Core Viewpoint - The Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159266) experienced a net redemption of 4.0133 million yuan on February 3, ranking 38th out of 212 in cross-border ETF net outflows [1] Group 1: Fund Performance - As of February 3, the latest size of the Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159266) is 562 million yuan, down from 564 million yuan the previous day, with a net outflow of 0.71% of the previous day's size [1] - Year-to-date, the fund's shares have decreased by 9.58% and its size has decreased by 8.03% compared to December 31, 2025, when the shares were 616 million and the size was 611 million yuan [2] Group 2: Liquidity and Trading Activity - Over the last 20 trading days, the cumulative trading amount for the ETF is 254 million yuan, with an average daily trading amount of 12.6913 million yuan [2] - In the 22 trading days this year, the cumulative trading amount is 266 million yuan, with an average daily trading amount of 12.0983 million yuan [2] Group 3: Fund Management and Holdings - The current fund managers are Liu Tingyu and Cai Leping, with Liu managing the fund since July 23, 2025, achieving a return of 0.96%, while Cai has managed it since November 5, 2025, with a return of -1.82% [2] - Major holdings in the fund include China COSCO Shipping, China Shenhua Energy, CNOOC, Sinopec Engineering, China National Offshore Oil Corporation, and others, with respective holding percentages and market values detailed [2]

Core Viewpoint - The Shanghai Gold ETF (159830) is experiencing a strong rebound, with significant trading activity and a favorable fee structure compared to other gold ETFs [1][2][3]. Group 1: Product Highlights - The Shanghai Gold ETF (159830) closely tracks the Shanghai Gold Index and has a lower management and custody fee of 0.25% + 0.05%, making it competitive in the market [3]. - The ETF has attracted a total of 191 million yuan in the last 10 trading days, indicating strong investor interest [2]. Group 2: Market Events - As of February 4, international gold prices have rebounded, surpassing the 5000 USD per ounce mark, with a daily increase of over 2% [4]. - COMEX gold futures have also shown strength, reflecting a similar upward trend in prices [4]. Group 3: Institutional Insights - Galaxy Securities highlights concerns regarding Kevin Warsh's potential monetary policy changes, which could lead to a stronger dollar and impact gold prices. However, they note that Warsh's recent statements suggest a more dovish stance on interest rates [5]. - The demand for gold assets is increasing due to geopolitical instability, which is expected to support gold prices in the long term [5].

在投资中，张寓坚守价值投资核心，专注于大制造赛道投研，擅长左侧布局与自下而上的个股挖掘。具 体投资框架上，他坚持聚焦3个至5个行业深耕细作，希望通过长期深度研究与持续跟踪构筑超额认知， 以此把握左侧布局机会，而非追逐短期行业轮动的博弈性机会。 在行业选择上，张寓锚定价值成长与产业趋势两大主线，并将价值成长作为核心抓手。在其看来，产业 趋势可划分为三个阶段："未来时"产业短期具备高爆发性，但伴随高波动特征，行情依赖事件催化与市 场风险偏好，仅对这类产业做少量配置；"进行时"产业处于产业成长期，业绩兑现是核心逻辑，为重点 配置方向；"过去时"产业步入产业成熟期，需依托周期波动与逆向投资思路布局，同样仅做少量配置。 在个股选择上，张寓偏好具备α（超额收益）溢价的标的，重点看好三类企业：一是行业商业模式成 熟、竞争格局清晰的龙头公司；二是行业商业模式与产业链逐渐成型，具有强竞争力，能快速抢占市场 份额的优质企业；三是产业趋势处于早期阶段，具备先发优势的潜力标的。他坚信："构建组合的根基 在于可持续性，唯有具备核心竞争优势的企业，才能在中长期维度为投资者提供稳定回报。" 岁末年初，市场开启新春布局窗口。2025年表现出 ...

Market Performance - On February 3, A-shares saw a collective increase in the three major indices, with the Shanghai Composite Index rising by 1.29% to 4067.74 points, the Shenzhen Component Index increasing by 2.19% to 14127.11 points, and the ChiNext Index up by 1.86% to 3324.89 points [1] - The sectors that performed well included BC batteries, perovskite batteries, and engineering machinery concepts, while sectors such as cross-border payments, central state-owned enterprises valuation, and internet finance experienced declines [1] Fund Manager Changes - On February 3, there were changes in 9 fund managers across various fund products, indicating a significant turnover that could impact future fund performance [2] - In the past 30 days (January 4 to February 3), 537 fund managers have left their positions, with reasons including product expiration and job changes [3] - Notable fund managers include Lei Jun from Great Wall Fund, managing assets of 4.754 billion yuan, with a top-performing product yielding a return of 192.14% over 7 years [3] Fund Research Activity - In the past month, Bosera Fund conducted the most company research, engaging with 56 listed companies, followed by Huaxia Fund with 54, Southern Fund with 46, and Fortune Fund with 45 [4] - The chemical products industry was the most researched sector, with 216 instances of fund company engagement, followed by general equipment with 181 instances [4][5] Individual Stock Focus - The most researched stock in the past month was Daikin Heavy Industries, with 67 fund management companies participating in the research, focusing on offshore wind power equipment [5][6] - In the last week (January 27 to February 3), the most researched company was Yintong Zhikong, with 61 fund institutions involved, followed by Zhongji Xuchuang and Jingzhida [6][7]

贺剑的稳健表现，并非孤军奋战的结果，而是天弘基金"固收+"团队化作战的缩影。作为业内知名的固 收大厂，天弘基金构建了平台化、一体化的投研体系，"固收+"核心产品采用团队协同共管模式，整合 宏观研究、信用分析、权益投研等多领域力量，有效弥补单一投资视角的局限。 作为拥有18年证券从业经历、11年基金管理经验的老将，贺剑的投资履历覆盖年金、专户、QFII等多个 领域，横跨纯债、转债、股票三大资产类别，这也让他具备了更全面的大类资产研判能力和扎实稳健的 债券投资风格，成为一位优秀的多资产配置专家。 尤为值得一提的是贺剑的风险控制能力。他严格将旗下产品的权益风险暴露敞口控制在30%以内，通过 多元资产搭配，实现风险与收益的平衡。这一策略让产品在市场波动中展现出较强的抗风险能力，精准 匹配风险承受能力较低的投资者需求。截至2025年底，贺剑在管"固收+"基金8只，总规模达107亿元。 其中管理期限满一年以上的5只基金，2025年的最大回撤均未超过-2%。 中证报中证网讯(记者王宇露)低利率时代下，传统理财收益持续承压，叠加资本市场波动加剧，"固收 +"基金的稳健运作能力愈发受到投资者关注。天弘基金混合资产部基金经理贺剑 ...

Group 1 - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) closed up 1.21% on February 3, with a trading volume of 72.32 million yuan [1] - As of February 2, the fund's latest share count was 345 million shares, with a total size of 345 million yuan, reflecting a decrease of 2.54% in shares and 1.55% in size since December 31, 2025 [1] - The fund's management fee is 0.50% per year, and the custody fee is 0.10% per year [1] Group 2 - The top holdings of the Tianhong ETF include COSCO Shipping Holdings, China Shenhua Energy, CNOOC, Sinopec Engineering, China National Shipping, China Petroleum & Chemical Corporation, China Coal Energy, CITIC International, and China Construction Bank, with respective holding percentages [2] - The largest holding is COSCO Shipping Holdings at 4.11%, followed by China Shenhua Energy at 2.68% and CNOOC at 2.56% [2] - The fund manager, He Yuxuan, has managed the fund since August 20, 2025, achieving a return of 2.85% during the management period [1]

2月3日，中瓷电子涨5.43%，截至发稿，报78.30元/股，成交5.36亿元，换手率2.05%，总市值353.17亿 元。 资料显示，河北中瓷电子科技股份有限公司位于河北省石家庄市鹿泉经济开发区昌盛大街21号，成立日 期2009年8月6日，上市日期2021年1月4日，公司主营业务涉及氮化镓通信基站射频芯片与器件、碳化硅 功率模块及其应用产品、电子陶瓷系列产品的研发、生产和销售等业务。主营业务收入构成为：电子陶 瓷材料及元件69.39%，第三代半导体器件及模块45.56%。 截至发稿，余浩累计任职时间2年243天，现任基金资产总规模4.27亿元，任职期间最佳基金回报 25.05%， 任职期间最差基金回报1.85%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 数据显示，天弘基金旗下1只基金重仓中瓷电子。天弘永裕平衡养老三年A（009385）四季度持有股数 1.07万股，占基金净值比例为0.46%，位居第九大重 ...

值得关注的是，Wind显示，航空航天ETF天弘（159241）近7个交易日（1月22日~1月30日）实现连 续"吸金"，航空航天ETF天弘（159241）最近20个交易日累计获资金净流入3.44亿元。截至2026年01月 30日，该基金最新规模为9.51亿元。 航空航天ETF天弘（159241）聚焦军工细分空天力量，成分股覆盖战斗机、运输机、直升机、航空发动 机、导弹、卫星、雷达等全产业链龙头，完美契合"空天一体"的战略方向。 消息面上，近日航天航空板块受到多重利好提振。据中国信息协会低空经济分会报告，低空经济已明确 纳入"十五五"国家战略性新兴产业，政策支持力度持续强化。商业航天领域迎来技术突破，据开源证券 研报，可重复使用火箭进入工程化阶段，有望显著降低发射成本。此外，据中泰证券数据，主要航司 2025年业绩预告普遍改善，航空客运需求呈现强劲复苏态势。 广发证券指出，商业航天、大飞机、航空发动机领域将维持高景气度。中国航天"天工开物"计划与 SpaceX卫星网络计划共同推动产业升级，重点关注产业链中轻量化材料、卫星应用及航空制造等环节 的成长潜力。 西南证券分析称，航空航天业正从政策驱动转向长期战略引领， ...

Group 1: Market Overview - Gold-related ETFs experienced significant declines, with multiple ETFs hitting the daily limit down [2][5] - The Huashan Gold ETF recorded a trading volume of 19.1 billion yuan, marking the third-highest trading day since its inception in 2013 [2][4] - The total scale of gold-related commodity ETFs reached 333.3 billion yuan as of January 30, up from 70.4 billion yuan at the beginning of 2025 [4] Group 2: Trading Performance - Several gold ETFs, including E Fund Gold ETF and Bosera Gold ETF, also saw high trading volumes, with E Fund Gold ETF at 6.4 billion yuan and Bosera Gold ETF exceeding 4.5 billion yuan [2][3] - The performance of various gold-related ETFs showed a uniform decline of 10% on the trading day [3][6] Group 3: Investor Sentiment and Recommendations - Analysts suggest that the recent drop in gold prices is a short-term technical adjustment and emotional release, emphasizing the importance of avoiding irrational trading behaviors [8] - Investment firms recommend that investors focus on long-term strategies and be cautious of leverage risks, especially in a high-volatility environment [8]

Group 1 - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) closed down 2.94% on February 2, with a trading volume of 82.134 million yuan [1] - As of January 30, the fund had a total of 335 million shares and a total size of 343 million yuan, reflecting a decrease of 5.36% in shares and 2.16% in size since December 31, 2025 [1] - The fund's management fee is 0.50% per year, and the custody fee is 0.10% per year [1] Group 2 - The top holdings of the Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF include COSCO Shipping Holdings, China Shenhua Energy, CNOOC, Sinopec Engineering, China National Shipping, China Petroleum & Chemical Corporation, and others, with respective holding percentages [2] - The largest holding is COSCO Shipping Holdings at 4.11%, followed by China Shenhua Energy at 2.68% and CNOOC at 2.56% [2] - The fund manager, He Yuxuan, has managed the fund since August 20, 2025, achieving a return of 2.85% during the tenure [1]