岁序更替，华章日新。值新年元旦之际，我谨代表九泰基金向长期以来信任支持我们的合作伙伴与广大 持有人，致以最诚挚的感谢和最美好的新年祝福！ 来源：九泰基金 HAPPY NEW YEAR 2026元旦 大道如砥 九泰基金 新年寄语 HAPPY NEW YEAR 回顾2025年，资本市场波澜起伏，机遇与挑战交织。面对复杂多变的内外部环境，九泰基金全体同仁凝 心聚力，攻坚克难，交出了一份饱含汗水与思考的年度答卷。 这一年，以"稳"筑基，固本培元。 公司坚持把风险防控置于业务发展的首要位置，持续完善覆盖全业务链的风险管理体系。投研端，深化 宏观、中观、微观的立体研判，严格执行投资纪律与风控指标，努力在市场波动中创造收益、控制回 撤，守护持有人利益；运营端，强化合规内控，确保各项业务运作规范、透明、高效，全年平稳运行， 各项合规运营指标保持良好，为公司行稳致远进一步夯实基础。 这一年，以"精"致强，专注内功。 资管行业归根结底是专业能力的竞争。公司持续加大投研投入，励精图治，优化投研流程与人才梯队建 设，鼓励引导深度研究、价值挖掘和长期主义。公司核心产品在复杂多变的一年中展现出较强的韧性和 良好的业绩表现。旗下九泰天富改 ...

Core Viewpoint - The company aims to enhance its services for high-quality economic and social development in the second half of 2025, focusing on the implementation of the "long board" strategy and creating first-class products and services in niche markets [1] Group 1: Strategic Initiatives - The company will deepen its wealth management transformation, establishing a comprehensive buy-side advisory service system centered on asset allocation to ensure the preservation and appreciation of client assets [1] - There will be a continuous improvement in research and investment capabilities, optimizing strategies and channel layouts to develop high-quality and distinctive investment banking projects [1] - The company plans to actively apply for new licenses in niche business areas to enhance the diversification of its financial market operations and improve its counter-cyclical capabilities [1] Group 2: Integration and Development - The company will proceed steadily and orderly with the integration work with Minsheng Securities [1]

Core Insights - The low interest rate environment and active capital markets are driving wealth management companies to increase their research on individual stocks and enhance the issuance of rights-based financial products [1][2] Group 1: Market Trends - Wealth management companies are shifting from traditional fixed-income products to a diversified asset allocation strategy, incorporating fixed income, equities, derivatives, and alternative assets to achieve stable returns across different market cycles [1][3] - The number of rights-based financial products has significantly increased, with a notable rise in equity asset allocation, currently stabilized at around 5% [1][2] - Recent data shows that the average annualized return for mixed and equity financial products has risen, with mixed products at 3.64% and equity products at 9.93% as of July [2] Group 2: Investment Strategies - Wealth management firms are increasingly focusing on individual stock research, with 22 firms conducting 207 investigations into listed companies in the past month, particularly targeting growth sectors like machinery, electronics, and pharmaceuticals [2][3] - The shift towards "fixed income + options" strategies is being adopted to slightly increase equity asset allocation in response to low interest rates [2][4] Group 3: Challenges and Opportunities - The traditional cash management and pure bond products are yielding lower returns, making it difficult for wealth management companies to meet investor expectations [4][5] - The capital market's sustained activity is enhancing the overall value of equity asset allocation, with significant trading volumes observed in the A-share market [4][5] Group 4: Research and Development - Leading wealth management companies are investing in building robust equity research capabilities, requiring time and structural support to develop a competitive edge against traditional equity players [6][7] - The focus is on creating a specialized research and risk management system to develop impactful equity products, with an emphasis on multi-asset strategies [6][7]

Group 1 - The core viewpoint of the article emphasizes the growth of fixed income enhancement products in the asset management industry, which has become a new growth point for the sector [1][3] - Asset management institutions are focusing on improving research and investment capabilities as well as customer service to enhance competitiveness [1][3] - The market outlook suggests that the bond market may remain volatile, while there are higher expectations for the stock market, supported by regulatory confidence in the healthy development of capital markets [3][4] Group 2 - The performance of fixed income enhancement products has improved this year due to favorable stock market conditions, contributing to wealth creation for investors [3][4] - Central Bank Wealth Management has seen a significant change in asset allocation, with a steady increase in equity proportion, focusing on "fixed income + products" and mixed debt products as strategic development priorities [3][4] - The company aims to enhance multi-asset and multi-strategy allocation capabilities, establishing an integrated management system for research, decision-making, investment, and post-evaluation [3][4] Group 3 - There is a strong push for improving research capabilities and transitioning from bond-dominated investments to a higher level of multi-asset allocation [4] - The company plans to align with national strategic development directions, particularly in developing pension products and responding to policy guidance for retirement wealth planning [4] - The focus will also be on guiding investment funds into the market and enhancing research capabilities for equity assets, aiming to discover investment opportunities in strategic emerging industries [4][5] Group 4 - As the distribution landscape for wealth management companies expands, there is an increasing demand for enhanced channel service capabilities [5] - The industry needs to shift from a product sales orientation to an investor demand orientation, improving the pre-sale, sale, and post-sale service systems to provide comprehensive and high-quality services to clients [5]

Core Viewpoint - The recent management adjustment at E Fund Management Co., Ltd. reflects a strategic focus on long-term stability and investment specialization, with key leadership changes aimed at enhancing operational efficiency and market adaptability [4][6][10]. Management Changes - Liu Xiaoyan has officially taken over as Chairman, while Wu Xinrong has been appointed as General Manager, marking a smooth transition after a year of adjustments [4][6]. - Two vice president-level fund managers, Chen Hao and Xiao Nan, have stepped down from their executive roles but will continue as fund managers, emphasizing a commitment to focused investment [2][7]. Leadership Background - Liu Xiaoyan, a founding member of E Fund, has been instrumental in the company's growth, overseeing an increase in managed assets from 180 billion to 3.5 trillion yuan, and distributing over 200 billion yuan in dividends to clients [4][5]. - Wu Xinrong, who has been with the company since its inception, has a strong background in active equity investment and is expected to lead the company towards further growth [6][7]. Investment Performance - E Fund's products have shown strong performance in 2023, with several funds ranking among the top in the market, including a 28% return for the E Fund CSI Hong Kong Stock Connect Consumer ETF and a 34% return for the E Fund CSI Overseas 50 ETF [9]. Strategic Initiatives - E Fund is expanding its asset management and overseas client outreach, recently signing a memorandum of understanding with the Brazilian Securities and Exchange Commission for ETF mutual cooperation [10]. - The company aims to enhance its research capabilities and focus on sustainable development, aligning with the evolving needs of investors and the market [10].