旧岁峥嵘皆过往，新年奋楫再出发。站在新起点，银河基金将坚守中国特色金融发展之路，与投资者、 合作伙伴携手，以专业谋发展、以稳健守初心、以温暖传使命，在金融强国征程中策马扬帆、笃行不 怠，共绘高质量发展华彩画卷！最后，再次祝愿大家马年安康顺遂、事业腾达、阖家幸福！ 史平武 银河基金党委书记、总经理简介 曾任中国农业银行山西省太原市分行副行长，大华银行（中国）有限公司金融机构部负责人，农银金融 租赁有限公司国际业务部总经理，中建投租赁股份有限公司党委副书记、总经理等职。 律转鸿钧，春临华夏。值此2026年丙午马年春节来临之际，我谨代表银河基金全体同仁，向长期信赖相 伴的万千投资者致以诚挚新春祝福，向同心致远的各界伙伴致以崇高敬意！愿大家马驰新途、福暖盈 门，投资之路蹄疾步稳、硕果满枝，阖家团圆喜乐常伴！ 回首乙巳旧岁，世界经济格局深度调整，中国经济于风浪中彰显强劲韧性，以新质生产力为引擎的高质 量发展态势愈发鲜明。国内科技创新迭代提速，AI、半导体等前沿领域多点突破，产业升级与绿色转 型纵深推进，为"十五五"规划开局筑牢根基，给资本市场注入持久动能。 中国经济独有的韧性和底气，在资本市场上表现尤为显著。A股科技板 ...

春回大地，骏马驰骋。新的一年，招商基金将继续秉持"为客户创造更多价值"的使命，以最佳客户体验为引领，坚持"主动管理业务"和"被动指数业务"双 轮驱动，持续优化业务结构，全面提升投研、资产组织、风险管理、科技支撑、业务创新、人才队伍建设等六大能力，通过长期稳定的业绩、丰富优质的 产品和专业温暖的服务，全力守护每一份信任与托付，在高质量发展新征程上稳步前行。 马年寓意着奔腾、进取、力量与担当，我们将以龙马精神鞭策自身，在市场的浪潮中敏锐应变、笃行致远。愿与各位投资者继续携手并肩，蹄疾步稳，共 赴新程，以时间淬炼价值，用专业书写答卷。最后，衷心祝愿各位投资者及家人在新的一年，事业马到成功，生活一马平川，财源马不停蹄，投资一马当 先！期待与您一路同行，共启华章！ 福启新岁，万象更新。值此丙午马年春节来临之际，我谨代表招商基金全体员工，向广大投资者致以最诚挚的节日祝福！愿新春的钟声带来平安喜乐，愿 骏马的腾跃送抵鸿运昌隆。 回首过去一年，我国在百年未有之大变局中迎难而上、砥砺前行，顺利实现"十四五"规划圆满收官，全面开启中国式现代化新篇章。新质生产力加速培 育，资本市场稳健发展，国民经济走出了一条更具韧性、更趋成熟的高 ...

Group 1 - The core message emphasizes the transition and high-quality development of the securities and public fund industries, with a focus on the new opportunities and challenges presented by the 14th and 15th Five-Year Plans [3][4] - The 2025 economic outlook predicts a GDP growth of 5%, highlighting the resilience of the Chinese economy despite external uncertainties and domestic challenges [3] - The public fund industry is shifting from a scale-oriented approach to a return-oriented strategy, indicating a structural optimization and prioritization of quality in development [4] Group 2 - Xin Yuan Fund aims to become a trusted first-class asset manager, focusing on innovation and reform to enhance operational quality and core capabilities, with a public fund scale of 247.3 billion yuan [6] - The company has successfully launched its first ETF product and is enhancing its investment research capabilities through a multi-strategy approach, ensuring a collaborative investment framework [6] - The company anticipates continued growth and collaboration with investors, emphasizing a commitment to professional service and stable performance in the face of market fluctuations [6]

非常感谢大家对于汇丰晋信基金的支持！ 刚刚过去的农历蛇年无疑是充满"惊喜"的一年。从"横空出世"的国产人工智能，到蛇年春晚舞台上惊艳 世界的机器人表演，从国产创新药在国际舞台上备受瞩目，到阅兵方阵上展示的堪称"科幻"的先进装 备，过去几年中国坚定不移贯彻的高质量发展战略，如今已经结出了累累硕果。 反映到资本市场上，在AI、创新药、新消费等"新经济"板块的引领下，2025年的A股和港股市场也都交 出了一份较为满意的"答卷"。上证综指全年涨幅接近20%，恒生指数涨幅接近30%，而集中了较多新经 济企业的科创板综指和创业板指数更是上涨了超过40%和50%，成为全球表现最好的市场之一。 对于公募基金行业来说，2025年同样是向高质量发展迈进的一年。 2025年5月，证监会印发了《推动公募基金高质量发展行动方案》，从费率机制、考核制度、产品结构 等多维度调整优化行业运行逻辑，为公募基金行业未来持续高质量发展指明了方向。在这一精神引领 下，汇丰晋信基金始终秉持初心，坚持"做正确的事"，不断升级投研和服务能力，以长期视角服务好投 资者。 李选进 汇丰晋信基金管理有限公司总经理 2003年加盟汇丰投资管理（香港）有限公司，任 ...

Core Viewpoint - The public fund industry, represented by Southern Fund, emphasizes its commitment to high-quality development and its role in supporting the national economic strategy while enhancing investor benefits in the new year [1][2][3]. Group 1: Economic Resilience and Innovation - In the past year, China's economy has shown strong resilience amidst a complex global macro environment, with new productive forces emerging and a modern industrial system being steadily constructed [1][2]. - The rise of artificial intelligence and continuous innovation has been highlighted as a key driver for economic growth [1][2]. Group 2: Commitment to Investor Interests - Southern Fund is dedicated to enhancing its business and service systems centered around the best interests of investors, guided by the new "National Nine Articles" and the "Action Plan for Promoting High-Quality Development of Public Funds" [2][3]. - The company has successfully issued the first batch of innovative floating-rate funds in the industry, aligning its interests with those of investors [3][12]. Group 3: Focus on Long-term Value and Pension Management - The company is addressing the long-term trend of an aging population by developing a comprehensive asset management system for pension finance, aiming to reach a management scale of nearly one trillion [3][11]. - Southern Fund is actively guiding long-term capital, such as insurance and pension funds, to invest in equity assets, fostering a positive interaction between long-term funding and capital markets [3][11]. Group 4: Global Integration and Cross-Border Opportunities - The company is committed to being a pioneer in the high-level opening of capital markets, enhancing its cross-border business layout and focusing on global asset allocation [4][13]. - Southern Fund has launched multiple Hong Kong Stock Connect products to improve investment research and asset allocation capabilities across markets and time zones [4][13]. Group 5: Future Strategies and Technological Empowerment - In the new year, the company plans to enhance its ability to serve national strategic industries, focusing on identifying transformative technological breakthroughs [5][14]. - Southern Fund aims to leverage artificial intelligence to upgrade its investment research, market, product, and operational systems, seizing opportunities in the AI era [5][14].

Core Viewpoint - The company expresses confidence in the Chinese economy and capital markets for 2026, highlighting a commitment to high-quality development and investment opportunities [5][20]. Economic Outlook - China's GDP growth target of 5.0% for 2025 was successfully achieved despite multiple challenges, showcasing economic resilience [5][18]. - The central economic work conference has set the tone for 2026, emphasizing "stability while seeking progress, improving quality and efficiency," along with a continuation of proactive fiscal and moderately loose monetary policies [7][20]. Market Insights - The capital market in 2026 is expected to exhibit reduced volatility and structural differentiation, with regulatory guidance helping to stabilize the market [8][21]. - There is an anticipated concentration of funds towards high-quality assets, with core competitive enterprises and high-growth sectors likely to attract market interest [8][21]. - Key investment themes for 2026 include technology growth, particularly in AI applications and semiconductors, as well as opportunities in cyclical recovery and service consumption driven by economic growth [8][21]. Strategic Focus - The company aims to adhere to a "premium, professional, and differentiated" development strategy, focusing on research and investment, product layout, and risk management [9][22]. - Plans include strengthening the research talent pool and enhancing research depth in core areas such as technology, pharmaceuticals, and new energy [10][23]. - The company will diversify its product offerings, emphasizing "fixed income+" and quantitative "index+" strategies to cater to varying risk preferences and investment needs [11][24]. - A comprehensive risk management system will be established to ensure strict adherence to risk budgets and investment styles, while enhancing client advisory services [12][25]. Conclusion - The company is committed to prioritizing investor interests and maintaining a professional research-driven approach to navigate investment opportunities in 2026 [13][26].

专题：资本市场大咖2026新春献词：骏马踏春来 驭势稳行启新程 蛇衔旧岁去，马踏春风来。值此丙午新春来临之际，我谨代表兴业基金全体同仁，向一直信任并陪伴我 们的广大投资者、合作伙伴以及各界朋友，致以最诚挚的问候与最衷心的感谢！感恩一路相伴，新岁继 续同行，恭祝大家在新的一年万事胜意、马到功成。 抬首回望，时光如流，时代变革的画卷已然绘就。刚刚过去的2025年，我们不仅见证了我国GDP首次跃 上140万亿元新台阶，也目睹了AI技术的快速迭代与广泛应用，更亲历了一揽子政策呵护下，资本市场 延续火热、活力焕发。公募基金行业亦在"发展与变革"中行稳致远——管理规模再创新高，被动投资持 续扩容；"三阶段"费率改革顺利收官，引导行业从"重规模"向"重回报"加速转变，不仅有力保护投资者 权益，也为市场引入长期活水，激发行业高质量发展新动能。 过去一年，兴业基金主动融入时代变局、积极拥抱行业变革，坚定践行金融工作的政治性、人民性，围 绕"高质量发展"主线，扎实推进六大转型升级。我们以专业为楫，以创新为帆，持续提升投研核心能 力，加强投资者全流程陪伴。产品布局上，我们坚持"以客户为中心"，积极拓展主动权益与被动指数双 轮驱动的 ...

Group 1 - In 2025, China's economy demonstrated strong resilience amidst a complex internal and external environment, with the A-share market breaking through 4000 points and showing a "slow bull" characteristic throughout the year [1] - Looking ahead to 2026, the external environment is expected to improve with a phase of easing in China-US relations, and Chinese assets are likely to continue their revaluation [1] - The domestic environment is characterized by a "strong supply and weak demand" scenario during the transition of old and new growth drivers, which suppresses the elasticity of price recovery [1] Group 2 - The public fund industry is entering a critical year for high-quality development, with the China Securities Regulatory Commission (CSRC) emphasizing the importance of prioritizing investors' best interests [2] - Changjin Hexin Fund is actively implementing high-quality development principles, focusing on enhancing customer experience through product layout, client engagement, and investment education [2][3] - The fund is committed to a "fixed income +" strategy while also developing FOF and balanced active equity products, with a strong emphasis on long-term performance evaluation and aligning fund manager compensation with long-term investor returns [2][3] Group 3 - The "Hexin Island" initiative aims to educate investors on investment knowledge, addressing behaviors that can erode returns, such as frequent trading and chasing market trends [3] - The initiative has gained significant traction, with over a million followers and extensive content exposure, recognized as an innovative project in investor education by the China Fund Report [3] - The public fund industry is encouraged to play a more active role in supporting the real economy, promoting capital market stability, and meeting residents' wealth management needs [3]

2026年的第一声资本惊雷，并非源于人工智能（AI）或是机器人等科技创新，而是来自黄金、白银等有色金属。 国际金价以一种近乎癫狂的姿态连创历史新高，最高触及5626.8美元/盎司，带动A股有色金属板块"脱离地心引力"般暴涨22.59%；随后金价在1月30日上演 "高台跳水"，创下近40年来最大单日跌幅，部分热门有色个股暴跌20%…… 这不仅是策略，更是原则。所谓"三股七债"，即穿透后股票类资产占30%，债券类资产占70%。这个比例既源于"100–年龄"的经典公式，也结合了他对A股 剧烈波动的清醒认知。"62岁，理论可配38%的股票，因为A股波动比较大，我主动降至30%。"他说。 回顾过去几年的投资经历，2022年至2024年，A股持续下跌，上证指数从3700点跌至2700 点附近，其间虽有阶段性反弹，但整体处于熊市周期，他的股票类 资产的仓位持续低于27%，于是他不断用投资债基获得的收益补仓；2024年，在政策利好推动下，"9·24"行情启动，他的股票类资产的仓位很快突破33%。 于是，他按纪律卖出部分权益类资产，恢复"三股七债"的比例。 当被问及最近是否会盯黄金、有色这类狂热与动荡的板块时，62岁的吴凯说： ...

受访公募机构普遍对科技资产持乐观态度，其中以AI为代表的相关资产更受青睐。同时，部分机构认为，传媒、互联网等 板块仍处于底部区域，锂电、光储等龙头公司估值依然较为便宜。"要把握春节行情，投资者可优先选择趋势明确、估值合理 的板块，比如AI产业链、电网设备、央企红利等，既考虑成长空间，也兼顾抗波动能力。" 期货仍长期青睐贵金属资产 今年以来，商品资产持续受到资金青睐，受访期货公司认为，国内春节长假期间，海外市场风险或有传导可能，部分商品 在节后有一定波动风险，但对于基本面相对确定的资产，仍可在长假期间适度持有。 受访金融机构普遍建议，针对趋势性明显的部分资产可适度持仓过节，以把握上涨机会。华夏基金相关人士向《证券日 报》记者表示，A股市场的"春节效应"是根据多年运行沉淀的高概率日历特征，一般情况下会迎来较强走势，但部分板块也会 出现分化特征。针对今年春节行情，现阶段利空因素正被市场逐步消化，宽松流动性预期仍有望实现。 嘉实基金相关负责人告诉记者，春节前后，投资者对权益市场表现需持理性偏乐观态度，市场风格与结构可能发生变化。 从估值层面来看，今年初市场对过往涨幅较高的三条主线（AI技术应用、AI基建需求驱动和中国 ...