□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]

Core Viewpoint - The recent surge in LOF (Listed Open-Ended Fund) arbitrage has captured the attention of investors, driven by high premium levels and social media influence, reflecting a shift in investor sentiment and logic in the current market environment [1][2][3] LOF Arbitrage Heat - LOF has become a focal point in the market, with 16 LOF products experiencing a collective price surge on January 29, indicating a significant interest from investors [1] - The premium levels of LOF products have remained high, with 8 products exceeding a 10% premium as of January 30, driven by strong performance in resource-related LOFs due to rising commodity prices [2][3] Social Media Influence - Financial influencers have created detailed "how-to" guides for LOF arbitrage, leading to increased engagement and participation from novice investors [2] - The rapid dissemination of information through social media platforms has amplified the interest in LOF arbitrage, with many investors sharing their experiences and profits [4][5] Market Dynamics - The rise in LOF arbitrage is attributed to multiple factors, including the strong performance of specific LOFs like Guotou Silver LOF, which saw a premium rate exceeding 60% due to market conditions [4][5] - The restriction on new subscriptions for popular LOFs has led to increased demand in the secondary market, further driving up prices and premiums [3][5] Investor Behavior - Many investors participating in LOF arbitrage are motivated by the desire for small, manageable profits rather than high-risk, high-reward strategies, reflecting a shift in investment psychology [6][7] - The phenomenon of "herd behavior" is prevalent, with many investors making decisions based on social media recommendations rather than thorough product understanding, which could lead to market bubbles [8] Industry Implications - The current LOF arbitrage trend highlights the need for improved liquidity in LOF products, as many have not been prioritized by fund companies in recent years [7] - The evolving investor mindset and the impact of social media on investment decisions suggest a growing demand for stable investment options, necessitating industry adaptation [8]

Core Insights - The AI application sector is beginning to show performance as the domestic AI computing infrastructure is becoming more established, shifting focus towards downstream applications and terminals, with blockbuster AI products on the horizon [1][2] - Historical tech innovation cycles indicate that core companies often achieve a "Davis Double" in performance and valuation, highlighting the importance of identifying key players in the AI application field [1][2] Industry Trends - There is a noticeable shift in AI investment from upstream computing power to downstream applications, following a historical pattern of moving from infrastructure to popular applications and thriving ecosystems [1][2] - The development of AI glasses is expected to follow a trajectory similar to TWS (True Wireless Stereo) earphones, with rapid penetration anticipated in the coming years as major companies like Apple, Meta, OpenAI, and ByteDance prepare to launch new products between 2026 and 2027 [2] Investment Strategy - The company focuses on identifying core positions within the AI industry chain, targeting companies with favorable competitive dynamics, governance, and industry positioning, which are likely to bind with leading clients and occupy critical roles [3] - A dedicated AI investment team has been established to systematically track key variables such as policies, product launches, technological breakthroughs, and supply-demand dynamics to capture non-linear growth opportunities in the AI sector [3] Fund Launch - The West China Gain Innovation-Driven Mixed Fund, managed by Wu Haijian, is set to launch from February 2 to February 6, focusing on high-growth potential in the AI terminal sector, aiming to capitalize on the acceleration phase of AI products [4]

上周市场震荡，中证新华社民族品牌工程指数逆市上涨0.10%，报2029.77点。澜起科技、中际旭创、泸 州老窖等成分股上周表现强势；2026开年以来，澜起科技、兆易创新、长电科技等成分股涨幅居前。 展望后市，机构认为，市场波动主因可能是近期部分板块涨幅过大导致调整，基本面和流动性因素暂时 未出现大的变化，从中期的角度来看，股市中仍有较多结构性机会值得挖掘，需注重业绩弹性带来的投 资机会。 多只成分股表现强势 上周市场震荡，上证指数下跌0.44%，深证成指下跌1.62%，创业板指下跌0.09%，沪深300指数上涨 0.08%，品牌工程指数上涨0.10%，报2029.77点。 上周品牌工程指数多只成分股表现强势。具体来说，澜起科技上涨13.64%，排在涨幅榜首位；中际旭 创上涨10.94%，居次席；泸州老窖上涨9.10%；兆易创新、欧派家居涨逾5%；贵州茅台、泰格医药、新 希望涨逾4%；山西汾酒、华谊集团、老板电器涨逾3%；五粮液、科大讯飞、美的集团涨逾1%。 2026开年以来，澜起科技上涨54.37%，排在涨幅榜首位；兆易创新上涨46.97%，紧随其后；长电科 技、华谊集团涨逾30%；中微公司、安集科技、华润微 ...