Sou Hu Cai Jing·2026-01-26 04:05Market Overview - On January 26, the Shanghai Composite Index rose by 0.12%, while the ChiNext Index fell by 0.86%. Gold stocks, oil and gas, and basic metals led the gains, with insurance and brokerage sectors also performing well. Financial technology and AI application concepts experienced a pullback [1] Regulatory Changes - On January 23, the China Securities Regulatory Commission (CSRC) and the Asset Management Association of China released new guidelines for the performance comparison benchmarks of publicly offered securities investment funds, effective from March 1. The new regulations aim to address industry issues such as ambiguous benchmarks and style drift, establishing a comprehensive control system that links performance benchmarks to fund manager compensation [1] Fund Performance and Fees - The Financial Technology ETF Huaxia (516100) announced a fee reduction starting January 22, aligning its management fee rate with the Securities ETF Huaxia at 0.15%, and a custody fee rate of 0.05%, making it the lowest among comparable funds [1] - The Securities ETF Huaxia tracks the CSI All Share Securities Companies Index, which has a current price-to-earnings ratio (PE-TTM) of 17.15, placing it in the 6.05% percentile over the past year, indicating a historical low valuation [2] Top Holdings - As of December 31, 2025, the top ten weighted stocks in the CSI All Share Securities Companies Index include: - Dongfang Caifu (14.12%) - CITIC Securities (13.50%) - Guotai Junan (11.19%) - Huatai Securities (6.64%) - GF Securities (3.13%) - China Merchants Securities (2.98%) - Dongfang Securities (2.75%) - Industrial Securities (2.47%) - Shenwan Hongyuan (2.29%) - CICC (1.97%) - The top ten stocks account for a total of 61.15% of the index [2][3]