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].

A股连涨或仍在继续！1月7日，A股再迎历史性时刻，Wind数据显示，上证指数盘中一度冲高至4098.78 点，逼近4100点整数关口，最终收于4085.77点，成功实现日线14连阳。截至1月8日早盘，上证指数低 开高走盘中翻红。 据了解，A500ETF工银(159362)作为紧密跟踪中证A500指数的重要资产配置工具，Wind数据显示，截 至目前，其管理费率与托管费率分别为0.15%、0.05%，均为行业最低档，助力投资者低成本参与A股核 心资产投资。 申万宏源证券表示，2025年底中证A500ETF冲量或已进入稳定期。该机构指出，2025年12月PMI环比超 季节性改善。春节较晚，出口订单前置，支撑岁末年初经济验证。春季没有下行风险的格局可能再强 化，且有利于行情演绎的窗口连续不断。上证综指连续阳线后，春季行情或仍有纵深。 业内人士表示，以中证A500ETF为代表的优质宽基工具，因其覆盖广泛、行业分布均衡等特征，正日益 成为投资者构建组合底仓的重要选择。A500ETF工银(159362)及其场外联接(A类：022442；C类： 022443；Y类：022982)助力投资者一键均衡布局A股各行业优质核心资产！ ...

Group 1 - Three stock ETFs have released listing announcements, with the highest stock allocation being 62.01% for the Xingquan CSI 300 Quality ETF, followed by 40.68% for the Jianxin Growth Enterprise Board Comprehensive Enhanced Strategy ETF [1] - In January, a total of 10 stock ETFs announced their listings, with an average allocation of only 19.47% [1] - The lowest allocations were noted for the Penghua CSI All Share Food ETF at 0.40%, the Guotai CSI Hong Kong Internet ETF at 4.80%, and the E Fund Shanghai Stock Exchange Sci-Tech Innovation Board Chip ETF at 5.37% [1] Group 2 - The average number of shares raised by the newly announced ETFs in January is 3.79 million, with the Xingquan CSI 300 Quality ETF leading at 11.57 million shares [2] - Institutional investors hold an average of 11.55% of the shares, with the highest proportions in the Ping An Hang Seng China Central Enterprise Dividend ETF at 25.59%, Jianxin Growth Enterprise Board Comprehensive Enhanced Strategy ETF at 20.28%, and Xingquan CSI 300 Quality ETF at 18.88% [2] - The newly established stock ETFs have varying construction periods, with the Jianxin Growth Enterprise Board Comprehensive Enhanced Strategy ETF set to have a stock allocation of 40.68% upon listing [2]

元旦后的新年市场，往往寄托着投资者对新一年的期盼。面对依然复杂的经济图景与持续轮动的市场风 格，2026年的开年布局该如何落子？ 先风控、再配置： 多资产策略的核心前提 "先风险管理，再资产配置"是张川的核心投资哲学。他认为，以FOF基金为代表的资产配置型产品的精 髓首先是驾驭和管理风险，之后才是预测各类资产的未来表现、增厚组合收益，走与传统股债类产品的 差异化之路。 浦银安盛基金FOF业务负责人、基金经理张川给出的答案是：跳出对短期热点的博弈，回归资产配置 的"初心"，从"选人"走向"搭积木"，推动FOF投资迈入系统化、工业化的2.0时代。 理念重塑： 告别"清单"，绘制"地图" "过去，FOF给人的印象是'专业的基金买手'，核心在于挑选出优秀的基金经理，但在市场风格剧烈轮 动、许多主动权益产品也面临巨大挑战的背景下，这种'选人'模式的底层逻辑受到了冲击，FOF的定位 也必须随之升级。" 张川表示，市场从来不缺机会，缺的是将机会转化为持续、稳健收益的体系。新一年的投资决胜点，不 在于押中某一个明星基金，而在于能否构建一个功能清晰、纪律严明、能适应不同风浪的资产组合。从 罗列一份追逐市场热点的"产品清单"，转 ...

Market Performance - The Shanghai Composite Index rose by 0.05% to close at 4085.77 points, with a daily high of 4098.78 points [1] - The Shenzhen Component Index increased by 0.06% to close at 14030.56 points, reaching a high of 14111.18 points [1] - The ChiNext Index saw a rise of 0.31%, closing at 3329.69 points, with a peak of 3351.22 points [1] ETF Performance - The median return for stock ETFs was 0.0% [1] - The highest performing scale index ETF was the E Fund Shanghai Stock Exchange Science and Technology Innovation Board 100 Enhanced Strategy ETF, with a return of 2.95% [1] - The highest performing industry index ETF was the China Tai Investment Coal ETF, achieving a return of 3.8% [1] - The top three ETFs by return were: - GF Securities CSI Semiconductor Materials and Equipment Theme ETF (7.82%) [4] - Penghua SSE Sci-Tech Innovation Board Semiconductor Materials and Equipment Theme ETF (7.67%) [4] - E Fund CSI Semiconductor Materials and Equipment Theme ETF (7.61%) [4] ETF Fund Flows - The top three ETFs with the highest inflows were: - Southern CSI Shenwan Nonferrous Metals ETF (inflow of 674 million yuan) [6] - Huaxia CSI Subdivided Nonferrous Metals Industry Theme ETF (inflow of 663 million yuan) [6] - Guotai CSI All-Index Securities Company ETF (inflow of 662 million yuan) [6] - The top three ETFs with the highest outflows were: - Huaxia SSE Sci-Tech Innovation Board 50 Component ETF (outflow of 1.03 billion yuan) [8] - Jiashi SSE Sci-Tech Innovation Board Chip ETF (outflow of 977 million yuan) [8] - Southern CSI 1000 ETF (outflow of 974 million yuan) [8] Financing Activity - The top three ETFs with the highest financing buy amounts were: - Huaxia SSE Sci-Tech Innovation Board 50 Component ETF (620 million yuan) [9] - Guotai CSI All-Index Securities Company ETF (563 million yuan) [9] - Southern CSI 500 ETF (423 million yuan) [9] - The top three ETFs with the highest financing sell amounts were: - Southern CSI 1000 ETF (46.87 million yuan) [10] - Southern CSI 500 ETF (29.76 million yuan) [10] - Huatai-PineBridge CSI 300 ETF (22.80 million yuan) [10] Industry Outlook - Zheshang Securities projects a high level of prosperity in the semiconductor equipment industry by 2026, driven by strong capacity utilization and expansion willingness among domestic wafer fabs [11] - Guoxin Securities notes that AI-driven demand is causing price increases in upstream electronic components, with a significant supply-demand imbalance in storage and high-end PCB industries [11]