报 告 摘 要 一、上周市场回顾 二、开放式公募基金表现 三、基金产品发行情况 上周新成立基金 64 只，合计发行规模为 583.30 亿元，较前一周有所增 加。此外，上周有 8 只基金首次进入发行阶段，本周将有 35 只基金开始 发行。 一 上周市场回顾 1.1 相关热点回顾 二、 国投瑞银发布关于白银基金相关方案公告 2 月 15 日，国投瑞银基金管理有限公司在官网发布公告，针对国投瑞银白银期货证券投资基金（ LOF ）推出专项补偿方案，该方案适用于以 2026 年 2 月 2 日净值确认赎回的自然人投资者，不含机构投资者。 具体方案如下： 1. 对估值调整影响金额（由 -17% 调至 -31.5% 的部分）为 1000 元以下的自然人投资者，按实际影响金额全额确定和解金额（该部分投资者占当日赎回 投资者的比例超 9 成）。 2. 对估值调整影响金额（由 -17% 调至 -31.5% 的部分）超过 1000 元（含）的自然人投资者，在 1000 元基础上加上超 1000 元部分乘以一定比例确定 总和解金额。 一、基金申报发行动态 上周共上报 91 只基金， 较 上上周申报数量 有所 减少 。 申报的产品包 ...

证券研究报告 | 2026年02月22日 2026年02月23日 基金周报 中证指数 126 条指数入选业绩比较基准库，多只"固收+"基金增聘 权益基金经理 核心观点 金融工程周报 上周市场回顾。上周 A 股市场主要宽基指数全线上涨，科创 50、中证 1000、中证 500 指数收益靠前，收益分别为 3.37%、1.90%、1.88%， 沪深 300、上证综指、创业板指指数收益靠后，收益分别为 0.36%、 0.41%、1.22%。 从成交额来看，上周主要宽基指数成交额均有所下降。行业方面，上周 计算机、电子、传媒收益靠前，收益分别为 4.00%、3.70%、3.66%， 商贸零售、食品饮料、纺织服装收益靠后，收益分别为-3.07%、-2.52%、 -2.24%。 截至上周五，央行逆回购净投放资金 12089 亿元，逆回购到期 4055 亿 元，净公开市场投放 16144 亿元。不同期限的国债利率均有所下行，利 差缩窄 1.35BP。 上周共上报 91 只基金，较上上周申报数量有所减少。申报的产品包括 8 只 FOF，23 只 ETF，工银瑞信中证红利低波动 100ETF、工银瑞信中 证港股通非银行金融主题 ...

Core Viewpoint - The China Securities Investment Fund Industry Association has established and released a "Public Fund Performance Benchmark Element Library" to standardize the selection and use of performance benchmarks for public funds, aiming to protect investors' rights and interests [1][2]. Group 1: Benchmark Library Structure - The benchmark library includes operational guidelines and two categories of stock indices, focusing on the selection of stock indices to enhance comparability among similar products [1]. - The library is divided into two tiers: the first tier includes highly recognized and representative indices, while the second tier includes indices with significant usage rates and market capitalization, serving as a supplement to the first tier [2]. - Fund managers can select non-benchmark indices, provided they comply with relevant guidelines and operational details [2]. Group 2: Quality and Objectivity - The guidelines require index providers to improve service quality, including capabilities in index development, operational management, and compliance with disclosure requirements [2]. - An expert working group composed of relevant market participants will ensure the objective and fair management of the benchmark element library, overseeing the inclusion, removal, and adjustments between the two tiers [2].

Group 1 - The China Securities Investment Fund Industry Association (CSRC) has established a performance benchmark element library for public funds, which has been approved by the first expert working group meeting [1] - The benchmark library currently includes a total of 155 indices, divided into two categories: Category One and Category Two, applicable to actively managed public funds investing in domestic A-shares and Hong Kong stocks [1] - Category One includes 82 indices that are highly representative and recognized, while Category Two includes 73 indices that focus on innovation and differentiation, providing effective supplementation to Category One [1] Group 2 - The entry criteria for Category One require that the average daily free float market value of constituent securities over the past year must not be less than 12 trillion yuan, along with other considerations such as market representation and alignment with national strategic directions [2] - The CSRC has organized an expert group from industry institutions to oversee the construction and dynamic maintenance of the benchmark library, with evaluations conducted regularly or irregularly [2] - The expert group consists of representatives from fund managers, custodians, evaluation agencies, sales institutions, and professional institutional investors, with regulatory bodies and self-regulatory organizations allowed to attend [2]

Core Viewpoint - The announcement by the Asset Management Association of China (AMAC) aims to implement the "Action Plan for Promoting the High-Quality Development of Publicly Offered Funds" by standardizing the selection and use of performance benchmarks for publicly offered securities investment funds, thereby protecting investors' legal rights [1] Group 1 - AMAC has established a performance benchmark element library for publicly offered funds to enhance regulatory compliance [1] - The announcement is based on various legal frameworks, including the Securities Investment Fund Law and the Guidelines for Performance Benchmarks of Publicly Offered Securities Investment Funds [1] - The first meeting of the expert working group for the performance benchmark element library has been held and the results have been approved for release [1]

Core Viewpoint - The China Securities Investment Fund Industry Association has established a performance benchmark element library for public funds to standardize the selection and use of performance benchmarks, thereby protecting investors' rights and interests [1]. Group 1: Benchmark Library Overview - The benchmark library is applicable to actively managed public funds investing in domestic A-shares and Hong Kong stocks, allowing the selection of benchmark elements from the library [3]. - The benchmark library is divided into two categories: Category One includes highly representative and widely recognized indices, while Category Two includes larger-cap indices with certain usage rates, providing effective supplementation to Category One [3]. Group 2: Benchmark Selection Criteria - For performance benchmarks using bonds, funds, commodities, or multi-asset indices, strong market representation and high recognition of mainstream elements should be selected [3]. - For indices outside the benchmark library, they must comply with the relevant requirements of the "Guidelines for Publicly Offered Securities Investment Fund Performance Benchmarks" and "Operational Details for Publicly Offered Securities Investment Fund Performance Benchmarks" [3]. Group 3: International Market Considerations - For investments in overseas markets excluding Hong Kong, strong market representation and high recognition of mainstream indices should be chosen, with the principle that the index provider's regulatory body has signed a bilateral cooperation memorandum with the China Securities Regulatory Commission [4]. Group 4: Monitoring Mechanism - A dynamic monitoring mechanism has been established by the expert group, which will evaluate the entry and exit of benchmark elements quarterly and conduct adjustments between the two categories semi-annually [5].

Group 1 - Major banks, including Industrial and Commercial Bank of China and China Construction Bank, suspended gold accumulation and physical gold purchase/exchange services on November 3 due to macroeconomic policy impacts and risk management requirements [1] - On the same day, Industrial and Commercial Bank of China announced the resumption of gold accumulation services, allowing customers to process various gold accumulation business through bank branches and the bank's app [1] Group 2 - As of November 6, the scale of cross-border ETFs reached 915.47 billion yuan, surpassing the 900 billion yuan mark, with an increase of 491.25 billion yuan since the beginning of the year and an addition of 48 new products [2] Group 3 - The average annual return of personal pension funds has exceeded 17% since their launch in November 2022, with the number of funds expanding and product types diversifying [3] - By the end of the third quarter of 2025, the scale of Y-share personal pension funds grew from 2.005 billion yuan at the end of 2022 to 15.111 billion yuan, with 98% of the 280 funds showing positive returns [4] Group 4 - As of the end of the third quarter, the number of active equity fund managers managing over 10 billion yuan reached 109, a nearly one-third increase from the previous quarter, with the number rising to 112 due to new product launches [5] - The public fund performance benchmark database has been established, including 69 first-class indices and 72 second-class indices, with a dynamic management mechanism in place [5] Group 5 - According to Huatai Securities research, the total market value of fund holdings in the real estate sector reached 55.8 billion yuan in the third quarter, a 15% increase quarter-on-quarter, but the proportion of real estate holdings in stock investments fell to 0.62% [6] - The relative allocation of the real estate sector remains underweight compared to standard industry benchmarks, with a decrease of 0.64 percentage points, marking the lowest level since 2013 [6]

Core Viewpoint - The public fund performance benchmark element library and operational guidelines have been issued for consultation, categorizing benchmarks into two libraries: Class One and Class Two [1] Group 1: Benchmark Libraries - Class One library includes 69 indices that are highly representative of the market and widely recognized [1] - Class Two library consists of 72 indices that balance innovation and differentiation, including indices with significant usage frequency and larger capacity [1] Group 2: Monitoring and Evaluation - An expert group will establish a dynamic monitoring mechanism to evaluate the entry and exit of benchmark elements on a quarterly basis [1] - A semi-annual assessment will be initiated to adjust between Class One and Class Two libraries [1]

Core Viewpoint - The establishment of a performance benchmark element library for public funds aims to standardize the selection and use of indices, enhancing comparability among fund products and encouraging innovation in fund management [3][4][11]. Group 1: Benchmark Library Structure - The benchmark library is divided into two categories: Category One and Category Two, with a total of 141 indices covering mainstream investment targets in A-shares and Hong Kong stocks [3][4]. - Category One includes 69 core indices that are highly representative and widely recognized, while Category Two consists of 72 indices that focus on innovation and differentiation [3][4]. - The library will undergo quarterly evaluations for the entry and exit of benchmark elements, with semi-annual assessments for adjustments between the two categories [11][12]. Group 2: Inclusion Criteria for Indices - Category Two indices must meet several criteria, including a maximum weight of 20% for any single constituent in broad-based indices and a minimum of 30 constituents for non-broad-based indices [7][8]. - Category One indices must meet Category Two standards and have a minimum average free float market capitalization of 10,000 billion yuan over the past year [7][8]. - The selection of broad-based indices is based on representativeness, investability, and usage by at least 10 actively managed funds [8][9]. Group 3: Dynamic Adjustment Mechanism - The benchmark library will be dynamically adjusted based on evaluations by an expert group composed of representatives from various industry institutions [11][12]. - Indices that no longer meet the standards for Category One may be moved to Category Two, while those meeting Category One standards can be promoted from Category Two [11][12]. - The expert group will also remove indices that are no longer published or do not meet the basic standards for inclusion [12].

Core Viewpoint - The recent draft of the "Public Fund Performance Comparison Benchmark Element Library Operation Explanation" has been distributed, establishing a benchmark library divided into two categories, aimed at enhancing the comparability of fund performance and encouraging standardized selection and use of indices by fund managers [1][2]. Group 1: Benchmark Library Structure - The benchmark library consists of two categories: Category One includes 69 core indices, while Category Two includes 72 indices, totaling 141 indices that cover mainstream investment targets in A-shares and Hong Kong stocks [1][2]. - Category One focuses on highly representative and widely recognized indices, while Category Two aims to balance innovation and differentiation, including indices with significant usage frequency and market capitalization [1][2]. Group 2: Inclusion Criteria - The inclusion criteria for Category Two indices require that single constituent security weight does not exceed 20% for broad-based indices, and for non-broad-based indices, there must be at least 30 constituent securities with specific weight limitations [5]. - For Category One indices, they must meet the standards of Category Two and have an average daily free float market capitalization of at least 10,000 billion yuan over the past year, along with other relevant standards [5]. Group 3: Dynamic Adjustment Mechanism - The benchmark library is not static; it will undergo quarterly evaluations for the entry and exit of benchmark elements and semi-annual assessments for adjustments between the two categories [9]. - Elements in Category Two that meet the standards for Category One can be moved up, while those in Category One that no longer meet the criteria can be moved down, based on expert committee evaluations [9].