黄金、白银上演史诗级跳水，追高的投资者损失惨重。黄金和白银的大起大落，再次为资本市场敲响了 防风险的警钟，对于投资者而言，市场走势不可预测，但投资风险却可以采用定投的交易策略来合理控 制，既能享受中长期稳定的投资回报，又能避免投机情绪带来的非理性交易。 黄金、白银市场的大幅波动，是资本市场不确定性的典型体现。作为传统的避险资产，金银价格受到全 球经济形势、货币政策、地缘政治等多种因素的综合影响，使得其价格走势难以精准预测。投资者若试 图通过短期投机，追逐价格的高点和低点赚取差价，往往会被市场的剧烈波动所左右，陷入追涨杀跌的 困境。此次金银跳水，许多追高的投资者因未能及时止损，导致重大投资损失，便是短期交易的风险体 现。 市场走势的不可预测性，决定了投资者难以通过精准择时来获取稳定收益。在充满不确定性的市场中， 试图把握每一个价格波动以实现短期高收益，在实际操作中很难做到。相反，这种投机行为往往会引发 投资者的非理性决策，使他们在市场情绪的驱使下，盲目跟风买卖，忽略了长期价值投资的基本逻辑和 风险控制。当市场走势与投资者的判断相反时，投资者往往会遭受巨大损失。 定投策略则为投资者提供了一种理性应对市场波动的有效 ...

Group 1: Airline Industry - The new draft regulation from the China Air Transport Association mandates that airlines must categorize economy class seats into "free selectable seats" and "reserved seats," with specific percentages of free seats based on total seat count [2][3] - For domestic flights with 160 or fewer economy seats, at least 70% must be free; for 161-200 seats, at least 75%; and for over 200 seats, at least 80%. International flights must offer at least 65% free seats [2] - This regulation aims to balance operational efficiency and commercial interests while protecting the basic rights of ordinary passengers, addressing previous issues of excessive commercialization by some airlines [2][3] Group 2: Gold Market - On January 30, gold prices experienced a significant drop of over 7%, reaching around $4,990 per ounce, while silver fell more than 15% [4] - UBS maintains a bullish outlook on gold, raising its price targets for March, June, and September 2026 to $6,200 per ounce, a 24% increase from the previous target of $5,000 [4] - The recent volatility in gold prices is attributed to speculative capital and market dynamics rather than fundamental changes, with expectations that prices will stabilize after the exit of speculative funds [5] Group 3: Apple Inc. - Apple reported Q1 2025 revenues of $143.76 billion, a 16% increase year-over-year, with net profits rising 15.9% to $42.10 billion, driven primarily by strong iPhone sales [6] - The iPhone generated $85.27 billion in revenue, accounting for 59.3% of total revenue, marking a 23% year-over-year increase [6] - Apple's strategy of upgrading AI capabilities in collaboration with Google may enhance future performance, although the long-term sustainability of its pricing strategy remains uncertain [6][7] Group 4: SpaceX and xAI - SpaceX is exploring potential mergers, including with Tesla or xAI, as it prepares for a possible IPO in mid-2026, aiming to raise approximately $50 billion [8][9] - The merger with xAI could enhance SpaceX's valuation and facilitate technological synergies in areas like space data centers and aerospace AI [8][9] - Integrating multiple companies under Elon Musk's umbrella could streamline management and resource allocation [9] Group 5: OpenAI - OpenAI is reportedly accelerating its IPO plans for Q4 2023, with a valuation of $500 billion, as it prepares by expanding its financial team [10][11] - The company faces competition from Anthropic, which is also planning to go public, raising concerns within OpenAI about maintaining its market position [10][11] - The influx of capital is crucial for AI companies to sustain their technological advancements and market presence, with OpenAI's potential IPO seen as a way to bolster its financial resources [10][11] Group 6: Kweichow Moutai - Kweichow Moutai's prices surged ahead of the Spring Festival, with wholesale prices increasing significantly, reflecting a renewed consumer demand [12][13] - The company has implemented sales and channel reforms, including the launch of a direct sales platform, to stabilize prices and manage inventory effectively [13] - Moutai's cultural and brand value continues to provide a competitive edge, helping it navigate market fluctuations [13] Group 7: Norwegian Government Pension Fund - The Norwegian Government Pension Fund achieved a 15.1% return in 2025, with a total fund size of approximately 21.27 trillion Norwegian Krone (about 15.47 trillion RMB) [14][15] - Equity investments were the primary driver of returns, particularly in technology, finance, and basic materials sectors, with significant contributions from major tech companies [14] - The fund's long-term investment strategy and focus on technology stocks have positioned it well for sustained performance, despite potential short-term market volatility [15]

Core Viewpoint - The article emphasizes the importance of reading as a pathway to growth and wisdom, drawing inspiration from the practices of successful investors like Charlie Munger and Warren Buffett [2][3][6]. Group 1: Book Recommendation - The featured book in this issue is "Blackstone: The Rise of the World's Largest Alternative Investment Firm," which explores the history and investment philosophy of Blackstone [8][10]. - The book is authored by David Carey and John E. Morris, and it provides insights into Blackstone's strategies and the principles that have guided its success over the past 40 years [25]. Group 2: Blackstone's Investment Philosophy - Blackstone has become the world's largest data center investor, with its co-founder Stephen Schwarzman ranking 29th on the Hurun Global Rich List with a wealth of 365 billion RMB [10]. - The firm is known for its principle of friendly acquisitions, which contrasts with the hostile takeovers prevalent in the 1980s, emphasizing trust and collaboration [10][14]. - Blackstone prefers to invest in "unfashionable" industries and has a track record of making strategic investments during market downturns, such as acquiring Celanese in 2004 [11][14]. Group 3: Core Principles of Blackstone - Blackstone's success is attributed to six core principles: 1. Friendly acquisitions to build trust rather than confrontation [14]. 2. Contrarian thinking, investing during market lows [14]. 3. Focus on operational improvements rather than financial engineering [15]. 4. Risk aversion, prioritizing the avoidance of major mistakes [15]. 5. Talent and succession planning to ensure sustainable organizational capability [16]. 6. Ecosystem building through diversification and long-termism [16]. Group 4: Insights for Chinese Investors - Blackstone's flexible and diverse transaction structures provide a model for Chinese private equity, which often relies on traditional equity investments [19]. - The firm emphasizes the importance of multiple exit channels, with a significant portion of international private equity exits coming from mergers and acquisitions, unlike the lower percentage in China [20]. - Blackstone advocates for providing value-added services to companies, focusing on long-term growth rather than short-term gains [20]. Group 5: Conclusion on Blackstone's Value - Blackstone's approach highlights the importance of rigorous risk analysis and the potential for returns from investing in undervalued assets during downturns [23][24]. - The firm’s strategy of indirect investment in related services or assets, rather than direct investment in trendy sectors, has proven effective [24].

Core Insights - The public fund industry is transitioning from "scale growth" to "investor satisfaction," as evidenced by the performance reports for Q4 2025, highlighting a focus on long-term value creation for investors [1] - The market has shown resilience, with the Shanghai Composite Index and CSI 300 Index rising by 18.41% and 17.66% respectively, while the equity mixed fund index surged by 33.19% [1] - Jiashi Fund has demonstrated strong performance, with 41 funds achieving over 50% returns in the past year and 23 funds exceeding 50% returns over the last three years [2][3] Performance Metrics - Jiashi Fund's Q4 2025 report indicates that over 96 funds achieved returns exceeding 30% in the past year, with 41 funds surpassing 50% [2] - In the last three years, Jiashi Fund has had 10 "doubling funds," including Jiashi Information Industry and Jiashi Innovation Pioneer, showcasing a diverse product range [2] - The Jiashi Resource Selection fund reported a one-year return of 93.46% and a three-year return of 110.22%, significantly outperforming its benchmarks [2][3] Long-term Performance - Over five years, Jiashi Resource Selection achieved a return of 128.38%, with an excess return of 21.83% compared to its benchmark [3] - Jiashi Fund has 16 funds with returns exceeding 30% over five years, with several funds focused on technology and healthcare achieving excess returns over 45% [3] - Since inception, 60 funds from Jiashi Fund have doubled in value, with 11 funds increasing by over three times, including Jiashi Growth and Jiashi Growth Income A [3] Product Diversification - The year 2025 saw significant technological advancements, with Jiashi Fund having strategically invested in sectors like semiconductors, renewable energy, and AI since 2017 [4] - Specific funds such as Jiashi Clean Energy and Jiashi Carbon Neutrality achieved net value growth rates of 67.22% and 66.18%, respectively, with substantial excess returns [5] - Jiashi's passive investment products, including index and enhanced index funds, have also shown strong performance, with net value growth rates of 90.46% and 62.22% [6] Research and Development Strength - Jiashi Fund has built a professional research team of over 300 members, enhancing its investment research capabilities [7] - The company employs a "platform-based, team-oriented, integrated, multi-strategy" investment research system to identify investment opportunities effectively [7]

当前市场对一些优质公司的定价已经非常低，甚至"即使私有化也是非常划算的"。 作者 | 市值风云基金研究部 编辑 | 小白 随着公募基金2025年四季报披露，顶流基金经理的动向再次成为市场焦点。 易方达基金张坤，作为长期价值投资的代表人物，其报告中的每一个数字与每一句观点，都引发了广 泛解读。 旗下四只产品业绩分化 2025年四季度，张坤在管规模降至483亿元，单季度缩水超80亿。 其管理的四只基金业绩呈现出明显的结构性分化，其中三只主投A股的基金表现相对承压，规模最大 的易方达蓝筹精选混合（005827.OF）四季度亏损近9%，跑输业绩基准超6%，25年全年收益不到 7%。 （来源 ： Wind ） 与此同时，部分医药与传媒股也遭到明显减持，比如京东健康被两只基金砍仓约一半，此外，腾讯控 股、分众传媒等也出现在减持名单中。 然而，主投海外的易方达亚洲精选股票（118001.OF）则成为亮点，四季度实现了4.5%的正回报，跑 赢业绩基准超2%，而且该基金25年全年涨幅近42%。 | 序号 | 证券代码 | 证券名称 | > | 基金规模合并值 [交易日期]最新( ... [单位]亿元 | 区间复权单位净值增长率 ...

Core Viewpoint - The new regulations for public fund performance benchmarks aim to reshape the industry by addressing issues such as ambiguous benchmarks and style drift, promoting a shift from a "scale-oriented" to a "capability-oriented" approach, and fostering a long-term value investment ecosystem [1] Group 1: Regulatory Changes - The new regulations establish a comprehensive control system covering representation, constraints, assessment, and supervision, mandating alignment between benchmarks and product strategies [1] - Performance benchmarks will be linked to fund manager compensation, encouraging managers to focus on generating long-term returns for investors [1] Group 2: Impact on Investment Culture - The implementation of clear benchmarks is expected to enhance investment transparency and foster a rational investment culture, attracting more medium- to long-term capital into the market [1] - By reducing short-term speculation and style drift, the regulations aim to guide fund managers back to their core mission of creating long-term value for investors [1] Group 3: Market Representation - The Securities ETF (512880) tracks the Securities Company Index (399975), which includes listed companies involved in securities brokerage, investment banking, and asset management, reflecting the overall performance of the securities industry [1] - This index covers major securities service providers in China, demonstrating strong market representation and industry characteristics [1]

Group 1 - The core focus of the article is on the performance and strategic adjustments of funds managed by Zhang Kun of E Fund, highlighting the significant differentiation in fund performance and his outlook on domestic consumption and investment opportunities [1][2][3] Group 2 - In Q4 2025, Zhang Kun's managed fund size decreased to 48.3 billion yuan, with a quarterly reduction exceeding 8 billion yuan [2][3] - The largest fund, E Fund Blue Chip Selection Mixed Fund (005827.OF), experienced a nearly 9% loss in Q4, underperforming its benchmark by over 6%, while the E Fund Asia Select Stock Fund (118001.OF) achieved a 4.5% positive return, outperforming its benchmark by over 2% and recording a nearly 42% increase for the entire year [2][3][4] Group 3 - Zhang Kun continued to reduce holdings in the liquor sector, albeit at a slower pace compared to Q3 2025, maintaining a near 10% position in leading liquor stocks like Kweichow Moutai and Wuliangye [4][5][6] - Significant reductions were also noted in pharmaceutical and media stocks, with JD Health seeing a cut of about half in holdings, alongside Tencent Holdings and Focus Media [5][6][7] Group 4 - In overseas investments, Samsung Electronics replaced Tencent Holdings as the top holding in the E Fund Asia Select, with Zhang Kun opting to take profits as stock prices surged [6][7][8] Group 5 - Zhang Kun expressed a strong belief in the future of domestic consumption, arguing that current consumer weakness is not a permanent state and will improve, supported by government goals for income growth and stabilization of housing prices [8][9][10] - He emphasized that a robust domestic consumption market is crucial for technological innovation, suggesting that increased consumer spending will benefit domestic AI companies and accelerate their development [10][11][12] - Zhang Kun remains optimistic about the long-term potential of Chinese consumption and economic growth, viewing current market valuations of quality companies as attractive for long-term investors [10][11][12]

（原标题：高估值赛道产品审批收紧，考验公募产品布局能力） 市场持续上涨、热点轮动，监管正逐步收紧对高估值赛道权益基金的审批。业内人士认为，此举将降低 同质化竞争以及单一赛道过度拥挤的风险，保护投资者利益。基金公司应顺应监管逆周期调节的导向， 提升产品布局能力。 "监管层通过动态调整产品注册节奏，从供给端实施逆周期调节，抑制非理性跟风投资，是为了更好保 护投资者的利益，构建更有利于长期投资的市场环境。"王铁牛称。 在南开大学金融学教授田利辉看来，热门赛道基金审批节奏调整，其核心逻辑是"逆周期调节"与"投资 者适当性管理"的深度融合。 "当前，部分科技创新赛道估值已处于历史较高分位，资金若在情绪高点通过新发基金集中涌入，极易 催生局部泡沫，加剧市场波动。"田利辉指出，监管此举的目的是主动平抑这种"顺周期"募资冲动，防 止行业"产品供给"与"价值发现"基本功能的错位。从更深层看，这也是从源头治理"风格漂移"等顽疾， 引导行业从追逐短期热点的"题材驱动"，回归遵循契约精神的"策略驱动"。 公募应提升逆周期产品布局能力 受访人士认为，监管从产品供给端着手进行逆周期调节，有利于抑制同质化竞争，降低单一赛道过度拥 挤的风险 ...

Core Viewpoint - The tightening of approvals for high-valuation equity funds is aimed at reducing homogeneous competition and the risks of overcrowding in single sectors, thereby protecting investor interests [1][2]. Group 1: Approval Tightening - In the past year, 31 AI-themed funds have been pending approval, with 15 applications submitted for over three months, indicating a slowdown in the approval process for high-valuation products [2]. - Since 2025, regulators have gradually tightened the approval of new equity funds with high valuations, adjusting the performance benchmark requirement from the 90th percentile to the 80th percentile [2]. - Recent approvals have favored industry theme funds focused on relatively low-valuation sectors such as new energy and engineering machinery [2]. Group 2: Market Dynamics - The current high valuations in popular sectors like AI and semiconductors pose risks, with the CSI Artificial Intelligence Index PE ratio at 70.86 times and the National Semiconductor Index PE ratio reaching a historical high of 151 times [2]. - The regulatory approach aims to suppress irrational investment trends and create a more favorable environment for long-term investments [2][3]. Group 3: Strategic Adjustments for Fund Companies - Fund companies are encouraged to enhance their product layout capabilities in response to regulatory adjustments, which can help mitigate risks associated with homogeneous competition [4]. - The policy direction is expected to lead to three benefits: guiding funds towards long-term value investment, optimizing resource allocation, and strengthening investor suitability management [4]. - Fund companies should prioritize sectors with reasonable valuations and align with national strategic directions, such as healthcare and consumer sectors, when applying for new products [5].

Core Viewpoint - The stock price of Fenglong Co., Ltd. has experienced abnormal fluctuations due to speculative trading, primarily driven by rumors of UBTECH's potential acquisition, despite the company clarifying that there are no restructuring plans [1] Group 1: Market Reaction - The abnormal stock price movement is attributed to speculative trading behavior that disrupts market order, leading to regulatory actions such as trading suspensions for certain investors [1] - The market has reacted strongly to the rumors linking Fenglong Co. with the humanoid robot sector, resulting in significant price increases despite the lack of fundamental support [1] Group 2: Regulatory Response - Regulatory authorities have intervened to manage the abnormal trading activities, aiming to curb speculative behaviors that deviate from fundamental values and to guide the market back towards long-term value investment [1] - The characteristics of small market capitalization and low liquidity of Fenglong Co. make it particularly susceptible to controlled speculation [1]