一、交易提示 2026年首个交易周，46只新基金密集上架，偏股混合型与被动指数型各占16只、10只，权益类占比近六成；同时，证监会 接收多只科技、消费主题产品申报材料。公募策略会观点显示，机构一致将科技视为跨越全年的核心主线，消费复苏与高 端制造为左右翼，年初发行潮提前卡位春季躁动，亦为全年结构性行情埋伏弹药。 （4）2026年开年，公募策略共识浮出水面，AI、半导体等科技赛道仍为核心主线；同时，经历2025年估值修复的新能源与 资源品，在经济复苏、人民币升值预期下仍具配置价值，机构计划沿"风光储+锂电材料"与"铜铝金"两条链挖掘盈利弹性， 形成科技进攻、周期防御的多元组合。 三、01月09日新发基金一览（不包含传统封闭式基金） 1月9日,A股三大股指早盘高开高走,午盘小幅回落,午后再度震荡走高,截止收盘,上证综指上涨37.45点,涨幅0.92%报4120.43 点;深证成指上涨160.67点,涨幅1.15%报14120.15点;沪深300指数上涨21.27点,涨幅0.45%报4758.92点;创业板指数上涨25.51点, 涨幅0.77%报3327.81点;科创50指数上涨20.8点,涨幅1.43%报1475 ...

12月31日，振华股份涨1%，截至发稿，报29.28元/股，成交3.88亿元，换手率1.91%，总市值208.11亿 元。 易方达科汇灵活配置混合（110012）基金经理为胡天乐。 截至发稿，胡天乐累计任职时间106天，现任基金资产总规模6.91亿元，任职期间最佳基金回报14.8%， 任职期间最差基金回报14.8%。 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 资料显示，湖北振华化学股份有限公司位于湖北省黄石市西塞山区黄石大道668号，成立日期2003年6月 19日，上市日期2016年9月13日，公司主营业务涉及铬盐系列产品的研发、制造与销售,并对铬盐副产品 及其它固废资源化综合利用。主营业务收入构成为：无机盐相关行业114.86%，物流运输业3.09%，其 他1.82%。 从基金十大重仓股角度 数据显示，易方达基金旗下1只基金重仓振华股份。易方达科汇灵活配置混合（110012）三季度持有股 数123.92万股，占基金净值比例为3.33%，位居第八 ...

中国经济网北京12月15日讯近日，易方达基金公告，杨嘉文离任易方达科汇灵活配置混合，胡天乐管 理。 | 基金名称 | 易方达科汇灵活配置混合型证券投资基金 | | --- | --- | | 基金简称 | 易方达科汇灵活配置混合 | | 基金主代码 | 110012 | | 基金管理人名称 | 易方达基金管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》 《基金管理公司投资管理人员管理指导意见》 | | | 《易方达科汇灵活配置混合型证券投资基金基金 | | | 合同》 | | 基金经理变更类型 | 解聘基金经理 | | 共同管理本基金的其他基金经理姓名 | 胡天乐 | | 离任基金经理姓名 | 杨鼎文 | 胡天乐2020年7月起在易方达基金管理有限公司任职，任行业研究员。2025年9月17日担任基金经理。 易方达科汇灵活配置混合成立于2008年10月9日，截至2025年12月12日，其今年来收益率为38.54%，成 立来收益率为562.12%，累计净值为8.0410元。 ...

Core Viewpoint - Recent announcements of fund subscription limits are aimed at controlling product scale to protect the interests of existing investors and improve annual performance rankings [1][5]. Fund Subscription Limits - Numerous funds have recently announced subscription limits, with some suspending subscriptions entirely to maintain stability and protect investor interests [2][4]. - For instance, Hengyue Fund suspended subscriptions for its Hengyue Balanced Preferred Mixed Fund starting November 5, citing the need to protect fund shareholders [2]. - Citic Prudential Fund adjusted its large subscription limits to 10 million yuan to ensure stable fund operations [2]. - Other funds, such as Yongying Fund and Fuguo Fund, have also set daily subscription limits of 500,000 yuan and 1 million yuan respectively [2]. Performance and Market Trends - Several funds that have implemented subscription limits have shown impressive performance this year, with returns such as 51.24% for Hengyue Balanced Preferred Mixed Fund A and 106.39% for Yongying Ruiheng A [4]. - The A-share market's continuous rise has attracted more funds, leading to rapid scale expansion, prompting fund companies to limit subscriptions to maintain smooth operations [4][5]. Industry Insights - Industry insiders suggest that limiting subscriptions is a common practice to maintain fund performance and protect existing investors, especially as year-end approaches [5]. - The trend of subscription limits is not solely driven by year-end performance rankings but is also a response to the long-term assessment rules in the fund industry [5]. Future Investment Outlook - According to招商基金, the A-share market is expected to continue its upward trend, with recommendations for balanced allocation and increased investment in low-position sectors [7]. - Minsheng Jianyin Fund anticipates a sustained upward trend in the market, with a focus on value styles and sector differentiation in the fourth quarter [7][8]. - Jin Ying Fund advises a balanced approach to industry allocation, focusing on technology and value sectors with strong performance expectations [8].

Core Viewpoint - Recent announcements of fund subscription limits are aimed at controlling product scale to avoid dilution of returns and to achieve better annual rankings [1][3][4] Fund Subscription Limits - Many funds have announced subscription limits or suspensions, including Hengyue Fund and CITIC Prudential Fund, to protect the interests of existing shareholders [1][2] - Hengyue Fund suspended subscription and related activities starting November 5, while CITIC Prudential Fund set a limit of 10 million yuan for large subscriptions [1][2] - Other funds like Yongying Fund and Fuguo Fund have also implemented similar measures, with some funds like E Fund lifting restrictions [2][3] Performance and Strategy - Several funds that have announced subscription limits have shown strong performance, with returns such as 51.24% for Hengyue Fund and 106.39% for Yongying Fund this year [2][3] - Fund managers indicate that limiting subscriptions helps maintain stable operations and protects existing investors from the adverse effects of rapid scale expansion [3][4] Market Outlook - The A-share market is expected to continue its upward trend, supported by structural improvements in the domestic economy and declining risk-free rates [4][5] - Investment strategies suggest a balanced allocation with a focus on low-position sectors and core technology themes, while value styles may dominate due to upcoming earnings forecasts [4][5]

证券之星消息，截止2025年三季度末，基金经理杨嘉文旗下共管理8只基金，本季度表现最佳的为易方 达均衡优选一年持有混合A（013603），季度净值涨31.29%。 | 在任基金 | 规模(亿元) | 年化回报 | 2025年三季度涨幅 | 第一重仓股 | 日净值比 | | --- | --- | --- | --- | --- | --- | | 易方达科瑞混合 | 12.71 | 10.91% | ৰ 24.67% | 工/富联 | 8.74% | | 003293 | | | | 601138.SH | | | 易方达科汇灵活配置混合 | 6.91 | 11.20% | 28.20% | 德赛西威 | 6.70% | | 110012 | | | | 002920.SZ | | | 易方达逆向投资混合A | 5.26 | 5.17% | 28.58% | 腾讯控股 | 9.86% | | 011649 | | | | 00700.HK | | | 易方达逆向投资混合C | 2.46 | 4.73% | 28.46% | 腾讯控股 | 9.86% | | 011650 | | | | 00700.HK | ...