Core Insights - In 2025, the AI-themed funds surged, but the Qianhai Kaiyuan AI Fund ended the year with a loss, making it the only fund in its category to do so [2][3] - The fund's A-class share net value growth rate was -4.15%, significantly underperforming compared to the benchmark return rate of 12.55% [3][4] Performance Comparison - Among 18 AI-themed funds that have been established for over a year, Qianhai Kaiyuan AI Fund was the only one to report a loss, while others saw annual gains exceeding 40%, with the highest return surpassing 100% [2][3] - The fund ranked 2242 out of 2274 flexible allocation funds in the market, indicating poor performance relative to peers [3][4] Management and Strategy - The fund was established in May 2016 and focused on selecting stocks of companies with significant growth potential related to AI, investing at least 80% of non-cash assets in AI-related securities [3] - Star fund manager Qu Yang managed the fund until June 2025, when he stepped down due to internal adjustments, with his management yielding a total return of 13.43% over nine years [4][5] Investment Strategy Issues - The fund's underperformance was attributed to its focus on end-side AI sectors like electronics and communications, while the market was led by AI computing infrastructure such as chips and optical modules [5][6] - In Q2 2025, the fund made significant changes to its portfolio, replacing six of its top ten holdings, which coincided with a market downturn for those stocks [6][7] Market Trends and Future Outlook - Despite the fund's struggles, the manager Wei Chun expressed optimism about the AI hardware market entering a rapid growth phase in 2026, driven by advancements in AI models and user experience improvements [8]

Core Viewpoint - The recent increase in cross-year funding prices has been observed, but the central bank's increased reverse repo operations have maintained a balanced liquidity environment. Concerns over government bond supply at the beginning of the year have led to bearish sentiment in the bond market, with a noticeable rise in the yield curve. The implementation of new regulations on fund sales fees is expected to alleviate redemption pressure on bond funds [1][15]. Market Overview - The yield changes for various maturities of government bonds from December 26, 2025, to January 4, 2026, include increases of 4.5 basis points (BP) for the 1-year bond, 1.44 BP for the 2-year bond, and 2.99 BP for the 5-year bond, among others [2][3]. - The bond market experienced a significant decline, particularly in long-term and ultra-long-term bonds, with the 30-year bond futures dropping 1.28%, marking the lowest level since October 2024 [5]. Regulatory Changes - The new regulations on the management of sales fees for publicly offered securities investment funds have been officially implemented, allowing for a longer redemption buffer period of 12 months and easing the redemption fee rates compared to previous drafts. This is expected to reduce the redemption pressure on bond funds [1][15][16]. Primary Market Activity - In the previous week, a total of 9 bonds were issued, amounting to 26 billion yuan, all of which were local government bonds from Beijing. For the upcoming week, 27 bonds are planned for issuance, totaling approximately 157.66 billion yuan, including 4 billion yuan in government bonds and 117.66 billion yuan in local government bonds [7]. International Market Insights - The U.S. long-term treasury yields have risen, with the 10-year treasury yield increasing by 6.3 BP to 4.19%, and the 30-year yield reaching a new high of 4.87%. This increase is attributed to better-than-expected employment data and ongoing expansion in the manufacturing sector, which has reduced demand for safe-haven assets [8][9]. Institutional Perspectives - Analysts from various institutions have noted that the new regulations on redemption fees for bond funds are a significant positive development, potentially stabilizing the bond market sentiment. However, concerns regarding the supply-demand imbalance for ultra-long bonds remain, and investors are advised to be cautious of re-pricing risks in the yield curve [15][16].

Core Insights - The AFC Asia Frontier Fund has achieved a new all-time high NAV for the second consecutive year, indicating strong performance in the frontier markets [1] - The fund focuses on high growth Asian frontier economies, aiming for long-term capital appreciation through investments in public equities [1] Fund Overview - Asia Frontier Capital Ltd. manages several funds including the AFC Asia Frontier Fund, AFC Iraq Fund, AFC Uzbekistan Fund, and AFC Vietnam Fund, targeting high growth potential in frontier markets [1] - The AFC Asia Frontier Fund invests in countries such as Bangladesh, Bhutan, Cambodia, and others, benefiting from favorable demographic trends and rising incomes [1] - The AFC Iraq Fund, launched on June 26, 2015, aims to capture growth in the post-conflict Iraqi market, focusing on locally listed companies and those with significant operations in Iraq [1] - The AFC Vietnam Fund exclusively invests in Vietnamese equities, particularly in small to medium-sized companies, to capitalize on growth opportunities [1] - The AFC Uzbekistan Fund focuses solely on listed equities from Uzbekistan, aiming to leverage the growth potential in that market [1] Management Team - The AFC Iraq Fund is managed by Asia Frontier Capital (Iraq) Limited, led by Thomas Hugger (CEO & Fund Manager) and Ahmed Tabaqchali (CIO), who collectively have over 47 years of investment experience [1]

特此公告。 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资产，但不保证本基金一定盈利，也不 保证最低收益。请充分了解本基金的风险收益特征，审慎做出投资决定。 2025年12月31日 万家国证新能源车电池交易型开放式指数证券投资基金基金合同全文和招募说明书全文于2025年12月31 日在本公司网站（www.wjasset.com）和中国证监会基金电子披露网站（http://eid.csrc.gov.cn/fund）披 露，供投资者查阅。如有疑问可拨打本公司客服电话（400-888-0800）咨询。 万家基金管理有限公司 ...

国联民生(01456)发布公告，为优化公司资源配置，公司拟与法国洛希尔银行采用公开挂牌、联合转让 的方式转让公司所持有的中海基金管理有限公司(简称"中海基金")33.409%股权(双方联合转让的股权比 例合计58.409%)。受让方须同时摘牌公司和法国洛希尔银行持有的中海基金股权。公司公开挂牌转让所 持中海基金33.409%股权的首次挂牌价格不低于经国资备案的评估结果。中海基金为公司参股的公募基 金管理公司，其股权结构为：中海信托股份有限公司(简称"中海信托")持股41.591%，公司持股 33.409%，法国洛希尔银行持股25.000%。转让完成后，公司不再持有中海基金股权。 ...

为优化公司资源配置，公司拟与法国洛希尔银行采用公开挂牌、联合转让的方式转让公司所持有的中海 基金33.409%股权(双方联合转让的股权比例合计58.409%)。受让方须同时摘牌公司和法国洛希尔银行持 有的中海基金股权。公司公开挂牌转让所持中海基金33.409%股权的首次挂牌价格不低于经国资备案的 评估结果。受让方和最终交易价格存在不确定性。 中海基金为公司参股的公募基金管理公司，其股权结构为：中海信托股份有限公司(以下简称"中海信 托")持股41.591%，公司持股33.409%，法国洛希尔银行持股25.000%。 格隆汇12月30日丨国联民生(01456.HK)公告，国联民生证券股份有限公司(以下简称"公司")拟公开挂牌 转让所持有的中海基金管理有限公司(以下简称"中海基金")33.409%股权，首次挂牌价格不低于经国资 备案的评估结果。转让完成后，公司不再持有中海基金股权。 ...

12月29日 总决赛圆满落幕 冠亚季军正式揭晓！ 拿下255分，问鼎冠军！ 拿下245分，捧得亚军！ 清华大学-中欧基金代表队拿下205分 南京大学-华泰柏瑞基金代表队拿下145分 夺得季军！ 在最后第五轮"绝地反击"情景题环节，南开大学-天弘基金代表队凭借扎实的知识储备和冷静果断的临 场发挥，最终反超上海财经大学-兴证全球基金代表队，问鼎冠军。上海财经大学-兴证全球基金代表队 捧得亚军，清华大学-中欧基金代表队、南京大学-华泰柏瑞基金代表队收获季军。 让我们来看看选手们在总决赛的精彩表现吧！ 本次大赛设置了参赛个人与最佳领队奖项，获奖名单如下： 最佳个人 南开大学 殷月阳 优秀个人 上海财经大学 尹悦熙 第三届大学生基金知识竞赛纳入"一司一省一高校"投资者教育活动，本次赛事旨在帮助高校学生普及基 金投资常识，拓宽金融视野，传播正确的风险管理理念，引导投资者客观理性看待市场，从源头上为资 本市场培育理性投资者，并为基金行业培育后备人才。 进入总决赛的4支队伍历经小组赛（复活赛）、1/4决赛的重重考验，在最终对决的赛场上火力全开、奋 力拼搏。 在第二轮的"千钧一发"抢答题环节，4支队伍你追我赶，各自抢到2道题； ...

Group 1 - The announcement states that from December 30, 2025, Dongfang Securities Co., Ltd. will be added as a liquidity service provider for several ETFs managed by the company, including the ChiNext 50 ETF and ChiNext Enhanced ETF [1] Group 2 - The company will suspend subscription, redemption, conversion, and regular investment services for the Jiashan Tongzhou Bond Fund and Jiashan Xinrong Mixed Fund on December 31, 2025, with services resuming on January 5, 2026 [2][3] - The Jiashan Global Industry Upgrade Equity Fund will also suspend similar services on December 31, 2025, with a resumption date of January 5, 2026 [4] - The Jiashan Hengzhi Hong Kong Stock Connect ETF will suspend subscription and redemption services on December 31, 2025, but secondary market trading will still be available [7][12]

Group 1: Economic Outlook - The year 2026 will mark the beginning of the "14th Five-Year Plan," with high-quality development as the main focus of economic work, emphasizing quality, efficiency, and sustainability over mere speed of growth [1] - Significant growth momentum has been observed in high-tech manufacturing, green energy, and the digital economy, with the contribution of equipment manufacturing to industrial growth continuing to rise [1] - 2025 is expected to be a year of concentrated technological innovation in China, with breakthroughs in areas such as commercial aerospace, quantum computing, solid-state batteries, and synthetic biology transitioning into real productive forces [1] Group 2: Market Predictions - ETF fund flows are seen as a leading indicator for market trends, with a focus on "domestic substitution + AI computing power" and the industrial cycle as key themes for 2026 [2] - A recovery in A-share revenue and profit growth is anticipated in 2025, with an increase in private equity and margin financing, leading to a notable rise in A-share valuations [2] - The A-share market is expected to continue leading in stock investments, supported by changes in the attractiveness of real estate and fixed income investments [2] Group 3: Sector Focus - Continued optimism is expressed for sectors such as lithium batteries, power equipment, PCB, and semiconductor storage, particularly in relation to solid-state batteries and AI advancements [3] - The AI industry chain is viewed as a long-term market focus, with investment logic shifting from infrastructure to application side, highlighting the importance of components like optical modules and storage chips [3] Group 4: Interest Rate Outlook - The certainty of growth and inflation in 2026 will depend on policy expansion, accelerated transition of old and new driving forces, and a sustained low inflation environment [3] - There is potential for further monetary easing, with short-term interest rates likely to decrease, while long-term rates may be influenced by the pace of economic recovery and inflation [3] Group 5: Convertible Bond Market - The convertible bond market is expected to maintain a tight supply-demand balance, with strong institutional demand but limited new issuance due to many individual bonds being redeemed [4] - The median price of convertible bonds is at a historically high level, suggesting limited room for further valuation expansion, with future returns likely relying more on the performance of underlying stocks [4]

■ 4 其他需要说明的事项 上述变更事项，已经信达澳亚基金管理有限公司股东会2025年第五次会议及第六届董事会第四十三次会 议审批通过，并将按规定向相关监管机构备案。商健先生自2025年12月25日起不再担任公司董事，不再 代行公司董事长职务。 特此公告。 公告送出日期：2025年12月27日 1 公告基本信息 ■ 2 新任高级管理人员的相关信息 ■ 3 离任高级管理人员的相关信息 MACD金叉信号形成，这些股涨势不错！ 信达澳亚基金管理有限公司 二〇二五年十二月二十七日 ...