（来源：中信建投财富管理） 在公募基金行业，有这样一批中生代基金经理，他们历经多轮牛熊周期的淬炼，以系统化的投资框架、敏锐的产业洞察和亮眼的历史业绩表现，成为众多 投资者关注的焦点。韩创，便是这一群体中的杰出代表。 作为大成基金股票投资部副总监、董事总经理，韩创凭借"周期+成长"的独特投资逻辑，在化工、有色、高端制造等领域深耕细作，所管理的大成产业趋 势混合基金（A类代码：010826），自成立以来穿越市场波动，成为无数投资者布局产业趋势的重要选择。 景气投资，攻守有道 韩创具有13年证券从业经验，其中7年基金管理经验，产业趋势洞察力敏锐，产业资源充沛，投资经验丰富，擅长捕捉和把握景气蕴含的投资机会。所管 产品历史业绩亮眼，位居同类前列。2015年6月加入大成基金管理有限公司，现任大成基金股票投资部副总监兼董事总经理。 资料来源：大成基金；历史不代表未来，市场有风险， 投资需谨慎 韩创擅长精选具备贝塔的行业、挖掘具有阿尔法的公司，兼顾估值相对合理。他的能力圈不断拓展，目前已覆盖偏上游的金融、地产、有色、化工等行 业，偏中游的制造业，以及下游的以汽车为代表的可选消费，并形成了独具一格的景气成长投资体系。 险，投 ...

2月19日午后，黄金白银震荡拉升，截至14:18左右，现货黄金再次站上5000美元/盎司，日内涨0.49%； 现货白银涨超1%，报78美元/盎司。 杰富瑞已将2026年黄金价格预测从4200美元上调至5000美元，指出通胀和美元贬值背景下，投资者和央 行"实际上只有一个选择——硬资产"。 （文章来源：21世纪经济报道） 展望黄金后市，澳新银行预计，黄金价格将在今年第二季度触及5800美元/盎司。瑞银则给出的预测更 激进，认为年中最高或触及6200美元/盎司，主要动力来自央行与投资需求、财政赤字扩大、美国实际 利率下行以及地缘政治风险。 ...

当地时间2月17日，国际贵金属期货价格普遍下跌，COMEX黄金期货跌2.33%，报4896.10美元/盎司；COMEX白银期货跌3.93%，报73.55美元/盎 司。现货黄金跌2.33%，报4878.89美元/盎司；现货白银跌4.16%，报73.50美元/盎司。 2月18日亚市早盘，现货黄金、白银低开后强势拉升，截至15时14分，现货黄金价格报4941.18美元/盎司，日内涨1.30%；现货白银涨2.94%，报 75.67美元/盎司。 | 现货黄金 XAU 交易中 | | | | | 与 美元/盎司 | | --- | --- | --- | --- | --- | --- | | 4941.18 63.47(1.30%) | | | | | 2026-02-18 15:14:43 | | 买价：4941.18 | | | | 最高 : 4941.75 | 最低:4853.18 | | 现货白银 XAG 交易中 | | | | | 与 美元/盎司 | | 75.67 2.16(2.94%) | | | | | 2026-02-18 15:14:23 | | 买价:75.67 | 卖价:75.74 | 今开:7 ...

专题：资本市场大咖2026新春献词：骏马踏春来 驭势稳行启新程 编者按：辞旧迎新，金马贺岁。值此新春佳节，新浪财经特邀公私募领域数十位领军人物，通过镜头与 文字，为投资者送来马年新春祝福。信心如磐，笃行致远。愿这一声声真挚寄语，伴您策马扬鞭，共赴 投资长路。 东方港湾董事长但斌、中欧瑞博董事长吴伟志、因诺资产创始人徐书楠、重阳投资合伙人舒泰峰等送来 新春祝福。 但斌表示，展望2026年，它很可能成为AI应用的爆发之年，顶尖科技巨头的竞争将驱动技术以前所未 有的速度迭代，并真正开始改变各行各业，并惠及全球的普通人。对于投资者而言，在当前这样一个时 点，错失一个时代的风险远大于过早担心泡沫的风险。 东方港湾将始终秉承全球视野，坚持长期主义，继续聚焦于那些能够改变未来，拥有宽广护城河的伟大 企业。无论是这个全球的科技巨头，还是中国的科技巨头，我们将始终保持热情，并倾注全部的力量予 以关注。衷心祝愿各位投资者在新的一年里投资顺利，阖家欢乐，万事如意。 中欧瑞博董事长吴伟志指出，展望2026年，市场整体重心仍会上行，进入基本面驱动阶段。景气度持续 向上的行业有望继续走强，缺乏盈利支撑的板块则可能仅仅是顶部震荡。投资需要 ...

编者按：辞旧迎新，金马贺岁。值此新春佳节，新浪财经特邀公私募领域数十位领军人物，通过镜头与 文字，为投资者送来马年新春祝福。信心如磐，笃行致远。愿这一声声真挚寄语，伴您策马扬鞭，共赴 投资长路。 中欧瑞博董事长兼首席投资官吴伟志送来新春祝福。他表示，继续走强，缺乏盈利支撑的板块则可能仅 仅是顶部震荡。投资需要精细甄别，聚焦硬资产，告别贝塔思维。建议普通投资者通过ETF或者选择专 业的基金管理人进行投资，以分散风险，并利用专业团队的研究成果。在此，衷心祝愿各位投资者新春 快乐，阖家幸福，投资顺利，马到功成。 祝福全文： 各位客户朋友们，大家新年好。 我是中欧瑞博的董事长兼首席投资官吴伟志。2025年资本市场显著超越预期，政策转向、情绪修复与资 金充裕，共同推动A股走出一轮有基本面支撑的慢牛。 展望2026年，市场整体重心仍会上行，进入基本面驱动阶段。景气度持续向上的行业有望继续走强，缺 乏盈利支撑的板块则可能仅仅是顶部震荡。投资需要精细甄别，聚焦硬资产，告别贝塔思维。建议普通 投资者通过ETF或者选择专业的基金管理人进行投资，以分散风险，并利用专业团队的研究成果。 专题：资本市场大咖2026新春献词：骏马踏春来 ...

Group 1 - Silver TD is currently trading below 24,794, having opened at 26,671 CNY/kg, and is reported at 23,420 CNY/kg, down 19% [1] - The highest price reached was 26,780 CNY/kg, while the lowest was 23,420 CNY/kg, indicating a volatile trading session [1] - The market sentiment for Silver TD appears to be leaning towards a fluctuating trend [1] Group 2 - Fund managers increased their bearish bets on the US dollar by 8.3 billion USD, marking the largest increase since April 2025 [2] - Hedge funds reduced their net long positions on the US dollar by 5.1 billion USD, the largest decrease since July 2024 [2] - Analysts suggest that the recent sell-off in gold and silver may present a buying opportunity, as the market could eventually favor "hard assets" over the US dollar [2]

Market Overview - The report indicates that the U.S. stock market is currently experiencing a strong performance, with the S&P 500 reaching 7000 points, driven by positive earnings reports from semiconductor companies like ASML [1] - The Federal Reserve has decided to maintain interest rates, signaling no immediate plans for rate cuts, which has led to a temporary pause in market gains [1] - Despite a strong dollar policy, precious metals like gold and silver have seen significant price increases, with gold rising 4% to surpass $5400 [1] Core Insights - The report emphasizes that the current economic environment in the U.S. remains resilient, with strong corporate investment and consumer spending, indicating a robust economy [3] - Earnings reports show that the U.S. stock market is still in a high-growth phase for AI hardware, with notable increases in stock prices for companies like Seagate (up 19.14%) and Intel (up 11.04%) [3] - The semiconductor market is experiencing strong demand, particularly in AI-related sectors, while demand from automotive and industrial sectors remains relatively low [3] - The report suggests that the demand for hard assets is expected to surpass traditional macroeconomic cycles, indicating a shift towards sectors like AI and data centers [3] - The report identifies high-growth AI hardware chains, strong profit expectations from major tech platforms, and select energy and resource stocks as key investment directions in the U.S. stock market [3]

Core Viewpoint - The international silver market is experiencing significant upward momentum, with prices rising sharply due to geopolitical tensions and supply shortages, making silver a highly attractive investment option [2][3]. Group 1: Price Movement - International silver opened at $104.32 per ounce and is currently trading above $107.16, reaching a high of $108.61 and a low of $103.26, reflecting a 5.31% increase [1]. - The spot silver price surged over 3% to a new historical high of $106.48 per ounce, with a year-to-date increase exceeding 44% and a staggering rise of over 200% in the past year [2]. Group 2: Market Drivers - Factors driving the increase in silver prices include concerns over geopolitical issues related to Iran and Ukraine, as well as comments from former President Trump that have prompted investors to seek safe-haven assets [2]. - The supply of silver is facing long-term shortages, and the expansion of refining capacity is hindered, contributing to its explosive price movement [2]. Group 3: Market Analysis - The relative strength index (RSI) indicates that while silver is in an overbought condition, it is not at its most extreme levels, suggesting potential for further price increases [3]. - Key resistance levels for silver are identified at $110.00 and $115.00, while short-term support is noted around the $103 level [3].

Core Viewpoint - The A-share market has entered a new upward cycle since October 2024, with the current phase described as "summer," indicating active trading and sector rotation, but not yet reaching a peak or bubble stage [1][2]. Market Characteristics - The market is currently characterized by high trading volume and broad participation, with the Shanghai Composite Index surpassing 4000 points, signaling the end of debates over bull and bear market transitions [2]. - The dynamic price-to-earnings ratio of the CSI 300 is approximately 14 times, significantly lower than the S&P 500 (about 29 times) and NASDAQ (about 42 times), indicating that the current market rebound is more of a "catch-up" rather than a bubble [2]. Product Cycle Observation - The representative products of the company have only seen a 16%-17% increase since reaching historical highs in June 2025, suggesting that there is still significant upward potential [3]. Economic Comparison - The current fundamental conditions in China are considered stronger than those in Japan during its economic transition, with a more stable financial system and lower policy learning costs [5][6]. - China's manufacturing sector remains globally competitive, with a record trade surplus in 2025, and new economic sectors like renewable energy and digital economy are driving growth [6][7]. Investment Focus for 2026 - The core investment themes for 2026 are shifting from heavy assets to hard assets, with sectors like rare earths, energy metals, and chemical materials gaining importance due to their pricing power in a concentrated global supply environment [8]. - The company emphasizes five structural investment directions: 1. Technological innovation, particularly in AI and commercial aerospace [9] 2. Biopharmaceuticals, with validated global competitiveness [10] 3. Gold and hard assets, which hold value amid global monetary expansion [11] 4. Revaluation of Chinese manufacturing leaders as key supports in a slow bull market [12] 5. High-dividend assets serving as defensive positions [13] Market Dynamics - The current market rally is driven by a combination of policy, valuation, and sentiment bottoms, alongside the early stages of industrial cycles in AI, energy transition, and biotechnology [14].

Core Viewpoint - The current market is characterized by a "summer" phase of a bull market, with active trading, accelerated sector rotation, and a broadening profit effect, but without signs of full-blown bubble or extreme sentiment, indicating that both time and space have not yet peaked [2][5]. Group 1: Market Analysis - Compared to major global markets, the recent rise in the Chinese stock market is more of a "catch-up" rather than a "bubble," with the A-share market still undervalued despite a significant rebound in 2025 [4][6]. - As of the third quarter of 2025, the dynamic price-to-earnings ratio of the CSI 300 index is approximately 14 times, significantly lower than the S&P 500 (about 29 times) and the Nasdaq (about 42 times), indicating a relative undervaluation [6]. - The foundation of the bull market in China is solid, supported by the unshakeable advantage of the manufacturing sector, underestimated technological strength, cautious global corporate capital expenditure, and supportive policies [7]. Group 2: Investment Opportunities - The company identifies five key "hard asset" investment directions: "Technology Innovation+", pharmaceutical and biotechnology, supply-side reversal of resource products, gold, and high-dividend assets [8][9]. - In the "Technology Innovation+" sector, internet platform companies are experiencing a valuation recovery post-antitrust adjustments, with strong cash flows and enhanced dividends, while AI-enabled new businesses are emerging [9][10]. - The pharmaceutical and biotechnology sector is entering a harvest phase, with innovative drug development yielding global licensing opportunities, and the industry is at a historical low in valuation after four years of deep adjustment [10]. - The supply-side reversal of resource products is driven by a significant lack of capital expenditure over the past five years, coupled with rigid demand growth in new energy, military, and AI hardware, leading to a supply gap for key metals [10]. - Gold assets are gaining value as a non-credit asset amid global de-dollarization and ongoing geopolitical conflicts, with potential support for gold prices if the Federal Reserve continues to lower interest rates [10]. - High-dividend assets, such as those in the power, telecommunications, and banking sectors, provide stable cash flows in a declining interest rate environment, serving as a ballast in investment portfolios, especially during periods of increased volatility [10].