【导读】昨日股票ETF市场净流出1044亿元，沪深300指数为主方向 1月26日，沪指全天横盘震荡，贵金属板块逆市大涨，医药股集体走强，商业航天概念股调整。 在市场"降温"背景下，昨日股票ETF市场延续净流出态势，沪深300ETF净流出近700亿元，上证50ETF、中证500ETF、中证1000ETF等龙头产品也有百亿 元体量资金净流出。 与宽基ETF形成鲜明对比，行业主题ETF与商品ETF昨日净流入居前，化工、有色金属、半导体设备等行业主题ETF，以及黄金ETF等净流入居前。 昨日股票ETF市场净流出1044亿元 沪深300指数为主方向 数据显示，截至1月26日，全市场1316只股票ETF（含跨境ETF）总规模达4.45万亿元。在昨日股市震荡下跌行情中，股票ETF市场净流出资金达1044.37亿 元。 从大类型来看，昨日宽基ETF净流出居前，达1164.77亿元；规模变化方面，宽基ETF规模下降1238.06亿元。 具体到指数维度，昨日沪深300ETF净流出居前，达695.72亿元。其中，华泰柏瑞、易方达、华夏、嘉实基金旗下沪深300ETF合计净流出接近700亿元，4 只龙头产品净流出资金位居全市场前四强。 ...

【导读】昨日 股票ETF市场净流出 1044 亿元 ，沪深300指数为主方向 中国基金报记者 李树超 1月 26 日，沪指全天横盘震荡， 贵金属板块逆市大涨，医药股集体走强，商业航天概念股调整。 在市场"降温"背景下，昨日股票ETF市场延续净流出态势， 沪深300 ETF净流出近700亿元，上证50ETF、中证500ETF、中证1000ETF 等龙头产品也有百亿元体量资金净流出。 与宽基ETF形成鲜明对比， 行业主题ETF与商品ETF 昨日 净流入居前 ，化工、有色金属、半导体设备等行业主题ETF，以及 黄金ETF 等 净流入居前。 昨日 股票ETF市场净流出 1044 亿元 资金流入方面，昨日 行业主题ETF与商品ETF净流入居前，分别达123.11亿元与54.59亿元 。 沪深300指数为主方向 Wind数据显示，截至 1 月 26 日，全市场 13 16 只股票ETF（含跨境ETF）总规模达 4. 45 万亿元。在 昨日股市 震荡下跌 行情中，股 票ETF市场净流出资金达 1044.37 亿元。 从大类型来看， 昨日 宽基ETF净流出居前，达1164.77亿元；规模变化方面，宽基ETF规模下降1238. ...

Core Insights - The article emphasizes the importance of diversification in investment strategies, highlighting that a well-diversified portfolio can mitigate risks and enhance returns over time [2][4][11]. Group 1: Investment Strategies - The use of hedging techniques allows investors to maintain patience with undervalued stocks and reduce psychological fears in the market [3]. - Diversification is presented as a key strategy to avoid the pitfalls of concentrated investments, which can lead to significant losses if the selected stocks underperform [4][5]. - The article cites the example of investors who lost money by concentrating their investments in failing companies, underscoring the need for a diversified approach [5]. Group 2: Performance of FOF Products - As of January 23, 2026, the total net asset value of E Fund's FOF products reached 211.11 billion [5]. - All 62 FOF products under E Fund achieved positive returns by the end of 2025 [6]. - In 2025, seven out of the top ten performing public FOFs were from E Fund's "Advantage" series, indicating strong performance in a competitive market [7][8]. Group 3: Manager Insights - Zhang Haoran, a key fund manager at E Fund, emphasizes a deep understanding of underlying asset logic and focuses on macroeconomic, policy, and fundamental analyses to guide investment decisions [18][20]. - The investment strategy involves a core-satellite approach, balancing stable core positions with more flexible satellite investments to adapt to market changes [22][26]. - Zhang Haoran's management style prioritizes low turnover and effective risk diversification through a selection of fund managers with proven track records [19][20]. Group 4: Market Trends and Adjustments - The article notes that in 2024, 75% of E Fund's FOF products that had been established for over a year maintained positive returns, reflecting resilience in a recovering market [9]. - In 2023, only 55 FOF products across the market achieved positive returns, with E Fund being one of the top performers [9]. - The launch of the "Ruyi" series in 2025 saw significant fundraising success, with one fund raising over 58 billion, marking it as the largest new fund in the fourth quarter [10].

Group 1 - The core viewpoint of the article highlights a significant increase in semiconductor prices, which has rapidly translated into financial performance, with major Korean semiconductor manufacturers expecting a more than 200% year-on-year increase in operating profit by Q4 2025, reaching a historical high [2] - Major US semiconductor companies reported earnings that exceeded expectations, confirming a comprehensive industry turnaround [2] - Domestic storage chip leaders forecast a net profit growth of 427% to 520% year-on-year for 2025, with quarterly profits surging over 12 times, further validating the "volume and price increase" logic [2] Group 2 - Donghai Securities notes that the global smartphone market is showing resilience amid multiple challenges, with an expected annual shipment of 1.26 billion units in 2025, reflecting a 1.9% year-on-year growth driven mainly by strong performance in high-end and foldable models, as well as consumers upgrading in anticipation of price increases [2] - The current demand in the electronics industry is recovering, supply is effectively clearing, and storage chip prices are rising, with China's domestic production efforts exceeding expectations [2] - E Fund, a leading comprehensive asset management institution in China, has over 20 years of expertise in index investment, with a product line that comprehensively covers mainstream broad-based indices across multiple sectors and global exchanges [2]

Market Overview - The Shanghai Composite Index fell by 0.09% to close at 4132.61 points, with a daily high of 4160.99 points [1] - The Shenzhen Component Index decreased by 0.85% to 14316.64 points, reaching a high of 14532.9 points [1] - The ChiNext Index dropped by 0.91% to 3319.15 points, with a peak of 3367.99 points [1] ETF Market Performance Overall Performance - The median return of stock ETFs was -0.4% [2] - The highest return among scale index ETFs was 5.37% for the Shenwan Lingshin SSE 50 ETF [2] - The highest return in industry index ETFs was 6.23% for the China Tai Index Nonferrous Metal Mining Theme ETF [2] - The highest return in strategy index ETFs was 3.17% for the Morgan SSE 300 Free Cash Flow ETF [2] - The highest return in style index ETFs was 2.1% for the Yinhua SSE 300 Value ETF [2] - The highest return in theme index ETFs was 8.67% for the Huaxia SSE Hong Kong Gold Industry Stock ETF [2] Top Gainers and Losers - The top three ETFs with the highest gains were: - Huaxia SSE Hong Kong Gold Industry Stock ETF (8.67%) [5] - Ping An SSE Hong Kong Gold Industry Stock ETF (8.57%) [5] - ICBC Credit Suisse SSE Hong Kong Gold Industry Stock ETF (8.45%) [5] - The top three ETFs with the largest declines were: - Fortune SSE Satellite Industry ETF (-8.16%) [6] - China Merchants SSE Satellite Industry ETF (-7.97%) [6] - GF SSE Satellite Industry ETF (-7.91%) [6] Fund Flows - The top three ETFs with the highest inflows were: - Penghua SSE Segmented Chemical Industry Theme ETF (14.47 billion) [8] - Southern SSE Shenwan Nonferrous Metals ETF (11.45 billion) [8] - Guotai SSE Semiconductor Materials Equipment Theme ETF (11.26 billion) [8] - The top three ETFs with the largest outflows were: - Huatai-PB SSE 300 ETF (183.76 billion) [9] - Huaxia SSE 300 ETF (147.83 billion) [9] - Jiashi SSE 300 ETF (136.13 billion) [9] Margin Trading Overview - The top three ETFs with the highest margin buy amounts were: - Huatai-PB SSE 300 ETF (1.114 billion) [11] - E Fund ChiNext ETF (540 million) [11] - Huaxia SSE Sci-Tech 50 ETF (516 million) [11] - The top three ETFs with the highest margin sell amounts were: - Southern SSE 1000 ETF (68.87 million) [12] - Southern SSE 500 ETF (54.47 million) [12] - Huaxia SSE 1000 ETF (43.57 million) [12] Institutional Insights - Dongwu Futures indicated that gold prices still have upward momentum due to ongoing de-dollarization, geopolitical risks, and central bank gold purchases [14] - Guotai Futures noted that the annual increase in gold prices for 2025 is expected to reach the highest level since 1979, with potential for further upward movement [15]

股票型及混合型基金中，昨日实现正回报的占32.56%，72只基金回报超5%，98只基金净值回撤超5%。 上证指数昨日下跌0.09%，报收4132.61点，深证成指下跌0.85%，创业板指下跌0.91%，科创50指数下跌 1.35%。盘面上，申万一级行业中，涨幅居前的有有色金属、石油石化、煤炭等，分别上涨4.57%、 3.18%、2.07%。跌幅居前的有国防军工、汽车、社会服务等，分别下跌4.47%、2.31%、2.30%。 证券时报·数据宝统计，股票型及混合型基金中，1月26日算术平均净值增长率-0.50%，净值增长率为正 的占32.56%，其中，净值增长率超5%的有72只，前海开源金银珠宝混合A净值增长率为8.76%，回报率 居首，紧随其后的是前海开源金银珠宝混合C、山证资管精选行业混合发起式A、山证资管精选行业混 合发起式C等，净值增长率分别为8.75%、8.70%、8.70%。 统计显示，净值增长率超5%的基金中，以所属基金公司统计，有11只基金属于万家基金，国泰基金、 华夏基金等分别有7只、6只基金上榜。 基金投资类型方面，净值增长率居首的前海开源金银珠宝混合A属于灵活配置型，净值增长率超5%的 基金 ...

整体来看，年初基金发行市场活跃度提升。统计初始份额来看，截至1月25日，2026年以来已有76只新基金成立，合计发行份额达719.39亿份。其 中，混合型基金成立24只，发行份额278.06亿份；股票型基金成立31只，发行份额165.06亿份。尽管发行总量尚未超过2025年底水平，但平均发行 份额显著回升。1月以来新成立基金的平均发行份额为9.47亿份，高于2025年12月的6.33亿份，亦为2025年2月以来单月最高水平。 【环球网财经综合报道】近期，基金发行市场出现回暖信号，时隔三年多再次出现发行份额超70亿份的主动权益类"爆款"产品。Wind数据显示， 1月20日成立的偏股混合型基金广发研究智选A，发行份额达72.21亿份，成为2022年10月以来首只发行份额突破70亿份的偏股混合型基金。 除广发研究智选外，多只主动权益产品也取得较好发行成绩。易方达平衡精选发行份额为34.08亿份，博道盛享品质成长、汇添富科技领先A、工 银科技智选A等偏股混合型基金发行份额均超过20亿份。根据Wind统计，从1月26日至春节前，还有50只新基金计划发行，其中，被动指数型基金 和增强指数型基金合计18只；主动权益基金方面 ...

Core Viewpoint - The launch of the "Learning Hall" section in the "Index Express" mini-program by E Fund aims to enhance user experience by providing integrated access to knowledge and information related to index searching, product comparison, and investment processes [1][12]. Group 1: Features of the "Learning Hall" - The "Learning Hall" offers a variety of formats including text and video, integrating high-quality educational resources from E Fund's investor education base, making professional knowledge accessible and easy to understand [1][9]. - It covers topics such as index basics, ETF operations, and industry hot topics, allowing investors to learn at their convenience and gradually master index investment [1][9]. - The section includes three main areas: "Follow," "Recommended," and "Hot List," designed to meet different learning needs and help users build an investment knowledge system [9]. Group 2: User Engagement and Interface - The "Follow" section allows users to subscribe to preferred columns, creating a personalized information channel to focus on areas of interest [9]. - The "Recommended" section intelligently suggests quality educational content based on users' reading habits, efficiently filling knowledge gaps [9]. - The "Hot List" aggregates popular educational content, enabling users to quickly browse trending topics and stay updated with market rhythms [9]. - The "Index Express" mini-program has also undergone a layout upgrade, consolidating previously separate sections into a more user-friendly homepage module [9][12]. Group 3: Company Commitment - The launch of the "Learning Hall" reflects E Fund's commitment to inclusive finance, continuously optimizing investor experience and enhancing functionality to provide better tools and services for understanding and utilizing indices [12].

Group 1 - The public fund issuance remains strong at the beginning of the year, with 44 new funds starting fundraising this week, a 10% increase compared to the previous week, marking the fourth consecutive week above 35 funds [1] - The average subscription period for new funds this week is only 13.18 days, indicating a faster pace of capital entry and a steady increase in investor confidence [1] - The A-share market saw a decline in major indices, with the Shanghai Composite Index down 0.08% to 4132.9 points, and the Shenzhen Component Index down 0.85% to 14316.64 points, reflecting a weak performance in small and mid-cap stocks [1] Group 2 - A total of 56 new funds were launched on January 26, primarily consisting of equity and mixed funds, with notable fundraising targets such as the Fortune China Securities Industrial Nonferrous Metals Theme ETF aiming for 8 billion yuan [2] - The surge in AI demand has led to a global increase in storage prices, with domestic policies supporting the semiconductor sector, resulting in a synchronized rise in A-share and US stock markets [2] - Despite high short-term valuations and potential adjustment pressures, the global tech wave driven by AI is expected to propel the industry into a new growth cycle, benefiting companies with core technologies and ecological barriers [2] Group 3 - The public fund of funds (FOF) market is expected to see significant activity in Q4 2025, with a substantial increase in the number and scale of new funds, and a growing number of managers entering the market [3] - Pure bond funds remain the largest type held within FOFs, providing a stable base, while some FOFs are moderately increasing their allocation to equity funds, particularly in technology themes [3] - FOFs are recognized as "professional fund buyers," leveraging diversified allocations to mitigate risks, which is expected to appeal to conservative investors in 2026 [3]

记者丨易妍君 编辑丨张星 公募基金业绩持续向好背景下，发行市场有所升温。 据Wind统计， 截至2026年1月25日，本月内新成立了76只基金，合计发行规模达到719.39亿元，单只产品平均发行规模约为9.47亿 元。 而上一次月度新成立基金的平均发行规模超过9亿元，要追溯到2025年2月。 分类型看，截至目前，权益类基金、混合型FOF成为1月公募新发市场的主力。 尤其是主动管理型基金"人气"颇高。在上述新成立的76只基金中，共有13只产品的发行规模达到20亿元及以上：包括6只偏股混合型 基金、3只混合型FOF、2只二级债基、1只增强指数基金和1只指数债基。 受访人士向21世纪经济报道记者指出，市场、政策、资金等多重利好共振，推动2026年开年公募基金发行回暖。同时，基金公司聚 焦科技、科创等热门赛道以及FOF等稳健型产品，精准匹配投资者多元配置需求，进一步提升了发行热度。 新基金吸金逾7 1 9亿元背后 2026年开年以来，公募基金发行市场暖意融融。 个别偏股混合型基金、混合型FOF，成为市场焦点。 2026年1月23日，富国智汇稳健3个月持有期FOF正式成立。该产品于1月19日开启认购，并在1月21日提前 ...