本报告导读： 股票端采用小盘价值组合+不择时的股债 10/90 和 20/80 月度再平衡策略，2026 年累 计收益分别为 1.54%和 2.95%。 投资要点： 固收+产品业绩跟踪。截至 2026 年 01 年 23 日，全市场固收+基金 规模 21780.36 亿元，产品数量 1157 只，其中 824 只上周净值创历 史新高。上周（20260119-20260123，下同）共新发 12 只产品，各类 型基金业绩中位数表现分化：混合债券型一级（0.26%）、二级 （0.47%）、偏债混合型（0.56%）、灵活配置型（0.37%）、债券型 FOF （0.42%）及混合型 FOF（0.63%）。按风险等级划分，保守型、稳健 型、激进型基金中位数收益分别为 0.32%、0.47%、0.59%。 大类资产配置和行业 ETF 轮动策略跟踪。1）大类资产择时观点。 2026Q1 逆周期配置模型给出的宏观环境预测结果为 Slowdown，截 至 20260123，沪深 300 指数、中债国债总财富指数、上金所 AU9999 合约 1 月收益率分别为 1.57%、0.36%和 14.08%。2）行业 ETF 轮 动观点 ...

固收+产品业绩跟踪。截至 2026 年 01 年 23 日，全市场固收+基金 规模 21780.36 亿元，产品数量 1157 只，其中 824 只上周净值创历 史新高。上周（20260119-20260123，下同）共新发 12 只产品，各类 型基金业绩中位数表现分化：混合债券型一级（0.26%）、二级 （0.47%）、偏债混合型（0.56%）、灵活配置型（0.37%）、债券型 FOF （0.42%）及混合型 FOF（0.63%）。按风险等级划分，保守型、稳健 型、激进型基金中位数收益分别为 0.32%、0.47%、0.59%。 大类资产配置和行业 ETF 轮动策略跟踪。1）大类资产择时观点。 2026Q1 逆周期配置模型给出的宏观环境预测结果为 Slowdown，截 至 20260123，沪深 300 指数、中债国债总财富指数、上金所 AU9999 合约 1 月收益率分别为 1.57%、0.36%和 14.08%。2）行业 ETF 轮 动观点。2026 年 1 月，行业 ETF 轮动策略建议关注的行业 ETF 为： 国泰中证煤炭 ETF，国泰中证钢铁 ETF，国泰中证全指证券公司 ETF，华宝中证银行 E ...

1月28日，大有能源涨5.42%，截至发稿，报7.39元/股，成交4.33亿元，换手率2.54%，总市值176.68亿 元。 资料显示，河南大有能源股份有限公司位于河南省义马市千秋路6号，成立日期1998年1月15日，上市日 期2003年10月9日，公司主营业务涉及原煤开采、煤炭批发经营、煤炭洗选加工。主营业务收入构成 为：煤炭90.75%，其他收入3.21%，资产出租1.92%，材料销售1.56%，运输服务1.31%，地质服务 1.26%。 从大有能源十大流通股东角度 数据显示，国泰基金旗下1只基金位居大有能源十大流通股东。国泰中证煤炭ETF（515220）三季度增 持1165.26万股，持有股数1906.58万股，占流通股的比例为0.8%。根据测算，今日浮盈赚取约724.5万 元。 国泰中证煤炭ETF（515220）成立日期2020年1月20日，最新规模86.4亿。今年以来收益4.38%，同类排 名3385/5549；近一年收益5.58%，同类排名4066/4285；成立以来收益150.72%。 国泰中证煤炭ETF（515220）基金经理为吴中昊。 截至发稿，吴中昊累计任职时间4年2天，现任基金资产总规模 ...

Fund Performance - As of January 16, 2026, the total scale of fixed income + funds in the market reached CNY 21,743.24 billion, with 1,152 products available, of which 461 achieved historical net value highs last week[2] - The median performance of various fund types for the week (January 12-16, 2026) was as follows: mixed bond type I (0.13%), mixed bond type II (0.21%), partially bond mixed type (0.28%), flexible allocation type (0.14%), bond type FOF (0.21%), and mixed type FOF (0.34%) [2] - The median returns by risk level were: conservative (0.16%), stable (0.24%), and aggressive (0.25%) [2] Asset Allocation and ETF Rotation - The macro environment forecast for Q1 2026 indicates a "Slowdown," with the returns of major indices as of January 16, 2026: CSI 300 (2.20%), China Government Bond Total Wealth Index (0.03%), and AU9999 contract (6.10%) [3] - The recommended industry ETFs for January 2026 include: China Coal ETF, China Steel ETF, China Securities Company ETF, and China Bank ETF, with a combined return of -2.65% for the week and -0.36% for January [3] Absolute Return Strategy - The macro-timed stock-bond 20/80 rebalancing strategy yielded a return of -0.04% last week, with a year-to-date (YTD) return of 0.51% [4] - The small-cap value style within the stock-bond 20/80 combination showed the best performance with a YTD return of 1.64%, while PB earnings, high dividend, and small-cap growth yielded 0.34%, 0.17%, and 1.23% respectively [4] - The cumulative return for the small-cap value combination based on a macro momentum model was 2.43%, while the PB earnings combined with small-cap value yielded a YTD return of 0.86% [4] Risk and Performance Insights - A total of 461 fixed income + products reached historical net value highs, including 195 mixed bond type I, 123 mixed bond type II, 80 partially bond mixed, 22 flexible allocation, 8 bond type FOF, and 33 mixed type FOF[19] - The performance of absolute return strategies is subject to risks such as factor failure, model mis-specification, and historical statistical regularity failure[4]

Group 1: Fixed Income + Product Performance Tracking - As of January 16, 2026, the total scale of fixed income + funds in the market reached 21,743.24 billion, with 1,152 products, of which 461 achieved historical net value highs last week [2][19] - The median performance of various fund types for the week of January 12-16, 2026, was as follows: mixed bond type I (0.13%), mixed bond type II (0.21%), partially bond mixed type (0.28%), flexible allocation type (0.14%), bond type FOF (0.21%), and mixed type FOF (0.34%) [2][12] - The median returns for conservative, stable, and aggressive funds were 0.16%, 0.24%, and 0.25%, respectively [2][12] Group 2: Major Asset Allocation and Industry ETF Rotation Strategy Tracking - The macro environment forecast for Q1 2026 indicates a "Slowdown," with the returns for the CSI 300, national bond total wealth index, and AU9999 contract as of January 16 being 2.20%, 0.03%, and 6.10%, respectively [3][23] - Recommended industry ETFs for January 2026 include: Guotai CSI Coal ETF, Guotai CSI Steel ETF, Guotai CSI All-Share Securities Company ETF, and Huabao CSI Bank ETF [3][23] - The combined return for the recommended ETFs last week was -2.65%, with a cumulative return of -0.36% for January [3][23] Group 3: Absolute Return Strategy Performance Tracking - The macro-timing driven stock-bond 20/80 rebalancing strategy had a return of -0.04% last week, with a year-to-date (YTD) return of 0.51% [4] - The small-cap value style within the stock-bond 20/80 combination showed the best performance with a YTD return of 1.64% [4] - The cumulative return for the small-cap value combination based on a macro momentum model was 2.43% [4]

Group 1 - Shanxi Coking's stock price increased by 5.21%, reaching 4.04 CNY per share, with a trading volume of 232 million CNY and a turnover rate of 2.29%, resulting in a total market capitalization of 10.351 billion CNY [1] - Shanxi Coking Co., Ltd. is located in Hongtong County, Shanxi Province, established on August 2, 1996, and listed on August 8, 1996. The company's main business involves the production and sale of coke and related chemical products [1] - The revenue composition of Shanxi Coking includes 63.52% from coke products, 35.95% from chemical products, 0.47% from modern services, and 0.05% from other sources [1] Group 2 - Guotai Fund's ETF, Guotai Zhongzheng Coal ETF (515220), is among the top ten circulating shareholders of Shanxi Coking, having increased its holdings by 31.12 million shares in the third quarter, totaling 50.99 million shares, which represents 1.99% of the circulating shares [2] - The Guotai Zhongzheng Coal ETF (515220) was established on January 20, 2020, with a current size of 11.413 billion CNY. Year-to-date returns are 2.37%, ranking 4509 out of 5488 in its category, while the past year shows a loss of 0.55%, ranking 4146 out of 4192 [2] - The fund manager of Guotai Zhongzheng Coal ETF is Wu Zhonghao, who has been in the position for 3 years and 346 days, managing total assets of 25.391 billion CNY, with the best fund return during his tenure being 84.14% and the worst being -20.77% [2]

数据显示，国泰基金旗下1只基金位居郑州煤电十大流通股东。国泰中证煤炭ETF（515220）三季度增 持1467.11万股，持有股数2412.83万股，占流通股的比例为1.98%。根据测算，今日浮盈赚取约530.82万 元。 1月7日，郑州煤电涨5.08%，截至发稿，报4.55元/股，成交2.97亿元，换手率5.52%，总市值55.44亿 元。 资料显示，郑州煤电股份有限公司位于河南省郑州市中原西路66号，成立日期1997年11月13日，上市日 期1998年1月7日，公司主营业务涉及煤炭生产及销售,发电及输变电。主营业务收入构成为：煤炭 88.38%，物资流通5.00%，其他3.23%，铁路运输2.06%，建筑工程1.34%。 从郑州煤电十大流通股东角度 国泰中证煤炭ETF（515220）成立日期2020年1月20日，最新规模114.13亿。今年以来收益2.37%，同类 排名4509/5488；近一年亏损0.55%，同类排名4146/4192；成立以来收益145.88%。 国泰中证煤炭ETF（515220）基金经理为吴中昊。 截至发稿，吴中昊累计任职时间3年346天，现任基金资产总规模253.91亿元，任职期间 ...

Core Viewpoint - Huayang Co., Ltd. has seen a stock price increase of 5.1% on December 2, reaching 8.24 CNY per share, with a total market capitalization of 29.726 billion CNY, indicating a positive market sentiment towards the company [1] Company Overview - Huayang Co., Ltd. was established on December 30, 1999, and listed on August 21, 2003. The company is primarily engaged in coal production, washing and processing, electricity generation, solar power generation, and the manufacturing of photovoltaic equipment and components [1] - The revenue composition of Huayang Co., Ltd. includes: - Raw coal: 52.34% - Other (supplementary): 13.21% - Washed block coal: 9.84% - Purchased coal: 9.50% - Electricity supply: 7.39% - Washed raw coal: 6.05% - Coal slurry: 1.35% - Heating supply: 0.33% [1] Shareholder Activity - Guotai Fund's Guotai Zhongzheng Coal ETF (515220) is among the top ten circulating shareholders of Huayang Co., Ltd., having increased its holdings by 43.32 million shares in the third quarter, now holding a total of 71.33 million shares, which represents 1.98% of the circulating shares [2] - The ETF has generated a floating profit of approximately 28.53 million CNY today, with a cumulative floating profit of 22.11 million CNY over the past three days of stock price increases [2][4] Fund Performance - The Guotai Zhongzheng Coal ETF (515220) was established on January 20, 2020, with a current size of 11.413 billion CNY. Year-to-date returns are 0.8%, ranking 4117 out of 4206 in its category, while the one-year return is 0.81%, ranking 3800 out of 4012 [2] - The fund manager, Wu Zhonghao, has been in charge for 3 years and 310 days, with the fund's total asset size at 25.391 billion CNY. The best return during his tenure is 73.59%, while the worst is -18.06% [3]

12月2日，大有能源涨5.19%，截至发稿，报8.52元/股，成交3.76亿元，换手率1.90%，总市值203.70亿 元。大有能源股价已经连续3天上涨，区间累计涨幅2.79%。 资料显示，河南大有能源股份有限公司位于河南省义马市千秋路6号，成立日期1998年1月15日，上市日 期2003年10月9日，公司主营业务涉及原煤开采、煤炭批发经营、煤炭洗选加工。主营业务收入构成 为：煤炭90.75%，其他收入3.21%，资产出租1.92%，材料销售1.56%，运输服务1.31%，地质服务 1.26%。 从大有能源十大流通股东角度 截至发稿，吴中昊累计任职时间3年310天，现任基金资产总规模253.91亿元，任职期间最佳基金回报 73.59%， 任职期间最差基金回报-18.06%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，国泰基金旗下1只基金位居大有能源十大流通股东。国泰中证煤炭ETF（515220）三季度增 持1165.26万股，持有股数1 ...

Group 1 - The core viewpoint of the news is that Baotailong's stock price has increased by 5.05% on December 2, reaching 3.95 CNY per share, with a trading volume of 300 million CNY and a turnover rate of 4.06%, resulting in a total market capitalization of 7.567 billion CNY [1] - Baotailong's stock has risen for three consecutive days, with a cumulative increase of 4.74% during this period [1] - Baotailong New Materials Co., Ltd. is located in Qitaihe City, Heilongjiang Province, and was established on June 24, 2003, with its listing date on March 9, 2011. The company’s main business includes coal mining, washing and processing, coking, chemical production, power generation, heating, new energy, and new materials [1] Group 2 - The main revenue composition of Baotailong includes raw coal (28.60%), clean coal (22.92%), slack coal (22.61%), heating and electricity (21.68%), new materials (1.70%), and other products [1] - Among Baotailong's top ten circulating shareholders, Guotai Fund's ETF (515220) has increased its holdings by 32.4496 million shares in the third quarter, now holding 53.2834 million shares, accounting for 2.78% of circulating shares [2] - The Guotai Zhongzheng Coal ETF (515220) was established on January 20, 2020, with a current scale of 11.413 billion CNY and has achieved a return of 0.8% this year, ranking 4117 out of 4206 in its category [2]