Report Industry Investment Rating - Not provided in the content Core View of the Report - On February 4, 2026, the Shanghai Composite Index rose 0.85% to 4102.20 points, the Shenzhen Component Index rose 0.21% to 14156.27 points, and the ChiNext Index fell 0.40% to 3311.51 points. The trading volume of A-shares in the two markets was 2503.5 billion yuan. The top-performing industries were coal (7.58%), building materials (3.48%), and real estate (2.97%), while the worst-performing industries were media (-3.12%), communication (-2.73%), and computer (-1.70%) [2][6] Summary by Relevant Catalogs Market Overview - On February 4, 2026, the Shanghai Composite Index rose 0.85% to 4102.20 points, the Shenzhen Component Index rose 0.21% to 14156.27 points, and the ChiNext Index fell 0.40% to 3311.51 points. The trading volume of A-shares in the two markets was 2503.5 billion yuan. The top-performing industries were coal (7.58%), building materials (3.48%), and real estate (2.97%), while the worst-performing industries were media (-3.12%), communication (-2.73%), and computer (-1.70%) [2][6] Stock ETF - The top-traded stock ETFs on February 4, 2026, were Huaxia CSI A500 ETF, which rose 0.73% with a discount rate of 0.73%; Huatai-PineBridge CSI A500 ETF, which rose 0.69% with a discount rate of 0.65%; and Southern CSI 500 ETF, which rose 0.26% with a discount rate of 0.28% [3][7] Bond ETF - The top-traded bond ETFs on February 4, 2026, were Haifutong CSI Short-term Financing ETF, which rose 0.01% with a discount rate of 0.01%; Bosera CSI Convertible and Exchangeable Bond ETF, which fell 0.12% with a discount rate of -0.20%; and Huaxia Shanghai Stock Exchange Benchmark Market-making Treasury Bond ETF, which fell 0.05% with a discount rate of -0.08% [4][9] Gold ETF - On February 4, 2026, gold AU9999 rose 3.86%, and Shanghai Gold rose 4.40%. The top-traded gold ETFs were Huaan Gold ETF, which rose 4.27% with a discount rate of 3.66%; Bosera Gold ETF, which rose 4.43% with a discount rate of 3.67%; and E Fund Gold ETF, which rose 4.40% with a discount rate of 3.65% [12] Commodity Futures ETF - On February 4, 2026, Dacheng Nonferrous Metals Futures ETF rose 0.85% with a discount rate of 2.42%; Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF rose 1.33% with a discount rate of 1.20%; and Huaxia Feed Soybean Meal Futures ETF rose 0.20% with a discount rate of 4.52% [13] Cross-border ETF - The previous trading day, the Dow Jones Industrial Average fell 0.34%, the Nasdaq Composite fell 1.43%, the S&P 500 fell 0.84%, and the German DAX fell 0.07%. On February 4, 2026, the Hang Seng Index rose 0.05%, and the Hang Seng China Enterprises Index fell 0.05%. The top-traded cross-border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF, which rose 2.10% with a discount rate of 1.75%; Huatai-PineBridge CSI KRX Korea-China Semiconductor ETF, which fell 1.18% with a discount rate of 13.24%; and Huaxia Hang Seng Tech ETF, which fell 1.39% with a discount rate of -1.20% [16] Money ETF - The top-traded money ETFs on February 4, 2026, were Yin Hua Ri Li ETF, Hua Bao Tian Yi ETF, and Money ETF Jianxin [18]

（来源：吴说） MACD金叉信号形成，这些股涨势不错！ 吴说获悉，据 SoSoValue 数据，昨日（美东时间 2 月 3 日）比特币现货 ETF 总净流出 2.72 亿美元，富 达 FBTC 净流出 1.49 亿美元居首。以太坊现货 ETF 昨日总净流入 1405.51 万美元，过去 3 日净流出后 首次净流入。Solana 现货 ETF 总净流入 124 万美元，XRP 现货 ETF 总净流入 1946 万美元。 ...

| 基金募集申请获中国证监会 | | 证监许可[2025]3043 号 | | | | --- | --- | --- | --- | --- | | 核准的文号 | | | | | | 基金募集期间 | | 2026年1月29日 | | | | 验资机构名称 | | 安永华明会计师事务所(特殊普通合伙) | | | | 募集资金划入基金托管专户 | | 2026年2月2日 | | | | 的目期 | | | | | | 募集有效认购总户数(单位: | | 20, 671 | | | | 户) | | | | | | | | 博时盈泰臻选6个 | 博时盈泰臻选6个 | 博时盈泰臻选6个 | | 份额类别 | | 月 持 有 期 混 合 | 月 持 有 期 混 合 | 月 持 有 期 混 合 | | | | (FOF) A | (FOF) C | (FOF) 合计 | | 募集期间净认购金额(单位: | | 3,694,920,889.30 | 2.148.905,777.25 | 5.843.826.666.55 | | 元) | | | | | | 认购资金在募集期间产生的 | | 0. 00 | 0. 0 ...

此次行情剧烈波动的背景是贵金属的金融商品化的加强。2000年代初出现了以黄金现货为支撑的ETF 等，个人和机构投资家以低成本投资黄金的手段越来越多。资金在短时间内流入流出，这使得价格更容 易剧烈波动。 与此同时，将行情波动放大至2倍的杠杆型ETF的存在感也在增强。美国ETF巨头ProShares运营 的"ProShares Ultra Gold"的目标是，相对于与黄金期货连动的指数波动达到2倍。 该ETF在黄金期货创出历史新高的1月29日，交易额与1周前相比增至9倍以上。经由杠杆ETF等纸黄金 的资金的流动，已成为加剧价格波动的因素之一。 黄金的伦敦现货价格2月2日一度比最高点最多下跌21%。行情下跌后，等待时机的日本和中 国投资者等的买入集中出现。大阪交易所的黄金期货交易连日触发熔断机制。3日亚洲交易 时段金价重新大幅反弹。在此次行情剧烈涨跌的背后，存在ETF等交易的扩大…… 黄金价格2月3日快速反弹。相比前一天的大幅下跌明显反转，逢低买入的需求迅速升温。在日本大阪交 易所的黄金期货交易中，暂时中断交易的熔断机制（circuit breaker）继前一天之后再次被触发。在贵金 属市场出现的行情剧烈涨跌的背后 ...

港股继续下跌，港股通科技ETF、港股通互联网ETF易方达和港股科技30ETF分别跌3.73%、3.73% 和3.57%。新经济ETF银华跌2.83%。 A股三大指数早盘表现不一，截至午盘，沪指平收，深成指跌0.92%，创业板指跌1.74%，北证50指 数跌1.19%，沪深京三市半日成交额16297亿元，较上日放量127亿元。全市场超2900只个股下跌。 板块 题材上，煤炭开采加工、机场航运、光伏设备、房地产、天然气、港口航运、建筑材料、银行、氢能 源、零售板块涨幅居前；贵金属、AI应用、算力租赁、半导体、CPO概念股跌幅居前。 ETF方面，金价连续第二日反弹，重返5000美元上方，黄金ETF易方达、黄金ETF博时均涨3.92%。 国际油价上涨，标普油气ETF嘉实涨3.22%。港股红利策略ETF表现活跃，港股红利ETF博时涨1.67%。 （责任编辑：刘静 HZ010） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun ...

Investment Rating - The report does not explicitly provide an investment rating for the industry [43]. Core Insights - The total number of ETFs listed in mainland China is 1,419, with a total scale of 5.46 trillion yuan. Among these, stock ETFs account for the largest share, both in number (1,111) and scale (3.23 trillion yuan) [2][7]. - The A-share market indices showed varied performance, with the Shanghai Composite Index closing at 4,117.95, reflecting a decline of 0.44%. Notably, the petrochemical, communication, and coal sectors experienced significant gains, while military, power equipment, and automotive sectors faced substantial declines [11][12]. - The wide-based ETFs experienced a net outflow of 3890.81 billion yuan this week, with the top three inflows being A500 ETF (+11.23 billion yuan), Double Innovation Leader ETF (+9.27 billion yuan), and Shanghai Index ETF (+5.42 billion yuan). Conversely, the top three outflows were from the CSI 300 ETF by E Fund (-747.27 billion yuan), CSI 300 ETF by Huatai-PB (-742.00 billion yuan), and CSI 300 ETF by Huaxia (-547.13 billion yuan) [30][31]. - The industry crowding degree monitoring indicated that sectors such as non-ferrous metals, oil and petrochemicals, and agriculture are currently crowded, while automotive, home appliances, and pharmaceuticals have lower crowding levels, suggesting potential investment opportunities [35]. Summary by Sections ETF Market Overview - As of January 30, 2026, the total number of ETFs in mainland China is 1,419, with a total scale of 5.46 trillion yuan. Stock ETFs dominate both in quantity (1,111) and scale (3.23 trillion yuan), representing 78.29% and 59.11% of the total respectively [2][7][9]. Domestic and International Equity Market Index Performance - The A-share market indices showed mixed results, with the Shanghai Composite Index down 0.44%. The petrochemical sector saw a rise of 7.95%, while the military sector dropped by 7.69% [11][12][19]. - In the Hong Kong market, the Hang Seng Index rose by 2.38%, while the Hang Seng Technology Index fell by 1.38% [20][21]. Stock ETF Fund Flows - The wide-based ETFs saw a net outflow of 3890.81 billion yuan, with significant inflows into A500 ETF and Double Innovation Leader ETF, while the CSI 300 ETFs faced the largest outflows [30][31][34]. Industry Crowding Degree Monitoring - The monitoring model indicates that sectors like non-ferrous metals and oil and petrochemicals are crowded, while automotive and pharmaceuticals are less crowded, suggesting areas for potential investment focus [35][36]. ETF Product Attention Signals - The report highlights potential arbitrage opportunities in specific ETFs, including a focus on gold and non-ferrous metal ETFs, while cautioning about potential pullback risks [41][42].

Core Viewpoint - The year 2026 marks a significant shift in the investment landscape, indicating the end of infrastructure wars and the beginning of an era focused on utilization [1] Group 1 - 2024 was characterized as the year of the ETF, highlighting a surge in exchange-traded funds [1] - 2025 experienced increased regulatory friction, suggesting challenges faced by the industry [1] - January 2026 has been identified as a turning point, signaling a transition to a focus on utilization rather than infrastructure development [1]

Core Insights - The ProShares Bitcoin ETF (BITO) is viewed as a viable option for investors seeking a balance between direct Bitcoin investments and income generation from the ETF [1] Group 1: Company Overview - The article discusses the ProShares Bitcoin ETF (BITO) and its role in the investment landscape, particularly as a middle ground for investors [1] Group 2: Analyst Background - The analyst has over 20 years of experience in quantitative research, financial modeling, and risk management, with a focus on equity valuation and market trends [1] - The analyst previously held a Vice President position at Barclays, leading teams in model validation and stress testing, indicating a strong background in both fundamental and technical analysis [1] Group 3: Research Approach - The research approach combines rigorous risk management with a long-term perspective on value creation, focusing on macroeconomic trends, corporate earnings, and financial statement analysis [1]

Core Insights - Investors are shifting from traditional fixed income securities to sectors with strong dividends due to falling interest rates, with notable inflows into utilities, energy, and real estate [2] - The approval of the first 11 spot Bitcoin ETFs by the SEC in January 2024 has provided a new avenue for investors to gain crypto exposure without navigating the complexities of decentralized finance [3] - Demand for Bitcoin and Ethereum funds surged, adding over $32 billion in 2025 [4] Group 1 - Traditional fixed income options have lost appeal for income-focused investors due to lower interest rates [2] - The introduction of Bitcoin ETFs allows investors familiar with equity markets to access crypto without the complexities of DeFi [3] - The crypto asset class, including Bitcoin, does not inherently produce yield, presenting challenges for income generation [5] Group 2 - A financial services firm is planning to leverage Bitcoin through traditional equity markets to create income-generating opportunities [6] - With lower interest rates expected in 2026, there is a growing interest in dividend-paying stocks and ETFs that also provide crypto market exposure [8] - BlackRock has filed for approval of a Bitcoin income ETF that utilizes options strategies to generate yield while providing access to Bitcoin prices [8]

拉长时间看，该基金近5个交易日有4天主力资金净流入，合计流入124.59亿元，居全市场前3。（数据 来源：Wind） 与此同时，该基金最新成交量为8354.84万份，最新成交额突破84.02亿元，居全市场第一梯队。 2026年2月2日，科创债ETF天弘（159111.SZ）收跌0.01%，主力资金（单笔成交额100万元以上）净流 入74.48亿元，居全市场前2。（数据来源：Wind） ...