来源：新浪基金 Ø 黄金行情回顾及主要观点： 金价近期频创历史新高。伦敦现货黄金收于4，981美元/盎司（周环比8.3%），国内AU9999黄金收于 1，110元/克（周环比7.7%）。1月26日亚市早盘，国际现货和期货黄金价格均历史性突破5000美元/盎 司整数关口，为史上首次站上这一关键心理价位。 全球正在经历的传统秩序加速瓦解带来的剧烈阵痛，地缘政治动荡、财政信任危机与全球央行持续 的"去美元化"行动三重动力，共同推动了金价的飙涨。 日本国债的历史性抛售，暴露了全球对债务信用的深层次担忧。日本首相高市早苗上周的财政刺激言 论，引发市场对日本财政可持续性的深度担忧，导致日债遭遇历史性抛售，40年期国债收益率一度突破 4%。其本质是市场对发达经济体"财政主导"政策转向的恐慌。它不仅暴露了日本自身的债务困境，更 通过全球套息交易平仓的链条，将恐慌情绪传染至美债市场，引发全球债市共振。这加剧了投资者对所 有法币主权信用根基的疑虑，黄金的"信用对冲"属性被急剧放大。 全球央行购金趋势延续。在地缘与信用风险发酵的同时，全球央行的行动为黄金提供了坚实的需求侧支 撑和制度性叙事。波兰央行批准了150吨的大规模购金计划， ...

Market Overview and Key Insights - The Hang Seng China Enterprises Dividend Index decreased by 0.48%, the Hang Seng Index fell by 0.36%, and the Hang Seng Technology Index dropped by 0.42% last week. In contrast, the CSI State-Owned Enterprises Dividend Index rose by 1.54%, while the CSI 300 Index declined by 0.60% [1][7]. - Recent monetary policy measures from the central bank indicate a continuation of moderately loose monetary policy with a focus on precision. The central bank's governor stated that there is still room for rate cuts in 2026, suggesting a prolonged low-interest-rate environment, which may lead to increased allocation of funds to high-yield dividend sectors [1][7]. - Leading companies in the dividend sector are expected to benefit from the overall loose financial environment, particularly in energy, infrastructure, and finance, aligning with the "stabilizing growth" policy direction, enhancing the sustainability of dividend earnings [1][7]. Dividend Sector Analysis - The dividend sector has seen an increase in cost-effectiveness following recent corrections. Although the strong performance of technology growth sectors and small-cap stocks has exerted some pressure on dividend stocks, the dividend yield and valuation attractiveness have significantly improved after the pullback. A potential style shift could see dividend stocks regain strength if the technology growth sector experiences a correction [1][7]. - The Hang Seng China Enterprises Dividend Index has a dividend yield of 5.94%, compared to 5.02% for the CSI Dividend Index. Its price-to-book (PB) ratio is 0.62, and the price-to-earnings (PE) ratio is 6.98, with a cumulative return of 138% over the past five years, outperforming the Hang Seng total return index by 130% [2][8]. - The CSI State-Owned Enterprises Dividend Index has a dividend yield of 5.02%, with a PB of 0.84 and a PE of 8.38, achieving a cumulative return of 66% over five years, outperforming the CSI 300 total return index by 70% [2][8]. ETF Product Overview - The Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (513920) is the first ETF in the market that combines the attributes of Hong Kong stocks, central enterprises, and dividends. It tracks the Hang Seng China Enterprises Dividend Index, which includes high-dividend central enterprises in Hong Kong [3][9]. - The product details for the Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (513920) include a net asset value of 1.6260 and a scale of 11.94 billion yuan, with a weekly trading volume of 63.27 billion yuan [4][10]. - The National State-Owned Enterprises Dividend ETF (561060) tracks the CSI State-Owned Enterprises Dividend Index, selecting 100 stocks from state-owned enterprises with high cash dividend yields and stable dividends, reflecting the overall performance of high-dividend state-owned enterprises in the A-share market [4][10].

Group 1 - The total scale of fixed income + funds reached approximately 2.18 trillion, marking a historical high in Q4 2025, despite a slower growth rate compared to Q3 2025 [8][12][21] - The increase in scale was primarily driven by medium-position fixed income + funds, while the scale of primary bond funds slightly declined [10][12][14] - The top products contributing to the scale increase included Invesco Great Wall Jing Sheng Shuang Xi, Yongying Stable Enhancement, and Huaxia Stable Enjoyment Incremental 6-Month Rolling [10][14] Group 2 - In Q4 2025, fixed income + funds generally reduced equity positions due to high volatility in the equity market, while increasing allocations to financial and cyclical sectors, and decreasing allocations to pharmaceuticals, consumer goods, and cash-generating sectors [30][31] - There was a notable divergence in the allocation strategy towards the TMT sector, with high-elasticity funds continuing to increase their positions, while other product types showed no significant adjustment tendencies [30][31] Group 3 - In Q4 2025, the average return and maximum drawdown for fixed income + funds were 0.43% and -1.30% respectively, with median returns for low, medium, and high-position funds at 0.48%, 0.34%, and 0.17% [10][12] - The top-performing fund companies in terms of average returns were Invesco Great Wall and Huashang, with representative products being Invesco Great Wall Jing Yi Zhao Li 6-Month Holding and Huashang Credit Enhancement [10][12][21]

Core Viewpoint - The global gold market has reached a significant milestone with gold prices surpassing $5000 and $5100 per ounce, peaking at $5111 per ounce on January 26, 2023, and subsequently creating a strong demand for gold-related ETFs [1] Group 1: Gold Price Movement - On January 26, gold prices surged, with COMEX gold reaching a high of $5095 per ounce, marking a historical peak [1] - As of January 27, gold prices adjusted to $5070 per ounce, reflecting an increase of over 1.2% [1] Group 2: ETF Performance - There are currently 20 gold-themed ETF products in the market, including 14 gold ETFs and 6 gold stock ETFs, indicating a well-developed product system [1] - On January 26, six gold stock ETFs were among the top ten gainers, with the leading fund, managed by Huaan Fund, increasing by 8.67% and achieving a year-to-date gain of 39.34% [2] - Other notable ETFs also reported significant gains, with four funds exceeding 8% increase and year-to-date gains above 38% [3] Group 3: Long-term Trends and Predictions - Over the past year, the six highlighted ETFs have all doubled in value, with one ETF achieving a remarkable 144% increase [3] - The World Gold Council reported that global gold ETF inflows surged to $89 billion in 2025, with total assets under management reaching $559 billion, both setting historical records [3] - The macroeconomic outlook for gold remains positive, with key pricing factors showing no signs of change, suggesting continued upward potential [4]

Group 1 - The core viewpoint of the news is that Huicheng Co., Ltd. has seen a significant increase in its stock price, rising by 5.33% to reach 20.96 yuan per share, with a trading volume of 753 million yuan and a turnover rate of 4.31%, resulting in a total market capitalization of 18.213 billion yuan [1] - Huicheng Co., Ltd. is located in Hefei, Anhui Province, and was established on December 18, 2015. It was listed on August 18, 2022. The company's main business focuses on the manufacturing of gold bumping, as well as comprehensive services in wafer testing and various packaging processes for display driver chips [1] - The revenue composition of Huicheng Co., Ltd. indicates that 90.25% comes from the testing and packaging of display driver chips, while the remaining 9.75% is from other sources [1] Group 2 - From the perspective of major fund holdings, Huicheng Co., Ltd. is a significant investment for Huazheng Fund, with the Huazheng Ruixin Optimal Mixed A Fund holding 137,700 shares, accounting for 2.97% of the fund's net value, making it the tenth largest holding [2] - The Huazheng Ruixin Optimal Mixed A Fund has a current scale of 40.5293 million yuan and has achieved a return of 13.15% this year, ranking 842 out of 8861 in its category. Over the past year, it has returned 42.3%, ranking 2735 out of 8126, and since its inception, it has achieved a return of 64.58% [2] Group 3 - The fund manager of Huazheng Ruixin Optimal Mixed A Fund is Lu Ben, who has been in the position for 7 years and 127 days. The total asset scale of the fund is 3.334 billion yuan, with the best return during his tenure being 178.61% and the worst return being 3.83% [3]

在金价持续走强的带动下，黄金相关基金产品热度空前，黄金主题ETF成为资金追捧的焦点。数据显 示，目前市场上20只黄金主题ETF(含14只黄金ETF、6只黄金股ETF)表现亮眼：1月26日，涨幅前十的 ETF中6只为黄金股ETF，其中华安黄金股票ETF(159321)单日涨8.67%、年初至今涨39.34%，平安、工 银等旗下黄金股ETF年初涨幅均超37%;14只黄金ETF当日涨幅均超2%，近一年涨幅均超70%。全球范围 看，2025年金价53次刷新历史纪录，推动全球黄金ETF流入890亿美元，总规模达5590亿美元，持仓攀 至4025吨峰值。机构对后市保持乐观：申万宏源认为金价牛市未结束，短期关注地缘事件;长城基金陈 子扬指出央行购金与居民配置需求支撑长期逻辑;莲华资产洪灏则表示当前金价仍处合理区间，但短期 快速翻倍概率较低。 【最新黄金期货行情解析】 沪金整体从左侧低点1132附近拉升至1136高位后，小幅回调，进入高位震荡。多头排列短期未破，军车 向上倾斜，但近期蜡烛收阴，显示上攻动能稍弱。左侧阳线强势，右侧小阴线+下影测试支撑，成交量 红柱渐衰，暗示买盘减弱。关注支撑1131-1132(低点区)，阻力1 ...

全球黄金市场再度迎来里程碑时刻。 1月26日， 伦敦现货黄金价格一路上冲，连续突破5000美元、5100美元两大整数关口，最高触及5111美元/盎司；COMEX黄金当日也同步走强，最高冲至5095美元/ 盎司，也再创历史新高。 1月27日， 黄金在刷新历史高点后有所回调，截至发稿，报 5070美元/盎司，涨超1.2%。 而在黄金价格持续走强的市场环境下，与黄金挂钩的基金产品也随之迎来空前热度，黄金相关主题ETF成为资金追逐的焦点，展现出极强的吸金能力。据Wind统 计，目前市场上共有20只黄金主题ETF产品，其中包含14只黄金ETF和6只黄金股ETF，产品体系日益完善。 Wind数据显示，1月26日，当日涨幅前十的ETF中，有6只是黄金股票ETF，其中四只涨幅都超过8%。具体而言，华安基金管理的黄金股票ETF（159321）大涨 8.67%，年初至今涨幅高达39.34%，排名第一。平安基金管理的黄金股票ETF基金（159322）涨幅也逾8%，今年内累计涨幅37.58%。 申银万国最新研究报告指出，从宏微观来看，金价牛市尚未结束，短期关注地缘政治事件变化。宏观层面来看，黄金四大定价因素的乐观倾向均未出现改变，则 ...

Market Overview - The Shanghai Composite Index fell by 0.09% to close at 4132.61 points, with a daily high of 4160.99 points [1] - The Shenzhen Component Index decreased by 0.85% to 14316.64 points, reaching a high of 14532.9 points [1] - The ChiNext Index dropped by 0.91% to 3319.15 points, with a peak of 3367.99 points [1] ETF Market Performance Overall Performance - The median return of stock ETFs was -0.4% [2] - The highest return among scale index ETFs was 5.37% for the Shenwan Lingshin SSE 50 ETF [2] - The highest return in industry index ETFs was 6.23% for the China Tai Index Nonferrous Metal Mining Theme ETF [2] - The highest return in strategy index ETFs was 3.17% for the Morgan SSE 300 Free Cash Flow ETF [2] - The highest return in style index ETFs was 2.1% for the Yinhua SSE 300 Value ETF [2] - The highest return in theme index ETFs was 8.67% for the Huaxia SSE Hong Kong Gold Industry Stock ETF [2] Top Gainers and Losers - The top three ETFs with the highest gains were: - Huaxia SSE Hong Kong Gold Industry Stock ETF (8.67%) [5] - Ping An SSE Hong Kong Gold Industry Stock ETF (8.57%) [5] - ICBC Credit Suisse SSE Hong Kong Gold Industry Stock ETF (8.45%) [5] - The top three ETFs with the largest declines were: - Fortune SSE Satellite Industry ETF (-8.16%) [6] - China Merchants SSE Satellite Industry ETF (-7.97%) [6] - GF SSE Satellite Industry ETF (-7.91%) [6] Fund Flows - The top three ETFs with the highest inflows were: - Penghua SSE Segmented Chemical Industry Theme ETF (14.47 billion) [8] - Southern SSE Shenwan Nonferrous Metals ETF (11.45 billion) [8] - Guotai SSE Semiconductor Materials Equipment Theme ETF (11.26 billion) [8] - The top three ETFs with the largest outflows were: - Huatai-PB SSE 300 ETF (183.76 billion) [9] - Huaxia SSE 300 ETF (147.83 billion) [9] - Jiashi SSE 300 ETF (136.13 billion) [9] Margin Trading Overview - The top three ETFs with the highest margin buy amounts were: - Huatai-PB SSE 300 ETF (1.114 billion) [11] - E Fund ChiNext ETF (540 million) [11] - Huaxia SSE Sci-Tech 50 ETF (516 million) [11] - The top three ETFs with the highest margin sell amounts were: - Southern SSE 1000 ETF (68.87 million) [12] - Southern SSE 500 ETF (54.47 million) [12] - Huaxia SSE 1000 ETF (43.57 million) [12] Institutional Insights - Dongwu Futures indicated that gold prices still have upward momentum due to ongoing de-dollarization, geopolitical risks, and central bank gold purchases [14] - Guotai Futures noted that the annual increase in gold prices for 2025 is expected to reach the highest level since 1979, with potential for further upward movement [15]

股票型及混合型基金中，昨日实现正回报的占32.56%，72只基金回报超5%，98只基金净值回撤超5%。 上证指数昨日下跌0.09%，报收4132.61点，深证成指下跌0.85%，创业板指下跌0.91%，科创50指数下跌 1.35%。盘面上，申万一级行业中，涨幅居前的有有色金属、石油石化、煤炭等，分别上涨4.57%、 3.18%、2.07%。跌幅居前的有国防军工、汽车、社会服务等，分别下跌4.47%、2.31%、2.30%。 证券时报·数据宝统计，股票型及混合型基金中，1月26日算术平均净值增长率-0.50%，净值增长率为正 的占32.56%，其中，净值增长率超5%的有72只，前海开源金银珠宝混合A净值增长率为8.76%，回报率 居首，紧随其后的是前海开源金银珠宝混合C、山证资管精选行业混合发起式A、山证资管精选行业混 合发起式C等，净值增长率分别为8.75%、8.70%、8.70%。 统计显示，净值增长率超5%的基金中，以所属基金公司统计，有11只基金属于万家基金，国泰基金、 华夏基金等分别有7只、6只基金上榜。 基金投资类型方面，净值增长率居首的前海开源金银珠宝混合A属于灵活配置型，净值增长率超5%的 基金 ...

随着2025年基金四季报披露收官，公募基金行业年度业绩正式揭晓。Wind数据显示，截至2025年四季度末， 公募基金市场总规模接近37万亿元，创历史新高。其中，ETF规模突破6万亿元，成为公募基金增长新引擎。与此 同时，2025年全年，公募基金为投资者带来的利润突破2.6万亿元，刷新了历史纪录，反映出投资者对公募产品配 置价值的认可以及公募基金在居民财富积累中的核心功能持续强化。 2025年四季度，公募基金（统计全部份额）单季整体亏损1122亿元，但由于2025年前三季度盈利积累，2025 年全年仍实现盈利2.6万亿元，刷新了历史纪录。回顾1998年至2025年的发展轨迹，公募基金行业已累计为基金持 有人创造超过7.9万亿元的投资利润，公募基金在居民财富积累与资产配置中的核心功能正在持续强化。 其中，在2025年四季度利润排名前10的基金产品中，有色金属ETF占据了7个席位。其中，华安基金的黄金 ETF以82.18亿元的利润排名第一；其后是黄金ETF博时，利润36.37亿元；华夏基金的上证50ETF以盈利33.88亿元 公募基金规模达36.76万亿元 近年来，公募基金市场规模保持稳步增长。Wind数据显示，2 ...