2026 年 01 月 07 日 证券研究报告|银行理财周报 公募销售新规正式落地，理财子深化推进新直联系统 上线 银行理财周度跟踪（2025.12.29-2026.1.4） 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 销售服务电话： 021-20515355 1、《信披统一框架正式落地，苏银理财深 耕持有型不动产 ABS 实践—银行理财周 度 跟 踪 （ 2025.12.22-2025.12.28 ）》 2025-12-31 创债 ETF 质押式回购交易落地—银行理 财周度跟踪（2025.12.15-2025.12.21）》 2025-12-24 3、《利率风险管理迎重要突破，理财打新 再 添 硕 果 — 银 行 理 财 周 度 跟 踪 （2025.12.8-2025.12.14）》2025-12-17 4、《指数型理财迎爆发增长，第三方估值 引 行 业 热 议 — 银 ...

2026 年 01 月 06 日 证券研究报告 | 公募基金周报 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） 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 海外市场同样也有相似的表现特征，整体上录得较高收益，期间同样经历风 险事件带来的较大波动，2025 年海外权益配置策略录得 13.98%的收益。 量化策略配置观点： 股基增强策略> 常青低波策略> 海外权益策略 A 股方面，我们持续看好 A 股未来的投资机会，短期来看，上证指数已经上冲 至 4000 点上方，量能也在 2026 年开年后有所放大，市场整体有望在春季攻 势的预期下进一步向上突破，可积极布局短期的弹性机会，当前时点股基增强 策略的吸引力依旧更大。常青低波策略可作为底仓进行组合配置，根据账户的 风险偏好特征进行比例上的设置，优化组合波动特征。 021-20515 ...

分析师：卫以诺 分析师登记编码：S0890518120001 电话：021-20321014 邮箱：weiyinuo@cnhbstock.com 2026 年 01 月 06 日 证券研究报告 | 财富生态周报 ETF 及指数产品网格策略周报 2026/1/6 分析师登记编码：S0890522110001 电话：021-20321297 邮箱：chengbingzhe@cnhbstock.com 分析师：薛婧怡 分析师登记编码：S0890525070001 电话：021-20321092 邮箱：xuejingyi@cnhbstock.com 021-20515355 2025/12/30》2025-12-30 2、《ETF 及指数产品网格策略周报— 2025/12/23》2025-12-23 3、《ETF 及指数产品网格策略周报— 2025/12/17》2025-12-17 4、《ETF 及指数产品网格策略周报— 2025/12/9》2025-12-09 5、《ETF 及指数产品网格策略周报— 2025/12/2》2025-12-02 投资要点 分析师：程秉哲 ◆网格交易策略概述：简单来说，"网格交易"本质上 ...

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 ...

分析师：卫以诺 hjn 2026 年 01 月 05 日 证券研究报告 | 公募基金周报 ETF 策略指数跟踪周报 2026/1/5 分析师登记编码：S0890518120001 电话：021-20321014 邮箱：weiyinuo@cnhbstock.com 分析师登记编码：S0890522110001 电话：021-20321297 邮箱：chengbingzhe@cnhbstock.com 邮箱：zhangjunrui@cnhbstock.com 021-20515355 1、《"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 2 、《 ETF 策 略 指 数 跟 踪 周 报 — 2025/12/29》2025-12-29 3、《情绪持续修复，仍偏震荡思维—公募 基 金 泛 固 收 指 数 跟 踪 周 报 （2025.12.15-2025.12.19）》2025-12-22 4、《外部担忧缓解，延续震荡格局—公募 基 金 权 益 指 数 跟 踪 周 报 （2025.12.15-2025.12.19）》20 ...

电话：021-20321091 邮箱：liufang@cnhbstock.com 021-20515355 相关研究报告 1、《继续耐心布局高景气 —策略周报》 2025-12-21 2、《由守转攻，布局高景气方向等风起 —策略周报》2025-12-07 3、《全球共振高位调整，耐心等待情绪 企稳 —策略周报》2025-11-23 4、《沪指围绕 4000 点震荡整固，轮动 有所加快 —策略周报》2025-11-09 5、《波动再度放大，如何应对？ —策略 周报》2025-10-12 2026 年 01 月 04 日 证券研究报告 | 策略周报 跨年波动或有上升，不改高景气主线 策略周报 分析师：郝一凡 分析师登记编码：S0890524080002 电话：021-20321080 邮箱：haoyifan@cnhbstock.com 分析师：刘芳 分析师登记编码：S0890524100002 投资要点 【债市方面】跨年后债市情绪有望缓和，仍以震荡思维对待。跨年后，兑现 浮盈的压力减轻，债市情绪有望迎来修复。但当前央行释放的信号仍显示出短 期内降息概率较低，因而收益率也缺乏向下突破动能，建议仍以中性思维对 待，维 ...

2025 年 12 月 31 日 证券研究报告|银行理财周报 信披统一框架正式落地，苏银理财深耕持有型不动产 ABS 实践 银行理财周度跟踪（2025.12.22-2025.12.28） 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、《理财共议高质量发展新路径，首单科 创债 ETF 质押式回购交易落地—银行理 财周度跟踪（2025.12.15-2025.12.21）》 2025-12-24 再 添 硕 果 — 银 行 理 财 周 度 跟 踪 （2025.12.8-2025.12.14）》2025-12-17 3、《指数型理财迎爆发增长，第三方估值 引 行 业 热 议 — 银 行 理 财 周 度 跟 踪 （2025.12.1-2025.12.7）》2025-12-10 4、《资管协会更名筑牢协同根基，理财打 新聚焦硬科技赛道—银行理财周度跟踪 （ ...

证券研究报告——宏观策略月报 识变、应变 ——2026年宏观资配展望 HWABAO SECURITIES 2025年12月31日 01 市场回顾 02 海外经济环境及政策影响 03 国内经济环境及政策影响 04 2026年宏观资配十大展望 05 资产配置观点展望（1月） 大类资产表现回顾：风险资产普涨 分析师： 蔡梦苑（执业证书编号：S0890521120001） 分析师： 郝一凡（执业证书编号：S0890524080002） 分析师： 刘 芳（执业证书编号：S0890524100002） ► 请仔细阅读报告结尾处风险提示及免责声明 | 2026年年度资配观点 | | 谨慎 | 相对谨慎 | 中性 | 相对乐观 | 乐观 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 资产类别 | | 核心逻辑观点 | | | | | 年度观点 | | | | 牛市有望延续，涨势大概率放缓，高景气与高股息轮动 | | | | | | | A股 | Ø | 2026年A股仍有望延续上涨，但涨幅放缓，上半年确定性相对更强。 | | | | | 相对乐观 | | | ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The equity market rebounded last week, with the Shanghai Composite Index achieving an "eight - consecutive - yang" pattern. The rebound was due to the pulse of incremental funds in A500ETF and the pre - emptive action under high expectations for the "Spring Rally." Mid - term, global liquidity is expected to be loose, and there are opportunities for the undervalued pro - cyclical style to make up for losses. [2][3][12] - The bond market continued to recover last week. In the current environment, the space for a deep adjustment in the bond market is limited, and the 10 - year Treasury yield may maintain a narrow - range oscillation pattern in the future. [3][13] - The subscription funds for Huaxia Zhonghe Clean Energy REIT exceeded 160 billion, indicating strong investor recognition. [4][17] Summary According to the Directory 1. Weekly Market Observation 1.1. Equity Market Review and Observation - Last week, the CSI 300 index rose 1.95%, the Shanghai Composite Index rose 1.88%, and the CSI 500 index rose 4.03%. The average daily trading volume of the whole A - share market was 1,956.9 billion, showing an increase compared to the previous week. The rebound was due to A500ETF incremental funds and the pre - emptive action for the "Spring Rally." [2][10] - The mid - term US monetary policy is expected to be loose. Short - term market focus is on US inflation and employment data. If the data shows economic cooling, the stock market may continue to rise; otherwise, it may affect the domestic growth style. [11] - At the end of the year, the focus of the market has shifted to commercial aerospace. Overseas, SpaceX signaled an IPO, and Google made related investments; domestically, many commercial aerospace companies are queuing up for IPOs on the Science and Technology Innovation Board. [12] 1.2. Fixed - Income Market Review and Observation - Last week, the bond market continued to recover. The 1 - year Treasury yield decreased by 6.75BP to 1.29%, the 10 - year Treasury yield increased by 0.68BP to 1.84%, and the 30 - year Treasury yield decreased by 0.19BP to 2.22%. The 10 - year Treasury yield may maintain a narrow - range oscillation pattern. [3][13] - Last week, the US Treasury yield oscillated downward. The 1 - year, 2 - year, and 10 - year US Treasury yields all decreased by 2BP. The GDP data initially pushed up the yield, but it later declined due to the consumer confidence index. [14] - Last week, the CSI REITs Total Return Index rose 1.56%. In the primary market, 4 new public REITs made progress, and Huaxia Zhonghe Clean Energy REIT was established. [15][16] 1.3. Public Fund Market Dynamics - The subscription funds for Huaxia Zhonghe Clean Energy REIT exceeded 160 billion, with the public investor effective subscription multiple about 392 times and the offline investor effective subscription multiple exceeding 340 times. [4][17] 2. Fund Index Performance Tracking 2.1. Equity Strategy Theme - Based Index - **Active Stock Fund Selection**: The index selects 15 funds each period, with equal - weight allocation. It selects active equity funds based on performance competitiveness and style stability, and balances the style according to the CSI Equity - Oriented Fund Index. The performance benchmark is the CSI Equity - Oriented Fund Index. [20][21] 2.2. Investment Style - Based Index - **Value Stock Fund Selection**: It selects 10 funds with deep - value, quality - value, and balanced - value styles. The performance benchmark is the CSI 800 Value Index. [23] - **Balanced Stock Fund Selection**: It selects 10 funds with relatively balanced and value - growth styles. The performance benchmark is the CSI 800. [25][26] - **Growth Stock Fund Selection**: It selects 10 funds with active - growth, quality - growth, and balanced - growth styles. The performance benchmark is the 800 Growth Index. [28] 2.3. Industry Theme - Based Index - **Pharmaceutical Stock Fund Selection**: It selects 15 funds based on the intersection market value of fund equity holdings and the representative index, and constructs an evaluation system. The performance benchmark is the pharmaceutical theme fund index. [32][33] - **Consumption Stock Fund Selection**: It selects 10 funds based on the intersection market value of fund equity holdings and relevant representative indices. The performance benchmark is the consumption theme fund index. [33][34] - **Technology Stock Fund Selection**: It selects 10 funds based on the intersection market value of fund equity holdings and relevant representative indices. The performance benchmark is the technology theme fund index. [37] - **High - end Manufacturing Stock Fund Selection**: It selects 10 funds based on the intersection market value of fund equity holdings and relevant representative indices. The performance benchmark is the high - end manufacturing theme fund index. [42][43] - **Cyclical Stock Fund Selection**: It selects 5 funds based on the intersection market value of fund equity holdings and relevant representative indices. The performance benchmark is the cyclical theme fund index. [45][46] 2.4. Money - Market Enhanced Index - **Money - Market Enhancement Strategy**: The index aims for liquidity management and a smooth - upward curve. It mainly invests in money - market funds and inter - bank certificate of deposit index funds. The performance benchmark is the CSI Money - Market Fund Index. [49] 2.5. Pure - Bond Index - **Short - Term Bond Fund Selection**: It selects 5 funds with stable long - term returns, strict drawdown control, and significant absolute - return capabilities. The performance benchmark is 50% * Short - Term Pure - Bond Fund Index + 50% * General Money - Market Fund Index. [52] - **Medium - and Long - Term Bond Fund Selection**: It selects 5 medium - and long - term pure - bond funds, balancing coupon strategies and band - trading operations. It adjusts the duration and the ratio of credit - bond funds and interest - rate - bond funds according to the market. [54] 2.6. Fixed - Income + Index - **Low - Volatility Fixed - Income + Selection**: It selects 10 funds with an equity central position of 10%. The performance benchmark is 10% CSI 800 Index + 90% ChinaBond New Composite Full - Price Index. [56] - **Medium - Volatility Fixed - Income + Selection**: It selects 5 funds with an equity central position of 20%. The performance benchmark is 20% CSI 800 Index + 80% ChinaBond New Composite Full - Price Index. [60] - **High - Volatility Fixed - Income + Selection**: It selects 5 funds with an equity central position of 30%. The performance benchmark is 30% CSI 800 Index + 70% ChinaBond New Composite Full - Price Index. [63] 2.7. Other Fixed - Income - Related Indices - **Convertible Bond Fund Selection**: It selects 5 funds based on the proportion of convertible - bond investment and constructs an evaluation system. [66] - **QDII Bond Fund Selection**: It selects 6 funds with stable returns and good risk control based on credit and duration. [69] - **REITs Fund Selection**: It selects 10 funds with stable operation, reasonable valuation, and certain elasticity based on the underlying asset type. [70]

Group 1: Report Overview - The report is a public fund special report on the investment value analysis of fund manager Chen Huaiyi of Huabao Fund, focusing on his investment capabilities through the analysis of Huabao Emerging Growth [1] Group 2: Fund Manager Information 2.1 Fund Manager Introduction - Chen Huaiyi previously worked in Southwest Securities and Essence Securities. He joined Huabao Fund in September 2018, and has served as a senior analyst and fund manager assistant. Since December 2021, he has been the fund manager of Huabao Emerging Growth, and since October 2022, he has been the fund manager of Huabao Emerging Industries [10] 2.2 Management Product Introduction 2.2.1 Representative Product - Since December 14, 2021, Chen Huaiyi has managed Huabao Emerging Growth (010114.OF), with a total scale of 254 million yuan as of September 30, 2025. Considering the similar styles of the two products he currently manages, Huabao Emerging Growth, which he has managed for a longer time, is selected as the representative product [11] 2.2.2 Representative Product Net Value Performance - As of November 25, 2025, after excluding the 3 - month construction period, Huabao Emerging Growth significantly outperformed the performance benchmark, recording a cumulative positive excess return of 49.28%. Its return performance among high - equity - position hybrid funds is remarkable, surpassing 96% of similar funds. Although its drawdown control is slightly weak, it is still at a mid - level among similar funds, and its volatility control is relatively good [12][14][16] Group 3: Fund Manager Investment Ability Analysis 3.1 Investment Framework - Guided by the Industrial Cycle and Highlighting Industrial Thinking - The investment framework centers around "good industries, good companies, and good prices", with the core principle of "beta first", focusing on the industrial cycle of the technology manufacturing industry. Through industrial cycle positioning, position structure division, and market value space assessment, it captures industries with strong growth potential in the next 2 - 3 years. The positions are divided into three parts: the main position (beta - following position) in strong - beta industries, the value position (alpha position) for companies with outstanding alpha in a declining industry, and the flexible position (about 10%) for supplementary trading opportunities. Investment decisions are based on the dynamic calculation of the long - term market value space of individual stocks, and strict selling discipline is enforced when the logic is falsified or the market value approaches the target [3][21][23] 3.2 Shareholding Characteristics - Emphasizing the Match between Valuation and Fundamentals - Industry allocation shows the characteristics of "focusing on the main line and diversifying internally", and the portfolio is a reflection of industrial thinking. In stock selection, he prefers segment leaders, pays attention to "good prices", is cautious about high - valuation popular stocks, and digs out stocks with better odds through in - depth research in the early stage of the industry or when there are cognitive differences [3][21][29] 3.3 Operational Characteristics - Keeping Pace with the Times and Dynamically Optimizing - He maintains a high - position operation, and the excess return mainly comes from structural adjustments and individual stock selection based on industry comparisons rather than macro - timing. He focuses on industrial trends, continuously adjusts the portfolio through "dynamic optimization": the core holdings remain stable, while marginal changes are keenly captured through high - frequency research and expert interviews, and the flexible position is used for flexible adjustments. The concentration of holdings changes dynamically with the confidence of research, and once a high - certainty direction is locked, he dares to make heavy allocations and then continuously rebalances according to the valuation difference and technological evolution [4][22][40] Group 4: Summary - Chen Huaiyi is a "stone - turning" expert who is good at pursuing excess returns through refined industrial navigation and dynamic portfolio management in the wave of manufacturing growth stocks. His investment capabilities are characterized by being guided by the industrial cycle, emphasizing the match between valuation and fundamentals, and keeping pace with the times and dynamically optimizing [52][53] Group 5: Appendix - The appendix provides the product elements of Huabao Emerging Growth, including the fund name, abbreviation, full name, establishment date, comparison benchmark, investment objective, investment scope, management fee rate, custody fee rate, and the tenure of the current fund manager [55]