2． 数据来源：Wind，统计区间为2015/11/20-2025/11/19。过往指数数据仅供参考，不预示未来表现， 也不作为任何投资建议。 3． 数据来源：Wind，宝盈龙头优选基金定期报告，行业分类为申万一级行业，统计区间2023/6/30- 2024/12/31。 回顾刚刚过去的2025年，以科技板块为代表的成长风格领涨，价值风格相对受到压制。然而，风格轮动 是市场不变的周期规律，历史上每次价值风格走弱后都会迎来超额的回归1，从均值回归的角度来看， 2026年价值风格的超额或值得期待。事实上，从中证800价值/中证800成长的比值来看，自2025年10月 以来，价值风格已开始相对成长风格走强2。历史经验表明，岁末年初是市场风格再平衡的关键窗口， 这一时期资金的"求稳"心态往往占据主导，对盈利稳定、估值合理的标的青睐有加，带动价值风格资产 关注度提升。在此背景下，中欧基金拟于1月5日起正式发行中欧价值优选混合（A类代码：025721，C 类代码：025722），旨在通过精选高质量、估值合理的上市公司，力争为投资者提供布局2026年权益市 场的稳健选择。 资料显示，中欧价值优选混合定位"质量价值"风格，力 ...

Core Viewpoint - Yang Siliang, a prominent fund manager at Baoying Fund, has resigned from several key funds due to internal adjustments, leading to a significant drop in his managed assets from 70 billion to 7 billion [1][3]. Group 1: Fund Manager Resignation - Yang Siliang's resignation includes management of Baoying Quality Selection (26.6 billion), Baoying Enhanced Income Bond (18.65 billion), Baoying New Value (10.54 billion), and Baoying Advantage Industry (7.59 billion) [1][3]. - The company cites internal work adjustments as the reason for Yang's departure, but speculation suggests poor performance in the current year may have contributed [3][5]. - Yang's performance has been under scrutiny, with a reported return of -2.55% this year, significantly underperforming the benchmark [3][12]. Group 2: Market Reactions and Implications - The market is speculating that Yang's resignation may indicate a potential departure from Baoying Fund, especially given his historically strong performance over the past three years [5][6]. - Baoying Fund has faced criticism for its compensation practices, which may contribute to talent retention issues [5][6]. - The recent trend of fund manager resignations at Baoying Fund raises concerns about the company's ability to retain key talent [7][8]. Group 3: Performance Metrics - Despite the recent downturn, Yang's funds had previously shown resilience, with a three-year return exceeding 10% as of early this year [1][3]. - The significant drop in managed assets in Q2, amounting to a decrease of nearly 40 billion, reflects the impact of recent performance issues [1][3]. - Yang's funds have been heavily invested in the liquor sector, which has faced challenges this year, contributing to the negative performance [12][13].