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 ...

Abstract 摘要 点击小程序查看报告原文 2025年"固收+"基金规模同比增长50%以上，其中，二级债基贡献了主要的规模增量。二级债基作为机构占比中枢长期维持70%的产品品类，其规模上涨 背后大概率是由于机构资金的助推。而 增量资金的涌入其实也改变着"固收+"基金的产品结构走向。 在权益市场迎来结构性行情时（尤其是2025Q3以 来），高风偏机构资金增配二级债基或主要作为波段或配置工具使用。基于这一逻辑，我们的确观察到，在股票端有相对明显风格/板块押注的"赛道型固 收+"基金，在2025年的规模增长较为突出，且规模增速明显高于股票端选择板块均衡配置的"固收+"基金。 正如我们此前在已外发研究报告《 "固收+"基金2026年展望：多资产大时代的增长法则与逻辑主线 》中所强调的，展望2026年，"固收+"基金发展的大时 代背景依然清晰，不过，我们判断， 2026年的增量资金结 构可 能会有一定改变。 "固收+"基金的需求方，一方面是机构端资金（包括险资/年金/养老金等 高风偏资金+银行理财等相对低风偏资金），另一方面是零售端资金（主要来源为银行渠道与互联网渠道的个人投资者）。展望2026年，若权益市场结构 ...

Market Review - The A-share market showed a mixed performance among major indices, with the CSI 500, CSI 1000, and Sci-Tech 50 indices leading with returns of 4.34%, 2.89%, and 2.62% respectively, while the CSI 300, ChiNext, and Shanghai Composite indices lagged with returns of -0.62%, -0.34%, and 0.84% respectively [5][11] - The construction materials, oil and petrochemicals, and steel sectors performed well, with returns of 9.18%, 7.76%, and 6.98% respectively, while the banking, telecommunications, and food and beverage sectors underperformed with returns of -2.69%, -1.68%, and -1.57% respectively [17][18] Fund Issuance - A total of 42 new funds were established last week, with a total issuance scale of 444.54 billion yuan, showing an increase compared to the previous week [3] - 58 funds were reported for issuance last week, including 5 FOFs and 17 ETFs, indicating an increase in the number of applications [4][5] Fund Performance - The median returns for active equity, flexible allocation, and balanced mixed funds were 1.51%, 1.37%, and 1.37% respectively last week [29] - Alternative funds have shown the best performance this year, with a median return of 13.14%, while active equity, flexible allocation, and balanced mixed funds had median returns of 7.52%, 6.27%, and 5.09% respectively [29][37] Regulatory Updates - The China Securities Regulatory Commission (CSRC) issued guidelines for the performance comparison benchmarks of public funds, effective from March 1, 2026, to enhance investor protection and ensure the stability of performance benchmarks [7][8] New Market Entrants - Mizuho Securities (China) Co., Ltd. was officially established with a registered capital of 2.3 billion yuan, marking the third Japanese securities firm in China [9]

新年伊始，公募基金发行市场延续了火热的态势。据公募排排网最新统计数据，以认购起始日为口 径统计，本周(2026年1月26日至2月1日，下同)全市场共有44只新基金启动发行，数量较前一周(2026年1 月19日至1月25日)增长约10%，这也是新基金发行连续第四周稳定在35只以上。 与此同时，本周新基金的平均认购天数为13.18天，相比以往，募集周期明显缩短。这一变化不仅 体现了资金入市的积极节奏，也从侧面反映出投资者对市场的信心正在稳步增强。 从产品结构来看，权益类基金在本周新发行产品中占据多数，股票型基金与混合型基金合计35只， 占比接近八成。具体而言，股票型基金共发行21只，约占新发行产品总数的47.73%，成为主力。其 中，被动指数型基金有12只，主要采取跟踪市场基准的策略；普通股票型基金为5只，更侧重于主动管 理；此外还有4只指数增强型基金，在被动跟踪的基础上加入了主动优化手段。 混合型基金方面，本周共发行14只新产品。其中，偏股混合型基金达11只，偏债混合型与灵活配置 型基金分别有2只和1只。除此之外，本周还有5只FOF(基金中的基金)产品启动募集，且均为偏债混合型 FOF；QDII(合格境内机构投 ...

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。 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日提前结束募集，短短3天募集规模达到 41.90亿元。 加上富国智汇稳 ...

张大伟 制图 ◎记者 赵明超 重磅新规日前落地，公募基金行业积极行动适应"硬约束"。 近日，《公开募集证券投资基金业绩比较基准指引》（下称《指引》）发布，从制度层面强化业绩比较 基准的"锚定"效力与"标尺"功能。据了解，各家基金公司已安排讨论相关事项，加强对业绩比较基准的 选择论证。 在业内人士看来，业绩比较基准从形式参考转变为投资的"硬约束"，将让基金产品画像更清晰，推动行 业从"规模导向"向"投资者回报导向"转型。 从源头规范行业行为 回顾公募行业发展历程，过往针对基金业绩比较基准，法规制度缺乏专门性、系统性的规定，仅在信息 披露、特殊产品设计等监管规则中有零散要求。与此同时，在行业快速发展过程中，"风格漂移""基金 盲盒"等现象屡见不鲜，引起较大争议。在业内人士看来，《指引》的落地将从源头规范行业行为。 "《指引》作为行业首个专门性、系统性的业绩比较基准监管规则，将有效规范行业秩序、强化投资纪 律，助力公募基金高质量发展。"易方达基金副总裁王骏对上海证券报记者表示，长远来看，一个基准 清晰、风格稳定、运作透明的基金市场，能更好地匹配居民财富管理需求，提升投资者的信任感与获得 感。 事实上，自2025年以 ...

从产品结构来看，权益类基金在本周新发行产品中占据多数，股票型基金与混合型基金合计35只，占比 接近八成。具体而言，股票型基金共发行21只，约占新发行产品总数的47.73%，成为主力。其中，被 动指数型基金有12只，主要采取跟踪市场基准的策略；普通股票型基金为5只，更侧重于主动管理；此 外还有4只指数增强型基金，在被动跟踪的基础上加入了主动优化手段。 新年伊始，公募基金发行市场延续了火热的态势。据公募排排网最新统计数据，以认购起始日为口径统 计，本周(2026年1月26日至2月1日，下同)全市场共有44只新基金启动发行，数量较前一周(2026年1月19 日至1月25日)增长约10%，这也是新基金发行连续第四周稳定在35只以上。 与此同时，本周新基金的平均认购天数为13.18天，相比以往，募集周期明显缩短。这一变化不仅体现 了资金入市的积极节奏，也从侧面反映出投资者对市场的信心正在稳步增强。 "新基金连续数周保持较高发行量，体现了公募基金作为居民财富管理重要工具的地位。募集期的缩短 则印证了投资者配置需求旺盛，市场信心正在稳步提升。"深圳市前海排排网基金销售有限责任公司研 究总监刘有华在接受《证券日报》记者采访时 ...

Report Title - "Counting the Public Offering Pure Bond and Hybrid Asset Strategy Funds' 2025 Q4 Reports - The Scale of 'Fixed Income +' Reaches a New High, and the Exposure to Equity Slightly Declines" [1] Report Date - January 26, 2026 [2] Market Overview General Fixed - Income Fund Scale in 2025 Q4 - Among the top 20 fund companies in terms of general fixed - income fund scale, the scale of some companies increased while others decreased. For example, the scale of China Merchants Fund increased by 9.88% to 3512.27 billion yuan, while the scale of E Fund decreased by 4.71% to 3627.05 billion yuan [8]. Hybrid Asset Strategy Fund Scale in 2025 Q4 - In the hybrid asset strategy fund scale ranking, the scale changes also varied. For instance, the scale of Invesco Great Wall Fund increased by 32.11% to 2263.68 billion yuan, while the scale of Fullgoal Fund decreased by 5.85% to 1281.73 billion yuan [8]. Performance Return - Different types of funds had different average returns in 2025 Q4, year - to - date, and in the past 1 - year, 3 - year, and 5 - year annualized periods. For example, the average return of convertible bond funds in 2025 Q4 was 0.84%, and the year - to - date return was 23.10% [15]. Maximum Drawdown - The average maximum drawdowns of various fund types also differed. For example, the average maximum drawdown of convertible bond funds in 2025 Q4 was - 5.26%, and the year - to - date maximum drawdown was - 8.90% [15]. Annualized Sharpe Ratio - The annualized Sharpe ratios of different fund types were distinct. For example, the annualized Sharpe ratio of short - term pure bond funds in 2025 Q4 was 4.28 [15]. Asset Allocation Leverage Ratio - In 2025 Q4, different types of funds had different leverage ratios and their changes compared to Q3. For example, the leverage ratio of short - term pure bond funds was 111.89% in Q4, an increase of 0.40% compared to Q3 [40]. Holding Characteristics Stock Holdings - From 2025 Q1 to Q4, the industry and stock holding ratios of funds changed. For example, the proportion of non - ferrous metals in the stock market value increased from 11.27% in Q1 to 14.65% in Q4 [54][57]. Bond Holdings - The industry and bond holding ratios of funds also changed over the four quarters of 2025. For example, the proportion of bank bonds in the bond market value decreased from 20.75% in Q1 to 14.45% in Q4 [67][68]. Fund Managers' Views Pure Bond Market Views - Different fund managers had different views on the pure bond market in 2026 Q1. For example, Huang Yingjie of Bank of Communications Yulong Pure Bond A believed that the bond market might be in a range - bound market with a steeper curve [74]. Bond and Stock Market Views - Some fund managers had comprehensive views on the bond and stock markets. For example, Deng Xinyu and Zhao Yucheng of China Europe Dingli A were optimistic about the stock market's structural opportunities and adjusted their convertible bond positions [75]. Convertible Bond and Stock Market Views - Fund managers also had different views on the convertible bond and stock markets. For example, Huang Bo of Everbright Tianyi A planned to select high - cost - effective convertible bonds for the fund's fixed - income part [79].

21世纪经济报道记者 黎雨辰 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 在公募基金总规模方面，截至2025年末的数据显示，头部基金公司的规模排名格局正进一步固化。 环比来看，2025年总规模前10名的机构及其位次，与三季度完全一致。易方达基金与华夏基金仍是仅有 的两家规模突破2万亿元的机构，其管理规模分别以2.42万亿元和2.16万亿元居首，环比分别增长1.16% 和0.54%。 广发基金和南方基金则继续稳居第3、4位，截至去年年末规模分别为1.59万亿元和1.46万 ...