8位基金经理跻身300亿元阵营 在权益类产品管理规模排名中，易方达基金张坤表现突出，以483亿元的规模居于首位，且其管理规模 全部集中于权益类产品。兴证全球基金谢治宇以386亿元的规模紧随其后。广发基金杨冬、中欧基金葛 兰、景顺长城基金刘彦春的管理规模均超过300亿元，具体分别为360亿元、353亿元和314亿元。此外， 中欧基金周蔚文、蓝小康以及永赢基金张璐的管理规模也均站上300亿元关口。 这一梯队清晰地展示了大型基金公司在培育和留住顶尖投资人才方面的平台优势。以中欧基金为例，其 旗下葛兰、周蔚文、蓝小康三位基金经理权益管理规模均超过300亿元，赵磊与冯炉丹的规模也分别达 到269亿元和206亿元。 易方达基金同样如此，除张坤外，陈皓、萧楠、刘健维、郑希的权益管理规模均在200亿元以上，形成 了显著的集群效应。一位行业观察人士对《华夏时报》记者指出，头部基金经理的管理规模是其历史业 绩、投资理念被市场广泛认可的结果。尤其是在市场波动加大、结构性机会为主的背景下，投资者出于 对确定性的追求，更倾向于将资金托付给历经牛熊、风格稳定的基金经理。这使得头部基金经理的管理 规模得以维持甚至增长，但同时也对其投资操作 ...

Market Overview - The three major A-share indices showed mixed performance in the morning session, with the Shanghai Composite Index up by 0.49%, the Shenzhen Component Index up by 0.09%, and the ChiNext Index down by 0.37% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 19,307 billion yuan, an increase of 402 billion yuan compared to the previous day [1] - Over 3,500 stocks in the market experienced declines [1] Sector Performance - The sectors that saw significant gains included gold, non-ferrous metals, oil and natural gas, chemical industry, coal, agriculture, real estate, securities, port shipping, copper cable high-speed connections, and cloud computing [1] - Conversely, sectors that faced declines included photovoltaic equipment, biopharmaceuticals, photolithography machines, military equipment, education, and PEEK materials [1] ETF and Commodity Trends - Two Brazilian ETFs hit the daily limit up [1] - The commodity sector experienced a surge, with the Yongying Fund Gold Stock ETF and the Huaxia Fund Gold Stock ETF rising by 8.56% and 8.47%, respectively [1] - The Huatai-PB Fund China-Korea Semiconductor ETF increased by 5.35%, while oil stocks strengthened, with the Yinhua Fund Oil and Gas Resources ETF rising by 4.73% [1] - The photovoltaic sector declined, with the Sci-Tech Innovation Board New Energy ETF and the E Fund New Energy ETF falling by 3% and 2.99%, respectively [1] - The machinery sector also saw a downturn, with the Machinery ETF dropping by 2.84% [1]

- The report does not contain any specific quantitative models or factors for analysis[1][2][3]

Core Viewpoint - Recent breakthroughs in lithium extraction from salt lakes in China indicate a shift in the industry from "cost advantage" to "technology leadership," potentially leading to a full-chain upgrade from resource development to high-value utilization [1] Group 1: Macro Environment - The overall macro environment is favorable for the non-ferrous metals sector [3][12] - Multiple supportive factors are emerging for the non-ferrous metals sector due to the dual backdrop of global economic restructuring and domestic policy drivers [4][13] Group 2: Global Liquidity and Geopolitical Risks - Expectations for increased global liquidity are rising, with UBS predicting two 25 basis point rate cuts by the Federal Reserve in 2026, lowering the target range for the federal funds rate to 3.00% to 3.25% [5][14] - Heightened geopolitical risks at the start of 2026 are expected to increase market demand for safe-haven assets, benefiting gold prices and supporting demand for key strategic metals like copper, tungsten, molybdenum, cobalt, and rare earths [6][14] Group 3: Domestic Economic Stability - China's manufacturing PMI rose above the neutral line in December, indicating economic stabilization and a potential recovery in manufacturing sentiment [6][14] - Continued government investment and infrastructure improvements are anticipated, alongside constraints on corporate expansion due to "anti-involution" policies, which may sustain price increases in the non-ferrous metals sector [6][14] Group 4: National Strategy and Resource Security - In 2026, China will initiate a new round of mineral exploration strategies and crack down on illegal mining of strategic mineral resources, which is expected to strengthen the long-term stability of the industry [6][15] Group 5: Supply and Demand Dynamics - The overall supply-demand balance for various non-ferrous metals is expected to remain tight, supporting upward price trends [8][18] - Factors such as global monetary easing, geopolitical tensions, supply-side constraints, and steady demand are likely to drive the non-ferrous metals sector in 2026 [10][19] Group 6: Specific Metal Insights - Gold: China's official gold reserves have increased for 14 consecutive months, indicating a trend towards further accumulation by the central bank [19] - Silver: Supply remains tight while industrial demand, particularly from the photovoltaic sector, continues to grow [19] - Copper: Long-term capital expenditure on copper mines is insufficient, leading to a potential shift from a tight balance to a shortage [19] - Aluminum: High copper prices are accelerating the "aluminum substitution for copper" trend, with potential shortages in aluminum supply expected [19] - Lithium: Demand for lithium battery materials remains strong, with expectations for a supply-demand reversal in lithium carbonate prices [19] - Cobalt: Continued export quotas from the Democratic Republic of Congo are expected to maintain structural tightness in cobalt supply [19]

Market Review - The A-share market showed a mixed performance among major indices, with the CSI 500, CSI 1000, and Sci-Tech 50 indices leading with returns of 4.34%, 2.89%, and 2.62% respectively, while the CSI 300, ChiNext, and Shanghai Composite indices lagged with returns of -0.62%, -0.34%, and 0.84% respectively [5][11] - The construction materials, oil and petrochemicals, and steel sectors performed well, with returns of 9.18%, 7.76%, and 6.98% respectively, while the banking, telecommunications, and food and beverage sectors underperformed with returns of -2.69%, -1.68%, and -1.57% respectively [17][18] Fund Issuance - A total of 42 new funds were established last week, with a total issuance scale of 444.54 billion yuan, showing an increase compared to the previous week [3] - 58 funds were reported for issuance last week, including 5 FOFs and 17 ETFs, indicating an increase in the number of applications [4][5] Fund Performance - The median returns for active equity, flexible allocation, and balanced mixed funds were 1.51%, 1.37%, and 1.37% respectively last week [29] - Alternative funds have shown the best performance this year, with a median return of 13.14%, while active equity, flexible allocation, and balanced mixed funds had median returns of 7.52%, 6.27%, and 5.09% respectively [29][37] Regulatory Updates - The China Securities Regulatory Commission (CSRC) issued guidelines for the performance comparison benchmarks of public funds, effective from March 1, 2026, to enhance investor protection and ensure the stability of performance benchmarks [7][8] New Market Entrants - Mizuho Securities (China) Co., Ltd. was officially established with a registered capital of 2.3 billion yuan, marking the third Japanese securities firm in China [9]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：中国基金报 【导读】基金公司探索基金经理团队制 中国基金报记者 方丽 陆慧婧 公募基金高质量发展行动方案明确支持基金经理团队制管理模式。近年来，部分基金公司开始试水以基 金经理团队制替代传统的"明星基金经理"单打独斗模式。 近期，睿远基金发行成立的睿远研选均衡三年持有混合发起式基金由3位基金经理共同管理，更早之前 成立的工银领航三年持有混合基金则由四位基金经理共同管理。Wind数据显示，截至1月25日，全市场 的普通股票型基金、偏股混合型基金、平衡混合型基金中，有25只基金由3位及以上的基金经理共同管 理。 在业内人士看来，将投资从"明星基金经理"升级为"投研体系化"，本质上是通过系统化协作降低对个体 的依赖。这种发展趋势是资管行业走向成熟的必由之路，也体现了行业对长期性的追求。 基金公司加大力度探索基金经理团队制 公募基金高质量发展行动方案提出，加快"平台式、一体化、多策略"投研体系建设，支持基金经理团队 制管理模式，做大做强投研团队。基金公司纷纷响应号召，加大力度探索基金经理团队制。 近期，睿远基金发行成立了睿远研选均衡三年持 ...

【导读】基金公司探索基金经理团队制 中国基金报记者 方丽 陆慧婧 公募基金高质量发展行动方案明确支持基金经理团队制管理模式。近年来，部分基金公司开 始试水以基金经理团队制替代传统的"明星基金经理"单打独斗模式。 近期，睿远基金发行成立的睿远研选均衡三年持有混合发起式基金由3位基金经理共同管理， 更早之前成立的工银领航三年持有混合基金则由四位基金经理共同管理。Wind数据显示，截 至1月25日，全市场的普通股票型基金、偏股混合型基金、平衡混合型基金中，有25只基金 由3位及以上的基金经理共同管理。 在业内人士看来，将投资从"明星基金经理"升级为"投研体系化"，本质上是通过系统化协作 降低对个体的依赖。这种发展趋势是资管行业走向成熟的必由之路，也体现了行业对长期性 的追求。 基金公司加大力度探索基金经理团队制 公募基金高质量发展行动方案提出，加快"平台式、一体化、多策略"投研体系建设，支持基 金经理团队制管理模式，做大做强投研团队。基金公司纷纷响应号召，加大力度探索基金经 理团队制。 近期，睿远基金发行成立了睿远研选均衡三年持有混合发起式基金，据悉，该基金将采用基 金经理团队制管理模式，3位基金经理分别为董春峰、 ...

截至发稿，马君累计任职时间13年148天，现任基金资产总规模508.95亿元，任职期间最佳基金回报 144.61%， 任职期间最差基金回报-75.62%。 数据显示，银华基金旗下1只基金重仓众生药业。中药（562390）四季度持有股数13.1万股，占基金净 值比例为3.2%，位居第十大重仓股。根据测算，今日浮盈赚取约16.38万元。 中药（562390）成立日期2022年7月20日，最新规模7769.73万。今年以来收益1.81%，同类排名 4593/5579；近一年收益2.61%，同类排名4183/4270；成立以来亏损2.85%。 中药（562390）基金经理为马君。 1月26日，众生药业涨5.81%，截至发稿，报22.78元/股，成交12.77亿元，换手率7.50%，总市值193.61 亿元。 资料显示，广东众生药业股份有限公司位于广东省东莞市石龙镇西湖工业区信息产业园，成立日期2001 年12月31日，上市日期2009年12月11日，公司主营业务涉及药品的研发、生产和销售。主营业务收入构 成为：中成药销售53.03%，化学药销售38.12%，中药材及中药饮片销售6.13%，原料药及中间体销售 2.14 ...

Group 1: Institutional Movements - The non-ferrous metal sector is becoming a focal point for both fund companies and investors, with public funds significantly increasing their positions in this industry by Q4 2025 [1][2] - The allocation ratio of non-ferrous metals in actively managed equity funds has notably increased, rising by 2.3 percentage points compared to the end of Q3 2025, driven by strong demand and favorable liquidity conditions [2] - Major funds are concentrating their holdings in strategic metals such as gold, copper, aluminum, tin, and antimony, with specific funds optimizing their stock selections [2] Group 2: ETF Inflows - A substantial amount of capital is flowing into non-ferrous metal ETFs, with a net subscription of nearly 20 billion yuan in Q4 2025 alone [3] - The total scale of non-ferrous metal theme ETFs has surpassed 100 billion yuan, indicating strong investor interest and confidence in this sector [4] Group 3: New Product Launches - There has been a surge in the issuance of new non-ferrous metal-themed ETFs, with four new products currently in the pipeline as of January 23 [4] - The mining companies within the non-ferrous metal sector are expected to benefit significantly from rising metal prices, as their revenues are closely linked to the spot prices of metals like copper, lithium, and zinc [4] Group 4: Long-term Investment Outlook - The long-term investment logic for the non-ferrous metal mining sector is being reinforced due to tightening supply and demand dynamics, alongside a favorable macroeconomic environment [4] - Despite recent price corrections, the overall bullish outlook on resource commodities remains intact, with expectations for long-term investment returns in the non-ferrous sector [5]

Core Viewpoint - The article discusses the significant impact of "AI+" technology assets on the market, highlighting a structural market trend that has emerged, with mixed reflections from fund managers on their performance in the AI technology sector [1][2]. Group 1: Fund Performance and Reflections - A few funds have achieved excellent performance, but most fund managers' quarterly reports reflect a mix of reflection, questioning, and determination regarding the AI technology market [2]. - Fund managers express their human side through thoughtful analyses in their reports, acknowledging missed opportunities while maintaining a commitment to their investment philosophies [2]. Group 2: Insights from Fund Managers - Jiao Wei from Yinhua Fund notes that his fund missed the "bull market" in technology, viewing AI as part of a larger narrative that includes historical technological bubbles [3]. - Yang Ruiwen from Invesco Great Wall acknowledges the average performance of his fund and emphasizes the importance of investing in companies with long-term viability, reflecting on the need for deeper analysis of past performance [4]. Group 3: AI and Economic Transformation - Fund managers view AI as a crucial part of China's economic transformation, with government policies supporting advanced manufacturing and strategic innovation [5][6]. - Zhang Kun from E Fund highlights the importance of strong demand and profitability in attracting global resources for innovation, using examples like GPT and Gemini to illustrate subscription revenue's role in business sustainability [6]. Group 4: Interplay Between Technology and Consumption - Chen Jinwei from Penghua Fund emphasizes that technology and consumption are not opposing forces but rather mutually reinforcing, with a focus on new consumption patterns driven by income redistribution [7]. - Fund managers predict that the AI technology sector will create new consumption opportunities, particularly in lower-tier cities and among younger and older demographics [7]. Group 5: Investment Opportunities in AI - Li Wenbin from Yongying Fund identifies the potential for investment in the AI industry chain, noting that China's tech sector can achieve breakthroughs with lower costs and higher efficiency [8]. - Liu Huiying from Nuon Fund outlines two key investment opportunities in the AI application sector: the restructuring of existing traffic ecosystems and the enhancement of productivity through AI and robotics [9].