Group 1 - The 17th phase of the招商招财通理财债券型证券投资基金 officially commenced operations on December 24, 2025, and will run until March 24, 2026 [1] - As of January 7, 2026, the fund manager completed the investment portfolio construction, and the asset allocation among various asset classes is in accordance with the fund contract [1] - The fund management company has added 华金证券股份有限公司 as a broker for on-site subscription and redemption services starting January 9, 2026 [3] Group 2 - Investors are encouraged to consult the fund's legal documents, such as the fund contract and prospectus, for detailed information regarding the fund's risk and return characteristics [4][5] - The fund management company emphasizes that it does not guarantee profits or minimum returns, and past performance does not indicate future results [2][5]

Group 1 - In 2025, 930 out of 969 comparable ordinary equity funds achieved positive performance, representing 96% of the total, while only 39 funds experienced declines [1] - The top-performing fund, Rongtong Industry Trend Stock, achieved a remarkable return of 114.61%, managed by Li Jin, who has been with Rongtong since 2017 and became a fund manager in 2023 [1] - The fund's top ten holdings in Q3 2025 included stocks from sectors such as optical modules, high-end manufacturing, and biomedicine, with a notable concentration in semiconductor-related stocks in the second half of the year [1] Group 2 - E Fund's Strategic Emerging Industry Stock A and C funds recorded returns of 107.60% and 106.74%, respectively, with top holdings including stocks from Tencent, Alibaba, and Zhongji Xuchuang [2] - The E Fund's Information Industry Selected Stock A and C funds also performed well, with returns of 104.31% and 103.26%, benefiting from the semiconductor sector [2] - Other funds that doubled their performance included Red Soil Innovation New Technology Stock A and Caitong Integrated Circuit Industry Stock A, with returns of 104.91% and 101.46% [2] Group 3 - A total of 14 ordinary equity funds saw returns exceeding 90%, including Huashang High-end Equipment Manufacturing Stock A and Longxin Innovation Driven Stock [3] - Conversely, the biomedicine and consumer sectors lagged significantly, leading to declines of 17.81% and 17.29% for Shenwan Lixin Medical Pioneer Stock A and C [3] - The top holdings of the underperforming funds included various biopharmaceutical companies, indicating a sector-specific weakness [3][4] Group 4 - The underperforming funds, such as Taikang Medical Health Stock A and C, were heavily invested in pharmaceutical stocks, which contributed to their declines of 13.45% and 13.02% [4] - Longxin Consumer Selected Quantitative Stock A and C also faced declines of 12.76% and 12.41%, with a focus on liquor stocks in their top holdings [4]

基金管理人：明亚基金管理有限责任公司 基金托管人：第一创业证券股份有限公司 重要提示 1、明亚多元配置三个月持有期混合型基金中基金（FOF）（以下简称"本基金"）的募集已获2025年12 月31日证监许可【2025】3047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作出实质性判断、推荐或保证。 2、本基金为混合型基金中基金，运作方式为契约型开放式。 本基金对每份基金份额设置三个月的最短持有期限，对于每份基金份额，自基金合同生效日（含）（对 认购份额而言，下同）、基金份额申购申请确认日（含）（对申购份额而言，下同）或基金份额转换转 入确认日（对转换转入份额而言，下同）起至三个月后对应日（如该对应日为非工作日或无该对应日， 则顺延至下一个工作日，下同）的前一日（含该日）为最短持有期限，在最短持有期限内基金份额持有 人不能就该份额提出赎回或转换转出申请。 3、本基金的基金管理人和登记机构均为明亚基金管理有限责任公司（以下简称"本公司"或"本基金管理 人"），基金托管人为第一创业证券股份有限公司。 4、本基金向符合法律法规规定的可投资于证券投资 ...

Core Viewpoint - The upcoming court case involving investor Li Zhihua suing Guotou Ruijin Fund and its star fund manager Shi Cheng highlights significant concerns regarding fund management practices and the responsibilities of fund managers in adhering to investment contracts [1][3][12] Group 1: Legal Case and Allegations - The case is centered around a "financial entrusted management contract dispute," which is notable as it includes the fund manager as a co-defendant, a rare occurrence in the industry [3][13] - Key points of contention are expected to focus on whether the suitability obligations were adequately fulfilled and whether the fund manager significantly deviated from the agreed investment style [4][14] - The Guotou Ruijin New Energy Fund, managed by Shi Cheng, is alleged to have strayed from its contractual commitment to invest at least 80% in new energy themes, with current holdings in this area dropping to 5.95% as of Q3 2025 [4][14] Group 2: Performance and Investment Strategy - Shi Cheng's investment strategy has shifted dramatically, moving from a focus on new energy to sectors like AI and robotics, which has raised questions about the appropriateness of this "style drift" [5][16] - Despite the significant shift in investment focus, the fund achieved a return of 72.24% in 2025, contrasting sharply with its previous three years of losses in the new energy sector [4][10] - The performance of the Guotou Ruijin New Energy Mixed A fund has been poor, with returns of -27.89%, -33.39%, and -16.62% from 2022 to 2024 [9][18] Group 3: Industry Implications - The case serves as a warning for the industry regarding the boundaries of fund managers' "diligence and responsibility," particularly in relation to adhering to investment mandates [12][21] - The recent issuance of the "Theme Investment Style Management Guidelines" by the fund industry association aims to curb style drift, making the outcome of this case particularly significant for future compliance standards [12][21] - Guotou Ruijin Fund has shifted its focus towards fixed-income products, with over 85% of its portfolio in this area by 2024, reflecting a broader trend in the industry amid declining performance in equity funds [11][20]

Core Viewpoint - Yang Guibin has resigned from his position as the fund manager of the Dongfang Convertible Bond Fund, which may impact the fund's management and performance going forward [1] Group 1: Fund Information - The Dongfang Convertible Bond Fund was established on March 4, 2021, and has reported a year-to-date return of 5.35% and 5.34% for its A and C classes respectively [1] - Since its inception, the fund has achieved a cumulative return of 36.90% for class A and 34.27% for class C, with net asset values of 1.3570 and 1.3328 respectively [1] Group 2: Management Changes - Yang Guibin has held various positions in the investment industry, including roles at Fortune Fund Management and Haitong Securities, before joining Dongfang Fund Management in September 2019 [1] - Xu Ao Qian will continue to co-manage the Dongfang Convertible Bond Fund following Yang's departure [2]

曾绍刚2013年8月至2018年3月曾任中国海洋石油南海东部石油管理局物探技术研究岗，2018年4月 至2022年4月曾任招商银行总行产品研发与推广岗。2022年4月加入金鹰基金管理有限公司，曾任FOF投 资与金融工程部产品研究员、专户资产管理部投资经理、权益研究部基金经理助理，现任权益研究部基 金经理。 中国经济网北京1月8日讯 今日，金鹰基金公告，金鹰研究驱动混合增聘曾绍刚。 (责任编辑：康博) | 基金名称 | 金鹰研究驱动混合型证券投资基金 | | --- | --- | | 基金简称 | 金鹰研究驱动混合 | | 基金主代码 | 018549 | | 基金管理人名称 | 金鹰基金管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》、 《基金管理公司投资管理人员管理指导意见》、 | | | 《金鹰研究驱动混合型证券投资基金基金合同》 | | 基金经理变更类型 | 增聘基金经理 | | 新任基金经理姓名 | 曾绍刚 | | 共同管理本基金的其他基金经理姓名 | 李龙杰 | 金鹰研究驱动混合A/C成立于2024年01月16日，截至2026年01月07日，其今年来收益率为0.81%、 ...

Core Viewpoint - The article discusses the consideration of buffer ETFs as a suitable investment option when the investment horizon shortens, particularly in the context of funding home renovations and managing market risks [2]. Group 1: Investment Strategy - The author and their spouse traditionally maintained a 70% stock and 30% bond allocation but are now looking to de-risk their portfolio due to a shortened investment timeline [2]. - The need to reduce or eliminate stock market exposure and lower bond duration and credit risk is emphasized as a response to potential market downturns [2]. Group 2: Buffer ETFs Introduction - Innovator ETFs launched a series of "100% buffer" ETFs in summer 2023, designed to provide full downside protection while being linked to major indices like the S&P 500 [3]. - Other institutions such as First Trust, Calamos, Prudential, and BlackRock have also introduced similar products, positioning them as alternatives to traditional bank products like CDs [3]. Group 3: Investment Characteristics Comparison - Treasury bills (T-bills) offer fixed terms and yields with no downside risk unless a large-scale default occurs, but they have a capped upside [4]. - 100% buffer ETFs combine index exposure with protective put options, allowing for full downside protection while providing limited upside potential [4]. - The article notes that the clarity of the return structure for buffer ETFs is only present at the time of option establishment, with subsequent returns influenced by various market factors [4]. Group 4: Due Diligence Process - A two-step due diligence process is recommended: selecting the most suitable 100% buffer ETF and comparing it with T-bills of similar maturity [5]. - The selection process involves understanding product terminology and the practices of different issuers, as well as choosing a reference asset and expiration date [5]. Group 5: Product Evaluation - Five buffer ETF options were identified, including DMAX, PMJA, ZJAN, CPSY, and DECM, with varying expense ratios and potential returns [6]. - DMAX is highlighted as the most cost-effective option with a total cost of ownership (TCO) of 0.67% and an annual upside cap of 8.40% [9]. Group 6: Performance Analysis - The analysis of DMAX's performance relative to the S&P 500 indicates that it offers 100% downside protection while providing a potential upside if the index performs well [10]. - The comparison with T-bills shows that DMAX has a higher potential return, but the costs associated with its protective mechanisms must be considered [12]. Group 7: Tax Considerations - The article discusses the tax implications of investing in buffer ETFs versus T-bills, noting that capital gains from buffer ETFs may be taxed at a higher rate compared to the interest from T-bills [18]. - The potential for higher tax burdens on capital gains in high-tax states is also highlighted, affecting the attractiveness of buffer ETFs for certain investors [18]. Group 8: Conclusion - The decision to invest in buffer ETFs like DMAX versus T-bills should consider risk tolerance, potential returns, and tax implications based on individual circumstances [19]. - The article concludes that for some investors, the known costs of buffer ETFs may not justify the uncertain potential returns, especially in the context of their specific financial goals [20].

Group 1 - Tianhe Defense experienced a stock price increase of 5.39%, reaching 16.24 CNY per share, with a trading volume of 699 million CNY and a turnover rate of 10.93%, resulting in a total market capitalization of 8.406 billion CNY [1] - The company, established on May 8, 2004, and listed on September 10, 2014, specializes in the research, production, sales, and technical trade of reconnaissance, command, and control systems, primarily based on continuous wave radar and optoelectronic detection technologies [1] - The revenue composition of Tianhe Defense includes 88.06% from electronic materials and components manufacturing, 12.17% from military equipment manufacturing, 4.26% from technology development and data services, 1.63% from other electronic equipment manufacturing, 0.92% from other sources, and 0.07% from civilian product trade [1] Group 2 - The top circulating shareholder of Tianhe Defense includes a fund under Yongying Fund, with the General Aviation ETF (159378) increasing its holdings by 179,900 shares to a total of 1.2325 million shares, representing 0.3% of the circulating shares [2] - The General Aviation ETF (159378) has a current scale of 1.209 billion CNY, with a year-to-date return of 4.24%, ranking 1876 out of 5493 in its category, and a one-year return of 43.51%, ranking 1567 out of 4197 [2]

Group 1 - Daily Interaction's stock price increased by 5.39%, reaching 36.77 CNY per share, with a trading volume of 733 million CNY and a turnover rate of 5.75%, resulting in a total market capitalization of 14.515 billion CNY [1] - Daily Interaction Co., Ltd. is based in Hangzhou, Zhejiang Province, established on December 7, 2010, and listed on March 25, 2019. The company specializes in big data-based mobile internet comprehensive services, primarily providing technical services for mobile application developers, mobile internet marketing services for advertisers, and data services for other vertical clients [1] - The revenue composition of Daily Interaction includes 86.32% from data services, 11.06% from developer services, and 2.62% from other sources [1] Group 2 - Southern Fund's Southern CSI 2000 ETF (159531) holds Daily Interaction as its third-largest position, having reduced its holdings by 3,200 shares in the third quarter, now owning 31,100 shares, which represents 0.25% of the fund's net value [2] - The Southern CSI 2000 ETF was established on September 7, 2023, with a current size of 543 million CNY. Year-to-date returns are 3.45%, ranking 3182 out of 5493 in its category; over the past year, returns are 48.9%, ranking 1211 out of 4197; and since inception, returns are 44.11% [2] Group 3 - The fund manager of Southern CSI 2000 ETF is Li Jialiang, who has been in the position for 9 years and 159 days, managing total assets of 9.632 billion CNY. The best fund return during his tenure is 163.15%, while the worst return is -29.58% [3]

Core Insights - The development of government investment funds is transitioning towards market-oriented and professional management models, with a diversification in the types of fund managers favored by local governments [1][4][10] Group 1: Fund Management Trends - In 2024, brokerage private equity subsidiaries have become increasingly popular among local governments, with firms like CICC Capital and Haitong Kaiyuan actively engaging in regional mother fund businesses [1] - By 2025, bank-affiliated financial asset investment companies (AICs) are expected to accelerate their entry into the equity investment market, becoming regular partners with government investment funds and local state-owned assets [1][6] - The management fee standards for government investment funds are becoming more refined and standardized, with a trend towards market-oriented cost control [2] Group 2: Market Dynamics and Collaborations - The entry of AICs into the equity investment market is closely linked to policy support, with pilot programs expanding to multiple cities [4][6] - Corporate venture capital (CVC) teams are emerging as significant partners for local governments, driven by market demands and the need for business development [7][8] - CVCs have advantages in fundraising, investment strategies, and post-investment management, leading to an increase in collaborations between government investment funds and CVCs [8] Group 3: Investment Strategies and Risk Management - Government investment funds are increasingly adopting a "patient capital" approach, with measures such as lowering return investment ratios and extending fund durations [1][11] - The average return investment multiple requirement for government-guided funds has decreased from 2.6 times in 2017 to 1.31 times in 2024, with some regions allowing ratios below 1 [10] - Policies are being implemented to enhance the due diligence exemption mechanisms, allowing for a higher tolerance for investment losses, with some areas permitting up to 100% loss on individual projects [11][12]