在海外普涨、外资看好中国资产、资金做多情绪高涨等因素加持下，A股"春季躁动"行情备受期待。在 此背景下，银华基金全力出"基"——银华智享混合(A类：026261，C类：026262)将于1月19日起发行， 为投资者投资2026提供了全新工具。(资料参考：每日经济新闻《A股新里程碑：沪指站上4060点！"春 季躁动"行情如何布局？》，2026.01.06) 自2024年"924行情"启动以来，A股市场显著回暖，市场的结构性分化与波动性上升都为主动权益类基 金放大优势提供了天然条件。据Wind统计，万得偏股混合型基金指数自"924行情"以来累计涨幅达到了 63.06%，显著跑赢同期沪深300指数(49.11%)，展现出较强的超额收益获取能力。(数据来源：Wind， 2024.09.24-2026.01.06，指数历史业绩不预示未来表现) 在主动权益类基金中，浮动费率产品是市场关注的一大焦点。2026年首个工作日，证监会发布的《公开 募集证券投资基金销售费用管理规定》正式生效，此项修订作为费率改革的"最后关键一步"，标志着国 内公募基金行业费率改革平稳落地。(资料参考：原点新财经《公募基金费率改革收官，每年为投资 ...

Core Viewpoint - The most unfavorable phase for institutions is about to pass, with a shift in market dynamics expected as December approaches, leading to a stronger correlation between market movements and fundamentals [1] Group 1: Market Timing and Trends - The period from December to January is identified as an excellent time for positioning in the market, particularly for sectors with favorable annual report forecasts [1] - The "spring market excitement" window, lasting approximately 20 trading days, is anticipated between the Spring Festival and the Two Sessions, characterized by a shift from low to high win rates and a transition from large-cap to small-cap styles [1] Group 2: Market Adjustments - Many sectors have already experienced an average adjustment of around 20%, aligning with historical averages for mainline varieties, suggesting that December is a suitable time to start monitoring these sectors [1]