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].

责任编辑：钟离 基金频道更多独家策划、专家专栏，免费查阅>> 近期，国投瑞银基金管理有限公司旗下国投瑞银白银期货证券投资基金A类基金份额二级市场交易价格 波动较大，请投资者密切关注基金份额净值。为保护投资者利益，本基金将于2026年1月7日开市起至当 日10:30停牌，自2026年1月7日10:30复牌。若本基金2026年1月7日二级市场交易价格溢价幅度未有效回 落，本基金有权通过向深圳证券交易所申请盘中临时停牌、延长停牌时间的方式，向市场警示风险，具 体以届时公告为准。 ...

Core Viewpoint - The issuance of the Ruiyuan Research Balanced Three-Year Holding Mixed Fund reflects the company's commitment to exploring a team-based fund management model and a cautious approach to fund establishment [1][2]. Fund Structure and Management - The Ruiyuan Research Balanced Three-Year Holding Mixed Fund is a mixed equity fund primarily investing in A-shares and Hong Kong stocks, with an equity asset investment ratio of 60%-95%, and a maximum of 50% of equity assets in Hong Kong Stock Connect targets [2]. - The fund will adopt an active management philosophy, focusing on identifying value investment targets with competitive advantages across various industries, aiming for long-term stable asset appreciation and excess returns beyond performance benchmarks [2][3]. - The fund will be managed by a team of three fund managers, who will collaborate through a cooperative mechanism and manage their respective units independently, with performance based on the aggregate contributions of each manager [2][7]. Fee Structure - The fund employs a floating management fee model, with fees determined based on the holding period and annualized return of each fund share, categorized into three tiers depending on performance relative to benchmarks [3]. Strategic Rationale - The exploration of the team-based fund management model aligns with regulatory guidance aimed at enhancing core investment research capabilities and supporting diversified management strategies [4][6]. - The fund's management team believes that a multi-manager approach can reduce risk and enhance returns by leveraging diverse investment styles and expertise [5][8]. Historical Context and Future Direction - The team-based management model has been successfully implemented by firms like Capital Group, which utilizes a multi-advisor system to achieve superior long-term investment performance [7]. - The Ruiyuan Research Balanced Fund represents a significant step in the company's ongoing exploration of this management model, with a focus on continuous improvement and adaptation based on operational experiences [8].

Group 1 - The article discusses the investment strategies and performance outlook of top fund managers for the year 2026, emphasizing the importance of understanding market dynamics and adapting investment approaches accordingly [1][15] - The company highlights its consistent performance over the past decade, successfully beating benchmarks across various product styles, including growth, low valuation, and high ROE strategies [3][17] - The article notes that the fund manager, Wu Peiwen, has been managing multiple products since September 30, 2015, with a track record of outperforming benchmarks in most years [4][17] Group 2 - The performance data of various funds managed by Wu Peiwen is presented, showing significant fluctuations in returns over the years, with notable highs and lows [4][5][19] - The company emphasizes the importance of a structured and transparent investment process, which has proven effective over a decade, allowing for repeatable investment capabilities [8][22] - The article discusses the changing landscape of the Chinese economy, highlighting the need for investors to adapt their strategies to align with emerging trends and technological advancements [9][24] Group 3 - The company expresses a cautious outlook on the current market, likening it to a pendulum that swings between optimism and pessimism, suggesting that investors should remain vigilant [10][25] - The article outlines the company's approach to serving retail investors, comparing it to operating a bus service, which requires a different strategy than high-risk investments [11][26] - The company focuses on risk management, aiming to minimize the probability of significant losses and ensuring that clients can see returns within a reasonable timeframe [12][27]

为更好地推动科技金融与科技产业化的发展，对母基金在中国资本市场里所发挥的重要作用进 行系统研究，发挥政府出资产业投资基金等的资源和战略优势，加强政府对社会资本的管理和 引导，促进社会资本流向创新创业型企业和实体经济，推动中国投资行业特别是母基金行业的 健康发展， "中国国际科技促进会母基金分会"（简称"科促会母基金分会"）成立。科促会母基 金分会领导班子所在机构及参会机构共8 7 家，科促会母基金分会于每周二更新相关机构的一 周资讯。 【内容提要】 1 . 2 0 0亿，这个省社保科创基金正式启航 01 200亿，这个省社保科创基金正式启航 1 2月3 1日 由福建省、厦门市、全国社会保障基金理事会、中国建设银行共同发起设立的 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。 此次备案完成，标志着全国社会保障基金理事会与福建省、厦门市的战略合作正式落地。 在基 金筹备过程中，在市财政局的支持下，在金圆集团的带领下，厦门产投和厦门创投积极对接， 与全国社会保障基金理事会、建银投资、省市两级相关主体等合作方高效协同、紧密配合，在 一个月内高效推进完成了基金战略签约、 ...

Group 1: Grid Trading Strategy Overview - The essence of "grid trading" is a high buy low sell strategy, which does not predict market trends but utilizes natural price fluctuations to generate profits, suitable for frequently fluctuating markets [3][13] - Characteristics of suitable grid trading targets include: selecting on-market targets, stable long-term trends, low trading costs, good liquidity, and high volatility, with equity ETFs being relatively suitable for grid trading [3][13] Group 2: ETF Grid Strategy Target Analysis - **Game ETF (159869.SZ)**: The normalization of domestic game license issuance has reached a seven-year high, with 1771 licenses issued in 2025, over 20% growth from 2024. The overseas market for Chinese games saw a revenue of $9.501 billion in the first half of 2025, a year-on-year increase of 11.07%, indicating strong overseas growth potential [4][14] - **Securities ETF Leader (159993.SZ)**: The high market activity has catalyzed the performance release of brokerage firms, with the A-share market achieving a record trading volume of 420.21 trillion yuan in 2025, a 62.64% year-on-year increase. The financing balance reached 25,385.25 billion yuan, up 36.91% from the end of 2024, indicating significant performance improvement in the securities industry [4][17] - **Asia-Pacific Selected ETF (159687.SZ)**: The Asia-Pacific region is characterized by high growth and structural transformation, with an expected economic growth rate of 5.1% in 2025, contributing about 60% of global economic growth. The region is embracing green and digital revolutions, transitioning from a "world factory" to a "main engine" of global economic growth [4][6][19] - **Dividend Quality ETF (159758.SZ)**: This ETF balances cash dividend capability and profit growth quality, with policies promoting regular dividends and encouraging long-term capital inflows, enhancing the investment value of high-dividend assets [4][7][20]