§1公告基本信息 ■ §2日常申购、赎回、转换业务的办理时间 根据本基金《基金合同》、《招募说明书》的规定，本基金的首个封闭期为自基金合同生效日（含该 日）起至基金合同生效日所对应的3个月月度对日的前一日。本基金的第二十八个封闭期为2025年9月20 日至2025年12月19日。本基金办理申购、赎回、转换业务的开放期为本基金每个封闭期结束之后第一个 工作日起不少于1个工作日并且最长不超过20个工作日的期间。本基金第二十八个开放期为2025年12月 22日，开放期内本基金接受申购、赎回、转换业务申请。下一个封闭期为本次开放期结束之日次日（含 该日）起至本次开放期结束之日次日所对应的3个月月度对日的前一日，封闭期内本基金不办理申购、 赎回、转换业务。 本基金办理基金份额的申购、赎回、转换的开放日为开放期内的每个工作日，具体办理时间为上海证券 交易所、深圳证券交易所及相关期货交易所的正常交易日的交易时间，但基金管理人根据法律法规、中 国证监会的要求或基金合同的规定公告暂停申购、赎回、转换时除外。 基金合同生效后，若出现新的证券/期货交易市场、证券/期货交易所交易时间变更或其他特殊情况，基 金管理人将视情况对前述开放 ...

Alternatively, advisors and investors looking to pursue higher income potential might want to check out the BNY Mellon High Yield ETF (BKHY). Much like BKUI, BKHY is an actively managed product, using an experienced active fund team to navigate the field of fixed income. When constructing its portfolio, BKHY's portfolio team uses a proprietary credit model to curate similar risk exposure to the Bloomberg US Corporate High Yield Total Return Index, along with higher outperformance potential. The BKHY team al ...

北京商报讯(记者刘宇阳)12月18日，中信保诚基金发布高级管理人员变更公告。公告内容显示，自12月17日起，沈阳新 任公司副总经理。 | 基金管理公司名称 | 中信保诚基金管理有限公司 | | --- | --- | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》《证券基金经 | | | 营机构董事、监事、高级管理人员及从业人员监督管理办法》 | | 高管变更类型 | 新任基金管理公司副总经理 | | 新任高级管理人员职务 | 副总经理 | | --- | --- | | 新任高级管理人员姓名 | 沈阳 | | 是否经中国证监会核准取得高管任职资格 | | | 中国证监会核准高管任职资格的日期 | | | 任职目期 | 2025年12月17日 | | 过往从业经历 | 历任广发证券股份有限公司分析师,中国证券报记者,恒生 | | | 投资管理有限公司研究员,博时基金管理有限公司机构业务 | | | 总经理,浙商基金管理有限公司副总经理,长城基金管理有 | | | 限公司副总经理,兴银基金管理有限责任公司党委委员、副 | | | 总经理。 图片来源:公告詞 | 过往从业经历显示，沈阳历任广发证券分析 ...

香港联交所最新数据显示，12月12日，易方达基金管理有限公司减持国联民生（601456）(01456)462.25 万股，每股作价5.3859港元，总金额约为2489.63万港元。减持后最新持股数目为5325.7万股，持股比例 为12.03%。 ...

智通财经APP获悉，香港联交所最新数据显示，12月12日，易方达基金管理有限公司减持国联民生 (01456)462.25万股，每股作价5.3859港元，总金额约为2489.63万港元。减持后最新持股数目为5325.7万 股，持股比例为12.03%。 ...

Core Viewpoint - The investment outlook for 2026 focuses on the "engineer dividend" in China, emphasizing the potential for growth in technology sectors driven by a rising number of high-educated workers and STEM graduates [6][64]. Group 1: Investment Strategy - The investment strategy highlights the early stage of the engineer dividend in China, with many industries still in a "land grab" phase, leading to low profit margins but potential for future profit increases as technology advantages solidify [8][66]. - Key investment directions include technology-related sectors such as computing power, innovative pharmaceuticals, and AI applications, which reflect the engineer dividend [9][67]. - The growth of tokens in internet technology companies is seen as a positive indicator, with token consumption doubling approximately every 4-5 months, suggesting strong user engagement [34][67]. Group 2: Market Trends - The Hang Seng Technology Index's relative underperformance compared to A-shares has returned to historical lows, indicating potential for recovery [68]. - Attention is given to the possibility of PPI turning positive next year, which could influence market dynamics and lead to opportunities in new consumption and cyclical sectors [10][69]. Group 3: AI and Technology - The discussion includes the positive cycle between overseas computing power investments and revenue, particularly in AI, which is expected to see significant growth in annual recurring revenue (ARR) [73][74]. - Concerns about AI market bubbles are addressed, with comparisons to the 2000 dot-com bubble, emphasizing that current capital expenditures are aligned with cash flow growth, reducing debt concerns [79][80]. Group 4: Consumer Trends - The investment strategy also considers new consumption trends in China, which are expected to experience three significant consumption surges at different life stages, creating investment opportunities [47][102]. - The focus is on understanding generational differences in consumption patterns and product preferences, which will shape the new consumption landscape [102]. Group 5: Industry Innovations - The human-robot industry is identified as being in the early stages of development, with potential for tenfold growth in demand as products are refined and supply increases [93]. - The renewable energy sector is highlighted for its global leadership in technologies such as solid-state batteries and photovoltaic systems, indicating strong competitive advantages [94].

Core Viewpoint - The recent adjustment in the Hong Kong stock market has led to a surge in new fund issuance, with many funds shortening their fundraising periods to capitalize on the market dip, indicating a strong belief in the investment value of Hong Kong stocks [1][5]. Fund Issuance Trends - New funds are significantly shortening their fundraising periods compared to previous practices, with examples including the 富国港股精选混合 fund, which moved its deadline from December 19 to December 10, raising 1.83 billion yuan [2]. - Other funds, such as 鹏扬基金 and 路博迈基金, have also adjusted their fundraising timelines, reflecting a broader trend of rapid fundraising in the current market environment [2]. Rapid Fund Deployment - New funds are not only closing fundraising early but are also quickly building their positions in the market. For instance, the 汇添富恒指港股通ETF achieved a 69.53% stock position just a week before its listing [3]. - This contrasts with previous cautious strategies where funds maintained low positions prior to listing, indicating a shift in approach due to market conditions [3]. Market Sentiment and Strategy Adjustments - The adjustment in fundraising strategies is driven by significant market corrections, with many funds seizing the opportunity to invest in fundamentally strong companies despite recent price declines [4]. - The rapid changes in fundraising strategies, such as those seen with 鑫元基金, highlight the dynamic nature of market conditions and the urgency to capture rebound opportunities [4]. Positive Outlook on Hong Kong Stocks - Multiple fund managers express optimism about the Hong Kong market, viewing the current adjustments as a favorable entry point for future growth, particularly in sectors like AI, internet, and innovative pharmaceuticals [5][6]. - The valuation of the 恒生科技指数 is noted to be significantly lower than that of comparable indices, suggesting a high potential for returns [5]. - Specific sectors identified for investment include technology growth, financial services, and cyclical stocks, indicating a strategic focus on areas with perceived value [5].

Market Performance - On December 18, A-shares showed mixed performance with the Shanghai Composite Index up by 0.16% closing at 3876.37 points, while the Shenzhen Component Index fell by 1.29% to 13053.97 points, and the ChiNext Index decreased by 2.17% to 3107.06 points [1] Fund Manager Changes - On December 18, a total of 19 fund managers experienced changes in their positions, with 10 funds announcing departures of fund managers, involving 5 individuals. The primary reason for these changes was job transitions [3] - In the past 30 days (November 18 to December 18), 651 fund products saw changes in their fund managers, indicating a significant turnover in the industry [3] New Fund Managers - On December 18, 32 fund products announced new fund manager appointments, involving 14 new managers. Notably, Liu Wenliang from Southern Fund manages assets totaling 170.55 billion yuan, with his highest-performing fund, Southern Changyuan Convertible Bond A, achieving a return of 85.99% over 5 years and 288 days [4] Fund Research Activity - In the past month (November 18 to December 18), Bosera Fund conducted the most company research, engaging with 46 listed companies. Other active funds included Huaxia Fund and Penghua Fund, which researched 39 and 38 companies respectively. The most researched industry was specialized equipment with 211 instances, followed by consumer electronics with 193 [6] - The most focused stock by public funds in the last month was Zhongke Shuguang, a company in the specialized computing equipment sector, with 117 fund management companies participating in its research [7] Recent Fund Research Highlights - In the week from December 11 to December 18, Chang'an Automobile was the most researched company, receiving attention from 68 fund institutions. Other notable companies included Guanglian Aviation and Yipin Hong, with 43 and 40 fund institutions respectively [7]

Group 1 - The core viewpoint of the article highlights a significant decline in the average cash holding of global fund managers, dropping from 3.7% in November to 3.3% in December, marking the lowest level since the survey began in 1999 [2] - A record 42% of fund managers reported increasing their global stock holdings, the highest level since 2022, indicating a strong shift towards equities and commodities despite concerns over potential negative events [2][4] - The overall sentiment among global fund managers is the most optimistic since mid-2021, surpassing the optimism seen during the "Trump trade" peak at the end of 2024, driven by expectations of strong corporate profit growth [4][5] Group 2 - Analysts from Barclays and UBS express a positive outlook for global markets, suggesting that the current economic environment favors stock market growth, with expectations of profit growth between 7% and 14% in major markets [5][6] - Investment strategies are advised to diversify beyond AI themes to include broader technology sectors, energy supply, and critical materials, while maintaining a balance between defensive and cyclical sectors [5] - Concerns are raised about the potential volatility in the market due to low cash levels among fund managers, which could lead to severe reactions to negative news, highlighting the fragility of the current optimistic sentiment [6][8]