1.7【★★★★★】 基金销售费用 影响万亿市场！最新解读来了 2025年末，证监会正式发布《公开募集证券投资基金销售费用管理规定》（以下简称《规定》），主要包括合理调降公募基金认（申）购费、销售服务费 率水平，切实降低投资者成本等举措。作为公募基金的申购大户，近年来，理财配置公募比例整体呈现上升趋势。银行理财登记中心数据显示，截至2025 年三季度末，理财持有公募基金1.34万亿元，相较于年初增幅超44%。业内人士表示，《规定》有利于节约理财配置成本，增厚收益空间。具体配置上， 后续在保持债基"压舱石"地位的同时，理财资金或更关注权益类基金，配置周期也有望拉长。 1.10【★★★★】 政策监管 "吹哨人"，最高奖励100万！ 1月9日晚间，证监会、财政部公布《证券期货违法行为"吹哨人"奖励工作规定》（以下简称 《规定》），持续释放强监管信号，进一步完善举报制度， 弘扬公正担当的"吹哨人"文化。 本周五（1月9日），上证基金指数涨0.16%收报7191.62点，深证ETF涨0.87%收报1890.25点，乐富指数涨0.85%收报9393.98点。 1.5【★★★★★】 基金发行 超40只！打响发行"第一枪" ...

Group 1: Fund Sales and Regulations - The China Securities Regulatory Commission (CSRC) issued new regulations to lower public fund sales fees, aiming to reduce investor costs and enhance returns [3] - As of Q3 2025, the total value of public funds held by bank wealth management products reached 1.34 trillion yuan, a year-to-date increase of over 44% [3] Group 2: Fund Performance and Distribution - In 2025, over 3600 fund products announced dividends totaling more than 240 billion yuan, marking a 7.5% increase from 2024 [9] - The average net value growth rate for enhanced index funds exceeded 32% in 2025, with over 80% achieving excess returns [14] Group 3: Market Activity and New Accounts - A-share new account openings reached 2.6 million in December 2025, a 30.54% increase year-on-year, marking the highest annual new account data since 2022 [13] - The number of new funds launched in the first week of 2026 reached 44, with active equity and index funds being the primary focus [8] Group 4: Executive Changes and Industry Trends - In 2025, the public fund industry saw a record 462 changes in senior management across 162 fund management firms [11] - The trend of high turnover in key positions, particularly among chairpersons and general managers, continues to rise [12] Group 5: ETF Developments - A major ETF in China, with a scale exceeding 400 billion yuan, underwent a name change to standardize its branding [18]

Market Overview - The Shanghai Composite Index rose by 0.05% to close at 4085.77 points, with a daily high of 4098.78 points [2] - The Shenzhen Component Index increased by 0.06% to close at 14030.56 points, reaching a peak of 14111.18 points [2] - The ChiNext Index saw a rise of 0.31%, closing at 3329.69 points, with a maximum of 3351.22 points [2] Margin Trading and Securities Lending - The total margin trading and securities lending balance in the Shanghai and Shenzhen markets was 25965.17 billion yuan, with a financing balance of 25789.85 billion yuan and a securities lending balance of 175.31 billion yuan, reflecting an increase of 249.06 billion yuan from the previous trading day [3] - The Shanghai market's margin trading balance was 13100.1 billion yuan, up by 123.05 billion yuan, while the Shenzhen market's balance was 12865.06 billion yuan, increasing by 126.0 billion yuan [3] - A total of 3474 stocks had financing funds for purchase, with the top three being Zhongji Xuchuang (25.39 billion yuan), Northern Rare Earth (24.2 billion yuan), and Dongfang Fortune (22.62 billion yuan) [3][4] Fund Issuance - Sixteen new funds were issued yesterday, including: Hongde Medical Selected Mixed Fund C, Ruiyuan Research Balanced Three-Year Holding Mixed Fund, and others [5] - The detailed list of new funds includes various types such as equity funds and mixed funds, indicating a diverse interest in fund offerings [5][6] Top Net Purchases on the Dragon and Tiger List - The top ten net purchases on the Dragon and Tiger list included Tongyu Communication (40394.2 million yuan), Nanda Optoelectronics (34155.93 million yuan), and China First Heavy Industries (19221.22 million yuan) [7][8] - This data reflects the trading activity and investor interest in specific stocks, highlighting potential investment opportunities in these companies [8]

2026年首个交易日，多达28只新基金同时启动发行，拉开新年基金销售的序幕。 | | | 2026首个交易日发行的基金一览 | | | --- | --- | --- | --- | | | | 基金简称 | | | | 026403.OF | 鹏安安泰利率债A | 中长期纯债型基金 | | 2 | 026179.OF | 长江上证科创板综合指数增强发起A | 增强指数型基金 | | 3 | 025279.OF | 长城兴怡债券A | 混合债券型二级基金 | | 4 | 025096.OF | 鑫元挚享180天持有债券A | 混合债券型一级基金 | | 5 | 024968.OF | 鑫元悦鑫添益债券A | 混合债券型二级基金 | | 6 | 025848.OF | 西部利得红利鑫选混合发起A | 偏股混合型基金 | | 7 | 025005.OF | 泰信上证科创板综合指数增强A | 增强指数型基金 | | 8 | 025880.OF | 汇添富科技领先混合A | 偏股混合型基金 | | 9 | 026131.OF | 永赢国证工业软件主题指数A | 被动指数型具金 | | 10 | 026440.OF | ...

四、龙虎榜情况 两市共有3472只个股有融资资金买入，其中三花智控、中际旭创、新易盛排名前三，买入金额分别22.96亿元、22.93亿元、19.1亿元。融资买入额前10个股 详情见下表： | 代码 | 股票名称 | 融资买入额(亿元 | | --- | --- | --- | | 002050.SZ | 三花智控 | 22.96 | | 300308.SZ | 中际旭创 | 22.93 | | 300502.SZ | 新易盛 | 19.1 | | 600118.SH | 中国卫星 | 18.15 | | 688256.SH | 寒武纪 | 17.03 | | 600879.SH | 航天电子 | 15.99 | | 601698.SH | 中国卫通 | 15.88 | | 002202.SZ | 金风科技 | 15.53 | | 300274.SZ | 阳光电源 | 15.15 | | 000547.SZ | 航天发展 | 14.36 | 三、基金发行情况 昨日有3只新基金发行，分别为：山证资管数字经济锐选股票发起式C、华宝上证科创板芯片ETF、山证资管数字经济锐选股票发起式A，详情见下表： | 代码 | 基 ...

一、证券市场回顾 南财金融终端数据显示，昨日（12月29日，下同）上证综指日内上涨0.04%，收于3965.28点，最高3983.98点；深证成指日内下跌0.49%，收于13537.1点，最 高13650.7点；创业板指日内下跌0.66%，收于3222.61点，最高3250.09点。 二、融资融券情况 昨日沪深两市的融资融券余额为25437.21亿元，其中融资余额25268.3亿元，融券余额168.91亿元。两市融资融券余额较前一交易日增加83.7亿元。分市场来 看，沪市两融余额为12852.63亿元，相较前一交易日增加28.86亿元；深市两融余额12584.58亿元，相较前一交易日增加54.84亿元。 两市共有3471只个股有融资资金买入，其中中际旭创、胜宏科技、阳光电源排名前三，买入金额分别21.33亿元、18.75亿元、18.11亿元。融资买入额前10个 股详情见下表： | 代码 | 股票名称 | 融资买入额(亿元 | | --- | --- | --- | | 300308.SZ | 中际旭创 | 21.33 | | 300476.SZ | 胜宏科技 | 18.75 | | 300274.SZ | 阳 ...

Report Industry Investment Rating No information provided in the content. Core Viewpoints - Important news: The scale of ETFs exceeded 6 trillion yuan for the first time; the number of fund issuances this year reached the second - highest in history; the IPO financing amount of Hong Kong stocks ranked first globally [2]. - Market review: From December 22 to December 26, 2025, the major broad - based indices in the A - share market showed an upward trend. The Shanghai Composite Index closed at 3963.68, up 1.88%; the CSI 300 Index closed at 4657.24, up 1.95%; most overseas indices also rose [2][14]. - Fund market review: Most active equity funds achieved positive returns this week, with a median interval return of 2.40%. Manufacturing and technology - themed funds performed outstandingly [2]. - ETF fund statistics: The top three ETF categories in terms of performance this week were manufacturing (5.01%), cyclical (3.72%), and commodity futures (3.41%) theme ETFs. There were 336 ETFs with net capital inflows and 703 with net outflows [2]. - Fund market dynamics: This week, 54 public funds had new fund managers, 65 new public funds were established, with a combined issuance share of 278.94 billion shares, and 35 public funds entered the issuance stage for the first time. As of December 28, 2025, there were 38 public funds waiting to be issued [2]. - Equity fund issuance tracking: From December 22 to December 28, 2025, the issuance scale of equity funds reached 11.864 billion yuan, an increase of 5.014 billion yuan compared with last week. There were still 229 newly - issued funds in the position - building period, and it is estimated that 72.691 billion yuan of funds have not been invested yet [2]. Summary by Directory 1. Important News 1.1 Market Dynamics - International silver futures prices approached $80 per ounce, and the prices of various precious metal futures reached new highs. Gold prices soared by over 70% this year, and silver prices rose by over 170%. Platinum futures prices also reached a record high, and New York copper prices continued to rise [6]. - In 2025, public REITs developed rapidly. By mid - December, nearly 80 products had been issued, with a total market value exceeding 220 billion yuan, covering ten major fields. The secondary - market performance showed a "first - rising - then - falling" trend [6][7]. - On December 23, 2025, E Fund's sales subsidiary, E Fund Wealth, officially started operations. Huatai - PineBridge Fund and GF Fund also had relevant developments in their subsidiaries [7]. - On December 26, 2025, the national venture capital guidance fund was officially launched, using over - long - term special treasury bonds, with 100 billion yuan of fiscal investment at the national level, aiming to leverage a trillion - yuan capital scale [8]. 1.2 Product Highlights - On December 23, 2025, the net subscription amount of bond ETFs was close to 20 billion yuan, and science - and - technology innovation bond ETFs were the main targets for capital addition [8]. - As of December 26, 2025, the total number of ETFs in the market reached 1391, with a total scale of 6.03 trillion yuan, officially exceeding the 6 - trillion - yuan mark [9]. - As of December 25, 2025, the number of fund issuances this year reached 1498, the second - highest in history. Index funds and FOF products were popular [10][11]. 1.3 Overseas/Overseas Markets - On December 29, 2025, China Asset Management's two flagship ETFs will be listed on the Stock Exchange of Thailand through DRs, which is an important step in the cooperation between Chinese and Thai capital markets [12]. - In 2025, the IPO financing amount of Hong Kong stocks ranked first globally. From January to November, the average daily trading volume of the spot market increased by 43% year - on - year. As of December 19, 106 companies were listed, with a total financing of 274.6 billion Hong Kong dollars [13]. 2. Market Review - From December 22 to December 26, 2025, major broad - based indices in the A - share market rose. Overseas, most indices also showed an upward trend [2][14]. - This week, the non - ferrous metals and national defense and military industries led the gains, while the commercial retail, coal, and banking industries were among the top decliners [16]. 3. Fund Market Review 3.1 Active Equity Fund Performance - In the short - term, manufacturing and technology - themed funds performed well; in the medium - term, cyclical and manufacturing - themed funds were in the forefront; in the long - term, technology and manufacturing - themed funds were outstanding [18]. - This week, most active equity funds achieved positive returns, and the median interval return was 2.40%. Manufacturing and technology - themed funds had the highest median interval returns [20][21]. 3.2 Top - Performing Fund Performance Statistics - This week, the top - performing active equity fund was the Qianhai Kaiyuan Shanghai - Hong Kong - Shenzhen Strong Country Industry Fund, with an interval return of 15.69% [23][24]. 4. ETF Fund Statistics 4.1 ETF Fund Performance - This week, the top three ETF categories in terms of interval return were manufacturing, cyclical, and commodity futures theme ETFs [25]. - In the past month, the top three were also cyclical, manufacturing, and commodity futures theme ETFs [25]. 4.2 ETF Capital Flow Statistics - This week, the top categories with net capital inflows were bonds, A - share broad - based, and commodity futures ETFs, while manufacturing ETFs had the largest net outflows [29]. - In the past month, A - share broad - based, bonds, and technology ETFs had the largest net inflows, while manufacturing ETFs had the largest net outflows [29]. - This week, 336 ETFs had net capital inflows, and 703 had net outflows. The top three in terms of net inflows were the Yin Hua CSI AAA Science and Technology Innovation Corporate Bond ETF, etc., and the top three in terms of net outflows were the HFT CSI Short - Term Financing Bond ETF, etc. [31]. 4.3 ETF Fund Premium and Discount Statistics - For non - QDII ETFs, as of December 26, 2025, the top three in terms of premium rate were the GF Hang Seng Index Hong Kong Stock Connect ETF, etc., and the top three in terms of discount rate were the Founder Fubon CSI 500 ETF, etc. [33][34]. - For QDII ETFs, as of December 25, 2025, the top three in terms of premium rate were the Invesco Great Wall NASDAQ Technology Market Value - Weighted ETF, etc., and the top three in terms of discount rate were the China Merchants Li An Emerging Asia Select ETF, etc. [34][35]. 5. Fund Market Dynamics 5.1 Fund Manager Changes - This week, 54 public funds had new fund managers, involving 50 fund managers from 31 fund management companies. The top two fund management companies with the most new fund manager appointments were Penghua Fund and GF Fund [36]. - This week, 77 public funds had fund manager departures, involving 57 fund managers from 33 fund management companies. The top three fund management companies with the most departures were Penghua Fund, E Fund, and Chuangjin Hexin Fund [37]. 5.2 Newly Established Funds This Week - This week, 65 new public funds were established, with a combined issuance share of 278.94 billion shares. The most common types were partial - stock hybrid and secondary bond funds. GF Fund had the largest combined issuance share [39]. 5.3 Funds First Issued This Week - This week, 35 public funds entered the issuance stage for the first time. GF Fund had the most newly issued funds, and the most common type was partial - stock hybrid funds [41][42]. 5.4 Funds to Be Issued - As of December 28, 2025, there were 38 public funds waiting to be issued, including 13 partial - stock hybrid, 10 passive index, 7 hybrid FOF, etc. GF Fund had the most funds to be issued [45]. 5.5 Equity Fund Issuance Tracking - This week, the issuance scale of equity funds reached 11.864 billion yuan, an increase of 5.014 billion yuan compared with last week [47]. - Currently, there are 229 newly - issued funds in the position - building period, 46.29% of which have a position - building ratio of less than 5%, and it is estimated that 72.691 billion yuan of funds have not been invested yet [50]. - After the establishment and position - building of these funds, the top three industries with the largest capital increments are electronics, power equipment and new energy, and machinery [53]. - For the funds that have completed the fundraising, the top three industries with the largest capital increments are electronics, food and beverage, and machinery [55].

经济观察网据上证报，数据显示，截至12月22日，今年以来已有1469只新基金成立(仅统计初始份额)， 发行数量创2022年以来的新高，合计发行份额达11358.88亿份。股票型基金成为基金公司今年布局的重 点，尤其是被动指数类产品。2024年，债券型基金发行份额占比为70.19%，而今年这一数据大幅下降 至41.21%；股票型基金发行份额占比从21.14%显著上升至35.98%。值得注意的是，今年以来股票型基 金新发规模超过4000亿份，超越2021年创下的历史纪录。 ...

在股票型基金的细分赛道中，指数型产品的受欢迎程度尤为突出。在新发的13只股票型基金中，指数型基金多达12只， 涵盖7只被动指数型基金和5只增强指数型基金，占比高达92.31%。 股债"跷跷板"效应在本周的发行市场中表现得十分显著。受近期A股市场震荡调整影响，股票型基金发行节奏略有放缓， 而债券型基金则迎来发行热潮。数据显示，本周共有8只债券型基金开启认购，占新发基金总量的21.05%，发行数量创下 近13周以来的次高水平。 QDII(合格境内机构投资者)基金虽发行数量有限，但市场热度丝毫不减，相关产品限购频现。本周迎来1只QDII新基金发 行，这也是时隔5周后再次有新基面市。 本次新基发行潮中，FOF(基金中的基金)基金的爆发式增长引发关注。本周共有8只FOF新基金启动募集，较前一周大幅增 加300%，创下自2023年5月以来的单周发行新高，同时也是该类产品连续第10周有新基金发行。 2025年最后一个月，公募基金发行市场延续暖意。 12月8日，公募排排网数据显示，本周(12月8日至12月14日)有38只新基开启募集，数量与前一周基本持平，已连续两周维 持在较高水平。 | | | 本周开启募集公募基金分类型统 ...

- The report does not contain any specific quantitative models or factors related to quantitative investment strategies[4][6][10] - The content primarily focuses on fund performance, issuance, and market dynamics without delving into quantitative model construction or factor analysis[4][10][40] - No detailed quantitative model formulas, factor construction processes, or backtesting results are provided in the report[4][10][40]