2026 Investment Kickoff: 2-Month Return of 8.94%

Overall Investment Performance
The past two months of investing have gone quite smoothly, with an overall gain of 8.94%, significantly higher than the 3.13% average increase of the three major indices. In less than two months, I earned an additional 5.8%, which is a good start.

Market Conditions of Various Investment Sectors
(1) CSI 1000 Index Investment
My heavy position in the CSI 1000 Index performed well, rising 8%. However, the premium on the stock index futures expiring in March has almost disappeared. In the upcoming March and April, it will be difficult to outperform the market. I haven’t found a suitable premium opportunity to roll over the contracts to June. I plan to wait another month and decide based on market changes.
(2) Convertible Bond Investment
I also earned 7% on convertible bonds, but compared to the 8.74% increase of the convertible bond equity index, it’s still a bit behind. Mainly because high-priced convertible bonds surged strongly. My convertible bond strategy mainly relies on the dual low factors (low price, low premium rate), which have a larger weight.
(3) Hong Kong Stock Connect ETF Strategy
Last year, I focused on researching the Hong Kong Stock Connect ETF strategy. It has performed quite well over the past two months. I encountered many pitfalls and paid my “tuition” during the research. Now it seems that the money was not wasted, and the experience has finally come in handy. I will continue to monitor this strategy, and it remains my main focus this year.

Year-End Statistical Arbitrage
Before the Spring Festival, many people were engaged in year-end statistical arbitrage. I thought since the funds from the Beijing Stock Exchange IPOs wouldn’t return to the market until Friday, I would buy some in advance on Thursday. But on Thursday, the market surged too strongly. I was afraid of buying high and losing money, so I didn’t dare to buy. In the end, I had to buy on Friday, only to see the market drop 1.3% afterward. Fortunately, I didn’t buy much—less than one-tenth of my overall investment—so it didn’t have a big impact on my portfolio. I plan to sell it within a week, mainly to take advantage of the potential rise during the Spring Festival holiday effect to make some profit (for those unfamiliar with this effect, you can check my January post). Plus, with the upcoming two sessions in March and Trump’s visit to China in April (though the impact of his visit on the stock market is still uncertain), the overall market should remain stable, with more positive than negative factors.