证券研究报告 | 固定收益 gszqdatemark 2026 01 31 年 月 日 固定收益点评 固收+继续扩张，增配科技化工——25Q4 基金转债持仓分析 2025Q4 公募基金持有转债规模占转债总市值的 57.74%，环比下降 4.08pcts，仓位小幅下降 0.05pcts。截止 2025Q4，转债市场存量余额 5338.90 亿元，环比 25Q3 增加 4.30%。权益势强背景下，固收+配置需 求仍在，转债存量规模略有增加，但机构持有转债比重略有下降。2025Q4 公募基金持有转债市值 3082.51 亿元，占转债总市值的 57.74%，较三季 度减少 4.08pcts；公募基金持有转债仓位为 0.76%，环比下降 0.05pcts。 二级债基、一级债基加仓转债。从结构上看，持有转债较多的基金类型为 债券型基金中的二级债基（ 36.41%）、可转债基金 36.29%）和债券型基 金中的一级债基 21.90%）、偏债混合型基金（ 3.30%）、灵活配置型基金 2.10%）。受基金产品定位与市场策略分化影响，环比 25Q3，二级债基 转债市值增加 39.63 亿元 3.72%，表示转债持有比重增加 3 ...

Core Viewpoint - The public fund industry is experiencing a wave of fee rate adjustments, marking the entry into an era where management fees can reach as low as 0.15%, significantly reshaping the asset management industry's ecosystem and profit models [1][6]. Group 1: Fee Rate Adjustments - Seven fund companies, including Huaxia and Tianhong, have announced reductions in management fees for over ten products, with Huaxia's Financial Technology ETF management fee dropping from 0.5% to 0.15% and custody fees to 0.05%, reaching the industry's "floor price" [1][2]. - The reduction in bond fund fees has exceeded market expectations, with Tianhong's management fee for its six-month holding mixed fund decreasing from 0.7% to 0.3%, a drop of over 57% [1][2]. - The average scale of initiated funds is approximately 107 million yuan, with about 60% of products having scales below 100 million yuan, prompting companies to lower fees to attract more capital [3]. Group 2: Driving Forces Behind Fee Reductions - The fee reduction is driven by three main forces: regulatory guidance, market competition, and investor awareness [4][6]. - Regulatory guidance is a core driving force, with the China Securities Regulatory Commission's new regulations expected to generate annual savings of 30 billion yuan for investors [4][6]. - Market competition is a significant catalyst, as the number of fund products has exceeded 13,600, while the average scale of single products has decreased by 10% compared to the previous year [4][6]. Group 3: Impact on the Industry - The reduction of management fees to 0.15% will profoundly impact the public fund industry's ecosystem, leading to a restructuring of income sources for fund companies [6]. - For example, a mid-sized company managing 100 billion yuan could see annual income drop by 810 million yuan if management fees fall from 1.5% to 0.15%, with profit margins decreasing from 25% to below 5% [6]. - The fee reduction trend is expected to accelerate industry consolidation, with at least 30 fund companies projected to be merged or exit the market due to losses over the next three years [6]. Group 4: Future Trends - The industry is likely to see a tiered fee structure, with broad-based ETFs entering the 0.1% fee era, while actively managed equity funds maintain fees between 0.8% and 1.2% [7]. - Fund companies are expected to focus on professionalization, outsourcing sales and operations to third-party platforms, and becoming "boutique" firms rather than "department stores" [7]. - The proportion of institutional investors holding ETFs is anticipated to rise from 35% to 55% over the next three years, indicating a shift towards lower-fee products [7].

Core Insights - The FOF (Fund of Funds) managers have shown a significant shift in their investment preferences, with a clear trend towards risk aversion and stability for the fourth quarter of 2025 [1] - The total holdings in pure bond funds reached 56.52 billion yuan, accounting for 45.22% of all fund types, a notable increase from 35.64% in the previous quarter [1] - Conversely, the allocation to equity mixed funds decreased from 8.94% to 6.30%, marking the most significant decline among fund categories [1] Investment Preferences - The most favored product among FOF managers is the Hai Fu Tong Zhong Zheng Short Bond ETF, which has been held by 119 FOFs with a total market value of approximately 5.98 billion yuan [3] - Other notable bond ETFs in the top ten holdings include Peng Yang Zhong Dai-30 Year Treasury ETF, Ping An High-Grade Corporate Bond ETF, and Fu Guo Zhong Dai 7-10 Year Policy Financial Bond ETF, indicating a strong preference for bond instruments [3] - There has been a structural adjustment in attitudes towards gold-related assets, with traditional gold ETFs like Hua An Gold ETF seeing a decline in holdings, while ETFs tracking gold industry stocks have been increased [3] Performance Analysis - The average return for bond-type FOFs in the fourth quarter was 0.24%, while equity-type FOFs experienced an average decline of 2.48%, reflecting the performance alignment with their holding structures [4] - Notably, the CITIC Securities Rui Xuan 6-Month Holding Mixed FOF achieved a net value increase of 6.41%, leading the market, with significant allocations to gold ETFs and resource sector funds [5] - Similarly, the Qianhai Kaiyuan Yu Ze FOF also exceeded a 4% increase, with a focus on gold ETFs and sectors like communication equipment and brokerage [5]

专题：聚焦2025基金四季报：AI应用、商业航天、核聚变，谁领2026投资主线？ 随着2025年公募基金全年数据披露完毕，债券业务作为各家机构稳健经营的"压舱石"，其规模变动与格 局演化备受瞩目。从最新发布的基金公司债券规模排名来看，行业整体呈现"头部格局微调、中游竞争 白热化、中小机构伺机突围" 的鲜明特征，规模增减显著分化。 海富通基金则实现了规模的倍数级增长与排名的惊人飞跃。其债券规模从976.91亿元增长至1717.44亿 元，增幅达740.53亿元，接近翻倍。排名更是从第37位飙升至第19位，跃升18个位次，成为TOP30中排 名上升幅度最大的公司。 中欧基金债券规模增长442.76亿元，名次提升10位至第21位。此外，鹏华基金、兴业基金、银华基金等 机构的债券规模也实现两位数以上增长，名次均有不同程度提升。 债券型产品规模增长明星：景顺长城、海富通领跑 2025年，债券基金规模增长最为耀眼的两家公司均实现了"跨越式"发展。 景顺长城基金成为最大"黑马"。其债券规模从2024年的2104.31亿元激增至3616.84亿元，单年增长达 1512.53亿元，增幅超过70%。这一迅猛增长使其规模排名从第1 ...

来源：股市直击 1月28日（星期三），今日报刊头条主要内容精华如下： 中国证券报 2200亿GPU龙头收入大幅预增！ 1月27日晚间，沐曦股份发布业绩预告称，得益于产品及服务获得下游客户广泛认可与持续采购，公司 预计2025年度实现营业收入16亿元至17亿元，同比增长115.32%至128.78%。公司预计2025年度归属于 母公司所有者净利润将出现亏损，预计亏损6.5亿元至7.98亿元，与上年同期相比，亏损收窄43.36%至 53.86%。 黄金不香了？FOF头号重仓生变 近日，随着公募基金2025年四季报披露完毕，公募FOF的最新持仓动向浮出水面。值得注意的是，在 2025年的前三个季度，华安黄金ETF一直是FOF重仓持有数量最多的基金，而2025年四季度末，被海富 通中证短融ETF取代。此外，鹏扬中债-30年期国债ETF、平安中债-中高等级公司债利差因子ETF、富国 中债7-10年政策性金融债ETF等债券型ETF获FOF重仓的数量居前。 行情强劲势头下 资源品LOF限购升级！ 资源品行情强劲势头下，近期，相关LOF限购进一步升级。1月27日晚间，华安基金发布公告称，为保 证基金的平稳运作、保护基金持有人 ...

Core Insights - The latest holdings of Fund of Funds (FOF) reveal a shift in investment preferences, with a notable increase in bond ETFs and a decline in gold ETFs [1][2] - The macro environment for the equity market in Q1 2026 is expected to be favorable due to liquidity easing and performance improvement expectations [1][3] Fund Holdings - As of the end of Q4 2025, the Hai Fu Tong Zhong Zheng Short Bond ETF became the most held fund by FOFs, with 119 FOFs holding a total market value of 5.98 billion [1][2] - Other top bond ETFs included Peng Yang Zhong Dai-30 Year Government Bond ETF and Ping An Zhong Dai-High Grade Corporate Bond Spread Factor ETF, indicating a strong preference for bond investments [2] Gold and Resource Funds - Despite a decrease in holdings of the Hua An Gold ETF, several gold stock ETFs saw significant increases in FOF holdings, with over 50 million shares added for the Yong Ying Zhong Zheng Hu Shen Gang Gold Industry Stock ETF [2] - FOFs showed a strong focus on resource-related funds, particularly in gold, non-ferrous metals, and cyclical themes, reflecting a strategic shift towards these sectors [2][3] Performance and Strategy - The CITIC Jiantou Rui Xuan 6-Month Holding Mixed Fund (FOF) achieved the highest return in the FOF market at 6.41% in Q4 2025, heavily investing in resource-focused funds [3] - Fund managers are optimistic about the stock market, favoring value and blue-chip stocks, particularly in the resource sector, as they anticipate a market rebound in the latter half of 2026 [4] Tactical Approaches - The Bohai Huijin Preferred Progress 6-Month Holding Mixed Fund (FOF) will maintain a "barbell and rebalancing" strategy, locking in profits from previously high-performing assets while focusing on technology sectors benefiting from the AI boom [4][5] - The investment strategy for Q1 2026 will prioritize high-certainty industries, including gold and silver stocks, rare earths, and the recovering tourism sector [4][5]

◎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 ...

- 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. ...