什么叫增强？就是指数涨的时候你比它多涨一点，指数震荡的时候你还能磨出正超额，指数跌的时候你比它少跌一点。 | 阶段涨幅 | 季度涨幅 | 年度涨幅 | 基金评级 | | --- | --- | --- | --- | | 周期 | 涨跌幅 | 1业绩基准 ▼ | 同类排行(1) | | 近1周 | 1.40% | 2.70% | 2842 /4898 | | | | | 一般 | | 近1月 | 0.69% | -0.52% | 1607/4848 | | | | | 良好 | | 近3月 | 20.01% | 16.23% | 705/4682 | | | | | 优秀 | | 近6月 | 16.14% | 12.69% | 1429/4285 | | | | | 良好 | | 近1年 | 41.96% | 30.94% | 991/3520 | | | | | 良好 | | 近2年 | 94.57% | 61.25% | 398/2562 | | | | | 优秀 | | 近3年 | 62.33% | 21.33% | 230/2006 | | | | | 优秀 | | 近5年 | | | -- /112 ...

一是提升市场定价效率，通过系统化分析海量数据，及时发现中小市值公司的价值偏差，推动价格向基 本面回归。 2025年国内量化行业规模快速扩张，预计达2万亿元，量化私募业绩普遍亮眼。结合自身实践与行业观 察，灵昀投资分享了相关看法。 灵昀投资认为，2025年量化私募业绩亮眼并非偶然，而是多重有利条件共同作用的结果，具体可归结为 三个方面。 一是市场结构显著变化：A股流动性改善、日均成交额维持高位，扩大了量化策略的有效容量；同时市 场风格向中小盘和成长板块倾斜，中证1000等指数成分股活跃度提升，为量化选股模型提供了丰富的超 额收益来源。 二是行业风控与合规水平实现质的飞跃，监管政策日趋完善，全行业对风控合规的认识不断提升，各机 构的公司治理和企业文化也日趋成熟，为业绩稳定提供了有力支撑。 三是研发投入有效转化为核心竞争力，量化机构持续加大算力、数据领域的投入，投研能力向精细化、 极致化升级，实现了大容量策略稳定性与短期机会捕捉的平衡。 不过在灵昀投资看来，好业绩并不等同于没有风险，当前量化策略整体处于合理区间，但已面临局部拥 挤的潜在风险。 具体而言，若大量产品集中布局中证1000、中证2000赛道，且底层因子库 ...

Core Viewpoint - Morgan Stanley's Q4 2025 holdings report indicates a strategy focused on maintaining core technology positions, reducing index exposure, and enhancing active selection capabilities [1]. Group 1: Overall Holdings Summary - Morgan Stanley's total market value for Q4 is $1.67 trillion, up 1.2% from $1.65 trillion in the previous quarter [3][4]. - The fund added 454 new stocks, increased holdings in 4,007 stocks, reduced holdings in 3,028 stocks, and completely sold out of 415 stocks [3][4]. - The top ten holdings account for 22.15% of the total market value [4]. Group 2: Top Holdings and Changes - The top five holdings include Apple (AAPL) at 3.74%, NVIDIA (NVDA) at 3.6%, Microsoft (MSFT) at 3.5%, Alphabet Class A (GOOGL) at 2.28%, and Amazon (AMZN) at 2.23% [5]. - Apple has risen to the first position with an increase of approximately 1.38 million shares, while NVIDIA remains second with an increase of nearly 780,000 shares [4][6]. - Microsoft dropped from first to third but still saw an increase of about 980,000 shares [4]. Group 3: Sector Allocation and Adjustments - Morgan Stanley has not significantly reduced its allocation to the technology sector but has rebalanced internally, favoring companies with strong profit certainty and stable cash flows [7]. - The firm reduced its holdings in healthcare stocks such as Johnson & Johnson (JNJ), AbbVie (ABBV), and Thermo Fisher Scientific (TMO), as well as consumer staples like Walmart (WMT), Procter & Gamble (PG), and Coca-Cola (KO) [7]. - Energy stocks like ExxonMobil (XOM) and Chevron (CVX) were also reduced, reflecting a potential decrease in the attractiveness of defensive and high-dividend sectors as interest rate paths become clearer [8]. Group 4: New Purchases and Sales - Morgan Stanley increased positions in JPMorgan (JPM), Uber (UBER), and gold ETFs (GLD) [9]. - New purchases included Medline (MDLN), Total (TTE), Qnity Electronics (Q), Solstice (SOLS), and Dreamlong (MICC) [9]. - The top five purchases were Alphabet Class C (GOOG), Eli Lilly (LLY), Apple, Micron (MU), and Vanguard FTSE Developed Markets ETF (VEA) [10]. Group 5: ETF Exposure - The decrease in ETF positions indicates a preference for stock selection to achieve excess returns rather than relying on broad index exposure [11].

Performance Analysis - In Q4, the average return of heavily held stocks in mixed funds was 2.84%, outperforming the average return of all A-shares at 2.62% and the CSI 800 component stocks at 1.04%[1] - Among 31 first-level industries, 22 industries' heavily held stocks outperformed their benchmark industry indices, with an average excess return of 1.87%[1] - The performance of stock funds in Q4 showed a decline of 2.11%, underperforming the CSI All Share Index which increased by 1.01%[6] Fund Rating Overview - A total of 9,215 funds were included in the three-year rating, with 1,379 (14.96%) rated as five-star funds[5] - For the five-year rating, 5,265 funds were included, with 738 (14.91%) rated as five-star funds[5] Risk Management and Efficiency - The risk-return efficiency of bond funds improved significantly, with a notable increase in returns and a decrease in volatility[21] - The average return of pure bond funds was 0.52%, outperforming the total wealth index of bonds at 0.33%[10] Market Timing Ability - The average stock position for equity funds increased by 0.99 percentage points to 91.19%, while mixed funds increased by 1.42 percentage points to 74.29%[19] - The bond fund's holding level decreased by 0.49 percentage points, indicating poor allocation effectiveness[19] Long-term Performance Tracking - Since 2015, the three-year return of five-star ordinary stock fund combinations was 296.11%, compared to only 67.35% for the CSI All Share Index[3] - The probability of five-star funds maintaining performance in the top 40% of their category within 6 months to 1 year is approximately 60%[29]

Core Viewpoint - The technology sector is undergoing a correction due to external sentiment, internal structural differentiation, and high valuation digestion, but the AI-driven technological revolution continues to deepen, making the tech sector a long-term core investment theme [1][5]. Group 1: Investment Opportunities - Investors are encouraged to focus on "big tech" players with strong investment capabilities that cover multiple sub-sectors within the technology space [1][5]. - The upcoming fund, Invesco Great Wall Xin You Growth, managed by Feng Bingli, aims to leverage his expertise in the big tech sector to enhance investment stability through a combination of industry trends and individual stock research [1][5]. Group 2: Fund Performance - Feng Bingli's previous fund, Invesco Great Wall Quality Evergreen A, has shown impressive returns of 63.97%, 184.86%, and 124.9% over the past year, two years, and since his management began, respectively, outperforming benchmarks and indices [2][6]. - The fund has received a three-year five-star rating from Morningstar, Guotai Junan, and Galaxy Securities, indicating its strong performance relative to peers [2][6]. Group 3: Investment Strategy - Feng Bingli employs a mature investment system that emphasizes industry diversification and focuses on companies with core barriers, long-term operational vision, and potential for non-linear growth [2][6]. - The investment strategy includes a balanced approach across various sectors, including hard tech, soft tech, media, internet, high-end manufacturing, new energy vehicles, and military technology [2][6][7]. Group 4: Market Outlook - The outlook for the equity market in 2026 is optimistic, with a focus on companies with clear profit growth [4][9]. - The first quarter is seen as a suitable entry point for investments, as many companies will provide clearer operational guidance during this period [4][9]. - Key areas of interest include computing power, semiconductors, internet, new consumption in Hong Kong, innovative pharmaceuticals, and consumer electronics [4][9].

Core Viewpoint - The capital market in 2025 was driven by clear industry trends and rapid market rotations, with active equity funds demonstrating strong value capture capabilities, contributing over 2.6 trillion yuan in profits to investors, with active equity funds alone contributing approximately 1.1 trillion yuan [1] Group 1: Performance of Active Equity Funds - Active equity funds are valued for their ability to generate excess returns and convert them into real profits for holders, exemplified by Xingzheng Global Fund, which generated 40.94 billion yuan in profits for holders in 2025 [2] - Over the past decade, Xingzheng Global Fund's 28 active equity products averaged over 2 billion yuan in profits per product, with Xingquan Heiyi leading with 13.056 billion yuan in profits [3][4] - Xingzheng Global Fund's active equity funds established for over ten years achieved an average annualized return of 12.58%, providing long-term returns across market cycles [4] Group 2: Fund Manager Performance - Fund managers at Xingzheng Global Fund managing over 20 billion yuan have shown strong alpha generation capabilities, with their longest-managed products achieving excess returns over 1, 3, and 5 years [6][7] - In 2025, 26 out of 27 active equity funds managed by Xingzheng Global Fund outperformed their benchmarks, indicating a broad-based ability to generate excess returns across the platform [8] Group 3: Investment Methodology and Organizational Structure - The profit generation is supported by a systematic investment methodology and organizational structure, with flagship products providing long-term value and a diverse range of funds contributing to profit stability [10][11] - The investment approach emphasizes broad market selection and balanced allocation, avoiding reliance on single industries or styles, which helps manage large-scale funds effectively [12][13] - The platform's research and investment system ensures a high success rate in generating profits, with a focus on deep research and cross-group collaboration to uncover investment opportunities [14][15] Group 4: Long-term Value and Client Focus - The investment philosophy is rooted in a long-term value perspective, with a focus on creating sustainable returns for clients, supported by a robust assessment framework for fund managers [15][16] - The organizational culture promotes resilience and reduces dependency on individual star fund managers, ensuring stable investment capability output [16][17]

◎记者陈玥 不押注赛道、不参与轮动，从小微盘股中自下而上挑选有价值的公司，兴华基金投资总监、基金经理黄 生鹏以一种稳定的节奏打磨产品，不断优化持有人投资体验。怎样穿越波动看清方向？超额收益能否持 续？黄生鹏向上海证券报记者解读了他的理念及当下市场的应对之道。 深耕小盘穿越波动 累积胜率利在长期 大处着眼，小处着手。从信评分析师到公募基金经理，从债券到股票，通过跨领域长期累积的工作经 验，黄生鹏不仅以更宏观的视野去看待市场趋势和资金动向，也能够以更全面的眼光去审视公司，发现 机会和风险。 有没有一些"避风港"可供停靠？黄生鹏表示，从风险收益比的角度看，小盘股确实有可能成为市场 的"避风港"。"当前市场交易结构显示，资金在中大市值及热门赛道中较为拥挤，而小盘股领域的交易 热度相对较低。一旦市场流动性或关注度有所扩散，小盘股有望获得更多资金青睐。我们预计，今年上 半年小盘股具备获取超额收益的机会。"黄生鹏说。 保持独立逆向而行 2025年，兴华基金推出了旗下第一只小微盘策略基金——兴华景和，并于2026年推出量化产品——兴华 景睿，同样聚焦于中小市值和低估值领域。 "我们的小盘策略源于公司整体权益投研的方法论体系， ...

发布时间：2026-02-04 ⚫ 投资要点 2025 年报业绩预告显示 A 股业绩延续 2025 三季报以来的改善趋 势。单纯从业绩预告的预喜率（预增、略增、续盈、扭亏）和预忧率 （预减、略减、首亏、续亏）来看，A 股上市公司在 2025 年报或将出 现边际回升。根据 2025 年报的业绩预告，预增和扭亏上市公司数量 和占比显著提升，同时预减和首亏数量同比也明显减少。但续亏的上 市公司数量和占比较 2024 财年也有明显上升，说明业绩的好转是分 化的，仍有相当数量的上市公司陷在连年亏损的桎梏之中。 大盘指数 9000 10000 11000 12000 13000 14000 15000 3000 4000 5000 上证指数 深证成指 0 1000 0 1000 中小100 创业板指 资料来源：聚源，中邮证券研究所 研究所 分析师:黄子崟 SAC 登记编号:S1340523090002 Email:huangziyin@cnpsec.com 近期研究报告 《枪炮与黄油-2026 年度投资策略》 - 2026.01.27 策略观点 业绩之锚 6：A 股对业绩预告的反应机制与偏好 回溯 2019-2024 年 ...

Core Viewpoint - The article discusses the current market volatility and suggests that instead of chasing rapidly changing investment trends, investors should consider index-enhanced funds as a pragmatic strategy to achieve returns that exceed market averages [2]. Group 1: Index-Enhanced Funds - Index-enhanced funds are designed to actively manage investments while passively tracking an index, aiming to achieve both beta returns from the index and alpha returns through enhancement strategies [3]. - When selecting index-enhanced funds, it is crucial to evaluate their historical net asset value performance since inception, as past performance can provide insights into potential future returns [5]. - The article emphasizes the importance of understanding the enhancement strategy before making a selection, as any strategy may experience periods of underperformance [7]. Group 2: Performance Metrics - The example of the Zhongtai CSI 300 Index Enhanced Fund illustrates that since its inception on April 1, 2020, the A share's net asset value growth rate reached 69.63%, significantly outperforming the benchmark growth rate of 24.85% by 44.78% [5][9]. - The fund consistently generated excess returns relative to its benchmark across all complete half-year periods since its establishment, indicating stable performance in various market conditions [5]. - The article suggests that a fund's ability to generate consistent small victories over time is more valuable than sporadic outstanding performance in a single year [5].

Core Insights - The demand for precise and efficient investment tools is increasing among investors, driven by the high-quality development of public funds and profound market changes [1][2] - Enhanced index funds (指增基金) are rapidly growing, with fundraising expected to exceed 100 billion yuan by 2025, surpassing the total of the previous three years [1][3] Group 1: Growth and Popularity - Enhanced index funds are shedding their "niche" label and becoming mainstream investment options for investors [2] - By the end of 2025, the number of enhanced index funds reached 476, with total fundraising of 100.45 billion yuan, including 186 newly established funds in 2025 [3] - As of January 31, 2026, 10 new enhanced index funds have been launched, exceeding the same period in 2025 [3] Group 2: Competitive Advantages - Enhanced index funds combine passive and active investment strategies, aiming for stable excess returns while closely following market trends [3][4] - Over 80% of enhanced index funds achieved annual excess returns, with an average net value growth rate of 32.44% and an average excess return rate of 5.39% by the end of 2025 [4] - The flexibility in product development and operation of enhanced index funds allows smaller institutions to fill significant gaps in index product lines [4] Group 3: Challenges and Solutions - Despite rapid growth, enhanced index funds face challenges in maintaining stable excess returns, which is a common concern in the industry [6][7] - The complexity of quantitative strategies and performance attribution makes it difficult for ordinary investors to understand enhanced index funds quickly [7] - High management costs compared to ETFs may hinder competitive advantages in fee structures [7] Group 4: Future Prospects - Enhanced index funds are continuously upgrading through product innovation, model iteration, team collaboration, and ecosystem building [8] - The recent release of guidelines for performance benchmarks aligns with the systematic enhancement strategies of enhanced index funds, highlighting their value [9] - Future developments will focus on product innovation, strategy optimization, and expanding scenarios to cater to institutional investors and retail education [10]