新年新气象，基金经理新人密集上岗。 | 周波昂 | 男 | 侧工 | 2026-01-23 | 甲庚星金 | | --- | --- | --- | --- | --- | | 潘科 | 男 | 硕士 | 2026-01-22 | 安信基金 | | 张子健 | 男 | 硕士 | 2026-01-21 | 鹏非基金 | | 于智伟 | 場 | 硕士 | 2026-01-21 | 九泰基金 | | 胡涛 | 男 | 硕士 | 2026-01-21 | 平安基金 | | रूर्य | 女 | 硕士 | 2026-01-20 | 长盛基金 | | 王梦恺 | 男 | 硕士 | 2026-01-20 | 南华基金 | | 陈祥 | 男 | 博士 | 2026-01-20 | 天弘基金 | | 李嘉琪 | 女 | 博士 | 2026-01-20 | 长江证券(上海)资管 | | 郭威 | 男 | 硕士 | 2026-01-20 | 国联基金 | | 丁仲元 | 男 | 硕士 | | 2026-01-20 国泰海通证券资管 | | 卓佳亮 | 男 | | 2026-01-19 | 天治基金 | | 刘裴 。 | E | ...

"做陡曲线"还是"宏观对冲"，基金参与国债期货的两面 [Table_Authors] 唐元懋(分析师) 2025 基金投资国债期货拆解 本报告导读： 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。 投资要点： 债券研究 /[Table_Date] 2026.02.01 | | 0755-23976753 | | --- | --- | | | tangyuanmao@gtht.com | | 登记编号 | S0880524040002 | | | 孙越(分析师) | | | 021-38031033 | | | sunyue6@gtht.com | | 登记编号 | S0880525080004 | [Table_Report] 相关报告 如何理解 ONRRP 类工具与双向隔夜回购 2026.01.30 承接"存款搬家"，理财投了什么，收益如何 2026.01.30 债券 ETF 规模跃升之后：业绩归因、策略优化与 未来挑战 2026.01.29 强者恒强，关注业绩筑底走向 2026.01.27 配置力度不减，高久期偏好更趋明确 2026.01.27 证 券 研 究 报 告 请务 ...

证券研究报告 | 固定收益 gszqdatemark 2026 01 31 年 月 日 固定收益点评 固收+继续扩张，增配科技化工——25Q4 基金转债持仓分析 2025Q4 公募基金持有转债规模占转债总市值的 57.74%，环比下降 4.08pcts，仓位小幅下降 0.05pcts。截止 2025Q4，转债市场存量余额 5338.90 亿元，环比 25Q3 增加 4.30%。权益势强背景下，固收+配置需 求仍在，转债存量规模略有增加，但机构持有转债比重略有下降。2025Q4 公募基金持有转债市值 3082.51 亿元，占转债总市值的 57.74%，较三季 度减少 4.08pcts；公募基金持有转债仓位为 0.76%，环比下降 0.05pcts。 二级债基、一级债基加仓转债。从结构上看，持有转债较多的基金类型为 债券型基金中的二级债基（ 36.41%）、可转债基金 36.29%）和债券型基 金中的一级债基 21.90%）、偏债混合型基金（ 3.30%）、灵活配置型基金 2.10%）。受基金产品定位与市场策略分化影响，环比 25Q3，二级债基 转债市值增加 39.63 亿元 3.72%，表示转债持有比重增加 3 ...

转自：中国证券报·中证网 中证报中证网讯（记者 齐金钊）日前，2025招商证券"招财杯"ETF实盘大赛落下帷幕。本届大赛于2025 年4月28日正式启幕，招商证券携手易方达基金、招商基金、博时基金、摩根基金、银华基金、汇添富 基金、华夏基金、国泰基金、广发基金、鹏华基金十大基金公司（排名不分先后），共同为投资者打造 一个集学习、交流、成长于一体的投教平台。据统计，本届大赛浏览量超880万人次，活跃度较上届大 赛增长超六成，实现显著增长。 据悉，为了让更多投资者领略ETF投资的魅力，自2023年起，招商证券已连续三年举办"招财杯"ETF实 盘大赛，累计吸引近27万名选手报名参赛，投教及赛事相关内容累计触达投资者超过千万人次，逐步构 建起良性循环的ETF投资生态圈。 数据显示，2025年"招财杯"ETF实盘大赛报名人数近八万。从重仓板块来看，排名居前的选手们主要在 宽基ETF与生物医药、通信设备、半导体芯片等行业主题ETF中灵活轮动，体现了对市场热点的关注与 配置调整。 招商证券表示，大赛的圆满收官，既是过往成果的总结，更是投资者ETF投资实践的新起点。 招商证 券将始终秉承"用心服务客户，专业创造价值"的核心理 ...

Group 1 - The core viewpoint of the article is that Jinan Jinxin evaluates fund management companies based on a comparative rating system that considers various risk-return characteristics across different fund types [2][4]. - Jinan Jinxin's rating system includes a comprehensive indicator system tailored for different fund types, focusing on profitability, performance stability, risk resistance, stock selection, and index tracking capabilities [2][3]. - As of the end of Q4 2025, there are 165 fund management institutions in the public market, with 150 being fund management companies and 15 asset management institutions having obtained public qualifications [2][4]. Group 2 - A total of 154 fund management institutions met the rating duration and received comprehensive ratings from Jinan Jinxin, with 72 institutions achieving a five-star rating in their respective product management capabilities [4][5]. - The number of fund management companies participating in the rating varies by fund type, with 117 for money market funds, 133 for pure bond funds, and 151 for mixed funds, among others [5]. - The article lists several fund management companies that received five-star ratings across different fund types, highlighting their profitability, performance stability, and scale appropriateness [6][7][8][9][10][11][12][13][14][15].

Core Viewpoint - The public fund industry is experiencing a wave of fee rate adjustments, marking the entry into an era where management fees can reach as low as 0.15%, significantly reshaping the asset management industry's ecosystem and profit models [1][6]. Group 1: Fee Rate Adjustments - Seven fund companies, including Huaxia and Tianhong, have announced reductions in management fees for over ten products, with Huaxia's Financial Technology ETF management fee dropping from 0.5% to 0.15% and custody fees to 0.05%, reaching the industry's "floor price" [1][2]. - The reduction in bond fund fees has exceeded market expectations, with Tianhong's management fee for its six-month holding mixed fund decreasing from 0.7% to 0.3%, a drop of over 57% [1][2]. - The average scale of initiated funds is approximately 107 million yuan, with about 60% of products having scales below 100 million yuan, prompting companies to lower fees to attract more capital [3]. Group 2: Driving Forces Behind Fee Reductions - The fee reduction is driven by three main forces: regulatory guidance, market competition, and investor awareness [4][6]. - Regulatory guidance is a core driving force, with the China Securities Regulatory Commission's new regulations expected to generate annual savings of 30 billion yuan for investors [4][6]. - Market competition is a significant catalyst, as the number of fund products has exceeded 13,600, while the average scale of single products has decreased by 10% compared to the previous year [4][6]. Group 3: Impact on the Industry - The reduction of management fees to 0.15% will profoundly impact the public fund industry's ecosystem, leading to a restructuring of income sources for fund companies [6]. - For example, a mid-sized company managing 100 billion yuan could see annual income drop by 810 million yuan if management fees fall from 1.5% to 0.15%, with profit margins decreasing from 25% to below 5% [6]. - The fee reduction trend is expected to accelerate industry consolidation, with at least 30 fund companies projected to be merged or exit the market due to losses over the next three years [6]. Group 4: Future Trends - The industry is likely to see a tiered fee structure, with broad-based ETFs entering the 0.1% fee era, while actively managed equity funds maintain fees between 0.8% and 1.2% [7]. - Fund companies are expected to focus on professionalization, outsourcing sales and operations to third-party platforms, and becoming "boutique" firms rather than "department stores" [7]. - The proportion of institutional investors holding ETFs is anticipated to rise from 35% to 55% over the next three years, indicating a shift towards lower-fee products [7].

Core Insights - The Hang Seng High Dividend Low Volatility Index increased by 2.8%, while the CSI Dividend Value Index rose by 1.7%, and both the CSI Dividend Index and CSI Dividend Low Volatility Index saw a 1.6% increase [1][2]. Group 1: Index Performance - The CSI Dividend Index and CSI Dividend Low Volatility Index both recorded a weekly increase of 1.6% [2]. - The Hang Seng High Dividend Low Volatility Index outperformed with a 2.8% increase [2]. - The CSI Dividend Value Index saw a 1.7% rise [2]. Group 2: ETF Inflows and Management Fees - The E Fund Dividend Low Volatility ETF (563020) attracted over 1.2 billion yuan in inflows this month [1]. - E Fund is currently the only fund company offering all its dividend ETFs at a low management fee rate of 0.15% per year [1]. Group 3: Index Composition - The CSI Dividend Index consists of 100 stocks with high cash dividend rates and stable dividends, with over 50% representation from the banking, coal, and transportation sectors [3]. - The CSI Dividend Low Volatility Index is made up of 50 stocks with good liquidity and low volatility, with over 60% from banking, coal, and transportation sectors [3]. - The Hang Seng High Dividend Low Volatility Index includes 50 stocks from the Hong Kong Stock Connect, with over 60% from financial, real estate, and energy sectors [3]. - The CSI Dividend Value Index comprises 50 stocks with high dividend yields and value characteristics, with over 60% from banking, construction decoration, and transportation sectors [3].

Core Viewpoint - The A-share market is experiencing a volatile upward trend, with the Shanghai Composite Index surpassing 4000 points in 2025. ETFs have become essential tools for investors to allocate assets and capture structural opportunities due to their high transparency, low fees, and strong liquidity [2]. Group 1: ETF Market Growth - By the end of 2025, the net inflow into China's ETF market reached approximately 1.18 trillion yuan, with the number of ETFs listed on domestic exchanges increasing to 1402, and the total market size rising from 3.7 trillion yuan to 6.0 trillion yuan, reflecting a growth of over 60% compared to the beginning of the year [2]. - The ETF product line has become increasingly diverse, offering investors a multi-layered toolbox to seize market opportunities, ranging from broad indices to niche sectors and from domestic investments to cross-border allocations [2]. Group 2: ETF Competition and Education - The "Zhaocai Cup" ETF live competition, held by China Merchants Securities since 2023, has attracted nearly 270,000 participants over three years, reaching over ten million investors through educational and event-related content, thereby fostering a positive ETF investment ecosystem [3]. - The 2025 competition saw over 880,000 views, with participant engagement increasing by over 60% compared to the previous year, indicating a growing interest in ETF investments [3]. Group 3: Performance and Market Trends - The A-share market showed strong performance in 2025, with major indices experiencing significant gains. The technology growth sector, particularly AI, semiconductors, robotics, aerospace, and innovative pharmaceuticals, emerged as the strongest market drivers [4]. - Participants in the "Zhaocai Cup" demonstrated impressive performance, focusing on broad-based ETFs and sector-specific themes such as biomedicine, communication equipment, and semiconductor chips, reflecting their attention to market hotspots and strategic adjustments [5]. Group 4: Comprehensive Support for Investors - The competition upgraded its offerings across four dimensions: education, investment, events, and services, providing comprehensive support to help investors progress steadily in their investment journeys [6]. - The "ETF Classroom" section was revamped to offer in-depth articles and interactive quizzes, reaching over 1.41 million participants, effectively enhancing investor education [7]. - The competition collaborated with ten major fund companies to launch "Hot Topics" and "Sector Topics," providing insights into market dynamics and investment opportunities, with nearly 460 million views across 45 live sessions [8]. Group 5: Tools and Professional Guidance - An "ETF Selection Tool" was introduced to enhance the investment experience, allowing participants to compare indices and ETFs using various quantitative metrics, aiding in understanding risk-return characteristics [9]. - Thousands of wealth advisors from China Merchants Securities participated in the competition, offering professional support and sharing diverse investment strategies, including stable allocation methods and industry rotation strategies [10].

Core Insights - The A-share market is experiencing a volatile upward trend, with the Shanghai Composite Index surpassing 4000 points in 2025, leading to significant inflows into ETFs, which are becoming essential tools for asset allocation and capturing structural opportunities [2] - The ETF market in China saw a net inflow of approximately 1.18 trillion yuan in 2025, with the number of ETFs listed on domestic exchanges increasing to 1402 and total market size growing from 3.7 trillion yuan to 6.0 trillion yuan, representing over 60% growth since the beginning of the year [2] Group 1: ETF Market Growth - The ETF product line is diversifying, offering investors a multi-layered toolbox to capture market opportunities, ranging from broad indices to niche sectors and cross-border allocations [3] - The "Zhaocai Cup" ETF competition, held annually since 2023, has attracted nearly 270,000 participants, enhancing investor education and engagement, and fostering a positive ETF investment ecosystem [4] Group 2: Competition and Participation - The 2025 "Zhaocai Cup" ETF competition commenced on April 28, with participation from ten major fund companies, creating a platform for learning, exchange, and growth for investors [4] - The competition saw over 8.8 million views, with engagement increasing by over 60% compared to the previous year, indicating a significant rise in interest [5] Group 3: Market Trends and Performance - The A-share market showed strong performance in 2025, with major indices experiencing expanded gains, particularly in the technology growth sector, including AI, semiconductors, robotics, aerospace, and innovative pharmaceuticals [6] - Participants in the competition demonstrated strong performance by focusing on broad-based ETFs and sector-specific themes such as biomedicine, communication equipment, and semiconductor ETFs, reflecting their attention to market hotspots [6] Group 4: Investor Education and Support - The competition upgraded its educational offerings, providing comprehensive ETF knowledge through the "ETF Classroom," which attracted over 1.41 million participants, showcasing effective educational outreach [8] - Collaborative efforts with ten fund companies resulted in the launch of "Hot Topics" and "Sector Topics," offering insights into market dynamics and investment opportunities, with 45 live sessions attracting nearly 4.6 million views [9][10] Group 5: Professional Guidance - Wealth advisors from the organizing company actively participated in the competition, providing professional support and insights, with a dedicated leaderboard for advisors to track performance [11] - Advisors shared diverse investment strategies, emphasizing the importance of liquidity management and balanced portfolio approaches, which provided participants with varied perspectives for decision-making [11] Group 6: Conclusion and Future Outlook - The successful conclusion of the "Zhaocai Cup" ETF competition marks a new starting point for investors in ETF practices, with the organizing company committed to ongoing investor education and service [12]

Core Viewpoint - The A-share market experienced a mixed performance on January 29, with significant outflows from stock ETFs, totaling nearly 30 billion yuan, indicating a trend of capital withdrawal from broad-based ETFs [2][4][3]. Group 1: ETF Market Overview - On January 29, stock ETFs saw a net outflow of 29.86 billion yuan, with 61 ETFs recording inflows exceeding 1 billion yuan [4][6]. - The total net outflow from stock ETFs since 2026 has surpassed 750 billion yuan, highlighting a persistent trend of capital leaving this segment [3]. - The broad-based ETFs, including those tracking the CSI 300, SSE 50, and others, experienced the most significant outflows, with six ETFs seeing net outflows exceeding 5 billion yuan, and one ETF exceeding 10 billion yuan in a single day [4][6]. Group 2: Sector Performance - Among the ETFs, industry-themed and commodity ETFs saw net inflows of 22.14 billion yuan and 5.39 billion yuan, respectively, while broad-based ETFs faced a net outflow of 52.02 billion yuan [4]. - The SGE Gold 9999 index recorded the highest net inflow of 4.05 billion yuan on January 29, while the CSI 300 index ETF had the largest outflow of 31.63 billion yuan [4]. Group 3: Fund Management Insights - Leading fund companies, such as E Fund and Huaxia Fund, reported significant inflows in specific ETFs, with E Fund's Sci-Tech Chip ETF seeing a net inflow of 936 million yuan on January 29 [7]. - Huaxia Fund's Nonferrous Metal ETF and Gold Stock ETF led the inflows with 1.497 billion yuan and 1.335 billion yuan, respectively [7]. Group 4: Market Outlook - Analysts expect the A-share and Hong Kong markets to maintain high trading activity levels, driven by macroeconomic stability and positive expectations for economic indicators [8]. - Despite uncertainties in global geopolitical dynamics and domestic economic challenges, the valuation levels of A-share and Hong Kong equity assets remain attractive compared to major global indices [8].