Group 1 - Public funds participated in the offline allocation of 5 new stocks in January, with a total allocation amount exceeding 1.25 billion yuan [1][2] - The participation of public funds in "new stock subscription" is driven by multiple factors, including profit enhancement, portfolio optimization, and strategic layout [1][3] - The new stocks allocated to public funds represent various industries, including semiconductors, glass fiber, medical devices, auto parts, and logistics [2] Group 2 - In January, public funds received a total of 60.22 million shares, with the highest allocation amounting to 423 million yuan for the semiconductor equipment company Hengyun Chang [3][4] - A total of 107 public fund institutions participated in the offline allocation, with 20 institutions receiving over 10 million yuan [4] - Leading public funds such as E Fund, Southern Fund, and ICBC Credit Suisse Fund were in the top tier of "new stock subscription," each receiving over 100 million yuan [4][5] Group 3 - The ongoing interest in sectors like semiconductors and new energy is expected to sustain the enthusiasm for public funds in "new stock subscription" [5] - Increased competition in offline allocations may lead to a higher difficulty in winning shares and a potential divergence in returns [5] - Top public funds with strong research capabilities and financial strength are likely to dominate the "new stock subscription" market, while smaller funds may need to focus on niche sectors and optimize their bidding strategies [5]

分多空持仓看，基金参与国债期货投资目的仍以套期保值为主。 2025 年 4 季度，公募基金持仓国债期货空头合约市值约为 67 亿元，多头合约市值约为 34 亿元，两者较三季度环比均出现大幅缩水，且低于 2024 年同期水平。这表明四季度弱震荡格局中，公募基金在国债期货上的博弈意愿有所减弱，但整体来看 空头市值仍约为多头的两倍，基金以套期保值为主的结构仍在持续。 分品种看， 2025 年 4 季度资金博弈重心向超长端转移， TL 与 T 合约的空头持仓出现分化 。 2025 年 4 季度 TL 合约的空头持仓占比增至 40% ，较三 季度进一步提升，创下近五个季度新高；同时其多头占比也维持在 14% 的高位，显示出市场对超长端对冲需求旺盛；与 TL 相反， T 合约的空头持仓占比 由三季度的 27% 回落至 20% ，而多头占比则从 8% 提升至 11% 。 报告导读： 中长期纯债基金的"做陡曲线"策略与混合二级债基的"宏观对冲"策略分化明 显。 从基金类型看，中长期纯债基金侧重 TL 空头博弈曲线走陡，混合二级债基出于宏观对冲需求做多意愿增强，而灵活配置型基金则离场观望态势。 ①中长期 纯债基金： 2025 ...

基金分析专题报告(深度) 证券研究报告 数说公募主动权益基金四季报 ——规模/份额双降、周期/金融配置权重上升 王子薇 分析师SAC执业编号：S1130524010001 王聃聃 分析师SAC执业编号：S1130521100001 2026/2/2 主动权益基金2025年四季报总结 ◼ 基金市场概况：2025年四季度A股在经历了近一年的上涨趋势后开始横盘震荡，宽基指数涨跌互现。风格上，大、中盘价值指数均显著跑赢成长，小 盘成长与价值收益差距不大，大盘价值领跑，反映机构资金在进攻与防守之间切换、风险暴露选择性收敛的同步推进；行业指数方面，四季度申万31 个行业除医药生物、美容护理等9个行业外，其余各行业指数均取得正收益，其中，资源和军工表现较好，医药整体偏弱。主动权益基金规模和份额 下降，发行数量和发行规模小幅提升。 ◼ 基金持仓情况：权益基金平均股票仓位小幅收缩，为88.05%；港股仓位也有所下降。重仓股板块配置方面，权益基金集中增持周期品方向，主要为 稳增长政策托底下宏观预期边际改善、顺周期盈利弹性重新获得资金定价，以及年末时点资金对组合确定性与波动控制要求提升的合力结果，机构在 周期与金融板块抬升配比，同 ...

Overall ETF Fund Flow Overview - During the period from January 26 to 30, 2026, the overall market stock ETFs (excluding cross-border) experienced a net outflow of 314.93 billion, with a notable decrease in outflow scale towards the end of the week as the market weakened [11][14] - A-share industry and thematic ETFs saw a net inflow of 71.75 billion, an increase of 12.88 billion compared to the previous period, indicating strong market entry willingness from individual investors who view market pullbacks as opportunities for allocation [14][16] - Hong Kong stock ETFs recorded a net inflow of nearly 10 billion, continuing the inflow trend, while cross-border industry and thematic ETFs had a net inflow of 1.16 billion, a decrease of 6.35 billion from the previous week [16] Sector Analysis - The inflow into sectors such as non-ferrous metals, semiconductors, chemicals, and gold stocks showed strong sustainability, while the oil and petrochemical sector saw a significant increase in net inflow, although recent market volatility may affect price direction [20][22] - In the cross-border sector, emerging markets, Hong Kong's Hang Seng Technology, and major industry categories like technology and financial real estate saw relatively high inflows [25] Representative ETF Fund Flow - For stock ETFs, the top five by net inflow from January 26 to 30 were: - Huaxia CSI Non-ferrous Metals Industry Thematic ETF (6.46 billion) - Southern CSI Shenwan Non-ferrous Metals ETF (5.63 billion) - Penghua CSI Chemical Industry ETF (4.01 billion) - Huaxia CSI Shanghai-Hong Kong Gold Industry Stock ETF (3.82 billion) - Fortune CSI Chemical Industry Thematic ETF (2.78 billion) - The top five by net outflow were: - E Fund CSI 300 ETF (-74.73 billion) - Huatai-PB CSI 300 ETF (-74.20 billion) - Huaxia CSI 300 ETF (-54.71 billion) - Huaxia SSE 50 ETF (-41.73 billion) - Jiashi CSI 300 ETF (-40.63 billion) [28] Cross-Border ETF Representative Products - The top five cross-border ETFs by net inflow were: - GF CSI Hong Kong Stock Connect Non-bank ETF - Tianhong Hang Seng Technology ETF - Southern Fund Southern Dongying FTSE Asia Pacific Low Carbon Selected ETF (QDII) - GF CSI Hong Kong Innovative Medicine (QDII-ETF) - E Fund CSI Hong Kong Stock Connect Consumer Thematic ETF [3]

Market Overview - On February 2, over 30 ETF products hit the daily limit down, primarily from the gold and non-ferrous metal sectors, while ETFs related to electric grids, food and beverages, and banks showed resilience with gains [1][5] - The overall ETF market saw only about 50 products in the green at the close of trading [3] ETF Performance - The New Economy ETF by Yinhua (159822) recorded the highest single-day gain of over 7% on February 2 [3] - Several ETFs in the electric grid and food and beverage sectors demonstrated significant anti-drawdown characteristics, with notable performances including: - New Economy ETF Yinhua: 0.80 CNY, +7.57% - Food and Beverage ETF: 0.55 CNY, +1.48% - Electric Grid Equipment ETF: 1.75 CNY, +1.33% [4] Fund Flows - In January, multiple broad-based ETFs experienced significant net outflows, with a total exceeding 570 billion CNY from four major Hu-Shen 300 ETFs [8] - The specific net outflows for January included: - Huatai-PineBridge Hu-Shen 300 ETF: -190.84 billion CNY - E Fund Hu-Shen 300 ETF: -152.66 billion CNY - China Asset Hu-Shen 300 ETF: -137.59 billion CNY - Harvest Hu-Shen 300 ETF: -98.69 billion CNY [9] Market Sentiment - Current market conditions are characterized as a short-term emotional disturbance period, with expectations of a spring rally not yet concluded [3] - Analysts suggest that while there may be short-term volatility, the underlying logic supporting risk assets remains intact due to anticipated easing in 2026 and limited tightening actions from the Federal Reserve [3][7] Precious Metals Market - The precious metals market has seen a significant correction, attributed to a combination of speculative trading and increased margin requirements, leading to a technical clearing rather than a fundamental policy shift [6][7] - Despite recent volatility, long-term trends suggest continued support for precious metals due to weakening dollar credit and ongoing central bank purchases [7]

Core Viewpoint - The four oil LOFs managed by E Fund, Jiashi Fund, Huashan Fund, and Guangfa Fund all experienced a trading halt on February 2, with significant price drops following their resumption of trading, indicating volatility in the oil market driven by geopolitical factors and supply-demand dynamics [1][5]. Group 1: Fund Performance - All four oil LOFs, including Huashan's and Guangfa's, hit the trading limit down on their resumption day, with significant declines observed [1][5]. - The specific price changes for the funds included a drop of 10.00% for E Fund's oil LOF, 10.03% for Jiashi's oil LOF, 10.02% for Huashan's oil LOF, and 10.01% for Guangfa's oil LOF [2][3]. - The funds had previously issued warnings about significant premiums in their secondary market trading prices, advising investors to be cautious of potential losses from high premium purchases [2][7]. Group 2: Market Dynamics - Brent crude oil futures fell below $67 per barrel, while WTI crude oil futures dropped below $63, with both experiencing daily declines exceeding 3% [3][8]. - The volatility in oil prices is attributed to sudden shifts in geopolitical expectations, particularly concerning U.S.-Iran relations, which had previously driven prices to six-month highs [3][8]. - The International Energy Agency (IEA) forecasts a supply surplus in the global oil market this year, with supply exceeding demand by 3.85 million barrels per day [4][8]. Group 3: Future Outlook - Analysts suggest that the oil market may continue to experience volatility in the short term, with the potential for further price increases if geopolitical tensions escalate [4][9]. - The balance of supply and demand remains loose, indicating that much of the geopolitical risk premium has already been priced in, but any escalation in conflict could lead to upward pressure on oil prices [4][9].

智通财经APP获悉，香港联交所最新数据显示，1月27日，易方达基金减持光大证券(06178)69.48万股， 每股作价8.8706港元，总金额约为616.33万港元。减持后最新持股数目为5583.2万股，最新持股比例为 7.93%。 ...

智通财经APP获悉，香港联交所最新数据显示，1月27日，易方达基金减持东方证券(03958)144.8万股， 每股作价6.7844港元，总金额约为982.38万港元。减持后最新持股数目约为1.23亿股，持股比例为 11.98%。 ...

智通财经APP获悉，香港联交所最新数据显示，1月27日，易方达基金减持东方证券(03958)144.8万股， 每股作价6.7844港元，总金额约为982.38万港元。减持后最新持股数目约为1.23亿股，持股比例为 11.98%。 （原标题：易方达基金减持东方证券(03958)144.8万股 每股作价约6.78港元） fund ...

香港联交所最新数据显示，1月27日，易方达基金减持中信建投证券(06066)124.5万股，每股作价 12.6809港元，总金额约为1578.77万港元。减持后最新持股数目约为1亿股，最新持股比例为7.93%。 ...