Group 1 - The core viewpoint of the news is that Jinhe Biology's stock has seen a significant increase of 5.16%, reaching 6.72 CNY per share, with a trading volume of 205 million CNY and a turnover rate of 4.22%, resulting in a total market capitalization of 5.185 billion CNY [1] - Jinhe Biology, established on March 14, 1990, and listed on July 13, 2012, is located in Inner Mongolia and specializes in the production, sales, research, and services of animal health products [1] - The company's main business revenue composition includes: veterinary chemical drugs 61.83%, starch and related products 19.76%, veterinary vaccines 11.12%, environmental services 4.97%, others 2.15%, and drug feed additives 0.18% [1] Group 2 - From the perspective of major circulating shareholders, Guotai Fund's ETF, Guotai Zhongzheng Animal Husbandry ETF (159865), increased its holdings by 4.3964 million shares, totaling 12.0555 million shares, which accounts for 1.61% of the circulating shares [2] - The Guotai Zhongzheng Animal Husbandry ETF has a current scale of 5.949 billion CNY, with a year-to-date loss of 0.41%, ranking 5172 out of 5580 in its category; over the past year, it has achieved a return of 15.98%, ranking 3639 out of 4271; since its inception, it has a loss of 37.07% [2] Group 3 - The fund manager of Guotai Zhongzheng Animal Husbandry ETF is Liang Xing, who has a cumulative tenure of 9 years and 235 days, with the fund's total asset scale at 29.35 billion CNY [3] - During Liang Xing's tenure, the best fund return was 1112.34%, while the worst return was -54.39% [3]

1月26日，东方通信跌5.12%，截至发稿，报18.91元/股，成交10.86亿元，换手率5.87%，总市值237.51 亿元。 资料显示，东方通信股份有限公司位于浙江省杭州市滨江区东信大道66号，成立日期1996年8月1日，上 市日期1996年11月26日，公司主营业务涉及主要从事通信、金融电子和网络业务。主营业务收入构成 为：智能制造67.51%，信息通信47.39%，金融科技5.45%，其他4.67%，其他(补充)0.07%。 从东方通信十大流通股东角度 数据显示，国泰基金旗下1只基金位居东方通信十大流通股东。国泰中证全指通信设备ETF（515880） 三季度新进十大流通股东，持有股数288.76万股，占流通股的比例为0.23%。根据测算，今日浮亏损失 约294.53万元。 责任编辑：小浪快报 国泰中证全指通信设备ETF（515880）成立日期2019年8月16日，最新规模136.38亿。今年以来收益 2.01%，同类排名4524/5579；近一年收益124.35%，同类排名19/4270；成立以来收益214.46%。 国泰中证全指通信设备ETF（515880）基金经理为艾小军。 截至发稿，艾小军累计任 ...

1月26日，大唐电信跌5.09%，截至发稿，报10.07元/股，成交4.38亿元，换手率3.28%，总市值131.27亿 元。 资料显示，大唐电信科技股份有限公司位于北京市海淀区永嘉北路6号，成立日期1998年9月21日，上市 日期1998年10月21日，公司主营业务涉及主要从事各类通信网络系统、各类通信终端、计算机软硬件及 外部设备、网络管理和信息安全应用软件、微电子等产品开发、生产、销售以及系统集成和网络建设。 主营业务收入构成为：安全芯片77.71%，特种通信17.59%，其他4.69%。 从大唐电信十大流通股东角度 责任编辑：小浪快报 国泰中证全指通信设备ETF（515880）成立日期2019年8月16日，最新规模136.38亿。今年以来收益 2.01%，同类排名4524/5579；近一年收益124.35%，同类排名19/4270；成立以来收益214.46%。 国泰中证全指通信设备ETF（515880）基金经理为艾小军。 截至发稿，艾小军累计任职时间12年17天，现任基金资产总规模1869.73亿元，任职期间最佳基金回报 319.05%， 任职期间最差基金回报-46.54%。 声明：市场有风险，投资需 ...

1月26日，郑州煤电跌5.25%，截至发稿，报4.33元/股，成交1.38亿元，换手率2.59%，总市值52.76亿 元。 资料显示，郑州煤电股份有限公司位于河南省郑州市中原西路66号，成立日期1997年11月13日，上市日 期1998年1月7日，公司主营业务涉及煤炭生产及销售,发电及输变电。主营业务收入构成为：煤炭 88.38%，物资流通5.00%，其他3.23%，铁路运输2.06%，建筑工程1.34%。 从郑州煤电十大流通股东角度 国泰中证煤炭ETF（515220）基金经理为吴中昊。 截至发稿，吴中昊累计任职时间4年0天，现任基金资产总规模240.55亿元，任职期间最佳基金回报 112.67%， 任职期间最差基金回报-16.04%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，任何在本文出现的信息（包括但 不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验，因此本文内 容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联系 biz@staff ...

Group 1 - The announcement date for the dividend distribution is January 26, 2026 [2] - The fund's dividend distribution does not require prior loss compensation, and the net asset value of fund shares may be below par after distribution [2] - The fund's performance evaluation is based on the excess return rate compared to the benchmark and the available distributable profits [2] Group 2 - Fund shares applied for purchase or transfer after the record date will not be entitled to the dividend, while shares redeemed or transferred after the record date will be entitled [4] - The fund will start trading on the Shanghai Stock Exchange on January 26, 2026, under the name "科200GT" and code "589220" [5] - As of January 23, 2026, 99.79% of the fund's assets are invested in the index constituent stocks and alternative constituent stocks [5]

Group 1 - The stock price of Sanbian Technology increased by 5.92% to 23.07 CNY per share, with a trading volume of 572 million CNY and a turnover rate of 9.72%, resulting in a total market capitalization of 6.786 billion CNY [1] - Sanbian Technology Co., Ltd. was established on December 29, 2001, and went public on February 8, 2007. The company specializes in the production, maintenance, and sales of transformers, motors, reactors, low-voltage complete electrical equipment, and power transmission and transformation equipment [1] - The main revenue composition of Sanbian Technology includes: oil-immersed transformers (58.38%), combined transformers (28.13%), dry-type transformers (10.89%), and others (2.60%) [1] Group 2 - Guotai Fund's Guotai Valuation Advantage Mixed Fund (LOF) A (160212) reduced its holdings by 9.7208 million shares, now holding 2.8709 million shares, which accounts for 1.1% of the circulating shares. The estimated floating profit today is approximately 3.7034 million CNY [2] - Guotai Valuation Advantage Mixed Fund (LOF) A (160212) was established on February 10, 2010, with a latest scale of 1.564 billion CNY. Year-to-date return is 13.27%, ranking 673 out of 8847 in its category; the one-year return is 60.38%, ranking 1227 out of 8099; and the cumulative return since inception is 380.97% [2]

Core Viewpoint - The discussion around the "5 trillion yuan fixed deposits maturing soon" is gaining traction, with a significant amount of funds expected to be reallocated, particularly towards multi-asset allocation strategies like Funds of Funds (FOF) [1][17]. Group 1: Maturing Deposits and Market Dynamics - The estimated scale of fixed deposits maturing in 2026 is approximately 50 trillion yuan, an increase of about 10 trillion yuan compared to 2025, with a notable concentration of maturity pressure in the first half of 2026 [1][17]. - The flow of this massive amount of maturing funds is a focal point for the market, as depositors typically have a low risk appetite and prefer stability over exposure to stock market volatility [1][17]. Group 2: Multi-Asset Allocation and FOF - FOFs are expected to attract more funds due to their core value of multi-asset allocation, which leverages the low correlation among different asset classes to mitigate non-systematic risks [1][17]. - Historical performance indicates that the multi-asset risk parity index has a maximum drawdown of only -3.79%, significantly lower than other asset classes, showcasing its strong risk resistance [2][20]. Group 3: Performance Metrics of Multi-Asset Strategies - The multi-asset risk parity index has achieved an annualized return of 4.73% with a Calmar ratio of 1.25, indicating a higher annualized return for each unit of maximum drawdown risk compared to single-asset indices [3][19]. - In 2025, the top-performing FOF, Guotai Youxuan Lihang, achieved an annual return of 66.14%, outperforming its peers significantly [4][21]. Group 4: Investment Strategy and Manager Insights - The investment strategy for FOFs is evolving towards dynamic timing and rotation, moving away from static asset allocation to better manage systemic risks [6][22]. - The fund manager, Zeng Hui, emphasizes the importance of strict drawdown control and a comprehensive skill set for FOF managers, ensuring a robust investment process [6][24][25]. Group 5: New Product Launch - A new product, Guotai Multi-Asset Steady Navigation 6-Month Holding Period FOF, is being launched, targeting investors looking for diversified risk and stable returns, with equity investments comprising 5%-40% of the fund's assets [10][26].

Group 1 - The core point of the news is that Tongyu Communication's stock price increased by 5.21% to 47.66 CNY per share, with a trading volume of 2.03 billion CNY and a turnover rate of 12.88%, resulting in a total market capitalization of 24.97 billion CNY [1] - Tongyu Communication, established on December 16, 1996, and listed on March 28, 2016, is located in Zhongshan, Guangdong Province. The company specializes in the research, production, and sales of base station antennas, microwave antennas, RF devices, optical modules, and energy exchange cabinets [1] - The revenue composition of Tongyu Communication includes base station antennas (57.09%), microwave antennas (22.39%), RF devices (12.77%), satellite communications (4.90%), other (2.18%), and optical modules (0.67%) [1] Group 2 - From the perspective of the top ten circulating shareholders, Guotai Fund's ETF, Guotai CSI All-Share Communication Equipment ETF (515880), entered the top ten shareholders in the third quarter, holding 1.5677 million shares, which accounts for 0.47% of the circulating shares, with an estimated floating profit of approximately 3.6998 million CNY [2] - The Guotai CSI All-Share Communication Equipment ETF (515880) was established on August 16, 2019, with a latest scale of 13.638 billion CNY. Year-to-date return is 0.29%, ranking 5015 out of 5542 in its category; the one-year return is 121.42%, ranking 11 out of 4256; and the return since inception is 209.16% [2]

Group 1 - The core point of the news is that Shengde Xintai's stock price increased by 5.02% to 40.55 CNY per share, with a trading volume of 101 million CNY and a turnover rate of 4.45%, resulting in a total market capitalization of 4.46 billion CNY [1] - Shengde Xintai New Materials Co., Ltd. is located in Changzhou, Jiangsu Province, and was established on October 15, 2001, with its listing date on September 1, 2020. The company specializes in the production, research, and sales of seamless steel pipes for various industrial energy equipment [1] - The main business revenue composition of Shengde Xintai includes: alloy steel pipes (45.54%), stainless steel pipes (29.38%), automotive motor shafts (5.67%), components and others (5.55%), automotive motor housings (4.68%), steel grating (4.05%), waste income (3.49%), and carbon seamless steel pipes (1.64%) [1] Group 2 - From the perspective of the top ten circulating shareholders, Guotai Fund has a fund that ranks among the top ten shareholders of Shengde Xintai. The Guotai CSI Steel ETF (515210) entered the top ten shareholders in the third quarter, holding 328,600 shares, which accounts for 0.57% of the circulating shares [2] - The Guotai CSI Steel ETF (515210) was established on January 22, 2020, with a latest scale of 3.98 billion CNY. Year-to-date, it has a return of 4.03%, ranking 3411 out of 5542 in its category; over the past year, it has a return of 38.97%, ranking 1904 out of 4256; and since its inception, it has a return of 77.67% [2]

Group 1 - The core point of the news is that Lingang Co., Ltd. has seen a significant increase in its stock price, rising by 6.88% to 2.33 CNY per share, with a total market capitalization of 6.64 billion CNY as of the report date [1] - Lingang Co., Ltd. has experienced a continuous stock price increase for four consecutive days, with a cumulative increase of 4.81% during this period [1] - The company, established on May 4, 1994, and listed on May 11, 2000, primarily engages in the production, operation, and development of metallurgical products, with steel sales accounting for 91.53% of its main business revenue [1] Group 2 - From the perspective of the top ten circulating shareholders, Guotai Fund's ETF, Guotai Zhongzheng Steel ETF (515210), has entered the top ten shareholders, holding 8.6321 million shares, which is 0.31% of the circulating shares [2] - The Guotai Zhongzheng Steel ETF has generated a floating profit of approximately 1.2948 million CNY today, with a floating profit of 863,200 CNY during the four-day increase [2] - The fund was established on January 22, 2020, with a current scale of 3.66 billion CNY, and has achieved a year-to-date return of 4.03% and a one-year return of 38.97% [2]