Core Insights - The overall performance of brokerage asset management products in 2025 shows an average return of approximately 6.27%, with a median return of 3.13% for products that have been established for over a year [2] - The majority of these products are bond-type, accounting for over 70% of the total, with an average return of 3.33% in 2025 [2] - Equity-type products, although fewer in number, have demonstrated strong performance with an average return of 23.36% in 2025, largely due to a robust A-share market [3] Brokerage Asset Management Product Performance Equity Products - There are 29 equity-type products, with the top three performers being: 1. Huabao Huahong No. 1 2. CITIC Securities Zhisheng 500 Index Enhanced No. 1 3. Caida Growth No. 6 [3][4] - The performance threshold for the top 10 equity products is notably high, indicating strong competition among them [3] Mixed Products - Mixed-type products can allocate assets across various categories, with 377 products showing performance in 2025. The top five performers are: 1. Founder Intelligent Automobile No. 2 2. CITIC Securities Asset Management Xinghe No. 48 3. First Venture Fuxianrong No. 1 4. Caida Jingming No. 1 5. Dongfanghong Mingfeng No. 3 [6][7] FOF Products - FOF (Fund of Funds) products, which invest in other funds, have 360 products with the top five being: 1. Zheshang Wealth Xinhui Zhongzheng 1000 and Small Cap Enhanced FOF No. 1 2. Great Wall Selected Evolution FOF No. 1 3. CITIC Securities Wealth Selected Index Enhanced No. 1 FOF 4. Guojin Xinxing Citaoling No. 9 FOF 5. GF Asset Management Volume Increase No. 4 FOF [10][11] Bond Products - Bond-type products are the most numerous, with 2,198 products reported. The top five performers are: 1. First Venture Convertible Bond Flexible Allocation No. 1 2. Galaxy Stable Profit No. 20 3. Guotai Junan Junxiang Glory Jinbao 4. Huashan Securities Hengying No. 23 5. Huashan Securities Hengying No. 36M001 [13][15]

中国经济网北京1月9日讯 今日，山证（上海）资产管理有限公司公告，王翊离任山证资管策略精 选混合。 | 基金名称 | 山证资管策略精选灵活配置混合型证券投资基 | | --- | --- | | | 金 | | 基金简称 | 山证资管策略精选混合 | | 基金主代码 | 003659 | | 基金管理人名称 | 山证(上海)资产管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》 | | 基金经理变更类型 | 解聘基金经理 | | 共同管理本基金的其他基 | 独孤南薫 | | 金经理姓名 | | | 离任基金经理姓名 | 王朝 | (责任编辑：康博) 王翊历任华宝证券医药行业分析师，浙商证券资管部研究员，浙商证券资管公司投资经理，研究总 监等职，2022年8月至今在山西证券股份有限公司公募基金部从事研究管理工作。2023年11月起担任基 金经理。 山证资管策略精选混合A成立于2016年12月29日，截至2026年01月08日，其今年来收益率 为-0.79%，成立来收益率为86.04%，累计净值为1.8604。山证资管策略精选混合C成立于2025年11月21 日。 ...

Core Insights - The trend of global allocation in wealth management products is accelerating, with multiple companies launching new products focused on global asset allocation, primarily in fixed income and "fixed income plus" categories [1][2][3] Group 1: Product Launch and Market Trends - In the early 2026, several wealth management companies, including Ningyin Wealth and Bank of China Wealth, have launched nearly 50 global allocation-themed products, indicating a significant increase in interest [1][2] - The new products are primarily linked to various currencies such as USD, JPY, EUR, and HKD, showcasing a diversified asset preference [1] - The average annualized return for global allocation wealth management products has been reported at 3.357%, with many products achieving returns between 2.5% and 4.5% [7][9] Group 2: Investment Strategy and Asset Allocation - The current global allocation products are categorized into three main types: pure fixed income products centered on USD bonds, "fixed income plus" strategies that combine fixed income with equities or alternative assets, and index or structured products linked to multiple markets [3][4] - USD assets remain the dominant focus, with a significant allocation towards US Treasury bonds and leading technology stocks, while also gradually including assets from Japan, Europe, and gold [3][4][5] - The investment strategy is driven by the need for stable returns in a low-interest-rate environment, with wealth management firms increasingly looking to diversify their asset allocations to enhance returns and mitigate risks [5][9][10] Group 3: Economic Context and Future Outlook - The Federal Reserve's anticipated interest rate cuts are expected to further enhance the attractiveness of USD assets, with a current yield of over 4% on 10-year US Treasury bonds compared to lower yields in domestic markets [4][5] - The shift towards global asset allocation is a response to the tightening supply of quality fixed income assets in the domestic market, prompting institutions to seek cross-regional growth opportunities [9][10] - As investor demand for diversified asset allocation grows, particularly among high-net-worth individuals, wealth management firms are innovating their product offerings to meet these evolving needs [10]

Group 1 - The brokerage research sector is experiencing significant personnel changes at the beginning of 2026, with key positions being altered across multiple research institutions [1] - Notable departures include Huang Wentao, the chief economist of CITIC Securities, who is now acting as the head of the research development department, and the resignations of prominent figures such as Hua Xiaowei from Shanghai Securities and Zheng Zhenxiang from Guosheng Securities [1] - Zhang Yidong, the global chief strategy analyst at Industrial Securities, announced his departure to focus on overseas business, indicating a trend of prominent analysts transitioning to new roles [1] Group 2 - Smaller brokerages are actively recruiting external talent to enhance their research capabilities, as seen with Zhejiang Securities hiring Bi Chunhui from Caitong Securities as the deputy director of their research institute [2] - The overall number of analysts in the securities industry has seen a slight increase, with 5,898 analysts reported as of January 1, 2026, compared to 5,566 a year earlier [3] - Some brokerages, such as Dongfang Fortune, have significantly expanded their research teams, with their analyst count nearly doubling from 45 to 84 [3] Group 3 - Foreign securities firms have maintained a stable number of analysts, with slight fluctuations in personnel numbers among major firms like Goldman Sachs and UBS [4] - The trend of analysts moving in teams rather than individually is prevalent, which helps maintain continuity in research work and client relationships, but also amplifies the impact of talent loss on the departing firms [4][5] - Many brokerages are currently recruiting analysts, but smaller firms still struggle with low analyst counts and corresponding commission income [5] Group 4 - The competitive environment and pressure on analysts have led to decreased job security, prompting some to seek more promising platforms within the brokerage system or to leave the financial industry altogether [6] - Brokerages are compelled to rethink their management and compensation structures to retain core talent amidst high turnover rates [6]

Report Summary 1. Investment Ratings - No investment ratings for the industry are provided in the report. 2. Core Viewpoints - The report presents several ETF strategy indices constructed with the help of ETFs, aiming to convert quantitative models or subjective views into practical investment strategies. It tracks the performance and positions of these indices on a weekly basis [12]. 3. Summary by Index 3.1 ETF Strategy Index Tracking - **Performance Last Week**: - **Huabao Research Large - Small Cap Rotation ETF Strategy Index**: Returned -0.59% last week, with a benchmark (CSI 800) return of -0.40% and an excess return of -0.18% [13]. - **Huabao Research Quantitative Windmill ETF Strategy Index**: Returned -0.49% last week, with a benchmark (CSI 800) return of -0.40% and an excess return of -0.09% [13]. - **Huabao Research Quantitative Balance Technique ETF Strategy Index**: Returned -0.28% last week, with a benchmark (CSI 300) return of -0.59% and an excess return of 0.31% [13]. - **Huabao Research SmartBeta Enhanced ETF Strategy Index**: Returned -1.08% last week, with a benchmark (CSI 800) return of -0.40% and an excess return of -0.68% [13]. - **Huabao Research Hot - Spot Tracking ETF Strategy Index**: Returned -0.68% last week, with a benchmark (CSI All - Share) return of -0.32% and an excess return of -0.35% [13]. - **Huabao Research Bond ETF Duration Strategy Index**: Returned -0.17% last week, with a benchmark (ChinaBond Aggregate Index) return of -0.20% and an excess return of 0.03% [13]. 3.2 Huabao Research Large - Small Cap Rotation ETF Strategy Index - **Strategy**: Uses multi - dimensional technical indicator factors and a machine - learning model to predict the return difference between the Shenwan Large - Cap Index and the Shenwan Small - Cap Index. It outputs weekly signals to determine positions and obtain excess returns [4]. - **Performance**: As of 2025/12/31, the excess return since 2024 was 19.34%, the excess return in the past month was -0.98%, and the excess return last week was -0.18%. The current position is 100% in the SSE 50 ETF (510300.SH) [4][14][18]. 3.3 Huabao Research SmartBeta Enhanced ETF Strategy Index - **Strategy**: Uses price - volume indicators to time self - built Barra factors and maps timing signals to ETFs based on their exposure to 9 major Barra factors to outperform the market. It selects mainstream broad - based index ETFs and some style and strategy ETFs [4]. - **Performance**: As of 2025/12/31, the excess return since 2024 was 21.34%, the excess return in the past month was -3.08%, and the excess return last week was -0.68%. The positions include Tianhong ChiNext 300ETF (159836.SZ) with 25.01%, ChiNext Large - Cap ETF (159814.SZ) with 25.01%, E Fund ChiNext ETF (159915.SZ) with 25.00%, and Wanjia ChiNext Composite ETF (159541.SZ) with 24.98% [4][18][22]. 3.4 Huabao Research Quantitative Windmill ETF Strategy Index - **Strategy**: Adopts a multi - factor approach, including grasping medium - and long - term fundamental dimensions, tracking short - term market trends, and analyzing the behavior of various market participants. It uses valuation and crowding signals to indicate industry risks and multi - dimensionally digs potential sectors for excess returns [5]. - **Performance**: As of 2025/12/31, the excess return since 2024 was 38.33%, the excess return in the past month was 2.15%, and the excess return last week was -0.09%. The positions include Chemical ETF (159870.SZ) with 20.94%, E Fund Securities and Insurance ETF (512070.SH) with 20.47%, Oil and Gas ETF (159697.SZ) with 19.77%, Steel ETF (515210.SH) with 19.48%, and New Energy ETF (516160.SH) with 19.34% [5][22][26]. 3.5 Huabao Research Quantitative Balance Technique ETF Strategy Index - **Strategy**: Employs a multi - factor system covering economic fundamentals, liquidity, technical aspects, and investor behavior to build a quantitative timing system for equity market trend judgment. It also builds a prediction model for market large - and small - cap styles to adjust equity market position distribution and obtain excess returns through timing and rotation [5]. - **Performance**: As of 2025/12/31, the excess return since 2024 was -10.66%, the excess return in the past month was -0.66%, and the excess return last week was 0.31%. The positions include 10 - Year Treasury Bond ETF (511260.SH) with 9.20%, Enhanced 500ETF (159610.SZ) with 6.15%, CSI 1000ETF (512100.SH) with 6.00%, 300 Enhanced ETF (561300.SH) with 32.86%, Short - Term Financing ETF (511360.SH) with 22.90%, and Government Bond ETF (511520.SH) with 22.88% [5][26][29]. 3.6 Huabao Research Hot - Spot Tracking ETF Strategy Index - **Strategy**: Tracks and mines hot - spot index target products in a timely manner based on strategies such as market sentiment analysis, industry major event tracking, investor sentiment and professional opinions, policy and regulatory changes, and historical deductions. It constructs an ETF portfolio to capture market hot spots and provides short - term market trend references for investors [6]. - **Performance**: As of 2025/12/31, the excess return in the past month was -2.40%, and the excess return last week was -0.35%. The positions include Non - Ferrous Metals 50ETF (159652.SZ) with 39.28%, Bosera Hong Kong Stock Dividend ETF (513690.SH) with 23.20%, E Fund Hong Kong Stock Connect Pharmaceutical ETF (513200.SH) with 18.96%, and Short - Term Financing ETF (511360.SH) with 18.56% [6][29][32]. 3.7 Huabao Research Bond ETF Duration Strategy Index - **Strategy**: Uses bond market liquidity and price - volume indicators to select effective timing factors and predicts bond yields through machine - learning methods. When the expected yield is below a certain threshold, it reduces the long - duration positions in the bond investment portfolio to improve long - term returns and control drawdowns [6]. - **Performance**: As of 2025/12/31, the excess return in the past month was 0.15%, and the excess return last week was 0.03%. The positions include 10 - Year Treasury Bond ETF (511260.SH) with 50.01%, 5 - to 10 - Year Treasury Bond ETF (511020.SH) with 25.00%, and Government Bond ETF (511520.SH) with 24.99% [6][32][35].

Group 1 - The report indicates that the A-share market is expected to continue its upward trend in 2026, although the growth rate is likely to slow down, with stronger certainty in the first half of the year [5] - The report suggests focusing on structural opportunities in high-growth and high-dividend sectors, as a broad market rally may be difficult to achieve [5] - The Hong Kong stock market is anticipated to experience strong fluctuations in the first half of 2026, with potential volatility increasing in the second half due to changes in IPO financing and interest rate expectations [5] Group 2 - The report highlights that the U.S. stock market is expected to maintain a positive trend, although there may be fluctuations around mid-2026 due to uncertainties related to the midterm elections [5] - The report notes that the U.S. economy is projected to remain robust, supported by the "big beautiful bill" which is expected to enhance corporate returns [5] - Despite potential market volatility due to election uncertainties, the overall outlook for the U.S. stock market remains optimistic, bolstered by a weak dollar and continued liquidity [5] Group 3 - The report states that the domestic bond market is likely to experience fluctuations in the first half of 2026, with a slight decrease in the interest rate center expected in the second half due to increased economic downward pressure [5] - The report anticipates that the gold price will continue its upward trend, although the overall increase may be slower compared to 2025 [5] - The report indicates that the RMB exchange rate is expected to remain stable and slightly stronger in the first half of 2026, with increased volatility anticipated in the second half as the Fed halts rate cuts [5]

Core Viewpoint - The article presents a cautious yet optimistic outlook for various asset classes in 2026, suggesting that while a bull market may continue, the pace of growth is likely to slow down, with a focus on high prosperity and high dividend rotation opportunities [3]. A-Share Market - The A-share market is expected to continue its upward trend in 2026, particularly in the first half, although growth may be more moderate [3]. - Structural opportunities are highlighted, with a focus on high prosperity and high dividend rotation, rather than a broad market rally [3]. Hong Kong Stock Market - The Hong Kong stock market may experience strong fluctuations in the first half of 2026, supported by the Federal Reserve's ongoing rate cuts [3]. - However, the second half may see increased volatility due to large IPO financing and changes in interest rate expectations [3]. Bond Market - The domestic bond market is anticipated to remain stable in the first half, with a slight decrease in interest rates expected in the second half due to increased economic pressure [3]. - The overall yield on government bonds is expected to maintain a fluctuating trend [3]. US Stock Market - The US stock market is projected to continue its positive trend in 2026, despite potential mid-year volatility due to uncertainties surrounding the elections [3]. - Factors such as a weak dollar, loose liquidity, and ongoing AI industry growth are expected to support the market [3]. Currency Exchange Rate - The RMB exchange rate is expected to remain stable and slightly strengthen in the first half of 2026, influenced by the Federal Reserve's monetary policy [3]. - Increased volatility may occur in the second half as the Fed halts rate cuts, potentially supporting the dollar [3]. Gold Market - Gold prices are expected to continue a trend of gradual increase, although the overall growth may be slower compared to 2025 [3]. - Changes in Federal Reserve expectations may increase volatility in the gold market, but the long-term trend remains positive [3]. Investment Strategy - The strategy emphasizes focusing on high prosperity sectors, particularly in technology and growth styles, with recommendations to invest in industries with price increases and profit revisions [3]. - A diversified approach is suggested, including global assets such as Japanese and European stocks, as well as gold [3].

Market Performance - The Shanghai Composite Index achieved an 8-day winning streak, with over 3,400 stocks rising, marking the best week in December [1][3] - The average stock price across A-shares increased by 3.15% during the past trading week, reaching a mid-week high of 27.03 yuan, matching the year-to-date high set on September 18 [3] Investor Sentiment - There is growing anticipation among investors regarding the possibility of the index reaching 4,000 points before the year-end [1][3] - Despite the optimism, there was a significant market pullback on December 27, indicating potential market divergence [3] Capital Inflows - A key factor driving the market rebound is the influx of new capital, with a notable net inflow of 110.6 billion yuan into broad-based ETFs in December, primarily from the A500 ETF, which accounted for 92.2% of this inflow [5] Seasonal Trends - Historical analysis suggests that the spring market rally typically begins in late November or early December and lasts until around February [7] - Analysts expect the spring rally to continue into January, with A-shares likely to experience a strong upward trend [7] Upcoming Events - Significant events include the online launch of new products by a well-known tech brand on December 29, and the release of the December Purchasing Managers' Index (PMI) report by the National Bureau of Statistics on December 31, which will provide insights into year-end economic activity [9] Market Risks and Strategies - Investors are advised to adopt a cautious approach, focusing on holding positions rather than chasing high prices, as the market may experience corrections after recent gains [13] - The high dividend strategy in A-shares and Hong Kong stocks is expected to provide stable cash flow for investors amid uncertainty [15]

Core Viewpoint - The article analyzes the investment capabilities of Tang Hui, the manager of Huabao Growth Strategy Fund, highlighting her dynamic investment system based on industry trends and stock odds, which has led to superior performance compared to peers [2][3][31]. Fund Manager Information - Tang Hui has a background as a senior strategy analyst at Haitong Securities and joined Huabao Fund in June 2015, currently managing three products [4][30]. - Since taking over the Huabao Growth Strategy Fund on May 9, 2020, it has achieved a total scale of 146 million yuan by September 30, 2025, outperforming 97% of similar funds [6][30]. Performance Analysis - The Huabao Growth Strategy Fund has recorded a cumulative excess return of 83.04% since Tang Hui's tenure, significantly surpassing its performance benchmark [7][8]. - The fund's performance was particularly strong in years other than 2023, where it faced challenges due to market downturns, but is expected to show aggressive performance as the market recovers in 2025 [8][30]. Investment Framework - Tang Hui's investment framework combines a top-down approach focusing on macro trends with a bottom-up stock selection based on valuation and odds, allowing her to identify key positions within industry chains [14][16]. - The investment strategy emphasizes a combination of beta (60%-70%) and alpha (30%-40%) to balance risk and return, focusing on sectors with high growth potential [14][34]. Stock Selection and Portfolio Management - The portfolio management strategy involves dynamic adjustments based on market conditions, with a high turnover rate reflecting active tracking of industry trends and stock valuations [27][29]. - The fund's holdings are diversified across key positions in industry chains, ensuring exposure to multiple growth opportunities while managing risk through strategic stock selection [24][20]. Operational Characteristics - Tang Hui maintains a relatively high stock position and focuses on industry allocation and stock selection for excess returns, with a disciplined approach to portfolio adjustments based on market signals [27][29]. - The fund's operations are characterized by a responsive decision-making process, allowing for quick adjustments in response to changes in market conditions and stock valuations [29][30].

Core Viewpoint - The article discusses the current state of the equity market, highlighting a mixed performance with a focus on domestic demand expansion and structural differentiation in market trends [2][11][13]. Group 1: Market Overview - The equity market experienced high volatility, with the Shanghai Composite Index rising by 0.03% and the CSI 300 Index falling by 0.28% during the week of December 15-19, 2025 [2][11]. - The average daily trading volume across the market was 17,465 billion, showing a decrease compared to the previous week [11]. - The financial and consumer sectors performed relatively well, while growth sectors lagged behind [11][13]. Group 2: Domestic Demand Expansion - A significant emphasis was placed on expanding domestic demand, as highlighted by President Xi Jinping's article in "Qiushi" magazine, which elevated the strategy to a national level [13]. - Continuous policy support is expected to stimulate consumption, optimize new policy implementations, and address unreasonable restrictions in the consumption sector [13]. - The potential introduction of national subsidy policies post-New Year is anticipated to further boost consumption [13]. Group 3: Hong Kong Market Dynamics - The Hang Seng Index fell by 1.10%, and the Hang Seng Tech Index dropped by 2.82%, with most sectors experiencing a pullback due to concerns over rising U.S. Treasury yields and potential interest rate hikes by the Bank of Japan [14]. - Short-term pressures on the Hong Kong market are expected to persist, but there remains a valuation advantage for Hong Kong stocks if short-term factors dissipate [14]. Group 4: Fund Performance Tracking - The Active Equity Fund Selection Index rose by 0.09% last week, achieving a cumulative excess return of 16.68% since inception [4]. - The Value Equity Fund Selection Index increased by 1.02%, with a cumulative excess return of 3.56% since inception [5]. - The Growth Equity Fund Selection Index fell by 1.02%, but has recorded a cumulative excess return of 13.05% since inception [6].