华宝基金 Hwabao WP Fund 红利日报 2026年 1月27日 最新股息率 4.76% 标普A股红利ETF华宝 562060 · 穿越周期·「长红」之选 · 跟踪标普中国A股红利机会指数- 联接A 501029 红利基金LOE 近1周 近1月 (近1年) 近1年 沂-日 指數涨跌幅 指数涨跌幅 指数涨跌幅 指數涨跌幅 年化波动率 2.7% 24.68% 10.94% 0.47% 6.14% 线孕2026.1 (VS 上证指数 上证指数 上证指数 上证指数 上证指数 27.05% 10.52% -0.09% 0.45% 4.26% T+0 最新股息率 5.6% 港股通红利低波ETF华宝 159220 官即自 41 估 [ 比 比 / "同权屈斯伯目 | 尼尼灯| " -跟踪标普港股通低波红利指数 - 联接A 022887 | 联接C 022888 (近1周) 近1月 (近1年 近1年 近一日 指数涨跌幅 指数涨跌幅 指数涨跌幅 指數涨跌幅 年化波动率 1.22% 2.3% 2.71% 28.84% 11.74% 板管2026.1.26 VS 上证指数 上证指数 上证指数 上证指数 上证指数 4.26% ...

□本报记者张韵 上周，公募基金2025年四季报全部披露完毕。部分长跑型绩优基金经理的调仓换股动态备受关注。相较 于公募基金的整体调仓路径，他们是否有独到之处？面对堪比冰火两重天的结构性行情，他们又会如何 抉择？ 中国证券报记者选取了七年、十年维度(截至2025年末)业绩相对靠前，全程由同一位基金经理管理的部 分产品(含中途增聘新基金经理的产品)，试图通过分析调仓动态，窥见长跑型绩优基金经理穿越市场周 期的密码。数据显示，2025年四季度，相当一部分长跑型绩优基金经理呈现与公募整体调仓路径逆向而 行的特征。 热门标的现分歧 2025年四季度，中际旭创（300308）取代宁德时代（300750）成为公募基金第一大重仓股，引发业内热 议。天相投顾数据显示，中际旭创还是公募基金2025年四季度增持市值最多的股票，增持规模超过220 亿元。颇有意思的是，在这一主流标的上，相当一部分长跑型绩优基金经理却选择了逆势减仓。 例如，莫海波管理的万家品质生活灵活配置混合型基金、神爱前管理的平安策略先锋混合型基金减仓中 际旭创的比例均超过40%。金梓才管理的财通价值动量混合型基金则在三季度减仓中际旭创超50%的基 础上，四季度进一 ...

□本报记者 张韵 上周，公募基金2025年四季报全部披露完毕。部分长跑型绩优基金经理的调仓换股动态备受关注。相较 于公募基金的整体调仓路径，他们是否有独到之处？面对堪比冰火两重天的结构性行情，他们又会如何 抉择？ 中国证券报记者选取了七年、十年维度（截至2025年末）业绩相对靠前，全程由同一位基金经理管理的 部分产品（含中途增聘新基金经理的产品），试图通过分析调仓动态，窥见长跑型绩优基金经理穿越市 场周期的密码。数据显示，2025年四季度，相当一部分长跑型绩优基金经理呈现与公募整体调仓路径逆 向而行的特征。 热门标的现分歧 2025年四季度，中际旭创取代宁德时代成为公募基金第一大重仓股，引发业内热议。天相投顾数据显 示，中际旭创还是公募基金2025年四季度增持市值最多的股票，增持规模超过220亿元。颇有意思的 是，在这一主流标的上，相当一部分长跑型绩优基金经理却选择了逆势减仓。 例如，莫海波管理的万家品质生活灵活配置混合型基金、神爱前管理的平安策略先锋混合型基金减仓中 际旭创的比例均超过40%。金梓才管理的财通价值动量混合型基金则在三季度减仓中际旭创超50%的基 础上，四季度进一步减仓17.86%。曾鹏管理的 ...

2025年公募基金四季报收官，一批穿越牛熊的"长跑型"绩优基金经理调仓路径曝光。 与公募基金整体调仓路径相比，七年、十年维度(截至2025年年末)业绩靠前的基金经理正上演一幕幕逆 向操作——在资金涌入中际旭创（300308）时逆势减仓，在持仓集中化趋势下主动分散，在AI算力热 度高峰前瞻布局应用端。这些操作，或许就藏着他们穿越周期的核心密码。 减持热门标的 2025年四季度，中际旭创取代宁德时代（300750）成为公募基金第一大重仓股，单季获增持超220亿 元，连续三个季度成为增持王。但令人意外的是，多位"长跑型"基金经理却选择逆势而为，对这只热门 股大举减仓。 莫海波管理的万家品质生活灵活配置混合、神爱前执掌的平安策略先锋混合减仓中际旭创比例均超 40%；曾鹏管理的博时特许价值混合、刘元海管理的东吴移动互联灵活配置混合，减仓幅度也超过 20%；金梓才管理的财通价值动量混合型基金更是在三季度减仓超50%后，四季度继续减仓17.86%。 同为光模块热门标的新易盛（300502），也遭遇类似分化。公募基金在2025年四季度整体增持超90亿 元，但杨栋管理的富国低碳新经济混合减仓超40%。 不过，与中际旭创略有不同 ...

Core Viewpoints - The spring market trend continues with small and mid-cap stocks outperforming while large-cap stocks experience volatility. The A-share market saw a weekly increase of 0.8% in the Shanghai Composite Index, while the CSI 500 and CSI 2000 rose by 4.3% and 4.0% respectively. In contrast, the CSI 300 and SSE 50 declined by 0.6% and 1.5% respectively. Key sectors leading the gains include construction materials, oil and petrochemicals, steel, and basic chemicals, with increases ranging from 7% to 10% [2][12][13]. Recent Dynamics - December economic data indicates a recovery in industrial production, while consumption and investment growth continue to decline. The industrial added value year-on-year growth rate rose to 5.2% in December, with high-tech and equipment manufacturing sectors maintaining high growth rates. However, retail sales growth fell to 0.9%, and fixed asset investment showed a cumulative year-on-year decline of 3.8% [3][4]. Policy Tracking - Recent policies aim to support consumption and private investment through a series of financial measures. The Ministry of Finance and other departments have introduced interest subsidy policies for small and micro enterprises, extending support to sectors such as new energy vehicles, high-end equipment, and artificial intelligence. The total guarantee plan for private investment is set at 500 billion yuan, focusing on enhancing the operational capacity of small and micro enterprises [5][6]. Market Performance - The A-share market has shown a mixed performance, with small and mid-cap indices outperforming large-cap indices. The CSI 500 and CSI 2000 indices recorded gains between 2% and 4.5%, while the Shanghai Composite Index rose by 0.8%. The average daily trading volume across the A-share market was approximately 2.8 trillion yuan, reflecting a 19.23% decrease from the previous week [12][13]. Sector Performance - Among the 31 primary sectors, 24 achieved positive returns, with construction materials, oil and petrochemicals, steel, and basic chemicals leading the way. Conversely, sectors such as banking, telecommunications, and non-bank financials experienced declines. Concept indices related to gold jewelry, photovoltaics, and advanced packaging saw significant gains, ranging from 10% to 13% [12][13][14].

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 core viewpoint of the article indicates that the A-share market has shown a positive trend due to improved market sentiment and increased risk appetite, with the ChiNext Index performing the best, rising by 1.86% over the week [1] - The adjustment of risk factors for insurance companies' stock investments is a supportive policy aimed at encouraging long-term capital to enter the market, potentially releasing over 100 billion yuan in equity investment capacity [4] - The upcoming important policy window at the end of the year is expected to guide economic work for 2026 and influence structural market trends [6] Group 2 - Historical analysis suggests that the spring market rally may begin in mid to late December 2025, driven by positive policy stances and improved liquidity conditions [10] - The adjustment period for key sectors such as gaming and technology has been sufficient, with potential for a rebound as market valuations have adjusted significantly since early November [16] - The focus on technology growth stocks is reinforced by strategic national planning, with expectations for continued strong performance in this sector due to favorable domestic conditions and global capital reallocation [18]

中基协最新发布的公募基金市场数据显示，截至2025年10月底，我国公募基金总规模为36.96万亿元， 这是我国公募基金总规模今年以来第七次创下历史新高。分类型来看，今年10月货币基金规模增长超 3800亿元，贡献最大规模增量，此外QDII基金规模也小幅增长。而股票基金和混合基金规模在10月分 别小幅下降289亿元和548亿元，债券基金规模下降超千亿元。 随着2025年度收官临近，基金发行也进入冲刺阶段，从全年数据来看，今年新发基金市场延续火热态 势，以基金成立日为统计口径，截至11月23日，全年新成立基金达到1340只，发行总规模达到10445.98 亿元。这标志着国内新基金年度发行规模自2019年以来，已连续第七年稳定在万亿元规模之上。 公募基金总规模年内七度刷新历史纪录，最新达到36.96万亿元，这一数字直观体现了资本市场的活 力。随着2025年即将进入最后一个月，新发基金年内达到了万亿级的规模，主动权益类产品成为绝对主 力。展望12月，A 股市场被多家机构看作是"牛市第二阶段"的整固期。 公募总规模达36.96万亿元，年内第七次创历史新高 12月展望：处于"牛市第二阶段"的整固期 2025年即将进入最后 ...

Core Viewpoint - The A-share market is experiencing increased volatility, with a focus on style rebalancing as several well-known balanced fund managers have proactively adjusted their holdings in anticipation of market changes. Group 1: Investment Opportunities - Fund managers are identifying investment opportunities in sectors such as engineering machinery, chemicals, and non-ferrous metals, with some products in these sectors at the bottom of their price ranges, suggesting potential for revenue growth as overseas demand recovers in the coming years [1][5]. - Notable stocks like China Ping An, Wanhua Chemical, XCMG, Sany Heavy Industry, and Luoyang Molybdenum have been added to the heavy holdings list or continuously increased in holdings by several fund managers [1][2]. Group 2: Fund Manager Actions - China Ping An has gained favor among several well-known balanced and growth fund managers, with significant increases in holdings across multiple funds, totaling a market value of 794 million yuan and 358 million yuan in different funds [2]. - The chemical sector has also seen increased attention, with funds like China Europe Era Pioneer and China Europe New Blue Chip significantly increasing their positions in Wanhua Chemical, with total holdings exceeding 1 billion yuan [2][4]. Group 3: Market Trends - The cyclical and value-style stocks have gained traction, becoming key drivers of market performance, as the technology growth sector enters a high volatility phase [2][7]. - The non-ferrous metals sector has attracted considerable investment, with funds increasing their positions in stocks like Zijin Mining and Huaxi Nonferrous, with total holdings exceeding 1 billion yuan [4][5]. Group 4: Performance Metrics - As of November 4, several funds have managed to maintain positive returns despite market fluctuations, with some controlling net value drawdowns within 2% [4]. - The ETF market reflects this trend, with significant net inflows into various indices, indicating a shift towards value and dividend-paying assets [7][8]. Group 5: Future Outlook - Fund managers are optimistic about the potential for recovery in traditional industries, with low valuations and high dividend yields making certain stocks attractive for future investment [6][9]. - The market is expected to continue its focus on balanced strategies to navigate upcoming volatility, while still recognizing the long-term value in technology and growth sectors [8][9].

Report Industry Investment Rating There is no specific industry investment rating provided in the report. Core Viewpoints - Amid repeated trade frictions, the convertible bond market may show strong resilience. Compared with the previous "tariff shock," the current market is in an upward - trending phase with higher trading activity. Although the current valuation is higher, the conversion premium rate is lower, and the implied volatility is higher, weakening the bond - like protection slightly, a market correction may present a layout opportunity [2][6][10]. - In the A - share market, cyclical sectors are relatively dominant, while the technology growth direction faces adjustment pressure. Investors should seize structural opportunities in pro - cyclical varieties and pay attention to the phased adjustment risks in the growth direction [10]. - The convertible bond market shows a slight upward trend, with both large - cap and small - cap bonds performing well. The market continues the structural repair trend, with cyclical and manufacturing sectors presenting more opportunities [10]. - The primary market supply is stable, and clause - based gaming is active. Attention should be paid to the marginal impact of downward adjustment and redemption expectations on the valuation structure and trading rhythm [10]. Summary by Directory Trade Frictions and the Evolution of the Convertible Bond Market - The previous "tariff shock" was an "amplifier" in the downward trend. Currently, the market is in an upward - trending phase, and the potential impact of repeated trade frictions may be more limited. The recent trading activity in the convertible bond market is higher, with an average trading volume of 723.9 billion yuan in the past 5 trading days, compared to 587.0 billion yuan in the previous period [17]. - The current market valuation is higher, the conversion premium rate is lower, and the implied volatility is higher than in the previous period. However, the potential downward space may be restricted by the loose liquidity environment [20]. - The previous "tariff shock" had a greater impact on high - price and small - cap convertible bonds, but they recovered faster. Different industries also showed different performances [33][38]. - Overall, the impact of recent trade frictions on the convertible bond market may be controllable. A significant market adjustment may provide a good buying opportunity [41]. Market Theme Weekly Review - In the week from October 9 to 11, 2025, themes related to non - ferrous metals in the equity market were strong, while technology - growth themes were weak. Indexes related to nickel mines, copper industries, and cobalt mines led the gains, while themes such as automobiles and electronics had significant pullbacks [42]. Market Weekly Tracking Main Stock Indexes and Cyclical Sectors - The A - share main stock indexes were differentiated. Only the Shanghai Composite Index rose, and the ChiNext Index was relatively weak. The CSI 2000 and CSI 500 performed better than the SSE 50 and STAR 50. The net outflow of main funds increased, reflecting the profit - taking and risk - aversion needs of some funds [45]. - Cyclical sectors such as non - ferrous metals, steel, coal, and public utilities were strong, while communication and media sectors were weak. Trading was concentrated in electronics, power equipment, and non - ferrous metals, indicating a divergence in market attention between technology and cyclical sectors [48]. - The market congestion was significantly differentiated. Sectors such as electronics, communication, and machinery had a high historical quantile of trading volume and PB, while sectors such as food and beverage, agriculture, forestry, animal husbandry, and beauty care had relatively low congestion [51]. Convertible Bond Market - The convertible bond market showed a slight upward trend. The CSI Convertible Bond Index was basically flat compared to the previous week. Large - cap and small - cap convertible bonds performed well, but the average daily trading volume decreased slightly [54]. - The valuation structure was differentiated. The median market price fluctuated downward but remained at a high level. The implied volatility increased slightly, indicating differences between bulls and bears [60]. - Cyclical sectors were strong, with non - ferrous metals, coal, and steel leading the gains. Trading was concentrated in power equipment, electronics, and basic chemicals [63]. - Most individual bonds showed an upward trend. Among the convertible bonds in the conversion period, the top five gainers were Guanzhong Convertible Bond, Zhonghuan Convertible Bond 2, Jize Convertible Bond, Haomei Convertible Bond, and Zhenhua Convertible Bond. The top five losers were Hengshuai Convertible Bond, Zhongqi Convertible Bond, Sheng 24 Convertible Bond, Tongguang Convertible Bond, and Huicheng Convertible Bond [65]. Convertible Bond Issuance and Clause Tracking Primary Market Issuance - No new convertible bonds were listed in the week from October 9 to 11, 2025. Six listed companies updated their convertible bond issuance plans, with a total scale of over 60 billion yuan in projects at the exchange - acceptance stage and later [10][70][71]. Clause - Based Events - Five convertible bonds announced potential downward adjustments, two announced no downward adjustments, one announced a potential redemption, and two announced early redemptions. Attention should be paid to the impact of these events on the valuation structure and trading rhythm [10].