盡2026 年年度策略报告 金融工程首席分析师：马普凡 金融工程分析师：吴金超 金融工程分析师：吴俊鹏 金融工程分析师：白拙朴 主动管理的价值发现与被动策略的配置升维 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明。 金融工程·年度策略报告 主动管理的价值发现与被动策略的配置升维 盡2026 年年度策略报告 2025 年 11 月 21 日 核心观点 分析师 马普凡 ：021-68597610 ：mapufan_yj@chinastock.com.cn 分析师登记编码：S盫盬目盫盰盭盭盫盯盫盫盫盭 吴金超 ：021-68597610 ：wujinchao_yj@chinastock.com.cn 分析师登记编码：S盫盬目盫盰盭目盫盳盫盫盫盭 吴俊鹏 ：010-80927631 ：wujunpeng_yj@chinastock.com.cn 分析师登记编码：S盫盬目盫盰盬盲盫直盫盫盫盬 白拙朴 ：baizhuopu_yj@chinastock.com.cn 分析师登记编码：S盫盬目盫盰盭盰盫盯盫盫盫目 研究助理：刘璐 ：liulu_yj@china ...

Core Viewpoint - The active equity fund industry is facing challenges due to the rise of passive investment tools, making it crucial to continuously generate alpha in a complex macro and market environment [1][2] Group 1: Performance and Rankings - As of September 30, 2025, ICBC Credit Suisse Fund ranks 3rd in absolute returns among 13 large equity fund companies over the past 7, 5, and 3 years [1][10] - The excess return rankings for the same periods are 2nd for 7 years, 3rd for 5 years, and 2nd for 3 years [1][10] Group 2: Investment Team and Research Model - The success of active investment performance is attributed to ICBC Credit Suisse Fund's integrated research and investment model, which fosters collaboration and growth within the team [2] - The "platform-type" mechanism facilitates the transfer of knowledge between seasoned and new investors, enhancing the team's overall effectiveness [2][6] Group 3: Insights from Fund Managers - Fund managers emphasize the importance of continuous learning, teamwork, and specialization in their respective fields to achieve stable excess returns [3][4][5] - The team operates cohesively, akin to a caravan, ensuring collective progress and stability in uncertain markets [6] Group 4: Future of Active Equity Products - Active equity products are expected to thrive as they play a vital role in supporting innovation and resource allocation in capital markets [7] - The long-term development prospects for active equity investment are promising, given the low allocation of household financial assets to equities in China [8] Group 5: Understanding Active Investment - Investors should select fund managers and platforms that align with their investment styles for better outcomes [9] - A focus on deep specialization in specific sectors is crucial for achieving sustained success in active investment [9]

Core Viewpoint - The article emphasizes the importance of active equity funds in generating excess returns through in-depth research and dynamic decision-making, especially in a market increasingly dominated by passive investment strategies [2]. Group 1: Performance of ICBC Credit Suisse Fund - As of September 30, 2025, ICBC Credit Suisse Fund ranked 3rd in absolute returns among 13 large equity fund companies over the past 7, 5, and 3 years [2]. - The fund's excess return rankings were 2nd for the past 7 years, 3rd for the past 5 years, and 2nd for the past 3 years [2][14]. Group 2: Integrated Research and Investment Model - The success of active investment performance is attributed to ICBC Credit Suisse Fund's integrated research and investment model, which fosters collaboration between seasoned professionals and newcomers [3]. - The "platform-type" mechanism encourages knowledge sharing and continuous evolution within the investment team [3]. Group 3: Insights from Fund Managers - Fund managers emphasize the significance of teamwork and continuous learning in enhancing investment success [5][6]. - Specialization in niche areas is highlighted as a key to achieving stable excess returns [7]. Group 4: Understanding the "Platform-Type" Research Mechanism - The team operates collaboratively, akin to a caravan, ensuring collective progress and stability [9]. - Effective research teams are characterized by broad coverage, hierarchical structure, and diverse styles, promoting growth through open communication [9]. Group 5: Future of Active Equity Products - Active equity products are expected to thrive as they play a crucial role in innovation and resource allocation in capital markets [11]. - The long-term development prospects for active equity investment are promising, given the low allocation of equity in household financial assets in China [11]. - Despite challenges in gaining market recognition, fund managers focusing on niche areas and delivering consistent excess returns are likely to be acknowledged by investors [11]. Group 6: Understanding Active Investment - Investors should select fund managers and platforms that align with their investment styles for better outcomes [13]. - A focus on long-term value creation is essential, as short-term performance may not be sustainable [13]. - Deep specialization is considered a vital quality for success in various fields, including technology [13].

Group 1 - The article discusses the importance of identifying opportunities for excess returns in a rapidly changing market [1] - It highlights the role of the ICBC Credit Suisse Asset Management team in exploring these investment opportunities [1] - The mention of MACD golden cross signals indicates that certain stocks are experiencing positive momentum [1]

Core Insights - The A-share market has faced pressure in recent years, impacting active equity funds and leading to poor investor experiences. However, since the introduction of the 924 policy last year, the market has rebounded, with active equity funds achieving impressive returns in 2023 [1] - Active equity funds, including ordinary stock, equity hybrid, flexible allocation, and balanced hybrid funds, have recorded an average return of 32.44% in the first three quarters of 2025, significantly outperforming mainstream broad-based indices [1] - The current market environment has led to a pronounced structural differentiation, raising the bar for fund managers' research and investment capabilities [1] Company Developments - Penghua Fund, with 26 years of investment research experience, recognizes the need to adapt to the new market environment and trends by evolving its investment research culture, talent development, and product layout [1] - The company has established a continuously iterating investment research system and a comprehensive talent pipeline, offering diverse asset allocation solutions for investors with varying risk appetites [1] - As a result of its sustained efforts, Penghua Fund has received notable ratings, with 24 of its active equity products awarded five-star or AAAAA ratings by major institutions as of the end of Q3 2025 [2] Performance Highlights - Among the rated products, Penghua Medical Technology A has achieved top rankings in various time frames within the pharmaceutical and healthcare sector, while Penghua Innovation Upgrade A has also received high ratings across multiple institutions [2][3] - Long-standing products like Penghua Brand Inheritance and Penghua Prosperity Innovation Mixed (LOF) A have withstood market tests, receiving five-star ratings over ten years from different institutions [2] - Seven active equity funds from Penghua Fund ranked in the top ten of their categories on the long-term performance list by Galaxy Securities as of September 30, 2025, showcasing the company's investment return capabilities [2] Investment Strategy - In the context of frequent structural opportunities in the equity market in 2025, Penghua Fund has developed a systematic investment research strategy that combines top-down and bottom-up approaches [3] - The company maintains a balanced industry allocation and dynamically optimizes its investment portfolio based on market changes, employing wave operations based on long-term trend judgments [3] - Penghua Fund aims to continue deepening its focus on active equity investments and enhancing its research capabilities to create long-term stable returns for investors [3]

Core Insights - The article emphasizes the importance of high-quality development in the public fund industry, guided by the China Securities Regulatory Commission's action plan, which aims to enhance the scale and proportion of equity investments in public funds [1][11] - Huatai Fund Management has established a strong reputation for its active stock selection capabilities, achieving significant performance improvements in its equity funds over the past year [1][6] Investment Philosophy and Research System - The company adheres to a consistent investment philosophy focused on in-depth fundamental analysis, selecting high-quality securities for long-term investment to achieve stable growth [4] - Huatai has developed a unique vertical integrated research system, emphasizing collaboration and resource sharing among research teams to enhance investment decision-making [3][6] - The firm has implemented a structured management approach to investment, ensuring alignment between client needs, product positioning, and investment strategies [5][7] Team Development and Management - The company has focused on building a diverse investment team by nurturing talent and attracting experienced investment managers, fostering a culture of collaboration and knowledge sharing [4][6] - Huatai has established a performance evaluation system that links management fees to fund performance, enhancing accountability and aligning interests with investors [7][8] Service Enhancement and Client Engagement - The action plan encourages fund companies to optimize resource allocation to better serve investors, with Huatai committed to a client-first approach in its service offerings [9][10] - The firm has developed a comprehensive wealth management system that includes tailored solutions for various client segments, enhancing service quality and responsiveness to market changes [10][11] Future Outlook - The public fund industry is expected to see the emergence of outstanding investment institutions, with Huatai aiming to contribute to the long-term value creation for investors and the broader economy [11]

Core Viewpoint - The article emphasizes the resurgence of active equity funds in the A-share market, highlighting their significant outperformance compared to broad market indices in 2023, with the active equity index achieving a return of 35.96% [4][10]. Group 1: Market Performance - Since the beginning of the year, the CSI 300 Index and the CSI 800 Index have recorded increases of 17.94% and 20.87%, respectively, while the average return of active equity funds has significantly outperformed these indices [4]. - The active equity fund market faced challenges from 2022 to 2024, with a notable shift towards index funds, which saw their scale exceed 3.7 trillion yuan by the end of Q3 2024 [4][5]. Group 2: Historical Analysis - Historical data shows that the proportion of active equity funds outperforming their benchmarks has varied, with a notable decline in performance from 2022 to 2024 due to a defensive market style [5][8]. - Despite recent underperformance, over longer periods (5, 10, and 15 years), active equity funds have consistently outperformed the CSI 300 and CSI 800 indices, indicating their long-term value [10][11]. Group 3: Active Management Advantages - Active equity funds have demonstrated their ability to generate excess returns by capitalizing on specific industry opportunities, contrasting with the U.S. market where returns are concentrated among a few tech giants [20][19]. - The article highlights that the Chinese market offers diverse and rotating industry opportunities, which have historically provided fertile ground for active equity funds to achieve significant returns [20][21]. Group 4: Recent Trends and Future Outlook - In Q3 2023, all active equity funds from 165 public fund companies reported positive returns, with an average return of 25.93%, surpassing the CSI 300's 17.90% increase [26]. - The article suggests that investors should leverage the active management characteristics of these funds, trusting in the expertise of skilled fund managers while maintaining a rational approach to market fluctuations [27].

Group 1 - The core viewpoint of the news is the successful IPO of Zijin Gold International, which raised nearly HKD 25 billion, making it the second-largest IPO in Hong Kong this year, following CATL [1] - Zijin Gold International's stock price has increased by 82% since its listing, closing at HKD 130.40 last Friday [1] - The IPO attracted significant institutional interest, with 29 institutions participating in cornerstone subscriptions, including GIC, BlackRock, and Schroders [1] Group 2 - Huatai Fund and Fortune Fund, both of which emphasize active equity investment, secured cornerstone subscriptions for Zijin Gold International, reflecting their strong investment culture [2] - The historical performance of Huatai Fund and Fortune Fund includes a notable 41 consecutive quarters of heavy investment in Kweichow Moutai, showcasing their long-term investment strategies [2] - Fortune Fund, one of the "old ten" fund companies, has a balanced ownership structure that supports effective corporate governance and long-term interests of shareholders [2] Group 3 - Fortune Fund has maintained a reputation for compliance and brand integrity since its inception, largely due to the leadership of its first general manager, Li Jianguo [3] - The company has been a pioneer in market-oriented reforms and has consistently ranked at the top of the fund industry in Shanghai [3] - Since 2008, Fortune Fund has implemented a global market-oriented selection process for its management team, enhancing its operational effectiveness [3] Group 4 - Over the past decade, Fortune Fund has strengthened its research and investment team, attracting top talent and respected fund managers [4] - Notable fund managers at Fortune Fund include Zhang Feng, who has achieved an annualized return of 12.64% over 13 years, and Ning Jun, with an annualized return of 14.33% since 2018 [5] - The recruitment of high-caliber fund managers like Fan Yan demonstrates Fortune Fund's ability to attract top talent in the industry [5]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released an action plan to promote the high-quality development of public funds, emphasizing investor-centric development and enhancing core research capabilities, which aligns with the strategic direction of Huitianfu Fund [1][2] Group 1: Investment Philosophy and Strategy - Huitianfu Fund has consistently focused on active equity investment, achieving significant performance with five funds doubling their returns and 20 funds increasing by over 70% in the past year [1][12] - The company emphasizes a long-term investment philosophy based on in-depth fundamental analysis, aiming for sustainable and stable growth in returns [4][6] Group 2: Research and Development - The action plan calls for strengthening core research capabilities and establishing evaluation metrics for fund companies, which Huitianfu has already implemented through a unique integrated research system [3][4] - Huitianfu has developed a vertical integrated research system that includes industry teams and regular overseas research, enhancing its competitive edge in active equity investment [3][4] Group 3: Team and Culture - The company has focused on team building by nurturing talent and attracting experienced investment managers, fostering a culture of collaboration and knowledge sharing [4][5] - Huitianfu aims to create a diverse investment team while maintaining a stable and effective research environment [4][5] Group 4: Performance and Fee Structure - Huitianfu has responded to the action plan by lowering management and custody fees for active equity funds, aligning its fee structure with performance to enhance investor benefits [7][8] - The company has established a performance evaluation system based on clear product positioning and benchmarks, emphasizing long-term assessments of fund managers [7][8] Group 5: Client-Centric Approach - Huitianfu prioritizes client needs by developing a multi-strategy product system and providing tailored investment solutions, enhancing the overall client experience [9][10] - The company has established specialized service teams for different client segments, ensuring a high level of service and responsiveness to market changes [10][11] Group 6: Future Outlook - With the implementation of the action plan, the public fund industry is expected to play a more significant role in wealth management and economic development, with Huitianfu positioned to contribute to this growth [10][11] - The company aims to uphold its mission of delivering long-term stable returns to investors while adapting to evolving market conditions [11]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released an action plan to promote the high-quality development of public funds, emphasizing investor-centric development and enhancing core research capabilities, which aligns with the strategic direction of Huitianfu Fund [1][2] Group 1: Company Strategy and Development - Huitianfu Fund has a strong reputation for active stock selection and has implemented various reforms that align with the CSRC's action plan, reinforcing the company's strategic determination and confidence in development [1][2] - The company is celebrating its 20th anniversary, and the action plan provides clear guidance for optimizing reform measures and enhancing research and service levels, marking a new chapter in high-quality development [1][2] - In the past year, Huitianfu has seen significant performance in active equity funds, with five funds doubling their performance, the highest increase exceeding 200%, and 20 funds achieving over 70% growth [1][12] Group 2: Research and Investment System - The action plan calls for strengthening core research capabilities and establishing evaluation metrics for fund companies, encouraging continuous investment in human and system resources [3] - Huitianfu has developed a unique vertical integrated research system, conducting in-depth research and forward-looking layouts through regular overseas industry inspections [3][4] - The company emphasizes a collaborative research model that fosters sharing and efficient cooperation among research teams, creating competitive barriers in long-term growth industries [3][4] Group 3: Team Building and Management - Huitianfu has consistently focused on team building, nurturing talent while also attracting stable and high-performing investment managers to create a diversified investment team [4][5] - The company promotes a culture of simplicity, focus, and collaboration, enhancing team stability and research efficiency [4][5] - A data science team has been established to support the investment management process, ensuring comprehensive performance attribution, risk analysis, and investment decision oversight [4][7] Group 4: Client-Centric Approach - Huitianfu emphasizes the alignment of client needs with product positioning and investment strategies, ensuring that investment managers' strengths match client demands [5][6] - The company is committed to a multi-strategy investment system centered around its core fund managers, allowing for precise matching of product configurations to investment capabilities [5][6] - Huitianfu aims to enhance investor satisfaction and experience by providing tailored solutions based on thorough analysis of market conditions and client needs [9][10] Group 5: Fee Structure and Performance Evaluation - The action plan highlights the need for optimizing fund operation models and establishing performance-linked fee structures to better align with investor interests [7] - Huitianfu has proactively reduced management and custody fees for active equity funds and launched investor-benefit funds, focusing on enhancing investor returns [7][8] - A comprehensive evaluation system based on product positioning and performance benchmarks has been established to assess fund managers' abilities to generate excess returns [7][8]