Core Viewpoint - The asset management industry for securities firms is experiencing significant growth, with a management scale exceeding one trillion yuan by 2025 and an annual growth rate of 17%. However, this growth is accompanied by increasing differentiation among firms, with some achieving rapid growth while others face declines in scale [1][2]. Group 1: Industry Growth and Differentiation - By 2025, the total management scale of securities firm asset management is expected to surpass one trillion yuan, driven by a recovery in the capital market and policies encouraging long-term capital inflow [3]. - Five securities firms have entered the "billion club," with Dongfanghong Asset Management leading at 216.27 billion yuan, a 30% increase year-on-year, followed by Huatai Securities Asset Management at 180.83 billion yuan, up 31% [2]. - Some smaller firms, such as Changjiang Securities and Shandong Securities, have shown remarkable growth rates of 47% and 49%, respectively, while others like Guodu Securities and Zheshang Securities have seen significant declines of 32% and 8% [2]. Group 2: Product Structure and Strategy - Firms are adopting differentiated product strategies based on their strengths, with Dongfanghong focusing on non-monetary market funds, while Huatai Securities emphasizes cash management products, which constitute over 85% of its portfolio [2]. - The industry is witnessing a shift towards a more professional and long-term asset allocation approach, with a focus on enhancing the "investment-research-product-sales-service" closed-loop efficiency [3][4]. Group 3: Future Investment Strategies - For 2026, the industry outlook remains moderately optimistic, driven by factors such as the "deposit migration" effect and a recovering profit cycle [6]. - Specific product strategies include targeting low-volatility short-term bond funds for retail clients and medium-volatility credit bond funds for institutional clients, creating a clear product differentiation [6][7]. - The technology sector, particularly AI, is highlighted as a key growth area, with opportunities arising from increased capital expenditure and domestic production ratios [7].

中央纪委国家监委网站2月1日消息，据吉林省纪委监委消息：日前，经吉林省委批准，吉林省纪委监委 对吉林省商务厅原党组书记、厅长李洪亮严重违纪违法问题进行了立案审查调查。 经查，李洪亮丧失理想信念、背弃初心使命，违反政治纪律，对抗组织审查，搞迷信活动；无视中央八 项规定精神，违规收受礼品、礼金、消费卡，接受可能影响公正执行公务的宴请和旅游活动安排；违反 组织纪律，不按规定报告个人有关事项；廉洁底线失守，借用管理和服务对象住房、车辆，拥有非上市 公司股份，利用职权为亲属经营活动谋取利益，搞权色交易；政商关系错位，甘于被围猎，将党和人民 赋予的公权力异化为谋取私利的工具，大搞权钱交易，利用职务便利为他人在项目承揽、企业经营等方 面谋利，并非法收受巨额财物。 李洪亮严重违的政治纪律、组织纪律、廉洁纪律和生活纪律，构成严重职务违法并涉嫌受贿犯罪，且在 党的十八大后不收敛、不收手，性质严重，影响恶劣，应予严肃处理。依据《中国共产党纪律处分条 例》《中华人民共和国监察法》《中华人民共和国公职人员政务处分法》等有关规定，经吉林省纪委常 委会会议研究并报吉林省委批准，决定给予李洪亮开除党籍处分；由吉林省监委给予其开除公职处分； ...

【导读】车企1月竞争格局生变：小米成"新王"，比亚迪国内磨底 中国基金报记者 邱德坤 | | | | | | | | | | | 11 17 1 23 1 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 产量 | | | | | 销量 | | | | 项目类别 | 本月 | 去年同期 | 本年累计 | 去年累计 | 累计同比 | 本月 | 去年同期 | 本年累计 | 去年累计 | 累计同比 | | 新能源汽车 | 232, 358 | 327, 864 | 232, 358 | 327,864 | -29. 13% | 210, 051 | 300, 538 | 210, 051 | 300, 538 | -30. 11% | | 一乘用车 | 227, 835 | 323; 811 | 227,835 | 323,811 | -29, 64% | 205, 518 | 296, 446 | 205, 518 | 296. 446 | -30. 67% | | -纯电动 | 88, 071 | 136 ...

【导读】车企1月竞争格局生变：小米成"新王"，比亚迪国内磨底 自1月1日起，国内新能源汽车购置税减半征收（税率5%），或许是影响比亚迪1月销量的重要原因之一。 2月1日晚间，比亚迪发布产销快报称，1月销量达21.01万辆，同比下降30.11%，环比下降50.04%。 | | | | 产量 | | | | | 销量 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 项目类别 | 本月 | 去年同期 | 本年累计 | 去年累计 | 累计同比 | 本月 | 去年同期 | 本年累计 | 去年累计 | 累计同比 | | 新能源汽车 | 232, 358 | 327,864 | 232. 358 | 327,864 | -29. 13% | 210.051 | 300, 538 | 210, 051 | 300. 538 | -30. 11% | | -乘用车 | 227, 835 | 323,811 | 227.835 | 323,811 | -29. 64% | 205. 518 | 296, 446 | 205, ...

进入2026年以来，基金公司继续加大力度布局"固收+"基金，包括汇添富、富国、易方达、国泰、摩根 等多家基金公司。 兴业基金固定收益投资部总经理助理腊博表示，"固收+"产品规模快速增长是多方面因素共同影响的结 果，低利率环境是重要的背景，较低的存款利率和债券收益率难以满足投资者对收益的诉求，经济结构 转型和政策支持使市场风险偏好显著提升。 腊博认为，随着存款利率的吸引力下降，存款向"固收+"产品、保险产品、理财产品和权益类产品转化 的比例也会相应提升。而从产品布局的角度来看，基金公司布局不同风险梯度的"固收+"产品，可以更 好地契合投资者不同的风险收益偏好。 随着天量存款到期、低利率环境延续，"固收+"基金规模和业绩迎来"双丰收"。 受访公募机构表示，当前，居民资产配置持续向金融资产转移，"固收+"产品凭借其清晰的风险收益特 征，有望成为承接稳健类资金的重要载体，市场规模或进一步增长。 "固收+"产品规模快速增长 "固收+"产品规模持续扩张。中金公司（601995）研报数据显示，截至2025年末，全市场2292只"固收 +"基金规模合计达2.99万亿元（统计一级债基、二级债基、可转债、偏债混、低仓位灵活配置基 ...

Core Insights - The asset management industry of securities firms is experiencing significant growth, with total management scale expected to exceed 1 trillion yuan by 2025, achieving an annual growth rate of 17% [1] - The industry is witnessing a divergence, with some firms showing rapid growth while others face substantial declines, highlighting the importance of sustained research and investment capabilities [1] Group 1: Growth and Scale - The top securities firms continue to strengthen their advantages, with five firms entering the "billion club," including Dongfanghong Asset Management at 216.27 billion yuan, a 30% increase year-on-year, and Huatai Securities Asset Management at 180.83 billion yuan, a 31% increase [2] - Smaller firms like Changjiang Securities Asset Management and Shandong Securities Asset Management have shown remarkable growth rates of 47% and 49%, respectively, while some firms like Guodu Securities and Zheshang Asset Management have seen declines of 32% and 8% [2] Group 2: Product Structure and Strategy - Firms are adopting differentiated product strategies based on their strengths, with Dongfanghong focusing on mixed funds, while Huatai emphasizes money market funds, which account for over 85% of its product structure [2] - The growth in management scale is attributed to a combination of a recovering capital market, policies encouraging long-term capital inflow, and the ability of firms to innovate and collaborate effectively [3] Group 3: Research and Client Services - The strategic focus on enhancing research capabilities and client services is crucial for the transformation of asset management institutions, with firms aiming to build differentiated research systems and optimize product offerings [4] - Dongfanghong Asset Management emphasizes long-term and value investing, while also expanding its product lineup to meet diverse investor needs, particularly for high-net-worth clients [4] Group 4: Future Investment Strategies - The investment outlook for 2026 remains optimistic, driven by factors such as the "deposit migration" effect, improving profit cycles, and a generally loose global liquidity environment [6] - Firms are focusing on specific product categories to cater to different risk preferences, with low-volatility short-term bond funds targeting retail clients and medium-volatility credit bond funds aimed at institutional investors [6][7] - Opportunities in traditional cyclical sectors and technology growth areas, particularly AI, are being closely monitored, with expectations of significant benefits from increased capital expenditure and domestic production [7]

Core Viewpoint - The new regulations for public fund performance benchmarks aim to address industry issues such as "benchmark ambiguity," "style drift," and "fund blind boxes," establishing a more standardized and transparent framework for fund evaluation and performance comparison [1] Group 1: Return to Benchmark Fundamentals - The new regulations break traditional fund classifications by setting targeted requirements for different underlying asset categories, enhancing the accuracy of performance benchmarks for mixed funds [2] - The public fund industry is shifting focus from scale expansion to quality improvement, with increasing investor demand for clear risk-return characteristics [2] Group 2: Improving Disclosure Efficiency - The final version of the regulations introduces three main changes to the disclosure requirements for performance benchmarks in periodic reports, including relaxed requirements for certain fund types and a focus on core investor concerns [3] - These adjustments aim to enhance operational efficiency in the industry and ensure that disclosures are more aligned with investor needs [3] Group 3: Enhancing Fund Classification Evaluation Precision - The new regulations provide detailed suggestions and key indicators for fund evaluation institutions, allowing fund managers and sales organizations to adopt these standardized classification results [4] - This standardization helps investors better identify the risk-return characteristics of funds and reduces communication costs for fund companies [4] Group 4: Regulating Sales Display Behavior - The new regulations adjust sales display requirements by including performance displays from evaluation institutions and limiting fund types to stock funds, mixed funds, and FOFs [6] - The regulations are seen as a significant milestone for the public fund industry, promoting high-quality development and better serving wealth management and economic growth [6]

电信服务增值税税目适用范围将调整，三大运营商齐发公告！ 2月1日，中国移动、中国联通及中国电信国内三大电信运营商相继发布公告，电信服务增值税税目适用范围调整，税率 由6%调整为9%，将对公司收入及利润产生影响。 来源：三大运营商公告 中国移动今日公告称，近日，中华人民共和国财政部、国家税务总局发布了《关于增值税征税具体范围有关事项的公 告》（财政部税务总局公告2026年第9号），规定自2026年1月1日起，在中华人民共和国境内，利用固网、移动网、卫 星、互联网，提供手机流量服务、短信和彩信服务、互联网宽带接入服务的业务活动适用的税目由增值电信服务调整为 基础电信服务，对应增值税税率由6%调整为9%。此次税目适用范围调整，将对公司收入及利润产生影响。 中国联通今日公告称，近日，中华人民共和国财政部、国家税务总局发布《关于增值税征税具体范围有关事项的公告》 （财政部税务总局公告2026年第9号），规定自2026年1月1日起，在中华人民共和国境内，利用固网、移动网、卫星、 互联网，提供手机流量服务、短信和彩信服务、互联网宽带接入服务的业务活动适用的税目由增值电信服务调整为基础 电信服务，对应增值税税率由6%调整至9 ...

【导读】新规落地，基金行业迈向"基准约束"新时代 1月23日，中国证监会正式发布《公开募集证券投资基金业绩比较基准指引》(以下简称《指引》)，基 金业协会同步发布《公开募集证券投资基金业绩比较基准操作细则》(以下简称《细则》)，旨在遏制长 期以来部分基金存在的"风格漂移""挂羊头卖狗肉"等现象，推动行业回归"持有人利益优先"的本质。 业内人士普遍认为，这是继费率改革后，公募基金行业又一项以投资者为中心的制度改革，不仅从源头 上规范了产品设计，更通过强化基准的"锚定"作用，推动基金经理投资行为透明化、纪律化。 行业主题基金风格更加清晰 同泰基金相关人士认为，在新规指引下，各类型基金都将获得更清晰的标签，工具属性提升，而超额收 益仍可在既定策略内获取。 推动基金公司转向"产品驱动" 《指引》不仅影响投资端，也将重塑基金公司的产品布局、投研构建与激励机制，推动基金行业从依赖 明星基金经理的"造星"模式，向工具化、策略化产品线战略转型。 创金合信基金指出，新规将促进基金公司从主动"造星"向发展工具化、策略化产品转型。新规禁止不同 类型基金混合排名及强制展示基准表现，打破了靠"风格漂移"博取短期排名的营销模式，促使产品 ...

基煜基金认为，2025年第四季度，公募FOF规模创历史新高，偏债混FOF作为低波动、多资产载体，在 新发与存量扩容中成绝对主力，叠加全年6.6%的平均收益优于偏债混基与二级债基，显著强化了资金 的性价比选择，形成业绩和规模的正反馈。同时，FOF在资产配置上具有天然优势，适合通过多资产策 略降低组合波动，在震荡市中受到客户青睐。 基煜基金同时指出，在供给侧，以招商银行和建设银行为代表的银行渠道积极进行投资者教育，带动 FOF的销售；多家优秀FOF管理人构建多元资产配置策略，满足了投资者多资产、多策略的配置需求。 长远来看，FOF有较大的发展空间。 公募基金中基金(FOF)规模连续四个季度环比抬升，已突破2400亿元，创历史新高。同时，今年以来， 超20只FOF产品在新发市场"同台竞技"，还有15只FOF产品申报材料获受理。 业内人士表示，低利率与资产轮动催化了投资者对"多资产、低波动"产品的需求，未来低波FOF产品有 望获得"存款搬家"资金的青睐。 公募FOF规模创新高 中金公司（601995）研究部数据显示，截至2025年末，全市场共有545只公募FOF，环比提升8.3%；规 模合计2440亿元，创历史新高， ...