Market Overview - The A-share market in 2025 showed a clear upward trend amidst structural fluctuations, with the Shanghai Composite Index reaching a nearly ten-year high and touching the 4000-point mark [1] - The market capitalization of A-shares surpassed 100 trillion yuan, with an average daily trading volume exceeding 1.7 trillion yuan, indicating sustained market activity [1] Fund Performance - Over 96% of active equity funds established for more than a year achieved positive returns, with 75 funds doubling their value within a year [2] - Among these, E Fund stood out by having 10 of the "doubling funds," showcasing its strong active management capabilities [2] - Notable fund managers like Wu Yang and Liu Jianwei achieved annual returns around 120% and 110% respectively, with their funds performing exceptionally well [2] Long-term Performance Metrics - The focus on long-term performance has increased, with a new regulatory framework emphasizing long-term return assessments for funds [5] - In the past three years, 41 active equity funds achieved annualized returns over 30%, with E Fund having five of these funds, leading among fund companies [5] - In the last five years, E Fund also had a significant number of funds with annualized returns exceeding 15% [5] Fund Management and Strategy - E Fund's investment strategy emphasizes a robust research and investment system, which has been crucial for its performance [8] - The company employs a "large platform, small team" management model, integrating internal and external resources to enhance investment and research capabilities [8] - This approach aims to create sustainable alpha and deliver stable long-term returns for clients in a complex market environment [8]

此次签约是积极贯彻省"十五五"规划中"前瞻布局未来产业"战略要求和落实青岛市加快培育发展未来产 业部署的具体举措。下一步，青岛市财政局将进一步优化全市政府投资基金布局，立足青岛"10+1"创新 型产业体系，以基金为纽带，吸引前沿项目、高端人才与优质资本落地，着力打造具有全国影响力的未 来产业高地，以点带面牵引创新要素高效流动、深度耦合，推动产业结构转型升级，放大区域创新辐射 效应。 山东省新动能未来产业基金由省新动能基金公司联合青岛财通集团共同设立，旨在充分发挥省、市政府 投资基金的引领作用和青岛本地产业资源优势，有效链接技术、人才与资本资源，引导社会资金精准投 向具有成长潜力的未来产业项目。该基金首期规模30亿元，将围绕青岛未来产业发展规划，精准投向未 来智造、未来信息、未来材料、未来能源、未来空间和未来健康六大方向，发掘培育一批具有核心技术 和成长潜力的优质企业，助力打造特色鲜明、优势突出的未来产业集群。 据介绍，山东省新动能基金公司成立于2018年，并于2020年7月获批成为省属一级金融企业，截至目前 公司已在青岛市设立35支基金，基金认缴规模555亿元，实缴出资317亿元，其中省级引导基金实缴出资 5 ...

Group 1 - The core point of the news is that Sichuang Electronics experienced a stock price increase of 5.27%, reaching 33.18 yuan per share, with a trading volume of 6.91 billion yuan and a turnover rate of 8.00%, resulting in a total market capitalization of 89.94 billion yuan [1] - Sichuang Electronics, established on August 18, 2000, and listed on May 10, 2004, is located in Hefei, Anhui Province, and primarily engages in radar, smart industry, and energy sectors, including meteorological radar, air traffic control radar, and various related products [1] - The revenue composition of Sichuang Electronics includes radar and supporting products at 53.16%, public safety products at 26.24%, power products at 15.10%, mobile support equipment at 4.68%, and other supplementary products at 0.83% [1] Group 2 - From the perspective of major circulating shareholders, Yongying Fund's low-carbon environmental mixed fund A (016386) reduced its holdings by 54,600 shares in the third quarter, now holding 1.6782 million shares, which accounts for 0.62% of circulating shares, with an estimated floating profit of approximately 2.7858 million yuan [2] - The fund manager of Yongying Low Carbon Environmental Mixed Fund A is Hu Ze, who has a cumulative tenure of 2 years and 217 days, with the fund's total asset size at 3.428 billion yuan and a best return of 150.5% during his tenure [3][5] - Yongying Manufacturing Upgrade Mixed Fund A (024202) holds 261,100 shares of Sichuang Electronics, representing 2.79% of the fund's net value, with an estimated floating profit of about 433,400 yuan [4]

央企共赢ETF（517090）跟踪的是富时中国国企开放共赢指数，筛选标准注重大市值、低估值与高盈利 特征，旨在反映具有全球化布局和可持续发展能力的优质央企上市公司证券的整体表现。 （文章来源：每日经济新闻） 东吴证券指出，2025年是国企改革深化提升收官之年，改革将持续推进，中央提出深化国资国企改革， 做强做优做大国有企业和国有资本，推进国有经济布局优化和结构调整。地方国企资本运作主要通过资 产注入、并购重组、增资控股等方式完成，未来仍将围绕战略性重组和专业化整合展开。随着地方加强 盘活存量资产，国企改革进一步深化，地方国企资本运作有望持续加速推进。地方政府现有股权资产规 模较大，但证券化比例相对较低，2023年省级行政区股权资产总额约为29.26万亿元。国有资产盘活重 点包括"三资""三化"原则，即国有资源资产化、国有资产证券化、国有资金杠杆化，以提升资产利用效 率。2026年各地将进一步加强地方国企考核管理，提升竞争力。 ...

Core Viewpoint - The A-share market concluded 2025 with strong gains, characterized by a structural bull market driven by hard technology sectors like artificial intelligence, leading to significant performance in industries such as electronics and communications [1] Group 1: Market Performance - The ChiNext Index surged by 49.57% for the year, leading the market, while the Shanghai Composite Index rose by 18.41%, marking its largest annual increase in nearly six years [1] - The total scale of the public fund industry in 2025 surpassed 37 trillion yuan, indicating a new milestone for the asset management sector [1] Group 2: Equity Fund Performance - In 2025, the active equity segment of the company saw over 30 products ranking among the top performers, with 31 active equity funds achieving annual returns exceeding 50%, including 12 funds surpassing 80% and 5 funds doubling their returns [2] - The company ranked second among 13 large public fund companies in terms of active management returns for equity products over the past three years, showcasing strong mid-to-long-term performance [2] Group 3: Technology and Healthcare Investments - The "Fuguo Technology Performance Team" excelled in the technology growth sector, with the Fuguo Innovation Technology A fund achieving a return of 133.99%, ranking second in its category [3] - In the healthcare investment space, the company focused on innovative drugs and medical devices, with the Fuguo Medical Innovation A fund returning 67.70%, ranking second in its category [3] Group 4: Fixed Income Performance - The fixed income team demonstrated strong performance in a challenging market environment, with the company ranking in the top 25% of peers over three, five, and seven-year periods [4] - Notable fixed income products included Fuguo Jiuli Stable Allocation A, which achieved a return of 37.04%, ranking second in its category [4] Group 5: Quantitative Investment - The company expanded its quantitative investment tools, with over 80 ETF products and a total scale exceeding 250 billion yuan, marking a significant increase of over 120 billion yuan in 2025 [6] - Nine quantitative products ranked among the top 10 in their categories, with the Communication Equipment ETF achieving a return of 121.01%, ranking second [6] Group 6: Future Outlook - The public fund industry is entering a critical phase focused on high-quality development centered on investor interests, with the company committed to long-term investment principles and enhancing its research systems across equity, fixed income, and quantitative platforms [7]

衍生品研究 供需失衡下，预期转债市场将维持高位 推荐指数成分调整套利策略及深度挖掘个券 2026 年 1 月 6 日 衍生品研究/专题报告 中证转债指数 投资要点： 转债市场整体高位震荡 2025 年 8 月中旬以来，转债市场市价中位数在 129-135 元区间震荡。考 虑到公募转债绝大多数强赎条款为 130%，同时公告暂不强赎的个券数量仅 占 10-15%，我们认为 130 左右已是转债市场市价中位数可触及的上限。 Q325，投资转债的主要机构资金——一级债基、二级债基和转债主题基 金多数对转债进行了减仓。同时，9 月中旬以来，转债 ETF AUM 缓慢降低。 资料来源：常闻 相关报告 我们认为转债市场目前整体估值偏高，操作难度越来越大。市场整体换手率 10-12 月降至 9%左右，较 8 月末的 15%显著降低，也验证聪明钱或在流出。 大类资产配置方兴未艾，冉冉升起新兴 展望 2026 年转债市场 市场-REITs 专题报告 2025.9.16 积极寻找结构性机会系列-人形机器人 产业链相关转债梳理 2025.6.4 2025 年末，存续个券已不足 380 只，较 2024 年峰值减少近 170 只。若 ...

Group 1 - The core driver of the recent A-share market rebound is the marginal easing of liquidity expectations, leading to a global resonance recovery of risk assets [1][2] - The Shanghai Composite Index has broken through the previous high of 4034.08 points, marking the highest level since July 2015 [1] - Multiple securities firms maintain an optimistic outlook for the A-share market in 2026, suggesting that the "transformation bull market" is far from over [2] Group 2 - The current market rally is occurring in a context of weak fundamentals and moderately loose liquidity, making its sustainability uncertain [2] - Several foreign institutions have released reports expressing positive views on Chinese assets for 2026, driven by improving corporate earnings and technological innovations [2] - Goldman Sachs forecasts that China's actual GDP growth rate will exceed market consensus, recommending overweight positions in A-shares and Hong Kong stocks, with expected annual increases of 15% to 20% in 2026 and 2027 [2] Group 3 - Investors are facing challenges in navigating the fast-moving market, with concerns about missing opportunities while avoiding high entry points [3] - The recommendation for retail investors is to consider broad-based ETFs to capture overall market gains without the need for precise stock selection [4] Group 4 - The 科创50ETF汇添富 (CSI 50 ETF) has outperformed 64% of its constituent stocks with a total return of 35.92% in 2025, making it an attractive option for investors [4][8] - The MSCI中国A50ETF (MSCI China A50 ETF) has achieved a total return of 25.13% in 2025, outperforming 68% of its constituent stocks, providing a solution for investors looking to access leading companies across various sectors [6][8] - The A500ETF汇添富 (A500 ETF) has delivered a return of 22.43% in 2025, outperforming 58% of its constituent stocks while maintaining a lower maximum drawdown compared to 91% of its peers [8]

Group 1 - The core point of the news is that Qianli Technology's stock price increased by 5.19% to 11.15 CNY per share, with a trading volume of 480 million CNY and a market capitalization of 50.41 billion CNY as of January 6 [1] - Qianli Technology, established on December 1, 1997, and listed on November 25, 2010, is primarily engaged in the research, production, and sales of passenger vehicles (including new energy vehicles), motorcycles, engines, and general gasoline engines, as well as financial investments [1] - The company's revenue composition is as follows: manufacturing accounts for 98.14%, real estate for 0.99%, and other sources for 0.87% [1] Group 2 - From the perspective of fund holdings, one fund under Wan Jia Fund has Qianli Technology as a significant holding, specifically the Wan Jia CSI 1000 Index Enhanced A fund, which reduced its holdings by 546,300 shares to 1.09 million shares, representing 0.65% of the fund's net value [2] - The Wan Jia CSI 1000 Index Enhanced A fund has a total scale of 1.22 billion CNY and has achieved a year-to-date return of 2.22%, ranking 2417 out of 5490 in its category, while its one-year return is 48.01%, ranking 1189 out of 4193 [2]

Group 1 - The central enterprise leaders' meeting held on December 22-23, 2025, emphasized strengthening market value management and shareholder returns for listed companies, which is expected to enhance the profitability and dividend capacity of state-owned enterprises [1][7] - The high-dividend sectors, represented by non-ferrous metals and non-bank financials, showed active performance in the market following the meeting [1][7] Group 2 - The Central Enterprise Dividend ETF (561580) has attracted significant capital inflow, accumulating 358 million yuan since November 19, 2025, with its latest scale reaching 1.023 billion yuan and 825 million shares, marking increases of 60% and 56% respectively since the beginning of 2025 [2][8] - The ETF tracks the China Securities Central Enterprises Dividend Index, which is noted for having the highest "central enterprise purity" among current market dividend strategies, with a dividend yield of 4.95% [2][8] Group 3 - The Central Enterprises Dividend Index demonstrated strong resilience in a relatively volatile market, with its total return index rising by 10.61% in 2025, outperforming other mainstream A-share dividend indices [3][9] - The Central Enterprise Dividend ETF is managed by Huatai-PB Fund, which has a diverse range of dividend strategy ETFs, collectively known as the "Dividend Family Bucket," with a total management scale of 51.262 billion yuan [3][9]

1月6日，华泰保兴产业升级混合发起（021792）发布公告，宣布基金经理滕春晓于2026年1月5日正式上 任。 1月6日，华泰保兴产业升级混合发起（021792）发布公告，宣布基金经理滕春晓于2026年1月5日正式上 任。 ...