本文字数：3022，阅读时长大约4分钟 作者 | 第一财经 曹璐 开年以来，宽基ETF市场呈现"冰火交织"的局面，交易额持续火爆，资金却在悄然撤离。 Wind数据显示，截至1月26日，股票型ETF年内日均成交额2427亿元，同比实现翻倍，多只宽基ETF成交 额刷新历史纪录。另一边，宽基ETF却遭遇大规模赎回，年内净流出规模累计达7382亿元。多只宽基ETF 出现明显资金流出。第一财经根据定期报告计算，仅9只重点宽基ETF的基金份额就较中央汇金等"国家 队"去年底的持仓份额减少近870亿份，这一变动也坐实了"国家队"年初的减持动作。 这场暗流涌动的资金大挪移，实则是监管层对市场过热的"精准降温"。从上调融资保证金比例到证监会遏 制过度炒作，一系列降温举措成功给逼近4万亿元成交额的市场行情"踩了刹车"。 "本轮监管层的出手更接近'节奏管理'，为行情延续创造更稳健的运行环境。"金鹰基金权益研究部宏观策略 研究员金达莱对第一财经表示，随着短期交易性资金降温，市场或有望逐步从"抢主题、拔估值"转向更强 调产业趋势与盈利确定性的阶段。 数据印证"国家队"实施减持 A股市场在波动中延续交易热度，股票型ETF成交额持续放量。 ...

Core Insights - The performance of fixed-income funds in 2025 significantly declined compared to 2024, with an average return of 2.15% across 3,988 funds, down from 4% in 2024 [2][35] - The total profit from fixed-income funds in 2025 was 372.31 billion yuan, a decrease of 264.15 billion yuan from 636.47 billion yuan in 2024 [2][46] - Despite poor overall performance, the management scale of fixed-income funds increased to 26.12 trillion yuan by the end of 2025, up nearly 2 trillion yuan from the end of 2024 [2][57] Fund Performance - The top-performing fund was Southern Changyuan Convertible Bond A, achieving a return of 48.77%, while the worst performer was Huatai Fuheng Pure Bond A, with a return of -7.7%, resulting in a performance gap of 56.47% [2][39] - Among 3,648 bond funds, the average return was 2.23%, with 3,311 funds generating positive returns and 337 funds reporting losses [5][37] - Convertible bond funds performed exceptionally well, with an average return of 23.34%, while index bond funds lagged with an average return of 0.82% [5][37] Management Scale Changes - By the end of 2025, the management scale of fixed-income funds increased by 1.96 trillion yuan, representing an 8.11% growth [25][57] - 33 fund companies saw their bond fund management scale grow by over 10 billion yuan, while 51 companies experienced similar growth in money market funds [36][61] - However, some companies, such as Bosera Fund, saw significant reductions in their bond fund management scale, with a decrease of 457.91 billion yuan [31][62] Profit Distribution - In 2025, 32 fund companies reported net profits exceeding 3 billion yuan from fixed-income products, with 12 companies surpassing 10 billion yuan [2][51] - The top profit-generating fund was Tianhong Yuerbao, with a profit of 9.256 billion yuan [48][49] - Conversely, 442 fixed-income funds reported negative profits, with 21 funds losing over 1 billion yuan [50][51] Company-Specific Insights - E Fund led the profit rankings among fund companies with a total profit of 19.974 billion yuan from fixed-income products [52][51] - Six companies, including Xinghe Fund and Huachen Future Fund, reported negative profits, primarily from their bond funds [52][53] - The performance of fund managers also varied, with some experiencing significant underperformance compared to benchmarks [43][45]

智通财经1月27日讯（记者 吴雨其）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。 | 52 | 李竟 | 154. 73 | 121.25 | 33. 48 | 上海东方 证券资产 | | --- | --- | --- | --- | --- | --- | | | | | | | 管理 | | 53 | 胡宜斌 | 153.26 | 181. 09 | -27.83 | 华安基金 | | 54 | 薛怡然 | 153. 14 | 0. 00 | 153. 14 | 兴证全球 | | | | | | | 基金 ...

Core Viewpoint - The article discusses the launch of the 2026 TOP50 fixed income fund manager ranking, highlighting the growth and stability of fixed income products, particularly in the "fixed income +" category, which is expected to see significant expansion in 2025 [1]. Summary by Sections Performance Metrics - The average performance of various fund categories for 2025 shows that the "Point Pick & Zero City" funds outperformed their respective benchmarks across different categories, with notable figures such as: - Money Market Average: 1.61% vs. 1.30% benchmark [2] - Short-Debt Average: 1.29% vs. 1.40% benchmark [2] - Conservative Income Average: 1.86% vs. 0.83% benchmark [2] - Steady "Fixed Income +" Average: 4.75% vs. 4.58% benchmark [2] - Active "Fixed Income +" Average: 7.78% vs. 6.53% benchmark [2] - Equity-Debt Balanced Average: 20.41% vs. 16.77% benchmark [2] Fund Manager Selection Criteria - The selection of fund managers for the ranking is based on multiple factors including: - Performance since inception, five-year performance, excess return stability, maximum drawdown, Sharpe ratio, Calmar ratio, volatility, and qualitative analysis [3]. - Consideration of fund manager's management scale, holder structure, strategy capacity, management fees, number of funds managed, position, and influence [3]. Fund Classification Methodology - A unique classification method for fixed income funds is introduced, categorizing them into: 1. Cash Alternative 2. Conservative Income 3. Steady "Fixed Income +" 4. Active "Fixed Income +" 5. Equity-Debt Balanced [5]. Ranking Characteristics - The ranking focuses on experienced fund managers, excluding those with less than five years of tenure, emphasizing risk control over aggressive yield chasing [7]. - The average management tenure of selected fund managers is 10.43 years, with an average management scale of 32.38 billion [7]. - Only 50 fund managers are selected to avoid excessive homogeneity, with rankings not indicating preference [7]. Fund Manager Diversity - The ranking includes multi-manager configurations to leverage diverse asset classes, recognizing that single managers may not excel across all areas [7]. - The list excludes dollar-denominated bond funds and money market funds, while including mixed-asset FOFs due to the increasing importance of asset allocation [8]. Conclusion - The article acknowledges the dynamic nature of the fund management industry, inviting feedback and suggestions for potential fund managers to consider for future rankings [19].

Group 1: Fund Size Changes - The total size of fixed income + funds reached approximately 2.18 trillion, marking a historical high in Q4 2025 [6][10][14] - The increase in fund size was primarily driven by medium-position fixed income + funds, while the scale of primary bond funds slightly declined [8][10] - The top products with the largest size increase included Invesco Great Wall Jing Sheng Shuang Xi, Yongying Stable Enhancement, and Huaxia Stable Enjoyment [12][19] Group 2: Investment Characteristics - In Q4 2025, fixed income + products generally reduced their equity and convertible bond positions due to high volatility in the equity market, while increasing allocations to financial and cyclical sectors [26][27] - There was a notable divergence in the allocation to the TMT sector, with high-elasticity funds continuing to increase their positions, while other product types showed no significant upward or downward trends [26][27] Group 3: Performance Review - In Q4 2025, the median return for fixed income + funds was 0.43%, with the highest returns observed in medium-position funds [6][10] - The top-performing funds included Invesco Great Wall Jing Sheng Shuang Xi and Yongying Stable Enhancement, with absolute returns also being high for Invesco Great Wall Jing Yi Feng Li [6][10][21] Group 4: New Product Dynamics - A total of 43 fixed income + funds were launched in Q4 2025, with a total initial scale of 457 billion, the highest monthly issuance in nearly two years occurring in December 2025 [14][19] - The majority of newly launched funds were positioned as medium to low allocation products [8][14] Group 5: Fund Company Insights - The top 20 fund companies saw an increase in managed scale, with Invesco Great Wall, Huitianfu, and China Merchants Fund experiencing significant growth [17][19] - Invesco Great Wall Fund's managed scale surpassed 200 billion, ranking first in the market [17][19]

Core Insights - The article discusses the launch of the 2026 TOP50 fixed income fund manager ranking, highlighting the significant growth of "fixed income +" products in 2025 and the positive reputation of the ranking list [1][2]. Performance Summary - The average performance of various fund categories for 2025 shows that: - The average return for cash equivalent funds is 1.61%, compared to 1.30% for the Wind Money Market Fund Index [2]. - The short-term bond fund average return is 1.29%, slightly lower than the Wind Short-term Pure Bond Fund Index at 1.40% [2]. - The stable "fixed income +" average return is 4.75%, outperforming the non-pure bond index at 4.58% [2]. - The active "fixed income +" average return is 7.78%, exceeding the Wind Mixed Bond Fund Index at 6.53% [2]. - The balanced equity and bond fund average return is 20.41%, significantly higher than the Wind Balanced Mixed Fund Index at 16.77% [2]. Ranking Methodology - The ranking considers factors such as historical performance, excess return stability, maximum drawdown, Sharpe ratio, Calmar ratio, volatility, and qualitative analysis [3]. - The average management tenure of the selected fund managers is 10.43 years, with an average management scale of 32.38 billion [6]. - The list includes only 50 fund managers to avoid excessive homogeneity, with rankings not being prioritized [6]. Fund Classification - A unique classification method categorizes fixed income funds into five types based on risk exposure and return characteristics: 1. Cash alternative 2. Conservative income 3. Stable "fixed income +" 4. Active "fixed income +" 5. Balanced equity and bond [5]. Fund Manager Selection - The selection process excludes managers with less than five years of experience to ensure stability and risk control [6]. - Multi-manager configurations are considered due to the diverse asset classes involved in fixed income funds [6]. - The list excludes dollar-denominated bonds and money market funds, while including mixed bond fund of funds (FOF) due to the importance of asset allocation [7].

金银价格在创历史新高后剧烈震荡，强势表现也传导至基金市场。 1月27日，易方达黄金主题LOF公告，1月28日起暂停A类人民币份额申购及定期定额投资业务。Wind数据显示，截至1月25日，27只商品型黄金 ETF或联接基金今年以来回报率均超过13%，近一年回报率均超过66%。 就在1月26日晚间，国投瑞银白银期货基金发布公告，为保持投资者利益，将于1月28日起暂停申购。 校对： 陶谦 就在2025年，黄金白银相关商品型基金已经成为年度市场"明星"，有的甚至以近翻倍的惊人收益吸引了市场目光。有业内人士表示，以黄金和白 银为代表的贵金属，近期已展现出强势表现，2026年能否持续走强，还需要密切观察美联储降息周期的波动情况以及国际政治经济格局的演进趋 势。对于其他能源金属以及原油等品种，与全球整体经济增速的关联度更加紧密，因此对其保持中性态度。 1月27日，在美国总统特朗普关税威胁及美国政府停摆风险引发的避险情绪推动下，黄金和白银价格在短暂回调后延续强劲涨势，其中黄金价格 连续第二天维持在每盎司5000美元上方。 本轮贵金属迅猛涨势主要受"贬值交易"逻辑驱动：投资者因担忧主权货币及债券价值，正持续抛售相关资产以寻求保 ...

HUMI III THE LEDUN 红利价值ETF易方达 低费率 跟踪中证红利价值指数 该指数由50只股息率高且价值特征 突出的股票组成,反映分红水平高 且价值特征突出股票的整体表现, 银行、建筑装饰、交通运输行业合 计占比超60% -0. 6% 截至收盘，恒生港股通高股息低波动指数上涨0.1%，中证红利低波动指数、中证红利价值指数均下跌0.6%，中证红利指数下跌0.9%。相关ETF获资金持续 布局，Wind数据显示，红利低波ETF易方达（563020）此前已连续43个交易日获资金净流入，合计23.7亿元。 据悉，易方达基金是目前唯一一家红利类ETF全部实行低费率的基金公司，旗下恒生红利低波ETF易方达（159545）、红利ETF易方达（515180）、红利低 波ETF易方达（563020）、红利价值ETF易方达（563700）、A500红利低波ETF易方达（563510）等产品的管理费率均为0.15%/年，可助力投资者低成本布 局高股息资产。 | 红利ETF易方达 低费率 | | | | | | --- | --- | --- | --- | --- | | 跟踪中证红利指数 | | | | | | 该指 ...

强化产品进攻性、走赛道化布局路线，已成为基金保障合同存续、实现规模扩容的关键路径。 在赛道化策略验证业绩与规模双赢后，同类产品的逆袭经验已在行业内成为教科书，吸引不少小微基金主动摒 弃均衡打法，聚焦单一高景气赛道提升净值弹性，开启业绩突围与规模跃升双主线，刚刚披露完毕的公募四季 报显示，一批小微基金在较短时间内从千万元规模飙升到10亿元甚至100亿元，数百倍的规模崛起背后正是产 品风格的进攻性特征。 小微基金舍均衡做减法重进攻 公募正推动小微产品的基金经理做减法、深耕紧盯一两个赛道，而不是广泛涉足多个行业。 随着基金赛道化布局的业绩红利持续释放，正推动更多产品主动调整持仓逻辑，在见证产品赛道化喜迎业绩与 规模双赢局面后，越来越多的小微产品放弃均衡打法，转而布局行业打法提升产品风格的高弹性。例如，根据 最新披露的2025年四季报持仓，融通明锐混合基金就在去年末大幅增加净值风格的进攻性，该产品此前以个股 精选为主，重仓股曾涵盖各类行业，整体收益弹性表现平淡。2025年12月末起，该基金启动全面风格调整，前 十大重仓股全数聚焦AI+应用产业链，顺利完成从个股策略到赛道化策略的切换，产品进攻性显著提升，2026 年开 ...

Core Viewpoint - The report highlights the performance and trends of passive equity funds in the fourth quarter of 2025, indicating a growth in total market size and a mixed performance across various indices, with a focus on the implications for future investment strategies in AI applications, commercial aerospace, and nuclear fusion. Group 1: Market Overview - As of the end of Q4 2025, the total market size of passive equity funds reached 4.77 trillion yuan, an increase of 3.49% from the previous quarter [1][5][43] - The size of pure index stock funds was 4.52 trillion yuan, while enhanced index stock funds accounted for 0.25 billion yuan, reflecting increases of 3.26% and 7.78% respectively [1][5][43] - The total number of passive equity funds was 2,065, with 1,594 being pure index stock funds and 471 enhanced index stock funds, showing growth from the previous quarter's total of 1,926 [5][47] Group 2: New Fund Issuance - In Q4 2025, the total new issuance of passive equity funds was approximately 816.80 billion yuan, with 183 new funds launched, a decrease of 75 from the previous quarter [1][7][50] - The issuance scale for pure index stock funds was 576.75 billion yuan with 134 funds, while enhanced index stock funds raised 240.05 billion yuan with 49 funds [1][7][50] Group 3: Market Performance - The performance of major indices in Q4 2025 showed divergence, with the Shanghai Composite Index rising by 2.22%, while the CSI 300 Index fell by 0.23% and the ChiNext Composite Index dropped by 0.73% [2][44] - The Tianxiang pure index stock fund index decreased by 2.01%, whereas the Tianxiang enhanced index stock fund index increased by 0.99% [2][44][52] Group 4: Fund Flows - The overall market for passive equity funds remained stable, with subscription volumes at 14,151.39 billion units and redemption volumes at 12,523.91 billion units, resulting in a net subscription of 1,627.49 billion units, which increased compared to the previous quarter [2][24][66] - The trading volume in the secondary market for passive equity funds reached 73,207.50 billion units, predominantly driven by pure index stock funds, which accounted for 72,984.02 billion units of the total [2][28][70] Group 5: Sector Analysis - The top five sectors held by passive equity funds included electronics, non-bank financials, power equipment, food and beverage, and telecommunications, with a combined holding ratio of 86.18% [2][33][75] - The holding ratios for these sectors showed fluctuations over the quarters, with electronics holding 17.24% by the end of Q4 2025 [2][34][76] Group 6: Fund Management Companies - As of Q4 2025, major fund management companies in the passive equity fund market included Huaxia Fund, with a management scale of approximately 794.2 billion yuan, holding the highest market share of 16.65% [2][35][79] - Other notable companies included E Fund, Huatai-PB Fund, and Southern Fund, all managing over 100 billion yuan, indicating a stable market structure with no significant changes in rankings [2][35][79]