公募重磅新规落地！有色金属大涨，诞生多只“翻倍基”

Group 1: Regulatory Changes - The China Securities Regulatory Commission (CSRC) has officially implemented new guidelines for public fund performance benchmarks, which are essential for defining product positioning and investment strategies [1][2] - The new guidelines aim to address issues such as the lack of systematic regulations and significant deviations from performance benchmarks by actively managed equity funds, thereby enhancing long-term value investment in the public fund industry [2] Group 2: Fund Performance - In the fourth quarter of 2025, public funds experienced a loss of 110.1 billion yuan, marking the first loss since the fourth quarter of 2024, with equity, mixed, and QDII funds being the primary contributors to this loss [3] - Despite the fourth quarter losses, public funds achieved a total profit of 26,041.07 billion yuan for the entire year of 2025, with equity funds being the largest profit contributors [3] Group 3: Market Trends - The resource sector has seen significant growth, with the non-ferrous metal sector rising by 89.38% in 2025, leading to strong performance in related equity funds [7] - Fund managers are optimistic about the valuation of the non-ferrous metal sector, indicating that quality assets in precious and minor metals are worth attention [7] Group 4: Fund Issuance and Investor Sentiment - The public fund issuance has seen a strong start in 2026, with 82 new funds launched and several funds being oversubscribed, reflecting strong demand for equity assets [11] - Factors contributing to this trend include favorable policies, reduced investment costs, and a low-interest-rate environment prompting a shift of funds from deposits to equity funds [11] Group 5: Financial Data and Trends - As of the end of the fourth quarter, the total management scale of public funds reached 37.63 trillion yuan, an increase of 1.18 trillion yuan from the previous quarter [9] - Shenzhen's financial sector reported a total deposit balance of 14.63 trillion yuan, reflecting a year-on-year growth of 7.8% [10] Group 6: Institutional Developments - Huatai Securities has undergone significant personnel changes, electing a new chairman and appointing new leadership for its asset management division [12][13] - HSBC has successfully entered the public fund custody business in China, marking a significant expansion for foreign banks in this sector [20]