Group 1 - QDII funds are set to receive policy support, with adjustments required in the use of QDII quotas in public and private products, aiming for a 20% cap on private use by the end of 2027 [1] - The global competition for space resources is accelerating, with China applying for over 200,000 satellites, including two major constellations of 96,714 satellites each [1] - The State Administration for Market Regulation has revised the complaint handling procedures, adding six new clauses and modifying 22, focusing on rights protection and regulating malicious claims [1] Group 2 - The National Internet Information Office is soliciting opinions on regulations for personal information collection by apps, emphasizing that apps should only request necessary permissions when specific functions are used [2] - The China Chief Economist Forum highlighted the continuation of proactive fiscal policies, with potential gradual interest rate adjustments rather than drastic cuts [2] - Beijing aims to play a leading role in international technological innovation, focusing on major national projects and developing a world-class AI innovation hub [2] Group 3 - The 30th China Capital Market Forum discussed the establishment of equity guidance funds involving banks and social security, potentially supporting hundreds of billions in equity investments [3] - The China Securities Regulatory Commission has penalized an individual for insider trading, resulting in a total penalty of approximately 1.93 million yuan [3] - The U.S. Department of Commerce has rescinded plans to restrict imports of Chinese drones, addressing national security concerns [3] Group 4 - China's pumped storage capacity is expected to exceed 66 million kilowatts by the end of 2025, maintaining its position as the world's largest for ten consecutive years [4] - The 2026 Nuclear Fusion Energy Technology and Industry Conference will be held in Hefei, inviting various stakeholders to discuss fusion energy development opportunities [4] - The winter tourism market is anticipated to see a surge in demand, with domestic flight bookings expected to be 40% cheaper during the off-peak period [4] Group 5 - The Chongqing AI Bay Area construction has commenced, with agreements signed with leading AI companies [5] - Nanjing has launched a cross-border e-commerce talent cultivation plan, aiming to enhance local service platforms and integrate AI technology [5] - Financial technology is reshaping financial services through advanced technologies like AI and blockchain, enhancing resource allocation in tech innovation [5] Group 6 - SpaceX has received approval to deploy an additional 7,500 second-generation Starlink satellites, bringing the total to 15,000 [6] - Tencent's new chief AI scientist emphasized the company's focus on enhancing its services in the 2B market, leveraging its strong 2C background [6] - Geely is likely to announce expansion plans in the U.S. market within the next 24 to 36 months [6] Group 7 - Trump proposed lowering credit card interest rates to 10% for one year to alleviate the financial burden on Americans [7] - Discussions within the U.S. government are ongoing regarding potential financial incentives to persuade Greenland to separate from Denmark [7] - The U.S. Treasury has sufficient funds to handle any tariff refunds, despite potential delays in processing [7] Group 8 - Ethiopian Airlines has launched a $12.5 billion project to build Africa's largest airport, expected to be completed by 2030 [8] Group 9 - Investor Michael Burry is shorting Oracle, indicating concerns about the company's performance amid the AI hype [9] - Walmart will be added to the Nasdaq-100 index, replacing AstraZeneca [9] Group 10 - Henan has implemented strict regulations on state-owned enterprises issuing overseas bonds, aiming to control cross-border financing risks [10] - Two new asset-backed securities products have been successfully issued in Henan, marking a new model for digital finance [10] Group 11 - The Argentine government has completed a $4.3 billion payment to bondholders ahead of the deadline [10] - Trump discussed plans to revitalize Venezuela's oil industry during a meeting with oil executives [10] - Iraq's current oil export volume is approximately 3.5 million barrels per day, with expectations of a surplus in the oil market [10]

1. 逾50万亿定期存款迎到期潮，"存款搬家"再定价资产配置 。国信证券测算，若2025年年末存 款到期结构与年中相近，2026年到期的定期存款规模约57万亿元；在存款利率进入"1%时代"背 景下，这轮到期资金再配置方向成为机构与投顾关注的主线。 2. 银行理财开年"固收+"继续当主力，但产品货架开始更强调多资产与分散 。市场报道指出，2026年银行 理财进入全面净值化新阶段，新发产品仍以封闭式固收类为主，占比仍偏高，"固收+"被视作规模增长的重 要引擎之一。 3. 公募基金销售费用新规落地 。新版《公开募集证券投资基金销售费用管理规定》自2026年1月1日起施 行，强化对短期交易行为的约束：对股票型、混合型等场外基金，持有不足7天/30天/180天的赎回费率分别 不低于1.5%/1.0%/0.5%，并优化为赎回费全额计入基金财产。 4. 公募基金仓位"高低切换" 。随着公募仓位新一轮布局切换的窗口正式开启，数字经济或成为基金开年后 角逐的重点。多位基金经理认为，新年赛道行情变化，反映公募在不同赛道间的"高低切换"与"多退少 补"，也预示着基金对AI技术从"修路"（算力基础设施建设）向"开店通车"（应用落地变 ...

图 一周摘要 图 市场概况 ：上周 A 股市场整体呈现强劲上涨态势，上证指数上涨 3.82% ，录下 15 连阳，市场成交额 显著放大。成长风格表现尤为突出，科创 50 指数以 9.80% 的涨幅领涨各大宽基指数，中证 500 、中证 1000 及万得双创指数也均录得 7% 以上的强劲表现，显示科技与中小盘成长板块成为市场主要驱动 力。相比之下，大盘价值板块涨幅相对温和，中证红利指数仅微涨 1.61% ，凸显市场结构性分化持 续。整体来看，本周市场由成长与中小盘主导，流动性充裕背景下风险偏好显著提升。 行业板块 ：上周万得一级行业普涨，通讯服务领涨 12.04% ，受益于 5G 与数字经济发展；受老龄化与 创新驱动，医疗保健上涨 7.64% 。金融涨幅最小，上涨 0.41% ，受利率与监管影响。市场整体偏好科 技成长，传统行业相对滞后。 基金发行 ：上周合计发行 11 只，其中股票型基金发行 5 只，混合型基金发行 2 只，债券型基金发行 1 只， FOF 型基金发行 3 只，总发行份额 81.91 亿份。 基金表现 ：上 周万得全基指数上涨 2.65% ，其中普通股票型基金指数涨 5.26% ，偏股混合型基 ...

Core Viewpoint - Small-cap stocks are expected to outperform large-cap stocks in 2026, reversing a 15-year trend of underperformance, as historical patterns suggest cycles of market leadership between small and large caps [2][5][6]. Performance Comparison - In 2025, small-cap stocks, represented by the Russell 2000, returned 12%, while the S&P 500 rose by 17%, indicating a slight underperformance [2]. - Historically, small caps have outperformed large caps by an average of 2.85% annually since 1927, with small caps winning two-thirds of the time over any 10-year period [3][4]. Historical Context - The S&P 500's average annual gain since 1927 is 10.37%, which would have turned an initial investment of $100 into $1.75 million, while including small caps' outperformance would increase that figure to $21.8 million [4]. - The current era of large-cap dominance is noted as the longest on record, lasting from 2011 to 2026 [5]. Future Outlook - Major financial institutions, including Vanguard and Invesco, forecast significant upside potential for small caps in 2026, with small caps being viewed as attractively valued [7]. - Analysts predict that the end of large-cap dominance may occur in 2026, with small caps poised to take the lead [6]. Factors Supporting Small-Cap Performance - Excessive valuations of large caps may lead to a downward pull on their performance, while small caps could benefit from falling interest rates, which are anticipated to decrease by late April 2026 [8]. - Small caps are more reliant on floating-rate debt, allowing them to refinance more easily at lower borrowing costs, enhancing their upside potential [9]. - Historically, small-cap companies have shown resilience during recessions, benefiting from lower interest rates and their ability to adapt to changing economic conditions [10]. Investment Vehicle - The iShares Russell 2000 ETF (NYSE: IWM) provides exposure to nearly 2,000 small-cap companies and has achieved average annual gains of 8.05% since its inception in May 2000 [11][12]. - The fund charges a management fee of 0.19%, which is lower than the industry average, making it a cost-effective option for investors looking to capitalize on a potential small-cap resurgence [13].

Core Viewpoint - The passing of Liu Hui, a prominent fund manager at Yinhua Fund, at the age of 54, is a significant loss for both the company and the broader fund industry, highlighting the pressures faced by professionals in this field [1][2][18]. Company Contributions - Liu Hui had a notable career in the financial industry, joining Yinhua Fund in November 2016 and managing several key products, including Yinhua Domestic Demand Selected Mixed Fund and Yinhua Tongli Selected Mixed Fund [4][6]. - By the end of Q3 2025, Liu managed a total asset scale of 3.281 billion yuan, reflecting the trust placed in him by numerous investors [6]. Investment Philosophy and Performance - Liu's investment philosophy emphasized "industry-based, value-oriented, and long-term investment," focusing on thorough research of industries and companies to identify stable investment opportunities [10]. - His management of the Yinhua Domestic Demand Selected Mixed Fund yielded a return of 151.52% since March 2017, with an annualized return rate exceeding 11%, significantly outperforming the average of similar funds [10]. - The Yinhua Tongli Selected Mixed Fund, under his management since June 2020, achieved a return of 32.18%, benefiting long-term investors [10]. Industry Impact - Liu's death, along with the recent passing of another senior industry figure, underscores the high-pressure environment within the fund management sector, which can lead to health issues among professionals [12][16]. - His legacy of investment principles and management experience will be remembered within the industry [18].

Core Viewpoint - The investment outlook for 2026 emphasizes structural opportunities in the market, particularly in the "fixed income +" sector, which is expected to face more opportunities than challenges under supportive policies [1][2]. Group 1: Macroeconomic Outlook - The core drivers of China's economic growth in 2026 are expected to be diverse, primarily supported by consumption growth and stable investment [2]. - Continued expansionary fiscal policies and moderate monetary policies are anticipated to reinforce economic stability and growth [2]. - Potential risks to the macroeconomic environment include external trade relations and pressures in the real estate market [2]. Group 2: Investment Opportunities in "Fixed Income +" - The "fixed income +" sector is viewed as having more opportunities than challenges, with a focus on differentiated investment strategies [3]. - Emphasis on equity assets (including convertible bonds) is expected to outperform traditional bonds, with strategies to enhance returns through market timing and asset selection [3]. - Key sectors for investment include finance, construction, materials, chemicals, and renewable energy, which are expected to offer good investment value in 2026 [3]. Group 3: Product Offerings and Strategies - The company has developed a comprehensive product line catering to various risk preferences, including low-risk and growth-oriented investment solutions [5][6]. - Specific products highlighted include low-volatility options like Penghua Fengze and Penghua Yongsheng, as well as mid-volatility products like Penghua Shuangzhai Baoli [5]. - The focus on quantitative strategies aims to balance equity and bond allocations dynamically, with products designed for long-term growth and stability [6]. Group 4: Market Dynamics and Professional Management - In a volatile market environment, "fixed income +" products are positioned as a quality choice for balancing risk and return [5]. - The professional management team is expected to leverage their expertise to navigate market fluctuations and optimize investment outcomes for clients [6]. - The commitment to continuous development in niche areas and enhanced product offerings is aimed at supporting investors in the evolving investment landscape of 2026 [6].

区别于多数基金追逐热门赛道的策略，张经理构建了"三个能力+三个顺势"的投资框架。在微观层面， 重点考察企业的核心竞争力、现金流创造能力以及治理结构：要求企业在产品技术、渠道品牌等维度具 备显著优势，同时能将竞争优势转化为持续的现金流回报，并特别关注管理层的战略决策能力。在宏观 层面，强调顺应产业升级趋势、社会发展方向以及企业经营周期，通过多维度筛选降低投资风险。这种 选股策略被形象地称为"翻石头"式投资，即通过深度研究挖掘未被市场充分认知的优质标的。 近期A股市场呈现震荡上行格局，上证指数成功站稳4100点整数关口。在资金持续向头部标的集中的市 场环境下，部分中小规模基金通过差异化投资策略实现突围，其中西部利得事件驱动基金 （671030.OF）凭借独特的投资逻辑引发市场关注。该基金以"成长价值型"为核心理念，在拒绝追逐市 场热点的策略下，近两年累计收益率突破110%，成为中小基金公司中脱颖而出的典型案例。 来源：https://www.drd.com.cn/jushu/202601/122831.html 在风险控制方面，基金通过动态调整持仓结构应对市场变化。当某个行业估值出现泡沫化倾向时，管理 团队会及时 ...

2026 年 01 月 10 日 FOF 基金: 2025 年度策略回顾 2026 年度策略展望 相关研究 证券分析师 白皓天 A0230525070001 baiht@swsresearch.com 蒋辛 A0230521080002 jiangxin@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 白皓天 A0230525070001 baiht@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 规模维度：2025 年规模逆势回升，累计规模已超过 2021 年末水平。1）从数量来看, 2025 年 FOF 新发产品数量有明显提升，2025 年内共计新发 FOF93 只，对比去年 38 只 的新发数量明显上升; 2) FOF 总规模逆势回升, 2025 年内 FOF 规模累计 2383.76 亿 元, 相比 2024 年末上升 1052.26 亿元;其中,年内规模增量主要源于新发规模,新发 规模达 845 亿元; 3）长盈计划相关 FOF 受到大幅关注, 首发规模与持营规模变动均靠 前;4) 基金公司：多数头 ...

2026 年 01 月 10 日 FOF 基金：2025 年度策略回顾与 2026 年度策略展望 证 券 研 究 相关研究 证券分析师 白皓天 A0230525070001 baiht@swsresearch.com 蒋辛 A0230521080002 jiangxin@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 白皓天 A0230525070001 baiht@swsresearch.com 目录 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 权 益 量 化 研 究 量 化 策 略 报 告 - ⚫ 规模维度：2025 年规模逆势回升，累计规模已超过 2021 年末水平。1）从数量来看， 2025 年 FOF 新发产品数量有明显提升，2025 年内共计新发 FOF93 只，对比去年 38 只 的新发数量明显上升；2）FOF 总规模逆势回升，2025 年内 FOF 规模累计 2383.76 亿 元，相比 2024 年末上升 1052.26 亿元；其中，年内规模增量主要源于新发规模，新发 规 ...

经济观察网1月10日，经济观察网从"中国光谷3551国际创业大赛暨人才基金十周年大会"获悉，截至目 前，光谷人才基金累计投资企业440余家，子基金总规模49.92亿元，撬动社会资本近10倍，累计培育2 家上市企业，11家国家级专精特新"小巨人"企业，12家潜在或种子独角兽企业，63家瞪羚企业。据悉， 光谷人才基金成立于2015年，2021年升级为光谷合伙人投资引导基金。 ...