Core Viewpoint - The article emphasizes that the year 2025 marks the beginning of high-quality development for China's public fund industry, highlighting the importance of excess returns for actively managed equity funds. Only those funds that can consistently outperform their benchmarks are deemed valuable, while others should consider lower-cost, more transparent ETF index funds [1]. Performance Analysis - Zhang Xu, managing the Huaan Event-Driven Quantitative Mixed Fund since May 18, 2020, has outperformed both the CSI 300 and the Wind Equity Fund Index for six consecutive years, despite only half of those years favoring actively managed equity funds [1][2]. - The performance data from 2020 to 2025 shows that the Huaan Event-Driven Mixed Fund achieved returns of 59.19%, 30.84%, -17.86%, -8.63%, 21.82%, and 38.06% respectively, while the CSI 300 and Wind Equity Fund Index had varying performances [2]. Manager Recognition and Growth - Zhang Xu was relatively unknown until late 2024, but his fund's assets surged from approximately 200 million to 4.722 billion by Q3 2025, indicating a significant recognition from institutional investors, with 87.99% of A-class and 98.19% of C-class shares held by institutions [4][5]. Investment Strategy - Zhang Xu's investment strategy is characterized by a systematic and scientific approach, utilizing a quantitative framework that allows for effective industry rotation and risk management. This approach has led to high adaptability and consistent performance across different market conditions [9][15][16]. - His ability to rotate industries effectively has been demonstrated through various market phases, where he adjusted his portfolio to capitalize on emerging trends, such as focusing on healthcare and consumer electronics in 2020, and shifting to the renewable energy sector in 2021 [10][11][12]. Future Outlook - The article suggests that as institutional investors increase their share in the market, the competition for excess returns will intensify. Zhang Xu's evolving investment framework is expected to maintain its competitive edge, making him a valuable asset for both institutional and individual investors [18][19].

登录新浪财经APP 搜索【信披】查看更多考评等级 重要提示 1、银华标普港股通低波红利交易型开放式指数证券投资基金（以下简称"本基金"）的募集已于2025年 11月10日获中国证券监督管理委员会证监许可【2025】2506号文准予注册。中国证券监督管理委员会 （以下简称"中国证监会"）对本基金募集的注册并不代表其对本基金的风险和收益作出实质性判断、推 荐或者保证，也不表明投资于本基金没有风险。中国证监会不对基金的投资价值及市场前景等作出实质 性判断或者保证。 2、本基金是交易型开放式证券投资基金，基金类别为股票型证券投资基金。 3、本基金的基金管理人为银华基金管理股份有限公司（以下简称"本公司"、"基金管理人"或"本基金管 理人"），基金托管人为中国工商银行股份有限公司，登记机构为中国证券登记结算有限责任公司。 4、本基金的募集对象为符合法律法规规定的可投资于证券投资基金的个人投资者、机构投资者、合格 境外投资者以及法律法规或中国证监会允许购买证券投资基金的其他投资人。 5、本基金自2026年1月12日至2026年1月23日通过网上现金认购方式发售。基金管理人可根据募集情 况，在符合相关法律法规的情况下，在募 ...

Core Insights - The public fund industry is experiencing a significant transformation, with a notable increase in fund performance, as evidenced by one fund achieving over 200% growth and 89 funds doubling their performance, while over 1,100 funds recorded annual growth exceeding 50% [1] - The shift towards a tool-oriented approach in public funds necessitates a change in investors' understanding and strategies, moving from a focus on individual high-performing funds to a more diversified and needs-based portfolio allocation [1][2] Group 1 - The public fund market is entering an era of both active equity funds and passive products like ETFs, leading to a vast array of options that complicate the selection process for investors [1] - Traditional investment strategies, such as heavily investing in one or two funds, are becoming outdated as the industry encourages fund managers to specialize in their strengths rather than being all-rounders [2] - The emphasis is now on creating a balanced investment approach that combines core holdings with satellite opportunities to mitigate risks and capture market trends [2][3] Group 2 - Investors are advised to abandon the old mindset of chasing star fund managers and instead adopt a tool-based, balanced investment philosophy to achieve long-term stable financial management [3]

又一基金公司被起诉。这次是固收基金经理祁洁萍告了前东家淳厚基金。 近日，企查查显示，淳厚基金新增一条司法案件信息，原告祁某某因劳动合同纠纷，起诉了淳厚基金，案件将于4月10 日开庭。 2026年开年，基金公司案件较往年明显增多，近1月，就有包括国投瑞银基金、安联基金、联博基金以及华宝基金等公 司就要应诉。 综合当前以及以往的案件来看，基金公司被推至法院被告席，主因有三：一是劳动纠纷；二是与投资者之间纠纷，此 类原因复杂多样；三是申请为被执行人，此类多为独立资产管理计划问题，实际对基金公司无影响。 在这些案件中，除了基金公司成为被告，较为罕见的是亦有百亿基金经理被一同起诉。有投资者以"金融委托理财合同 纠纷"为由，把国投瑞银基金和基金经理施成一起告上了法庭。起诉基金经理，原因或为产品亏钱，那么基金经理履行 勤勉义务的边界在哪里？案件即将在1月13日开庭，在资管产品净值化背景下，市场尤为关注法院的审判结果。 此外，安联基金也或因"李鬼"公司，同被投资者告上法庭。公司紧急辟谣：尚未有实际开庭审理的案件。 基金经理状告基金公司 祁洁萍与淳厚基金的纠纷也是一场年度大戏。经历了基金经理朋友圈吐槽、提离职遭拒、基金公司公告 ...

Industry News - The Ministry of Commerce of China announced strengthened export controls on dual-use items to Japan, effective immediately, due to Japan's recent provocative statements regarding Taiwan, which violate the One China principle [2] - The 2026 National Foreign Exchange Management Work Conference will be held on January 5-6, focusing on optimizing trade foreign exchange management and supporting the development of new trade formats like cross-border e-commerce [3] - Star River Dynamics is set to launch the "Vesta-1 Sea Launch" commercial rocket mission soon [4] - The China Securities Index announced adjustments to the samples of the CSI 1000, CSI 500, and CSI A500 indices, effective after market close on January 9, 2026, with several companies being added and removed from these indices [4] Company News - Jia Mei Packaging announced a cumulative increase of 230% in stock price from December 17, 2025, to January 6, 2026, and will be suspended for verification [8] - Guosheng Technology reported a cumulative increase of 370.2% in stock price from October 31, 2025, to January 6, 2026, and will also be suspended for verification [8] - Brain-computer interface "unicorn" Qiangna Technology completed approximately 2 billion yuan in financing [9] - Chip Origin announced the completion of the acquisition of Zhudian Semiconductor [9] - Puni Testing expects a loss for the entire year of 2025 [9] - WuXi AppTec announced that 18 shareholders reduced their holdings by 2% from November 20, 2025, to January 5, 2026, and this reduction plan has been completed [9] - Super Electronics announced an increase in investment for its AI computing high-end printed circuit board expansion project from 1.468 billion yuan to 3.315 billion yuan [10]

Core Viewpoint - The trend of RMB appreciation combined with the historical end-of-year and early-year period serves as a window for foreign capital to allocate into A-shares, with short-term expectations of net inflows contributing to incremental funds [1][2] Group 1: Market Trends - Historically, various types of funds show specific changes in January, with insurance and foreign capital typically positioning themselves at the beginning of the year, while financing funds tend to weaken towards the end of January [2] - The overall market in January is likely to present a structural inflow of incremental funds, which is expected to support the upward trend of A-shares and continue the spring rally, with a recommendation for large-cap style [1][2] Group 2: Monetary Policy and Interest Rates - The central bank's net injection in the open market was 700.9 billion yuan from December 29 to December 31, with 1.322 trillion yuan in reverse repos and 60 billion yuan in treasury cash deposits maturing in the upcoming week [2] - Money market interest rates are declining, while both short and long-term government bond yields are rising, with a decrease in the issuance scale of interbank certificates of deposit [2] Group 3: Fund Supply and Demand - The net inflow of funds in the secondary market is expanding, with a decrease in financing balance and net selling of financing funds amounting to 2.27 billion yuan [3] - There is a notable reduction in the issuance of new equity public funds, and significant shareholders are increasing their net reduction scale [3] Group 4: Market Sentiment - The trading activity of financing funds has weakened, leading to a decrease in equity risk premium, with turnover rates for various style indices and major industry categories generally declining [3] - The VIX index has risen, indicating a decrease in risk appetite in overseas markets [3] Group 5: Industry Preferences - In terms of industry preferences, sectors such as non-ferrous metals, defense and military industry, and household appliances have seen higher net inflows from various funds [3] - The broad-based ETF has primarily experienced net redemptions, with the largest redemptions occurring in the Shanghai Stock Exchange 50 ETF [3]

3、投资者可以登录本公司网站（www.fund001.com）或拨打客户服务电话（400-700-5000，021- 61055000）咨询本基金相关信息。 风险提示： 本基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金财产，但不保证基金一定盈利，也不保 证最低收益。基金的过往业绩并不代表其未来业绩表现。投资有风险，敬请投资者认真阅读本基金的相 关法律文件以及关注本基金的特有风险，并选择适合自身风险承受能力的投资品种进行投资。 特此公告。 根据《中华人民共和国证券投资基金法》、《公开募集证券投资基金运作管理办法》、《交银施罗德裕 景纯债一年定期开放债券型证券投资基金基金合同》（以下简称"《基金合同》"）的有关规定，交银施 罗德裕景纯债一年定期开放债券型证券投资基金（以下简称"本基金"）连续45个工作日基金资产净值低 于5000万元，可能触发《基金合同》终止情形，现将相关事宜公告如下： 一、可能触发《基金合同》终止的情形说明 根据《基金合同》的规定，《基金合同》生效后，连续20个工作日出现基金份额持有人数量不满200人 或者基金资产净值低于5000万元情形的，基金管理人应当在定期报告中予以披露；连续50个 ...

公告送出日期：2026年01月07日 1、 公告基本信息 ■ 注： （1）为维护基金份额持有人利益，保障基金的平稳运作，富安达基金管理有限公司（以下简称"本基金 管理人"）决定：2026年1月8日，暂停本基金代销机构申购（含定期定额投资及转换转入）业务。但涉 及以下销售机构或途径的申购和转换转入业务照常办理（排名不分先后）：平安银行股份有限公司（行 E通平台）、宁波银行股份有限公司（同业易管家平台）、招商银行股份有限公司（招赢通平台）、华 夏银行股份有限公司、上海利得基金销售有限公司、青岛意才基金销售有限公司、上海汇付基金销售有 限公司、上海天天基金销售有限公司、诺亚正行基金销售有限公司、泰信财富基金销售有限公司、北京 加和基金销售有限公司、通华财富（上海）基金销售有限公司、京东肯特瑞基金销售有限公司。富安达 基金直销平台相关业务正常办理。 （2）在本基金暂停申购（含定期定额投资及转换转入）业务期间，本基金管理人将正常办理本基金的 赎回和转换转出业务。 （3）2026年1月9日起本基金代销渠道将恢复办理申购（含定期定额投资及转换转入）业务，届时将不 再另行公告。 2、 其他需要提示的事项 特此公告。 富安达基 ...

Core Insights - The public fund industry is experiencing a significant transformation, with a notable increase in fund performance, as evidenced by one fund achieving over 200% growth and 89 funds doubling their performance in 2025 [1] - Investors are encouraged to adapt their understanding of fund selection as the industry shifts towards a more integrated and platform-based investment research model [1] Group 1: Market Trends - The public fund market is entering a tool-oriented era, necessitating changes in traditional investment strategies to adapt to market conditions [2] - There is a simultaneous expansion of active equity funds and passive products like ETFs, leading to a complex selection environment for investors [2] - The role of public funds is evolving from being a vehicle for fund managers' investment philosophies to a functional tool for investors, requiring a shift in selection logic from focusing on individual high-performing funds to precise matching of investment needs [2] Group 2: Fund Management Strategy - Fund companies are shifting focus from cultivating all-round fund managers to developing specialized professionals in niche areas, categorized by investment styles such as value, growth, and various sub-strategies [3] - This strategic change aims to enhance research efficiency and provide investors with more accurate allocation tools, making the traditional model of relying solely on fund managers obsolete [3] - Professional financial advisors are now advocating for a balanced approach to investment, emphasizing core positioning with satellite opportunities to mitigate concentration risks and market volatility [3] Group 3: Investor Guidance - Investors are urged to abandon outdated practices of chasing high-performing funds and idolizing star fund managers, instead adopting a tool-based and balanced investment philosophy [4] - Utilizing professional tools and services is essential for achieving long-term stable financial management through public fund products [4]

Group 1 - The core viewpoint of the news is that Xicheng District is set to establish a "one axis, six cores, and three belts" consumption space pattern by 2026, aiming to enhance its status as an international consumption center city [3][4] - In 2025, the "Two Zones" project in Xicheng is expected to achieve a landing amount of 209.12 billion yuan, marking the first in the city for five consecutive years, and it has been rated as A-level in the city's "Two Zones" construction evaluation [1][3] - The district's foreign direct investment utilization exceeded 400 million USD, and its total import and export volume ranked second in the city [1][3] Group 2 - Xicheng District is enhancing its cross-border financial service capabilities and expanding the coverage of tax refund stores to improve international consumer experiences [2][3] - The district plans to implement measures to boost commercial vitality, including policies for consumption promotion, support for time-honored brands, and the issuance of consumption vouchers [3][4] - The financial sector in Xicheng achieved an added value of 230.77 billion yuan in the first three quarters of 2025, accounting for 34.4% of the city's financial industry [6][7] Group 3 - Xicheng aims to create a high-quality fund aggregation area by attracting national-level industrial funds and venture capital, while also supporting the development of state-owned enterprise funds [7][8] - The district is set to enhance its digital economy by developing a "China Data Street" and implementing a development plan for a global digital economy benchmark city [8][9] - Xicheng will deepen cooperation in data utilization across various sectors, including finance, education, and healthcare, to drive regional economic and social development [8][9]