三、02月26日新发基金一览（不包含传统封闭式基金） 四、02月26日基金分红一览 （1）02月26日新发基金共有22只，主要为混合型基金和股票型基金，其中华商核心优选混合A募集目标金额达80.00亿元； 基金分红22只，多为ETF联接基金，派发红利最多的基金是中银香港盈荟系列-中银香港全天候亚洲债券基金，每10份基金 份额派发红利0.3200元。 （2）2月26日，工银添悦、广发成长甄选等13只基金同日开卖；2月27日至3月底，还有50只新基蓄势待发，即将开启认 购。数据显示，截至2月26日，年内新成立基金已达228只，合计发行份额突破2100亿份，同比均大幅增长。年初发行火热 与去年权益基金亮眼表现密切相关，展望后市，A股仍有较强支撑因素，乐观行情或持续演绎。 （3）数据显示，截至2月25日，按红利发放日统计，有公募基金产品年内分红次数已达7次，其中量化基金表现尤为活跃。 新发端亦积极布局红利及高股息类产品。规范分红以提升产品长期吸引力，正成为管理人应对发行难、响应政策要求的重 要方式，权益类基金分红力度持续加大。 | | 家 | 基金经理 | 首次夢集[ | | | | --- | --- | --- ...

哪家基金公司零售业务做得好？ 来源：小基慢跑 当我们谈论基金公司的"零售业务"时，其实就是在问：哪家基金公司最受普通老百姓的信任和欢迎？个 人投资者真金白银的投入，是对其品牌、产品和服务最直接的投票。 因为基金产品客户持有结构只有半年度和年度才公布，所以用截至2025年6月30日的数据。 其实基金行业发展了这么多年，可以看出来，个人和机构基本上是各50%，但从产品结构上来看，差别 还是很大的。 中长债，指数型基金，甚至二级债基都是机构为主。 权益类的基金，货币基金都是零售为主。 短债基金，机构和个人各占一半。 | 投资类型(二级分类) | 个人投资者持有规 | 基金规模合计2025- | 个人投资者持有金 | | --- | --- | --- | --- | | | 模(亿) | 6-30[单位] 亿元 | 颜占比 | | 平衡泥合型基金 | 272. 77 | 281. 31 | 96. 96% | | 国际(QDII)另类投资基金 | 59. 34 | 61. 67 | 96. 22% | | 国际(QDII)混合型基金 | 491. 62 | 540. 55 | 90. 95% | | 混合型FOF基 ...

业内人士表示，这与去年以来A股市场的强劲表现和各方对市场的信心愈发充足有着密切关系。 值得注意的是，今年以来，行业头部效应显著。在发行产品的基金管理人中，中欧基金以5只产 品、76.70亿元规模居首，万家基金、中银基金则以48.93亿元、35.49亿元的成绩紧随其后。头部公司凭 借品牌与投研优势，单只产品平均规模达15.34亿元，显著高于行业均值的8.57亿元。中小机构则聚焦细 分领域，如东财基金（5.57亿元）、中航基金（2.40亿元）通过主题基金实现差异化突围。 展望节后市场，博时基金认为，春节期间海外股市表现稳中有进，春节前市场担忧的风险因素在假 期期间基本没有发生。同时，春节期间出行、餐饮消费表现旺盛。 宏利基金权益投资部执行总经理李坤元认为，海外方面，今年美联储降息预期较强，全球将进 入"降息+流动性宽松"局面，整体对权益类资产有利；同时，国内各项经济指标好转，企业盈利明显改 善，将对A股市场形成有利支撑。在她看来，随着2026年企业盈利企稳、PPI改善、外资回流，高质量 风格（高ROE标的、行业龙头）风格有望回归。李坤元表示，宏利基金新发产品将聚焦于"科技成 长"与"中国优势"两大核心主线。一是A ...

2月26日，磷化工概念反复活跃，澄星股份3连板，金正大6天4板，清水源、川金诺、新化股份跟涨。 消息面上，美国将磷元素及草甘膦除草剂提升至国家安全优先事项，指出这两种物资的短缺将对国家安 全构成直接威胁。 拓展阅读 化工ETF是目前年内最受资金青睐的主题ETF之一。 回顾2月25日，稀土、磷化工板块爆发，Wind稀土、磷化工概念指数分别上涨8.45%和6.74%。 当日在板块带动下，稀土主题ETF（交易型开放式指数基金）领涨股票型ETF，多只稀土主题ETF涨幅 超过5%。 从板块表现来看，化工相关板块近期有所异动。Wind数据显示，2月24日和25日，磷化工指数连续两日 大涨，涨幅分别为8.41%和6.74%；稀土、稀有金属等板块也在2月25日爆发。 周期板块频获关注 对于化工板块近期频频异动的原因，泰石投资董事总经理韩玮在接受《国际金融报》记者采访时表示， 国外磷化工产品管制政策、国内"反内卷"政策与行业复苏周期三重效应相叠加，导致化工板块受到投资 者追捧。 化工主题ETF虽未在当日大涨，但相关ETF已是今年以来最受资金青睐的品种。数据显示，截至2月24 日，1只细分化工ETF年内净流入额超165亿元，份额 ...

Core Viewpoint - The public fund industry is increasingly focusing on investor returns, as evidenced by a significant rise in dividend distributions, with a total of 829 public funds distributing over 36.4 billion yuan in dividends since the beginning of the year [1] Group 1: Dividend Distribution Trends - In the two trading days following the Spring Festival (February 24-25), 37 public fund products distributed a total of 302 million yuan in dividends [1] - This year, over half of the total dividend amount has come from equity funds, marking a shift from previous years where bond funds dominated [1] - Major broad-based ETFs, such as Huatai-PB CSI 300 ETF, led the distribution with over 9.8 billion yuan in dividends, highlighting their significant role in this dividend wave [1] Group 2: Active Management Funds - Actively managed funds have also shown strong dividend distribution, with several funds like China Europe Dividend Enjoyment A and China Europe New Trend A distributing over 350 million yuan in a single payout [2] - Some funds have distributed dividends multiple times within two months, indicating a proactive and stable dividend strategy [2] - Dividend-themed funds have contributed significantly, with products like Huatai-PB SSE Dividend ETF and Fortune CSI Dividend Index Enhanced A collectively distributing over 2.8 billion yuan [2] Group 3: Market Outlook - Fund managers from institutions that have already distributed dividends maintain a positive outlook on the market, particularly for resource and financial sectors [3] - Factors such as declining risk-free rates, ongoing capital market reforms, and supportive domestic demand policies are expected to create a favorable liquidity environment for the A-share market [3] - The anticipated stabilization of the A-share market is supported by improving export conditions and advancements in new technology industries [3]

● 本报记者 万宇 2月20日，春节假期后港股市场率先开盘。截至2月25日，恒生指数累计上涨0.22%，恒生科技指数累计 下跌近2%。同时，港股市场板块表现分化，电讯业、能源业、工业、原材料业等板块上涨，必需性消 费、综合企业、医疗保健业等板块出现调整。个股方面，大昌微线集团、玖源集团、普天通信集团、亚 博科技控股等大幅上涨，腾讯控股、阿里巴巴、泡泡玛特等下跌。 民生加银基金的基金经理刘欣也对港股市场保持相对乐观，但他同时提示，港股性价比相对低于A股市 场。 港股市场春节假期之后持续波动，部分板块表现分化。公募基金在市场调整之际布局港股，把握后市机 会。多家基金机构仍然对港股投资持相对积极的看法，看好科技与周期品种等。 资金持续布局 诺安基金认为，港股近期表现波动是市场担忧流动性收紧和港股特色结构吸引力下降的共同结果。在整 体信用周期震荡甚至阶段性走弱的情形下，市场指数层面上行空间有限，机会主要来自景气结构方面。 虽然近期港股表现不尽如人意，但资金近来持续积极布局港股。统计显示，截至2月24日，今年以来份 额增加前十的ETF中，有一半是投资港股市场的跨境ETF，华泰柏瑞恒生科技ETF份额增加134.36亿 份 ...

Market Overview - The Hong Kong stock market has shown volatility after the Spring Festival, with mixed performance across sectors. Public funds are actively positioning themselves in the market to seize future opportunities, particularly in technology and cyclical sectors [1][2]. Fund Flows - As of February 24, half of the top ten ETFs with increased shares this year are cross-border ETFs investing in the Hong Kong market. Notably, the Huatai-PB Hang Seng Technology ETF saw an increase of 13.436 billion shares, while several other ETFs also reported significant increases [2]. - Active funds are also adjusting their portfolios to include Hong Kong stocks, with notable holdings in major internet companies like Tencent, Alibaba, Meituan, and Xiaomi [2]. Long-term Investment Outlook - According to Huaxia Fund, the Hong Kong market may present a noteworthy investment window in 2026, driven by attractive valuations and expectations of improved liquidity. The current valuations are at historically low levels, providing a safety margin for investors [2]. - The market is experiencing a resurgence of foreign capital inflows, which is expected to support the Hong Kong stock market [2]. Sector Focus - The technology and cyclical sectors are identified as the main investment themes in the Hong Kong market, with a focus on the AI industry, which is anticipated to see explosive capital expenditure growth [3][4]. - The ongoing economic transformation and industrial upgrades in China are providing significant support for the valuation of the technology sector in Hong Kong [4]. Investment Sentiment - Fund managers express optimism about the Hong Kong market, citing the potential for valuation recovery linked to corporate performance and favorable macroeconomic conditions, including a potential decline in U.S. interest rates [3][4]. - The perception of AI is shifting towards a more rational assessment of return on investment, which is expected to reduce bubble risks and enhance long-term opportunities in the technology sector [4].

仅在春节假期后的两个交易日，就有37只公募产品合计分红达3.02亿元 马年新春的暖意，不仅洋溢在街头巷尾，也悄然渗透进公募基金投资者的账户。据资讯数据统计，仅在 春节假期后的两个交易日（2月24日至2月25日），就有37只公募产品（不同份额分开计算）密集派 发"红包"，合计分红金额达3.02亿元。 若将时间线拉长来看，这股分红热潮自年初以来持续升温。资讯数据显示，截至2月25日记者发稿，今 年以来已有829只公募基金实施分红，累计分红金额超364亿元。真金白银的回馈背后，折射出公募基金 行业对投资者回报的日益重视。 与往年债券型基金"唱主角"的格局不同，今年权益类基金贡献了超半数的分红金额。这一变化，既是 2025年A股市场回暖为权益类基金积累可观利润基础的结果，也反映出在监管部门引导行业高质量发展 的背景下，基金管理人更加注重通过分红增强投资者的获得感。 在这波分红浪潮中，规模庞大的宽基ETF（交易型开放式指数基金）尤为"慷慨"。其中，华泰柏瑞沪深 300ETF以超过98亿元的分红金额领跑，易方达沪深300ETF、南方中证500ETF等产品的分红金额也均超 过10亿元。这些核心宽基指数基金凭借庞大的规模和稳 ...

Report Summary 1. Investment Rating The document does not mention the investment rating of the industry. 2. Core Views The report reviews the fund market in 2025, including the overall situation of the public - offering fund industry, the development of various sub - categories of public - offering funds, and the situation of private - offering securities investment funds. It also provides a market outlook for 2026 and selects several types of funds for attention. In 2025, the public - offering fund market achieved significant positive returns, and the private - offering securities investment fund market expanded in scale. In 2026, with the resonance of China's and the US policies, the A - share market is expected to shift from liquidity - driven to profit - driven, and attention should be paid to specific investment directions and the rhythm of the fixed - income market [2][9]. 3. Summary by Directory 3.1 Public Fund Overall Overview - **Asset Management Market Overview**: By the end of Q3 2025, the total scale of China's asset management business reached 80.03 trillion yuan. Public - offering funds and private - offering funds drove the growth of the asset management scale, with public - offering funds contributing 3.92 trillion yuan to the scale growth. The public - offering fund market maintained strong vitality, with a total scale of 36.67 trillion yuan and a total share of 31.30 trillion shares by the end of 2025, showing year - on - year growth [16][20]. - **Public Fund New - issuance Market**: In 2025, stock - type and bond - type funds were the main new - issuance products. The new - issuance volume of stock - type funds was large, and the new - issuance scale was comparable to that of bond - type funds, mainly relying on passive products [40]. - **Non - monetary Head Managers of Public Funds**: Since 2021, the top - three managers in terms of non - monetary fund scale have been relatively stable. In 2025, E Fund, China Asset Management, and GF Fund had different product line focuses in terms of stock and incremental scale. Huatai - Peregrine Fund and Invesco Great Wall Fund showed good performance [47][48]. - **Performance of Public Fund Products**: In 2025, the public - offering fund market achieved significant positive returns. Commodity - type funds represented by gold performed excellently, and stock - type funds also received good returns with reduced volatility and drawdown [3][56]. 3.2 Hot Topics in the Fund Industry - **Reform of Public - offering Fund Policies**: In 2025, a series of reform measures were introduced to promote the transformation of the public - offering fund industry from "scale - oriented" to "return - oriented" [59]. - **New - style Floating - rate Funds**: In 2025, new - style floating - rate funds were successively launched, which had important impacts on the public - offering fund market, such as guiding long - term holding and strengthening the binding mechanism between fund companies and investors [67][69]. - **Commercial Real Estate REITs**: In 2025, the pilot of commercial real estate REITs was officially launched, and 12 products had been officially declared by February 13, 2026 [73][75]. - **Development of the Fund Investment Advisory Industry**: Policy support, product expansion, and institutional empowerment promoted the development of the fund investment advisory industry. The investment scope of fund investment advisors was gradually broadened, and leading public - offering funds entered the market [77][79]. 3.3 Overview of Sub - categories of Public Funds - **Active Equity Funds**: In 2025, the scale of active equity funds rebounded, with an average return of 33.29%. Funds focusing on the AI industry chain led the gains [101]. - **Industry Theme Funds**: By the end of 2025, there were 2,009 industry theme funds, with a significant increase in scale. Funds in technology communication, large - scale technology, and large - scale manufacturing sectors led the gains [4][150]. - **Active Fixed - income Funds**: In the low - interest - rate environment and the rising equity market in 2025, the management pressure of pure - bond portfolios increased, while the scale of bond - containing funds increased significantly [170][174]. - **Passive Funds**: By the end of 2025, the total scale of passive funds exceeded 7.5 trillion yuan. ETFs continued to expand, and industry themes and bonds frequently created hot topics [205]. - **FOF Funds**: By the end of 2025, the total scale of FOF funds increased significantly, with performance showing significant differentiation. The new - issuance market recovered [296][309]. - **Quantitative Funds**: The scale of quantitative funds expanded rapidly, with index - enhanced funds dominating the scale. The new - issuance market of A500 and ChiNext/Science and Technology Innovation Board index - enhanced funds was hot, and small - cap products had outstanding returns [334][346]. 3.4 Overall Situation of Private - offering Securities Investment Funds - **Existing Situation**: By the end of December 2025, the existing scale of private - offering securities investment funds reached a record high of 7.08 trillion yuan, a year - on - year increase of 35.82%. The number of funds decreased, and fund managers continued to be cleared out [377]. - **New - issuance Market**: In 2025, the number and scale of newly - registered private - offering securities investment funds both increased. The access for new fund managers remained strict [382]. - **Industry Pattern**: The number of private - offering funds with a scale of over 10 billion yuan increased, while the number of those with a scale of less than 500 million yuan decreased significantly [391]. - **Market Trends**: In 2025, the scale of quantitative private - offering funds expanded again, and 14 new quantitative private - offering funds exceeded 10 billion yuan in scale. The regulatory rules for program trading were implemented [394][399]. - **Market Trends**: The number of insurance - funded private - offering securities investment funds increased to 7, and insurance funds increased their layout in the equity market through private - offering funds [400]. 3.5 Market Outlook in 2026 - **Macroeconomic Outlook**: In 2026, China's fiscal policy aims to balance "stable growth" and "structural transformation." If the fiscal space is fully released, a series of positive macroeconomic changes are expected. The total demand growth rate is expected to return to expansion [402][404]. - **Investment Direction**: In the equity market, attention should be paid to computing power, AI applications, AI power, cutting - edge technologies proposed in the 14th Five - Year Plan, pro - cyclical sectors, and domestic demand expansion and consumption recovery. In the fixed - income market, the interest rate center may rise, and the trading rhythm should be grasped [9]. - **Fund Selection**: The report selects several types of funds, including all - market investment equity funds, equity funds under different investment themes, fixed - income funds, and index - enhanced funds [10][11][12].

化工ETF是目前年内最受资金青睐的主题ETF之一。 2月25日，稀土、磷化工板块爆发，稀土、磷化工概念指数分别上涨8.45%和6.74%。 在板块带动下，稀土主题ETF（交易型开放式指数基金）领涨股票型ETF，多只稀土主题ETF涨幅超过 5%。 化工主题ETF虽未在当日大涨，但相关ETF已是今年以来最受资金青睐的品种。数据显示，截至2月24 日，1只细分化工ETF年内净流入额超165亿元，份额增长超185亿份，均位居ETF排行榜首位。 业内人士向《国际金融报》记者表示，化工板块目前处于行业复苏周期，在顺周期逻辑推动下，板块估 值水平有望得到改善。 年内净流入暂居第一 "资金持续流入反映出市场对化工板块估值修复预期、业绩提升预期的认可度较高，具备一定的配置性 价比。"独立财经评论员郭施亮向记者表示，目前化工行业处于景气周期，特别是龙头公司业绩持续回 暖；作为现阶段的顺周期行业，化工板块不断吸引资金流入，在基本面逐渐改善、产品顺周期涨价的推 动下，板块估值水平有望得到提升。 国泰基金最新观点指出，预期PPI（工业品出厂价格指数）同比修复仍会支持化工、电新板块的基本面 表现。 中欧基金表示，地缘环境对风险资产的挑战 ...