Core Insights - The A-share market experienced a significant structural bull market during the Snake Year (January 29, 2025 - February 16, 2026), with the Shanghai Composite Index returning to 4000 points after ten years, while global capital markets showed a trend of strong stocks and stable bonds, alongside a historic surge in precious metals [2][3]. Market Performance - The A-share market saw substantial gains, with the Shanghai Composite Index rising by 25.58%, the Shenzhen Component Index by 38.84%, and the ChiNext Index by 58.73%. The Hong Kong market also performed well, with the Hang Seng Index increasing by 32.04%. Precious metals saw remarkable increases, with the Wande Silver Industry Index and Wande Gold Industry Index rising by 295.37% and 127.66%, respectively [3][4]. Fund Performance - The Snake Year was a "harvest year" for the public fund industry, with an average return of 24.13% across 12,027 funds, where 97.41% of funds achieved positive returns. Commodity funds led with an average return of 60.78%, while active equity funds averaged 39.82% with nearly 99% achieving positive returns. Index funds also performed well with an average return of 37.97%, and bond funds provided stable returns averaging 3.85% [4][5]. Top Performing Funds - A total of 170 funds achieved returns exceeding 100%, with six funds surpassing 150%. The top three funds were all focused on technology themes, with returns of 221.41% for Yongying Technology Select A, 171.25% for Huashang Balanced Growth A, and 163.23% for AVIC Opportunity Navigator A. Additionally, several funds related to non-ferrous metals also performed strongly, with returns exceeding 120% [5][6]. Underperforming Funds - Despite the overall strong market performance, 311 funds recorded negative returns, with 15 funds experiencing declines of over 10%. The worst performer was Tongtai Huize A, with a return of -21.17%, attributed to a change in fund management and a shift in investment focus [7][9].

Core Viewpoint - The letter from Zhang Hui, General Manager of Huatai-PB Fund, reflects on the challenges and transformations in the public fund industry, emphasizing the importance of maintaining core values amidst rapid changes in the market and technology [2]. Group 1: Investment Philosophy and Research Framework - The letter discusses the importance of a vertical integrated research system and a human-centered multi-strategy framework, which are essential for matching client needs with professional capabilities [9]. - It highlights that proactive investment strategies are necessary even in the context of passive investment growth, suggesting that fund companies must actively choose the right strategies and products [4][5]. - The concept of "rule-based investment" is introduced, which aims to make investment processes more scientific and predictable, enhancing the overall experience for investors [7]. Group 2: Market Characteristics and Trends - Zhang Hui introduces the term "structural non-elasticity" to describe the new characteristics of the Chinese capital market, where passive investment trends significantly influence market pricing, leading to pronounced sectoral disparities [10]. - The letter notes that the rapid growth of passive investment products, particularly thematic ETFs, has altered traditional market dynamics, resulting in overvaluation in popular sectors and undervaluation in less favored ones [10]. Group 3: The Role of AI in Asset Management - The letter emphasizes that AI will not replace fund managers but rather those who do not utilize AI effectively. It is seen as a tool that can enhance research efficiency and client service personalization [11][12]. - AI is positioned as a core infrastructure for fund companies, aiding in the release of excess return potential [12]. Group 4: Personal and Organizational Values - The letter stresses the importance of integrity and passion in the investment profession, suggesting that a strong value system is crucial for making sound investment decisions [13]. - It advocates for a balanced approach to personal and professional life, encouraging the development of a "life multi-factor" balance to achieve mental tranquility and resilience [14][15].

Group 1: Market Outlook - The A-share market is expected to maintain a positive trend in 2026, supported by a likely continued easing of monetary policy by the Federal Reserve and a stable external environment, particularly in US-China relations [1] - The market is anticipated to enter the second half of the spring rally post-Chinese New Year, with limited downside potential [1] Group 2: Investment Strategy - The A-share market is experiencing significant style rotation, with a potential buying opportunity in technology growth sectors, particularly in semiconductor chips and AI applications, after the Spring Festival [2] - Investment strategies should focus on four key areas: emerging industries like AI and semiconductors, resource and traditional industry upgrades, high-end manufacturing with global competitiveness, and domestic consumption recovery [2] Group 3: Hong Kong Market Insights - The current low valuation levels in the Hong Kong stock market have priced in many pessimistic expectations, providing a solid margin of safety and recovery potential [3] - Investment focus should be on technology companies linked to the global AI wave, resource companies with supply-demand tightness, and high-dividend assets with stable cash flows [3]

中国经济网北京2月25日讯 近日，浦银安盛基金公告，任命黄俊麟为首席信息官。 黄俊麟2003年7月至2014年2月期间，历任大连联创联合科技有限公司程序员、广达电脑股份有限公 司工程师、TNT中国有限公司IT基础设施专员及DSV中国有限公司信息技术部负责人。2014年2月至 2020年10月就职于汇添富基金管理股份有限公司，任信息技术部高级IT经理。2020年10月加盟浦银安盛 基金管理有限公司，历任信息技术部总经理助理、信息技术部副总经理（主持工作）、信息技术部总经 理。2026年2月起，担任浦银安盛基金首席信息官兼信息技术部总经理。 | 新任高级管理人员职务 | 首席信息官 | | --- | --- | | 新任高级管理人员姓名 | 黄俊麟 | | 是否经中国证监会核准取得高管任职资格 | | | 中国证监会核准高管任职资格的日期 | | | 任职日期 | 2026年2月12日 | | 过往从业经历 | 黄俊麟,首席信息官。大连海事大学计算机科学 | | | 与技术专业学士。2003年7月至2014年2月期 | | | 间,历任大连联创联合科技有限公司程序员、广 | | | 达电脑股份有限公司工程师、T ...

| 离任高级管理人员职务 | 首席信息官 | | --- | --- | | 离任高级管理人员姓名 | 罗瑞宏 | | 离任原因 | 个人原因 | | 离任日期 | 2026年2月13日 | | 转任本公司其他工作岗位的说明 | 无 | | i Card and Can in Can and Deal Children | | | --- | --- | | 基金管理人名称 | 安联基金管理有限公司 | | 公告依据 | 《证券基金经营机构董事、监事、高级管 | | | 理人员及从业人员监督管理办法》、《公开 | | | 募集证券投资基金信息披露管理办法》等 | | | 相关法律法规 | | 高管变更类型 | 离任基金管理公司首席信息官 | 中国经济网北京2月25日讯近日，安联基金公告，首席信息官罗瑞宏因个人原因离任。 ...

中国经济网北京2月25日讯近日，财信基金公告，任命杨敏为督察长，王彬彬离任。 | 新任高级管理人员职务 | 督察长 | | --- | --- | | 新任高级管理人员姓名 | 杨敏 | | 是否经中国证监会核准取得高管任职资格 | | | 中国证监会核准高管任职资格的日期 | | | 任职日期 | 2026-02-13 | | 过往从业经历 | 曾任易方达基金管理有限公司监察部监察员,中科沃土 基金管理有限公司监察风控部负责人,新疆前海联合基 金管理有限公司监察稽核部负责人,五矿证券有限公司 | | | 公募基金业务部(筹)合规风控负责人,财信基金管理 | | | 有限公司运营部总经理等职务。 | | 取得的相关从业资格 | 基金从业资格 | | 国籍 | 中国 | | 学历、学位 | 本科、硕士 | | 离任高级管理人员职务 | 督察长 | | --- | --- | | 离任高级管理人员姓名 | 王彬彬 | | 离任原因 | 个人原因 | | 离任日期 | 2026-02-13 | | 转任本公司其他工作岗位的说明 | | 杨敏曾任易方达基金管理有限公司监察部监察员，中科沃土基金管理有限公司监察风控部负 ...

Group 1 - The core point of the news is the appointment of She Jiangke as a new fund manager for two funds managed by Zhejiang Merchants Fund, specifically the Zhejiang Merchants Science and Technology Innovation One-Month Rolling Holding Mixed Fund and the Zhejiang Merchants Smart Selection Pioneer One-Year Holding Period Mixed Fund [1][2] - The Zhejiang Merchants Science and Technology Innovation One-Month Rolling Holding Mixed Fund was established on September 29, 2020, and as of February 24, 2026, it has a year-to-date return of 9.10% and 9.07%, with a cumulative return since inception of 64.64% and 62.84%, and a cumulative net value of 1.6381 yuan and 1.6211 yuan [1] - The Zhejiang Merchants Smart Selection Pioneer One-Year Holding Period Mixed Fund was established on August 10, 2021, and as of February 24, 2026, it has a year-to-date return of 6.54% and 6.47%, with a cumulative return since inception of -31.79% and -33.02%, and a cumulative net value of 0.6821 yuan and 0.6698 yuan [1]

| 基金名称 | 工银瑞信双利债券型证券投资基金 | | --- | --- | | 基金间称 | 工银双利债券 | | 基金主代码 | 485111 | | 基金管理人名称 | 工银瑞信基金管理有限公司 | | 公告依据 | 根据《中华人民共和国证券投资基金法》、《公开募集证券投资基金 | | | 运作管理办法》、《公开募集证券投资基金信息披露管理办法》及其 | | | 他有关法律法规以及本基金相关法律文件等。 | | 基金经理变更类型 | 解聘基金经理 | | 共同管理本基金的其他基 | 徐博文、李昱 | | 金经理姓名 | | | 离任基金经理姓名 | 欧阳凯 | 中国经济网北京2月25日讯 近日，工银瑞信基金公告，欧阳凯离任工银双利债券。 工银瑞信双利债券A/B成立于2010年08月16日，截至2026年02月24日，其今年来收益率为2.44%、 2.34%，成立来收益率为154.99%、139.62%，累计净值为2.3940元、2.2680元。 欧阳凯曾任中海基金管理有限公司基金经理，2010年加入工银瑞信，现任固定收益投资总监、投资 决策委员会成员。 (责任编辑：康博) ...

中国经济网北京2月25日讯 近日，诺安基金公告，诺安全球黄金（QDII-FOF）增聘唐晨，宋青离 任。 唐晨曾任四川英祥实业集团有限公司理财顾问，2019年10月加入诺安基金管理有限公司，历任研究 员、投资经理，现任研究部总经理助理。2022年12月起任基金经理。 诺安全球黄金成立于2011年01月13日，截至2026年02月13日，其今年来收益率为13.64%，成立来 收益率为182.41%，累计净值为2.6210元。 | 基金名称 | 诺安全球黄金证券投资基金 | | --- | --- | | 基金简称 | 诺安全球黄金(QDII-FOF) | | 基金主代码 | 320013 | | 基金管理人名称 | 诺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 | 兼有增聘和解聘基金经理 | | 新任基金经理姓名 | 唐晨 | | 离任基金经理姓名 | 宋青 | (责任编辑：康博) ...

摩根聚利稳健三个月持有期混合(FOF)成立于2026年2月11日。 中国经济网北京2月25日讯近日，摩根基金公告，摩根聚利稳健三个月持有期混合(FOF)增聘蒋华安。 蒋华安曾任安永会计师事务所担任高级审计员，社保基金理事会资产配置处副处长，工银瑞信基金FOF 投资部总经理、基金经理；自2025年4月起加入摩根基金管理(中国)有限公司，现任资产配置部总监。 | 基金名称 | 摩根聚利稳健三个月持有期混合型基金中基金(FOF) | | --- | --- | | 基金简称 | 摩根聚利稳健三个月持有期混合(FOF) | | 基金主代码 | 026576 | | 基金管理人名称 | 摩根基金管理(中国)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 | 蒋华安 | | 共同管理本基金的其他基 | 吴春杰 | | 金经理姓名 | | ...