【导读】周一股票ETF资金净流出超35亿元 本周一（1月5日），A股市场迎来2026年首个交易日的"开门红"，全市场整体成交额超过2.5万亿元，上证指数重新站上4000点，深证成指、创业板指涨幅 均超2%。 大盘多日连阳后，部分资金选择兑现离场。周一全市场股票ETF（含跨境ETF）资金净流出超35亿元。中证500、沪深300、中证1000等宽基ETF，以及有 色金属、卫星产业等行业主题ETF净流入靠前，中证A500、创业板50、科创50等宽基ETF，以及香港证券、酒、恒生互联网、半导体等行业主题ETF是资 金净流出较多的品种。 医药、医疗板块ETF领涨 数据显示，截至2026年1月5日，全市场1293只股票ETF总规模达4.87万亿元。 当日股票ETF成交额合计2769.06亿元，与前一交易日1911.97亿元相比增超850亿元。其中，A500ETF华泰柏瑞当日成交158.67亿元，位居首位。A500ETF 基金（华夏）当日成交156.67亿元，A500ETF南方、香港证券ETF易方达当日成交也超过百亿元。 此外，中证A500ETF（国泰）、A500ETF易方达、港股创新药ETF（广发）、科创50ETF（华夏 ...

【导读】周一股票ETF资金净流出超35亿元 中国基金报记者 天心 本周一（1月5日），A股市场迎来2026年首个交易日的"开门红"，全市场整体成交额超过2.5万亿元，上证指数重新站上4000点，深证成 指、创业板指涨幅均超2%。 大盘多日连阳后，部分资金选择兑现离场。周一全市场股票ETF（含跨境ETF）资金净流出超35亿元。中证500、沪深300、中证1000等 宽基ETF，以及 有色金属、卫星产业等行业主题ETF净流入靠前，中证A500、 创业板50、科创50等宽基ETF，以及香港证券、酒、恒生 互联网、半导体等行业主题ETF是资金净流出较多的品种。 医药、医疗板块ETF领涨 Wind数据显示，截至2026年1月5日，全市场1293只股票ETF总规模达4.87万亿元。 当日股票ETF成交额合计2769.06亿元，与前一交易日1911.97亿元相比增超850亿元。其中，A500ETF华泰柏瑞当日成交158.67亿元， 位居首位。A500ETF基金（华夏）当日成交156.67亿元，A500ETF南方、香港证券ETF易方达当日成交也超过百亿元。 此外，中证A500ETF（国泰）、A500ETF易方达、港股创新药E ...

Core Viewpoint - The cyclical industries typically exhibit a clear competitive landscape and stable valuation systems, allowing for reverse layout based on fundamental trends and valuation levels [1] Group 1: Investment Focus - Key areas of focus under the cyclical perspective include upstream resource sectors, midstream cyclical manufacturing sectors, strong cyclical segments within consumption, and the financial services industry, with attention to fundamental rhythm and implied risk-return [1] - When the implied returns of dividend strategies are attractive, the focus should be on mature industries with stable market positions and cash flows, particularly leading companies in consumer goods and manufacturing [1] - Additionally, there is an emphasis on "efficiency-type" companies within large industries, actively seeking "1-N" growth opportunities for enterprises [1]

□本报记者 王雪青 中金基金管理有限公司混合资产部负责人、基金经理于质冰回忆起团队刚组建时的场景，分外感慨。 今年8月，这支在公司内部"创业"的团队——中金基金混合资产部成立。部门从最早的两个人，到如今 四人并肩，在管产品达到9只，管理资金规模约38亿元，产品囊括不同风险收益特征，形成了"固收+"产 品矩阵雏形。 近日，于质冰接受了中国证券报记者的专访，讲述了他的投资理念、团队规划与市场观点。作为权益投 资出身、管理过社保基金的"固收+"业务负责人，于质冰曾经最多同时管理30-40个账户，对各种风格策 略和大类资产配置具有丰富经验。在低利率环境下，公司选中于质冰出任混合资产部负责人，管理"固 收+"团队，希望在稳健的基础上创造收益，力争在"固收+"发展快车道上"跑"出差异化与竞争力。 低利率环境下要做好"固收+" 打造综合研究框架 在于质冰看来，投资既是科学，也是艺术。科学体现在系统与纪律，艺术则蕴含在"天时、地利、人 和"的投研框架与决策权衡中。 "天时是周期，包括宏观经济周期、产业生命周期与政策导向。地利是公司在行业中的竞争地位与护城 河。人和的核心是价格，反映市场预期与估值水平。"于质冰用这三个字，构建 ...

来源：智通财经 "港股最大的优势就是便宜。"近日，国海富兰克林基金权益投资总监赵晓东在接受智通财经采访时表 示，港股目前估值处于低位，且大部分大企业注重股东回报，在分红、回购方面更为积极，公司治理也 更为规范，"当下最显眼的机会在港股。" 从资金面看，赵晓东认为，南下资金持续流入成为港股重要支撑，尤其在境内低利率环境下，港股高分 红资产吸引力凸显。若美国降息周期开启或人民币进入升值通道，港股有望迎来进一步的估值修复动 力。 展望未来，赵晓东认为两大外部变量可能进一步提振港股：一是若美国开启降息周期，有望带动全球资 金回流港股市场；二是若人民币进入升值通道，则以人民币计价的资产吸引力将上升，尤其有利于现金 流稳定的高分红标的。 当前为地产行业逆向布局的窗口期 针对市场普遍谨慎的地产行业，赵晓东认为其虽仍面临基本面压力——房价下行、供给过剩及政策对二 手市场的冲击尚未完全消散，但行业已处于底部区域，反而提供了逆向布局的窗口。他预计，明年一季 度或将迎来稳定地产的政策，其目标在于稳住市场信心，而非助推房价上涨。 在具体配置方向上，赵晓东当前重点关注港股中的地产、银行及互联网板块。 他指出，地产行业目前已处于底部区域 ...

Summary of Key Points from Conference Call Records Industry Overview - **Travel and Transportation Industry**: The overall passenger volume during the 2025 Mid-Autumn Festival and National Day holiday maintained a high growth rate, although the recovery speed has slowed down. The average ticket price remained strong, benefiting airline revenues. The overall flight volume increased by 3.2% year-on-year, with international flights up by 10.3% [1][3][4]. Core Insights and Arguments - **Airline Performance**: Despite underperforming during the summer travel season, airlines showed resilience in the off-peak season. The demand from businesses began to recover in late September, alleviating pricing and occupancy pressures. It is expected that the price recovery trend will continue into the fourth quarter and the first two quarters of the following year, suggesting a favorable investment opportunity in the airline sector [1][5]. - **Rail and Road Transport**: Both rail and road transport maintained steady growth during the holiday period, with no significant issues in demand or capacity. The overall fundamentals of the sector are showing a positive trend [1][6]. - **Tourism and Hotel Industry**: The tourism and hotel sectors experienced a general increase in visitor numbers between 5% and 10%. Self-driving travel has become more popular, and niche tourism destinations have gained traction. For instance, hotel occupancy rates in certain areas like Jingdezhen reached full capacity, indicating a trend towards market diversification [1][7][9]. - **International Travel Demand**: At Pudong Airport, the inbound and outbound flow increased by 24% in the first four days of the holiday, with a 16% increase in Chinese travelers, indicating strong international travel demand [1][8]. Additional Important Insights - **Hotel Pricing Trends**: The hotel industry showed significant price increases during the holiday, with some areas experiencing price hikes of over ten times the usual rates. However, the phenomenon of "camping" instead of staying in hotels is not widespread [1][10]. - **Duty-Free Market Performance**: The duty-free market, particularly in Hainan, has shown positive growth, with Sanya International Duty-Free City reporting a single-day sales increase of over 60%. The overall duty-free market in Hainan grew by 7% to 4%, driven by low base effects and mobile phone sales [2][11]. - **Future Outlook**: The tourism accommodation sector is expected to see positive growth in room rates and revenue per available room (RevPAR) in 2025, with optimistic projections for 2026 due to low base effects and strong holiday performance [1][10].

Core Insights - A selection of outstanding fund managers has been identified, with only six meeting strict criteria for performance and risk management [1] - The selected funds are primarily equity mixed, ordinary stock, and flexible allocation types, with annualized returns exceeding 10% and maximum drawdowns below -40% [1] Fund Manager Performance - The top fund managers include Wu Guoqing, Mo Haibo, Liu Yuanhai, Liu Xu, Wang Ping, and Zhou Yun, with Zhou Yun managing two funds that made the list [1][2] - Wu Guoqing's fund focuses on the non-ferrous metals industry, while Mo Haibo and Liu Yuanhai's funds emphasize technology and communication sectors [2][3] Zhou Yun's Investment Strategy - Zhou Yun has demonstrated a maximum drawdown of only -26.93% over a tenure of more than nine years, showcasing strong risk management [3] - His investment style is centered on value investing, with a diversified industry allocation and low turnover rates [3] Market Outlook and Fund Recommendations - Zhou Yun maintains an optimistic long-term outlook for the Chinese economy and markets, advocating for a balanced portfolio of stable assets and growth stocks [4] - Investors interested in Zhou Yun's strategies may consider his new fund, Oriental Red Core Value Mixed, which encourages long-term holding through a floating fee structure [4]

Core Viewpoint - The article highlights the investment philosophy and strategies of Bao Xiaohui, the chairman and investment director of Changli Asset, emphasizing the combination of stability from insurance asset management and flexibility from private equity fund management [1][2]. Group 1: Investment Philosophy - Bao Xiaohui's investment philosophy is rooted in rationality and discipline, focusing on absolute returns rather than short-term rankings [2][3]. - The company aims for long-term stable growth of client assets, which is reflected in its core strategy of "fixed income plus" [2][3]. Group 2: "Fixed Income Plus" Strategy - The "fixed income plus" strategy primarily involves high-rated credit bonds and interest rate bonds as a stable asset base, while also flexibly allocating equity assets and using derivatives to enhance returns [3]. - The investment research teams at Changli Asset average over 15 years of experience, with many members having backgrounds in insurance asset management, fostering a culture of "stability first, balanced allocation" [3]. Group 3: Market Outlook - Bao Xiaohui expresses optimism about the resilience of the Chinese economy and the ample policy space, despite external pressures and internal adjustments [3]. - The current A-share market rally is seen as driven by both policy and liquidity, with a focus on sectors with potential for rebound [4]. - The company advises investors to maintain patience and wait for rotation opportunities, particularly in undervalued traditional industries and large-cap stocks [4][5]. Group 4: Investment Strategy - The company adheres to a "contrarian layout" principle, advocating for building positions during market downturns and gradually exiting during high market sentiment [5]. - Bao Xiaohui emphasizes the importance of maintaining rationality and patience in equity asset investments, suggesting that frequent rebalancing can hinder returns [5].

Core Viewpoint - The article highlights the investment philosophy and strategies of Bao Xiaohui, the chairman and investment director of Changli Asset, emphasizing the combination of stability from insurance asset management and flexibility from private equity management [1][2]. Group 1: Investment Philosophy - Bao Xiaohui's investment philosophy is rooted in rationality and discipline, focusing on absolute returns rather than short-term rankings [2][3]. - The company aims for long-term stable growth of client assets, which is reflected in its core strategy of "fixed income plus" [2][3]. Group 2: "Fixed Income Plus" Strategy - The "fixed income plus" strategy primarily involves high-rated credit bonds and interest rate bonds as a stable asset base, while also flexibly allocating equity assets and using derivatives to enhance returns [3]. - The investment research teams at Changli Asset average over 15 years of experience, with many members having backgrounds in insurance asset management, fostering a culture of "stability first, balanced allocation" [3]. Group 3: Market Outlook - Bao Xiaohui expresses optimism about the resilience of the Chinese economy and the ample policy space available, despite external pressures and internal adjustments [3]. - The current A-share market rally is seen as driven by both policy and liquidity, with a focus on sectors with potential for rebound [4][5]. - The company advises investors to maintain patience and wait for rotation opportunities, particularly in sectors that have not yet reached excessive valuations [4][5]. Group 4: Investment Strategy - The company adheres to a "contrarian layout" principle, advocating for building positions during market downturns and gradually exiting during high sentiment [5]. - Bao Xiaohui emphasizes the importance of maintaining rationality and patience in equity asset investments, noting that frequent trading can hinder returns [5].

Core Viewpoint - The article highlights the investment philosophy and strategies of Bao Xiaohui, the chairman and investment director of Changli Asset, emphasizing a focus on "absolute return" and a "fixed income plus" strategy to achieve stable long-term growth for clients [1][2]. Group 1: Investment Philosophy - Bao Xiaohui believes that the essence of investment is a contest of rationality and discipline, advocating for decisions based on in-depth research and strict discipline [2]. - The company has consistently pursued an "absolute return" goal since its inception, focusing on long-term stable growth rather than short-term rankings [2]. - The "fixed income plus" strategy involves using high-rated credit bonds and interest rate bonds as a stable asset base while flexibly allocating equity assets and utilizing derivatives to enhance returns [2]. Group 2: Market Outlook - Bao Xiaohui expresses optimism about the resilience of the Chinese economy and the ample policy space available, maintaining a positive outlook for the economic fundamentals in the coming years [2]. - The current A-share market rally is seen as driven by both policy and liquidity, with expectations of continued fiscal and monetary support [3]. - Despite the positive outlook, there are warnings about potential technical adjustments in the short term, particularly for small-cap stocks that have seen significant price increases [3]. Group 3: Investment Strategy - The company emphasizes the importance of strategic asset allocation, suggesting a reduction in real estate and precious metals while prioritizing equity opportunities [2]. - Bao Xiaohui highlights the need for patience in holding positions and waiting for rotation opportunities, especially in the context of a long-term trend [4]. - The company adheres to a "contrarian layout" principle, advocating for building positions during market downturns and gradually exiting during high market sentiment [4].