Core Viewpoint - The A-share market is expected to experience a robust upward trend in 2026, with a solid foundation for the "spring rally" compared to previous years, driven by macroeconomic policies and risk appetite recovery [1] Group 1: Market Overview - In 2025, the A-share market showed significant structural opportunities, with major alpha concentrated in growth and cyclical sectors [5] - The first quarter saw a notable "spring rally," primarily driven by thematic trends in the technology sector, including robotics, low-altitude economy, and AI applications [5] - The second quarter experienced volatility due to external tariff expectations, leading to adjustments in broad market indices [5] - By the third quarter, there was a clear recovery in growth style valuations, particularly in computing power, semiconductors, and technology stocks, alongside a strong performance in the cyclical sector driven by liquidity easing [5] - The fourth quarter entered a phase of oscillation, characterized by alternating industry rotations as the main trading opportunity [5] Group 2: Investment Strategy - The investment strategy focuses on high-quality industry leaders, with a preference for mid to large-cap stocks to mitigate the impact of small-cap volatility [5] - The approach emphasizes balanced sector allocation to prevent excessive volatility from rapid industry rotations [5] - For 2026, the outlook remains positive, with broad market indices expected to maintain reasonable valuation levels, supported by ongoing technological innovation and favorable liquidity conditions [6] - The strategy will continue to utilize quantitative diversified allocation to maintain a stable return profile [6]

Market Overview - In January 2026, the equity market showed a good profit effect, with major indices rising, while the bond market stabilized after fluctuations[3] - The performance of cyclical and growth sectors remained strong, with non-ferrous metals, media, and oil and petrochemicals leading gains at 23.02%, 18.85%, and 14.95% respectively[3] - Conversely, the banking, comprehensive finance, and transportation sectors experienced declines of -6.18%, -4.46%, and -0.89% respectively[3] Bond Market Insights - The bond market showed resilience after a period of decline, with major bond fund indices recording gains of 0.24%, 0.20%, and 0.16% for long-term, bond index, and short-term pure bond indices respectively[12] - The performance of first-level, second-level, and convertible bond fund indices increased by 0.85%, 1.65%, and 6.90% respectively, following the strength of the equity market[12] Investment Strategy - The report suggests a balanced allocation strategy in February, focusing on sectors with strong profit elasticity and clear benefits from technological advancements, particularly in "light, electricity, and storage" segments[4] - Traditional dividend stocks are recommended as stabilizing components in investment portfolios, enhancing risk management[4] Risk Considerations - The report emphasizes the need for caution in the bond market, advising against extending duration too much due to the current narrow credit spreads and potential challenges in capital gains[6] - It highlights the importance of monitoring policy signals and maintaining a diversified allocation to mitigate risks in a complex market environment[6] Performance Metrics - The active equity fund selection index has achieved a cumulative net value of 1.5819 since its inception on May 11, 2023, outperforming the CSI 930950 index by 25.37%[23] - The short-term bond fund selection index has a cumulative net value of 1.0481, with an excess return of 0.5456% relative to its benchmark since December 12, 2023[31]

Market Overview - In Q4 2025, the Shanghai Composite Index experienced a cumulative increase of 2.22%, while the CSI 300 index saw a slight decline of 0.2%, indicating a strong oscillating state in the Chinese market [1] - Strong assets such as overseas computing power, storage, and metals continued to rise, reflecting a pricing trend for prosperous assets [1] - The military industry index, represented by satellites, aerospace, and rockets, also saw significant gains, indicating capital market interest in space exploration [1] Investment Strategy - The investment strategy for the Huashang Quality Value Mixed Fund emphasizes stock selection, with a strong focus on growth assets, particularly in the information industry [3] - Investments in AI infrastructure remain significant, particularly in fiber optics, optical devices, and CPO (Co-Packaged Optics), which are believed to be undervalued [3] - Adjustments in the energy sector include reducing positions in electric power equipment and new energy, reallocating to solid-state transformers and gas turbines to better align with long-term AI industry changes [3] Fund Performance - The Huashang Quality Value Mixed Fund A achieved a net value growth rate of 48.26% over the past year, significantly outperforming the benchmark return of 14.24% by 34.02% [2] - The fund's performance ranks in the top 25% of its category over the past year, reflecting effective management and strategic positioning [2] Future Outlook - Looking ahead to Q1 2026, confidence in Chinese assets remains strong, with expectations of increased competitiveness in various industries despite challenges [5] - The anticipated emergence of new defense technologies is expected to enhance China's competitive position globally [5] - The overall market remains in a strategic opportunity phase, with the A and H markets still at historically low levels [5] Sector Allocation - In Q4, the fund reduced holdings in electric power equipment, pharmaceuticals, and real estate while increasing investments in military, electronics, and telecommunications [6] - The overall investment style maintains a balanced allocation while enhancing growth-oriented investments across key sectors [6]

Core Viewpoint - The macroeconomic landscape at the beginning of 2026 is complex, showcasing a resilient picture of the domestic economy that is progressing steadily towards improvement, contrasting with the market's focus on "structural differentiation" [1] Economic Overview - The domestic economy is advancing under pressure, with ongoing construction of a modern industrial system and positive progress in risk mitigation in key areas, although challenges such as insufficient domestic demand and low price levels persist [4][9] - The U.S. economy is experiencing moderate expansion, with slowing job growth and a slight increase in unemployment, while inflation remains high and the Federal Reserve continues to lower interest rates [4][9] Market Indicators - In Q4, the manufacturing PMI improved from 49 to 50.1, indicating marginal improvement [4][9] - External trade shows strong resilience, with continuous enhancement in export competitiveness [4][9] - Some cities' real estate markets are stabilizing but still exhibit volatility during the recovery phase [4][9] - The average rates for DR001 and DR007 were 1.33% and 1.47%, respectively, down by 15 basis points and 3 basis points compared to Q3 2025 [4][9] - The yield on 10-year government bonds slightly decreased from 1.86% at the end of Q3 2025 to 1.85% [4][9] Fund Management Strategy - The fund manager adjusted leverage and duration based on market conditions during this period, aiming to ensure safety while striving for stable returns for clients [4][9]

Core Viewpoint - The 30-year Treasury ETF (511090) has shown positive performance with a 0.14% increase as of February 13, 2026, and has experienced significant net inflows, indicating strong investor interest in this asset class ahead of the upcoming holiday period [1][2]. Market Performance - As of February 12, the 30-year Treasury ETF recorded a trading volume of 6.92 billion yuan with a turnover rate of 3% [1]. - The average daily trading volume over the past year for the 30-year Treasury ETF is 82.06 billion yuan [1]. - The total size of the 30-year Treasury ETF has reached 230.57 billion yuan [1]. Fund Inflows - The 30-year Treasury ETF has seen continuous net inflows over the past six days, with a peak single-day inflow of 658 million yuan, totaling 1.872 billion yuan in net inflows [1]. Interest Rate Environment - The interbank bond market in China has maintained a warm trend, with yields on government bonds declining, particularly the 10-year government bond yield approaching 1.77% [1]. - The People's Bank of China conducted a 1,665 billion yuan reverse repurchase operation at a fixed rate of 1.40% on February 12, with a net injection of 448 billion yuan for the day [1]. Investment Sentiment - There is a noticeable "hold bonds over the holiday" sentiment among market participants, favoring bonds as a preferred asset class ahead of the holiday, which has led to a strengthening of the bond market [2]. - The central bank's normalization of government bond trading has provided a stable anchor for long-term interest rates, benefiting investment strategies [2]. ETF Characteristics - The 30-year Treasury ETF closely tracks the China Bond 30-Year Treasury Index, which consists of publicly issued 30-year government bonds [2]. - The ETF offers advantages such as T+0 trading, daily interest calculation regardless of market closure, and lower transaction costs compared to similar products [9][10].

Core Insights - The A-share market showed resilience in 2025, with the Shanghai Composite Index rising by 18.41%, international gold prices reaching new highs with a 57.94% increase, and the China Bond Index experiencing a modest rise of 0.57% [1] - The investment management team at Jianxin Fund focused on long-term value creation, successfully capturing market opportunities across various funds [1] Group 1: A-share Market Performance - The A-share market's two main investment directions in 2025 were technology and resource sectors, with several funds achieving over 50% annual returns [2] - Notable funds such as Jianxin Excellence Growth and Jianxin Information Industry significantly outperformed, with returns exceeding 50% [2] - The Jianxin Information Industry fund increased its allocation to technology growth sectors, particularly in semiconductor equipment [2] Group 2: Fund Management Strategies - Jianxin Social Responsibility Mixed Fund focused on sectors like electronics and communication, anticipating continued improvement in corporate earnings due to rising prices and supportive policies [3] - Jianxin New Materials Selected Stock Fund maintained a focus on cyclical recovery and increased investments in technology and lithium battery materials [3] Group 3: Fixed Income and Hybrid Funds - The bond market experienced increased volatility in 2025, but "fixed income plus" products showed strong performance, with Jianxin Convertible Bond Enhanced A achieving a 21.72% return [4] - The Jianxin Dual Dividend fund manager highlighted structural opportunities in various sectors, including smart driving and renewable energy [4] Group 4: Gold Investment Outlook - Gold prices rose significantly in 2025, supported by global monetary policy shifts and central bank purchases, with Jianxin Shanghai Gold ETF achieving a 56.86% return [5] - The fund manager expressed optimism for gold's long-term investment value due to expected continued declines in real interest rates and geopolitical uncertainties [6]

Group 1 - The A-share market in 2025 experienced a significant structural differentiation, leading to a robust upward trend, with expectations for a solid "spring rally" in 2026 [1][6] - The manager of Huashang Fund, Haiyang, employs a dual strategy of "balanced growth + quantitative empowerment" to navigate the spring rally effectively [1][6] - Haiyang remains optimistic about the macroeconomic state improving as counter-cyclical economic policies are gradually implemented, anticipating a recovery in quality small and mid-cap stocks as risk appetite increases [1][6] Group 2 - In 2025, the A-share market revealed clear structural opportunities, with major alpha concentrated in growth and cyclical sectors [4][10] - The first quarter saw a notable spring rally driven by thematic trends in the technology sector, with significant valuation increases in sub-sectors like robotics, low-altitude economy, and AI applications [4][10] - The investment strategy focused on high-quality industry leaders, favoring mid to large-cap stocks while reducing exposure to small-cap factors to mitigate volatility risks [4][10] Group 3 - Looking ahead to 2026, most broad market indices are expected to maintain reasonable valuation levels, with ongoing technological innovation and favorable liquidity conditions [5][11] - The market is anticipated to continue showcasing structural opportunities in both cyclical and technological sectors, with a positive outlook for small and mid-cap quality stocks as risk preferences recover [5][11] - Haiyang plans to maintain a diversified quantitative allocation strategy to ensure stable returns through product portfolio configuration [5][11]

Core Viewpoint - The core issue in the bond market is finding certainty amid policy and risk fluctuations, as discussed by Chen Jie, the fund manager of Huashang Hongyue Pure Bond Fund and Huashang Hongfeng Pure Bond Fund [1][2]. Economic Overview - In Q4 2025, the domestic economy is running smoothly overall, with structural differentiation, showing stronger external demand compared to internal demand. Exports supported the economy with a cumulative year-on-year growth rate of 5.4% from January to November 2025 [1]. - Consumer growth is slowing, with the retail sales growth rate of social consumer goods at 1.3% in November 2025, down 1.6 percentage points from the previous value [1]. - Investment is under significant pressure, with a cumulative year-on-year decline in fixed asset investment of -2.6% from January to November 2025 [1]. - Price levels are low, with November's CPI down 0.1% month-on-month and up 0.7% year-on-year, while PPI increased by 0.1% month-on-month but decreased by 2.2% year-on-year [1]. Bond Market Analysis - In Q4 2025, the bond market experienced fluctuations due to multiple factors. In October, bond market sentiment improved as trade frictions persisted and the central bank resumed bond purchases, leading to a decline in the 10-year government bond yield to around 1.8% [2]. - In November, the central bank's bond purchases were slightly below market expectations, causing the 10-year government bond yield to stabilize around 1.8%. However, as credit risks in real estate companies emerged, the yield rose to 1.84% [2]. - In December, the Central Economic Work Conference raised expectations for fiscal expansion, but concerns about supply pressure and redemption disturbances led to a peak in the 10-year government bond yield at around 1.86%. The 30-year government bond yield reached approximately 2.28%, indicating a widening yield curve [2]. Investment Strategy - Chen Jie adopts a conservative credit strategy, primarily investing in interest rate bonds. The portfolio duration is maintained at a slightly higher than market-neutral position, with opportunities for tactical trading based on domestic fundamentals and policy conditions [2].

Core Viewpoint - As of February 12, the total margin balance for ETFs in the Shanghai and Shenzhen markets reached 125.347 billion yuan, an increase of 4.531 billion yuan from the previous trading day [1] Group 1: ETF Financing and Margin Balances - The ETF financing balance stood at 117.82 billion yuan, increasing by 4.535 billion yuan compared to the previous trading day [1] - The ETF margin short balance was 7.527 billion yuan, showing a slight decrease of 0.04 billion yuan from the previous trading day [1] Group 2: Net Inflows in ETFs - On February 12, 261 ETFs experienced net financing inflows, with the Hai Fu Tong CSI Short Bond ETF leading with a net inflow of 4.49 billion yuan [1] - Other ETFs with significant net inflows included the Huatai-PB Hang Seng Technology ETF, Huaxia Hang Seng Technology ETF, E Fund CSI Hong Kong Securities Investment Theme ETF, Southern CSI 1000 ETF, and Da Cheng Hang Seng Technology ETF [1]

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