您的年度账单已送达,请会收 图片由AI辅助生成 # # 助您定制富足享老规划 错 TO CO 备老从来不是临近退休才开始 而是贯穿一生的长期规划 无可个人就完全账户 既能享受税收优惠 还可配置四大线专属投资产品 让养老资金在不同年龄阶段发挥更大价值 建信优亭进取养老目标五年持有期混合发起（FOF）Y成立于2023.12.08,自基金成立起至 2024.01.11由姜华独自管理,自2024.01.12至2024.06.26由姜华、姚波远共同管理,自 2024.06.27至今由姚波远独自管理。该基金2024年、2025年上半年净值增长率为12.61%、 24.86%，同期业绩比较基准收益率为11.62%、15.62%。 以上数据来源基金定期报告，统计截至2025.09.30。 风险提示:基金有风险,投资需谨慎。以上基金产品由建信基金发行与管理,代销机构中国建设 银行不承担产品的投资、兑付责任。基金管理人不保证基金一定盈利，也不保证最低收益。基金 的过往业绩并不预示其未来表现,基金管理人管理的其他基金的业绩并不构成基金业绩表现的保 证。建信优享进取养老目标五年持有期混合发起（FOF）为混合型基金中基金,其预期收益及 ...

Core Viewpoint - The early closure of the fundraising for the Jianxin Hongtai Multi-Asset Allocation 3-Month Holding FOF reflects strong market recognition of the value of multi-asset allocation and highlights Jianxin Fund's long-term expertise in asset allocation [1][3]. Group 1: Fundraising and Market Trends - Jianxin Fund announced the early closure of its Jianxin Hongtai Multi-Asset Allocation 3-Month Holding FOF after just three trading days of fundraising [1]. - In 2025, the number of FOF funds issued reached 89, with a total fundraising scale of 845.29 billion yuan, accounting for 7.02% of the total fundraising scale of public funds for the year [1]. - The issuance of FOF funds in 2025 ranked third historically in quantity and second in scale [1]. Group 2: Product Features and Strategy - The product is based on bond assets and flexibly combines low-volatility dividend assets, the S&P 500 index, and gold, aiming to reduce exposure risks from single assets and managers while enhancing yield elasticity [2]. - The fund aims to achieve long-term performance that exceeds benchmarks by dynamically managing asset rotation opportunities and addressing investor pain points related to selection, allocation, and timing [2]. - The three-month holding period is designed to control volatility while maintaining adequate liquidity, aligning with current market conditions [2]. Group 3: Company Expertise and Offerings - Jianxin Fund is one of the early companies to obtain qualifications for public FOF, public MOM, and advisory services, with a product system covering low, medium, and high volatility characteristics to meet diverse investor risk preferences [3]. - The company has established the "Shan Jian Hui Tou" asset allocation service brand, focusing on providing comprehensive multi-asset allocation wealth management solutions and full-process support for investors [3].

今日3只股票类ETF发布上市公告书。从公告的最新仓位来看，华宝上证科创板芯片ETF股票仓位为 9.13%，景顺长城中证全指电力公用事业ETF股票仓位为30.25%，易方达中证全指食品ETF股票仓位为 10.41%。 银 | 基金代 | 基金简称 | 基金成立 | 募集规模 | 上市公告数据 | 上市公告书披露股 | 上市日期 | | --- | --- | --- | --- | --- | --- | --- | | 码 | | 日 | （亿份） | 截止日期 | 票仓位（%） | | | 560160 | 易方达中证全指食品 | 2026.01.19 | 2.83 | 2026.01.20 | 10.41 | 2026.01.27 | | | ETF | | | | | | | 589190 | 华宝上证科创板芯片 ETF | 2026.01.19 | 3.79 | 2026.01.20 | 9.13 | 2026.01.27 | | 589220 | 国泰上证科创板 | 2026.01.16 | 8.53 | 2026.01.19 | 20.01 | 2026.01.26 | | | 200ETF | ...

一、交易提示 2025年四季报显示，明星基金经理普遍减持高热度抱团股，将仓位向性价比更高的中盘科技、顺周期制造及低估值消费扩 散。尽管科技股仍是核心叙事，但选股逻辑已从"赛道贝塔"转向"阿尔法+现金流"，持仓结构呈现行业更分散、个股更均衡 的新特征，为2026年潜在风格切换预留空间。 A股四大指数集体上涨,截至收盘,沪指涨0.08%,报4116.94点,深成指涨0.7%,报14255.13点,创业板指涨0.54%,报3295.52点,科创 50指数涨3.53%,报1535.39点。沪深京三市成交额26236亿元,较上日缩量1805亿元,三市超3000只个股飘红。板块题材上,黄 金、有色金属、天然气、半导体、CPO、PCB、足球概念股涨幅居前;白酒、电网设备、煤炭、银行、保险、零售、旅游及 酒店、机场航运板块跌幅居前。 三、01月21日新发基金一览（不包含传统封闭式基金） 四、01月21日基金分红一览 | | | | 每10份基金 | | | | --- | --- | --- | --- | --- | --- | | | | | 派发红利(CLL) | | | | 375010 | 摩根中国优势混合 A | ...

Core Insights - The public REITs market in China is experiencing its first case of project withdrawal after entering the review stage, with Jin Feng Technology and Electronic City both announcing the termination of their REIT applications [1][9][10] - The recent regulatory changes, particularly the new review procedures implemented by the Shanghai and Shenzhen Stock Exchanges, have introduced stricter criteria for REIT approvals, leading to a more rigorous screening process [2][8][9] Group 1: Project Withdrawals - Jin Feng Technology announced on January 20, 2026, its decision to terminate the application for the Jianxin Jin Feng New Energy REIT, marking the first instance of a project failing to issue after entering the review stage [1][4] - Electronic City also announced its intention to withdraw the application for the Chuangjin Hexin Electronic City Industrial Park REIT, indicating a strategic retreat to reassess and potentially reapply in the future [1][9] - The reasons for these withdrawals are linked to the new regulatory framework that outlines specific conditions under which REIT applications may be suspended or terminated [1][5][9] Group 2: Regulatory Changes - The new review procedures, effective from December 31, 2025, specify seven conditions under which the review of a REIT application can be terminated, including failure to respond to inquiries within the stipulated time [5][9] - The introduction of these procedures aims to enhance the transparency and efficiency of the REIT approval process, ensuring that only projects meeting stringent criteria proceed to issuance [8][9] - The regulatory environment is shifting towards a more stringent approach, with a focus on maintaining investor interests and ensuring the stability of project operations [7][10] Group 3: Market Implications - As of the end of 2025, there were 79 publicly listed REITs in China, with a total issuance scale exceeding 210 billion yuan, indicating a growing market despite the recent withdrawals [7] - The market is transitioning towards a more mature phase, where the pricing dynamics between REIT issuers and investors are becoming more rational and professional [7][10] - The ongoing regulatory enhancements are expected to create a new ecosystem for public REITs, characterized by both active applications and stringent entry requirements [10]

| 型物黄金 | | 更多>> | | --- | --- | --- | | 品牌 | 名称 | 价格 | | 老凤祥 | 黄金价格 | 1498.00 | | 周大福 | 黄金价格 | 1498.00 | | 周牛牛 | 黄金价格 | 1495.00 | | 老庙 | 黄金价格 | 1493.00 | | 周六福 | 黄金价格 | 1440.00 | | 六福珠宝 | 黄金价格 | 1453.00 | | 間大生 | 黄金价格 | 1455.00 | | 菜目 | 黄金价格 | 1410.00 | （品牌金价最新情况，来源：金投网） 国内实物黄金市场同样热度攀升，主要金饰品牌价格同步持续上涨，多家品牌报价已逼近1500元/克关口。从八大主流品牌来看，价格梯队明显：老凤祥与 周大福价格最高，均达每克1498元；周生生紧随其后，报价1495元/克；老庙黄金为1493元/克，三大品牌均贴近1500元/克高位；周大生、六福珠宝、周六福 分别报价1455元/克、1453元/克、1440元/克；菜百黄金价格相对偏低，为1410元/克。2026年以来国内金饰价涨幅显著，不到20天部分品牌每克上涨近百 元，与国际金价走强 ...

Core Viewpoint - The recent regulatory changes have led to the first case of a public REIT failing to issue after entering the exchange review stage, highlighting the impact of new guidelines aimed at preventing projects from remaining unresolved for extended periods [1][2]. Group 1: Regulatory Changes - The new guidelines from the Shanghai and Shenzhen Stock Exchanges, effective by the end of 2025, explicitly define circumstances under which public REIT applications can be terminated, aiming to enhance transparency and efficiency in the review process [2][3]. - The guidelines list seven specific scenarios for application termination, including failure to respond to exchange feedback within the stipulated timeframe [2]. Group 2: Company-Specific Cases - Jin Feng Technology announced the termination of its public REIT application, which began in September 2021 and had not progressed due to a lack of response to feedback from the exchange [1]. - Similarly, Electronic City plans to withdraw its infrastructure public REIT project application, which was submitted in May 2025, due to a lack of progress following initial feedback [2]. Group 3: Market Implications - The implementation of the new regulations is expected to shift the focus of public REITs from merely issuing to emphasizing operational compliance and management capabilities, favoring projects with stable cash flows [3]. - As of the end of 2025, there are 79 public REITs listed in the market, with a total issuance scale exceeding 210 billion yuan, indicating a growing market despite recent challenges [3].

Group 1 - The core viewpoint of the articles highlights the significant increase in cash dividends from A-share listed companies, reaching a historical high of 2.55 trillion yuan in 2025, indicating a shift towards a balanced investment and financing ecosystem with a focus on investment returns [1] - The rise in the CSI 300 Dividend Index by 1.06% reflects positive market sentiment, with individual stocks such as Conch Cement and Chengdu Bank showing notable gains of 5.29% and 2.72% respectively, suggesting strong performance among dividend-paying stocks [1] - Analysts from China Galaxy Securities expect a steady growth in bank credit, supported by policies aimed at expanding domestic demand and stabilizing growth, while the low interest rate environment continues to enhance the dividend appeal of banks [1] Group 2 - Zhejiang Securities notes that the valuation of dividend stocks remains at historically low levels, which not only reflects the asset revaluation potential due to the appreciation of the yuan but also highlights their defensive value in terms of stable profitability during economic transitions [2] - The Jianxin CSI 300 Dividend ETF closely tracks the CSI 300 Dividend Index, which selects 50 high-dividend stocks from the CSI 300 Index, thereby reflecting the overall performance of high dividend yield securities within the index [2]

Market Overview - The Shanghai Composite Index rose by 0.29% to close at 4114.0 points, with a daily high of 4126.52 points [1] - The Shenzhen Component Index increased by 0.09% to close at 14294.05 points, reaching a high of 14392.88 points [1] - The ChiNext Index fell by 0.7% to close at 3337.61 points, with a peak of 3383.79 points [1] Margin Trading and Securities Lending - The total margin trading and securities lending balance in the Shanghai and Shenzhen markets was 27140.63 billion yuan, with a financing balance of 26968.21 billion yuan and a securities lending balance of 172.42 billion yuan, decreasing by 84.93 billion yuan from the previous trading day [2] - The Shanghai market's margin trading balance was 13721.89 billion yuan, down by 10.09 billion yuan, while the Shenzhen market's balance was 13418.74 billion yuan, decreasing by 74.84 billion yuan [2] - A total of 3476 stocks had margin buying, with the top three being Tebian Electric Apparatus (27.59 billion yuan), Zhongji Xuchuang (20.96 billion yuan), and Xinyisheng (20.9 billion yuan) [2][3] Fund Issuance - A total of 57 new funds were issued yesterday, including the Penghua ChiNext New Energy ETF and various mixed funds [4][5] Top Net Purchases on the Dragon and Tiger List - The top net purchases on the Dragon and Tiger list included China West Electric (92389.42 million yuan), Goldwind Technology (48146.09 million yuan), and Xuch Electric (41274.08 million yuan) [7][8]

Core Viewpoint - The article emphasizes that the 2025 fixed income market has faced significant challenges, with a notable decline in the performance of long-term bonds compared to previous years, indicating the end of the "golden era" for fixed income investments [6][9]. Summary by Sections 2025 Fixed Income Market Review - The long-term government bond yields experienced significant fluctuations, rising from 1.59% to 1.85% in the first half of 2025 [4]. - The performance of pure bond funds in 2025 was below the average returns from 2014 to 2024, confirming the end of the favorable conditions for fixed income investments [10]. Fund Performance Metrics - The annualized returns and maximum drawdowns for various bond indices in 2025 were as follows: - Long-term pure bond index: 0.86% return, -0.88% drawdown - Short-term pure bond index: 1.44% return, -0.24% drawdown - Money market fund index: 1.34% return, 0.00% drawdown [8]. Fund Manager Challenges - The article notes that 2025 was a year of significant turnover among fund managers due to salary cuts and reforms, impacting the performance of selected funds [17]. - Despite the challenges, the selected funds generally outperformed the market average, with only short-term bond funds slightly underperforming [17]. Asset Allocation Importance - The article highlights the increasing importance of asset allocation skills, suggesting that investors should focus on bond-oriented funds of funds (FOFs) for better risk-adjusted returns [12][29]. - In 2025, bond-oriented FOFs showed better volatility and drawdown control compared to traditional bond funds, indicating a shift in investment strategy [13]. Outlook for 2026 - The article anticipates continued volatility in interest rates, with potential for both increases and decreases, making the fixed income market challenging [24]. - The upcoming 2026 fixed income fund rankings will place greater emphasis on funds with asset allocation advantages, reflecting the evolving market landscape [26][29].