新年伊始，公募基金发行市场延续了火热的态势。据公募排排网最新统计数据，以认购起始日为口 径统计，本周(2026年1月26日至2月1日，下同)全市场共有44只新基金启动发行，数量较前一周(2026年1 月19日至1月25日)增长约10%，这也是新基金发行连续第四周稳定在35只以上。 与此同时，本周新基金的平均认购天数为13.18天，相比以往，募集周期明显缩短。这一变化不仅 体现了资金入市的积极节奏，也从侧面反映出投资者对市场的信心正在稳步增强。 从产品结构来看，权益类基金在本周新发行产品中占据多数，股票型基金与混合型基金合计35只， 占比接近八成。具体而言，股票型基金共发行21只，约占新发行产品总数的47.73%，成为主力。其 中，被动指数型基金有12只，主要采取跟踪市场基准的策略；普通股票型基金为5只，更侧重于主动管 理；此外还有4只指数增强型基金，在被动跟踪的基础上加入了主动优化手段。 混合型基金方面，本周共发行14只新产品。其中，偏股混合型基金达11只，偏债混合型与灵活配置 型基金分别有2只和1只。除此之外，本周还有5只FOF(基金中的基金)产品启动募集，且均为偏债混合型 FOF；QDII(合格境内机构投 ...

从产品结构来看，权益类基金在本周新发行产品中占据多数，股票型基金与混合型基金合计35只，占比 接近八成。具体而言，股票型基金共发行21只，约占新发行产品总数的47.73%，成为主力。其中，被 动指数型基金有12只，主要采取跟踪市场基准的策略；普通股票型基金为5只，更侧重于主动管理；此 外还有4只指数增强型基金，在被动跟踪的基础上加入了主动优化手段。 新年伊始，公募基金发行市场延续了火热的态势。据公募排排网最新统计数据，以认购起始日为口径统 计，本周(2026年1月26日至2月1日，下同)全市场共有44只新基金启动发行，数量较前一周(2026年1月19 日至1月25日)增长约10%，这也是新基金发行连续第四周稳定在35只以上。 与此同时，本周新基金的平均认购天数为13.18天，相比以往，募集周期明显缩短。这一变化不仅体现 了资金入市的积极节奏，也从侧面反映出投资者对市场的信心正在稳步增强。 "新基金连续数周保持较高发行量，体现了公募基金作为居民财富管理重要工具的地位。募集期的缩短 则印证了投资者配置需求旺盛，市场信心正在稳步提升。"深圳市前海排排网基金销售有限责任公司研 究总监刘有华在接受《证券日报》记者采访时 ...

本报记者 孟珂 "展望未来，与其他贵金属相比，黄金由于其地缘敏感性、对冲便利性等原因，在当下宽松预期出现阶段性回调的过程中 仍有望得到其他因素的交替支持，看好其长期走势。"博时黄金ETF基金经理王祥对《证券日报》记者说。 平安证券认为，黄金价格震荡上行。长期来看，美元信用走弱的主线逻辑愈加清晰，黄金货币属性加速凸显，持续看好黄 金中长期走势。 瞿瑞认为，对于普通投资者来说，仍可以投资黄金，但需理性看待金价行情：一是警惕高位波动风险，避免盲目跟风追 涨，需结合自身风险承受能力、资产配置规模及投资周期，合理规划黄金资产占比；二是立足长期逻辑，当前支撑金价长期上 行的核心因素（如全球不确定性、实际利率下行趋势等）未发生根本改变，建议把握市场节奏，采取逢低布局策略，待金价回 调至合理区间时择机逐步建仓；三是明确投资目标，以资产保值、对冲风险为核心，而非单纯追逐短期价差收益，规避盲目追 高导致的投资风险。整体上看，理性投资者应以低风险优先、长期配置的角度配置黄金。 截至1月26日记者发稿，现货黄金最高触及5110.25美元/盎司，刷新历史高位。 东方金诚研究发展部高级副总监瞿瑞对《证券日报》记者表示，国际黄金价格突破5 ...

Report Title - "Counting the Public Offering Pure Bond and Hybrid Asset Strategy Funds' 2025 Q4 Reports - The Scale of 'Fixed Income +' Reaches a New High, and the Exposure to Equity Slightly Declines" [1] Report Date - January 26, 2026 [2] Market Overview General Fixed - Income Fund Scale in 2025 Q4 - Among the top 20 fund companies in terms of general fixed - income fund scale, the scale of some companies increased while others decreased. For example, the scale of China Merchants Fund increased by 9.88% to 3512.27 billion yuan, while the scale of E Fund decreased by 4.71% to 3627.05 billion yuan [8]. Hybrid Asset Strategy Fund Scale in 2025 Q4 - In the hybrid asset strategy fund scale ranking, the scale changes also varied. For instance, the scale of Invesco Great Wall Fund increased by 32.11% to 2263.68 billion yuan, while the scale of Fullgoal Fund decreased by 5.85% to 1281.73 billion yuan [8]. Performance Return - Different types of funds had different average returns in 2025 Q4, year - to - date, and in the past 1 - year, 3 - year, and 5 - year annualized periods. For example, the average return of convertible bond funds in 2025 Q4 was 0.84%, and the year - to - date return was 23.10% [15]. Maximum Drawdown - The average maximum drawdowns of various fund types also differed. For example, the average maximum drawdown of convertible bond funds in 2025 Q4 was - 5.26%, and the year - to - date maximum drawdown was - 8.90% [15]. Annualized Sharpe Ratio - The annualized Sharpe ratios of different fund types were distinct. For example, the annualized Sharpe ratio of short - term pure bond funds in 2025 Q4 was 4.28 [15]. Asset Allocation Leverage Ratio - In 2025 Q4, different types of funds had different leverage ratios and their changes compared to Q3. For example, the leverage ratio of short - term pure bond funds was 111.89% in Q4, an increase of 0.40% compared to Q3 [40]. Holding Characteristics Stock Holdings - From 2025 Q1 to Q4, the industry and stock holding ratios of funds changed. For example, the proportion of non - ferrous metals in the stock market value increased from 11.27% in Q1 to 14.65% in Q4 [54][57]. Bond Holdings - The industry and bond holding ratios of funds also changed over the four quarters of 2025. For example, the proportion of bank bonds in the bond market value decreased from 20.75% in Q1 to 14.45% in Q4 [67][68]. Fund Managers' Views Pure Bond Market Views - Different fund managers had different views on the pure bond market in 2026 Q1. For example, Huang Yingjie of Bank of Communications Yulong Pure Bond A believed that the bond market might be in a range - bound market with a steeper curve [74]. Bond and Stock Market Views - Some fund managers had comprehensive views on the bond and stock markets. For example, Deng Xinyu and Zhao Yucheng of China Europe Dingli A were optimistic about the stock market's structural opportunities and adjusted their convertible bond positions [75]. Convertible Bond and Stock Market Views - Fund managers also had different views on the convertible bond and stock markets. For example, Huang Bo of Everbright Tianyi A planned to select high - cost - effective convertible bonds for the fund's fixed - income part [79].

Group 1 - The total market value of convertible bonds decreased to approximately 725.5 billion yuan in Q4 2025, a decline of 57.8 billion yuan from the previous quarter, primarily due to the maturity and delisting of certain bonds [2][3] - The proportion of convertible bonds held by public funds increased to 42.5% of the total market value, up by 2.1% from the previous quarter, despite the overall market contraction [2][3] - The growth rate of public fund assets slowed down, with the total net value of funds reaching 22 trillion yuan, an increase of 0.7 trillion yuan, while the ratio of convertible bond market value to total fund value was about 3.3%, down by 0.4% from Q3 2025 [2][3] Group 2 - In Q4 2025, the secondary bond funds and primary bond funds were the main contributors to the increase in convertible bond holdings, while two convertible bond ETFs significantly reduced their holdings due to asset shrinkage [4][7] - The growth rates of various fund types showed significant variation, with commodity funds growing by 46%, bond FOF funds by 31%, and passive index bond funds by 21%, while ordinary stock funds and convertible bond funds saw declines of 6% and 4% respectively [4][10] - The overall position of secondary bond funds decreased the most, with a decline of 1.1%, while primary bond funds and convertible bond funds increased their positions by 0.4% and 0.5% respectively, indicating a selective optimism towards convertible bonds [12][17] Group 3 - The industry showed a clear "high cut low" trend, with increased holdings in convertible bonds from sectors such as oil and petrochemicals, banking, electronics, and steel, while holdings in communications, media, and computing sectors decreased [24][30] - The price selection for convertible bonds shifted towards more elastic ranges, with increased holdings in the price ranges of 115-130 yuan and above 170 yuan, while holdings in the ranges of 150-170 yuan and below 115 yuan saw a decline [30][32] - The report highlighted a preference for newly issued bonds and a reduction in holdings of bonds nearing maturity, indicating a cautious approach by public funds in their investment strategies [24][28]

清晨的阳光照进银行大厅，玻璃门上贴着的"大额存单利率"数字从年初的"1字头"变成了现在的"0字头"。2026年一开年，关于"巨额定期存款流向哪儿"的 讨论开始升温。 随着一年期定存利率破"1"成为现实，过去享受"3字头"利率的定存资金，现在急需寻找新的理财替代品。 固收+产品：稳健理财的新选择 面对存款利率持续下行的趋势，"固收+"基金成为不少投资者的新选择。这类产品通过"债券打底+权益增强"的策略，在控制风险的同时寻求适度收益。 根据中金公司的测算数据，2026年一季度居民1年期及以上定期存款到期规模将达29万亿元。而天风证券的研究显示，2026年全年到期存款规模约73万 亿，较2025年提升约12万亿。尽管各家数据略有差异，但一个共识正在形成：平均约50万亿元定期存款，正面临到期再配置的压力。 到期压力 从银行公开信息来看，2026年多家银行新发行的1年期以下大额存单利率已跌破1%，部分产品收益甚至低于同期货币基金。 在存款集中到期与银行息差承压的双重背景下，储户间正掀起新一轮存款搬家潮。 分析背后原因，银行的净息差持续处于低位。数据显示，截至2025年第三季，商业银行净息差收窄至1.42%。 2025年 ...

Market Performance - On January 26, A-shares experienced a collective adjustment, with the Shanghai Composite Index falling by 0.09% to 4132.61 points, the Shenzhen Component Index dropping by 0.85% to 14316.64 points, and the ChiNext Index decreasing by 0.91% to 3319.15 points [1] Fund Manager Changes - From January 24 to January 26, a total of 39 fund managers underwent changes, with 544 fund products experiencing manager departures in the past 30 days [3] - The reasons for the changes included 18 managers leaving due to job changes, 2 due to personal reasons, and 1 due to the end of an agency role [3] - Notably, 47 fund products announced new fund manager appointments during the same period, involving 20 different managers [5] Fund Manager Performance - Fund manager Xu Yizun currently manages assets totaling 54.60 billion yuan, with the highest return product being the Huatai-PineBridge CSI 500 Index Enhanced A, which achieved a return of 132.77% over 10 years and 66 days [5] Fund Research Activity - In the past month (December 27 to January 26), Bosera Fund conducted the most company research, engaging with 46 listed companies, followed by Huaxia Fund with 43 and Southern Fund with 36 [6][7] - The chemical products industry was the most researched sector, with 196 instances, followed by the automotive parts industry with 179 instances [6][7] Individual Stock Research - The most researched stock in the past month was Dajin Heavy Industry, with 67 fund management companies participating in the research, followed by Chaojie Co. and Haitan Ruisheng, each with 57 [8][9] - In the last week (January 19 to January 26), Dajin Heavy Industry remained the top focus, with the same number of fund institutions involved [8][9]

1月26日，云天励飞跌5.04%，截至发稿，报82.64元/股，成交8.87亿元，换手率3.96%，总市值297.18亿 元。 截至发稿，李庆阳累计任职时间1年360天，现任基金资产总规模93.48亿元，任职期间最佳基金回报 189.22%， 任职期间最差基金回报0.88%。 截至发稿，李庆阳累计任职时间1年360天，现任基金资产总规模93.48亿元，任职期间最佳基金回报 189.22%， 任职期间最差基金回报0.88%。 从基金十大重仓股角度 数据显示，博时基金旗下1只基金重仓云天励飞。博时科创板人工智能ETF（588790）四季度减持28.76 万股，持有股数261.21万股，占基金净值比例为3.52%，位居第十大重仓股。根据测算，今日浮亏损失 约1146.7万元。 博时科创板人工智能ETF（588790）成立日期2024年12月31日，最新规模56.39亿。今年以来收益 19.64%，同类排名122/5580；近一年收益73.34%，同类排名396/4271；成立以来收益87.72%。 博时科创板人工智能ETF（588790）基金经理为李庆阳。 资料显示，深圳云天励飞技术股份有限公司位于广东省深圳市南山 ...

在全球碳中和进程提速、光伏行业政策红利与技术迭代共振的大环境下，兼具长期成长确定性与板块景气度支撑的光伏资产或正成为 布局新能源核心赛道的投资人重要的配置方向。在此背景下，光伏ETF博时(560310)于2026年1月26日正式发售，为场内投资者提供一 键捕捉光伏产业链优质龙头标的的高效工具。 光伏ETF博时(560310)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中，选取不 超过50只最具代表性的上市公司证券作为指数样本，以反映光伏产业上市公司证券的整体表现。 值得关注的是，中证光伏产业指数自基日(2012年12月31日)至2026年1月13日期间涨幅为206.55%，同期沪深300指数和新能源指数涨幅 分别为91.97%、179.28%。 政策端，相关政策密集出台，从价格和产能两方面展开治理。价格方面，行业多次研讨标杆价机制，明确要求企业不得低于成本销 售，遏制低价无序竞争；产能方面，聚焦多晶硅环节推进治理，通过产能整合、强化能耗标准等举措，缓解行业供需失衡问题。 需求端，非欧美海外市场成为全球光伏需求主要增量来源，出海业务对行业需求的支撑作用持续凸显。同时， ...

Core Viewpoint - The new fund issuance market in China remains robust, with 43 new funds launched in the last week of January 2026, primarily driven by equity funds, while FOF and "fixed income+" products also show positive trends [1][9]. Fund Issuance Overview - A total of 43 new funds were issued during the week from January 26 to January 30, 2026, with 31 funds launched on January 26 alone, accounting for over 70% of the total [2][10]. - The average subscription period for new funds was 12.84 days, with the longest being approximately three months for the "Zhongjia Balanced Return" fund [2][10]. - The shortest subscription periods were for three funds, each planned for just one day, while several others had periods of 2-3 days [2][10]. Fund Target Goals - Out of the 43 new funds, 20 specified their fundraising targets, with 11 aiming for over 5 billion units. Notably, six funds, including "Guotai Consumer Leadership" and "Boshi Yingtai Zhenxuan," targeted 8 billion units each [3][11]. - Other targets included 6 billion units for "Jianxin Resource Selection" and 5 billion units for "Ping An Semiconductor Leadership Selection," which had the lowest target [3][11]. Fund Types and Themes - Equity funds dominated the new issuance, with 18 active equity funds making up over 40% of the total. This included 5 stock funds and 13 mixed funds, primarily focused on equity [4][12]. - The new equity funds covered a range of themes such as resources, cycles, consumption, semiconductors, and digital economy, with notable products like "Guotai Consumer Leadership" and "Boshi Digital Economy" [4][12]. - There were also 16 index funds, including 6 stock ETFs and 6 ordinary index funds, focusing on sector-specific indices [4][12]. FOF and QDII Funds - Five new FOF products were launched, primarily targeting risk-adjusted returns with holding periods of 3 to 6 months [5][13]. - Two new QDII funds were introduced, focusing on the Hong Kong stock market, namely "Zhongou Hong Kong Consumer" and "Xingye Hang Seng Technology Index" [6][14]. Fixed Income Products - The issuance of bond funds continued to decline due to poor performance in the bond market, with no pure bond funds launched this week. However, two mixed secondary bond funds were introduced [6][14].