年初一只南美洲的"黑天鹅"轻轻振翅，就足以让市场泛起涟漪； 站在2026年的开端，许多人或许都在思考同一个问题：新的一年，手里的钱该往何处安放？ 但投资理财的世界，偏偏又容易让人心生迷茫。 而眼前的景象更显复杂，一边是定期存款利率悄然步入"1"字头，另一边是上证指数却度站上4000点关口。 这一低一高之间，迟疑与观望似乎成了自然的反应。 但如果我们把目光拉长，穿越短期的迷雾，回归到几个确定的逻辑上来，答案便会清晰许多。 2026年，我们比以往任何时候都更需要认真考虑，将公募基金纳入个人的财富规划。 理由一：站在新周期的刻度上，以史为鉴，此刻行动意义非凡 2026年的第一个命题，是与崭新的长期周期相遇。 "十五五"规划开启的不仅仅是一个政策周期，更是一个面向未来的经济与社会发展蓝图。它意味着,新的机遇、新的产业方向和新的市场逻辑正在孕育。 来源：中航证券 回望过往几轮五年规划周期，在规划《纲要》发布后的3个月至1年内，无论是锚定市场整体水位的万得全A，还是聚焦各大细分方向的风格指数，最终均 收获了正收益。 | | T-2M~T-1M | T-1M~T-1W | T-1W~T | T~T+1W | T+1W~T+ ...

据中国基金业协会12月29日披露的数据，截至11月底，我国境内公募基金管理机构共165家，其中基金管理公司150家，取得公募资格的资产管理机构15家。以上 机构管理的公募基金资产净值合计37.02万亿元，这一数值较10月末微增约600亿元。 这是公募基金规模历史上首次突破37万亿元大关，也是连续8个月创下规模新高，较年初的32.83万亿元增长超过4万亿元。 分类型看，11月担纲规模增量的基金种类是货币基金，当月货币基金规模增长高达1354.49亿元。虽然当前货基收益率整体走低，多只基金最新7日年化收益率在1% 左右徘徊，但依旧吸引了避险资金的热情涌入。 债券基金截至11月底总规模达10.52万亿元，与10月底相比增长342.15亿元；合格境内机构投资者（QDII）基金单月增超256.34亿元。较为"冷门"的FOF基金（基金 中基金）单月规模也增约247.55亿元。 富国基金分析，相较过往主要集中在传统的A股、债券和ETF，现在越来越多的FOF开始纳入港股、商品期货、公募REITs等多类资产，并融合多种策略。市场波动 时，总有部分资产能"稳住阵脚"，"多元配置、分散风险"的特性正好契合了这些投资者"求稳"的心态 ...

展望后市行情，永赢基金首席权益投资官、权益投资部总经理高楠表示，从2024年的"9·24"行情走到现在，A股本 轮行情具备坚实的产业根基，2026年有望看到A股上市公司盈利出现整体性拐点。"这背后是经济周期规律在发挥 作用，很多行业已历经数年调整，随着时间推移，市场结构不断优化，许多核心竞争力较强、质量较高的上市公 司进一步巩固优势，有望在未来迎来盈利回升。"高楠指出。 分类型看，11月担纲规模增量的基金种类是货币基金，当月货币基金规模增长高达1354.49亿元。虽然当前货基收 益率整体走低，多只基金最新7日年化收益率在1%左右徘徊，但依旧吸引了避险资金的热情涌入。 华北一位公募人士分析，货币基金仍具有灵活度高、流动性好等优势，是市场上重要的现金管理工具。此外，在 利率下行大背景下，银行存款利率处于更低位，相较之下，货币基金对投资者有着更强的吸引力。 债券基金截至11月底总规模达10.52万亿元，与10月底相比增长342.15亿元；合格境内机构投资者（QDII）基金单 月增超256.34亿元。较为"冷门"的FOF基金（基金中基金）单月规模也增约247.55亿元。 富国基金分析，相较过往主要集中在传统的A股、债 ...

债券基金截至11月底总规模达10.52万亿元，与10月底相比增长342.15亿元；合格境内机构投资者(QDII) 基金单月增超256.34亿元。较为"冷门"的FOF基金(基金中基金)单月规模也增约247.55亿元。 富国基金分析，相较过往主要集中在传统的A股、债券和ETF，现在越来越多的FOF开始纳入港股、商 品期货、公募REITs等多类资产，并融合多种策略。市场波动时，总有部分资产能"稳住阵脚"，"多元配 置、分散风险"的特性正好契合了这些投资者"求稳"的心态。 然而，11月内，因沪深股指均有不同程度调整，股票基金和混合基金即使份额微增，总规模也环比略 降。其中，股票基金规模为5.80万亿元，较10月底下降1302.01亿元；混合基金规模为3.60万亿元，较10 月底下降718.12亿元。 据中国基金业协会12月29日披露的数据，截至11月底，我国境内公募基金管理机构共165家，其中基金 管理公司150家，取得公募资格的资产管理机构15家。以上机构管理的公募基金资产净值合计37.02万亿 元，这一数值较10月末微增约600亿元。 这是公募基金规模历史上首次突破37万亿元大关，也是连续8个月创下规模新高，较年 ...

【12月24日施罗德投资研报：当前环境下黄金投资吸引力大】 施罗德投资跨资产投资经理在研报中指出，当前美国政策环境高度不确定。 美国面临政策不确定、财政脆弱，以及投资者对美债和美元长期角色疑虑加深等问题。 在此背景下，黄金因避险属性和与传统资产低相关性，成投资者多元配置首选。 本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 ...

顾名思义，所谓资产再平衡，是指投资者定期或不定期地调整投资组合中各类资产（如股票、债券、现金 等）的比例，使其恢复到初始设定的目标配置。举个例子，如果原始组合是5-5开的股债组合，一年后股 票涨了、债券跌了，就通过卖出股票、买入债券的方式进行再平衡。 从这个角度看，再平衡的根本目的不是提高组合收益，而是维持组合原有的风险收益特征，这是一种风险 管理的方法。毕竟，随着风险资产的价格大幅上涨（或下跌），那么它继续上涨（或下跌）的概率会变 小，波动性却随之增大。通过再平衡，将手中投资组合的风险和回报维持在适合自己的目标区间内，降低 组合风险的同时，又避免了"追涨杀跌"，何乐而不为？ 时值岁末，不少大机构相继发布的2026年投资展望报告。小编读了几份资料，感觉"分化"、"复杂"是其中 的高频词汇。 比如，高盛2026年的投资展望报告标题是"于复杂环境中捕捉新契机"（Seeking Catalysts Amid Complexity），该报告认为，全球央行的政策方向、新的贸易秩序、财政风险等正在共同发挥作用，营造 复杂的投资环境。此外，公开市场领域，各股票市场差异或将扩大，全球央行的政策路径也会呈现更为显 著的差异。 ...

Core Insights - The decline of interest rates has led to a shift in savings behavior, with many investors seeking stable and low-risk investment options as traditional bank deposits become less attractive [1][4][5] Group 1: Changes in Deposit Rates - Major state-owned banks have collectively removed five-year large-denomination certificates of deposit, reflecting a broader trend of declining deposit rates [1][4] - As of May, the interest rate for demand deposits has dropped to 0.05%, while one-year fixed deposit rates have fallen below 1% [4] - The trend of long-term deposits is also waning, with many banks reducing rates for three-year products to between 1.5% and 1.75% [4] Group 2: Shift to Investment Products - There is a growing enthusiasm among residents for investment products, with 18.5% of respondents in a recent survey indicating a preference for more investment, up 5.6 percentage points from the previous quarter [4] - In October, household deposits decreased by 1.34 trillion yuan, while deposits in non-bank financial institutions increased by 1.85 trillion yuan, indicating a shift in where individuals are placing their funds [4] Group 3: Emergence of "New Three Golds" Investment Strategy - The "New Three Golds" strategy involves diversifying investments into money market funds, bond funds, and gold ETFs, which has gained popularity among younger demographics [2][6] - As of April, 9.37 million individuals from the post-90s and post-00s generations have adopted the "New Three Golds" strategy on the Alipay platform [2][7] - This investment approach aims to balance risk and return by combining low-correlation assets, similar to the "permanent portfolio" strategy used internationally [7]

Core Viewpoint - The article discusses the challenges and opportunities presented by the low interest rate environment, emphasizing the need for diversified wealth management strategies among residents to achieve wealth growth despite declining traditional savings options [4][11]. Group 1: Changes in Wealth Management Demand - The low interest rate cycle is reshaping residents' wealth management needs and risk preferences, moving away from reliance on real estate and high-interest deposits to a more diversified asset allocation approach [6]. - Three significant changes in client demands for wealth management have been identified: a rational adjustment of investment return expectations, an increasing demand for protection products, and a growing awareness of global asset allocation [6][9]. - The insurance market reflects this trend, with a 20% year-on-year growth in premium income from insurance channels, particularly in long-term dividend insurance products related to retirement [6][9]. Group 2: Fund Market Trends - The fund market is also showing signs of changing demands, with a recovery in the issuance of equity funds and a notable increase in "fixed income plus" products, which saw a net inflow of 460 billion yuan in the third quarter [7][8]. - The strategy of combining "fixed income" as a base with "opportunistic" assets is being recommended to adapt to the low interest rate environment, with a focus on risk-adjusted returns [9][12]. Group 3: Asset Management Era - The article posits that China is entering a true asset management era, where equity assets are becoming the core vehicle for future wealth growth, driven by technological innovation [11]. - International investment teams are increasingly optimistic about Chinese assets, particularly in sectors like artificial intelligence, new energy, and electric vehicles, which are seen as having global competitiveness [11][12]. Group 4: Multi-Dimensional Asset Allocation - Financial institutions are encouraged to adopt a multi-dimensional asset allocation strategy to optimize domestic and international assets, thereby diversifying risks and capturing opportunities [13]. - Active management capabilities are highlighted as a core competitive advantage for fund companies, emphasizing the importance of long-termism and deep research foundations [13].

Core Insights - The traditional method of wealth management through bank deposits is becoming less viable as one-year fixed deposit rates fall below 1%, indicating a shift towards a low-interest-rate environment [1] - Financial institutions are adapting to this change by offering diversified wealth management strategies that balance returns, security, and global asset allocation [1][3] Wealth Management Demand Changes - There are three significant changes in wealth management demand: a rational adjustment of return expectations, an increased demand for protective products, and a growing awareness of global asset allocation [3] - The insurance market reflects this trend, with a 20% year-on-year growth in premium income from insurance channels, particularly in long-term dividend insurance products related to retirement [3] Fund Market Trends - The fund market is also showing a shift in demand, with a recovery in the issuance of equity funds and a notable increase in "fixed income plus" products, which saw a net buying volume of 460 billion yuan in the third quarter [5][6] Multi-Asset Strategies - Financial institutions are employing dual-track strategies of "core assets + opportunity assets" to navigate the low-interest environment, focusing on products like "fixed income plus," structured products, and dividend insurance [6] - The emphasis on multi-asset investment strategies is seen as essential for achieving higher returns while managing risks [6] Asset Management Era - The low-interest environment presents both challenges and opportunities, marking the beginning of a true asset management era in China, where equity assets are becoming central to wealth growth [7] - There is a positive long-term outlook for Chinese assets, particularly in sectors like AI, new energy, and innovative pharmaceuticals, which are gaining global competitiveness [7][8]

Core Viewpoint - The market is experiencing significant divergence between bulls and bears, leading to accelerated sector rotation. Institutions suggest that investors should adopt diversified allocations to build risk barriers and focus on quality targets with a disciplined mindset and long-term perspective [1][2]. Group 1: Fund Launch and Strategy - The Yin Hua Sheng An Six-Month Holding Mixed Fund (Class A: 025993, Class C: 025994) will be launched on December 1, providing a new tool for investors to diversify in response to market volatility [1]. - The fund will invest 10%-30% of its assets in equity assets, convertible bonds (including separated trading convertible bonds), and exchangeable bonds, with at least 10% in domestic stocks and a maximum of 50% in Hong Kong Stock Connect stocks [1]. Group 2: Fund Management and Performance - The proposed fund manager, Yu Lei, has nearly 20 years of experience in pension management and is currently the Deputy General Manager of Yin Hua Fund, focusing on pension and multi-asset investment management [1]. - The Yin Hua Sheng Hong Bond Fund, a representative product in the "fixed income +" sector, has shown superior historical returns and risk control, with a net value growth of 8.92% over the past year compared to a benchmark of 3.53%, resulting in an excess return of 5.39% [2]. Group 3: Market Context and Performance Comparison - The Yin Hua Sheng An Six-Month Holding Mixed Fund is positioned to help investors navigate a volatile market, leveraging historical performance data that shows mixed bond funds outperforming in high-volatility environments [2]. - As of November 19, the Wande Hybrid Bond Fund Index has achieved a cumulative increase of 400.94% since its inception, with a maximum drawdown of only -22.09%, significantly better than the Shanghai and Shenzhen 300 Index, which has a cumulative increase of 280.11% and a maximum drawdown of -72.30% [2].