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 ...

Core Viewpoint - 2025 is identified as the "year of return" for active equity investment, with a focus on fundamental research and long-termism, leading to impressive returns for investors, particularly highlighted by the performance of Huatai-PineBridge Fund [1] Performance Summary - In 2025, Huatai-PineBridge's Hong Kong Advantage Selection A and Core Technology One-Year Holding A achieved annual returns of 112.70% and 102.40%, respectively, significantly outperforming their benchmarks of 27.63% and 27.87% [1][14] - A total of 25 active equity funds exceeded a 50% annual increase, with several funds ranking among the top in their categories [1] Long-Term Performance - Over the past three years (2023-2025), Huatai-PineBridge's Health Living One-Year Holding A ranked first among 67 funds, while the North Exchange Innovation Selection Two-Year Open A ranked second among 10 funds [2] - In the five-year period (2021-2025), the Global Mobile Internet Flexible Allocation A ranked third among 33 funds, and the Technology Innovation Flexible Allocation A was in the top 7% of 446 funds [3] Investment Philosophy - Huatai-PineBridge emphasizes a clear investment philosophy focused on in-depth fundamental analysis, selecting high-quality securities, and long-term positioning for sustainable growth [6] - The firm believes that the fundamental performance of companies is the key determinant of long-term value, advocating for a focus on quality securities to manage risks effectively [6] Research and Development System - The company has established a unique vertical integrated research and investment system, enabling efficient collaboration across various industry teams and enhancing its competitive edge [8] - This system aligns with regulatory guidance aimed at promoting high-quality development in public funds, enhancing the firm's team-based operational capabilities [8] Management Innovation - Huatai-PineBridge has implemented a rules-based investment management approach to ensure stable investment styles and controllable risks, integrating data science into the investment management process [10] - The firm has developed a closed-loop quality assurance system that aligns client needs with investment strategies, ensuring a comprehensive approach to investment management [10] Talent Development - The company focuses on building a strong team by selecting and nurturing talent from recent graduates while also attracting experienced professionals to complement its capabilities [12] - Huatai-PineBridge emphasizes a culture of integrity, passion, teamwork, and long-term thinking, fostering a cohesive and effective team environment [12] Future Outlook - The firm aims to continue enhancing its core competencies in active equity investment, solidifying its research platform, optimizing team structures, and improving service efficiency to contribute to the development of a strong financial sector [13]

1月7日(周三)，A股在持续上涨后，依然放量收出小十字星，但盘中无大幅或者快速杀跌，投资者做多 意愿高。 低位港股科技——港股通科技ETF基金(159101.SZ)恒生互联网ETF(513330.SH)恒生科技指数 ETF(513180.SH)等； 低位红利资产——自由现金流ETF(159201.SZ)等； 配置层面，行情持续超预期，配置部分宽基锚定大势较为关键，同时右侧资金更倾向于积极布局，把握 行业β，关注高景气及景气回升的AI、新能源、电网设备、芯片、有色、石化、机器人等方向；左侧资 金在宽基锚定大势基础上，寻找回调机会，配置上述景气方向的同时，关注低位港股科技、券商、自由 现金流等红利资产，为组合提供韧性。 相关ETF： 宽基锚定大势——沪深300ETF华夏(510330.SH)A500ETF基金(512050.SH)等； 高景气资产——人工智能AIETF(515070.SH)机器人ETF(562500.SH)光伏ETF华夏(515370.SH)芯片 ETF(159995.SZ)等； 华夏基金投资者回报研究中心王波表示，开年持续大涨后，获利资金兑现意愿强，但盘中暂无大幅或者 快速杀跌方向，表明市场承接 ...

③2026年开年以来，多只跨境ETF陆续发布溢价风险提示公告，提示投资者关注二级市场交易价格溢价 风险。1月7日，易方达基金、南方基金、富国基金、汇添富基金等多家机构旗下QDII产品，也发布了 溢价风险提示公告。（王辉） 中证网讯 ①中国人民银行1月7日公告，1月8日将以固定数量、利率招标、多重价位中标方式开展11000 亿元买断式逆回购操作，期限为3个月（90天）。考虑到1月月内将有11000亿元3个月期买断式逆回购到 期，本次操作为等量续作。 ②Wind数据显示，2026年前两个交易日，资金多流向宽基、有色、黄金等涨幅明显的板块。此外， 2025年的最后三个交易日，至少有超50亿资金涌入有色主题ETF。截至1月7日，华夏中证细分有色金属 产业ETF等多只有色主题ETF今年以来实现"三连涨"。 ...

全市场规模最大的ETF，宣布重新"正名"。 2026年1月8日，华泰柏瑞基金发布公告，将旗下沪深300ETF（510300）的场内扩位简称调整为"沪深 300ETF华泰柏瑞"，该变更将于2026年1月9日生效。 据了解，此次更名遵循2025年11月沪深交易所发布的基金业务指南修订要求，按照"核心投资标的 +ETF+管理人"的格式，在原名基础上增加"华泰柏瑞"的管理人标识，使产品身份更加清晰，旨在降低 因名称相似导致的辨识困难与操作风险，提升交易与配置效率。 2026年，ETF市场站在6万亿元规模的起点，正迎来一个更加标准化、透明化、投资者友好化的新纪 元。在这场从"产品占位"到"品牌辨识"，从"规模导向"到"服务与信任导向"的生态转变中，头部产品的 带头实践，或将为整个ETF市场的标准化建设提供可行范本。 对投资者而言，规范化的名称有望显著提升产品辨识度，帮助其在交易中更快捷、准确地定位目标产 品，减少操作失误，提升资产配置效率。 以跟踪沪深300指数的ETF为例，数据显示，目前全市场相关产品（不含增强型）已达25只。在"正名之 战"之前，ETF简称遵循"先到先得"原则，有的体现管理人名称，有的却并未体现，导 ...

01 市场洞察 宏观经济企稳修复， 股债表现分化 12月，反映国内经济先行指标的制造业PMI录得50.1%，在11月份49.2%的基础上回升了0.9个 百分点。生产指数、新订单指数和原材料库存指数等多个分项环比上升，带动制造业PMI时隔8 个月再次回到扩张区间。11月CPI同比上涨0.7%，PPI同比下降2.2%。相比于10月份CPI和PPI 同比分别上升0.2%和下降2.1%而言，食品价格由降转涨带动CPI涨幅上升，而PPI同比降幅扩 大主要是受到生活资料降幅走阔的影响 。 12月，政治局会议和中央经济工作会议继续延续稳中求进定调，明确稳市场、强创新的核心导 向，内需提振、科技创新和绿色转型等相关领域的红利政策加速释放，有效提振市场风险偏 好，为股市上行注入强劲动力。中下旬，险资在权益投资风险因子下调政策推动下加速通过 ETF基金布局权益投资，银行理财子等机构同步跟进；这类中长期资金的持续净流入，叠加北 向资金加仓、"国家队" 护盘等因素，共同支撑大盘整体韧性。资金面改善叠加产业政策红利释 放，也让AI和商业航天相关板块在政策利好催化业绩预期的带动下表现活跃，年底上证指数以 11天连阳收官。从投资侧来看，主 ...

Core Insights - The ETF market in China achieved remarkable growth in 2025, with the total product scale surpassing 6 trillion yuan and total dividends reaching a historical high of 45.013 billion yuan, representing a 113% increase from 2024 [1] Group 1: Dividend Distribution - Broad-based ETFs emerged as the main contributors to the total dividend increase, accounting for 31.288 billion yuan, or 69.51% of the total ETF dividends, a significant rise from approximately 55% in 2024 [2] - Several core broad-based ETFs saw their annual dividends exceed 1 billion yuan, with notable increases: Huatai-PB CSI 300 ETF at 8.394 billion yuan (up 236% from 2024), E Fund CSI 300 ETF at 7.15 billion yuan (up 260%), and others like Huaxia and Harvest ETFs also showing substantial growth [2][3] Group 2: Performance of Fund Companies - Leading fund companies increased both the frequency and amount of ETF dividends to attract long-term investors, resulting in a concentration of dividends among top firms [4] - In 2025, major fund companies like Huaxia, Huatai-PB, and E Fund reported significant growth in ETF dividends, with Huaxia Fund distributing 10.131 billion yuan (up 161%), Huatai-PB at 9.599 billion yuan (up 196%), and E Fund at 8.779 billion yuan (up 194%) [4][5] - The top five fund companies collectively distributed 38.174 billion yuan, accounting for 84.8% of total ETF dividends, indicating an expanding advantage for leading firms in the ETF market [5]

开年首周，一场股债之间的资金流动已悄然开始。数据显示，前两日债券ETF合计净赎回超450亿元，10只场外债基同时出 现大额赎回；反观权益端，80余只股基排队待发，部分新品因申购火爆提前结束募集，权益类ETF亦获连续净申购。机构 认为，赎回资金与新增认购共振，或为"春季躁动"预演，赚钱效应一旦扩散，增量资金有望加速入市。 一、交易提示 三、01月07日新发基金一览（不包含传统封闭式基金） 四、01月07日基金分红一览 | | | 派发红利(税后) | | | | | --- | --- | --- | --- | --- | --- | | 基金代码 508015 | 基金简称 中信建投明阳智能新能源 REIT | 权益登记日 每10份基金份额 红利发放日 2026-01-07 | 1.9590 | 2026-01-09 | 基金类型 REITS 型 | 数据来源：巨灵财经 1月7日,A股早盘高开高走冲高回落,午后三大股指一度翻绿,截止收盘,上证综指上涨2.11点,涨幅0.05%报4085.77点;深证成指 上涨8.01点,涨幅0.06%报14030.56点;沪深300指数下跌14.03点,跌幅0.29%报47 ...

2、港股通最新日占比减持榜（前20名） 智通财经APP获悉，根据2026年1月7日披露数据，南京熊猫电子股份（00553）、盈富基金（02800）、 佑驾创新（02431）港股通持股占比增加值最大，分别增加9.41%、4.63%、2.08%；大眾公用 （01635）、京城机电股份（00187）、中国中冶（01618）港股通持股占比减少值最大，分别减 少-1.53%、-1.32%、-1.07%。 4、港股通5日占减持榜（前10名） 在最近有统计数据的5个交易日内，南京熊猫电子股份（00553）、恆生中国企业（02828）、百奥赛图- B（02315）港股通持股占比增加值最大，分别增加9.58%、6.22%、6.17%；金科服务（09666）、钧达 股份（02865）、中国中冶（01618）港股通持股占比减少值最大，分别减少-3.77%、-3.63%、-2.79%。 具体数据如下（交易所数据根据T+2日结算）： 1、港股通最新日占比增持榜（前20名） | 公司名称 | 占比值变动 | 最新持股比例 | | --- | --- | --- | | 南京熊猫电子股份(00553) | +9.41% | 50.74% ...

Group 1 - The report from CICC indicates a positive outlook on insurance demand growth, particularly from the bancassurance channel, with the characteristics of participating insurance providing stable returns becoming increasingly rare. The transformation of bank wealth management is expected to drive product growth, and the trend of increased insurance premium income since the beginning of the year is already evident [1] - The banking wealth management sector has a clear positioning advantage, but attention is needed on the net value fluctuation pressure following the smoothing of valuation adjustments. Some investors still have unrealistic expectations regarding the actual risks of wealth management products, with a projected growth rate of 8-12% for wealth management in 2026 [1] - In a low interest rate environment, the deepening of capital market reforms is expected to enhance the cost-effectiveness of fixed income plus products. The formal draft of the fund sales fee reform also ensures liquidity for individual holders of bond funds (7-day no redemption) [1] Group 2 - In the mid-to-high risk investment category, there is optimism about the continued prosperity of private equity funds, primarily benefiting from weakened real investment driving the business climate of private equity and the profitability of quantitative private equity. However, the direct flow of funds from deposit migration into the stock market and allocation to actively managed mixed equity funds requires support from household balance sheets [1] - With the reduction of liquidity compensation for time deposits, the demand for allocation in money market funds is also expected to continue [1]