沪指开盘涨0.25%，报4150.22点，深成指涨0.29%，报14371.96点，创业板指涨0.51%，报3359.79点，科 创50指数涨0.66%，报1566.19点。沪深两市合计成交额249.24亿元，全市场超2800股下跌。 | 名称 | 涨幅 现价 | 涨跌 | | --- | --- | --- | | 上证指数 | +0.25% 4150.22 +10.32 | | | 深证成指 | +0.29%14371.96 +42.05 | | | 创业板指 | +0.51% 3359.79 +17.19 | | | 科创50 | +0.66% 1566.19 +10.21 | | | 北证50 | +0.05% 1565.76 | +0.83 | 贵金属概念集体高开，中国黄金4连板，湖南黄金3连板，四川黄金、赤峰黄金、招金黄金、豫光金铅、 盛达资源、兴业银锡高开。消息面上，现货黄金盘中首次突破5200美元/盎司，再创新高，新年首月累 计涨超880美元。截至发稿，报5184.54美元/盎司，涨0.05%。 | 名称 | 涨幅量 1分钟涨速 | | | --- | --- | --- | | 贵金属 | ...

广发早知道-汇总版 广发期货研究所 电 话：020-88818009 E-Mail：zhangxiaozhen@gf.com.cn 目录： 每日精选： 金融期货： 股指期货、国债期货 贵金属： 黄金、白银、铂、钯 集运欧线 商品期货： 有色金属： 铜、氧化铝、铝、铝合金、锌、锡、镍、不锈钢、碳酸锂、工业硅、多 晶硅 黑色金属： 钢材、铁矿石、焦煤、焦炭、硅铁、锰硅 农产品： 油脂、粕类、玉米、生猪、白糖、棉花、鸡蛋、红枣、苹果 能源化工： PX、PTA、乙二醇、短纤、瓶片、纯苯、苯乙烯、LLDPE、PP、甲醇、烧 碱、PVC、尿素、纯碱、玻璃、天然橡胶、合成橡胶 投资咨询业务资格： 证监许可【2011】1292 号 每日重点关注品种逻辑解析 金融衍生品： 组长联系信息： 张晓珍（投资咨询资格：Z0003135） 电话：020- 88818009 邮箱：zhangxiaozhen@gf.com.cn 周敏波（投资咨询资格：Z0010559） 电话：020-81868743 邮箱：zhoumingbo@gf.com.cn 朱迪（投资咨询资格：Z0015979） 电话：020-88818008 邮箱：zhudi@g ...

Market Overview - The market rebounded yesterday with all three major indices turning positive, driven by strong performance in the chip industry, precious metals, CPO concepts, and space photovoltaic concepts [1] - Conversely, sectors such as coal and batteries experienced significant declines [1] ETF Fund Flows - On January 27, the non-monetary ETF market saw significant inflows, with the following notable changes: - Huaxia CSI Segmented Nonferrous Metals Industry ETF saw an increase of 704 million shares and a net inflow of 1.657 billion yuan - Huaan Gold ETF increased by 119 million shares with a net inflow of 1.293 billion yuan - Bosera CSI Convertible Bonds and Exchangeable Bonds ETF increased by 74 million shares with a net inflow of 1.088 billion yuan [1][2] ETF Performance - The top 20 ETFs by net inflow as of January 27 include: - Southern CSI Shenwan Nonferrous Metals ETF with a net inflow of 14.474 billion yuan - Huaxia CSI Electric Grid Equipment Theme ETF with a net inflow of 12.740 billion yuan - Penghua CSI Segmented Chemical Industry Theme ETF with a net inflow of 11.980 billion yuan [4] Overall Market Data - As of January 27, the total ETF shares in the market reached 32,858.54 billion shares, with a total scale of 56,365.94 billion yuan - The financial sector saw the largest increase in shares, with 26 funds tracking it - The largest increase in thematic shares was in the CSI Segmented Chemical Industry, with 6 funds tracking it - The highest return index was the Sino-Korean Semiconductor, which increased by 3.98% with 1 fund tracking it [4]

专题：聚焦2025基金四季报：AI应用、商业航天、核聚变，谁领2026投资主线？ 随着2025年四季报披露收官，公募基金行业管理规模再度刷新历史纪录。截至去年末，全行业管理资产规模达到37.64万亿元，单季度增长超 过1.3万亿元（统计不含ETF联接基金规模，后同），延续稳步扩张态势。 相较2024年末，公募管理人总规模前10名均已全部进入"万亿俱乐部"。然而在整体规模持续攀升的背后，行业内部的竞争格局和"主战场"也依 然在过去一年存在着变化。 一个最显著的特征是，过去数年"固收大厂规模占优"的行业生态，正在权益风格回归的环境下悄然生变。尤其在主动投资领域，基金公司投研 能力与产品布局的"含权量"，正成为决定规模座次的关键变量。 超6成公募全年实现非货规模增长 从全年来看，管理规模突破1万亿元的公募，已从2024年末的8家增至10家。其中汇添富基金与鹏华基金首次跻身"万亿俱乐部"，规模分别达到 11328亿元和10265亿元，这也标志着公募规模前10名的门槛正式升至万亿元以上。 在第5至10名的区间，"大厂们"在2025年末的排名同比则发生了一定微调：富国、嘉实、汇添富的位次有所上升，天弘、博时、鹏华的排名则 ...

Group 1: Industry Overview - The public fund industry has reached a record management asset scale of 37.64 trillion yuan by the end of 2025, with a quarterly growth exceeding 1.3 trillion yuan [1] - All top 10 public fund managers have entered the "trillion club," indicating a significant shift in the competitive landscape within the industry [1][3] - The dominance of fixed-income funds is changing as the market shifts back to equity styles, with research capabilities and product layout becoming key determinants of scale [1] Group 2: Fund Manager Rankings - The top two fund managers, E Fund and Huaxia Fund, have surpassed 2 trillion yuan in scale, with E Fund at 2.42 trillion yuan and Huaxia Fund at 2.16 trillion yuan, showing quarterly growth rates of 1.16% and 0.54% respectively [3] - The rankings for the top 10 fund managers remained consistent from the third quarter to the end of the year, with notable growth from Guangfa Fund and Southern Fund [3][4] - The number of public funds exceeding 1 trillion yuan has increased from 8 to 10, with Huitianfu and Penghua Fund entering the "trillion club" for the first time [4] Group 3: Non-Monetary Scale Growth - Over 60% of public funds achieved growth in non-monetary scale by the end of 2025, with 100 out of 164 fund companies reporting increases [6] - E Fund's non-monetary scale grew from 1.34 trillion yuan to 1.66 trillion yuan, while Huaxia Fund's increased from 1.16 trillion yuan to 1.44 trillion yuan [6] - The growth in non-monetary scale is closely linked to the performance of actively managed equity and "fixed income plus" products [8] Group 4: Active Management and Product Performance - Four institutions reported over 100 billion yuan in growth for their actively managed products, with significant contributions from "fixed income plus" offerings [8][10] - Jingshun Longcheng Fund led the growth in non-monetary scale with a 43.93% increase, driven by its "fixed income plus" products [8][10] - The shift in product strategy reflects a broader industry trend towards sustainable performance rather than just launching new products [11]

近日，中国证监会发布《公开募集证券投资基金业绩比较基准指引》（以下简称《指引》），中国 证券投资基金业协会同步发布《公开募集证券投资基金业绩比较基准操作细则》（以下简称《操作细 则》），《指引》自2026年3月1日起施行。这标志着公募基金行业基准管理步入系统化、规范化新阶 段，有助于根治基金"风格漂移"、基准滥用等乱象，强化产品透明度与投资纪律。 中信证券研究部认为，业绩基准作为公募基金投资的"锚"和"尺"，《指引》的推出，从源头上防范 公募基金"风格漂移"问题。《指引》覆盖范围全面，向内明确了基金公司全链条内控机制，向外对基金 业务三方机构的协同监督机制提出统一要求。 明确"锚"和"尺"作用 业绩比较基准，是指基金管理人在基金合同、招募说明书等基金法律文件中约定的，用于表征产品 投资风格、衡量产品业绩、约束投资行为的参考标准。从功能作用看，业绩比较基准是基金投资 的"锚"和"尺"，发挥确定产品定位、明晰投资策略、表征投资风格、衡量产品业绩、约束投资行为等重 要作用。 分析人士认为，"锚"用来明确投资风格、约束投资行为、防范"风格漂移"、提升投资稳定 性；"尺"可以衡量基金业绩是否跑赢市场，对基金经理进行考核 ...

每经记者｜陈晴 每经编辑｜陈柯名 王瀚黎 王晓波 国际贵金属延续强势，其中黄金再创历史新高，现货黄金盘中最高触及5187.96美元/盎司，截至发稿时，现货黄金涨3.33%，报5174.95美元/盎司； COMEX黄金期货涨1.87%，报5177.4美元/盎司。现货白银涨8.11%，报112.32美元/盎司。 欧洲主要股指收盘涨跌不一，英国富时100指数上涨0.58%，德国DAX指数下跌0.1%，法国CAC40指数上涨0.27%。 标题点睛 当地时间27日，消息人士称，近日，美国向以色列通报其针对伊朗可能采取军事行动的准备情况。美方表示，相关准备工作预计将在两周内完成，并可能 在未来数月内出现适合采取行动的"机会窗口"。美方同时强调，这并不意味着必须等所有准备工作结束后才会采取行动。如果美国总统特朗普下达命令， 美方行动可能提前进行，但目前这一选项并未被视为迫在眉睫。不过美以官方尚未证实上述消息。 1月27日晚间，美元指数大跳水。美元指数一度跌至95.51创2022年2月份的最低水平，本月累计跌幅扩大至超2.2%。 国际贵金属延续强势，其中黄金再创历史新高，现货黄金盘中最高触及5187.96美元/盎司，截至发稿 ...

2026年1月28日 星期三 V国新办定于1月28日举行新闻发布会 2025年国资央企高质量发展情况 2 财政部、央行: 定于1月28日进行2( 国库现金管理商业银行定期存款（一期 3 美国2025年12月商品贸易帐公布 4 美国1月23日当周EIA汽油库存变动' 1 隔夜市场 美股三大指数收盘涨跌不一，道指跌0.83%，纳指涨0.91%，标普500指数涨0.41%；科技股普涨，英特尔涨超3%，亚马逊涨超2%。医疗保险股普跌，标普 1500管理型医疗指数下跌18%，创下自1997年以来的最大跌幅；联合健康跌超19%，CVS跌超14%。中概股涨跌不一，纳斯达克中国金龙指数涨0.48%，爱 奇艺、哔哩哔哩涨超3%，携程集团跌逾2%，小鹏汽车、理想汽车跌超1%。 国际油价大幅走高，截至发稿时，美油主力合约涨3.07%，报62.49美元/桶；布伦特原油主力合约涨2.9%，报66.65美元/桶。 国际贵金属延续强势，其中黄金再创历史新高，现货黄金盘中最高触及5187.96美元/盎司，截至发稿时，现货黄金涨3.33%，报5174.95美元/盎司；COMEX 黄金期货涨1.87%，报5177.4美元/盎司。现货白银涨8.1 ...

每经编辑｜王瀚黎 王晓波 V国新办定于1月28日举行新闻发布会 2025年国资央企高质量发展情况 2 财政部、央行: 定于1月28日进行2( 国库现金管理商业银行定期存款（一期 3 美国2025年12月商品贸易帐公布 4 美国1月23日当周EIA汽油库存变动' 1 隔夜市场 美股三大指数收盘涨跌不一，道指跌0.83%，纳指涨0.91%，标普500指数涨0.41%；科技股普涨，英特尔涨超3%，亚马逊涨超2%。医疗保险股普跌，标普 1500管理型医疗指数下跌18%，创下自1997年以来的最大跌幅；联合健康跌超19%，CVS跌超14%。中概股涨跌不一，纳斯达克中国金龙指数涨0.48%，爱 奇艺、哔哩哔哩涨超3%，携程集团跌逾2%，小鹏汽车、理想汽车跌超1%。 国际油价大幅走高，截至发稿时，美油主力合约涨3.07%，报62.49美元/桶；布伦特原油主力合约涨2.9%，报66.65美元/桶。 国际贵金属延续强势，其中黄金再创历史新高，现货黄金盘中最高触及5187.96美元/盎司，截至发稿时，现货黄金涨3.33%，报5174.95美元/盎司；COMEX 黄金期货涨1.87%，报5177.4美元/盎司。现货白银涨8.11% ...

Core Insights - The latest holdings of Fund of Funds (FOF) reveal a shift in investment preferences, with a notable increase in bond ETFs and a decline in gold ETFs [1][2] - The macro environment for the equity market in Q1 2026 is expected to be favorable due to liquidity easing and performance improvement expectations [1][3] Fund Holdings - As of the end of Q4 2025, the Hai Fu Tong Zhong Zheng Short Bond ETF became the most held fund by FOFs, with 119 FOFs holding a total market value of 5.98 billion [1][2] - Other top bond ETFs included Peng Yang Zhong Dai-30 Year Government Bond ETF and Ping An Zhong Dai-High Grade Corporate Bond Spread Factor ETF, indicating a strong preference for bond investments [2] Gold and Resource Funds - Despite a decrease in holdings of the Hua An Gold ETF, several gold stock ETFs saw significant increases in FOF holdings, with over 50 million shares added for the Yong Ying Zhong Zheng Hu Shen Gang Gold Industry Stock ETF [2] - FOFs showed a strong focus on resource-related funds, particularly in gold, non-ferrous metals, and cyclical themes, reflecting a strategic shift towards these sectors [2][3] Performance and Strategy - The CITIC Jiantou Rui Xuan 6-Month Holding Mixed Fund (FOF) achieved the highest return in the FOF market at 6.41% in Q4 2025, heavily investing in resource-focused funds [3] - Fund managers are optimistic about the stock market, favoring value and blue-chip stocks, particularly in the resource sector, as they anticipate a market rebound in the latter half of 2026 [4] Tactical Approaches - The Bohai Huijin Preferred Progress 6-Month Holding Mixed Fund (FOF) will maintain a "barbell and rebalancing" strategy, locking in profits from previously high-performing assets while focusing on technology sectors benefiting from the AI boom [4][5] - The investment strategy for Q1 2026 will prioritize high-certainty industries, including gold and silver stocks, rare earths, and the recovering tourism sector [4][5]