以下文章来源于20社 ，作者贾阳 20社 . 关注年轻人的钱包、工作和生活。 将投中网设为"星标⭐"，第一时间收获最新推送 永赢成了2025年最红的基金公司。 小顾最近喝美式都能喝出香甜。 作者丨 贾阳 来源丨 20社 去年才入市的她，最初跟着小红书买基金，"超市"一开就是一货架，十几支基。结果一支"机器人"，把其他赚到的全赔进去了。小顾吸取教训，年末不 开超市了，只留下了4支基金，包括两支永赢的基金。 谁曾想，赶上了商业卫星板块爆发的行情，永赢高端装备智选这支21天怒涨40%。"永赢真的疯了！"小顾不敢再拿了，卖出次日果然就大跌。精准逃 顶的小顾安心了：一个月的奶茶咖啡钱有了。 历数小顾买过基金厂牌，大小公司全都有，易方达、南方、德基、广发……但要数永赢的名字最有记忆点，尤其是在给她赚到钱之后，"永赢的好几个 板块都涨很好啊"。 正是像小顾这样的投资者追捧，让永赢成了2025年最红的基金公司。永赢的品牌效应，既来自它的名字本身，也来自其惊人业绩。 永赢科技智选基金，全年收益率233.29%，成为2025年主动权益类基金冠军，打破了王亚伟保持多年的纪录，也被部分投资者称为史上最赚钱的公募 基金。 几年前的明星 ...

在宏观经济环境持续演变、产业结构深度调整的背景下，资本与实体经济之间的关系正经历从"单向支 持"向"系统协同"的重要转变。企业发展所面临的不确定性不断增加，单一资源或短期合作已难以支撑 长期成长，如何构建更加稳健、可持续的协同机制，成为商企组织与资产管理机构共同思考的课题。在 这一时代背景下，山河汇商企联合会与尧源资产管理有限公司基于长期主义与稳健发展的共同理念，持 续深化战略合作，探索资本与商企协同发展的新路径。 从行业发展趋势来看，当前市场正逐步回归理性与价值本源。无论是企业经营还是资本配置，都更加注 重系统能力、风险意识与长期规划。山河汇在长期实践中，始终强调组织力、资源整合能力与风险认知 的重要性，通过连接不同行业、不同发展阶段的企业主体，逐步构建起以协同、互信和长期陪伴为特征 的商企生态。这种生态并非简单的资源堆叠，而是在共同价值观基础上的持续共建。 尧源资产管理有限公司则立足资产管理与风险控制领域，在复杂多变的金融环境中，坚持以研究驱动和 全周期风控为核心，强调规范治理与价值投资理念。公司关注的不仅是阶段性机会，更是资本在不同周 期中如何保持稳健运行、如何在不确定性中为企业发展提供确定性支持。这种 ...

国泰海通策略的看法： 沃什降息立场更为鸽派和确定；中国政策重心正转向内需主导，并列为2026年首要任务。 沃什降息立场更为鸽派和确定；中国政策重心正转向内需主导，并列为2026年首要任务。 大跌后，良机就在眼前，市场有望企稳，在春节前重拾升势。 新兴科技是主线，价值也会有春天。 大跌后，良机就在眼前，市场有望企稳，在春节前重拾升势。 新兴科技是主线，价值也会有春天。 国泰海通策略的看法： ...

近期，多只*ST股发布了退市预警，触发的类型各样，如营收不足3亿元且扣非前后净利润均为负，或 者预计审计机构无法出具标准审计意见等。*ST股的投资风险本身就比一般股票要高，在发布退市预警 之后，其投资风险更是进一步提升，投资者不宜在*ST类股票中豪赌，避而远之是最佳选择。 *ST股票一直都是高风险、低收益预期的投资品种。这类公司大多业绩表现不佳，财务状况堪忧，存在 诸多潜在问题。拉响退市警报之后，*ST股票的投资风险更是陡然上升。 从公司价值层面看，退市通常伴随着公司经营状况的恶化，资产质量下降，未来盈利能力堪忧。一旦退 市，意味着公司股票将不能继续在A股市场公开交易，没有了资本市场的溢价，这些公司股票的投资价 值会大幅缩水，这也是为何退市股最终都以暴跌退场。对于投资者而言，持有退市股可能意味着血本无 归。 *ST股的退市风险并非偶然，而是其长期经营不善、问题积累的结果。在公司发布退市预警后，公司基 本面很难在短期内得到根本性改善，退市的可能性很大。而且，随着监管力度的不断加强，退市制度日 益完善，*ST公司退市的进程可能会加快，投资者想要通过短期投机获利的机会越来越渺茫。 面对*ST股的退市预警，避而远之是 ...

Report Investment Rating - No specific investment rating for the industry is provided in the report Core Viewpoints - Last week (2026.01.26 - 2026.01.30), the A - share market was volatile and differentiated, with high trading volume, extreme differentiation, and rapid rotation. The market's driving logic shifted from macro - cycle trading to micro - performance verification, and it's advisable to focus on mid - stream industries with profitability repair and ROE improvement [2][3][11][12][13] - The bond market was volatile last week, and the current environment is favorable for the bond market. The 10 - year Treasury yield is expected to gradually decline towards 1.80%. In the context of increased volatility in the equity market, the relative value of bond coupon allocation has increased [4][14] - The China Securities Regulatory Commission released a draft for public comments on amending the information disclosure rules for public funds, aiming to guide the industry to focus on the concepts of "long - term investment and value investment" [5][17] Weekly Market Observation 1.1 Equity Market Review and Observation - Last week, the Shanghai - Shenzhen 300 rose 0.1%, the CSI 500 fell 2.6%, and the ChiNext fell 0.1%. The market was characterized by extreme differentiation and rapid rotation under high trading volume, with more stocks falling than rising [2][11] - Market funds were in a fierce game between inflation trading and the technology growth theme. "Price trends" were the guiding principle in the first half of the week, and later, policies and performance became the main drivers of style switching. The annual performance forecast disclosure was a key factor for individual stock trends [3][12] - The market's driving logic shifted from macro - cycle trading to micro - performance verification. Funds tended to seek more balanced and performance - supported allocations, and it's recommended to focus on mid - stream industries [13] 1.2 Pan - Fixed - Income Market Review and Observation - Last week, the bond market was volatile. The 1 - year Treasury yield rose 1.80BP to 1.30%, the 10 - year yield declined 1.86BP to 1.81%, and the 30 - year yield rose 0.19BP to 2.29%. The 10 - year yield is expected to gradually decline towards 1.80% [4][14] - The current environment is favorable for the bond market. The central bank maintains stable liquidity, and the cautious economic growth targets in many places ease the market's expectations of strong fiscal stimulus. The bond market sentiment is gradually improving [4][14] - Last week, the U.S. Treasury yield curve steepened. The 1 - year yield declined 5BP to 3.48%, the 2 - year yield declined 8BP to 3.52%, and the 10 - year yield rose 2BP to 4.26%. The appointment of Kevin Warsh as the Fed Chairman affected the U.S. Treasury yield curve [15] - The CSI REITs Total Return Index rose 0.47% last week, with municipal environmental protection and highways leading the gains. Ten new public REITs made progress in the primary market [15] 1.3 Public Fund Market Dynamics - On January 30, 2026, the China Securities Regulatory Commission released a draft for public comments on amending the information disclosure rules for public funds. The new rules require adding the medium - to - long - term performance of the past 7 and 10 years, no longer disclosing the past 1 - month performance, and adding disclosure requirements such as fair trading, employee fund - holding, and trading unit leasing [5][17] Fund Index Performance Tracking 2.1 Equity Strategy Theme - Based Index - **Active Stock Fund Selection**: The index selects 15 funds each period, with equal - weight allocation. The core positions select active equity funds based on performance competitiveness and style stability, and balance the style according to the CSI Equity - Oriented Fund Index. The performance benchmark is the CSI Equity - Oriented Fund Index [21][22] 2.2 Investment Style - Based Index - **Value Stock Fund Selection**: It selects 10 funds of deep - value, quality - value, and balanced - value styles. The performance benchmark is the CSI 800 Value Index [25] - **Balanced Stock Fund Selection**: It selects 10 relatively balanced and value - growth style funds. The performance benchmark is the CSI 800 [25][26] - **Growth Stock Fund Selection**: It selects 10 funds of active - growth, quality - growth, and balanced - growth styles. The performance benchmark is the 800 Growth Index [29] 2.3 Industry Theme - Based Index - **Pharmaceutical Stock Fund Selection**: It selects 15 funds with an average purity of no less than 60% in the pharmaceutical industry. The performance benchmark is the pharmaceutical theme fund index [32][33] - **Consumer Stock Fund Selection**: It selects 10 funds with an average purity of no less than 50% in the consumer industry. The performance benchmark is the consumer theme fund index [33][34] - **Technology Stock Fund Selection**: It selects 10 funds with an average purity of no less than 60% in the technology industry. The performance benchmark is the technology theme fund index [37] - **High - End Manufacturing Stock Fund Selection**: It selects 10 funds with an average purity of no less than 50% in the high - end manufacturing industry. The performance benchmark is the high - end manufacturing theme fund index [42][43] - **Cyclical Stock Fund Selection**: It selects 5 funds with an average purity of no less than 50% in the cyclical industry. The performance benchmark is the cyclical theme fund index [45][46] 2.4 Money - Market Enhancement Index - **Money - Market Enhancement Strategy**: The index aims for liquidity management, pursues a curve that exceeds money - market funds and is smoothly upward. It mainly allocates money - market funds and inter - bank certificate of deposit index funds. The performance benchmark is the CSI Money - Market Fund Index [48] 2.5 Pure Bond Index - **Short - Term Bond Fund Selection**: It selects 5 funds with stable long - term returns, strict drawdown control, and significant absolute - return ability. The performance benchmark is 50% * Short - Term Pure Bond Fund Index + 50% * Ordinary Money - Market Fund Index [52] - **Medium - and Long - Term Bond Fund Selection**: It selects 5 medium - and long - term pure bond funds with both return and drawdown control, and adjusts the duration and the ratio of credit bond and interest - rate bond funds according to the market [54] 2.6 Fixed - Income + Index - **Low - Volatility Fixed - Income + Selection**: The equity center is 10%. It selects 10 funds with an equity center of less than 15%. The performance benchmark is 10% CSI 800 Index+90% ChinaBond New Composite Full - Price Index [57] - **Medium - Volatility Fixed - Income + Selection**: The equity center is 20%. It selects 5 funds with an equity center between 15% - 25%. The performance benchmark is 20% CSI 800 Index+80% ChinaBond New Composite Full - Price Index [60] - **High - Volatility Fixed - Income + Selection**: The equity center is 30%. It selects 5 funds with an equity center between 25% - 35%. The performance benchmark is 30% CSI 800 Index+70% ChinaBond New Composite Full - Price Index [63] 2.7 Other Pan - Fixed - Income Index - **Convertible Bond Fund Selection**: It selects 5 convertible bond funds based on an evaluation system from multiple dimensions. The sample space requires a high proportion of convertible bond investment [66] - **QDII Bond Fund Selection**: It selects 6 QDII bond funds with stable returns and good risk control based on credit and duration [69] - **REITs Fund Selection**: It selects 10 REITs funds with stable operation, reasonable valuation, and certain elasticity based on the underlying asset type [70]

Group 1 - The core viewpoint of the article highlights the volatility and differentiation in the A-share market, with significant trading activity and a tendency for individual stocks to decline more than rise, indicating a competitive environment between inflation trades and technology growth themes [3][8][10] - The market's performance is influenced by price trends in commodities and technology sectors, with notable fluctuations in gold, silver, copper, NAND flash memory, and cloud computing services, reflecting a high sensitivity to marginal changes [3][10] - The ongoing anti-involution policies are leading to negative investment growth across various industries, suggesting a future supply contraction, while demand stabilizes under fiscal stimulus and economic recovery, reinforcing performance recovery for leading companies [3][10] Group 2 - In the bond market, there was a mixed performance with the 1-year government bond yield rising by 1.80 basis points to 1.30%, while the 10-year yield fell by 1.86 basis points to 1.81%, indicating a stabilizing trend in the bond market [4][11] - The central bank's commitment to maintaining stable liquidity supports the bond market, and cautious economic growth targets in various regions alleviate expectations for strong fiscal stimulus [4][11] - The overall sentiment in the bond market is gradually improving, with expectations that the 10-year government bond yield may trend down towards 1.80% in the near future, enhancing the relative value of bond coupon allocations [4][11] Group 3 - The China Securities Regulatory Commission has proposed new guidelines for public fund disclosures, emphasizing long-term performance over short-term results, which aims to promote a focus on long-term and value investing within the industry [13][14] - The new disclosure requirements include the addition of long-term performance metrics for funds over 7 and 10 years, and the elimination of one-month performance disclosures, reflecting a shift towards more sustainable investment practices [13][14]

2月2日，中国A股市场经历了一场令人心惊的震荡调整。三大指数全线暴跌，上证指数、深证成指和创业 板指跌幅均超过2%，科创50指数更是跌超3%，创下近期新低。这种集体性下跌在近期市场中实属罕见， 让无数投资者感到不安和困惑。 市场情绪骤然降温，全市场超过4600只个股下跌，这一数字几乎占据了市场的绝大多数。更有123只个股 跌停，表明市场抛售压力巨大，投资者恐慌情绪蔓延。这种大面积的下跌不仅影响了机构投资者，更让广 大散户投资者感到措手不及。 与市场大跌形成鲜明对比的是，沪深两市成交额仅为2.58万亿元，较上一个交易日大幅缩量2508亿。这一 数据清晰地表明，在市场大幅下跌的过程中，资金并未积极参与抄底，反而选择了观望态度。 成交量的大幅萎缩通常意味着市场参与者的信心不足。投资者在面对市场不确定性时，往往选择"现金为 王"的策略，这种避险情绪进一步加剧了市场的下跌压力。成交量的急剧减少，反映出市场短期内缺乏足 够的买盘支撑，这也是指数持续走低的重要原因之一。 回顾近期市场表现，我们可以清晰地感受到市场情绪的急剧转变。此前，随着经济数据的好转和政策预期 的升温，市场一度洋溢着乐观情绪，投资者信心逐步恢复。然而，2 ...

随着促消费政策持续落地，中国消费市场已明确迈入温和复苏通道。2025年全国社会消费品零售总额首 破50万亿元，同比增长3.7%；中国商业联合会预计，2026年我国社零总额增速将进一步提升至4.5%。 同时，消费结构升级驱动户外慢社交需求崛起，垂钓运动加速破圈，由此催生的千亿级产业机遇，正持 续吸引资本密切关注。 在此背景下，1月30日，全球钓鱼装备制造龙头乐欣户外正式启动招股，向港股"钓鱼装备第一股"发起 最后冲刺。本次招股价格区间为11.25-12.25港元，公司计划于2月10日挂牌上市。 接下来，不妨从价值投资角度来解析乐欣户外的长期成长价值。 OBM自有品牌+钓具新品类，业务天花板持续抬升 钓鱼，从来不是一门标准化的生意。不同水域、钓法及气候环境对钓鱼装备的需求存在显著差异。乐欣 户外深耕行业三十余载，在长期产品验证与用户反馈中持续打磨，沉淀出"产品力×品牌力×渠道力"的 多维竞争优势，构筑起同业难以复制的业务护城河。 产品矩阵上，乐欣打造了1万+SKU钓鱼装备产品，精准覆盖鲤鱼钓、比赛钓、飞钓、冰钓等全场景需 求并实现全球市场渗透。2024年公司实现营收5.73亿元，同比增长23.8%，按当年收入计， ...

Core Viewpoint - The recent sharp decline in gold and silver funds, triggered by the nomination of hawkish Kevin Warsh as the next Federal Reserve Chairman, has led to significant market panic and liquidity traps for investors [2][6][11]. Group 1: Market Reaction - On February 2, the Guotai Silver LOF fund resumed trading and immediately hit the daily limit down, with sell orders exceeding 8 billion yuan, while the trading volume was only around 50 million yuan by midday [3][5]. - Major gold and silver funds, including E Fund and Harvest, experienced daily declines of over 7%, with some ETFs hitting the limit down, reflecting a nearly 30% maximum drawdown over the past three trading days [5][6]. Group 2: Causes of Decline - The direct catalyst for the decline was President Trump's nomination of Kevin Warsh, known for his hawkish monetary policy stance, which raised fears of a shift in monetary policy [6][11]. - Following this announcement, international precious metal futures prices plummeted, with silver futures experiencing a single-day drop of over 30%, the largest since 1980, and gold futures dropping over 10% [6]. Group 3: Investment Risks - The investment frenzy in gold and silver funds, particularly the Guotai Silver LOF, revealed multiple risks, including liquidity traps and a lack of understanding of the fund's arbitrage mechanisms among investors [8][10]. - The Guotai Silver LOF saw its price premium soar to over 60%, attracting speculative investments, but the subsequent market downturn has left many investors facing significant losses due to the rapid decline in both the fund's net asset value and the premium [10][11]. Group 4: Future Outlook - Analysts suggest a "long-term bullish, short-term bearish" outlook for precious metals, indicating that while short-term volatility is expected, the long-term demand from global central banks will continue to support gold prices [7]. - The current market conditions highlight the importance of value investing and caution against speculative behavior, as many investors may become trapped in high-premium situations [11].

Core Insights - The market is experiencing fluctuations, with funds flowing into safe-haven assets, particularly cash flow ETFs (159399), which have seen a net inflow of over 660 million yuan for four consecutive days [1] - Guotai Junan Securities highlights a new paradigm of value investment driven by free cash flow, as economic growth slows and interest rates decline, leading to a "asset shortage" for low-risk stable income preferences [1] - Free cash flow products not only possess characteristics of dividend assets but also provide direct cash returns to investors, with free cash flow being the cornerstone for sustainable and scalable dividend payments [1] Investment Opportunities - Free cash flow products are not uncommon internationally, with the Pacer US Cash Cows 100 ETF being a notable example, achieving an annualized return of 16.09% from 1991 to 2024 and attracting cumulative inflows of 21.5 billion USD from 2021 to 2024 [1] - Investors are encouraged to pay attention to cash flow ETF (159399), which has outperformed the CSI Dividend Index and the CSI 300 Index for nine consecutive years from 2016 to 2024 [1] - The underlying index of cash flow ETF (159399) focuses on large and mid-cap stocks, with a higher proportion of central state-owned enterprises compared to similar cash flow indices, and monthly dividend assessments are available for interested investors [1]