Group 1 - The core point of the article is the announcement of a new general manager, Li Yunliang, at Quan Guo Fund, following a brief adjustment period in the management team [1][2] - Li Yunliang, a founding partner, will take over daily operations and focus on enhancing the company's investment research, investor services, compliance, risk control, and operational management [2] - The company aims to maintain a value and long-term investment philosophy, prioritizing investor interests while developing differentiated products and services [2] Group 2 - Quan Guo Fund was established in February 2022 and is a national public fund management company approved by the China Securities Regulatory Commission, with a registered capital of 100 million RMB [2] - The company has built a comprehensive investment research team covering equity investment, fixed income, industry research, macro strategy, quantitative tracking, and financial analysis [4] - An employee stock ownership plan has been initiated alongside the management adjustment to align the long-term interests of shareholders, new management, and core employees [4]

Core Viewpoint - The outlook for 2026 suggests a potential surge in investment opportunities in the Chinese market, supported by ongoing economic recovery and enhanced national competitiveness [1][4]. Group 1: Market Performance - In 2025, the A-share and Hong Kong stock markets performed well, with the Shanghai Composite Index rising nearly 20% and the Hang Seng Index increasing by approximately 30%. The STAR Market and ChiNext indices saw even greater gains, exceeding 40% and 50% respectively, making them among the best-performing markets globally [2][10]. Group 2: Fund Industry Development - The public fund industry is moving towards high-quality development, guided by the China Securities Regulatory Commission's action plan issued in May 2025, which aims to optimize the operational logic of the industry across various dimensions [2][10]. Group 3: Research and Investment Strategy - HSBC Jintrust has enhanced its research and investment process by adopting advanced practices from overseas asset management institutions, resulting in a structured and traceable investment research process that improves efficiency and risk management [3][11]. - The company has launched new investment products, including the HSBC Jintrust Multi-Asset Stable Allocation Fund, aimed at providing diversified investment strategies to meet the demand for stable long-term investment options [3][12]. Group 4: Future Outlook - The year 2026 marks a new beginning for both the public fund industry and HSBC Jintrust, with a commitment to accompany investors in various investment paths, including retirement planning, green finance, and overseas allocation [4][12].

Core Viewpoint - The announcement of the new general manager of Quanguo Fund, Li Yunliang, marks a significant leadership transition aimed at enhancing the company's operational management and long-term development strategy [2][4]. Management Changes - Li Yunliang, a founding partner, has been appointed as the new general manager, succeeding Ren Li, who acted in this role temporarily [2][4]. - The management team will also include Jiang Heze as the financial head, Sun Yuan as the compliance and risk control head, and Yao Zhongxiao as a vice general manager, alongside current vice general manager Wei Haijing [2][5]. Company Background - Quanguo Fund was established in February 2022 and is a national public fund management company approved by the China Securities Regulatory Commission, with a registered capital of 100 million RMB [4]. - The company was founded by a group of professionals including Wang Guobin, Ren Li, Jiang Heze, Li Yunliang, and Wei Haijing [4]. Leadership Experience - Li Yunliang has extensive experience in asset management and has been involved in the establishment of the company's governance structure and compliance risk control systems since its inception [4]. - His responsibilities will include integrating and enhancing the company's functions in investment research, investor services, compliance, risk control, and operational management [4]. Strategic Focus - The company aims to adhere to value and long-term investment principles, prioritizing investor interests [4]. - Quanguo Fund plans to create a differentiated product and service matrix, optimize product offerings, and enhance investor engagement through advanced technologies like AI and big data [4]. Talent Development - The company has developed a multi-tiered talent team covering various investment and research areas, including equity investment, fixed income, industry research, macro strategy, quantitative tracking, and financial analysis [6]. - An employee stock ownership plan has been initiated to align the interests of shareholders, management, and core employees, reinforcing the commitment to long-term sustainable development [6]. Company Philosophy - The founder, Ren Li, emphasizes the importance of both individual excellence and team collaboration, advocating for a diverse and balanced ecosystem within the company [7].

2月14日，泉果基金官宣新任总经理、财务负责人、副总经理等管理层人选。 | 基金管理人名称 | 泉果基金管理有限公司 | | --- | --- | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》《证 | | | 券基金经营机构董事、监事、高级管理人员及从 | | | 业人员监督管理办法》等相关法律法规 | | 高管变更类型 | 新任基金管理公司总经理 | | | 新任基金管理公司副总经理 | | | 新任基金管理公司合规负责人、风控负责人 | | | 离任基金管理公司合规负责人、风控负责人 | | 新任高级管理人员职务 | 总经理 | | --- | --- | | 新任高级管理人员姓名 | 李云亮 | | 是否经中国证监会核准取得高管任职 | l | | 资格 | | | 中国证监会核准高管任职资格的日期 | - | | 任职日期 | 2026-02-13 | | 过往从业经历 | 曾任重庆理工大学讲师,重庆证监局副调研员,西南证券股 份有限公司证券资管部总经理,金鹰基金管理有限公司副总 经理、督察长,深圳前海金鹰资产管理有限公司董事长,上 海东方证券资产管理有限公司合规负责人、首席风险官、首 ...

（原标题：官宣！李云亮履新） 【导读】李云亮出任泉果基金新一任总经理 中国基金报记者 若晖 成立四年之际，泉果基金迎来新一任总经理。 2月14日，泉果基金发布公告称，公司创始合伙人李云亮将成为新一任总经理。此前，总经理职务由泉 果基金董事长任莉代行总经理职务。 与此同时，泉果基金还将聘任公司创始合伙人、副总经理姜荷泽兼任财务负责人，孙媛担任合规负责人 和风控负责人，姚钟骁担任公司副总经理等。加上现任副总经理韦海菁，泉果基金高管团队逐渐壮大。 业内人士表示，泉果基金新一任总经理及高管团队的任命意味着泉果基金在经历了短暂调整后，实现了 管理层团队的平稳更替，有利于增强团队凝聚力，发挥核心专业人才的带头作用，更好地服务于投资 者。 李云亮升任泉果基金总经理 2月14日，泉果基金发布高级管理人员变更公告，合规负责人、风控负责人李云亮因工作安排，转任公 司总经理。 据了解，泉果基金新任总经理李云亮拥有丰富和全面的资管机构管理经验。作为公司的创始股东之一及 核心管理层，他自公司成立之初即担任合规负责人、风控负责人兼首席信息官，深度参与了泉果基金从 治理结构搭建、合规风控体系构建到金融科技能力建设的全过程。 履新后，李云亮 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ | | | | 高毅资产海外基金2025年末的美股持仓 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 公众号搜索 | | 私募推荐网 | | 数据来源:美国证交会(SEC)官网,私募排排网整理。 | | | | | | | 证券代码 | 证券简称 | 持股市值 (万美元) | 持股占 组合比重 | 2025年末 持股数 (万股) | 2025年 四季度 持股数变动 | 所属行业 (CICS-级) | 2025年 四季度 涨跌幅 | | 1 | HTHT | संद | 24336 | 36.00% | 517.24 | -0.55% | 非日常生活 消费品 | 20.30% | | | PDD | 拼多多 | 22248 | | | | 非日常生活 | | | 2 | | | | 33.00% | 196.21 | 47.17% | 消费品 | -14.21% | | 3 | | 童看详情 | 9414 | 14.00% | 30.00 | 不 ...

Core Viewpoint - The company *ST Lifan has become an unusual "star stock" in the market despite facing significant risks of delisting due to financial fraud allegations [1][2]. Group 1: Company Background and Financial Issues - *ST Lifan was found to have inflated its revenue by 638 million yuan and costs by 628 million yuan from 2021 to 2023 through various fraudulent activities, leading to potential mandatory delisting [1]. - The company has been under scrutiny since receiving an administrative penalty notice from the Anhui Securities Regulatory Bureau on November 28 last year [1]. Group 2: Market Reactions and Stock Performance - Despite the delisting risks, *ST Lifan's stock price surged dramatically, with seven trading halts and a maximum increase of nearly four times from January 20 to February 12, excluding suspension days [1]. - The stock's performance reflects a broader trend of speculative trading in the A-share market, where investors are drawn to "new," "small," and "poor" stocks [3]. Group 3: Speculation and Regulatory Concerns - The ongoing speculation around *ST Lifan raises questions about the role of market manipulation and the influence of certain funds in driving up the stock price despite the evident risks [2][3]. - The situation highlights the contrast between speculative trading by retail investors and the more systematic high-frequency and algorithmic trading practices that are also prevalent in the market [4].

文 | 银行螺丝钉 （转载请注明出处） 前段时间，螺丝钉写了 2025 年的年终投资总结，这个年终总结主要是针对投资方向的，感兴 趣的朋友可以看一下： 《 2025年终投资总结：好品种+好价格+长期持有=好收益 》 这周收到公众号的年度总结提示。主要是公众号上，过去一年，咱们做了什么～ 2015年4月24日 你注册了公众号 这是你在公众平台第１１年 距今已 3939 天 你是众多创作者中 温暖且独特的存在 2025年，你一共活跃了 365 天 1月1日 你发表了第1篇内容 8 月 你发表了全年最多 共 109 篇内容 夜晚２１:００ 左右 是你最常编辑的时间 有６.8％ 的创作者和你一样 常在这个时间灵感迸发 你一共发表了 1188 篇内容 其中 文章1188篇 共144.7万字 阅读最多的内容是 你的内容 被看过1598.6 万次 共 71.1万人 73.6% 公众号消息 1.6% 聊天会话 19.8% 公众号主页 2.4% 搜—搜 < 你被 推荐 最多的内容是 「固收+」火了： 哪些品种是固 收+基金呢? 共获得 7796 次阅读 其中1834来自推荐 与你互动的有 7.9 万位用户 共收到 4.7 万条 ...

Core Insights - The A-share market is expected to enter a bull market in 2025, with total trading volume exceeding 400 trillion yuan, setting a historical record, and major indices showing varying degrees of increase [2] - The number of private equity firms managing over 10 billion yuan continues to grow, marking a return to the "double hundred era" with 122 firms reaching this milestone by January 2026, an increase from 112 at the end of 2025 [2] - In January 2026 alone, 8 new firms entered the 10 billion yuan club, while 5 firms returned to this category, indicating a robust expansion in the private equity sector [2] Private Equity Growth - In 2025, 24 private equity firms first crossed the 10 billion yuan threshold, with 10 new firms added by January 2026 [2] - The firms that newly entered the 10 billion yuan category include Guoyuan Xinda, Hengyi Chiying, and others, while 3 firms exited this category [2] - The total number of private equity firms in China that have reached the 10 billion yuan mark is now 122, reflecting a significant growth trend in the industry [2] Shift in Private Equity Strategies - The proportion of subjective private equity firms achieving over 10 billion yuan has declined, particularly during the market adjustment phase from 2022 to 2024 [4] - From 2018 to 2021, 60% of the firms that first crossed the 10 billion yuan mark were subjective private equity firms, while this figure dropped to 33% from 2022 to January 2026 [4][5] - Only 13 subjective private equity firms have maintained their 10 billion yuan status since 2022, indicating challenges faced by this segment [8] Notable Private Equity Firms - Qincheng Asset, established in 2022, reached the 10 billion yuan mark in just 1.5 years, focusing on long-term value investment and fundamental analysis [11] - Renqiao Asset, founded in 2017, emphasizes a systematic contrarian investment approach, prioritizing safety margins and certainty [13] - Fusheng Asset, established in 2015, adopts a bottom-up stock selection strategy, focusing on underlying business barriers and sustainable performance [14] - Rido Investment, founded in 2016, adheres to long-term value investment principles, favoring high cash flow and low valuation companies [15]

↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 张翼轸 来源：雪球 春节前串台播客，聊了很多关于 4000 点之上的心理按摩。其实到了这个点位，我个人是处于且战且退的状态。我不去奢望这一波一定能走出长 牛，因为我是一个不相信 "这一次不一样" 的人。 在那次聊天中，我提到了好莱坞的一部喜剧电影，亚当・桑德勒演的《人生遥控器》。电影里有一个遥控器，一按就可以快进到未来。那部片子其 实是喜剧外壳下的悲剧，但对我们做投资的人来说，它提供了一个极佳的思想实验。 没人能跳过的三年熊市 很多时候我就在想，如果我们手里真的有这么一个遥控器，投资这事儿其实非常好做。 大家都说 A 股是 "熊三年，牛三年"。如果我有遥控器，我在牛市顶点按一下暂停键离场，然后按快进键把这三年的熊市直接跳过，等到那个无人 问津的底部我再按播放键买回来。你会发现中国的股市其实就这么好做，这简直是完美的投资体验。 可现实最残酷的地方就在于，我们没有这个遥控器。 熊市的那三年阴跌，你是要用肉身一天一天去扛的。在这个漫长的过程里，你还要面对无数的不确定性。 回想一下，在 ...