新华财经上海2月6日电在利率长期低位运行、信用利差持续收窄的背景下，传统"持有收息"策略正面临 收益瓶颈。贝莱德中国近日在2026年投资展望分享会上明确指出，固收投资已进入"窄幅走廊+多元工 具"并行的新阶段。 境内债市步入"上有顶、下有底"的震荡走廊 贝莱德基金首席资金官王登峰表示，2026年债券市场大概率延续区间震荡格局。"当前10年期国债收益 率整体窄幅波动，上有经济企稳预期压制，下有央行维持适度宽松托底，形成典型的'窄幅走廊'。" 他认为，当前存款仍是国内居民最主要的配置选择。即便利率下行，大部分资金仍倾向于留在银行体 系，或转向低风险、低波动的现金管理类产品，这为理财产品提供了发展空间。 近两年来，低利率环境成为市场共识，传统的票息策略难以获得理想的超额收益。面对票息收益持续下 行，贝莱德基金权益、量化及多资产首席投资官王晓京强调，固收投资正从被动持有转向主动管理。在 当前低利率环境下，固收投资者需开发新的回报来源或策略，尽量减少对债券低收益率的依赖。从实际 操作看，现阶段主要在股票和利率债两端寻找收益机会。 王晓京指出，当前市场最大的特征是"不确定性常态化"，传统股债负相关性正在弱化，单纯依赖静态 ...

Domestic News - The Ministry of Agriculture and Rural Affairs has issued implementation opinions to promote the modernization of agriculture and rural areas, focusing on the development of new rural collective economies and the reform of collective property rights [1] - The Ministry of Commerce has allocated the first batch of financial support funds amounting to 8.6 billion yuan to 50 pilot cities for the "Three New" consumption initiatives, which aim to enhance new consumption models and scenarios [1] - The National Health Commission is soliciting public opinions on national food safety standards for prepared dishes, emphasizing food safety and nutritional health [2] - The State Administration for Market Regulation is also seeking opinions on national standards for terminology and classification of prepared dishes to guide the high-quality development of the industry [2] Financial Market Updates - The recent valuation adjustments of the Guotou Ruijin Silver Futures Securities Investment Fund (LOF) have raised investor concerns, prompting the company to establish a working group to address investor demands and protect their rights [3] - The Shanghai Gold Exchange has announced changes in margin requirements for various gold and silver contracts, with increases in margin ratios and adjustments to price fluctuation limits [3] International News - The European Central Bank has decided to maintain key interest rates, reflecting the complex challenges posed by geopolitical tensions and inflation trends [5] - The Bank of England is closely monitoring signs of slowing wage growth as it considers future interest rate decisions [5] - The Indian central bank has kept interest rates unchanged, supported by increased government spending and a surprising trade agreement with the US [5] Market Overview - The Shanghai Composite Index has decreased by 0.25%, while the Shenzhen Component Index has fallen by 0.33% [6] - The Hang Seng Index has dropped by 1.21%, indicating a bearish trend in the Hong Kong market [6] - COMEX gold prices have slightly increased to 4,898 USD per ounce, while COMEX silver prices have decreased to 74.055 USD per ounce [6]

本报记者 彭衍菘 Wind资讯数据显示，截至2月6日，年内新成立的282只基金中，有81只基金宣布提前结束募集。而且，大量次新基金在成 立后迅速提升股票仓位。从净值波动情况可见，基金经理们正"火速"将募集资金转化为实际持仓，抢抓春季行情与结构性机会 的建仓窗口期。 多只年内成立的主动权益类基金在短短数周内净值已出现明显波动。例如，国泰海通低碳经济睿选A成立于1月20日，截至 2月6日，其成立以来收益率已达1.46%；平安港股通均衡配置A成立于1月13日，同期收益率也达到近1.15%。这意味着，在成 立不足一个月的时间里，上述基金的基金经理已完成核心仓位的构建并开始捕捉市场收益。发行规模达49.16亿元的华宝优势产 业混合A，在1月27日成立后，截至1月30日净值也已实现0.26%的正增长。 被动型产品的建仓步伐更为迅猛。按规定，ETF需在上市前完成建仓。梳理ETF上市公告书可见，部分ETF在建仓末期时 仓位几乎"拉满"。例如，富国中证智选船舶产业ETF在2月6日上市前夕，股票资产占比已达97.21%；易方达中证全指食品ETF 在上市前一日，股票仓位也高达95.80%。这种高效建仓，反映出基金管理人对相关主题赛 ...

本报记者 方凌晨 在业内人士看来，公募机构在当前积极布局港股主题基金，核心是基于对港股未来发展空间和投资机会的长期看好。罗佳 明认为："今年港股和A股均有望吸引外资配置。考虑到中国经济的抗压能力已得到市场认可，加上新兴市场基金对中国仍处于 明显低配状态，恒生指数仍是全球估值洼地，沪深300指数亦处于中低分位。虽然今年偏多的港股IPO数量预计会对市场形成一 定冲击，但主要体现在资金分流和风险偏好下降方面，且2025年第四季度的市场表现已部分反映出这一影响，因此今年香港恒 生指数仍有一定空间。" 罗佳明表示："港股市场虽然波动性高，但对于价值投资者而言，波动恰恰是争取超额收益的来源。在高波动、高供给的 市场环境下，坚持自下而上精选企业，仍有望通过结构性机会和个股选择争取回报。" 邢程表示，展望未来，短期去杠杆和流动性冲击大概率不会改变港股中期大趋势。同时，全球多极化格局和分散投资需求 构成了贵金属和以中国为代表的新兴市场具备较强投资价值的格局。此外，港股主要龙头权重公司2026年盈利预期仍在持续修 复，对港股市场形成有力支撑和正向催化。 整体来看，公募机构对港股主题基金的布局方向涉及科技、互联网、医药医疗、消费等 ...

近日，百亿私募启林投资的一则公告，让整个金融圈陷入悲痛。公司创始合伙人沈显兵与世长辞，年仅40岁，距离他的40岁生日仅剩6个月。 量化投资圈突发噩耗，又一位顶尖大佬匆匆落幕。 死因或与贵金属暴跌有关？ 启林投资的公告中，并未提及沈显兵的具体死因，这也引发了市场的诸多猜测，其中最受关注的，便是近期贵金属市场的极端崩盘行情。 九宮九技叔爵涅槃 13小时削 江苏 大概率是黄金自银爆仓了 3 条回复 > 7 142 0 日日新,又日新。 10小时前 北京 新闻报道就不能多说一句死因吗? 新启点新征程 6分钟前 福建 重仓多单白银被爆了? 回复 > ♡ 赞 (1) 乐乎 11小时前 山西 怎么走的?真是应了那句话了:人走了钱没花 了,太可惜了! 诚心奉劝那些量化大佬们,一定 要保重身体,不能要钱不要命啊! 2 条回复 > C 71 C 3条回复 > 714 (2) 疯狂枪迷 11小时前 广东 量化确实害人,这个也体现了人的方面。君子爱 财取之有道,少点量化,多点自然! 1条回复 > C 47 C 勇者微 11小时前 陕西 搞量化交易♀ 殊途同归,包括支持量化交易的管 tel 列号 | 火山诗话 沈显兵的最后一条朋友圈， ...

写在文章前的声明：在本文之前的说明：本文中所列的投资信息，只是一个对基金资产净值进行排行的客观描述，并无主观倾向性，也不是投资建议，纯属 娱乐性质。 一顿操作猛如虎，基金净值已更新，谁是基金中的王者，谁又垫底，请看数据： | 基金简称 PK | | | 最新净值型 一般的重要人 | | | --- | --- | --- | --- | --- | | 1 | 申万菱信新 ... C | 2.3620 | 4.61% | 23 | | | 022739 | 2026-2-6 | | | | 2 | 申万菱信新 ... A | 2.3950 | 4.59% | 7 | | | 001156 | 2026-2-6 | | | | 3 | 方正富邦远 ... A | 1.4686 | 3.97% | | | | 017993 | 2026-2-6 | | | | 4 | 方正富邦远 ... C | 1.4347 | 3.96% | 8 | | | 017994 | 2026-2-6 | | | | 5 | 鹏华碳中和 ... C | 2.0424 | 3.74% | | | | 016531 | 2026-2-6 ...

Core Viewpoint - The recent extreme decline in the Guotou Ruijin Silver LOF fund is attributed to a significant drop in its net value, leading to a liquidity crisis and investor dissatisfaction due to delayed communication from the fund management [3][4][6]. Group 1: Fund Performance and Valuation - On February 6, the Guotou Ruijin Silver LOF opened at 3.099 yuan, marking its fifth consecutive trading day of hitting the limit down [1]. - As of February 5, the fund's net value was reported at 2.4073 yuan, with a market trading price premium of 28.73%, indicating that the premium bubble has not fully dissipated [1][2]. - The fund experienced a drastic net value drop of 31.5% on February 2, from 3.2838 yuan on January 30 to 2.2494 yuan, surpassing the Shenzhen Stock Exchange's 10% daily limit down [3]. Group 2: Investor Response and Management Actions - In response to the market uproar and investor demands, the fund management established a working group to address the valuation adjustment issues and facilitate investor claims through various legal channels [4]. - The fund management's late announcement regarding the valuation adjustment on February 2 has led to significant investor dissatisfaction and raised questions about the transparency of the fund's operations [3][4]. Group 3: Market Dynamics and Risks - The Guotou Ruijin Silver LOF is the only public fund primarily investing in silver futures, making it susceptible to premium risks due to its scarcity [6]. - The fund has issued 25 premium risk alerts and multiple trading suspension notices since 2026, indicating ongoing concerns about speculative trading [6]. - The liquidity crisis was exacerbated by the fund's long-term premium, which was driven by trading restrictions on silver futures and the T+2 redemption lag, leading to a failure of normal arbitrage mechanisms [6][7]. Group 4: Regulatory and Market Implications - The incident serves as a warning regarding the high risks associated with premium investments, particularly when the premium exceeds 30%, as historical data shows a sharp increase in the probability of drawdowns [7]. - The complexity of valuing cross-border pricing products like silver is highlighted, as fluctuations in international prices can lead to significant discrepancies in domestic valuations [7]. - There is a call for regulatory improvements to establish clearer guidelines for cross-border fund valuations and to create mechanisms linking premium rates with trading suspensions to protect investors [8].

2026年开年首个交易月落下帷幕，公募基金业绩排行榜单新鲜出炉。主动权益类基金交出"开门红"答卷，成为市场瞩目的 焦点。 | | | 1月主动权益基金收益TOP10 | | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 今年以来回报 [单位]% | 最大回撤 [单位]% | 基金经理 | 成立年限 | | 671010.OF | 西部利得策略优选混合A | 54.76 | -3.96 | 何奇 | 15.04 | | 673071.OF | 西部利得新动力混合A | 53.95 | -3.94 | 何奇 | 9.23 | | 673040.OF | 西部利得行业主题优选混合A | 48.43 | -3.81 | 何简 | 9.92 | | 016873.OF | 广发远见智选混合A | 42.46 | -2.82 | 唐晓斌 | 3.21 | | 009394.OF | 银华同力精选混合 | 44.29 | -2.86 | 王利网 | 5.65 | | 161810.SZ | 银华内需LOF | 43.59 | -3.47 | 王利刚 | ...

Core Viewpoint - Guotou Ruijin Fund announced it will actively address investor concerns regarding the valuation adjustment of its silver LOF fund, emphasizing its commitment to protecting investor rights and interests [2]. Group 1: Fund Valuation and Adjustments - On January 30, precious metals experienced a historic drop, with silver prices falling by 35.89% at one point and closing down 26.42%, leading to a 0.72% decline in the net value of Guotou Silver LOF on that day [2]. - On February 2, Guotou Ruijin Fund announced that the net value of the Guotou Silver LOF would be revalued based on international market price fluctuations, effectively bypassing domestic futures trading limits, resulting in a 31.50% drop in net value on February 2 [2][4]. - The fund's net value on February 5 was reported at 2.4073, reflecting a 4.12% decline from the previous day [3]. Group 2: Investor Reactions and Company Response - The valuation adjustment has sparked controversy among investors, with some questioning the lack of prior notice regarding the new valuation method, which they believe led to unexpected losses [5]. - From February 2 to 6, the Guotou Silver LOF experienced a continuous "limit down" for five trading days, with a total weekly decline of 40.94%, while still seeing daily trading volumes between 60 million to 200 million yuan, indicating ongoing investor participation despite high premiums [5]. - The company has established a working group to facilitate investor claims through various legal channels, including mediation and arbitration, and will provide further updates on the situation [2].

Group 1 - The core issue revolves around the sudden adjustment of the net asset value (NAV) of the Guotou Silver LOF fund by Guotou Ruijin, which occurred without prior notice, leading to significant investor losses and concerns over timely information disclosure [4][5][9] - Guotou Ruijin has established a working group to develop solutions for investors to address their claims through reconciliation, mediation, or arbitration [2] - The valuation adjustment was made to reflect the underlying asset conditions more accurately, using the settlement prices of relevant futures contracts as a basis for valuation [7] Group 2 - The incident highlights the shortcomings in liquidity management of commodity ETFs and LOF products during extreme market volatility, particularly when large redemptions occur close to market close [10] - Industry experts suggest that the lack of a preemptive plan for extreme market fluctuations led to reactive measures by fund managers, which, while aimed at protecting remaining investors, compromised the rights of those who were not informed in advance [10] - Recommendations for investors include selecting larger, more liquid products, adjusting trading strategies to avoid end-of-day volatility, and closely monitoring fund redemption patterns to mitigate risks [11]