Group 1 - The core viewpoint of the article highlights the significant growth in the public fund issuance market, with 82 new funds launched as of January 7, 2026, including 31 equity funds, 27 mixed funds, and 11 each of bond and FOF funds [1][8] - The first week of 2026 saw a concentrated launch of 48 new products, indicating a robust start to the year for public funds [1][9] - The overall scale of the public fund industry is approaching a new high of 36 trillion yuan, reflecting a strong recovery in active equity management [1][4] Group 2 - Fund managers such as Fuguo Fund and GF Fund have been proactive, each launching five new funds, while other firms like Invesco Great Wall and Southern Fund have introduced four each [4] - The new funds exhibit a clear thematic focus, particularly on technology and advanced manufacturing, with several funds targeting sectors like semiconductors, artificial intelligence, and new energy [4][5] - The healthcare sector remains a point of interest, with three new funds focusing on innovative drugs and Hong Kong-listed pharmaceuticals [4] Group 3 - A balanced approach is evident, with over ten stable holding period products labeled as "stable," "balanced," or "multi-asset," catering to investors' needs for asset allocation and risk control [5] - The introduction of specialized ETFs covering sectors such as electric utilities, consumer electronics, and photovoltaics provides investors with more precise and diverse industry allocation tools [5] - Analysts suggest that the beginning of the year is a crucial period for capital allocation, with the A-share market currently at relatively low valuations, which may enhance the market's upward potential [6][7]

Core Viewpoint - The era of relying solely on pure bond assets for investment is coming to an end, driven by changes in the macroeconomic environment, policy logic, and asset supply-demand structure. The focus is shifting towards a "fixed income plus" strategy that emphasizes multi-asset dynamic balance capabilities for survival in the evolving market landscape [2][13]. Group 1: Market Environment and Challenges - The traditional sources of returns from pure bond investments, namely coupon income and capital gains, are facing significant challenges, leading to a fundamental change in risk-return profiles [3][14]. - The yield on high-quality credit bonds has entered the "2% era," reflecting a shift in financing demand and a persistent "asset shortage," which has reduced the supply of high-yield bonds [3][14]. - Regulatory changes are reshaping the funding structure and behavior patterns in the bond market, complicating the management of stable returns and increasing difficulty in obtaining stable income [4][15]. Group 2: Redefining "Fixed Income Plus" - The upgraded "fixed income plus" strategy aims to enhance returns under controlled volatility, requiring managers to focus on the precise characterization and dynamic combination of multi-asset risk-return features [5][16]. - The strategy involves managing two key asymmetries: the selection of tools based on valuation asymmetry and the construction of portfolios to mitigate volatility through low or negative correlation assets [8][18]. - The use of convertible bonds as a tactical tool rather than a permanent fixture in portfolios is emphasized, with adjustments based on valuation levels to optimize returns [6][17]. Group 3: Asset Allocation Strategies - Incorporating dividend-paying stocks as a foundational equity asset can provide stable cash flow similar to coupon income while reducing overall portfolio volatility [6][17]. - Utilizing quantitative products to achieve stable excess returns relative to broad indices can help manage equity portions systematically and reduce individual stock risks [6][17]. - Expanding the asset classes included in the "plus" component, such as gold and public REITs, can enhance portfolio resilience against macroeconomic fluctuations [9][20]. Conclusion - The year 2026 is poised to be pivotal for asset management, transitioning from a "comfort zone" to a "capability zone." The convergence of pure bond yields presents an opportunity for more refined and systematic asset allocation strategies, with "fixed income plus" representing a comprehensive investment philosophy aimed at achieving absolute returns while managing risks effectively [21].

Core Insights - The investment landscape in 2025 has seen significant changes, with Chinese technology leading equity gains and the Shanghai Composite Index surpassing 4000 points for the first time in a decade [1][9] - Long-term capital, including insurance funds, is entering the market, enhancing value investment opportunities [1][9] - The trend of index-based investment is rising, with index funds becoming a primary tool for market allocation [1][9] - The complexity of bond investments is increasing, prompting a broader asset allocation strategy [1][9] Policy and Economic Outlook - The 20th National Congress and the Central Economic Work Conference have set a framework for the "14th Five-Year Plan," indicating a proactive fiscal and monetary policy for 2026 [2][10] - The fiscal policy is expected to maintain necessary deficits, while monetary policy will focus on flexibility and efficiency, likely continuing a low-interest-rate environment [2][10] - The equity risk premium (ERP) has decreased from 90% to around 50% since April 2025, indicating that equity assets still have upward potential [2][10] Market Structure and Capital Flow - The capital market's institutional framework has strengthened since 2025, supporting long-term investment policies and enhancing market stability [3][11] - The acceleration of medium to long-term capital inflows is anticipated, fostering a friendly policy environment for the capital market [3][11] Sector-Specific Insights - The technology sector has gained significant attention, with notable events highlighting China's advancements in technology and innovation [4][12] - The AI industry is expected to drive market growth, with a focus on performance and profitability of major tech companies [5][12] - The domestic innovative pharmaceutical sector has seen rapid growth, with 76 new drugs approved in 2025 and record-high licensing deals exceeding $130 billion [5][12] Multi-Asset Investment Strategy - The investment strategy is shifting towards a broader multi-asset approach, utilizing FOF strategies and index investment tools [6][13] - The outlook for global risk assets is positive, with expectations of a "slow bull" market in domestic equities and rising prices for major commodities [6][13] - Index funds are increasingly becoming a vital tool for multi-asset allocation, with a focus on structural opportunities in A-shares and Hong Kong stocks [6][14] Future Development Plans - The company aims to advance its three major business strategies: "Global Tech Innovators," "Index Specialists," and "Fixed Income Experts," to establish itself as a multi-asset management expert [7][14]

2025年，在权益市场环境改善的背景下，FOF全年收益水平较前期有所抬升，部分产品取得 了可观的回报，FOF这一品类重新回到市场视野。 从数据上看，2025年FOF的全年平均收益已超过10%，整体业绩稳健。与此同时，有多只FOF产 品的总回报超过50%，在权益行情修复阶段展现出一定的收益弹性。 权益资产回暖，底层配置支撑FOF业绩表现 沪上一位基金评价人士指出，2025年，FOF产品整体业绩回暖，与权益市场环境改善密切相关。 随着权益大盘逐步企稳回升，权益类基金的净值修复为FOF底层资产提供了直接支撑，尤其是在 结构性行情较为清晰的阶段，FOF对权益资产的配置弹性得以释放，推动部分产品取得了较为亮 眼的收益表现。 进一步来看，FOF产品的表现改善，既受益于底层权益资产的回暖，也与其自身的产品结构有 关。通过组合化配置与基金筛选机制，FOF在不同市场环境中具备一定的适应性，能够在控制整 体波动的同时，把握阶段性市场机会。 全年表现整体向好，头部产品收益超50% 根据Wind数据，截至2025年12月31日，FOF全年收益的头部收益中位数为12.89%，算术平均数为 11.83%。在整体收益水平稳步提升的同时，头 ...

Group 1 - The core point of the article highlights a significant increase in trading volume for the Guozheng 2000 Index ETFs, with a total trading volume of 102 million yuan, representing a week-on-week increase of 29.99 million yuan or 41.54% [1] - Specifically, the Wanjia Guozheng 2000 ETF (159628) saw a trading volume of 83.14 million yuan, an increase of 31.22 million yuan or 60.12% compared to the previous trading day [1] - The Guozheng 2000 ETF Fund (159543) recorded a trading volume of 3.76 million yuan, with an increase of 1.99 million yuan or 112.42% from the previous trading day [1] Group 2 - As of market close, the Guozheng 2000 Index (399303) rose by 1.16%, while the average increase for related ETFs tracking the Guozheng 2000 Index was 0.96% [1] - The top performers among the ETFs included the GF Guozheng 2000 ETF (159907) and Wanjia Guozheng 2000 ETF (159628), which increased by 1.23% and 1.15% respectively [1] - The trading volume changes for various funds indicate a mixed performance, with some funds like the Boshi Guozheng 2000 ETF (159505) and Ping An Guozheng 2000 ETF (159521) experiencing declines in trading volume [1]

2.红利指数在调仓中体现出显著的低估值偏好：剔除的公司估值普遍高于纳入的公司，这种机制不仅保 障了股息收益的持续性，也通过行业权重的动态平衡（如银行行业权重从2019年的不足10%提升至当前 的21.9%），避免组合过度依赖单一行业，增强了指数的适应性和长期稳健性。 3.红利指数的核心机制在于通过严格的股息率筛选构建出盈利稳定、现金流充沛的组合，如中证红利指 数选取过去三年平均股息率最高的100只股票，从而在利率下行周期中提供兼具股性与债性的复合收益 特征。 MACD金叉信号形成，这些股涨势不错！ 杨正旺认为，红利策略是适宜长期持有的策略，A股的红利指数长期收益明显优于沪深300： 1.红利指数能够持续保持高股息特征和估值优势。以中证红利指数为例，选取过去三年平均股息率最高 的100只股票，且每半年定期调仓，依据最新股息率数据"高抛低吸"，历史数据显示，这种动态调整能 有效维持指数整体股息率水平（如近五年指数上涨约33%，股息率仍保持在6%左右）。 格隆汇1月8日｜在今日举行的《2026潮起新程·开门红联名策略会》上，易方达基金杨正旺深入剖析当 成长风格占优时，红利策略的前景如何？ ...

Core Viewpoint - The A-share market has recently experienced a rare "fifteen consecutive days of gains" trend, prompting an analysis of the relative performance and future prospects of the CSI A500 index in this context [1]. Historical Review of "Eight Consecutive Days of Gains" - The occurrence of "eight consecutive days of gains" in the A-share market is infrequent. Since 2005, there have been 24 effective "eight consecutive days" periods, during which major broad-based indices achieved significant positive returns [2]. - On average, during these periods, the CSI A500 index recorded a return of approximately 10.39%, slightly higher than the Shanghai Composite Index's 9.45% and the CSI 300's 10.36%, but slightly lower than the CSI 800's 10.45%. The CSI A500 outperformed the Shanghai Composite Index in 17 out of 24 instances, yielding a win rate of about 70.8% [4]. Future Performance After "Eight Consecutive Days" - Following the "eight consecutive days," the CSI A500 index shows a pattern of performance. The probability of achieving positive returns and outperforming the Shanghai Composite Index is noteworthy [5]. - The CSI A500 index has an approximately 83.33% probability of positive returns one week after the last day of the "eight consecutive days," which is on par with the CSI 300 and CSI 800, and better than the Shanghai Composite Index. The one-month win rate is 75.00%, the highest among the indices analyzed [6]. - Over longer time frames, the win rate decreases, with a 50.00% probability of positive returns after three and six months, indicating a potential market reversal [6]. Relative Outperformance of CSI A500 - The CSI A500 index demonstrates excess return potential relative to the Shanghai Composite Index after an "eight consecutive days" rally. The probability of outperforming the Shanghai Composite Index is about 69.57% one week later, increasing to 86.96% after three months [7]. Recent Fund Flows - Recent fund flows indicate a significant increase in institutional interest in the CSI A500 index. As of December 29, 2025, ETFs tracking the CSI A500 saw a net inflow of over 80 billion yuan, with the leading A500 ETF from E Fund reaching a scale of 33.71 billion yuan [8]. - This substantial inflow reflects institutional investors' recognition of the CSI A500 index's current allocation value, driven by its balanced industry representation and low management fees [8]. Policy Environment - The long-term performance of the market is supported by macroeconomic and policy environments. Recent statements from regulatory authorities outline a framework for the healthy development of the capital market, focusing on risk prevention, strong regulation, and promoting high-quality development [9]. - The CSI A500 index, composed of representative companies across various industries, is closely linked to the quality of listed companies and macroeconomic policies. Support for technology innovation and advanced manufacturing is expected to benefit many constituent companies within the index [9].

Group 1 - The core viewpoint of the articles highlights the optimistic outlook for the Chinese capital market in 2026, driven by supportive fiscal and monetary policies, as well as the rise of technology sectors [1][2][3] - The 2026 investment strategy conference by浦银安盛基金 will focus on equity investments and multi-asset allocation, featuring insights from industry experts [1] - The central economic work conference indicates a continuation of proactive fiscal and monetary policies, which are expected to maintain a low-interest-rate environment, enhancing the attractiveness of equity assets [2][3] Group 2 - The technology sector is identified as a key driver of market performance, with significant growth expected in AI and innovative pharmaceuticals, which are anticipated to continue their upward trajectory in 2026 [4][5] - The capital market's institutional development is seen as a solid foundation for long-term growth, with policies encouraging long-term investments and stability [3] - Multi-asset investment strategies are becoming increasingly important, with a focus on diversified asset allocation beyond traditional stock-bond ratios, utilizing FOF strategies and index investment tools [6][7]

| 基金名称 | 交银施罗德境尚收益债券型证券投资基金 | | --- | --- | | 基金简称 | 交银境尚收益债券 | | 基金主代码 | 519784 | | 基金管理人名称 | 交银施罗德基金管理有限公司 | | 公告依据 | 《基金管理公司投资管理人员管理指导意见》、《公开募集证券投资 | | | 基金信息披露管理办法》等 | | 基金经理变更类型 | 增聘基金经理 | | 新任基金经理姓名 | 张顺晨 | | 共同管理本基金的其他基 | 姬静 | | 金经理姓名 | | (责任编辑：康博) 中国经济网北京1月8日讯 今日，交银施罗德基金公告，交银境尚收益债券增聘张顺晨。 张顺晨历任国金证券研究所研究员。2017年加入交银施罗德基金管理有限公司，历任固定收益部研 究员。 交银境尚收益债券A/C成立于2017年03月03日，截至2026年01月07日，其今年来收益率 为-0.08%、-0.08%，成立来收益率为32.19%、26.09%，累计净值为1.2892、1.2407。 ...

| 基金名称 | 西部利得添盈短债债券型证券投资基金 | | --- | --- | | 基金简称 | 西部利得添盈短债债券 | | 基金主代码 | 006806 | | 基金管理人名称 | 西部利得基金管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》、《基金管理公司投资 | | | 管理人员管理指导意见》等有关法律法规的规定 | | 基金经理变更类型 | 增聘基金经理、解聘基金经理 | | 新任基金经理姓名 | 易圣倩 | | 共同管理本基金的其他经 | 徐翔 | | 理姓名 | | | 离任基金经理姓名 | 刘心峰 | (责任编辑：康博) 易圣倩2015年7月至2020年5月任鑫元基金管理有限公司研究员。2020年6月加入西部利得基金管理 有限公司，曾任研究员、基金经理助理、基金经理、信用投资部副总经理（主持工作），现任信用投资 部总经理、基金经理。 西部利得添盈短债债券A/C/E成立于2019年06月04日，截至2026年01月07日，其今年来收益率为 0.02%、0.01%、0.02%，成立来收益率为13.82%、12.29%、11.84%，累计净值为1.1370、1.12 ...