergreen Low-Volatility Strategy can be used as a base position [4]. - Overseas market: After recovering from the tariff shock, the upward momentum of the overseas market has weakened and differences have increased. Although there is still some allocation value in the short term, there are many risk points, and the overall cost - effectiveness is slightly lower than that of A-share strategy combinations [4]. 3.2 Performance of Equity Fund Strategy Indexes - Evergreen Low-Volatility Fund Strategy Index: This week's return was -0.705% with an excess return of 0.283%. The one - month return was 0.717% with an excess return of -1.293% [5]. - Stock Fund Enhancement Fund Strategy Index: This week's return was -0.229% with an excess return of 0.759%. The one - month return was 2.294% with an excess return of 0.284% [5]. - Cash Enhancement Fund Strategy Index: This week's return was 0.019%, outperforming the CSI Money Fund Index with a cumulative excess return of 0.569% since the strategy's operation [5]. - Overseas Equity Allocation Fund Strategy Index: This week's return was -0.137% with an excess return of 0.186%. The one - month return was 1.834% with an excess return of -1.417% [5]. 3.3 Tool - based Fund Portfolio Performance Tracking - Evergreen Low-Volatility Fund Portfolio: It has maintained low volatility and small drawdowns, significantly outperforming the CSI Active Equity Fund Index. It has both defensive and offensive characteristics [13]. - Stock Fund Enhancement Fund Portfolio: Since the strategy has been running for a short time, its performance is similar to that of the CSI Active Equity Fund Index. It is expected to have stronger elasticity in an improved market environment [16]. - Cash Enhancement Fund Portfolio: After double screening, it has continuously outperformed the benchmark, with a cumulative excess return of over 0.41% since July 2023 [17]. - Overseas Equity Allocation Fund Portfolio: Since July 2023, in the context of the Fed's interest - rate cut cycle and the boost of AI technology, it has accumulated high - level excess returns, which can thicken the return of the equity investment portfolio [20]. 3.4 Tool - based Fund Portfolio Construction Ideas - Evergreen Low-Volatility Fund Portfolio: It aims to select funds with long - term stable returns in high - equity - position actively managed funds. By adding restrictions on fund valuation levels, it constructs a low - volatility active equity fund portfolio from the perspectives of net value performance and position characteristics [22][25]. - Stock Fund Enhancement Fund Portfolio: It aims to meet the needs of equity fund investors with different risk preferences. By analyzing the source of fund returns and constructing a portfolio based on the significant continuity of Alpha returns, it is expected to bring excess performance [23][26]. - Cash Enhancement Fund Portfolio: By constructing a money fund screening system, it helps investors select money funds with better returns, optimize the income of short - term idle funds, and reduce income volatility risks [23][27]. - Overseas Equity Allocation Fund Portfolio: Based on long - and short - term technical indicators and comprehensive index momentum and reversal effects, it selects QDII equity funds corresponding to overseas equity indexes to build a portfolio, meeting the needs of global allocation [24][28].

Group 1: Grid Trading Strategy Overview - The essence of "grid trading" is a high buy low sell strategy, which does not predict market trends but utilizes natural price fluctuations to generate profits, suitable for frequently fluctuating markets [3][13] - Characteristics of suitable grid trading targets include: selecting on-market targets, stable long-term trends, low trading costs, good liquidity, and high volatility, with equity ETFs being relatively suitable for grid trading [3][13] Group 2: ETF Grid Strategy Target Analysis - **Game ETF (159869.SZ)**: The normalization of domestic game license issuance has reached a seven-year high, with 1771 licenses issued in 2025, over 20% growth from 2024. The overseas market for Chinese games saw a revenue of $9.501 billion in the first half of 2025, a year-on-year increase of 11.07%, indicating strong overseas growth potential [4][14] - **Securities ETF Leader (159993.SZ)**: The high market activity has catalyzed the performance release of brokerage firms, with the A-share market achieving a record trading volume of 420.21 trillion yuan in 2025, a 62.64% year-on-year increase. The financing balance reached 25,385.25 billion yuan, up 36.91% from the end of 2024, indicating significant performance improvement in the securities industry [4][17] - **Asia-Pacific Selected ETF (159687.SZ)**: The Asia-Pacific region is characterized by high growth and structural transformation, with an expected economic growth rate of 5.1% in 2025, contributing about 60% of global economic growth. The region is embracing green and digital revolutions, transitioning from a "world factory" to a "main engine" of global economic growth [4][6][19] - **Dividend Quality ETF (159758.SZ)**: This ETF balances cash dividend capability and profit growth quality, with policies promoting regular dividends and encouraging long-term capital inflows, enhancing the investment value of high-dividend assets [4][7][20]

2026 年 01 月 05 日 证券研究报告 | 公募基金周报 跨年行情延续，期待春季躁动 公募基金指数跟踪周报（2025.12.29-2025.12.31） 分析师：孙书娜 分析师登记编码：S0890523070001 电话：021-20321306 邮箱：sunshuna@cnhbstock.com 分析师：王骅 分析师登记编码：S0890522090001 电话：021-20321067 邮箱：wanghua@cnhbstock.com 研究助理：张琦炜 邮箱：zhangqiwei@cnhbstock.com 销售服务电话： 021-20515355 1 、 《 ETF 策 略 指 数 跟 踪 周 报 — 2026/1/5》2026-01-05 2、《"春季躁动"抢跑，成长和周 期 占 优 — 公 募 基 金 指 数 跟 踪 周 报 （2025.12.22-2025.12.26）》2025- 12-29 2025/12/29》2025-12-29 4、《情绪持续修复，仍偏震荡思 （2025.12.15-2025.12.19）》2025- 12-22 局 — 公 募 基 金 权 益 指 数 跟 踪 周 ...