Market Performance - The three major A-share indices opened high and closed higher, with the Shanghai Composite Index rising by 1.41%, the Shenzhen Component Index increasing by 2.17%, and the ChiNext Index up by 2.98% [1] - The North China 50 Index rose by 1.36%, and the total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 22,702 billion yuan, an increase of 1,067 billion yuan compared to the previous day [1] - Over 4,600 stocks in the three markets experienced gains [1] Sector Performance - The leading sectors included video production, optical fiber, dyes, photovoltaics, CPO, cultivated diamonds, computing power leasing, semiconductors, commercial aerospace, and smart grids [1] - The oil and gas extraction and service sectors lagged behind in performance [1] ETF Performance - The film and television sector saw strong gains, with the Guotai Fund Film and Television ETF and the Yinhua Fund Film and Television ETF rising by 7.5% and 6.89%, respectively [1] - The CPO sector experienced a significant surge, with the ChiNext Artificial Intelligence ETFs from Huashan, Guotai, and Fuguo increasing by 6.98%, 6.59%, and 6.59%, respectively [1] - The artificial intelligence sector was active, with the Science and Technology Innovation ChiNext Artificial Intelligence ETF from Yongying rising by 5% [1] Bond ETF Performance - The oil and gas extraction and service sectors showed weakness, with the Energy and Chemical ETF from Jianxin declining by 0.08% [2] - Bond ETFs were in the red, with the Science and Technology Innovation Bond ETF from Fuguo and the 10-Year Local Government Bond ETF from Haifutong falling by 0.05% and 0.04%, respectively [2]

Core Insights - The article emphasizes the importance of long-term performance of fund managers in the volatile A-share market, highlighting that short-term success often includes market beta and luck, while long-term performance is a true test of research and adaptability [1] Group 1: Top Fund Managers - The top 10 fund managers over the past decade have achieved returns exceeding 170%, with the highest reaching nearly 350% [1] - The fund managers on the list manage substantial assets, with the largest reaching 59.4 billion yuan [1] - The longest-serving manager has been in the industry for 14 years, and the list includes managers from 9 different fund companies [1] Group 2: Individual Fund Manager Performance - Liu Yuanhai from Dongwu Fund ranks first with a 10-year return of 349.49%, recognized for his focus on technology growth sectors like semiconductors and AI, showcasing strong industry research capabilities [2] - Mo Haibo from Wanji Fund ranks second with a return of 265.50%, known for his contrarian investment style in low-cycle industries such as real estate and infrastructure [3] - Zheng Xi from E Fund ranks third with a return of 265.43%, focusing on high-growth sectors like TMT and renewable energy, driven by deep industry research [3] - Hu Yibin from Huaan Fund ranks fourth with a return of 248.28%, noted for his ability to switch between sectors based on industry trends [3] - Jiang Yiqian from Jiashi Fund ranks fifth, characterized by a balanced and pragmatic investment style focusing on mid-to-large cap value stocks [4] - Zhou Yun from Dongfanghong Asset Management ranks sixth, recognized for his bottom-up, long-term investment approach focusing on companies with strong business models [5] - Cao Jin from Fuguo Fund ranks seventh, known for his focus on small and mid-cap growth stocks with a strong emphasis on industry trends [6] - Liu Xu from Dacheng Fund ranks eighth, a proponent of value investing with a focus on companies with sustainable competitive advantages [7] - Wang Yang from Invesco Great Wall Fund ranks ninth, focusing on technology growth sectors with a high-frequency tracking approach [7] - Ran Linghao from Dacheng Fund ranks tenth, specializing in overseas index enhancement strategies, particularly in the US and Hong Kong markets [7]

中央国债登记结算有限责任公司总经理徐良堆表示，中央结算公司立足国家金融基础设施定位，多措并 举支持科创债券发展，完善绿色金融数据库与担保品管理机制，并以北京总部为核心统筹服务布局，助 力宏观政策落地和北京国家金融管理中心建设。本次联合多方推出"科技+绿色"双主题指数及基金产 品，旨在为市场提供便捷配置工具，提升相关债券流动性与定价效率，引导资金精准支持关键领域，助 力国家战略转化为发展实效。 该产品由富达基金携手中国邮政储蓄银行股份有限公司、中央结算公司共同打造。在产品构建过程中， 中央结算公司聚焦科技创新与绿色发展主题，编制具有引领意义的特色债券指数，筑牢产品专业基础； 邮储银行（601658）依托在服务实体经济和落实金融"五篇大文章"方面的实践经验，发挥"自营投资+生 态协同"的特色优势，为产品顺利落地提供重要支撑；富达基金则结合全球资产配置经验与中国债市结 构特征，为投资者提供多样化、前瞻性的创新资产配置解决方案。 与会代表认为，以"科创+绿色"为代表的新质生产力领域，正在成为金融服务实体经济的重要着力点。 未来，金融及市场各方将进一步加强协同探索，通过持续的产品创新和机制优化，引导更多长期资金进 入科 ...

Group 1 - The CSI A500 index rose by 1.9%, the CSI A100 index increased by 1.7%, and the CSI A50 index went up by 1.4% [1] - Citic Securities believes that external disturbances have not caused substantial impacts on China's industrial fundamentals, and the concentrated cooling operations have ended, leading to a full release of market sentiment [1] - The spring market trend is expected to continue after the Spring Festival [1] Group 2 - The A500 index consists of 500 securities from various industries with large market capitalization and good liquidity, covering 89 out of 93 sub-industries [3] - The rolling price-to-earnings ratio of the A500 index is 17.1 times [3] - The A100 index is composed of the largest 100 stocks in the market, covering 50 sub-industries with a balanced distribution [5] Group 3 - The rolling price-to-earnings ratio of the A50 index is 18.1 times [5]

Core Viewpoint - The forum titled "Return of Active Equity" highlighted discussions on how active equity can generate excess returns, featuring insights from prominent fund managers in the industry [1]. Group 1: Active Equity Insights - The forum included a roundtable discussion with fund managers from Morgan Asset Management, Allianz Fund, and Schroders, focusing on investment strategies such as "old vs. new economy," "growth vs. value," and "technology vs. quality" [1]. - Fund manager Xie Heng emphasized a balanced approach to investment, avoiding concentration in specific sectors while recognizing opportunities in domestic and overseas computing power [1][3]. Group 2: Investment Strategies - Xie Heng noted that 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%) [3][7]. - The company maintains strict risk control mechanisms to prevent fund managers from overly concentrating investments in a few sectors, adhering to a long-standing investment principle [3]. Group 3: Technology and Market Trends - The company has identified significant opportunities in the AI sector, particularly in the supply chains of technology giants and upstream metal sectors, which are expected to benefit from supply constraints and increasing demand [1][10]. - Xie Heng highlighted the importance of closely tracking industry and technological changes, advocating for a diversified investment approach in early-stage tech sectors and a more focused strategy in mature stages [5][6]. Group 4: Future Outlook - Looking ahead to 2026, the company is optimistic about two main areas: the AI sector, particularly related to Google, and upstream resources, where supply shortages are likely to persist [8][10]. - The company believes that the current AI trend differs fundamentally from past internet bubbles, as AI operates on a centralized model rather than a decentralized network effect [10].

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].

Group 1 - The China Pacific Insurance Asset Management Co., Ltd. announced an extension of the fundraising period for the PICC ChiNext Composite Index Enhanced Securities Investment Fund [1] - The fund was approved for fundraising registration by the China Securities Regulatory Commission on December 31, 2025, and fundraising commenced on January 26, 2026 [1] - The original fundraising deadline was set for February 6, 2026, but has now been extended to February 9, 2026 [1] Group 2 - The fund manager, Liu Shikai, has a diverse background, having worked as a data analyst at UnionPay Business, a senior product development manager at Changjiang Securities, and an investment manager at multiple firms [1] - Liu Shikai joined the PICC Asset Management Public Fund Division in March 2024 and has been the fund manager since September 19, 2024 [1]

| 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 ...