登录新浪财经APP 搜索【信披】查看更多考评等级 基金管理人：招商基金管理有限公司 基金托管人：浙商银行股份有限公司 登记机构：中国证券登记结算有限责任公司 二○二六年二月 重要提示 1、招商中证新能源汽车交易型开放式指数证券投资基金（以下简称"招商中证新能源汽车ETF"、"本基 金"）的募集已获中国证监会证监许可〔2025〕2724号文准予注册。 2、本基金的基金类别是股票型证券投资基金，基金运作方式是交易型开放式。 3、本基金的管理人为招商基金管理有限公司（以下简称"本公司"），托管人为浙商银行股份有限公 司，本基金的登记机构为中国证券登记结算有限责任公司。 4、本基金募集对象为符合法律法规规定的可投资于证券投资基金的个人投资者、机构投资者、合格境 外投资者以及法律法规或中国证监会允许购买证券投资基金的其他投资人。 5、本基金自2026年3月5日至2026年3月13日进行发售。投资者可选择网上现金认购、网下现金认购2种 方式（本基金暂不开通网下股票认购业务）。如深圳证券交易所对网上现金认购时间作出调整，本公司 将作出相应调整并及时公告。基金管理人可根据认购的情况及市场情况适当调整发售时间，并及时公 告。 ...

其中，常见宽基指数基金有：上证50、沪深300、中证500、创业板、红利、基本面、央视50、恒生、H 股、上证50AH优选、纳斯达克100、标普500等。 常见的行业指数基金有：必需消费行业的指数基金、医药行业的指数基金、可选消费行业的指数基金、 养老产业的指数基金、银行业的指数基金、证券业的指数基金、保险行业的指数基金、金融行业的指数 基金、地产行业的指数基金等。 （来源：财闻） 常见宽基指数基金有：上证50、沪深300、中证500、创业板、红利、基本面、央视50、恒生、H股、上 证50AH优选、纳斯达克100、标普500等。 据《指数基金投资指南》，按投资行业区分，指数基金可分为宽基和行业指数基金。 ...

文 | 银行螺丝钉 （转载请注明出处） 祝大家春节愉快，马年大吉~ 按照惯例，螺丝钉从2025年发表的文章中精选了一些，做了这个精华文章汇总，方便大家 回顾精彩内容、分享和收藏。 精华文章会分为2个篇幅来进行汇总，分别是： 方便大家回顾精彩内容，也方便分享和收藏。 昨天跟大家分享了： 【收藏】投资实战&总结感悟篇：螺丝钉精华文章汇总2025 这篇分享的是 「 投资知识篇 」 。包括投资基金过程中，面对的基金基础知识，以及部分朋友的投资疑问。 投顾组合相关： 螺丝钉投顾组合四周年成绩单 365天投顾组合：牛市进可攻，熊市退可守 报喜：连续第三年，荣获「基金投顾机构金牛奖」 如何通过指数基金，投资全球股票市场？ 5折优惠来了：钉系列投顾组合，投顾费5折～ 主动优选2025年来超额表现好，因为啥呢？ 月薪宝创新高，收益来源有哪些？需要调仓吗？ 自动止盈功能来啦，一键开启，不错过止盈机会 省心定投：螺丝钉金钉宝指数增强投顾组合 4-5星优选：螺丝钉金钉宝主动优选投顾组合 股债平衡、自带止盈：螺丝钉银钉宝月薪宝投顾组合 稳健「固收+」：螺丝钉银钉宝365天投顾组合 短期资金打理：螺丝钉银钉宝90天投顾组合 365天组合 ...

Core Insights - The Shanghai 180 Index (000010) has shown a slight increase of 0.20% as of February 12, 2026, with notable gains from stocks such as Dongfang Electric (+10.00%) and China National Offshore Oil Corporation (+9.98%) [1] - The Shanghai 180 ETF (530280) has experienced a minor decline of 0.16%, currently priced at 1.26 yuan, but has seen a cumulative increase of 1.04% over the past week [1] - The ETF has a Sharpe ratio of 1.91 since its inception, indicating a favorable risk-adjusted return [1] Performance Metrics - The Shanghai 180 ETF has a maximum drawdown of 4.28% year-to-date, with a relative benchmark drawdown of 0.06% [1] - The management fee for the ETF is set at 0.15%, while the custody fee is 0.05% [1] - The tracking error for the ETF over the past three months is 0.019%, reflecting its close alignment with the underlying index [1] Index Composition - The Shanghai 180 Index comprises 180 securities selected for their large market capitalization and liquidity, representing the core performance of Shanghai's listed companies [2] - As of January 30, 2026, the top ten weighted stocks in the index account for 24.85% of the total index weight, including major companies like Zijin Mining and Kweichow Moutai [2] - The top ten stocks by weight include: - Zijin Mining (4.03%) - Kweichow Moutai (4.22%) - China Ping An (2.87%) - Others include Hengrui Medicine, WuXi AppTec, and China Merchants Bank [3]

Market Performance - The A-share market showed mixed performance on February 11, with the Shanghai Composite Index rising by 0.09%, marking a three-day increase [1] - The CSI 300 Index fell by 0.2%, while the CSI A500 Index decreased by 0.1% [3][1] - The ChiNext Index and the STAR Market 50 Index both dropped by 1.1% [1] Sector Performance - Leading sectors included small metals, oil and gas extraction and services, chemical fibers, rare earth permanent magnets, steel, dyes, coal mining and processing, batteries, and cement [1] - Underperforming sectors included film and television, short drama games, education, tourism and hotels, cultivated diamonds, military equipment, CPO, and airport and shipping [1] - In the Hong Kong market, sectors such as building materials, non-ferrous metals, chemicals, real estate, and automobiles performed well, while consumer, semiconductor, and non-bank financial sectors weakened [1] Index Details - The CSI 300 Index consists of 300 stocks with good liquidity, covering 11 primary industry categories, with a rolling P/E ratio of 14.2 times [3] - The CSI A500 Index includes 500 securities with good liquidity, covering 89 out of 93 tertiary industries, with a rolling P/E ratio of 17.4 times [3] - The STAR Market 50 Index is composed of 50 stocks with significant market capitalization and liquidity, with over 65% representation from the semiconductor sector [7]

Core Viewpoint - The Shanghai 180 ETF Index Fund closely tracks the Shanghai 180 Index, which reflects the overall performance of 180 large-cap and liquid securities in the Shanghai stock market, showing a recent upward trend in both the index and the fund itself [1][2]. Performance Summary - As of February 10, 2026, the Shanghai 180 Index increased by 0.26%, with notable gains from stocks such as China Power (+9.99%) and Dongfang Electric (+8.34%) [1]. - The Shanghai 180 ETF Index Fund rose by 0.24%, with a latest price of 1.26 yuan, and has accumulated a 1.37% increase over the past week [1]. - The fund's trading volume was 23.03 thousand yuan on February 10, with an average daily trading volume of 65.87 thousand yuan over the past week [1]. Fund Size and Growth - The Shanghai 180 ETF Index Fund experienced a significant growth of 622.11 thousand yuan in size over the past year [1]. - The fund has a Sharpe ratio of 1.91 since its inception, indicating a favorable risk-adjusted return [1]. Fee Structure - The management fee for the Shanghai 180 ETF Index Fund is set at 0.15%, while the custody fee is 0.05% [1]. Tracking Accuracy - As of February 10, 2026, the tracking error of the Shanghai 180 ETF Index Fund over the past three months is 0.019%, demonstrating its effectiveness in tracking the underlying index [1]. Top Holdings - As of January 30, 2026, the top ten weighted stocks in the Shanghai 180 Index account for 24.85% of the index, including major companies like Zijin Mining and Kweichow Moutai [2]. - The top ten stocks by weight are: - Zijin Mining (4.03%) - Kweichow Moutai (4.22%) - China Ping An (2.87%) - Hengrui Medicine (2.46%) - WuXi AppTec (2.08%) - Cambricon (1.97%) - China Merchants Bank (2.04%) - Yangtze Power (1.88%) - SMIC (1.80%) - Industrial Fulian (1.79%) [3].

Group 1 - The A-share market showed mixed performance on February 10, with the Shanghai Composite Index rising by 0.13% [1] - The sectors that performed well included film and television, short drama games, computing power leasing, education, chemical pharmaceuticals, coal mining and processing, and the China Shipbuilding Industry [1] - Conversely, sectors that saw declines included liquor, precious metals, cultivated diamonds, photovoltaic equipment, airport and shipping, batteries, and epoxy propylene [1] Group 2 - The CSI 300 Index, which consists of 300 stocks from the Shanghai and Shenzhen markets, increased by 0.1% and has a rolling price-to-earnings ratio of 14.2 times, placing it in the 65.4% valuation percentile since its inception in 2005 [2] - The CSI A500 Index, made up of 500 stocks with good liquidity across various industries, also rose by 0.1% and has a rolling price-to-earnings ratio of 17.4 times, ranking in the 76.4% valuation percentile since 2004 [2] - The ChiNext Index, which includes 100 stocks from the ChiNext market, decreased by 0.4% and has a rolling price-to-earnings ratio of 42.7 times, placing it in the 41.1% valuation percentile since its launch in 2010 [2]

Core Insights - John Bogle, known as the "father of index funds," revolutionized investing with the launch of the first index fund in 1975, emphasizing the importance of long-term investment strategies over short-term market trends [1][2] - Bogle's investment philosophy is built on four core pillars: cost efficiency, mean reversion, diversification, and long-termism, which collectively guide investors towards better decision-making [2][3][4] Cost Efficiency - Bogle's formula "Return = Market Return - Cost" highlights that costs are one of the few certain variables in investing, with active fund management typically exceeding 1% in fees compared to much lower fees for index funds [2] Mean Reversion - The mean reversion principle suggests that past high-performing funds often do not sustain their success, urging investors to reconsider their tendency to chase "star managers" [3] Diversification - Bogle advocates for diversification as a scientific investment principle, recommending broad-based index funds to achieve true diversification across sectors and asset classes, which can lower portfolio volatility and enhance investment experience [4] Long-Termism - Bogle emphasizes the importance of long-term investment, likening it to planting a tree, where patience and a focus on long-term growth are essential despite short-term market fluctuations [4] Investment Discipline - Bogle's insights into investor behavior reveal that emotional biases often lead to poor decision-making, advocating for systematic investment disciplines such as dollar-cost averaging and setting clear profit-taking standards [6] Legacy and Philosophy - Beyond investment strategies, Bogle's philosophy encompasses a broader life perspective, emphasizing the importance of creating value and serving others, as demonstrated by his philanthropic efforts in education [6][7]

今天大盘整体微跌，波动不大，还在3.8星。 中证全指下跌0.18%。 沪深300等大盘股比较强势，整体上涨。 中小盘股下跌。 这两天价值风格比较强势。 现金流、红利等指数连续上涨。 成长风格下跌，科创50今天下跌近3%。 港股今天波动不大。 港股红利类指数连续上涨。 像恒生红利低波动等指数，2025、2026年上涨幅度都比较明显。 港股红利中，像能源、周期股的占比高一些，遇到这两年周期股大年，表现也比较强。 螺丝钉也汇总了红利类指数的估值，见文章下方图片。 最近港股红利强势上涨，创下新高，部分港股红利类指数也回到了正常估值。 今天最亮眼的是消费类指数。 白酒指数几乎涨停，消费类指数大幅上涨。 本周二直播课，螺丝钉刚介绍了消费指数，这个时间点也是没谁了··· 点击查看： 消费行业低迷，原因为何，未来估值还会起来吗？｜第431期直播回放 不过截止到2025年3季度，消费还没有出现明显的基本面拐点。 这也是其估值比较低的原因。 消费短期里还会有波动，未来当基本面出现明确拐点，上市公司盈利同比恢复增长，那消费这轮的低迷也就走出来了。 投资这类品种需要有足够耐心。同时单个行业主题，注意控制好比例在15-20%以内。 1 ...

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report - The scale of passive index funds has exceeded 7 trillion yuan, with ETFs accounting for over 80%. The scale of domestic stock broad - based ETFs has further declined, while the scale of commodity ETFs has increased due to the rise in gold prices. The gap between the top two index fund managers has widened again. The number and scale of newly - issued products have decreased, and popular themes are concentrated in applications [4]. - In the fourth quarter of 2025, the number of approved index funds decreased compared to the previous quarter. Industry - themed index funds were the most approved type, and the application enthusiasm for relevant industry themes and broad - based indexes was high [4]. - In the fourth quarter, the well - performing broad - based products were the Science and Technology Innovation 100 and CSI 2000, the industry products were mainly satellite - related ETFs, and cash - flow products in Smart Beta performed well [4]. 3. Summary by Relevant Catalogs 3.1 2025 Q4 Index Fund Market Scale Changes - By the end of Q4 2025, the total asset scale of 2960 non - monetary index funds reached 7.24 trillion yuan, an increase of 0.52 trillion yuan from the previous quarter. ETFs grew by about 0.44 trillion yuan, and their proportion exceeded 80%. The proportion of LOF decreased, and the proportion of ordinary over - the - counter products was relatively stable [4][9]. - Among the 5.8 - trillion - yuan ETFs, the proportion of domestic stock broad - based ETFs further declined to 44%, the proportion of industry - themed products remained stable below 20%, and the scale of commodity ETFs increased by over 17 billion yuan compared to 2024 [4][13]. - The top ten target indexes with the largest index fund scale accounted for 42.68% of the total index fund scale, slightly up from the previous quarter. The proportion of CSI 300 decreased, while that of CSI A500 rebounded to over 4% [4][18]. - The top ten index fund managers managed 67.94% of the total index fund scale, with a slightly lower concentration than the previous quarter. Guotai surpassed Fuguo in the ranking, and the gap between Huaxia and E Fund widened to nearly 50 billion yuan [4][19]. - The top ten index funds in terms of scale were all ETFs, with gold ETFs entering the top ten, and the top four being CSI 300 ETFs [21][22]. - Among 2616 non - linked index products, less than half (1151) had positive scale growth. The top ten index funds with scale growth were mainly ETFs tracking AAA science and technology innovation bonds, gold, and CSI A500, while some Hong Kong - related technology products had outflows [24][25]. 3.2 Q4 Index Fund Raising and Application Situation - In Q4 2025, 195 index funds were newly established, raising a total of 108.001 billion yuan, a decrease in both the number and scale compared to the previous quarter. The main decline came from domestic stock index funds, while QDII passive index funds had a slight increase in the number but a decrease in scale. Bond index funds also had a significant decline in scale [30][34]. - From the perspective of product form, the number and scale of ETFs, ordinary index funds, and ETF linkages all decreased compared to the previous quarter. From the perspective of target index types, except for cross - border products, all other types of products had varying degrees of decline, with bonds having the largest decline in the number of issuances [35]. - In Q4 2025, 164 index funds were approved, a decrease from the previous quarter. Industry - themed index funds were the most approved type, with the main target indexes being non - ferrous metals, Hong Kong - stock - connected automobiles, science and technology innovation board artificial intelligence, etc. The application enthusiasm for relevant industry themes and broad - based indexes was high, and the application of strategy index products mainly focused on dividend - quality - related indexes [40]. 3.3 Q4 ETF Market Performance - In domestic stock ETFs, the top five products in terms of Q4 yield included three tracking the CSI 2000 index, and the highest - yielding product was Fuguo Shanghai Stock Exchange Science and Technology Innovation 100 ETF with a yield of 7.98% [41]. - In cross - border broad - based ETFs, E Fund Nikkei 225 ETF performed the best with a quarterly yield of 7.27%, and other top - ranked products also had yields above 6% [41]. - In industry - themed ETFs, the top five products in terms of Q4 yield mainly tracked the CSI Satellite Industry Index, with the highest - yielding product being GF CSI Satellite Industry ETF with a yield of 48.05% [41]. - In Smart Beta ETFs, the top five products in terms of Q4 yield were all cash - flow factor products, with the highest - yielding product being Penghua CSI 800 Free Cash Flow ETF with a yield of 10.20% [42]. - In terms of Q4 average daily trading volume, the top five domestic broad - based index funds were all CSI A500 ETFs. In cross - border broad - based ETFs, GF Nasdaq 100 ETF and Guotai Nasdaq 100 ETF had high trading volumes. In industry - themed ETFs, E Fund CSI Hong Kong Securities Investment Theme ETF had the largest trading volume. In Smart Beta ETFs, four of the top five products were dividend - strategy ETFs and one was a free - cash - flow ETF [43][44][46].