在波动多变的A股市场，基金经理是选基的核心变量。短期亮眼业绩，往往掺杂市场贝塔与运气成分；而穿越牛熊的长期 业绩，才是检验投研实力与适应能力的试金石。 2026开年，我们来盘点十年长期业绩领先的百亿级基金经理榜单。从榜单数据可看，跻身TOP10基金经理十年收益率均超 170%，最高者接近350%。他们管理规模可观，最高达594亿元；任职年限最长者已深耕行业14年，榜单覆盖9家基金公 司。 | | | 年收益排名前十的百亿基金经_ | | | | --- | --- | --- | --- | --- | | 基金经理名称 | 十年区间收益 [加权方式]规模加权 | 基金经理年限 康位年 | 现任真会公 | 任职基金总规模 [单位]亿元 | | | [单位]% | | | | | XI 7 Pist | 349.49 | 13.39 | 乐吴县金 | 113.92 | | | 265.50 | 10.78 | 万家基金 | 127.02 | | | 265.43 | 13.38 | 易方达基金 | 222.20 | | | 248.28 | 10.22 | 华安基金 | 153.26 | | | 223.46 ...

（来源：淘金ETF） 2026年开年A股板块轮动愈发剧烈，保险资金的投资偏好成为机构重点关注的关键变量，这一手握超7万亿元全行业资产的资金主体，不仅规模远超主动 偏股公募基金，2026年还预计有0.53万亿元到1.33万亿元的增量资金入市，其一举一动正悄然改变着A股市场风格，成为影响市场走向的核心力量。 险资之所以能拥有这样的市场影响力，核心源于其庞大的资金规模和独特的资金属性，截至2025年三季度末，险资直接持有二级市场股票规模达3.62万亿 元，叠加长期股权投资和基金投资后，总规模突破7万亿元，坐稳A股第一大机构投资者的位置。更重要的是，险资的资金大多来自居民从房地产及相关 理财渠道转移而来的长期资金，这类资金流入更理性、更可持续，不会像短期资金那样追涨杀跌，对市场风格的影响更深远、更持久。险资的投资偏 好十分鲜明，始终遵循防守为主、进攻为辅的核心逻辑，一方面将低波动、高股息的价值板块作为核心底仓，银行、地产等领域长期受其青睐，2025年三 季度险资在多元化银行的持股比例达1.54%，仅平安银行的持仓市值就超1万亿元，银行板块持仓占险资权益配置的近三成，成为市场重要的压舱石，在 市场波动时能提供稳定支撑； ...

1. Report Industry Investment Rating - No specific industry investment rating is provided in the report [1][28] 2. Core Viewpoints of the Report - The report analyzes the market performance of the previous week and provides allocation strategies for equity and stable - type products. It suggests that investors can focus on relevant funds based on event - driven strategies and asset allocation strategies in the equity market, and pay attention to short - term debt funds and fixed income + funds in the stable - type product market [1][28] 3. Summary by Relevant Catalogs Market Review Equity Market - Most major equity market indices declined last week, with the STAR 50 having the largest decline of 2.99%. The ChiNext Index (-2.26%), CSI 300 (-0.28%), Wind All - A (-0.15%), and Beijing Stock Exchange 50 (-0.13%) also fell, while the Shanghai Composite Index rose 0.03%. In the past 1 month, 3 months, and year - to - date, the leading indices were the ChiNext Index, Shanghai Composite Index, and ChiNext Index respectively. Shenwan primary industries showed mixed performance, with the consumer sector rebounding collectively. Sectors such as commerce and retail (6.66%), non - banking finance (2.90%), beauty and care (2.87%), social services (2.66%), and basic chemicals (2.58%) were relatively high - ranking, while electronics (-3.28%), power equipment (-3.12%), machinery and equipment (-1.56%), comprehensive (-1.53%), and communication (-0.89%) were relatively low - ranking [4] Bond Market - The central bank's open - market operations had a net injection last week, and the money market remained loose. Both short - and long - term interest rates declined. The 10 - year Treasury bond yield dropped 0.88BP to 1.831%, and the 1 - year yield fell from 1.388% to 1.355%, with the term spread (10Y - 1Y) widening. The credit spreads of short - and long - term bonds showed different trends [7] Fund Market - Affected by the equity market, the equity - biased fund index fell 0.61%, the secondary bond fund index rose 0.10%, the medium - and long - term bond fund index rose 0.05%, and the short - term bond fund index rose 0.08% [13] Equity - type Product Allocation Strategies Event - driven Strategy - **2025 Photovoltaic Industry Annual Conference**: The conference was held in Xi'an on December 18. In 2026, the photovoltaic industry will strengthen capacity regulation. Relevant funds to focus on include Harvest Low - Carbon Selection A (017036), Great Wall China Intelligent Manufacturing A (001880), and ICBC Industrial Environment A (001245) [15] - **New Breakthrough in Chinese Optical Computing Chips**: Shanghai Jiao Tong University researchers achieved a breakthrough in the new - generation optical computing chips. Relevant industries to focus on are integrated circuit design, optical modules, and semiconductor equipment. Relevant funds are Boshi Semiconductor Theme A (012650), Huaxia Semiconductor Leading A (016500), and ICBC Emerging Manufacturing A (009707) [16] - **Full - island Customs Closure of Hainan Free Trade Port**: The full - island customs closure event was held on December 18. Relevant sectors to focus on are duty - free, tourism, high - end consumption, and medical and health. Relevant funds are Harvest Logistics Industry A (003298), GF Ruiyi Leading A (005233), and Harvest Mutual Integration Selection A (006603) [17] Asset Allocation Strategy - The overall allocation idea is a balanced bottom - position + barbell strategy, with dividends and technology + high - end manufacturing at the two ends of the barbell. Dividend assets have allocation value due to the low - interest - rate environment and policy support. The balanced style can reduce risks and capture opportunities in different market environments. The technology growth direction is supported by national policies, high industry prosperity, and the need for domestic substitution. The military industry has strategic and investment value under the background of geopolitical conflicts. Relevant funds to focus on include Anxin Dividend Selection A (018381), Anxin Advantage Growth A (001287), Huaxia Zhisheng Pioneer A (501219), Harvest Hong Kong Internet Core Assets A (011924), and Boshi Military Industry Theme A (004698) [18][20][22] Stable - type Product Allocation Strategies Market Analysis - The central bank's open - market operations had a net injection of 189 billion yuan last week, keeping the money market loose. In November, the industrial added value of large - scale industries increased 4.8% year - on - year and 0.44% month - on - month, with a 6.0% year - to - date increase. The Bank of Japan raised interest rates by 25 basis points as expected. Convertible bonds need attention due to their volatility risk [23][24] Key Focus Products - The overall allocation idea is to continue holding short - term debt funds but lower the return expectations. Investors who want to increase overall returns can consider appropriately allocating fixed income + funds. Key funds to focus on are Nord Short - term Debt A (005350), Cathay Pacific Li'an Medium - and Short - term Debt A (016947), Anxin New Value A (003026), and Southern Glory A (002015) [27][28]

Group 1: Monetary Policy Insights - Bank of America suggests that the market may soon start betting on a rate cut by the Federal Reserve in January, despite cautious signals from the Fed [1] - The bank anticipates a 25 basis point rate cut in December, along with stronger guidance and dissenting opinions, projecting stronger growth and lower inflation [1] - Analysts believe that with significant data releases before January, Chairman Powell will find it difficult to suppress market expectations for further easing [1] Group 2: Economic Outlook in Thailand - Barclays economists report that the Bank of Thailand may resist rate hikes in 2026 due to lower-than-potential growth prospects and inflation rates below the 1%-3% target range [2] - The central bank aims to maintain a loose monetary policy and focus on addressing structural economic issues [2] - Even with rising price pressures, the central bank is unlikely to change its policy stance, prioritizing economic growth and financial stability over inflation [2] Group 3: Investment Opportunities in Technology and Commodities - China International Capital Corporation (CICC) sees significant investment opportunities in the technology sector within the machinery industry for 2026, driven by domestic demand recovery and high export growth [3] - CITIC Construction points out that copper, aluminum, and gold have clear long-term investment logic due to global macroeconomic uncertainties and geopolitical risks [4] - The report highlights that copper will benefit from supply tightness and green economy demand, while aluminum is constrained by domestic capacity limits [4] Group 4: Energy Storage and AI Development - CITIC Construction expects the energy storage industry to see a rise in both volume and price by 2026, with manufacturing profitability currently at unsustainable low levels [5] - The ongoing development of AI large models and applications is noted, with a recommendation to continue focusing on the AI computing power sector [6] - The report emphasizes the potential for new application scenarios and business models arising from the construction of space data centers [8] Group 5: Market Predictions for Copper and Panel Industry - CITIC Securities predicts that LME copper prices could accelerate towards $12,000 per ton, driven by narratives of U.S. copper stockpiling and domestic production cuts [8] - The panel industry is expected to see a positive long-term outlook due to improved competition dynamics and a shift from price-driven profit to value creation [9]

Core Viewpoint - The A-share market showed a strong performance on December 8, with major indices rising significantly, indicating positive market sentiment and potential investment opportunities in various sectors [3]. Market Performance - The Shanghai Composite Index rose by 0.54% to 3924.08, the Shenzhen Component Index increased by 1.39% to 13329.99, and the ChiNext Index surged by 2.6% to 3190.27 [4]. - The trading volume in the Shanghai and Shenzhen markets reached 2.04 trillion yuan, an increase of 310.9 billion yuan compared to the previous trading day, with over 3400 stocks rising [7]. Sector Highlights - The computing hardware sector saw significant gains, particularly in the CPO direction, while lithium mining, photolithography machines, superhard materials, consumer electronics, and commercial aerospace themes were also active [4]. - Local stocks in Fujian province performed strongly, with over 20 stocks hitting the daily limit up, including Xiamen Xinda and Yonghui Supermarket [5]. Individual Stock Performance - Notable stock performances included Hongxiang Co., which rose by 19.98% to 12.67, and Ruijie Networks, which increased by 11.23% to 82.00 [6]. - Other significant gainers included Guangpu Co. (+10.53%), Minfa Aluminum (+10.08%), and Anji Food (+10.02%) [6]. Capital Flow - Main capital flows showed net inflows into sectors such as electronics, communications, and securities, while aerospace, home appliances, and food and beverage sectors experienced net outflows [9]. - Specific stocks with notable net inflows included Xiangnong Chip and Shenghong Technology, with inflows of 1.126 billion yuan and 843 million yuan, respectively [9]. Institutional Insights - Huatai Securities suggested that a "spring surge" may start in mid to late December, recommending a balanced allocation between growth and cyclical stocks, with a focus on large financials and high-value consumer stocks as foundational choices for asset revaluation [11]. - China International Capital Corporation (CICC) expressed optimism for technology growth investments in 2026, highlighting structural opportunities from domestic demand recovery and high export prosperity [12].

Group 1 - The core viewpoint of the news highlights significant growth in the cloud computing and robotics ETFs, with the Tianhong Cloud Computing ETF (517390) showing a notable increase in trading volume and market performance [1][3] - The Tianhong Cloud Computing ETF (517390) experienced a 3-month scale growth of 15.21 million yuan, indicating strong investor interest and market confidence [1] - The Tianhong Cloud Computing ETF tracks the CSI Hong Kong-Shenzhen Cloud Computing Industry Index (931470), which rose by 3.45%, with key stocks like Xinyi Technology (300502) and Zhongji Xuchuang (300308) showing substantial gains of 8.05% and 7.55% respectively [1] Group 2 - The Robotics ETF (159770) also demonstrated significant performance, with a trading volume of 333 million yuan and a net subscription of 43.5 million shares during the trading session [1][3] - Over the past week, the Robotics ETF (159770) saw a scale increase of 74.42 million yuan, and in the last month, it gained 23.6 million shares, reflecting strong demand [3] - The Robotics ETF closely follows the CSI Robotics Index (H30590), which rose by 0.97%, with notable stock performances from companies like Haimao Star (688559) and Jingye Intelligent (688290) [1][3] Group 3 - The news also mentions the launch of the "Yufeng" intelligent regulatory platform by Yipay at the Digital Intelligence Technology Ecological Conference, showcasing advancements in AI and cloud computing for risk management [5] - A joint venture between UBTECH and the Beijing Humanoid Robot Innovation Center established Tianyou Robotics Company, focusing on the humanoid robotics sector, with a registered capital of 10 million yuan [6] - CICC expresses optimism for technology growth investments in 2026, emphasizing opportunities in the mechanical industry driven by technological innovation and domestic demand recovery [6]

Group 1 - The Hang Seng Index opened with a slight decline of 0.07%, while the Hang Seng Tech Index saw a minor increase of 0.08% [1] - Notable performers in the Hong Kong stock market included Health Road, which rose over 3%, and several companies like SMIC and AAC Technologies, which increased by more than 2% [1] - The Hong Kong Stock Connect Tech ETF (513860) experienced a 0.13% rise, with a trading volume of 13.68 million yuan and a real-time premium rate of 0.01% [1] Group 2 - A significant trend in the Hong Kong stock market has been a surge in share buybacks, with 250 companies participating and repurchasing over 7 billion shares for a total amount exceeding 162 billion HKD as of December 4 [2] - The technology and consumer discretionary sectors have been the most active in terms of buybacks, driven by factors such as reasonable blue-chip valuations and companies holding ample cash [2] - The Hong Kong Stock Exchange's upcoming revision of the "treasury stock new regulations" in June 2024 will allow companies to repurchase shares without canceling them, thus lowering operational barriers for buybacks [2] Group 3 - The Hong Kong Stock Connect Tech ETF (513860) closely tracks the CSI Hong Kong Stock Connect Tech Index, which includes 50 large-cap technology companies with high R&D investment and rapid revenue growth [3] - The top ten weighted stocks in the index include major players like Alibaba, Tencent, SMIC, Xiaomi, and BYD [3] - According to CICC, the technology sector is expected to present significant investment opportunities by 2026, particularly in new infrastructure driven by technological innovation and structural opportunities arising from domestic demand recovery and high export growth [3]

Core Insights - Deep value fund managers, who performed well during the bear market, are underperforming in the current bull market, primarily due to the significant rise in technology stocks and growth-oriented funds [1][2][10] - The average annual return of deep value fund managers is below the industry average, with many products yielding less than 20% year-to-date, while the CSI Active Equity Fund Index has achieved a return of 34.11% [3][9] - The investment philosophy of deep value managers focuses on long-term intrinsic value, safety margins, and stable business models, which contrasts sharply with the growth-oriented approach that prioritizes high growth potential and current market trends [10][11][12] Performance Comparison - As of September 24, 2023, prominent deep value fund managers like Xu Yan and Jiang Cheng have seen their flagship products yield less than 20%, with only a few exceeding 30% [3][9] - The performance of deep value funds is generally in line with the CSI 300 Index, which has a year-to-date return of 15.63% [10] - In contrast, growth-oriented funds have seen returns exceeding 200% in some cases, highlighting the stark difference in performance between the two styles [5][10] Market Trends - The current market environment favors growth-oriented strategies, particularly in sectors like technology and innovation, while deep value strategies are struggling due to their focus on low-valuation sectors such as finance and real estate [10][12][26] - The number of deep value fund managers is relatively small compared to growth-oriented managers, and many notable deep value figures have left the industry, further limiting the available options for investors [25][29] Investment Strategy - Deep value funds are recommended for conservative investors as a core holding, while growth funds may be allocated for those seeking higher returns [16][17] - A balanced approach that includes both deep value and growth strategies may provide better risk management and potential returns [18][19] - Investors should be cautious of deep value funds that show unusually high performance in a bull market, as this may indicate a shift in investment style [16]

Market Overview - The equity market experienced a collective decline last week, with the North Certificate 50 index dropping the most at 2.55% [5][6] - The bond market saw a collective decline in both short and long-term interest rates, with the 1-year government bond rate decreasing by 4.50 basis points to 1.355% [9][13] - The fund market reflected the equity market's downturn, with the偏股基金指数 down 1.65% and the二级债基指数 down 0.07% [15][16] Event-Driven Strategy - The National Medical Products Administration has initiated support for the innovation of high-end medical devices, highlighting investment opportunities in funds such as 南方医药保健 A (000452), 鹏华品牌传承 (000431), and 信澳健康中国 A (003291) [17] - Xiaomi's first SUV is set to launch, presenting potential investment in 工银新能源汽车 A (005939), 嘉实港股互联网产业核心资产 A (011924), and 鹏华新能源汽车 A (016067) [17][18] - The World Mobile Communications Conference held in Shanghai showcased advancements in robotics, indicating investment potential in 华夏智造升级 A (016075), 嘉实制造升级 A (018240), and 鹏华碳中和主题 A (016530) [19] Asset Allocation Strategy - The report suggests a balanced core and barbell strategy, focusing on dividend and technology sectors, with recommended funds including 安信红利精选 A (018381) and 嘉实港股互联网核心资产 (011924) [20][21] - The report emphasizes the value of high-dividend assets due to the low interest rate environment and government policies encouraging dividends [20] - The technology growth sector is highlighted for its investment value, driven by national policy support and the global trend towards artificial intelligence [21] Stable Product Allocation Strategy - The central bank's recent actions indicate a net injection of 102.1 billion yuan, maintaining a balanced and loose funding environment [24] - The report notes that the LPR remained unchanged at 3.0% for the 1-year rate, aligning with market expectations [25] - Economic data from May showed better-than-expected performance, with industrial value-added growth at 5.8% year-on-year [25] Key Focus Products - Recommended funds include 诺德短债 A (005350) for short-term strategies and 安信新价值 A (003026) for a bond-equity hybrid approach [30][29]

Group 1: Market Overview - The market is expected to enter a phase where macro factors become less disruptive, with domestic policies emphasizing a "stable and active capital market" [1] - The macroeconomic environment is likely to remain stable, with reduced uncertainties from overseas factors, particularly regarding U.S. tariff policies [1][2] - The market is anticipated to maintain a range-bound fluctuation, with dividend stocks being a preferred choice for low-risk investors [1][3] Group 2: Sector Insights - The AI healthcare sector shows resilience, with ongoing positive developments despite a weak correlation with the broader healthcare market [2] - The innovative drug sector has seen unexpected strength, but there is an anticipated increase in market scrutiny regarding the fundamentals of these companies [3] - The military industry, particularly upstream targets, may experience a valuation shift due to improved recognition of domestic and foreign demand for advanced weaponry [4][5] Group 3: Investment Strategies - Focus on identifying structural opportunities within cyclical sectors, such as rare metals and agriculture, which may show fundamental changes [6] - High-dividend assets remain attractive in a liquidity-rich environment, with expectations of declining insurance policy rates and increasing dividend payout ratios [7] - The market may stabilize in June, with potential risks from external factors, but the focus will remain on sectors with independent growth logic [8][9]