记者丨叶麦穗 编辑丨肖嘉 北京时间1月28日，现货黄金突破5250美元/盎司，最高触及5266.43美元/盎司，年内涨幅突破21%，继续刷新历史最高纪录。 21世纪经济报道记者注意到，当天黄金板块也跟着水涨船高，截至14:20左右，同花顺黄金概念指数涨超7%，包括晓程科技、恒邦股份、招金黄金、四川黄 金、湖南黄金和西部黄金在内的成份股集体涨停。 伦敦金现 W SPTAUUSDOZ.IDC 昨结 5181.748 总量 5254.690 5179.233 现手 +72.942 +1.41% 开盘 最高价 5266.430 持 仓 0 外 盘 最低价 5156.570 增 仓 内 盘 0 分时 王日 月K 更多 叠加 设均线 MA5:5072.892↑ 10:4884.668↑ 20:4684.621↑ 5384.706 --------- 5266.430- 4632.044 K 3997.658 3879.383 d a long the state of the comment of the county of t be the last to the last the last the latest of ...

北京时间1月28日，现货黄金突破5250美元/盎司，最高触及5266.43美元/盎司，年内涨幅突破21%，继 续刷新历史最高纪录。 21世纪经济报道记者注意到，当天黄金板块也跟着水涨船高，截至14:20左右，同花顺（300033）黄金 概念指数涨超7%，包括晓程科技（300139）、恒邦股份（002237）、招金黄金（000506）、四川黄金 （001337）、湖南黄金（002155）和西部黄金（601069）在内的成份股集体涨停。 黄金采矿公司业绩集体报喜 1月27日晚间，中金黄金（600489）公告称，预计2025年年度实现归属于母公司所有者的净利润48亿元 到54亿元，与上年同期相比增加41.76%~59.48%。公司业绩增长主要受益于矿产金业务盈利能力的提 升。报告期内，业绩提升一方面得益于销售均价同比上涨及销量保持稳定；另一方面，公司通过深化精 益管理、加强成本管控，持续推进降本增效，进一步夯实了盈利基础。在价格上行与运营提效的共同作 用下，矿产金毛利率同比显著提高，从而有力推动了整体业绩增长。 无独有偶，1月25日晚，湖南黄金发布业绩预告，预计2025年净利润为12.7亿元—16.08亿元，同比增 ...

Core Viewpoint - The stock ETF market has experienced a significant outflow of funds, totaling over 640 billion yuan in the last ten trading days, indicating a bearish sentiment despite the Shanghai Composite Index maintaining above 4100 points [1]. Group 1: ETF Market Overview - As of January 27, the total scale of all stock ETFs (including cross-border ETFs) reached 4.19 trillion yuan, with a net outflow of 480.18 billion yuan on that day alone [1]. - The outflow trend has persisted for ten consecutive trading days, with a cumulative net outflow exceeding 640 billion yuan [1]. Group 2: ETF Performance by Type - Industry and commodity ETFs saw net inflows of 72.18 billion yuan and 41.26 billion yuan, respectively, while broad-based ETFs faced significant outflows, totaling 570 billion yuan [3]. - The SGE Gold 9999 index ETFs led the inflows with a net inflow of 35.7 billion yuan, while the ETFs tracking the CSI 300 index saw a net outflow of 385.49 billion yuan [3]. Group 3: Notable ETF Inflows - The Huaxia Nonferrous Metals ETF and Gold Stock ETF recorded the highest single-day net inflows of 16.57 billion yuan and 5.45 billion yuan, respectively [4][5]. - The E Fund Gold ETF also saw a net inflow of 8.75 billion yuan, contributing to the overall strength of gold-related ETFs [6]. Group 4: Notable ETF Outflows - The top ten ETFs with the highest net outflows were all broad-based ETFs, with three CSI 300 ETFs collectively experiencing over 330 billion yuan in net outflows [8]. - The CSI 500 ETF had a significant net outflow of 93.23 billion yuan, indicating a trend of investors pulling back from broader market exposure [8]. Group 5: Market Outlook - Analysts from Guotai Fund suggest that the recent rise in gold prices is driven by its safe-haven appeal and concerns over U.S. asset confidence, alongside a potential interest rate cut cycle [7]. - The outlook for the non-ferrous sector remains positive, with supply disruptions and strong demand expected to support prices for metals like copper and lithium [7].

Core Viewpoint - The stock ETF market has experienced a continuous outflow of funds for ten consecutive trading days, totaling over 640 billion yuan, indicating a bearish trend despite the Shanghai Composite Index stabilizing above 4100 points [1][2]. Group 1: Market Overview - As of January 27, the total scale of the stock ETF market (including cross-border ETFs) reached 4.19 trillion yuan, with a net outflow of 480.18 billion yuan on that day [2]. - The recent ten-day period has seen a cumulative net outflow exceeding 640 billion yuan from stock ETFs [1]. Group 2: ETF Performance by Type - Industry theme ETFs and commodity ETFs saw net inflows of 72.18 billion yuan and 41.26 billion yuan, respectively, while broad-based ETFs experienced significant outflows, totaling 570 billion yuan [4]. - The broad-based ETF scale decreased by 507.34 billion yuan during this period [4]. Group 3: Specific ETF Insights - ETFs tracking the SGE Gold 9999 index saw a net inflow of 35.7 billion yuan, while those tracking the CSI 300 index faced a net outflow of 385.49 billion yuan [4]. - Major fund companies like E Fund and Huaxia Fund reported significant net inflows in their gold and commodity ETFs, with E Fund's gold ETF attracting 8.8 billion yuan and Huaxia's non-ferrous metal ETF attracting 16.57 billion yuan [5][7]. Group 4: Sector Analysis - The gold and non-ferrous metal sectors are currently the most attractive for investors, with substantial inflows into related ETFs [6][7]. - Factors supporting the gold price include its safe-haven appeal, a potential Fed rate cut cycle, and geopolitical tensions, while the non-ferrous sector is bolstered by supply disruptions and strong demand [8].

2026年开年以来，A股股票型ETF市场呈现鲜明分化格局。以沪深300ETF为代表的多只核心宽基产品遭遇大幅净流出达7957.56亿元，而有色金 属、电网设备、化工等赛道型行业主题ETF则持续获得资金青睐。 据Wind数据统计，截至1月27日，在年内17个交易日里，全市场771只行业主题ETF（含商品型ETF）累计净流入已达2271.84亿元，接近2025年全 年该类产品净流入总额（7385.40亿元）的三分之一，占比为30.76%。 4只沪深300ETF净流出居前 智通财经记者根据Wind数据统计发现，1月27日，全市场1317只可统计的股票型ETF（含跨境ETF）单日累计净流出为480.25亿元。年初至今，股 票型ETF累计净流出额达5974.45亿元。 从资金的整体流向来看，宽基ETF是"失血"主力。若仅筛选规模指数ETF（含跨境ETF），截至1月27日，其年初至今净流出额已高达7957.56亿 元。 仅1月27日当天，华泰柏瑞沪深300ETF、易方达沪深300ETF的单日净流出额分别为140.65亿元、119.24亿元；华夏沪深300ETF、华夏上证 50ETF、嘉实沪深300ETF的单日净流出额也均 ...

21世纪经济报道记者 叶麦穗 北京时间1月28日，现货黄金突破5250美元/盎司，最高触及5257.468美元/盎司，年内涨幅突破21%，继 续刷新历史最高纪录。 21世纪经济报道记者注意到，当天黄金板块也跟着水涨船高，截至中午收盘，黄金板块大涨3.88%，板 块包括晓程科技、恒邦股份、招金黄金、四川黄金、湖南黄金和西部黄金在内的个股集体涨停。 | 10 20.01 ** 479226 | 301500 飞暗曲源 | | | 21,11 | 352 | 2131 | | | | 0.00 | | 1853 | 21.31 | 1820 | 17.59 | 44.42 | 24176 | 国家治理 | 1. 38 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2.3 20.01 | 300139 龄图科技 | 1 | | 70.60 | 11.77 | TO 60 | - 585551 | | 13 | 0. ...

Core Insights - The performance of fixed-income funds in 2025 significantly declined compared to 2024, with an average return of 2.15% for 3,988 funds, down from 4% in 2024 [2] - The total profit for fixed-income funds in 2025 was 372.31 billion yuan, a decrease of 264.15 billion yuan from 636.47 billion yuan in 2024 [2] Fund Performance - Among the 3,988 fixed-income funds, 3,651 achieved positive returns, representing approximately 91.55% of the total [2] - The top-performing fund was Southern Changyuan Convertible Bond A with a return of 48.77%, while the worst performer was Huatai-PB Fenghe Pure Bond A with a return of -7.7%, resulting in a performance gap of 56.47% [2][12] - In 2025, 337 funds reported negative returns, with 279 being medium to long-term pure bond funds [18] Fund Management Scale - By the end of 2025, the management scale of fixed-income funds reached 26.12 trillion yuan, an increase of nearly 2 trillion yuan from the end of 2024 [4][38] - The management scale of money market funds increased by 1.4 trillion yuan to 15.01 trillion yuan, while bond funds saw a smaller increase of 560 billion yuan to 11.11 trillion yuan [39][40] Profit Distribution - A total of 32 fund companies reported net profits exceeding 3 billion yuan from fixed-income products, with 12 companies exceeding 10 billion yuan [3] - The top profit-generating fund company was E Fund, with a total profit of 19.974 billion yuan from fixed-income products [33] - Conversely, 6 fund companies reported negative profits, primarily due to poor performance in bond funds [33][34] Fund Categories - The average return for 340 money market funds was 1.24%, while 3,648 bond funds had an average return of 2.23% [7] - Convertible bond funds performed exceptionally well with an average return of 23.34%, while index bond funds underperformed with an average return of 0.82% [8] Notable Funds - 126 fixed-income funds had a net asset growth rate exceeding 10%, with 13 funds achieving over 30% growth [11] - The top five funds with returns exceeding 30% included Southern Changyuan Convertible Bond A, Minsheng Jianyin Enhanced Income A, and others [12][13] Market Trends - The bond market experienced significant fluctuations in 2025, with various bond indices showing mixed performance [9] - The relationship between the A-share market and bond funds was highlighted, with equity market volatility contributing to the performance of bond funds [10]

国泰海通证券也认为，随着低轨卫星进入密集发射期+太空算力商业化趋势明显，有效驱动了光伏扩产需求，核心设备厂商有望率先受 益。 近期，受太空太阳能及商业航天发展的乐观情绪带动，A股光伏行业指数表现大幅跑赢大市。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，2025年12月中国向国际电信联盟（ITU）提交了共计20.3万颗卫星的频率与轨道资源申请，旨在抢占宝贵的轨道资源。作为 地外飞行器重要的能源供应方式，太空光伏有望受益于全球商业航天热潮。马斯克表示SpaceX和特斯拉正在提升太阳能产能，目标是 每年达到100GW。 数据显示，2026年我国已注册1.55万家光伏相关企业。企业存量方面，我国光伏相关企业存量已于2024年突破百万家，截至1月27日， 我国现存126.3万家光伏相关企业。 开源证券认为，伴随百GW级太空算力市场释放，叠加太空光伏电池高单位价值量，将为光伏行业开辟全新增长空间。 光伏ETF博时(认购代码：560313)紧密跟踪光伏产业指数，中证光伏产业指数从主营业务涉及光伏产业链上、中、下游的上市公司证券 ...

Group 1 - The core point of the news is that spot gold prices have surged significantly, reaching a historical high of $5,216.368 per ounce, with an increase of over 20% since the beginning of the year, translating to a rise of more than $900 [1][3] - Spot gold prices broke through the $5,190 per ounce mark on January 27, marking a continuous upward trend [3] - The increase in gold prices is attributed to factors such as changes in geopolitical dynamics and a persistently loose liquidity environment, with expectations of continued interest rate cuts by the Federal Reserve [3] Group 2 - The demand for precious metals, particularly gold and silver, is rising as global investors seek strategic allocations in a highly uncertain economic and political environment [3] - Domestic gold jewelry prices have also reached historical highs, with prices exceeding 1,600 yuan per gram [3] - The recent announcements from investment funds, such as the suspension of subscription services for certain gold and silver funds, indicate a response to the current market conditions [5]

Market Overview - The market rebounded yesterday with all three major indices turning positive, driven by strong performance in the chip industry, precious metals, CPO concepts, and space photovoltaic concepts [1] - Conversely, sectors such as coal and batteries experienced significant declines [1] ETF Fund Flows - On January 27, the non-monetary ETF market saw significant inflows, with the following notable changes: - Huaxia CSI Segmented Nonferrous Metals Industry ETF saw an increase of 704 million shares and a net inflow of 1.657 billion yuan - Huaan Gold ETF increased by 119 million shares with a net inflow of 1.293 billion yuan - Bosera CSI Convertible Bonds and Exchangeable Bonds ETF increased by 74 million shares with a net inflow of 1.088 billion yuan [1][2] ETF Performance - The top 20 ETFs by net inflow as of January 27 include: - Southern CSI Shenwan Nonferrous Metals ETF with a net inflow of 14.474 billion yuan - Huaxia CSI Electric Grid Equipment Theme ETF with a net inflow of 12.740 billion yuan - Penghua CSI Segmented Chemical Industry Theme ETF with a net inflow of 11.980 billion yuan [4] Overall Market Data - As of January 27, the total ETF shares in the market reached 32,858.54 billion shares, with a total scale of 56,365.94 billion yuan - The financial sector saw the largest increase in shares, with 26 funds tracking it - The largest increase in thematic shares was in the CSI Segmented Chemical Industry, with 6 funds tracking it - The highest return index was the Sino-Korean Semiconductor, which increased by 3.98% with 1 fund tracking it [4]