六大积极因素协同显现，共同构成中国资本市场中长期价值的坚实底座。 "马作的卢飞快，弓如霹雳弦惊。"置身百年变局纵深演进、全球资本版图加速重构的时代背景下，中国 资本市场立足时与势，兼顾质与量，赋能实体经济的发展空间持续拓宽，服务高质量发展的时代价值愈 发凸显。六大积极因素协同显现，共同构成中国资本市场中长期价值的坚实底座。2026年，中国资本市 场稳健发展的底色更加鲜明、韧性持续提升，在服务高质量发展的实践中大有可为。守正笃行、行稳致 远，中国资本市场的2026年值得期待。 一是估值水平的潜在空间。从全球资产配置的视角观察，中国资本市场在估值层面的相对优势，既体现 在静态估值水平上，也体现在动态估值修复节奏之中。在静态层面，中国权益资产整体估值仍处于相对 偏低区间，截至2026年1月30日，沪深300指数与恒生指数的市盈率分别约为14.18倍和12.47倍。这不仅 明显低于美股主要指数，也低于欧洲、日本等主要市场，体现出估值中枢潜力空间的相对优势。在动态 层面，2023年以来，随着新冠疫情冲击的逐步消退，主要经济体货币政策转向，在盈利预期修复和风险 偏好回升的共同作用下，全球资本市场普遍经历了一轮估值修复过程 ...

Core Viewpoint - The company emphasizes its commitment to investor interests and the importance of a robust investment framework as it transitions towards high-quality development in the public fund industry by 2025 [3][6]. Group 1: Industry Growth and Transformation - The public fund industry has experienced significant growth, driven by investor confidence and market resilience, with a focus on technological advancement and industrial upgrading [3]. - 2025 is identified as a pivotal year for the public fund industry, marking a shift towards prioritizing genuine investor returns and implementing long-term assessment mechanisms [3][6]. - The industry is moving towards a model that emphasizes active counter-cyclical investment strategies and the introduction of new floating fee structures [3]. Group 2: Research and Product Development - The company is committed to integrating research, product development, investment, sales, and service to create a value loop centered on client interests [4]. - In 2025, the research team is expected to conduct over 1,600 in-depth investigations to enhance understanding of industry changes and identify long-term growth trajectories driven by technological progress [4]. - The product strategy focuses on creating comprehensive solutions that align with industry opportunities and client needs, ensuring quality management throughout the product lifecycle [4][5]. Group 3: Investment Practices and Market Services - Investment practices are anchored in a "platform-based, integrated, multi-strategy" research system, which aims to provide sustainable returns across various asset classes [5]. - The company is enhancing its market services to build trust with investors, offering a comprehensive support system that encourages long-term investment perspectives [5][6]. - In 2025, the company reported returns of 116.4 billion yuan across its public fund products, with over 220 distributions throughout the year, showcasing its competitive position in the industry [6]. Group 4: Future Outlook and Commitment - The company is poised to play a crucial role in the capital market as a core resource allocation hub, contributing to the enhancement of investor satisfaction and support for the real economy [6][7]. - The commitment to serving national development goals and the modernization of the financial sector is emphasized, with a focus on supporting technological independence and economic upgrading [7]. - The company aims to uphold its foundational principle of being investor-centric while actively engaging in the broader national development agenda [7][8].

Group 1 - The past year has been challenging yet hopeful for the Chinese economy, with a focus on high-quality development and deepening capital market reforms [3][5] - Shanxi Securities has served over 140 billion yuan in direct financing within the province, leading in corporate bond underwriting for six consecutive years and local government bonds for four years [5] - The company has established a matrix of angel funds with a subscribed scale exceeding 1.5 billion yuan, investing in over 20 new quality projects in the province [5][6] Group 2 - Wealth management services have reached 3.09 million clients, with assets under management (AUM) exceeding 320 billion yuan, achieving both scale and structural optimization [5][6] - The company has restructured its customer service system to enhance efficiency and customer experience, winning multiple awards for financial technology development [6][7] - Shanxi Securities emphasizes its commitment to social responsibility, integrating political advantages into governance and supporting local communities through various initiatives [7][8] Group 3 - The company aims to focus on three strategic pillars: functional leadership, professional standing, and differentiated development, while enhancing capabilities and driving transformation through AI integration [8] - The commitment to serving the real economy and managing residents' wealth remains a core responsibility, with a focus on building a collaborative culture [8] - The company expresses gratitude to its stakeholders and emphasizes the importance of trust and connection in its operations [7][8]

Core Viewpoint - The company emphasizes its commitment to creating value for clients and adapting to the evolving economic landscape, highlighting significant growth in assets and client base while preparing for future opportunities in the public fund industry [3]. Group 1: Company Performance - In 2025, the company surpassed a total scale of 700 billion yuan and served over 50 million clients, receiving the Golden Bull Fund Company Award for its performance [3]. - The company aims to continue its growth trajectory into 2026, driven by national strategies and capital market reforms [3]. Group 2: Industry Opportunities - The company identifies three key opportunities for the industry: 1. Economic transition towards high-quality development, fostering growth in sectors like technology, green transformation, and digital integration [4]. 2. Capital market reforms enhancing the investment environment through improved regulations and expanded access for long-term funds [4]. 3. A shift in wealth management among residents, moving from physical to financial assets and from short-term to long-term investments [4]. Group 3: Strategic Directions - The company plans to focus on three main areas in 2026: 1. Strengthening fiduciary duties by increasing the proportion of floating fee products and linking management fees to investment performance [5]. 2. Adopting a long-term perspective in assessments to enhance the focus on sustainable industry value [5]. 3. Enhancing service capabilities by providing comprehensive support throughout the investment process and utilizing financial technology for personalized solutions [5]. Group 4: Industry Ecosystem - The company advocates for a collaborative industry ecosystem centered on investor interests, promoting a shift from scale-driven to client-focused strategies [6]. - The integration of sales channels with fund management can enhance wealth management services, ultimately improving investor returns [6].

在2026年春节团拜会上，习近平总书记向全国各族人民，向香港特别行政区同胞、澳门特别行政区同 胞、台湾同胞、海外侨胞拜年，勉励全国各族人民"在中国式现代化新征程上策马扬鞭、勇往直前"。这 一重要讲话，满怀自信与豪情，必将激励全体中华儿女乘势而上、笃行实干，在主动作为中把宏伟愿景 变成美好现实。 实现光荣与梦想，离不开亿万人民的智慧与力量。一路走来，正是因为我们党始终与人民心心相印、与 人民同甘共苦、与人民团结奋斗，中华民族迎来了从站起来、富起来到强起来的伟大飞跃。 向高处登攀、向远方前行，每一个人也将切实担负起自我的责任。无论是不断巩固拓展经济稳中向好势 头，还是持续提升基层治理的效能，都需要广泛动员群众、组织群众、凝聚群众，把我国发展的巨大潜 力和强大动能充分释放出来。承担这份责任，亦是与国家发展同频共振的过程。正如网络上年轻人所倡 言，制定个人版的"五年规划"，当好自己人生的"规划师"和"建设者"。每一个人脚踏实地，稳步向前， 终将成就独一无二的风景。 新的征程，在"马到成功"的祈愿声与祝福声中开启。拥有14亿多中国人民聚合的磅礴之力，是我们不断 前行最坚实的支撑，是我们走向复兴最深厚的根基。 新时代气象 ...

日月轮转，万象更新，伴随着时光的步伐，我们又一次站在岁月更替的交汇点，迎来了丙午马年。今年 春节联欢晚会主题和主标识，是传统云纹与回纹巧妙连缀成四匹奔腾的骏马，借用"骐骥驰骋"，寓意千 里马齐驱并进、势不可挡。骐骥驰骋，靠的是日积跬步；江河奔涌，源于滴水之功。回望来路，风雨与 彩虹交织；眺望前程，春山与长路相迎。 过去的乙巳蛇年，是很不平凡的一年。我们在复杂多变的国内外形势中稳住了发展大局，在攻坚克难中 夯实了发展根基。面对多重挑战叠加、各类风险交织的严峻考验，我们坚持稳中求进、顶压前行，推动 高质量发展取得扎实成效，"十四五"规划圆满收官，经济社会发展主要目标任务顺利实现，发展的韧性 更足、活力更强、底色更实。 春光作序，万物和鸣。新一季的春风即将吹遍大地，天地间将充盈着蓬勃的豪情。"骐骥一跃，不能十 步；驽马十驾，功在不舍。"马年象征着奋进与力量，新的一年，让我们带着新春的信心与期盼，以龙 马精神踏浪前行，以实干笃行续写荣光，让个人的梦想融入国家发展、江苏进步的洪流，共同迎接一个 更加温暖、更加繁荣、更加美好的春天！ 开好局、起好步，更加筑牢信心之基。锚定奋斗目标、创造新的伟业，信心比黄金更重要。我们要坚 ...

（原标题：富国基金总经理陈戈：策马奔腾，共赴新程） 新春嘉平，万象更新。我谨代表富国基金，向长期以来信任与支持我们的每一位投资者与合作伙伴，致 以最诚挚的问候与新春祝福！ 乘势而上：把握时代脉络，迎接崭新机遇 待启新程春风起，千帆所向，俱是潮声。启航2026年，"十五五"规划的蓝图正徐徐展开，中国经济在底 盘稳、韧性强的稳健态势下，坚定向"新"而行、向"优"而进。富国基金认为，当前，中国资本市场深化 改革、稳健发展的态势更加巩固，正迎来一个充满希望的崭新阶段。A股市场有望在政策驱动、盈利修 复与市场信心回暖的多重合力下，步入长期向好的发展轨道。 新的一年，富国基金将始终秉持"为持有人创造价值"的初心，继续聚焦投研核心能力的锤炼与迭代，打 造能够适应不同市场环境的投资管理体系。同时，我们坚持发挥机构投资者的资本配置功能，支持科技 创新、产业升级等国家战略方向，在服务实体经济的同时，助力居民财富的保值增值。我们将始终围绕 投资者的核心关切，在长期投资理念的指引下，致力于通过持续稳定的投资回报、丰富多元的产品工具 与细致专业的客户服务，回馈每一位持有人的信任。 春风策马，骏程万里。市场的春天源于基本面的改善与信心的 ...

展望2026年——这个充满活力与希望的"马年"，我们认为中国经济将进入"高质量发展深化年"。一方 面，中央经济工作会议明确提出"把稳增长、稳就业、稳预期作为重中之重"，财政政策有望更加积极， 特别国债、地方专项债发行节奏前置，新基建、绿色转型、数字经济等领域将成为投资主战场；另一方 面，房地产风险化解取得阶段性成效，金融体系稳健性进一步增强，人民币资产的全球配置价值日益凸 显。 在此背景下，资本市场也将迎来结构性机遇。我们判断，2026年A股市场将呈现"震荡上行、风格轮 动"的特征。随着企业盈利逐步修复、估值处于历史低位，叠加资本市场"国九条"深化落实、上市公司 分红回购机制完善，权益资产的长期吸引力正在提升。与此同时，债券市场在"宽货币+稳信用"环境 下，仍将维持偏强格局，但需警惕海外通胀反复带来的利率波动风险。 债券市场作为合晟资产的核心深耕领域，我们持续发挥十四年积淀的信用研判与利率把控能力。当前债 券市场虽面临资金面边际波动，但中长期"稳增长、宽信用"的政策基调未变，我们会继续通过精细化信 用评级体系筛选优质标的，把握信用债机会；同时动态调整久期策略，在利率波动中捕捉交易性机会， 坚守合晟债券投资的核 ...

编辑：张云帆 转自：新甘肃 野石新春的晨曦刚漫过山河，"中国红"便从人间烟火里漫开，成了天地间最温暖的主调。大红灯笼从单 元门、小区口一路延伸，缀满车水马龙的长街。这暖色越过黄河铁桥，映红整座城市的街巷，又顺着经 纬，挂遍神州大地的每一个角落，最终，稳稳地挂进了每一位华夏儿女的心头。这跃动的红，是归途的 指引，是团圆的底色。它漫过旧岁的余温，裹着时光的沉香，在檐角、在掌心、在每一声归人脚步的回 响里，宣告着过往的圆满，也唤醒了新岁的蓬勃与滚烫。岁序轻翻，马年带着旷野的长风与自由的气 息，如约而至。这生灵，是刻在中国人骨血里的意象。它惯于沉默，却总把脖颈昂向风来的方向，鬃毛 飞扬如燃烧的旗。蹄声是大地的脉搏，踏过泥泞时不见犹疑，跃过沟壑时从无退缩。我们爱这股劲儿， 如同农人深爱土地，匠人守护炉火。日子不必惊天动地，却要如马蹄般扎实，一步一印，将生活的犁 铧，深深耕进希望的泥土里。你看，这股昂扬的劲儿，其实就在我们身边。田埂上，冻土正被新绿顶 破；车间里，金属的碰撞声比爆竹更铿锵；早餐铺的蒸笼掀开，白气裹着生活的热气，在晨雾里缓缓升 腾。新年的第一缕晨光，就这样温柔地落在每一个忙碌而坚定的身影上。站在"十五五"开 ...

Core Viewpoint - The article emphasizes the optimism and strategic direction for the capital markets in 2026, highlighting the importance of navigating challenges while seizing new opportunities [1] Group 1 - The article presents insights from leading figures in the capital markets, suggesting a positive outlook for the upcoming year [1] - It encourages investors to rely on authoritative and timely research to uncover potential investment themes [1] - The phrase "骏马踏春来 驭势稳行启新程" symbolizes a proactive approach to market dynamics and the pursuit of growth [1]