行情预期 21世纪经济报道记者李域 1月7日，平安基金举办"正启新程"2026年投资策略会，多位基金经理共同展望新一年资本市场机遇。 策略会明确将科技创新与周期品供需再平衡列为2026年两大投资主线。科技领域聚焦全球AI资本开支高增带动的硬件创新机会以及自主可控 叠加国内AI产业需求带动的国产半导体产业链投资机会；周期领域则建议关注供给约束良好、需求温和复苏的周期品种，如化工和工业金属 及其他品种。 平安科技创新混合基金经理翟森则指出，AI基础设施建设远未达到需要讨论泡沫的阶段。他认为，2026年AI领域的投资整体策略是紧扣全球 资本开支主线，同时布局国内替代机遇和应用端的新增长点。 多层次含权产品体系 2025年"固收+"产品规模迅猛增长，截至2025年第三季度，全市场"固收+"产品规模已突破2.6万亿元大关，创下历史新高。 展望2026年，平安恒泽混合基金经理刘斌斌对"固收+"市场发展持乐观态度。刘斌斌预计，债券市场将呈现"N型"走势，十债收益率运行中枢 有所上行，在新的中枢震荡等待基本面的确认。权益市场方面，随着国内供给端产能周期筑底确认、需求侧稳增长政策持续发力以及美国财政 货币双宽周期的开启，A股盈 ...

Core Viewpoint - The Hong Kong stock market is expected to continue its strong performance in 2026, supported by reasonable valuations and improving corporate earnings [1][4]. Group 1: Market Outlook - The overall sentiment for the Hong Kong stock market in 2026 is optimistic yet cautious, with expectations of sustained strength while maintaining a rational view on the pace of growth [1][4]. - Despite a year of previous gains, the market's valuation remains relatively reasonable or even low, alleviating concerns over valuation levels for 2026 [1][4]. Group 2: Earnings Support - Three main factors are identified as supporting the positive earnings outlook for Hong Kong stocks: 1. Technology stocks, particularly those with strong AI capabilities and high technical barriers, are expected to show significant earnings potential [1][4]. 2. The consumer sector, despite showing signs of divergence, has bright growth prospects in the new consumption area, with companies maintaining strong fundamentals likely to continue high growth in 2026 [1][4]. 3. High dividend assets in the Hong Kong market are anticipated to provide effective support for stable returns [1][4]. Group 3: Catalysts for Strength - Three core drivers for the continued strength of the Hong Kong stock market in 2026 are highlighted: 1. A strong cycle driven by technological innovation, with the Hong Kong market poised to benefit from the AI and technology industry development [2][5]. 2. The ongoing trend of foreign capital inflow, as foreign investors increasingly recognize the long-term investment value of core Chinese assets, which is expected to bolster market strength [2][5]. 3. Record net inflows of southbound funds into the Hong Kong market in 2025, providing liquidity support for the market's continuation [2][5].

Core Viewpoint - The stock ETF market in China has experienced a significant net outflow of over 12.6 billion yuan, marking the first occurrence of a net outflow exceeding 10 billion yuan in 2026, despite a strong performance in the A-share market [1][3]. Summary by Category Market Performance - As of January 7, 2026, the total scale of 1,291 stock ETFs (including cross-border ETFs) reached 4.72 trillion yuan, with a net outflow of 12.649 billion yuan on that day [3]. - The A-share market has shown a "spring rally" with the Shanghai Composite Index returning to 4,000 points and achieving a record of 14 consecutive days of gains [1][3]. Fund Flows - The net outflow of stock ETFs was primarily driven by wide-based ETFs, which saw a total outflow of 15.866 billion yuan, while specific ETFs like the Hong Kong stock ETFs and commodity ETFs attracted inflows of 4.086 billion yuan and 1.107 billion yuan, respectively [5][10]. - Over the first three trading days of the year, the cumulative net outflow from stock ETFs exceeded 11.9 billion yuan [3]. Specific ETF Performance - On January 7, the top three ETFs by net inflow were the Hong Kong Internet ETF, the Hong Kong Non-Bank ETF, and the Hang Seng Technology ETF, with inflows exceeding 1.151 billion yuan, 1.148 billion yuan, and 0.687 billion yuan, respectively [8][9]. - Conversely, the top ETFs by net outflow included the CSI 1000 ETF and the CSI 300 ETF, with outflows of 1.545 billion yuan and 1.545 billion yuan, respectively [11]. Future Outlook - The macroeconomic environment is expected to remain favorable for the stock market, with anticipated acceleration in local government special bond issuance and increased government spending [12]. - The market is currently in a phase of valuation expansion, supported by long-term factors such as policy support for A-shares and a low-interest-rate environment [12].

中信保诚盛裕一年持有期A（011713）成立日期2021年6月22日，最新规模9848.99万。今年以来收益 0.61%，同类排名7750/8825；近一年收益6.56%，同类排名6844/8084；成立以来亏损0.05%。 中信保诚盛裕一年持有期A（011713）基金经理为孙惠成、吴秋君。 截至发稿，孙惠成累计任职时间2年121天，现任基金资产总规模3.67亿元，任职期间最佳基金回报 49.63%， 任职期间最差基金回报4.98%。 1月8日，华通线缆跌5.1%，截至发稿，报34.40元/股，成交2.81亿元，换手率1.58%，总市值175.78亿 元。 资料显示，河北华通线缆集团股份有限公司位于河北省丰南经济开发区华通街111号，成立日期2002年6 月21日，上市日期2021年5月11日，公司主营业务涉及从事电线电缆的研发、生产与销售业务。主营业 务收入构成为：电线电缆及其他87.20%，连续管及作业装置9.73%，其他(补充)3.07%。 从基金十大重仓股角度 数据显示，中信保诚基金旗下1只基金重仓华通线缆。中信保诚盛裕一年持有期A（011713）三季度减 持4.62万股，持有股数6.15万股，占基金 ...

1月7日，以"正启新程"为主题的平安基金2026年投资策略会在深圳举行。多位基金经理共同展望新一年市场机遇，并将科 技创新与周期品供需再平衡列为2026年两大投资主线。其中，科技领域聚焦全球AI资本开支高增带动的硬件创新机会，以及自 主可控叠加国内AI产业需求带动的国产半导体产业链投资机会；周期领域则建议关注供给约束良好、需求温和复苏的周期品 种。 中国平安 PING AN Ca 自业 日生防距离印 平安基金2026年投资网站会 l G B B R B B 此外，平安基金全面升级投研体系，在策略会上亮相"一二三四"投研平台化建设成果。平安基金通过"一个理念（坚持做 长期正确的事）、两大驱动（人才与平台相互成就）、三多策略（多团队、多风格、多策略）、四真机制（真机制、真团队、 真人才、说真话）"的平台化路径，在构建自身核心竞争力的同时，也致力于为投资者创造长期稳健的投资回报。 本报记者 昌校宇 展望2026年，平安基金权益部投资总监神爱前认为，在政策持续发力、经济温和复苏以及流动性保持充裕、外部环境改善 等内外部环境共振下，市场震荡上行行情有望得到延续。2026年，预计权益资产的上涨驱动力将主要来自盈利驱动与行 ...

Core Viewpoint - The stock ETF market in China has experienced a significant net outflow of over 12.6 billion yuan, marking the first occurrence of a net outflow exceeding 10 billion yuan in 2026, despite a strong performance in the A-share market [2][4]. Group 1: Market Overview - As of January 7, 2026, the total scale of all stock ETFs (including cross-border ETFs) reached 4.72 trillion yuan, with a net outflow of 12.649 billion yuan on that day alone [4]. - In the first three trading days of the year, the cumulative net outflow exceeded 11.9 billion yuan [4]. Group 2: Fund Flows by Type - On January 7, the net inflows were led by Hong Kong stock ETFs and commodity ETFs, with inflows of 4.086 billion yuan and 1.107 billion yuan, respectively [6]. - Conversely, broad-based ETFs experienced significant net outflows, totaling 15.866 billion yuan, with a scale decrease of 14.372 billion yuan [6]. Group 3: Specific ETF Performance - ETFs tracking the Hong Kong Internet Index saw a net inflow of 1.462 billion yuan, while those tracking the CSI A500 Index faced a net outflow of 4.477 billion yuan [6]. - Over the past five trading days, ETFs tracking the SGE Gold 9999 Index attracted over 6.8 billion yuan, and those tracking specific non-ferrous indices saw inflows exceeding 4.7 billion yuan [6]. Group 4: Notable Fund Managers - Several ETFs managed by large fund companies continued to see net inflows, including the Securities Insurance ETF from E Fund, which reached a scale of 20.524 billion yuan with a net inflow of 557 million yuan [6]. - The China Concept Internet ETF from E Fund also performed well, with a scale of 42.025 billion yuan and a net inflow of 547 million yuan [6]. Group 5: Market Outlook - According to Huaxia Fund, the macro environment is expected to remain favorable for long positions, with anticipated acceleration in local government special bond issuance and central budget investments [13]. - The market is currently in a phase of valuation expansion, supported by long-term factors such as new growth drivers, policy support for A-shares, and a low-interest-rate environment [13].

Group 1 - Shanghai Jiubai's stock price increased by 6.51% to 13.42 CNY per share, with a trading volume of 1.017 billion CNY and a turnover rate of 20.11%, resulting in a total market capitalization of 5.38 billion CNY [1] - Shanghai Jiubai, established on December 21, 1993, and listed on February 24, 1994, operates in various sectors including wholesale and retail of alcoholic beverages, commercial property leasing and management, equity investment, and laundry services [1] - The company's main business revenue is entirely derived from commercial activities, accounting for 100% of its income [1] Group 2 - Among the top ten circulating shareholders of Shanghai Jiubai, a fund under Southern Fund holds a position, specifically the Southern CSI Real Estate ETF Initiated Link A (004642), which reduced its holdings by 31,700 shares to 3.5489 million shares, representing 0.89% of circulating shares [2] - The Southern CSI Real Estate ETF Initiated Link A was established on August 24, 2017, with a current size of 202 million CNY, yielding a return of 2.45% this year, ranking 4362 out of 5493 in its category, and a one-year return of 9.01%, ranking 3891 out of 4197 [2]

Group 1 - The core viewpoint of the news is that Kangwei Century has experienced a significant stock price increase, rising 5.33% to 26.48 CNY per share, with a total market capitalization of 2.979 billion CNY and a trading volume of 24.9626 million CNY [1] - Kangwei Century has seen its stock price rise for four consecutive days, with a cumulative increase of 5.63% during this period [1] - The company, established on September 3, 2010, specializes in the research, production, and sales of molecular detection products, with 89.14% of its revenue coming from product sales and 10.86% from services [1] Group 2 - Among the top shareholders, the fund "Yuanxin Yongfeng Medical Health A" has increased its holdings by 277,200 shares, now owning 950,000 shares, which represents 2.5% of the circulating shares [2] - The fund has generated an estimated floating profit of approximately 1.273 million CNY during the four-day stock price increase [2] - The fund has a total asset size of 387 million CNY and has achieved a year-to-date return of 6.77%, ranking 730 out of 8,825 in its category [2]

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，头部产品的收益分化也进一步加大，部分FOF在特定市场环境下实现了显著的 超额回报，2025年内共有5只产品的总回报超过50%。 从具体表现来看，国泰优选领航一年持有以66.14%的年度收益率位居前列，成为2025年内FOF产品中的突出代 表。与此同时，易方达优势回报A、国泰行业轮动A、易方达优势领航六个月持有A以及易方达优势驱动一年 持有A等多只产品，年度收益亦均超过50%，显示出部分FOF在权益行情中的较强捕捉能力。 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。 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 ...

Core Viewpoint - Zhejiang Zhongcheng Packaging Materials Co., Ltd. has shown a significant increase in stock price, reflecting positive market sentiment and investor interest in the company's operations and financial performance [1]. Group 1: Company Overview - Zhejiang Zhongcheng was established on October 23, 2001, and went public on December 10, 2010. The company is located in Jiaxing, Zhejiang Province, and specializes in the research, production, and sales of POF shrink film products and thermoplastic elastomer products [1]. - The revenue composition of the company's main business includes: thermoplastic elastomers (43.92%), POF cross-linked film (22.54%), POF ordinary film (22.10%), POF printed film (10.07%), and other (1.38%) [1]. Group 2: Stock Performance - On January 8, Zhejiang Zhongcheng's stock price increased by 5.24%, reaching 6.03 CNY per share, with a trading volume of 314 million CNY and a turnover rate of 5.93%. The total market capitalization is 5.462 billion CNY [1]. Group 3: Shareholder Information - Among the top ten circulating shareholders of Zhejiang Zhongcheng, one fund from GF Fund Management, the GF Quantitative Multi-Factor Mixed A (005225), has entered the list, holding 4.6489 million shares, which accounts for 0.51% of the circulating shares. The estimated floating profit for today is approximately 1.3947 million CNY [2]. - The GF Quantitative Multi-Factor Mixed A fund was established on March 21, 2018, with a current scale of 3.618 billion CNY. Year-to-date returns are 2.96%, ranking 4672 out of 8825 in its category, while the one-year return is 62.47%, ranking 1090 out of 8084 [2].