| | 3日(香港國廠受進节劇場),7日(香港版社节假) | | --- | --- | | | :23日(交流省域日期) | | | 1日(含湯特別(政区成立記念日假期) | | 10 G | 19日(香港新冠节假期) | | 12 1 | 24日 25日(香港天津节假节假》,31日(香港新年前夕開幕) | | 1201661 | 新宣石桥 | | --- | --- | | 019102 | 到照的城园里有景交易使开放式指数进移使法基金发起了就推荐会(QDII(A | | 022444 | 22周长城中语 4500 2 8-5 77 27 2 5 2 5 2 2 5 2 2 5 2 2 8 2 2 8 2 2 8 2 2 8 2 2 8 2 2 8 2 2 8 2 2 8 2 2 8 2 2 8 2 2 8 2 2 8 2 2 8 2 2 8 2 2 8 2 2 8 2 8 3 2 8 3 2 8 3 6 8 3 8 8 8 8 8 | 二、销售机构信息 销售机构名称：恒生银行（中国）有限公司 注册（办公）地址： 中国（上海）自由贸易试验区陆家嘴环路1000号恒生银行大厦34楼、36楼、45 楼-031单 ...

同时，还有6只QDII基金去年涨幅超过80%，其中易方达基金管理有限公司旗下产品占4只，分别为易方达全球成长精选混合(QDII)C(人民币份额)、易 方达全球成长精选混合(QDII)A(人民币份额)、易方达全球成长精选混合(QDII)C(美元现汇份额)、易方达全球成长精选混合(QDII)A(美元现汇份额)，均涨超 85%。 截至去年三季度末，上述4只基金前十大重仓股分别为台积电、英伟达、谷歌、博通、天弘科技、阿里巴巴、美光科技、欣旺达、聚辰股份、澜起科 技。 中国经济网北京1月12日讯（记者 何潇） 2025年收官，全市场650只（各类份额分开计算，下同）有可比业绩的QDII基金中，有619只基金净值上涨， 占比95.2%，有31只基金净值下跌。 2025年，汇添富香港优势精选混合(QDII)A/C业绩表现优异，其涨幅为114.19%、113.83%。去年三季报显示，汇添富香港优势精选混合A/C坚守投资主 线、沿着以下方向布局：1）创新药：产品有全球竞争力和成长空间的pharma和biotech；2）进口替代率低，壁垒高的优秀设备耗材龙头。 截至去年三季度末，汇添富香港优势精选混合A/C前十大重仓股分别为映恩 ...

Core Insights - In 2025, 90% of the 6,697 comparable bond funds reported positive performance, with 6,009 funds increasing in value, 28 remaining flat, and 660 declining [1] - The top-performing funds included Southern Changyuan Convertible Bond A and C, which achieved returns of 48.77% and 48.03% respectively [1] - Several other bond funds, such as Minsheng Jianyin Enhanced Income Bond and Bosera Convertible Bond Enhanced, also saw significant increases, exceeding 30% [2] Fund Performance - Southern Changyuan Convertible Bond A and C led the performance with increases of 48.77% and 48.03% respectively, holding 81.90% in bond assets and 16.21% in stocks [1] - Minsheng Jianyin Enhanced Income Bond A and C reported increases of 35.89% and 35.30%, with major holdings in convertible bonds and a small portion in stocks [2] - Bosera Convertible Bond Enhanced A and C achieved returns of 35.24% and 34.71%, with a focus on government bonds and convertible bonds [2] Declining Funds - Only seven funds experienced declines greater than 6%, with the largest drop being 6.70% for the Fangzheng Fubon Hongyuan Bond C, primarily holding government bonds [2] - Vanguard Boying Pure Bond C and A fell by 6.49% and 6.12%, respectively, with significant holdings in government and corporate bonds [3] - Zhongyou Pure Bond Fengli Bond E also saw a decline of 6.08%, focusing on corporate and financial bonds [3] Fund Management - Southern Changyuan Convertible Bond is managed by Liu Wenliang, who has over 10 years of experience in the industry [1] - Minsheng Jianyin Enhanced Income Bond A and C are managed by veteran manager Xie Zhihua, with a track record of 14 years [2] - Bosera Convertible Bond Enhanced is co-managed by Guo Jun and Gao Hui, both with significant experience in fund management [2]

1. 证监会副主席陈华平1月11日在第三十届中国资本市场论坛上表示，将持续完善长钱长投的制度环境，合力推动各类中长期资金进一步提高入市规模比 例； 不断增强对科技创新企业服务的精准性、有效性，纵深推进科创板创业板改革，深化再融资改革；进一步提升监管执法有效性，持续健全投资者教 育服务和保护体系，坚持依法从严监管，突出打大、打恶、打重点，从严惩治各类恶性违法行为。 2.近日，清华大学基础模型北京市重点实验室发起AGI-Next前沿峰会，引发业界关注。 会议认为，大模型竞争已从"Chat"转向"Agent"阶段，重心从榜单 分数位移至真实环境的复杂任务执行。 行业预判2026年为商业价值落地元年，技术路径正向可验证强化学习（RLVR）演进。面对"中国反超"议题，领军 者持冷静态度，将领先概率评估为20%以内，认为中美在算力投入结构、新范式引领及toB生态上的本质差距。 3. 本周全球市场大事不断！中国2025年12月外贸数据、美国CPI及PPI数据将陆续公布；美国最高法院或公布关税裁决； 美联储将发布最新褐皮书，多位 美联储官员将密集发声；美股财报季开启，摩根大通等将披露最新业绩。重要会议方面，七国集团（G7）加 ...

Group 1 - The current A-share market ecosystem is undergoing systematic restructuring, with a solid foundation for a "long bull, slow bull" market being established. The strategic position of the capital market has significantly improved, and the institutional framework is becoming more refined, providing a solid guarantee for stable market operations [5][14] - The "New Nine Articles" are promoting a transformation of the market from being financing-led to a balanced focus on both financing and investment, leading to continuous improvements in the quality of listed companies and investor protection [5] - The profitability of core assets is showing signs of a turning point, with both technology and traditional sectors presenting structural opportunities, and the matching of valuation and profitability is improving [5] Group 2 - The spring market is expected to gradually unfold, supported by factors that have driven previous market activity, including liquidity factors such as margin trading and insurance capital, which are anticipated to continue into January [6] - The macroeconomic environment, including the previous appreciation of the RMB, is creating a favorable atmosphere for liquidity and risk appetite, with potential catalysts such as policy adjustments and improvements in fundamental data expected in January [6] - After a two-month earnings window, listed companies will once again face fundamental verification as they enter the earnings forecast disclosure window in January [6] Group 3 - A-share market is expected to maintain an upward trend, with structural inflows of incremental funds anticipated in January, supported by the appreciation of the RMB and foreign capital positioning at the year-end [7] - Market sentiment appears slightly subdued, with industry preferences concentrated in sectors such as non-ferrous metals and defense, suggesting that investors should focus on large-cap styles and policy-related industry opportunities [7] Group 4 - The commercial aerospace industry is expected to enter a period of explosive growth, with the current phase being the initial stage of large-scale infrastructure development, accelerating towards commercial applications [13] - The "Space Power" goal is clearly defined, with national strategic support guiding the industry, and the low-orbit satellite internet constellation is set to begin high-density networking by 2025, marking a critical window for large-scale networking from 2025 to 2027 [13] Group 5 - A weak dollar cycle is expected to boost the performance of A/H shares, as it drives domestic exports and improves corporate profits, with global liquidity easing valuations and funds favoring high-growth emerging markets [14] - Structural improvements in sectors such as technology and domestic demand are anticipated to benefit from corporate profit recovery, leading to a rebound in these areas [14]

（来源：经济参考报） 数据显示，2026年首个交易周共有46只新基金发行。其中，偏股混合型和被动指数型等权益类基金占主 导，分别为16只、10只。与此同时，还有一批科技、消费等领域的权益类产品申请材料于新年伊始获证 监会接收。展望2026年投资风向，多家公募表示，科技仍是中长期视角下的重要主线。 首周46只新基金发行 Wind数据显示，以申购起始日作为统计标准，2026年首个交易周（1月5日至1月9日），全市场共有46 只新基金（仅统计主代码）面市。仅1月5日一天，便有28只新基金"同台竞技"。 权益类基金依旧占2026年首周发行的主导地位。据Wind统计，在首周面世的46只基金中，偏股混合型 基金以16只的数量位列各类型之首，被动指数型基金也达到10只。此外，混合债券型二级基金、混合型 FOF，以及增强指数型基金的数量分别为5只、4只、4只。上述数量较多的基金品种，其资产配置中均 涉及权益类资产。 从具体赛道来看，不少新基金聚焦当下热门主题。比如，西部利得红利鑫选核心策略为"泛保险红利 +出海红利"。该基金拟任基金经理周晶晶表示，过去，金融与地产板块之间存在较强趋同性，而当前 金融与地产的核心逻辑已明显分化 ...

招商基金也认为，企业盈利或持续修复，A股将从估值抬升的"急而促"行情过渡到盈利支撑的"缓而 慢"行情。 鹏华基金认为，从历史来看，A股缺乏连续三年估值扩张的经验，2026年企业盈利情况可能直接决定指 数方向。从估值扩张到盈利消化估值，市场通常会发生风格切换。 谈及盈利修复的动力，多家机构观点指向宏观经济与资金面，认为2026年海内外有望呈现偏宽松的政策 环境，叠加历史基数较低，经济温和复苏概率较大；在资金端，居民储蓄向权益类资产迁移的趋势有望 延续，保险、社保等长期资金或持续入市。 □本报记者 张韵 近日，多家公募基金公司发布2026年投资策略报告，投资策略趋于明朗，核心研判形成较多共识，普遍 认为A股将迎来"盈利接棒估值"的关键转换，市场行情有望在盈利修复中得到延续。AI科技与周期复苏 成为备受青睐的两大核心主线。"固收+"资产配置品种少见地被纳入策略报告，获重视程度明显提升。 投资逻辑：盈利成核心驱动 "盈利修复"成为公募2026年投资策略报告的核心关键词。多家机构认为，2026年权益市场驱动逻辑将从 2025年的估值扩张转向盈利改善。 平安基金权益投资总监神爱前明确指出，相较于2025年，2026年市场 ...

Core Insights - The commercial aerospace, semiconductor equipment, and non-ferrous metals sectors have sparked a theme investment boom since the beginning of 2026, with industry-themed ETFs becoming a key choice for capital allocation due to their transparency and convenience [1][2] - As of January 9, 2026, the number of domestic stock ETFs with a scale exceeding 10 billion yuan has expanded to 65, with a notable increase of 7 new funds in just one month [1][2] - The trend shows a decline in the share of broad-based ETFs in the A-share market while the share of industry-themed ETFs continues to grow, indicating a shift in market sentiment and investor preferences [1][5] Fund Performance - The satellite ETF from Yongying Fund has surged over 50% in the past month, with a net inflow of over 6.7 billion yuan, growing from 2.395 billion yuan to 11.769 billion yuan in size [2] - Other ETFs, including the semiconductor equipment ETF from Guotai Fund and the industrial non-ferrous ETF from Wanjia Fund, have also seen significant growth, with increases of over 20% in the same period [2] - The overall landscape shows a strong presence of 10 billion yuan-level ETFs in sectors such as securities, dividends, robotics, pharmaceuticals, non-ferrous metals, and military industry [2][3] Fund Management Strategies - Fund managers are increasingly focusing on strategic positioning in industry-themed ETFs, leveraging structural market trends to enhance their product offerings [3][4] - Leading firms have established a competitive advantage through a broad product line in industry-themed ETFs, with many achieving significant scale [3][4] - Recent successful launches include the gold stock ETF and the satellite ETF, which have quickly reached the 10 billion yuan mark, reflecting effective market positioning and timely product development [4] Market Trends - The total scale of domestic ETFs has stabilized at 6 trillion yuan, with a noticeable trend of capital inflow into industry-themed ETFs while broad-based ETFs experience outflows [5] - This shift in investor behavior is closely tied to market sentiment, where optimistic conditions lead to increased interest in high-risk industry-themed ETFs, while uncertain conditions drive a preference for more balanced broad-based ETFs [5] - Future opportunities for fund managers lie in providing more refined investment tools, including ETFs that cover specific niche industries and the increasing number of Smart Beta or enhanced index ETFs [5]

□本报记者张韵 近日，多家公募基金公司发布2026年投资策略报告，投资策略趋于明朗，核心研判形成较多共识，普遍 认为A股将迎来"盈利接棒估值"的关键转换，市场行情有望在盈利修复中得到延续。AI科技与周期复苏 成为备受青睐的两大核心主线。"固收+"资产配置品种少见地被纳入策略报告，获重视程度明显提升。 投资逻辑：盈利成核心驱动 "盈利修复"成为公募2026年投资策略报告的核心关键词。多家机构认为，2026年权益市场驱动逻辑将从 2025年的估值扩张转向盈利改善。 平安基金权益投资总监神爱前明确指出，相较于2025年，2026年市场上涨驱动力或将更多来自企业盈利 驱动与行业催化。内外部环境共振有望驱动市场行情稳步延续。 招商基金2026年投资策略报告也是重点围绕AI科技和周期地产方向展开。并认为，全球AI科技产业仍 处于"大基建时代"，应用大繁荣的外部环境尚未成熟，长期机遇大于短期风险。同时，地产行业变化趋 势值得重点关注，关注房产中介、建材、物管、商管和家居等相关标的。 前海开源研究驱动混合基金经理崔宸龙表示，2026年较为看好大科技行业和与经济复苏相关的行业。大 科技行情在2026年有望持续，但可能会呈现分化 ...

◎记者 何漪 主动捕捉阿尔法收益能力 吴慧文表示，债券市场呈现低收益、高波动、强博弈等特征，"基于此，我们形成了一套以'稳健打底， 主动出击及动态适配'为核心的投资策略"。 具体到组合管理，她介绍，"稳健打底"即安全垫仓位占比约八成。投资高流动性、低违约风险的票息资 产，获取稳定的票息收入积累浮盈，为交易仓位提供缓冲垫。同时，安全垫的票息资产是以负债久期来 衡量资产久期，不做过多的久期错层。 吴慧文认为，主动出击，且就交易仓位进行动态操作更加重要。她保持每日7小时以上的高强度盯盘， 捕捉实时信号，并坚持每日晚上2小时以上的复盘，进而整合多维数据及验证交易逻辑。在此基础上， 通过小仓位试错、大仓位把握确定性机会的方式操作，提高交易胜率。 在采访间隙，吴慧文多次提到平衡心态，放下得失心来面对市场。"只有不断总结交易得失、厘清市场 情绪，才能不断规范投资纪律，稳定交易心态，进而提升应对能力并提高胜率，捕捉超额收益。"吴慧 文说。 债券市场在2025年有所震荡，10年期国债收益率由2025年初的1.6%上行至年末的1.85%。与此同时，有 不少债券基金逆市收获稳健收益。Wind数据显示，截至2025年底，大摩安盈稳固 ...