Core Viewpoint - The A-share market has entered a new phase with the Shanghai Composite Index surpassing 4100 points for the first time in 10 years, marking a significant bullish trend characterized by a 16-day consecutive rise, indicating a potential "spring rally" [1][15][16] Group 1: Market Dynamics - Current market sentiment is improving, driven by supportive policies and internal economic momentum, suggesting a critical turning point [2][20] - The rapid iteration and upgrade of industries such as AI, robotics, and innovative pharmaceuticals are fundamental supports for the market's sustained rise [4][22] - The expectation of a Federal Reserve interest rate cut and foreign capital favoring Chinese assets are likely to boost overall A-share valuations [7][30] Group 2: Investment Strategies - A balanced investment strategy focusing on both "hard technology" and resource sectors is recommended, as these areas are expected to yield significant returns [23][33] - The market is shifting from broad-based speculation to a focus on core sectors, emphasizing the need for a diversified approach to mitigate risks [24][34] - The current market environment suggests a preference for sectors with high dividend yields and growth potential, particularly in metals and technology [25][26] Group 3: Risks and Opportunities - The primary risk involves the potential for corporate earnings to fail to meet high expectations, which could lead to valuation corrections [28][29] - The market's current focus on a few sectors may lead to volatility if those sectors underperform, necessitating careful monitoring of earnings reports [28][29] - The transition from a long-term bearish mindset to a trend-oriented perspective could create upward momentum, as investors adjust their expectations [11][17] Group 4: Future Outlook - Following the breakthrough of 4100 points, the market is likely to enter a consolidation phase rather than a rapid ascent, with key indicators to watch including liquidity trends and sector performance [36][38] - The dual focus on "hard technology" and resources is expected to continue driving market dynamics, with potential for sector rotation and new opportunities emerging [16][36]

Core Insights - The active equity funds experienced a remarkable performance in 2025, with 94.91% of all funds generating positive returns, and 96.64% of active equity funds achieving positive returns over one year [3][4] - The emergence of "doubling funds" was a significant highlight, with 60 funds, including 51 active equity funds, achieving over 100% cumulative returns [4][5] - The strong performance of active equity funds is closely linked to the structural trends in the A-share market, particularly in technology sectors such as optical modules, PCB, cloud computing, and innovative pharmaceuticals [3][5] Fund Performance - Among active equity funds, Yongying Technology Smart Selection A led with a return of 223.14%, making it the only fund to achieve "doubling" status [5] - Other notable performers included AVIC Opportunity Navigator A with 156.48% and Hengyue Advantage Selection A with 141.96% [5] - A total of 3419 funds outperformed their benchmark returns, representing 78.26% of the active equity funds [3] Market Trends - The "doubling funds" phenomenon is characterized by a clear structural market trend, with most funds heavily invested in the "computing power" industry chain, particularly in optical modules [5][6] - The communication sector emerged as a significant winner among passive index "doubling funds," with several funds achieving returns exceeding 110% [6] New Entrants and Management - The emergence of new fund managers was notable, with the average management tenure of fund managers for the "doubling funds" being only 3.01 years, and 43.33% having less than two years of experience [7][8] - Despite the high returns associated with newer fund managers, experienced managers also delivered strong performances, indicating a diverse range of expertise contributing to the success of these funds [8] Fund Management Companies - E Fund emerged as the largest winner in 2025, managing nine "doubling funds," with E Fund Rui Xiang I achieving the highest return of 119.38% [10] - Smaller fund companies also contributed significantly to the "doubling funds," with several achieving impressive returns despite their lower rankings in total assets [11][12] Future Outlook - Analysts suggest that the technology sector will continue to be a clear investment focus in 2026, recommending strategies such as "core + satellite" and "barbell" approaches for portfolio diversification [13]

□本报记者 王鹤静 2025年年末，新一代核心宽基中证A500ETF上演了激烈的规模大战。截至12月26日，中证A500ETF总规 模首度突破3000亿元，再创历史新高，12月以来净流入超960亿元。随着大量资金涌入以中证A500ETF 为代表的核心宽基产品，境内ETF总规模于12月26日首度突破6万亿元，刷新历史纪录。 中证指数公司表示，中证A500引领新热点，反映经济结构转型，分享经济增长红利，相关产品已成为 增量资金参与A股投资的重要工具。在政策引导下，保险等机构通过公募ETF加快指数产品布局，宽基 ETF成为核心配置选择。随着指数化投资生态发展、工具不断丰富，指数产品在中长期资金中的应用将 继续深化，风格清晰的指数、多资产指数以及ETF组合服务有望更受青睐。 兴业证券策略研究团队认为，一方面是季末"冲量"的日历效应，历史上看，中证A500ETF在季末存 在"冲量"的规律，临近季末基本都是中证A500ETF大幅净流入的时间窗口；另一方面，中证A500指数 通过在各个行业内优选龙头上市企业、行业配置均衡，成为各类投资者年末布局的理想工具。 境内ETF总规模突破6万亿元 近期境内ETF规模持续冲高，并于12 ...

记住，投资不是冲刺，而是一场马拉松。在年底别人犹豫休息的时候，我们提前想清楚、布好局，或许 就能为明年赢得一个从容的开端。我是帮主郑重，我们共同思考，稳健前行。 那么，该往哪些方向"播种"呢？机构的建议可以概括为两大类，我们不妨称之为 "新故事"与"老伙计" 。 "新故事"是什么？就是那些代表未来五到十年国家发展重心、星辰大海的领域。报告里点名的人工智 能、具身智能、航空航天、量子科技等等，都属于"十五五"规划里的重中之重。它们可能现在盈利还不 稳定，但想象空间大，弹性足，是布局长期趋势不可或缺的部分。 "老伙计"又指谁？就是那些我们熟悉的制造业、资源板块和消费。它们的逻辑很实在："反内卷"政策会 优化行业竞争格局，让龙头企业的日子好过一些；而全球需求的复苏以及国内扩大内需的努力，则可能 带来实实在在的订单和利润回升。特别是"出海"有优势的企业，相当于打开了新的增长天花板。 我的策略观点是：在年底这个窗口期，我们的布局不妨也采取"核心+卫星"的策略。 用一部分仓位，稳 健地配置在"老伙计"身上，作为持仓的压舱石，追求确定的修复；同时，用另一部分仓位，去前瞻性地 参与"新故事"，搏取未来的超额收益。关键在于，不 ...

Core Viewpoint - The global investment strategy has shown resilience despite a 1.47% decline last week, outperforming individual markets like the US and Vietnam [1][6]. Weekly Market Review - Global equity markets experienced a weak performance last week, with most major markets declining, particularly the US market. However, gold prices rose by 2.59%, and bond assets strengthened, providing a buffer for the investment portfolio [6][9]. - The global investment portfolio's drawdown was controlled, primarily due to a 12% allocation in gold, which effectively hedged against equity downturns [9][10]. Performance Summary - The global investment strategy has achieved a year-to-date return of 17.44%, aligning with the expected return goals. The "Lazy Balanced" strategy, which has a balanced allocation between stocks and bonds, has yielded approximately 12.88%, marking a new annual high since its inception [3][10][14]. - The "Lazy Balanced" strategy is designed for lower volatility and is suitable for investors sensitive to market fluctuations, aiming for relatively stable returns through global diversification [12][15]. Portfolio Adjustments - As the year-end approaches, the investment team has made strategic adjustments to the portfolio for 2026, adopting a core + satellite strategy. This includes increasing allocations in A-shares and precious metals while reducing holdings in high-dividend assets, aiming for a more balanced asset allocation to enhance stability and reduce volatility [18][20].

Core Insights - The article discusses investment strategies and market outlooks for 2025 and 2026, focusing on A-shares and Hong Kong stocks, and emphasizes the "core + satellite" allocation strategy [2][3][4]. Group 1: 2025 Market Review - The live sessions will analyze the gains and losses in the equity market for 2025, identifying suitable equity products for the current market style [3]. - Key themes for 2025 included technology growth and "fixed income +" as the main investment lines throughout the year [6]. Group 2: 2026 Investment Outlook - The sessions will explore potential investment opportunities in the Hong Kong stock market, highlighting the core factors influencing its performance compared to A-shares [4]. - The "core + satellite" strategy will be discussed as a method for positioning investments in light of macroeconomic changes for 2026 [5][6]. - Investors will be guided on how to utilize investment tools effectively within the platform to enhance their investment strategies for the upcoming year [5].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The report focuses on Li Yulu, a fund manager at Manulife Fund, who adheres to the principle of absolute return and aims to navigate complex bull - bear markets smoothly. Li Yulu has formed a comprehensive investment framework and achieved good results in the management of representative products such as Manulife Jili and Manulife Juli [3]. 3. Summary According to the Table of Contents 3.1 Macro - view of Manulife Fund Manager Li Yulu - **Personal Background**: Li Yulu holds a master's degree in International Banking and Monetary Studies from the University of Birmingham, UK. She has worked in credit rating, insurance, and pension companies before joining Manulife Fund in April 2021. Currently, she manages mainly fixed - income plus and pure - bond funds, with representative products including Manulife Jili and Manulife Juli [3][9]. - **Investment Framework** - **Systematic Asset Allocation**: The company's fixed - income investment committee sets the annual strategic position, and adjusts the quarterly and monthly tactical positions dynamically. The fund manager and researchers determine specific allocations and select individual stocks and bonds. A multi - department team manages investment concentration, risk, and monitors product net value daily [12]. - **Pure - bond Investment**: Adopt a "core + satellite" strategy. The core position focuses on high - coupon, low - credit - risk financial - like bonds, and the satellite position targets trading opportunities in local government bonds. Avoid credit downgrades and continuously track bond credit changes [13]. - **Stock Investment**: Based on the absolute return target, use dividend - paying stocks as the base position, moderately allocate AI and new - tech stocks, and reserve some positions for excess returns through sector rotation. Adjust stock positions dynamically according to market trends, economic data, and policies [13]. - **Convertible Bond Investment**: In first - tier bond funds, convertible bonds are used to enhance pure - bond returns; in second - tier bond funds, they provide certain returns. The convertible bond portfolio has a "stable base + enhanced flexibility" structure, with a focus on in - depth research and bottom - up stock selection [13][14]. 3.2 Second - tier Bond Fund Representative: Manulife Jili - **Risk - return Characteristics** - **Annual Positive Returns**: Since Li Yulu took office, Manulife Jili has achieved positive returns in every full year, outperforming second - tier bond funds in various risk - return indicators [15]. - **Outperformance Against Peers**: Compared with other medium - position second - tier bond funds, it leads in cumulative returns, maximum drawdown control, Sharpe ratio, and Calmar ratio [18]. - **Asset Allocation Strategy** - **Dynamic Position Adjustment**: The "plus" assets are mainly stocks, with a relatively small convertible bond investment ratio. The fund manager adjusts positions based on the accumulation of safety margins and significantly reduces positions during extreme market conditions [20]. - **Stock Position Timing**: The fund manager is a moderate timer, making large - scale position adjustments only in extreme market conditions and small - scale adjustments in normal times [22]. - **Pure - bond Investment Style** - **High - grade Credit Bonds**: The bond investment uses a coupon - based strategy with some interest - rate bond trading. It prefers high - grade medium - term notes, corporate bonds, and policy - bank bonds [27]. - **Diversified Portfolio**: The bond portfolio is relatively diversified, with the top five heavy - position bonds accounting for no more than 20% of bond assets. The duration center is 3 - 4 years, showing significant duration timing characteristics [30][34]. - **Convertible Bond Investment Style**: The convertible bond portfolio is concise, with a small number of bonds (no more than 20 during the reporting periods). It mainly consists of large - cap bank convertible bonds, with a low equity - like position, focusing on stable returns [36]. - **Stock Investment Style** - **Sector Rotation**: The fund manager mainly allocates to dividend and technology sectors, adjusting the allocation ratio according to market conditions. Since 2024, the weight of the technology sector has increased [44]. - **Style and Concentration**: The fund manager follows market trends in terms of market - value and fundamental styles. The stock portfolio was relatively diversified before 2024 and has become more concentrated since then. The turnover rate is 2 - 3 times, and some technology stocks are held for the long term [48][50]. 3.3 First - tier Bond Fund Representative: Manulife Juli - **Risk - return Characteristics** - **Stable Positive Returns**: Since the strategy reform in 2023/11/20, Manulife Juli has maintained a relatively low position and continuously provided stable positive returns for investors [60]. - **High Quarterly Win - rate**: Since 2024, it has achieved positive returns in 7 consecutive quarters, with a quarterly win - rate of 100% and 85.71% of quarters achieving excess returns over the first - tier bond fund index [60]. - **Time - enhanced Earnings Effect**: The holding - period returns show a "time - enhanced" characteristic, with the average return, median return, and probability of positive returns increasing with the holding time [63]. - **Higher Sharpe Ratio**: Compared with first - tier bond funds with the same position, it has a better Sharpe ratio, indicating a higher risk - return ratio [67]. - **Asset Allocation Strategy** - **Low - risk Convertible Bond Allocation**: The average convertible bond allocation ratio in the recent four periods is about 14.63%, with a low risk exposure, which is in line with the goal of low - volatility and absolute return [68]. - **Contrarian Position Adjustment**: The convertible bond position changes significantly, following a "buy - low, sell - high" strategy and implementing a temporary empty - position strategy in extreme market conditions [68]. - **Pure - bond Investment Strategy** - **Financial Bonds and Local Government Bonds**: Since the end of 2023, the fund has focused on financial bonds as the core position and local government bonds for trading. The position management of local government bonds is flexible, based on the spread between local government bonds and treasury bonds [73]. - **Flexible Duration Strategy**: The duration strategy is flexible, increasing duration when interest rates are expected to fall and reducing it when necessary. The bond portfolio is becoming more diversified, with the top five heavy - position bonds accounting for no more than 30% of bond assets [76]. - **Convertible Bond Investment Strategy** - **Concise Portfolio**: Similar to Manulife Jili, the convertible bond portfolio is concise, with the number of bonds usually between 10 - 40. - **Stronger Return - enhancement**: Compared with Manulife Jili, it has a lower proportion of bank convertible bonds, a higher equity - like position, a lower bond - like position, and more small - and medium - cap convertible bonds, showing a stronger return - enhancement property [82][85].

Core Viewpoint - The A-share market has shown a structural differentiation in the first 11 months of this year, with new economy sectors like artificial intelligence and innovative pharmaceuticals leading the market, while traditional sectors like liquor have underperformed, creating a stark contrast [2][3]. Investment Strategy - The significant differentiation between new and old market drivers has become a key factor in investment success this year. The rapid expansion of ETF management scale and the issuance of floating fee rate funds have led public funds to focus more on performance benchmarks, resulting in clearer investment styles and directions [3][4]. Core and Satellite Strategy - The "core + satellite" strategy is recommended for investors as a stable allocation method. Core assets should be balanced and historically stable with low drawdowns, while satellite assets should target emerging industries with greater return elasticity. This approach is essential for funds to generate excess returns across different market conditions [4]. Performance of Fund - The Guangfa Multi-Factor Fund (002943) has shown impressive long-term performance, with a net value growth rate of 376.1% from early 2018 to November 28, 2025, translating to an annualized return of 21.82%. It has consistently outperformed major indices during bull and bear markets [5][8][9]. Fund Management - The fund is managed by experienced professionals, including Yang Dong, who has 19 years of experience in investment management. The fund's holdings are well-diversified across 30 industries, and it employs a dynamic adjustment strategy based on a "macro four-cycle" framework to capture excess returns [10][11]. Sector Allocation - The fund has effectively managed its exposure to the electronics sector, increasing its allocation significantly in 2024 and adjusting it based on market performance. This strategic allocation has allowed the fund to maintain a competitive edge [12]. Satellite Asset Tools - The Guangfa team has developed Smart Beta and thematic enhancement products to provide investors with tools for enhanced returns. These products aim to achieve stable excess returns through a combination of strategies, catering to various investor preferences [17][18]. New Product Launch - The Guangfa Quality Selection Fund, utilizing a "PB-ROE" strategy, has been launched to adapt to changing market preferences, focusing on quality and valuation. This strategy aims to identify undervalued companies with strong profitability potential [23][24].

Group 1 - The report highlights that active equity funds are expected to experience a value reassessment due to favorable market conditions and policy support, despite previous underperformance [4][6][10] - The active equity funds have shown significant excess returns in a structural bull market, particularly those focused on advanced manufacturing themes [4][5][6] - The report suggests a "core + satellite" investment strategy to capitalize on the current market environment, emphasizing the importance of thematic investments in state-owned enterprises, technology, and consumption sectors [4][5][6] Group 2 - The ETF market has seen a substantial breakthrough in both quantity and scale, with the total ETF size surpassing 1 trillion yuan, indicating a shift towards high-quality development [4][5][10] - The report notes that the growth of passive products is driven by policy support, technological advancements, and increased demand, particularly in the non-ferrous metals and TMT sectors [4][5][10] - The report anticipates a continued trend of strong performance in popular sectors, with a focus on technology and financial real estate, as well as the potential for expansion in niche ETFs [4][5][10] Group 3 - The report outlines a multi-dimensional ETF quantitative allocation strategy that leverages macro timing, momentum, and advanced modeling techniques to capture diverse returns [4][5][10] - It emphasizes the importance of asset allocation to achieve stable risk-adjusted returns, particularly in a "slow bull" market [4][5][10] - The report suggests that the focus should be on sectors with strong momentum and lower crowding, especially in technology, to capture excess returns [4][5][10]

Group 1 - The core viewpoint is that with the implementation of the "Action Plan for Promoting the High-Quality Development of Public Funds" and the A-share market entering a "slow bull" phase, the market environment has significantly improved, leading to a potential revaluation of active equity funds [1][2] - Despite a weak performance of active equity funds from 2022 to 2024, 2025 is expected to be a crucial turning point, with many active funds showing positive stock selection capabilities and achieving significant excess returns in a structural market [1][2] - The report emphasizes the importance of focusing on thematic investments in state-owned enterprises, technology, and consumption sectors, while also identifying high-scoring individual stocks based on solid fundamentals to uncover stable alpha [1][2] Group 2 - The active fund performance is expected to improve in 2025, with 66% of active funds outperforming the CSI 800 index, particularly those concentrated in advanced manufacturing themes, indicating that a "core + satellite" investment strategy is effective in the current structural bull market [2] - The ETF market has seen a significant breakthrough in both quantity and scale since 2025, with the total ETF scale surpassing 5.7 trillion yuan, an increase of over 2 trillion yuan from the end of 2024, particularly in broad-based and leading industry themes [3] - The report outlines a multi-dimensional ETF quantitative allocation strategy that captures diverse returns, focusing on macro timing strategies, momentum strategies, and advanced techniques to achieve stable risk-adjusted returns in 2026 [4]