Core Insights - In 2025, China's ETF market reached a historic milestone, surpassing 6 trillion yuan, making it the largest in Asia, overtaking Japan [1][2][4] - The growth was driven by significant net inflows, particularly in bond ETFs, and a shift towards institutional investors dominating the market [2][5][6] Market Growth - By the end of 2025, the total size of China's ETF market was 6.02 trillion yuan, with the Shanghai Stock Exchange (SSE) contributing approximately 4.22 trillion yuan and the Shenzhen Stock Exchange (SZSE) about 1.79 trillion yuan [1][5] - The SSE ranked first in Asia and third globally in terms of trading volume, with a total turnover of 61 trillion yuan, while the SZSE saw a 189% year-on-year increase in trading volume, reaching 23.17 trillion yuan [1][5] Investor Dynamics - The net inflow into the domestic ETF market exceeded 1.16 trillion yuan in 2025, with bond ETFs leading the way with a net inflow of 552.7 billion yuan [2][6] - Institutional ownership of ETFs increased significantly, with the SSE's institutional holdings rising to 65% and the SZSE's to 58%, indicating a shift towards a more institutionally driven market [2][16] Product Innovation - The ETF market saw a transformation from broad-based products to more targeted offerings, including thematic ETFs focused on sectors like artificial intelligence and robotics [10][11] - Bond ETFs experienced explosive growth, with their total size increasing from 173.9 billion yuan at the end of 2024 to 829 billion yuan by the end of 2025, marking a 376% increase [12][13] Regulatory and Structural Developments - The regulatory framework for ETFs was enhanced, focusing on risk management and investor protection, with new guidelines introduced to improve market efficiency [16][17] - The market's infrastructure was upgraded to support increased liquidity and trading efficiency, including the introduction of T+0 trading for bond ETFs [17][18] Future Outlook - The Chinese ETF market is expected to continue evolving towards a more refined ecosystem, focusing on attracting long-term capital and enhancing investor experience [19][20] - The emphasis will shift from merely providing a wide range of products to creating a sustainable and competitive environment that fosters innovation and growth in the ETF space [19][20]

疯狂黄金 黄金的狂飙时代——从十年前每克不足250元，到如今突破千元大关，金价曲线背后，是一场持续十年 的价值重估。近两年的急速攀升，不仅映射全球格局的动荡与重组，也深刻照见我们共同面对的财富焦 虑、代际选择与情感寄托。 《疯狂黄金》系列报道试图穿透市场的喧嚣与数字的波动。我们将回溯十年间每个关键节点下的市场叙 事，探寻黄金涨跌背后的多重逻辑；也将深入金店与人群，观察从传统购金者到年轻人"攒金豆"现象背 后的理财观念变迁。 在热浪之外，我们更希望探讨：黄金在财富配置中，何为理性的位置？在不确定的环境中，如何构筑稳 健的财富观？这不仅是黄金的十年，也是我们共同经历的时代切面。 第二篇，揭秘金价暴涨背后的四大推手。 2026年开年，黄金市场便上演了一轮惊心动魄的"过山车"行情：金价从4600美元一路冲高、逼近5600美 元/盎司，又于1月30日突现单日暴跌超10%，创下近40年最大跌幅。这场剧烈震荡，再次将黄金推至全 球投资视野的焦点。 美元的走弱也不断助推金价的积极表现。黄金和美元之间存在负相关性：当美元信用下降时，持有其他 货币的投资者购买黄金的成本相对降低，从而提升黄金的吸引力，推动其价格上涨；反之，美元信 ...

（文章来源：第一财经） 中国银河证券表示，预计2月上旬至春节市场资金仍将在科技和有色等板块加速轮动，业绩亮眼的标的 或将成为焦点，资产配置重心将从总量"beta"转向结构"alpha"行情。由于春节在2月中旬，结合2026年 春节较晚，市场风格难以出现较大的转换。当前港股正在形成AI全产业链上市体系，随着人民币温和 升值进一步提升中国资产估值，港股或将受到A股情绪外溢的影响，呈现震荡上行态势。 ...

Group 1 - The core event was a precious metals exhibition and sales event organized by Siyang Rural Commercial Bank in collaboration with top domestic precious metals brands [1] - The exhibition featured a variety of products including standard investment gold and silver bars, as well as exquisite collectible crafts and fashionable jewelry [1] - The event attracted significant customer engagement with active trading and professional consultations leading to successful purchases [1] Group 2 - Interactive activities were organized to enhance customer experience, including gift distribution upon registration and a "smash the golden egg" game [1] - Exclusive discounts were offered on certain gold bar products, and a lottery with multiple prizes created a lively atmosphere [1] - The successful hosting of the precious metals exhibition is part of Siyang Rural Commercial Bank's strategy to deepen customer service and enrich financial consumption scenarios [1]

农历腊月二十二，阳光洒满上海淮海中路，一串串红灯笼沿街悬挂。春节临近，年味渐浓。位于淮 海国际广场31楼的光大证券淮海中路营业部，仍有一拨拨投资者前来办理业务。 刚在该营业部办理完业务的陈先生告诉中国证券报记者，他做投资已有十多年的时间，在经历过几 轮市场周期后，心态发生了明显转变。他说："以前总想着追涨停、博短期高收益，现在无论是买股票 还是买理财产品，都更注重资产的保值增值和风险控制。"目前，陈先生配置的固收类产品占比过半， 权益类投资兼顾科技成长与高股息蓝筹，且通过ETF工具分散投资风险。 在王海的建议下，周磊的配置逐渐有了变化，以货币基金作为"安全垫"，新增"固收+"、多元资产 组合等中低波动产品，并通过ETF和可转债间接参与权益市场。"回撤小、睡得着，年化收益反而比以 前强。更关键的是，我再也不用天天盯盘，也能把精力放到本职工作及陪伴家人上，这才是双赢。"如 今，周磊成了王海所在营业部的"义务宣传员"，常带同事来咨询资产配置方案。 光大证券淮海中路营业部相关负责人告诉记者，近年来，居民理财意识普遍增强，更加追求资产多 元化配置，对基金、股票、保险等多种金融产品有配置需求。个人投资者对专业理财服务的依 ...

2026年2月9日，黄金市场经历罕见剧烈震荡，1月底贵金属价格上演"高台跳水"，随后在2月初上演反弹与分化，市场在恐慌抛售、逢低"抄底"、监管干预与 长期看涨观点等多重力量交织下，呈现出复杂图景，此番波动不仅检验着各类投资者的心性，更深刻揭示了黄金作为资产的多重属性与内在风险。 一、黄金暴涨暴跌后的市场现状 进入2026年，黄金市场以剧烈波动开局，1月30日，现货黄金价格单日最大跌幅达16%，白银暴跌近36%，几乎抹去一个月涨幅，回调力度远超往年，暴跌 并未持续，市场于2月6日迎来强劲反弹，黄金单日上涨3.88%，全周累计收涨1.43%。 截至2月9日，国际金价报4959.5美元/盎司，国内基准金价降至1115元/克左右，零售终端价格并未同步跟跌，呈现显著分层： 品牌金饰价格高企：周大福、六福珠宝金价为1542元/克，周生生为1545元/克，老凤祥、老庙黄金为1539元/克。中国黄金、菜百首饰报价稍低，为1518元/ 克，价格包含高昂的品牌溢价与工艺费用。 投资金条价格分化：银行渠道金条价格更贴近现货基准，如工行如意金条1134.32元/克，中行投资金条1109.85元/克，品牌金条溢价明显，周大福为1352 ...

Core Viewpoint - The Shanghai silver recycling market is experiencing a strong recovery after significant fluctuations, with international silver prices stabilizing and domestic spot prices rising, leading to a more rational and transparent market environment for asset liquidation [1][3]. Market Dynamics - The Shanghai silver recycling market has shown a core trend of initial decline followed by a rebound, with the price of pure silver (999) stabilizing between 17.5–18.6 yuan per gram and 925 silver around 15.0–16.2 yuan per gram [3]. - The market is becoming more rational, with recyclers no longer engaging in blind speculation, instead basing pricing on purity, weight, and real-time market conditions, leading to a reduction in hidden fees and malicious price cuts [3][5]. Price Drivers - Internationally, the London silver spot price has stabilized above 80 USD per ounce, providing solid support for domestic silver prices, while domestic futures and silver T+D have also strengthened due to ongoing industrial demand in sectors like photovoltaics and electronics [3][5]. - The upcoming Chinese New Year has led to increased demand for asset optimization and liquidation of idle silver, enhancing market activity [3]. Market Structure - The Shanghai silver recycling market exhibits a differentiation in categories, prioritizing purity, with pure silver (999/9999) having the highest recovery price due to its high liquidity and stable premium [5]. - Services such as on-site recycling, rapid testing, and immediate payment have become more prevalent, transforming silver liquidation into a more user-friendly and reassuring experience [5]. Long-term Outlook - The silver market is expected to maintain a controlled volatility and upward trend in 2026, with the Shanghai recycling market continuing to evolve towards standardization, branding, and humanization [7]. - The fluctuations in silver prices reflect a rebalancing of supply, demand, sentiment, and value, emphasizing the importance of rational decision-making and the selection of reputable channels for asset liquidation [7].

2月10日，中欧国际工商学院与新加坡毕盛投资公司（APS）共同创立的中欧-毕盛金融市场研究中心 （CEIBS–APS Centre for Financial Markets， CAC）在中欧上海校区揭牌成立。 随着全球金融格局加速重塑，中国市场的重要性日益凸显。国际社会对中国金融市场的了解以及系统 性、前瞻性研究需求日益迫切。 股票频道更多独家策划、专家专栏，免费查阅>> 目前，有关中国市场的研究在深度、广度与国际影响力方面，仍与成熟市场存在显著差距。该中心成立 后，将立足学术、扎根市场、对接政策、构建贯穿学界、业界与政策界的交流平台，深化对中国金融市 场的系统认识，推动其健康发展和全球影响力的提升。 责任编辑：山上 据介绍，研究中心的研究范围主要涵盖五个领域：一是用中国的市场数据检验西方主流理论，发展具有 中国特色的金融市场理论；二是深入研究中国监管政策及市场体制对金融市场资产配置效率的影响；三 是研究中国资产在全球资产配置中的作用和演化为新时代投资组合构建和风险管理策略提供参考依据； 四是通过严谨的实证研究为政策制定者和市场参与者提供切实可行的建议和洞察，直接帮助投资和政策 决策制定；五是通过全球比较视 ...

近年来，在市场波动与低利率环境并存的背景下，FOF基金持续受到市场关注。据统计，2025年期间共计发行FOF基金89只，募集规模达845.29亿元，相较 2024年分别增长134.21%和628.82%。 为什么FOF基金热度逐渐攀升，市场开始重新审视这类产品？广发基金认为，FOF基金契合当前市场环境与投资者需求，本质是资产配置价值的回归与产品 力升级的共同结果。在复杂多变的市场中，FOF正成为普通投资者参与多元资产配置的优质工具。 FOF基金的优势——资产配置 "资产配置是投资中唯一的免费午餐"，FOF的核心运作逻辑就在于资产配置。有效的资产配置，一方面可以利用不同资产间的相关性降低组合风险，另一方 面可以通过分散化投资捕捉更多机遇，提高收益潜力。 在投资市场中，不同大类资产之间往往存在一定的相关性。例如，当股市调整时，债券可能因为避险需求而走强，呈现出负相关走势。而部分资产之间的相 关性则较弱，例如商品就和股债低相关，其走势受自身供需因素影响更为明显。 图1：大类资产之间的相关性 | | 相关性 | | | 股票 | | 债券 | | 9 | | --- | --- | --- | --- | --- | ...

Core Insights - The report highlights a significant shift in asset allocation among residents and enterprises, with increased investment in wealth management and asset management products, indicating a potential "loss" of bank deposits [1][2][4] Group 1: Asset Management Growth - The scale of asset management products has grown rapidly, reaching a total asset balance of 120 trillion yuan by the end of 2025, a year-on-year increase of 13.1% [2] - The growth in asset management products is attributed to the marketization of interest rates, with a notable shift in investment from bank deposits to higher-yielding asset management products [2][3] - By the end of 2025, funds from households and enterprises in asset management products reached 56.3 trillion yuan, a year-on-year increase of 9.7%, outpacing the growth of household and enterprise deposits [3] Group 2: Changes in Deposit Structure - The rapid growth of asset management products has altered the structure of bank deposits, with a decrease in the proportion of household and enterprise deposits and an increase in interbank deposits [4] - Even with some deposits shifting to wealth management and asset management products, a significant portion is still directed towards interbank deposits and certificates of deposit, which ultimately returns to the banking system [4] Group 3: Liquidity Assessment - The overall liquidity in the financial system can be better assessed by considering both bank deposits and asset management products, along with direct financing and non-bank business [5] - The central bank has actively managed liquidity needs in the banking system, with a net injection of 6 trillion yuan through open market operations in 2025, indicating a relatively loose financing environment [6] - The report emphasizes that while the structure of bank liabilities may change due to shifts in asset allocation, the overall liquidity in the financial system remains stable [6]