骏鼎达公告称，公司此前作为有限合伙人，以自有资金1000万元认缴苏州嘉元捷顺40.7997%份额，参 与其基金份额认购，该基金专项投资于某电子设备制造业公司。2026年1月26日，苏州嘉元捷顺完成工 商设立登记；2月3日，收齐全体合伙人2451万元出资额，完成募集工作。近日，该基金已在中国证券投 资基金业协会完成私募投资基金备案，备案日期为2月11日。投资存在回收期长、收益不及预期等风 险。 ...

Group 1 - The core issue revolves around the conflict of interest arising from fund managers engaging in personal stock trading, which can undermine the interests of fund investors [3][7] - Fund managers are required to declare their personal stock trading activities to their fund management companies, but this does not prohibit them from trading, leading to potential ethical concerns [1][2] - There are regulations in place at some fund companies that prevent fund managers from trading stocks that overlap with their managed funds, aimed at avoiding insider trading and self-dealing [2][5] Group 2 - The practice of personal trading by fund managers should be halted to ensure that their focus remains solely on fund investments, which is their primary responsibility [3][5] - Encouraging fund managers to invest in the funds they manage can align their personal interests with those of the fund investors, promoting a more responsible investment approach [6] - Legislative changes to the Fund Law are suggested to prohibit personal trading by fund managers, reinforcing the need for both self-regulation and legal frameworks to protect investor interests [5][7]

Group 1 - The core viewpoint of the news is that Shijin Technology's stock has increased by 5.61%, reaching a price of 15.82 CNY per share, with a trading volume of 291 million CNY and a turnover rate of 9.57%, resulting in a total market capitalization of 3.202 billion CNY [1] - Shijin Technology, established on April 11, 2005, and listed on July 22, 2021, specializes in the research, production, and sales of process pollution control equipment and end-of-pipe pollution treatment equipment [1] - The company's main business revenue composition includes: process pollution control equipment (51.18%), photovoltaic products (41.71%), material sales (3.47%), other (supplementary) (2.72%), third-party testing services (0.38%), managed operation services (0.34%), end-of-pipe pollution treatment equipment (0.20%), and remote online monitoring systems (0.00%) [1] Group 2 - Among the top ten circulating shareholders of Shijin Technology, one fund from Bosera Fund ranks as a significant shareholder, holding 6.5598 million shares, which is unchanged from the previous period, accounting for 3.25% of the circulating shares [2] - The Bosera Huixing Return One-Year Holding Mixed Fund (011056) has a current scale of 4.39 billion CNY, with a year-to-date return of 10.06%, ranking 1541 out of 8882 in its category, and a one-year return of 57.89%, ranking 1025 out of 8127 [2] - The fund manager, Wu Wei, has a cumulative tenure of 12 years and 57 days, with the fund's total asset scale at 4.798 billion CNY, achieving a best return of 226.4% and a worst return of -32.87% during his tenure [2]

Group 1 - The core point of the news is that Wanfu Co., Ltd. experienced a stock price decline of 5.01%, trading at 24.46 yuan per share, with a total market capitalization of 3.262 billion yuan as of the report date [1] - Wanfu Co., Ltd. is located in Shaoxing, Zhejiang Province, and was established on November 4, 2003. The company was listed on May 10, 2023, and its main business involves the research, production, and sales of disperse dyes and their filter cakes [1] - The main revenue composition of Wanfu Co., Ltd. is 99.39% from disperse dyes and raw dyes, with other income contributing 0.61% [1] Group 2 - Among the top circulating shareholders of Wanfu Co., Ltd., a fund under Huaxia Fund holds a significant position. The Huaxia Zhisheng Pioneer Stock (LOF) A (501219) increased its holdings by 269,400 shares, totaling 750,800 shares, which represents 1.5% of the circulating shares [2] - The Huaxia Zhisheng Pioneer Stock (LOF) A (501219) was established on December 15, 2021, with a current scale of 878 million yuan. Year-to-date returns are 7.72%, ranking 1750 out of 5569 in its category, while the one-year return is 45.39%, ranking 1147 out of 4295 [2] - The fund manager of Huaxia Zhisheng Pioneer Stock (LOF) A (501219) is Sun Meng, who has a tenure of 5 years and 334 days, with a total asset scale of 24.417 billion yuan. The best fund return during his tenure is 158.44%, while the worst is -0.23% [2]

Group 1 - The total scale of credit bond ETFs reached 516.7 billion yuan, with a daily increase of 2.93 billion yuan, including a rise of 30 million yuan for benchmark market-making ETFs and 150 million yuan for sci-tech bond ETFs [1] - The median weighted duration is 3.2 years, indicating the average time until the bonds in the ETF portfolio mature [1] - The overall transaction amount was 216.2 billion yuan, with an average single transaction amount of 6.47 million yuan, and a median turnover rate of 33.4% [1] Group 2 - As of February 11, 2026, the company bond ETF (511030) rose by 0.04%, marking its fourth consecutive increase, with the latest price at 107.07 yuan [4] - Over the past year, the company bond ETF has accumulated a total increase of 1.57% [4] - The latest scale of the company bond ETF reached 35.12 billion yuan, a new high in nearly a year, with the latest share count at 328 million, also a six-month high [4] Group 3 - The company bond ETF recorded a net inflow of 866 million yuan, with a total of 904 million yuan in net inflows over the last five trading days [4] - Leveraged funds have been consistently entering the market, with the company bond ETF receiving net purchases from leveraged funds for nine consecutive days, peaking at a net purchase of 19.14 million yuan in a single day [4] - The maximum drawdown for the company bond ETF this year is 0.03%, with a relative benchmark drawdown of 0.06% [4] Group 4 - The management fee for the company bond ETF is 0.15%, and the custody fee is 0.05% [5] - As of February 11, 2026, the tracking error for the company bond ETF this year is 0.006% [5] - The ETF closely tracks the China Bond - Medium to High Grade Corporate Bond Spread Factor Index, which reflects the trends in the RMB bond market [5]

文 | 银行螺丝钉 （转载请注明出处） 基金是非常适合普通人的投资品种。 什么类型的基金更适合新手？ 想要获取这门课程，可以扫下方二维码添加 @课程小助手 ，回复 「 基金入门 」 领取哦～ 更有课程笔记、思维导图，帮您快速搞懂课程脉络，学习更高效。 wnd #螺丝钉小知识 银行螺丝钉 定投,更适合哪类投资者? 其实定投这个操作也不是适合所有的投资 者,它是适合一些特定的人群,特别是有 定期现金流收入的朋友。 比如说上班族,每个月都有工资。那对于 很多上班族来讲,他的资产更多的是发生 在未来,每个月公司给他发的工资。 第二种是比如房东,手里有一些房产,要 收租金,又不打算卖掉房子,租金就是他 比较定期的一个收入来源。 还有一些小企业主、企业家,会有经营性 十 人 已十十七十十 基金投资该怎么投？ 长期投资前要做哪些心理建设？ 这里有一门限时免费的福利课程，能帮助新手投资者从零开始了解基金投资。 ▼点击阅读原 文，免费学习大额家庭资产配置课程 风险提示 本文仅为信息分享，不构成任何投资建议。市场有风险，投资需谨慎 。 基金投资组合策略过往业绩并不预示其未来表现 为其他客户创造的收益并不构成业绩表现的保证 ...

Group 1 - The total scale of credit bond ETFs is 513.8 billion yuan, with a daily increase of 600 million yuan, where the benchmark market-making ETF decreased by 280 million yuan and the Sci-Tech bond ETF increased by 550 million yuan [1] - The median weighted duration is 3.2 years, and the overall transaction amount is 121 billion yuan, with an average single transaction amount of 3.76 million yuan [1] - The median yield is 1.89%, and the median discount rate is -15.4 basis points, with the benchmark market-making at -13.7 basis points and the Sci-Tech bond at -16.8 basis points [1] Group 2 - As of February 10, 2026, the company bond ETF (511030) rose by 0.04%, achieving three consecutive increases, with the latest price at 107.03 yuan and a one-year cumulative increase of 1.51% [4] - The liquidity of the company bond ETF shows a turnover of 5.11% and a transaction volume of 1.748 billion yuan, with an average daily transaction of 2.977 billion yuan over the past week [4] - The latest scale of the company bond ETF reached 34.247 billion yuan, a new high in nearly a year, with the latest share count at 320 million, also a new high in six months [4] Group 3 - The company bond ETF has a management fee rate of 0.15% and a custody fee rate of 0.05% [5] - The tracking error of the company bond ETF for the year to date is 0.006%, closely tracking the China Bond - Medium to High Grade Corporate Bond Spread Factor Index [5] - The index is based on AAA-rated corporate bonds and is adjusted quarterly, providing a benchmark for investment performance in medium to high-grade corporate bonds [5]

Group 1 - The fund manager will suspend acceptance of single investments exceeding 500,000 yuan starting from February 12, 2026, including regular and systematic investments, as well as transfer-in applications [1] - The total amount for a single fund account's daily investment and transfer-in cannot exceed 500,000 yuan during this period [1] - The fund manager reserves the right to reject applications that exceed the specified limits [1] Group 2 - The date for resuming large investment and transfer-in operations will be announced separately by the fund manager [1] - Other operations such as redemption and transfer-out will continue as usual during the suspension period [1]

Market Overview - The market experienced a broad decline last week, with the Shanghai Composite Index and Shenzhen Component Index falling by 1.27% and 2.11% respectively. The Hang Seng Index and Hang Seng Tech Index dropped by 3.02% and 6.51% respectively [2][8] - In the overseas equity markets, the S&P 500 and Nasdaq 100 indices decreased by 0.10% and 1.87% respectively, while the Indian SENSEX30, French CAC40, UK FTSE 100, and Nikkei 225 indices saw increases of 3.54%, 1.81%, 1.43%, and 1.75% respectively [2][8] Bond Market - The yields on medium to long-term Chinese government bonds decreased last week, with the 30-year, 10-year, and 1-year government bond yields at 2.2510%, 1.8102%, and 1.3207% respectively, showing a decline of 3.80 basis points, 0.10 basis points, and an increase of 2.08 basis points compared to the previous week [2][9] - U.S. Treasury yields for 30-year, 10-year, and 1-year bonds were reported at 4.85%, 4.22%, and 3.45% respectively, with decreases of 2 basis points, 4 basis points, and 3 basis points compared to the previous week [2][9] Gold Market - The gold market continued its volatile trend last week, with London gold prices reaching a low of $4402.06 per ounce on February 2, followed by a rebound to $4962.65 per ounce by February 6, marking a daily increase of 3.98% [2][11] - COMEX gold futures closed at $4956.0 per ounce, reflecting a weekly increase of 1.57%, while the Shanghai Gold Exchange's spot price closed at 1091.5 yuan per gram, down 6.23% for the week [2][11] Fund Market Activity - The trading activity in the market was high last week, with an average daily trading volume of approximately 619.96 billion yuan for ETFs. Significant net outflows were observed in broad index funds such as the CSI 300, CSI 500, and CSI 1000 indices, while the Hang Seng Tech Index saw net inflows [2][13] - As of February 8, there were 13,757 public funds in the market with a total net asset value of approximately 37.11 trillion yuan. Six new funds are set to be issued this week, including one equity mixed fund, one bond mixed fund, one mixed bond secondary fund, one mixed FOF fund, and two passive index funds [3][14]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a significant notice regarding the regulation of the fund industry, emphasizing the need for compliance and the cessation of misleading functions such as real-time valuation tools, which have been deemed to mislead investors [2][5]. Industry Rectification - The CSRC's notice clearly delineates compliance boundaries for fund sales, mandating the removal of functions like "real-time valuation," "buying list," and "actual trading list" from sales platforms and third-party networks [2][3]. - Major platforms, including leading sales and third-party tool platforms, have swiftly responded by taking down these functions, indicating a rapid and extensive industry-wide rectification [2][3]. Investor Reactions - The rectification has sparked significant reactions among millions of fund investors, with discussions on social media platforms about the implications of losing real-time valuation tools [4]. - Experienced investors express discomfort over losing a "window" to observe market sentiment, while many novice investors are confused about the difference between "valuation" and "net value" [4]. Regulatory Intent - Experts suggest that the regulatory crackdown aims to correct the distorted ecology of fund investment, which has shifted towards short-term speculation rather than long-term investment [5]. - Real-time valuation is criticized for its inherent information bias, as it is based on outdated quarterly reports and does not reflect the fund manager's dynamic adjustments [5][6]. Differences Between Valuation and Net Value - Real-time valuation is not the same as the official net value disclosed by fund companies; it is a simulated estimate based on outdated data, leading to potential discrepancies [6][7]. - Studies indicate that the average deviation between estimated and actual net values can reach 0.8%, with extreme cases exceeding 3%, posing significant investment risks [6]. Gray Market for Valuation Tools - Despite the removal of real-time valuation functions from mainstream platforms, a gray market for these tools has emerged on social media, reflecting investors' ongoing anxiety about information access [8][9]. - Platforms like Xiaohongshu have become venues for selling real-time valuation tools, with users seeking alternatives despite the risks involved [9][12]. Investor Psychology and Market Issues - The persistent demand for gray market tools highlights investors' desire to overcome information asymmetry and reflects a broader trend of seeking control over investments through real-time data [14][15]. - Many investors have developed a reliance on real-time data, which has become their primary metric for evaluating fund performance, leading to anxiety when such tools are removed [15]. Recommendations for Investors - The removal of real-time valuation tools is intended to guide investors towards more rational and compliant methods of evaluating funds [17]. - Investors are encouraged to adopt a long-term perspective, focusing on core indicators such as risk-adjusted returns and maximum drawdown, rather than short-term fluctuations [17][18].