Core Viewpoint - The new fund issuance market in China remains robust, with 43 new funds launched in the last week of January 2026, primarily driven by equity funds, while FOF and "fixed income +" products also show positive trends [1][2]. Fund Issuance Overview - A total of 43 new funds were issued during the week from January 26 to January 30, 2026, with a significant concentration on January 26, where 31 funds were launched, accounting for over 70% of the total [3]. - The average subscription period for new funds was 12.84 days, with the longest being approximately three months for the Zhongjia Balanced Return fund. Other funds had shorter subscription periods, with some as brief as one day [3]. Fund Target and Types - Among the 43 new funds, 20 specified their fundraising targets, with 11 aiming for over 5 billion units. Notably, six funds targeted 8 billion units, including the GF Consumer Leading and Bosera Yingtai Zhenxuan funds [4]. - Equity funds dominated the new issuance, with 18 active equity funds making up over 40% of the total. This included 5 stock funds and 13 mixed funds, primarily focused on equity [6][7]. Fund Categories - The new funds included a variety of themes such as resources, cycles, consumption, semiconductors, and digital economy, with notable products like GF Consumer Leading and Jianxin Resource Selection [7]. - There were 16 index-based stock funds, with 6 ETFs and 6 ordinary index funds, focusing on sector-specific indices, while enhanced index funds targeted broader indices like CSI 500 and CSI 300 [7]. - Five new FOFs were launched, primarily focusing on target risk strategies with holding periods of 3 to 6 months. Additionally, two QDII funds were introduced, focusing on the Hong Kong stock market [8]. Market Trends - The bond market continues to show a lack of profitability, leading to a decline in bond fund issuances. However, "fixed income +" funds are still being introduced, with two mixed secondary bond funds making their debut this week [8].

Core Viewpoint - The article discusses the profound changes in the Chinese bond market and how investment institutions can navigate uncertainties to find certainty opportunities, emphasizing a shift towards a new phase of "asset allocation + trading configuration" in fixed income investment [1][5]. Group 1: Market Environment and Trends - The Chinese bond market has transitioned from "old economy" to "new economy," reflecting macroeconomic changes, with the 10-year government bond yield showing a clear downward trend from around 3.6% in 2014 to approximately 1.0% by 2025 [7][8]. - The bond market has exhibited a "bull long, bear short" characteristic, with bull market cycles averaging around 25 months and bear markets typically lasting less than a year [8][12]. - The investment landscape has shifted from a focus on basic economic fundamentals and liquidity to a more complex framework that includes regulatory impacts and institutional behaviors [10][11]. Group 2: Investment Strategies - Fixed income investment strategies have evolved, requiring a more nuanced approach to credit risk, emphasizing the need for in-depth analysis of issuer risks and industry dynamics [11][12]. - The current investment environment necessitates a refined liquidity management strategy and cross-market asset allocation to enhance returns, moving away from traditional "weak economy + loose monetary policy = bull market" logic [12][13]. - The "barbell strategy" is becoming a common choice among managers, focusing on assets with low correlation to balance risk and capture specific market opportunities [14]. Group 3: Future Outlook - The year 2026 is anticipated to be a strategic opportunity for asset allocation, with improved visibility in the global macroeconomic landscape and significant policy shifts expected in both domestic and international contexts [18]. - The article highlights the importance of diversifying into multiple asset classes to enhance returns, with a focus on maintaining a stable fixed income foundation while exploring opportunities in commodities and equities [13][17]. - The anticipated growth in AI applications and infrastructure is expected to create new investment opportunities, with a focus on sectors such as technology and industrials [16][18].

【导读】高估值赛道审批逆周期调节，考验公募产品布局能力 中国基金报记者 张玲 市场持续上涨、热点轮动，监管正逐步收紧对高估值赛道权益基金的审批。业内人士认为， 此举将降低同质化竞争以及单一赛道过度拥挤的风险，保护投资者利益。基金公司应顺应监 管逆周期调节的导向，提升产品布局能力。 高估值赛道产品审批收紧 Wind 数据显示，过去一年，有 31 只 AI 主题基金申报但仍处于待审批状态，有 15 只提交 申请材料超 3 个月未受理，其中， 1 只产品早在去年 2 月就提交了材料；在半导体、机器 人主题产品中，约 20% 的产品上报超 3 个月未受理。 记者了解到， 2025 年以来，监管逐步收紧对估值较高的权益类新基金的审批。此前曾要求 权益基金的业绩比较基准指数最近五年滚动估值在历史 90% 分位数以下，随后又进一步调整 至 80% 分位数以下。 从近两个月的产品获批情况看，除了宽基指数基金、全市场选股的主动权益类产品外，获批 的行业主题基金多聚焦在新能源、工程机械等估值相对较低的板块。 资深基金研究员王铁牛表示，目前 AI 、芯片、机器人等热门赛道估值风险逐渐积累。例如， 中证人工智能指数市盈率达 70.8 ...

【导读】贵金属板块强势拉升，光伏概念股表现活跃 中国基金报记者 李智 一起来看下最新的市场情况及资讯。 1 月 26 日早盘， A 股三大指数集体高开，随后震荡分化，截至发稿，沪指涨 0.41% ，深 成指涨 0.05% ，创业板指跌 0.36% 。 | 上证指数 | 深证成指 | 北证50 | | | --- | --- | --- | --- | | 4152.99 | 14446.23 | 1589.56 | | | +16.83 +0.41% | +6.57 +0.05% | +0.90 +0.06% | | | 科创50 | 创业板指 | 万得全A | | | 1559.63 | 3337.32 | 6906.17 | | | +5.93 +0.38% | -12.18 -0.36% | +13.06 +0.19% | | | 沪深300 | 中证500 | 中证A500 | | | 4723.67 | 8628.71 | 5967.89 | | | +21.17 +0.45% | +38.54 +0.45% | +32.78 +0.55% | | | 中证1000 | 深证100 | 中证红利 | ...

新华社快讯：菲律宾官员26日说，一艘载有350多人的渡轮在该国南部海域沉没，目前已有 200多人获救。 来源：新华社 ...

【导读】现货黄金突破 5030 美元关口，再创历史新高 中国基金报记者 张舟 朋友们，今天一睁眼，黄金又双叒叕创历史新高了。 上周五大家还在聊金价快站上 5000 美元了，会回调吗？今天周一，早上金价直接涨到 5030 美元！ | | | | | | 1.2U 5033.115 | U | | --- | --- | --- | --- | --- | --- | --- | | 4988.170 | | | | | 0.00% 7:50 5033.870 | 0 | | | | | | | 7:50 5033.890 | 0 | | | | | | | 7:50 5033.560 | 0 | | | | | | | 7:51 5033.355 | 0 | | | | | | | 7:51 5033.780 | 0 | | 4940.110 | | | | -0.96% | | | | 6:00 | 12:00 | 18:00 | 24:00 | | 5:59 7:51 5033.450 | 0 | | 总量:0 | | | | | 7:51 5033.870 | 0 | | | | | | 0 | | | ...

来源：e公司 湖南黄金拟收购黄金天岳100%股权及中南冶炼100%股权，进一步完善产业布局。 湖南黄金(002155)1月25日晚公告，公司拟通过发行股份的方式向湖南黄金集团及天岳投资集团购买其持 有的黄金天岳合计100%股权，并向湖南黄金集团购买其持有的中南冶炼100%股权。 本次交易完成后， 黄金天岳及中南冶炼将成为上市公司全资子公司。 同时，公司拟向不超过35名特定投资者发行股份募集配套资金用于支付本次交易的中介机构费用及相关 税费、投入标的公司在建项目建设、补充上市公司或标的公司流动资金及偿还债务等。 | 交易对方类型 | 交易对方名称 | | --- | --- | | 发行股份购买资产交易对方 | 湖南黄金集团有限责任公司 | | | 湖南天岳投资集团有限公司 | | 募集配套资金认购方 | 不超过 35 名特定投资者 | 公告显示， 本次交易预计构成重大资产重组， 构成关联交易，但不构成重组上市。 截至预案签署日，标 的公司的审计和评估工作尚未完成，本次交易的交易价格尚未最终确定。 公司股票将于2026年1月26日 （星期一）开市起复牌。 本次交易前，湖南黄金主要负责黄金及锑、钨等有色金属矿山的 ...

随着春节临近，总台春晚导演组将持续在节目编排、技术融合、舞台效果等方面精益求精，努力 呈现一台贴近生活、传递温暖的人民的春晚，期待在除夕夜与全球华人和海外朋友共同迎接多姿 多彩、生机盎然的马年新春。 les & FR 点击下载中国基金报客户端 来源：北京青年报综合央视新闻 1月25日，中央广播电视总台《2026年春节联欢晚会》进行第二次彩排。 中午，北京青年报记者看到，阿如那、沙溢、刘涛、王天放、蔡程昱、薛凯琪、秦海璐、魏晨等 先后现身。 据《新闻联播》消息，整场彩排流程顺畅、衔接有序，导演组用心打磨细节，不断完善创编，凸 显吉祥喜气的联欢氛围。晚会情感表达细腻动人，浓浓的年味扑面而来，洋溢着阖家欢聚的喜庆 与温暖。 ■ 中国基金报内容矩阵 ■ 巅峰对话 投资热点说 ETF风向标 IPO情报站 fe o 1 ■ a a - 444 and 4 4 CHINAFUND CHINAFUND CHINAFUND CHINAFUND 开盘速递 港股日报 全球早班车 数说人物 √ � [ 8 a 4 a g a d 4 4 4 CHINAFUND CHINAFUND CHINAFUND CHINAFUND ●微信搜一搜 ...

【导读】日本、美国联手干预日元 中国基金报记者 泰勒 大家好，简单关注一下美国、日本联手干预日元的消息。 周末，日元汇率大约在159附近徘徊，随后 出现剧烈反转 大幅走强，涨至四周高点155.7，日内涨超 1.6%。 消息面上，纽约联邦储备银行对美元/日元汇率进行了"汇率询价"（rate check）。 分析人士表示，美国货币当局介入原本被视为"日本方面事务"的情况并不常见，但并非没有先例。 这类询价往往被视为对交易员的警告：当局认为日元交易走势过度，并准备通过直接在市场上买入或卖 出以影响汇率。通常在波动率明显上升、单靠口头喊话难以压制市场时，这类询价更可能出现。 此外，日本首相高市早苗在日元走弱、国债收益率飙升之际，再次向金融市场发出警告，称政府已准备 好采取行动。 她周日在辩论中表示："作为首相，我不应对本应由市场决定的事项发表评论，但对于投机性与高度异 常的波动，我们将采取一切必要措施予以应对。" 随后市场猜测不断升温，认为日本当局可能正准备入市干预外汇，以遏制日元下跌，甚至可能罕见地获 得美国协助。 Pepperstone高级研究策略师迈克尔·布朗表示："汇率询价通常是采取行动前的最后一次警告。高市 ...

Core Viewpoint - The article highlights concerns regarding misleading advertising practices by a company selling a "nut gift box" that contains a significant amount of non-nut items, potentially violating consumer protection laws [2][7]. Group 1: Product Details - The "nut gift box" advertised weighs 958 grams, but includes only 33 grams of walnut kernels, with 660 grams being beverages and the remainder consisting of snacks [4][6]. - The product is marketed under names like "nut gift box" and "dried fruit snacks," but the actual nut content is minimal compared to other components [4][6]. Group 2: Consumer Concerns - Consumers have raised questions about whether the product can still be called a "nut gift box" when the majority of its contents are not nuts, suggesting potential consumer deception [6]. - The company's customer service acknowledged the inclusion of beverages in the gift box and stated that consumer feedback would be recorded for further review [6]. Group 3: Legal Implications - A lawyer from Jiangsu Zhonglv Law Firm indicated that the company's advertising practices could be considered false advertising under the Anti-Unfair Competition Law, as they may mislead consumers about the product's primary ingredients [7]. - The lawyer emphasized that the lack of clear information regarding the actual nut content infringes on consumers' right to know, potentially allowing consumers to seek refunds or compensation [7].