Group 1 - The overall performance of pension target funds in 2025 showed positive returns, with all products achieving annual positive returns, and 15 funds exceeding a 30% return rate [1][2] - More than half of the pension target funds achieved over 10% annual returns, while over 30 funds had annual returns below 5%, primarily conservative products with low equity positions [2] - Some previously loss-making pension target funds have recovered, with net values returning above 1 yuan, and three-year performance turning profitable [2] Group 2 - In 2025, only 11 new pension target funds were established, with a total cumulative scale of less than 4 billion yuan, and 7 of these had a scale below 200 million yuan [3] - A total of 21 pension target funds were liquidated in 2025, including 5 Y-share funds, primarily due to failing to meet the 200 million yuan survival threshold [4]

Group 1: Financial Market Overview - As of December 31, 2025, there are 13,617 existing funds in the market, an increase of 142 funds compared to the previous month, with total net asset value reaching 36.32 trillion yuan, up by 315.15 billion yuan, indicating a continuous growth in the fund market [2] - In December 2025, the returns for value, balanced, and growth fund indices were 1.14%, 2.71%, and 3.69% respectively, with growth funds outperforming value funds [2] Group 2: ETF Market Analysis - By December 31, 2025, there are 1,401 ETFs in the Shanghai and Shenzhen markets, an increase of 32 from the previous period, with total assets under management at 6.02 trillion yuan, up by 329.58 billion yuan [3] - The median return for stock ETFs in December was 3.34%, while cross-border ETFs had the lowest median return at -3.50%, and commodity ETFs returned a median of 2.58% [3] - Stock ETFs exhibited the highest internal deviation in December, while commodity and cross-border ETFs had internal deviations of 2.35% and 3.34% respectively, with bond ETFs having the lowest at 0.61% [3] Group 3: ETF Strategy Insights - The main industry focus for the leading fund's industry ETF rotation strategy in December was on banking, food and beverage, and oil and petrochemicals, with a cumulative return of -1.70% compared to the CSI 300 index's return of 2.28%, resulting in an underperformance of -3.98% [4] - For the year 2023, this strategy achieved a cumulative return of 48.47%, significantly outperforming the CSI 300 index's return of 19.59% by 28.88% [4] - The PB-ROE framework's industry ETF rotation strategy focused on automotive, beauty care, and agriculture in December, with a cumulative return of -1.23% against the CSI 300 index's 2.28%, leading to an underperformance of -3.51% [4] - Year-to-date, this strategy yielded a cumulative return of 25.47%, slightly above the CSI 300 index's 19.59% return by 5.89% [4] Group 4: Investment Recommendations - For January 2026, the report suggests a positive outlook on the non-ferrous metals, non-bank financials, and steel industries, recommending their respective industry ETFs [5] - The PB-ROE framework recommends focusing on the telecommunications, agriculture, and transportation sectors for January, along with their corresponding industry ETFs [5]

Group 1 - The bond market continues to show weakness, with the 30-year government bond yield surpassing 2.33% [1] - The sentiment in the bond market remains unstable, with yields fluctuating throughout the day, and the 10-year government bond approaching 1.90% [1] - The market experienced a brief recovery, but the strengthening equity market exerted pressure on bond yields, leading to a rise in the 30-year bond yield again [1] Group 2 - The 2-year government bond saw active trading with over 200 transactions and a yield increase of nearly 4 basis points [1] - The liquidity in the market remains balanced, with minor fluctuations in the certificate of deposit market [1] - The 30-year government bond futures fell by 0.44%, while the 10-year and 5-year bonds also experienced slight declines [1] Group 3 - The China Bond ETF for 5-10 year government bonds saw a slight increase of 0.06%, with a latest price of 115.13 yuan [4] - The trading volume for the 5-10 year government bond ETF was 1.86 billion yuan, with a turnover rate of 9.91% [4] - The fund has a management fee of 0.15% and a custody fee of 0.05% [5]

*公募资产管理规模数据来源于基金定期报告、银河证券、Wind，截至2025.9.30。"4023亿元"的数据包 含了ETF联接基金规模。 同时，根据已披露的公募基金2025年三季报数据，截至2025年9月30日，华宝基金管理有限公司管理着 约160只左右公募基金产品，包括股票型、混合型、债券型基金及QDII、FOF、货币基金等。2026年开 年"首秀"，华宝基金隆重推出了拟由"近三年业绩同类第一的冠军基金经理"郑英亮执掌的华宝优势产业 混合型基金（A类 026286；C类 026287），1月5日至1月23日期间，该基金正在盛大发行、景气迎新 中！ "华宝优势产业"景气迎新 拟任基金经理实力耀眼 华宝优势产业混合型基金（A类026286；C类026287）是一只投资范畴纳入了港股通标的、可精选沪港 深三地优势成长股票的主动权益基金，同时还将执行"浮动管理费"模式，力争与投资者共享更优质的超 额收益，这相应体现出华宝基金对新产品的支持与信心。 拟任基金经理郑英亮已在科技领域表现出出色的投资能力，他目前所管理的华宝核心优势基金（A类 002152；C类016461）近3年收益率达144.70%，在410只同类基金 ...

浪潮已至，新程将启。 站在时代的十字路口，我们感受到的，早已不只是日历翻页，更是一场正在发生的深层变革。 2026，并非一个被讨论的未来，它已是正在展开的现实。科技跃迁、全球格局重组、资本逻辑重写，多股力量正在同一时间叠加。 问题不在于"会不会发生"，而在于——你是否已经站在信息出现的地方。 历史从不提前公告。我们正在跨过的，不只是一个年份，更是一条认知分界线。 旧框架正在失效，新线索正在形成。有人已经看见轮廓，有人仍停留在旧地图里。 全球流动性结构正在变化，AI技术进入加速演进区间，资本、科技、生产力之间的联动，比以往任何时候都更紧密。 变化正在发生。而真正稀缺的，从来不是结论，而是第一时间的判断素材与底层逻辑。 越是变化剧烈，越需要站在高处看清脉络。越是噪音密集，越要接近源头。 正因如此，格隆汇、腾讯理财通携手广发基金、汇添富基金、易方达基金，集结当下极具实战深度与研究密度的专业力量，共同呈现——《2026潮起新程·开 门红联名策略会》。 这不止于一次简单的观点分享，而是一场从全球宏观视角出发，直抵科技、资金与资产配置底层逻辑的深度线上私享会。 金融学博士、著名经济学家、格隆汇创始人 格隆 博士，将站在全 ...

Group 1 - The new regulations for public fund sales have been implemented, allowing for more flexibility in bond fund redemption fees and refined adjustments to subscription fees, which may lead to increased allocation of equity funds by financial institutions [1][3] - The FOF (Fund of Funds) market is experiencing a surge in demand, with several funds selling out quickly, indicating a competitive landscape driven by customer demand and product transformation [1][2] - The Hong Kong IPO market is expected to raise over 300 billion HKD in 2026, with technology and A to H listings being the main themes driving this growth [2] Group 2 - Samsung Electronics reported a record operating profit of 20 trillion KRW (approximately 964 million RMB) for Q4 2025, marking a 208.2% year-on-year increase [7] - Green City China announced a total contract sales amount of approximately 251.9 billion RMB for 2025, with significant sales activity in December [7] - Berkshire Hathaway has increased the salary of its new CEO Greg Abel to 25 million USD, significantly higher than Warren Buffett's long-standing salary [6] Group 3 - The insurance market for robots is emerging, with companies like Ping An and PICC developing customized insurance products to meet the growing demand in the robot rental market, projected to reach 10 billion RMB by 2026 [5] - Standard Chartered Bank recommends investors to overweight Chinese stocks and gold, focusing on technology, healthcare, and communication sectors in China for 2026 [4]

证券之星消息，1月8日发布《景顺长城弘远66个月定期开放债券型证券投资基金分红公告》。本次分红 为2026年度第一次分红。公告显示，本次分红的收益分配基准日为1月1日，详细分红方案如下： 本次分红对象为权益登记日在注册登记机构登记在册的本基金全体基金份额持有人。，权益登记日为1 月9日，现金红利发放日为1月12日。本基金收益分配方式仅为现金分红。根据相关法律法规的规定，投 资者（包括个人和机构投资者）从基金分配中取得的收入，暂不征收个人所得税和企业所得税。本次分 红免收分红手续费。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

证券之星消息，1月8日发布《摩根沪深300自由现金流交易型开放式指数证券投资基金分红公告》。本 次分红为2025年度的第3次分红。公告显示，本次分红的收益分配基准日为12月12日，详细分红方案如 下： 本次分红对象为权益登记日下午上海证券交易所交易结束后，在中国证券登记结算有限责任公司上海分 公司登记在册的本基金全体基金份额持有人。，权益登记日为1月12日，现金红利发放日为1月16日。本 基金收益分配采取现金分红方式根据财政部、国家税务总局的财税字[2002]128号《财政部、国家税务 总局关于开放式证券投资基金有关税收问题的通知》，基金向投资者分配的基金收益，暂免征收所得 税。本基金本次分红免收分红手续费。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

本次分红对象为权益登记日在注册登记机构国投瑞银基金管理有限公司登记在册的本基金的全体基金份 额持有人，权益登记日为1月12日，现金红利发放日为1月14日。对于选择红利再投资方式的投资者，将 以2026年1月12日的基金份额净值为计算基准确定再投资份额，本基金注册登记机构将于2026年1月13日 对红利再投资的基金份额进行确认。2026年1月14日起，投资者可以查询、 并在开放期内赎回红利再投 资的份额。根据财政部、国家税务总局相关规定，基金向投资者分配的基金收益，暂免征收所得税。本 次分红免收分红手续费和红利再投资费用。选择红利再投资方式的投资者其红利再投资的基金份额免收 申购费用。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 证券之星消息，1月8日发布《国投瑞银顺鑫定期开放债券型发起式证券投资基金分红公告》。2026年第 1次分红。公告显示，本次分红的收益分配基准日为1月1日，详细分红方案如下： ...

重仓股战绩回顾：其管理的银华招利一年持有期混合A在2025年第二季度调入工业富联，调入当季均价 20.99，连续持有1个季度后，在2025年第三季度调出，调出当季均价45.73，估算收益率为117.87%（估 算收益率按后复权的调入调出季度均价算出）。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 李程先生：中国国籍，硕士研究生。曾就职于嘉实基金管理有限公司、平安养老保险股份有限公司， 2021年8月加入银华基金管理股份有限公司，现任养老金及多资产投资管理部投资经理(年金、养老 金)。2025年4月3日担任银华招利一年持有期混合型证券投资基金、银华招利一年持有期混合型证券投 资基金、银华汇盈一年持有期混合型证券投资基金、银华盛泓债券型证券投资基金基金经理。2025年8 月22日起任银华钰祥债券型证券投资基金基金经理。 其管理过的公募基金如下: 证券之星消息，2026年1月8日，银华盛安六个月持有混合（025993）发布公告，增聘李程为基金经理， 任职日期自2026年1月8日起，变更后银华盛安六个月持有混合（025993）的基金经理 ...