Core Viewpoint - Lu Yushan from Southern Fund is recognized for her ability to navigate market cycles with a "balanced growth" investment philosophy, focusing on selecting great companies at reasonable prices rather than relying on single-sector bets [1] Investment Philosophy - The core of Lu Yushan's investment framework is to identify great companies in the main industry channels, integrating macroeconomic insights with in-depth company analysis [1] - Her methodology combines top-down and bottom-up approaches, tracking macroeconomic trends while conducting rigorous financial analysis and field research to quantify a company's competitive advantages [1] - Lu Yushan has a unique understanding of "innovation," assessing its true value from practical angles of "experience improvement" and "cost optimization," aiming to buy at reasonable prices with a high margin of safety [1] Investment Style - Lu Yushan's "balanced growth" style emphasizes both growth potential and reasonable or even low valuation levels when selecting stocks, focusing on opportunities that are temporarily overlooked or in a turnaround phase [2] - The two foundational principles of her style are balance and diversification, aimed at reducing net asset value volatility and adapting to rapid market style rotations [2] - She places significant emphasis on maintaining stable net asset values, striving for long-term resilience rather than short-term explosive growth [2] Evidence of Philosophy - Lu Yushan's investment philosophy is reflected in her management of the Southern Core Competitive Mixed Fund, where she adjusted her strategy in response to market conditions, focusing on low-valuation cyclical industries to capture absolute return opportunities [3] - In her fourth-quarter report for 2025, she maintained her investment approach by not fixating on past hot sectors but instead adapting to changes in industry prosperity and optimizing her portfolio structure [3] - Throughout her investment career, Lu Yushan has consistently demonstrated a calm, long-term approach, using deep research to replace trend chasing and balanced allocation to mitigate single risks [3]

Group 1: Commodity Market Trends - During the Spring Festival holiday, precious metals and crude oil prices saw significant increases, with silver futures rising nearly 17% and gold prices returning to $5,100 per ounce, driven by geopolitical tensions and supply-demand dynamics [1][4] - The overall commodity market showed a divergence, with precious metals leading the gains while industrial metals exhibited mixed performance [1] - Analysts warn of potential volatility in commodity prices due to uncertainties in supply, seasonal demand fluctuations, and macroeconomic disturbances [1] Group 2: Fund Performance - As of February 23, 2026, 481 funds that reported negative returns last year have turned positive this year, with 19 funds showing a net value growth rate exceeding 20 percentage points [2] - The majority of these funds are medium to long-term pure bond funds and mixed equity funds, accounting for 57.1% and 10.6% of the total respectively [2] Group 3: Tourism and Entertainment - The domestic tourism market during the Spring Festival showed structural changes, with family travel trends such as "multi-generational travel" and "reverse New Year" gaining popularity [3] - The film industry set a record for total screenings during the Spring Festival, with box office earnings surpassing 5.6 billion yuan, indicating a strong recovery in consumer spending on entertainment [4] Group 4: Automotive Industry - New energy vehicle companies are extending loan periods from three years to seven years as a strategy to attract consumers, while traditional luxury brands like Mercedes-Benz, BMW, and Audi are offering significant discounts [5] - The discounts for luxury brands are not solely related to the Spring Festival but have been in place since before the holiday [5] Group 5: Financing Activities - Qianxun Intelligent announced the completion of nearly 2 billion yuan in financing, with participation from various investment institutions, indicating strong investor interest in the intelligent technology sector [6] - Zhifang Intelligent completed a series B financing round exceeding 1 billion yuan, achieving a valuation of over 10 billion yuan, highlighting the rapid growth in the intelligent robotics industry [6] Group 6: Corporate Actions - Huada Zhizao plans to sell 100% equity of its subsidiary for approximately $50 million and adjust licensing agreements, indicating strategic restructuring [7] - Yashichuangneng announced that 12.92 million shares held by its controlling shareholder will be auctioned, which may affect the ownership structure but not the company's operations [8]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The bond ETF market has a positive sentiment, with the net inflow amount turning positive. After the seasonal capital outflows at the beginning of the year, the scale of bond ETFs is expected to expand again with the return of institutional spring allocation demand and key policies set by the "Two Sessions". Different types of bond ETFs have different development prospects [2][6]. 3. Summary According to the Directory 3.1 Various Bond ETF Fund Inflows - Market sentiment is positive, and the net inflow of bond ETFs has turned positive. Last week, the net inflows of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were +5.098 billion yuan, +14.212 billion yuan, and +0.587 billion yuan respectively, with a total net inflow of 19.896 billion yuan in the bond ETF market. Looking ahead, the scale of bond ETFs is expected to expand [2][5]. - Short - term financing ETFs, treasury - bond ETFs, and urban investment bond ETFs led in net inflows last week, while the net inflows of science and technology innovation bond ETFs and benchmark market - making credit - bond ETFs were still negative but significantly reduced [6]. 3.2 Share and Net Value Trends of Various Bond ETFs and Representative Products - Before the holiday, funds had a high demand for flexibility, and the share of short - term financing ETFs increased. As of February 13, 2026, the shares of various bond ETFs changed to varying degrees, with a total change of +3.1% compared to the previous week and +3.3% compared to the end of last month [12][19]. - The net values of major bond ETFs generally increased. Taking the largest - scale products in each type of bond ETF as representatives, their net values increased compared to the previous week and the end of last month [22]. 3.3 Share and Net Value Trends of Each Benchmark Market - Making Credit - Bond ETF - There was no significant change in the shares. Among the 8 existing products, the shares of 7 remained unchanged, and one decreased by 3.97% compared to the previous week [26]. - The net values increased significantly. The net values of the 8 credit - bond ETFs increased by 0.10% - 0.17% compared to the previous week and 0.13% - 0.18% compared to the end of last month [28]. 3.4 Share and Net Value Trends of Each Science and Technology Innovation Bond ETF - The scale of share outflows significantly shrank. The net inflow of shares last week was -3.78 million shares, a -0.14% change compared to the previous week. Some products had net outflows, while others had net inflows [30]. - The net values continued to rise. The median net values of the first - batch and second - batch science and technology innovation bond ETFs increased by 0.13% compared to the previous week, and the median net values of products tracking different indexes also increased [33]. 3.5 Market Performance of Single Bond ETFs Last Week - The net values generally increased, with convertible - bond ETFs leading the rise. The convertible - bond ETF and the Shanghai - Stock - Exchange convertible - bond ETF led in net - value increases, and some products had positive premium rates [35]. - In terms of scale changes, short - term financing ETFs, urban investment bond ETFs, and treasury - and - policy - financial - bond ETFs had the highest net inflows [35]. 3.6 Marginal Changes in the PCF Lists of Benchmark Market - Making Credit - Bond and Science and Technology Innovation Bond ETFs - For benchmark market - making credit - bond ETFs, the estimated modified duration of Haifutong Credit - Bond ETF changed relatively significantly (-0.12 years). Some bonds were repeatedly included or excluded from the PCF list, and Huaxia Credit - Bond ETF changed the cash - substitution flag to "must" on some trading days [38][39]. - For science and technology innovation bond ETFs, the estimated modified durations of Tianhong and Guangfa Science and Technology Innovation Bond ETFs changed relatively significantly (+0.09 years and +0.07 years respectively). Some bonds were repeatedly included or excluded from the PCF list, and China Merchants Science and Technology Innovation Bond ETF changed the cash - substitution flag to "must" on some trading days [40][44].

Group 1 - The core point of the news is that Beijing Chunzhi Technology Co., Ltd. has seen a stock price increase of 5%, reaching 163.23 CNY per share, with a total market capitalization of 33.179 billion CNY [1] - The company, established on May 16, 2011, and listed on February 2, 2018, specializes in professional audio and video control equipment and solutions [1] - The revenue composition of the company includes professional audio-visual products (68.12%), virtual reality products (24.42%), supporting products (4.17%), professional chip products (2.01%), and others (1.29%) [1] Group 2 - From the perspective of fund holdings, one fund under Huatai PineBridge has a significant position in Chunzhi Technology, with 2,600 shares held in the Huatai Zhongzheng 1000 ETF, accounting for 0.34% of the fund's net value [2] - The Huatai Zhongzheng 1000 ETF was established on July 29, 2022, with a current size of 170 million CNY and has achieved a year-to-date return of 8.15% [2] - The fund manager, Sun Hao, has a tenure of 2 years and 181 days, with the fund's total assets amounting to 25.046 billion CNY and a best return of 164.41% during his tenure [2]

Group 1 - The core point of the news is that Sichuan Development Longmang Co., Ltd. experienced a stock price increase of 5.6%, reaching 12.25 CNY per share, with a total market capitalization of 23.124 billion CNY [1] - The company, established on May 20, 1997, and listed on December 3, 2009, operates in financial service outsourcing, express delivery services, and phosphate fertilizer production [1] - The revenue composition of the company includes fertilizer products (45.58%), industrial-grade monoammonium phosphate (22.61%), feed-grade dicalcium phosphate (12.62%), other products (9.04%), trading products (8.44%), and new energy materials (1.71%) [1] Group 2 - Southern Fund's Southern CSI 500 ETF (510500) is among the top ten circulating shareholders of Sichuan Development Longmang, having reduced its holdings by 363,700 shares to 16.4629 million shares, representing 0.87% of circulating shares [2] - The Southern CSI 500 ETF has achieved a year-to-date return of 11.22% and a one-year return of 43.16%, ranking 697 out of 5580 and 1275 out of 4297 respectively [2] - The fund manager, Luo Wenjie, has a tenure of 12 years and 312 days, with the fund's total asset size at 171.358 billion CNY and a best return of 185.44% during his management [3]

Core Viewpoint - The launch of the first ETF in China, the Shanghai 50 ETF, marked a significant innovation in the capital market, evolving into a widely accepted investment paradigm over the past two decades [1][20]. Group 1: ETF Development Journey - The first ETF was launched in a challenging market environment, with the Shanghai Composite Index dropping below 1300 points, making fundraising difficult [21]. - The development of the ETF involved overcoming numerous challenges across various fields, taking five years from concept to successful launch [21][22]. - Since its inception, the ETF has grown significantly, with the market expanding by over 2 trillion yuan in 2025, pushing the total size past 6 trillion yuan, representing 6.1% of the A-share market [22]. Group 2: Product Innovation and Ecosystem - The company has maintained a leading position in the ETF market by adopting a "Lego thinking" approach, creating a comprehensive product matrix that meets diverse asset allocation needs [24]. - By the end of 2025, the company managed 117 ETF products, with a total management scale exceeding 900 billion yuan, maintaining the industry's largest average scale for equity ETFs for 21 consecutive years [24][25]. - The company has continuously innovated its product offerings, including cross-border ETFs, bond ETFs, and thematic ETFs, enhancing the ETF ecosystem [29]. Group 3: Active Research and Development - The company has integrated active research capabilities into product design, creating unique indices such as the free cash flow index, which fills market gaps [31]. - The company has embraced AI technology to enhance quantitative investment strategies, developing a complete ecosystem that includes various investment strategies [31]. - A dedicated platform for index investment, "Red Rocket," has been developed to simplify complex investment research for over 15 million individual users [31].

Group 1 - The core viewpoint of the news is that China Gold's stock price increased by 5.19%, reaching 11.35 CNY per share, with a trading volume of 218 million CNY and a turnover rate of 1.15%, resulting in a total market capitalization of 19.068 billion CNY [1] - China Gold Group Jewelry Co., Ltd. is a major enterprise engaged in the research, design, production, sales, and brand operation of "China Gold" branded gold jewelry products, and is the only platform for the retail sector of China Gold Group [1] - The main business revenue composition of China Gold includes 98.83% from gold products, 0.67% from brand usage fees, 0.22% from management service fees, 0.15% from other businesses, and 0.13% from K-gold jewelry products [1] Group 2 - From the perspective of the top ten circulating shareholders of China Gold, a fund under Yongying Fund ranks among the top shareholders, with the Gold Stock ETF (517520) newly entering the top ten circulating shareholders in the third quarter, holding 9.6681 million shares, accounting for 0.58% of the circulating shares [2] - The Gold Stock ETF (517520) was established on October 24, 2023, with a latest scale of 12.55 billion CNY, achieving a year-to-date return of 21.45%, ranking 27th out of 5580 in its category, and a one-year return of 106.11%, ranking 43rd out of 4297 [2] - The fund manager of Gold Stock ETF (517520) is Liu Tingyu, who has a total asset scale of 28.048 billion CNY, with the best fund return during his tenure being 149.11% and the worst being -2.31% [3]

Core Insights - The Shanghai Gold ETF (159830) has seen a turnover of 5.94% and a transaction volume of 221 million yuan as of February 13, 2026, with a net inflow of 9.92 million yuan [1] - International gold prices have risen nearly 4% during the holiday period, surpassing the 5200 USD mark, driven by increased market risk aversion due to new tariff policies and economic data from the U.S. [2] - UBS maintains a positive outlook on gold, projecting a target price of 6200 USD per ounce in the coming months, citing geopolitical risks and continued central bank purchases as key drivers [2] Product Highlights - The Shanghai Gold ETF (159830) has a total management and custody fee of 0.30%, which is lower than the average fee of 0.60% for most gold ETFs [1] - The ETF has reached a new high in shares since its inception, indicating strong investor interest and confidence [1] Related Products - The Shanghai Gold ETF (159830) is linked to off-market funds, including Connect Fund A (014661) and Connect Fund C (014662) [1] - Other ETFs mentioned include various sector-focused funds such as the Technology ETF, Biopharmaceutical ETF, and Aerospace ETF, indicating a diverse range of investment opportunities in the market [3][4]

Group 1: Investment Outlook for the Year of the Horse - The investment focus for the Year of the Horse is on structural industry and individual stock opportunities, with a favorable internal and external environment and low systemic risk [3][4] - The overall profitability of listed companies is expected to improve, with a notable recovery in revenue and a gradual rebound in PPI anticipated for 2026, driven by easing supply-demand imbalances [4][6] - The AI sector is projected to accelerate in domestic investment, with significant advancements in model capabilities and increasing demand for AI applications [5][6] Group 2: Key Investment Themes - The cyclical sector is highlighted, particularly industrial metals and chemicals, with a focus on domestic demand and pricing dynamics [6][9] - The "anti-involution" policy is expected to reshape the supply-demand landscape in the cyclical manufacturing sector, leading to improved profit margins for certain industries [6][10] - The consumer and pharmaceutical sectors are identified as having significant potential for recovery, driven by income expectations and structural changes in consumption patterns [11][12] Group 3: Technological Innovation and Market Dynamics - The domestic economy is showing resilience, with a gradual recovery in the real estate market and a positive outlook for capital markets driven by technological innovation [14][15] - The AI and semiconductor sectors are seen as core drivers of investment opportunities, with potential breakthroughs in domestic AI capabilities expected to enhance market expectations [17][18] - The human-shaped robot industry is anticipated to experience explosive growth, with projections of a market exceeding 10 trillion yuan, driven by advancements in technology and cost reductions [25][26] Group 4: Fixed Income and Equity Market Perspectives - The fixed income market is expected to provide stable returns, with a favorable environment for equity assets as the domestic economy stabilizes [20][21] - The "fixed income plus" products are recommended as optimal choices for asset allocation, particularly in a volatile equity market [22][28] - The bond market is positioned in a reasonable valuation range, with expectations of better performance compared to the previous year [22][21]

Group 1 - Foreign public funds are expressing positive signals regarding the mid-term outlook of the Chinese equity market, driven by a favorable global liquidity environment and expectations of a weaker dollar [1] - The proportion of long-term funds, such as pensions and insurance capital, is increasing, which helps optimize market investment structure [2] - There is a noticeable shift in residents' asset allocation towards equity assets, indicating a growing attractiveness of the equity market [1][2] Group 2 - The macroeconomic environment and policy direction are expected to lead to a "long cycle, structural bull market" in the A-share market, providing rich allocation opportunities for investors [2] - The ongoing "deposit migration" phenomenon is pushing residents to allocate more towards the equity market, which is expected to unfold gradually by 2026 [3] - The low interest rate environment may drive more funds towards emerging markets, benefiting the Chinese stock market [3] Group 3 - The recovery of the macroeconomic expansion and continuous improvement in corporate earnings are crucial for market confidence [4] - The shift from "policy support" to "endogenous growth" creates a healthier environment for active stock selection based on fundamentals [4] - The "going out" capability of companies is identified as a key alpha source, with the contrast between domestic sales pressure and overseas export opportunities in the home appliance industry highlighting the global competitiveness of Chinese manufacturing [4] Group 4 - Supply constraints and demand upgrades in certain industries reveal investment opportunities, particularly in industrial metals like aluminum [5] - The Chinese consumer market is experiencing an upgrade from quantity to quality, with strong recovery in leisure tourism and a demand for localized, in-depth experiences [5] Group 5 - The "14th Five-Year Plan" is expected to drive diverse growth paths for the Chinese economy, focusing on five key areas: technology, manufacturing, renewable energy, healthcare, and emerging, niche, experiential consumption [6]