导读：记得2025和2024年初，我们发布基金经理TOP 100榜单时，都是主动权益面临"枪林弹雨"的市场环境。2024年发布榜单时，A股市场刚刚经 历了历史上第二大单月跌幅，股价平均跌21%，基金普遍跌15%。2025年发布榜单时，A股市场也是开年连续四天下跌。但每一次我们都说，那时候 买主动权益基金，就是能赚到钱的！ 去年初发布榜单时，我还说过，在指数基金大爆发的时代，具有阿尔法的主动权益基金更有价值！今年，我还要说一句话： 主动权益基金会继续跑赢 指数基金。 我们也看好指数基金的大时代，但我认为主动权益基金正在回归！我们很少预测市场，因为没这个能力。但今天 我敢比较自信的说，A股 市场正在一轮新的结构性牛市中。 而且这一轮牛市下来，主动权益基金作为整体，会跑赢沪深300宽基指数（当然，指数的波动大概率更低）。 和往常一样，这份榜单倾注了我和零城投资的心血。为了打磨每一个名字，我们都花了很多时间讨论。从去年整个12月，我们两一直在讨论榜单的名 单。也和往常一样，这是一份完全客观独立的榜单。我们没有提前和任何基金公司、基金经理做过沟通。最后，这只是一份我们心中的主动权益基金 经理"精选池"，不代表任何奖项， ...

Group 1 - The core point of the news is that Xinghui Co., Ltd. experienced a stock decline of 5.04%, with a current share price of 6.41 yuan and a total market capitalization of 2.935 billion yuan [1] - Xinghui Co., Ltd. is based in Shunde District, Foshan City, Guangdong Province, and was established on November 11, 1994. The company went public on June 10, 2015, and specializes in the research, production, and sales of precision metal fasteners such as slides and hinges, as well as cross-border e-commerce [1] - The main business revenue composition of Xinghui Co., Ltd. includes slides at 71.62%, smart home appliances at 16.77%, power supplies at 8.01%, and other supplementary products at 3.60% [1] Group 2 - From the perspective of fund holdings, Haifutong Fund has one fund heavily invested in Xinghui Co., Ltd. The Haifutong CSI 2000 Enhanced Strategy ETF (159553) held 41,000 shares in the third quarter, accounting for 0.99% of the fund's net value, making it the second-largest holding [2] - The Haifutong CSI 2000 Enhanced Strategy ETF (159553) has a current scale of 32.1419 million yuan and has achieved a year-to-date return of 7.23%, ranking 1933 out of 5525 in its category. Over the past year, it has returned 66.17%, ranking 527 out of 4208, and since inception, it has returned 97.03% [2]

Group 1 - Beijing International Human Capital Group Co., Ltd. is located in Chaoyang District, Beijing, and was established on November 3, 1992, with its listing date on May 20, 1994 [1] - The company's main business involves human resource services, including personnel management services, compensation and benefits services, business outsourcing services, recruitment, and flexible employment services [1] - The revenue composition of the main business is as follows: business outsourcing services 83.63%, recruitment and flexible employment services 10.16%, compensation and benefits services 2.50%, personnel management services 2.17%, and other businesses 1.54% [1] Group 2 - Haitong Fund has one fund heavily invested in Beijing Human Capital, specifically Haitong National Policy Guidance Mixed A (519033), which increased its holdings by 761,900 shares, totaling 2.1075 million shares, accounting for 2.68% of the fund's net value [2] - The estimated floating profit from this investment is approximately 2.0232 million yuan [2] - Haitong National Policy Guidance Mixed A (519033) was established on November 16, 2011, with a current scale of 583 million yuan, and has achieved a year-to-date return of 3.42% [2] Group 3 - The fund manager of Haitong National Policy Guidance Mixed A (519033) is Hu Yaowen, who has a cumulative tenure of 10 years and 229 days, with the fund's total asset scale at 1.61 billion yuan [3] - During Hu Yaowen's tenure, the best fund return was 109.23%, while the worst return was 2.29% [3]

近几年来，公募ETF（交易型开放式指数基金）市场得到飞速发展，目前行业已出现首家ETF管理 规模破万亿元的公募基金公司。 Wind数据显示，截至1月12日，华夏基金旗下ETF产品规模达到10166.79亿元，跻身国内首家"万亿 ETF"的公募基金公司，并且该公司的非货ETF规模也超过万亿元。公开资料显示，华夏基金成立于1998 年，是公募行业的"老十家"之一。 近两年来，随着指数投资理念深入人心，以及市场行情的助推，部分ETF产品规模也水涨船高。 2024年，以沪深300为代表的宽基类ETF获得大量资金流入。2025年，众多行业主题基金以及中证 A500ETF规模得到大幅增长。 数据显示，除华夏基金外，ETF管理规模前十五的公司规模均破千亿元。具体来看，易方达基金旗 下ETF规模排在第二，达到9256.3亿元；华泰柏瑞基金旗下ETF规模排在第三，达到6490.61亿元。南 方、嘉实、广发、国泰基金旗下ETF管理规模均超过3000亿元。富国、博时、华宝、华安基金旗下ETF 管理规模均超过2000亿元。银华、汇添富、鹏华、海富通基金旗下ETF管理规模均在千亿元之上。此 外，ETF管理规模排名第十六的天弘基金也突破 ...

Market Overview - The A-share market experienced a collective adjustment, with the Shenzhen Component Index falling over 1% and the ChiNext Index dropping nearly 2% [1] - AI application concepts rose against the trend, while sectors like commercial aerospace and controllable nuclear fusion saw significant declines [1] ETF Market Activity - On January 13, the non-monetary ETF market saw significant inflows, with the GF CSI Media ETF increasing by 3.12 billion shares and a net inflow of 4.122 billion yuan [1] - The Yongying National Satellite Communication Industry ETF also saw an increase of 894 million shares with a net inflow of 1.886 billion yuan [1] - The Harvest CSI Software Service ETF had an increase of 1.439 billion shares and a net inflow of 1.507 billion yuan [1] Fund Performance - The top-performing ETFs by net inflow for the month include: - GF CSI Media ETF with a net inflow of 7.321 billion yuan and a total fund size of 10.767 billion yuan [4] - Yongying National Satellite Communication Industry ETF with a net inflow of 6.765 billion yuan and a total fund size of 15.592 billion yuan [4] - Southern CSI Nonferrous Metals ETF with a net inflow of 5.941 billion yuan and a total fund size of 29.006 billion yuan [4] Overall ETF Market Statistics - As of January 13, the total ETF shares in the market reached 33,788.87 billion shares, with a total scale of 62,409.89 billion yuan [4] - The consumer sector saw the largest increase in shares, with 10 funds tracking it, while the CSI Media Index had the largest increase in shares with 2 funds tracking it [4]

Group 1 - The total scale of ETFs has increased significantly since the beginning of the year, reaching a historical high of 6.27 trillion yuan, with an increase of nearly 254.6 billion yuan as of January 12 [1] - Major contributions to this growth came from broad-based ETFs linked to indices such as CSI 300, CSI 500, and CSI 1000, each seeing an increase of over 20 billion yuan, indicating a rapid accumulation by institutions [1] - The A-share market experienced a decline on January 13, with major indices such as the Shanghai Composite Index falling by 0.64% and the Shenzhen Component Index by 1.37%, despite a record trading volume of 3.65 trillion yuan [1] Group 2 - On January 13, eight new funds were launched, primarily consisting of mixed and stock funds, while 48 funds distributed dividends, with the highest being 2.7640 yuan per 10 shares from the Changsheng Aerospace Marine Equipment Flexible Allocation Mixed Fund [2] - As of January 12, Huaxia Fund's ETF management scale surpassed 1 trillion yuan, making it the first domestic manager to reach this milestone, followed closely by E Fund with over 920 billion yuan [2] - The total number of ETFs in the domestic market has crossed significant thresholds of 4 trillion, 5 trillion, and 6 trillion yuan since 2025, driven by net asset value increases and capital inflows [2]

Market Performance - The A-share market has experienced a strong recovery since the beginning of 2026, with a record daily trading volume of 3.64 trillion yuan on January 12, marking an increase of nearly 500 billion yuan from the previous trading day [2][3] - Major indices showed significant gains, with the Shanghai Composite Index rising by 1.09% to 4165.29 points, the Shenzhen Component Index increasing by 1.75% to 14366.91 points, and the ChiNext Index up by 1.82% to 3388.34 points [3] Private Equity Market - The private equity issuance market is also thriving, with the billion-level private equity firm Fusheng Asset raising over 1 billion yuan in a single day through a new product, indicating strong investor interest [2][4] - Fusheng Asset's new product was quickly sold out, reportedly within seconds, reflecting high demand from investors [5] Market Drivers - The current market rally is driven by a combination of policy, industry, and capital factors, with a shift from "valuation repair" to "profit verification" expected [4] - Key drivers include the implementation of commercial aerospace action plans, the launch of industrial internet and AI integration projects, and the ongoing benefits from the 14th Five-Year Plan [4] Private Equity Growth - The private equity market has seen a significant increase in new registrations, with 12,645 new private equity securities investment funds registered in 2025, nearly doubling from 6,337 in 2024 [7] - The total size of private equity funds reached 22.09 trillion yuan by the end of November 2025, with private equity securities management surpassing 7 trillion yuan [7] Investment Trends - The low interest rate environment has led to increased demand for equity and alternative assets among high-net-worth individuals and institutional investors, positioning private equity as a key investment choice [8] - The trend towards "head concentration" in the private equity sector is evident, with funds gravitating towards top-tier institutions that demonstrate brand and risk control advantages [8][9]

Market Overview - As of January 12, the total ETF margin balance in the two markets reached 122.95 billion, an increase of 3.51 billion from the previous trading day [1] - The financing balance was 114.98 billion, up by 3.24 billion, while the securities lending balance was 7.97 billion, increasing by 0.27 billion [1] - In the Shanghai market, the ETF margin balance was 86.99 billion, an increase of 2.50 billion, with a financing balance of 79.97 billion, up by 2.24 billion [1] - The Shenzhen market's ETF margin balance was 35.96 billion, increasing by 1.01 billion, with a financing balance of 35.01 billion, up by 0.99 billion [1] ETF Margin Balances - The top three ETFs by margin balance on January 12 were: - Huaan Yifu Gold ETF (7.32 billion) - E Fund Gold ETF (4.16 billion) - Huatai-PB CSI 300 ETF (4.06 billion) [2][3] ETF Financing Buy Amounts - The top three ETFs by financing buy amounts on January 12 were: - E Fund CSI Hong Kong Securities Investment Theme ETF (2.10 billion) - Hai Fu Tong CSI Short Bond ETF (1.97 billion) - Bosera CSI Convertible Bonds and Exchangeable Bonds ETF (1.31 billion) [4] ETF Financing Net Buy Amounts - The top three ETFs by financing net buy amounts on January 12 were: - Fuguo 7-10 Year Policy Financial Bonds ETF (681 million) - GF CSI Media ETF (437 million) - Hai Fu Tong CSI Short Bond ETF (208 million) [5] ETF Securities Lending Sell Amounts - The top three ETFs by securities lending sell amounts on January 12 were: - Huatai-PB CSI 300 ETF (51.19 million) - Huaxia CSI A500 ETF (39.12 million) - Southern CSI 500 ETF (24.49 million) [6]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Last week (January 5 - January 9), bond - type ETFs had a net capital outflow of 63.1 billion yuan. Credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs had net outflows of 56.1 billion yuan, 9.6 billion yuan, and a net inflow of 2.7 billion yuan respectively. Compared with the previous week, the weekly cumulative unit - net - value changes of credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs were - 0.01%, - 0.17%, and +3.86% respectively [2][4][13]. 3. Summaries According to Relevant Catalogs 3.1 Issuance Progress Tracking - There were no newly issued bond ETFs last week [17]. 3.2 Existing Product Tracking - As of January 9, 2026, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were 142.2 billion yuan, 404.5 billion yuan, and 66.3 billion yuan respectively, with credit - bond ETFs accounting for 60.6%. The circulating market values of Haifutong CSI Short - term Finance ETF and Boshi Convertible - bond ETF ranked top two, at 61.829 billion yuan and 55.556 billion yuan respectively. Compared with the previous week, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs decreased by 10.5 billion yuan, 38.6 billion yuan, and increased by 5.3 billion yuan respectively. Products with significant scale reduction last week included Harvest CSI AAA Science and Technology Innovation Corporate Bond ETF, Science and Technology Innovation Bond ETF Yin Hua, and Fullgoal CSI AAA Science and Technology Innovation Corporate Bond ETF, with a month - on - month decrease of over 6 billion yuan each [19][20]. - Among credit - bond ETFs, the circulating market values of benchmark - market - making credit - bond ETFs and science - and - technology innovation bond ETFs were 119.9 billion yuan and 311 billion yuan respectively, decreasing by 7.1 billion yuan and 44 billion yuan compared with the previous week [23]. 3.3 ETF Performance Tracking - Based on the average trends of the cumulative unit net values of 16 interest - rate bond ETFs and 35 credit - bond ETFs, the cumulative unit net values of interest - rate bond ETFs and credit - bond ETFs closed at 1.18 and 1.03 respectively. In terms of cumulative returns, the return rate of benchmark - market - making credit - bond ETFs since their establishment has been stable at around 1.20%, while the return rate of science - and - technology innovation bond ETFs has marginally declined to 0.21% [26][28]. 3.4 Premium/Discount Rate Tracking - From a broad - category perspective, last week, the average premium/discount rates of credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs were - 0.25%, - 0.03%, and +0.03% respectively. The average trading price of credit - bond ETFs was lower than the fund's unit net value, indicating low allocation sentiment. Specifically, the weekly average premium/discount rates of benchmark - market - making credit - bond ETFs and science - and - technology innovation bond ETFs were - 0.39% and - 0.22% respectively [34]. 3.5 Turnover Rate Tracking - The weekly turnover rates of interest - rate bond ETFs, convertible - bond ETFs, and credit - bond ETFs were calculated by dividing the weekly trading volume of ETFs by the fund shares. Last week, the turnover rates showed the order of interest - rate bond ETFs > convertible - bond ETFs > credit - bond ETFs, and the weekly turnover rates of all three types of products increased marginally, reaching 141%, 112%, and 91% respectively. Specifically, products such as Huaxia Shanghai Stock Exchange Benchmark - Market - Making Treasury Bond ETF, Guotai CSI AAA Science and Technology Innovation Corporate Bond ETF, and Haifutong CSI Short - term Finance ETF had relatively high turnover rates [39].

Report Industry Investment Rating No information provided on the report industry investment rating. Core Views - Amid complex global macro - economic conditions and increased bond market volatility, traditional bond long - only strategies face challenges, and treasury bond futures have become important for risk management and asset allocation in bond investment portfolios [13]. - The report details the current situation of public funds' participation in treasury bond futures, analyzes the design logic of negative - duration funds, and explores using treasury bond futures to hedge interest - rate risks for all - weather bond asset allocation [13]. Summary by Related Catalogs Public Funds' Current Participation in Treasury Bond Futures - **Increasing Position Size with 1% Market Share**: By the end of Q3 2025, 141 public funds held treasury bond futures, holding a total of 13,068 contracts, including 3,992 long contracts (0.6% of the market) and 9,076 short contracts (1.4% of the market). Public funds are required to disclose treasury bond futures trading information in regular reports [17]. - **Short - Dominant Position Structure**: At the end of Q3 2025, 79 public funds held net short positions in treasury bond futures, with a short - contract market value of about 11 billion yuan, compared to 60 funds with net long positions and a long - contract market value of about 5.6 billion yuan, indicating a preference for short positions to hedge interest - rate risks [18]. - **Strategy and Contract Selection: Focus on Single - Variety and Single - Maturity**: In Q3 2025, 63.8% of funds held single - maturity treasury bond futures contracts (39 long - position and 51 short - position funds), while 36.2% held multi - variety or multi - maturity contracts [24]. - **Concentration on Active Contracts**: In Q3 2025, over 90% of public funds' positions were in the T2512, TS2512, and TL2512 active contracts, and the number of short positions in the TL2512 and T2512 contracts was significantly higher than long positions [27]. - **Mid - and Long - Term Pure - Bond Funds as the Main Allocators**: By the end of Q3 2025, mid - and long - term pure - bond funds were the main participants in treasury bond futures, with 47 funds holding positions, followed by hybrid bond - type secondary funds with 29 funds. The scale of mid - and long - term pure - bond funds' positions was about 8.78 billion yuan [28][33]. - **Leading Layout by Top - Tier Institutions**: By the end of Q3 2025, top - tier fund companies led in treasury bond futures layout. Harvest Fund and E Fund each had 14 related products, followed by China Merchants Fund with 10 products [37]. - **Significant Differences in Allocation Intensity Among Products**: The allocation intensity of public funds to treasury bond futures varies. For example, E Fund Credit Bond has a higher short - position allocation ratio than the market average, and Huataibaoxing Kaiyuan 3 - Month has a contract - market - value - to - fund - scale ratio of 27.1%, much higher than the industry average [40]. Negative - Duration Investment Strategy Based on Treasury Bond Futures Shorts - **Existing Negative - Duration Funds**: There are few negative - duration funds in the market, and the degree of negative duration is limited. This may be due to data errors in calculations and regulatory requirements for hedging purposes [46]. - **Constructing a Negative - Duration Portfolio**: Under regulatory constraints, to maximize negative duration, the following steps can be taken: invest only in cash bonds and treasury bond futures, set the short - position market - value ratio of treasury bond futures at a maximum of 30%, set the portfolio leverage at a maximum of 140%, short 30 - year treasury bond futures, and choose short - term bonds with a duration close to 0. The longest negative duration of a fund can reach - 7.1 years [51][55].