热点情报 金海通股价飙涨100% 1月23日，金海通强势上涨5.53%，收盘价为278.60元，成交额为9.43亿元，总市值攀升至167.16亿元。据统计，自2025年12月31日以来的16个交易日内， 金海通股价累计涨幅超过100%，表现非常亮眼。 公开资料显示，金海通专注于集成电路测试分选机的研发、生产及销售，属于集成电路专用设备领域的测试分选设备。公司产品在全球市场中具有较高的 知名度，广泛应用于半导体封装测试企业、测试代工厂、IDM企业和芯片设计公司。 易方达张坤管理规模下降超百亿元 近日，易方达基金公布了基金经理张坤在管4只产品2025年四季报。从规模看，张坤的管理规模较2024年年末下降超过百亿元，跌至500亿元人民币以下。 4只产品在2025年均实现正向收益，但有3只产品的收益率跑输了各自同期业绩比较基准收益率。 近日，国内人形机器人关节模组头部企业——意优科技"全球首条机器人关节自动化产线"在浦东投产。这是具身智能产业从技术研发迈向规模化制造的关 键跨越，标志着人形机器人核心部件量产瓶颈的突破，为人形机器人的大规模推广应用按下"加速键"。 银河证券认为，人形机器人正从实验室黑科技加速迈向商业量 ...

Core Viewpoint - The ETF-FOF market is experiencing a surge in new products, with expectations for significant growth as major banks increase their involvement and the focus shifts from alpha to beta returns [1][2]. Group 1: Market Trends - As of early 2026, six ETF-FOF products have been reported, with three more entering the sales phase, indicating a growing interest in this investment vehicle [1]. - The domestic ETF market is projected to exceed 6 trillion yuan by 2025, with over 1,400 ETFs available, creating favorable conditions for the development of ETF-FOF products [2]. Group 2: Investment Strategy - ETF-FOF represents a new paradigm in asset allocation, allowing for a focus on the underlying assets rather than solely on fund managers, which aligns with future trends in the FOF industry [2]. - The shift towards beta management is seen as crucial for achieving stable absolute returns, while alpha management is viewed as a supplementary strategy [3]. Group 3: Institutional Participation - Major banks are increasingly entering the FOF market, with products like the "Long Win Plan" from China Construction Bank and others achieving significant fundraising success, indicating strong demand for these investment products [4]. - An estimated 50 trillion yuan in long-term deposits will mature in 2026, suggesting a substantial influx of capital into financial investments, with stable products like FOF likely to attract a significant portion of this capital [4]. Group 4: Future Outlook - The FOF market in China is entering a golden development period, with the potential to evolve from a niche tool to a mainstream investment choice as investor awareness and product optimization improve [5].

根据新规，今年以来在基金公司直销平台上线的新发基金A类份额已全部实现免认购费，C类份额全部 实现免销售服务费，直接让利于投资者。 在销售新规的推动下，各家基金公司直销系统开年迎来大改造。 公募基金行业机构投资者直销服务平台（以下简称FISP平台）也有了最新进展。据中国基金报记者了 解，根据监管要求，基金公司要在6月底之前接入该平台。 【导读】新规落地！基金直销系统迎来大改造 机构直销服务迈入标准化时代 除了费率改革，基金直销系统另一项关键改造任务也在加速推进，基金公司需在6月底之前完成FISP平 台接入。 谈及销售费用改革的进度，一位基金公司人士表示，目前公司直销平台上线的新发基金A类份额已经根 据监管要求不收取认购费，新发基金C类份额不收取销售服务费的系统改造正在紧锣密鼓进行中，系统 改造完成前，新发基金C类份额不在直销端销售。改造完成后，直销平台上线的新发基金C类份额也不 再收取销售服务费。 除了新发基金立即实施之外，存量基金费率改革有一年的过渡期。据基金公司人士反馈，存量基金费率 改革涉及多家代销机构，因此，基金管理人会与代销机构协商，统一安排直销及代销端的费率改革时间 节点。 创金合信基金认为，基金直 ...

来源：上海证券报·中国证券网 上证报中国证券网（记者 聂林浩）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》），规范公募基金业绩比较基准的选取和使用。中国证券投资基金业协会配套 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》），规范公募基金业绩 比较基准选取和使用的操作流程。 易方达基金副总裁王骏表示，此次《指引》及《操作细则》的发布，是贯彻落实《推动公募基金高质量 发展行动方案》的重要举措，通过对公募基金选取和使用业绩比较基准加强指引和规范，有助于切实发 挥业绩比较基准表征产品投资风格、约束投资和衡量业绩等方面的功能作用，更好地保护投资者合法权 益。业绩比较基准是基金管理人基于产品定位和投资目标为基金设定的业绩参考标准，是基金投资 的"锚"和"尺"，其合理性与稳定性直接关系到投资者能否准确识别产品特征、评估绩效水平。此次发布 的《指引》共六章二十一条，从业绩比较基准的选取、应用、内部管理及外部监督等环节建立了全链条 的规范框架。 王骏进一步分析，首先，《指引》强化业绩比较基准的"表征"与"约束"功能，并明确要求，将业绩比较 基准需与基金的投资目标、投 ...

在销售新规的推动下，各家基金公司直销系统开年迎来大改造。 【导读】新规落地！基金直销系统迎来大改造 中国基金报记者 方丽 陆慧婧 根据新规，今年以来在基金公司直销平台上线的新发基金A类份额已全部实现免认购费，C类份额全部实现免销售服务费，直接让利于投资 者。 公募基金行业机构投资者直销服务平台（以下简称FISP平台）也有了最新进展。据中国基金报记者了解，根据监管要求，基金公司要在6月 底之前接入该平台。 多只直销平台上线的新发基金已开启零认购费 今年年初，《公开募集证券投资基金销售费用管理规定》正式实施，基金公司积极响应监管号召，落实直销系统费率改革，直销平台上线 的新发基金A类份额免认购费，C类份额免销售服务费。 以天弘基金正在发行的天弘悦享臻选三个月持有期FOF为例，该基金的招募说明书明确规定，通过基金管理人认（申）购基金份额的，不收 取认（申）购费、销售服务费。 易方达基金正在发行的易方达港股通消费混合基金招募说明书也显示，投资者通过基金管理人或其基金销售子公司认购A类基金份额，不收 取认购费用。目前暂不开通基金管理人及其基金销售子公司销售本基金C类基金份额，若日后开通，将另行公告。 谈及销售费用改革的 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released guidelines to standardize the selection and use of performance benchmarks for publicly offered funds, addressing long-standing industry issues such as "style drift" and "fund blind boxes" to enhance investor experience and satisfaction [1][3][5]. Group 1: Regulatory Framework - The guidelines, titled "Guidelines for the Selection and Use of Performance Benchmarks for Publicly Offered Securities Investment Funds," consist of six chapters and twenty-one articles, establishing a comprehensive regulatory framework covering benchmark selection, changes, disclosure, internal controls, external constraints, and self-regulation [3][4]. - The accompanying "Operational Guidelines" further detail the operational processes related to the performance benchmarks [3][4]. Group 2: Industry Challenges - The CSRC noted that the public fund industry has long faced a lack of specialized and systematic regulations, with many fund managers failing to establish comprehensive internal control mechanisms regarding performance benchmarks [3][4]. - As of January 23, among 21,850 funds with nearly one year of performance data, 4,878 funds underperformed their benchmarks, accounting for over 20% of the total, with some funds lagging by more than 40 percentage points [4]. Group 3: Impact on Investor Experience - The new regulations aim to enhance the clarity and comparability of fund performance, guiding fund managers to focus on investment discipline and style stability, ultimately creating sustainable long-term returns for investors [5][6]. - Fund management companies, such as Huaxia Fund and E Fund, have expressed commitment to aligning their operations with the new guidelines, emphasizing investor education and communication to improve service quality and investor satisfaction [7][8]. Group 4: Implementation Timeline - The new regulations will take effect on March 1, with a one-year transition period for existing products to adjust their performance benchmarks to comply with the new requirements [4]. - Fund custodians will have a six-month transition period to implement necessary supervisory responsibilities and system modifications [4].

Core Insights - The active equity fund manager landscape has undergone significant changes, with performance being the primary driver of fund size fluctuations [1][3] - Notable fund managers have seen their rankings shift due to changes in assets under management (AUM), with some exiting the "billion-dollar manager" category [1][2] - A new cohort of high-performing fund managers has emerged, leading the market with substantial AUM increases [1][6] Fund Manager Performance - As of the end of last year, there were 114 active fund managers managing over 100 billion yuan, with significant reshuffling in the top ranks [2] - Gao Nan from Yongying Fund leads with an AUM of 701.05 billion yuan, a 35.56% increase from the previous quarter [2][5] - Dong Han from Invesco Great Wall Fund follows with an AUM of 623.82 billion yuan, up 22.22% [2][5] - Zhang Kun from E Fund saw a decline in AUM to 483.83 billion yuan, down 14.43% [3][5] Notable AUM Changes - Several fund managers experienced significant AUM growth, such as Meng Xia from Harvest Fund, whose AUM increased by 76.63% to 120.64 billion yuan [6][8] - Zhang Haiqiao from Yongying Fund also saw a 52.99% increase in AUM, reaching 156.70 billion yuan [6][8] - Conversely, well-known managers like Zhao Yi from Quan Guo Fund faced substantial AUM declines, dropping from 190.69 billion yuan to 126.89 billion yuan, a 33.46% decrease [7][8] Market Trends - The reshuffling of the "billion-dollar fund manager" list reflects a more rational market where investors prioritize long-term performance and investment style compatibility over celebrity status [7][8] - The trend indicates a shift towards a performance-driven investment environment, encouraging fund managers to focus on enhancing their investment management capabilities [7][8]

金融工程 证 券 研 究 报 告 【金工周报】（20260119-20260123） 短期择时模型以看多为主，后市或震荡向上 ❖ 本周回顾 本周市场涨多跌少，上证指数单周上涨 0.84%，创业板指单周下跌 0.34%。 A 股模型： 短期：成交量模型部分宽基指数看多。特征龙虎榜机构模型中性。特征成交量 模型中性。智能算法沪深 300 模型看多，智能算法中证 500 模型看多。 中期：涨跌停模型中性。上下行收益差模型所有宽基指数看多。月历效应模型 中性。 长期：长期动量模型中性。 综合：A 股综合兵器 V3 模型看多。A 股综合国证 2000 模型中性。 港股模型： 中期：成交额倒波幅模型看多。恒生指数上下行收益差模型中性，上下行收益 差相似模型看多。 本周行业指数普遍上涨，涨幅前五的行业为：建材、石油石化、钢铁、有色金 属、基础化工，跌幅前五的行业为：银行、通信、食品饮料、非银行金融、计 算机。从资金流向角度来说，银行、非银行金融、有色金属、煤炭、建材主力 资金净流入居前，电子、通信、计算机、电力设备及新能源、国防军工主力资 金净流出居前。 本周股票型基金总仓位为 94.53%，相较于上周增加了 13 个 b ...

Core Insights - The ETF market in 2026 is experiencing robust growth, with 17 new ETFs launched and a total issuance scale nearing 10 billion yuan, representing 22.37% of new fund issuance quantity and 14.69% of scale [1] - The newly established ETFs cover diverse sectors including non-ferrous metals, chips, artificial intelligence, biotechnology, food, batteries, and public utilities [1] Group 1: Market Growth and Demand - Industry experts are optimistic about the growth potential of the ETF market in 2026, driven by long-term capital inflows and upgraded investor demand [3] - Institutional investors, such as insurance companies, are increasingly seeking long-term allocations in the domestic equity market, while individual investors are becoming more accepting of passive index products due to their low fees and high transparency [3][4] - The diversification of ETF products is creating opportunities for innovation, as there are still many gaps in niche sectors, strategies, commodities, bonds, and overseas assets [4] Group 2: Competitive Landscape and Differentiation - The ETF market is characterized by significant concentration among leading firms, posing challenges for smaller fund companies [5] - Smaller firms are encouraged to focus on differentiated product offerings in niche sectors or thematic areas where larger firms have not established a strong presence [5][6] - There is potential for smaller fund managers to explore non-equity asset ETFs to meet the evolving asset allocation needs of investors [6] Group 3: Challenges and Pain Points - Despite growth opportunities, the ETF market faces challenges such as insufficient investor understanding and operational pressures on certain products [7] - Some individual investors lack a deep understanding of ETFs, leading to impulsive trading behaviors, which can negatively impact their investment outcomes [7] - Certain ETFs are experiencing issues with small scale and high operational costs, which can erode investor returns and affect trading efficiency [7]

Market Overview - The A-share market exhibited a fluctuating upward trend this week, with major broad-based indices showing mixed performance and significant market style differentiation [1] - International gold prices recently reached a new historical high, leading to strong performance in related ETFs, with gold stock ETFs rising by 13.17%, the highest among all [1][2] - Other sectors such as photovoltaic and building materials ETFs also saw substantial gains, while Hong Kong innovative drug-related ETFs experienced slight adjustments [1] Fund Flow Analysis - Overall, ETF funds experienced a net outflow of 696.39 billion, with broad-based ETFs facing a net outflow of 873.01 billion, while industry ETFs saw a net inflow of 143.04 billion and commodity ETFs a net inflow of 32.91 billion [3] - Funds have not exited the market but have shifted towards more elastic sectors, with significant net inflows into TMT (Technology, Media, Telecommunications) and cyclical sectors like non-ferrous metals, indicating active funds' preference for technology growth themes [2][3] ETF Performance - The top-performing gold stock ETFs included: - 517400 Gold Stock ETF with a 13.17% increase and a latest scale of 826 million [2] - 159315 Gold Stock ETF from ICBC with a 13.03% increase and a scale of 222 million [2] - 517520 Gold Stock ETF from Yongying with a 12.95% increase and a scale of 177.52 billion [2] - Photovoltaic ETFs also performed well, with the top performer being 560980 Photovoltaic Leader ETF from GF with a 10.71% increase and a scale of 565 million [2] Upcoming ETF Listings - Next week, four new ETFs are set to be listed, including: - 589190 Sci-Tech Chip ETF from Huabao, with subscription starting on December 30, 2025 [5] - 159158 Power ETF from Invesco, with subscription starting on January 7, 2026 [5] - 589220 Sci-Tech 200 ETF from Guotai, with subscription starting on January 5, 2026 [5]