Group 1 - The A-share market has entered a phase of oscillation and adjustment after a strong upward trend, with future direction dependent on economic recovery and corporate profit improvement [1] - Analysts indicate that the recent increase in financing margin ratios aims to curb excessive speculation in the market, leading to a net outflow of funds from broad-based ETFs [1][2] - The current market is characterized by a strong performance of small-cap stocks compared to large-cap stocks, driven by economic recovery and liquidity conditions [2] Group 2 - The fiscal and monetary policies implemented at the beginning of the year have provided significant incremental liquidity to the market, with a high volume of maturing deposits expected to shift into higher-yielding financial products [3] - The cyclical industries are anticipated to experience a profit recovery cycle, particularly in sectors such as photovoltaics, generic drugs, and transportation, which will provide long-term positive drivers for the stock market [3] - Historical trends suggest that A-share bull markets are initially driven by risk appetite and capital inflows, followed by fundamental support, indicating that improvements in corporate earnings and market style rotation are still pending [4]

Group 1 - The core focus of the news is on the performance and trends of actively managed equity funds, highlighting their significant stock positions and preference for value style investments [1][2][4] - As of the end of 2025, the total scale of actively managed equity funds reached 3.91 trillion yuan, with equity mixed funds dominating both in number (2,770 products) and scale (2.41 trillion yuan), accounting for over 61% of the total [1][2] - The number of new actively managed equity fund products launched in Q4 2025 was 112, with a total scale of 570.83 billion yuan, maintaining stability compared to Q3 2025 [2] Group 2 - The top three sectors favored by actively managed equity funds as of the end of 2025 were electronics, pharmaceuticals and biology, and power equipment, with the electronics sector having the highest holding ratio at 23.76% [4] - The top three individual stocks held by actively managed equity funds were Zhongji Xuchuang, Xinyi Sheng, and Ningde Times [4] - The overall performance of actively managed equity funds in Q4 2025 was weaker compared to Q3 2025, although flexible allocation mixed funds outperformed the CSI 300 index with a quarterly return of 0.26% [2][3] Group 3 - The stock positions of actively managed equity funds remained high in Q4 2025, with equity investment funds at 90.54%, equity mixed funds at 87.82%, and flexible allocation mixed funds at 74.20% [3] - The market outlook for 2026 is optimistic, with expectations of a shift from valuation-driven growth to fundamental-driven growth as corporate earnings stabilize [5][6] - The current low interest rate environment enhances the attractiveness of equity assets, with potential for significant capital inflow into A-shares and Hong Kong stocks [6]

基金管理人在四季报中表示，展望2026年一季度，宏观环境与市场格局有望呈现新的特征：中美贸易环境大概率改善，国内政策刺激预期保持平稳，反内卷 进展相对缓慢，出口仍将是经济增长的重要贡献项，而消费受以旧换新补贴退坡影响可能面临回落压力，地产投资仍处于磨底阶段，整体经济维持弱复苏态 势，PPI预计温和修复。流动性方面，海外市场主要博弈美联储主席换届带来的政策不确定性，国内货币政策环境将继续保持宽松。风格层面，春季躁动行 情下成长风格有望相对占优，红利风格或较难跑出显著超额收益，但中长期资金入市与国家队托底的背景下，红利资产仍具备一定支撑。基金将延续行业配 置相对均衡的思路，在红利组合中重点筛选成长与估值匹配度较高、具备长期投资价值的优质企业，力争精准把握市场结构性机会。 截至1月22日，汇添富红利增长混合A近三个月复权单位净值增长率为6.30%，位于同类可比基金179/265；近半年复权单位净值增长率为17.99%，位于同类 可比基金186/265；近一年复权单位净值增长率为31.70%，位于同类可比基金189/265；近三年复权单位净值增长率为21.16%，位于同类可比基金113/256。 通过所选区间该基金净 ...

Group 1: Market Performance - The A-share general aviation sector strengthened again on January 22, with multiple aviation-themed ETFs rising nearly 4%, while military and satellite-related ETFs also saw gains of over 3% [1][3] - Conversely, previously hot sectors such as semiconductor equipment, power grid, and gold stocks collectively cooled down, with several semiconductor equipment-themed ETFs dropping over 2% [1][5] Group 2: ETF Fund Flows - On January 21, stock-type ETFs experienced a record net outflow exceeding 100 billion yuan in a single day, marking a historical high [1][9] - Major broad-based ETFs, including those tracking the CSI 300, CSI 1000, and SSE 50 indices, were the primary contributors to this net outflow, with the CSI 1000 ETFs alone seeing a collective outflow of over 28.5 billion yuan [9][10] Group 3: ETF Trading Activity - As of January 22, the Huatai-PineBridge CSI 300 ETF recorded over 20 billion yuan in trading volume for two consecutive trading days, while the E Fund CSI 300 ETF achieved a trading volume of over 16 billion yuan, setting a new single-day historical high since its listing [7][8] - The trading volume for the CSI 1000 ETF significantly decreased, dropping by over 11 billion yuan compared to the previous day [7] Group 4: Central Huijin Holdings - As of January 21, the latest share quantities of several broad-based products, including Huatai-PineBridge CSI 300 ETF and E Fund CSI 300 ETF, have fallen below the holdings reported by Central Huijin for the end of 2025 [2][12]

01 1月22日，A股通用航空板块再度走强，多只航空主题ETF大涨近4%，军工、卫星等相关主题ETF普遍涨超3%；此前热度较高的半导体设备、电网、黄金 股等板块集体降温，多只半导体设备主题ETF跌超2%。 02 近期，股票型ETF持续遭遇资金净流出。1月21日，股票型ETF首度出现单日净流出超千亿元的情况，创历史纪录。部分中证1000、上证50、沪深300主题 ETF净流出额集体创下单日历史新高。 03 截至1月21日，华泰柏瑞沪深300ETF、华夏沪深300ETF、嘉实沪深300ETF、华夏上证50ETF、南方中证1000ETF、华夏中证1000ETF、广发中证 1000ETF、富国中证1000ETF等宽基产品的最新份额数量，均已少于中央汇金2025年末的持仓数量。 通用航空主题ETF再度走强 1月22日，全市场仅有的两只巴西主题ETF集体涨超4%，今年以来已累计涨10%左右。 经过此前调整，A股通用航空板块今日再度走强，多只航空主题ETF涨幅接近4%，卫星、军工等相关主题ETF也普遍涨超3%；建材、油气、可控核聚变等 板块今日表现同样较为活跃，多只建材、油气、创业板人工智能等主题ETF涨超3%。 | 代码 ...

Investment Rating - The report indicates a positive investment outlook for high-growth sectors, suggesting that they possess investment value in the medium to long term [3][9]. Core Insights - The A-share market has experienced a pullback, influenced by policy guidance, leading to a rational market return. Short-term themes have adjusted, but the market is expected to benefit from a slow bull trend after consolidation [3][9]. - The report emphasizes the importance of selecting industries with upward momentum, particularly as selling pressure diminishes [3][9]. Summary by Sections Stock Market Factor Tracking - The market style remains biased towards small-cap stocks, with a continued preference for growth over value styles. Both small-cap and growth style volatilities have reached near one-year highs, indicating increased fluctuations in returns between styles [10][11]. - The report notes a rebound in the dispersion of excess returns across industries, while the speed of industry rotation continues to decline. The proportion of rising stocks in the 300 and 500 indices has significantly decreased [10][11]. - Market activity shows a decline in volatility for most indices, except for the 1000 index, while turnover rates are on the rise [10][11]. Commodity Market Factor Tracking - The energy and precious metals sectors have seen an increase in trend strength, while other sectors have experienced a decline. The basis momentum for precious metals and agricultural products has risen, contrasting with declines in other sectors [23][28]. - Volatility remains high for precious metals and non-ferrous metals, while black and energy sectors have seen slight decreases in volatility. Liquidity has decreased in precious metals and energy sectors, with other sectors experiencing increases [23][28]. Options Market Factor Tracking - Implied volatility for the Shanghai 50 and CSI 1000 indices has begun to decline from recent highs. The skew in volatility indicates a decrease in bullish sentiment and an increase in bearish sentiment, suggesting that market participants perceive a lower risk of significant declines in small-cap stocks in the short term [31][32]. Convertible Bond Market Factor Tracking - The convertible bond market has experienced wide fluctuations. The premium rate for bonds convertible at 100 yuan has stabilized, showing a slight adjustment, while the proportion of low-premium convertible bonds has increased. However, market transaction volumes remain high [33][34].

- The report tracks quantitative factors in the equity market, highlighting that the market style remains tilted towards small-cap and growth-oriented stocks, with increased volatility in style performance and widened return differences between styles[10][11] - In terms of market structure, the dispersion of excess returns across industries has risen, while industry rotation speed has decreased. The proportion of rising constituent stocks in indices like CSI 300 and CSI 500 has declined. Additionally, the concentration of trading in the top 100 stocks remained stable, while the top 5 industries saw a slight increase in trading concentration[10][11] - Market activity indicators show a decline in market volatility across most indices except CSI 1000, while turnover rates have continued to rise[10][11] - In the commodity market, the trend strength of precious metals and energy chemicals has increased, while other sectors have seen a decline. Basis momentum for precious metals and agricultural products has risen, whereas other sectors have declined. Volatility remains high for precious metals and base metals, with slight decreases in energy chemicals and black metals. Liquidity has decreased for precious metals and energy chemicals but increased for other sectors[23][28] - In the options market, implied volatility for SSE 50 and CSI 1000 has decreased from previous highs. The skewness of call options has declined, while that of put options has increased. Despite this, the skewness of CSI 1000 put options remains negative, indicating that market participants perceive a low risk of significant declines in small-cap stocks in the short term[31][32] - In the convertible bond market, the market experienced wide fluctuations. The premium rate for bonds convertible at par value has stabilized with slight adjustments, while the pure bond premium rate for debt-oriented groups has continued to rise. The proportion of low-conversion-premium bonds has also increased. However, trading volume in the market remains high and has not weakened[33][39]

Core Insights - The report highlights that as of January 22, 2025, the disclosure rate of active equity public funds is 95.6%, with a notable increase in A-share holdings and a decrease in Hong Kong stock holdings [2][11] - The report indicates a strategic shift towards large-cap and dividend stocks while reducing exposure to small-cap stocks [2][11] - There is a clear preference for cyclical and consumer sectors, with increased allocations to these areas and a reduction in growth stocks [2][11] - In terms of industry allocation, there is an increase in exposure to non-ferrous metals, telecommunications, and machinery, while reducing allocations to defense, media, and electronics [2][11] Fund Position Changes - As of Q4 2025, the stock position of active equity public funds stands at 86.45%, reflecting a decrease of 0.97 percentage points from the previous quarter. A-share holdings increased by 1.07 percentage points, while Hong Kong stock holdings decreased by 2.05 percentage points [3][12] Sector Allocation Broad Indices - The report notes an increase in allocation to the CSI 300 index, with a holding ratio of 60.12%, and an over-allocation of 14.51% to the CSI 300 and 3.68% to the CSI 500. There is a tendency to reduce exposure to the CSI 1000 index [4][15] Listed Sectors - The report indicates a decrease in Hong Kong stock holdings, with an increased allocation to the ChiNext board. The Hong Kong stock position decreased by 0.68 percentage points, while the ChiNext allocation increased by 1.09 percentage points [4][20] Style Preferences - The report shows an increase in allocations to cyclical and consumer sectors, with cyclical stocks seeing an increase of 1.58 percentage points and consumer stocks an increase of 0.66 percentage points. Conversely, growth stocks saw a decrease of 2.48 percentage points [4][24] Industry Distribution First-Level Industries - The report highlights increased allocations to non-ferrous metals, telecommunications, and machinery, while reducing allocations to defense, media, and electronics. The top five industries with increased allocations include non-ferrous metals (+0.95 percentage points), telecommunications (+0.93 percentage points), and machinery (+0.63 percentage points) [4][27][30] Second-Level Industries - The report identifies increased allocations to semiconductors, internet e-commerce, batteries, chemical pharmaceuticals, and biological products. The top five industries with increased holdings include semiconductors (+0.57 percentage points) and batteries (+3.86 percentage points) [4][34][38] Individual Stock Allocation - The concentration of the top 10 holdings (CR10) in active equity public funds remains stable at 13%. The top 20 stocks with increased market value are primarily in the power equipment, electronics, and non-ferrous metals sectors, while companies like CATL, Industrial Fulian, and Alibaba have seen significant declines in their market values [5][42]

Core Viewpoint - The A-share market has shown a strong start in 2026, with the Shanghai Composite Index achieving a 17-day winning streak and trading volume exceeding 3.64 trillion. This positive market sentiment is expected to lead active equity funds to outperform broad indices, similar to trends observed in 2015 and 2020 [1]. Summary by Sections Active Equity Fund Performance - Fidelity's active equity funds have consistently outperformed their benchmarks across various time frames. For instance, Fidelity's 6-Month A Fund achieved a return of 65.71%, surpassing its benchmark by 42.04% [2]. - The performance of other funds includes Fidelity's Dividend Select A Fund with a return of 27.39% (15.66% above benchmark) and Fidelity's Low Carbon Growth A Fund with a return of 56.04% (34.96% above benchmark) [2][3]. Fund Performance Metrics - Fidelity's 6-Month A Fund has shown impressive returns across different periods, including 21.57% in the last month and 36.55% over the last six months [3]. - The table below summarizes the performance of various Fidelity funds compared to their benchmarks: | Fund Name | Year-to-Date | Last Year | Since Inception | | --- | --- | --- | --- | | Fidelity 6-Month A | 13.47% | 65.71% | 59.76% | | Fidelity Dividend Select A | 2.83% | 27.39% | 22.32% | | Fidelity Low Carbon Growth A | 8.18% | 56.04% | 56.06% | | Shanghai Composite Index | 2.20% | 24.65% | - | Product Series Overview - Fidelity has developed a diverse product matrix to meet varying client needs, including: 1. **Active Flagship Series**: Represented by Fidelity 6-Month A, suitable for both novice investors and institutions seeking excess returns [5]. 2. **Active Dividend Series**: Focused on lower volatility and maximum drawdown, appealing to risk-averse investors [6]. 3. **Active Growth Series**: Targets investors with a proactive allocation strategy, particularly in growth sectors [6]. Fund Manager Insights - Fidelity's fund managers, such as Zhang Xiaomu, emphasize sustainable growth and thorough research, which has led to significant returns in their managed funds [9][11]. - The investment philosophy includes a focus on high-quality companies with strong competitive advantages, ensuring a balanced risk-reward profile [12][13]. Manager Development and Training - Fidelity's rigorous training program for fund managers spans over a decade, involving extensive industry exposure and mentorship to cultivate a deep understanding of investment strategies [17][19]. - The program includes a unique fund manager academy that provides practical investment experience and theoretical training [18]. Legacy and Investment Philosophy - Fidelity's investment approach, rooted in the teachings of Peter Lynch, emphasizes deep fundamental analysis and a long-term perspective on value creation [20]. This philosophy continues to guide the firm's strategies in the evolving market landscape [21].

据了解，永赢基金长期坚持前瞻研判市场、逆向布局产品，致力于提升持有人的投资获得感。2024年A 股震荡期间，偏防御的高股息策略走强，由许拓管理的红利价值策略产品---永赢股息优选表现优异、崭 露头角；2024四季度到2025年，科技成长风起，永赢基金于市场低点布局的硬核科基系列产品大放异 彩，在主动权益及被动指数领域全面开花；而在市场高度聚焦成长板块之际，永赢基金先后逆市发行了 永赢价值回报、永赢价值核心这类价值型产品，并不断强化多资产、多策略产品矩阵，进一步彰显公司 扎实深厚的投研能力和逆市布局的战略视野。 免责声明：以上内容为本网站转自其他媒体，相关信息仅为传递更多信息之目的，不代表本网观点，亦 不代表本网站赞同其观点或证实其内容的真实性。如稿件版权单位或个人不想在本网发布，可与本网联 系，本网视情况可立即将其撤除。 素材源：吕怡蕾 编辑：康书源 审核：王明月 2025年以来权益市场回暖，以科技为代表的成长风格主导全年行情。在当前市场风格更趋平衡、多板块 波动加大的背景下，永赢基金坚持左侧布局价值型产品。据公告显示，永赢价值核心于1月16日圆满结 募，并于1月20日成立。 值得一提的是，该产品由永赢基金权 ...