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， ...

大家好，2月1日傍晚，白银基金——国投白银LOF发布公告宣布复牌。 【导读】白银基金复牌，涨跌幅依旧为10% 公告称，国投白银LOF基金将于2026年2月2日开市起至当日10:30 停牌，自2026年2月2日10:30复牌，复牌后的交易按照《深圳证券交易所交易 规则》的相关规定执行，价格涨跌幅限制比例为10%。若该基金2026年2月2日二级市场交易价格溢价幅度未有效回落，该基金有权通过向深圳 证券交易所申请盘中临时停牌、延长停牌时间等措施，向市场警示风险，具体以届时公告为准。 受国际银价此前暴涨影响，国投白银LOF备受市场关注。停牌之前，该基金在二级市场已连续两个交易日涨停，最新价格报收于5.247元/份，相 较于其最新净值溢价约为60%。 | 国投白银LOF(SZ:161226) | | | a ... | 加自选 | | --- | --- | --- | --- | --- | | ¥5.247 o.ooo o.oo% | 停牌 | | | 5.02 万球友关注 | | 最高： -- | 今开: -- | 涨停: 5.772 | 成交量: 0手 | | | 最低: -- | 昨收:5.247 | 跌停: ...

受国际银价此前暴涨影响，国投白银LOF备受市场关注。停牌之前，该基金在二级市场已连续两个交易日涨停，最新价格报收于5.247元/份，相 较于其最新净值溢价约为60%。 公告称，国投白银LOF基金将于2026年2月2日开市起至当日10:30 停牌，自2026年2月2日10:30复牌，复牌后的交易按照《深圳证券交易所交易 规则》的相关规定执行，价格涨跌幅限制比例为10%。若该基金2026年2月2日二级市场交易价格溢价幅度未有效回落，该基金有权通过向深圳 证券交易所申请盘中临时停牌、延长停牌时间等措施，向市场警示风险，具体以届时公告为准。 | 国投白银LOF(SZ:161226) | | | | 加自选 | | --- | --- | --- | --- | --- | | ¥5.247 0.000 0.00% | 停牌 | | | 5.02 万球友关注 | | 最高: -- | 今开: -- | 涨停:5.772 | 成交量:0手 | | | 最低: -- | 昨收:5.247 | 跌停:4.722 | 成交额:0.00 | | | 换手: -- | 市价:5.247 | 单位净值: 3.284 | 基金份额:5 ...

【导读】锋龙股份、嘉美包装将于2月2日起复牌 中国基金报记者 晨曦 两大牛股，明日同步复牌！ 2月1日下午，锋龙股份发布关于股票交易停牌核查结果暨复牌的公告，公司股票自2026年2月2日（星期一）开市起复牌。 自2025年12月25日至2026年1月23日，锋龙股份涨幅为405.74%。锋龙股份提示称，公司股票价格已严重脱离公司基本面情况，未来可能存在股价快速下 跌的风险。 同期，嘉美包装也公告称将于2月2日开市起复牌。2025年12月17日至2026年1月23日，嘉美包装价格涨幅为408.11%。 来看详情—— 锋龙股份：目前不涉及人形机器人业务 存在市场情绪过热、非理性炒作风险 作为2026年开年的"超级大牛股"，锋龙股份此前曾走出"18连板"的战绩。1月25日晚间，锋龙股份公告称，其股票自1月26日开市起停牌核查。 停牌一周后，2月1日下午，锋龙股份宣布自2月2日（星期一）开市起复牌。同时，锋龙股份就相关事项再度作出说明并提示风险。 锋龙股份称，深圳市优必选科技股份有限公司（以下简称"优必选"）承诺在本次收购完成后36个月内，不存在向上市公司注入其所持有资产的计划。上市 公司与优必选及其关联方的生产经营 ...

Core Viewpoint - Several major banks in China, including ICBC, ABC, CCB, and BOC, have adjusted their gold accumulation business and issued risk warnings due to significant fluctuations in gold prices and increased market uncertainty [1][2][5][7][13]. Group 1: ICBC Adjustments - ICBC announced adjustments to its gold accumulation business, advising investors to assess their risk tolerance and maintain a rational investment mindset to avoid impulsive trading [2]. - Starting February 7, ICBC will implement limit management on its gold accumulation business during non-trading days, including daily limits on accumulation and redemption [3]. - The minimum investment amount for ICBC's gold accumulation was raised from 1,000 yuan to 1,100 yuan as of January 8 [4]. Group 2: CCB Adjustments - CCB increased the minimum investment amount for its gold accumulation business to 1,500 yuan starting February 2, 9:10 AM, and will continue to monitor market changes for further adjustments [5]. - CCB emphasized the need for clients to enhance their risk awareness regarding precious metals investments and to manage their positions carefully [7]. Group 3: Other Banks' Adjustments - From January 31, Bank of Communications will restrict gold wallet services to clients with a risk tolerance assessment of growth, aggressive, or very aggressive types, while others can only perform limited transactions [8]. - Agricultural Bank of China requires clients to complete a risk assessment questionnaire and achieve at least a cautious rating to engage in gold accumulation services starting January 30 [12]. - Bank of China highlighted the uncertainties in the precious metals market since 2026 and urged clients to manage their positions carefully to mitigate potential losses from price fluctuations [13].

【导读】多家国有大行发布风险提示，并调整黄金投资业务 中国基金报记者 忆山 日前，随着金价大幅震荡，工行、农行、中行、建行、交行等多家银行相继调整积存金相关业务，并发布风险提示。 工行调整积存金业务并提示风险 2月1日，工商银行发布消息称，近期国内外贵金属价格波动剧烈，市场不确定性显著增强。建议投资者在审慎评估自身风险承受能力的基础上，保持理性投 资心态，避免盲目追涨杀跌。建议从中长期视角考虑，坚持分批分散、适度均衡的原则进行投资配置。请投资者密切关注行情变化，合理控制持仓规模，有 效防范市场波动风险。 | 尊敬的客户: | | --- | | 近期国内外贵金属价格波动剧烈，市场不确定性显著增强。建议您在审慎评估自身风险承 | | 受能力的基础上，保持理性投资心态，避免盲目追涨杀跌。建议从中长期视角考虑，坚持分批 | | 分散、适度均衡的原则进行投资配置。请密切关注行情变化，合理控制持仓规模，有效防范市 | | 场波动风险。 | | 感谢您的支持! | | 中国工商银行股份有限公司 | | 2026年2月1日 | 工行还于1月30日发布公告，调整如意金积存的业务办理规则并修改协议文本的约定。自2月7日起，在周 ...