近年来，随着价值投资理念逐步深入人心，A股最大的变化之一是大盘股的市场表现明显好于小盘股， 无论是题材股还是业绩股，大盘股正成为投资者的新宠。从中长期来看，这种变化仍会持续，毕竟大盘 股的抗风险能力更高，业绩稳定性更佳。 大盘股与小盘股的强弱易位，并非单纯的风格轮动，而是投资者投资逻辑的彻底转变。在过去很长的一 段时间里，资本市场对弹性大、增长预期高的小盘股给予高度关注。然而，随着市场参与者结构趋向机 构化，投资者对于现金分红等投资回报日趋重视，大盘股的长期收益优势逐渐确立，并有望成为未来一 段时期的主流。 这种转变的核心动力源于价值投资理念的深入人心。当投资者不再单纯追求股价的短期暴涨，转而关注 资本的投资回报率、资产的流动性以及未来收益的可预测性时，大盘股作为行业领袖的价值便得以凸 显。大盘股通常具备较强的规模效应和竞争优势，能够在经济波动周期中通过成本控制和市场份额提 升，维持优于行业平均水平的利润率。这种确定性本身就是一种稀缺资源。 抗风险能力是大盘股赢得青睐的关键逻辑。小盘股虽然在某些特定阶段表现出极高的爆发力，但其经营 基础相对薄弱，抵抗外部冲击的能力有限。一旦面临行业政策调整或宏观流动性收紧，小 ...

从中长期来看，大盘股占优的逻辑不会轻易逆转。随着行业集中度进一步提升，各领域的领军企业将会 不断提升自身地位。小盘股若无法在细分领域实现质的突破，将很难跻身成为大盘股。因此，投资者对 大盘股的偏好，本质上是对确定性的偏爱。 当资产定价不再依赖于虚无的预期，而是确定于内在价值以及真实业绩的时候，市场的定价效率将大幅 提升。大盘股领先的投资回报率，将成为未来很长时间内投资者追逐的目标。 近年来，随着价值投资理念逐步深入人心，A股最大的变化之一是大盘股的市场表现明显好于小盘股， 无论是题材股还是业绩股，大盘股正成为投资者的新宠。从中长期来看，这种变化仍会持续，毕竟大盘 股的抗风险能力更高，业绩稳定性更佳。 大盘股与小盘股的强弱易位，并非单纯的风格轮动，而是投资者投资逻辑的彻底转变。在过去很长的一 段时间里，资本市场对弹性大、增长预期高的小盘股给予高度关注。然而，随着市场参与者结构趋向机 构化，投资者对于现金分红等投资回报日趋重视，大盘股的长期收益优势逐渐确立，并有望成为未来一 段时期的主流。 这种转变的核心动力源于价值投资理念的深入人心。当投资者不再单纯追求股价的短期暴涨，转而关注 资本的投资回报率、资产的流动性以 ...

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The deep - value fund pool has a long - term stable performance, with an annualized return of 12.63% from February 2, 2015, to February 6, 2026, and an annualized excess return of 10.02% compared to the CSI 300. It also has an annualized volatility of 19.98% and an annualized Sharpe ratio of 0.63, indicating high - return stability. The excess return mainly comes from dynamic adjustment, style, and stock - picking, and it shows strong absolute returns even in a growth - dominant market. The current portfolio has increased its holdings in the consumer sector and reduced those in the manufacturing sector [7][12][15]. 3. Summary by Directory 1.1 Deep - Value Investment Concept Introduction - Deep value is a "cigarette - butt" investment method from Graham. Value investment can be divided into deep value, growth value, and prosperity value. It emerged during the 1929 - 1933 US economic depression. However, the current PB factor return has slightly declined, and the dispersion has decreased, weakening the value - style allocation advantage [7][10]. 1.2 Deep - Value Fund Pool: Stable Historical Returns and High Risk - Return Ratio - From February 2, 2015, to February 6, 2026, the deep - value fund pool had an annualized return of 12.63%, an annualized excess return of 10.02% compared to the CSI 300, an annualized volatility of 19.98%, and an annualized Sharpe ratio of 0.63. It showed stable annual absolute returns, and the excess return mainly came from dynamic adjustment, style, and stock - picking. It prefers low - momentum, low - elasticity, and low - volatility styles, with prominent value attributes and a current bias towards small and mid - cap stocks. The industry allocation is mainly in finance and cyclical sectors, and the new period has increased consumer sector holdings and reduced manufacturing ones [7][12][15]. 2.1 Definition of Deep - Value Funds - Deep - value funds are defined by the absolute low - valuation characteristics of their holdings. The research objects are active equity funds, with a sample size of fund managers with over 1 - year tenure and current scale over 100 million yuan, excluding fixed - term and holding - period products. The funds should have an average equity position of over 60% since the current fund manager took over and an average proportion of the top ten heavy - holding stocks in stock investments of over 35%. Funds with positive average factor exposures of heavy - holding stocks during the management period and in the past year in the BP factor and ranking in the top 1/3 are defined as value - type funds [23]. 2.2 Screening of the Deep - Value Fund Pool - The deep - value fund pool is screened by selecting funds with high expected net profits of holdings. The current portfolio includes funds such as HSBC Jintrust New Power A, Wanjia Select A, etc., with details of fund codes, managers, scales, and this - year's returns provided [24]. 3. Multi - Dimensional Analysis of Portfolio Funds - **HSBC Jintrust New Power A**: Pursues good companies at good prices, uses the DCF cash - flow model for valuation, and internalizes various factors to obtain alpha through in - depth research [26]. - **Wanjia Select A**: Has strong judgment of the macro - economic environment, an absolute - return mindset, and focuses on valuation. Its holdings have low - valuation characteristics, and recent holdings are concentrated in the coal sector, with trading and long - tail holdings contributing relatively high returns [28]. - **Xinyuan Digital Economy A**: Aims to achieve low volatility, focuses on risk control, reduces fund drawdowns through position adjustment and industry diversification, and pursues long - term stable asset appreciation [31]. - **Anxin Enterprise Value Selection A**: Holds the concept of buying and holding good companies at good prices for a long time, focuses on finding companies with sustainable profitability, competitive advantages, and reasonable valuations, and combines industrial and financial perspectives [33]. - **Huatai - Peregrine Growth Smart Selection A**: Considers the safety margin as the cornerstone of investment, evaluates the downside risk of investment targets through multiple indicators, dynamically adjusts the portfolio according to macro factors, controls the single - industry position, diversifies in the manufacturing sector, focuses on the manufacturing field, and promotes a floating - fee mechanism [37]. - **ICBC Value Selection A**: Emphasizes investing within familiar industries and companies, focuses on traditional industries such as public utilities, large finance, and manufacturing for a long time, and believes that it can better grasp the industrial cycle and enterprise value within the ability circle [40]. - **ICBC Innovation Power**: Adheres to the value - investment concept, focuses on finding companies with long - term stable profitability and reasonable valuations, and selects companies based on in - depth research of fundamentals [43]. - **ICBC New Wealth**: Focuses on multi - dimensional balanced allocation of industries and styles, avoids over - concentration in a single industry or stock, and evaluates individual stocks from three dimensions of business model, competitive advantage, and life cycle, combining quantitative and qualitative analyses [45]. - **Harvest Industry Selection A**: Focuses on digging the intrinsic value of enterprises, emphasizes buying high - quality assets at a reasonable or undervalued price, and internalizes factors such as a company's competitive advantage, business model, and industry space into the valuation system through methods like the DCF cash - flow model to protect the safety margin [48].

Core Viewpoint - The article discusses the recent performance of the A-share and Hong Kong stock markets, highlighting the strength of dividend and value styles, while noting the volatility and shifts in market trends over the past months [1][3][5][6][7][8]. Market Performance - The A-share market opened lower but rebounded to close positively, returning to a rating of 3.8 stars [1]. - The overall market showed strength, with large-cap stocks rising significantly while small-cap stocks experienced minor gains [4]. - The dividend and value styles were particularly strong today, with the Shanghai Dividend Index rising by 3% [5][6]. - The A-share market has seen a 50-60% increase since September 2024, with notable surges occurring in three distinct phases [18][20][22]. Market Trends - The first phase of the market surge occurred in the last two weeks of September 2024, with a rise of over 40%, marking the fastest increase in the last decade [20]. - The second phase saw significant growth in the growth style during the third quarter of 2025, with the ChiNext Index achieving a 50% increase in a single quarter [22][23]. - The third phase involved a rally in mid-cap stocks from December 2025 to January 2026, with the CSI 2000 and CSI 1000 indices reaching overvalued levels [26][27]. - Overall, the significant gains in the A-share market were concentrated in approximately 7% of trading days, which contributed to the majority of market returns [28][30]. Investment Philosophy - During periods of market volatility, investors may find it challenging to manage their emotions. The article emphasizes a value investment approach, suggesting that buying stocks equates to purchasing a company [32]. - The concept of holding a fund is likened to owning a "mini conglomerate," which generates profits without requiring active management from the investor [34][36]. - The article encourages investors to adopt a long-term perspective, particularly during bear markets, and to focus on companies that continue to operate and generate profits [40]. New Publication - A new book titled "Dividend Index Fund Investment Guide" has been released, which aims to help investors better understand dividend index funds, a rapidly growing category in recent years [41].

张力制图 这是网络流传陈小群种种传言之后，陈小群首次出场操作。从效果来看，市场在第一天还是认可他的市场地位，其席位溢价依然在。不过，1月 27日通宇通讯的股价走势来看，陈小群席位溢价的效果在打折。不知道是否巧合，与此同时，"陈XQ被抓了！"的传闻突然在投资圈悄然传开。 陈小群，这个名字在A股市场颇具传奇色彩。作为"90后"新生代游资代表，他曾在多只热门股票上创造过令人咋舌的收益记录，其操作手法被不 少散户奉为圭臬，各种社交媒体上充斥着对其"操盘技巧"的分析与追捧。 星标 ★ IPO日报 精彩文章第一时间推送 1月27日，通宇通讯的股价以52.7元收盘，下跌4.62%。 这是一只典型的"陈小群概念股"：1月23日，通宇通讯（002792）的龙虎榜显示，中国银河证券股份有限公司大连黄河路证券营业部（陈小群常 用席位）买入金额2.11亿元，占当日总成交额比例达6.47%，通宇通讯股价也强势涨停。 1月26日，通宇通讯以54.86元开盘，然后迅速上冲拉板，最高价57.35元，收盘价55.25元，上涨5.9%。 1月27日，通宇通讯开盘50.50元，盘中一度翻红至55.54元，最后以52.7元的价格收盘。 此前不久，证 ...

｜2026年1月27日星期二｜ NO.1券商资管公司公募管理规模去年增长显著，千亿元级阵营扩容至5家 近日，随着公募基金2025年四季报披露完毕，各家券商及券商资管公司(以下统称"券商资管")的最新公 募基金管理规模也浮出水面。截至2025年末，共有5家券商资管公司公募基金管理规模在千亿元以上。 其中，东方红资产管理以2162.68亿元的管理规模居于榜首，较2024年末增长30.05%。其次是华泰证券 资管，管理规模为1808.28亿元，较2024年末增长29.15%。中银证券、财通资管的管理规模也排名居 前，分别为1339.33亿元、1197.6亿元，均较2024年末出现小幅下滑，降幅分别为1.88%、7.47%。得益 于并购整合，国泰海通资管管理规模为1110.58亿元，跻身管理规模千亿元行列，较2024年末增长 37.6%。长江资管、山证资管管理规模分别为390.98亿元、370.83亿元，较2024年末增长47.39%、 49.04%。 点评：券商资管公募规模扩容凸显财富管理转型成效，龙头机构凭借品牌效应持续吸纳资金，头部效应 强化。并购整合加速行业洗牌，中小机构需差异化竞争。长期看，资管业务实力提升 ...

｜2026年1月27日 星期二｜ NO.1 券商资管公司公募管理规模去年增长显著，千亿元级阵营扩容至5家 近日，随着公募基金2025年四季报披露完毕，各家券商及券商资管公司（以下统称"券商资管"）的最新 公募基金管理规模也浮出水面。截至2025年末，共有5家券商资管公司公募基金管理规模在千亿元以 上。其中，东方红资产管理以2162.68亿元的管理规模居于榜首，较2024年末增长30.05%。其次是华泰 证券资管，管理规模为1808.28亿元，较2024年末增长29.15%。中银证券、财通资管的管理规模也排名 居前，分别为1339.33亿元、1197.6亿元，均较2024年末出现小幅下滑，降幅分别为1.88%、7.47%。得 益于并购整合，国泰海通资管管理规模为1110.58亿元，跻身管理规模千亿元行列，较2024年末增长 37.6%。长江资管、山证资管管理规模分别为390.98亿元、370.83亿元，较2024年末增长47.39%、 49.04%。 点评：券商资管公募规模扩容凸显财富管理转型成效，龙头机构凭借品牌效应持续吸纳资金，头部效应 强化。并购整合加速行业洗牌，中小机构需差异化竞争。长期看，资管业务实力 ...

Core Viewpoint - The article emphasizes the importance of understanding the interplay between industrial revolutions and financial theories, highlighting how advancements in the real economy drive the evolution of asset valuation and allocation methods [4][5]. Group 1: Historical Context of Wealth and Financial Theory - Approximately 2000 years ago, the widespread use of iron tools in agriculture marked the beginning of material surplus, representing humanity's initial wealth [6]. - The Talmud introduced a simplistic wealth allocation principle of "1/3 land, 1/3 business, 1/3 savings," which lacked optimization efforts and was based on experiential rules [6]. - About 100 years ago, the outcomes of two industrial revolutions led to exponential growth in production capacity, shifting wealth accumulation from aristocracy to the emerging bourgeoisie, who began to view wealth as a means to expand production capabilities [6]. Group 2: Evolution of Investment Theories - The introduction of value investing by Benjamin Graham represented a breakthrough in asset allocation methodology, moving from a zero-dimensional approach to a more sophisticated understanding of investment value [6]. - The third industrial revolution, which transitioned humanity from the electrical age to the information age, democratized wealth ownership and introduced complex asset classes, leading to the development of modern portfolio theory by Harry Markowitz and William Sharpe [7]. - This theory incorporated the concept of risk-adjusted returns, fundamentally changing how investors construct portfolios and view expected returns and risks [7]. Group 3: Contemporary Challenges and Opportunities - Recent global events, including the COVID-19 pandemic and geopolitical tensions, have prompted a reevaluation of expected returns and risk factors in investment strategies [8]. - The article notes that the historical reliance on financial returns as the sole measure of investment success is being challenged, as investors seek to understand and incorporate a broader range of risk factors into their decision-making processes [8].

Core Viewpoint - Oak Tree Capital has achieved significant success with over $100 billion in assets under management and an average return of 19% over 20 years, outperforming the S&P 500 and MSCI global indices [1]. Group 1: Market Cycles - Market fluctuations occur around a central point, creating cycles that can be influenced by various events and their causal relationships [5]. - Investor sentiment plays a crucial role in determining the issuance of high-yield bonds and the overall quality of market offerings [7][9]. - The cycle of investor behavior includes phases of risk aversion leading to lower high-yield bond issuance, followed by increased risk-taking and eventual market corrections [10][11]. Group 2: Investor Sentiment and Risk - The optimism of investors significantly impacts the "intrinsic value" of assets, which is essential for determining short- to medium-term investment returns [12]. - Investors often overlook risk during bullish market conditions, leading to inadequate risk compensation and subsequent market downturns [12][13]. - The "credit window" concept illustrates how available investment capital fluctuates with market conditions, affecting overall investment risk levels [13]. Group 3: Stages of Market Cycles - The upward phase of a market cycle is characterized by improving economic fundamentals, rising profits, and selective positive media coverage, leading to increased investor confidence and asset prices [16]. - At the peak of the cycle, risks are perceived as minimal, but asset prices are high and potential returns are low, necessitating caution [18]. - The downward phase sees deteriorating economic conditions and negative media coverage, while the bottom of the cycle presents low asset prices and high potential returns, suggesting aggressive investment strategies [20][23].

Group 1 - Wang Zonghe, a prominent fund manager in China's asset management industry, passed away on December 29, 2025, confirmed by multiple media outlets [1] - Wang Zonghe had a master's degree in finance and 17 years of experience in the securities industry, starting his career at China Merchants Fund and later joining Penghua Fund Management Company in May 2009 [1] - During his 13 years as a fund manager, Wang Zonghe managed products that generally achieved positive returns, with notable products like Penghua Consumer Select and Penghua Pension Industry yielding returns of 244.70% and 211.40% respectively [1] Group 2 - Wang Zonghe gained significant recognition in 2019 by capitalizing on the liquor market, leading to substantial performance and growth in assets under management [2] - His management of the Penghua Craftsmanship Select fund saw a record subscription of 137.1 billion yuan on its first day, marking a milestone in public fund issuance [2] - By the third quarter of 2020, the assets under his management surged to 55.426 billion yuan, reflecting an increase of over 40 billion yuan from the previous quarter [2] Group 3 - In early 2023, Wang Zonghe began stepping down from several funds due to health issues, including the Penghua Growth Value and Penghua Quality Return funds [3] - By April 2023, he had resigned from all managed products, and in February 2024, he officially left Penghua Fund Management Company due to personal health reasons [3] Group 4 - The asset management industry has recently seen the passing of other notable figures, including Wang Guobin, the general manager of Quanguo Fund Management Company, who died on November 3, 2025 [4] - Wang Guobin was recognized for his contributions to the industry, including founding Dongfang Hong Asset Management and advocating for value investment principles [4] - As of September 30, 2025, Quanguo Fund managed assets totaling 23.787 billion yuan, with a significant portion in mixed funds [4]