2月13日，债券市场投资者见证了一次历史级奇观。 真相只有一个：一年一度的"春节套利"窗口，被聪明的资金玩出了新高度。 解密：同一笔钱，如何赚两份"假期工资"？ 这套被疯传的"1天赚11天利息"大法，操作只有两步，却精准卡位交易所规则缝隙： 第一笔：2月12日，操作1天期国债逆回购。下午3点半前，在交易软件敲入204001或131810。资金仅被占用今天（13日）一天，但交易所计 息规则慷慨地奉上11天的假期利息——这是市场熟知的"春节红包"。 第二笔：2月13日，511580接棒，假期继续生息。今天上午，逆回购资金到账，状态为"可用不可取"。这就够了。下午3点收盘前，无缝买入 国债政金债ETF招商（511580）。该ETF底层为国债+政策性金融债，国家信用背书，今日买入，明日即开始计息，整个春节假期的票息一份 不落。 于是，同一笔本金，在11天假期里，同时拿着逆回购的11天利息 + 债券ETF的11天票息。 一份本金，双份收益。这就是传说中的"一鱼多吃"，也是511580今早被资金暴力抢筹、甚至一度买出涨停价的底层逻辑。 为什么偏偏是511580？ 国债政金债ETF招商（511580）盘前大涨8.66%！尽 ...

Core Viewpoint - The A-share market is expected to experience a robust upward trend in 2026, with a solid foundation for the "spring rally" compared to previous years, driven by macroeconomic policies and risk appetite recovery [1] Group 1: Market Overview - In 2025, the A-share market showed significant structural opportunities, with major alpha concentrated in growth and cyclical sectors [5] - The first quarter saw a notable "spring rally," primarily driven by thematic trends in the technology sector, including robotics, low-altitude economy, and AI applications [5] - The second quarter experienced volatility due to external tariff expectations, leading to adjustments in broad market indices [5] - By the third quarter, there was a clear recovery in growth style valuations, particularly in computing power, semiconductors, and technology stocks, alongside a strong performance in the cyclical sector driven by liquidity easing [5] - The fourth quarter entered a phase of oscillation, characterized by alternating industry rotations as the main trading opportunity [5] Group 2: Investment Strategy - The investment strategy focuses on high-quality industry leaders, with a preference for mid to large-cap stocks to mitigate the impact of small-cap volatility [5] - The approach emphasizes balanced sector allocation to prevent excessive volatility from rapid industry rotations [5] - For 2026, the outlook remains positive, with broad market indices expected to maintain reasonable valuation levels, supported by ongoing technological innovation and favorable liquidity conditions [6] - The strategy will continue to utilize quantitative diversified allocation to maintain a stable return profile [6]

Market Overview - In January 2026, the equity market showed a good profit effect, with major indices rising, while the bond market stabilized after fluctuations[3] - The performance of cyclical and growth sectors remained strong, with non-ferrous metals, media, and oil and petrochemicals leading gains at 23.02%, 18.85%, and 14.95% respectively[3] - Conversely, the banking, comprehensive finance, and transportation sectors experienced declines of -6.18%, -4.46%, and -0.89% respectively[3] Bond Market Insights - The bond market showed resilience after a period of decline, with major bond fund indices recording gains of 0.24%, 0.20%, and 0.16% for long-term, bond index, and short-term pure bond indices respectively[12] - The performance of first-level, second-level, and convertible bond fund indices increased by 0.85%, 1.65%, and 6.90% respectively, following the strength of the equity market[12] Investment Strategy - The report suggests a balanced allocation strategy in February, focusing on sectors with strong profit elasticity and clear benefits from technological advancements, particularly in "light, electricity, and storage" segments[4] - Traditional dividend stocks are recommended as stabilizing components in investment portfolios, enhancing risk management[4] Risk Considerations - The report emphasizes the need for caution in the bond market, advising against extending duration too much due to the current narrow credit spreads and potential challenges in capital gains[6] - It highlights the importance of monitoring policy signals and maintaining a diversified allocation to mitigate risks in a complex market environment[6] Performance Metrics - The active equity fund selection index has achieved a cumulative net value of 1.5819 since its inception on May 11, 2023, outperforming the CSI 930950 index by 25.37%[23] - The short-term bond fund selection index has a cumulative net value of 1.0481, with an excess return of 0.5456% relative to its benchmark since December 12, 2023[31]

Market Overview - In Q4 2025, the Shanghai Composite Index experienced a cumulative increase of 2.22%, while the CSI 300 index saw a slight decline of 0.2%, indicating a strong oscillating state in the Chinese market [1] - Strong assets such as overseas computing power, storage, and metals continued to rise, reflecting a pricing trend for prosperous assets [1] - The military industry index, represented by satellites, aerospace, and rockets, also saw significant gains, indicating capital market interest in space exploration [1] Investment Strategy - The investment strategy for the Huashang Quality Value Mixed Fund emphasizes stock selection, with a strong focus on growth assets, particularly in the information industry [3] - Investments in AI infrastructure remain significant, particularly in fiber optics, optical devices, and CPO (Co-Packaged Optics), which are believed to be undervalued [3] - Adjustments in the energy sector include reducing positions in electric power equipment and new energy, reallocating to solid-state transformers and gas turbines to better align with long-term AI industry changes [3] Fund Performance - The Huashang Quality Value Mixed Fund A achieved a net value growth rate of 48.26% over the past year, significantly outperforming the benchmark return of 14.24% by 34.02% [2] - The fund's performance ranks in the top 25% of its category over the past year, reflecting effective management and strategic positioning [2] Future Outlook - Looking ahead to Q1 2026, confidence in Chinese assets remains strong, with expectations of increased competitiveness in various industries despite challenges [5] - The anticipated emergence of new defense technologies is expected to enhance China's competitive position globally [5] - The overall market remains in a strategic opportunity phase, with the A and H markets still at historically low levels [5] Sector Allocation - In Q4, the fund reduced holdings in electric power equipment, pharmaceuticals, and real estate while increasing investments in military, electronics, and telecommunications [6] - The overall investment style maintains a balanced allocation while enhancing growth-oriented investments across key sectors [6]

Core Viewpoint - The macroeconomic landscape at the beginning of 2026 is complex, showcasing a resilient picture of the domestic economy that is progressing steadily towards improvement, contrasting with the market's focus on "structural differentiation" [1] Economic Overview - The domestic economy is advancing under pressure, with ongoing construction of a modern industrial system and positive progress in risk mitigation in key areas, although challenges such as insufficient domestic demand and low price levels persist [4][9] - The U.S. economy is experiencing moderate expansion, with slowing job growth and a slight increase in unemployment, while inflation remains high and the Federal Reserve continues to lower interest rates [4][9] Market Indicators - In Q4, the manufacturing PMI improved from 49 to 50.1, indicating marginal improvement [4][9] - External trade shows strong resilience, with continuous enhancement in export competitiveness [4][9] - Some cities' real estate markets are stabilizing but still exhibit volatility during the recovery phase [4][9] - The average rates for DR001 and DR007 were 1.33% and 1.47%, respectively, down by 15 basis points and 3 basis points compared to Q3 2025 [4][9] - The yield on 10-year government bonds slightly decreased from 1.86% at the end of Q3 2025 to 1.85% [4][9] Fund Management Strategy - The fund manager adjusted leverage and duration based on market conditions during this period, aiming to ensure safety while striving for stable returns for clients [4][9]

Core Viewpoint - The 30-year Treasury ETF (511090) has shown positive performance with a 0.14% increase as of February 13, 2026, and has experienced significant net inflows, indicating strong investor interest in this asset class ahead of the upcoming holiday period [1][2]. Market Performance - As of February 12, the 30-year Treasury ETF recorded a trading volume of 6.92 billion yuan with a turnover rate of 3% [1]. - The average daily trading volume over the past year for the 30-year Treasury ETF is 82.06 billion yuan [1]. - The total size of the 30-year Treasury ETF has reached 230.57 billion yuan [1]. Fund Inflows - The 30-year Treasury ETF has seen continuous net inflows over the past six days, with a peak single-day inflow of 658 million yuan, totaling 1.872 billion yuan in net inflows [1]. Interest Rate Environment - The interbank bond market in China has maintained a warm trend, with yields on government bonds declining, particularly the 10-year government bond yield approaching 1.77% [1]. - The People's Bank of China conducted a 1,665 billion yuan reverse repurchase operation at a fixed rate of 1.40% on February 12, with a net injection of 448 billion yuan for the day [1]. Investment Sentiment - There is a noticeable "hold bonds over the holiday" sentiment among market participants, favoring bonds as a preferred asset class ahead of the holiday, which has led to a strengthening of the bond market [2]. - The central bank's normalization of government bond trading has provided a stable anchor for long-term interest rates, benefiting investment strategies [2]. ETF Characteristics - The 30-year Treasury ETF closely tracks the China Bond 30-Year Treasury Index, which consists of publicly issued 30-year government bonds [2]. - The ETF offers advantages such as T+0 trading, daily interest calculation regardless of market closure, and lower transaction costs compared to similar products [9][10].

Core Insights - The A-share market showed resilience in 2025, with the Shanghai Composite Index rising by 18.41%, international gold prices reaching new highs with a 57.94% increase, and the China Bond Index experiencing a modest rise of 0.57% [1] - The investment management team at Jianxin Fund focused on long-term value creation, successfully capturing market opportunities across various funds [1] Group 1: A-share Market Performance - The A-share market's two main investment directions in 2025 were technology and resource sectors, with several funds achieving over 50% annual returns [2] - Notable funds such as Jianxin Excellence Growth and Jianxin Information Industry significantly outperformed, with returns exceeding 50% [2] - The Jianxin Information Industry fund increased its allocation to technology growth sectors, particularly in semiconductor equipment [2] Group 2: Fund Management Strategies - Jianxin Social Responsibility Mixed Fund focused on sectors like electronics and communication, anticipating continued improvement in corporate earnings due to rising prices and supportive policies [3] - Jianxin New Materials Selected Stock Fund maintained a focus on cyclical recovery and increased investments in technology and lithium battery materials [3] Group 3: Fixed Income and Hybrid Funds - The bond market experienced increased volatility in 2025, but "fixed income plus" products showed strong performance, with Jianxin Convertible Bond Enhanced A achieving a 21.72% return [4] - The Jianxin Dual Dividend fund manager highlighted structural opportunities in various sectors, including smart driving and renewable energy [4] Group 4: Gold Investment Outlook - Gold prices rose significantly in 2025, supported by global monetary policy shifts and central bank purchases, with Jianxin Shanghai Gold ETF achieving a 56.86% return [5] - The fund manager expressed optimism for gold's long-term investment value due to expected continued declines in real interest rates and geopolitical uncertainties [6]

Group 1 - The A-share market in 2025 experienced a significant structural differentiation, leading to a robust upward trend, with expectations for a solid "spring rally" in 2026 [1][6] - The manager of Huashang Fund, Haiyang, employs a dual strategy of "balanced growth + quantitative empowerment" to navigate the spring rally effectively [1][6] - Haiyang remains optimistic about the macroeconomic state improving as counter-cyclical economic policies are gradually implemented, anticipating a recovery in quality small and mid-cap stocks as risk appetite increases [1][6] Group 2 - In 2025, the A-share market revealed clear structural opportunities, with major alpha concentrated in growth and cyclical sectors [4][10] - The first quarter saw a notable spring rally driven by thematic trends in the technology sector, with significant valuation increases in sub-sectors like robotics, low-altitude economy, and AI applications [4][10] - The investment strategy focused on high-quality industry leaders, favoring mid to large-cap stocks while reducing exposure to small-cap factors to mitigate volatility risks [4][10] Group 3 - Looking ahead to 2026, most broad market indices are expected to maintain reasonable valuation levels, with ongoing technological innovation and favorable liquidity conditions [5][11] - The market is anticipated to continue showcasing structural opportunities in both cyclical and technological sectors, with a positive outlook for small and mid-cap quality stocks as risk preferences recover [5][11] - Haiyang plans to maintain a diversified quantitative allocation strategy to ensure stable returns through product portfolio configuration [5][11]

当债市在政策与风险的博弈中震荡，如何在市场震荡中寻找确定性是核心问题。华商鸿悦纯债债券、华 商鸿丰纯债债券基金经理陈杰在定期报告中阐述了他的应对之道。 陈杰现任华商基金副总经理，华商鸿悦纯债债券型基金经理，华商鸿丰纯债债券型基金经理。具有超17 年证券从业经历(其中13.4年证券研究经历，4.5年证券投资经历)，具备扎实的投资研究经验。 陈杰在基金定期报告中回顾，2025年四季度，国内经济运行整体平稳，结构上仍有一定的分化，呈现出 外需好于内需的格局。出口对经济支撑较强，2025年1-11月出口累计同比增速为5.4%。消费增速边际放 缓，2025年11月社会消费品零售总额增速为1.3%，较前值下滑1.6个百分点。投资显著承压，2025年1- 11月固定资产投资累计同比-2.6%。物价方面，11月我国CPI环比下降0.1%，同比上涨0.7%，PPI环比上 涨0.1%，同比下降2.2%，物价整体维持偏低位运行，国内有效需求不足的现状仍待改善。货币政策维 持适度宽松，宏观层面流动性整体较为充裕。 债券市场方面，2025年四季度，债市利率在多重因素冲击下呈现出震荡格局。具体来看：10月，贸易摩 擦反复、央行重启买债， ...

Core Viewpoint - As of February 12, the total margin balance for ETFs in the Shanghai and Shenzhen markets reached 125.347 billion yuan, an increase of 4.531 billion yuan from the previous trading day [1] Group 1: ETF Financing and Margin Balances - The ETF financing balance stood at 117.82 billion yuan, increasing by 4.535 billion yuan compared to the previous trading day [1] - The ETF margin short balance was 7.527 billion yuan, showing a slight decrease of 0.04 billion yuan from the previous trading day [1] Group 2: Net Inflows in ETFs - On February 12, 261 ETFs experienced net financing inflows, with the Hai Fu Tong CSI Short Bond ETF leading with a net inflow of 4.49 billion yuan [1] - Other ETFs with significant net inflows included the Huatai-PB Hang Seng Technology ETF, Huaxia Hang Seng Technology ETF, E Fund CSI Hong Kong Securities Investment Theme ETF, Southern CSI 1000 ETF, and Da Cheng Hang Seng Technology ETF [1]