◎记者 赵明超 开年以来，港股科技板块持续震荡，但基金布局热情不减，众多新品密集上报。Choice数据显示，今年 以来，截至1月27日，有26只港股主题基金上报。其中，广发基金上报了5只港股主题基金，富国基金上 报了3只港股主题基金。 从这些上报的港股主题基金来看，不仅有主动权益类基金，还有各细分行业指数基金。从科技主题基金 看，包括富国港股通科技混合基金、富国恒生科技指数基金、国泰中证港股通互联网ETF联接基金、国 泰港股通互联网精选混合基金。 多只主题ETF份额创新高 公募新品密集上报的背后，同资金持续看好港股市场有关。 港股市场已然成为公募基金重要的发力方向。2026年以来，港股主题基金布局热度显著攀升，26只新品 密集上报。从投向看，主要聚焦港股科技、医药、周期板块。此外，大量资金借道ETF南下布局，港股 主题ETF净流入近300亿元。随着资金的持续涌入，富国港股通互联网ETF份额突破千亿份，这也是首 只份额突破千亿份的港股主题ETF。 据Choice测算，2025年，港股主题ETF净流入3673.54亿元。2026年以来，截至1月26日，港股主题ETF 净流入达到298.51亿元。从港股主题ETF的 ...

来源：市场资讯 （来源：创业板观察） 2025年这一轮行情反复之中，百亿主动权益基金经理的版图已经悄然换了一拨人。Wind数据显示，按照产品合计管 理规模（含共管）统计，截至2025年末，百亿主动权益基金经理数量增至109位，比2024年末的71位明显增多。 （注：本次统计仅纳入各基金经理管理的主动权益类产品，如同时管理其他非主动权益基金，其对应规模未计入， 下同） 从名单结构看，呈现出两大特点，一方面，老牌顶流仍占据榜首，但规模回撤已经成为不少明星管理人的共同特 征；另一方面，一批此前规模尚在百亿线下基金经理，在一年时间里迅速站上百亿乃至数百亿台阶，成为新一轮资 金追逐的焦点。 "这两年百亿经理这块已经不是简单的马太效应了。"有公募权益投资总监直言，旧有的头部格局并未被彻底打破， 但增量资金的分配方式正在变化，既有对老牌经理的减持，也有对新面孔的加仓，榜单背后折射的是投资风格轮 动、渠道偏好和持有人结构的多重调整。 如果把时间轴对比到2024年末，可以清晰看到一个此消彼长的轨迹：部分在前两年叱咤风云的明星管理人，规模出 现不同程度收缩；与此同时，围绕中欧、永赢、富国、广发等公司的多位新晋百亿经理迅速补位，行 ...

证券研究报告 | 策略研究 2026 年 1 月 27 日 ETF 大幅净流出，融资资金转负 ——金融市场流动性与监管动态周报（1014） 本周 ETF 出现了较大规模的资金流出，结合多方面信息来看，政策对市场降温 的力度正在不断加大，以防止市场大起大落。未来 A 股走势有望更加稳健。应 对策略上，淡化指数波动，继续配置高业绩增速板块为主要方向，包括顺周期 中的涨价资源品、科技领域的半导体等，服务业消费和港股科技也可重点关注。 3. 《规模指数 ETF 净流出，融资 买入额占两市交易额比例回落 ——金融市场流动性与监管动态 周报（0120）》 | 招商 A 股流动性指数 | | | --- | --- | | 流动性指标 | 数值/金额（亿元） | | 资金供给 | | | 公募基金发行 | 290.54↑ | | ETF 净申购 | -3328.35↓ | | 融资净买入 | -82.65↓ | | 资金需求 | | | 限售解禁 | 584.22↑ | | IPO 融资 | 35.65↑ | | 净减持金额 | 117.88↓ | | 计划减持金额 | 186.00↓ | | 活跃度 | | | A 股周 ...

Group 1 - Huashan Fund announced the suspension of large subscriptions and large regular investment business for the Oil Fund LOF starting January 28, 2026, to ensure stable fund operations and protect the interests of fund holders [1][3] - The cumulative subscription and regular investment limit for each fund account has been reduced from 100 RMB to 10 RMB [1][3] - The decision is based on the fund contract and relevant regulations outlined in the prospectus [3] Group 2 - The Oil Fund LOF has experienced a significant increase in trading price premiums in the secondary market, with the premium rate rising from 8.29% to 18.88% between January 26 and January 27 [4][5] - Other funds, such as the Southern Oil LOF, have also seen premium rates around 10%, prompting their management to issue risk alerts to investors [5] - The recent surge in commodity prices, including precious metals, is attributed to macroeconomic recovery expectations and various industry factors, although there are concerns about potential short-term adjustments due to rapid price increases [5]

- The report does not contain any specific quantitative models or factors for analysis[1][2][3]

Group 1 - The core point of the news is the shift in FOF holdings, with the Hai Fu Tong Zhong Zheng Short-term Bond ETF becoming the most held fund by FOFs in Q4 2025, replacing the Hua An Gold ETF [1][2] - As of the end of Q4 2025, the Hai Fu Tong Zhong Zheng Short-term Bond ETF was held by 119 FOFs, with a total market value of 5.98 billion [2] - Several bond ETFs, including Peng Yang Zhong Dai-30 Year Government Bond ETF and Ping An Zhong Dai-Medium to High Grade Corporate Bond Spread Factor ETF, were among the top holdings by FOFs [2] Group 2 - In Q4 2025, FOFs increased their holdings in resource-related funds, particularly in gold and cyclical themes, with notable performance from the CITIC Securities Rui Xuan 6-Month Holding Mixed Fund [3] - The CITIC Securities Rui Xuan 6-Month Holding Mixed Fund achieved a return of 6.41% in Q4 2025, leading the FOF market [3] - The South China Zhong Zheng Shen Wan Nonferrous Metal ETF became the largest holding for a specific FOF by the end of Q4 2025, indicating a strong interest in nonferrous metals [3] Group 3 - The outlook for the second half of 2026 suggests a potential strengthening of value and blue-chip stocks, with a focus on resource upstream varieties [4] - Fund managers are optimistic about the stock market, expecting a shift from valuation expansion to profit expansion, with strategies including profit-taking and rebalancing [4] - There is a focus on sectors with high certainty, such as cyclical industries and the tourism sector, which are expected to rebound after recent declines [4]

证券研究报告 | 2026年01月27日 $\Delta$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$ 公募 FOF 基金 2025 年四季度概览 截至 2025Q4，全市场已成立FOF产品数量 549 只，合计规模为 2441.88 亿元，相比 2025Q3 增加 26.20%。根据穿透后权益资产占比将FOF划 分为偏债型FOF、平衡型FOF和偏股型FOF，2025Q4 规模分别为 1611.13 亿元、454. ...

Core Insights - The public fund industry in 2025 experienced significant growth, with total management scale reaching 37.64 trillion yuan, a 16.13% increase from the end of Q4 2024 [1] - The top ten fund managers accounted for 40.48% of the total market scale, indicating a pronounced Matthew effect in the industry [1][2] - Equity funds, particularly ETFs, were the main growth drivers, although active equity funds faced net redemptions despite improved performance [1] Group 1: Fund Management Scale - By the end of 2025, the top ten fund managers had a combined management scale of 15.24 trillion yuan, with 14 companies each adding over 100 billion yuan in non-monetary scale [2][3] - The "ten trillion club" expanded to ten companies, with E Fund leading at 2.42 trillion yuan and Huaxia Fund at 2.16 trillion yuan [4] - E Fund and Huaxia Fund established a "dual leader" position in non-monetary scale, with 1.82 trillion yuan and 1.57 trillion yuan respectively [5] Group 2: ETF Growth and Market Dynamics - ETFs emerged as the brightest growth engine in the public fund industry, with total stock-type ETF scale nearing 3.8 trillion yuan, marking a historical high [6] - The market saw a significant structural change, with some ETFs having over 80% of their holdings concentrated among single institutions, raising concerns about stability [7][10] - A notable outflow of 407.12 billion yuan from stock-type ETFs occurred in January 2026, highlighting the risks associated with concentrated holdings [8][9] Group 3: Competitive Landscape - E Fund and Huaxia Fund are leading players across various sectors, maintaining their positions through strong growth in non-monetary scale [12][13] - Zhongou Fund achieved remarkable growth without ETFs, increasing its non-monetary scale by over 120 billion yuan, showcasing a unique strategy [15][17] - Other notable competitors include GF Fund, which excelled in the FOF sector, and Yongying Fund and Invesco Great Wall, which emerged as dark horses in 2025 [19][20] Group 4: Future Challenges and Industry Trends - The public fund industry is shifting from pure scale expansion to structural optimization and quality enhancement, emphasizing the need for active management capabilities [21][26] - The challenge for leading firms is to maintain flexibility and innovation while managing large scales, avoiding the pitfalls of becoming too rigid [22] - For niche players like Zhongou Fund, the focus will be on balancing specialization with diversification to sustain competitive advantages [23]

Core Viewpoint - In January 2026, FOFs (Fund of Funds) emerged as a significant product in the public offering market, accounting for 20.07% of the total issuance volume, indicating a strong growth trend in this investment vehicle [1][11]. Group 1: FOF Market Performance - As of January 26, 2026, there were 78 newly issued funds with a total issuance of 765.46 billion units, of which 11 were FOFs, totaling 153.62 billion units [1]. - The total issuance of FOFs has exceeded 100 billion units for four consecutive months, reflecting a robust demand in the market [2][11]. - By the end of 2025, the total number of public FOFs reached 545, with a record total scale of 2,440 billion yuan, marking a historical high [3]. Group 2: Factors Driving FOF Growth - The growth of FOFs is attributed to multiple factors, including a low-interest-rate environment leading to a shift in savings, the effectiveness of multi-asset strategies, and strong promotion by distribution channels [2][5]. - Demand for stable investment alternatives has surged due to declining yields on deposits and wealth management products, creating a "deposit migration" trend [5]. - The supply side has seen enhancements through customized FOFs, holding period designs, and multi-asset strategies, improving product competitiveness [5][9]. Group 3: Investment Strategies and Trends - The investment methodology for FOFs has evolved from a focus on selecting individual fund managers to a multi-asset allocation approach, which is now a prevailing trend in the industry [9]. - The diversification of asset allocation has been evident, with significant increases in the proportion of commodity funds and QDII funds in FOF portfolios, aligning with market trends [9]. - FOFs recorded a return of 12.8% in 2025, significantly outperforming the previous year's return of 4.06%, indicating a recovery in performance [9]. Group 4: Future Outlook - FOFs are expected to continue their growth trajectory into 2026, with a potential to absorb a substantial amount of maturing fixed-term deposits estimated at 45 trillion to 50 trillion yuan [11]. - The characteristics of stable FOFs align well with the demand for deposit replacements, and their design can help manage liquidity and stability for banks [11]. - The expansion of ETFs may lead to the emergence of ETF-FOFs as a core innovation direction, while customized FOFs are likely to gain traction to meet diverse investor needs [11].

以下文章来源于创业板观察 ，作者吴雨其 创业板观察 . 创业板观察致力于发布深交所创业板的市场发展、政策变化、监管导向、上市企业动态等的及时信息，提供有价值的市场资讯。 2025年这一轮行情反复之中，百亿主动权益基金经理的版图已经悄然换了一拨人。 Wind数据显示，按照产品合计管理规模（含共管）统 计，截至2025年末，百亿主动权益基金经理数量增至109位，比2024年末的71位明显增多。 （注：本次统计仅纳入各基金经理管理的主 动权益类产品，如同时管理其他非主动权益基金，其对应规模未计入，下同。） 从名单结构看，呈现出两大特点， 一方面，老牌顶流仍占据榜首，但规模回撤已经成为不少明星管理人的共同特征；另一方面，一批此前 规模尚在百亿线下基金经理，在一年时间里迅速站上百亿乃至数百亿台阶，成为新一轮资金追逐的焦点。 "这两年百亿经理这块已经不是简单的马太效应了。"有公募权益投资总监直言，旧有的头部格局并未被彻底打破，但增量资金的分配方式正 在变化，既有对老牌经理的减持，也有对新面孔的加仓，榜单背后折射的是投资风格轮动、渠道偏好和持有人结构的多重调整。 如果把时间轴对比到2024年末，可以清晰看到一个此消彼长的轨 ...