2026年1月，A股市场迎来"开门红"之际，公募基金发行市场同步升温，91只新基金密集定档发行，创 下同期新高。其中，股票型基金以36只的数量领跑，反映出机构对权益资产的乐观预期。 值得关注的是，FOF基金表现尤为亮眼，新成立的3只产品合计募集规模突破60亿元，在当月发行总量 中占比超七成，成为新年首波"小爆款"，反映出投资者对资产配置型产品的强劲需求。 FOF基金小爆款频出 定档1月新发行的所有基金中，股票型基金数量达到36只，混合型基金发行27只，债券型基金13只， FOF（基金中基金）13只，QDII（合格境内机构投资者）基金2只。这种分布既覆盖了高风险权益类资 产，也兼顾了稳健型产品，满足不同投资者需求。 另外，基金成立数据显示，2026年1月以来新成立的11只基金发行规模达到81.91亿元，其中3只FOF基 金发行规模高达60.32亿元，占全月新成立基金总规模的73.64%，发行规模最大的为广发悦盈稳健三个 月持有A，规模达32.88亿元；其次为万家启泰稳健三个月持有A，规模为20.99亿元。可以看出，面对投 资者对波动控制和资产配置的需求，混合型FOF基金成为重要发力方向。 从认购周期看，多只基金 ...

值得注意的是，ETF的分红总规模占比持续提升，已接近两成，成为分红市场的重要力量。不过，从分 红结构观察，ETF并非分红次数最多的品种。数据显示，在分红次数方面，中长期纯债基金占据绝对优 势，是全年分红"最勤快"的基金类型。 【环球网财经综合报道】2025年公募基金分红工作画上句号，全年分红格局轮廓清晰。据Wind数据统 计，以红利发放日为口径，2025年全年公募基金分红总额接近2500亿元，继续保持较高水平。值得注意 的是，在整体分红格局中，宽基ETF频现大额分红，成为年度分红市场的一大亮点。 从产品结构观察，基金分红呈现出多元化的特点。债券型基金仍然是公募分红的主力军，在分红总金额 和分红次数上均占据较高比重，全年分红金额占比约七成。与此同时，ETF尤其是头部宽基ETF在单只 产品、单笔分红金额上的表现愈发突出，为投资者派送了实实在在的"红包"。 数据显示，2025年四季度以来，部分头部产品集中实施较大规模分红，引发市场广泛关注。其中，华夏 上证50ETF单笔分红金额达到45.73亿元，嘉实沪深300ETF为29.59亿元，易方达沪深300ETF为15.93亿 元，在同类产品中处于较高水平。 从全年情况看 ...

Group 1 - The total dividend distribution of public funds in 2025 approached 250 billion yuan, with a clear pattern emerging throughout the year [1][2] - Bond funds were the main contributors to public fund dividends, accounting for a significant proportion of both total dividend amount and frequency [1][3] - Large-scale dividends were concentrated among a few major ETFs, with notable single dividend amounts from products like Huaxia SSE 50 ETF and others [2][3] Group 2 - The number of dividend distributions was highest among medium- and long-term pure bond funds, while bond funds dominated in total dividend amounts, making up about 70% of the total [3] - The ETF market has rapidly expanded, establishing a foundation for sustained growth in dividend distribution, with ETFs becoming important investment tools [4] - The improvement of the public fund dividend mechanism has increased the importance of dividends in fund operations, enhancing investor experience and product attractiveness [4][5]

回顾去年，公募基金分红规模保持在较高水平，全年分红格局逐步清晰。 Wind数据显示，以红利发放日为统计口径，全年公募基金分红总额接近2500亿元。从产品 层面观察，基金分红并非由某一类型产品单独"包揽"，而是在分红规模、分红频率以及单笔 分红体量等不同维度上呈现出各自侧重。 从全年整体情况看，债券型基金仍是公募分红的主要贡献者，在分红总金额和分红次数上均 占据较高比重；与此同时，ETF尤其是头部宽基ETF在单只产品、单笔分红金额上的表现愈发 突出，成为分红结构中的一大亮点。 头部宽基ETF持续派发大额"红包" 从全年情况看，大额分红主要集中在少数规模较大的ETF产品。2025年以来，共有14只基金 实施过单笔分红金额超过10亿元的分红方案，其中华泰柏瑞沪深300ETF的单笔分红规模超 过80亿元。整体来看，无论是单笔分红规模还是全年累计分红规模，分红规模靠前的基金几 乎清一色为ETF，且以沪深300等核心宽基ETF为主。 整体来看，以红利发放日为统计口径，Wind数据显示，全年公募基金分红总额接近2500亿 元。其中，ETF的分红总规模占比持续提升，已接近两成，成为分红市场的重要力量。 不过，从分红结构观察， ...

回顾去年，公募基金分红规模保持在较高水平，全年分红格局逐步清晰。 Wind数据显示，以红利发放日为统计口径，全年公募基金分红总额接近2500亿元。从产品层面观察，基金分 红并非由某一类型产品单独"包揽"，而是在分红规模、分红频率以及单笔分红体量等不同维度上呈现出各自侧 重。 从全年整体情况看，债券型基金仍是公募分红的主要贡献者，在分红总金额和分红次数上均占据较高比重；与 此同时，ETF尤其是头部宽基ETF在单只产品、单笔分红金额上的表现愈发突出，成为分红结构中的一大亮 点。 头部宽基ETF持续派发大额"红包" 进入2025年四季度，部分头部产品集中实施较大规模分红，成为市场关注的焦点。数据显示，四季度以来，华 夏上证50ETF、嘉实沪深300ETF、易方达沪深300ETF等多只宽基ETF相继实施较大规模分红，单笔分红金额 分别达到45.73亿元、29.59亿元和15.93亿元，在同类产品中处于较高水平。 从全年情况看，大额分红主要集中在少数规模较大的ETF产品。2025年以来，共有14只基金实施过单笔分红金 额超过10亿元的分红方案，其中华泰柏瑞沪深300ETF的单笔分红规模超过80亿元。整体来看，无论是单笔 ...

证券研究报告 | 策略专题研究 | 中国策略 股票基金经理如何最大化跑赢率，最小化薪酬调整风险？ ——从 2022-2025 年样本的回测与模拟中找出的九条规律 核心观点 策略专题研究 报告日期：2025 年 12 月 25 日 基金经理任职年限长短与整体市场的回测跑输率无显著差异。任职超 10 年的基 金跑输率较市场全局并无显著优势，任职少于 3 年的基金跑输率略高于任职超 10 年的基金，但差异并不明显。 基金是否有港股仓位与市场全局的回测跑输率无显著差异，主要取决于 AH 相对 强弱。无论是跑输率还是显著跑输率，配置港股与否与整体并无显著差异，跑输 率的高低主要取决于港股的相对强弱。 ❑ 风险提示 回测设计具有一定主观性；过去不代表将来，回测时间短；超额收益无法持续。 http://www.stocke.com.cn 1/15 请务必阅读正文之后的免责条款部分 分析师：廖静池 执业证书号：S1230524070005 liaojingchi@stocke.com.cn 分析师：王大霁 公募基金绩效考核新规建立阶梯化薪酬调整机制，将基金经理薪酬与过去滚动三年基 金业绩直接挂钩。我们以全部普通股票型基金为样 ...

Group 1: Major Indices - The bond index (China Bond Composite) shows a strong performance with a 90% increase rate, making it a stable choice for investors [2][3] - The Hang Seng Index stands out among stock indices with a 60% increase rate and an average increase of 1.34%, indicating potential opportunities in Hong Kong stocks [3] - Large-cap indices like CSI 300 outperform small-cap indices, suggesting a market preference for larger leading stocks in December [3][4] Group 2: Fund Types - Short-term and medium to long-term bond funds have a high increase rate of 90%, making them suitable for investors seeking certainty [5][7] - "Fixed income plus" products, such as secondary bond funds, show a 70% increase rate and an average return of 0.44%, balancing risk and return effectively [7] - Equity funds exhibit a divergence, with high-position ordinary stock and mixed equity funds having a 40% increase rate but higher average returns, appealing to risk-tolerant investors [7] Group 3: Industry Perspective - Consumer sectors, particularly social services, food and beverage, and home appliances, show a 70% increase rate, highlighting the "year-end consumption season" as a driving force [8][10] - Financial and energy sectors, including banks and oil and gas, demonstrate strong defensive characteristics with high increase rates, indicating stability during December [11] - Specific consumer segments like white goods and non-liquor beverages have an 80% increase rate, marking them as significant alpha sources [12][13]

Core Insights - The report by CITIC Financial Holdings indicates that China's asset management industry reached a cumulative scale of 179.33 trillion yuan by the end of Q3 2025, reflecting an 8.21% growth compared to the end of the previous year [1] Industry Overview - The wealth management sector grew by 7.28% year-on-year, while public fund scale increased by 11.91%, indicating steady growth across major sectors [1] - The performance of major public fund indices showed divergence, with equity fund indices and stock-type fund indices performing strongly, both exceeding an annualized return of 135% [1] Fund Performance - In the first three quarters of the year, the number of ordinary stock-type funds reached 584, achieving a return of 181.57% [1] - The number of passive index stock funds and enhanced index stock funds was 2,259 and 432, with returns of 175.05% and 144.35%, respectively [1] - Flexible allocation funds and convertible bond funds had 1,352 and 40 products, yielding returns of 151.68% and 70.54% respectively [1]

Group 1 - The foundation of a long-term bull market requires not only liquidity improvement but also robust fundamental enhancements, with historical data showing that the longer the time cycle, the stronger the correlation between market performance and fundamentals [3][7][11] - The current bull market has significant room for growth, with the Shanghai Composite Index showing a performance close to previous structural bull markets, yet still having considerable upside compared to comprehensive bull markets from 2005-2007 and 2013-2015 [5][6] - The policy environment provides critical turning points for expected improvements, with historical instances indicating that key policy announcements often coincide with the onset of bull markets [15][18] Group 2 - In 2026, price changes are expected to be a major driver of profitability, with projections indicating that A-share earnings growth will gradually recover to around 10%, particularly in the non-financial sector [40][53] - The "15th Five-Year Plan" provides a significant policy foundation for economic and industrial development, with expectations for positive market performance in the opening year of the plan [112][114] - The structural highlights in profitability are anticipated to emerge from sectors such as AI, semiconductors, and advanced manufacturing, which are expected to continue their upward trajectory [56][61] Group 3 - Resident funds are the most crucial source of capital for the A-share market, with a notable trend of "deposit migration" observed, indicating a sustained flow of funds into the equity market [63][67] - High-risk preference funds have been the primary incremental source of capital in the current bull market, similar to trends seen in 2015, while medium-risk preference funds are expected to become significant contributors in the next phase [70][91] - The importance of ETF investments is expected to increase, with passive equity funds showing better performance and gaining traction among investors [96][100]

Core Insights - In October, among 1,048 comparable ordinary equity funds, 290 funds achieved positive performance, accounting for 28% of the total. Meanwhile, 755 funds experienced declines, with only 4 funds rising over 10% [1][2]. Fund Performance - The top-performing funds in October included: - Tongtai New Energy 1-Year Holding Stock A with a gain of 14.34% - Tongtai New Energy 1-Year Holding Stock C with a gain of 14.31% - Caitong Integrated Circuit Industry Stock A with a gain of 12.96% - Caitong Integrated Circuit Industry Stock C with a gain of 12.88% [1][2]. - The funds that rose over 5% also included: - Lobo Mai Resource Selection Stock A and C - Jiashi Resource Selection Stock A and C - HSBC Jin Trust Large Cap Volatility Stock A and C - HSBC Jin Trust Small Cap Low Volatility Stock A and C - Qianhai Open Source Advantage Blue Chip Stock C - Chuangjin Hexin Resource Theme Selection Stock A [2][3]. Fund Holdings - Tongtai New Energy's top ten holdings include: - Yongding Co., Xuguang Electronics, Hezhuan Intelligent, Jingda Co., Antai Technology, Dongfang Tantalum, Aikexibo, Wanyi Technology, Wangzi New Materials, and Guoguang Electric [1]. - Caitong Integrated Circuit Industry Stock's major holdings are: - Industrial Fulian, Shengyi Technology, Shengyi Electronics, Zhongji Xuchuang, Shenzhen South Circuit, Hudian Co., China National Materials, Dingtai High-tech, New Yisheng, and Dongcai Technology [2]. - Lobo Mai Resource Selection Stock focuses on mining stocks, with significant holdings in: - Zijin Mining, Ganfeng Lithium, Zhaojin Mining, Tianqi Lithium, Chifeng Jilong Gold, and Luoyang Molybdenum [2][3]. Declining Funds - In October, 10 ordinary equity funds saw declines exceeding 10%, primarily in the previously strong sectors of chips, semiconductors, and robotics. Notable funds include: - Xin'ao Advanced Manufacturing Stock A/C with declines of 10.70% and 10.72% respectively [3][4]. - Other funds with significant declines include: - Chuangjin Hexin Chip Industry Stock A/C and GF Hong Kong Stock Growth Selection Stock A/C, with declines of 10.53%, 10.56%, 10.40%, and 10.42% respectively [4].