(ID中信保诚基金了! 稳到胜 FT / 11 / 中信保诚基金 2025Q4 成绩单 主动权益 / 量化篇 轻舟已过万重山 2025年,上证指数创十年新高。科技、黄金、有色等高景 广告 气板块热点纷呈,主要指数屡创新高。 2025年度 主要指数表现 创业指板 科创50 c 0)9% 万得全A COMEX黄金 Khy 上证编指 数据来源: WIND,数据区间:2025.1.1-2025.12.31,指数表现与单只基金业绩表现不同,不代表基金的业绩表现,不作为未来收益 保证或投资建议。指数的具体信息以官方指数公司发布的权威信息为准。 在2025年火热的结构性行情中,中信保诚基金恪守主动管 理本源,以深度研究应对市场波动。旗下多只产品业绩位列 全市场前20%、展现出绕越波动的投资实力。 作事义 中信保诚成长动力混合A 009913 前10% (133/1465) 前13%(228/1895) 15% (15/708) 近三年 近五年 近一年 偏股型基金(股票上下限60%-95%)(A类) 同类基金 中信保诚鼎利灵活配置混合(LOF)A 165528 前11% (41/408) :19% (33/406) 近一年 ...

Market Overview - The A-share market continues its strong upward trend, with the Shanghai Composite Index successfully surpassing the 4100-point mark, reaching its highest level since July 2015 [2] - A-share daily trading volume exceeded 3 trillion yuan for the sixth time in history, signaling strong bullish sentiment in the market [2][3] Index Performance - Major indices closed in the green, with the Shanghai Composite Index rising by 0.92% to 4120.43 points, the Shenzhen Component Index up 1.15% to 14120.15 points, and the ChiNext Index increasing by 0.77% to 3327.81 points [3] - Since the beginning of 2026, the Shanghai Composite Index has accumulated a rise of 3.82%, while the Shenzhen Component Index has increased by 4.40% [3] Margin Trading - The margin trading balance in A-shares has surpassed 2.6 trillion yuan, reaching a historical high of 26206.09 billion yuan, indicating a strong enthusiasm for leveraged funds [4] - On January 8, the margin trading transaction volume was 3126.04 billion yuan, accounting for 11.05% of the total A-share trading volume [4] Sector Focus - The commercial aerospace sector has seen significant growth, with companies like Galaxy Electronics and China First Heavy Industries achieving consecutive gains [6] - The AI application sector is also thriving, with companies like Yidian Tianxia reaching historical highs and benefiting from recent positive developments in AI technology [6] - The humanoid robot concept has shown strong performance, particularly with Fenglong Co., which has experienced an 11-day consecutive rise due to a major acquisition by UBTECH Robotics [6] Commodity Prices - The non-ferrous metals sector is performing well, with small metal concepts rising sharply, as evidenced by the price increases of tungsten products [7] Institutional Insights - Despite major indices reaching new highs, approximately 90% of individual stocks have not yet surpassed their highest closing prices from September 2024 to the end of 2025, indicating a concentrated market rally [8] - Various sectors, including non-ferrous metals, military industry, and AI computing, have seen stocks break previous highs, while technology growth and consumer sectors remain below their peaks [8]

Group 1 - The A-share market experienced fluctuations with strong performance in sectors such as aerospace, shipbuilding, internet services, and power equipment, while energy metals, securities, insurance, and non-ferrous metals lagged behind [1] - Key factors supporting the market include increased attractiveness of RMB assets, expectations for early-year credit issuance, and positive changes in corporate profit structures driven by advanced manufacturing and overseas enterprises [1] - The domestic monetary policy is expected to maintain a stance of "moderate easing," with the market anticipating that the Federal Reserve will continue its rate-cutting cycle into 2026, leading to a more accommodative global liquidity environment [1] Group 2 - The A-share market continued to show a mixed trend, with large-cap stocks underperforming while small-cap stocks and thematic investments, particularly in commercial aerospace and brain-computer interface sectors, performed well [2] - The market is likely to experience structural fluctuations, with profit-taking from previous gains and a supportive environment for a "slow bull" market, suggesting a focus on mainline sectors and careful management of rotation rhythms [2] - The market remains in a healthy adjustment phase, with the CSI 1000 and Sci-Tech 50 indices outperforming others, and the overall trend for the Shanghai Composite Index remains strong as long as it does not fall back below historical trendline pressures [2]

Market Overview - The three major indices opened mixed, with the Shanghai Composite Index up by 0.09%, the Shenzhen Component down by 0.30%, and the ChiNext Index down by 0.69% [1] - The oil, aerospace, and telecommunications sectors showed strong performance, while industrial gases, electronic chemicals, and energy metals faced declines [1] Index Performance - Shanghai Composite Index: 4086.76, up 0.09%, with a trading volume of 116.12 billion [2] - Shenzhen Component Index: 13917.78, down 0.30%, with a trading volume of 192.72 billion [2] - ChiNext Index: 3279.38, down 0.69%, with a trading volume of 75.19 billion [2] - Northbound 50 Index: 1511.97, up 0.24%, with a trading volume of 2.78 billion [2] External Market - U.S. stock indices closed mixed, with the Dow Jones up by 270.03 points (0.55%) at 49266.11, while the Nasdaq fell by 104.26 points (0.44%) to 23480.02 [3] - The Nasdaq China Golden Dragon Index rose by 1.09%, with notable gains in stocks like Bilibili (up over 6%) and Alibaba (up over 5%) [3] Institutional Insights - Huatai Securities suggests continuing to position for the spring market, with a balanced allocation between growth and cyclical sectors, highlighting improvements in upstream resources, public industries, TMT, and essential consumer goods [4] - CITIC Securities emphasizes capturing structural market opportunities, focusing on large-cap growth stocks with improving fundamentals [5] - Guojin Securities sees potential for value reconstruction in the wind power industry, recommending focus on manufacturing, subsea cables, and component companies benefiting from domestic and international market changes [6] - Tianfeng Securities is optimistic about A-share gaming companies entering a strong product cycle in 2026, driven by improved supply conditions and stable regulatory environments [7][8] - CICC notes the real estate sector's shift towards asset management, emphasizing the need for high-quality development in housing and operational real estate [9]

中信建投研报表示，根据A股上市公司业绩跟踪体系，从三季报的情况来看，沪深300、创业板综的超 预期值高于历史平均水平，中证500超预期值低于历史同期均值。总体来看，把握结构性行情，精选超 预期个股，关注基本面修复的大盘成长投资机会。 ...

中信建投研报表示，根据A股上市公司业绩跟踪体系，从三季报的情况来看，沪深300、创业板综的超 预期值高于历史平均水平，中证500超预期值低于历史同期均值。总体来看，把握结构性行情，精选超 预期个股，关注基本面修复的大盘成长投资机会。 （文章来源：第一财经） ...

军工ETF（512660）跟踪的是中证军工指数（399967），全面覆盖海陆空天信，该指数从沪深市场中选 取涉及航空、航天、船舶等军工领域的上市公司证券作为指数样本，主要涵盖十大军工集团控股的上市 公司，以反映中国军工行业相关上市公司证券的整体表现。行业配置以航空装备和军工电子为主，充分 体现军工行业的成长性和景气度。 （文章来源：每日经济新闻） 1月8日，军工ETF（512660）收盘领涨超4.5%，同类规模第一，军工有望具有结构性行情。 国联民生证券指出，军工作为战略行业，部分内需装备"十五五"期间或实现"0—1"发展，因此仍然有望 具有结构性行情。无人化作战范式成为非对称作战的首选，各类无人装备有望是后续列装的重心；商业 航天解决体制机制、运力问题以及应用（算力）闭环后有望成为景气投资赛道；低空经济目前对于各类 政策以及规划利好钝化，本质在于市场更关注于下一阶段的落地情况，因此一旦在适航和物流端出现明 确拐点后续有望持续补涨；深海科技作为国之重器，行业阶段较早，更多的体制机制变革或为催化点。 ...

信达证券认为，小盘成长仍是趋势，但中途会有波动。1)牛市中期大小盘往往会剧烈波动，前半段和后 半段风格大多不同；2)长期趋势有利于小盘，但牛市中期可能出现季度级别的大波动，主要受居民增量 资金和成长价值风格的扰动；3)成长风格相对于价值风格大概率仍有业绩比较优势。 财信证券认为，周三，A股大盘结束普涨行情，板块之间迎来明显分化，主要原因还是市场在此前连续 放量上涨后，积累了一定量的获利筹码，部分获利盘选择兑现导致卖盘增加。不过全市场成交额较前一 日小幅放量，反映当前资金承接动能仍较为充足，且三大指数均收红，大盘并未明显走弱。因此短期 内，随着当日大盘震荡分化，连续普涨快涨行情或暂告一段落，指数层面震荡向上、题材板块轮动的结 构性行情大概率再度成为市场主基调，建议投资者采取去弱留强策略，逐步聚焦主线板块，把握好轮动 节奏。往后看，在海外经济仍有韧性、美元流动性大概率持续宽松、国内政策"双宽松"基调延续、"反 内卷"持续提振物价预期下，预计A股牛市仍将延续。 中原证券认为，周三，上证指数全天窄幅震荡；深证成指、创业板指早盘冲高回落，随后有所回升，午 后再度回落，之后探底回升。盘中煤炭、有色金属、电网设备以及电源设 ...

Market Overview - A-shares trading volume exceeded 2.89 trillion, setting a new daily record since last year's fourth quarter [5] - There is a noticeable divergence between A-shares and Hong Kong stocks, with the latter showing weakness [6] - The internal structure of A-shares is also significantly diverging, with the Sci-Tech Innovation Board leading gains while blue-chip indices like the Shanghai 50 and CSI 300 are declining [6][7] Key Market Trends - CITIC Securities has seen a large volume of sell orders, indicating a persistent slow bull market trend [9] - Historical data shows that after significant sell orders, CITIC's stock price tends to decline for over a month, but the current week has seen a breakthrough of previous resistance levels [13] - The market's response to sell orders has varied, with the first instance leading to continued market growth, while the second led to a consolidation phase [15] Sector Performance - Semiconductor equipment and memory chips are leading the market, reflecting a global trend [19] - The price surge in memory chips is a significant driving force, with expectations for production expansion following approvals for exports of chip manufacturing equipment to China [23] - Precious metals, particularly gold, have seen prices exceed $4,500, although there was a notable drop after reaching this level [25][26] Hong Kong Market Insights - The Hong Kong market is experiencing mixed performance, with major tech stocks like Tencent and Alibaba facing declines [32] - The biotech sector in Hong Kong has shown resilience, rebounding over 10% in three trading days [34] - Xiaomi's stock has fallen below the price at which its CEO made a significant purchase, indicating potential investor concerns [35] Bond Market Activity - The bond market has shown fluctuations, with 30-year government bonds initially declining before recovering [38] - A recent announcement regarding a reverse repurchase agreement of 1.1 trillion indicates no new additions to the market, contributing to negative sentiment [41] Investment Strategy - The investment strategy emphasizes a balanced approach, focusing on diversified asset allocation and long-term growth [42] - Investors are advised to lower expectations and adopt a steady approach moving forward [43]

Core Viewpoint - The article highlights the increasing enthusiasm of investors in the A-share market, with a significant rise in new account openings for both individual and institutional investors, indicating a bullish sentiment in the market as the Shanghai Composite Index continues to rise [3][10]. Summary by Sections Investor Participation - In 2025, the total number of new A-share accounts reached 27.4369 million, a year-on-year increase of 9.75%. Individual investors accounted for 27.3324 million new accounts, up 9.67%, while institutional investors opened 10,453.9 thousand accounts, marking a 34.91% increase [5][6]. Monthly Account Openings - December 2025 saw 2.5967 million new A-share accounts opened, a month-on-month increase of 9% and a year-on-year increase of 30.55% compared to December 2024 [5]. The monthly trend showed a peak in March 2025 with 3.0655 million new accounts, followed by a decline in April to 1.9244 million, which was a 59.3% decrease from March [6][7]. Market Performance - The A-share market experienced a bullish trend in 2025, with the Shanghai Composite Index rising by 18.41%, an increase of nearly 6 percentage points compared to 2024 [10]. The index reached a new high of 4083.67 points on January 6, 2026, following a strong performance after the New Year [11]. Future Market Outlook - Analysts predict that the A-share market will continue to exhibit a structural bullish trend, supported by favorable policies and improving economic indicators. The focus will be on sectors such as technology, industrial metals, and consumer services, with an emphasis on performance disclosures in January [12][13][14].