永赢黄金股ETF基金经理刘庭宇表示，近期，委内瑞拉事件再度加剧全球地缘政治不确定性，而美联储 货币宽松路径也已清晰显现，金银铜价格同步创下历史新高。无论从中期降息周期、滞胀环境下的交易 型资金布局，还是逆全球化、去美元化趋势中的长期配置需求来看，黄金及黄金股在2026年值得关注。 近年来，国际金价持续大涨，黄金相关ETF产品备受投资者青睐。2025年，全市场20只黄金相关ETF产 品合计净流入近1200亿元；今年以来，仅8个交易日，资金净流入合计近60亿元。 目前，除了千亿元级的华安黄金ETF，全市场还有4只百亿元级黄金ETF，分别是博时黄金ETF（439.76 亿元）、黄金ETF易方达（387.10亿元）、国泰黄金ETF（325.84亿元）和黄金ETF华夏（131.69亿 元），此外，永赢黄金股ETF最新规模也达到143.21亿元。 业内人士表示，黄金ETF之所以持续受到投资者追捧，与近几年黄金市场持续牛市以及全球避险情绪再 度升温息息相关。 展望2026年，华安基金指数与量化投资部最新观点认为，未来黄金定价主要关注以下影响因素：第一， 2025年9月~12月美联储连续三次议息会议均降息，流动性环境宽松。根 ...

Group 1 - The core viewpoint of the article highlights that the Huaan Gold ETF has reached a significant milestone, becoming the first gold ETF in China to surpass 100 billion yuan in scale, achieving a total of 1007.62 billion yuan as of January 14 [2][5]. - The Huaan Gold ETF has seen substantial growth, with an increase of over 650 billion yuan expected by 2025, and an additional 67.77 billion yuan added in January 2026 alone [5]. - The article notes that the overall market for gold-related ETFs has attracted nearly 120 billion yuan in net inflows in 2025, with approximately 60 billion yuan flowing in during just the first eight trading days of the year [5]. Group 2 - The article discusses the factors influencing gold pricing in 2026, including anticipated interest rate cuts by the Federal Reserve, a weakening dollar, and ongoing geopolitical tensions [6][7]. - It mentions that central banks are continuing to purchase gold, and some commodities are being priced in yuan, reflecting changes in the global monetary system [6]. - The article emphasizes the low correlation between gold and other asset classes like stocks and bonds in the current domestic interest rate environment, highlighting gold's value in improving portfolio Sharpe ratios [7].

其次，美元信用持续削弱，地缘冲突频发，全球可能处在大的变局中。 第三，央行购金延续，部分大宗商品接受人民币计价，黄金顺应当前的全球货币体系变化。 展望2026年，华安基金指数与量化投资部在年度观点中提出了"黄金新周期延续，战略与配置并重"，认 为未来黄金定价主要关注以下影响因素： 首先，9月至12月美联储连续三次议息会议均降息，流动性环境宽松。根据最新的联邦基金利率期货和 美联储点阵图，2026年美联储降息节奏有望延续。 Wind最新数据显示，华安黄金ETF规模在1月14日首次突破千亿元大关，达到1007.62亿元。公开资料显 示，这是全市场第一只突破千亿元级别的黄金类ETF。 第四，当前国内利率水平偏低，黄金和股票、债券之间呈现低相关性，黄金的配置价值突出，加入黄金 或有望改善组合夏普比。 ...

Core Viewpoint - The article discusses the resilience of the domestic economy in 2025 amidst fluctuations, highlighting the stable performance of exports and manufacturing as a counterbalance to the downward pressure in real estate and investment sectors, leading to a gradual recovery in market risk appetite [1] Group 1: Economic Outlook - In 2026, the core growth drivers of the domestic economy are expected to be diversified, with policy guidance and market forces working in tandem to support a stable recovery [2] - Export resilience continues to play a stabilizing role, with increased export growth to regions like ASEAN and Africa due to trade substitution and effective matching of industrial demands [3] - New productive forces, such as smart manufacturing and artificial intelligence, are driving industrial integration and are expected to offset the downturn in real estate and external tariff shocks [4] Group 2: Domestic Demand and Fiscal Support - Domestic consumption is anticipated to remain strong, supported by government policies aimed at stimulating demand, with retail sales growth expected to maintain a relatively high level [5] - Investment is projected to stabilize and increase, with ample central investment project reserves and a continued emphasis on proactive fiscal policy and moderately loose monetary policy [5] Group 3: Potential Risks - The real estate market is in a deep adjustment phase, with risks of a slowdown potentially dragging down GDP and spreading credit risks within the sector [6] - External economic and trade environments remain uncertain, with geopolitical conflicts and trade protectionism posing risks to export contributions to the economy [6] Group 4: Fixed Income Investment Strategies - In 2026, the pure bond market is expected to continue a volatile pattern, focusing on coupon income and structural opportunities [10] - Investment strategies will vary among fund managers, with a focus on high-grade credit bonds and flexible operations in interest rate bonds to enhance returns [10][14][18] - The solid performance of equity markets is expected to provide opportunities for fixed income products, with a focus on diversified asset allocation to balance risk and return [21][29] Group 5: Fund Manager Insights - Fund managers emphasize the importance of focusing on coupon income and structural opportunities in credit bonds, while also being cautious about long-term bonds [19][20] - The outlook for fixed income+ products is positive, with expectations of higher returns compared to pure bond products due to structural opportunities in the equity market [24] - Investment strategies should prioritize diversified portfolios to mitigate risks and enhance returns, particularly in the current low-interest-rate environment [30]

过去的2023年，公募基金行业克服挑战、稳步前行。这一年，公募基金管理规模首度超越银行理财，成为管理规 模最大的资管子行业。也是这一年，公募基金行业启动费率改革，积极让利于投资者，着力提升投资人获得感。 经过一系列的革新，行业长期发展的基石愈加稳固，迸发出新的活力。 迎接新春龙年，公募基金服务质量正在不断提升，丰富固收、指数和多资产产品线，推进基金投顾业务，深度参 与我国养老金市场，双向赋能大资管生态圈。作为服务普惠金融的重要参与者和践行者，公募基金正向着高质量 发展的方向迈进。 提升投资者获得感，提高核心竞争力，探索高质量发展路径，公募基金行业可以从四个方面着手： 甲辰新岁、春添祥瑞。值此新春佳节之际，华安基金全体员工向广大投资人致以最诚挚的感谢。衷心祝愿大家龙 年安康、皆得所愿。 第三，个性化服务。从当前投资者需求变化趋势来看，未来无论个人还是机构，都将呈现出越来越高的个性化需 求差异，公募基金需要不断创新业务模式，研发定制化、个性化的解决方案。 第四，直接触达客户。当前，国内公募基金的获客方式主要依赖代销渠道，而在海外成熟市场，机构客户直销占 比非常高，这或是国内公募基金未来的探索方向。 当前，中国财富 ...

近几年来，公募ETF（交易型开放式指数基金）市场得到飞速发展，目前行业已出现首家ETF管理 规模破万亿元的公募基金公司。 Wind数据显示，截至1月12日，华夏基金旗下ETF产品规模达到10166.79亿元，跻身国内首家"万亿 ETF"的公募基金公司，并且该公司的非货ETF规模也超过万亿元。公开资料显示，华夏基金成立于1998 年，是公募行业的"老十家"之一。 近两年来，随着指数投资理念深入人心，以及市场行情的助推，部分ETF产品规模也水涨船高。 2024年，以沪深300为代表的宽基类ETF获得大量资金流入。2025年，众多行业主题基金以及中证 A500ETF规模得到大幅增长。 数据显示，除华夏基金外，ETF管理规模前十五的公司规模均破千亿元。具体来看，易方达基金旗 下ETF规模排在第二，达到9256.3亿元；华泰柏瑞基金旗下ETF规模排在第三，达到6490.61亿元。南 方、嘉实、广发、国泰基金旗下ETF管理规模均超过3000亿元。富国、博时、华宝、华安基金旗下ETF 管理规模均超过2000亿元。银华、汇添富、鹏华、海富通基金旗下ETF管理规模均在千亿元之上。此 外，ETF管理规模排名第十六的天弘基金也突破 ...

Core Insights - The article provides an overview of the latest performance of various mutual funds, highlighting the top and bottom performers based on net asset value changes [1]. Fund Performance Summary Top Performing Funds - The top 10 funds with the highest net value growth include: 1. Guotou Ruijin Silver Futures (LOF) A: 2.3777, up 6.27% 2. Xinao Medical Health Mixed A: 1.3136, up 4.78% 3. Xinao Medical Health Mixed C: 1.3101, up 4.77% 4. GF Innovation Medical Two-Year Holding Mixed C: 0.9070, up 4.61% 5. GF Innovation Medical Two-Year Holding Mixed A: 0.9245, up 4.61% 6. Wanjia Global Growth One-Year Holding Mixed (QDII) C: 0.9410, up 4.34% 7. Wanjia Global Growth One-Year Holding Mixed (QDII) A: 0.9656, up 4.33% 8. Xinao Enjoy Life Mixed C: 1.2091, up 4.29% 9. Xinao Enjoy Life Mixed A: 1.2301, up 4.28% 10. GF Hong Kong-Shanghai Medical Mixed A: 1.1561, up 4.26% [2][3]. Bottom Performing Funds - The bottom 10 funds with the largest declines in net value include: 1. Dongfang Alpha Zhaoyang Mixed A: 0.5213, down 6.36% 2. Dongfang Alpha Zhaoyang Mixed E: 0.5144, down 6.35% 3. Great Wall Prosperity Growth Mixed C: 1.6053, down 6.22% 4. Great Wall Prosperity Growth Mixed A: 1.6280, down 6.22% 5. Xinyuan Industry Opportunity Mixed A: 1.1447, down 6.06% 6. Xinyuan Industry Opportunity Mixed C: 1.1432, down 6.06% 7. Huaan Big Security Theme Mixed C: 3.0600, down 5.99% 8. Huaan Big Security Theme Mixed A: 3.1370, down 5.97% 9. Zhongou High-end Equipment Stock Initiation C: 1.1549, down 5.79% 10. Zhongou High-end Equipment Stock Initiation A: 1.1731, down 5.79% [3]. Market Overview - The Shanghai Composite Index opened high but experienced wide fluctuations, closing with a small decline. The total trading volume reached 3.69 trillion, with a ratio of advancing to declining stocks at 1622:3729 [5]. - The leading sectors included insurance, which rose over 2%, while the lagging sectors were aviation, semiconductors, and telecommunications, which fell over 3% [5].

MACD金叉信号形成，这些股涨势不错！ 责任编辑：何俊熹 责任编辑：何俊熹 来源：深圳商报 来源：深圳商报 MACD金叉信号形成，这些股涨势不错！ ...

- The report tracks the performance of active equity and enhanced index funds, highlighting the top-performing funds in the past week, including those with the highest returns[5][6][32] - The report provides detailed statistics on the net inflows and outflows of various types of ETFs, including cross-border, commodity, stock, and bond ETFs, as well as specific sector and theme ETFs[3][13][14] - The report includes a comprehensive list of newly issued and listed ETFs, covering various themes such as non-ferrous metals, food, and technology[4][26][30] - The report tracks the performance of enhanced strategy ETFs, noting that 11 out of 54 enhanced strategy ETFs outperformed their benchmarks in the past week, with detailed performance metrics for each[24][25] - The report provides a detailed analysis of the trading activity of ETFs in the secondary market, including the top traded ETFs and their respective trading volumes and financing net purchases[15][18][20]

Macro Liquidity and Fund Prices - The central bank conducted a significant net withdrawal in the open market, with a cumulative net withdrawal of 1.66 trillion yuan, primarily due to the maturity of reverse repos around the year-end[7] - Money market rates remained stable, with R007 and DR007 rates down by 64bp and 51bp respectively, indicating a continued loose monetary environment[10] - The yield on 1-year and 10-year government bonds decreased by 4.9bp and increased by 3.1bp respectively, reflecting pressure on the bond market amid a strong stock market[10] Micro Liquidity and A-share Market - A-shares experienced a significant increase in trading volume, with an average daily trading amount rising to 28,519.51 billion yuan, a 34% increase from the previous period[14] - The net inflow of funds into A-shares reached 748 billion yuan, driven by accelerated inflows of financing funds[18] - Retail investors showed increased activity, with net inflows of 1,557 billion yuan, marking a 641 billion yuan increase from the previous period[24] Short-term Indicator Tracking - The volatility index is at a relatively high level, suggesting that maintaining current volume levels may be challenging, with a likelihood of short-term consolidation and slower growth[57] - The stock-foreign exchange hedging index indicated a significant divergence, suggesting a bullish sentiment in the A-share market following recent gains[60] Risk Warnings - Potential risks include slower-than-expected economic recovery, unexpected overseas recession, geopolitical black swan events, and discrepancies in statistical data[74]