Group 1: Investment Rating - No investment rating information provided in the reports Group 2: Core Views - Precious metals continued their strong performance during the day, with silver surging significantly and Shanghai gold returning above 1,000 yuan. The weakening US manufacturing PMI in December intensified economic concerns and strengthened the safe - haven support. It is expected that gold will maintain a relatively strong short - term trend, while the volatility risk of silver is increasing, and attention should be paid to position risks [1]. - In the short term, gold and silver are affected by geopolitical developments, the adjustment of gold and silver weights in the Bloomberg Commodity Index on January 8, the upcoming US non - farm payroll report on Friday, and the nomination of the new Fed chairman. For silver, the results of the 232 report survey in mid - January also need to be noted [1]. - In the long - term, the contraction of the US dollar credit supports the upward trend of gold and silver. The period from the nomination to the assumption of office of the Fed chairman in the first quarter may be the time when the Fed's stance is the most dovish, and the trading expectation of loose liquidity is smooth, and gold is expected to maintain a volatile upward trend. The expectation of the economic cycle shifting to a mild recovery gives silver greater upward elasticity [6]. Group 3: Summary by Related Content Price Logic - **Gold**: The international gold price first declined and then rose during the day, once breaking through $4,500 per ounce, and Shanghai gold returned above 1,000 yuan. Short - term gold prices may maintain a strong trend, supported by continuous geopolitical tensions and concerns about the slowdown of US economic growth. The newly released US ISM manufacturing PMI in December dropped to 47.9, the lowest since October 2024, and has been below 50 for 10 consecutive months, strengthening the market's concerns about economic growth slowdown. Four key factors should be focused on in the short term: the development of the situation after the US raid on Venezuela; the reduction of gold and silver weights in the Bloomberg Commodity Index starting from January 8; the potential "sell - on - news" risk after the confirmation of the new Fed chairman nomination; and the upcoming December non - farm and inflation data's guidance on the Fed's interest - rate cut path in 2026. In the long - term, the contraction of the US dollar credit supports the upward trend of gold, and it is expected to maintain a volatile upward trend in the first quarter [3][6]. - **Silver**: Silver continued to rise during the day, once reaching $80 per ounce. The short - term volatility risk of silver has increased, and position risks need to be vigilant. The short - term drivers of silver are similar to those of gold. In addition, the results of the silver survey in the US 232 report in mid - January should be noted, as the expectation of silver tariffs may be the key factor for the change in the subsequent spot circulation. Currently, there is still a structural shortage of silver spot, and the silver lease rate, although declining, remains high, and the squeeze risk has not been completely eliminated. In the long - term, the contraction of the US dollar credit also supports the upward trend of silver, and the expectation of economic recovery gives silver greater upward elasticity [6]. Key Information - The final values of the US S&P Global Services PMI and Composite PMI in December were both lower than the previous values. The final value of the US S&P Global Services PMI in December was 52.5 (expected and previous values were both 52.9), and the final value of the US S&P Global Composite PMI in December was 52.7 (previous value was 53) [2]. - The final values of the Eurozone Services PMI and Composite PMI in December were both lower than the expected and previous values. The final value of the Eurozone Services PMI in December was 52.4 (expected and previous values were both 52.6), and the final value of the Eurozone Composite PMI in December was 51.5 (expected and previous values were both 51.9) [2]. - On January 5, the Swiss Federal Council announced the freezing of all assets of Nicolas Maduro and related personnel in Switzerland, with an immediate and a validity period of 4 years [2]. - On January 5, Venezuelan President Maduro pleaded "not guilty" to the US "accusations" during a court hearing in New York [2]. - On January 6, the 2026 Work Conference of the People's Bank of China was held, emphasizing strengthened supervision of the inter - bank bond market, money market, foreign exchange market, bill market, gold market, and related derivatives [2]. - Guotou Ruixin Fund Management Co., Ltd. announced on January 6 that the fund will be suspended from trading from the opening on January 7, 2026, until 10:30, and resume trading at 10:30 on the same day. If the premium rate of the fund's secondary - market trading price on January 7, 2026, does not effectively decline, the fund has the right to apply to the Shenzhen Stock Exchange for intraday temporary suspension or extended suspension to alert the market of risks [2]. Index Information - **Characteristic Index**: The Commodity Index was 2387.24, up 2.43%; the Commodity 20 Index was 2730.32, up 2.47%; the Industrial Products Index was 2317.00, up 2.19%; the PPI Commodity Index was 1458.90, up 3.45% [48]. - **Sector Index**: The Precious Metals Index on January 6, 2026, was 4058.30, with a daily increase of 6.12%, a 5 - day increase of 2.00%, a 1 - month increase of 15.09%, and a year - to - date increase of 6.12% [49].

Group 1 - The core viewpoint of the articles highlights the rising attractiveness of precious metals, particularly gold and silver, driven by geopolitical uncertainties, concerns over the dollar system, and expectations of interest rate cuts by the Federal Reserve [1][3] - COMEX gold futures rose by 1.22% to $4505.70 per ounce, while COMEX silver futures increased by 5.95% to $81.22 per ounce, indicating a significant shift in market dynamics [1] - Ray Dalio, founder of Bridgewater Associates, emphasized that the major investment narrative for 2025 will revolve around drastic changes in currency value and global asset allocation, asserting that gold is the true winner amidst perceived stock market gains [1] Group 2 - The increase in gold prices is attributed to ongoing inflation concerns, geopolitical tensions, and a growing demand for assets that are detached from traditional financial systems, positioning gold as a core strategic holding [3] - Morgan Stanley forecasts that gold prices could reach a new high of $4800 per ounce by Q4 2026, driven by declining interest rates, changes in Federal Reserve leadership, and increased purchases by central banks and funds [3] - The historical trend of gold being independent of stock market fluctuations reinforces its role as an effective hedge during market volatility, although determining the appropriate allocation in gold holdings remains crucial [3]

Group 1 - Guangfa Securities plans to raise approximately HKD 61 billion through H-share placement and convertible bond issuance to expand its international business [1] - The company will issue 219 million new H-shares at a price of HKD 18.15 per share, expecting a net fundraising of about HKD 39.59 billion [1] - Additionally, it will issue zero-coupon convertible bonds totaling HKD 21.5 billion, with an initial conversion price of HKD 19.82 per share, potentially converting into approximately 108 million H-shares [1] Group 2 - The total number of employees in the securities industry fell to 328,900 by the end of 2025, a decrease of nearly 7,800 from the end of 2024 [2] - Traditional brokers are reducing staff due to mergers and restructuring, while internet-based brokers like Dongfang Caifu and Guojin Securities are expanding their workforce [2] - The number of investment consultants and analysts has reached record highs, contrasting with the decline in the number of investment banking professionals [2] Group 3 - FOF (Fund of Funds) products have seen strong demand at the beginning of the year, with several funds achieving early closure of fundraising [3] - The early fundraising success of FOF products reflects a strong market demand for professional asset allocation [3] - This trend indicates a shift towards rational investment behavior, with investors seeking long-term stable returns, contributing to the healthy development of the capital market [3]

Group 1 - The recent announcement from Guotou Silver LOF indicates significant fluctuations in the secondary market trading price of its Class A shares, leading to a temporary suspension of trading from January 7 until 10:30 AM to protect investor interests [1] - On January 6, six ETFs in the market experienced a rise of over 7%, with five of them being satellite-themed ETFs. The Penghua Satellite ETF (563790) saw a rapid increase in the afternoon, reaching a peak rise of 9.83% before closing with an increase of 8.31% [1] - On the same day, three ETFs, including the Huaxia Shanghai Stock Exchange Science and Technology Innovation Board 50 ETF, the Huatai-PB CSI 300 ETF, and the Southern CSI 500 ETF, reported net inflows exceeding 1 billion yuan [1]

Core Viewpoint - The public fund industry in China is transitioning from "rapid growth" to "high-quality development," with Ping An Fund celebrating its 15th anniversary in 2026, having grown significantly in assets and client base while focusing on long-term value creation [1][2]. Group 1: Company Growth and Achievements - Ping An Fund has grown from inception to a leading asset management company, managing nearly 900 billion yuan in assets by the end of 2025 and serving over 970 institutional clients and more than 170 million channel clients, generating a total profit of 80 billion yuan for its clients [1]. - The fund's active equity management scale doubled by the end of 2025, with an average annual return of 48.31%, ranking third in the market for the percentage of products exceeding a 50% return [3]. - Over the past seven years, Ping An Fund's equity funds achieved a return of 296.07%, ranking sixth in the market, while the ten-year average return reached 98.83%, placing it in the top third of the market [3]. Group 2: Investment Research and Strategy - The company has established a platform-based investment research system that emphasizes long-term value creation, integrating talent and platform development, and employing a multi-strategy approach [2]. - Ping An Fund's fixed income management scale surpassed 600 billion yuan by the end of 2025, with a comprehensive research framework covering various fixed income investment types [4]. - The fund has innovated in index products, leading in several categories, including the largest public REIT and the first cross-sea bridge REIT in China [5]. Group 3: Product and Service Development - The product line of Ping An Fund includes a diverse range of investment tools, covering over 50 strategies across various asset classes, including money market, bonds, mixed funds, and alternative assets [5]. - The company has launched innovative products such as the first floating management fee equity fund and the first absolute return strategy ETF-FOF product [5]. - Ping An Fund has developed smart solutions for investment research, operations, sales, and risk control, enhancing the overall investor experience [6]. Group 4: Social Responsibility and Community Engagement - The company actively engages in social responsibility initiatives, focusing on educational philanthropy through various donation and support activities aimed at improving educational quality for students [7]. - Ping An Fund emphasizes financial literacy and investor education, conducting numerous educational activities and community outreach programs to enhance financial awareness [6][7].

文：韦亚军 摄影：Bob 此次备案完成，标志着基金的进一步落地。 近日，中国证券投资基金业协会信息显示，福建（厦门）社保科创股权投资基金合伙企业（有限合伙）顺利通过中国证券投资基金业协会备案，落款时间 为2025年12月31日。 据了解，该基金于2025年12月4日正式宣布签约设立。此次备案完成，标志着基金的进一步落地。 该基金由福建省、厦门市、全国社会保障基金理事会、中国建设银行等共同发起设立，首期规模200亿元。 该基金于2025年10月27日签约 ，首期规模500亿元，出资方涵盖社保基金会、浙江省、杭州市、农业银行，定位服务数字经济、人工智能、物联网等长三 角核心产业。 2、福建社保科创基金（厦门） 该基金于2025年12月4日签约，首期规模200亿元，出资方涵盖社保基金会、福建省、厦门市、建设银行，定位海洋经济、新材料、两岸集成电路合作等海 峡西岸特色产业链。 3、江苏社保科创基金（苏州） 该基金于2025年12月19日签约，首期规模同样为500亿元，出资方涵盖社保基金会、江苏省、苏州市、工银投资，定位集成电路、新能源、高端装备等长 三角先进制造集群。 4、湖北社保科创基金（武汉） 该基金于2025年 ...

导读：刚刚过去的2025年，是中国公募基金行业高质量发展的元年。作为主动权益基金，超额收益被放到了最重要的位置。即，只有长期能战 胜业绩基准的主动权益基金，才是真正有价值的。否则，持有人更应该买低费率、更透明灵活的ETF指数基金。 | 年份 | 华安事件驱动混合A | 沪深300 | 万得偏股基金指数 | | --- | --- | --- | --- | | 2020年 | 59.19% | 27.21% | 55.91% | | 2021年 | 30.84% | -5.20% | 7.68% | | 2022年 | -17.86% | -21.63% | -21.03% | | 2023年 | -8.63% | -11.38% | -13.52% | | 2024年 | 21.82% | 14.68% | 3.45% | | 2025年 | 38.06% | 17.66% | 33.19% | 数据来源：Wind；数据区间：2020年1月1日—2025年12月31日 跑赢市场一年不难，但是要连续六年跑赢有多难呢？ 根据Wind的统计，在2919只主动权益基金中，能够连续6年战胜沪深300和万得偏股基金 指 ...

Core Viewpoint - The performance of oil funds has been lackluster compared to the significant gains seen in gold and silver funds, raising questions about when oil funds will rebound [1][2]. Group 1: Oil Fund Performance - In 2025, oil-related funds have shown poor performance, with many funds losing over 5%, while gold and silver funds have seen substantial gains, with some gold funds increasing by over 50% [1][3]. - Specifically, three oil funds have reported losses exceeding 10%, with the largest loss being over 13% for the E Fund Oil fund [3]. - Only two oil funds managed to maintain positive returns, one tracking an oil and gas industry index and the other actively selecting oil and gas stocks [3]. Group 2: Market Conditions - The Brent crude oil price has fluctuated between $50 and $80 per barrel in 2025, with the latest price at $63.12 per barrel as of January 6 [2]. - Factors contributing to the sustained low oil prices include increased production from OPEC and emerging oil-producing countries, along with high output from U.S. shale oil, leading to a surplus in supply [4]. - The demand for oil has been weak due to the rapid development of green energy and electric vehicles, coupled with a lack of growth in the chemical sector [4]. Group 3: Future Outlook - Analysts suggest that if the U.S. continues its loose monetary policy and domestic demand accelerates, there may be a window for oil prices to rise, but currently, the market remains in a weak state [5]. - Long-term investment in oil funds may yield significant returns if viewed through a 10 to 20-year lens, although uncertainties regarding future demand due to energy revolutions exist [5].

Core Insights - The public fund industry in 2025 achieved a record high average return rate of 141.87% for the top 20 funds, with the leading product reaching an astonishing 233.29%, setting a new annual return record for the industry [1] - The industry is transitioning from a reliance on "star fund managers" to a more systematic and refined operational model, marking a significant evolution in investment strategies [1][9] Group 1: Performance and Trends - The top 20 active equity funds in 2025 showcased a clear evolution in their performance metrics, indicating a shift towards a "tool-based" approach rather than a "betting" model [1] - The average tenure of fund managers for the top 20 funds was 4.66 years, the lowest in the past decade, reflecting a trend towards younger managers with diverse professional backgrounds [2] - The average turnover rate for the top 20 funds decreased significantly to 309.49%, indicating a shift from high-frequency trading to a more stable investment style [3] Group 2: Investment Strategy and Research - The investment style has evolved from "high-frequency trading" to "steady deep cultivation," with a notable increase in the average holding period for stocks [3] - The top funds concentrated their investments in industries such as electronics and telecommunications, demonstrating a unified trend in industry outlook and deep research capabilities [3][6] - The methodology for achieving high returns has shifted from short-term market speculation to long-term value creation, with a median excess return of 121.45% for the top 20 funds [5][8] Group 3: Risk Management and Stability - The average Calmar ratio for the top 20 funds reached 5.3, indicating a significant improvement in risk management and stability compared to previous years [7] - The median annual profit percentage for these funds was 66.67%, reflecting a reduced impact from short-term market fluctuations and a stronger reliance on long-term fundamental growth [7] - The overall investment approach has transitioned to a more refined and systematic strategy, enhancing the stability of returns and creating sustainable long-term value for investors [8][12] Group 4: Future Directions - The public fund industry is expected to see further concentration of performance, driven by a shift towards a more refined and systematic operational model [9] - The integration of multi-strategy and platform-based research systems is becoming essential for fund companies to adapt to changing market conditions and investor demands [10][11] - Fund companies are increasingly focusing on diversified asset allocation strategies to mitigate market volatility and enhance long-term return stability [12]

Monetary Policy - The People's Bank of China emphasized the continuation of a moderately loose monetary policy, focusing on promoting high-quality economic development and reasonable price recovery [1][1][1] - The central bank plans to flexibly utilize various monetary policy tools, including reserve requirement ratio cuts and interest rate reductions [1][1][1] Trade and Export Regulations - The Ministry of Commerce announced a ban on the export of all dual-use items to Japanese military users and any end-users that enhance Japan's military capabilities [2][2] - The Chinese government is considering tightening export license reviews for medium and heavy rare earth items due to Japan's recent poor performance [4][4] Financial Market Developments - In December 2025, A-share new accounts reached 2.6 million, a 9% increase from November, with a total of 27.44 million new accounts opened in 2025, marking a 10% year-on-year growth [5][5][5] - Two lithium iron phosphate listed companies confirmed successful price increases of 1,500 to 2,000 yuan per ton for major clients [6][6] Corporate Announcements - Guotou Ruijin Fund Management announced a temporary suspension of trading for its Guotou Silver LOF fund due to significant price fluctuations [7][7] - Star River Dynamics is set to implement a commercial rocket launch task named "Wanghai Tide" [8][8] Industry Insights - Lens Technology stated it is a strategic investor in Strong Brain Technology, which is in the mass production phase of core hardware modules [9][9] - Companies in the brain-computer interface sector, such as Xiangyu Medical and Weisi Medical, are still in the research and market cultivation stages, with no large-scale sales achieved as of the end of 2025 [9][9][9] Stock Market Movements - Jia Mei Packaging announced a cumulative increase of 230% in stock price from December 17 to January 6, leading to a suspension for verification [11][11] - China Satellite Communications reported its stock price is at a historical high, indicating a risk of significant short-term decline due to detachment from fundamentals [12][12] International Developments - Nvidia's CFO indicated an increase in demand for data center chips beyond the previously forecasted $500 billion [22][22] - PepsiCo announced a collaboration with Siemens and Nvidia for the industry's first artificial intelligence and digital twin partnership [23][23]