（原标题：国海富兰克林基金总经理徐荔蓉：骏业新程，共谱新篇） 岁序更替，骏业启新。2026农历马年新春如约而至，值此辞旧迎新、阖家团圆的美好时刻，我谨代表国 海富兰克林基金，向长期以来信任支持我们的每一位持有人、携手同行的合作伙伴、辛勤付出的全体员 工及家人，致以最诚挚的新春祝福！祝愿大家马年投资顺遂，收获满满！ 回首旧岁，AH市场不负众望、整体表现亮眼，2025年沪深300指数上涨17.66%，创业板指上涨 49.57%，恒生指数上涨27.77%。尽管行业板块间存在分化，但我们始终坚守投研初心，以专业能力为 持有人筛选优质标的，力争贡献可持续的风险调整后回报。对未来，我们也充满信心与期待。 长期来看，在宏观经济预期改善与市场生态深刻变革的双重驱动下，A股市场正在步入一个以"长牛、 慢牛"为特征的新发展阶段。这一判断基于以下四个方面的积极变化：首先，投资者结构持续向长期 化、机构化方向优化，保险、理财子公司、券商及外资等中长期资金的持仓占比逐步提升，显著增强了 市场的整体稳定性。其次，随着资本市场在国家发展战略中的地位日益凸显，"国家队"的增持行为正逐 渐转向系统化、规划化的长期配置，成为市场重要的"压舱石" ...

Core Insights - The article emphasizes the importance of guiding capital towards "long bull and slow bull" core assets through targeted strategies [2] - It suggests that while short-term volatility around the Spring Festival may subside, the overall economic, policy, and liquidity environment remains optimistic for the year [2] - The undervalued "core assets" are highlighted, particularly in the power equipment sector, which is seen as ripe for value reassessment [2] - In the context of mixed signals in the non-ferrous metals sector, the stabilization of lithium carbonate prices is identified as a critical window for left-side positioning [2] - The dual value discovery in Hong Kong real estate stocks is noted, with asset reassessment and high dividend yields presenting attractive investment options [2] Summary by Sections - **Targeted Capital Flow**: The article discusses strategies to direct funds towards stable and promising core assets, indicating a shift in investment focus [2] - **Economic Outlook**: It presents a positive outlook for the year, supported by economic fundamentals, policy measures, and liquidity conditions despite short-term fluctuations [2] - **Power Equipment Sector**: The article identifies this sector as undervalued, suggesting that it is an opportune time for investors to reassess its value [2] - **Non-Ferrous Metals**: It highlights the importance of monitoring lithium carbonate prices as a key indicator for investment opportunities in this sector [2] - **Hong Kong Real Estate**: The article points out the potential for high returns through asset reassessment and dividends in this market [2]

Group 1 - The A-share market is transitioning from an "emotion-driven" phase to one anchored by performance, indicating a shift towards a more stable upward trend [1][2] - As the annual report preview period approaches, the focus of investment logic is shifting from narrative-driven speculation to performance verification [1][2] - A robust investment strategy should combine high-growth sectors like AI computing with cyclical sectors such as resources and manufacturing to create a balanced portfolio [1][2] Group 2 - The adjustment of financing margins does not alter the overall upward trend of the market but will impact its structure, leading to increased competition among thematic sectors [2][4] - The current market environment suggests that the next key verification point will be the performance disclosures in April, with a focus on sectors like AI applications and robotics [3][4] - The market is expected to experience short-term fluctuations, with a focus on sectors benefiting from supply-demand improvements, such as new energy and consumer goods [4][5] Group 3 - The policy environment remains supportive, with indications of potential interest rate cuts, which could bolster market confidence and support a long-term bullish trend [6][7] - The current market structure is likely to see a rotation towards sectors with strong fundamentals, such as industrial resources and consumer recovery channels [3][7] - The investment focus should remain on sectors with high growth potential, including AI, semiconductor equipment, and traditional manufacturing [3][5][10] Group 4 - The "spring rally" is facing short-term pressures due to complex macroeconomic conditions and regulatory measures aimed at stabilizing the market [8][9] - Despite recent market corrections, the underlying logic for AI applications remains intact, suggesting continued investment opportunities in this area [8][12] - The overall market sentiment is expected to stabilize, with a focus on sectors like electronics, power equipment, and non-bank financials as potential investment areas [9][10]

Group 1 - The State Council will hold a press conference on November 27 to discuss policies aimed at enhancing the adaptability of consumer goods supply and demand, and promoting consumption [1] - From January to October, China's total foreign direct investment reached $144.34 billion, a year-on-year increase of 6.2%, while new contracts for foreign engineering projects amounted to $210.7 billion, up 18.6% year-on-year [1] - A-share buyback amounts have exceeded 130 billion yuan this year, marking the second-highest level in history, with over 100 companies doubling their stock prices after implementing buybacks [1] Group 2 - The U.S. stock indices rose, with the communication and media sectors leading the gains, while defense and transportation sectors lagged [2] - The financing balance decreased by 2.88 billion yuan to 2.4423 trillion yuan on November 24, indicating cautious market sentiment as the year-end approaches [2] - The "Fifteen Five" plan continues to focus on technological self-reliance, suggesting that the technology sector remains a long-term investment direction [2] Group 3 - Palm oil inventories continue to accumulate, with a 16.4% month-on-month decrease in Malaysian palm oil exports expected for November 1-25 [3] - The domestic supply of rapeseed oil is under pressure due to increased raw material supply, leading to price declines [3] - Rubber prices are expected to fluctuate as supply pressures emerge from overseas production, while domestic production transitions to the off-season [3] Group 4 - The National Space Administration has issued a plan to promote the high-quality and safe development of commercial aerospace from 2025 to 2027, establishing a national commercial aerospace development fund [8]

Core Viewpoint - In October, China's Producer Price Index (PPI) experienced its first month-on-month increase of the year, rising by 0.1% due to improved supply-demand dynamics in certain domestic industries and the transmission of international commodity prices [1][6]. Group 1: Economic Indicators - The Consumer Price Index (CPI) rose by 0.2% month-on-month and year-on-year, with the core CPI (excluding food and energy) increasing by 1.2%, marking the sixth consecutive month of growth [1][6]. - The PPI saw a year-on-year decline of 2.1%, but the rate of decline narrowed by 0.2 percentage points compared to the previous month, indicating a continuous narrowing trend for three months [1][6]. Group 2: Commodity Market Insights - In the futures market, the main contracts showed mixed results, with liquefied petroleum gas (LPG) and pulp prices rising nearly 1%, while coking coal fell by nearly 2% [1]. - The European shipping index (SCFI) decreased by $21 per TEU week-on-week, reflecting a downward adjustment in freight rates, particularly from the PA alliance [2][25]. Group 3: Industry-Specific Trends - The steel industry is facing a demand downturn, with the profitability of steel mills dropping below 40%, leading to a continued decline in iron and steel production [3][19]. - Copper prices are under pressure due to tight supply of concentrates and fluctuating demand from various sectors, including electric power and automotive industries [3][17]. Group 4: International and Domestic News - The U.S. government has been in a state of "shutdown" for 40 days, with potential economic growth for Q4 being halved if the situation persists [5]. - The World Internet Conference in Wuzhen attracted over 1,600 guests from more than 130 countries, showcasing advancements in AI and robotics [7].

Core Viewpoint - The article discusses the resignation of Zou Xi, a veteran fund manager at Rongtong Fund, and the transition of his managed funds to a group of mid-generation fund managers, indicating a shift in the company's management structure and investment strategy [2][3][4]. Group 1: Resignation Details - Zou Xi has resigned from all the funds he managed, which will now be overseen by several mid-generation fund managers including Li Jin, He Long, Wan Minyuan, and Cheng Yuekai [3][6]. - Zou Xi has over 24 years of experience in the investment industry and has been with Rongtong Fund since 2001, holding various positions including Director of Equity Investment [3][10]. Group 2: Fund Management Transition - Before his resignation, Zou Xi managed four funds, with the Rongtong Industry Trend and Rongtong Leading Growth funds employing a dual-manager system, where Li Jin and He Long will continue as fund managers [8]. - The fund Rongtong Industry Prosperity, a notable product of Zou Xi, will now be managed by Li Jin, while Rongtong China Wind No. 1 will be co-managed by Wan Minyuan and Cheng Yuekai [8]. Group 3: Industry Context - The article highlights the frequent turnover of fund managers in the industry, with 287 fund managers having left their positions in 2025 alone, indicating a trend towards a more dynamic management environment [13]. - The fund industry is transitioning from a reliance on star fund managers to a more platform-based, team-oriented approach, emphasizing collective strategies and research capabilities [12][14]. Group 4: Investment Philosophy - Zou Xi developed an investment system focused on industry trends, categorizing drivers of industry trends into three types: social system changes, economic system improvements, and technological advancements [10]. - His investment strategy emphasizes a combination of value and growth styles, with a focus on maintaining high portfolio positions and low turnover rates [11].