Core Insights - The asset management industry in China is projected to reach a total scale of 184.53 trillion yuan by the end of 2025, reflecting a growth of 13.1% compared to the previous year [1][2] Group 1: Industry Growth and Structure - The asset management industry is transitioning from rapid expansion to a focus on quality and detailed management, influenced by regulatory policies and market changes [2] - By the end of 2025, the breakdown of the asset management industry includes: bank wealth management at 33.29 trillion yuan, public funds at 37.71 trillion yuan, private funds at 22.15 trillion yuan, pension funds at 6.85 trillion yuan, private asset management by securities firms at 12.30 trillion yuan, insurance fund utilization at 37.46 trillion yuan, and trust assets at 32.43 trillion yuan [2] - The number of bank wealth management products reached 46,300 by the end of 2025, marking a 14.89% increase from the beginning of the year [3] Group 2: Performance of Funds - In 2025, public fund indices showed significant performance variation, with stock fund indices achieving an annualized return of 27.84%, and actively managed stock funds reaching 33.58% [4] - The number of private securities investment fund managers decreased to 7,531, while the number of funds dropped to 80,390, although the total management scale increased by 35.8% to 7.1 trillion yuan [4] - The trust industry is experiencing a notable shift towards standardized products, with the number of standard trust products increasing by 46.93% year-on-year [4] Group 3: Insurance Asset Management - The balance of funds utilized in insurance asset management is steadily increasing, with stock investment scales for life insurance and property insurance companies growing by 50.47% and 30.28% respectively [5] Group 4: Technological Integration - The report highlights the integration of artificial intelligence in asset management, with firms like BlackRock utilizing smart investment research platforms and risk control systems to enhance decision-making [6] - The dual focus on wealth management and asset management is becoming a significant development direction for the industry, with expectations for a key transformation period over the next five years [6]

Core Viewpoint - The "fixed income +" products are a key focus for brokerage asset management this year, facing dual pressures from declining bond yields and increasing difficulty in enhancing equity components [1][2] Group 1: Challenges Facing "Fixed Income +" Products - The traditional operation model of "fixed income +" strategies is challenged by low bond yields and structural market conditions, weakening the safety net function of bonds [2][3] - Increased volatility in the bond market has reduced the contribution of traditional coupon income, with expectations of continued wide fluctuations in 2026 [2][6] - The structural differentiation in the equity market complicates the enhancement of equity components, raising the difficulty of stock selection and timing [2][3] Group 2: Strategic Adjustments and Innovations - Brokerage asset management firms are pushing for iterative upgrades of "fixed income +" products through multi-asset strategies, quantitative tools, and enhanced risk control [4][5] - Expanding asset boundaries and reducing correlation in portfolios is a key strategy, with firms incorporating low-correlation alternative assets to improve resilience [4] - Strengthening quantitative and systematic investment capabilities is emphasized, with firms utilizing data-driven methods to enhance investment discipline and stability [4] Group 3: Market Outlook for 2026 - Institutions expect bond market performance to improve compared to 2025, with yields anticipated to remain volatile [6][7] - The equity market is expected to strengthen amidst volatility, with structural opportunities identified in sectors such as technology, cyclical stocks, and emerging themes [6][8] - Specific sectors recommended for investment include AI, semiconductor, and renewable energy, reflecting a focus on growth and cyclical recovery [7][8]

一方面，实施"从混合到权益"的能力积累。理财子优先深耕混合类产品， 通过"固收打底、多策略增强"的模式，在控制波动前提下积累权益、衍生 品等实战管理经验，逐步搭建多资产配置框架。待投研体系与风控机制成熟 后，再审慎推出以追求长期资本增值为目标的纯权益类产品。 银行理财 2026 年 2 月月报 优于大市 从财报看理财子如何布局多资产 银行开年"心思"不在卖理财上，1 月份理财存量规模环比基本持平略有少 增。阶段性规模少增原因在于 1 月份银行重点抓贷款"开门红"，同时中收 营销力度着力"分红险"等更高销售佣金率的产品；不过随着居民定期存款 到期再配置，判断节后理财逐步将迎来显著增量。 本期月报中我们整理了市场各家理财子多资产产品布局：当前理财行业在多 资产产品布局上呈现"整体占比低、个体差异大、发展刚初期"的显著特征； （1）行业马太效应明显：根据 2025 年银行半年报数据披露，招银理财、兴 银理财、工银理财、中银理财、农银理财等规模领先，多数城商行理财子公 司规模在 1000 亿至 6000 亿元之间，让她合资理财公司（如贝莱德建信、汇 华理财等）及部分小型公司规模尚在百亿量级，处于差异化起步阶段：（2） ...

Core Viewpoint - The "fixed income +" products are a key focus for brokerage asset management this year, as residents continue to shift their asset allocation towards financial assets, balancing stability and aggressiveness [1] Group 1: Challenges Facing "Fixed Income +" Products - "Fixed income +" products are currently facing dual pressures from declining bond yields and increasing difficulty in enhancing equity components, leading to a deep transformation of related strategies [2][3] - The traditional operation model of "fixed income +" strategies is challenged by low bond yields and structural market conditions, reducing the safety net function of bonds and complicating equity enhancement due to market differentiation [3][4] - The volatility of bond yields has increased, impacting the stability of portfolios, while the structural differentiation in the equity market has raised the difficulty of stock selection, leading to decreased certainty in overall strategy returns [4][5] Group 2: Iteration and Upgrading of "Fixed Income +" Products - Brokerage asset management firms are advancing the iteration of "fixed income +" products through multiple dimensions, including expanding asset boundaries, enhancing quantitative tools, and improving risk control [5][6] - Expanding asset boundaries involves incorporating low-correlation alternative assets to enhance portfolio resilience against cycles, moving beyond the traditional stock-bond framework [5][6] - Strengthening quantitative and systematic investment capabilities is essential, with firms utilizing data-driven methods to avoid over-reliance on single market opportunities and to construct long-term effective strategies [6] Group 3: Market Outlook for 2026 - Institutions generally expect bond market performance to improve compared to last year, with yields anticipated to remain volatile, while the equity market is expected to strengthen amidst fluctuations [7][8] - The bond market is projected to present more investment opportunities in 2026, with a potential steepening of the yield curve and increased trading value in long-term bonds [7] - In the equity market, structural opportunities are anticipated, with a focus on sectors such as technology, cyclical stocks, and emerging themes like AI, as well as recommendations for specific industries to target [9]

一、交易提示 面对债券底仓收益下降、权益增强难度上升的双重压力，多家券商资管表示，2026年将重点布局"固收+"产品，通过多资产 配置、量化工具运用和风控体系升级推进策略迭代。展望股债走势，机构普遍认为，今年债券收益率水平将维持震荡，权 益市场有望在震荡中走强，"固收+"产品将借助可转债、量化对冲、衍生品等工具提升收益弹性，满足居民资产向金融资产 配置转移的需求。 数据来源：巨灵财经 基金频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 （3）春节前后，债券、指数、主动权益等多类型基金密集公告暂停大额申购。受访人士归纳：一是保护存量持有人利益， 避免大额资金摊薄收益；二是维护策略有效性，防止规模快速膨胀冲击模型或建仓节奏；三是应对节前流动性波动，降低 赎回冲击成本。投资者选基需兼顾管理人投研实力与自身风险偏好，避免盲目追逐短期业绩。 | 基金代码 | 基金简称 | 基金经理 | 首次蔡集目标 | 投资类型 | 发行截止日期 | | --- | --- | --- | --- | --- | --- | | | | | (亿元) | | | | 026578 | 广发悦丰多元稳健三个月持有期混合(FOF ...

"以黄金为例，近期市场关注度显著上升。短期需警惕交易拥挤带来的高波动。2025年黄金上涨65%， 2026年1月又在不到一个月内再涨超30%，涨幅远超历史均值。快速上行吸引了大量散户、ETF资金及 实物买盘涌入，导致市场情绪高度亢奋。一旦出现回调，极易引发踩踏式抛售，每年涨幅超30%都很罕 见，单月涨幅超30%极为罕见。从长期看，其配置逻辑依然坚实：去全球化趋势、美元走弱、全球央行 持续增持等因素构成结构性支撑。这些驱动因素伴随全球环境的阶段性发展而产生，具有不可逆性，因 此黄金依然具备长期配置价值。"刘睿表示。 （编辑：杨井鑫 审核：朱紫云 校对：颜京宁） 2月4日，在贝莱德中国2026年投资展望媒体分享会上，贝莱德建信理财副总经理、首席投资官刘睿谈 到，在目前的环境下，"不确定性"成为市场的常态。多资产配置的核心原则并未改变：一是选择具备真 正分散效应的资产或策略；二是确保所选资产具备长期保值增值能力。 中经记者 郝亚娟 夏欣 上海、北京报道 刘睿认为，多资产配置的基本原则，是不断丰富可配置的资产类别与策略。在此基础上，应建立清晰的 方法论框架，即战略资产配置（SAA）和TAA（战术资产配置）。SAA 是 ...

Macro Overview - The U.S. labor market remains weak, with the Federal Reserve likely to maintain interest rates in the short term and a low probability of balance sheet reduction [3] - December's non-farm payrolls showed weakness, and previous data was revised down, indicating a deteriorating labor market despite a "virtually low" unemployment rate [3] - Inflation in December was moderate, reflecting previous market concerns about tariff transmission effects, which may be "one-off"; future inflation will depend more on rental prices, service industries, and energy prices [3] - The Federal Reserve is expected to keep interest rates unchanged until at least June 2026, influenced by fiscal stimulus measures supporting the economy and inflation [3] - The nomination of Kevin Warsh as the next Fed Chair suggests a preference for policy independence through balance sheet reduction, but this view lacks consensus and empirical support within the Fed [3] Domestic Macro - Economic downward pressure is increasing, with Q4 GDP growth slowing to 4.5%, but the annual growth target of 5% is expected to be met [3] - Domestic consumption, investment, and real estate continue to decline, with investment growth slowing due to debt reduction and subsidy withdrawal, leading to increased pressure on consumption [3] - External demand and production remain strong, providing important support for economic growth [3] - Price indices are stabilizing, showing the effects of anti-inflation measures, but internal demand remains insufficient, with a divergence in pressures between upstream high-tech manufacturing and lower-tier sectors [3] - Policies are still focused on proactive measures, with a relatively mild overall intensity; 2026 policies are expected to be more pragmatic, with many local targets set lower than last year [3] A-share Strategy - The market is returning to rationality, with a short-term shift towards stability; investment and consumption are declining, while price indicators are stabilizing [3] - A-share trading volume has decreased, but overall sentiment remains high; medium to long-term policies are increasingly focused on technological innovation, with national subsidies continuing but at a reduced intensity [3] - External geopolitical risks, particularly from Trump, have increased but have a limited impact on the domestic market [3] - The spring market rally may be nearing its end, with expectations for a more rational market in February; the early spring rally has progressed quickly, and regulatory measures are cooling the market [3] - Investors are advised to consider taking profits or shifting to a more stable investment style before the Spring Festival, as the market is expected to experience increased volatility [3] Industry/Style - Investors are encouraged to take profits in high-growth technology sectors before the Spring Festival and shift to a more defensive style [3] - Focus on large-cap indices such as the Shanghai Composite, CSI 300, and A500, as market volatility is expected to rise [3] - Short-term strategies should include high-dividend stocks and sectors like banking, utilities, consumption, and real estate for potential opportunities [3] - Mid-term outlook suggests support for commodity-based sectors like non-ferrous metals and chemicals, while technology hardware sectors should be monitored for guidance from earnings reports [3] Asset Allocation Views - A-shares: Neutral [5] - Hong Kong stocks: Neutral [5] - Interest rate bonds: Neutral [5] - Credit bonds: Neutral [5] - Convertible bonds: Neutral [5] - U.S. stocks: Relatively optimistic [5] - U.S. bonds: Relatively optimistic [5] - U.S. dollar: Neutral [5] - Japanese stocks: Relatively optimistic [5] - Gold: Neutral [5] - Oil: Relatively cautious [5] - Currency/deposits: Neutral [5]

执业证书编号：S0740525060003 Email：lvpin@zts.com.cn 如何在定位和投资上做好一只"固收+" ——基金四季报详细拆解 证券研究报告/固收专题报告 2026 年 02 月 05 日 分析师：林莎 执业证书编号：S0740525060004 Email：linsha@zts.com.cn 分析师：金晓溪 执业证书编号：S0740525070004 Email：jinxx@zts.com.cn —负债行为深度》2026-02-01 2、《债基和理财的 2025：负债行为 拥抱含权》2026-01-30 3、《追风不如乘风》2026-01-25 报告摘要 分析师：吕品 资金面逻辑：负债端驱动下的扩容新周期，"固收+"承接机构和居民流动性溢出。2025 年，"固收+"基金规模连续四个季度环比大幅增长，截至 2025 年四季度末，全市场"固 收+"基金规模创下历史新高。本轮扩容的核心驱动力源于负债端行为的变化：在存款 利率下行与纯债收益空间压缩的背景下，居民与机构的低风险资金开始寻求替代资 产。2025-2026 年的定存到期高峰，这为市场提供了充裕的流动性储备。即使仅有微 量资金进行风 ...

以下文章来源于排排私募汇 ，作者山枫 排排私募汇 . 私募排排网出品。专注深度对话私募管理人，直击私募核心策略。用客观数据说话，以专业视角解读。在这里，读懂私募，把握投资先机。 点击↑↑ 上图查看详情 2025年是量化私募"吸金又吸睛"的一年。从市场环境来看， A股呈现"小微强、大盘稳"的结构性行情，成交活跃、日内波动放大为量化交易提 供了充裕的Alpha空间。此外DeepSeek-R1大模型的发布点燃了"AI+量化"赛道，头部量化私募随即开启AI大模型军备竞赛与人才争夺战。 在此 背景下，行业从策略、规模到业绩，整体迈上了一个新台阶。 那么，这些身在局中的量化私募怎么看待2025年的行业变化呢？它们进行了哪些布局？2026年，量化私募的发展趋势又是怎么样的呢？为此， 笔者采访了鸣石基金、蒙玺投资、世纪前沿、九坤投资、远和资产、半鞅私募基金、量创投资、海南无量资本、前海国恩资本、双隆投资、波粒 二象私募、上海思达星汇私募12家具有代表性的量化私募机构。（ 点击查看完整原文 ） 策略格局： 传统高频价量策略的Alpha空间被宏观波动挤压，而能够融合地缘政治、产业周期、政策预期等宏观因子的量化模型， 表现出了更强 ...

黄金、白银在进入2026年后，伴随着特朗普的一系列激进动作，快速将美元贬值交易的叙事演绎到极致，相关资产的波动率飙升，并最终引发了近 期的暴跌。 需要看清楚的是，这一波疯狂周期的加速度： ①1000→2000美元： 黄金走了12年（2008-2020年初） 过去一周见证了多项历史，黄金以迅雷不及掩耳之势急冲到5500后，一"什"激起千层浪，坐直升机跌到4680点，单日跌幅超过500点，创下40年来的 历史记录。（数据来源：Wind） 黄金白银历史级别的大跌带来系列连锁反应，冲击全球风险偏好，避险情绪迅速蔓延，波及海内外、股债汇等全球资产，前几个交易日内，不少账 户都经历了激烈的波动。 写作本文的此时此刻，市场已经修复、平静了很多。但经历了疯狂的几日之后，或许大家会对黄金的定价和地位，有了更加清晰的心理锚定，对于 波动加大、资产联动加强时期的多资产配置应对，也会有一些新的理解，一起来聊聊。 #重新定义"避险" 当黄金单日暴跌500点 ②2000→3000美元： 用了5年（2020-2025年年初） ③3000→4000美元： 缩短到7个月（2025.1-2025.8） ④4000→5500美元： 仅用了不到5个 ...