2026年以来，A股波动明显加大，上证指数上演4100点拉锯战；从细分行业来看，超八成的申万一级行 业年内收涨，综合（申万）指数以29%的涨幅领涨全行业，可见市场仍具赚钱效应，不过行业分化加 剧，缺乏单一主线，追逐风口难度提升。记者获悉，权益大厂景顺长城基金马年推出新基景顺长城衡瑞 精选混合型基金（代码：026376），拟任基金经理周寒颖具备丰富的全球投资能力，投资中注重性价 比，擅长通过周期类别和所处位置进行组合管理，并通过个股、行业、产业等多维度对比进行均衡配 置，其在管产品更是在2025年斩获金牛奖。（数据来源：Wind；截至2026.2.13。奖项信息来源：中国 证券报，其管理的景顺长城成长之星基金获第22届"五年期开放式股票型持续优胜金牛基金"， 2025.12） 全球投资实力派周寒颖，稳定超额能力突出 作为权益大厂景顺长城基金，旗下拥有众多不同风格的优秀基金经理，具备全球投资实力的周寒颖便是 其中一位。长期跟踪全球大中华不同区域的上市公司，也使其拥有更广阔的投资视野，并形成了对权益 投资的独特见解。在周寒颖看来，投资的本质是"洞悉业务本质，给出合理定价"，无论是成长股还是价 值股，只要性价比具备足 ...

Market Overview - A-shares are experiencing a cooling trend, while the Hang Seng Index has reached a new high, increasing by 2.56% and hitting a four-year peak with a trading volume of 360 billion HKD [4]. - The Shanghai Composite Index rose by 0.27% to close at 4151.24 points, and the Shenzhen Component Index increased by 0.09% to 14342.89 points, while the ChiNext Index fell by 0.57% to 3323.56 points [3][6]. Trading Dynamics - The total trading volume in the Shanghai and Shenzhen markets reached 29.926 trillion CNY, an increase of 70.9 billion CNY compared to the previous day [3]. - The market is seeing a significant number of declining stocks, with approximately 3500 stocks down and only 1660 stocks up, indicating a general downward trend [4][5]. Sector Performance - The market rebound is primarily concentrated in the non-ferrous metals sector, particularly precious metals, with international gold prices surpassing 5000 USD per ounce [5]. - Other sectors such as medical devices, biopharmaceuticals, and AI application software are experiencing declines, indicating a retreat from previously popular themes [5]. Investment Sentiment - The adjustment in the market, particularly in the CSI 300, is seen as a necessary measure by large institutions, which may inadvertently affect other stocks [5][6]. - The current market dynamics suggest a process of value rediscovery, where lower stock prices may attract value investors looking for better cost bases and higher dividend yields [5][6]. Future Outlook - If the CSI 300 stocks fall to a price range acceptable to long-term investors, it may attract funds back into the index, facilitating a rational market adjustment [6]. - The market is expected to experience fluctuations, with a notable "up-down" cycle observed during trading, but overall performance remains within acceptable limits set by management [6].

Core Viewpoint - The correct investment goal should focus on achieving the best combination of risk and return rather than merely seeking the highest returns [2] Group 1: Investment Strategy - Investors should combine ownership assets and debt assets to anchor their investment portfolio in a balanced position of risk and return [3] - The "fixed income +" product has gained popularity among investors, balancing stability and yield enhancement to meet different risk preferences [3] Group 2: Fund Management Expertise - He Xiuhong, a fund manager at ICBC Credit Suisse, has extensive experience across bond, convertible bond, and equity sectors, focusing on macroeconomic fundamentals and asset safety margins [4] - Under her management, several funds have achieved annualized returns above 5% as of the end of 2025 [5] Group 3: Risk Control - He Xiuhong's managed fund, ICBC Ningrui 6-Month Holding Period Mixed Fund, had a maximum drawdown of only 3.07% in 2025, outperforming similar products [6] - The risk control philosophy is embedded in the ICBC Credit Suisse's culture, with a focus on maintaining a stable return while managing risks effectively [6] Group 4: Investment Approach - The investment strategy involves a dual pricing system to capture spread trading opportunities, focusing on macro trends and key variables like real estate and debt cycles [9] - The team employs a dynamic pricing system to recommend higher relative value assets and manage liquidity risks [10] Group 5: Asset Allocation - In 2023, the continuous improvement in the bond market led to a reduction in credit spreads, prompting a shift in asset allocation towards high-quality credit bonds and financial bonds [11][12] - The investment strategy anticipates potential yield increases in the next 1-2 years, leading to adjustments in portfolio duration and leverage [12] Group 6: Performance Metrics - The ICBC Four Seasons Income Fund has consistently performed well since its transformation in 2014, ranking among the top in its category [13] - The fund's maximum drawdown has been better than the average of similar funds, indicating effective risk management [13] Group 7: Equity Investment Strategy - He Xiuhong's equity investments focus on undervalued companies with long-term competitive advantages, with a diversified industry allocation [20] - The fund's stock holdings are concentrated in sectors like food and beverage, electronics, and power equipment, reflecting a balanced approach to growth and stability [20] Group 8: Research and Development Framework - ICBC Credit Suisse has established a comprehensive research framework covering macroeconomic, monetary, credit strategies, and more, ensuring informed investment decisions [31] - The investment team is structured to facilitate knowledge sharing and talent development, enhancing overall investment performance [33] Group 9: Value Proposition of "Fixed Income +" - The "fixed income +" strategy aims to provide sustainable returns within acceptable risk boundaries, focusing on long-term stability rather than short-term gains [34] - This approach allows investors to enjoy a consistent return experience while managing risks effectively [34]

Core Viewpoint - The article emphasizes the investment philosophy of Yu Lei, focusing on achieving absolute returns through multi-asset and "fixed income plus" strategies while controlling drawdowns and providing tailored asset allocation solutions for clients [1][2][38]. Investment Philosophy - The core investment philosophy is to maximize long-term returns while controlling drawdowns, emphasizing the importance of price over absolute asset quality [2][38]. - Yu Lei identifies the importance of dynamic asset allocation to capture investment opportunities across different market environments, highlighting the varying cost-effectiveness of different asset classes [1][2][38]. Performance Metrics - As of September 30, the representative product in the "fixed income plus" category, Silver Hua Sheng Hong Bond A, achieved a net value growth of 6.81% since Yu Lei's appointment on February 18, outperforming the benchmark by 5.53% [3][39]. Multi-Asset Strategy - The multi-asset team under Yu Lei offers four main strategies: fixed income, equity, "fixed income plus" allocation, and FOF, each with various sub-strategies to meet diverse client needs [2][18][39]. - The platform's ecological solution capability includes asset allocation, team culture, information technology, and multi-strategy Alpha, which are essential for effective investment management [3][19][39]. Team Dynamics - The team culture emphasizes collaboration and knowledge sharing, which enhances overall investment management efficiency and performance [3][22][39]. - The team consists of over 50 members with clear roles, focusing on asset allocation and maintaining sensitivity to key investment areas [3][23][39]. Future Outlook - The "fixed income plus" product line is expected to have significant growth potential, as it provides asset allocation solutions that many investors currently lack [2][44]. - Yu Lei's investment approach combines defensive strategies from insurance with the aggressive growth potential of public funds, aiming for a balanced investment strategy [2][29].

Core Viewpoint - The article emphasizes the importance of multi-asset and "fixed income plus" investment strategies to achieve absolute returns while managing risks effectively. The focus is on providing tailored investment solutions that meet diverse client needs and adapting strategies based on market conditions [4][5][10]. Investment Philosophy - The investment philosophy prioritizes controlling drawdowns while maximizing long-term returns, emphasizing the importance of price over absolute asset quality. The concept of "value for money" is central, with a focus on dynamic asset allocation to capture investment opportunities across different market environments [4][14][17]. Performance Metrics - Since February 18, 2025, the representative product in the "fixed income plus" category, Yin Hua Sheng Hong Bond A, has achieved a net value growth of 6.81%, significantly outperforming the benchmark of 1.28%, resulting in an excess return of 5.53% [5]. Product Solutions - The company offers a comprehensive suite of investment strategies, including fixed income, equity, "fixed income plus" allocation, and FOF strategies, each with various sub-strategies to cater to diverse client needs. This approach is supported by a robust platform ecosystem that enhances investment capabilities [25][22]. Platform Ecosystem - The multi-asset platform ecosystem is structured around four key modules: asset allocation, team culture, information technology, and multi-strategy Alpha. This framework aims to improve decision-making and enhance the sustainability of performance [27][28]. Team Dynamics - The team culture emphasizes collaboration and knowledge sharing, which enhances overall investment management efficiency and performance. The team consists of over 50 members with clear roles, focusing on asset allocation and maintaining sensitivity to market trends [31][33]. Market Outlook - The outlook for the equity market in 2024 and 2025 is optimistic, driven by valuation recovery and improving corporate earnings. The company anticipates that adjustments in asset allocation will help navigate short-term volatility while focusing on long-term growth opportunities [38][39].

Core Viewpoint - Dividend assets remain a rare value proposition in the A-share market, with a price-to-book (PB) ratio below 0.8 and a return on equity (ROE) of approximately 9% despite high valuations in the broader market [1][3]. Valuation and Profitability - Recent mid-year financial reports indicate that dividend assets are still at relatively low valuations, with strong earnings resilience. The ROE for the CSI Dividend Index, CSI Low Volatility Dividend Index, and CSI Dividend Value Index are 8.9%, 9.3%, and 9.3% respectively, placing them among the top ten in comparison to 31 industry sectors [3][4]. - The PB levels for these dividend indices are below 0.8, indicating significant room for valuation recovery [3][4]. Dividend Distribution - The willingness of listed companies to distribute dividends is increasing, reflecting their profitability and asset return capabilities. As of September 19, 2025, 819 A-share companies are expected to distribute a total of 644.9 billion yuan in mid-year dividends, marking a year-on-year increase of 16% and 10% respectively [4][6]. - Among the CSI Dividend Index constituents, 37 companies are expected to announce mid-year profit distributions totaling 341.3 billion yuan, capturing the benefits of enhanced shareholder returns [4][6]. Long-term Value Proposition - In the context of a declining long-term interest rate and a credit expansion cycle, the value proposition of dividend assets continues to stand out. The overall asset return rate is decreasing, and with falling bond yields, financial institutions are seeking assets that match their risk-return profiles [6][9]. - The relative valuation of high-dividend traditional companies is declining, while the spread between dividend yields and long-term government bond yields is increasing, enhancing the attractiveness of dividend assets [6][9]. Investment Tools - In a low-interest-rate environment, dividend-focused ETFs such as E Fund Dividend ETF (code: 515180), Low Volatility Dividend ETF (code: 563020), and Dividend Value ETF (code: 563700) are highlighted as effective tools for investors to capture high-performance, undervalued segments of the A-share market [9].