A股低开高走，截至发稿，沪指涨0.09%，创业板涨0.11%。碳酸锂期货突破13万元关口，锂电池产业链全线高开，商业航天、贵金属概念保持活 跃；CPO概念跌幅居前，稳定币、AI算力、次新股普遍回调。 港股休市 国债期货开盘多数持平，30年期主力合约跌0.01%，10年期主力合约涨0.00%，5年期主力合约涨0.02%，2年期主力合约跌0.00%。 国内商品期市开盘多数上涨，碳酸锂期货主力合约突破13万元/吨关口，日内涨幅扩大至8%，国际铜涨2.89%，燃油涨1.50%，焦炭跌1.75%，玻璃 跌1.33%，集运指数(欧线)跌0.28%。国内贵金属期货盘初集体上涨，铂期货主力合约涨停，钯涨超9%，沪银涨逾7%。 9:42 光伏板块盘初拉升，亿晶光电直线涨停，钧达股份涨超8%，阳光电源、TCL中环、隆基绿能、大全能源等跟涨。 | 代码 | 名称 | 现价 | 涨跌幅 ▼ | 涨跌 | | --- | --- | --- | --- | --- | | 300900 | 广联航空 | 34.52 | 10.61% | 3.31 | | 000547 | 航天发展 | 28.16 | 10.00% | 2.56 | ...

2025.12. 26 本文字数：763，阅读时长大约1分钟 作者 | 一财 阿驴 09:28 向日葵跌超16%，深交所对公司下发关注函，要求公司核实并说明兮璞材料产能分布情况， 漳州工厂、兰州工厂的实际情况等。 | | 5.95 -1.18 -16.55% | | | | 向日葵 立即 300111 交易 | | | --- | --- | --- | --- | --- | --- | --- | | | SZSE CNY 9:25:00 休市 查看L2全景 | | | 疑似减持受限通 / 0 + | | | | 委北 | 97.49% 委差 | 27767 | | Wind ESG评级 B | | 详情 | | 菜 | 6.18 | 201 | रेस | 83.64% 120日 | 71.97% | | | 卖四 | 6.15 | 22 | 5日 | -16.43% 250日 | 68.08% | | | ズニ | 6.12 | 3 | 20日 | -18.83% 52周高 | 10.28 | | | 卖二 | 6.00 | 122 | 60日 | -33.89% 52周低 | | 2.33 | | ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 其中 有 13只百亿私募产品属于"双十基金"产品，海南希瓦占3只，东方港湾、进化论资产、望正资产、中欧瑞博等4家私募各占2只，泓湖私 募、银叶投资各占1只 。核心策略来看，主观多头产品占11只，宏观策略产品占2只。 在投资领域，有"一年翻倍者众，三年翻倍者寡"的说法。背后的原因是资本市场变化较快，很多时候，某一种策略只在阶段内奏效。 短期业绩或许是市场Beta的馈赠，带有偶然性；而跨越牛熊的长期收益（如5年期、10年期业绩），才真正考验管理人的Alpha挖掘能力与风控 真功夫。 长期收益数据能穿透短期业绩噪音，帮投资者甄别真正具备穿越周期能力的产品 。 5年、10年对于资本市场而言，是一个漫长的时间，足以考验投资策略的有效性。为了给读者提供一些参考， 笔者首先梳理出了运行超 10年 的"双十基金"产品，然后分策略（量化多头、主观多头、CTA、多资产）梳理出了在近5年收益居前20的私募产品 （公司规模在5亿元以上；同 一基金经理管理多只相同策略产品的，近选近5年收益最高的产品参与排名） 。 0 1 私募 " 双十基金 " 达 53 只，但斌旗下 2 ...

引言 2025年的A股市场，延续了近年来波动率下行的长期趋势。自2015年融资牛后，核心指 数的日度波动率持续收敛，尤其在机构化提速、监管强调高质量发展等多重因素作用 下，市场逐步呈现出"低趋势、低振幅"的典型特征。 对于以获取Alpha为目标的指数增强策略而言，这一波动率环境的变迁，既是必须正视 的挑战，也暗含新的超额逻辑。 下文将从波动率周期切入，系统分析市场波动对指增策 略的影响与未来机会。 可参考： 量化私募基金超额收益TOP10揭晓！幻方、明汯、蒙玺、翰荣等居前！ 秒雾排球网 "中证1000指增"产品今年来超额收益TOP10 数据来源:私募管理人(经托管复核)/托管人,整理自私募排排网,截至202 私募公司旗下相同策略的产品,仅选取超额(几何)收益最高的参 | | | | 排名 | 产品简称 | 县余经理 | 品规模 今年来超额 | | 公司简称 | 公司规模 | | --- | --- | --- | --- | --- | --- | --- | | | | | (万元) | 收益 | | | | | 今通量化价值成长 八号 | 钱伟强 | | | 今通投资 | 5-10亿 | | 2) | 鹿 ...

Core Viewpoint - The article highlights the explosive growth of the AI computing power sector, particularly focusing on the CPO (Co-Packaged Optics) industry chain, which has seen significant stock price increases due to various positive developments in both domestic and international markets [3][6][22]. Market Performance - On December 9, the A-share market saw the Shanghai Composite Index decline by 0.37% and the Shenzhen Component Index by 0.39%, while the ChiNext Index rose by 0.61%. The total market turnover was 1.92 trillion yuan, with over 4,000 stocks declining. However, the CPO industry chain and electronic components performed exceptionally well, with key players like Industrial Fulian and Zhongji Xuchuang experiencing significant gains [3][4]. CPO Industry Surge - The CPO sector experienced a 1.64% increase on the day, with a year-to-date rise of 91.25% and a net inflow of 2.55 billion yuan. Notable stocks in this sector, such as Dekeli and Shaanxi Huada, saw strong trading activity, with Dekeli achieving a 20% limit-up [4][12][16]. Positive Developments in AI Computing - Recent advancements in AI computing, including the release of Deep Seek V3.2 and the collaboration between ByteDance's Doubao team and ZTE, have generated market interest. Additionally, OpenAI's upcoming release of GPT-5.2, which boasts an 18% improvement in reasoning efficiency and a 23% increase in multi-modal response speed, is expected to drive demand for AI chips and related hardware [6][7][8]. U.S. Policy Changes - A significant development occurred when former U.S. President Trump announced that NVIDIA would be allowed to sell its H200 AI chips to China, albeit with a 25% revenue share. This news positively impacted U.S. chip giants like NVIDIA and AMD, leading to a surge in related A-share stocks [9][11]. Market Insights - According to Guosheng Securities, the adjustment in U.S. chip export policies is a major boon for domestic capital expenditure in related fields, potentially increasing overall spending on computing power [11]. Trend Force's report indicates a projected 2.6-fold increase in the shipment of 800G optical transceiver modules by 2026, highlighting the growing demand in this sector [11]. CPO Market Leaders - Companies like Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication have been recognized as leaders in the CPO industry due to their technological advantages and market share. The market potential for CPO is vast, with significant orders flowing to both leading and smaller players in the industry [14][15][22]. Future Investment Opportunities - The article suggests that the explosive growth of the computing power industry is just beginning, with ongoing advancements in AI technology and expanding application scenarios. Investors are encouraged to focus on companies with core technologies, sustainable profitability, and long-term growth potential to capitalize on emerging opportunities in the computing power sector [28].

近期，国际白银市场迎来历史性行情，价格攀升并走出独立上涨走势。强劲的市场热度同步传导至A股 市场，白银概念股涨幅表现颇为突出。 据悉，白银作为催化剂、导电触电材料以及抗微生物剂等，被广泛应用在电子、可再生能源以及医疗卫 生等工业主要增长领域。 根据世界白银协会预测，2025年全球白银市场仍将出现约9500万盎司的结构性供应缺口，为白银连续第 5年呈现供不应求格局。 白银需求大幅增长 白银价格如此强势，究竟是何原因？ 格上基金研究员托合江表示，目前全球白银库存持续处于历史低位，实物供应紧张加剧，这也形成 了"低库存+高需求"的逼空格局，叠加市场情绪与资金行为，助推了白银价格的加速上行。 业内人士认为，白银此番大幅上涨，标志着它不再是黄金的"附属品"。市场正逐渐意识到，白银的上涨 不仅基于其避险属性，更源于其结构性稀缺的现状与飞速增长的工业需求。 白银价格涨幅翻倍 今年以来，国际银价持续走高，伦敦银现涨幅已达到100%以上。 据证券时报·数据宝统计，截至12月8日20时43分，伦敦银现报58.435美元/盎司。12月5日，该品种以 2.1%的涨幅收盘，展现出较强的短期上行动能。 据经济日报消息，2025年全球白银 ...

近期，国际白银市场迎来历史性行情，价格攀升并走出独立上涨走势。强劲的市场热度同步传导至A股 市场，白银概念股涨幅表现颇为突出。 格上基金研究员托合江表示，目前全球白银库存持续处于历史低位，实物供应紧张加剧，这也形成 了"低库存+高需求"的逼空格局，叠加市场情绪与资金行为，助推了白银价格的加速上行。 业内人士认为，白银此番大幅上涨，标志着它不再是黄金的"附属品"。市场正逐渐意识到，白银的上涨 不仅基于其避险属性，更源于其结构性稀缺的现状与飞速增长的工业需求。 据悉，白银作为催化剂、导电触电材料以及抗微生物剂等，被广泛应用在电子、可再生能源以及医疗卫 生等工业主要增长领域。 据经济日报消息，2025年全球白银需求端出现爆发式增长。光伏产业成为最大"用银大户"。2025年全球 光伏业用银量达7560吨，较2022年实现翻番增长，占全球白银总需求的比重从2022年的20%飙升至 55%，改变了白银的传统需求结构。 白银价格涨幅翻倍 今年以来，国际银价持续走高，伦敦银现涨幅已达到100%以上。 据证券时报·数据宝统计，截至12月8日20时43分，伦敦银现报58.435美元/盎司。12月5日，该品种以 2.1%的涨幅收盘 ...

Market Overview - The A-share market opened with mixed performance, with the Shanghai Composite Index up by 0.08% to 3867.20 points, while the Shenzhen Component Index and the ChiNext Index fell by 0.03% and 0.11% respectively [2][3] - The Hong Kong market also opened with the Hang Seng Index rising by 0.07%, while the Hang Seng Tech Index decreased by 0.1% [4] Sector Performance - In the A-share market, the non-ferrous metals sector opened strongly, with tin and aluminum leading the gains. The AI computing concept remained active, with Cambrian rising over 3% [3] - Conversely, the CPO concept experienced a general pullback, with lithium battery, aquaculture, and real estate sectors mostly declining. Vanke A opened with a significant drop of nearly 5% [3] - In the Hong Kong market, the non-ferrous sector also saw gains, with China Aluminum rising over 4% and Zijin Mining increasing nearly 3%. However, Vanke Enterprises opened down over 5%, nearing its historical low [4]

Group 1 - The A-share market opened with mixed results, with the Shanghai Composite Index up by 0.08%, while the Shenzhen Component and ChiNext indices fell by 0.03% and 0.11% respectively [2][3] - The non-ferrous metal industry showed a collective rise, with tin and aluminum leading the gains, while the AI computing power concept remained active, with Cambrian rising over 3% [3] - The CPO concept experienced a general pullback, with sectors such as lithium batteries, aquaculture, and real estate mostly declining, and Vanke A opening down nearly 5% [3] Group 2 - The Hong Kong market opened with the Hang Seng Index up by 0.07%, while the Hang Seng Tech Index fell by 0.1%, with tech stocks like Baidu Group dropping over 1% [4] - The non-ferrous sector in Hong Kong also saw gains, with China Aluminum rising over 4% and Zijin Mining up nearly 3%, while Vanke Enterprises opened down over 5%, close to its historical low [4] - The People's Bank of China conducted a 7-day reverse repurchase operation of 356.4 billion yuan at an interest rate of 1.40%, with 300 billion yuan of reverse repos maturing today [4]

Core Viewpoint - Yongying Fund has experienced significant personnel changes, with multiple fund managers resigning, raising questions about the stability and future performance of the firm amidst its rapid growth in fund size and performance [1][7][10]. Group 1: Personnel Changes - Yang Fanying, the deputy director of fixed income investment at Yongying Fund, has resigned from managing eight funds due to personal reasons, resulting in a total management scale of nearly 12.3 billion yuan [1][2]. - Since 2025, six fund managers have "cleared out" from Yongying Fund, with four previously managing over 10 billion yuan, and many of their funds showing significant losses during their tenure [1][5]. - The new fund managers appointed are relatively inexperienced, with most having less than one year of experience in managing public funds [5][6]. Group 2: Fund Performance - Despite the departures, Yongying Fund's mixed funds have seen a dramatic increase in size, rising from 30th to 10th in industry rankings, with a 2.9-fold increase in assets under management [7][10]. - The fund "Yongying Technology Smart A" has achieved a remarkable annual return of 186.3%, making it the top-performing public fund, attributed to its focus on AI computing stocks [8][9]. - The firm has adopted a strategy of highly focused, theme-based investment products, which has attracted significant capital inflow [9][10]. Group 3: Market Position and Strategy - Yongying Fund aims to establish itself as a platform-based asset management company with a balanced investment research capability across various asset classes [7]. - The firm has shifted towards a more "tool-like" approach to active management, concentrating investments in specific sectors, which has led to rapid growth but also raised concerns about high investment concentration risks [9][10]. - The long-term competitiveness of Yongying Fund will depend on the resilience of its investment research system and the stability of its talent pool, especially with the recent turnover of experienced fund managers [10].