智通财经APP讯，常青股份(603768.SH)发布公告，为充分借助专业投资机构的专业资源及其投资管理 优势，顺利实现对具有一定实力的国家新兴战略项目公司的间接投资，促进公司长远发展，进一步提升 公司的综合竞争力和盈利能力。公司参股投资嘉兴中平皖珑股权投资合伙企业(有限合伙)(原名称"嘉兴 国朗股权投资合伙企业(有限合伙))，该投资基金规模人民币4001万元，公司作为有限合伙人，拟认缴出 资人民币2000万元，占投资基金总额的49.9875%。 ...

智通财经APP讯，常青股份(603768.SH)发布公告，为充分借助专业投资机构的专业资源及其投资管理 优势，顺利实现对具有一定实力的国家新兴战略项目公司的间接投资，促进公司长远发展，进一步提升 公司的综合竞争力和盈利能力。公司参股投资嘉兴中平皖珑股权投资合伙企业(有限合伙)(原名称"嘉兴 国朗股权投资合伙企业(有限合伙))，该投资基金规模人民币4001万元，公司作为有限合伙人，拟认缴出 资人民币2000万元，占投资基金总额的49.9875%。 ...

Core Viewpoint - The investment strategy conference held by Ping An Fund on January 7, 2026, highlighted the continuation of a slow bull market driven by supportive policies, moderate economic recovery, and ample liquidity, with a focus on technology innovation and cyclical supply-demand rebalancing as the two main investment themes for 2026 [1][3] Investment Themes - The conference identified two major investment themes for 2026: technology innovation and cyclical supply-demand rebalancing. In the technology sector, opportunities are expected from hardware innovations driven by high global AI capital expenditure and investments in the domestic semiconductor industry due to rising AI demand [1][3] - In the cyclical sector, attention is drawn to commodities with good supply constraints and moderate demand recovery, such as chemicals and industrial metals [1][3] Research and Development Framework - Ping An Fund has upgraded its research and investment system, showcasing a platform-based approach that emphasizes long-term investment principles, talent development, and a multi-strategy framework to enhance core competitiveness and provide stable returns for investors [1] Product Offerings - The fund has developed a multi-tiered product system to match different risk preferences, including refined classifications of "fixed income +", active equity products, and comprehensive ETF offerings, enabling investors to seize structural opportunities in the slow bull market [2][4] AI Investment Insights - The manager of the Ping An Technology Innovation Mixed Fund emphasized the long-term potential of the AI industry, predicting that AI capital expenditure could reach $600 billion in 2026, with a compound annual growth rate (CAGR) of 31% from 2024 to 2030 [5][6] Cyclical Investment Opportunities - The manager of the Ping An Xinli Mixed Fund noted that global trends in energy and industrial chain security, along with expected interest rate cuts by the Federal Reserve, could provide a favorable environment for commodity prices, particularly in copper and aluminum [7] Fixed Income Product Growth - The manager of the Ping An Fixed Income + Fund reported that the scale of "fixed income +" products reached a historical high of over 2.6 trillion yuan by the third quarter of 2025, with an optimistic outlook for 2026 as the bond market is expected to show an "N-shaped" trend [8] ETF Product Development - The manager of the Ping An Free Cash Flow ETF highlighted that technology manufacturing and dividend assets will be core investment lines in the slow bull market, supported by a comprehensive ETF product matrix covering various sectors and strategies [9]

Core Viewpoint - Ping An Fund's 2026 investment strategy meeting highlighted the continuation of a slow bull market, with a focus on technology manufacturing and dividend assets as core investment themes [1][2] Group 1: ETF Product Strategy - Ping An Fund has established a comprehensive ETF product matrix covering six major product lines, including broad-based, industry themes, strategy indices, bonds, overseas investments, and enhanced indices [1] - The fund has launched several industry-first innovations, such as the first domestic artificial intelligence-themed ETF and the first new energy vehicle ETF [1] - The product line includes core indices like CSI A50 and CSI 300, as well as deep investments in cutting-edge technology sectors such as AI, commercial aerospace, semiconductors, and new energy [1] Group 2: ETF Strategy Applications - Four ETF strategy application scenarios were analyzed, showcasing the flexibility and effectiveness of ETFs as efficient and transparent tools [2] - A fixed income enhancement combination based on "bond index + free cash flow index" provides a financial alternative for low-risk investors [2] - A dividend value style combination based on risk budgeting models enhances returns while maintaining stability [2] - A style rotation model captures broad-based allocation opportunities through shifts between large and small caps, as well as value and growth [2] - Regular thematic strategy tracking services help investors grasp industry cycles and short-term catalysts [2] Group 3: Competitive Advantage and Execution - The core competitiveness of Ping An Fund's ETF business stems from the ecological synergy of Ping An Group and the company's continuous investment in product innovation and understanding of customer needs [2] - A six-step process of "strategy classification - identification - adaptation - implementation - monitoring - attribution" ensures the executability and traceability of investment strategies [2] - With the expectation that profit-driven growth will replace valuation expansion as the market's main theme in 2026, Ping An Fund aims to provide more precise and efficient tool-based allocation solutions for investors through its comprehensive product layout and deepened strategy service capabilities [2]

Core Insights - The market is expected to continue its slow bull trend initiated in 2025, driven by supportive policies, moderate economic recovery, and ample liquidity, with a focus on structural opportunities in technology innovation and cyclical sectors [1] - Investor confidence is steadily improving, with external conditions also showing signs of improvement, including the onset of a Federal Reserve rate cut cycle and a more expansionary fiscal policy among major economies [1] - The supply-side adjustments in cyclical sectors are leading to a healthier supply structure, with some industries experiencing a rebound in gross margins, supported by macro policies driving moderate demand recovery [2] Investment Strategy - The investment strategy emphasizes a systematic research platform with a core philosophy of "doing the right thing for the long term," supported by a dual drive of talent and platform [3] - The company has established eight professional research teams covering various investment styles, with a focus on deep industry research across nine major tracks and over 30 sub-strategies [3] - The "Four True Mechanisms" (true mechanisms, true teams, true talents, and true communication) are in place to ensure organizational vitality and achieve integrated investment research [3] Sector Analysis - In the cyclical sector, the reduction in capital expenditure by listed companies is improving the supply landscape, with a gradual recovery in PPI expected in 2026, leading to greater elasticity in profit recovery [2] - The technology sector is witnessing sustained high growth in capital expenditure from global AI giants, with ongoing advancements in models and commercial metrics, indicating a positive industry trend [2] - Domestic AI investment is anticipated to accelerate in 2026, with major internet companies increasing capital expenditure and innovations in mid-to-low-end applications driving upstream demand for computing power [2]

Core Viewpoint - Ping An Fund held its 2026 investment strategy meeting on January 7, showcasing its diverse investment product system designed to cater to various risk-return profiles of investors [1][2] Group 1: Investment Product System - The investment product system is categorized into three main segments: "Fixed Income +", Active Equity, and ETFs, aimed at providing a one-stop asset allocation solution for investors [1] - In the "Fixed Income +" sector, Ping An Fund demonstrates refined management capabilities, with products segmented into four tiers based on target returns and drawdown control: low volatility, medium-low volatility, medium volatility, and high volatility [1] - For example, the low volatility product, Ping An Tianli, has a maximum drawdown of -1.6% over the past year, while the high volatility product, Ping An Ruishang, has a drawdown of -4.39% but achieved an annual return of nearly 11% [1] Group 2: Innovative Product Offerings - Ping An Fund has launched an innovative "FOF Fixed Income +" product, utilizing a fund-of-funds model to further diversify risks and expand asset allocation to global stocks, bonds, and commodities [2] - The company plans to introduce a "Tool-type Fixed Income +" product in 2026, managed collaboratively by equity and fixed income departments, focusing on four clear sectors: dividends, technology, cycles, and quantitative strategies [2] Group 3: Active Equity and ETF Strategies - In the active equity space, Ping An Fund has established a three-tier directory system encompassing stock selection, thematic sectors, index enhancement, and absolute returns, actively seizing market opportunities [2] - The company has partnered with Ping An Asset Management (Hong Kong) to launch a product line covering dividends, technology, pharmaceuticals, and growth strategies, leveraging the valuation gap and high dividend yield advantages in the Hong Kong market [2] - In the ETF sector, Ping An Fund has demonstrated strong innovation, with a product line that includes broad-based, industry-themed, bond, strategy, overseas index, and index enhancement categories, setting multiple records for being the first in various product types [2]

Core Viewpoint - The geopolitical tensions have increased demand for safe-haven assets, leading to fluctuations in gold prices, with predictions of further increases in the coming years [1] Group 1: Gold Market Dynamics - On January 7, COMEX gold futures reached a high of $4,512 per ounce before retreating to around $4,454 per ounce by the end of the A-share market [1] - The performance of gold-related ETFs showed mixed results, with 华夏 ETF (518850) down 0.65% and 黄金股 ETF (159562) down 1.36%, while 有色金属 ETF (516650) rose by 0.39% [1] Group 2: Economic Indicators and Predictions - The U.S. government is expected to release the non-farm employment report for December 2025, which is crucial for determining the direction of the Federal Reserve's interest rate adjustments [1] - Morgan Stanley forecasts that gold prices will rise to $4,800 per ounce by Q4 2026, driven by declining interest rates, changes in the Federal Reserve leadership, and continued purchases by central banks and funds [1]

受地缘政治升温催化，避险需求提升，1月7日早盘，COMEX黄金期货价格一度触及4512美元。随着美 国"改口"，金价高位回调，截至A股收盘，COMEX黄金期货交投于4454美元/盎司附近，黄金ETF华夏 （518850）跌0.65%，黄金股ETF（159562）跌1.36%，有色金属ETF基金（516650）涨0.39%。 据央视新闻消息，美国国务卿鲁比奥在国会闭门简报会上称，美国政府近期就格陵兰岛问题发出威胁， 目的是要从丹麦手中"购买"该岛。 本周五，美国统计局将发布2025年12月的非农就业报告。此前，美联储多次表态，表明其政策重心已更 多转向对劳动力市场疲软的担忧，这一关键经济支柱的表现，将左右联邦基金利率的调整方向。 摩根士丹利在最新报告中预测，黄金价格将在2026年第四季度升至每盎司4800美元，突破2025年创下的 历史纪录。该投行认为，利率下行、美联储领导层更迭，以及各国央行和基金持续买入，将共同推动金 价进一步上涨。 每日经济新闻 ...

海外方面，美国Q3 GDP超预期但12月PMI显示增长边际走弱，未来一段时间，美联储仍在宽松周期 中，相对友好的金融条件能对美国增长的薄弱环节起到一定的托底作用，防止滑向衰退，但回暖幅度可 能有限。 国内方面，12月制造业PMI大超预期，自年中以来重新回到景气度扩张区间，服务业和建筑业PMI亦回 升，或受外需韧性及年末重大项目推进速度加快提振，供需两端分项指标均有所上行。 市场策略方面，债券方面，上周供给担忧再度加大叠加跨年资金面趋紧，债市小幅调整，短端调整幅度 大于长端。2026年1月政府债计划发行规模明显高于去年1月，叠加银行信贷冲开门红，1月银行资金或 较为紧张，债市承接力量有限，关注央行投放资金对冲情况。节前公募赎回新规落地，较征求意见稿更 为温和，债市赎回压力有所改善，但趋势性机会仍需等待货币政策明确宽松或配置力量回归。 A股方面，中美关系缓和、人民币持续升值、稳增长政策积极发力下宏观环境利好A股市场，春季躁动 或可期。结构上，可以考虑关注拥挤度处于低位且具备产业催化的科技成长行情。 港股方面，人民币升值有助于港股流动性环境改善，近期国内增长边际回暖亦有利于港股beta上行。 原油方面，从全球经济基 ...

Macroeconomic Indicators - The FHFA house price index in the US increased by 0.4% month-on-month in October, surpassing the expected 0.1% and the previous value of -0.1% [1][10] - The number of initial jobless claims in the US dropped significantly to 199,000 for the week ending December 20, falling below 200,000 and approaching historical lows, compared to the previous value of 215,000 and an expectation of 218,000 [1][10] - The US refinery utilization rate slightly increased to 94.7% for the week ending December 26, up from 94.6% the previous week [1][10] - The US crude steel production continued to decline year-on-year, with a decrease of 1.8% compared to a previous decline of 3.6% [1][10] Major Index Performance - The S&P Oil & Gas Index rose by 3.11% over the week from December 29, 2025, to January 2, 2026, while the Nasdaq 100 Index fell by 1.71% and the S&P 500 Index decreased by 1.03% [2][12] - Among the 11 sectors covered by the S&P 500, three sectors saw gains, with the S&P 500 Energy sector leading with a rise of 3.29%, while the S&P 500 Consumer Discretionary sector lagged with a decline of 3.17% [2][12] Investment Products - The Bosera S&P 500 ETF (513500) is designed to track the US S&P 500 Index, providing a low-cost investment tool for domestic investors to capture growth in US stocks [4][13] - The Bosera Nasdaq 100 ETF (513390) tracks the Nasdaq 100 Index, with a significant portion (57.87%) of its composition in the information technology sector, along with exposure to consumer services, consumer goods, and healthcare [4][13]