展望前路，我们信心如炬。2026年将是机遇涌动的一年，我们将继续以"东方智慧、马拉松毅力"，深耕 产业研究，把握时代脉络，全力以赴为您资产的稳健增长与价值跃升保驾护航。 最后，再次感谢您一路以来的同行与托付。让我们携手共赴新程，共赢璀璨未来！ 东方马拉松投资管理有限公司 董事长 钟兆民 敬贺 2026年丙午马年 除夕 免责声明：本文所刊载内容仅供参考，不作为预测、研究、宣传材料或投资建议。本文所采用的第三方 数据、信息、资料等内容来自本公众号认为可靠的来源，但本公众号并不保证和承诺这些数据、信息、 资料等内容的原创性、真实性、准确性、时效性和完整性，亦不会为其承担任何责任。市场有风险，投 资需谨慎。读者不应单纯依靠本资料的信息而取代自身的独立判断，应自主作出投资决策并自行承担投 资风险。本公众号所刊载内容可能包含某些前瞻性陈述，前瞻性陈述具有一定不确定性。本公众号声 明，无论是否出现最新信息、未来事件或其它情况，本公众号均无义务对任何前瞻性陈述进行更新或修 改。 东方马拉松公司简介 来源：东方马拉松投资管理有限公司 值此辞旧迎新的美好时刻，我谨代表东方马拉松投资管理有限公司全体同仁，向您及家人致以最热烈、 最 ...

农历乙巳蛇年的A股市场交易已正式收官，虽然中途有所起伏，但整体仍录得近些年来较完美表现，市场整体量价齐升。 统计数据显示，在刚刚过去的A股市场蛇年交易周期内（2025年2月5日至2026年2月13日），主要指数不同程度上涨，其中上证指数累计上涨 25.58%，深证成指上涨38.84%，创业板指涨势凌厉，其间累计大涨58.73%。 在反映不同规模股票表现的代表性指数中，中证2000指数表现凌厉，该指数在上述蛇年交易周期内累计涨幅达到50.39%。资料显示，中证2000 指数选取市值规模较小且流动性较好的2000只证券作为指数样本。另外，在上述蛇年交易周期内，中证500指数累计上涨48.49%，中证1000指数 累计涨幅则为40.35%。 从行业板块表现来看，主要板块在上述蛇年交易周期内呈现普涨格局。据Wind统计口径，若按照申万一级行业划分，有色金属板块表现一骑绝 尘，其间累计涨幅超过100%。国防军工板块居于其次，其间累计涨幅接近八成。通信、电力设备、电子、机械设备、建筑材料、基础化工、轻 工制造、建筑装饰等板块表现也较好，其间累计涨幅均超过五成。银行板块表现较弱，其间累计涨幅不足10%。此外，上述统计期内， ...

Group 1 - The core viewpoint emphasizes that China's economy is transitioning from scale expansion to quality improvement, supported by a complete industrial chain, a continuous release of engineering talent, and a vast domestic market [5][12] - The "New Five Flowers" of the AI era, which include semiconductors, AI applications, new energy, robotics, and AI+ innovative drugs, are expected to lead economic growth [6][13] - The semiconductor sector is experiencing a critical period of "catching up to running alongside" due to domestic substitution and technological iteration [6][13] Group 2 - The current market is characterized by a structural bull market driven by industrial upgrades and economic transformation, rather than a short-term bubble fueled by capital [7][14] - The focus for 2026 will be on value differentiation, with capital increasingly concentrating on high-quality sectors and companies, supported by macroeconomic recovery and foreign investment in quality Chinese assets [7][14] - The strategy for the year should balance "defensive" value investment principles with "offensive" positioning in high-growth potential sectors, leveraging technological innovation and industrial upgrades for excess returns [7][14] Group 3 - The AI era presents significant opportunities for high-quality economic transformation in China, with the capital market poised for a value-driven expansion [8][15] - The emphasis remains on the "New Five Flowers" as the core focus for investment strategies [8][15]

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 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].

Group 1 - Haier Smart Home has officially become a partner of the Italian Serie A, leveraging innovative technologies like Haier-Cam to enhance brand exposure and accelerate global high-end market expansion [1] - The company announced its 2026 strategy on February 8, focusing on a "user-centered technology ecosystem," and reported record revenue and profit for the first three quarters of 2025, with profit growth exceeding 10% for five consecutive years [1] - As of January 31, 2026, Haier has repurchased approximately 1.201 billion yuan worth of shares and plans to increase the dividend payout ratio to 50% for the 2025-2026 fiscal year [1] Group 2 - As of February 13, 2026, Haier's stock price closed at 25.70 yuan, with a daily decline of 0.73% and a trading volume of 688 million yuan, while the stock has seen a cumulative drop of 1.42% over the past five days [2] - The technical analysis indicates that the stock price is near a support level of 25.65 yuan, with a resistance level at 26.54 yuan [2] Group 3 - For the first nine months of 2025, Haier reported revenue of 234.054 billion yuan, a year-on-year increase of 15.31%, and a net profit attributable to shareholders of 17.373 billion yuan, up 14.64% year-on-year [3] - The company's gross margin slightly increased to 27.2%, and operating cash flow matched net profit at 17.491 billion yuan, indicating stable profit quality [3] - Over 50% of revenue came from overseas markets, with emerging markets in South Asia and the Middle East and Africa experiencing growth rates of 25% to 60% [3] Group 4 - On February 14, an analysis by Upward Capital based on Buffett's value investment criteria highlighted Haier's understandable business model and strong competitive advantages, although it noted concerns regarding low gross margins and high goodwill [4] - Beijing Xianlao Zaji reported that the company's price-to-earnings ratio (TTM) is approximately 10.4 times, at a historical low, with a comprehensive target price of 33.13 yuan, indicating an upside potential of 28.91% [4] - The growth drivers for the company are identified as high-end product offerings, overseas expansion, and policy benefits, with a forecasted net profit increase of 13.21% year-on-year for 2025 [4]

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 ...

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！ 作者：陈嘉禾 九圜青泉科技首席投资官 在投资中"既要又要"，真的可行吗？ 在中国历史上，有一场非常重要的战争——明朝初年的靖难之役。 在靖难之役中，起自北平的燕王朱棣以一隅之兵，对抗南京建文帝的天下之师，最终历经艰难取得胜 利。其中固然有种种原因，但是一个重要的原因，来自建文帝朱允炆的"既要又要"。 什么是"既要又要"呢？在面对反叛的叔叔、燕王朱棣时，年轻的建文帝既想取得最后的胜利，又不想背 上杀死叔叔的恶名。于是，他就给手下的军队下了这么一道诏书："毋使负杀叔父名"。 这一下，前线的将士可犯了难：在性命相搏的战场上，"白刃交兮宝刀折，两军蹙兮生死决"，如何在保 证不杀死对手的情况下，还能打败对手？难道必须逼着对手乖乖投降吗？可是对手既然知道你不敢杀 我，又怎么会投降？ 结果，在整个靖难之役中，好几次朱棣身逢绝境，又硬生生靠着建文帝这句"毋使负杀叔父名"，把自己 救了回来。 再比如，看了沃伦·巴菲特的投资业绩，许多人都觉得"哇，价值投资真好！"但是到了具体执行的时 候，又闹出来不少"既要又要"："我既要价值投资的长期业绩，又要短期能跟得 ...