Group 1 - The core point of the news is that Boyuan Chemical has experienced a decline in stock price, falling 0.54% to 7.33 CNY per share, with a total market value of 27.244 billion CNY and a cumulative drop of 6.36% over four consecutive days [1] - Boyuan Chemical's main business includes the production and sales of coal, methanol, fertilizers, soda ash, and sodium bicarbonate, with revenue composition being 60.01% from soda ash, 25.08% from urea, 12.88% from sodium bicarbonate, and 1.56% from other products [1] Group 2 - According to data, Bosera Fund holds a significant position in Boyuan Chemical through its Bosera Growth Selected Mixed A fund, which has 3.78% of its net value in Boyuan Chemical, ranking it as the fourth largest holding [2] - The Bosera Growth Selected Mixed A fund has experienced a floating loss of approximately 159,300 CNY today and a total floating loss of 1.9917 million CNY during the four-day decline [2] Group 3 - The fund managers of Bosera Growth Selected Mixed A are Zeng Hao and Wang Lingxiao, with Zeng having a tenure of 8 years and 20 days, achieving a best fund return of 142.95% during his management [3] - Wang Lingxiao has a tenure of 3 years and 284 days, with a best fund return of 64.99% during his management [3]

Group 1 - CloudWalk Technology experienced a decline of 5.01% on January 13, with a stock price of 16.88 yuan per share, a trading volume of 1.188 billion yuan, a turnover rate of 8.27%, and a total market capitalization of 17.531 billion yuan [1] - The company, established on March 27, 2015, and listed on May 27, 2022, is based in Shanghai and specializes in providing efficient human-machine collaboration operating systems and industry solutions, contributing to the industrialization of artificial intelligence and the intelligent transformation of various sectors [1] - The revenue composition of CloudWalk Technology includes 75.55% from artificial intelligence solutions, 24.19% from human-machine collaboration operating systems, and 0.25% from other sources [1] Group 2 - According to data from the top ten circulating shareholders of CloudWalk Technology, a fund under Bosera Fund ranks among them, specifically the Bosera SSE STAR Market Artificial Intelligence ETF, which entered the top ten shareholders in the third quarter with 9.6927 million shares, accounting for 1.16% of circulating shares [2] - The Bosera SSE STAR Market Artificial Intelligence ETF was established on March 11, 2025, with a latest scale of 1.25 billion yuan and has achieved a year-to-date return of 18.03%, ranking 139 out of 5517 in its category, and a cumulative return of 39.82% since inception [2] Group 3 - The fund manager of the Bosera SSE STAR Market Artificial Intelligence ETF is Li Qingyang, who has been in the position for 1 year and 347 days, managing total assets of 11.588 billion yuan, with the best fund return during his tenure being 170.45% and the worst being -1.28% [3]

【 导读 】 昨日股票ETF资金净流入超130亿元 中国基金报记者 曹雯璟 1月12日，A股三大指数继续强势表现，沪指日线17连阳再创逾十年新高。股票ETF资金净流入超130亿元。其中，传媒、卫星、软件、有 色金属等热门主题ETF资金净流入居前， 沪深300ETF、创业板ETF、科创50ETF、A500ETF 等宽基ETF 成为"失血"大户。 昨日股票ETF资金净流入超130亿元 昨日（1月12日），市场震荡拉升，三大指数均涨超1%，全市场股票ETF（含跨境ETF）资金净流入131.3亿元。 净流入前5板块分别为传媒（净流入38.0亿元）、有色金属（净流入32.2亿元）、卫星产业（净流入27.7亿元）、人工智能（净流入26.1 亿元）、国防军工（净流入23.9亿元）。 净流出前5板块分别为中证A500指数（净流出28.7亿元）、沪深300指数（净流出27.7亿元）、创业板（净流出21.5亿元）、科创板50指 数（净流出16.5亿元）、证券（净流出13.3亿元）。 头部基金公司方面，易方达基金ETF最新规模达8866.2亿元，昨日规模增加86.4亿元；2026年以来，规模增加449.2亿元。 易方达旗下人工智能 ...

Group 1 - The stock of Reliable Co., Ltd. increased by 5.03% on January 13, reaching a price of 13.77 CNY per share, with a trading volume of 97.1 million CNY and a turnover rate of 4.78%, resulting in a total market capitalization of 3.744 billion CNY [1] - Reliable Co., Ltd. is based in Hangzhou, Zhejiang Province, and was established on August 7, 2001. The company went public on June 17, 2021, and its main business involves the design, research and development, production, and sales of disposable hygiene products [1] - The revenue composition of Reliable Co., Ltd. includes adult incontinence products at 52.30%, baby care products at 38.05%, pet hygiene products at 6.14%, and other products at 3.51% [1] Group 2 - Among the top ten circulating shareholders of Reliable Co., Ltd., one fund from Bosera Fund ranks as a significant shareholder. The Bosera Third Industry Growth Mixed Fund (050008) entered the top ten shareholders in the third quarter, holding 761,500 shares, which accounts for 0.5% of the circulating shares [2] - The Bosera Third Industry Growth Mixed Fund (050008) was established on April 12, 2007, with a current scale of 754 million CNY. Year-to-date, it has achieved a return of 2.24%, ranking 6169 out of 8836 in its category; over the past year, it has returned 25.91%, ranking 4988 out of 8091; and since inception, it has returned 29.24% [2]

Group 1 - The core point of the article is that Huaxia Fund's non-cash ETF management scale has surpassed 1 trillion yuan, marking a significant milestone in the domestic public fund industry [2][4] - The ETF market in China has reached a total management scale of 6.11 trillion yuan as of January 12, with a notable average growth rate of nearly 40% over the past decade for non-cash ETFs [9] - Huaxia Fund has maintained the largest average scale in equity ETFs for 21 consecutive years, with 3.74 million clients holding its ETFs as of mid-2025, also leading the industry [6] Group 2 - The rapid growth of Huaxia Fund's non-cash ETF scale is attributed to regulatory support, market demand, and product advantages, indicating a strong growth momentum for the ETF market [2][8] - As of January 12, 2023, the management scale of other leading funds includes E Fund at 923.2 billion yuan and Huatai-PB at approximately 649.9 billion yuan, showcasing a competitive landscape [4][5] - The article highlights that 83 of Huaxia Fund's ETF products have the lowest management fees among similar index-tracking ETFs, with a total scale exceeding 670 billion yuan for those with over 100 billion yuan in scale [7]

Market Overview - As of January 12, the total ETF margin balance in the two markets reached 122.95 billion, an increase of 3.51 billion from the previous trading day [1] - The financing balance was 114.98 billion, up by 3.24 billion, while the securities lending balance was 7.97 billion, increasing by 0.27 billion [1] - In the Shanghai market, the ETF margin balance was 86.99 billion, an increase of 2.50 billion, with a financing balance of 79.97 billion, up by 2.24 billion [1] - The Shenzhen market's ETF margin balance was 35.96 billion, increasing by 1.01 billion, with a financing balance of 35.01 billion, up by 0.99 billion [1] ETF Margin Balances - The top three ETFs by margin balance on January 12 were: - Huaan Yifu Gold ETF (7.32 billion) - E Fund Gold ETF (4.16 billion) - Huatai-PB CSI 300 ETF (4.06 billion) [2][3] ETF Financing Buy Amounts - The top three ETFs by financing buy amounts on January 12 were: - E Fund CSI Hong Kong Securities Investment Theme ETF (2.10 billion) - Hai Fu Tong CSI Short Bond ETF (1.97 billion) - Bosera CSI Convertible Bonds and Exchangeable Bonds ETF (1.31 billion) [4] ETF Financing Net Buy Amounts - The top three ETFs by financing net buy amounts on January 12 were: - Fuguo 7-10 Year Policy Financial Bonds ETF (681 million) - GF CSI Media ETF (437 million) - Hai Fu Tong CSI Short Bond ETF (208 million) [5] ETF Securities Lending Sell Amounts - The top three ETFs by securities lending sell amounts on January 12 were: - Huatai-PB CSI 300 ETF (51.19 million) - Huaxia CSI A500 ETF (39.12 million) - Southern CSI 500 ETF (24.49 million) [6]

Core Insights - The ETF market in China has reached a significant milestone, with the non-cash ETF management scale of Huaxia Fund surpassing 1 trillion yuan for the first time, making it the first fund manager in the domestic public offering industry to achieve this feat [1][9]. Group 1: ETF Market Growth - The total management scale of non-cash ETFs in the market has reached 6.11 trillion yuan as of January 12, with an average growth rate of nearly 40% over the past decade, indicating a rapid expansion in this segment of public funds [6][15]. - Industry experts anticipate that the ETF market will continue to grow robustly, driven by regulatory support, market demand, and product advantages, entering a new phase of high-quality development [5][15]. Group 2: Huaxia Fund's Performance - As of January 12, Huaxia Fund's non-cash ETF management scale is reported at 10,165.88 billion yuan, followed by E Fund at 9,232 billion yuan and Hua Tai Pai Rui at nearly 6,500 billion yuan, showcasing the competitive landscape among top fund managers [2][11]. - Huaxia Fund has maintained the highest average scale in equity ETFs for 21 consecutive years, with 374 million clients holding its ETFs as of mid-2025, further solidifying its market leadership [4][13]. Group 3: Competitive Landscape - The competition among ETF products is expected to focus on tracking efficiency, fee levels, and niche market strategies, with products offering high liquidity and efficient investment tools likely to stand out [6][15]. - The management fee rates of Huaxia Fund's ETFs are among the lowest in the industry, with 83 products in the lowest fee tier, which helps to attract more investors [14].

【导读】华夏基金旗下非货ETF规模首次突破1万亿元 随着权益市场回暖、被动投资理念的普及，刚刚站上6万亿元规模的ETF市场再迎里程碑事件。 最新数据显示，华夏基金旗下非货ETF管理规模已超1万亿元，首次突破1万亿元整数关口，成为国内公募行业首家非货ETF规模超万亿元的基金管理人。 业内人士表示，在监管支持、市场需求以及产品优势下，预计ETF市场仍将延续强劲增长势头，头部产品"强者恒强"的格局更为凸显，跟踪高效、费率更 优、流动性更好的产品未来有望脱颖而出。 华夏基金旗下非货ETF规模 首次突破1万亿元 数据显示，截至1月12日净值更新，华夏基金旗下非货ETF管理规模达10165.88亿元，首次突破1万亿元整数关口。 另外，易方达基金非货ETF最新规模已达9232亿元，实现规模快速增长；华泰柏瑞基金非货ETF规模接近6500亿元，跻身前三强。 最新数据还显示，南方基金非货ETF规模为4556亿元，嘉实、广发基金均超3000亿元，国泰、富国、博时基金等都超过2000亿元，汇添富、华宝、鹏华基 金等均跻身"千亿俱乐部"。 规模是市场认可最直观的体现。数据显示，华夏基金旗下权益类ETF年均规模连续21年稳居行业第一（ ...

2026年开年以来，QDII基金溢价频现。 二级市场交易价格溢价的同时，2026年开年以来QDII基金表现亮眼。Wind数据显示，年初至今累计有24只 QDII基金涨幅在10%以上。其中，发布溢价风险公告的华泰柏瑞基金旗下中韩半导体ETF，今年以来上涨 10.85%，成为市场业绩表现较为亮眼的QDII基金。1月12日，中韩半导体ETF（513310）收涨3.06%。同花顺 数据显示，中韩半导体ETF（513310）当日资金净流入3.49亿元。 有熟悉海外市场的投资人士表示，QDII基金溢价的原因主要是两方面原因。一方面，开年以来外围市场的上 涨，刺激投资者布局热情，此外交易时间差、汇率波动等因素也会影响QDII基金的净值和交易价格，进而导 致溢价或折价现象；另一方面，由于QDII基金存在外汇额度限制，部分产品仍处在限购状态，导致投资者只 能通过场内交易购买，这种供需不平衡会推高基金的溢价率。 南方基金也提醒，参与海外市场仍需保持理性。投资者需关注包括汇率波动、估值时滞、流动性差异及地缘政 治等在内的综合风险，避免因短期情绪追高，造成不必要的损失。只要方法得当、工具多元，即便在QDII额 度紧张的阶段，依然有望 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Last week (January 5 - January 9), bond - type ETFs had a net capital outflow of 63.1 billion yuan. Credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs had net outflows of 56.1 billion yuan, 9.6 billion yuan, and a net inflow of 2.7 billion yuan respectively. Compared with the previous week, the weekly cumulative unit - net - value changes of credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs were - 0.01%, - 0.17%, and +3.86% respectively [2][4][13]. 3. Summaries According to Relevant Catalogs 3.1 Issuance Progress Tracking - There were no newly issued bond ETFs last week [17]. 3.2 Existing Product Tracking - As of January 9, 2026, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were 142.2 billion yuan, 404.5 billion yuan, and 66.3 billion yuan respectively, with credit - bond ETFs accounting for 60.6%. The circulating market values of Haifutong CSI Short - term Finance ETF and Boshi Convertible - bond ETF ranked top two, at 61.829 billion yuan and 55.556 billion yuan respectively. Compared with the previous week, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs decreased by 10.5 billion yuan, 38.6 billion yuan, and increased by 5.3 billion yuan respectively. Products with significant scale reduction last week included Harvest CSI AAA Science and Technology Innovation Corporate Bond ETF, Science and Technology Innovation Bond ETF Yin Hua, and Fullgoal CSI AAA Science and Technology Innovation Corporate Bond ETF, with a month - on - month decrease of over 6 billion yuan each [19][20]. - Among credit - bond ETFs, the circulating market values of benchmark - market - making credit - bond ETFs and science - and - technology innovation bond ETFs were 119.9 billion yuan and 311 billion yuan respectively, decreasing by 7.1 billion yuan and 44 billion yuan compared with the previous week [23]. 3.3 ETF Performance Tracking - Based on the average trends of the cumulative unit net values of 16 interest - rate bond ETFs and 35 credit - bond ETFs, the cumulative unit net values of interest - rate bond ETFs and credit - bond ETFs closed at 1.18 and 1.03 respectively. In terms of cumulative returns, the return rate of benchmark - market - making credit - bond ETFs since their establishment has been stable at around 1.20%, while the return rate of science - and - technology innovation bond ETFs has marginally declined to 0.21% [26][28]. 3.4 Premium/Discount Rate Tracking - From a broad - category perspective, last week, the average premium/discount rates of credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs were - 0.25%, - 0.03%, and +0.03% respectively. The average trading price of credit - bond ETFs was lower than the fund's unit net value, indicating low allocation sentiment. Specifically, the weekly average premium/discount rates of benchmark - market - making credit - bond ETFs and science - and - technology innovation bond ETFs were - 0.39% and - 0.22% respectively [34]. 3.5 Turnover Rate Tracking - The weekly turnover rates of interest - rate bond ETFs, convertible - bond ETFs, and credit - bond ETFs were calculated by dividing the weekly trading volume of ETFs by the fund shares. Last week, the turnover rates showed the order of interest - rate bond ETFs > convertible - bond ETFs > credit - bond ETFs, and the weekly turnover rates of all three types of products increased marginally, reaching 141%, 112%, and 91% respectively. Specifically, products such as Huaxia Shanghai Stock Exchange Benchmark - Market - Making Treasury Bond ETF, Guotai CSI AAA Science and Technology Innovation Corporate Bond ETF, and Haifutong CSI Short - term Finance ETF had relatively high turnover rates [39].