华宝资源优选混合A（240022）基金经理为丁靖斐、杨奇。 截至发稿，丁靖斐累计任职时间6年148天，现任基金资产总规模37.84亿元，任职期间最佳基金回报 355.72%， 任职期间最差基金回报-27.48%。 1月28日，铜陵有色涨5.27%，截至发稿，报7.99元/股，成交31.07亿元，换手率3.63%，总市值1071.42 亿元。铜陵有色股价已经连续6天上涨，区间累计涨幅28.21%。 资料显示，铜陵有色金属集团股份有限公司位于安徽省铜陵市长江西路有色大院西楼，成立日期1996年 11月12日，上市日期1996年11月20日，公司主营业务涉及铜矿开采、冶炼及铜加工业务。主营业务收入 构成为：铜产品83.78%，黄金等副产品13.58%，化工及其他产品2.18%，其他(补充)0.46%。 从基金十大重仓股角度 数据显示，华宝基金旗下1只基金重仓铜陵有色。华宝资源优选混合A（240022）四季度增持1129万 股，持有股数2295万股，占基金净值比例为5.01%，位居第五大重仓股。根据测算，今日浮盈赚取约 918万元。连续6天上涨期间浮盈赚取3832.65万元。 华宝资源优选混合A（240022）成立日 ...

金 融 工 程 华福证券 2026 年 01 月 27 日 FOF、ETF、QDII、量化基金与 REITs 证 券 截至 2025 年 4 季度末，公募市场上共有 FOF 基金 546 只，FOF 基 金总规模为 2437.28 亿元，环比上涨 26.0%。2025 年 4 季度 ETF 市场 总规模为 58467.38 亿元，较 2025 年 3 季度提升了 6.75%。2025 年 Q4 我国 QDII 市场共有 271 只 QDII 基金，合计规模 7382 亿元。截至 2025 年 Q4，我国市场量化基金共 709 只，较 2025 年 Q3 末增加 49 只，基金 规模合计 3738.98 亿元，较 2025 年 Q3 末基金规模上升 117.30 亿元。 2025 年 Q4 有 5 只 REITs 发行，份额 23.99 亿份，截至 2025 年 12 月 31 日，REITs 基金总上市交易份额为 436.79 亿份。 公募基金 2025 年四季报全景解析 团队成员 投资要点： 公募基金规模有所上涨 金 融 工 程 定 期 报 告 2025 年四季度 A 股市场上涨，中证全指季度上涨 0.74 ...

Core Viewpoint - The article discusses the impressive performance of certain funds in the current technology-driven market, highlighting the significant returns achieved by select fund managers who have adapted to changing market conditions and capitalized on emerging trends such as AI and resource sectors [2][3]. Group 1: Fund Performance - Several funds have consistently outperformed the market since 2021, with annual returns exceeding 30% and equity ratios above 50% [4]. - Notable funds include: - Jin Yuan Shun An Yuan Qi Flexible Allocation Mixed Fund managed by Miao Weibin, with a total return of 577.17% since inception [5]. - Huashang Yuanheng Mixed A managed by Hu Zhongyuan, achieving a total return of 327.30% [5]. - Huashang Runfeng Mixed A also managed by Hu Zhongyuan, with a total return of 355.76% [5]. - Quantitative strategies have emerged as a standout approach this year, with managers like Wang Ping and Ma Fang achieving over 30% returns [6]. Group 2: Manager Insights - Hu Zhongyuan has successfully transitioned from a bond-focused strategy to a more aggressive equity approach, significantly increasing equity allocations in his funds [12][19]. - His strategy includes maintaining a balanced risk profile by diversifying across low-correlation sectors and adjusting positions based on market conditions [24][28]. - Blue Xiaokang has focused on precious metals and cyclical assets, achieving a total return of 171.48% since taking over the Zhongou Dividend Preferred Fund [41][43]. - His investment thesis is based on macroeconomic trends, particularly the long-term devaluation of the dollar and the demand for upstream assets [44][48]. Group 3: Sector Focus - Ding Jingfei has specialized in resource sectors, achieving a total return of 245.1% with the Huabao Resource Preferred Fund, leveraging the strong beta characteristics of the resource industry [62][63]. - His investment strategy involves analyzing supply-demand dynamics and identifying high-elasticity resource stocks [66][72]. - Ye Yong has been recognized for his expertise in cyclical sectors, achieving a total return of 169.81% with the Wanjia Dual Engine Fund, while also exploring opportunities in technology and manufacturing [79][85]. Group 4: Market Trends - The article emphasizes the importance of adapting to market cycles, with managers adjusting their strategies based on macroeconomic indicators and sector performance [88][90]. - The concept of "resource nationalism" is discussed, highlighting its impact on global supply-demand dynamics and resource pricing [91][94].

Core Viewpoint - Jinchengxin Mining Management Co., Ltd. experienced a 5.02% decline in stock price, closing at 62.07 CNY per share, with a total market capitalization of 38.718 billion CNY as of November 3 [1] Company Overview - Jinchengxin was established on January 7, 2008, and listed on June 30, 2015. The company is based in Fengtai District, Beijing, and specializes in mining engineering construction, mining operation management, and mining design and technology research [1] - The revenue composition of Jinchengxin includes: - Sales of cathode copper, copper concentrate, and phosphate rock: 46.11% - Mining operation management: 39.63% - Mining engineering construction: 11.85% - Materials, equipment, and others: 1.29% - Mining machinery and equipment: 1.00% - Mining design consulting: 0.13% [1] Fund Holdings - Huabao Fund has a significant holding in Jinchengxin, with its Huabao Resource Optimal Mixed A Fund (240022) holding 1.24 million shares, representing 5.2% of the fund's net value, making it the seventh-largest holding [2] - The fund has reported a floating loss of approximately 4.0672 million CNY as of the latest data [2] Fund Manager Performance - The fund manager Ding Jingfei has been in position for 6 years and 62 days, with a total asset scale of 2.657 billion CNY and a best return of 232.71% during his tenure [3] - The co-manager Yang Qi has been in position for 63 days, managing assets totaling 1.664 billion CNY, with a best return of 13.71% [3]

Core Insights - Yahua Group (002497.SZ) reported its Q3 2025 results, revealing that 16 institutional investors hold a total of 91.19 million A-shares, accounting for 7.91% of the company's total equity [1] - The top ten institutional investors collectively hold 7.76% of Yahua Group's shares, with a decrease of 1.12 percentage points compared to the previous quarter [1] Institutional Holdings - The number of institutional investors holding Yahua Group shares has remained stable, with a total of 16 investors disclosing their holdings [1] - The top ten institutional investors include notable entities such as Shanghai Pudong Development Bank and China Agricultural Bank, indicating a diverse investment base [1] Public Fund Activity - In the public fund sector, two funds increased their holdings, while eight funds reduced their stakes, with a total reduction rate of 0.68% [2] - Three new public funds disclosed their holdings for the period, while 245 funds did not disclose their holdings this quarter, indicating a significant turnover in public fund participation [2] Foreign Investment - One new foreign institution, Hong Kong Central Clearing Limited, disclosed its holdings in Yahua Group during this period, reflecting ongoing interest from foreign investors [2]

Group 1 - The article discusses the gold-silver ratio, which reflects the relative price relationship between gold and silver, indicating whether silver is undervalued or overvalued. A higher ratio suggests silver is cheaper relative to gold, while a lower ratio indicates the opposite [3][7]. - Historical data shows that the gold-silver ratio reached a peak of 104 in April 2025, but has since declined to 94.14 as of June 20, 2025, with gold priced at $3384.4 per ounce and silver at $35.95 per ounce [3][8]. - The article notes that the gold-silver ratio typically fluctuates within a range, with 80-100 being a top and around 40 being a bottom. The current ratio of 94.14 is above the historical average of approximately 58, suggesting potential for silver price recovery [7][8]. Group 2 - The demand for silver is increasing due to its industrial applications, such as in photovoltaics and electronics, while supply growth is limited, creating a supply-demand gap that supports silver prices [9]. - The article highlights that silver is known for its high volatility, with a volatility rate 1.5 times that of gold [10]. - The recovery of the gold-silver ratio is influenced by multiple factors, including macroeconomic conditions, geopolitical events, and changes in Federal Reserve policies [11]. Group 3 - Some analysts express skepticism about the recovery of the gold-silver ratio, suggesting it may continue to rise due to the significant increase in silver production compared to gold since 1994, with silver production up by 79.9% and gold by only 43.5% [13]. - The article mentions that when the market shifts focus from gold to silver, it often indicates that prices have already reflected speculative themes, prompting investors to reassess reasonable pricing [13]. Group 4 - Currently, there is only one commodity fund investing in silver, the Guotai Silver LOF (161226), which tracks the performance of the Shanghai Futures Exchange silver futures [14]. - The fund has underperformed significantly since its inception, which is noted as a drawback for potential investors [14][19]. Group 5 - The article compares the performance of resource-related funds over the past five years, highlighting several funds that have performed relatively well, including Qianhai Kaiyuan Hong Kong-Shenzhen Core Resource Mixed A and Jiashi Resource Selection Stock A [20][23]. - The performance of the Shanghai Natural Resources Index and the CSI Upstream Resource Industry Index is discussed, with both indices showing similar performance trends over the past decade [25][27]. Group 6 - The article provides valuation metrics for the Shanghai Resource Index and the CSI Upstream Resource Index, noting their respective P/E ratios of 11.74 and 12.09, as well as P/B ratios of 1.39 and 1.41 [32][33]. - The dividend yield for the Shanghai Resource Index is reported at 4.80%, indicating a relatively attractive yield compared to the CSI Upstream Index's 4.63% [34].