摩根资产管理在全球拥有逾百年资管经验，在研究领域持续投入，坚信主动管理有望带来长期超额回 报。公开数据显示，2024、2025年摩根资产管理全球主动管理型基金的资金净流入额均居资管行业首 位。在中国市场，摩根资产管理（中国）也展现出强大的主动管理能力，根据银河证券数据，截至2025 年底，公司近1年、2年、3年及20年的主动股票投资管理能力均位居行业前十。 本次发行的摩根港股通宁远成长混合型基金拟由赵隆隆担任基金经理。赵隆隆拥有16年投资研究经验， 超4年基金管理经验，投资聚焦新兴产业并放眼全市场，挖掘真正高成长行业中穿越牛熊的优质公司。 截至2025年12月31日，四季度季报显示，其管理的摩根香港精选港股通混合型基金（A类）近一年回报 35.21%（同期业绩比较基准收益率17.81%），展现出优秀的超额收益获取能力。 基金经理在追求主动管理超额收益的同时，十分重视争取较优风险调整后回报。赵隆隆表示，将采用三 层投资管理体系：一是在选股层面，坚持"优中选优"，以中微观分析为主、宏观判断为辅，自下而上精 选优质标的，从底层把握资产质量。二是在行业配置上，依据产品定位、业绩基准与风险收益特征，进 行适度均衡的行业 ...

二、筛选逻辑：汇添富025545的"三道过滤网" 汇添富港股通科技精选混合发起式C(025545)在构建组合时，通常遵循严谨的"自下而上"选股流程。与 其说是"寻找黑马"，不如说是通过"三道过滤网"来规避风险、锁定确定性。 港股科技板块素以"高波动、高分化"著称。在经历了贝塔（Beta）行情的普涨修复之后，市场往往会进 入个股分化的阿尔法（Alpha）阶段。汇添富港股通科技精选混合发起式C(025545)作为一只主动管理型 基金，其核心价值在于通过基本面筛选"做减法"，剔除伪成长，锁定高质量。本文将客观阐述其在港股 通范围内的选股逻辑与动态管理机制。 一、市场观察：指数的局限与主动的必要性 在港股市场的反弹初期，被动指数基金（ETF）凭借高仓位与宽覆盖，是捕捉市场贝塔收益的利器。然 而，市场普遍认为，随着行情向纵深发展，指数编制规则的"被动性"也面临一定的局限：无法主动剔除 基本面恶化的个股、市值加权机制可能在过热阶段被动追高。 多位公募基金经理判断，2026年港股将从估值修复转向盈利驱动，同一赛道内的个股表现将显著分 化，"去伪存真"成为检验投研能力的关键。在这种环境下，"选股"的胜率开始优于单纯的"择时" ...

Core Insights - The flagship product managed by Wood, ARK Innovation ETF (ARKK), has experienced a significant decline, with a cumulative drop of over 50% in the past five years, contrasting sharply with the approximately 80% rise of the Nasdaq 100 index during the same period [1] - ARKK's assets have drastically decreased from around $28 billion at its peak in February 2021 to approximately $6 billion now, representing an 80% reduction [1] - The fund has faced a net outflow of about $120 million this year, highlighting the rapid market style rotation and the costs borne by investors who entered at high valuations [2] Performance Comparison - While ARKK has shown an annualized return of over 18% in the past three years, it ranks near the bottom among its peers over a five-year period, although it remains in the top 5% over a ten-year horizon with an annualized return exceeding 17% [2][3] - Morningstar has assigned a negative rating to Wood's investment strategy, indicating that the fund may underperform its benchmark and most peers on a risk-adjusted basis [3] Investment Strategy and Market Conditions - Wood emphasizes that ARKK's investment process is not confined to traditional frameworks, and the fund is designed to complement a portfolio rather than replicate market indices [4] - The fund's high concentration in companies reliant on future earnings expectations makes it particularly sensitive to rising financing costs, which has amplified net asset value volatility [3] - The significant drop in ARKK's asset size indicates a substantial wealth erosion for investors, with approximately $6 billion of the nearly $12 billion net inflow since inception having "evaporated" due to market fluctuations [4]

Group 1 - The Chinese economy is expected to show resilience and exceed expectations in industrial and service sectors due to proactive fiscal and loose monetary policies, despite uncertainties from new tariffs and international changes [2] - The Shanghai Composite Index reached a ten-year high, hitting 4000 points, with annual trading volume surpassing 400 trillion yuan for the first time [2] - The upcoming macro policies are anticipated to support a strong start for the 14th Five-Year Plan, with a focus on quality improvement and efficiency enhancement [3] Group 2 - The new technological revolution is reshaping the global economic and industrial landscape, providing new momentum for the Chinese economy, with investment opportunities in technology, overseas expansion, and domestic demand [3] - Active management based on fundamentals remains a core competitive advantage in the public fund industry, despite the increasing difficulty in generating excess returns due to changes in industry dynamics [3] - The company emphasizes a long-term investment philosophy and has built a diversified research team to enhance multi-asset allocation capabilities, particularly in the technology sector [4] Group 3 - The company has established a diverse product line targeting absolute returns across different risk profiles, including fixed income and multi-strategy products, achieving top rankings in absolute returns among large firms [5] - The company is also embracing index investment trends, expanding its index product offerings to meet diverse investor needs, including broad-based, thematic, and cross-border indices [5] - The public fund industry is undergoing a transformation from scale-oriented to investor return-oriented, with the company committed to high-quality development and improved investment performance [6]

1. Report's Industry Investment Rating No information regarding the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The US ETF market has witnessed continuous and rapid growth in scale, with an increasing proportion of alternative products. Newly issued products show characteristics such as a focus on single - stock products, a higher number of active products than passive ones, and a significant increase in strategy complexity and comprehensiveness. - The US ETF market presents trend - like features, including intense competition among core broad - based products, significant differences in fees based on strategy complexity and scarcity, large differences in institutional ownership among different product types, and managers' forward - looking layout of potential market concerns. - For the domestic ETF business, it is necessary to focus on management details for highly crowded broad - based products, make forward - looking layouts for industry - themed products, and strengthen the "timely promotion" of different products [2]. 3. Summary According to the Directory 3.1 US ETF Scale Continues to Break Through Rapidly, and the Proportion of Alternative Products Increases - In 2025, the total scale of US ETFs reached $13.45 trillion, with a scale increase of 30%. The number of newly issued ETFs reached 1,078, and the total number of all US ETFs reached 4,814, a net increase of 950 compared to the end of 2024. The proportion of alternative products in the newly issued products increased significantly, driving the proportion of alternative products in the entire market to reach 30%. Newly issued bond and money - market funds also had good scales [2][8][10]. - **Single - stock products become the focus of issuance**: Single - stock products were first issued in 2022, and the number of newly issued products in 2025 was the highest. Leveraged products had the largest scale and number, followed by option products. These products are more and more widely distributed, covering different sectors, and the market capitalization of the underlying stocks is also decreasing. The issuance is related to market attention. The single - stock Covered Call products are mainly for high - volatility stocks, aiming to achieve more certain returns through stable high - option premium dividends [18][19]. - **The number of active products exceeds that of passive products**: As of the end of 2025, the number of active ETF products in the US reached 2,682, exceeding the 2,132 passive products, with a total scale of $1.5 trillion. Alternative products are the category with the highest proportion in terms of both quantity and scale. The scale of option - strategy products exceeds $200 billion, making it the most important type of active ETF. The scale of active ETFs has grown rapidly in the past two years, with a compound annual growth rate of 57% from 2019 to 2025 [24][29]. - **The complexity and comprehensiveness of strategies are significantly improved**: As of the end of 2025, there were 697 option - strategy products in the US, with a scale of $224.727 billion, and 221 new products were issued in 2025. Option strategies are increasingly used as an "add - on" to traditional strategies to increase returns. Other types of products also have more complex strategies, and the standardization of ETF strategies is decreasing [34][38][40]. 3.2 Trendy Features of US ETFs - **Intense competition among core broad - based products, and returns have a certain impact on scale**: In 2025, the scale ranking of S&P 500 ETFs changed significantly. The long - time leader, SPY, was continuously surpassed by VOO and IVV, and the gap widened rapidly. Over the past 10 years, VOO has been the best - performing product in 7 years. In 2025, the total inflow of US ETFs was $1.4753 trillion, with significant inflows into broad - based stock and bond ETFs, and the inflow proportion of alternative products mainly based on option strategies significantly exceeded their scale proportion [43][49]. - **Fees vary greatly based on strategy complexity and scarcity**: As of 2025, the scale - weighted average fee of US ETFs was about 0.17%, with the lowest fee as low as 0.01% and the highest exceeding 5%. Most types of active products have an average fee more than 20 basis points higher than passive products, and alternative products have the same average fee. Different asset types also have different fee levels, with broad - based stock and bond products having the lowest fees, and more focused industry - themed products and alternative option - strategy products having higher fees [53]. - **Large differences in institutional ownership among different product types**: Active products generally have a higher institutional ownership than passive products. Different types of products target different customer groups. For example, leveraged products in alternative products are mainly for individual customers with high - risk preferences, while more complex option - strategy products are mainly for institutional customers [56][59]. - **Managers' forward - looking layout of potential market concerns**: US managers continue to actively layout, and the layout direction is often closely related to market concerns and future possible events. For example, in response to the possible concentration risk of the S&P 500, some managers have launched improved S&P 500 ETFs, which have received recognition from institutional customers [60][61]. 3.3 Thoughts on the Domestic ETF Business - **Focus on management details for highly crowded broad - based products**: As of December 2025, domestic non - monetary ETFs had a total scale of 5.8 trillion yuan and 1,369 products. Broad - based products account for 44% of the total scale, but the homogenization competition is fierce. In the competition of domestic broad - based products, after the fee reduction, the competition has entered a stage of "competing on tracking error" and "competing on excess returns". Lower tracking error and higher excess returns are more likely to attract capital inflows [64][71][72]. - **Continue to make forward - looking layouts for industry - themed products**: Although the number of products tracking the same target is relatively small compared to broad - based products, domestic industry - themed products are numerous, widely distributed, and highly segmented, with fierce competition. Some products that were initially unpopular may attract large - scale capital inflows when the market conditions arrive. Therefore, it is still valuable to make early layouts in long - term promising niche segments, but in - depth fundamental research is required before layout [75][80]. - **Strengthen the "timely promotion" of different products**: In addition to early layout, it is also crucial to promote products reasonably at appropriate times. Overseas institutions' Model Portfolio marketing model has had an important impact on ETFs. Domestic managers are also beginning to try ETF portfolio strategies and investment research services to improve investors' investment experience, and this area still has great development potential [81][82][84].

Core Viewpoint - Morgan's Hong Kong Stock Connect Ningyuan Growth Mixed Fund will be launched on February 12, focusing on opportunities in technology, consumer, and high-dividend sectors in the Hong Kong market [1] Group 1: Fund Overview - The fund aims to actively manage and identify opportunities in sectors such as AI applications, the internet, humanoid robots, new consumption, pharmaceuticals, and non-ferrous metals [1] - Morgan Asset Management has over a century of experience in asset management and believes that active management can yield long-term excess returns [1] - As of the end of 2025, Morgan's Hong Kong Selected Stock Connect Mixed Fund (Class A) achieved a return of 35.21%, compared to a benchmark return of 17.81% during the same period [1] Group 2: Investment Strategy - The fund manager, Zhao Longlong, emphasizes a three-tier investment management system: 1. Stock selection focuses on "picking the best among the best" through micro and macro analysis [2] 2. Industry allocation is based on product positioning, performance benchmarks, and risk-return characteristics, aiming for balanced and dynamic adjustments [2] 3. Portfolio construction seeks to maintain relative diversification and avoid high concentration risks [2] Group 3: Market Outlook - By the end of January 2026, the number of eligible stocks in the Hong Kong Stock Connect exceeded 550, primarily in technology manufacturing, consumption, cyclical, and financial sectors [2] - The Hong Kong market is expected to continue providing quality assets that complement A-shares, attracting global capital to competitive Chinese enterprises [2] - The valuation of the Hong Kong market remains attractive compared to major global markets, offering high cost-performance for allocation [2]

Core Viewpoint - The performance of funds with "cyclical" in their names has shown significant divergence over the past year, reflecting varying investment strategies and raising questions about fund positioning and active management capabilities [1][2]. Group 1: Performance Discrepancies - Over 60 funds in the market have "cyclical" in their names, with 9 funds achieving returns exceeding 100% in the past year, while 17 funds had returns below 50%, some even negative [2]. - The top holdings of high-performing funds, such as Changcheng Cyclical Preferred A, are predominantly in the non-ferrous metals sector, indicating a concentrated investment strategy [2][3]. Group 2: Investment Strategies - Funds with lower returns have diversified their holdings across multiple cyclical sectors, such as machinery, chemicals, and power, rather than focusing solely on non-ferrous metals [3]. - The concentration in specific sectors, like non-ferrous metals, has been driven by both research outcomes and market demand, with some investors opting for active equity funds to capture sectoral beta and stock alpha [4]. Group 3: Market Perspectives - There are mixed views on the strategy of concentrating investments in a single sector, with some experts noting that it can lead to high returns during favorable market conditions but increases risk during downturns [4][5]. - The strategy of heavy concentration can amplify both risk and return characteristics, necessitating a higher risk tolerance and timing ability from investors [5]. Group 4: Responsibilities of Fund Managers - Fund companies are expected to manage risks associated with concentrated strategies and provide clear communication and education to investors regarding potential risks and returns [6][7]. - A dynamic risk management mechanism is recommended to monitor portfolio concentration and sectoral performance, along with proactive communication of investment logic and fundamental changes [7].

Core Insights - The performance of funds with "cyclical" in their names has shown significant divergence over the past year, with some funds achieving returns over 100% while others fell below 50% [1][2] - The contrasting strategies among these funds reflect differing investment approaches, with some heavily investing in the non-ferrous sector for high volatility returns, while others adopt a diversified strategy across multiple cyclical sectors [1][3] Performance Discrepancy - As of January 28, over 60 funds in the market have "cyclical" in their names, with 9 funds achieving returns exceeding 100% and 17 funds with returns below 50%, some even reporting negative returns [2] - The top holdings of high-performing funds, such as Changcheng Cyclical Preferred, are predominantly from the non-ferrous sector, indicating a concentrated investment strategy [2] Investment Strategy - Funds with lower returns have diversified their holdings across various cyclical sectors, such as machinery, chemicals, and power, rather than focusing solely on non-ferrous stocks [3] - The concentration in specific sectors has raised concerns, as it may lead to higher volatility and does not align with investor expectations for smoother returns through active management [4][5] Manager Perspectives - Some fund managers argue that while concentrated strategies can yield high returns during favorable market conditions, they also increase risk and can lead to higher client complaints during downturns [4] - The need for clear communication and risk disclosure from fund companies is emphasized, as investors may have different expectations regarding active management [6][7] Risk Management and Investor Education - Fund companies are urged to implement dynamic risk management mechanisms to monitor concentration and market conditions, ensuring that investor education and communication are prioritized [6][7] - The classification of these funds as "high elasticity tools" highlights their high-risk, high-volatility nature, necessitating careful consideration of investor suitability [7]

Core Viewpoint - The investment director of PIMCO, Daniel Ivascyn, suggests that global economic growth is expected to remain strong through 2026, and investors should consider global diversification in their asset allocation strategies [1]. Group 1: Investment Opportunities in Bonds - High-quality fixed income assets are currently at their most attractive valuation levels in years, with initial yields closely linked to future returns, providing a positive long-term outlook for investors [2]. - Historical data shows a 94% correlation between initial bond yields and future 5-year returns, indicating that current bond yields, particularly in the U.S. market, are at their highest levels in a decade, suggesting potential for attractive returns [2]. - The current market environment is shifting, making bonds more appealing compared to the historically high valuations of the stock market, where the cyclically adjusted price-to-earnings (CAPE) ratio exceeds 35 [2]. Group 2: Investment Strategies - Ivascyn emphasizes two key strategies: global diversification and active management to navigate market volatility and differentiation among countries' fiscal and monetary policies [3]. - Investors are advised to combine stock and bond investments, increasing bond allocations to achieve higher long-term returns through a mixed portfolio approach [3]. - The global economic outlook remains strong, with significant differentiation in fiscal and monetary policies across countries, creating opportunities for active investment management [3]. Group 3: Gold Market Outlook - Gold prices have surged, with spot gold prices increasing over 60% in 2025 and surpassing $5,000 per ounce at the beginning of 2026, driven by geopolitical tensions and concerns over high debt levels in countries like the U.S. and Japan [4]. - The demand from central banks and individual investors supports the bullish trend in gold, which is expected to continue as long as geopolitical tensions and debt concerns persist [4]. - Despite the rapid increase in gold prices, there may be short-term corrections, but the long-term outlook remains strong, suggesting that investors should consider increasing their allocation to gold-related products [4].

Core Insights - The investment outlook for 2026 emphasizes "stability while seeking progress and improving quality and efficiency," supported by proactive macro policies and robust counter-cyclical adjustments, indicating a promising start for the 14th Five-Year Plan [1] - The ongoing technological revolution is reshaping the global economic and industrial landscape, presenting significant investment opportunities in technology, overseas expansion, and domestic demand [1][2] Macroeconomic Environment - The macroeconomic environment for 2026 is viewed positively, with favorable domestic policies and a supportive capital market [3] - Fiscal policies are expected to focus on social welfare, while monetary policy remains "moderately loose," allowing for potential rate cuts [3] - The shift towards equity assets is anticipated as risk-free rates decline, with structural opportunities in AI, energy, and innovative pharmaceuticals [3] Global Investment Strategies - The investment strategy includes a focus on resilience and rebalancing, with an optimistic view on risk assets due to stabilizing economic conditions [4] - The U.S. Federal Reserve's interest rate cuts and a weaker dollar are expected to benefit emerging market assets [4] AI Industry Insights - The AI sector is highlighted as a key investment focus, with significant growth potential in computing power demand [5] - OpenAI's computing power investments and revenue growth have created a positive feedback loop, indicating a strong future for AI-related investments [5][6] - The AI competition is fundamentally different from the 2000 internet bubble, as it revolves around the control of critical production resources [6] Investment Strategy Focus - The strategy emphasizes growth sectors and the gradual overseas expansion of Chinese manufacturing, which is seen as a structural opportunity [7] - High-dividend assets and technology giants in the Hong Kong market are considered attractive, though caution is advised [8] Fixed Income and Asset Allocation - The "fixed income plus" strategy is gaining importance in the context of declining interest rates, with expectations for stable returns from bonds [9] - The overall outlook for the equity market remains positive, with a focus on corporate earnings support [9] - The potential for volatility in the fixed income market is acknowledged, with a focus on systematic asset allocation to achieve stable returns [10] Conclusion - The investment strategy conference reflects the company's expertise in multi-asset management, emphasizing a long-term, fundamental approach to investment [11] - The company aims to enhance its investment and service capabilities to deliver better returns and experiences for investors [11]