市场的短期波动虽是常态，但真正的投资价值始终根植于实体经济的深厚土壤。中国经济的强大韧性、 高质量发展的坚定转型，以及科技创新、产业升级的动力，持续为资本市场注入源头活水。实体产业的 健康发展是价值创造的根本，优秀的资产管理机构正是价值的发现与守护者。 面对新的阶段，展现在我们眼前的，不仅是广阔的机遇，更是一份沉甸甸的责任。随着《推动公募基金 高质量发展行动方案》及相关配套政策逐步落地，以投资者利益为核心的业绩比较基准、绩效考核与费 率改革等不断深化，行业的竞争逻辑正在发生深刻转变，真正以提升投资者获得感为核心的发展生态正 在成为共识。 时间翻开新的篇章，也画下新的刻度。回望过去一年，我们心怀感激；亦满怀期待地展望未来。在此， 我谨代表兴证全球基金，向长久以来信任并支持我们的每一位投资者与合作伙伴，致以最诚挚的感谢和 最美好的新春祝福！ 兴证全球基金董事长 庄园芳 刚刚过去的2025年，是公募基金孕育新机的一年。我们见证了上证指数时隔十年再度站上4000点，投资 者信心与配置意愿回升；我们也深刻地感受到科技的浪潮，资金与创新产业双向奔赴，为投资注入新的 活力。一系列推动行业高质量发展的顶层设计与改革举措相继落 ...

Core Viewpoint - The company emphasizes the importance of continuous innovation and adaptation in the quantitative investment sector, highlighting its commitment to enhancing strategies and leveraging technology to meet future challenges [6][8]. Group 1: Company Strategy and Governance - The company has restructured its governance to a "co-management + specialization" model, with a focus on enhancing corporate culture and strategic direction [6]. - A new cultural framework called "36 Essentials" and a "1+5" working methodology have been established to guide decision-making and operational efficiency [6]. - The company aims to respond quickly to client inquiries and iteratively improve research and investment strategies [6]. Group 2: Investment Strategies and Market Focus - The company will concentrate on four core strategies: quantitative stock selection, index enhancement, market neutrality, and multi-strategy approaches [8]. - There is a commitment to embracing AI technology innovations to enhance investment strategies and provide better service to clients [8]. Group 3: Risk Management and Operational Efficiency - The company has upgraded its risk management framework to include a three-tier defense system that integrates regulatory rules into quantitative parameters and ensures comprehensive monitoring of all products [6][8]. - The company has achieved a significant improvement in computational power and signal processing efficiency, doubling its computational capacity [8]. Group 4: Client Engagement and Trust - The company values client trust as a crucial support system, especially during challenging times, and aims to maintain a transparent and accountable relationship with investors [4][9]. - The company has conducted over 5,000 roadshows to educate investors about quantitative investment principles, ensuring that complex concepts are communicated in an accessible manner [8].

Core Viewpoint - The article emphasizes the importance of the public fund industry in connecting resident wealth with the real economy, highlighting the need for high-quality development and a focus on investor interests as the industry evolves [1][4][12]. Group 1: Industry Overview - The public fund industry is at a new starting point in 2026, coinciding with the beginning of the national "14th Five-Year Plan," with trends of wealth transfer to financial assets and steady inflow of long-term funds continuing [3][13]. - The past year saw the Shanghai Composite Index rise above 4000 points for the first time in a decade, indicating a recovery in investor confidence and willingness to allocate funds [3][12]. - A series of top-level design and reform measures aimed at promoting high-quality development in the industry have been implemented, guiding the sector back to its core mission of managing client assets [3][13]. Group 2: Strategic Focus - The company aims to prioritize the interests of its investors, maintaining asset management responsibilities and striving to create value for clients [5][14]. - The product lineup will continue to be developed based on the real needs of investors, with a focus on creating competitive products that cater to various risk-return profiles [5][14]. - The company is enhancing its research and investment system through professional collaboration and mentorship, aiming to cultivate a new generation of fund managers with strong industry insights and risk awareness [5][14]. Group 3: Service Commitment - The company seeks to provide not only quantifiable investment returns but also a sense of trust and security for clients, offering comprehensive asset allocation solutions tailored to their lifecycle needs [6][15]. - Continuous, professional, and sincere communication will be maintained to ensure long-term win-win relationships with investors [6][15].

Core Viewpoint - The article discusses the recent performance of the A-share and Hong Kong stock markets, highlighting the strength of dividend and value styles, while noting the volatility and shifts in market trends over the past months [1][3][5][6][7][8]. Market Performance - The A-share market opened lower but rebounded to close positively, returning to a rating of 3.8 stars [1]. - The overall market showed strength, with large-cap stocks rising significantly while small-cap stocks experienced minor gains [4]. - The dividend and value styles were particularly strong today, with the Shanghai Dividend Index rising by 3% [5][6]. - The A-share market has seen a 50-60% increase since September 2024, with notable surges occurring in three distinct phases [18][20][22]. Market Trends - The first phase of the market surge occurred in the last two weeks of September 2024, with a rise of over 40%, marking the fastest increase in the last decade [20]. - The second phase saw significant growth in the growth style during the third quarter of 2025, with the ChiNext Index achieving a 50% increase in a single quarter [22][23]. - The third phase involved a rally in mid-cap stocks from December 2025 to January 2026, with the CSI 2000 and CSI 1000 indices reaching overvalued levels [26][27]. - Overall, the significant gains in the A-share market were concentrated in approximately 7% of trading days, which contributed to the majority of market returns [28][30]. Investment Philosophy - During periods of market volatility, investors may find it challenging to manage their emotions. The article emphasizes a value investment approach, suggesting that buying stocks equates to purchasing a company [32]. - The concept of holding a fund is likened to owning a "mini conglomerate," which generates profits without requiring active management from the investor [34][36]. - The article encourages investors to adopt a long-term perspective, particularly during bear markets, and to focus on companies that continue to operate and generate profits [40]. New Publication - A new book titled "Dividend Index Fund Investment Guide" has been released, which aims to help investors better understand dividend index funds, a rapidly growing category in recent years [41].

Core Viewpoint - The market showed a rebound today, with the overall index rising after a previous decline, indicating a potential recovery phase in the market [1][4]. Market Performance - The market opened lower but closed higher, returning to a 3.9 star rating [2]. - The small and medium-cap indices, which had previously dropped significantly, saw a notable increase today [4]. - The value style had a strong performance in the past two weeks but has recently corrected, with a slight uptick today [6]. - Growth styles, such as the ChiNext, experienced gains today [7]. - The Hong Kong stock market also saw a slight increase, contrasting with the A-share market [8][9]. Investment Strategies - The active and index combination remains at normal valuation, leading to a pause in subscription [3]. - Some indices have reached high valuation levels, presenting potential profit-taking opportunities [19]. - The company has initiated a phased profit-taking strategy for certain funds, selling 10% of holdings weekly to gradually realize gains [20][22][24]. - Specific funds, such as the CSI 1000 and CSI 500 Low Volatility, have shown significant returns, with profit-taking executed at approximately 71% to 90% gains [22][24]. Fund Management - The company has introduced a new fee structure for advisory services, capping annual fees at 360 yuan regardless of the number of advisory combinations held [19]. - The company continues to promote personal pension fund investments, highlighting the importance of regular contributions for retirement planning [19][16]. Valuation Insights - A valuation table was provided, indicating various indices' price-to-earnings ratios, dividend yields, and return on equity, which can guide investment decisions [17][30]. - The valuation table categorizes indices into different investment stages, with green indicating undervalued, yellow for normal, and red for overvalued [34].

Core Viewpoint - The overall market experienced a decline, with large-cap stocks falling less than small-cap stocks, and both value and growth stocks generally decreased. The A-share market saw a strong start in January, with the CSI All Share Index rising by 5.75% and the Hang Seng Index increasing by 6.85% [2][3]. Market Performance - The A-share market had a strong opening in January, reaching a peak of 4.x stars before settling at 3.x stars. The CSI All Share Index rose by 5.75% in January, while the Hang Seng Index outperformed with a 6.85% increase [2][3]. - Active selection and index enhancement strategies also saw significant gains in January, with active selection rising by 8.5%, marking one of the strongest monthly performances in recent years [2][3]. - The market's rapid rise from late December to January is not typical, as significant increases in the A-share market usually occur in short bursts [2][4]. Valuation Insights - The valuation of the Hong Kong small-cap index reached a high level before correcting back to a normal range. The current star rating for the Hong Kong market is also at 3.x stars [10][13]. - The article provides a detailed valuation table for various indices, including the H-share Index and the Hang Seng Index, highlighting their respective price-to-earnings ratios and dividend yields [10][21]. Investment Strategy - The article emphasizes that opportunities arise during market declines, while risks are associated with market increases. The active selection strategy has paused new subscriptions after reaching 3.x stars, allowing existing investors to hold their positions without new inflows [2][4]. - The article also mentions the importance of understanding market cycles, noting that significant returns in bull markets often come from a small percentage of time when the market experiences rapid increases [6][9].

Core Viewpoint - The market is experiencing rapid style changes, with large-cap stocks and small-cap stocks alternating in performance, indicating a limited pool of market funds [3][4][5][6]. Market Performance - The overall market remains stable, rated at 3.8 stars, with large-cap stocks rising in the morning and small-cap stocks declining, reversing in the afternoon [2][4]. - Dividend and value styles have seen a decline today, while growth styles have shown an overall increase [7][8]. - Hong Kong stocks have performed relatively well, with significant gains, particularly in dividend and technology sectors [9][10]. Investment Strategies - The company is implementing a systematic investment approach, focusing on regular contributions to selected funds, including the China A50 and 300 Dividend Low Volatility funds [11][14]. - A new benefit for investors has been introduced, capping the annual advisory fee for multiple investment combinations at 360 yuan, promoting cost efficiency for those holding multiple portfolios [17]. Valuation Insights - Recent evaluations indicate that the CSI 1000 and CSI 500 Low Volatility indices have reached overvaluation, prompting a phased profit-taking strategy [18][20]. - Specific profit-taking actions have been executed, with the first sales yielding returns of approximately 71% to 90% [20][22]. Fund Performance Metrics - Various indices have been analyzed for their performance metrics, including price-to-earnings ratios, dividend yields, and return on equity, providing a comprehensive view of investment opportunities [16][31].

Core Viewpoint - The market experienced a pullback, with the overall rating at 3.8 stars, indicating a pause in investment opportunities for stock fund combinations until a return to 4-5 stars [2][43]. Market Performance - All market segments, including large, medium, and small-cap stocks, saw declines [3]. - Growth-oriented sectors such as the ChiNext and STAR Market faced significant downturns [5]. - Conversely, value-oriented styles, including dividend stocks, showed overall gains [6]. - Some undervalued stocks in the market began to see a gradual increase in valuation [7]. Investment Strategy - Following a rise on January 12, both active and index funds have paused subscriptions [8]. - The company advises patience until the market returns to a 4-5 star rating before resuming stock fund subscriptions [9]. Fund Management - The company has initiated a phased profit-taking strategy for the CSI 1000 index, which has reached a high valuation [14][18]. - A methodical approach is being employed, selling 10% of holdings weekly over approximately 10 weeks, with recent sales yielding around 71% returns [20]. - Proceeds from these sales will be reinvested into the "Monthly Salary Treasure" fund, with plans to allocate funds to other products once they return to normal valuations [21][22]. Personal Pension Fund - The company continues to invest in the CSI 300 Dividend Low Volatility fund, while suspending investments in the CSI A50 until it returns to normal valuation [27]. - The personal pension index fund is a new investment category, with a maximum annual contribution of 12,000 yuan [27]. Upcoming Publications - A new book titled "Dividend Index Fund Investment Guide" is set to be available for pre-sale, aimed at educating investors about dividend index funds [30][31].

Core Viewpoint - The article introduces new features of the Ding series investment advisory portfolios, including a capped annual advisory fee and the implementation of an automatic profit-taking function [2][6][13]. Group 1: Advisory Fee Changes - Starting in 2026, the advisory fees for multiple Ding series portfolios will be combined and capped at 360 yuan per year, regardless of the number of portfolios held [2][4]. - The original fee rates for various portfolios remain unchanged, but the annual fee will be capped at 360 yuan during the promotional period from January 1, 2026, to December 31, 2026 [4][5]. - The more portfolios held, the greater the advisory fee discount, allowing for better asset allocation and cost savings for investors [2][4]. Group 2: Fund Subscription Management - As of January 12, 2026, the subscription for the Active Selection and Index Enhancement portfolios has been completely closed to prevent investors from chasing prices during market upswings [5][9]. - This decision is based on the observation that subscription volumes for stock funds reached a high point prior to the closure, indicating a potential market bubble [5][9]. - The company prioritizes investor interests over sales volume, ensuring that investment strategies remain disciplined and focused on value [5][16]. Group 3: Automatic Profit-Taking Function - The newly launched automatic profit-taking feature allows for easier management of investments, automatically adjusting portfolios based on market conditions [13][16]. - The function includes two methods: automatic rebalancing when certain assets are overvalued and automatic conversion to bond funds when the overall market is overvalued [13][16]. - This feature aims to enhance investor experience by minimizing the need for manual intervention and ensuring timely profit-taking opportunities [13][16].

Group 1 - The core viewpoint emphasizes that the index enhancement strategy, which combines "market beta returns + excess alpha returns," is expected to be an important allocation tool for investors navigating market cycles, particularly focusing on the CSI 1000 index strategy that targets small-cap growth stocks [1][22] - The CSI 1000 index is characterized by its focus on small-cap companies, selecting 1000 securities that are smaller and more liquid than those in the CSI 800 index, complementing other indices like the CSI 300 and CSI 500 [5][28] - The top three industries within the CSI 1000 index are industrials, information technology, and materials, accounting for 26.59%, 21%, and 12.98% respectively, indicating a strong presence of high-growth and high-profitability sectors [10][31] Group 2 - Blackwing Asset, established in 2014, is one of the first quantitative investment institutions in China, focusing on scientific and rational investment strategies, emphasizing risk control and long-term performance [2][23] - The founding team consists of experienced quantitative investment managers with 18 years of practical experience, and the company has implemented a comprehensive AI-driven quantitative investment process across various strategy lines [2][24] - The research and investment team at Blackwing Asset comprises approximately 70% of the workforce, with an average experience of over 10 years, and over 60% of team members holding PhDs from prestigious universities [3][25] Group 3 - Blackwing Asset is among the early adopters of AI technology in financial markets, integrating AI throughout the quantitative investment process, including data collection, factor mining, return prediction, portfolio optimization, and algorithmic trading [4][27] - The firm employs a diversified factor configuration strategy, combining machine learning factors, fundamental factors, and price-volume factors to create a collaborative factor system aimed at achieving diversified excess returns [16][37] - A systematic risk control framework is established, encompassing pre-trade, in-trade, and post-trade risk management to enhance performance stability and mitigate risks effectively [22][44]