2026.01. 28 本文字数：2890，阅读时长大约4分钟 作者 | 第一财经 曹璐 一场以"业绩"为标尺的洗牌，正在公募基金主动权益"百亿俱乐部"悄然上演。 以张坤为首的顶流基金经理管理规模普遍回落，行业"天花板"短短数年间降至500亿元以下；同时，一批业 绩亮眼的基金经理凭借超额收益强势崛起，甚至仅用一年时间就完成从数千万元到100亿、甚至300亿的跨 越式增长。 这场百亿基金经理阵容的变化背后，业绩正在取代名气，成为决定资金流向的"硬通货"。在业内人士看来， 投资者如今更愿意追逐能创造持续回报的绩优产品，行业也正从追逐"明星光环"的规模竞赛，加速转向以持 续回报为核心的"去明星化"深层转型。 500亿"天花板"已成过去式 紧随其后的头部基金经理规模同样承压。兴证全球基金谢治宇、中欧基金葛兰仅在"400亿+"梯队维持一个季 度，便重回300亿阵营，最新在管规模分别为386.18亿元、353.89亿元，单季度分别减少67.39亿元、 81.55亿元。 景顺长城基金刘彦春、中欧基金周蔚文则守住300亿阵营，最新管理规模分别为314.75亿元、310.04亿 元。与上一季度相比，虽有不同程度缩水，但头部阵营 ...

Group 1 - The core narrative of the article highlights a significant shift in the public fund industry, moving from a "star-making" era to a focus on performance and rationality, with a decline in the influence of celebrity fund managers [1][7] - The scale of top fund managers has generally decreased, with the industry ceiling now below 500 billion yuan, indicating a transition towards sustainable returns rather than mere fame [2][4] - The number of fund managers managing over 100 billion yuan has decreased to 102, reflecting a reduction in the concentration of top-tier managers [2][4] Group 2 - Performance has become the primary driver of fund scale changes, with many emerging fund managers achieving rapid growth due to superior returns [5][6] - The fund issuance market has shown signs of recovery, with new products performing well, contributing to the rise of several fund managers into the 100 billion yuan club [6][8] - The industry is undergoing a transformation towards a performance-driven model, moving away from the previous scale-oriented approach, with a focus on team empowerment and sustainable returns [7][8]

8位基金经理跻身300亿元阵营 在权益类产品管理规模排名中，易方达基金张坤表现突出，以483亿元的规模居于首位，且其管理规模 全部集中于权益类产品。兴证全球基金谢治宇以386亿元的规模紧随其后。广发基金杨冬、中欧基金葛 兰、景顺长城基金刘彦春的管理规模均超过300亿元，具体分别为360亿元、353亿元和314亿元。此外， 中欧基金周蔚文、蓝小康以及永赢基金张璐的管理规模也均站上300亿元关口。 这一梯队清晰地展示了大型基金公司在培育和留住顶尖投资人才方面的平台优势。以中欧基金为例，其 旗下葛兰、周蔚文、蓝小康三位基金经理权益管理规模均超过300亿元，赵磊与冯炉丹的规模也分别达 到269亿元和206亿元。 易方达基金同样如此，除张坤外，陈皓、萧楠、刘健维、郑希的权益管理规模均在200亿元以上，形成 了显著的集群效应。一位行业观察人士对《华夏时报》记者指出，头部基金经理的管理规模是其历史业 绩、投资理念被市场广泛认可的结果。尤其是在市场波动加大、结构性机会为主的背景下，投资者出于 对确定性的追求，更倾向于将资金托付给历经牛熊、风格稳定的基金经理。这使得头部基金经理的管理 规模得以维持甚至增长，但同时也对其投资操作 ...

2026年开年，一只化工主题ETF在资本市场引发关注。鹏华基金旗下的化工ETF(159870)以惊人的增长 速度，从2025年7月仅15亿元的"小众标的"，跃升至如今超320亿元的规模体量，半年内实现20倍扩张， 稳坐全市场化工主题ETF头把交椅。 更值得关注的是，这只基金已成为专业机构的"心头好"，被24只公募FOF重仓持有，其业绩表现与流动 性水平同步领跑同类产品。背后既离不开化工行业供需格局的深刻变革，也得益于宏观政策的精准赋能 与产品自身的硬核实力，这只ETF的崛起，正是中国化工产业转型升级与资本市场价值重估的生动缩 影。 规模狂飙：从"小众标的"到"行业巨擘"的蜕变 化工ETF(159870)的规模增长轨迹，堪称资本市场的"逆袭爽文"。回顾其攀升历程，2025年7月是重要的 转折点，彼时基金规模尚在15亿元左右徘徊，随着化工行业基本面拐点显现与政策红利释放，资金开始 加速布局，基金规模开启跨越式增长。 2025年8月末，基金规模成功突破100亿元大关，实现量级跃升；9月初又迅速突破150亿元，确立了绝对 的头部优势；进入2026年，增长势头愈发迅猛，上演"加速度"行情：1月12日突破200亿元，1月 ...

各位鹏友好，基金经理陈金伟的季报观点如约而至。在三季报中，他坦言"在中游行业中，现阶段买的 最多的是化工"，同时仍看好内需属性的医药和消费的一部分细分领域。 在这次的四季报中，陈金伟依然看好中游周期以及内需属性的消费医药，并分别从预期差角度进行了专 业深度的解读。站在当下时点，他此前对于化工的判断已然得到市场验证，但对于尚处在市场左侧的内 需板块(消费和医药)，他认为内需的复苏路径已经比较清晰，内需属性的消费和医药可能是未来五年空 间最大、预期差最大的板块，而且拐点就在眼前。他是如何得出这一结论的？不妨一起来看看基金经理 陈金伟的四季报投资观点。 中游可以随便扩产可能是我们身处中国而产生的错觉，如果把过去五年全球化工行业资本开支拆分来 看，中国以外几乎没有多少新增资本开支。如果中国通过反内卷能够有效控制增量产能，那么化工就具 备了"类资源品"的属性。 在其他国家，建一座化工厂难度非常大。除了基础设施、优质劳动力、高效政府等中国制造业的共性优 势外，我们还想强调化工独有的"网络效应"。我们经常提及"制造业出海"，但化工领域，中资企业出海 或发展中国家自己建厂其实并不多，且较多集中于轮胎、尿素、改性塑料等领域，这 ...

Core Insights - The traditional "fixed income +" strategy faces new challenges in achieving sustainable excess returns amid a structural market and rapid rotation [1] - The macroeconomic outlook for 2026 indicates a continuation of "low growth with high structural differentiation," with AI and technological advancements becoming the core growth drivers [2] - The investment strategy must evolve from a simple "debt foundation, equity enhancement" model to a "three-dimensional technology allocation system" to effectively manage risks and returns [3] Macroeconomic and Strategic Response - The macroeconomic environment will be characterized by low growth and structural differentiation, with real estate's negative impact on the economy diminishing but not regaining its growth engine role [2] - External uncertainties from global volatility, geopolitical tensions, and technological competition will persist, affecting market sentiment but not altering the mid-term direction [2] - The market will see significant structural opportunities and complex style rotations, particularly around AI and its industrial diffusion [2] Investment Product Development - Penghua's quantitative "fixed income +" product line utilizes multi-factor stock selection or machine learning strategies to create clearly defined products with strong return volatility explanations [4] - The product lineup includes Penghua Changxiang, the first "fixed income +" product to adopt a Sci-Tech 100 enhancement strategy, and Penghua Chuangxing, which focuses on A+H technology growth styles [4] - Performance metrics indicate that Penghua Changxiang A achieved a net value growth rate of 5.36% in 2025, outperforming its benchmark of 2.57% [4] Client Segmentation and Risk Management - The quantitative fixed income + strategy aims to meet the refined needs of different risk tolerance clients, offering products with lower equity exposure for conservative investors and higher volatility options for those seeking greater returns [5] - Clear product positioning and robust strategy execution are designed to enhance client investment experiences over longer holding periods, targeting superior relative and absolute returns [5]

Group 1 - On January 28, the trading volume of broad-based ETFs surged, with four major CSI 300 ETFs achieving record trading amounts since their inception, including Huatai-PB CSI 300 ETF surpassing 40 billion yuan for the first time [1][2][3] - The total trading volume of the four leading CSI 300 ETFs reached 116.5 billion yuan, with E Fund CSI 300 ETF at 31.9 billion yuan, Huaxia CSI 300 ETF at 26.8 billion yuan, and Harvest CSI 300 ETF at 17.7 billion yuan, all setting new records [3][4] Group 2 - Despite the record trading volumes, the market indices showed resilience, with the CSI 300 Index up 0.22% and the Shanghai Composite Index up 0.27%, while the ChiNext Index fell by 0.57% [8] - On January 27, broad-based ETFs experienced significant net outflows of 47.48 billion yuan, with major ETFs like Huatai-PB CSI 300 ETF, Huaxia CSI 300 ETF, E Fund CSI 300 ETF, and Harvest CSI 300 ETF collectively seeing net outflows of 43.65 billion yuan [9] Group 3 - The net outflow from broad-based ETFs from January 14 to 27 totaled 766.32 billion yuan, with the leading ETFs experiencing over 440 billion yuan in outflows [9] - As a result of the continuous outflows, the sizes of major ETFs have significantly decreased, with Huatai-PB CSI 300 ETF's size dropping from 422.26 billion yuan at the end of last year to 271.19 billion yuan, and E Fund CSI 300 ETF's size decreasing from 300.22 billion yuan to 187.95 billion yuan [9] Group 4 - On January 28, several industry-themed ETFs, particularly in the precious metals sector, saw strong inflows, with the Huaxia Nonferrous Metals ETF gaining 1.657 billion yuan and other related ETFs also attracting over 500 million yuan [10][12] - The scale of domestic gold-related ETFs reached 314.14 billion yuan as of January 27, a significant increase from 70.44 billion yuan at the beginning of 2025 [11][12] Group 5 - The leading gold ETF, Huaan Gold ETF, reached a size of 120.57 billion yuan, while Bosera Gold ETF and E Fund Gold ETF had sizes of 52.18 billion yuan and 45.09 billion yuan, respectively [12] - The continuous net purchases of gold by the People's Bank of China for 14 consecutive months reflect a global trend among central banks to optimize reserve asset structures and hedge against geopolitical and dollar credit risks [12]

Core Viewpoint - The public fund industry in China has reached a record management scale of 37.64 trillion yuan by the end of 2025, with a quarterly growth of over 1.3 trillion yuan, indicating a steady expansion trend [1]. Group 1: Management Scale and Rankings - By the end of 2025, all top 10 public fund managers have entered the "trillion club," with the top two being E Fund and Huaxia Fund, managing 2.42 trillion yuan and 2.16 trillion yuan respectively [1][3]. - The ranking of the top 10 fund companies has solidified, with E Fund and Huaxia Fund being the only two to exceed 2 trillion yuan in scale [3]. - The number of public funds with management scales exceeding 1 trillion yuan has increased from 8 to 10, with Huitianfu and Penghua Funds joining the ranks [4]. Group 2: Non-Monetary Scale Growth - Over 100 out of 164 fund companies achieved growth in non-monetary scale in 2025, with 12 companies growing by over 100 billion yuan [6]. - E Fund's non-monetary scale increased from 1.34 trillion yuan to 1.66 trillion yuan, while Huaxia Fund's grew from 1.16 trillion yuan to 1.44 trillion yuan [5]. - The growth in non-monetary scale is closely linked to the performance of active equity and "fixed income+" products, with significant contributions from active rights products [8]. Group 3: Competitive Landscape - The competitive landscape within the public fund industry is evolving, with a shift from a focus on fixed income to a resurgence in equity styles [1]. - The ability of fund companies to conduct research and their product layout has become a key variable in determining their scale rankings [1]. - The pressure of competition is evident, as some companies have seen their rankings decline despite growth, highlighting the need for continuous improvement [4]. Group 4: Notable Performers - In the fourth quarter of 2025, institutions like E Fund, Huaxia Fund, and GF Fund showed significant growth in their non-monetary scales, with E Fund leading at 4.99 trillion yuan [8][9]. - Notable growth was also observed in firms like Jingshun Longcheng and Zhongou Fund, which achieved substantial increases in their active rights product scales [10][11]. - Huitianfu Fund was the only top ten firm to see an increase in its ranking, with a non-monetary scale of 6574.63 billion yuan, reflecting a growth of 5.90% [11].

Group 1 - The core viewpoint of the news highlights a significant surge in the non-ferrous metal sector driven by rising risk aversion and expectations of interest rate cuts, with the Penghua Non-Ferrous ETF (159880) rising over 7.3% and 14 constituent stocks hitting the daily limit up [1] - Southwest Securities indicates that both precious metals and industrial copper sectors are showing positive expansion, with resource-advantaged companies continuously increasing reserves and production, and upcoming production from marine gold mining projects [1] - As of January 28, 2026, the Guozheng Non-Ferrous Metal Industry Index (399395) has surged by 6.31%, with significant gains in constituent stocks such as Silver Non-Ferrous (up 10.04%), China Aluminum (up 10.02%), and Yunnan Copper (up 10.02%) [1] Group 2 - As of December 31, 2025, the top ten weighted stocks in the Guozheng Non-Ferrous Metal Industry Index (399395) include Zijin Mining, Luoyang Molybdenum, Northern Rare Earth, and others, collectively accounting for 51.65% of the index [2] - The Penghua Non-Ferrous ETF (159880) closely tracks the Guozheng Non-Ferrous Metal Industry Index, which selects 50 securities from the non-ferrous metal industry based on size and liquidity, reflecting the overall performance of listed companies in this sector [1][2]

Group 1 - The core viewpoint of the articles highlights the rising oil prices driven by escalating regional tensions, particularly in Iran, and the decision by OPEC+ to maintain current production levels, which has led to increased investment in the oil sector, including significant inflows into the Penghua Oil ETF [1][2] - As of January 25, WTI oil prices reached $61.29 per barrel, and Brent oil prices reached $66.23 per barrel, reflecting increases of 3.11% and 3.16% respectively from the previous week [1] - The National Oil and Gas Index (399439) surged by 3.32% as of January 28, with notable gains in constituent stocks such as Potential Energy (up 19.28%) and Sinopec Oilfield Services (up 10.11%) [1] Group 2 - The Penghua Oil ETF (159697) closely tracks the National Oil and Gas Index, which reflects the price changes of publicly listed companies in the oil and gas sector on the Shanghai and Shenzhen stock exchanges [2] - As of December 31, 2025, the top ten weighted stocks in the National Oil and Gas Index include major companies such as China National Petroleum, Sinopec, and CNOOC, collectively accounting for 67.11% of the index [2]