在此背景下，兼具"债性"与"股性"的可转债成为平衡风险与收益的关键抓手。民生加银基金固定收益部 总监谢志华指出，当前转债市场估值维持高位，固收增强策略仍维持较高转债仓位，核心逻辑在于三 点：一是看好权益市场长期趋势，二是转债供求结构支撑估值难有大幅压缩，三是结构性挖掘空间显著 大于纯债。随着市场筹码与预期消化，叠加政策红利释放，转债市场有望持续贡献超额收益。 事实上，当前震荡格局或是可配置可转债的债基发挥专业配置能力的最佳场景，通过中短端利率债与高 等级信用债筑牢防御垫，同时借助把握权益市场的弹性，形成"防守+进攻"的双重布局。 2026年开年以来，国内债市在多空因素交织下呈现震荡格局，现券收益率中枢小幅上移，市场情绪受政 策预期与资金面变化双重影响。其核心矛盾集中于政府债供给担忧，近期召开的全国财政工作会议明 确"2026年继续实施更加积极的财政政策"，引发市场对超长债供给压力的担忧。 有机构指出，从目前的市场基本面看，2026年债市结构性分化趋势或已成定局。供给端，财政政策靠前 发力将带动政府债集中发行，一季度供给压力尤为明显；需求端，"资产荒"逻辑弱化导致稳定性资金供 给减少，长端与超长端需求缺位，叠加 ...

Economic Indicators - In December, the Consumer Price Index (CPI) increased by 0.2% month-on-month and 0.8% year-on-year, with the core CPI (excluding food and energy) rising by 1.2% year-on-year [1] - The Producer Price Index (PPI) rose by 0.2% month-on-month but decreased by 1.9% year-on-year [1] Stock Market Performance - The Shanghai Composite Index (SSE) experienced a 16-day consecutive rise, closing at 4120.43 points, marking a ten-year high, with total trading volume exceeding 3 trillion yuan [1] - Several brokerage firms expressed optimistic expectations for the stock market in 2026, with CITIC Securities predicting a 5%-10% increase in the full-year performance of the market [1] Commodity Market Regulation - The Shanghai Futures Exchange implemented a series of regulatory measures to cool down the overheating silver futures market, including risk warnings, trading limit adjustments, and margin changes [1] Semiconductor Market Trends - The price of memory chips has surged, with some DDR5 server memory modules priced at over 40,000 yuan each, leading to comparisons with real estate prices in Shanghai [2] - The global demand for AI computing power has created a severe supply-demand imbalance in the memory semiconductor market, prompting significant price increases [2] Corporate Developments - Vanke A announced the retirement of its executive vice president, Yu Liang, who will no longer hold any position within the company [3] - Alibaba plans to increase investment in Taobao Flash Sale in 2026, aiming to become the market leader [4] Fund Industry Insights - Public funds in China engaged in a large-scale self-investment action in 2025, with total self-purchase transactions reaching 562.66 billion yuan, a 51.8% increase from 2024 [5] - Non-monetary public fund self-purchases amounted to 9.34 billion yuan, a 130% increase from the previous year, with bond funds being the primary focus [5][6] IPO Activity - Unigroup Guoxin has entered the counseling phase for its IPO, reflecting a new wave of interest in storage chips driven by AI [6] - MiniMax, an AI model company, successfully listed on the Hong Kong Stock Exchange, achieving a market capitalization exceeding 80 billion HKD [7] - The snack brand "Mingming Hen Mang" is planning to raise 400-500 million USD through an IPO, with significant growth in transaction volume and profit reported [8]

Core Insights - The QDII (Qualified Domestic Institutional Investor) funds have shown significant performance differentiation in 2025, with some funds achieving remarkable returns while others faced substantial losses due to market volatility and sector-specific challenges [1][4][6]. Performance Highlights - The top-performing QDII fund, Huatai-PB Hong Kong Advantage Selection, achieved a return of over 112%, benefiting from the global rise in innovative pharmaceuticals and biotechnology [2][9]. - Other notable funds include China Universal Global Pharmaceutical Biology and E Fund Global Growth Selection, both with returns exceeding 88%, driven by the global pharmaceutical sector's growth [2][9]. - The E Fund Gold Theme QDII also performed well, nearing a 70% return amid global risk aversion and monetary policy adjustments [2][9]. Underperformers - In contrast, several QDII funds focused on oil and real estate faced significant declines, with returns ranging from -10.78% to -13.76% for oil-themed funds like E Fund Oil and Southern Oil [4][11]. - Funds tracking the Saudi Arabian market also struggled, with returns exceeding -12% since their inception in 2024 [4][11]. - Real estate-focused funds, such as Penghua US Real Estate and Nuveen Global Real Estate, reported negative annual returns, reflecting broader market challenges [4][11]. Market Trends - The performance of QDII funds in 2025 highlights the importance of sector-specific trends, with technology and healthcare being key drivers of growth, while traditional cyclical assets like oil and real estate remain sensitive to macroeconomic conditions [6][13]. - The ability to diversify across different asset classes and geographic regions is emphasized as a critical strategy for investors to mitigate risks associated with concentrated investments [6][13].

Core Insights - The article highlights that the Gold ETF (518880) has been selected as a core asset in the physical asset category for the 2026 "Betting on China" list, reflecting its significance in the current investment landscape [2][3]. Selection Logic and Analysis - In 2025, global financial market volatility increased, leading to a historic bull market for gold, with London spot gold prices rising over 67% to exceed $4,400 per ounce, marking it as the best-performing asset class globally [3]. - The demand for gold as a "credit hedge tool" has intensified due to the emphasis on asset safety and wealth preservation in the 14th Five-Year Plan, showcasing gold's triple attributes of anti-inflation, risk aversion, and asset allocation [3]. - The domestic Gold ETF market surged from 73 billion yuan to 236.1 billion yuan in 2025, a 223% increase, effectively meeting market demand for risk aversion and asset allocation [3]. Competitive Barriers - The unique asset attributes of gold create an irreplaceable advantage, as it is the only asset class that combines commodity, financial, and currency properties, making it a core tool for hedging credit risk [7]. - Gold ETFs offer superior liquidity and convenience, with an average daily trading volume exceeding 5 billion yuan in 2025, allowing investors to enter and exit the market quickly [7]. - The management fee for Gold ETFs is generally below 0.5%, significantly lower than that of actively managed funds and physical gold, reducing the entry barrier for investors [7]. Supply and Demand Dynamics - Global gold reserves are limited to 59,000 tons, with current mining rates only sustainable for 19 years, providing long-term support for gold prices [8]. - In 2025, central banks net purchased 244 tons of gold, continuing a trend of over 1,000 tons for four consecutive years, driven by both central bank purchases and investment demand [8]. Industry Trends - The ongoing global liquidity easing cycle, initiated by the Federal Reserve in September 2025, is expected to continue into 2026, significantly lowering the opportunity cost of holding gold [11]. - Geopolitical uncertainties, such as the ongoing Russia-Ukraine conflict and rising tensions in the Middle East, have increased demand for gold as a safe-haven asset [11]. - The demand for gold is further supported by the need for risk diversification among investors, as gold has a low correlation with stocks and bonds, making it an effective stabilizer in investment portfolios [12]. Investment Value Analysis - Gold's anti-inflation property serves as a hedge against currency depreciation, with a projected inflation rate of 4.5% in the U.S. for 2025, making gold a classic tool for preserving asset value [14]. - Gold's unique characteristics make it a "ultimate safe asset" in extreme scenarios, outperforming other safe-haven assets during market turmoil [14]. - Including Gold ETFs in investment portfolios can enhance overall returns, especially during economic downturns, where average returns on gold have been significantly higher than domestic stocks and bonds [15]. 2026 Investment Outlook - The core logic supporting gold's price increase—liquidity easing, weakened dollar credit, central bank purchases, and geopolitical risks—remains unchanged for 2026, suggesting a continued upward trend in gold prices [16]. - Predictions indicate that COMEX gold prices may reach between $4,750 and $4,900 per ounce in 2026, with potential to challenge $5,200 per ounce [16]. - The Gold ETF (518880) is positioned to benefit directly from rising gold prices, offering substantial asset appreciation opportunities for investors [16]. Conclusion - The Gold ETF (518880) is recognized as a composite core asset that transcends ordinary investment categories, providing hedging against inflation, risk aversion, and asset optimization [19]. - Investing in Gold ETFs represents a strategic opportunity to capitalize on the ongoing trends of global liquidity easing, credit system restructuring, and asset allocation upgrades in 2026 [19].

科创100ETF基金紧密跟踪上证科创板100指数，上证科创板100指数从上海证券交易所科创板中选取市 值中等且流动性较好的100只证券作为样本。上证科创板100指数与上证科创板50成份指数共同构成上证 科创板规模指数系列，反映科创板市场不同市值规模上市公司证券的整体表现。 科技板块今日整体走高，商业航天、AI应用概念领涨，科创100ETF基金(588220)上涨2.48%， 实现14连 涨。 数据显示，截至2025年12月31日，上证科创板100指数(000698)前十大权重股分别为华虹公司(688347)、 东芯股份(688110)、源杰科技(688498)、睿创微纳(688002)、中科飞测(688361)、国盾量子(688027)、百 济神州(688235)、仕佳光子(688313)、复旦微电(688385)、安集科技(688019)，前十大权重股合计占比 26.21%。 财达证券指出，整体市场中线行情依然乐观，成长股是市场的确定性投资主题，科技成长股近期反复活 跃，政策扶持的新质生产力方向，机器人、大数据、可控核聚变、国产软件、人脑工程这些板块均是科 技成长和新质生产力所属品种，板块轮动较为明显，投资 ...

2025年中国主动权益基金市场完成了一次真正意义上的"能力再定价"，超九成产品实现正收益，中位数收益接近30%，头部产品 收益甚至超过200%。但分化比收益本身更重要——这一年不是"所有人都赚钱"，而是"谁在对的时间、用对的方法，赚到了结构 性的钱"。 据申万宏源最新研报，从基金评价角度看，2025年呈现出三大核心变化：赛道选择重新主导年度排名，调仓节奏比长期风格更重 要，高换手、强主动的基金重新占优。这些变化背后，是A股市场典型的"N型结构行情"：年初科技、创新药、新消费、港股主题 全面爆发，二季度外部扰动加剧风险快速释放，下半年在政策预期与中长期资金推动下市场重新走强。 行业层面的收益差异极大，有色金属、通信、电子等行业全年涨幅居前，其中有色金属以94.73%的涨幅领跑，通信行业连续第三 年表现领先，涨幅达84.75%。而食品饮料下跌9.69%，首末行业收益差距达104.43%。这直接导致一个结果：2025年，基金是 否"重仓对赛道"，几乎决定了其全年排名区间。 对投资者而言，2025年验证了主动管理的价值，但也凸显了赛道择时的重要性。上半年表现优异的产品中有31%在下半年跌至后 20%，提示投资者需关注 ...

中国经济网北京1月9日讯今日，申万菱信基金公告，苗琦离任申万菱信乐成混合。 苗琦2017年起从事金融相关工作，曾任职于农银汇理基金管理有限公司、国泰基金管理有限公司等， 2021年11月加入申万菱信基金，现任基金经理。 申万菱信乐成混合A/C成立于2023年03月23日，截至2026年01月08日，其今年来收益率为0.81%、 0.81%，成立来收益率为-7.76%、-8.79%，累计净值为0.9224、0.9121。 | 基金名称 | 申万菱信乐成混合型证券投资基金 | | --- | --- | | 基金简称 | 申万菱信乐成混合 | | 基金主代码 | 017063 | | 基金管理人名称 | 申万菱信基金管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》 | | 基金经理变更类型 | 解聘基金经理 | | 共同管理本基金的其他基金经 | 付贿 | | 理姓名 | | | 离任基金经理姓名 | 南琦 | ...

中国经济网北京1月9日讯今日，易米基金公告，易米开泰混合增聘魏鑫。 魏鑫曾任海默科技（300084）股份有限公司研发中心工程师，东海证券股份有限公司TMT行业组长， 海通证券股份有限公司计算机行业高级研究员，华泰资产管理有限公司高级投资经理，中国旅游产业基 金管理有限公司投资部副总裁，现任易米基金管理有限公司多策略投资部副总经理、基金经理。 易米开泰混合A/C成立于2022年11月08日，截至2026年01月08日，其今年来收益率为2.68%、2.66%，成 立来收益率为-1.06%、-2.64%，累计净值为0.9894、0.9736。 | 基金名称 | 易米开泰混合型证券投资基金 | | --- | --- | | 基金简称 | 易米开泰混合 | | 基金主代码 | 015703 | | 基金管理人名称 | 易米基金管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》等 | | 基金经理变更类型 | 增聘基金经理 | | 新任基金经理姓名 | 魏鑫 | | 共同管理本基金的其他基 | 贺文奇 | | 金经理姓名 | | ...

泰康金泰回报3个月持有A成立于2017年01月22日，截至2026年01月08日，其今年来收益率为0.25%，成 立来收益率为45.56%，累计净值为1.4556。泰康金泰回报3个月持有C成立于2025年12月17日。 中国经济网北京1月9日讯今日，泰康基金公告，陈怡离任泰康金泰回报3个月持有。 陈怡2016年5月加入泰康公募，现任泰康基金股票基金经理。曾任万家基金管理有限公司研究部研究 员，平安养老保险股份有限公司权益投资部研究员、行业投资经理等职务。 | 基金名称 | 泰康金泰回报 3个月持有期混合型证券投资基金 | | --- | --- | | 基金简称 | 泰康金泰回报 3个月持有 | | 基金主代码 | 003813 | | 基金管理人名称 | 泰康基金管理有限公司 | | 公告依据 | 《中华人民共和国证券投资基金法》、《公开募集证券投资基金信息 披露管理办法》等相关法律法规以及《泰康金泰回报 3 个月持有期 混合型证券投资基金基金合同》、《泰康金泰回报 3 个月持有期混合 | | | 型证券投资基金招募说明书》 | | 基金经理变更类型 | 解聘基金经理 | | 共同管理本基金的其他经 | 将 ...

Core Insights - The bond ETF market has experienced significant expansion, surpassing 800 billion yuan in total scale last year, making it one of the fastest-growing segments in the ETF market [1] - As of December 31, 2025, the total scale of bond ETFs reached 829.02 billion yuan, a substantial increase of 655.05 billion yuan from the beginning of the year, marking the highest growth rate among all ETF categories [1] - The growth of bond ETFs is primarily driven by the introduction of benchmark market-making credit bond ETFs and sci-tech bond ETFs, which have rapidly accumulated scale since their launch in 2025 [1][3] Market Structure - The sci-tech bond ETFs have shown remarkable performance, with 16 products tracking the CSI AAA Sci-Tech Innovation Company Bond Index, totaling a management scale of 280.75 billion yuan; 6 products tracking the SSE AAA Sci-Tech Innovation Company Bond Index with a scale of 67.39 billion yuan; and 2 products linked to the SZSE AAA Sci-Tech Innovation Company Bond Index with a total scale of 7.19 billion yuan [1] - The benchmark market-making credit bond ETFs have also become a significant growth driver, with products tracking the SSE Benchmark Market-Making Corporate Bond Index reaching a management scale of 79.86 billion yuan, and those tracking the SZSE Benchmark Market-Making Credit Bond Index at 47.56 billion yuan [3] - Currently, there are 53 bond ETFs in the market, accounting for only 3.78% of all ETFs, but their net asset value has significantly increased to 13.77%, indicating strong investor recognition [3] Industry Trends - The continuous expansion of bond ETFs signifies a shift towards a more transparent and efficient index-based investment approach in the bond market [3] - Compared to traditional bond funds, bond ETFs offer significant advantages in trading mechanisms, transparency, and portfolio stability, making them attractive for medium to long-term investment in the current market environment characterized by declining interest rates and increasing credit differentiation [3] - The two new categories of bond ETFs serve distinct functions: benchmark market-making credit bond ETFs enhance trading efficiency and pricing continuity, while sci-tech bond ETFs provide investors with an alternative way to participate in financing within the technology sector [4]