Core Viewpoint - The public REITs market in China is expected to experience a "high-quality development opportunity" in 2026, driven by policy benefits and improved market ecology, balancing "stock activation" and "high-quality development" [2][4]. Group 1: Market Performance and Developments - The public REITs market started 2026 with a strong performance, with several products showing significant weekly gains, such as E Fund Huawai Market REIT leading with a 7.84% increase [4]. - Multiple public REITs products have made progress, including the acceptance of China Aviation Beijing Changbao Rental Housing REIT by the CSRC and updates on other REITs' statuses [4]. - By the end of 2025, the public REITs market had 79 products with a total issuance scale exceeding 210 billion yuan, making it the largest REITs market in Asia and the second largest globally [5]. Group 2: Investment Opportunities - The macroeconomic recovery and expectations of declining interest rates are expected to enhance the attractiveness of REITs as high-dividend assets for long-term funds like insurance and social security [5]. - The market is anticipated to show differentiation, with high-quality assets and strong operational capabilities receiving valuation premiums, while single assets facing operational pressures may experience volatility [5]. - New growth points are expected from categories like data centers, cultural tourism, and elderly care, with a normalization of the expansion mechanism allowing REITs to evolve from single projects to asset platforms [5]. Group 3: Investment Focus Areas - In 2026, three main investment lines are highlighted: 1. Anti-cyclical stable cash flow assets, such as consumer infrastructure and policy-based rental housing, which are less affected by economic cycles [8]. 2. High-prosperity policy-driven assets, like data centers benefiting from the digital economy, and logistics sectors expected to recover as demand increases [8]. 3. Strong expansion asset platforms, where commercial real estate pilot projects may achieve scale effects and enhanced dividends through asset injections [9]. - The REITs market is expected to balance "stock activation" and "high-quality development," with a focus on core consumer assets, new policy-supported assets, and potential assets with improved operational efficiency [9].

根据券商中国记者统计，截至1月10日2026年入市的公募资金预计在450亿元以上：一是新年上市的22只股票ETF，合计规模63.45亿元。二是岁末年初成立、进入建 仓期的主动含权基金，规模接近400亿元。 从券商中国记者跟踪观察情况来看，公募增量资金是"存款腾挪"趋势下的典型映射，在新年入市基金产品上主要有两个表现：一是个人投资者成为ETF主力军，不 少产品的份额占比超90%；二是主动基金份额自2025年三季度后已不再下降，甚至出现小幅回升。业内人士表示，存款搬家趋势有望在2026年带来万亿级流向投资 领域的活化增量资金，多数将寻求稳健型产品。 入市ETF仓位迅速提升 开年入市的公募资金，最直接的是股票ETF。根据wind统计，截至1月9日，2026开年以来一共有 16只 ETF确定上市时间。其中，有7只ETF拟于开年第二周（1月12 日至1月15日）上市交易。 | 证券简称 | 上市日期 | 上市规模(亿元) | 基金经理(现任 | | --- | --- | --- | --- | | 华夏中证舍指食品ETF | 2026-01-14 | 2.58 | 王欣薇 | | 易方达中证工程机械主题ETF | 2 ...

Group 1 - The core idea emphasizes the importance of precise asset allocation in uncertain markets, balancing risk and return while enhancing the investment portfolio's ability to withstand market fluctuations [2] - The article highlights the significance of maintaining a balance between concentration in promising sectors and diversification across different assets to mitigate single risks [9] - It identifies the semiconductor and humanoid robot sectors as key areas of growth, suggesting that investors may want to participate in both while weighing their respective volatility and prospects [9] Group 2 - The article provides specific allocation strategies, recommending a 70% allocation to humanoid robots and 30% to semiconductors if the former is favored, or a balanced 50% allocation to both if their potential is deemed equal [9] - It mentions that both sectors have high-purity indices available for investment, with the semiconductor materials and equipment index having over 92% weight in semiconductors, and the humanoid robot industry index having 77% weight in related stocks [10] - The simulated backtest from July 10, 2025, to January 9, 2026, shows a combined return of approximately 57% for a 50-50 allocation, indicating a successful balance of volatility and returns [10]

2026 年 01 月 10 日 FOF 基金: 2025 年度策略回顾 2026 年度策略展望 相关研究 证券分析师 白皓天 A0230525070001 baiht@swsresearch.com 蒋辛 A0230521080002 jiangxin@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 白皓天 A0230525070001 baiht@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 规模维度：2025 年规模逆势回升，累计规模已超过 2021 年末水平。1）从数量来看, 2025 年 FOF 新发产品数量有明显提升，2025 年内共计新发 FOF93 只，对比去年 38 只 的新发数量明显上升; 2) FOF 总规模逆势回升, 2025 年内 FOF 规模累计 2383.76 亿 元, 相比 2024 年末上升 1052.26 亿元;其中,年内规模增量主要源于新发规模,新发 规模达 845 亿元; 3）长盈计划相关 FOF 受到大幅关注, 首发规模与持营规模变动均靠 前;4) 基金公司：多数头 ...

1. Report's Investment Rating for the Industry The provided content does not mention the industry investment rating. 2. Core Views of the Report - In 2025, the scale of FOF funds rebounded against the trend, with the cumulative scale exceeding that at the end of 2021. The performance of all FOF achieved positive returns, and high - performing FOF continued the passive investment trend and some emphasized multi - asset allocation. FOF showed a preference for equity and other risk assets and continued to strengthen passive investment in Q3 2025. The scale of personal pension funds maintained a high growth rate. Customized FOF, such as the Changying Plan and Longying FOF, focused on multi - asset allocation. In 2026, FOF products with multi - asset and multi - strategy allocation capabilities have broad development prospects [1]. 3. Summary According to the Directory 3.1 Scale Dimension: Which Type of FOF Funds Does the Market Pay More Attention to? - **Overall Scale Recovery**: In 2025, the number of new FOF funds increased to 93 from 38 in the previous year, and 43 FOF funds were liquidated. The total scale of FOF reached 238.376 billion yuan, an increase of 105.226 billion yuan compared to the end of 2024. The new - issue scale was 84.5 billion yuan, and the continuous - operation scale increased by about 20.696 billion yuan, ending three consecutive years of decline [9]. - **Outstanding New - issue Institutions**: Products托管 by China Merchants Bank were prominent in terms of scale and quantity, with a new - issue scale exceeding 40 billion yuan. Fund companies such as Fullgoal Fund, Orient Securities Asset Management, and Ping An Fund had new - issue scales exceeding 5 billion yuan [11]. - **Popularity of Changying Plan - Related FOF**: FOF products with large net subscriptions in 2025 were mostly bond - type FOF and fixed - income + FOF. The top 5 funds in net subscriptions were all from the Changying Plan. The top 10 funds in new - issue scale were mostly fixed - income + FOF or bond - type FOF, and 8 of them were托管 by China Merchants Bank [13]. - **Changes in Fund Company Scale**: In 2025, the scale of most leading fund managers increased, and the scale ranking changed significantly. Fullgoal Fund and E Fund's scale increased by over 10 billion yuan. Leading fund managers showed two layout characteristics: balanced layout in multiple types of FOF or specialization in a single track [16]. 3.2 Performance Dimension: High - performing FOF Continued the Passive Investment Trend, and Some Emphasized Multi - asset Allocation - **Positive Returns in 2025**: In 2025, all FOF achieved positive returns. The performance was positively correlated with the position, and equity - type FOF performed best with a median return of 25.25%, while bond - type FOF was relatively weak with a median return of 2.70%. Two FOF products exceeded 10 billion yuan in scale [20][21]. - **Investment Characteristics of High - performing FOF**: High - performing bond - type FOF generally allocated multi - assets such as commodities; high - performing fixed - income + FOF obtained returns from both fixed - income + and stock funds while having multi - asset allocation features; high - performing balanced - type FOF mainly adopted passive investment and focused on ETFs with themes of gold, TMT, and new energy; high - performing equity - type FOF further strengthened the theme concentration [25]. - **Outstanding Performance of Cathay Fund's FOF Team**: In 2025, Cathay Fund's FOF team performed outstandingly in various types of FOF, including bond - type, fixed - income +, balanced - type, and equity - type FOF [30]. 3.3 Investment Characteristics: The Allocation Ratio of A - share Equities Such as Active Equities Increased, and the Increase in Holdings in Q3 25 Showed a Preference for Technology and Advanced Manufacturing - **Multi - asset Allocation of Leading Managers**: Leading managers generally attached importance to multi - asset allocation, with different investment directions. Some focused on QDII stocks, some on mutual - recognition funds, and some on commodities [38]. - **Overall Market Characteristics**: In Q3 2025, FOF decreased the holding ratio of pure - bond funds and increased the attention to active and passive equity funds, showing a preference for risk assets and strengthening passive investment. The heavy - position funds showed a preference for A - share technology and advanced manufacturing assets [40]. 3.4 Personal Pension Funds: The Total Y - share Amounted to 1.2817 Billion Yuan As of Q3 2025, the scale of personal pension funds reached 1.2817 billion yuan, an increase of 1.983 billion yuan compared to Q2 25 and 3.99 billion yuan compared to the end of 2024. Pension target date funds were more popular, with a current scale of 7.803 billion yuan [49]. 3.5 Customized FOF: Changying Plan & Longying FOF - **Changying Plan**: Established in early 2025, the included products are all positioned as multi - asset allocation FOF, with different levels corresponding to different return and risk targets. The products in the plan met the return and risk requirements in 2025, with relatively low maximum drawdown rates and prominent risk - return ratios. Other new - issue FOF products托管 by China Merchants Bank also had similar multi - asset allocation characteristics [59][68]. - **Longying FOF**: Established in early 2026, initially only including multi - asset allocation FOF, and will expand to ETF - FOF and global investment FOF in the future. The included products mostly met the return/withdrawal limits in 2025 and had multi - asset allocation characteristics, with a greater focus on overseas investment [77][82]. - **Other Multi - asset Allocation FOF**: Some products, such as Orient Securities Pension and Zhongtai Tianze, have adhered to multi - asset allocation for a long time and achieved excellent performance in 2025. More than half of the new - issue FOF in 2025 emphasized multi - asset allocation in their performance comparison benchmarks [88][93]. - **Investment Strategy for 2026 FOF Funds**: FOF can achieve diversified investment through multi - asset allocation, improve the risk - return ratio of the investment portfolio, and create differentiated investment targets. Low - volatility FOF products represented by bond - type and fixed - income + have been favored by funds in recent years, and the development of multi - asset allocation FOF remains an important direction in the future [95].

Core Viewpoint - The Chinese innovative drug industry is entering a new phase of "earning dollars," prompting public funds to rapidly launch new pharmaceutical funds in early 2026 [1][3]. Group 1: Fund Launches and Market Activity - In the first week of 2026, there has been a surge in new fund launches focused on innovative drugs, with significant investments directed towards the Hong Kong pharmaceutical sector [3][4]. - Notable new products include the Hua Bao Hong Kong Medical Theme ETF, which raised 331 million yuan and quickly built a stock position of 14.70% [3]. - The Fu Guo Hang Seng Biotechnology ETF also launched, raising over 320 million yuan and focusing on leading Hong Kong pharmaceutical companies [3][4]. Group 2: Performance and Demand for Pharmaceutical Funds - The strong performance of Hong Kong pharmaceutical funds in 2025 has heightened demand from both institutional and retail investors for new pharmaceutical fund offerings [6][7]. - The Hong Kong pharmaceutical theme funds delivered impressive returns in 2025, with some achieving over 113% cumulative returns, significantly influencing investor interest [6][7]. - Despite a market correction at the end of 2025, this has created an opportunity for new funds to lock in low-priced assets, leading to a rebound in fund net values [6]. Group 3: Future Expectations and Market Trends - The innovative drug sector is expected to experience a "performance verification phase" in 2026, with key indicators such as revenue from business development (BD) payments and the sales growth of core innovative drugs being closely monitored [9]. - Fund managers anticipate that 2026 will see more products entering large-scale global Phase III clinical trials, which could enhance market confidence and drive up the global value of innovative drugs [8][9]. - The industry is viewed as transitioning from following innovation to achieving global commercialization, with expectations that more Chinese innovative drug companies will realize overseas commercialization by 2027, leading to a systematic revaluation of the sector [9].

Core Viewpoint - The A-share market's largest ETF has officially changed its name from "CSI 300 ETF" to "CSI 300 ETF Huatai-PB," reflecting a broader trend towards standardized naming conventions in the ETF market to enhance product recognition and investor decision-making efficiency [1][4]. Group 1: Name Change and Standardization - The name change of the ETF is part of a broader initiative by Huatai-PB and other fund companies to standardize ETF naming conventions, which will now follow a format of "core elements of the investment target + ETF + fund manager abbreviation" [1][4]. - The new naming standard aims to improve product identification and reduce confusion among investors, as previously, multiple ETFs tracking the same index had different names, complicating the investment process [4][5]. Group 2: Regulatory Framework and Transition Period - The Shanghai and Shenzhen Stock Exchanges announced a new regulation requiring all ETF products to adopt standardized naming by March 31, 2026, providing a sufficient transition period for existing products [5][6]. - This regulation is seen as a significant step towards enhancing market transparency and investor convenience, marking a move towards a more mature and internationalized ETF market in China [5][8]. Group 3: Industry Impact and Investor Benefits - The standardization of ETF names is expected to lower information screening costs for investors, allowing them to focus more on core factors such as index value, product fees, and tracking errors when making investment decisions [7][8]. - The unified naming convention is viewed as a sign of the ETF market's maturation, shifting competition from name marketing to enhancing product management capabilities and investor services, ultimately fostering long-term healthy development in the ETF sector [8].

| | | 规模前二十名ETF基金 | | | | --- | --- | --- | --- | --- | | 序号 | ETF代码 | ETF简称 | 管理人 | ETF最新规模(亿元) | | 1 | 510300.SH | 治深300ETF华泰相瑞 | 华泰相瑞基金 | 4,335.91 | | 2 | 510310.SH | 沪深300ETF易方达 | 易方达县金 | 3,071.53 | | 3 | 510330.SH | H X300ETF FO | 中川平台 | 2,340.55 | | 4 | 159919.5Z | 沪深300ETF | 黑实运会 | 2,020.13 | | 5 | 510050.SH | FIF50ETF | 华夏县金 | 1,803.65 | | ર | 510500.SH | 中证500ETF | 南方奉金 | 1,553.87 | | 7 | 159915.SZ | 创业板ETF易方达 | 易方达基金 | 1,042.35 | | 8 | 518880.SH | 黄金ETF | 华安县金 | 968.43 | | d | 159792.SZ | 港股通互联网ET ...

Group 1 - The core point of the news is that there has been a significant inflow of funds into Hong Kong stock thematic ETFs, with a total net subscription amounting to 100.5 billion yuan from January 5 to 8, indicating strong investor interest in the technology sector [1][2] - Multiple ETFs have reached record high subscription amounts, with specific funds like the Fuguo Hong Kong Internet ETF and the Huatai-PB Southern East Ying Hang Seng Technology ETF seeing net subscriptions of 17.02 billion yuan and 9.87 billion yuan respectively [2] - New thematic ETFs are being launched, with private equity funds frequently appearing among the top holders, suggesting a growing interest in this investment vehicle [3] Group 2 - Public funds are increasing their investment in Hong Kong thematic funds, with several new funds accelerating their issuance process to capitalize on market opportunities [4] - The Hong Kong market has shown signs of seasonal volatility, with historical data indicating a strong performance from Christmas to the Lunar New Year, which may continue this year due to reduced liquidity concerns [5] - Current valuations of Hong Kong stocks are considered reasonable, with expectations of strong corporate earnings supporting potential market strength, particularly in technology and new consumption sectors [6]

Group 1 - The core viewpoint of the news is that the Hong Kong stock market has seen significant inflows into thematic ETFs, with a total net subscription amount exceeding 100.5 billion yuan from January 5 to 8, indicating strong investor interest, particularly in the technology sector [1][2]. - Multiple ETFs have reached record high share volumes, with notable subscriptions including 17.02 billion yuan for the Fuguo Hong Kong Internet ETF and 33.55 billion yuan for the GF Hong Kong Non-Bank ETF [2][3]. - New thematic ETFs are being launched, with a notable presence of private equity funds among the top shareholders, indicating a growing interest in this investment vehicle [3]. Group 2 - Public funds are increasing their investment in Hong Kong thematic ETFs, with new funds accelerating their issuance. For instance, the Baoyin Hang Seng Technology Index Fund has shortened its fundraising period to capture market opportunities [4]. - The Hong Kong market has shown signs of seasonal volatility, with historical data suggesting a strong performance from Christmas to the Lunar New Year, which may continue this year due to favorable liquidity conditions and positive expectations for domestic AI developments [5]. - Analysts believe that the current valuation of Hong Kong stocks remains reasonable, with strong corporate earnings expected to support market strength, particularly in technology and new consumption sectors [5].