当下，备受行业关注的银行理财估值整改工作已进入最后冲刺阶段。中国证券报记者近日获悉，多数理 财公司已提前完成相关整改任务。与此同时，中诚信指数等新型第三方估值工具正悄然进入行业视野。 这类工具旨在平滑净值锯齿状波动，同时保持对基础估值体系的锚定，但其合规性与适用性尚待检验。 2026年，理财产品将开启全面净值化的新起点。面对债市波动传导加剧、巨量高息存款到期的市场变 局，理财机构正将多元资产配置与精准风险防控作为核心的突围路径。 ● 本报记者 李静 多家机构"提前交卷" "我们在12月初就已完成估值整改工作，行业内多数机构都不会拖延至最后一天。目前来看，大部分机 构应该都完成了整改。"某股份行理财公司人士说。 从记者近期采访的情况来看，绝大多数理财公司都已提前落实估值整改任务，收尾工作主要集中在少量 非活跃券种的估值校准、历史浮盈核算返还等细节层面。 自资管新规实施以来，采用第三方估值已成为行业常态。目前，银行间债券普遍采用中债估值，交易所 债券多参考中证估值，这两大估值体系共同构成了行业定价的基石。而新型估值服务的本质在于，通过 复杂模型、拉长观察窗口期等技术手段，对基于单日成交数据的"原始公允价值"进行优 ...

回望2025，公募基金行业奋楫前行，在时代变革的浪潮中焕发蓬勃生机。历经27载耕耘的公募行业，正以持续改 革之姿迎来蝶变时刻。 今年是公募基金行业从"粗放发展"向"高质量发展"转型的关键节点。一系列标志性政策法规陆续落地见效，公募行 业生态体系迎来系统性重构；费率改革稳步推进，行业竞争格局重塑；科技资产异军突起，成为配置新主线；债 券基金震荡加剧，考验机构风险管控能力；公募REITs家族持续扩容，丰富基础设施投资版图；多元资产配置重要 性愈发凸显，公募基金以源源不断的创新产品，诠释普惠金融的初心与本色。 临近岁末，证券时报特推出"公募基金十大新闻"，全景回溯2025年行业的发展脉络。 证券时报记者 吴琦 改革重塑行业生态 2025年，我国公募基金行业迈入改革深水区，一系列改革举措不断向前推进，精准回应了市场关切与社会期待。 引导公募行业高质量发展的政策法规密集出台，这些政策法规通过优化收费模式、强化利益绑定、提升权益投资 稳定性、强监管防风险等举措，推动行业从"重规模"向"重回报"转型，行业生态迎来重塑。 5月7日，证监会制定并发布《推动公募基金高质量发展行动方案》，提出通过全面深化改革，强化公募基金行业 与 ...

近年来，国内指数投资正逐步成为资本市场的重要力量。尤其是在今年的结构化行情下，便捷、清晰、 有效的ETF产品成为越来越多投资者的首选投资工具。无论是更具市场代表性的宽基ETF，还是锚定特 定板块的行业主题ETF，抑或是跨资产投资的债券型ETF、商品型ETF，资金的认可度都在显著提升。 如果将今年境内ETF新增的超2万亿元规模拆解来看，根据Wind数据统计，截至12月19日，其中一半左 右来自股票型ETF的大举扩容。A股方面，除跟踪沪深300、中证500、中证1000、上证50等核心指数的 宽基ETF规模新增超3000亿元外，在今年的结构化行情下，行业主题ETF迎来了全面发展。 尤其是以人工智能、通信、云计算、半导体、电池等主题为代表的科技成长风格ETF今年收益率领跑市 场，其中跟踪创业板人工智能、通信设备等指数的ETF今年以来的收益率更是实现了翻倍增长，这些高 弹性产品成为投资者参与板块行情的有力工具，基金规模增长超过千亿元。与此同时，公募行业今年继 续在新兴产业投资方面开辟阵地，首度发行了跟踪科创半导体材料设备、科创创业AI、卫星通信、国 证航天、卫星产业、通用航空等指数的ETF产品，科技投资工具箱进一步丰 ...

03 优化持有体验，致力于长期价值陪伴 E选系列 产品 主要以 ETF为投资工具，充分发挥持仓透明、风险分散、策略纪律性强及流动性高等优势，构建了涵盖多种策略主题、覆盖二级至五 级风险等级的产品矩阵，以满足不同收益目标和风险承受能力的投资者配置需求。该系列产品通过多元资产配置与动态风险监控，旨在平滑组合波 12月21日 ，民生理财有限责任公司 正式发布聚焦 ETF投资的 产品 品牌 —— "民生 E 选 汇星聚芒 "。品牌 首发 之际，一场联结北京、上海、 广州、 深圳、 杭州、南京、成都 七座城市的主题灯光秀同步点亮，以跨越地域的光影语言， 彰显 民生理财在 多元资产配置 领域的战略布局正式 启航。 01 七城共耀，联动诠释品牌理念 当 日晚 8点 ，七大城市在 同一 时刻共同 演绎 "民生 E 选 汇星聚芒 "的品牌视觉，通过" 星辰 分散 -有序汇聚-成就 星芒 "的动态 效果 ，生动 诠释了 ETF组合投资的核心逻辑 。 "汇星" 即 广泛汇集全市场优质 ETF标的，打破单一资产的局限，覆盖多元资产类型与细分赛道；"聚芒"则通 过专业的组合构建能力，将分散标的的优势凝聚，通过配置优化、热点布局、赛道切 ...

当日晚8点，七大城市在同一时刻共同演绎"民生E选 汇星聚芒"的品牌视觉，通过"星辰分散-有序汇聚- 成就星芒"的动态效果，生动诠释了ETF组合投资的核心逻辑。"汇星"即广泛汇集全市场优质ETF标的， 打破单一资产的局限，覆盖多元资产类型与细分赛道；"聚芒"则通过专业的组合构建能力，将分散标的 的优势凝聚，通过配置优化、热点布局、赛道切换等方式，形成"分散风险、聚合收益"的价值升级。 （图为七城点亮现场集锦） 聚焦多元配置，以专业定义品牌内核 "民生E选 汇星聚芒"品牌的推出，是民生理财应对市场发展趋势的主动作为。ETF因其低成本、高透明 度、交易灵活及风险分散等特点，已成为资产配置中的重要工具。民生理财精准聚焦于此，依托自身成 熟的市场研究与ETF投资管理体系，积极链接外部优质投研资源，实现策略互补、能力协同。既保留自 身对产品整体风险收益的把控能力，又引入外部机构在细分赛道和专项策略上的独特优势，打造攻守兼 备的ETF投资模式。 12月21日，民生理财有限责任公司正式发布聚焦ETF投资的产品品牌——"民生E选 汇星聚芒"。品牌首 发之际，一场联结北京、上海、广州、深圳、杭州、南京、成都七座城市的主题灯光秀同 ...

Core Insights - The article highlights the significant performance of fund advisory services, with over 70% of investors reporting profits, and some institutions exceeding 90% profitability [1][2] - There is a notable diversification in asset allocation strategies among advisory clients, indicating a shift from product buying to asset allocation and long-term holding [1][4] Group 1: Performance Metrics - As of September 30, 2025, the average holding period for users on the Yimi Fund's platform is 772 days, with a profit ratio of 96%, compared to 76% for self-trading users with an average holding period of 475 days [2] - The average return for various strategies on the Licai Magic platform includes 9.67% for conservative, 15.38% for balanced, and 18.42% for aggressive strategies, with a historical monthly positive return rate of 88% [2] - The report from Zhongou Wealth indicates that 75% of fund advisory users have better performance than single fund users, with an average gain of approximately 2.2% [3] Group 2: Asset Allocation Trends - Over 80% of advisory users express a need for diversified asset allocation, moving away from single product purchases [5][7] - The diversification in asset allocation is crucial for controlling volatility, with multi-asset strategies being preferred by over 90% of clients [4][5] - The report notes that multi-asset strategies have shown better retention rates compared to more volatile equity strategies [5] Group 3: Future Developments - The fund advisory industry is expected to transition towards "mass accessibility," supported by ongoing policy initiatives [7] - The introduction of "advisory shares" is being discussed, which would create a separate class of fund shares specifically for advisory services [7][8] - The potential inclusion of various investment types, such as cross-border ETFs and pension funds, is anticipated to enhance the advisory service offerings [7]

12月15日至17日，华安基金举办以"实力为鞍，乘势笃行"为主题的2026马年投资嘉年华。在这场被誉为"路演PLUS"的策略盛会上，华安 基金实力投研"军团"集体亮相，把脉2026年A股、港股、债券、指数及全球市场的投资机遇。 "实力为鞍，乘势笃行" 解码2026投资图谱 华安基金此次策略会以"实力为鞍 乘势笃行"为主题，深度阐释了公司的品牌核心和专业态度。 "实力为鞍"指华安基金将全方位的专业能力化为基石，为投资者"驾驭"市场、行稳致远提供保障。其中"鞍"字谐音"安"，传递华安基金与 投资者智诚相伴的品牌承诺。"乘势笃行"彰显华安基金把握投资机遇，锐意进取的态度。"乘势"在于敏锐洞察周期，把握投资先机；"笃 行"则在于以稳健踏实的态度，将专业洞察转化为长期回报。 此次策略会，华安基金主动权益投资团队、固收团队、指数团队集体亮相，把脉2026年A股、港股、债券、指数以及全球投资机会。 华安基金副总经理、首席投资官翁启森 表示，2026年市场有望从流动性驱动逐步迈向盈利驱动。全A（非金融）盈利增长有望进一步改 善，预计TMT/制造业保持高增长、周期/消费利润逐步恢复。2026年产业机会有望扩散，可关注大制造、A ...

一、上周市场回顾 上周 A 股市场主要宽基 指数走势出现分化 ，创业板指、科创 50 、中证 500 收益靠 前 ，收益分别为 2.74% 、 1.72% 、 1.01% ， 上证综指、 沪深 300 、中证 1000 收益靠 后 ，收益分别为 -0.34% 、 -0.08% 、 0.39% 。 从成交额来看， 上周 主要宽基指数成交额均有所 上升 。行业方面，上周 通 信 、 国 防 军 工 、 电 子 收 益 靠 前 ， 收 益 分 别 为 5.92% 、 3.57% 、 2.51% ，煤炭、石油石化、纺织服装收益靠后，收益分别为 -3.80% 、 -3.43% 、 -2.68% 。 截至上周五，央行逆回购净 投放 资金 47 亿元，逆回购到期 6638 亿元， 净公开市场投放 6685 亿元 。不同期限的国债利率均有所下行，利差扩大 0.53BP 。 上周共上报 61 只基金， 较 上上周申报数量 有所增加。 申报的产品包括 1 只 REITs ， 2 只 QDII ， 5 只 FOF ，中证有色金属矿业主题 ETF 、 中证工业有色金属主题 ETF 、中证工程机械主题 ETF 、中证全指公用事 业 E ...

Core Viewpoint - The FOF (Fund of Funds) market has seen significant growth in 2023, with issuance surpassing 80 billion yuan, exceeding the total issuance of the previous three years combined [1][2]. Group 1: FOF Issuance Growth - As of December 12, 2023, 78 FOFs have been established this year, with a total issuance of 800.36 billion yuan, compared to only over 100 billion yuan from 35 FOFs in 2024 [2]. - The issuance scale in 2023 has already surpassed the combined total from 2022 to 2024 [2]. - Several FOFs have emerged as "blockbuster" products, with multiple FOFs exceeding 5 billion yuan in issuance, including the Dongfanghong Yingfeng Stable Allocation FOF at 65.73 billion yuan and the Fuguo Yinghe Zhenxuan FOF at 60.01 billion yuan [2]. Group 2: Performance and Strategy - The increase in FOF popularity is attributed to their multi-asset allocation strategies, which have led to stable net asset values and attracted significant capital inflows [3]. - Major banks are increasingly focusing on FOF products, collaborating with fund companies to create FOF selection pools, such as the TREE Changying Plan by China Merchants Bank, which emphasizes clear return and drawdown targets [3]. - Analysts note that the decline in interest rates has increased market acceptance of multi-asset allocation strategies, driving demand for FOFs [3]. Group 3: New Product Launches - New FOF products continue to be reported, with 10 new FOFs submitted in December 2023, featuring keywords like "multi-asset" and "stable" [4]. - The multi-asset allocation approach of FOFs is reflected in their performance benchmarks, which often include various asset classes [4]. - FOFs are seen as a new type of low-volatility "fixed income plus" product, appealing to investors amid the current volatile market conditions [4]. Group 4: Index Funds as Underlying Assets - Some FOFs are choosing index funds as their underlying assets, which offer transparency, flexibility, and risk diversification [5]. - However, industry-themed index funds may expose investors to high volatility risks due to reliance on single-factor exposure [5]. - FOFs provide dual advantages of diversified investment and asset allocation, potentially smoothing net asset value fluctuations and improving investor experience [5].

Core Viewpoint - The trend of diversified asset allocation in public funds is becoming significant, with new investment options expanding beyond A-shares and domestic bonds to include Hong Kong stocks, commodity futures, public REITs, and overseas market products [1][2][5] Group 1: Expansion of FOF Investment Boundaries - Public funds are increasingly diversifying their asset allocation, moving away from a focus on A-shares and domestic bonds to include a wider range of options such as Hong Kong stocks, commodity futures, public REITs, and overseas products [2][3] - In 2023, 82 new FOF products were established, with over 40% incorporating gold indices as performance benchmarks, and 12 FOFs using mainstream overseas indices [2][3] - The proportion of alternative investment funds within FOF assets reached a historical high of 2.75%, indicating a strong trend towards diversified asset allocation [2][3] Group 2: Popularity of Gold and Overseas Assets - Gold has become a prominent choice in FOFs, with 34 out of 82 new FOFs this year using gold indices as benchmarks, reflecting a significant increase in interest [2][3] - FOFs are increasingly using overseas indices such as the MSCI World Index and S&P 500 as benchmarks, with 12 products adopting these indices [3][4] - Public REITs are emerging as a popular choice for FOFs, with several funds modifying contracts to include them in their investment scope [3][4] Group 3: Market Demand for Diversified Allocation - The demand for diversified asset allocation has intensified, with investors prioritizing absolute returns over short-term high yields due to increased market volatility [5][6] - In 2023, the new fundraising scale for FOFs exceeded 800 billion yuan, with significant contributions from several high-performing products [6][7] - The overall market size of FOFs is projected to surpass 2000 billion yuan, potentially setting a new record [6][7] Group 4: Changes in FOF Investment Logic - The investment logic of FOFs has shifted from merely selecting star fund managers to focusing on achieving investment goals through diversified asset allocation [8][9] - Many public funds are emphasizing diversified asset allocation as a core focus, with teams restructuring to enhance their investment research systems [9]