本报讯 （记者周尚伃）在市场整体向好的背后，结构性行情分化加剧、风格轮动节奏加快的特征愈发 明显，不少投资者仍面临盈利难题。在此背景下，如何构建适配自身的长期投资体系成为市场核心议 题，而中金财富率先践行的买方投顾模式，凭借规模突破1300亿元的扎实积淀，为投资者破解盈利困局 提供了专业解决方案，其专业价值在市场检验中愈发凸显。 其中，代表产品"中国50"六年累计为客户创造收益超百亿元。数据显示，所有存续且成立满一年的"中 国50"专户，盈利客户占比超99%，平均最大回撤仅为市场指数的三分之一。这一成果的背后，是中金 财富完整的投研与服务支持体系：通过自上而下的大类资产配置研究把握市场趋势，捕捉Beta时代收 益；依托近300人的专业投研团队精选优质资产，挖掘Alpha超额收益；构建顾问服务金字塔，提供全程 专业陪伴，引导客户建立长期视角，优化Gamma行为收益。 除资产配置服务外，在股票交易领域，中金财富通过"股票50""ETF50"服务，依托中金公司（601995） 强大研究资源输出专业投顾建议；在产品投资领域，凭借十余年产品研究积淀，通过多维评价体系筛选 具备长期盈利潜力的产品。 2026年是"十五五" ...

中证报中证网讯(记者林倩)近日，华金证券在珠海举办2026年度策略会，以专业的市场研判、系统的资 产配置方案与创新的服务体系勾勒出2026年资本市场的价值坐标，助力投资者捕捉新的投资机遇。 华金证券研判，2026年一季度需聚焦大类资产配置，积极把握金融和商品期货等市场轮动的投资机会。 华金证券资产管理团队表示，未来将继续坚持稳健的投资理念，凭借专业管理能力打造核心系列产品， 持续发挥客户资产配置中的"稳定器"作用。 在本次策略会上，华金证券还向客户全面介绍了其特色财富管理体系及资产配置服务全景，并围绕科技 赋能投资，详细讲解了华金证券全新升级服务包括优享账户、智能条件单及全新升级的T0量化交易工 具等。 华金证券表示，将继续依托专业研究、稳健策略和创新服务，紧密围绕客户核心需求，着力提供高质量 的投研服务支持与资产配置解决方案，持续打造特色化财富管理品牌，助力客户实现财富的稳健增值与 有序传承。 华金证券认为，当前市场正由传统经济周期驱动上行，转向由产业趋势、制度变革与全球竞争格局生变 等多因素共同推动上行。政策预期、流动性宽松与盈利修复形成市场共振，成长与价值风格趋于均衡， 结构性机会主要集中在科技细分领域 ...

1月9日下午，博时基金携手证券时报主办的2026博时基金投资策略会圆满落幕。 本次会议以"丙午奋蹄投资路，红启东方十五五"为主题，汇聚基金、券商、银行、保险、信托等各类金融机构代表及新闻媒体等200余人，共话资本市场新机遇。 会上，多位国内资深券商首席分析师及博时基金知名基金经理齐聚一堂，围绕2026年全球和国内宏观经济走势、权益市场布局、债券投资策略展开深度展望，同时 聚焦科创行业投资机会、大类资产配置、"固收+"产品发展等行业热点议题展开专业剖析，为投资者清晰梳理丙午马年的投资主线，前瞻未来市场的机遇与挑战。本 次策略会上，博时基金还发布了《博时基金2026年宏观策略报告》，为市场提供专业的投资参考与决策支持。 曾鹏认为，人工智能仍是2026年重要投资方向，具体来看，2026年科创投资机会或集中在价值成长阶段的海外算力、国产算力、人工智能大模型等领域；主题成长 阶段的商业航天、人形机器人、量子计算和可控核聚变等；以及处于两者之间临界阶段的投资机会，或集中在AI端侧硬件、卫星通信、固态电池和智能驾驶等领 域。 变局蕴新机，实干开新篇 步入2026年，面对更加复杂的全球环境，博时基金党委书记、董事长张东在致辞 ...

如果您是一位关注家庭财富规划的投资者，近来或许也有过这样的瞬间： 打开手机APP，短期大额存单的利率悄悄滑向"0字头"，宝宝类产品的收益也早已不复当年。 A股行情火热，但基金平台中上万只产品闪烁其间，又不知道该点开哪一个，怕踏空又怕加错。 如果您觉得，曾经奏效的理财方式正在渐渐失灵——那么，事实的确如此。我们已站在一个投资新纪元的入口。 这个时代的底色，是低利率成为常态，单一资产很难再带来安稳的回报； 是市场波动加剧、风格快速轮转，普通人凭直觉择时选基的胜率越来越低； 与此同时，我们的养老、医疗、教育等长期财务目标却愈发清晰和迫切。 我们需要的，不再是一次侥幸的押中，而是一套能够穿越风雨、波动可控、持续生长的资产系统。为此，FOF（基金中的 基金）或许正是这个时代所呼唤的答案。 为什么在2026年，FOF值得我们重新审视并放入核心配置？以下五个维度的思考，或许能给您答案。 理由一： 选择过剩的时代，把专业的事交给专业的人 截至2025年底，全市场公募基金数量已超过1.3万只，是A股上市公司数量的两倍还多。面对这片产品的汪洋大海，普通投 资者如同手持一张没有坐标的海图。 真正理解一只基金，需要穿透它的持仓、把握 ...

出品｜中访网 审核｜李晓燕 岁序更替，2026年作为"十五五"规划开局之年正式启幕。回望2025年，A股沪指刷新十年新高，美联储 降息落地释放充足流动性，多个板块走出结构性行情；展望新一年，权益市场运行逻辑、大类资产配置 方向、行业轮动主线成为市场核心关切。1月9日，富国基金2026年度投资策略会以"十五五新征程，投 资新机遇"为主题圆满落幕，十余位核心投研人士齐聚，从A股整体策略、大类资产配置到行业风格选 择，全方位解码2026年投资机遇与挑战。 本次策略会明确，2026年A股核心逻辑在于传统行业盈利复苏与风险偏好提升的双重共振。富国基金权 益研究部总经理陈杰指出，过往基于增量经济的美林投资时钟、存量经济的三维分析框架已遇瓶颈，新 一年需抓准主要矛盾——沉寂多年的传统行业将迎"王者归来"，A股已具备"天时"与"人和"。从盈利端 看，2025年三季报显示中游制造、科技服务、非银金融率先见底，景气恶化行业下行动能趋弱，地产链 利润挤压处于非常态，其修复将成为A股盈利上行的关键变量，2025年四季度盈利加速后，2026年向上 弹性将进一步释放。利率层面，中枢下移过程中或迎阶段性反弹，债市已提前反映经济复苏预期，而 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In 2026, the equity market is expected to start a new upward wave in Q1, with a long - position overweight strategy for the stock index. The bond market may continue its weak performance at the beginning of 2026 but could have a rebound after the Spring Festival, with a short - position hedge before the Spring Festival and a long - position underweight after. Commodities should be structurally allocated, with long - position overweight on precious metals, non - ferrous metals, and new energy commodities, long - position standard allocation (timing) on black building materials and agricultural products, and short - position standard allocation on crude oil [4]. Summary by Relevant Catalogs 1. Review of the Performance of Major Asset Classes - **Equity Market**: In December 2025, the A - share market oscillated upward, switching back to the growth - oriented style. Most primary industry indices rose, with national defense, communications, non - ferrous metals, non - bank finance, and machinery leading the monthly gains [8][10]. - **Bond Market**: The performance of short - and long - term bonds diverged. Short - term Treasury yields declined while long - term yields increased, and the Treasury term spread widened significantly. By December 31, 2025, the 2 - year and 5 - year Treasury yields dropped to 1.3605% and 1.3830% respectively, while the 10 - year and 30 - year yields rose to 1.8473% and 2.2674% [13]. - **Commodities**: The prices of domestic commodity futures were differentiated, with precious metals leading the gains. As of December 28, 2025, the precious metals index soared 14.38%, the metal index rose 6.18%, the industrial products index increased 1.44%, and the agricultural products index slightly declined 0.59% [17]. 2. Outlook and Analysis of Major Asset Classes - **Macroeconomic Aspect**: Abroad, the probability of further interest rate cuts by the Fed may decrease. Domestically, the probability of interest rate cuts in Q1 2026 is low, but a reserve requirement ratio cut is still expected [19][28]. - **Equity Assets**: In the short - to - medium term, the cross - year market has started, and the equity market is expected to start a new upward wave in Q1 2026. In the long - term, the policy and liquidity environment in 2026 are favorable to the market [31][32]. - **Bond Assets**: The bond market may continue its weak performance at the beginning of 2026, with the upper limit of the 10 - year Treasury yield before the Spring Festival likely between 1.90% - 1.95%. After the Spring Festival, there may be an oversold rebound opportunity [35][36]. - **Commodities**: The differentiation pattern of commodities will continue. Crude oil may remain weak after a short - term rebound. Industrial metals may face supply - demand imbalance, and agricultural product prices may fluctuate more due to various factors. Precious metals may experience significant short - term fluctuations but maintain an upward long - term trend [37][38]. 3. Allocation Strategies for Major Asset Classes - **Domestic Stock Index**: In 2026, the equity market should be strategically allocated, with a long - position overweight in January. Focus on industries such as the AI industry chain, leading companies going global, industries with improved supply - demand relationships, and the industrialization of cutting - edge technologies [40]. - **Commodities**: Increase the weight of commodities in the asset allocation. Overweight precious metals, non - ferrous metals, and new energy commodities; standard - allocate black building materials and agricultural products (timing); and short - allocate crude oil [41][42]. - **Treasury Bonds**: Hedge with short positions before the Spring Festival and underweight long positions after the Spring Festival. The bond market will remain volatile in 2026 and should be under - allocated [43].

证券研究报告 | 2026年01月07日 2026年01月08日 1. 货币-信用"风火轮"：宽货币下信用持续宽松 信用方面，11 月我国新增社融 24888 亿元，高于万得一致调查值（20191 亿 元）。其中新增人民币贷款 3900 亿元,低于万得一致调查值（5043 亿元）。 信用脉冲环比基本持平，前期小幅回落态势得到缓和，信用扩张动能保持稳 定。当前格局延续"宽货币+宽信用"的组合，资金面趋紧风险较低，整体 金融条件仍对宏观与资产表现形成托底。 2. 下一阶段大类资产价格展望 沪指连阳点燃春季行情，慢牛假设持续验证。12 月主要股指全线上扬，进一 步夯实"上证慢牛"的共识，整体成长优于价值，小盘优于大盘。中证 500 在 ETF 增量资金推动下领涨，市场风格从微盘+红利价值的哑铃型转向中盘 占优的橄榄型。宏观层面，12 月 PMI 及内外需指标的超季节性反弹，经济 下行风险有限。资金层面，保险开门红叠加人民币升值驱动外资回流，提供 充裕的增量动能。2 月春节前反弹是 A 股胜率最高的日历特征，3 月两会或 审议十五五正式稿，政策催化有望增强。板块轮动、主题活跃或延续。2025 年以科技为核心的"牛市 ...

中信证券指出，展望2026年1月，大类资产配置层面，建议增配股票和能化；股票风格配置层面，看好 小市值风格和成长风格；股票行业配置层面，旅游、汽车、芯片等行业具有较好的配置价值。截至2025 年12月末，高频宏观因子配置组合、大盘/小盘风格配置组合、成长/价值风格配置组合、股票行业配置 组合2025年实现绝对收益分别为8.1%、34.3%、24.6%和20.4%。 ...

Core Viewpoint - The fund issuance market in early 2026 is experiencing a surge, particularly in FOF (Fund of Funds) products, driven by customer demand, product transformation, and channel support [1]. Group 1: FOF Sales and Market Dynamics - On January 5, 2026, Wanji Fund's FOF product sold out in just one day, marking it as the first new fund of the year to achieve this feat [2]. - On January 6, 2026, Guangfa Fund's FOF also announced an early closure of its fundraising, completing in only two trading days [3]. - The FOF products are becoming the main focus for banks, with many institutions planning to launch multiple asset FOF products throughout the year [4]. Group 2: Customer Demand and Supply Factors - In 2026, a total of 20.7 trillion yuan, 9.6 trillion yuan, and 1.3 trillion yuan of 2-year, 3-year, and 5-year fixed-term deposits will mature, representing an increase of 4 trillion yuan compared to 2025 [5]. - The low interest rates on fixed deposits are failing to meet investors' needs for capital preservation and growth, prompting a shift towards FOF products that offer diversified asset exposure [5]. - FOF products are designed to include a variety of underlying assets, such as U.S. stocks, Hong Kong stocks, and commodities, which can effectively diversify risk and capture more alpha opportunities [5]. Group 3: Changes in FOF Product Positioning - The role of FOF fund managers is evolving from merely selecting funds to focusing on asset allocation and developing more refined strategies [6]. - Banks are actively promoting FOF products, with many large banks establishing dedicated marketing lines for FOF asset allocation [6]. - The selection criteria for fund managers in FOF products have become stricter, requiring experience in multi-asset management and volatility control [6]. Group 4: New Fund Issuance Trends - The FOF sales surge reflects a broader trend in the new fund issuance market, with 38 new funds launched between January 5 and January 7, 2026 [7]. - A total of 77 public funds are planned for issuance in January 2026, with the first trading week expected to account for 62.33% of the month's total issuance [7]. - Equity products continue to dominate the new fund landscape, with 26 index funds and 26 actively managed equity funds among the new offerings [8].

Core Insights - The fund issuance market in early 2026 is experiencing a significant surge, particularly in FOF (Fund of Funds) products, driven by customer demand, product transformation, and channel support [1][2][4] Group 1: FOF Product Performance - The first FOF product of 2026, Wanjiatai's "Stable Three-Month Holding FOF," sold out in just one day on January 5, marking a strong start for new fund issuance [1] - Following this, Guangfa's "Stable Three-Month Holding FOF" also announced an early closure of its fundraising after just two trading days [2] - FOF products are becoming the main drivers of sales for various banks, with many companies planning to launch multi-asset FOF products through different banking channels [3] Group 2: Market Dynamics - A significant amount of residential fixed deposits, totaling 20.7 trillion yuan for 2-year, 9.6 trillion yuan for 3-year, and 1.3 trillion yuan for 5-year terms, will mature in 2026, creating a demand for new investment vehicles [4] - The low interest rates on fixed deposits are failing to meet investors' needs for capital preservation and growth, prompting a shift towards multi-asset and multi-strategy FOF products [4] - The design of FOF products offers advantages over traditional funds by diversifying underlying assets and capturing more alpha opportunities [4] Group 3: Channel and Marketing Strategies - Major banks are actively promoting FOF products, establishing dedicated marketing lines and sections for FOF on their wealth management platforms [5] - The selection criteria for fund managers in FOF products have become stricter, focusing on those with experience in multi-asset management and strong volatility control capabilities [6] Group 4: Fund Issuance Trends - From January 5 to 7, 38 new funds were launched, with a total of 77 public funds planned for issuance in January 2026, indicating a peak in fund issuance activity [7] - Equity products remain dominant, with 26 index funds and 26 actively managed equity funds among the new offerings, alongside a diversified product line including 12 bond funds, 11 FOFs, and 2 QDII funds [7]