积跬步至千里，小雪实盘2025年度报告

Market Overview - The central bank, financial regulatory authority, and securities commission jointly launched a package of financial policies on September 24, 2024, injecting confidence into the capital market. As of December 31, 2025, the Shanghai Composite Index had risen by 18.41% for the year, while the ChiNext Index and the STAR 50 Index increased by 49.57% and 35.92%, respectively. The Shanghai Composite Index reached 4000 points for the first time in nearly a decade as of October 29 [1][3]. Economic Indicators - In 2025, the Chinese price index showed a trend of "moderate recovery in CPI and narrowing decline in PPI." The central bank's annual meeting in January 2026 emphasized promoting high-quality economic development and reasonable price recovery as key considerations for monetary policy [3][5]. Investment Performance - The investment strategy followed a three-part allocation model, with 60% in equities, 30% in bonds, and 10% in commodities, achieving a return of 19.60% for 2025. The maximum drawdown was 7.52%, with an annualized volatility of 9.87%. The Sharpe ratio was 1.99, indicating a favorable risk-return profile compared to the Shanghai Composite Index's 1.5 and the Nasdaq 100's below 1 [8][10]. Asset Allocation - The three-part allocation strategy aimed to optimize risk-adjusted returns by selecting quality assets that benefit from different economic environments. This approach allowed the portfolio to navigate through various market cycles effectively [11][13]. Market Dynamics - The investment strategy included a focus on A-share market opportunities, particularly in sectors like new energy, semiconductors, and innovative pharmaceuticals, which were seen as core assets with both profit and valuation growth potential. The strategy also involved reducing exposure to U.S. equity funds in favor of A and H shares [17][18]. Fund Selection - The equity fund selection combined index-based strategies with high-quality active management. For instance, the fund allocated to the CSI 300 and the Nasdaq 100, while also incorporating actively managed funds that excelled in sectors like new consumption and innovative pharmaceuticals [20][21]. Risk Management - The bond allocation served primarily to hedge against equity volatility, with a notable focus on U.S. Treasuries, which provided attractive yields amid a low-interest-rate environment. The strategy also included a small allocation to commodity funds, particularly gold, which performed well in 2025 [21][22]. Investor Behavior - A significant 92% of investors who adhered to the three-part allocation strategy achieved positive returns, demonstrating the effectiveness of disciplined investment practices. The data indicated that longer holding periods correlated with higher profitability [24][25]. Conclusion - The article reflects on the investment landscape as of early 2026, highlighting the importance of maintaining a balanced approach to asset allocation while being mindful of market risks. The company aims to continue delivering value to investors through its strategic insights and disciplined investment framework [29].