在低利率环境和股票市场结构性行情显著的背景下，资产配置的重要性日益突出。华商基金始终"以提 升投资者获得感"为中心，构建了覆盖不同风险偏好、养老目标及投资期限的多元化FOF产品体系，致 力于通过专业的投资理念和经验，助力投资者根据自身风险偏好实现最优的资产配置和更好的持基体 验。 值得一提的是，截至2025年末，由擅长"稳守反击风格"的华商基金资产配置部总经理孙志远管理的华商 安远稳进一年持有混合（FOF）C，2025年业绩位列同类产品第二，充分展现了华商基金在FOF领域的 主动投资管理能力。 稳守反击风格 铸就中长期超额收益 孙志远 华商基金资产配置部总经理 华商安远稳进一年持有混合（FOF）基金经理 华商嘉逸养老目标2045五年持有混合发起式（FOF）基金经理 华商嘉悦平衡养老三年持有混合发起式（FOF）等基金经理 针对宏观经济，孙志远指出，虽然判断实际经济增速上行路径有不确定性，但物价水平上行概率较高， 这或对周期类的上市公司盈利增速形成利好；加上这些板块的PB估值都处于自身历史的低位，在2026 年有望受益。 展望2026年，孙志远认为成长和价值风格或都有机会，相对来说风格内部与价格相关度高的行业和板 ...

【导读】以投资者为本，公募基金信披开新篇 近日，中国证监会就《公开募集证券投资基金信息披露内容与格式准则第2号——定期报告的内容与格 式》（以下简称《准则》）向社会公开征求意见，中国基金业协会同步就《证券投资基金信息披露 XBRL模板》（以下简称《XBRL模板》）征求行业意见。 受访机构和人士表示，《准则》《XBRL模板》将推动信披规则体系更加简明、灵活，有利于公募基金 提升投资行为稳定性，强化"以投资者为本"的理念，进一步推动行业高质量发展。 公募多维度启动落实工作 《准则》和《XBRL模板》发布后，一家大型基金公司表示，公司一方面升级信息系统，以适配XBRL 数据标引与中长期业绩、换手率等指标的自动统计；另一方面，优化投研考核体系，将长期业绩稳定 性、持有人盈利体验纳入核心评价维度。 中银基金表示，新规将推动行业价值观从"规模导向"转向"投资者利益导向"。公司正在逐一研究披露指 标，提前评估完善口径的计算系统，提升投资者获得感与信任度。 中银基金进一步表示，《准则》《XBRL模板》核心在于提升行业透明度、重塑投资者信任、驱动行业 高质量发展，同时，通过内容优化，提升报告可读性与有用性，强化管理人责任与专业 ...

Group 1 - The Hong Kong Stock Connect Automotive ETF (159323) increased by 0.81% with a trading volume of 99.217 million yuan on February 6 [1] - The ETF's shares decreased by 1 million, bringing the total shares to 10.5 million, with a reduction of 9 million shares over the last 20 trading days [1] - The latest net asset value of the ETF is calculated to be 131 million yuan [1] Group 2 - The performance benchmark for the Hong Kong Stock Connect Automotive ETF is the adjusted return of the CSI Hong Kong Stock Connect Automotive Industry Theme Index [1] - The fund is managed by Huaxia Fund Management Co., Ltd., with the fund manager being Hua Long [1] - Since its establishment on December 30, 2024, the ETF has returned 24.96%, while the return over the past month is -4.84% [1]

Group 1 - The Hong Kong Stock Connect Innovative Drug ETF (工银, 159217) increased by 0.54% on February 6, with a trading volume of 601 million yuan [1] - The fund's shares rose by 66 million to a total of 3.936 billion shares, with an increase of 191 million shares over the last 20 trading days [1] - The latest net asset value of the fund is 5.088 billion yuan [1] Group 2 - The performance benchmark for the ETF is the adjusted return rate of the Guotai Junan Hong Kong Stock Connect Innovative Drug Index [1] - The fund is managed by ICBC Credit Suisse Asset Management Company, with fund managers Liu Weilin and Jiao Wendong [1] - Since its establishment on March 26, 2025, the fund has achieved a return of 29.26%, while the return over the past month is -3.95% [1]

Group 1 - The current market sentiment is influenced by the nomination of the next Federal Reserve chair, with a significant focus on the potential hawkish stance of candidate Waller. However, the economic pressures in the U.S., particularly in the real estate market, suggest that tightening monetary policy may not be straightforward [1][2] - The U.S. faces substantial government debt and persistent fiscal deficits, which impose a "soft constraint" on monetary policy. The expected fiscal deficit rate is projected to remain around 6% in the coming years, making aggressive tightening by the Federal Reserve potentially destabilizing for the bond market [2][3] - The Federal Reserve may enter a "technical balance sheet expansion" as a new norm, focusing on maintaining sufficient reserves in the financial system rather than stimulating the economy. This operational approach is seen as necessary for financial stability, regardless of the personal views of the new chair [3][6] Group 2 - The ongoing strategic reallocation from U.S. Treasury holdings to gold by central banks reflects concerns over the long-term credibility of the U.S. dollar, positioning gold as a critical asset in national reserves. This trend provides a solid support base for gold prices [9] - Gold's low correlation with traditional assets like stocks and bonds makes it an attractive option for family asset allocation. The increasing volatility of gold prices, driven by global uncertainties, suggests that investors should focus on long-term strategic holdings rather than short-term trading [9][10] - Recommended strategies for gold investment include maintaining a long-term holding ratio of 5% to 10% of total family assets and employing a systematic approach to purchasing, such as regular monthly investments or buying during significant market dips [10][11]

Group 1 - The public FOF market has seen a surge in activity at the beginning of 2026, with new products raising nearly 30 billion yuan, driven by strong demand from bank clients for diversified asset allocation in a low-interest-rate environment [1] - FOF is transitioning from a "fixed income+" dominated phase to a "multi-asset allocation" phase, utilizing a combination of stocks, bonds, commodities, and overseas assets to help investors manage market volatility and achieve stable growth [1] - On February 6, the A-share market experienced significant fluctuations, with the Shanghai Composite Index closing down 0.25% at 4065.58 points, and total market turnover reaching 2.16 trillion yuan, a decrease of 30.8 billion yuan from the previous trading day [1] Group 2 - On February 6, only one new fund was launched, primarily an equity fund, with the E Fund Hang Seng A-Share Electric Grid Equipment ETF aiming to raise 8 billion yuan; 16 funds distributed dividends, with the highest being 0.8050 yuan per 10 shares for the Penghua Harvest Bond Fund [2] - A total of 43 funds are set to be launched from February 9 to the end of the month, with a focus on equity funds, which account for nearly 80% of the new offerings, as institutions prepare for a potential spring market rally [2] - Fund managers are shifting strategies in response to increased market volatility, focusing on specific sectors or enhancing bottom-up stock selection, with an emphasis on preserving returns over seeking high gains in 2026 [2] Group 3 - Public fund institutions are increasingly launching Hong Kong-themed funds, with over 30 such funds reported since the beginning of the year, reflecting optimism about long-term investment opportunities in Hong Kong stocks, particularly in technology, consumer, and dividend sectors [3]

2026年2月5日 工银瑞信中证港股通医疗主题交易型开放式指数证券投资基金（证券简称：港股通医疗ETF工银，证券 代码：159167）自2026年2月12日起在本所上市交易,并实施当日回转交易。 深圳证券交易所 ...

点击按钮▲立即预约 " 节前 5 个交易日胜率仅 33% ， 10 个交易日胜率 25% ，而节后胜率高达 100% 。 " 文 /巴九灵（微信公众号：吴晓波频道） 各位，多久没有在牛市里过春节了？ 打开行情软件，上一次经历"牛市+春节"的，还是在2015年，再上一次，就要追溯到2007年，是实打实的"十年一遇"。 考虑到如今的投资者里，有不少是95后、00后萌新，对他们而言，"牛市春节"显然是个陌生事物。 据 上交所最新的数据 ： 2026 年 1 月 A 股新开户 491.58 万户 ，环比增长 89% ，同比和去年 1 月份的 157 万户相比，同比增长 213%——存款 搬家，新人入场，热闹的行情也到了个科普的节点：牛市怎么过春节？ 今天的文章，我们就结合当前的一些机构判断，以及需要注意的交易常识，为大家接下来的决定做个参考。 在此之前，不妨先做个也能成为参考的调查：无论是炒股还是买基金等，这个春节，各位是准备"持股过节""空仓过节""半仓过节"? 需要了解的"规则差" 对投资们来说，未来一周，不仅是辞旧迎新，更是迎来了一个决定时刻。 原因首先在于"规则"，据沪深北三大交易所发布的公告，2月14日 （ ...

Market Review - The A-share market saw a decline across major indices, with the Small and Medium-sized Board Index, Shanghai Composite Index, and CSI 300 Index recording returns of -1.16%, -1.27%, and -1.33% respectively. In contrast, the STAR 50, ChiNext Index, and CSI 500 Index had poorer performance with returns of -5.76%, -3.28%, and -2.68% respectively [5][13] - The trading volume for major indices decreased last week, with all indices positioned within the 75%-95% historical percentile over the past 52 weeks [15][16] - In terms of industry performance, Food & Beverage, Textile & Apparel, and Banking sectors performed well with returns of 4.44%, 2.23%, and 2.08% respectively, while Non-ferrous Metals, Communication, and Electronics sectors lagged with returns of -8.46%, -6.73%, and -5.09% respectively [18][20] Fund Performance - A total of 40 new funds were established last week, with a combined issuance scale of 30.859 billion yuan, a decrease from the previous week. Additionally, 33 funds entered the issuance phase, with 6 funds set to begin issuance this week [3][4] - The median returns for active equity, flexible allocation, and balanced mixed funds were -2.00%, -1.34%, and -1.63% respectively last week. Year-to-date, alternative funds have shown the best performance with a median return of 6.96% [32][34] - The median excess return for index-enhanced funds was 0.09%, while quantitative hedging funds had a median return of 0.11%. Year-to-date, the excess median for index-enhanced funds was 0.39% [35][36] ETF Market - As of the end of 2025, the domestic ETF market in China surpassed Japan, becoming the largest in Asia, with a total scale of 6.02 trillion yuan and 1,381 listed ETF products, marking a growth of 61.4% from the previous year [7][10] - The Hang Seng Index Company announced the launch of the Hang Seng Dual Technology Index in January 2026, which combines the Hang Seng Technology Index and the Hang Seng Biotechnology Index, reflecting the growth in both sectors [10] Central Bank Actions - The People's Bank of China conducted a net withdrawal of 756 billion yuan through reverse repos last week, with a total of 1.0055 trillion yuan injected into the market [21][22] - The central bank has increased its gold reserves for 15 consecutive months, with the official gold reserve reaching 74.06 million ounces as of January 2026, an increase of 40,000 ounces from December 2025 [11]

Core Viewpoint - The capital market in 2025 was driven by clear industry trends and rapid market rotations, with active equity funds demonstrating strong value capture capabilities, contributing over 2.6 trillion yuan in profits to investors, with active equity funds alone contributing approximately 1.1 trillion yuan [1] Group 1: Performance of Active Equity Funds - Active equity funds are valued for their ability to generate excess returns and convert them into real profits for holders, exemplified by Xingzheng Global Fund, which generated 40.94 billion yuan in profits for holders in 2025 [2] - Over the past decade, Xingzheng Global Fund's 28 active equity products averaged over 2 billion yuan in profits per product, with Xingquan Heiyi leading with 13.056 billion yuan in profits [3][4] - Xingzheng Global Fund's active equity funds established for over ten years achieved an average annualized return of 12.58%, providing long-term returns across market cycles [4] Group 2: Fund Manager Performance - Fund managers at Xingzheng Global Fund managing over 20 billion yuan have shown strong alpha generation capabilities, with their longest-managed products achieving excess returns over 1, 3, and 5 years [6][7] - In 2025, 26 out of 27 active equity funds managed by Xingzheng Global Fund outperformed their benchmarks, indicating a broad-based ability to generate excess returns across the platform [8] Group 3: Investment Methodology and Organizational Structure - The profit generation is supported by a systematic investment methodology and organizational structure, with flagship products providing long-term value and a diverse range of funds contributing to profit stability [10][11] - The investment approach emphasizes broad market selection and balanced allocation, avoiding reliance on single industries or styles, which helps manage large-scale funds effectively [12][13] - The platform's research and investment system ensures a high success rate in generating profits, with a focus on deep research and cross-group collaboration to uncover investment opportunities [14][15] Group 4: Long-term Value and Client Focus - The investment philosophy is rooted in a long-term value perspective, with a focus on creating sustainable returns for clients, supported by a robust assessment framework for fund managers [15][16] - The organizational culture promotes resilience and reduces dependency on individual star fund managers, ensuring stable investment capability output [16][17]