导读：1月29日，我们举办了"主动权益的回归"线下论坛。本次论坛上，我们邀请到了多位业内主动权益的大咖来到现场分享，一起探讨主动 权益如何创造超额收益。 在本次论坛的圆桌对话环节，我们做了一场有趣的外资专场对话，邀请到了来自摩根资产管理、安联基金、施罗德基金的三位基金经理一起探 讨投"老登还是小登"、"成长还是价值"、"科技还是质量"等问题。 谢恒是此次论坛嘉宾中管理产品年限最短的，但他从业年限却很长，而且长期深耕在科技领域。对于当前火热的AI产业趋势，谢恒秉持辩证 视角。一方面，对于对标中证800宽基的全市场基金，谢恒并没有押注一两个细分赛道。另一方面，谢恒较早洞察到国产算力和海外算力的投 资机会，为产品带来了不错的回报。展望未来，谢恒比较看好AI领域的科技巨头产业链和供需受限的上游金属板块。 在此次论坛中，谢恒还分享了施罗德基金严谨的内部投研文化。对于每一个产品的推出，都会在内部讨论很多次，包括如何设置符合产品特征 的业绩比较基准都会有多轮深度的交流，最终由公司管理层决策确定。通过此次交流，我们得以更深入地理解施罗德基金的投研文化。 朱昂：在TMT行业的研究上，你有超过10年的经验，如何看待AI的产业机会 ...

Core Viewpoint - The forum titled "Return of Active Equity" focused on how active equity can generate excess returns, featuring discussions among prominent fund managers from foreign asset management firms [1] Group 1: AI Industry Insights - The AI industry is currently in a phase of continuous expansion, with significant structural changes occurring within the sector [3] - The early days of AI were dominated by OpenAI, but by the end of 2025, Google’s Gemini is expected to make significant advancements, posing a strong challenge to OpenAI [4] - The company has identified investment opportunities in both domestic and overseas computing power, contributing positively to product returns [1][7] Group 2: Investment Strategy - The active equity products managed by the company are benchmarked against a composite of the CSI 800 Index (80%), the Hang Seng Index (10% adjusted for RMB), and a one-year fixed deposit rate (10% after tax) [5][8] - A strict risk control mechanism is in place to prevent fund managers from concentrating investments in a few sectors, maintaining a consistent investment style [5] - The investment approach varies depending on the lifecycle stage of technology; early-stage investments require a broad strategy, while later-stage investments focus on companies with competitive advantages [6] Group 3: Future Outlook - The company is optimistic about two main directions for 2026: the AI sector, particularly focusing on Google's related industry chain, and upstream resources, where supply constraints are expected to drive prices higher [9][10] - Concerns about an AI bubble are addressed, with the distinction made that AI differs fundamentally from the internet business model, lacking the same network effects [10]

Core Viewpoint - The technology sector is undergoing a correction due to external sentiment, internal structural differentiation, and high valuation digestion, but the AI-driven technological revolution continues to deepen, making the tech sector a long-term core investment theme [1][5]. Group 1: Investment Opportunities - Investors are encouraged to focus on "big tech" players with strong investment capabilities that cover multiple sub-sectors within the technology space [1][5]. - The upcoming fund, Invesco Great Wall Xin You Growth, managed by Feng Bingli, aims to leverage his expertise in the big tech sector to enhance investment stability through a combination of industry trends and individual stock research [1][5]. Group 2: Fund Performance - Feng Bingli's previous fund, Invesco Great Wall Quality Evergreen A, has shown impressive returns of 63.97%, 184.86%, and 124.9% over the past year, two years, and since his management began, respectively, outperforming benchmarks and indices [2][6]. - The fund has received a three-year five-star rating from Morningstar, Guotai Junan, and Galaxy Securities, indicating its strong performance relative to peers [2][6]. Group 3: Investment Strategy - Feng Bingli employs a mature investment system that emphasizes industry diversification and focuses on companies with core barriers, long-term operational vision, and potential for non-linear growth [2][6]. - The investment strategy includes a balanced approach across various sectors, including hard tech, soft tech, media, internet, high-end manufacturing, new energy vehicles, and military technology [2][6][7]. Group 4: Market Outlook - The outlook for the equity market in 2026 is optimistic, with a focus on companies with clear profit growth [4][9]. - The first quarter is seen as a suitable entry point for investments, as many companies will provide clearer operational guidance during this period [4][9]. - Key areas of interest include computing power, semiconductors, internet, new consumption in Hong Kong, innovative pharmaceuticals, and consumer electronics [4][9].

Core Viewpoint - 华夏基金 maintains its leading position in the ETF market, approaching a scale of 1 trillion, but faces significant challenges with a sharp decline in the scale of actively managed equity funds, leading to multiple products nearing liquidation [1][13]. Group 1: ETF Business Performance - As of the end of 2025, 华夏基金's ETF (non-monetary) management scale reached 956.9 billion, ranking first in the market, although its market share decreased by 2.09% compared to 2024 [2][19]. - The gap between 华夏基金 and the second-ranked 易方达基金 expanded from 56.3 billion at the end of 2024 to 79.3 billion by the end of 2025, indicating an increasing competitive advantage [2][14]. - On January 12, 2026, 华夏基金's ETF management scale briefly exceeded 1 trillion, reaching 1,016.7 billion, but by February 6, it had shrunk to approximately 750 billion, a decline of over 25% [10][20]. Group 2: Active Equity Fund Challenges - The scale of 华夏基金's actively managed equity funds has significantly decreased, with stock fund assets dropping from 43.4 billion at the end of 2021 to 24.4 billion by the end of 2025, a reduction of nearly 20 billion [11][21]. - The scale of mixed funds also fell from 210.1 billion to 128.4 billion during the same period, resulting in a total decline of over 100 billion across actively managed equity funds [11][21]. - The persistent shrinkage has led to a proliferation of "mini funds," with several products, including 华夏红利量化选股股票 and 华夏新锦升混合, falling below the 50 million liquidation threshold [12][23]. Group 3: Fund Launches and Liquidations - As of February 6, 2026, 81 out of 282 newly launched funds in the year had announced early termination of fundraising, including 华夏基金's 华夏经典回报混合 [3][15]. - Two ETF linked funds, 华夏中证沪港深500ETF and 华夏中证新能源ETF, were liquidated due to asset sizes falling below 200 million, triggering automatic termination clauses [6][18]. - The 华夏新材料龙头混合发起式 fund is particularly at risk, having issued a notice regarding potential contract termination if its net asset value remains below 200 million by February 24, 2026 [12][24].

中国经济网北京2月9日讯 近日，中国人保资产管理有限公司发布关于人保创业板综合指数增强型证券 投资基金延长募集期的公告。 公告称，人保创业板综合指数增强型证券投资基金（基金代码：A类：026738，C类：026739）于2025 年12月31日经中国证监会证监许可[2025]3067号文准予募集注册，并于2026年1月26日开始募集，原定 募集截止日为2026年2月6日。现决定将该基金募集期延长至2026年2月9日（含当日）。 该基金拟任基金经理刘石开历任银联商务有限公司数据分析员；长江证券股份有限公司高级产品开发经 理；海富通基金管理有限公司数量分析师、基金经理助理；财通基金管理有限公司投资经理；长城证券 股份有限公司资产管理部投资经理。2024年3月加入人保资产公募基金事业部，2024年9月19日起任基金 经理。 ...

| 基金名称 | 东财鑫享 30 天滚动持有中短债债券型证券投 | | --- | --- | | | 资基金 | | 基金简称 | 东财鑫享 30 天滚动持有中短债 | | 基金主代码 | 026008 | | 基金管理人名称 | 东财基金管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》 | | 基金经理变更类型 | 增聘基金经理 | | 新任基金经理姓名 | 四后两 | | | 郑铮 | | 共同管理本基金的其他基金经理姓名 | 宝音、楚芸 | | 基金名称 | 东财禧悅 90天滚动持有中短债债券型证券投 | | --- | --- | | | 资基金 | | 基金简称 | 东财禧悦 90天滚动持有中短债 | | 基金主代码 | 026010 | | 基金管理人名称 | 东财基金管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》 | | 基金经理变更类型 | 增聘基金经理 | | 新任基金经理姓名 | 网站西 | | | 郑铮 | | 共同管理本基金的其他基金经理姓名 | 宝音、楚芸 | (责任编辑：康博) 郑铮曾任金元顺安基金债券交易员、光大保德信基 ...

Core Viewpoint - The article emphasizes the cyclical nature of fortune and misfortune, illustrating how crises can lead to opportunities through strategic decision-making and adaptability in business contexts [4][5]. Group 1: Application of Wisdom in Business - The principle of "反者道之动，弱者道之用" (the movement of opposites and the use of the weak) is applicable in investment and business management, suggesting that understanding the dynamics of fortune and misfortune can guide effective decision-making [6]. - The case of Johnson & Johnson's Tylenol crisis in 1982 demonstrates how proactive and transparent communication, along with decisive action, can restore consumer trust and market share after a significant setback [9][11]. - Johnson & Johnson's CEO James Burke made bold decisions, including a global recall of 31 million bottles of Tylenol, which resulted in a direct loss of $100 million but ultimately led to a recovery of market share to 30% within a year [9][12]. Group 2: Historical Context and Market Reactions - The article recounts the historical context of the British stock market during World War II, highlighting a significant rebound after a steep decline, illustrating that market recovery can occur even in dire circumstances [15][17]. - The stock market's recovery was attributed to a shift in public sentiment, where the realization that conditions could not worsen led to renewed optimism [17][20]. - The concept of "祸" (misfortune) and "福" (fortune) being interdependent is reinforced through historical examples, indicating that strategic responses to crises can lead to positive outcomes [20]. Group 3: Lessons from Investment Failures - The article warns against the dangers of "catching falling knives" in investment, as exemplified by Bill Miller's significant losses during the 2008 financial crisis when he invested in failing financial institutions [21][22]. - Understanding the principle of "反者道之动，弱者道之用" could have helped investors like Miller avoid substantial losses by recognizing the risks associated with market downturns [23].

截至午间收盘，创业板成长指数上涨4.4%，创业板指数上涨3.1%，创业板中盘200指数上涨3.1%，创业板ETF易方达（159915）半日成交额近25亿元。Wind 数据显示，创业板ETF易方达（159915）上周5个交易日均获资金净流入，合计超17亿元。 每日经济新闻 ...

Group 1 - The core point of the news is that Sanwei Communication's stock price increased by 5.14% to 15.33 CNY per share, with a trading volume of 1.038 billion CNY and a turnover rate of 9.24%, resulting in a total market capitalization of 12.432 billion CNY [1] - Sanwei Communication, established on May 13, 1993, and listed on February 15, 2007, is located in Hangzhou, Zhejiang Province, and primarily engages in telecommunications equipment manufacturing and internet advertising media [1] - The revenue composition of Sanwei Communication is as follows: internet marketing business accounts for 90.27%, network optimization coverage business 4.81%, satellite communication business 2.12%, communication facility operation business 1.96%, and others 0.84% [1] Group 2 - From the perspective of fund holdings, Ping An Fund has one fund heavily invested in Sanwei Communication, specifically the Ping An CSI 2000 Enhanced Strategy ETF (159556), which held 7,300 shares in the fourth quarter, representing 0.49% of the fund's net value and ranking as the fifth-largest holding [2] - The Ping An CSI 2000 Enhanced Strategy ETF (159556) was established on December 27, 2023, with a latest scale of 18.9205 million CNY and has achieved a year-to-date return of 7.91%, ranking 833 out of 5,580 in its category [2] - The fund manager, Li Yan, has a tenure of 2 years and 48 days, with the fund's total asset size at 12.911 billion CNY, achieving the best return of 141.78% and the worst return of 1.19% during his tenure [2]

Market Performance - The market opened higher with the Shanghai Composite Index rising over 1% and the CSI 500 Index increasing by 1.63% [1] - The photovoltaic sector experienced a significant surge, while computing hardware concepts collectively strengthened, and AI applications and the chemical sector showed active performance [1] - Conversely, oil and gas stocks exhibited weaker performance [1] ETF Trading Activity - Multiple ETFs tracking the CSI 500 Index saw gains of over 1%, with 11 ETFs having transaction volumes exceeding 100 million yuan, and 2 surpassing 6.4 billion yuan [1] - The A500 ETF Fund and A500 ETF Huatai Baichuan recorded transaction volumes of 9.527 billion yuan and 6.444 billion yuan, respectively [1] Market Sentiment and Outlook - Some brokerages indicated that external disturbances have not substantially impacted the fundamentals of Chinese industries, and the concentrated cooling operations have concluded [1] - Market sentiment has been fully released, and adjustments are considered adequate, suggesting that the A-share spring market rally may continue after the Spring Festival [1]