编者按：辞旧迎新，金马贺岁。值此新春佳节，新浪财经特邀公私募领域数十位领军人物，通过镜头与 文字，为投资者送来马年新春祝福。信心如磐，笃行致远。愿这一声声真挚寄语，伴您策马扬鞭，共赴 投资长路。 银华基金总经理王立新送来新春祝福。他表示，银华基金将始终秉承坚持做长期正确的事的价值观，完 善体系化、平台化、工业化的投研系统，致力于降低波动和回撤，提升获取超额收益的水平，给您带来 更好的投资体验，努力让您赚到钱，多赚钱。 祝福全文： 亲爱的投资者大家好： 新年伊始，A股市场就实现了开门红，可以预见，资本市场将在科技创新引领和十五五开局之年驱动下 迎来新机遇。 银华基金将始终秉承坚持做长期正确的事的价值观，完善体系化、平台化、工业化的投研系统，致力于 降低波动和回撤，提升获取超额收益的水平，给您带来更好的投资体验，努力让您赚到钱，多赚钱。 最后，祝愿2026年资本市场龙马精神，蹄疾步稳，投资者获得满意回报！ 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 银华基金总经理王立新送来新春祝福。他表示，银华基金将始终秉承坚持做长期正确的事的价值观，完 善体系化、平台化、工业化的投研系统，致力于降低波动和回 ...

Group 1 - The core investment strategy focuses on identifying stocks within cyclical industries that can achieve sustainable growth independent of industry cycles, particularly in sectors like basic chemicals, machinery, and electronics [7][10][12] - The cyclical growth fund pool has shown an annualized return of 17.44% from February 7, 2014, to February 6, 2026, outperforming the equity fund index by 7.31% [12][17] - The fund pool's performance is significantly influenced by market style shifts, with notable contributions from industry allocation, stock selection, and dynamic adjustments [17][22] Group 2 - The definition of cyclical growth funds is based on the attributes of the holding industries and stocks, requiring a minimum of 60% average growth stocks in the top holdings and at least 40% cyclical growth stocks [26] - The selection process for the cyclical growth fund pool emphasizes funds with strong trading capabilities and high management efficiency, resulting in a list of selected funds [27][28] - The report highlights a balanced industry allocation within the cyclical growth fund pool, with increased exposure to cyclical, pharmaceutical, and TMT sectors while reducing allocations to manufacturing and consumer sectors [22][24]

Group 1 - The core point of the announcement is the appointment of Li Yunliang as the new General Manager of Quan Guo Fund, marking the end of the transitional arrangement where the Chairman, Ren Li, acted as the General Manager since the passing of the founder Wang Guobin in November 2025 [2][3] - The announcement also includes several executive adjustments, with Jiang Heze taking on the role of Financial Officer, Sun Yuan as Compliance and Risk Control Officer, and Yao Zhongxiao as Deputy General Manager, further strengthening the executive team [3] - Li Yunliang, a founding partner and shareholder with a 3% stake in the company, has been responsible for compliance, risk control, and information technology, and aims to create differentiated products and services through the integration of advanced technologies like AI and big data in investment research and risk management [3] Group 2 - Quan Guo Fund is simultaneously advancing an employee stock ownership plan to align the long-term interests of management and core employees, with nearly 20% of shares held through four employee stock platforms established at the company's inception [4] - The Chairman, Ren Li, emphasized the goal of attracting and retaining talented individuals in the asset management industry through long-term incentive mechanisms like the employee stock ownership plan [4] - The investment research team has been established over four years, covering various areas including equity investment, fixed income investment, industry research, and macro strategy [3]

【导读】平安证券ETF冬季巅峰赛圆满收官：以生态赋能破解行业痛点，百万投资者见证ETF服务新范式 近日，平安证券联合中国基金报，携手易方达、招商、摩根等11家公募举办的"ETF冬季巅峰赛"正式收官。 这场历时一个半月的ETF投资赛事，不仅是一场收益比拼的竞技场，更成为券商财富管理从"交易通道"向"赋能生态"升级的重要实践。赛事期间，百万名 投资者通过"学、练、战"三位一体的服务模式，在深度陪伴与智能工具支持下，共同探索ETF投资新路径。 冠军收益创新高 生态赋能成效显著 作为一场链接投资者与市场的实战练兵场，本次大赛涌现出诸多亮点：冠军选手以101.2%的收益率脱颖而出，其精准的赛道选择和果断的投资决策展现 了专业投资者的实力。巅峰榜前20强选手收益率均超50%，充分印证了ETF作为投资工具的高弹性与潜力。 更值得关注的是，上榜选手的投资组合中，卫星产业、半导体、有色等板块成为投资者布局的"宠儿"，其高热度不仅反映了参赛者对高成长性赛道的敏锐 洞察，也与当前科技周期与资源品周期的市场预期高度契合。 构建"内容+机构+工具"三维生态服务 破解投资痛点 本次平安证券ETF冬季巅峰赛以"生态赋能"为核心，通过三大维 ...

Core Viewpoint - The A-share market is experiencing a structural trend driven by technological advancements and policy expectations, while the bond market is undergoing a range-bound fluctuation, testing investors' decision-making abilities. The "fixed income +" strategy is increasingly favored by investors as a tool to navigate through cycles [1][8]. Group 1: Market Overview - In early 2026, the A-share market continues to show structural trends influenced by technology and policy expectations [1][8]. - The bond market is characterized by a range-bound fluctuation, with a "top" and "bottom" scenario, challenging investors' decision-making [1][8]. - The "fixed income +" strategy is gaining traction among investors for its ability to provide both offensive and defensive opportunities [1][8]. Group 2: Insights from Zhang Yongzhi - Zhang Yongzhi, General Manager of the Multi-Asset Investment Department at Huashang Fund, has nearly 20 years of experience in the securities industry, focusing on macro asset allocation and the development of "fixed income +" products [3][11]. - His investment style emphasizes a balanced approach, aiming for long-term sustainable returns while capturing certain opportunities in equity investments based on valuation [3][11]. Group 3: Bond Market Analysis - In Q4 2025, the bond market showed stable overall performance, with a steepening yield curve. Short-term bonds benefited from a loose funding environment, while medium to long-term bonds faced adjustments due to rising inflation expectations [4][12]. - The convertible bond market exhibited characteristics of both bond market liquidity and equity market risk appetite, with performance influenced by underlying stocks, particularly in growth sectors driven by industrial policies [4][12]. Group 4: Equity Market Analysis - The equity market is experiencing an upward shift in its oscillation center, with significant trading volume during periods of favorable policies. The market is characterized by a "high-low" process, driven by policy support and a search for sectors with marginal improvements in fundamentals [5][12]. - Strong performance continues in technology sectors, while defensive and high-dividend sectors like coal and banking are gaining attention in the current market environment [5][12]. Group 5: 2026 Outlook - Looking ahead to 2026, despite the recent rise in A-shares, the "stock-bond value ratio" indicates that equity prices still hold investment value, providing a rationale for medium to long-term capital allocation to equity assets [5][13]. - The investment philosophy emphasizes independent thinking and a long-term perspective, aiming to create stable returns for investors through flexible asset allocation and strict credit risk control [5][14].

Group 1 - The A-share market is experiencing a structural trend influenced by technological waves and policy expectations, while the bond market is testing investors' decision-making abilities in a fluctuating environment [1] - The "fixed income +" strategy is becoming a preferred tool for many investors to navigate through cycles, characterized by its ability to both seize opportunities and mitigate risks [1] - Zhang Yongzhi, a seasoned expert with nearly 20 years of experience in the "fixed income +" field, emphasizes a macro perspective on asset allocation to pursue long-term sustainable returns [1][3] Group 2 - In Q4 2025, the bond market showed stable overall performance, with a steepening yield curve; short-term bonds benefited from a loose funding environment, while medium to long-term bonds faced adjustments due to rising inflation expectations [2] - The convertible bond market exhibited characteristics of high-priced stocks, with performance influenced by both the liquidity environment of the bond market and the risk appetite of the stock market [2] - The equity market is characterized by an upward oscillation, with significant trading volume during periods of favorable policies; sectors such as technology and cyclical stocks are highlighted for their defensive and allocation value [3] Group 3 - Despite the recent rise in A-shares, the "stock-bond value ratio" indicates that the stock market still holds allocation value, providing a rationale for long-term capital to invest in equity assets [3] - Zhang Yongzhi advocates for independent thinking and a focus on absolute returns in a complex market environment, aiming to create long-term stable returns through flexible asset allocation and strict credit risk control [3]

Core Insights - The article emphasizes the investment philosophy of Wu Wenyuan, focusing on long-term trends in industries and the selection of quality stocks within high-growth sectors [4][12][13]. Investment Philosophy - Wu Wenyuan's core methodology is summarized as "discovering value based on industry prosperity, comparing industries and selecting individual stocks" [4][11]. - Investment is viewed as a long-term journey alongside industrial trends, requiring in-depth research and data support to identify industries and companies with strong growth potential [4][11]. Market Outlook - The domestic securities market is expected to become more active and healthier by Q4 2025, with policies aimed at stabilizing growth and market confidence likely to be introduced [5][12]. - Global economic conditions, including expectations of further easing and rising resource prices, are anticipated to benefit certain sectors, particularly artificial intelligence [5][12]. Key Investment Areas - Industries with confirmed mid-to-long-term investment opportunities include core resource products, high-end equipment manufacturing, integrated circuits, artificial intelligence, national defense, information technology innovation, and new energy [6][13][14]. - The focus will remain on selecting "good industries," "good companies," and "good prices" to capitalize on high-prosperity sectors and quality stocks [6][13][14]. Economic Context - The stability of the domestic economy is highlighted as crucial for maintaining market confidence and vitality, with an emphasis on the urgency of developing new productive forces and ensuring security in development [5][12]. - The article notes the importance of reform, opening up, transformation, and innovation as the main lines of China's economic development [5][12].

专题：2026年度投资策略|顶级基金公司、基金经理展望马年投资机会 编者按：辞旧迎新，金马贺岁。值此新春佳节，新浪财经特邀公私募领域数十位领军人物，通过镜头与 文字，为投资者送来马年新春祝福。信心如磐，笃行致远。愿这一声声真挚寄语，伴您策马扬鞭，共赴 投资长路。 国联安常务副总经理、首席投资官魏东、权益投资部董事总经理邹新进、权益投资部执行董事潘明、量 化投资部总经理、执行董事章椹元、固定收益部总经理、执行董事陆欣、现金管理部总经理、董事总经 理万莉送来新春祝福。他们表示，投资如驭良驹，不争一时之景，志在千里云月，愿以"白马"之姿深耕 核心领域，用耐心与远见捕捉长期价值。市场潮起潮落，静待春华秋实，愿新岁，与您共鉴时间馈赠， 同抵价值沃土。国联安基金祝大家马力全开，前程似锦，岁岁祯祥，万市可期！ 引入 春风得意马蹄疾 繁花胜景驭长风 国联安常务副总经理、首席投资官 魏东 时序更迭，骏马迎新。投资如驭良驹，不争一时之景，志在千里云月，愿以"白马"之姿深耕核心领域， 用耐心与远见捕捉长期价值。祝大家在新的一年：龙马精神开新局，骏业长青启华章。 代表产品：国联安精选混合（257020） 国联安权益投资部董事总经理 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 [重要提示] 1、财通资管双泰债券型证券投资基金（以下简称"本基金"）的募集申请经中国证监会2025年12月3日证 监许可【2025】2658号文准予注册。中国证券监督管理委员会（以下简称"中国证监会"）对本基金的注 册并不代表中国证监会对本基金的风险和收益做出实质性判断、推荐或者保证。 2、本基金的基金类型为债券型证券投资基金，本基金的运作方式为契约型开放式。 3、本基金管理人为财通证券资产管理有限公司（以下简称"本公司"或"基金管理人"），本基金托管人 为苏州银行股份有限公司（以下简称"苏州银行"），登记机构为本公司。 4、本基金的发售对象为符合法律法规规定的可投资于证券投资基金的个人投资者、机构投资者、合格 境外投资者以及法律法规或中国证监会允许购买证券投资基金的其他投资人。 5、本基金将于2026年3月9日至2026年3月20日通过基金管理人指定的销售机构公开发售。 （1）本基金首次募集规模上限为60亿元人民币（不包括募集期利息）。基金管理人根据认购的情况可 适当调整募集时间并及时公告，但最长不超过法定募集期限。基金募集过程中募集规模达到60亿元的， ...

Group 1: Macroeconomic Policies and External Events - The US-Mexico-Canada Agreement (TMEC) is set for a mid-term review in summer 2026, which may increase market volatility due to negotiations over rules of origin [1] - The Bank of Mexico lowered the benchmark interest rate to 7% in December 2025, with expectations of a gradual reduction to around 6.5% in 2026, while inflation is projected to return to the 3% target range by the third quarter [1] - Mexican President López Obrador criticized the US sanctions on Cuba as "unjust" and announced continued humanitarian aid, which may impact expectations regarding US-Mexico relations [1] Group 2: Stock Market Trends - The Mexican automotive industry is facing potential changes as Chinese companies like BYD and Geely are reported to be bidding for the Nissan-Mercedes-Benz plant in Mexico, which could reshape the local automotive manufacturing landscape and indirectly affect related industry stocks [2] - This event, combined with pressures from US tariff policies, has heightened geopolitical uncertainty for Mexican assets [2] Group 3: Institutional Perspectives - Analysts from Economic Observer and other institutions indicate that the Mexican fund market in 2026 will be influenced by multiple factors, including the Federal Reserve's interest rate cuts, expectations of interest rate hikes from the Bank of Japan, and a trend of global capital diversification towards emerging markets, which may exert short-term pressure on the peso and capital flows [3] - In the long term, the Mexican government aims to optimize the investment environment through tax reforms, but there are risks associated with fluctuating trade policies [3]