本公司董事会及董事保证旗下基金2025年第4季度报告所载资料不存在虚假记载、误导性陈述或重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 兴合基金管理有限公司旗下： 风险提示：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，但不保证基金一定盈 利，也不保证最低收益。基金的过往业绩并不预示其未来表现。投资有风险，请投资人在作出投资决策 前仔细阅读基金的招募说明书。 特此公告。 兴合基金管理有限公司 2026年1月21日 1、兴合锦安利率债债券型证券投资基金 上述基金的2025年第4季度报告全文于2026年1月21日在本公司网站（http://www.xhfund.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。如有疑问可拨打客户服务电 话（400-997-0188）咨询。 ...

Core Viewpoint - The launch of the CSOP Asset Management Southbound CSI A500 Index ETF on the Singapore Exchange marks a significant step in enhancing cross-border investment opportunities between Singapore and China, providing investors with a convenient channel to access the Chinese A-share market [1][2]. Group 1: ETF Overview - The ETF tracks the CSI A500 Index, which is recognized as a new mainstream benchmark for the Chinese A-share market, selecting 500 of the largest and most liquid companies across 89 industries [1]. - The CSI A500 Index includes industry leaders with strong profitability and resilient long-term growth characteristics, with a high allocation to innovation-driven sectors such as technology hardware and advanced manufacturing, where the weight of "new productivity" related industries exceeds 50% [1]. Group 2: Market Impact and Growth - The ETF is the 11th ETF launched under the Singapore-China ETF cross-border connectivity mechanism and the 6th under the Shenzhen-Singapore framework, highlighting the commitment of the Singapore Exchange Group to expand cross-border connectivity [2]. - The total number of ETFs listed on the Singapore Exchange has increased to 51, with total assets under management exceeding SGD 18 billion, reflecting a 37% year-on-year growth in total assets and a 69% increase in average daily trading volume compared to the previous year [2].

中证报中证网讯（记者 魏昭宇）近日，财通资管发布公告称，财通资管量化选股股票型发起式证券投 资基金将于1月26日启动募集。据悉，此次新发产品为财通资管旗下首只全市场量化基金，将延续科学 与纪律并重的量化投资框架，通过精细化的因子挖掘与策略优化，在把握市场结构性机会的同时严控风 险，力求为投资者提升长期投资获得感。 当前市场积极信号频现，基本面持续夯实向好。2025年二季度以来，居民消费价格指数（CPI）与工业 生产者出厂价格指数（PPI）实现同步回升，经济复苏趋势逐步明晰。流动性层面，A股市场稳步宽松 的格局延续，市场信心持续提振。政策红利的持续释放亦为市场提供支撑，"十五五"规划明确锚定科技 创新与未来产业两大核心方向，市场分析认为，这一政策导向为量化投资策略提供了兼具结构性机会与 选股纵深的市场环境，有助于量化策略优势的发挥。 数据显示，统计全市场295只主动型量化基金来看，截至2025年底，主动型量化基金近三年平均收益率 达到31%，高于同期非量化普通股票型基金25%的平均收益率水平。 据介绍，财通资管此次新发的量化选股股票基金以"量化多因子选股+全流程风控"为核心架构，通过搭 建具备持续进化能力的模型 ...

2026年开年以来，商业航天领域资本热潮强势涌动，相关概念股表现活跃。不过，在持续"高歌猛 进"后，近日板块又有所降温。那么，商业航天这一波行情，究竟是短期发酵，还是长期趋势？后续需 注意防范哪些风险？近日，长城久嘉基金经理尤国梁做客央视财经直播间，围绕这些投资者关注的核心 话题展开了深度交流。 尤国梁表示，连续大涨之后，板块震荡调整属于正常现象，并不代表趋势终结，后续仍有诸多利好事件 等待兑现。 判断的依据之一就是看前期行情的上涨是否有重大产业趋势推动，产业趋势上升期核心企业基本面多数 会随着产业发展在未来得到改善，回调多为阶段性调整，否则要防范出现长期风险。考虑到国内商业航 天的产业趋势刚迎来向上拐点，我们认为本轮行情就此结束的概率较小，当然这一判断要结合后续对产 业进展及市场变化的持续跟踪。 免责声明：本通讯所载信息来源于本公司认为可靠的渠道和研究员个人判断，但本公司不对其准确性或 完整性提供直接或隐含的声明或保证。此通讯并非对相关证券或市场的完整表述或概括，任何所表达的 意见可能会更改且不另外通知。此通讯不应被接受者作为对其独立判断的替代或投资决策依据。本公司 或本公司的相关机构、雇员或代理人不对任何 ...

Core Viewpoint - The article emphasizes the positive momentum in the A-share market, driven by key events such as the Shanghai Composite Index breaking critical levels and trading volume exceeding 30 trillion, which has boosted market confidence and set a solid foundation for the spring market rally [1]. Group 1: Fund Overview - The Silver Hua Smart Mixed Fund (A Class: 026261, C Class: 026262) is currently being issued, managed by seasoned investor Fang Jian, aiming to help investors capitalize on growth opportunities until 2026 [1]. - The fund employs a floating management fee structure, which aligns the interests of the fund manager with those of the investors, allowing for shared risks and rewards based on performance [1]. Group 2: Manager's Investment Philosophy - Fang Jian, with over 13 years of experience in the securities industry and more than 10 years in investment management, focuses on long-term absolute returns within a growth stock investment framework [2]. - His investment style is characterized by deep research and a long-term perspective, aiming to buy high-potential companies at reasonable prices and hold them to share in their growth dividends [2]. Group 3: Fund Performance - The Silver Hua Hui Xiang Three-Year Regular Open Mixed Fund has achieved a net value growth of 55.51% over the past year, significantly outperforming its benchmark growth rate of 16.46% [3]. - Since its inception on December 5, 2023, the fund has seen a cumulative net value increase of 71.74%, achieving an excess return of 37.94% compared to its benchmark [3]. - Other funds managed by Fang Jian, such as the Silver Hua Integrated Circuit Mixed A and Silver Hua New Growth Mixed A, have also shown impressive performance, with net value growth exceeding 60% over the past year [3].

Group 1 - The core idea of the news is that traditional low-risk investment products are becoming less attractive, prompting investors to reconsider their risk preferences and explore "fixed income +" products that balance stability and potential returns [1][2] - "Fixed income +" products aim to achieve a better balance between risk and return, targeting yields that exceed pure bond products through diversified asset allocation [2][6] - The strategy involves using bonds as a base asset while incorporating a wide range of higher-yielding assets that can hedge against bond risks, such as stocks and convertible bonds [2][6] Group 2 - Historical performance indicates that "fixed income +" funds, such as the偏债混合型基金指数 (885003), have shown relatively stable returns with lower volatility compared to equity funds, making them suitable for long-term holding [3][4] - The past decade's performance data shows that the偏债混合型基金指数 has a total return of 48.47% with a maximum drawdown of -7.58%, indicating a favorable risk-return profile [4] - The "fixed income +" strategy is gaining traction among asset management firms, with companies like 东方红资产管理 developing systematic and refined multi-asset collaborative allocation systems [6][7] Group 3 - 东方红's "fixed income +" products are managed by a unified team, emphasizing collaborative asset allocation rather than a simple mix of assets, aiming to minimize risk exposure while maximizing risk-adjusted returns [7][8] - The management approach involves dynamic adjustments based on macroeconomic trends and asset performance, ensuring a balanced risk profile across different asset classes [8][9] - The firm has established a comprehensive product line that caters to various investor needs, including different risk-return profiles and investment strategies [12][13] Group 4 - The "fixed income +" strategy includes three main approaches: convertible bond enhancement, balanced enhancement, and quantitative allocation, each designed to capture different investment opportunities [13][16] - The convertible bond enhancement strategy focuses on investing in convertible bonds while controlling downside risks, aiming to leverage potential upside [14][15] - The balanced enhancement strategy seeks to achieve stable returns by diversifying across stocks and convertible bonds, while the quantitative allocation strategy employs strict risk management to optimize returns [16][17]

Core Viewpoint - The article emphasizes the importance of "fixed income plus" products as a viable investment option for investors seeking a balance between risk and return, especially in the context of declining interest rates on traditional fixed-income products [2][4]. Group 1: "Fixed Income Plus" Concept - "Fixed income plus" products aim to achieve a better balance between risk and return, targeting yields that exceed those of pure bond products, making them a key choice for stable financial management [4]. - The core of "fixed income plus" lies in diversified asset allocation, which includes a wide range of assets that typically offer higher yields than bonds and can hedge against bond assets [4][10]. - The historical performance of stock and bond assets often shows a "teeter-totter effect," allowing for some hedging within the portfolio, which can lead to smoother net value performance [4]. Group 2: Performance Metrics - The "fixed income plus" fund is expected to provide relatively stable long-term returns, with lower volatility compared to equity funds, making it suitable for long-term investors [5]. - For instance, the Wind偏债混合型基金指数 (885003) showed a total return of 48.47% over the past decade, with only two years of slight declines, indicating a more stable investment experience compared to equity indices [7]. Group 3: Asset Management Strategies - The article highlights the systematic and refined multi-asset collaborative allocation system established by Dongfanghong Asset Management, which focuses on bonds as a foundation while managing various assets within a strict risk budget [8][10]. - Unlike some "fixed income plus" products that use separate management, Dongfanghong's approach emphasizes unified management by a fixed income team, treating the portfolio as an organic whole [8][10]. - The management strategy involves dynamic adjustments based on risk budgets, capturing opportunities in stocks while maintaining defensive positions in bonds [10][11]. Group 4: Product Offerings - Dongfanghong has developed a comprehensive "fixed income plus" product line tailored to different investor needs, categorized by equity positions, risk-return characteristics, and investment strategies [14]. - The three main strategies include convertible bond enhancement, balanced enhancement, and quantitative allocation, each designed to capture different investment opportunities and risk profiles [16][20]. - The convertible bond enhancement strategy focuses on investing in convertible bonds to capture upside potential while controlling downside risk [16][18]. Group 5: Conclusion - The "fixed income plus" framework addresses the modern investment challenge of pursuing growth amid volatility, allowing for a harmonious coexistence of stability and progress within the same investment portfolio [20][21]. - This approach positions "fixed income plus" products as a robust vessel for navigating uncertain markets, with bonds serving as ballast and diversified assets providing propulsion [21].

Core Viewpoint - Tianhong Xinyue Growth (012258) has announced the appointment of Chen Xiang as the new fund manager for the Tianhong Xinyue Growth Mixed Securities Investment Fund, effective January 20, 2026 [1] Group 1 - Tianhong Xinyue Growth (012258) has made a significant management change by hiring a new fund manager [1]

(责任编辑：康博) | 基金名称 | 平安中证粤港澳大湾区发展主题交易型开放 | | --- | --- | | | 式指数证券投资基金 | | 基金简称 | 粤港澳大湾区 ETF | | 基金主代码 | 512970 | | 基金管理人名称 | 平安基金管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》 | | 基金经理变更类型 | 增聘基金经理 | | 新任基金经理姓名 | 王娜 | | 共同管理本基金的其他基金经理姓名 | 自圭尧 | | 高任基金经理姓名 | - | | 基金名称 | 平安上证 180 交易型开放式指数证券投资基 | | --- | --- | | | 金联接基金 | | 基金简称 | 平安上证 180ETF 联接 | | 基金主代码 | 023547 | | 基金管理人名称 | 平安基金管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》 | | 基金经理变更类型 | 增聘基金经理 | | 新任基金经理姓名 | 王郧 | | 共同管理本基金的其他基金经理姓名 | 刘洁倩 | | 高任基金经理姓名 | - | 平安上证180ETF联接A ...

中国经济网北京1月20日讯 今日，平安基金公告，平安合聚定开债、平安惠安纯债、平安惠轩纯 债、平安惠润纯债增聘杨严。 杨严曾任招商银行浙江省分行国际业务部职员、民生通惠资产管理公司信用研究员、德邦基金管理 有限公司信用基金经理、长安基金管理有限公司基金经理。2024年12月加入平安基金管理有限公司。 平安合聚定开债成立于2020年03月30日，截至2026年01月19日，其今年来收益率为-0.04%，成立来 收益率为15.98%，累计净值为1.1503元。 平安惠安债券成立于2018年06月04日，截至2026年01月19日，其今年来收益率为-0.06%，成立来收 益率为26.88%，累计净值为1.2443元。 平安惠轩纯债A/C成立于2018年09月06日和2024年07月22日，截至2026年01月19日，其今年来收益 率为0.06%、-0.04%，成立来收益率为29.90%、3.90%，累计净值为1.2701元、1.1042元。 平安惠润纯债成立于2020年07月16日，截至2026年01月19日，其今年来收益率为0.07%，成立来收 益率为17.44%，累计净值为1.1657元。 | 基金名称 | 平 ...