Group 1 - The year 2025 marks a critical period for Guosheng Securities, completing its absorption and merger, enhancing brand value, market credibility, and financing capabilities significantly [3] - The company has successfully integrated its operations into national strategies and local economic development, positioning itself as a benchmark financial enterprise in Jiangxi Province [3] - Guosheng Securities has achieved substantial financing for enterprises, totaling 8.393 billion yuan, with over 80% of this financing supporting local companies [4] Group 2 - The research department of Guosheng Securities has maintained a leading position in the industry, ranking sixth in the New Fortune Best Analyst selection for three consecutive years, with its construction and engineering team leading the industry for sixteen years [5] - The company has actively provided intellectual support to local government departments and has been recognized for its contributions to investor education and financial services [5] Group 3 - Looking ahead to 2026, the company anticipates a stable economic recovery characterized by a transition in momentum, with a focus on supporting technological innovation and strategic emerging industries [6] - The company recognizes the challenges posed by external uncertainties and intensified competition, viewing these as opportunities for transformation and enhancement of core competencies [6] Group 4 - Guosheng Securities plans to deepen its strategic layout by focusing on wealth investment banking, industrial investment banking, and trading investment banking, while enhancing its professional service capabilities [7] - The company aims to provide comprehensive lifecycle services for technology-driven enterprises and to optimize its digital transformation efforts [7] Group 5 - The company emphasizes the importance of long-term investment strategies and rational investment awareness among investors, aiming to enhance communication and education through various channels [8] - Guosheng Securities is committed to adhering to compliance and operational integrity while actively participating in the construction of a robust capital market ecosystem [8]

Core Viewpoint - The performance of veteran fund managers has rebounded strongly, challenging the notion that they are outdated and unable to compete with younger managers who focus on high-growth sectors [2][10]. Group 1: Performance Recovery of Veteran Fund Managers - Veteran fund managers have demonstrated a strong recovery in performance, with many achieving record highs in net value in January 2026, despite previous criticisms and market challenges [3][4]. - Notable examples include Wei Dong from Guolian An Fund, whose managed fund's annualized return has returned to over 10%, and Gu Jun from Bosera Fund, who achieved a 71.3% return in the past year [3][4]. - Other veteran managers, such as Qi Fapeng and Xu Lirong, have also seen their funds reach historical net value highs, indicating a broader trend among experienced fund managers [4]. Group 2: Challenges Faced by Veteran Fund Managers - The market has seen a significant divide, with veteran managers facing pressure from new, high-performing managers who focus on high-volatility sectors, leading to doubts about the capabilities of older managers [5][6]. - Some veteran managers have struggled with large fund sizes, which can limit their ability to adapt quickly to market changes, further intensifying scrutiny on their performance [5][6]. Group 3: Trust Restoration Among Investors - As the performance of actively managed equity funds improves, investor confidence is gradually being restored, reversing previous trends of fund redemptions [8][9]. - Investors have expressed mixed feelings about their experiences, with some reporting significant losses followed by recoveries, highlighting the importance of veteran managers in navigating complex market conditions [9]. - The resurgence of veteran fund managers is seen as a critical factor in rebuilding trust within the public fund industry, as they leverage their experience to manage risks and capitalize on opportunities [8][10].

Core Viewpoint - The article discusses the resurgence of veteran fund managers in the public fund industry, highlighting their ability to adapt and achieve strong performance despite recent market challenges and skepticism about their relevance [2][10]. Group 1: Performance of Veteran Fund Managers - Veteran fund managers have demonstrated a strong recovery in performance, with many achieving record highs in net value and returns in early 2026, despite facing significant market fluctuations in previous years [3][4]. - Notable examples include Wei Dong from Guolian An Fund, whose fund's annualized return has returned to over 10%, and Gu Jun from Bosera Fund, who achieved a 71.3% return in the past year [3][4]. - Other veteran managers, such as Qi Fapeng from Guotou Ruijin Fund and Zhou Weiwen from China Universal Fund, have also seen their funds reach historical highs, showcasing the effectiveness of their long-term investment strategies [4]. Group 2: Challenges Faced by Veteran Fund Managers - The market has seen a significant style divergence, leading to periods where veteran managers underperformed compared to newer managers who focused on high-growth sectors, resulting in a loss of investor patience and confidence [6]. - Some veteran managers faced criticism for their performance and were perceived as outdated, especially when managing larger funds that limited their flexibility in adjusting portfolios [6][7]. - Despite these challenges, many veteran managers have maintained their investment philosophies and adapted their strategies to align with market changes, demonstrating resilience and a commitment to continuous learning [7]. Group 3: Rebuilding Investor Trust - As the performance of actively managed equity funds improves, investor confidence is gradually being restored, reversing previous trends of fund redemptions and skepticism towards the public fund industry [8][9]. - The article highlights that veteran fund managers, through their stable and predictable performance, are helping to mend the trust gap that had developed among investors due to past volatility [8][9]. - Feedback from investors indicates a renewed faith in veteran managers, as many have seen their investments recover from significant losses, reinforcing the value of experienced fund management [9].

这就是命啊！山东潍坊，一对夫妻为了两个孩子以后结婚，提前买黄金囤着，这些年陆陆续续投资了90万左右，结果金价持续 上涨，现在预估收益竟然达到了200万，不过妻子却表示：不论涨多少都不会出手。网友：该出手就出手！ 黄女士介绍，那时候金价还低，每克大概也就三百多块钱。就陆陆续续地买，金的王冠、沉甸甸的手镯，还有那些压箱底的金 条，一点一点攒起来。这些年下来，前前后后花了大概九十万，攒了五百多克首饰，两公斤多的金条 谁也没想到，金价一路涨到了今天这个位置。有人帮他们算了算账，当初那些黄金，现在市场价估计得有三百万。也就是说， 差不多净赚了两百万 可当周围人都羡慕不已，劝他们趁高价变现的时候，妻子却格外平静。她说，不论涨多少，都不会卖。因为这不是用来炒的， 这是给孩子们准备的结婚礼，是一份早就定下的心意。涨了是惊喜，但东西本身的意义，比价钱更重要 可能不少人觉得，该出手就出手，但在我看来，这个事点像现代版的"压箱底"。它有意思的地方不在于赚了多少钱，而在于这 一家人对待财富和未来的态度 我们身边很多人投资，心情总是跟着价格曲线上下起伏，追涨杀跌，最后往往一场空。而这对夫妻，因为从一开始目标就不单 纯是钱，反而意外地躲 ...

在存款利率下行的市场环境下，"存银行吃利息"的传统储蓄方式已无法满足年轻人对资金保值增值的需 求。一种由货币基金、债券基金和黄金基金构成的"新三金"投资组合成了年轻人理财的新选择。 南开大学金融学教授田利辉认为，"新三金"的兴起，反映了年轻人从依赖存款利息"躺赚"转向主动寻求 多元化资产配置的理财观念的转变。数据显示，截至2025年11月底，已有超过2100万用户同时配置了属 于自己的"新三金"，其中年轻人占比近一半。 张璟晗强调，"新三金"是分散化的投资组合，并不等同于"低风险、稳收益"的概念。投资者在进行资产 配置时需要注意，所有投资组合都存在风险，收益率会随着市场环境波动，债券基金会受到利率风险、 信用风险等影响，黄金基金则受国际环境、金价和汇率波动影响。而且，"新三金"的逻辑本质仍是在兼 顾中短期资金流动性需求的基础上追求资产稳健增值，若因短期市场波动"追涨杀跌"，反而弱化了组合 本身的分散价值。因此，投资者仍然需要结合自身财务目标、风险承受能力和资金流动性需求来合理进 行资产配置。 对整个理财行业而言，"新三金"这种由投资者自发形成的配置，也给金融机构带来启示。田利辉认为， 这意味着金融机构需要加快 ...

Core Viewpoint - The second Investment Advisor Professional Skills Competition in Guangdong successfully took place in Guangzhou, aiming to enhance the investment advisory capabilities and talent development within the industry, while promoting rational investment concepts [1][3]. Group 1: Event Overview - The competition was themed "Yue Investment Advisors, Good Service, I Win Long Money for Everyone" and was co-hosted by multiple financial associations in Guangdong, with guidance from the provincial labor union and the securities regulatory bureau [1]. - The event attracted over 300 institutions and 7,220 participants, with 4,184 individuals engaging in investment capability assessments [3]. Group 2: Competition Highlights - The competition featured three main highlights: 1. Use of public funds as the investment target, with "conservative" and "aggressive" accounts and differentiated drawdown indicators, closely aligned with practical needs [3]. 2. Evaluation of trading behavior stability and strategy logic during the finals, promoting a long-term investment philosophy [3]. 3. Collaboration with the Guangzhou Investment Advisor Academy to provide training and exchange platforms for participants [3]. Group 3: Performance Metrics - Among the participants, 492 met the criteria for key indicators such as holding time, proportion, and drawdown, with 398 achieving positive returns in both account types, representing 80.9% [3]. - The 60 finalists demonstrated exceptional performance, with average annualized returns significantly outperforming market indices, and over 70% of accounts having a drawdown ratio better than the index benchmark [3]. Group 4: Industry Impact - Officials from the Guangdong Provincial Federation of Trade Unions emphasized that labor competitions can stimulate the potential of industry employees to contribute to economic and social development [4]. - The Guangdong Securities Regulatory Bureau highlighted the professional demeanor of participants and encouraged adherence to professionalism and compliance to enhance investor wealth and promote high-quality industry development [4].

Core Insights - In December 2025, China Fund Industry's Golden Bull Awards recognized Invesco Great Wall Fund for its strong performance in active equity investment, winning three major awards, including "Active Equity Investment Golden Bull Fund Company" for the third time [1] - The awards reflect a shift in evaluation criteria towards long-term performance, emphasizing investor satisfaction and stable behavior, moving from a focus on scale to returns [1] Company Achievements - Invesco Great Wall Fund has been known for its active equity investment since its establishment in 2002, aiming to be a leading multi-asset management expert in stock investment [2] - The company maintains a unique investment review system and a long-term performance evaluation mechanism, ensuring stability and consistency in investment styles and behaviors [2] Fund Performance - The award-winning Invesco Great Wall Strategy Select Flexible Allocation Mixed Fund, managed by Zhang Jing, achieved a total return of 345.78% since October 2014, significantly outperforming its benchmark [3] - The Invesco Great Wall Growth Star Stock Fund, managed by Zhou Hanying, recorded a total return of 90.74% since May 2020, also exceeding its benchmark, while maintaining a maximum drawdown of -26.57% during a volatile market period [3] Future Outlook - The recognition from the Golden Bull Awards underscores the long-term research and investment capabilities of the company and its fund managers, reflecting the trust and support from investors [3][4] - The company plans to continue strengthening its research capabilities and adhere to a long-term investment philosophy to provide better returns and quality service to investors [4]

Core Viewpoint - The active equity fund managers in China's public fund industry are facing challenges due to stricter assessments, intense competition, and pressures from passive investments, prompting a need for adaptation and new career paths [1] Group 1: Reform of Assessment System - As of November 2025, there are 165 domestic public fund management institutions managing a total net asset value of 37.02 trillion yuan [2] - The core challenge in the public fund industry is the disparity between fund profitability and investor returns, encapsulated in the phrase "funds make money, but investors do not" [2] - The China Securities Regulatory Commission issued an "Action Plan for Promoting the High-Quality Development of Public Funds" in May 2025, marking the beginning of systematic reforms in the industry [2] - The new guidelines specify that for active equity fund managers, performance indicators must account for at least 80% of the assessment, emphasizing long-term investment [2] Group 2: Long-term Cultivation Mechanism - The value of a fund company is fundamentally tied to its talent, with fund managers being the core asset [4] - A large fund company emphasizes long-term performance assessments across multiple time frames (1, 2, 3, 5, 8, and 10 years) to evaluate fund managers' true capabilities [4] - The company maintains strict evaluation standards for research personnel, with mechanisms for tracking performance and potential elimination for underperformers [4] Group 3: Talent Mobility Reshaping Industry Ecology - The industry is experiencing significant turnover, with over 460 fund managers resigning or leaving the industry by the end of 2025 [6] - Despite the challenges, many public funds continue to generate long-term returns for investors, with over 75% of active equity funds achieving positive returns over the past three years, averaging a net value growth rate of over 20% [6] - A notable example is the fund manager Feng Ludan, who achieved an excess return of over 170 percentage points since the inception of her fund, highlighting the importance of sustained investment in the right direction [6]

Core Viewpoint - The article emphasizes the need to improve the adaptability of investment and financing systems as a key factor for the high-quality development of capital markets, highlighting the importance of understanding the relationship between primary and secondary markets [1] Group 1: Investment and Financing Concepts - The correct financing concept should include three aspects: integrity, rationality, and return, which should be enshrined in securities law to promote appropriate investment and financing activities [2] - Rational investment is essential for accurately assessing asset value and supporting value investment, requiring a systematic approach to decision-making based on objective data [2][3] - Value investment focuses on identifying assets priced below their intrinsic value, emphasizing the importance of company fundamentals and governance structures [3] Group 2: Long-term Investment and Market Structure - Long-term investment is a natural extension of value investment, driven by reinvestment of returns and requiring a rational commitment to quality assets [3] - Adjusting the investor structure in capital markets to promote institutional investors and long-term capital is crucial for fostering rational, value-driven, and long-term investment [3] Group 3: Regulatory Measures and Investor Protection - Regulatory measures should combine both restrictions and facilitation to enhance the quality of investment and financing, ensuring that problematic entities face delisting constraints [4] - Improving the quality of investment and financing requires high standards for issuing companies, including governance and information disclosure, while also ensuring that intermediaries fulfill their responsibilities [4] - Strengthening investor protection through effective legal mechanisms and addressing fraudulent activities is essential for maintaining market trust [5]

Industry Transformation - The real-time valuation feature for funds was a significant selling point for platforms targeting retail investors, but it has been removed from many mainstream platforms due to regulatory requirements aimed at standardizing data disclosure and promoting long-term investment strategies [2][14] - Real-time valuation was based on the latest quarterly reports and market price fluctuations, but it often deviated from actual net values due to limitations in data sources and the timing of fund manager adjustments [2][14] Sina Finance APP - Following the removal of the real-time valuation feature, the Sina Finance APP has emerged as a popular choice among investors, integrating data from 163 fund companies and covering 98% of market products, allowing users to monitor over 10,000 funds in real-time [3][15] - The APP provides comprehensive fund profiles, including detailed holdings, industry allocations, performance metrics, and key risk-return indicators [3][15] Xiao Bei Yang Ji - Xiao Bei Yang Ji is a specialized platform for fund valuation and real-time queries, allowing users to view fund performance and returns flexibly from 9 AM daily [4][17] - It features multi-account synchronization, enabling users to manage multiple fund accounts efficiently, and offers a "Fund Accumulation Ranking" to track investor behavior [4][17] Tong Hua Shun Investment Ledger - Tong Hua Shun Investment Ledger supports real-time monitoring of fund performance and account returns, allowing users to manage multiple fund accounts in one place [5][18] - The application includes a one-click import feature for synchronizing holdings from various platforms and provides in-depth fund analysis capabilities [5][18] Feature Comparison - A comparison of the three applications highlights that Sina Finance APP excels in data coverage and comprehensive service offerings, while Xiao Bei Yang Ji and Tong Hua Shun Investment Ledger specialize in specific fund management functionalities [7][19] Professional Perspective - Professional investors recognize the limitations of relying solely on real-time valuation and consider it a reference point among various factors for making trading decisions [8][20] - They are particularly attentive to discrepancies between valuation and net value, which can indicate potential changes in fund management strategies [8][20] Selection Recommendations - The choice of APP depends on individual investor needs; Sina Finance APP is recommended for those seeking comprehensive data services and a one-stop investment experience [9][22] - Xiao Bei Yang Ji is ideal for investors needing detailed management of multiple accounts, while Tong Hua Shun Investment Ledger is suitable for users already engaged in stock trading who wish to consolidate their asset management [9][22]