Core Viewpoint - The current phase of China's economy is characterized by structural transformation and high-quality development, with favorable policies creating numerous market opportunities. The focus for 2026 is on asset allocation and identifying investment points to enhance returns [1][6]. Group 1: Economic Policy Analysis - Internationally, major economies are implementing moderate fiscal policies and supportive monetary policies, with potential for further interest rate cuts in the US and Europe. Japan has begun a gradual rate hike, while fiscal spending is increasing across economies, positively impacting economic growth [3][8]. - Domestically, 2026 marks the beginning of the "14th Five-Year Plan," with policies expected to boost production activities and investment demand, leading to a potential rise in the Producer Price Index (PPI) [3][8]. Group 2: A-Share Market Analysis - From a profit cycle perspective, the A-share market is expected to experience a moderate recovery in corporate earnings, driven by the ongoing economic transformation and the emergence of structural opportunities [4][9]. - The market's future outlook will focus on cyclical, advanced manufacturing, and TMT (Technology, Media, and Telecommunications) sectors. Notably, the non-ferrous metals industry is showing a trend of profit recovery, while advanced manufacturing sectors like battery cells and machinery are also seeing positive earnings trends [5][10]. - The A-share market is currently in a credit expansion phase, indicating significant mid-term allocation value in the equity market. During this phase, growth styles tend to outperform, with market funds likely to favor sectors with higher profit growth and positive earnings expectations [5][10].

面对利率低位运行的新常态，从大额存单到结构性存款，投资 人的每一次选择，都是在收益、风险与流动性之间的权衡，如 何适配自身需求调整资产配置，正成为当下理财的核心命题之 一。 作者：老盈盈 封图：图虫创意 2026年开年，大额存单市场继续经历深刻变革：国有大型商业银行及部分中小型银行1年期以下 大额存单利率跌破1%，中长期产品利率也多低于2%。 这一变化让广大投资人倍感纠结，此前持有3.3%左右利率的三年期大额存单到期后，面对如今大 幅下滑的收益，不少人失去续存动力。有人转而在大额存单转让区寻觅高息标的，也有稳健型投资 者将目光投向结构性存款。近期黄金市场热度攀升，银行新发的结构性存款多与黄金挂钩，尤其是 外资银行推出的产品，预期年化收益率最高超5%，让部分投资人动了"小金额试水"的心思。 面对利率低位运行的新常态，从大额存单到结构性存款，投资人的每一次选择，都是在收益、风险 与流动性之间的权衡，如何适配自身需求调整资产配置，正成为当下理财的核心命题之一。 大额存单利率跌入"0字头" 曾为"揽储利器"的大额存单利率继续下行。2025年，工商银行、农业银行、中国银行、建设银行 四家国有大型商业银行已将20万元起存 ...

Core Insights - The issuance of FOF funds in 2025 reached 89, with a total fundraising scale of 84.529 billion yuan, marking a nearly sevenfold increase compared to the same period in 2024, accounting for 7.02% of the total fundraising scale of public funds for the year [1] - The growth of public FOFs is attributed to their ability to effectively control drawdowns and enhance return stability through diversified asset allocation, leading to increased market recognition and investor interest [1] - Looking ahead to 2026, public FOFs are expected to have significant development potential driven by factors such as "wealth management migration," "pension demand," and "tool upgrades," positioning them as a core product in asset allocation systems [1] Company Insights - Penghua Fund, an early mover in asset allocation business, has garnered market attention for its FOF products, led by Zheng Ke, who has 21 years of experience in the securities industry, focusing on large capital FOF/MOM investment management for 18 years [1] - Zheng Ke's investment research team employs in-depth research and systematic evaluation to construct portfolios of high-quality funds with clear styles and sustainable performance, aiming to reduce the blind spots and information asymmetry risks for individual investors [1] Performance Insights - In the latest 2025 FOF quarterly report, Zheng Ke outlined a cautious strategy of reducing equity allocation in response to market consolidation and external disturbances, focusing on identifying high-quality assets for excess returns while lowering expectations for beta returns [2] - The performance of two FOFs managed by Zheng Ke in late 2023 showed impressive results, with net value growth rates for various share classes significantly outperforming their respective benchmarks over different time frames [2] - The report highlighted that the investment community is increasingly demanding higher "gold content" from products, emphasizing clear allocation logic, stable research teams, and sustainable performance amid the rapid expansion of public FOFs [3]

Core Viewpoint - The article outlines six effective strategies for ordinary investors to make money in the stock market, emphasizing the importance of choosing a suitable approach and maintaining consistency in execution [3][9]. Group 1: Investment Strategies - The first strategy is to wait for significant market declines to buy index funds, suggesting that during major downturns, investors can potentially earn 30%-40% returns by purchasing broad-based ETFs [3]. - The second strategy involves focusing on one or two stocks for repeated trading, aiming to lower the average cost by selling during price increases and buying during declines [4]. - The third strategy is to accumulate stocks that offer around 5% dividend yields, particularly from state-owned enterprises, and to hold them for dividends, with the potential for capital appreciation [5]. - The fourth strategy is to understand market cycles and invest in undervalued sectors that are currently overlooked, as demonstrated by investments in bank stocks during a period of focus on other sectors [6]. - The fifth strategy is value investing, which involves purchasing leading companies when they are undervalued due to market sentiment, with the goal of benefiting from significant price appreciation when their value returns [7]. - The sixth strategy focuses on investing in smaller companies with strong growth potential, which requires deep industry knowledge and stock-picking skills [8].

（文章来源：每日经济新闻） 十年国债ETF（511260）跟踪上证10年期国债指数，选取剩余期限7到10年且在上交所挂牌的国债作为 样本，久期恒定。从过往表现来看，十年国债ETF（511260）成立以来净值屡创新高，历史业绩持续稳 健。根据基金定期报告，截止三季度末，近1年回报率达4.17%，近3年回报率达14.04%，近5年回报率 达23.39%，成立至今累计回报率达35.77%。 值得关注的是，十年国债ETF成立以来经历了2018-2024年共计7个完整自然年度，均保持每年正收益， 有望成为穿越牛熊周期的资产配置利器。 华宝证券指出，近期央行公开市场操作净投放呵护流动性，叠加权益市场有所降温，以及央行超预期下 调结构性政策工具利率，债市情绪改善，10年期国债收益率短期内快速修复。不过本次利率下调集中于 再贷款、再贴现等定向工具，侧重于信用扩张，并非全面降息；且一季度政府债供给压力仍有扰动；叠 加权益市场春季行情尚未结束，展望后市认为短期收益率进一步向下突破概率有限，10年期国债收益率 或围绕1.85%中枢波动，重视高票息配置。若1月下旬政府债供给扰动减弱，则有望形成中期做多布局 机会。 ...

Group 1 - The article reflects on the author's personal journey over the past three years, highlighting a shift from working in investment institutions to a more independent lifestyle, emphasizing the satisfaction derived from personal freedom and choice [5][10][18] - The author discusses the challenges and limitations faced in the investment industry, particularly the difficulty of achieving financial success and the pressure to conform to societal expectations [9][18] - There is a focus on the importance of maintaining curiosity and a desire for knowledge in the investment field, suggesting that investment is a lifelong endeavor that encompasses various life decisions [24][28] Group 2 - The author mentions the significance of community and networking within the investment space, noting the value of connecting with diverse professionals and sharing insights [12][15][16] - The article emphasizes the need for continuous learning and adaptation, particularly in understanding market trends and investment strategies, especially in the secondary market [28][29] - The author expresses a desire to enhance communication and engagement within their community, aiming to facilitate more discussions and knowledge sharing [23]

格隆汇1月23日｜安联环球投资全球多元资产首席投资总监Gregor M.A. Hirt预期，日本央行在即将举行 的会议上将维持政策利率不变。安联投资预计植田和男将避免对往后的加息路径作出强硬表态。这种审 慎态度短期内或令市场失望，并使汇市干预的风险维持在高位。资产配置方面，比起全球其他市场，安 联投资继续对日本股票持正面看法，同时维持看淡日本政府债券。 ...

2026.01.23 本文字数：2430，阅读时长大约4分钟 作者 |第一财经 冯迪凡 新年伊始，美国总统特朗普"反复变卦"，搅动资本市场。 23日，特朗普表态如果欧洲国家因他对格陵兰岛的关税威胁而出售美国资产，美国将采取"大规模报 复"，叠加其他地缘因素，现货黄金强势站上4900美元/盎司，本月涨幅已达13%，累计涨了近600美 元。 长久以来，大西洋两岸的投资一直很通畅。譬如Zara创始人、西班牙人奥特加 (Amancio Ortega)在西雅 图拥有多处房产，其中包括亚马逊公司的办公楼。他还拥有曼哈顿历史悠久的豪沃特大厦以及迈阿密最 高的办公大楼之一。 法国韦特海默家族 (Wertheimer dynasty)在纽约"亿万富翁街"的办公室里管理着巨额财富，其中包括对美 国化妆品零售商Ulta Beauty的投资。 欧洲思索出售美国资产并非空穴来风。据报道，有私人银行家和顾问透露，在特朗普就格陵兰岛发表声 明以及委内瑞拉和伊朗近期发生地缘政治动荡之后，一些欧洲富裕精英开始评估投资组合中对美国的风 险敞口，考虑将部分资金撤出美国资产，以扩大投资的地域多元化，或者降低对美元的依赖。 正在瑞士参加世界经济论坛的 ...

2026.01. 23 本文字数：2430，阅读时长大约4分钟 作者 | 第一财经 冯迪凡 新年伊始，美国总统特朗普"反复变卦"，搅动资本市场。 23日，特朗普表态如果欧洲国家因他对格陵兰岛的关税威胁而出售美国资产，美国将采取"大规模报 复"，叠加其他地缘因素，现货黄金强势站上4900美元/盎司，本月涨幅已达13%，累计涨了近600美 元。 欧洲思索出售美国资产并非空穴来风。据报道，有私人银行家和顾问透露，在特朗普就格陵兰岛发表 声明以及委内瑞拉和伊朗近期发生地缘政治动荡之后，一些欧洲富裕精英开始评估投资组合中对美国 的风险敞口，考虑将部分资金撤出美国资产，以扩大投资的地域多元化，或者降低对美元的依赖。 正在瑞士参加世界经济论坛的桥水基金创始人瑞·达利欧也表示，市场一直整体上持续分散资产配 置、减少对美国资产的依赖，尤其是各央行。达利欧表示，金价已飙升67%，金价上涨并非仅仅源 于黄金的内在价值，而是因为各央行和其他投资者纷纷购买黄金，分散对包括美元在内的传统法币的 依赖。 哈佛大学肯尼迪政府学院教授福尔曼（Jason Furman）对第一财经记者表示，近期美元走弱而利率 上升的市场走势，"正是我们在去年4月 ...

Core Viewpoint - Dongtai Rural Commercial Bank successfully held the "Xinfu Year of the Horse Gold and Silver Theme Exhibition and Sale" to reward customers and meet their investment and gifting needs, showcasing a variety of gold and silver products inspired by the upcoming Year of the Horse in 2026 [1] Group 1: Event Overview - The exhibition featured a selection of gold and silver products that combine cultural significance and investment value, including horse-themed jewelry, various specifications of investment gold bars, and over a hundred products such as "Twelve Zodiac" gold ingots and "Fortune Gold Gourd" [1] - Interactive activities during the event, such as 1 yuan auctions and product red envelope draws, attracted significant customer participation, creating a lively atmosphere [1] Group 2: Sales Performance - The event achieved a total of 103 transactions, with cumulative sales amounting to 3.23 million yuan [1] Group 3: Future Plans - Dongtai Rural Commercial Bank plans to continue organizing diverse wealth enhancement activities to support customers in achieving stable asset allocation and value appreciation [1]