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].

Core Insights - The article provides an overview of the latest net asset values of various funds, highlighting the top-performing and bottom-performing funds in terms of net value growth [2][3]. Group 1: Top-Performing Funds - The top 10 funds with the highest net value growth as of January 23, 2026, include: 1. 东方阿尔法瑞丰混合发起A with a net value of 1.2635, up by 12.47% 2. 东方阿尔法瑞丰混合发起C with a net value of 1.2502, also up by 12.47% 3. 前海开源沪港深强国产业混合 with a net value of 1.9623, up by 12.39% 4. 广发招利混合A with a net value of 1.3612, up by 12.29% 5. 广发招利混合C with a net value of 1.3394, up by 12.29% 6. 东财景气驱动A with a net value of 1.9655, up by 11.57% 7. 东财景气驱动C with a net value of 1.9415, up by 11.57% 8. 银华成长智选混合A with a net value of 1.3064, up by 10.88% 9. 银华成长智选混合C with a net value of 1.3024, up by 10.88% 10. 平安高端装备混合发起式A with a net value of 1.5559, up by 10.85% [2]. Group 2: Bottom-Performing Funds - The bottom 10 funds with the lowest net value growth as of January 23, 2026, include: 1. 财通景气甄选一年持有期混合C with a net value of 2.5113, down by 4.71% 2. 财通景气甄选一年持有期混合A with a net value of 2.5621, down by 4.71% 3. 财通匠心优选一年持有混合C with a net value of 1.5344, down by 4.69% 4. 财通匠心优选一年持有混合A with a net value of 1.5818, down by 4.68% 5. 财通集成电路产业股票C with a net value of 3.8272, down by 4.62% 6. 财通集成电路产业股票A with a net value of 4.0521, down by 4.62% 7. 财通品质甄选混合C with a net value of 1.0504, down by 4.61% 8. 财通品质甄选混合A with a net value of 1.0514, down by 4.61% 9. 国泰金鑫股票C with a net value of 2.9991, down by 4.58% 10. 国泰金鑫股票A with a net value of 3.0715, down by 4.58% [3]. Group 3: Market Performance - The Shanghai Composite Index opened high and experienced a low after five deliberate sell-offs, closing with a small gain. The ChiNext index showed horizontal fluctuations with a small rebound. The total trading volume reached 3.11 trillion, with 3,941 stocks rising and 1,390 falling, and a涨跌停 ratio of 121:2. Leading sectors included industrial machinery, mineral products, and advertising packaging, with gains exceeding 2%. Notable concepts such as BC batteries and TOPCon batteries saw increases over 7% [5].

（来源：经济参考报） 开年以来，公募基金频落"红包雨"。 据Wind统计，截至1月16日，华泰柏瑞沪深300ETF总份额为797.60亿份。以此测算，该基金此次分红金 额约为98.10亿元。 作为境内规模最大的ETF产品，自成立以来，华泰柏瑞沪深300ETF已累计分红13次、累计分红总额 165.76亿元。仅在2025年6月，该基金曾单次分红高达83.94亿元。时隔近7个月，这一记录将再度被刷 新。 事实上，2026年开年不足半月，公募基金分红热潮就持续发酵，多只产品密集宣布分红。Wind数据显 示，截至1月22日记者发稿，2026年全市场已有524只基金（不同份额分开计算，下同）发布了分红方 案，累计分红金额将达323.15亿元，分红力度与市场热度同步升温。 从产品分布看，除宽基ETF延续大额分红的局面外，主动权益基金的密集分红成为今年开年的新看点， 一定程度上打破了此前债券型基金主导分红的单一局面。 据记者不完全统计，截至1月22日发稿，主动权益类基金（含普通股票型、偏股混合型、平衡混合型、 灵活配置型）2026年以来的分红合计约60.18亿元，占比约为19%。 据Wind统计，截至1月22日记者发稿，2 ...

Core Viewpoint - The process of public ETF products "going abroad" is accelerating, with significant expansion in the mutual access ETF products between mainland China and Hong Kong, enhancing overseas investment channels for A-shares [1][3]. Group 1: ETF Expansion Details - As of January 19, 98 new ETF products have been included in the mutual access scheme, increasing the total from 273 to 364, marking a 33.3% growth and the largest single expansion since the mechanism's launch in July 2022 [1][3]. - The newly included ETFs consist of 54 from the Shanghai Stock Exchange and 44 from the Shenzhen Stock Exchange, with 7 ETFs temporarily removed from the scheme [4]. - The new ETFs cover a variety of categories, including broad-based, industry themes, and strategy-based products, with a notable inclusion of 25 ETFs tracking the CSI A500 index and nearly 20 ETFs focused on artificial intelligence or chip-related indices [4]. Group 2: Market Implications - The expansion involves 29 public fund companies, with a focus on leading firms such as Huaxia Fund, which has 14 ETFs included, and E Fund with 10 ETFs [5]. - Analysts suggest that the expansion reflects a shift in foreign investment strategies from broad market purchases to more structured and thematic investments, particularly in technology and high cash flow assets [5][8]. - The inclusion of dividend and cash flow ETFs indicates a strong demand for defensive assets among foreign investors [5]. Group 3: Internationalization of ETFs - The listing of the Southern Asset Management CSI A500 Index ETF on the Singapore Exchange marks the first instance of a CSI A500 ETF "going abroad" under the mutual access mechanism, providing Singaporean investors with efficient access to A-share core companies [7]. - This development is expected to enhance the global influence of A-share ETFs and facilitate the internationalization of Chinese capital markets [7][8]. - The ongoing expansion of the mutual access mechanism is anticipated to attract more long-term capital into the market, particularly in sectors favored by foreign investors [8].

Core Insights - The process of public ETF products "going abroad" is accelerating, with the Hong Kong Stock Exchange announcing an expansion of mutual access ETF products starting January 19, which includes 98 new ETFs [1][3] - The total number of products covered by the "ETF Connect" has increased from 273 to 364, marking a 33.3% growth and the largest single expansion since the mutual access mechanism was launched in July 2022 [3][4] Group 1: Expansion Details - The adjustment is not merely an increase in quantity but significantly enriches the investment options, with the new ETFs covering broad-based, industry themes, and strategy types [4] - The newly included 98 ETFs consist of 54 listed on the Shanghai Stock Exchange and 44 on the Shenzhen Stock Exchange, with a total of 364 products now available for northbound trading [4][5] - Notably, the inclusion of ETFs tracking the CSI 500 index marks a first for the "ETF Connect," with major funds from Huatai-PB, Southern, and Huaxia among those included [5] Group 2: Market Implications - The expansion reflects a shift in foreign investment strategies from "buying the index" to "buying structure," particularly in technology sectors, indicating a growing interest in China's hard technology and self-sufficiency [5][6] - The inclusion of dividend and cash flow ETFs suggests a strong demand from foreign investors for defensive assets with high cash flow returns [5][8] - The acceleration of public products "going abroad" is exemplified by the listing of the Southern CSI 500 Index ETF on the Singapore Exchange, enhancing access for Singaporean investors to A-share core companies [7][8] Group 3: Future Outlook - The ongoing expansion of the "ETF Connect" is expected to continue to grow the scale and investor base of domestic ETFs, potentially attracting significant capital inflows into A-shares [8] - Challenges remain, including differences in funding and trading systems between A-shares and overseas markets, as well as competition from similar products offered by foreign institutions [8]

证券研究报告 | 基金研究（公募） 2026 年 01 月 23 日 FOF 新发市场回温，规模相对集中于低风险 FOF FOF 基金 2025 年四季报点评 ❑ FOF 基金持仓分析： 徐燕红 S1090524120003 xuyanhong@cmschina.com 徐肖雅 研究助理 xuxiaoya@cmschina.com 敬请阅读末页的重要说明 ❑ 市场新闻：2025 年四季度，个人养老金 FOF 基金数量回升至 213 只，整体发 展平稳。截至 2025/12/31，2023 年以来完整运行的 132 只 Y 份额个人养老金基 金平均收益为 12.74%，收益区间为[-5.95%,36.14%]，130 只基金获得了正收益。 ❑ 市场概况：截至 2025 年 12 月 31 日，全市场公募 FOF 基金共有 549 只，合 计管理规模 2441.88 亿元，其中低风险 FOF 规模占比约 66%。整体较 2025 年三季度末数量增加了 31 只，管理规模持续回升，相比三季度末增加 507.00 亿元，环比上升 26.20%，相较 2024 年末规模上升超过 80%。 ❑ 新发产品：2025 年四季 ...

Group 1 - The market outlook for Q1 is optimistic, driven by the stabilization and appreciation of the RMB, along with the influx of incremental funds from A500 and insurance capital, suggesting a potential spring rally [1][24] - The fund manager plans to increase equity positions to capitalize on the expected spring market, focusing on sectors with improving prices such as non-ferrous metals, chemicals, and renewable energy [1][24] - The bond market is viewed with caution, with expectations of limited upside due to increased long-term bond supply and the central bank's liquidity measures aimed at mitigating rising interest rate pressures [1][25] Group 2 - The foundation for the stock market is solid, as the market has absorbed previous valuation discrepancies and profit-taking pressures, clearing short-term obstacles for the Q1 rally [24] - The dual benefits of capital inflow and currency appreciation are expected to create a favorable environment for A-shares, with multiple sources of incremental capital entering the market [24] - The rationale for focusing on non-ferrous metals, chemicals, and renewable energy is based on their price improvement potential, driven by emerging demands from sectors like AI and new energy [24][25] Group 3 - The bond market's short-term negative factors are diminishing, as the impact of the redemption fee regulations has been absorbed, allowing the market to return to normal trading logic [25] - The central bank's liquidity injections are anticipated to counterbalance the upward pressure on interest rates from increased bond supply, preventing sustained rate hikes [25] - The potential for bond market gains is capped, with expectations that it will not exceed the lows seen in 2025, limiting the scope for significant upward trends [25] Group 4 - The fund manager's approach has demonstrated success in enhancing returns through participation in the equity market, achieving a yield of 8.65% for the Guotai Tongli fund and 6.9% for the Guotai Min'an fund in a challenging bond market [26] - Historical performance indicates that the fund manager has effectively managed drawdowns, with the Guotai Min'an fund showing a maximum drawdown of -1.53%, outperforming the average of -2.57% for similar funds [26][29] - The strategy of maintaining a low equity position while selectively increasing exposure during favorable market conditions has proven effective in managing risk and enhancing returns [36][37]

Summary of Key Points Core Viewpoint - The trading volume of the CSI 300 Index ETFs reached 100.59 billion yuan today, marking an increase of 45.57 billion yuan from the previous trading day, representing a growth rate of 82.82% [1] Group 1: Trading Volume and Changes - The E Fund CSI 300 ETF (510310) had a trading volume of 31.58 billion yuan, an increase of 15.28 billion yuan from the previous day, with a growth rate of 93.74% [1] - The Huatai-PB CSI 300 ETF (510300) recorded a trading volume of 31.83 billion yuan, up by 11.46 billion yuan, reflecting a growth rate of 56.24% [1] - The China Asset CSI 300 ETF (510330) saw a trading volume of 20.77 billion yuan, increasing by 11.07 billion yuan, with a growth rate of 114.17% [1] - The Fortis Fubon CSI 300 ETF (515360) and the China Asset CSI 300 ETF (510330) had the highest increases in trading volume, with growth rates of 3081.91% and 114.17% respectively [1] Group 2: Market Performance - As of market close, the CSI 300 Index (000300) fell by 0.45%, while the average decline for related ETFs was 0.36% [2] - The best-performing ETF was the Bosera CSI 300 ETF (515130), which increased by 0.06% [2] - The worst performers included the China Life Asset CSI 300 ETF (510380) and the Huabao CSI 300 Enhanced Strategy ETF (562070), which decreased by 0.72% and 0.68% respectively [2] Group 3: Detailed ETF Performance - The trading performance of various ETFs showed significant fluctuations, with the Fortis Fubon CSI 300 ETF (515360) experiencing a dramatic increase in trading volume by 3081.91% [2][3] - Other notable ETFs included the E Fund CSI 300 ETF (510310) and the Huatai-PB CSI 300 ETF (510300), both showing substantial increases in trading volume and relatively minor declines in price [2][3] - The overall trend indicates a mixed performance among the ETFs, with some experiencing significant trading activity despite the overall market decline [2][3]

Group 1 - The stock price of Jiugang Hongxing increased by 7.45% on January 23, reaching 2.02 CNY per share, with a trading volume of 220 million CNY and a turnover rate of 1.84%, resulting in a total market capitalization of 12.652 billion CNY [1] - Jiugang Hongxing has experienced a continuous increase in stock price for three consecutive days, with a cumulative increase of 7.43% during this period [1] - The company, established on April 21, 1999, and listed on December 20, 2000, is primarily engaged in the production and sales of steel and iron smelting and its rolling products, with main products including high-speed wire, bars, and medium-thick plates [1] Group 2 - Jiugang Hongxing's main business revenue composition includes: bars (31.86%), coils (26.12%), stainless steel (14.22%), wire (11.69%), plates (6.28%), and others (6.03%), with minor contributions from chemical products (2.30%), power (1.42%), and coke (0.03%) [1] - Among the top ten circulating shareholders of Jiugang Hongxing, a fund under Guotai Fund has increased its holdings in the Jiugang Zhongzheng Steel ETF (515210) by 19.4971 million shares in the third quarter, holding a total of 31.236 million shares, which represents 0.5% of the circulating shares [2] - The Jiugang Zhongzheng Steel ETF (515210) has a current scale of 3.98 billion CNY, with a year-to-date return of 5.83% and a one-year return of 41.47%, ranking 1840 out of 4261 in its category [2]

Group 1 - On January 22, A-shares showed mixed performance with the three major indices fluctuating, leading to a significant net outflow of 63.31 billion yuan from stock ETFs [1][3] - Industry-themed ETFs and commodity ETFs attracted substantial inflows, with net inflows of 12.04 billion yuan and 1.99 billion yuan respectively, while broad-based ETFs experienced significant outflows [3][6] - The semiconductor sector saw the most notable net inflow of 3.86 billion yuan, with the Jiashan Fund's Sci-Tech Chip ETF leading with a net inflow of 0.93 billion yuan [3][5] Group 2 - The chemical sector also experienced significant inflows, totaling 2.97 billion yuan, with Penghua Fund's Chemical ETF receiving a net inflow of 1.36 billion yuan [3][5] - Other sectors such as electric grid equipment, non-ferrous metals, gold, and pharmaceuticals also saw considerable inflows, with notable contributions from the Huaxia Fund's electric grid equipment ETF [3][5] - Over the past five days, the electric grid equipment index attracted over 7.9 billion yuan in inflows [3] Group 3 - Broad-based ETFs faced heavy outflows, totaling 76.95 billion yuan, with the CSI 300 ETF leading the outflows at 46.76 billion yuan [6][7] - The CSI 1000 ETF and the Shanghai Stock Exchange 50 ETF also saw significant outflows of 16.6 billion yuan and 5.26 billion yuan respectively [7][8] - The overall scale of broad-based ETFs decreased by 72.77 billion yuan [6]