证监会修订信息披露规则，宽基指数资金延续大幅流出

Report Industry Investment Rating No investment rating for the industry is provided in the report. Core Viewpoints of the Report - In the market review from January 26 to January 30, 2026, most major equity market indices declined, with the Small and Medium - sized Board Index experiencing the largest drop of 3.78%. Among the 31 Shenwan primary industries, 10 industries rose, with the top five gainers being petroleum and petrochemicals, communications, coal, non - ferrous metals, and agriculture, forestry, animal husbandry, and fishery; the top five decliners were national defense and military industry, electrical equipment, automobiles, computers, and comprehensive industries [1][12]. - In the public fund market, the CSRC solicited public opinions on the "Content and Format of Regular Reports of Publicly Offered Securities Investment Funds" and the Asset Management Association of China officially established the performance comparison benchmark element library for public funds. In terms of fund performance, quantitative funds in equity funds had the largest decline, with an average drop of 1.10% and a positive return ratio of 24.74%; fixed - income + funds averaged a 0.20% decline with a positive return ratio of 35.23%; pure - bond funds averaged a 0.03% increase with a positive return ratio of 84.81%; pension target FOFs averaged an 0.81% increase with a positive return ratio of 94.97%. QDII funds averaged a 0.77% increase with a positive return ratio of 63.95%. Actively managed equity funds increased their positions in non - ferrous metals, petroleum and petrochemicals, and food and beverages last week, while reducing positions in pharmaceutical biology, electronics, and household appliances. As of January 30, 2026, the position of actively managed equity funds was 73.88%, a decrease of 1.07 pct from the previous period [1][2]. - In the ETF market, last week, the overall ETF market had a net capital outflow of 298.095 billion yuan, with the outflow scale narrowing slightly compared to the previous period. Stock - type ETFs had the largest net outflow of 317.982 billion yuan. The average daily trading volume of the overall ETF market reached 635.407 billion yuan, the average daily trading volume was 225.627 billion shares, and the average daily turnover rate was 9.11%. Chemical, gold, non - ferrous metals, and convertible bond sectors were the main capital inflow varieties, while broad - based indices such as the CSI 300, CSI 1000, SSE 50, and CSI Small - cap 500 continued to see large - scale capital outflows, with the capital outflow of the CSI 300 index exceeding 240 billion yuan [3][50]. - Regarding fund issuance, last week, 45 new funds were issued, 5 more than the previous period; 47 new funds were established, 5 more than the previous period. New funds raised a total of 48.272 billion yuan, an increase of 3.818 billion yuan from the previous period [4]. Summary by Relevant Catalogs 1. Market Review 1.1 Domestic Market Conditions - From January 26 to January 30, 2026, most major equity market indices declined, with the Small and Medium - sized Board Index dropping 3.78%, the largest decline. Among the 31 Shenwan primary industries, 10 industries rose, and the top five gainers and decliners were as mentioned above. In the bond market, the ChinaBond Composite Full - Price Index remained unchanged, while the ChinaBond Treasury Bond, Financial Bond, and Credit Bond Total Full - Price Indices fluctuated from a 0.03% decline to a 0.05% increase, and the CSI Convertible Bond Index dropped 2.61%. In the commodity market, the Nanhua Commodity Index rose 2.60% [12]. 1.2 European, American and Asian - Pacific Market Conditions - Last week, most major indices in European, American, and Asian - Pacific markets declined. In the US stock market, the S&P 500 index rose 0.21%, the Dow Jones Industrial Average fell 0.39%, and the Nasdaq Composite fell 0.17%. In the European market, the French CAC40 fell 0.20% and the German DAX fell 1.45%. In the Asian - Pacific market, the Hang Seng Index rose 2.38% and the Nikkei 225 fell 0.97% [20]. 1.3 Market Valuation Conditions - Last week, the valuation quantiles of most major market indices declined. In terms of the historical quantiles of price - to - earnings ratios, the SSE 50 had the highest increase of 5.7 pct. In terms of the historical quantiles of price - to - book ratios, the SSE 50 also had the highest increase of 2.5 pct. Among industries, the top five industries with the highest historical quantiles of price - to - earnings ratios in the Shenwan primary index were real estate, electronics, chemicals, commercial trade, and comprehensive industries. The lowest five were non - bank finance, agriculture, forestry, animal husbandry, and fishery, food and beverages, beauty care, and pharmaceutical biology [23]. 2. Active Public Fund Conditions Market Hotspots - The CSRC solicited public opinions on the "Content and Format of Regular Reports of Publicly Offered Securities Investment Funds", integrating and revising relevant regulations to strengthen industry transparency and protect the legitimate rights and interests of fund share - holders. The Asset Management Association of China also solicited industry opinions on the "XBRL Template for Information Disclosure of Securities Investment Funds", which requires adding long - term performance data and other information [31][32]. - The Asset Management Association of China officially established the performance comparison benchmark element library for public funds, including 155 indices in total, with adjustments in the number of indices and operation rules [33]. Fund Performance - As mentioned above, different types of funds had different performance, and the top - performing funds in each category last week and this year were also listed [39][40][43]. Industry Positions of Actively Managed Equity Funds - Last week, actively managed equity funds increased their positions in non - ferrous metals, petroleum and petrochemicals, and food and beverages, and reduced positions in pharmaceutical biology, electronics, and household appliances. As of January 30, 2026, the position of actively managed equity funds was 73.88%, a decrease of 1.07 pct from the previous period [45][46]. 3. ETF Fund Conditions - Last week, the overall ETF market had a net capital outflow of 298.095 billion yuan, with stock - type ETFs having the largest net outflow of 317.982 billion yuan. The average daily trading volume of the overall ETF market was 635.407 billion yuan, the average daily trading volume was 225.627 billion shares, and the average daily turnover rate was 9.11%. Chemical, gold, non - ferrous metals, and convertible bond sectors were the main capital inflow varieties, while broad - based indices such as the CSI 300, CSI 1000, SSE 50, and CSI Small - cap 500 continued to see large - scale capital outflows [3][50]. 4. Fund Issuance Statistics - Last week, 45 new funds were issued, 5 more than the previous period, including 24 actively managed equity funds and 12 passive index funds. The 12 passive index funds were all stock - type, mainly tracking indices such as the SZSE GEM New Energy Vehicle Battery Index, CSI Industrial Non - ferrous Metals Theme Index, and CSI Photovoltaic Industry Index. 47 new funds were established, 5 more than the previous period, and new funds raised a total of 48.272 billion yuan, an increase of 3.818 billion yuan from the previous period [4][58][63].