Core Viewpoint - The article highlights the increasing collaboration between central enterprises (央企) and local governments in Guangdong, emphasizing the establishment of new companies and projects that contribute to the local economy and strategic development in various sectors [1][4]. Group 1: Central Enterprises' Activities in Guangdong - In 2025, at least 25 central enterprises (including subsidiaries) established new companies in Guangdong, indicating a strong trend of investment and long-term commitment to the region [2][4]. - The establishment of new companies by central enterprises is seen as a strategic move to foster long-term growth and development in Guangdong, particularly in the Greater Bay Area [1][4]. - Notable companies established include Guangdong Cangyue Direct Current Power Operation Co., Ltd. and China Resources Recycling Group, which focus on energy, environmental protection, and urban development [2][4]. Group 2: Investment Trends and Focus Areas - Central enterprises are increasingly investing in strategic emerging industries, with an annual investment growth rate exceeding 20%, aligning with Guangdong's rich application scenarios and innovative regulatory environment [8][10]. - The focus on low-altitude economy and green technology is evident, with companies like FAW Qiyu and China Rare Earth Group establishing operations in Shenzhen to support these sectors [8][9]. - The collaboration between central enterprises and local governments is seen as a way to enhance resource allocation and promote sustainable development, particularly in carbon management and recycling industries [9][10]. Group 3: Economic Impact and Future Outlook - The establishment of new companies and projects by central enterprises is expected to significantly impact local economies, providing resources, technology, and management expertise [1][4]. - The ongoing trend of central enterprises setting up in Guangdong reflects a recognition of the region's business environment and market potential, signaling a commitment to long-term partnerships [6][10]. - As central enterprises continue to expand their presence in Guangdong, the collaboration is likely to deepen, fostering innovation and economic growth across various sectors [6][10].

Core Viewpoint - The AI fund, China Europe Dividend Enjoy Flexible Allocation Mixed A (004814), reported a profit of 660 million yuan for Q4 2025, with a weighted average profit per fund share of 0.1483 yuan, and a net value growth rate of 6.68% for the period [2]. Fund Performance - As of January 22, the fund's unit net value was 2.325 yuan, with a recent three-month net value growth rate of 9.05%, ranking 607 out of 1286 comparable funds [3]. - The fund's six-month net value growth rate was 22.06%, ranking 625 out of 1286, while the one-year growth rate was 54.66%, ranking 264 out of 1286 [3]. - Over three years, the fund achieved a growth rate of 68.17%, ranking 92 out of 1286 [3]. Risk and Return Metrics - The fund's Sharpe ratio over the past three years was 1.2202, ranking 37 out of 1275 comparable funds [8]. - The maximum drawdown over the past three years was 19.38%, with a ranking of 265 out of 1264 [10]. - The highest drawdown in a single quarter occurred in Q1 2020, at 19.96% [10]. Investment Strategy - The fund maintained an average stock position of 90.5% over the past three years, compared to a peer average of 72.57% [13]. - The fund's highest stock position was 93.74% at the end of Q1 2022, while the lowest was 79.19% in mid-2021 [13]. Fund Size and Holdings - As of the end of Q4 2025, the fund's total size was 9.938 billion yuan [15]. - The top ten holdings included major companies such as China Ping An, China Life, and Zijin Mining [18].

基金管理人在四季报中表示，本基金逐步增加了化工、保险、大众食品、品牌中药等优质红利价值品种，以帮助组合更好地应对未来的市场环境。 截至2025年四季度末，基金十大重仓股分别是紫金矿业、华鲁恒升、中国太保、万华化学、中国石油、中国铝业、陕西煤业、美的集团、中国平安、中国海 油。 核校：王博 AI基金华夏红利价值混合A（024914）披露2025年四季报，第四季度基金利润415.11万元，加权平均基金份额本期利润0.063元。报告期内，基金净值增长率 为4.93%，截至四季度末，基金规模为8478.22万元。 截至1月22日，单位净值为1.392元。基金经理是朱熠，目前管理3只基金。其中，截至1月22日，华夏兴夏价值一年持有混合发起式A近一年复权单位净值增 长率最高，达68%；华夏价值精选混合A最低，为64.13%。 ...

Group 1 - The geopolitical situation has become increasingly tense since 2022, with major powers taking unilateral actions, leading to instability in international relations. The deep sea has emerged as a critical frontier for the competition over strategic resources and energy dominance [4] - The U.S. government, under Trump's administration, aims to become a global leader in responsible deep-sea mineral exploration and development, expediting the approval of mining licenses in international waters to encourage domestic companies to develop key mineral resources [4] - Although global legislation and environmental concerns may hinder the supply of deep-sea mineral resources in the short term, breakthroughs in technology and regulations could reshape the global mineral supply structure, making deep-sea resources a strategic asset for major powers in the long term [4] Group 2 - The Chinese government has recognized the strategic value of deep-sea resources, incorporating "deep-sea technology" as a key area in its 2025 government work report. This sector is crucial for resource independence, technological autonomy, and national defense [5] - A multi-level policy framework has been established by various government bodies, including the State Council and local governments, to support the growth of the deep-sea technology market and enhance the marine economy [5] - China National Offshore Oil Corporation (CNOOC) is a leader in deep-sea resource development, aiming to strengthen its oil and gas operations while exploring marine mineral resources. CNOOC has developed a comprehensive marine energy system, including conventional and deep-water oil and gas, LNG, and offshore wind power [6][7]

Group 1 - Southbound funds increased their holdings in China National Offshore Oil Corporation (CNOOC) by 8.2913 million shares on January 23 [1] - Over the past 5 trading days, southbound funds have reduced their holdings on 3 days, with a total net reduction of 7.4552 million shares [1] - In the last 20 trading days, there have been 11 days of net increases in southbound fund holdings, totaling 55.1502 million shares [1] Group 2 - As of now, southbound funds hold 10.264 billion shares of CNOOC, accounting for 21.58% of the company's total issued ordinary shares [1] - CNOOC is primarily engaged in the exploration, development, production, and sales of crude oil and natural gas [1] - The company operates through three segments: exploration and production, trading, and business segment management [1]

- The report does not contain any quantitative models or factors for analysis, as it primarily focuses on the analysis of active equity funds' holdings, preferences, and structural changes in Q4 2025[3][6][7] - The report provides detailed insights into the number, scale, and allocation preferences of active equity funds, including their industry and sectoral adjustments, but does not include any specific quantitative models or factor construction methodologies[3][6][7] - The analysis highlights the changes in fund holdings and preferences, such as increased allocation to cyclical and financial sectors and reduced allocation to technology and healthcare, but no quantitative models or factors are discussed[44][48][49]

Core Viewpoint - The report highlights the performance and outlook of the Jiashi Dividend Select Mixed Fund A (022495) for the fourth quarter of 2025, indicating a profit of 1.0587 million yuan and a net asset value growth rate of 2.84% [3]. Fund Performance - The fund's profit for the fourth quarter was 1.0587 million yuan, with a weighted average profit per share of 0.0327 yuan [3]. - As of January 22, the fund's unit net value was 1.205 yuan [3]. - The fund's net asset value growth rates over different periods are as follows: 8.93% over the last three months, 10.96% over the last six months, and 24.68% over the last year [3]. Fund Management Insights - The fund management anticipates better performance in dividend sectors with growth potential, particularly in insurance, overseas chains, and certain cyclical sectors, with expectations extending into 2026 [3]. - There is an increased focus on bottom dividend sectors, and the potential recovery of consumer sentiment in 2026 is highlighted, especially among leading consumer stocks with attractive dividend yields [3]. Fund Metrics - The fund's Sharpe ratio since inception is 1.7625 [4]. - The maximum drawdown since inception is 4.95%, occurring in the fourth quarter of 2025 [7]. - The average stock position since inception is 71.47%, with a peak of 91.94% at the end of 2025 and a low of 13.94% at the end of the first quarter of 2025 [10]. Fund Size and Holdings - As of the end of the fourth quarter of 2025, the fund's size was 35.6012 million yuan [11]. - The top ten holdings of the fund include major companies such as China Construction Bank, China Merchants Bank, and China National Offshore Oil Corporation [14].

Group 1 - The active equity fund management scale decreased slightly in Q4 2025, primarily due to significant redemption pressure from existing funds, resulting in a net redemption of 165.6 billion yuan [1] - The total management scale of three types of active equity funds (ordinary stock, mixed equity, and flexible allocation) decreased by 189.8 billion yuan, with new active equity fund issuance at 56.2 billion yuan [1] - The active equity fund's position in Q4 2025 decreased by 0.83 percentage points to 86.62%, remaining at the second-highest level in history [2] Group 2 - In terms of sector allocation, the proportion of the ChiNext board increased by 1.24 percentage points to 24.98%, while the main board and Sci-Tech Innovation board saw declines [5][8] - The allocation to the main board decreased by 0.30 percentage points to 58.21%, indicating a further increase in underweight [8] - Active equity funds increased their positions in cyclical and financial real estate sectors while reducing exposure to technology growth and pharmaceuticals [11] Group 3 - The active equity funds increased their allocation in the non-ferrous metals, communication, and non-bank financial sectors, with increases of 2.26 percentage points, 1.85 percentage points, and 0.87 percentage points respectively [13] - The funds reduced their positions in electronics, pharmaceuticals, media, power equipment, and computers, with reductions of 1.72 percentage points, 1.54 percentage points, and 1.16 percentage points respectively [13] - Excluding thematic/sector funds, the active equity funds still increased their positions in non-ferrous metals, communication, and non-bank financial sectors [14] Group 4 - The allocation to the TMT sector slightly decreased in Q4 2025, with the configuration coefficient at 1.48, indicating room for further improvement [29] - Within the TMT sector, active equity funds increased their holdings in communication equipment and components while reducing positions in consumer electronics and semiconductors [32] - The dividend sector's allocation stabilized and increased, with the low-volatility dividend index rising by 1.7 percentage points to 4.3% [37] Group 5 - The top five stocks in active equity funds in Q4 2025 included Zhongji Xuchuang, Xinyi Sheng, Dongshan Precision, China Ping An, and Zijin Mining, with respective increases in holding ratios [43] - The top ten holdings accounted for 4.83%, 4.01%, and 3.97% of the total market value of the funds [46] - The concentration of individual stocks in active equity funds increased slightly, while the concentration of industries showed a mixed trend [49] Group 6 - The Hong Kong stock allocation of active equity funds decreased to 15.98%, down from 19.09%, with a total holding value of 302.9 billion yuan [51] - The funds increased their positions in the healthcare, materials, and energy sectors while reducing exposure to consumer discretionary and information technology sectors [54] - Tencent maintained its position as the largest holding in Hong Kong stocks, with a market value of 57.3 billion yuan [56]

Core Viewpoint - E Fund's Zhang Kun reported a decline in total assets under management to 48.383 billion yuan as of December 2025, with three A-share focused funds underperforming their benchmarks, while the E Fund Asia Select fund achieved positive returns, significantly exceeding its benchmark [1][2]. Group 1: Fund Performance - As of December 2025, the largest fund, E Fund Blue Chip Select, had a net asset value of 1.8623 yuan, with a report period net asset value growth rate of -8.93%, compared to a benchmark return of -2.63% [1]. - Three main A-share focused funds reported negative quarterly returns and failed to outperform their performance benchmarks [1]. Group 2: Portfolio Adjustments - Zhang Kun reduced holdings in major stocks such as Kweichow Moutai, Wuliangye, Luzhou Laojiao, and Shanxi Fenjiu, while also significantly reducing positions in Focus Media and China Merchants Bank [1]. - The top ten holdings of E Fund Blue Chip Select remained unchanged, including Tencent, Kweichow Moutai, and Alibaba, with notable reductions in Focus Media and increases in Alibaba [2]. Group 3: Market Outlook - Zhang Kun expressed a long-term optimistic view on the macro economy and market, predicting significant improvements in living standards and social security in China over the next decade [2]. - He emphasized the importance of a strong domestic demand market in promoting technological innovation, suggesting that improved consumer environments could enhance subscription revenues and model capabilities [3]. Group 4: Confidence in Business Models - Zhang Kun maintained confidence in the business models, competitive barriers, and cash flow generation capabilities of the companies in the portfolio, asserting that the market's perception of quality companies presents good opportunities for long-term investors [3].

Group 1 - On January 23, 2026, Alibaba-W (09988), Pop Mart (09992), and Tencent Holdings (00700) ranked as the top three companies by trading volume in the Southbound Stock Connect, with transaction amounts of 4.748 billion, 2.660 billion, and 2.614 billion respectively [1] - In the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and Pop Mart (09992) also held the top three positions, with transaction amounts of 3.322 billion, 1.798 billion, and 1.370 billion respectively [1] Group 2 - In the Southbound Stock Connect, the top active trading companies included Alibaba-W (09988) with a net buy amount of -0.595 billion, Pop Mart (09992) with a net buy amount of +0.480 billion, and Tencent Holdings (00700) with a net buy amount of +0.396 billion [2] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988) had a net buy amount of -0.895 billion, Tencent Holdings (00700) had a net buy amount of -0.156 billion, while Pop Mart (09992) recorded a net buy amount of +0.268 billion [2]