Core Insights - The article highlights the significant performance of the Yongying Technology Select A fund, which achieved a total return of over 233% in 2025, making it the annual champion among public funds [1][3] - A notable market phenomenon is observed where top-performing funds and underperforming funds experienced similar maximum drawdowns of around 30%, yet their net value performances diverged significantly [2][3] Fund Performance - Yongying Technology Select A fund recorded a total return of 233.29% with a maximum drawdown of -27.04% [1] - Other top-performing funds include Zhonghang Opportunity Navigator A with a return of 168.92% and a maximum drawdown of -21.63%, and Hengyue Advantage Select A with a return of 147.85% and a maximum drawdown of -32.44% [1][3] Drawdown Analysis - The article emphasizes that the nature of drawdowns and the ability to recover are more critical than the drawdown itself in determining long-term returns [2][4] - High-performing funds often faced drawdowns due to temporary market adjustments in sectors like AI and high-end manufacturing, which are characterized as "effective drawdowns" [5] - Conversely, underperforming funds experienced drawdowns linked to weak fundamentals and policy changes, leading to "ineffective drawdowns" that hinder recovery [5] Risk Assessment - Traditional risk metrics such as volatility and maximum drawdown are deemed less effective in today's highly differentiated market [6] - The article suggests that investors should analyze the reasons behind drawdowns rather than focusing solely on the percentage decline in net value [6][7] - Investors are encouraged to understand the type of risk they are taking, whether it is a "growth volatility" or a "value trap," and to consider the fund manager's risk management capabilities [7]

半导体设备ETF 广发（560780.SH），场外联接(A类：020639；C类：020640）。 2026年1月8日，半导体设备ETF 广发（560780.SH）收跌1.09%，成交2.23亿元。获融资买入2226.22万 元，融资偿还1565.95万元，融资净买入660.27万元，居可比基金首位。（数据来源：Wind） 拉长时间看，该基金近2天杠杆资金连续流入，合计流入1424.29万元，居可比基金前2。（数据来源： Wind） ...

Group 1 - The core point of the news is that BoRui Communication has seen a significant stock price increase of 5.1% on January 9, reaching 6.18 CNY per share, with a total market capitalization of 6.757 billion CNY and a cumulative increase of 21.24% over six consecutive days [1] - BoRui Communication, established on November 15, 1995, is based in Chengdu, Sichuan Province, and its main business areas include education, advertising, gaming, digital cultural creation, small loans, and building leasing [1] - The revenue composition of BoRui Communication is as follows: software development and hardware integration 53.12%, media business 21.27%, online gaming 15.13%, building leasing 8.58%, and other businesses 1.90% [1] Group 2 - From the perspective of the top ten circulating shareholders, Guotai Fund's Guotai Zhongzheng Animation Game ETF (516010) increased its holdings by 645,700 shares, totaling 6.1738 million shares, which represents 0.56% of the circulating shares [2] - The estimated floating profit from the recent stock price increase is approximately 1.8521 million CNY, with a total floating profit of 6.359 million CNY during the six-day increase [2] - The Guotai Zhongzheng Animation Game ETF was established on February 25, 2021, with a current scale of 3 billion CNY and a year-to-date return of 6.41%, ranking 883 out of 5509 in its category [2]

来源：国际投行研究报告 国投瑞银百亿基金经理施成被告上法庭13 日开庭！案由为金融委托理财合同纠纷 法院公开信息显示，2026年1月13日，上海虹口区法院开庭审理原告 L 某某告被告 S某某和国投瑞银基 金金融委托理财合同纠纷一案。 据公开媒体报道，L某某是投资者李智华，而 S某某是明星基金经理施成 公募基金被起诉不算新鲜，但基金经理个人被列为共同被告，在业内十分罕见。 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同 其观点或证实其描述。文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。 责任编辑：宋雅芳 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 责任编辑：宋雅芳 来源：国际投行研究报告 国投瑞银百亿基金经理施成被告上法庭13 日开庭！案由为金融委托理财合同纠纷 法院公开信息显示，2026年1月13日，上海虹口区法院开庭审理原告 L 某某告被告 S某某和国投瑞银基 金金融委托理财合同纠纷一案。 据公开媒体报道，L某某是投资者李智华，而 S某某是明星基金经理施成 公募基金被起诉不算新鲜，但基金经理个人被列为共同被告，在业内十分 ...

资料显示，青木科技股份有限公司位于广东省广州市海珠区逸景路353号合创中心办公楼36层，成立日 期2009年8月5日，上市日期2022年3月11日，公司主营业务涉及为全球知名品牌提供一站式综合电商服 务。主营业务收入构成为：电商代运营服务44.93%，品牌孵化与管理业务34.83%，经销代理业务 14.18%，技术解决方案及消费者运营服务4.05%，品牌数字营销服务2.02%。 从青木科技十大流通股东角度 数据显示，华安基金旗下1只基金位居青木科技十大流通股东。华安媒体互联网混合A（001071）三季 度新进十大流通股东，持有股数100.83万股，占流通股的比例为1.54%。根据测算，今日浮盈赚取约 383.17万元。连续7天上涨期间浮盈赚取1129.34万元。 华安媒体互联网混合A（001071）成立日期2015年5月15日，最新规模54.81亿。今年以来收益2.7%，同 类排名4189/8827；近一年收益38.03%，同类排名3231/8084；成立以来收益310.5%。 华安媒体互联网混合A（001071）基金经理为胡宜斌。 截至发稿，胡宜斌累计任职时间10年48天，现任基金资产总规模176.82亿元 ...

Group 1 - The core viewpoint of the news is that Zhuhai Co., Ltd. has seen a significant increase in its stock price, rising by 6.02% to 33.83 CNY per share, with a trading volume of 1.25 billion CNY and a turnover rate of 0.52%, resulting in a total market capitalization of 24.045 billion CNY [1] - Zhuhai Co., Ltd. is located in Huangshi City, Hubei Province, and was established on June 19, 2003, with its listing date on September 13, 2016. The company specializes in the research, manufacturing, and sales of chromium salt products, as well as the comprehensive utilization of chromium salt by-products and other solid waste [1] - The main business revenue composition of Zhuhai Co., Ltd. includes 114.86% from the inorganic salt-related industry, 3.09% from logistics and transportation, and 1.82% from other sources [1] Group 2 - From the perspective of fund holdings, one fund under Qianhai Kaiyuan has Zhuhai Co., Ltd. as a significant holding. The Qianhai Kaiyuan Yuru Mixed A Fund (004680) reduced its holdings by 14,200 shares in the third quarter, holding 400 shares, which accounts for 0.04% of the fund's net value, ranking it as the eighth largest holding [2] - The Qianhai Kaiyuan Yuru Mixed A Fund (004680) was established on September 5, 2017, with a latest scale of 16.2837 million CNY. The fund has experienced a loss of 0.36% this year, ranking 8710 out of 8827 in its category, while achieving a return of 5.05% over the past year, ranking 7138 out of 8084 [2]

导读：2025年是主动权益基金重新跑赢宽基指数的一年，更是成长风格回归的一年。在整个2025年，代表主动权益基金的万得偏股混指数上涨 33.19%, 同期沪深300指数上涨17.66%。 从历史业绩比较看，主动权益基金整体超配成长因子。在成长风格占优的结构性牛市中，主动权益基金相对宽基指数会有比较显著的超额收 益。比如说2019到2020大盘成长占优，2021小盘成长占优，主动权益基金连续三年跑赢沪深300。而2022到2024是价值风格占优，主动权益基 金就连续三年跑输沪深300。 毫无疑问，2025年表现较好的基金都属于典型的成长风格。但是在这份名单中，我们比较欣喜看到了安信基金的陈鹏。他管理的、 、 在不依 靠押注创新药、机器人、AI等热门赛道的前提下，通过均衡配置取得了翻倍的业绩。 数据来源：Wind，截至2025年12月31日 为什么说欣喜呢？其一是，陈鹏证明了通过相对均衡的选股，也能取得有锐度的业绩。况且，由于行业均衡，陈鹏产品承担的风险会相比单一 赛道更小。其二是，许多人对安信基金的印象，是稳健的股债混合业绩和价值投资实力，却不知道成长风格也有不缺锐度的优质产品。 作为安信基金成长投资部总经理， ...

Group 1: Market Overview - The Hong Kong stock market is experiencing a recovery with innovative pharmaceuticals and internet platforms leading the gains, as institutional investors continue to seek structural opportunities in 2026 [1] - After two years of valuation compression, the overall Hong Kong stock market is at historical lows, with innovative drug pipelines entering a harvest phase and platform-based internet companies showing stable cash flows [1] - High-dividend central enterprise assets are highlighted for their defensive characteristics, suggesting that these three categories of stocks are likely to benefit from profit upgrades and capital inflows [1] Group 2: Fund News - On January 8, 12 new funds were launched, primarily mixed and equity funds, with the招商中证有色金属矿业主题ETF联接A aiming to raise 3 billion yuan [2] - A total of 11 funds announced dividends, with the华富天鑫灵活配置混合型证券投资基金 distributing the highest dividend of 0.5000 yuan per 10 fund shares [2] - In early 2026, 19 public funds, including华商, 银河, and泰康, launched fee reductions, indicating a shift from scale-driven to quality competition in the industry [2] Group 3: Fund Dividends - The华富天鑫灵活配置混合A fund will distribute a dividend of 0.5000 yuan per 10 shares on January 9, 2026 [4] - The安信永鑫增强债券A and C funds will each distribute a dividend of 0.0500 yuan per 10 shares on the same date [4] - The华泰柏瑞中证红利低波ETF联接 funds will also distribute dividends of 0.0500 yuan per 10 shares on January 9, 2026 [4]

近日，A股创下历史性的14连涨，位列历史记录第二，盘中更是屡次冲击4100点。连涨时刻后，后市会 如何表现？未来又该如何投资？ 回顾A股历史，90年代初期曾经出现过99连涨，那是历史上最长的连涨纪录。不过那时股市还处在非常 早期的起步阶段，成交额和参与者都比较少，参考价值不大。在2000年以后，沪指一共发生过4次持续 10天及以上的连涨。 风险提示：广发基金本着勤勉尽责、诚实守信、投资者利益优先的原则开展基金投顾业务，但并不保证 各投顾组合一定盈利，也不保证最低收益。投资者参与基金投顾业务，存在本金亏损的风险。基金投资 组合策略的风险特征与单只基金产品的风险特征存在差异。基金投顾业务项下各投资组合策略的业绩仅 代表过往业绩，不预示未来的业绩表现，为其他投资者创造的收益也不构成业务表现的保证。因基金投 资顾问业务尚处于试点阶段，存在因基金投顾机构的试点资格被取消不能继续提供服务的风险。投资前 请认真阅读投顾协议、策略说明书等法律文件，充分了解投顾业务详情及风险特征，选择适合自身的组 合策略，投资须谨慎 资讯所属栏目还有更多独家策划、专家专栏，免费查阅>> 广发基金投顾团队分析指出，连涨虽然能在短期引爆市场的情绪 ...

Core Viewpoint - During the "14th Five-Year Plan" period, China's economic strength, technological capabilities, and overall national power have reached new heights, leading to a vibrant capital market. Huashang Fund remains committed to prioritizing the interests of its investors, adhering to active management, and pursuing high-quality development [1][10]. Performance Summary - As of December 31, 2025, Huashang Fund's actively managed equity funds achieved a five-year absolute return of 90.58%, ranking 5th among 139 comparable companies. Over seven years, the absolute return reached 341.72%, placing it 4th among 121 peers [10]. - The company's actively managed fixed-income funds recorded a five-year absolute return of 45.22%, ranking 1st among 126 comparable firms, and a seven-year absolute return of 100.14%, also ranking 1st among 112 peers [10]. - In December 2025, Huashang Fund was awarded the "Active Equity Investment Golden Bull Fund Company Award" by China Securities Journal for its outstanding long-term performance [10]. Fund Specifics - The Huashang Balanced Growth Mixed Fund, managed by Zhang Mingxin, has shown remarkable performance, with the Huashang Balanced Growth Mixed C fund ranking 3rd in its category over the past year and 5th over the past three years [2][11]. - The Huashang Balanced Growth Mixed A fund ranked 4th in the past year and 8th over the past three years among its peers [11]. Management Philosophy - Zhang Mingxin, the General Manager of the Equity Investment Department at Huashang Fund, emphasizes that value investing is undoubtedly a sustainable investment approach. He advocates for a comprehensive value assessment and reasonable pricing to provide a good margin of safety, which is fundamental to investment [5][13]. - The company believes that only industries in an upward economic cycle can consistently reach new highs, and thorough cross-industry comparisons and in-depth research of the industrial chain are essential for identifying alpha assets that can achieve significant returns [5][13]. Future Outlook - Looking ahead, Huashang Fund will continue to prioritize the interests of its investors, adhere to the essence of the industry, deepen active management, and maintain a long-term perspective. The company aims to optimize resource allocation and fulfill its mission in the context of high-quality development [14].