截至发稿，王睿累计任职时间10年286天，现任基金资产总规模57.19亿元，任职期间最佳基金回报 253.09%， 任职期间最差基金回报-32.84%。 朱慧灵累计任职时间311天，现任基金资产总规模2.42亿元，任职期间最佳基金回报5.19%， 任职期间 最差基金回报5.1%。 从基金十大重仓股角度 数据显示，中信保诚基金旗下1只基金重仓舒泰神。中信保诚至瑞混合A（003432）四季度增持6万股， 持有股数35.5万股，占基金净值比例为4%，位居第六大重仓股。根据测算，今日浮盈赚取约55.03万 元。连续3天上涨期间浮盈赚取90.17万元。 中信保诚至瑞混合A（003432）成立日期2016年10月21日，最新规模1.34亿。今年以来收益0.45%，同 类排名7442/8873；近一年收益5.69%，同类排名7141/8123；成立以来收益70.61%。 中信保诚至瑞混合A（003432）基金经理为王睿、朱慧灵。 2月6日，舒泰神涨5.65%，截至发稿，报29.00元/股，成交4.37亿元，换手率3.45%，总市值138.55亿 元。舒泰神股价已经连续3天上涨，区间累计涨幅10.2%。 资料显示，舒泰神(北 ...

Core Viewpoint - CITIC Prudential Fund emphasizes a dual-driven approach combining fundamentals and quantitative analysis to achieve logical investment strategies Product Performance Overview - CITIC Prudential Zhongzheng 800 Nonferrous A (165520.OF) achieved a fund return of 92.97% for 2025, compared to a benchmark return of 91.47% [1] - CITIC Prudential Zhongzheng 500 A (165511.OF) reported a fund return of 29.27% for 2025, with a benchmark return of 28.8% [2] - CITIC Prudential HuShen 300 A (165515.OF) recorded a fund return of 20.48% for 2025, surpassing the benchmark return of 16.79% [2] - CITIC Prudential Zhongzheng 800 Pharmaceutical A (165519.OF) achieved a fund return of 14.59% for 2025, compared to a benchmark return of 10.86% [2] - CITIC Prudential Zhongzheng 800 Financial A (165521.OF) reported a fund return of 10.34% for 2025, with a benchmark return of 7.53% [3] Investment Strategy - The company employs a systematic quantitative research framework and a rigorous risk control mechanism to ensure the sustainability and execution of strategies [20] - The investment strategy is based on a combination of traditional factors (financials, valuations, analyst expectations) and advanced techniques like deep learning and natural language processing to analyze alternative data [15][16] - The company has accumulated over 300 factors covering various dimensions, continuously iterating and updating its factor system [21] Product Types - The fund offers a complete matrix of quantitative tools ranging from passive allocation to active enhancement, catering to diverse asset allocation and industry rotation needs [23] - Passive index products are designed to closely track indices with clear styles and low fees, serving as efficient tools for asset allocation [25] - Enhanced index products aim to achieve stable excess returns through multi-factor stock selection and portfolio optimization [27] - "Quantitative +" strategy products combine fixed income and multi-strategy allocations to create products with different risk-return characteristics [29] Team and Expertise - The quantitative investment team possesses a strong mathematical finance background and extensive practical experience, focusing on a systematic process that integrates research and investment [31] - The team emphasizes interdisciplinary collaboration to drive continuous innovation in modeling [37]

Market Overview - On February 2, over 30 ETF products hit the daily limit down, primarily from the gold and non-ferrous metal sectors, while ETFs related to electric grids, food and beverages, and banks showed resilience with gains [1][5] - The overall ETF market saw only about 50 products in the green at the close of trading [3] ETF Performance - The New Economy ETF by Yinhua (159822) recorded the highest single-day gain of over 7% on February 2 [3] - Several ETFs in the electric grid and food and beverage sectors demonstrated significant anti-drawdown characteristics, with notable performances including: - New Economy ETF Yinhua: 0.80 CNY, +7.57% - Food and Beverage ETF: 0.55 CNY, +1.48% - Electric Grid Equipment ETF: 1.75 CNY, +1.33% [4] Fund Flows - In January, multiple broad-based ETFs experienced significant net outflows, with a total exceeding 570 billion CNY from four major Hu-Shen 300 ETFs [8] - The specific net outflows for January included: - Huatai-PineBridge Hu-Shen 300 ETF: -190.84 billion CNY - E Fund Hu-Shen 300 ETF: -152.66 billion CNY - China Asset Hu-Shen 300 ETF: -137.59 billion CNY - Harvest Hu-Shen 300 ETF: -98.69 billion CNY [9] Market Sentiment - Current market conditions are characterized as a short-term emotional disturbance period, with expectations of a spring rally not yet concluded [3] - Analysts suggest that while there may be short-term volatility, the underlying logic supporting risk assets remains intact due to anticipated easing in 2026 and limited tightening actions from the Federal Reserve [3][7] Precious Metals Market - The precious metals market has seen a significant correction, attributed to a combination of speculative trading and increased margin requirements, leading to a technical clearing rather than a fundamental policy shift [6][7] - Despite recent volatility, long-term trends suggest continued support for precious metals due to weakening dollar credit and ongoing central bank purchases [7]

Group 1 - The core point of the news is that Zhongke Shuguang's stock has been declining for four consecutive days, with a total drop of 5.55% during this period, currently trading at 92.78 yuan per share and a market capitalization of 135.748 billion yuan [1] - Zhongke Shuguang, established on March 7, 2006, and listed on November 6, 2014, specializes in high-performance computing, general servers, and storage products, with 88.79% of its revenue coming from IT equipment [1] - The company also provides software development, system integration, and technical services, contributing 11.15% to its revenue, while other sources account for 0.06% [1] Group 2 - From the perspective of major fund holdings, CITIC Prudential Fund has a significant position in Zhongke Shuguang, with its CITIC Prudential CSI Information Security Index (LOF) A fund reducing its holdings by 6.46 thousand shares, now holding 10.9 thousand shares, which represents 3.98% of the fund's net value [2] - The fund has experienced a floating loss of approximately 49 thousand yuan today and a total floating loss of 593.9 thousand yuan during the four-day decline [2] - The CITIC Prudential CSI Information Security Index (LOF) A fund was established on January 1, 2021, with a current size of 172 million yuan, and has returned 8.78% this year, ranking 1803 out of 5548 in its category [2]

数据显示，中信保诚基金旗下1只基金重仓舒泰神。中信保诚至瑞混合A（003432）四季度增持6万股， 持有股数35.5万股，占基金净值比例为4%，位居第六大重仓股。根据测算，今日浮亏损失约51.83万 元。 中信保诚至瑞混合A（003432）成立日期2016年10月21日，最新规模1.34亿。今年以来收益1.83%，同 类排名6888/8861；近一年收益7.03%，同类排名6921/8126；成立以来收益72.96%。 中信保诚至瑞混合A（003432）基金经理为王睿、朱慧灵。 1月27日，舒泰神跌5.2%，截至发稿，报26.60元/股，成交3.83亿元，换手率3.13%，总市值127.09亿 元。 资料显示，舒泰神(北京)生物制药股份有限公司位于北京市北京经济技术开发区经海二路36号，成立日 期2002年8月16日，上市日期2011年4月15日，公司主营业务涉及主要从事生物制品和部分化学药品的研 发、生产和销售。主营业务收入构成为：注射用鼠神经生长因子(苏肽生)59.17%，复方聚乙二醇电解质 散33.19%，其他7.63%。 从基金十大重仓股角度 朱慧灵累计任职时间301天，现任基金资产总规模2.42亿元 ...

Group 1 - The core point of the news is that Hop Holdings experienced a 5.04% decline in stock price, reaching 39.60 CNY per share, with a total market capitalization of 2.518 billion CNY as of the report date [1] - Hop Holdings is primarily engaged in architectural design, with its revenue composition being: residential buildings 34.43%, power station operation 17.41%, public buildings 16.83%, sales of solar storage products 10.79%, others 8.05%, EPC for power stations 6.34%, and power station transfer 6.15% [1] Group 2 - Among the top circulating shareholders of Hop Holdings, CITIC Prudential Fund's multi-strategy mixed fund (LOF) A entered the top ten shareholders in the third quarter, holding 220,500 shares, which is 0.36% of the circulating shares [2] - The fund has a total scale of 996 million CNY, with a year-to-date return of 9.68%, ranking 2291 out of 9003 in its category, and a one-year return of 55.82%, ranking 1743 out of 8185 [2] Group 3 - The fund manager of CITIC Prudential Multi-Strategy Mixed Fund (LOF) A is Wang Ying, who has been in the position for 8 years and 347 days, managing assets totaling 6.187 billion CNY [3] - During Wang Ying's tenure, the best fund return was 76.6%, while the worst return was -8.42% [3]

1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - In Q4 2025, active equity funds decreased their scale, with the scale dropping from about 4 trillion yuan in Q3 to about 3.85 trillion yuan, a decline of 4.14%. Meanwhile, the scale of index funds slightly increased. [10] - The performance of active equity funds in Q4 2025 significantly declined compared to the previous quarter, with about 42.8% of the funds achieving positive returns, and the median return rate was -1.02%. [15] - Active equity funds reduced their holdings in technology and pharmaceutical sectors in Q4 2025 and increased their positions in cyclical sectors. [1] 3. Summary According to Relevant Catalogs 3.1 Fund Four - Quarter Report Investment Outlook Keywords - Technology, consumption, and computing power were the key areas of focus for active equity fund managers in Q4. The trend keywords included "repair", "recovery", and "resilience"; industry - related keywords were "technology", "consumption", and "electronics"; theme - related keywords were "computing power", "robotics", and "new energy"; and event - related keywords were "interest rate cuts", "exports", and "tariffs". [7] 3.2 Performance and Scale Dimension - **Scale Change**: The scale of active equity funds decreased in Q4 2025, while the scale of index funds slightly increased. Fund companies such as Yongying and Guojin saw significant growth in their active equity management scale, with Yongying's active equity scale exceeding 100 billion yuan. [10][14] - **Performance**: The overall performance of active equity funds in Q4 2025 declined significantly. About 42.8% of the funds achieved positive returns, and the median return rate was -1.02%. The top - performing funds in Q4 mainly focused on industries such as military, non - ferrous metals, and communications. [15][17] - **Position and Heavy - Holding Stock Allocation**: The overall position of active equity funds decreased in Q4 2025, with the average stock position dropping to 87.70% (-1.05%), and the Hong Kong stock position also significantly decreasing. The heavy - holding stocks in Hong Kong decreased, while the allocation ratios of heavy - holding stocks in CSI 300, CSI 500, and CSI 1000 increased. [18][19] - **Large - Scale Funds**: The scale of some large - scale active equity funds decreased in Q4 2025, but some funds such as Yongying Ruixin and Yongying Technology Smart Selection saw an increase in their shares. [24] - **New Issuance and Continued Management**: Among active equity products, Yongying Pioneer Semiconductor Smart Selection and Yongying High - end Equipment Smart Selection had the highest estimated net subscription amounts. The new - issue fund Guangfa Quality Selection had the largest issuance scale this quarter. [25] 3.3 Fund Company Dimension - **Performance**: Among active equity fund management companies with a management scale of over 10 billion yuan, Caitong Fund had the best average performance in Q4 2025, with an average return rate of 4.22%. Other companies with good performance included Western Lide, Yongying Fund, and Huashang Fund. [27] - **Scale**: E Fund remained the largest active equity management company in Q4 2025, although its scale decreased slightly compared to the previous quarter. Yongying Fund saw significant growth in its active equity scale in Q4 2025. [30] - **Heavy - Holding Stock Allocation**: Caitong Fund, the top - performing company in Q4, under - allocated non - ferrous metals and other industries and over - allocated electronics, communications, and other industries. Leading fund companies generally over - allocated non - ferrous metals and chemicals and under - allocated pharmaceutical biology. [32] - **Industry Allocation of Leading Fund Companies**: Leading active equity fund management companies' industry over - and under - allocations were mainly concentrated in several popular industries. For example, E Fund significantly over - allocated communications and food and beverages and significantly under - allocated power equipment and pharmaceuticals. [34] - **Market Value and Valuation Style of Heavy - Holding Stocks**: Companies with a relatively large - market - value style in their holdings included Ruiyuan, Morgan, and Huifutianfu; those with a relatively small - market - value style included Yongying, Dacheng, and Nuoyan; companies with relatively high PE in their holdings included Yongying, Huashang, and E Fund; and those with relatively low PE included Ruiyuan, Dacheng, and ABC Fortune. [37]

Group 1 - The stock price of Hopu Co., Ltd. dropped by 5.18% to 41.52 CNY per share, with a trading volume of 1.03 billion CNY and a turnover rate of 3.94%, resulting in a total market capitalization of 2.64 billion CNY [1] - The company, established on June 24, 2008, and listed on July 28, 2021, is primarily engaged in architectural design, with revenue composition as follows: residential buildings 34.43%, power station operation 17.41%, public buildings 16.83%, energy storage product sales 10.79%, others 8.05%, EPC for power stations 6.34%, and power station transfer 6.15% [1] Group 2 - Among the top ten circulating shareholders of Hopu Co., Ltd., a fund under CITIC Prudential, specifically CITIC Prudential Multi-Strategy Mixed (LOF) A (165531), entered the list in the third quarter, holding 220,500 shares, which accounts for 0.36% of the circulating shares, with an estimated floating loss of approximately 500,500 CNY today [2] - CITIC Prudential Multi-Strategy Mixed (LOF) A (165531) was established on June 16, 2017, with a latest scale of 996 million CNY, achieving a year-to-date return of 9.11% (ranking 2031 out of 8847), a one-year return of 55.99% (ranking 1516 out of 8099), and a cumulative return since inception of 168.79% [2] Group 3 - The fund manager of CITIC Prudential Multi-Strategy Mixed (LOF) A (165531) is Wang Ying, who has been in the position for 8 years and 344 days, managing total assets of 6.187 billion CNY, with the best fund return during the tenure being 76.6% and the worst being -8.42% [3]

Core Viewpoint - The AI Fund, CITIC Prudential State-Owned Enterprise Dividend Quantitative Stock A, reported a profit of 132,700 yuan for Q4 2025, with a weighted average profit per fund share of 0.0284 yuan, and a net asset value growth rate of 1.97% during the reporting period [3]. Fund Performance - As of January 21, the fund's unit net value was 1.091 yuan, with a fund size of 4.8765 million yuan [3][18]. - The fund's performance over the past three months showed a return of -2.22%, ranking 115 out of 121 comparable funds; over the past six months, it returned -1.66%, ranking 117 out of 121; and over the past year, it achieved a return of 6.31%, ranking 115 out of 119 [4]. Investment Strategy - The fund maintained a high stock position during the reporting period, focusing on investment opportunities in high-dividend state-owned enterprises, and employed a quantitative stock selection model to strive for long-term returns exceeding the performance benchmark [3]. Risk Metrics - The fund's Sharpe ratio since inception is 0.5564, indicating a moderate risk-adjusted return [9]. - The maximum drawdown since inception is 12.44%, with the largest quarterly drawdown occurring in Q2 2025 at 6.09% [13]. Portfolio Composition - The average stock position since inception has been 88.66%, slightly above the peer average of 88.34%. The fund reached a peak stock position of 90.27% at the end of 2025, with a low of 83.8% at the end of Q3 2024 [16]. - As of Q4 2025, the top ten holdings of the fund include China Shenhua, Hengyuan Coal Power, China Construction Bank, Bank of Communications, Changsha Bank, Industrial and Commercial Bank of China, Jiangsu Jinzhong, Bohai Ferry, Jianfa Co., and Sheneng Co. [21].

Core Insights - The AI Fund, CITIC Prudential Dividend Navigation Quantitative Stock A (021983), reported a profit of 263,500 yuan for Q4 2025, with a weighted average profit per fund share of 0.0391 yuan. The fund's net value growth rate for the reporting period was 2.24%, and the fund size reached 5.9149 million yuan by the end of Q4 2025 [3][14]. Fund Performance - As of January 21, the fund's unit net value was 1.034 yuan. Over the past year, the fund achieved a net value growth rate of 5.41%, ranking 12th out of 13 comparable funds [3][4]. - The fund's performance over the last three months showed a net value growth rate of -0.87%, and over the last six months, it was -0.89%, both ranking 12th out of 13 in its category [4]. Investment Strategy - The fund maintains a high stock position, focusing on investment opportunities related to dividend themes. It employs a quantitative stock selection model to strive for long-term returns that exceed the performance benchmark [3]. Risk Metrics - The fund's maximum drawdown since inception is 7.02%, with the largest quarterly drawdown occurring in Q3 2025 at 5.5% [9]. Portfolio Composition - The average stock position since inception is 89.85%, slightly above the category average of 89.51%. The fund reached its highest stock position of 90.91% at the end of Q1 2025 and its lowest of 89.38% at the end of 2025 [13]. - As of Q4 2025, the top ten holdings of the fund include China Shenhua, Hengyuan Coal Power, Jizhong Energy, and several major banks [17].