一、交易提示 （1）01月08日新发基金共有12只，主要为混合型基金和股票型基金，其中招商中证有色金属矿业主题ETF联接A募集目标 金额达30.00亿元；基金分红11只，多为ETF联接基金，派发红利最多的基金是华富天鑫灵活配置混合型证券投资基金，每 10份基金份额派发红利0.5000元。 | 基金代码 | 基金简称 | 权益登记日 | 每10份基金份额 | 红利发放日 | 基金类型 | | --- | --- | --- | --- | --- | --- | | | | | 派发红利(税后) | | | | 003152 | 华富天鑫灵活配置混合 A | 2026-01-08 | 0.5000 | 2026-01-09 | 混合型 | | 003637 | 安信永鑫增强债券 A | 2026-01-08 | 0.0500 | 2026-01-09 | 债券型 | | 003638 | 安信永鑫增强债券 C | 2026-01-08 | 0.0500 | 2026-01-09 | 债券型 | | 007466 | 华泰柏瑞中证红利低波 ETF 联接 A | 2026-01-08 | 0.0500 | 2026 ...

证券研究报告 | 宏观研究 gszqdatemark 2026 01 04 年 月 日 宏观点评 政策半月观—2026 年"抢开局"5 大看点 我们定期对每半月重大政策进行跟踪：1）中央、部委重要会议与政策；2） 地方政策；3）行业与产业政策。本期为近半月（25.12.22-26.1.4）综述。 核心结论：总体看，近半月政策聚焦 2026 年"抢开局"，具体有 5 大焦 点：一是 25.12.30 发改委、财政部发布 2026 年"两新"政策，早于过 往、政策靠前发力、力争"开门红"，总体看，2026 年"两新"继续扩 围，但补贴力度可能有所退坡、总规模可能低于 2025 年的 3000 亿，投 放节奏可能更平滑；二是财政部、住建部等多部门年度工作会议，基本 属于 2025 年中央经济工作会议的具体落实，重点关注财政部明确将继 续安排资金支持"两新"、优化双贴息、支持服务消费，多地也率先发力 抢开局，聚焦经济大省挑大梁、支持服务消费、金融科技；三是 25.12.31 证监会发布《公开募集证券投资基金销售费用管理规定》，属于本轮费 率改革的最后一步；四是央地继续松地产，财政部发布个人销售住房增 值税新规（不满 ...

从中国ETF市场的发展历程看，2004年首只ETF宣告成立，历经16年发展，直到2020年10月，ETF总规 模首次突破1万亿元。又经过近三年的时间，2023年8月，ETF总规模突破2万亿元。此后，ETF开启"加 速跑"模式：2024年9月，规模突破3万亿元；今年4月，规模突破4万亿元；截至2025年8月25日，规模突 破5万亿元。如今，ETF总规模迈过6万亿元关口。 百亿元级ETF阵营今年以来大幅扩容。截至2024年底，共有66只ETF规模超百亿元，而截至今年12月26 日，有120多只ETF规模超百亿元。此外，千亿级ETF频现。其中，华泰柏瑞沪深300ETF规模已达到 4270.67亿元，易方达沪深300ETF规模也突破3000亿元。 中国ETF市场发展历程 周恒 制图 ETF总规模突破6万亿元 ◎记者 赵明超 ETF总规模再创历史纪录。据Choice测算，截至12月26日，ETF规模合计为6.02万亿元，这是ETF总规模 首次突破6万亿元大关。从规模变化情况看，同2024年底相比，增长超2.2万亿元。 ETF阵营大幅扩容 民生加银量化投资部总监何江在接受上海证券报记者采访时表示，ETF规模快速增长是多种 ...

公开资料显示，诺德基金成立于2006年，注册资本1亿元，总部位于上海，在北京、深圳、济南、成都 设有分支机构。股权结构方面，公司由天府清源控股有限公司（持股51%）和北京天朗云创信息技术有 限公司（持股49%）共同控股。截至2025年11月末，该公司共管理44只公募基金产品，涵盖债券型基金 14只，权益类产品29只，货币型基金1只，形成相对均衡的产品矩阵。 业内分析认为，在费率改革深化、资管产品净值化转型的背景下，基金公司对具备跨领域经验、战略规 划能力的高管需求显著提升。刘翔兼具银行与公募管理经验，且在规模扩张、业绩打磨上有成功案例， 其加盟或为诺德基金带来业务突破契机。 2020年7月至2025年4月期间，刘翔出任光大保德信基金总经理，任职期间，其以"投资者回报体验为核 心"的管理风格成效显著，据国泰海通证券数据，截至刘翔卸任前的2025年3月末，光大保德信基金近一 年和近十年的固收投资绝对收益业绩排名，均位居全行业第1名。 12月26日晚间，诺德基金管理有限公司（下称"诺德基金"）正式发布《高级管理人员变更公告》，公告 显示，公司原总经理罗凯因个人原因离任，且未转任公司其他工作岗位；同日，刘翔正式出任诺 ...

编者按：2025年，公募基金行业迎风而上、向新而行，在深化变革的浪潮中，踏出了高质量发展的坚定 步伐。当行业规模昂首迈向37万亿元新高度，一条从"规模扩张"到"质量跃升"的转型之路清晰铺展。 这一年，费率改革"三步走"平稳落地，推动行业回归投研本源；ETF市场百花齐放，构建多元竞争新格 局；权益类基金伴随A股修复稳步回升，以扎实业绩兑现长期投资承诺；科技创新主题基金紧扣时代脉 搏，精准把握产业升级机遇；个人养老金产品持续丰富优化，为居民养老规划奠定坚实财富基础；基金 分红广度与深度同步提升，切实增强投资者获得感……每一项突破，都凝结着行业的智慧；每一次进 阶，都回应着时代的期许。 岁末已至，新篇待启。让我们以十大关键词勾勒出这段砥砺奋进的历程，沉淀发展经验，汲取前行力 量。 ■本报记者 吴珊 昌校宇 方凌晨 王宁 彭衍菘 重塑生态： 公募基金明确"为何而战" 2025年，围绕"推动公募基金高质量发展"这一主线，监管部门相继推出一系列新规，从考核激励、投资 行为到费率结构进行全面重塑，旨在推动行业从"重规模"向"重回报"转变。 这场改革的关键点是今年5月份发布的《推动公募基金高质量发展行动方案》，具体措施25条 ...

公募基金行业作为中国资本市场上的重要参与者、投融资的重要枢纽，不仅是普惠金融的典型代表以及家庭理财、居民财富管理和养老的重要工具，更在服 务实体经济、持续优化市场资源配置、提高直接融资比重、培育新质生产力方面发挥了重要作用。截至2025年9月末，公募基金规模达36.74万亿元，创历史 新高。在普惠金融理念的持续引领下，公募基金行业实现跨越式发展的同时，也通过买方投顾代客理财，对投资者进行持续陪伴，并在费率改革方面持续让 利于基民，新型浮动费率基金也与持有人的利益深度绑定，进一步夯实了行业的普惠根基。 让利于基民 近年来，公募基金通过费率改革积极让利于基民，深化发展普惠金融。2023年7月8日，中国证监会发布《公募基金行业费率改革工作方案》，从管理费、托 管费到交易佣金，再到销售费用的三段式方案，一石激起千层浪，带动以公募为主的多个金融领域基金业务走向转型。 具体来看，第一阶段和第二阶段费率改革分别于2023年和2024年落地，而第三阶段的基金销售费率调降也在年内迎新进展。2025年9月，中国证监会就《公 开募集证券投资基金销售费用管理规定（征求意见稿）》（以下简称《规定》）公开征求意见，合理调降公募基金认购费 ...

Core Viewpoint - The adjustment of management fees by various fund managers in response to declining fund yields aims to protect investor interests and maintain market competitiveness [1][2][3] Group 1: Fund Management Fee Adjustments - On September 20, 2023, China Merchants Securities Asset Management announced a reduction in the management fee rate of its "China Merchants Asset Management Zhiyuan Tiantianli Money Market Fund" from 0.90% to 0.30% due to its 7-day annualized estimated yield falling below twice the current deposit rate [1] - Similar adjustments have been observed in other money market funds, including Xingsheng Asset Management's Jin Qilin Cash Fund and Changjiang Money Manager, indicating a trend among fund managers to lower fees in response to declining yields [1][2] Group 2: Investor Protection and Market Strategy - From the perspective of investor protection, lowering management fees helps mitigate the erosion of actual returns for investors when fund yields are low, thereby enhancing investor confidence in fund products [2] - The reduction in management fees also serves as a risk management strategy, reducing the risk of overdraft for sales institutions and providing a buffer for fund operations, which is crucial in maintaining stability amid poor performance [2] Group 3: Industry Trends and Future Outlook - Data from Wind Information shows that as of September 21, 2023, 14 funds have reduced their management fees since August 31, primarily in the money market and bond fund categories [3] - The chief economist of Qianhai Kaiyuan Fund suggests that fee reforms are reshaping the public fund industry's profit logic from "scale-driven" to "value creation," indicating a shift towards enhancing research capabilities and digital operations to lower costs and improve client retention [3] - The increasing marketization of fee structures is expected to become the new norm, promoting a focus on creating value for investors [3]

Core Viewpoint - The release of the "Action Plan for Promoting the High-Quality Development of Public Funds" signals a systemic transformation in the industry, emphasizing a shift from regulatory signals to market practices and from system construction to functional positioning [1] Group 1: Industry Transformation - The public fund industry is at a critical juncture, needing to reshape itself to become a first-class investment institution amid intensifying competition [3] - The "Action Plan" outlines a clear path for the industry to accelerate the construction of a "platform-based, integrated, multi-strategy" investment research system, enhancing core investment research capabilities [3] - A first-class investment institution should possess long-term investment return capabilities that transcend market cycles, focusing on wealth preservation and appreciation for investors [3][4] Group 2: Service and Client-Centric Approach - Establishing a client-centered full-cycle service culture is essential for first-class investment institutions, which can help reduce irrational client behavior and convert product returns into actual client gains [4] - The industry must evolve its production methods to ensure quality while achieving scale, moving towards asset management industrialization [4][5] Group 3: Differentiation and Functional Positioning - The industry must shift from scale orientation to value creation, encouraging institutions to pursue differentiated development paths based on their strengths and positioning [7] - High-quality development is characterized by clear positioning, either becoming a "comprehensive aircraft carrier" or a "boutique store" in niche areas, ultimately focusing on customer-centricity [7][8] Group 4: Strategic Responses from Fund Companies - Fund companies are adopting various strategies to align with the new industry direction, such as enhancing core investment research capabilities and optimizing organizational structures [8][9] - Companies like E Fund emphasize the importance of focusing on core business and maintaining a comprehensive asset management function, while others like China Universal Fund are transforming their production methods to ensure high-quality fund products [8][9] Group 5: Market Dynamics and Future Outlook - The fee reform is changing industry logic, potentially leading to a significant wealth management era in China, where lower fees will drive institutions to transition towards a buyer-oriented model [10][11] - The competition will increasingly focus on long-termism, actual client returns, and service value, fostering a healthier and more sustainable ecosystem [10][11] - The industry is expected to see a further concentration of advantages among leading institutions, while smaller firms seek differentiation through niche positioning [12]

Core Viewpoint - The recent fee reform in China's public fund industry marks a significant step towards reducing investor costs and shifting the focus from scale-driven growth to professional competence and effective returns [2][3][4]. Group 1: Fee Reform Details - The China Securities Regulatory Commission has revised the sales fee management regulations for publicly offered securities investment funds, indicating the final phase of fee reform [2]. - The maximum subscription and purchase fees for stock funds have been reduced from 1.2% and 1.5% to 0.8%, while mixed funds have seen a reduction from 1.2% and 1.5% to 0.5% [2]. - Bond funds' maximum subscription and purchase fees have decreased from 0.6% and 0.8% to 0.3%, and the sales service fee for stock and mixed funds has been lowered from 0.6% per year to 0.4% per year [2]. - Index and bond funds' sales service fees have been cut from 0.4% per year to 0.2% per year, and money market funds' sales service fees have decreased from 0.25% per year to 0.15% per year [2]. Group 2: Implications for the Industry - The fee reform is expected to enhance the competitiveness of public funds by encouraging a shift from a focus on scale to a focus on professional investment capabilities and long-term performance [3][4]. - The existing front-end fee model has limited the competitive spirit and professional development of public funds, making them less responsive to market changes compared to private funds [3]. - A new institutional framework is needed to align the interests of fund managers, custodians, and investors, promoting a shared incentive model that fosters trust and competition within the public fund market [4][5]. Group 3: Future Directions - The fee reform is seen as a new starting point for the public fund industry, emphasizing the importance of professional capabilities and trust-based relationships in the capital market [5]. - The industry is encouraged to explore back-end profit-sharing models to better serve investors and enhance market competitiveness [4][5].

Core Viewpoint - The recent fee reform in China's public fund industry marks a significant step towards reducing investor costs and shifting the focus from scale-driven growth to professional competence and effective returns [2][3]. Summary by Sections Fee Reform Details - The China Securities Regulatory Commission has revised the sales fee management regulations for publicly offered securities investment funds, indicating the final phase of fee reform [2]. - The maximum subscription and purchase fees for stock funds have been reduced from 1.2% and 1.5% to 0.8%, while for mixed funds, they have been lowered to 0.5%. Bond funds' fees have decreased from 0.6% and 0.8% to 0.3% [2]. Impact on the Public Fund Industry - The fee reform aims to lower investment costs for investors and encourages a shift away from a scale-oriented approach towards a focus on professional investment capabilities and returns [3]. - The existing front-end fee model has limited the competitive spirit and professional development of public funds compared to private funds, leading to a lack of market sensitivity [3][4]. Future Directions - To foster healthy development in the capital market, a new institutional framework is needed that aligns the interests of fund managers, custodians, and investors [4]. - The introduction of a back-end performance-based fee model could create a community of interests among investors, fund managers, and custodians, enhancing market competition and trust [6]. Conclusion - The fee reform is not an endpoint but a new starting point for the public fund industry, emphasizing the importance of professional capability and trust in the market [6].