- The report does not contain any specific quantitative models or factors for analysis[1][2][3] - The content primarily focuses on fund advisory performance, asset allocation changes, and fund rebalancing trends in February 2026[11][12][29] - Quantitative funds were highlighted as having higher allocation increases, with specific funds such as "Yongying Ruixin," "E Fund Kexin Quantitative Stock Selection," and others being mentioned as top allocation targets[29][31] - The report also discusses fund performance across various categories, such as equity funds, mixed funds, and fixed-income funds, but does not delve into quantitative factor construction or model testing[12][24][25]

Group 1: Fund Market Tracking - As of February 28, 2026, there are 13,817 existing funds in the market, an increase of 95 from the previous month, with total net asset value reaching 37.23 trillion yuan, up by 9.7 billion yuan [3][8] - In February 2026, the returns of value, balanced, and growth fund indices were 1.00%, 1.40%, and 0.72% respectively, indicating a performance difference among various fund styles [3][13] - The proportion of mixed, bond, and stock funds is the highest in terms of quantity, while money market, bond, and stock funds dominate in terms of asset scale [8][10] Group 2: ETF Market Tracking - As of February 28, 2026, there are 1,446 ETFs in the Shanghai and Shenzhen markets, an increase of 16 from the previous period, with total assets under management at 5.39 trillion yuan, a decrease of 73.79 billion yuan [4][18] - The median return for stock ETFs in February was 0.70%, while cross-border ETFs had the lowest median return at -3.30% [4][23] - The internal deviation of cross-border ETFs was the highest at 3.18%, while bond ETFs had the lowest internal deviation at 0.11% [4][23] Group 3: ETF Strategy Tracking - The industry ETF rotation strategy based on main capital focused on steel, coal, and non-ferrous metals in February 2026, achieving a cumulative return of 6.17%, significantly outperforming the CSI 300 index, which had a return of 0.09% [5][40] - The PB-ROE framework strategy focused on non-ferrous metals, transportation, and utilities in February 2026, with a cumulative return of 4.25%, also outperforming the CSI 300 index [5][47] - Since the beginning of 2023, the main capital industry ETF rotation strategy has achieved a cumulative return of 71.82%, compared to 21.67% for the CSI 300 index, resulting in an excess return of 50.15% [5][43]

金融工程 证 券 研 究 报 告 【金工周报】（20260224-20260227） 短期模型以中性为主，后市或维持中性震荡 本周回顾 本周市场普遍上涨，上证指数单周上涨 1.98%，创业板指单周上涨 1.05%。 A 股模型： 短期：成交量模型中性。特征龙虎榜机构模型中性。特征成交量模型看空。智 能算法沪深 300 模型中性，智能算法中证 500 模型中性。 中期：涨跌停模型中性。上下行收益差模型绝大部分宽基指数看多。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 模型看空。A 股综合国证 2000 模型看空。 港股模型： 中期：成交额倒波幅模型看空。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：钢铁、有色金属、基础化工、煤 炭、电力及公用事业，跌幅前五的行业为：传媒、消费者服务、食品饮料、非 银行金融、银行。从资金流向角度来说，有色金属、石油石化、银行、农林牧 渔主力资金净流入居前，传媒、电力设备及新能源、计算机、机械、基础化工 主力资金净流出居前。 本周股票型基金总仓位为 95.75%，相较于上周增加了 24 个 bps，混合型基 ...

（来源：经济参考报） 马年春节开市以来，地缘局势波动以及国际油价持续上攻，提升了全球市场避险需求，以石油、稀土、 有色金属、黄金等为代表的资源主题ETF表现突出，多只ETF迎来亿元级资金流入。展望后市，机构对 油气、有色、贵金属等大宗商品板块普遍持"周期重估、结构分化"的看多态度，但同样需警惕短期高位 波动态势。 资源类ETF领跑市场 Wind数据显示，节后至今，多只资源主题ETF涨幅居前。油气方面，汇添富中证油气资源ETF、银华中 证油气资源ETF、博时中证油气资源ETF已涨逾9%；国泰中证油气产业ETF、华泰柏瑞中证油气产业 ETF涨逾8%。稀有金属方面，华富、嘉实、广发、工银基金旗下中证稀有金属主题ETF涨逾8.4%。此 外，泰康、招商、国泰、景顺长城等基金旗下的中证有色金属矿业主题ETF涨逾7.5%。 多只黄金ETF规模大增 贵金属领域方面，自春节假期过后，经历了"过山车"行情的黄金、白银价格恢复涨势。2月25日，国际 金价盘中触及5200美元/盎司；国际白银价格突破90美元/盎司。不过，因获利了结和美元走强，金价随 后迎来压力，市场正等待美国关税计划的明朗化以及地缘政治局势的进展。 与此同时，以油气 ...

Group 1 - The total number of newly established funds in 2023 has reached 228, with a total issuance of over 210 billion units, marking a significant year-on-year increase [1] - The first batch of commercial real estate REITs has been accepted for review, with regulatory feedback focusing on asset quality, compliance, revenue stability, and governance mechanisms [2] - Huang Feng has been appointed as the new Chief Information Officer of Guolian An Fund as of February 25 [3] Group 2 - A fund managed by Li Xiaoxing has appointed a new fund manager, Sun Haotian, who has 7.5 years of experience in the securities industry [4] - The ETF market showed mixed performance, with the Shanghai Composite Index rising by 0.39% and the ChiNext Index falling by 1.04%, while sectors like rare metals and coal saw significant gains [5] - Rare earths are highlighted as a strategic resource with a notable supply-demand mismatch, driven by increased demand for neodymium-iron-boron, leading to rising prices for neodymium oxide [8] Group 3 - The Tianhong Zhongzheng Quality Leading 50 Index fund is set to launch, managed by Sha Chuan, with a performance benchmark linked to the index and a portion to bank deposits [9] - The Huashan Innovation Momentum Mixed Fund, managed by Sang Xiangyu, has a performance benchmark that combines multiple indices [10]

本报讯(记者王宁)春节假期期间，国际市场金属板块整体呈现震荡偏强格局，机构分析认为，本轮金属 板块上涨的核心逻辑在于避险与滞胀交易双重主线共振，投资者应当及时把握金属板块机会。春节长假 期间，全球宏观层面多重不确定性因素叠加，成为金属资产(含有色金属和贵金属)价格走强的核心支撑 力。 中银证券（601696）分析认为，进入2026年，随着市场进入"盈利驱动上涨阶段"，在"反内卷"和扩内需 驱动下，国内再通胀叙事强化，金属资产的强周期属性有望体现，而金融属性及产业趋势将带来重估机 遇。投资者可以考虑以工业金属与小金属为矛，贵金属为盾，及时把握市场机遇。 面对投资者对资源品资产的需求，正在发行中的银华中证有色金属ETF联接基金提供了便捷的投资工 具。该基金通过投资有色ETF银华，紧密跟踪中证有色金属指数，帮助投资者一键把握有色行业核心资 产。 银华基金相关人士表示，考虑到有色行业细分品种多、个股波动大，投资者可借助有色ETF银华及其联 接基金，或可大幅降低选股难度与交易成本，以更高效地分享行业整体发展的红利。 ...

来源：新浪基金∞工作室 2月26日，港股高股息ETF（159302）收盘跌0.73%，成交额1055.46万元。 港股高股息ETF（159302）成立于2024年8月23日，基金全称为银华中证港股通高股息投资交易型开放 式指数证券投资基金，基金简称为港股高股息ETF。该基金管理费率每年0.50%，托管费率每年0.10%。 港股高股息ETF（159302）业绩比较基准为中证港股通高股息投资指数收益率(经估值汇率调整)。 股票代码股票名称持仓占比持仓股数（股）持仓市值（元）01919中远海控5.67%69.65万865.00万03360 远东宏信4.61%96.90万703.68万01988民生银行4.00%172.15万611.07万00551裕元集团3.77%39.95万 576.26万01088中国神华3.70%16.10万564.22万00883中国海洋石油3.53%28.00万538.68万01308海丰国际 3.53%21.40万538.50万03808中国重汽3.51%21.50万536.36万00857中国石油股份3.26%65.80万498.04万 01898中煤能源3.26%55.40万497 ...

软件ETF银华公告称，该基金由银华基金管理，托管人为华泰证券，基金经理是谭跃峰。投资目标为紧 密跟踪国证工业软件主题指数，追求跟踪偏离度和跟踪误差最小化。认购费方面，S＜100万份，费率 0.30%；S≥100万份，按笔收1000元/笔。管理费年费率0.50%，托管费年费率0.10%。因不再符合深交所 上市条件等情况，基金将终止合同并清算。同时提示投资者，基金存在市场、运作、特有等多种风险。 ...

Core Viewpoint - The recent performance of precious metals, particularly gold and silver, has shown a strong upward trend driven by "safe-haven" and "stagflation trading" dynamics, with gold prices surpassing $5240 per ounce as of February 24, 2026 [1][7]. Group 1: Safe-Haven Logic - Multiple macroeconomic uncertainties globally are providing fundamental support for the prices of non-ferrous metals, including precious metals [3][9]. - The reversal of U.S. tariff policies, following a Supreme Court ruling against large-scale tariffs from the Trump administration, indicates prolonged trade friction and increased market risk aversion [3][9]. - Geopolitical uncertainties, such as the lack of progress in Russia-Ukraine negotiations and potential military conflicts between the U.S. and Iran, are heightening global risk aversion [3][9]. - Analysts from Goldman Sachs suggest that rising macro and geopolitical risks are driving investors to diversify into "hard assets," with precious metals and copper showing significant price appreciation potential [3][9]. Group 2: Stagflation Trading - Recent U.S. economic data indicates a slowdown, with the actual GDP growth for 2025 projected at 2.2%, down from 2.8% in 2024, marking the lowest growth since 2021 [3][9]. - The Personal Consumption Expenditures (PCE) price index for December 2025 is expected to rise by 3.0%, significantly above the Federal Reserve's 2% inflation target, raising concerns about stagflation [3][9]. - Stagflation, characterized by stagnant economic growth and high inflation, typically benefits commodities due to their inflation-hedging properties [3][9]. Group 3: Focus on Non-Ferrous Core Assets - As the market enters a "profit-driven growth phase" in 2026, the strong cyclical nature of non-ferrous metals is expected to manifest, supported by domestic re-inflation narratives [4][11]. - The ongoing issuance of the Silver Hua Zhongzheng Non-Ferrous Metals ETF provides a convenient investment tool for investors looking to capitalize on core assets in the non-ferrous sector [4][11]. - The top five sectors in the Zhongzheng Non-Ferrous Metals Index as of February 24, 2026, are copper (29.6%), gold (14.9%), aluminum (14.7%), rare earths (8.3%), and lithium (6.5%), reflecting a broad representation of the industry [6][13].

2月26日，太辰光涨5.17%，截至发稿，报146.51元/股，成交38.45亿元，换手率14.06%，总市值332.76 亿元。 截至发稿，谭跃峰累计任职时间4年61天，现任基金资产总规模93.91亿元，任职期间最佳基金回报 80.99%， 任职期间最差基金回报-44.45%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 数据显示，银华基金旗下1只基金重仓太辰光。创业板200ETF银华（159575）四季度增持700股，持有 股数1400股，占基金净值比例为0.98%，位居第九大重仓股。根据测算，今日浮盈赚取约1.01万元。 创业板200ETF银华（159575）成立日期2023年12月20日，最新规模1647.71万。今年以来收益8.64%， 同类排名1909/5572；近一年收益22.57%，同类排名2796/4311；成立以来收益56.87%。 创业板200ETF银华（159575）基金经理为谭跃峰。 ...