证券时报记者 王明弘 契合A股市场结构性行情的新发基金越来越受到投资者的青睐。 2026年开年以来，在A股结构性行情的持续驱动下，已有超过200只基金年内业绩回报超过20%。基金业绩的良好 表现直接带动权益基金新发市场回暖，投资者认购热情高涨，爆款基金频现。 以华宝优势产业为例，证券时报记者近日从渠道处获悉，该基金发行募集规模已突破50亿元。该产品成为"爆 款"的背后，与其精准的产品定位密切相关。据悉，该基金主要聚焦受益于中国经济发展和结构转型、契合产业升 级趋势、具备良好基本面和可持续成长潜力的优势行业，契合当前市场对中长期结构性机会的配置需求。 在12只爆款基金中，有6只基金的认购天数在10天以内，其中广发悦盈稳健三个月持有A仅用2天就完成募集，富国 智汇稳健3个月持有A也仅耗时3天，快速结束募集的现象充分反映了当前市场的认购热度。 从投资类型分布来看，权益类产品成为近期基金发行的绝对主力。数据显示，股票型基金数量达到31只，发行规 模为165.06亿元，占全市场总规模的22.94%；偏股混合型基金发行24只，规模为278.06亿元，占比38.65%。两类产 品合计贡献了超61%的募资规模。 混合型FOF ...

Core Viewpoint - In 2025, the resurgence of the "technology bull market" has led to a noticeable recovery in refinancing activities, with public funds actively participating in private placements, achieving significant returns, including projects that have doubled or more in value [1][2]. Group 1: Public Fund Participation - In 2025, public funds invested a total of 11.126 billion yuan in private placement projects, with E Fund leading by contributing 3.125 billion yuan across 12 projects [2]. - Other notable participants included GF Fund with 1.346 billion yuan, and both China Universal Fund and Fortune Fund with 679 million yuan and 530 million yuan respectively, among 21 public funds that each invested over 100 million yuan [2]. Group 2: Market Dynamics - The enthusiasm for public fund participation in private placements is driven by a combination of policy support, industry growth in sectors like semiconductors and AI, and significant market gains from these projects [3]. - The average discount rate for private placements in 2025 was 15.8%, contributing to stable returns despite a slight decrease from 2024 [4]. Group 3: Profitability and Strategies - As of January 23, 2025, several projects had achieved over 100% floating profits, with notable examples like Jinghua New Materials showing a floating profit of 227% [5]. - Fund managers often utilize the discount advantage of private placements to lower their cost basis while simultaneously reducing positions in the secondary market to enhance returns [6]. Group 4: Future Outlook - The supply of private placements is expected to remain robust, with over 260 proposals in 2025, doubling from 2024, and a projected 150-200 projects for 2026 [7]. - Historical data suggests that the annualized return for private placement strategies since 2020 could approach 30%, indicating a favorable outlook for growth-oriented investments [7].

金融工程 证 券 研 究 报 告 【金工周报】（20260119-20260123） 短期择时模型以看多为主，后市或震荡向上 ❖ 本周回顾 本周市场涨多跌少，上证指数单周上涨 0.84%，创业板指单周下跌 0.34%。 A 股模型： 短期：成交量模型部分宽基指数看多。特征龙虎榜机构模型中性。特征成交量 模型中性。智能算法沪深 300 模型看多，智能算法中证 500 模型看多。 中期：涨跌停模型中性。上下行收益差模型所有宽基指数看多。月历效应模型 中性。 长期：长期动量模型中性。 综合：A 股综合兵器 V3 模型看多。A 股综合国证 2000 模型中性。 港股模型： 中期：成交额倒波幅模型看多。恒生指数上下行收益差模型中性，上下行收益 差相似模型看多。 本周行业指数普遍上涨，涨幅前五的行业为：建材、石油石化、钢铁、有色金 属、基础化工，跌幅前五的行业为：银行、通信、食品饮料、非银行金融、计 算机。从资金流向角度来说，银行、非银行金融、有色金属、煤炭、建材主力 资金净流入居前，电子、通信、计算机、电力设备及新能源、国防军工主力资 金净流出居前。 本周股票型基金总仓位为 94.53%，相较于上周增加了 13 个 b ...

Core Insights - The ETF market in 2026 is experiencing robust growth, with 17 new ETFs launched and a total issuance scale nearing 10 billion yuan, representing 22.37% of new fund issuance quantity and 14.69% of scale [1] - The newly established ETFs cover diverse sectors including non-ferrous metals, chips, artificial intelligence, biotechnology, food, batteries, and public utilities [1] Group 1: Market Growth and Demand - Industry experts are optimistic about the growth potential of the ETF market in 2026, driven by long-term capital inflows and upgraded investor demand [3] - Institutional investors, such as insurance companies, are increasingly seeking long-term allocations in the domestic equity market, while individual investors are becoming more accepting of passive index products due to their low fees and high transparency [3][4] - The diversification of ETF products is creating opportunities for innovation, as there are still many gaps in niche sectors, strategies, commodities, bonds, and overseas assets [4] Group 2: Competitive Landscape and Differentiation - The ETF market is characterized by significant concentration among leading firms, posing challenges for smaller fund companies [5] - Smaller firms are encouraged to focus on differentiated product offerings in niche sectors or thematic areas where larger firms have not established a strong presence [5][6] - There is potential for smaller fund managers to explore non-equity asset ETFs to meet the evolving asset allocation needs of investors [6] Group 3: Challenges and Pain Points - Despite growth opportunities, the ETF market faces challenges such as insufficient investor understanding and operational pressures on certain products [7] - Some individual investors lack a deep understanding of ETFs, leading to impulsive trading behaviors, which can negatively impact their investment outcomes [7] - Certain ETFs are experiencing issues with small scale and high operational costs, which can erode investor returns and affect trading efficiency [7]

Market Overview - The A-share market exhibited a fluctuating upward trend this week, with major broad-based indices showing mixed performance and significant market style differentiation [1] - International gold prices recently reached a new historical high, leading to strong performance in related ETFs, with gold stock ETFs rising by 13.17%, the highest among all [1][2] - Other sectors such as photovoltaic and building materials ETFs also saw substantial gains, while Hong Kong innovative drug-related ETFs experienced slight adjustments [1] Fund Flow Analysis - Overall, ETF funds experienced a net outflow of 696.39 billion, with broad-based ETFs facing a net outflow of 873.01 billion, while industry ETFs saw a net inflow of 143.04 billion and commodity ETFs a net inflow of 32.91 billion [3] - Funds have not exited the market but have shifted towards more elastic sectors, with significant net inflows into TMT (Technology, Media, Telecommunications) and cyclical sectors like non-ferrous metals, indicating active funds' preference for technology growth themes [2][3] ETF Performance - The top-performing gold stock ETFs included: - 517400 Gold Stock ETF with a 13.17% increase and a latest scale of 826 million [2] - 159315 Gold Stock ETF from ICBC with a 13.03% increase and a scale of 222 million [2] - 517520 Gold Stock ETF from Yongying with a 12.95% increase and a scale of 177.52 billion [2] - Photovoltaic ETFs also performed well, with the top performer being 560980 Photovoltaic Leader ETF from GF with a 10.71% increase and a scale of 565 million [2] Upcoming ETF Listings - Next week, four new ETFs are set to be listed, including: - 589190 Sci-Tech Chip ETF from Huabao, with subscription starting on December 30, 2025 [5] - 159158 Power ETF from Invesco, with subscription starting on January 7, 2026 [5] - 589220 Sci-Tech 200 ETF from Guotai, with subscription starting on January 5, 2026 [5]

Core Viewpoint - The ETF market in China is experiencing robust growth in 2026, with a diverse range of new products being launched and a steady increase in scale, indicating a strong market potential and competitive landscape [2][4]. Group 1: New ETF Launches - As of January 24, 2026, a total of 17 new ETFs have been established, with an issuance scale nearing 10 billion yuan, accounting for 22.37% of new fund launches and 14.69% of the total issuance scale [2]. - The newly established ETFs cover various sectors including non-ferrous metals, chips, artificial intelligence, biotechnology, food, batteries, and public utilities [2]. Group 2: Market Growth Drivers - Industry experts are optimistic about the growth potential of the ETF market, driven by long-term capital inflows and evolving investor demands [5]. - Institutional investors, such as insurance companies, are increasingly seeking long-term allocations in the domestic equity market, while individual investors are becoming more accepting of passive index products due to their low fees and high transparency [5]. - There remains significant room for innovation in ETF products, particularly in niche sectors and strategies, as the demand for diversified investment portfolios continues to grow [5]. Group 3: Competitive Landscape - The ETF market is characterized by a concentration of leading firms, posing challenges for smaller fund companies. However, differentiation and refined operations are seen as key strategies for smaller firms to carve out a niche [7]. - Smaller fund companies are encouraged to focus on underrepresented sectors and themes where larger firms have not established a strong presence, thereby building expertise and brand influence [7][8]. - There is a need for smaller firms to innovate in product offerings, such as Smart Beta and ESG-focused ETFs, to meet the diverse asset allocation needs of investors [8]. Group 4: Challenges in the ETF Market - Despite growth opportunities, the ETF market faces challenges such as insufficient investor understanding and operational pressures on certain products [9]. - Some individual investors lack a deep understanding of ETFs, leading to impulsive trading behaviors, which can negatively impact their investment outcomes [9]. - Certain ETFs are experiencing issues with small scale and high operational costs, which can erode investor returns and affect trading efficiency due to low liquidity and high bid-ask spreads [9].

1月19日～1月23日，A股主要股指震荡分化，沪深300指数周跌0.62%，中证A500指数涨0.78%；创业板指跌0.34%，科创50指数涨2.62%；港股市场震荡调 整，恒生指数周跌0.36%，恒生科技指数跌0.42%。 在此背景下，ETF市场再度上演"冰火两重天"——一边是黄金、化工和科创芯片ETF持续吸金；另一边却是大资金从宽基ETF中"撤退"，单周规模下降超 4000亿元，ETF总规模降至6万亿元以下。 近期，"汇金系"减持搅动风云，沪深300相关产品年内"失血"已超3300亿元，昔日的"香饽饽"瞬间成了"烫手山芋"，头部机构受影响较大，华夏、易方达和 华泰柏瑞等基金公司ETF规模本周均缩水超800亿元。 今年以来，截至1月24日，股票型ETF高开低走，年内规模已"失血"2676.48亿元。债券型ETF和货币型ETF双双陷入低迷，年内规模分别缩水859.13亿元和 198.07亿元。相比之下，跨境ETF和商品型ETF表现较为亮眼，年内规模分别增长642.29亿元和573.31亿元。 沪深300挂钩ETF年内规模缩水超3300亿元 ETF挂钩指数方面，本周两级分化特征更加明显，宽基指数挂钩ETF规模持 ...

Core Viewpoint - The article highlights the latest trends in FOF (Fund of Funds) investments, indicating a preference for low-risk products and a strategic shift from gold ETFs to gold stock ETFs amidst rising international gold prices [1][4]. Group 1: FOF Investment Trends - In Q4 2025, FOFs favored low-risk products, with short-term bond ETFs being the most heavily weighted, particularly the Hai Fu Tong Short Bond ETF, held by 95 FOFs with a total market value of approximately 4.17 billion [3]. - The Guotai Li Xiang Medium and Short Bond C fund saw significant increases in holdings, with a quarterly change of about 1.49 billion shares, indicating a strategic shift in FOF allocations [3]. Group 2: Gold Investment Strategy - Despite rising international gold prices, FOFs reduced their holdings in gold ETFs, with a total reduction of 40.68 million shares in the Huaan Gold ETF alone, while simultaneously increasing their investments in gold stock ETFs [4][5]. - The increase in gold stock ETFs was notable, with FOFs adding 50.74 million shares in Yongying Gold Stock ETF and 24.03 million shares in Huaxia Gold Stock ETF, reflecting a shift in strategy towards higher potential returns in gold equities [4][5]. Group 3: FOF Market Growth - The overall scale of FOFs has surpassed 250 billion, driven by strong support from banking channels such as China Merchants Bank and China Construction Bank, which have launched successful asset allocation programs [2][7]. - As of the end of 2025, the total scale of FOFs reached 252.11 billion, marking a significant milestone in the market [7].

Core Viewpoint - The latest quarterly report reveals that bond funds remain the primary focus for public FOFs, with significant investments in ETFs as well. The top five funds favored by FOFs in Q4 2025 include various bond and ETF products, indicating a strong preference for fixed-income investments [1]. Group 1: FOF Holdings Overview - As of the end of Q4 2025, bond funds dominate the top 50 holdings of public FOFs, with 40 out of 50 being bond-related [1]. - The top fund held by FOFs is the Hai Fu Tong Zhong Zheng Short Bond ETF, with a market value exceeding 5.98 billion yuan, held by 119 FOFs [2]. - Other notable funds include Guotai Li Xiang Short and Medium Bond C and Fu Guo State-Owned Enterprise Bond C, each with holdings exceeding 1.7 billion yuan [2]. Group 2: Active Equity Fund Holdings - The top active equity fund held by FOFs is Xing Quan Commercial Model Preferred A, with a total holding value of 406.73 million yuan, held by 16 FOFs [4]. - Following closely is Yi Fang Da Information Industry Selected C, with a holding value of 365.40 million yuan, held by 10 FOFs [5]. - Other significant active equity funds include Yi Fang Da Ke Rong and Yi Fang Da Supply Reform, each with holdings above 300 million yuan [4]. Group 3: Fund Increases in Q4 - The fund with the highest increase in holdings during Q4 2025 is the Hai Fu Tong Zhong Zheng Short Bond ETF, which saw an increase of 2.69 billion yuan, bringing its total holding value to 5.98 billion yuan [6]. - Guotai Li Xiang Short and Medium Bond C also experienced a significant increase of 1.14 billion yuan, with a total holding value of 1.80 billion yuan [7]. - Other funds with notable increases include Jing Shun Chang Zhong Short Bond F and Fu Guo State-Owned Enterprise Bond C, each with increases exceeding 600 million yuan [7]. Group 4: Investment Strategies and Focus Areas - FOF managers express confidence in the A-share market, with increased allocations in technology, resources, and non-bank financial sectors during Q4 2025 [8]. - Specific strategies include focusing on gold and silver stocks, rare earths, and other metals, as well as exploring opportunities in the tourism sector [8]. - Long-term asset allocation strategies remain a priority, with a focus on consumer sectors and non-bank financials, alongside participation in overseas bond markets and REITs [8].

Core Viewpoint - The latest disclosures of public fund of funds (FOF) reveal a strong preference for bond funds and ETFs, indicating a strategic focus on stable income and passive investment strategies in the current market environment [1][3][10]. Group 1: FOF Holdings - As of the end of Q4 2025, bond funds dominate the FOF holdings, with 40 out of the top 50 funds being bond-related [3][4]. - The top five funds held by FOFs include Hai Fu Tong Zhong Zheng Short Bond ETF with a market value exceeding 5.98 billion yuan, followed by Guotai Li Xiang Short and Medium-term Bond C and Fu Guo State-owned Enterprise Bond C, each with over 1.7 billion yuan [3][4]. - The total market value of the top 50 funds held by FOFs reflects a significant investment in passive index products, highlighting a shift towards index-based strategies [3][10]. Group 2: Fund Increases - The most increased fund in Q4 2025 was Hai Fu Tong Zhong Zheng Short Bond ETF, which saw an increase of 2.69 billion yuan, bringing its total market value to 5.98 billion yuan [8][9]. - Other notable increases include Guotai Li Xiang Short and Medium-term Bond C, which was increased by 1.14 billion yuan, and several other funds with increases exceeding 600 million yuan [8][9]. - The trend of increasing holdings in bond funds suggests a cautious approach by FOF managers in the current economic climate [10]. Group 3: Manager Insights - FOF managers express confidence in the A-share market, with a focus on sectors such as technology, resources, and non-bank financials for future growth [10][11]. - Specific strategies include investing in precious metals and rare earths, as well as exploring opportunities in the tourism sector, indicating a diversified approach to asset allocation [10][11]. - The emphasis on long-term asset allocation strategies reflects a commitment to maintaining positions in high-value sectors while adapting to market conditions [10][11].