ETF Industry News - The Shanghai Composite Index has returned to 4100 points, with multiple ETFs in the oil and petrochemical sector experiencing significant gains, including the Energy ETF Guangfa (159945.SZ) up by 5.99% and the Energy ETF (159930.SZ) up by 5.33% [1] - On February 3, the A-share market saw a reversal with a net inflow of nearly 10 billion yuan into stock ETFs, marking one of the few days of net inflow since January. Major ETFs tracking the CSI 500, CSI 300, and STAR 50 indices saw significant inflows, while thematic ETFs in sectors like non-ferrous metals and photovoltaics experienced net outflows [2] - As of January 31, 2026, 14 ETFs have expanded by over 10 billion yuan, with a notable shift towards industry-themed ETFs and commodity ETFs, indicating a consensus among investors on sectors supported by industrial policies and positive fundamentals [3] Market Overview - On February 4, the A-share market showed mixed performance, with the Shanghai Composite Index rising by 0.85% to close at 4102.2 points, while the ChiNext Index fell by 0.4%. The top performers among major indices included the CSI 300 and CSI 800 [4] - In terms of sector performance, coal, building materials, and real estate sectors led the gains with daily increases of 7.58%, 3.48%, and 2.97% respectively, while media, communication, and computer sectors lagged behind [7] ETF Market Performance - The average daily return for commodity ETFs was the highest at 3.70%, while stock-themed index ETFs had the lowest average return at -0.08% [10] - The top-performing ETFs included the Coal ETF (515220.SH) with a return of 9.07%, followed by the Energy ETF Guangfa (159945.SZ) and the Energy ETF (159930.SZ) with returns of 5.99% and 5.33% respectively [13] - The top three ETFs by trading volume were the A500 ETF Southern (159352.SZ) with a trading volume of 7.732 billion yuan, the CSI 500 ETF (159338.SZ) with 6.968 billion yuan, and the A500 ETF Fund (512050.SH) with 14.236 billion yuan [16]

Report Industry Investment Rating No industry investment rating was provided in the report. Core Viewpoints of the Report - In 2025, the domestic bond ETF market experienced rapid growth, with the scale increasing from 174 billion yuan at the end of 2024 to 829 billion yuan at the end of 2025. The product structure showed differentiation, with credit - bond ETFs becoming the main growth driver. [1] - The participation of bond ETFs continued to expand, but the scale barriers of leading fund companies were relatively stable. The market was mainly dominated by institutional investors. [1][2] - The performance of interest - rate bond ETFs was related to duration, and there was significant differentiation. Credit - bond ETFs such as science - innovation bond ETFs and benchmark market - making credit - bond ETFs showed stable performance. Convertible bond ETFs also achieved high - speed growth. [2] - The domestic bond ETF market may further concentrate on leading institutions in single categories. Future product innovation may focus on diversified expansion to meet the differentiated needs of investors. [2] Summary by Relevant Catalogs 1. Domestic Bond ETF Market Overview 1.1 Bond ETF Development Process - The development of domestic bond ETFs has gone through three stages: the start - up stage from 2013 - 2018, the slow - growth stage from 2019 - 2021, and the rapid - growth stage from 2021 to the present. As of December 31, 2025, the scale reached 829 billion yuan. [6] 1.2 Bond ETF Scale Growth in 2025 - In 2025, the bond ETF market grew rapidly. By the end of 2025, there were 53 listed bond ETFs, with a total scale of 829 billion yuan, a 377% increase compared to the end of 2024. The scale expansion showed an accelerating trend. [9] - Among the 53 bond ETF products, 37 had a scale of over 10 billion yuan, accounting for about 70%, indicating rapid market development in 2025. [14] 1.3 Bond ETF Benchmark Index - As of the end of 2025, the domestic bond ETF benchmark index had formed a system covering all categories such as interest - rate bonds, credit bonds, and convertible bonds, with a total of 25 indices compiled by index institutions such as China Securities Index and China Bond Index. [17] - Different types of ETFs correspond to different target indices, which can meet the diversified needs of investors from stable allocation to thematic investment. [18] 1.4 Bond ETF Product Classification System - Domestic bond ETFs can be divided into interest - rate bond ETFs, credit - bond ETFs, and convertible bond ETFs. Interest - rate bond ETFs are the basic products, credit - bond ETFs were the main growth driver in 2025, and there are currently 2 convertible bond ETFs. [21][22] 1.5 Bond ETF Managers - As of the end of 2025, 28 fund companies managed a total of 53 bond ETFs. The scale of leading fund managers showed a long - term stagnation followed by rapid growth. [23] - The market pattern showed significant leading effects and high concentration. Haitong Fund ranked first, followed by Boshi Fund and Fuguo Fund. Both leading institutions and new entrants promoted the expansion of the industry. [28][31] 2. Bond ETF Product Line and Recent Trends 2.1 Structural Differentiation of Bond ETF Scale Growth in 2025 - In terms of scale and quantity, interest - rate bond, credit - bond, and convertible bond ETFs showed significant differentiation in 2025, reflecting the different demand for products with different risk - return characteristics. [33] - Products with a duration of 0 - 3 years and 3 - 7 years accounted for a relatively large proportion, with the proportion increasing by 12.33 percentage points compared to the end of 2024. [38] - The launch of science - innovation bond ETFs and benchmark market - making credit - bond ETFs was the highlight of the market in 2025. The total scale of science - innovation bond ETFs exceeded 35.53 billion yuan, contributing nearly 54% of the annual market scale increment. [41] 2.2 Interest - Rate Bond ETFs - The scale of interest - rate bond ETFs expanded steadily. As of the end of December 2025, the asset - net - value scale was 152.8 billion yuan, accounting for 18.4% of the overall bond ETF market. Policy support promoted the inflow of funds. [45][51] - The product system was improving and achieved full - duration coverage, but there was still room for innovation in some niche categories. [52] - The competition pattern was relatively stable, with leading institutions taking the lead. Competition focused on duration coverage, tracking - error control, and liquidity maintenance. [54] 2.3 Credit - Bond ETFs - Before 2025, there were only 3 credit - bond ETFs. In 2025, it was a big year for credit - bond ETF issuance, with the launch of benchmark market - making credit - bond ETFs and science - innovation bond ETFs. [57] - **Benchmark Market - Making Credit - Bond ETFs**: In January 2025, 8 benchmark market - making credit - bond ETFs were listed. Their scale showed a trend of rapid expansion in the first half of the year and high - level oscillation in the second half. The underlying assets were concentrated in medium - and short - duration, high - rating bonds, mainly including general public - offering corporate bonds and science - innovation bonds. [58][59][62] - **Science - Innovation Bond ETFs**: In 2025, science - innovation bond ETFs grew rapidly, with a total scale of 35.53 billion yuan at the end of the year, accounting for over 40% of the overall bond ETF scale. They were driven by policies and had a three - pillar tracking - index system, with products concentrated in leading fund companies. [70][73][76] - **Other Credit - Bond ETFs**: There were only 3 other credit - bond ETFs, focusing on short - term financing, urban investment bonds, and high - grade corporate bonds. [79] 2.4 Convertible Bond ETFs - In a low - interest - rate environment, convertible bond ETFs became an important allocation target. As of the end of 2025, there were only 2 convertible bond ETFs. The market had achieved leap - forward growth in recent years, and although the scale decreased in 2025, it remained at a high level. [81][82] 3. Bond ETF Product Holder Structure - Bond ETFs were mainly held by institutional investors, and the investor structure of treasury - bond ETFs was relatively balanced. As of June 2025, institutional investors held 92% of the asset - net - value scale, and individual investors held 8%. [84] - In terms of concentration, the concentration of policy - financial bond ETFs was the highest, and that of convertible bond ETFs was the lowest. The top three institutional investors in terms of holding scale were other institutions, securities firms, and securities investment funds. [88][89] 4. Bond ETF Performance - As of the end of 2025, the performance of interest - rate bond ETFs showed significant differentiation, with long - duration products having larger declines and short - duration products achieving positive returns. Most products had a tracking - deviation mean of less than 0.1. [92] - The performance of credit - bond ETFs also showed differentiation. Some science - innovation bond ETFs and benchmark market - making credit - bond ETFs performed well, and the annualized returns of some early - established credit - bond ETFs were higher. [95][97] - The recovery - unit - net - value trends of Haitong Shanghai - Stock - Exchange Investment - Grade Convertible Bond ETF and Boshi Convertible Bond ETF were highly synchronized, with 2025 returns of 13.1% and 18.0% respectively, and annualized returns since establishment of 4.5% and 5.5% respectively. [98] 5. Future Development of Bond ETFs - The domestic bond ETF market showed a trend of concentration among leading institutions, and there were problems such as product homogenization and lack of richness, which were difficult to meet the differentiated needs of investors. [102] - Referring to the US bond ETF market, the domestic bond ETF market could enrich the product matrix from multiple dimensions, including expanding product - gradient coverage, developing Smart Beta and actively managed bond ETFs, adding cross - border and cross - market bond ETFs if QDII quotas were sufficient, and adding over - the - counter connection funds. [103][104][107]

证券代码： 000036 证券简称：华联控股 华联控股股份有限公司投资者关系活动记录表 编号：2026-001 投资者关系活动 类别 ☑ 特定对象调研 □ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 其他 参与单位名称及 人员姓名 兴业证券 阎常铭 广发基金 陈少平 富国基金 董浩 博时基金 赵耀 农银汇理基金 周子涵 财通基金 李木森 安信基金 马晓东、吴辉凡 财通资管 杨振 招银理财 凌润东 华泰证券 陈慎 兴业证券 靳璐瑜 国盛证券 张航 恒信华业 张瑞 中庸资本 王一诺 胤胜资本 牛艺杰 前海辰星 涂欣雨 百水源资本 胡炜 （排名不分先后） 时间 2026 年 2 月 4 日 (周三) 上午 9:30~11:30 地点 华联控股股份有限公司 上市公司接待人 员姓名 1.董事长 龚泽民 2.副总经理、财务负责人 苏秦 3.副总经理、董事会秘书 孔庆富 4.证券部经理、证券事务代表 赖泽娜 5.证券部业务经理、证券事务代表 陈泽华 投资者关系活动 主要内容介绍 本次调研活动以会谈形式进行，公司董事会秘书孔庆富先生 就公司房地产主业经营情况以及公司产业转型情况等 ...

中长期的新驱动力：去美元化与央行购金。非美国家持有的黄金价值已超过美债价值，显示出对美元信 用的不信任的共识已经形成。非美央行正在加速购金以替代外汇储备。由于金矿开采存在供给刚性，央 行的大规模购金（数万吨）势必会挤压私人投资盘，引发实物短缺，助推中长期黄金价格的持续上行， 8000可期 黄金ETF锚定实物黄金，其底层资产为上海黄金交易所的黄金现货合约，直接反映黄金价格波动，支持 T+0交易。 金ETF密切跟踪上海黄金交易所黄金现货实盘合约价格，透明度高而且流动性好，支持T+0日内交易。 华鑫证券表示，黄金传统研究框架对本轮黄金大涨的解释力十分有限，主要是短期美元指数走低和中长 期美元信用替代逻辑的叠加，市场情绪和动量资金驱动。随着美元信用裂缝的扩大，黄金中长期上涨的 逻辑在强化。但由于长期逻辑短期化交易较为极致，黄金投资盘多头回落、实业盘空头较低，PCR处于 历史底部，短期黄金市场"裸多"风险值得警惕。特别是在白银"空头拥挤+高波动率+高持仓"的背景下， 白银高位回落拖累黄金的概率在提升。 传统框架崩塌：过去美元、实际利率和风险定价的黄金研究框架解释力显著减弱。非框架因素解释贡献 再度创新高。从大宗商品联动 ...

| 基金募集申请获中国证监会 | | 证监许可[2025]3043 号 | | | | --- | --- | --- | --- | --- | | 核准的文号 | | | | | | 基金募集期间 | | 2026年1月29日 | | | | 验资机构名称 | | 安永华明会计师事务所(特殊普通合伙) | | | | 募集资金划入基金托管专户 | | 2026年2月2日 | | | | 的目期 | | | | | | 募集有效认购总户数(单位: | | 20, 671 | | | | 户) | | | | | | | | 博时盈泰臻选6个 | 博时盈泰臻选6个 | 博时盈泰臻选6个 | | 份额类别 | | 月 持 有 期 混 合 | 月 持 有 期 混 合 | 月 持 有 期 混 合 | | | | (FOF) A | (FOF) C | (FOF) 合计 | | 募集期间净认购金额(单位: | | 3,694,920,889.30 | 2.148.905,777.25 | 5.843.826.666.55 | | 元) | | | | | | 认购资金在募集期间产生的 | | 0. 00 | 0. 0 ...

Group 1 - The core point of the news is that Longmag Technology experienced a decline of 5.06% in its stock price, reaching 75.48 CNY per share, with a trading volume of 298 million CNY and a turnover rate of 4.71%, resulting in a total market capitalization of 9 billion CNY [1] - Longmag Technology, established on January 19, 1998, and listed on May 25, 2020, is based in Hefei, Anhui Province, and specializes in the research, production, and sales of new functional materials made from permanent magnet ferrite [1] - The company's main business revenue composition includes magnetic materials at 85.54%, commutators and others at 9.93%, micro-inverters and accessories at 4.37%, and leasing at 0.16% [1] Group 2 - From the perspective of major fund holdings, only one fund under Bosera Fund has a significant position in Longmag Technology, specifically the Bosera CSI 2000 ETF, which reduced its holdings by 300 shares in the fourth quarter, now holding 900 shares, accounting for 0.51% of the fund's net value [2] - The Bosera CSI 2000 ETF, established on May 28, 2024, has a latest scale of 11.6167 million CNY, with a year-to-date return of 10.65% and a one-year return of 69.06% [2] - The fund manager, Tang Yibing, has been in charge for 3 years and 199 days, with the fund's total asset scale at 10.541 billion CNY, achieving the best return of 98.91% and the worst return of -41.93% during his tenure [2]

A股股票与基金开户量激增，是市场行情向好的直接体现与有力印证。 刚刚过去的1月，A股三大指数悉数收涨，上证指数、深证成指、创业板指分别上涨3.76%、5.03%、4.47%，科创综指则大幅收涨近12%。市场整体呈 现"小盘成长占优，大盘价值承压"的结构性分化格局，有色金属与科技两大主线交替领涨。 《金融时报》记者2月3日从上交所获悉，2026年1月，A股新开户数491.58万户，刷新2024年11月以来的单月开户纪录，环比增长89.3%，同比增长 213.1%。同月，基金新开户54.63万户，环比增长123.8%，同比增长168.7%。 | 日期 | 总数 | A股 | B股 | 基金 | | --- | --- | --- | --- | --- | | 2026.01 | 546.27 | 491.58 | 0.05 | 54.63 | 展望后市，国泰海通证券策略团队认为，A股市场有望逐步企稳。一是国内政策重心正转向内需主导，并作为首要任务，有望提振中国经济前景与资产回 报；二是中国证监会近期再次强调"全力巩固资本市场稳中向好势头"。 博时基金宏观团队表示，近期ETF资金流出、海外波动加大，对A股市场形成 ...

开年以来，FOF发行热度不减。 2月3日，博时基金公告成立的博时盈泰臻选6个月持有期混合FOF，仅发售一天就募集了58.44亿元。截至2月3日，开年成立的13只FOF中，有7 只募集规模在10亿元以上，富国基金、工银瑞信基金旗下成立的FOF，规模均在40亿元以上。此外，截至2月3日全市场正在发行和确定发行日期 的FOF，一共有近20只。券商中国记者发现，在这些新发的FOF中，出现了诺安基金新入局的FOF管理人。 截至目前，FOF的重仓基金已从主动权益基金转向ETF等被动指数工具产品。从券商中国记者采访来看，从资金追逐热度到重仓基金变化，FOF 的底层投资逻辑正在发生变化。借助多类型工具产品，利用不同市场间的结构性差异与周期错位，力争实现长期可追溯、体验更佳的投资回 报。 7只FOF募集超10亿元 根据wind统计，截至2月3日开年以来全市场成立的FOF一共有13只，源于13家基金公司，除了广发、富国、工银瑞信等大型公募外，还有明亚基 金、鹏扬基金等中小公募。从募集规模来看，13只FOF有7只募集规模在10亿元以上，延续了2025年以来的发行热度。 具体看，募集规模最高的是博时基金2月3日官宣成立的博时盈泰臻选 ...

Group 1 - Oil and gas concept stocks strengthened, with China Petroleum & Chemical Corporation, China Merchants Energy Shipping Company, Guanghui Energy, and Intercontinental Oil & Gas rising over 3% [1] - Oil and gas-related ETFs increased by more than 2% due to market influences [1] Group 2 - Specific oil and gas ETFs showed positive performance: Huatai-PineBridge Oil & Gas ETF rose by 2.69% to 1.373, Yinhua Oil & Gas ETF increased by 2.58% to 1.312, and Bosera Oil & Gas ETF gained 2.40% to 1.324 [2] - Brokerages indicated that despite geopolitical uncertainties, the medium to long-term oil supply and demand dynamics remain favorable, maintaining a positive outlook on the "Big Three" oil companies and the oil service sector [2] - The recovery of the macro economy is expected to boost chemical demand, and in the long term, the clearing of chemical product capacity is beneficial for leading enterprises, with optimism for refining, coal chemical, and ethylene profitability [2]

政策端，相关政策密集出台，从价格和产能两方面展开治理。价格方面，行业多次研讨标杆价机制，明确要求企业不得低于成本销 售，遏制低价无序竞争；产能方面，聚焦多晶硅环节推进治理，通过产能整合、强化能耗标准等举措，缓解行业供需失衡问题。 需求端，非欧美海外市场成为全球光伏需求主要增量来源，出海业务对行业需求的支撑作用持续凸显。同时，太空光伏迎来发展机 遇，受益于低轨卫星星座建设提速，叠加马斯克力挺及企业布局升温，带动太空光伏需求快速增长。此外，根据中国经济信息社发布 的《2022年商业卫星产业蓝皮书》，预计到2030年全球将发射近1.4万颗小卫星。 2026年2月4日，光伏板块反复活跃。截至10:36，光伏产业指数上涨1.24%。开年以来，A股光伏板块呈现震荡修复的运行态势，板块 复苏节奏与行业转型方向，引发市场和投资者广泛关注。 光伏ETF博时(认购代码：560313)于2026年1月26日正式发售，认购期至2月6日，助力投资者一键布局光伏产业链优质龙头。 消息面上，在国家自然科学基金等项目资助下，暨南大学教授麦耀华团队与上海交通大学教授韩礼元团队合作，采用非晶钝化策略提 升大面积柔性钙钛矿组件的效率与稳定性，研究 ...