- The report utilizes the Fama Five-Factor Model for analysis, which includes market, size, value, investment, and profitability factors[29][37][41] - The construction process involves analyzing factor sensitivities and decomposing returns and risks based on the five factors. Market factor sensitivity is consistently positive, while value factor sensitivity is notably negative. The formula for factor exposure is $ R_i = \alpha + \beta_1 \cdot MKT + \beta_2 \cdot SMB + \beta_3 \cdot HML + \beta_4 \cdot RMW + \beta_5 \cdot CMA + \epsilon $, where $ \beta $ represents factor sensitivities[37][41][42] - Evaluation of the model indicates strong individual stock selection capabilities, as excess returns are primarily derived from specific stock alpha rather than systematic factor exposure[41][42] - Testing results show that market factor contributes significantly to returns, while value, size, and investment factors exhibit weaker performance. Specific alpha remains a key driver of excess returns[37][41][42]

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 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。 上银基金总经理尉迟平送来新春祝福。她表示，上银基金将坚守"金融为民"的初心，勇担服务大局的使 命，筑牢合规风控屏障，坚守金融安全底线，与广大投资者、合作伙伴携手并肩，共同奔赴中国式现代 化的壮阔征程，为建设金融强国、共创美好未来贡献我们的专业力量！祝愿大家身体健康，新春快乐， 阖家幸福！ 骏马追风，万象更新，值此马年新春来临之际，我谨代表上银基金全体员工向长期以来信任与支持我们 的广大投资者、精诚合作的伙伴们、关注陪伴上银基金的朋友们，致以最诚挚的问候和最美好的新春祝 福！ 2025年是"十四五"规划收官之年。回首旧岁，上银基金紧跟国家发展步伐，深入贯彻党的二十届四中全 会关于加快建设金融强国、推动资本市场高质量发展作的战略部署，积极落实《推动公募基金高质量发 展行动方案》，在强化投研能力、优化产品布局、深化投资者服务等方面不断提升，全体员工凝心聚 力， ...

Group 1 - The core event was the 2026 Zijinshan Venture Capital Conference in Nanjing, where various funds were launched, totaling over 700 billion yuan in scale, including the 100 billion yuan Zijinshan International Sci-tech Innovation Fund [1] - The concept of "patient capital" was emphasized, which refers to capital that provides long-term support, tolerates risks, and is adaptable to the long growth cycles and high failure rates of technology innovation [2][3] - The Zijinshan International Sci-tech Innovation Fund has a 20-year duration, setting a significant precedent for long-term investment strategies in the industry [3] Group 2 - The Nanjing government has implemented policies to accelerate the development of new productive forces, aiming to create a fund cluster exceeding 2000 billion yuan, focusing on key industries and talent cultivation [4][5] - The emergence of a "fund matrix" reflects a shift in government strategy from supporting single investment platforms to fostering a collective approach with multiple funds targeting specific industries [5][6] - The trend of establishing large-scale, specialized fund clusters is expected to continue, enhancing regional industrial transformation and upgrading [6]

Core Viewpoint - The year 2026 marks the beginning of the "14th Five-Year Plan" and is crucial for China's high-quality economic development, with the company committed to long-term investment strategies and enhancing professional research capabilities to meet wealth management needs [1][5][12] Group 1: Company Performance - In the past year, the company achieved record highs in public fund size, non-monetary fund size, and active equity fund size, with long-term performance ranking among the top in the industry [3][10] - The company has implemented a "platformization" strategy in its research and investment system, focusing on long-term correct practices and leveraging diverse teams and strategies for better performance [4][11] - The company ranked first among the top 30 fund companies in terms of equity fund returns over the past seven years, with significant growth in net subscriptions and a threefold increase in institutional client holdings [4][11] Group 2: Investment Strategy and Innovation - The company has developed intelligent solutions for investment research, operations, sales, and risk control, including proprietary systems to enhance business capabilities [5][12] - The company has actively engaged in investor education, conducting numerous community outreach programs to improve financial literacy and risk awareness among investors [5][12] Group 3: Market Context - The A-share market has shown resilience and vitality, driven by policy support and industrial upgrades, particularly in technology innovation, contributing to a structural bull market [3][10] - The company's active equity products achieved an average return of 48.31% in 2025, with 23 out of 52 products exceeding a 50% return, indicating strong market performance [4][11]

时序将春辞旧岁，清寒深处暖情长。马年春节前夕，尽管上海寒意料峭，但汇添富基金第三期"致敬城 市建设者"公益项目仍然如期而至。项目聚焦上海市重大工程和金融强国建设重点工作，向上海、北京 的10个建筑工地、快递外卖站及环卫工作站的600名城市建设者送去冬日的温暖包、手写春联福字等物 资，以爱心致敬城市建设者，彰显社会责任担当，践行"人民城市"理念，让"人民城市"更有温度。 与此同时，第五期"基业上善"慈善资产管理研修营近期也在上海圆满举办，来自上海、北京、浙江、广 东、山西等地的24家公益基金的48名核心管理人员，开展了为期三天的主题研修与模拟演练，共同探索 慈善资产管理的专业路径，助力基金会合法、安全、有效地开展保值增值活动，促进公益行业的可持续 发展。 以脚步践行公益理想 将爱之种子洒遍山河 汇添富基金发起第三期"致敬城市建设者"公益项目 第五期"基业上善"慈善资产管理研修营成功举办 2025年，汇添富基金的公益脚步遍布祖国大江南北，将爱的阳光洒向教育助学、金融公益、乡村振兴、 社区公益、应急救灾等多个领域，践行"感恩"的价值观，在金融向善的路上步履不停、躬耕不辍，见证 更多的爱能改变。 教育助学：点亮乡村希 ...

华宝医疗ETF联接公告称，该基金由华宝中证医疗指数证券投资基金转型而来，2021年5月13日合同生 效，托管人为中国银行。自2026年2月12日起，张放担任基金经理。基金类型为基金中基金，主要投资 于目标ETF等，投资比例不低于基金资产净值的90%，标的指数为中证医疗指数。还公布了销售与运作 相关费用，提示了指数化投资、跟踪误差等特有风险及市场风险等。 ...

Core Viewpoint - The article emphasizes the importance of the public fund industry in connecting resident wealth with the real economy, highlighting the need for high-quality development and a focus on investor interests as the industry evolves [1][4][12]. Group 1: Industry Overview - The public fund industry is at a new starting point in 2026, coinciding with the beginning of the national "14th Five-Year Plan," with trends of wealth transfer to financial assets and steady inflow of long-term funds continuing [3][13]. - The past year saw the Shanghai Composite Index rise above 4000 points for the first time in a decade, indicating a recovery in investor confidence and willingness to allocate funds [3][12]. - A series of top-level design and reform measures aimed at promoting high-quality development in the industry have been implemented, guiding the sector back to its core mission of managing client assets [3][13]. Group 2: Strategic Focus - The company aims to prioritize the interests of its investors, maintaining asset management responsibilities and striving to create value for clients [5][14]. - The product lineup will continue to be developed based on the real needs of investors, with a focus on creating competitive products that cater to various risk-return profiles [5][14]. - The company is enhancing its research and investment system through professional collaboration and mentorship, aiming to cultivate a new generation of fund managers with strong industry insights and risk awareness [5][14]. Group 3: Service Commitment - The company seeks to provide not only quantifiable investment returns but also a sense of trust and security for clients, offering comprehensive asset allocation solutions tailored to their lifecycle needs [6][15]. - Continuous, professional, and sincere communication will be maintained to ensure long-term win-win relationships with investors [6][15].

Group 1 - The A-share market showed mixed performance on February 11, with the three major indices fluctuating, and a slight net outflow of 236 million yuan from stock ETFs [1][2] - The ChiNext index saw significant net inflow of 1.14 billion yuan, while the CSI A500 index experienced net outflow [1][2] - The satellite industry and robotics sectors attracted notable capital inflows, while the new energy and dividend sectors faced outflows [1][2] Group 2 - As of February 11, the total scale of stock ETFs in the market reached 4.19 trillion yuan, with an overall net outflow of 236 million yuan for the day [2] - The ChiNext ETF led the inflows with a net inflow of 1.14 billion yuan, primarily driven by E Fund's ChiNext ETF, which saw inflows of 1.065 billion yuan [2][4] - The satellite industry also showed strong inflows, with a net inflow of 890 million yuan, including 394 million yuan into E Fund's satellite ETF [2][4] Group 3 - Over the past five days, the Hang Seng Technology Index ETF received over 6 billion yuan in inflows, while the SGE Gold 9999 Index ETF saw inflows exceeding 4.2 billion yuan [3] - The wide-based ETFs experienced a net outflow of 755 million yuan, with the CSI A500 ETF leading the outflows at 1.605 billion yuan [6][8] - The new energy sector had the highest outflow among thematic sectors, with a net outflow of 820 million yuan [7] Group 4 - The latest scale of E Fund's ETFs reached 661.02 billion yuan, with a total net inflow of 1.53 billion yuan on the previous trading day [4][5] - The robotics ETF and free cash flow ETF from Huaxia Fund saw significant inflows of 280 million yuan and 212 million yuan, respectively [5] - The market outlook suggests a focus on core growth assets, with stable earnings expectations and a potential return of foreign capital, indicating strong allocation properties in a volatile environment [9]

开年以来，政策预期、流动性与基本面共振上修，投资者对证券市场也有了更多的期待。 数据说明：截至2025.12.31，张雨迪具有7.4年证券从业经历，其中6.6年证券研究经历，0.8年证券投资 经历，张雨迪历任基金——华商稳健泓利一年持有混合20250226至今。文中观点来自基金定期报告，仅 为基金经理投资理念，基金的投资策略详见基金法律文件。华商稳健泓利一年持有混合A类申购费率根 据申购金额划分不同标准：金额＜100万元时费率为0.8%；100万元≤金额＜300万元时费率为0.5%；300 万元≤金额＜500万元时费率为0.3%；金额≥500万元时按每笔1000元收取。C类基金份额不收取申购费。 投资人持有本基金 A 类或 C 类基金份额需至少满一年，在一年持有期内不能提出赎回申请，持有满一 年后赎回，不收取赎回费用。红利再投资的基金份额在对应认购/申购份额锁定持有期到期后即可进行 赎回或转换转出，不收取赎回费用。销售服务费A类不收取，C类0.4%/年。通过本公司直销中心申购本 基金的养老金客户适用特定的申购费率，详见本基金《招募说明书》及相关公告。 华商稳健泓利一年持有混合基金经理张雨迪表示，展望未来，预计 ...

Group 1 - The current market is in a mid-stage of a new industrial cycle driven by artificial intelligence, which is considered the leading industry of this cycle [1][4][10] - The focus areas for investment include computing power (semiconductor equipment, GPU chips, storage, optical communication, liquid cooling) and AI applications (humanoid robots, autonomous driving, industrial AI, agents) [4][10] - Core assets are concentrated in sectors such as non-ferrous metals, basic chemicals, non-bank financials, machinery, and electrical equipment [4][10] Group 2 - The market is expected to experience volatility with significant sector performance differentiation by Q4 2025, where non-ferrous metals, oil and petrochemicals, and communications are projected to perform well, while pharmaceuticals, real estate, and beauty care are expected to lag [4][10] - The portfolio structure of the Huashang Strategy Selected Flexible Allocation Mixed Fund remains stable, with major allocations in upstream resources, digital economy, smart electric vehicles, green energy, national defense and military industry, biomedicine, and consumer services [4][10] Group 3 - The investment strategy emphasizes a combination of core assets as a foundation and enhancing returns through leading industries in the industrial cycle, aiming to improve the risk-return profile of the investment portfolio [3][9] - The fund manager has nearly 13 years of experience in the securities industry, with a focus on mid-level industry research and a value growth strategy [3][9]