Core Insights - The strategic value of state-owned enterprises (SOEs) is being redefined amid a sluggish global economic recovery and deep domestic economic adjustments, with multiple factors driving SOE investments from traditional valuation logic to a new paradigm [1] - Public funds are rapidly capturing this trend, with the total scale of SOE-related funds exceeding 300 billion yuan in 2023, reflecting a shift in investment logic and strategic positioning [1] - Bosera Fund is leveraging a diversified product system and AI technology to create a differentiated advantage in the SOE value reassessment era [1] Group 1: Policy and Market Dynamics - The dual forces of policy catalysis and industrial upgrading are reshaping the valuation system of SOEs, with the State-owned Assets Supervision and Administration Commission (SASAC) emphasizing market value management [2] - In 2024, SOE assets are projected to exceed 90 trillion yuan, with strategic emerging industry investments reaching 2.7 trillion yuan, marking a 21.8% year-on-year increase [2] - New indices like the CSI SOE Innovation-Driven Index and the CSI National New SOE Modern Energy Index have emerged to cover core assets in technology innovation and green transformation [2][3] Group 2: Product Diversification and Performance - Bosera Fund's SOE Innovation-Driven ETF and Modern Energy ETF have become important tools for investors, offering low thresholds and high liquidity to capture industrial upgrade dividends [4] - The SOE Innovation-Driven ETF has shown impressive performance, with net value growth rates of 2.8%, 40.88%, and 65.29% over the past year, three years, and five years, respectively, all exceeding benchmark returns [5] - The Modern Energy ETF, launched in July 2023, has a clear investment strategy focused on energy and public utility sectors, achieving a net value growth rate of 15.92% since inception [5] Group 3: Investment Philosophy and Technological Integration - Bosera Fund's investment philosophy prioritizes strategic over financial accounting, recognizing the potential for value reassessment in traditional resource factors and the importance of nurturing strategic emerging industries [6] - The firm has initiated AI technology exploration since 2018, establishing an AI laboratory in 2023 to enhance its investment research capabilities across various business functions [7] - The AI-driven investment research engine has achieved significant results, including smart factor allocation and deep learning factor mining, contributing to differentiated alpha generation [7] Group 4: Future Outlook and Commitment - The essence of SOE value reassessment is the capital market's revaluation of the transformation and upgrading of the real economy, with Bosera Fund committed to providing diversified products for investors to share in reform dividends [8] - The firm aims to write a new paradigm for SOE value investment through digital transformation and a long-termism approach, contributing to the high-quality development of SOEs [8]

政策基调筑牢发展根基，公募看好经济长期向好前景 2025年中央经济工作会议圆满落幕，释放出一系列推动经济高质量发展的积极政策信号，为下一阶段经 济工作锚定方向。公募机构普遍认为，本次会议不仅为2026年经济发展明确了路径，更为未来五年经济 高质量发展奠定了坚实政策基调，政策的连续性与前瞻性将有效稳定市场预期，为经济行稳致远注入强 劲动力。 兴证全球基金指出，中央经济工作会议为下一阶段国家经济发展指明了更加清晰的前行路径。汇添富基 金也强调，站在全面推进中国式现代化的关键节点上，中央经济工作会议系统部署了2026年经济工作， 为未来五年经济发展奠定政策基调，为我国经济高质量发展锚定了目标、指明了方向。 嘉实基金分析称，2026年政策重点在"提质增效"，政策上强化跨周期的结构性改革和政策储备，同时保 持适度的逆周期政策稳增长，以消费和投资为抓手持续扩大内需，推动科技创新和产业融合发展，坚持 挖掘潜能以国内经济发展的确定性应对外部的不确定性，促进经济增长稳中求进。 广发基金认为，从总量政策来看，政策基调没有变，即更加积极的财政政策、适度宽松的货币政策，显 示出较强的政策连续性、稳定性，有助于稳定社会预期和市场信心。 ...

Core Insights - The article emphasizes the transformation of Rongtong Fund into a state-owned enterprise-controlled public fund company, focusing on innovation and differentiation in the competitive public fund industry [1][2] - The company aims to leverage its central enterprise background to enhance its product offerings and investment performance, targeting both state capital operations and wealth management for residents [1][2] Transformation Achievements - Since merging with China Chengtong, Rongtong Fund has seen its asset management scale increase by over 107.9 billion yuan, a nearly 50% growth [2] - The company has improved its service to state-owned enterprises through a three-pronged approach: index construction, research services, and think tank empowerment [2] - Investment performance has improved with a focus on a platform-based, team-oriented, and integrated research and investment system [2][3] Product Development - Rongtong Fund has developed a diverse product matrix centered around central enterprise themes, including various indices and ETFs [4][10] - The company has launched multiple central enterprise-themed ETFs and actively participates in the development of indices that align with national strategies [4][5] Strategic Goals for the Next Five Years - The company aims to achieve significant changes in three years and elevate its status in five years, focusing on creating benchmark central enterprise-themed index products [6][10] - Key initiatives include strengthening party leadership, optimizing resource allocation in key financial areas, and enhancing product offerings to meet diverse wealth management needs [6][7] Global Asset Allocation - Rongtong Fund is expanding its international business, having established a Cayman Islands fund and launched a public fund in Hong Kong [11][12] - The company aims to support state-owned capital's global expansion while providing domestic investors with access to overseas assets [11][12] Research and Investment System Evolution - The company has transitioned its research and investment system from individual reliance to a structured, platform-based approach [13][14] - Key iterations include breaking down departmental silos, embedding investment decision processes into standardized workflows, and leveraging AI for enhanced research capabilities [14][15] Inclusive Finance Practices - Rongtong Fund has implemented various initiatives to enhance investor experience, including the issuance of thematic ETFs and promoting regular investment strategies [16][17] - The company has focused on reducing fees and enhancing research capabilities to improve long-term returns for investors [18][19]

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session outlines a high-quality development path for the capital market during the "14th Five-Year Plan" period, emphasizing the role of public funds in supporting the real economy and enhancing residents' wealth [1] Group 1: Long-term Investment and Technological Innovation - The session highlights that technological innovation is a key battleground in international strategic competition, necessitating long-term, stable financial support for the development of new productive forces [2] - Public funds are positioned as a crucial channel for residents' investment, tasked with facilitating the flow of social capital into the real economy during the development of new productive forces [2] Group 2: Professional Capital and Common Prosperity - The session emphasizes the importance of advancing common prosperity, assigning a deeper mission to financial work that transcends mere profit-seeking [4] - The public fund industry, managing over 30 trillion yuan in resident assets, is evolving into a trusted "professional capital" under the guidance of the "Action Plan for Promoting the High-Quality Development of Public Funds" [4] - The company aims to achieve nearly 9.5 billion yuan in profits for investors in 2024, a 113% year-on-year increase, while enhancing the assessment system to align the interests of fund managers and investors [4] Group 3: Product Development and Financial Education - The company is expanding its product offerings to meet diverse resident needs, including short-term bond funds and retirement target funds, to cater to low-risk investors [5] - A comprehensive financial education system is being developed to guide investors throughout the investment process, enhancing their financial knowledge and investment experience [5] Group 4: Cross-Border Capital and Global Integration - The public fund industry plays a vital role in interpreting the value of Chinese assets to international markets and guiding global capital towards key sectors of the Chinese economy [6][7] - The company is enhancing its international research capabilities and expanding its QDII product offerings to provide investors with a broader range of overseas investment options [7]

Group 1 - The Ministry of Industry and Information Technology is organizing the compilation of the "Metaverse Industry Comprehensive Standardization System Construction Guide (2026 Edition)" to establish a standard system supporting the innovative development of the metaverse industry by 2028 [2] - The China Photovoltaic Industry Association announced the establishment of a "polysilicon production capacity integration acquisition platform," marking a significant development in the photovoltaic industry [2] - The Ministry of Industry and Information Technology and the People's Bank of China issued a notice to enhance green finance policies to support the construction of green factories, promoting financial institutions to develop financial products for green manufacturing [2] Group 2 - The China Securities Regulatory Commission announced administrative penalties against Zhejiang Youce Investment Management Co., imposing fines totaling 21 million yuan and banning the actual controller from the securities market for life, marking a significant enforcement action in private equity regulation [1] - The National Market Supervision Administration released a draft guideline for compliance in the automotive industry, emphasizing the need for a pricing strategy based on production costs and market demand [1] - The China Securities Investment Fund Industry Association is seeking industry opinions on a draft regulation to standardize public fund sales behavior, aiming to protect investors' rights [1]

Group 1 - The article emphasizes the importance of the upcoming "15th Five-Year Plan" as China approaches the critical phase towards the 2035 vision, with the Central Economic Work Conference laying out the economic work for 2026 to establish a policy foundation for the next five years [1] - The company, Huatai Asset Management, aims to adhere to the principles of financial patriotism and public service, focusing on value discovery and enhancing investment research capabilities to support innovative leading enterprises [1][3] - The company plans to channel resources into high-quality enterprises in sectors such as artificial intelligence, advanced manufacturing, healthcare, and green low-carbon initiatives, fostering a virtuous cycle of "technology-industry-finance" [1] Group 2 - The company intends to enhance investor experience by innovating long-term investment products and services, increasing the allocation of long-term funds to equity assets, and providing stable long-term returns [2] - It aims to strengthen investor education and services to build confidence in the capital market, while also acting as a stabilizing force within the market [2] - The company is committed to financial openness, developing a global operational system to attract overseas long-term capital and meet the global asset allocation needs of Chinese residents [2] Group 3 - As a participant in the public fund industry, the company is focused on integrating ESG principles into its investment decisions and enhancing its investment capabilities in cutting-edge industries [3] - The company is also working on expanding its product offerings to meet the diverse wealth management needs of residents and actively participating in the construction of the pension system [3] - The company aims to improve its investment research system, optimize processes, and enhance service delivery to support high-quality development in the real economy [3]

景顺长城基金表示，面对新一轮科技革命和产业变革，公司将沿着"十五五"规划、一流投资机构建设的 方向指引和基本要求，更好地服务投资者，真正承接好居民财富管理的新需求，分享经济发展成果。同 时，继续通过投研建设与产品创新齐行，不断加大在科技领域的投资布局，以专业能力促进公募行业高 质量发展，助力金融强国建设。 【导读】公募基金解读中央经济工作会议 据新华社报道，中央经济工作会议12月10日至11日在北京举行。 多家公募基金公司表示，会议为2026年经济工作指明了方向，基金公司应深刻领悟明年工作导向、抓住 政策机遇，综合自身优势增强综合实力，以及重点领域金融服务能力，进而提升金融服务实体经济质 效。 抓住政策机遇 助力资本市场高质量发展 在南方基金看来，会议强调"坚持民生为大，努力为人民群众多办实事"，这一要求深刻诠释了金融工作 的人民性本质。财富的稳健增值是民生改善的重要支撑，更是共同富裕的题中应有之义。作为连接居民 财富与资本市场的核心桥梁，公募基金行业必须牢牢锚定以人民为中心的发展思想，将投资者的根本利 益置于首位，以专业能力回应民生期待，以责任担当夯实财富根基，持续提升投资者的幸福感与获得 感。 对于会议强 ...

抓住政策机遇 助力资本市场高质量发展 在南方基金看来，会议强调"坚持民生为大，努力为人民群众多办实事"，这一要求深刻诠释 了金融工作的人民性本质。财富的稳健增值是民生改善的重要支撑，更是共同富裕的题中应 有之义。作为连接居民财富与资本市场的核心桥梁，公募基金行业必须牢牢锚定以人民为中 心的发展思想，将投资者的根本利益置于首位，以专业能力回应民生期待，以责任担当夯实 财富根基，持续提升投资者的幸福感与获得感。 对于会议强调的"实施更加积极有为的宏观政策"，中欧基金表示，预计2026年财政赤字率将 维持在合理水平，专项债、特别国债等工具将继续加码。货币政策延续"适度宽松"基调，降 准降息仍存在一定空间。这种"宽财政+宽货币"的政策组合，为资本市场提供了较为充裕的流 动性环境，有利于权益资产估值修复。同时市场流动性将保持合理充裕，资本市场有望迎来 较好的投资机会。 对于会议明确提出的"持续深化资本市场投融资综合改革"，中欧基金认为，A股市场投资价值 和吸引力将进一步提升；同时监管将大力引导中长期资金入市，为市场注入稳定资金来源。 公募基金作为重要的机构投资者，有望迎来更大发展空间。基金公司应抓住政策机遇，完善 长周 ...

Core Insights - The article highlights the significant performance of Xinda Australia Fund in the technology sector, particularly in AI, semiconductors, and robotics, amidst the ongoing investment wave in technology since 2025 [1] Group 1: Fund Performance - Xinda Australia Fund's "Xinao Performance-Driven Mixed A" (016370) ranks 4th among 3,902 similar strong stock mixed funds, showcasing its strong management capabilities [1] - The "Xinao Transformation Innovation Stock A" (001105) achieved a return ranking of 73rd out of 918 similar actively managed stock open-end products, placing it in the top 8% [1] - The "Xinao Technology Innovation One-Year Open Mixed A" (009437) and "Xinao Xingyi Mixed A" (011188) also demonstrated solid performance, ranking 197th and 838th respectively among their peers [1] Group 2: Investment Strategy - The fund's strategy focuses on early-stage opportunities in the AI industry and aligns with the new productivity policies driving technological upgrades [1] - The management team, including fund managers Liu Xiaoming, Wu Kai, Li Bo, and Zhu Ran, emphasizes deep research into the technology sector to identify investment opportunities [1] - The fund aims to capture commercialization opportunities in areas such as edge AI and self-controlled hardware, striving for long-term stable returns for investors [2]

Core Viewpoint - The Central Economic Work Conference held on December 10-11 outlines the direction for economic work in 2026, emphasizing a "steady progress" approach and a series of macro policies and industrial deployments that are expected to support the capital market [1][2]. Policy Direction - The conference emphasizes the need for a balanced approach between "quality improvement" and "reasonable growth," with a focus on stabilizing the economy and preventing risks in key areas such as real estate and local debt [2]. - A more proactive fiscal policy and moderately loose monetary policy are to be implemented, with potential interest rate cuts in 2026, which could lead to increased capital inflow into the equity market and lower financing costs for enterprises [2][3]. Investment Opportunities - Investment opportunities are expected to concentrate in three main areas: 1. **Consumption Upgrade**: The focus on domestic demand is anticipated to benefit the consumer sector, particularly durable goods and smart consumption, supported by policies like trade-in programs and fiscal subsidies for sectors such as healthcare and tourism [3][4]. 2. **New Quality Productivity**: Emphasis on innovation and technology breakthroughs, particularly in AI, semiconductors, and high-end manufacturing, is seen as a long-term investment theme [3]. 3. **Infrastructure and Unified Market**: Traditional infrastructure sectors like construction machinery and materials are expected to benefit from modernization projects, while logistics and supply chain finance will gain from the construction of a unified national market [4]. Investment Strategy - Institutions are adopting a balanced investment strategy, focusing on "growth offense + value defense" across four core sectors: technology growth related to new quality productivity, overseas expansion of Chinese advantages, domestic consumption and manufacturing, and high-dividend defensive sectors [4]. - Specific investment tracks include maintaining core positions in the AI industry chain, focusing on quality stocks in the consumer sector that have seen significant pullbacks, and capitalizing on opportunities arising from new policies [4].