4、 银行保险代理销售热度增加。近期，山东、河北、安徽等地农商行保险代理业务方面动作频繁，纷纷上线保险代 理产品、新增代理险种、密集开展人员培训等。农商行人士指出，春节将至，返乡客流持续增加，客户多元化金融需 求增加，为精准对接客户服务需求，进一步夯实零售中间业务发展基础，抓住春节年轻人返乡时间点为家庭成员购置 保险的需求，增加保险销售力度。 5、 基金参与定增日趋活跃，逾七成融资涌向新质生产力。2026 年伊始，A股定增市场迎来新一轮活跃期，多位明星 基金经理密集现身多家上市公司定增项目，投向聚焦制造业、新能源、信息技术等新质生产力领域。Wind数据显示， 如果按申万一级行业划分，超过70%的融资额流向了新质生产力相关领域。 6、 资源主题基金开年一马当先。向来以风格平衡为特色的公募 FOF产品，在2026年开年也紧跟市场节奏，通过拥抱 赛道化和重配资源主题基金，收获了可观的业绩弹性。开年以来，公募QDII业绩格局也同样呈现资源品一边倒的态 势，偏冷门的商品类QDII凭借亮眼表现，占据了绝对主导地位。多位基金经理指出，资源股行情短期涨幅过大，一致 性预期过高，在市场情绪火爆的阶段，不排除部分资金选择落袋为安 ...

今天分享的是：波士顿咨询：2026数字货币：香港基金行业倍增式发展机遇研究报告 报告共计：32页 这份由BCG、Aptos Labs与恒生银行联合发布的报告，聚焦数字货币发展背景下香港基金行业的倍增式发展机遇，指出区块链技术推动 的代币化体系正重构全球金融基础设施，2026年成为香港链上金融发展的关键拐点，而代币化创新有望推动香港基金行业规模翻倍。 报告指出，传统金融报文体系存在效率低、结算滞后等痛点，代币化体系凭借价值直接传递、可编程、即时结算的特性成为金融演进新 方向。当前数字货币已步入商业化规模阶段，2025年11月锚定法币的稳定币市值突破3000亿美元，全球超130家央行探索央行数字货币， 代币化存款也在头部银行落地，三者互补共存形成多轨结算生态。代币化资产则从支付向投资领域延伸，2025年代币化基金市值从2024 年20亿美元跃升至80多亿美元，债券、大宗商品、房地产等资产的代币化也加速推进，预计2025至2033年数字货币和代币化资产市场规 模年复合增长率超50%。 三方在香港金管局"数码港元+"试点中，验证了Aptos公有许可链在代币化基金交易中的技术可行性，其具备亚秒级终局性、极低交易成 本， ...

1 、 海南自贸港居民进境商品免税额度每人每年 1 万元。 财政部、海关总署、税务总局联合发布通知，对海南自贸港岛内居民在指 定经营场所购买的进境商品，在免税额度和商品清单范围内免征进口关税、进口环节以及国内环节增值税和消费税。免税额度为每人 每年 1 万元人民币，不限购买次数。 2 、 中国光伏行业协会预计 2026 年新增装机回落，工信部聚焦行业内卷治理。 中国光伏行业协会预计 2026 年中国光伏新增装机规 模将回落至 180GW 至 240GW ， " 十五五 " 期间年均新增装机量为 238GW 至 287GW 。工信部电子信息司副司长王世江指出，治理 光伏行业内卷将是今年工作的重中之重。 3 、 全球 HBM （高带宽内存）短缺正从数据中心蔓延至消费电子领域，智能手机行业首当其冲。 高通与 Arm 相继预警，内存短缺 将直接限制手机产量，部分制造商已计划削减生产并下调出货目标。 4 、 银行保险代理销售热度增加。 近期，山东、河北、安徽等地农商行保险代理业务方面动作频繁，纷纷上线保险代理产品、新增 代理险种、密集开展人员培训等。农商行人士指出，春节将至，返乡客流持续增加，客户多元化金融需求增加，为 ...

Core Viewpoint - The Harbor Commodity All-Weather Strategy ETF (HGER) provides diversified exposure to commodities, focusing on inflation-sensitive assets and dynamically adjusting gold weighting to optimize returns in inflationary conditions [6]. Fund Activity - Echo45 Advisors LLC reported a new position in HGER, acquiring 127,402 shares valued at approximately $3.16 million for the fiscal fourth quarter ending December 31, 2025 [2]. - This acquisition represents 1.8% of Echo45 Advisors' reportable assets under management as of December 31, 2025 [8]. ETF Overview - As of February 5, 2026, HGER's share price was $26.50, with a 1-year total return of 21.5%, outperforming the S&P 500 by 9.35 percentage points [8]. - The ETF offers a dividend yield of 6.54% [4]. Investment Strategy - The fund targets efficient diversification across at least 15 of the 24 most liquid commodity futures, with a focus on inflation sensitivity and economic significance [9]. - The strategy includes a dynamic gold weighting based on a proprietary scarcity debasement indicator, with quarterly rebalancing [9]. Performance Metrics - Over the past year, including dividends, HGER has produced a total return of 22.8%, and a total return of 46.1% over the past three years [10]. - Gold constitutes 40.9% of the ETF's total holdings, which may pose risks for conservative investors [11].

Core Insights - The report highlights the rapid growth and development of the ETF market in 2025, driven by various government policies aimed at enhancing market efficiency and attracting long-term capital [1][2][3] Global ETF Development Overview - By the end of 2025, the global ETF market reached an asset size of over $19.7 trillion, marking a 31% increase from the previous year [6][10] - The U.S. ETF market accounted for approximately $13.5 trillion, representing about 68% of the global market [10][11] - Stock ETFs dominated the asset categories, comprising about 77.7% of the total ETF market [7][9] Domestic ETF Market Development - The domestic ETF market in China surpassed ¥6 trillion by the end of 2025, becoming the largest ETF market in Asia [1][18] - The number of listed ETFs in China reached 1,381, a 35.7% increase from 2024 [18] - The net inflow of funds into domestic ETFs exceeded ¥1.16 trillion, with bond ETFs attracting the highest net inflow of ¥552.7 billion [18][19] Shanghai Stock Exchange ETF Development - The Shanghai Stock Exchange ETF market saw its size grow from ¥2.72 trillion to ¥4.22 trillion, a 55% increase [21][22] - The number of new ETF products listed on the Shanghai Stock Exchange doubled compared to 2024, with significant contributions from broad-based ETFs [22][25] - Institutional investors held 65% of the ETF market by the end of 2025, indicating a shift towards more stable, long-term investment strategies [22][32] Product Innovation and Market Structure - The report emphasizes the continuous innovation in ETF products, including the introduction of 355 new ETFs in 2025, with a focus on broad-based and thematic ETFs [19][26] - The development of green ETFs and products related to state-owned enterprises reflects a strategic alignment with national priorities [29][27] Future Outlook for the ETF Market - The ETF market is expected to continue its growth trajectory, with a focus on enhancing product offerings and improving market mechanisms to attract long-term capital [35][36] - The Shanghai Stock Exchange aims to strengthen its international presence and regulatory framework to support the sustainable development of the ETF market [41][40]

Core Insights - The report highlights the rapid growth and structural optimization of the ETF market in China, which has surpassed Japan to become the largest ETF market in Asia, with total assets exceeding 6 trillion yuan by the end of 2025 [1][12]. Global ETF Development Overview - By the end of 2025, the global ETF market reached a total asset size of over 19.7 trillion USD, marking a 31% increase from the previous year [3][42]. - The U.S. ETF market accounts for approximately 68% of the global total, with a market size of about 13.5 trillion USD [11][48]. - Stock ETFs dominate the asset categories, comprising about 78% of the total, while bond ETFs account for over 16% [8][42]. Domestic ETF Market Development - The domestic ETF market in China saw a significant increase, with the total scale reaching 6.02 trillion yuan, a 61.4% growth from 2024 [20][57]. - The number of listed ETFs in China rose to 1,381, reflecting a 35.7% increase year-on-year [20][57]. - In 2025, the net inflow of funds into domestic ETFs exceeded 1.16 trillion yuan, with bond ETFs attracting the highest net inflow of 552.7 billion yuan [20][57]. Shanghai Stock Exchange ETF Development - The Shanghai Stock Exchange's ETF market size grew from 2.72 trillion yuan to 4.22 trillion yuan, a 55% increase [24][61]. - The number of listed ETFs on the Shanghai Stock Exchange increased from 602 to 797, more than doubling the new listings compared to 2024 [61][62]. - Institutional investors held 65% of the ETF market by the end of 2025, indicating a shift towards more stable, long-term investment strategies [62][63]. Product Supply and Investor Demand - In 2025, 355 new ETF products were launched in the domestic market, with a total issuance scale of 273 billion yuan [21][58]. - The demand for ETFs from internet and banking channels is strong, with the scale of ETF-linked funds exceeding 900 billion yuan, growing over 40% from the previous year [59]. - The report emphasizes the importance of broadening the investor base and enhancing liquidity in the ETF market [62][63]. Future Outlook for the ETF Market - The report outlines plans for 2026 to further enrich the ETF product supply and optimize market mechanisms, aiming to enhance the role of ETFs in wealth management and long-term capital allocation [37][39]. - The focus will be on developing a multi-layered ETF market system that aligns with national strategies and promotes sustainable economic growth [37][39].

Group 1 - The report indicates that by 2025, the total scale of ETFs in China has surpassed Japan, reaching approximately $860 billion, making it the largest ETF market in Asia [1] - In 2025, the Shanghai Stock Exchange (SSE) ranked first in Asia and third globally in ETF trading volume, with a total trading volume of 61 trillion yuan, reflecting a compound annual growth rate of 42% over the past five years [1] - The daily average trading volume of ETFs in the SSE reached 299.9 billion yuan, with significant increases in trading volumes across various ETF categories, including stock ETFs, bond ETFs, cross-border ETFs, and commodity ETFs [1] Group 2 - The SSE emphasizes the importance of ETFs as a key tool for wealth management and long-term capital allocation, contributing to the high-quality development of the capital market [2] - In 2026, the SSE aims to establish a multi-layered and diversified ETF market system and product service matrix, enhancing the role of ETFs in improving capital market functions and broadening channels for long-term capital inflow [2] - The SSE's initiatives are aligned with the core requirements of the financial development strategy, focusing on enhancing investor experience and increasing the inclusiveness and adaptability of capital market systems [2]

文 | 银行螺丝钉 （转载请注明出处） 似灯足仅 叮 灯, 拥休出到4-3生 門, 付 金可以定投。这是三点几星对低估指数 基金投资的要点。 因为每一轮熊市， A股都会出现4-5星, 未来也会遇到若干轮熊市。 长期投资,不缺机会,缺钱。所以我们 要确保自己有弹药，在4-5星的时候能做 好加仓。 当市场波动的时候,低估指数基金也会 有波动。 例如当2015年下半年股灾的时候，当时 红利类指数也出现了波动。只是波动比 大盘小。 因为市场整体出现波动的时候，一些投 资者会在恐慌下抛售手里的股份,会带 动其他品种下跌。 行业主题指数,波动比大盘要更大,注 意控 制 好 比 例 ，单 个 行 业 控 制 在 15%-20%以内。 在三点几星及以上的阶段，有一些投资 方式是不太适合的。 例如梭哈一大笔资金,一次性投入。 其实市场总是不缺少低估买入的机会, 平均每3-5年就会有一次4-5星熊市。完 全可以等市场便宜一些再提高投入。 如果希望大笔资金投入，回到4-5星特别 是5点几星的时候更合适。 更不合适的是借钱投资。 大多数散户是追涨杀跌的。2026年初， 随着大盘上涨,借钱投资的投资者显著 增加，A股的融资额达到了最近 ...

Core Insights - The Shanghai Stock Exchange and Shenzhen Stock Exchange released reports indicating that China's ETF market remains the largest in Asia, with a total size of approximately $860 billion by the end of last year [1] Group 1: Market Growth - The total size of domestic ETFs reached 6.02 trillion yuan by the end of last year, representing a growth of 61.4% compared to the end of 2024 [1] - The number of ETF products increased to 1,381, marking a growth of 35.7% from the end of 2024 [1] - The proportion of ETFs in the stock market's circulating market value rose from 4.58% at the end of 2024 to 6.10%, highlighting their increasing influence in the capital market [1] Group 2: Investment Trends - The net inflow of funds into domestic ETFs exceeded 1.16 trillion yuan last year [1] - The share of institutional investors holding Shenzhen market ETFs increased to 58%, up by 12 percentage points [1] - Institutional investors (excluding ETF-linked funds) held 65% of the Shanghai market ETFs, an increase of 6 percentage points compared to the end of 2024 [1] Group 3: Trading Activity - The total trading volume of domestic ETFs reached a historical high of 84.2 trillion yuan, with non-monetary ETFs accounting for 77.5 trillion yuan, representing year-on-year growth of 123% and 146% respectively [1] - By the end of the year, the total amount and frequency of ETF dividends reached 45.9 billion yuan and 300 times, reflecting year-on-year increases of 107% and 134% respectively [1]

Core Viewpoint - The public fund industry is facing a liquidity and valuation crisis triggered by the sudden volatility in silver prices, particularly affecting the Guotou Ruijin Silver Futures LOF fund, which saw a dramatic drop in value and investor complaints [1][4]. Group 1: The Net Value Storm - The crisis began with an unprecedented surge in silver prices, causing the Guotou Ruijin Silver Futures LOF fund's net value to increase from 1.26 yuan in October 2025 to 5.25 yuan by January 29, 2026, a cumulative increase of over 300% [5]. - The fund's scale rapidly grew from 4.3 billion yuan to over 10 billion yuan, attracting a large number of investors [5]. - On January 30, 2026, the fund unexpectedly announced a one-day suspension, coinciding with a significant drop in international silver prices, which fell by over 25% [6]. Group 2: Valuation Adjustment and Investor Impact - On February 2, 2026, the fund opened with a 10% drop and subsequently announced a valuation adjustment, leading to a record single-day decline of 31.5%, with the net value plummeting from 3.2838 yuan to 2.2494 yuan [7][9]. - The fund's explanation for the adjustment was that domestic futures prices could not accurately reflect the underlying asset's value, which was deemed a compliant operation [9]. - Investors who submitted redemption requests before the adjustment faced significant losses due to the unexpected revaluation, leading to widespread dissatisfaction [10][11]. Group 3: Investor Complaints and Company Response - As losses mounted, investor complaints surged, questioning the sudden suspension and the lack of operational transparency [12][15]. - In response to the complaints, Guotou Ruijin announced the establishment of a special task force to address investor concerns and pledged to protect their rights [15][16]. - However, the announcement did not adequately address key investor concerns, such as the timing of the valuation adjustment and potential compensation for affected investors [18]. Group 4: Future Implications for the Company and Industry - The crisis represents both a challenge and a test for Guotou Ruijin, emphasizing the need for concrete solutions to investor grievances and improved risk management practices [19]. - The events of early 2026 will serve as a significant case study for the public fund industry, highlighting the importance of transparency and investor communication [20].