Core Insights - The article discusses the performance of the TOP100 active equity fund managers from 2022 to 2025, highlighting that the list has been closely monitored by various institutional investors and has consistently outperformed the Wind Equity Fund Index until 2025, where it fell short by 0.79% [1][7][9]. Performance Overview - In 2025, the TOP100 fund managers' portfolio achieved a return of 32.4%, while the Wind Equity Fund Index returned 33.19% [7][8]. - The cumulative excess return over four years remains at 8.39% compared to the Wind Equity Fund Index [7]. Reasons for Underperformance - The departure of seven growth-style fund managers from the list negatively impacted the portfolio's performance, as their exit led to a reduction in contributions to returns [9]. - The year 2025 saw significant performance divergence among fund managers, with the Wind Equity Fund Index benefiting from various sector funds that delivered high returns, while the TOP100 list was more balanced and lacked sector-specific funds [9][10]. - The market in 2025 was characterized as a bull market, where newer fund managers generally outperformed seasoned ones, and the average management tenure of the fund managers in the list was around eight years [10][11]. Fund Manager Performance by Style - All selected funds within the list outperformed their respective category indices, with notable performances in growth and small-cap styles [12][13]. - Specific fund categories showed impressive returns, such as the active equity growth style achieving 46.61% and the active equity small-cap style achieving 42.61% [13][19]. Future Outlook - The company expresses optimism for 2026, anticipating that active equity will continue to perform well and potentially outperform indices, as dedicated and adaptive fund managers are expected to gain further market recognition [20][21].

（原标题：杭州再放大招！力争"十五五"基金集群突破5000亿元） 继去年11月启动杭州润苗基金后，杭州在基金集群打造方面再放大招！ 近日，杭州发布《关于做强做优做大"3+N"杭州产业基金集群推动杭州特色现代化产业体系高质量发展 的实施意见》（以下简称《实施意见》），力争"十五五"时期"3+N"基金集群规模突破5000亿元。 在投资方式方面，三只政府投资基金可采取行业母基金、子基金、专项子基金等投资方式，原则上同股 同权。其中，杭州科创基金可视情况设置提前退出、投资让利、风险补偿等条款。除经杭州市级国资监 管机构事前备案外，国企基金采取直接投资方式。出资比例方面，杭州市级国有资本对天使投资类、科 技成果转化类子基金的出资比例不超过40%，对其他类型子基金的出资比例不超过30%，并购重组类、 纾困类基金除外。 财政每年统筹安排50亿元 杭州"3+N"基金集群包括杭州科创基金、杭州创新基金、杭州并购基金等三只政府投资基金，以及N只 市属国有企业投资设立的基金（以下简称"国企基金"）。 根据《实施意见》，杭州将聚焦重大战略、重点领域和市场不能充分发挥作用的薄弱环节，持续优化产 业基金体系；围绕杭州特色现代化产业体系部 ...

1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - Publicly - offered REITs have the characteristics of "high dividends + inflation resistance + asset growth". With the "bond floor" of mandatory dividends and the "equity wing" of asset appreciation, they provide a scarce tool for enhancing returns and hedging risks, and are ideal "fixed - income +" tools to solve the current "asset shortage" [1][39]. - Through the differentiation of income sources, publicly - offered REITs effectively diversify portfolio risks. The market is still in its early stage of development, with broad space for asset expansion, category innovation, and platform growth, and has long - term strategic allocation value [39]. 3. Summary According to the Directory 3.1 REITs Definition and Market Overview - Publicly - offered REITs are standardized financial products that pool the funds of multiple investors by issuing income certificates, hold the ownership or management rights of real estate assets in the structure of "public fund + asset - backed securities", and are publicly traded on stock exchanges. Their multi - layer structure effectively achieves the key goals of risk isolation, tax neutrality, and public offering [2][17]. - As of December 2025, the total market value of China's publicly - offered REITs market was nearly 220 billion yuan, with 79 listed products. The market has shown a continuous expansion trend, and the asset types have gradually diversified [3][24]. - The market investors of publicly - offered REITs include strategic investors, offline investors, and public investors. General legal persons are the largest holders, accounting for 59.09%, followed by securities firms' proprietary trading with a 19.42% share [2][37]. 3.2 Reasons to Focus on Publicly - offered REITs - Solving the "asset shortage" as a "fixed - income +" tool: In the low - interest - rate environment, REITs offer a more attractive asset option, with higher initial distribution yields than traditional bonds. From early 2024 to the end of 2025, the cumulative increase of the CSI REITs Total Return Index was 18.82%, providing higher returns than pure - bond assets and having anti - decline and defensive properties [4][40]. - Dual income sources: Publicly - offered REITs achieve an optimized income structure through the compound model of "bottom - position dividends + potential growth", combining the stability of bonds and the growth potential of stocks. Regulatory requirements mandate that over 90% of distributable amounts be used for dividends, and asset value growth gives them "equity" potential [5][42]. - Huge expansion potential and innovation space: The expansion mechanism is becoming more normalized, and the entry of incremental funds is expected. The market has broad growth prospects, and new products such as REITs ETFs are being explored [6][46]. 3.3 Core Differences between REITs and Bonds - Legal relationship: REITs investors are shareholders, with a residual claim on the underlying real estate assets and operating cash flows. Bond investors are creditors, with a clear contractual relationship with the issuer [49][50]. - Income source: REITs' investment returns are mainly driven by operating dividends, with capital gains reflecting asset valuation changes. Bond returns mainly come from contractual coupon income, and secondary - market price differences reflect interest rate and credit spread changes [51]. - Risk characteristics: REITs face operating and market risks, while bonds are mainly affected by interest rate and credit risks [52][53]. - Report perspective: REITs focus on the sustainability of asset - operating cash flows, while bonds focus on the issuer's solvency and credit safety margin [55]. 3.4 Asset Type "Atlas" of China's Publicly - offered REITs - The underlying assets can be divided into two categories: property rights and franchise rights. The market shows a pattern of dominance by leading assets and insufficient supply at the tail end. The top three in terms of market - value proportion are transportation infrastructure, consumer infrastructure, and park infrastructure, which together account for 59.56% of the total market scale [9]. - Key points of different underlying assets: Transportation assets emphasize policies and location; consumer assets focus on the economic cycle and operation; park assets depend on industries and the ecological environment; warehousing and logistics rely on location and leases; energy infrastructure is related to policies and technology; and affordable rental housing needs to balance policies and people's livelihoods [9]. 3.5 Investment Strategies - REITs market performance is differentiated. Consumer infrastructure, affordable rental housing, and warehousing and logistics REITs show relatively high investment value. Consumer infrastructure REITs have an average increase of 32.48% since their establishment, with strong cash - flow stability and growth elasticity [10][68]. - An investment strategy of "dumbbell - shaped" allocation and "high - dividend - yield" tactics can be adopted. In the short term, focus on "defensive and stable" sectors, and gradually make left - hand side investments in "long - duration high - quality assets" [10][69].

1月6日，三大股指集体收涨，沪指、深成指双双涨超1%，沪指高开高走，突破2025年11月14日的阶段 高点，再创十年新高。在此背景下，国投白银（161226）涨9.53%，报2.598元。换手率20.14%，成交额 15.87亿。 | | 2.598 +0.226 +9.53% | | | 国投自银LOF | | ਸ | | --- | --- | --- | --- | --- | --- | --- | | | | | | 161226 | | | | SZSE CNY 15:00:00 闭市 查看L2全景 | | | | | | / . + | | 净值走势 | | 国投瑞银白银期货A | रेक्ट | 15.42% 120日 | | 152.72% | | 委比 | -42.35% -- | -49914 | 5日 | 2.93% 250日 | | 192.24% | | 元 | 2.603 | 1283 | 20日 | 50.70% 52周高 | | 3.12 | | 卖西 | 2.602 | 13382 | 60日 | 102.02% 52周低 | | 0.88 | | 卖三 | 2.601 | ...

Core Viewpoint - The stock market opened positively in 2026, with the Shanghai Composite Index surpassing 4000 points, driven by "policy expectations" and the "technology cycle," indicating a solid foundation for market optimism. However, the challenge remains for ordinary investors to convert index gains into actual account profits, as frequent trading and emotional decision-making often lead to losses [1]. Group 1: The Power of Compounding - Compounding is often referred to as the "eighth wonder of the world," with its true impact being more profound than commonly understood. A simple mathematical sequence illustrates that a significant portion of wealth is created in the later stages of compounding [3]. - Warren Buffett's wealth accumulation demonstrates that most of his fortune was built after age 50, emphasizing the importance of time in the compounding process [3]. Group 2: Saving as a Priority - Saving should be redefined as "paying yourself first," representing a wise trade-off between lower current consumption and higher future utility [7]. - The "Rule of 72" can be a practical tool for estimating how long it will take for an investment to double based on its annual return [5]. - High-interest consumer debt is detrimental to wealth accumulation, and eliminating such debt should be a priority in any wealth-building strategy [10]. Group 3: Changing Investment Landscape - The investment landscape has fundamentally changed, with over 90% of stock market transactions now conducted by professional institutional investors, making it increasingly difficult for individual investors to outperform the market [18]. - The rise of index funds and ETFs represents a significant shift in investment philosophy, allowing investors to achieve market returns at lower costs [20]. Group 4: Overall Financial Planning - A comprehensive financial plan should consider the entire financial ecosystem, including asset allocation, savings plans, and spending rules [24]. - The "4% rule" is recommended for sustainable withdrawals from investment portfolios during retirement, ensuring wealth longevity [33]. Group 5: Key Investment Principles - The nine key investment principles outlined include recognizing the power of compounding, the importance of saving, understanding market structure changes, and minimizing costs [35][36][37].

Core Viewpoint - In a low interest rate environment, high-quality fixed income plus products are becoming increasingly sought after [1] Fund Performance - The fund has a performance benchmark of 90% of the China Bond Composite Index and 10% of the CSI 300 Index, achieving a net value growth of 41.6% since inception, significantly outperforming the 22.9% yield of the China Government Bond Index during the same period [4] - The annualized return of the fund since inception is 6.8%, with a maximum drawdown kept under 5% during a pessimistic market in September 2024, indicating a comfortable holding experience for investors [5] Fund Management - The fund, named Invesco Great Wall Jingyi Zhaoli 6-Month Holding Period Bond Fund, has a combined scale of 4.49 billion, managed by experienced professionals including Dong Han, Li Yiwen, and Zou Lihua [7] - Li Yiwen, one of the managers, has a master's degree from the University of Chicago and has extensive experience in asset management, having worked with the State Administration of Foreign Exchange and China Construction Bank [7] Asset Allocation - The fund is classified as a secondary bond fund, maintaining a stock asset proportion of 10%-20% over the past three years, thus can be viewed as a fixed income plus fund [10] - As of Q3 2025, the fund's allocation includes 51.3% in financial bonds, 20% in corporate bonds, and approximately 14% in medium-term notes and convertible bonds, with a focus on AAA-rated convertible bonds and state-owned bank secondary capital bonds [13] Equity Investments - The fund has a strong preference for non-ferrous metals, increasing its allocation to 61.09% by Q2 2025, while also favoring sectors like transportation, coal, and steel, focusing on resource stocks with dividend potential [15] - The top ten holdings include five stocks from the non-ferrous metals sector, with notable performers like Zijin Mining and Western Mining, the latter having increased by over 76% within the year [17] Overall Returns - The fund achieved a return of 11.6% in the current year, significantly outperforming the 1.05% increase in the China Government Bond Index, providing investors with unexpected returns despite a weak bond market [18]

Group 1 - The market is facing a complex environment with mixed factors as the new public fund sales regulations took effect on the last day of 2025, leading to a slight relief in the bond market, while a significant rise in equities has somewhat suppressed bond market sentiment [1] - As of January 6, 2026, the Penghua Sci-Tech Bond ETF (551030) experienced a slight pullback with a trading volume of 3.181 billion yuan [1] - The People's Bank of China announced a net purchase of 50 billion yuan in government bonds in December, aligning with market expectations, indicating that the central bank is not inclined to use government bond transactions as a primary tool for medium to long-term liquidity [1] Group 2 - The Penghua Sci-Tech Bond ETF tracks the Shanghai Stock Exchange AAA-rated Sci-Tech Innovation Company Bond Index, which selects bonds with AAA ratings and implied ratings of AA+ and above, offering advantages such as low fees, low trading costs, high transparency, and high efficiency in subscription and redemption [2] - Huaxi Securities believes that the policy dividends will create a broad market space for Sci-Tech bonds, and the Sci-Tech Bond ETF, as the only indexed tool for bonds in the technology sector, is expected to continue to highlight its long-term allocation value and market influence [2] - Penghua Fund has been actively developing a "fixed income tool product" strategy since the second half of 2018, aiming to become a domestic expert in fixed income indices by providing high-quality bond index investment tools [2]

投资要点 回顾2025年，权益市场整体表现优秀，呈上行趋势，中证全指全年录得24.60%的收益，上证指数也攀升至4000点附近。但期间不乏大幅 波动的行情，年初开启春季行情前的大幅调整，4月份受到特朗普对等关税冲击的回落，再到经历一轮上涨后11月份的行情波动，这些时 点都影响着账户的波动表现，同时也较考验投资者的持有信心 。 常青低波策略2025年持续保持低波动的特征，策略波动表现与预期相符，在市场出现风险事件的时间点，均能够起到有效的降波作用。降 低波动的同时也不意味着放弃上行收益，常青低波依旧于2025年录得接近15%的收益。股基增强策略受制于均衡基金的选择，在进攻性上 有所劣势，但依旧可以作为有效的增加弹性的配置工具，结合本系列跟踪周报的配置观点，能够进一步优化风险收益比 。 分析师：李亭函 登记编号：S0890519080001 分析师：黄浩 登记编号：S0890524110001 海外市场同样也有相似的表现特征，整体上录得较高收益，期间同样经历风险事件带来的较大波动，2025年海外权益配置策略录得 13.98%的收益。 量化策略配置观点： 股基增强策略> 常青低波策略> 海外权益策略 A股方面，我们 ...

Core Viewpoint - The article emphasizes the importance of setting reasonable investment expectations to navigate market volatility effectively and avoid irrational decision-making [2][3][9]. Group 1: Market Overview - As of January 6, 2026, the A-share market opened positively, with the Shanghai Composite Index rising by 1.5%, marking a 13-day winning streak and reaching a 10-year high [1]. - The year 2025 was characterized by a strong performance in the first three quarters, attracting many investors, but the fourth quarter saw increased volatility, leading to anxiety among investors [1]. Group 2: Importance of Setting Expectations - Setting reasonable investment expectations serves as a guide for actions, helping investors maintain composure during market fluctuations [2][3]. - Unrealistic expectations can lead to imbalanced investment behavior, such as panic selling during market downturns or excessive buying during uptrends [2]. Group 3: How to Set Reasonable Expectations - The article outlines two core dimensions for setting expectations: "knowing oneself" and "knowing others" [4]. - "Knowing oneself" involves accurately assessing one's risk tolerance through a risk assessment questionnaire, which is crucial for aligning investment choices with actual risk capacity [5]. - "Knowing others" refers to understanding the characteristics of different fund products and market conditions to establish realistic expectation ranges [6]. Group 4: Fund Performance Insights - Historical performance data from various fund indices since 2015 indicates that equity and mixed funds have achieved annualized returns of approximately 6.93% to 8.87%, with annualized volatility ranging from 16% to 22% [8]. - In contrast, bond funds have shown more stability with an annualized return of 3.79%, while money market funds have lower returns, mostly in the "1% era" [6][8]. Group 5: Market Outlook for 2026 - Analysts suggest that the A-share market in 2026 may experience a "slow bull" trend, transitioning from "valuation repair" to "profit-driven" growth, with increased structural differentiation [9]. - Investors are advised to lower expectations for broad market rallies and focus on balanced allocations in sectors with higher growth potential [9].

Core Insights - Huayu Yongyuan Zhanzheng (Ningbo) Equity Investment Fund Partnership has been established with a total investment of 1.2 billion yuan, focusing on private equity investment, investment management, and asset management activities [1][2]. Group 1: Company Overview - The fund is a limited partnership and is registered in Ningbo, Zhejiang Province, with a business duration until December 29, 2025 [2]. - The main operational location is at 130 Zhongzhou Road, Wuxiang Town, Ningbo, with a postal code of 315100 [2]. Group 2: Investment Structure - The fund is jointly funded by CRRC Capital Management Co., Ltd., Ningbo Yongyuan Investment Fund Co., Ltd., and Ningbo Metro Industry Engineering Co., Ltd. [1][3]. - CRRC Capital Management Co., Ltd. is a wholly-owned subsidiary of China CRRC Corporation Limited, which holds a 100% stake in the fund [3].