天眼查工商信息显示，近日，郑州市国创战新产业投资母基金管理合伙企业（有限合伙）成立，执行事务合伙人为河南省国创混改基金管理有限公司，出 资额50亿元人民币。 公司经营范围为以私募基金从事股权投资、投资管理、资产管理等活动，创业投资。 合伙人信息显示，该基金由河南省国创混改基金管理有限公司、郑州产业投资集团有限公司共同出资成立。 据公开资料显示，郑州产业投资集团有限公司成立于2013年，位于河南省郑州市，其前身为郑州发展投资集团有限公司，是郑州市人民政府组建的市属国 有独资企业，总资产规模超过4000亿元，主体信用评级为AAA级。 文：韦亚军 2025年12月份，郑州发展投资集团有限公司更名为郑州产业投资集团有限公司；同时，注册资本由10亿元人民币增至300亿元人民币，增幅2900%。 基金管理人为河南省国创混改基金管理有限公司。 其中，郑州市产业投资集团有限公司出资49.99亿元，占比99.98%；河南省国创混改基金管理有限公司作为GP（基金管理人），象征性出资100万元，占 比0.08%。 摄影：Bob ...

幅 半宝基金 MACD金叉信号形成，这些股涨势不错！ 责任编辑：杨赐 自力+A四用 个都不能少! 规模突破 1 / 71 20CM高弹性 规模·流动性同类第- 规模创新高 创业版人工智能有民主 MACD金叉信号形成，这些股涨势不错！ 责任编辑：杨赐 ...

Group 1 - The core announcement is about the addition of Shanghai Wind Fund Sales Co., Ltd. and CITIC Bank as sales agencies for certain open-end funds managed by Yingda Fund Management Co., Ltd., effective January 20, 2026 [1][4] - Investors can perform various transactions such as account opening, subscription, redemption, and regular investment through these new sales agencies, and may also participate in promotional fee discount activities [1][4] - Specific funds available for sale through these agencies include Yingda Anxin 66-Month Regular Open Bond and Yingda Tongyou One-Year Regular Open Bond, which are currently in a closed period and not available for subscription [1][4] Group 2 - The announcement includes details about the fee discount activities available for investors who subscribe to the listed funds through the new sales agencies, with specific discount rates and periods to be announced by the agencies [3][6] - Investors are advised to understand the differences between regular investment and other savings methods, emphasizing that regular investment does not guarantee returns and is not equivalent to savings [2][5] - The management company emphasizes its commitment to managing fund assets with diligence and integrity, but does not guarantee profits or minimum returns from the funds [3][7]

Core Viewpoint - China Ocean Fund Management Co., Ltd. has announced the addition of Huajin Securities Co., Ltd. and Hualin Securities Co., Ltd. as sales agents for certain funds, effective January 21, 2026, allowing for fund conversion and regular investment services [1][5]. Group 1: Fund Sales and Services - Starting January 21, 2026, Huajin Securities will begin selling the following funds under a front-end fee model: - China Ocean Progressive Income Flexible Allocation Mixed Securities Investment Fund (Fund Code: 001252) - China Ocean Charm Yangtze River Delta Flexible Allocation Mixed Securities Investment Fund (Fund Code: 001864) [1] - Similarly, Hualin Securities will also start selling the same funds under the same fee model from the same date [5]. Group 2: Fund Conversion and Regular Investment - Fund conversion services will be available at Huajin Securities, with a minimum application amount of 1 share for each transaction [2] - Regular investment services will also be available at Huajin Securities, with a minimum deduction amount of 1 yuan per period [2] - Hualin Securities will offer the same fund conversion and regular investment services with identical minimum requirements [6] Group 3: Customer Service and Information - Investors can contact Huajin Securities at customer service number 956011 for inquiries [3] - For further details, investors can reach out to China Ocean Fund Management Co., Ltd. at 400-888-9788 or visit the company website at www.zhfund.com [3][6]

东财基金管理有限公司关于西藏东财成长优选 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。 特此公告。 东财基金管理有限公司 2026年1月20日 MACD金叉信号形成，这些股涨势不错！ 混合型发起式证券投资基金招募说明书更新及 基金产品资料概要更新提示性公告 西藏东财成长优选混合型发起式证券投资基金招募说明书更新及基金产品资料概要更新全文于2026年1 月20日在本公司网站（www.dongcaijijin.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（400-9210-107） 咨询。 ...

Group 1 - The core viewpoint of the article emphasizes that the active equity funds in the A-share market have shown superior long-term performance compared to broad-based indices, with a recovery in market sentiment leading to a gradual opening of excess return opportunities for active equity funds since 2024 [1][2][3] - The growth style has received favorable conditions, making active equity funds the preferred choice for allocation, as the macro environment is shifting towards a more favorable phase for growth styles [4][5] - It is challenging to consistently outperform the median of active equity funds, and only a few funds have managed to achieve this stability over the years, which is worth investors' attention [9][12][34] Group 2 - The Zhongyin Quantitative Stock Selection Fund has demonstrated robust excess returns relative to the Wind Mixed Equity Fund Index, achieving an excess return of 3.18% in 2025, with a maximum drawdown of only 4.13% and an annualized tracking error of 5.44% [17][19][35] - The fund's tracking error is low, and its performance ranking is stable, with an average rolling three-month annualized tracking error of 5.26% and a daily return correlation coefficient of 0.96 with the benchmark [21][22][35] - The fund exhibits strong drawdown control capabilities, ranking in the top 0.5% for relative maximum drawdown among all active equity funds, and its return-to-drawdown ratio is in the top 30% [22][35] Group 3 - The Zhongyin Quantitative Stock Selection Fund has a diversified portfolio with a low concentration of holdings, aligning with the preferences of active equity funds, particularly in sectors like electronics, machinery, and new energy [26][29][36] - The fund's style leans towards growth, momentum, and mid-cap stocks, reflecting a strategic focus on high-growth potential sectors [29][37]

Core Viewpoint - The article emphasizes the optimistic outlook for China's economy and capital markets in 2026, with international investment banks recommending increased allocations to A-shares and Hong Kong stocks, reflecting confidence in China's economic transformation and growth prospects [1][2]. Group 1: Market Outlook - Goldman Sachs suggests overweighting A-shares and Hong Kong stocks in 2026, while JPMorgan has upgraded the rating for mainland China and Hong Kong stock markets to "overweight" [1]. - UBS believes that policy support, improved corporate earnings, and capital inflows could drive A-share valuations higher [1]. - The 2025 performance of the Hong Kong stock market is described as a significant upward trend, with expectations for continued direction-finding amidst internal and external variables in 2026 [1][3]. Group 2: Investment Strategy - The focus for 2026 should be on two macro variables: the direction of the Federal Reserve's policies and the structural characteristics of the US and Chinese economies [2][3]. - Investment opportunities are seen in sectors such as outbound investments, innovative pharmaceuticals, and AI combined with high-end manufacturing [2][7]. - The consumption market is experiencing a K-shaped recovery, with a preference for investing in leading companies in the discretionary consumption segment [2][7]. Group 3: Competitive Landscape - The article highlights the importance of company competitiveness and the ability to create shareholder value as fundamental to long-term investment success [2][3]. - The performance of high-quality Chinese companies is identified as a solid foundation for the bull market, supported by macroeconomic fundamentals [3]. - The Hong Kong stock market is viewed as a bridge for overseas capital to invest in China, with a growing number of top Chinese companies choosing to list there [5][6]. Group 4: Valuation and Allocation - The overall Hong Kong stock market is considered to be "good value for money," with Chinese assets still in an "under-allocation" phase compared to their global counterparts [6][1]. - The MSCI China Index, which has a significant representation of Hong Kong stocks, is noted to have a lower valuation compared to the MSCI Global Emerging Markets Index, despite a higher return on equity [6][1]. - The article suggests that the low representation of Chinese assets in global indices indicates significant potential for future revaluation [6][1]. Group 5: IPO Market and Stock Selection - The article discusses the active IPO market in Hong Kong, with a notable increase in the number of listings, reflecting the market's role as a global financial center [5][4]. - The focus on identifying high-quality stocks, particularly in the small and mid-cap segments, is emphasized, with a need for deep research to uncover potential investment opportunities [8][9]. - The investment strategy includes avoiding high-valuation companies with low probability of achieving growth and those facing significant innovation challenges [9].

Core Insights - The article provides an overview of the latest net asset values of various funds, highlighting the top-performing and bottom-performing funds in terms of net value growth [2][4]. Fund Performance Summary Top 10 Funds by Net Value Growth - The top-performing funds include: 1. 华夏中证电网设备主题ETF发起式联接A with a net value of 1.2474, up by 5.46% 2. 华夏中证电网设备主题ETF发起式联接C at 1.2468, also up by 5.46% 3. 德邦新兴产业混合发起式C at 1.1846, increasing by 5.44% 4. 德邦新兴产业混合发起式A at 1.1870, up by 5.44% 5. 东方阿尔法科技甄选混合发起A at 1.3168, up by 5.15% 6. 东方阿尔法科技甄选混合发起C at 1.3161, also up by 5.15% 7. 平安鑫安混合E at 2.3961, increasing by 4.99% 8. 平安鑫安混合C at 2.3514, up by 4.99% 9. 平安鑫安混合A at 2.4485, also up by 4.99% 10. 汇添富新睿精选混合A at 1.5440, increasing by 4.96% [2][4]. Bottom 10 Funds by Net Value Growth - The bottom-performing funds include: 1. 平安港股通医疗创新精选混合C at 1.0309, down by 3.52% 2. 平安港股通医疗创新精选混合A at 1.0340, down by 3.51% 3. 汇丰晋信医疗先锋混合C at 0.8032, down by 3.36% 4. 汇丰晋信医疗先锋混合A at 0.8205, down by 3.36% 5. 平安核心优势混合C at 2.2529, down by 3.32% 6. 平安核心优势混合A at 2.3920, down by 3.31% 7. 嘉合睿金混合C at 1.5470, down by 3.27% 8. 嘉合睿金混合A at 1.6392, down by 3.26% 9. 永赢港股通科技智选混合发起C at 1.0127, down by 3.21% 10. 平安医药精选股票C at 1.7253, down by 3.21% [3][4]. Market Overview - The Shanghai Composite Index opened lower but closed higher, while the ChiNext Index experienced a similar pattern. The total trading volume reached 2.73 trillion yuan, with a gain-loss ratio of 3527:1828 and a limit-up-limit-down ratio of 103:30 [6]. - Leading sectors included aviation and hotel catering, both rising over 4%, while the telecommunications equipment and software services sectors lagged [6].

Core Viewpoint - The geopolitical tensions and uncertainty surrounding U.S. policies are prompting a shift in global investment strategies, with a notable trend towards non-U.S. assets as investors seek diversification and better returns outside the U.S. market [1][6][7]. Group 1: U.S.-Europe Trade Relations - Goldman Sachs warns that the EU may call for the activation of the Anti-Coercion Instrument (ACI) in response to U.S. trade threats, particularly regarding President Trump's proposed tariffs on European nations opposing the Greenland acquisition [1][4]. - Deutsche Bank highlights the risk of Europe selling off its $8 trillion in U.S. assets, emphasizing the strategic leverage Europe holds as the largest creditor to the U.S. [1][3]. - The potential activation of ACI could lead to a range of non-tariff retaliatory measures from the EU, indicating a shift from traditional trade disputes to capital and regulatory confrontations [5][4]. Group 2: Investment Trends - There is a growing emphasis on non-U.S. investments due to high valuations in the U.S. market and a saturated allocation of U.S. stocks in many portfolios, leading investors to seek opportunities in other regions [6][7]. - Emerging markets, particularly in Asia (Malaysia and India), Latin America (Mexico and Brazil), and Africa (South Africa and Egypt), are gaining attention as they present high-yield opportunities despite facing risks from U.S. trade policies [8]. - The trend of reallocating investments away from the U.S. is expected to accelerate, as investors recognize the potential for better returns in non-U.S. markets, creating a self-reinforcing cycle of capital flow [7][6].

Core Viewpoint - The A-share market has shown significant momentum at the beginning of 2026, with the Shanghai Composite Index rising for 17 consecutive days and surpassing the 4100-point mark, leading to increased trading volumes. However, after January 13, the market entered a phase of high volatility, prompting investors to seek opportunities while being cautious of risks. In this context, FOF products have become increasingly valuable as they offer a balanced approach to capturing opportunities while managing risks [1][6]. Group 1: Market Performance - The Shanghai Composite Index rose from the end of 2025 to January 12, 2026, achieving 17 consecutive days of gains and breaking through the 4100-point threshold [1][6]. - Trading volumes in the two markets exceeded 30 trillion yuan for three consecutive days [1][6]. - The CSI 300 Index experienced a slight decline of 0.46% in 2025, indicating a backdrop of accelerated sector rotation [1][6]. Group 2: FOF Product Features - The FOF product, specifically the "Fuguo Zhihui Stable 3-Month Holding Period Mixed FOF," is set to launch on January 19, 2026, as part of the Bank of China's "Hui Investment Plan" [1][4]. - This FOF product aims to meet market demand for both opportunity capture and risk management through diversified asset allocation [1][4]. - The FOF product emphasizes a "bottom warehouse + strategy + risk control" framework, leveraging high-quality bond funds as a stable base to provide a safety net for the investment portfolio [2][7]. Group 3: Investment Strategy - The investment strategy of the FOF product includes a flexible allocation of quality funds in sectors influenced by anti-involution policies, PPI recovery in the manufacturing midstream, and technological changes driven by overseas AI developments [2][7]. - The product also incorporates gold and REITs to hedge against market volatility, aiming to capture structural opportunities while avoiding risks associated with single market trends [2][7]. Group 4: Fund Manager Expertise - The appointed fund manager, Wang Dengyuan, has 14 years of experience in the securities industry and 6 years in FOF management, employing a "three-dimensional integrated" framework for fund selection [3][8]. - Wang's previous products have demonstrated significant excess returns, with the "Fuguo Xinhui Pension Target Date 2025" and "Fuguo Xinhui Pension Target Date 2035" achieving returns of 10.89% and 15.93%, respectively, against benchmarks of 6.60% and 9.00% [3][8]. Group 5: Hui Investment Plan - The "Hui Investment Plan" is a collaborative initiative by the Bank of China and public fund management institutions, designed to provide a clear risk-return profile and targeted wealth management options [4][9]. - The plan encompasses a variety of asset classes, including stocks, bonds, and commodities, and employs different strategies to identify investment opportunities across various configurations [4][9]. - The "Hui Investment Plan" has officially launched, with the Fuguo Zhihui Stable FOF being the first product available for sale [4][9].