国家统计局：2025年12月份居民消费价格同比上涨0.8% 国家统计局数据显示，2025年12月份，全国居民消费价格同比上涨0.8%。其中，城市上涨0.9%，农村上涨 0.6%；食品价格上涨1.1%，非食品价格上涨0.8%；消费品价格上涨1.0%，服务价格上涨0.6%。12月份，全国 居民消费价格环比上涨0.2%。其中，城市上涨0.2%，农村上涨0.2%；食品价格上涨0.3%，非食品价格上涨 0.1%；消费品价格上涨0.3%，服务价格持平。2025年全年，全国居民消费价格与上年持平。 两部门：做好职工基本医疗保险个人账户跨省共济工作 ★ 宏观动态 ★ 两部门：4月1日起，取消光伏等产品增值税出口退税 财政部、税务总局公告：一、自2026年4月1日起，取消光伏等产品增值税出口退税。二、自2026年4月1日起至 2026年12月31日，将电池产品的增值税出口退税率由9%下调至6%；2027年1月1日起，取消电池产品增值税出 口退税。三、对上述产品中征收消费税的产品，出口消费税政策不作调整，继续适用消费税退（免）税政策。 四、本公告所列产品适用的出口退税率以出口货物报关单注明的出口日期界定。 国家医保局、财政部发布 ...

1月9日消息，记者从业内获悉，银华基金旗下基金经理刘辉因疾病逝世，享年54岁。公开资料显示，刘 辉于2016年11月加入银华基金，任权益投资管理部团队长、基金经理，管理银华内需精选混合、银华同 力混合、银华创业板两年期定开等3只基金，合计管理规模为32.81亿元，在管基金最佳回报154.82%。 （智通财经记者 闫军） ...

北京商报讯(记者刘宇阳实习生岳雯艳)1月9日，中国证监会发布公告表示，核准上海长宁国有资产经营投资有限公司成为淳厚基金主要股东、实际控制人。 对上海长宁国有资产经营投资有限公司受让淳厚基金5880万元人民币出资(占注册资本比例58.8%)无异议。 | 索 | bm56000001/2026-00000296 | 分 ਕ੍ਰੇද | 直他 | | --- | --- | --- | --- | | 发布机构 | | 发文日期 | 20264 | | 名 称 | 关于核准淳厚基金管理有限公司变更主要股东、实际控制人的批复 | | | | 文 특 | 证监许可〔2026〕25号 | 主题词 | | ...

在近期有色板块行情持续活跃的背景下，公募行业显著加大了对这一方向的布局力度。 Wind数据显示，2025年12月以来，截至2026年1月9日，已有华泰柏瑞基金、华夏基金、平安基金、永赢基金、富国基金、博时基金、鹏华基金、天弘基金 上报中证工业有色金属主题ETF，此外，广发基金、华安基金、泰康基金、景顺长城基金上报了中证有色金属矿业主题ETF，易方达基金上报了中证细分有 色金属产业主题ETF。值得注意的是，2025年12月上报的部分产品已经迅速获批。 截至1月9日，上述ETF跟踪的工业有色、有色矿业、细分有色指数近6个月的涨幅分别高达93.73%、88.52%、82.50%。 | » 关于华泰柏瑞基金管理有限公司的《公开募集基金募集申请注册 -华泰柏瑞中证工业有色金属主题交易 . . . | 2026-01-09 | | | --- | --- | --- | | » 关于易方达基金管理有限公司的《公开募集基金募集申请注册 -易方达中证细分有色金属产业主题交易 . . . | 2026-01-08 | 1 | | » 关于广发基金管理有限公司的《公开募集基金募集申请注册-广发中证有色金属矿业主题交易型开放式 . ...

Core Viewpoint - The A-share market experienced a significant rally, with the Shanghai Composite Index breaking through 4100 points, marking a 16-day consecutive rise, and total trading volume exceeding 3.1 trillion yuan, a notable increase from the previous trading day [1]. Market Performance - Major A-share indices all closed with "full-body bullish candles" this week: - Shanghai Shenzhen 300 Index rose by 2.8% - CSI A500 Index increased by 4.2% - ChiNext Index gained 3.9% - Shanghai Stock Exchange Sci-Tech Innovation Board 50 Index surged by 9.8% [1][3] - In contrast, the Hong Kong market showed mixed performance, with the Hang Seng China Enterprises Index declining by 1.3% [1]. Sector Performance - Leading sectors in the A-share market included brain-computer interfaces, commercial aerospace, storage chips, and semiconductors, which saw significant gains [1]. - Conversely, sectors such as Hainan, banking, and airport shipping experienced adjustments [1]. Index Details - The Shanghai Shenzhen 300 Index consists of 300 large-cap stocks with good liquidity, covering 11 first-level industries [4]. - The CSI A500 Index includes 500 securities from various industries, covering 89 out of 93 third-level industries [4]. - The ChiNext Index is composed of 100 large-cap stocks from the ChiNext board, with a high proportion in strategic emerging industries [4]. - The Shanghai Stock Exchange Sci-Tech Innovation Board 50 Index features 50 stocks with significant liquidity, prominently in "hard technology" sectors like semiconductors [4]. - The Hang Seng China Enterprises Index includes 50 large-cap stocks from mainland China listed in Hong Kong, covering a wide range of industries [4]. Valuation Metrics - As of January 9, 2026, the rolling price-to-earnings (P/E) ratios for major indices are as follows: - Shanghai Shenzhen 300 Index: 14.3 times - CSI A500 Index: 17.3 times - ChiNext Index: 42.2 times - Shanghai Stock Exchange Sci-Tech Innovation Board 50 Index: 173.1 times - Hang Seng China Enterprises Index: 10.5 times [3][5].

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - In 2026, "Two Major" projects and "Two New" funds are being gradually allocated, with the scale of the first batch of "Two New" funds narrowing compared to 2025, and the government is promoting economic development through various policies [1][12]. - Fiscal policy maintains an active stance in 2026, ensuring necessary expenditure intensity and increasing the issuance scale of key - term treasury bonds [2]. - Monetary policy aims to achieve an "integrated effect" of incremental and existing policies, with the central bank net - buying treasury bonds and focusing on expanding domestic demand and technological innovation in 2026 [3]. - Financial regulatory authorities have issued formal regulations on fees, relaxed bank EVE indicators, and are exploring innovative financial products [4]. - Real estate policies aim to stabilize the market, with measures such as reducing VAT on second - hand housing transactions and optimizing purchase restrictions in Beijing [5]. 3. Summary by Directory 3.1 Macro - economic Tone - The dates for the 2026 National Two Sessions have been announced. The Fourth Session of the 14th National People's Congress will be held on March 5, 2026, and the Fourth Session of the 14th National Committee of the Chinese People's Political Consultative Conference will be held on March 4, 2026 [11]. - The first batch of 62.5 billion yuan in ultra - long - term special treasury bonds to support consumer goods replacement has been pre - allocated to local areas in 2026, with a smaller scale than in 2025. The policy focuses on optimizing fund allocation and advancing ahead of schedule [12]. - The National Development and Reform Commission has allocated a 295 - billion - yuan pre - approved project list for 2026, including about 220 billion yuan for "Two Major" construction projects and over 75 billion yuan for central budgetary investment [13]. 3.2 Fiscal Policy - In 2026, fiscal policy remains actively oriented, aiming to expand fiscal expenditure, optimize the combination of government bond tools, enhance transfer payment efficiency, and strengthen fiscal - financial coordination [17]. - Seven provinces have repaid 3.342 billion yuan of illegally added government implicit debts, nine regions' state - owned enterprises have returned 1.848 billion yuan of misappropriated agricultural loans, and two provinces and two regions have substantially resolved 170 million yuan of government debts [18]. - In January 2026, the issuance scale of key - term treasury bonds increased compared to the same period last year, with front - loaded policy implementation [19]. 3.3 Monetary Policy - The fourth - quarter monetary policy meeting proposed to achieve an "integrated effect" of incremental and existing policies, and the central bank will continue to deepen interest rate liberalization reform [22]. - The National Foreign Exchange Administration will deepen foreign exchange facilitation reforms and support financial institutions in developing simple and useful exchange - rate hedging products [23]. - In December 2025, the central bank net - bought 50 billion yuan of treasury bonds. Since October 2025, the central bank has restarted bond - buying operations, with purchase amounts of 20 billion yuan, 50 billion yuan, and 50 billion yuan in October, November, and December respectively [3]. - In 2026, monetary policy will focus on expanding domestic demand, technological innovation, and other fields, and its growth rate is expected to exceed that of the total social financing scale [25]. 3.4 Financial Supervision - The formal regulations on fund fees have been issued, and regulators are researching and exploring innovative products such as REITs ETFs [28]. - Regulatory authorities have revised the interest - rate shock amplitude parameters for banks [29]. - Regulators have consulted wealth - management companies on obstacles to A - share investment and policy expectations, and many banks have reduced wealth - management management fees to 0% [29]. - The regulatory authority has issued a notice on bond transaction record - keeping to strengthen supervision [30]. 3.5 Real Estate Policy - The government aims to stabilize the real estate market, control increments, reduce inventories, optimize supply, improve housing quality, and reduce VAT on second - hand housing transactions [33]. - Beijing has further optimized purchase - restriction policies, including relaxing requirements for non - Beijing households and supporting multi - child families [34]. - Vanke's proposal to extend the grace period for a 3.7 - billion - yuan bond was passed, but other extension proposals were not approved [34]. - An article in Qiushi magazine holds a positive view on future real estate policy space [35].

Group 1 - The report highlights that in 2025, the public quantitative strategies for the CSI 300, CSI 500, and CSI 1000 indices showed varying levels of excess returns, with the CSI 1000 enhanced products achieving the highest average excess return of 9.3% for the year [3][21] - The public quantitative CSI 300 enhanced products recorded an average excess return of 2.5% for 2025, with a quarterly excess return of 1.6% in Q4 [3][13] - The public quantitative CSI 500 enhanced products had an average excess return of 2.1% for 2025, with a quarterly excess return of 1.0% in Q4 [3][16] Group 2 - The report indicates that public quantitative dividend strategies achieved an average excess return of 4.2% in 2025, with top-performing products including Hai Fu Tong Dividend Preferred A and Guang Fa High Dividend Preferred A [4][29] - Public quantitative fixed income plus products had an average cumulative return of 4.9% in 2025, with leading products such as Fu Guo Xing Li Enhanced A and Fu Guo Feng Li Enhanced A [4][33] Group 3 - Private quantitative strategies for the CSI 300, CSI 500, and CSI 1000 indices outperformed public strategies, with the CSI 1000 enhanced products achieving an excess return of 15.1% for 2025 [5][40] - The private quantitative CSI 300 enhanced products recorded an excess return of 8.6% for the year, significantly higher than the public counterpart [5][37] - The private quantitative CSI 500 enhanced products achieved an excess return of 10.4% for 2025, again outperforming public strategies [5][38]

一边是冠军基金以破纪录的233.29%收益率创造历史，一边是亏损基金在牛市中逆势下跌近20%，A股的结构性牛市正 成为基金经理投资能力的试金石。 强势的主动权益基金 主动权益基金在2025年表现突出，包揽了年度前十强。在冠军基金永赢科技智选之后，韩浩管理的中航机遇领航以 168.92%获得亚军，廖星昊管理的红土创新新兴产业以148.64%位列季军。 第四至第十名依次为恒越优势精选、信澳业绩驱动、中欧数字经济、交银优择回报、汇安成长优选、兴证资管金麒麟 兴享优选以及华商均衡成长，年度回报率均超140%。 在这场结构性牛市中，全市场涌现了90只年度收益率超100%的"翻倍基"，而另一方面，仍有68家公募机构旗下的144 只产品全年"逆势"亏损。 破纪录冠军 公募基金业绩榜单2026年初出炉，永赢基金旗下的永赢科技智选以233.29%的总回报一举夺魁。它不仅刷新了公募基 金年度收益率纪录，更以7个百分点的优势打破了王亚伟在2007年创造的226.24%纪录。 | | | | 2025年公墓基金年度收益率十辆 | | | | | --- | --- | --- | --- | --- | --- | --- | | ...

【导读】沪指时隔10年重回4100点，多家基金公司研判后市 2026年首个交易周，A股迎来"开门红"！ 2026年A股市场或有望逐步迈向深化阶段 从中长期维度看，永赢基金认为，本轮行情本质上仍处于自2024年9月启动的上涨市格局中，并且相较 于历史水平，当前市场或仍存在较大的演绎空间，市场情绪也尚未到达过热状态。随着基本面修复从点 向面逐步扩散，并伴随居民资金持续入市，2026年A股市场有望逐步迈向深化阶段。 今日（1月9日），市场震荡拉升，上证指数时隔10年重新站上4100点，深证成指涨超1%。两市成交额 突破3万亿元，全市场超3900只个股上涨，连续2日超百股涨停。板块方面，仅银行、非银金融下跌，传 媒、综合、国防军工等涨幅靠前。 多位业内人士认为，开年来，市场表现强劲，主要受到资金面、政策面与产业趋势三重积极因素的共同 驱动。展望后市，市场内在的上升趋势较为明确，行情有望在震荡中延续，投资上应紧密关注政策发力 与产业景气方向。 多重利好叠加 沪指时隔10年重回4100点 1月9日，三大指数继续上涨，沪指回到4100点上方，信达澳亚基金高级市场研究分析师刘翀表示，从成 交量来看，市场情绪较高，A股"春季躁 ...

财联社记者从业内获悉，银华基金旗下基金经理刘辉因疾病逝世，享年54岁。 公开资料显示，刘辉于2016年11月加入银华基金，任权益投资管理部团队长、基金经理，管理银华内需精选混合、银华同力混合、银华创 业板两年期定开等3只基金，合计管理规模为32.81亿元，在管基金最佳回报154.82%。 ...