财政部日前印发《可持续信息鉴证业务准则第6101号——基本准则(试行)》，标志着我国ESG报告鉴证 业务迈入了标准化、规范化发展新阶段。这把全国统一的标尺，旨在终结企业可持续信息"自说自话"、 第三方鉴证"各执一词"的行业乱象，为市场建立可信赖的信任基石，引导资本精准流向绿色低碳领域。 在此次准则出台前，我国ESG报告鉴证领域处于一种"自由生长"状态。不同机构使用不同的鉴证标准， 导致市场参与者面临诸多困惑。 "过去很长一段时间，市场上的鉴证报告存在使用标准不一的情况。"毕马威中国ESG报告与鉴证服务总 监杨歆雯表示，ISAE3000、AA1000等多种标准并行，投资者难以区分不同鉴证报告所鉴证的内容、保 证程度，这给他们如何理解和使用经鉴证的ESG信息带来极大的困惑。 更深层的问题是报告普遍存在"美颜滤镜"。责扬天下创始人、中国上市公司协会ESG专业委员会委员殷 格非坦言，选择性披露和"报喜不报忧"是目前业内比较普遍的情况，也是受到较多诟病之处。多数现有 的鉴证报告不会评价企业可持续发展的风险、机遇等预期目标。 殷格非表示，此前在没有统一准则的情况下，鉴证机构的责任划分不清晰、承担责任有限，多数时候不 愿深 ...

工信部装备工业二司数据显示，2025年我国造船完工量5369万载重吨，同比增长11.4%，占全球市场总 量的56.1%；新接订单量10782万载重吨，占全球市场总量的69%；截至2025年12月末，手持订单量 27442万载重吨，同比增长31.5%，占全球市场总量的66.8%，手持订单量再创历史新高。 ● 本报记者王婧涵 2月1日，工业和信息化部发布我国造船业最新数据。2025年，我国造船三大指标国际市场份额连续16年 保持全球领先。 不仅三大造船指标继续全球领跑，2025年，我国骨干船企国际竞争力不断增强，分别有6家企业位居世 界造船完工量、新接订单量和手持订单量前10强。18种主要船型中有16种船型新接订单量位居世界第 一，多型世界级绿色智能船舶交付，高端转型取得重要突破，行业高质量发展取得了明显成绩。 此前，工信部相关负责人在行业会议上表示，下一步，工信部将围绕四方面发力，推动船舶与海洋工程 装备制造业发展：一是推动科技创新和产业创新深度融合。面向深海极地、绿色智能等重大需求和前沿 领域，加快关键核心技术攻关，加强中试验证应用，全链条推进船舶海工装备创新发展。二是推进产业 提质升级和新兴产业发展。加快绿 ...

□本报记者 王雪青 2026年1月4日，中欧瑞博公众号更新了新一年的策略展望——这是吴伟志亲笔写下的第140篇"伟志思 考"。 从2014年到2026年，12年来，他几乎从不停笔：最早写"投资像种庄稼""别拔苗助长"，后来用"春夏秋 冬"标注市场的季节更替，再用"树粮菜"拆解不同投资风格的收益与代价。他把一位基金经理最难被量 化的资产——思想——沉淀成一套可追溯、可复盘、可传承的方法论；也把一家机构的成长轨迹，写成 一份长期的运行日志。 2014年7月初，A股在阶段底部徘徊。吴伟志却旗帜鲜明地提出："这里是播种的时节，我们会保持较高 的仓位。"这一年，"伟志思考"多次用"播种"来形容投资策略，核心表达是"底部确认""保持耐心""不要 在犹豫纠结中错过春播好时机"。随后，A股市场开启了一段趋势性上涨行情。 事后来看，吴伟志"从估值、利率与政策态度"综合判断市场"土壤已变"的框架，与桥水强调的"宏观因 子驱动资产价格"有异曲同工之妙。 更难的是在市场高潮中感知风险。2015年，吴伟志在市场快速上涨中提示"下车"。2015年5月，他撰文 称，"珍惜涨潮时光""更重要的是能够在退潮之前或退潮初期及时下车"。 2015 ...

□本报记者 张舒琳 近日，8只商业不动产REITs密集上报，这是自证监会2025年末推出商业不动产REITs试点后首批上报的 产品，底层资产覆盖商业写字楼、酒店、商场等多种形态。 商业不动产REITs推出，背后是我国庞大的商业不动产盘活需求。相关REITs未来上市后，有望打破传 统不动产估值逻辑，带动写字楼、酒店等资产估值抬升。 覆盖多类资产 商业不动产REITs试点落地后，资本市场迎来实质性进展。1月29日及30日，华安锦江、汇添富上海地 产、华安陆家嘴、中金唯品会、国泰海通砂之船、华夏保利发展、华夏银泰百货、华夏凯德等8只封闭 式商业不动产证券投资基金（REITs）上报材料获得受理。 从底层资产来看，上述产品覆盖商业办公楼、酒店、奥特莱斯、百货商场等多种类型。 近年来，尽管线下消费受到冲击，但打折业态迅速发展，奥特莱斯成为不少中产家庭的消费主场，大型 奥特莱斯的客流量、营业收入均稳步增长。根据管理人上报的基金招募说明书及基金合同，国泰海通砂 之船商业不动产REIT、中金唯品会商业不动产REIT均投向奥特莱斯。具体来看，国泰海通砂之船商业 不动产REIT投向西安砂之船奥特莱斯项目，这是西北最大的奥特莱斯综合 ...

Core Viewpoint - The A-share market experienced fluctuations at high levels, with gold and oil-related ETFs showing significant gains, while overall ETF funds saw a net outflow of nearly 300 billion yuan during the week of January 26 to January 30 [1][2]. ETF Performance - During the week, 541 ETFs achieved positive returns, with over 35% of the total ETFs showing gains. Gold and oil-related ETFs led the performance, with several gold stock ETFs and oil ETFs rising over 7% [1][2]. - The Brazilian ETF (159100) had the highest weekly gain at 22.5%, while the South Korean semiconductor ETF and other Brazilian ETFs also saw gains exceeding 10% [1]. Fund Flows - The overall ETF market experienced a net outflow of approximately 298.42 billion yuan from January 26 to January 30. However, gold and non-ferrous metal ETFs emerged as the main beneficiaries of fund inflows, with the gold ETF (518880) attracting the highest net inflow of 8.503 billion yuan [2][3]. - Other notable inflows included over 5 billion yuan for both the non-ferrous metal ETFs (516650 and 512400) and over 4 billion yuan for the Guotai gold ETF [2]. Trading Volume - ETFs tracking major indices such as the CSI 300 and CSI 500 saw significant trading volumes, with the CSI 300 ETF exceeding 300 billion yuan and the CSI A500 ETF surpassing 220 billion yuan in weekly trading volume [3]. Market Sentiment and Strategy - Analysts suggest that the current market requires caution due to potential short-term cooling risks, emphasizing the need for a balance between growth and defensive strategies. High-technology manufacturing and information technology sectors are highlighted for their solid growth logic despite high valuations [3][4]. - Investment strategies should focus on sectors benefiting from global demand and the AI industry, while also considering the defensive value of dividend assets in response to potential market volatility [4].

Core Insights - The speed of new fund issuance and investment has significantly accelerated since 2026, with many funds announcing early closure of their fundraising periods [1][2] - A total of 18 new funds completed their fundraising in just one day from the beginning of 2026 to January 30, while 27 funds took between 2 to 5 days to issue [2] - New funds are also quickly starting their investment activities, with several funds already showing changes in net value shortly after their establishment [2][3] Fundraising and Closure - Several funds, including Rongtong Technology Selected Mixed Fund and Fuguo ETF, have announced early closure of their fundraising periods to better protect investor interests [1][2] - Other funds such as Caitong Asset Management and Bosera have also followed suit, indicating a trend of early fundraising closures across various fund types [2] Rapid Investment Activities - Newly established funds are accelerating their investment processes, with examples like Wanjia Qitai Stable Mixed Fund showing net value changes shortly after establishment [2][3] - Funds like Ruiyuan Research Balanced Fund have also demonstrated quick investment actions, with net value changes occurring within weeks of their launch [2][3] Market Outlook - Several companies express optimism about the market, suggesting that the macro environment remains favorable and liquidity is abundant, indicating potential for further market movements in the spring [3][4] - Jin Ying Fund notes that the market is expected to shift focus from short-term trading to emphasizing industry trends and profit certainty, suggesting structural opportunities will dominate [4] - Fuguo Fund highlights that current policies are positively guiding the market, with expectations for continued solid fundamentals and opportunities in technology growth and sectors with rising prosperity [4]

□本报记者 王鹤静 在2025年四季度的结构性行情下，广发碳中和主题、中欧周期优选、泰信发展主题等一批主动权益基 金，凭借对储能、资源品等热门板块机遇的把握，顺利实现从业绩到规模的转化，成功盘活"小微"产 品。此外，鹏华稳健增利、富国盛利增强等二级债基抓住了"固收+"发展风口，通过进一步明确特色化 资产配置策略，资金关注度明显提高，同样顺利走出"小微"困境。 "小微"产品历来是让各家基金公司颇为头疼的"包袱"。此类产品如何把握市场机遇，盘活产品资源，从 而保护持有人利益？业内分析人士认为，基金管理人可以实施差异化战略，找准市场空白或细分领域， 打造特色产品；同时，加强投资者教育，让投资者了解产品的投资理念与优势、增强信任。而盲目跟风 市场热点、过度依赖短期营销手段等方式则不可取。 成功摆脱"小微"困境 2025年四季度的结构性行情，给公募机构提供了抓热点、做业绩的窗口期。其中，广发碳中和主题、中 欧周期优选、泰信发展主题等一批主动权益基金抓住机会，顺利摆脱生存困境。 "固收+"重整获资金认可 过去一年，在利率下行及权益市场走强的背景下，"固收+"基金颇受资金欢迎。2025年四季度，多只"固 收+"产品抓住发展 ...

□本报记者 王雪青 2026开年以来，A股在政策暖风与全球流动性转向预期下走出"开门红"，但结构性分化依旧显著。站在 多个经济体周期共振、新质生产力加速落地的关键节点，如何穿越短期波动、把握长期价值？ 宏利基金权益部执行总经理、基金经理李坤元给出了她的答案——聚焦"好行业、好阶段、好公司、好 价格"，在全市场均衡布局中捕捉科技成长与周期反转的双重机遇。拥有20年投研经验、14年基金管理 履历的她，正以一套融合宏观研判、中观景气与微观精选的系统性框架，掌舵新发产品宏利优势企业混 合型证券投资基金，布局高质量发展时代的优质资产。 遵循"四好"选股原则 李坤元的投资框架具有鲜明的自上而下特征。"宏观先行"是她的鲜明特色。"这些年来，我积极跟踪经 济数据与宏观政策，尝试根据宏观环境的变化做仓位上的择时和确定投资风格。"李坤元表示，"我每个 季度都会对宏观情况进行审视判断，如果出现大的风险或异常因素，会增加跟踪频率。宏观有风险时， 首先要降低仓位，第二要降低持仓品种的弹性，进行防御。" 她始终相信："时代造英雄，每个时代都有自己的英雄。"当前，正处于科技起舞的时代，人工智能 （AI）、先进制造、新型消费与医药等是中长期 ...

□本报记者 王鹤静 在利率下行与权益回暖的推动下，国内"固收+"投资近年迎来蓬勃发展。兴证全球基金"固收+"团队以产 品定位、大类资产配置、自下而上选品、风险管理四大维度为主要抓手，深化"固收+"投资核心竞争 力。 对于"固收+"的权益投资部分，刘琦认为，更加考验管理人如何通过动态资产配置，在相对有限的仓位 里精耕细作、挖掘阿尔法收益，这正是兴证全球基金作为主动权益投资大厂的核心竞争力所在。 挖掘超额收益随之而来的，是背后的风险控制。刘琦对于风险预算管理体系颇有心得，他将自己此前在 理财公司管理资产时积累的风险管理经验，注入到"固收+"各类细分策略的管理过程中，仓位管理、回 撤控制等各项指标被细化到日常考核当中。 "我们团队希望以好生意的模式来培育'固收+'业务，在产品定位、大类资产配置、自下而上选品、风险 管理各个环节都能做好精细化管理、做出优势，通过团队作战的方式互相补足短板，打造自身的核心竞 争力。"刘琦希望，"固收+"业务是模块化、体系化的，有一只产品就要管好一只产品。最重要的是，要 给投资者带来安心的持有体验。 把握长坡厚雪投资机遇 随着国内经济韧性日益显现，刘琦期待今年内需相关板块能够有所表现。" ...

Core Viewpoint - The rise of "Internet trading strategies" has led to significant speculation in the stock market, particularly among retail investors, driven by social media influencers and algorithmic recommendations [1][2][3] Group 1: Internet Trading Strategies - The "Internet trading strategy" is characterized by leveraging personal accounts or matrix accounts to attract attention and create momentum for specific stocks [2] - Influencers like "Chen Xiaoqun" have gained notoriety for their dramatic wealth stories, amplifying their influence through social media platforms [1][3] - The commercial aerospace sector has exemplified this strategy, with significant trading activity observed in stocks like "航天发展" [2] Group 2: Regulatory Actions - Recent regulatory actions have targeted influencers and their trading practices, revealing the operational logic behind "Internet trading strategies" [4] - The Zhejiang Securities Regulatory Bureau has penalized individuals for promoting stocks while simultaneously selling them, highlighting the risks associated with influencer-driven trading [4] Group 3: Institutional Investor Response - Institutional investors, particularly quantitative funds, are incorporating social media data into their investment strategies, often using it as a contrarian indicator rather than a signal to follow [5][6] - Quantitative teams are exploring more stable social data, such as sales figures and social media sentiment, to gauge market conditions [6] Group 4: Market Dynamics and Risks - The phenomenon of "social trading" has intensified, with retail investors increasingly relying on influencers for investment decisions, leading to potential market volatility [7] - Algorithms on social media platforms can create echo chambers, limiting the diversity of information available to retail investors [8] Group 5: Professional Investor Strategies - Professional institutions are encouraged to shift from one-way communication to more interactive services, providing educational content that aligns with investor habits [9] - Building trust through transparency and genuine engagement is essential for professional institutions to compete with social media influencers [9]