2、港股通最新日占比减持榜（前20名） 智通财经APP获悉，根据2026年1月7日披露数据，南京熊猫电子股份（00553）、盈富基金（02800）、 佑驾创新（02431）港股通持股占比增加值最大，分别增加9.41%、4.63%、2.08%；大眾公用 （01635）、京城机电股份（00187）、中国中冶（01618）港股通持股占比减少值最大，分别减 少-1.53%、-1.32%、-1.07%。 4、港股通5日占减持榜（前10名） 在最近有统计数据的5个交易日内，南京熊猫电子股份（00553）、恆生中国企业（02828）、百奥赛图- B（02315）港股通持股占比增加值最大，分别增加9.58%、6.22%、6.17%；金科服务（09666）、钧达 股份（02865）、中国中冶（01618）港股通持股占比减少值最大，分别减少-3.77%、-3.63%、-2.79%。 具体数据如下（交易所数据根据T+2日结算）： 1、港股通最新日占比增持榜（前20名） | 公司名称 | 占比值变动 | 最新持股比例 | | --- | --- | --- | | 南京熊猫电子股份(00553) | +9.41% | 50.74% ...

Group 1 - The report from CICC indicates a positive outlook on insurance demand growth, particularly from the bancassurance channel, with the characteristics of participating insurance providing stable returns becoming increasingly rare. The transformation of bank wealth management is expected to drive product growth, and the trend of increased insurance premium income since the beginning of the year is already evident [1] - The banking wealth management sector has a clear positioning advantage, but attention is needed on the net value fluctuation pressure following the smoothing of valuation adjustments. Some investors still have unrealistic expectations regarding the actual risks of wealth management products, with a projected growth rate of 8-12% for wealth management in 2026 [1] - In a low interest rate environment, the deepening of capital market reforms is expected to enhance the cost-effectiveness of fixed income plus products. The formal draft of the fund sales fee reform also ensures liquidity for individual holders of bond funds (7-day no redemption) [1] Group 2 - In the mid-to-high risk investment category, there is optimism about the continued prosperity of private equity funds, primarily benefiting from weakened real investment driving the business climate of private equity and the profitability of quantitative private equity. However, the direct flow of funds from deposit migration into the stock market and allocation to actively managed mixed equity funds requires support from household balance sheets [1] - With the reduction of liquidity compensation for time deposits, the demand for allocation in money market funds is also expected to continue [1]

Core Viewpoint - The fund issuance market in early 2026 is experiencing a surge, particularly in FOF (Fund of Funds) products, driven by customer demand, product transformation, and channel support [1]. Group 1: FOF Sales and Market Dynamics - On January 5, 2026, Wanji Fund's FOF product sold out in just one day, marking it as the first new fund of the year to achieve this feat [2]. - On January 6, 2026, Guangfa Fund's FOF also announced an early closure of its fundraising, completing in only two trading days [3]. - The FOF products are becoming the main focus for banks, with many institutions planning to launch multiple asset FOF products throughout the year [4]. Group 2: Customer Demand and Supply Factors - In 2026, a total of 20.7 trillion yuan, 9.6 trillion yuan, and 1.3 trillion yuan of 2-year, 3-year, and 5-year fixed-term deposits will mature, representing an increase of 4 trillion yuan compared to 2025 [5]. - The low interest rates on fixed deposits are failing to meet investors' needs for capital preservation and growth, prompting a shift towards FOF products that offer diversified asset exposure [5]. - FOF products are designed to include a variety of underlying assets, such as U.S. stocks, Hong Kong stocks, and commodities, which can effectively diversify risk and capture more alpha opportunities [5]. Group 3: Changes in FOF Product Positioning - The role of FOF fund managers is evolving from merely selecting funds to focusing on asset allocation and developing more refined strategies [6]. - Banks are actively promoting FOF products, with many large banks establishing dedicated marketing lines for FOF asset allocation [6]. - The selection criteria for fund managers in FOF products have become stricter, requiring experience in multi-asset management and volatility control [6]. Group 4: New Fund Issuance Trends - The FOF sales surge reflects a broader trend in the new fund issuance market, with 38 new funds launched between January 5 and January 7, 2026 [7]. - A total of 77 public funds are planned for issuance in January 2026, with the first trading week expected to account for 62.33% of the month's total issuance [7]. - Equity products continue to dominate the new fund landscape, with 26 index funds and 26 actively managed equity funds among the new offerings [8].

Core Viewpoint - 2025 is identified as the "year of return" for active equity investment, with a focus on fundamental research and long-termism, leading to significant returns for investors, particularly highlighted by the performance of Huatai-PineBridge Fund [1] Performance Summary - In 2025, Huatai-PineBridge's Hong Kong Advantage Selection A and Core Technology One-Year Holding A achieved annual returns of 112.70% and 102.40% respectively, significantly outperforming their benchmarks of 27.63% and 27.87% [1] - A total of 25 active equity funds from Huatai-PineBridge recorded annual gains exceeding 50%, with several funds ranking among the top in their categories [1] Long-Term Performance - Over the past three years (2023-2025), Huatai-PineBridge's Health Living One-Year Holding A ranked first among 67 funds, while the North Exchange Innovation Selection Two-Year Open A ranked second among 10 funds [3] - In the five-year period (2021-2025), the Global Mobile Internet Flexible Allocation Mixed A ranked third among 33 funds, demonstrating consistent performance [3] - Over the past seven years (2019-2025), the Global Consumer Industry Mixed A ranked first among 26 funds, indicating strong long-term results [3] Investment Philosophy - Huatai-PineBridge emphasizes a clear investment philosophy focused on in-depth fundamental analysis to select high-quality securities, aiming for sustainable long-term growth rather than short-term price fluctuations [5][6] - The firm recognizes that only high-quality securities can generate replicable long-term returns while effectively managing risks [6] Research and Development System - The company has established a unique vertical integrated research and development system, enabling efficient collaboration across various investment styles and sectors [7] - This system aligns with regulatory guidance to enhance the capabilities of investment teams and improve overall performance [7] Investment Management Innovation - Huatai-PineBridge has implemented a rules-based investment management approach to ensure stable investment styles and controllable risks [8][9] - The firm has created a closed-loop quality assurance system that aligns fund managers' capabilities with product positioning and client needs [9] Talent Development - The company focuses on building a strong team by selecting and nurturing talent from recent graduates while also attracting experienced professionals [10] - Huatai-PineBridge emphasizes a culture of integrity, passion, teamwork, and long-term thinking, fostering a cohesive and effective team environment [10] Future Outlook - The performance in 2025 reflects Huatai-PineBridge's commitment to high-quality development and its belief in the value of active investment capabilities [11] - The firm aims to continue enhancing its research platform, optimizing team structures, and improving service efficiency to contribute to the financial sector's growth [11]

转自：新华财经 2026年一开年，基金发行市场便呈现出不同于前几年的火热景象。记者在实地走访多家银行网点与基金 公司后发现，在理财经理、营销人员频繁提及的"长盈计划""龙盈计划"背后，一场围绕FOF（基金中基 金）渠道与产品的竞赛日渐升温。"这只FOF只卖一天，额度抢得很快。"一位银行理财经理向记者展示 刚刚售罄的产品页面。就在1月5日，万家基金旗下一只FOF一日"售罄"；次日，广发基金旗下的另一只 FOF也闪电结募。多家基金公司销售负责人透露，FOF成为渠道"开门红"的主力。一场由客户需求、产 品转型与渠道助推驱动的FOF角逐战，在开年首个交易周已全面打响。 2026年国际消费电子展会（CES 2026）火热进行中，中国科技军团以前沿的AI硬件与机器人等产品参 展，吸引全球市场目光。从人形机器人走向实用化、AI眼镜等硬件加速渗透，到智能家居等创新场景 涌现，AI全域落地的浪潮正转化为明确的产业订单与合作机遇。展会期间，产业链公司战略合作与产 能扩张信号频传。谷歌与中国AR企业XREAL达成长期硬件战略合作，推动Android XR生态落地；禾赛 科技宣布为满足机器人等领域的增长需求，规划将激光雷达年产能于2 ...

Core Viewpoint - The "Fixed Income +" fund is expected to continue its growth trajectory into 2026, driven by various factors including the migration of resident wealth seeking stable returns, institutional demand for enhanced yields, and the market consensus on cross-asset diversification [2][25][28]. Group 1: Growth Drivers for "Fixed Income +" Funds - The long-term low interest rate environment is driving residents to seek stable and moderately higher returns, making "Fixed Income +" funds an attractive option for wealth migration [25][28]. - Institutional investors are facing rigid liability cost pressures, leading them to increase their risk exposure and volatility tolerance to achieve better returns, thus favoring "Fixed Income +" funds as a new allocation channel [25][28]. - The performance of "Fixed Income +" funds has already gained market recognition, with significant returns reported in 2025, making them appealing to both retail and institutional investors [25][26][28]. Group 2: Performance and Strategy Insights - In 2025, "Fixed Income +" funds saw a notable increase in market attention, with strategies dynamically evolving alongside market trends, such as a focus on convertible bonds and equity markets [4][8][18]. - The "Fixed Income + Technology" and "Fixed Income + Growth" strategies outperformed others, with median returns of 11.71% and 8.85% respectively, indicating strong market interest in these areas [16][18]. - The growth of "Fixed Income +" funds is significantly influenced by long-term performance metrics, with a strong correlation between past performance and fund size growth [34][36]. Group 3: Competitive Landscape and Fund Management - The competitive landscape for "Fixed Income +" funds has shifted, with some institutions achieving rapid growth in management scale through differentiated strategies and strong performance in equity opportunities [18][19]. - Institutions that successfully attract incremental funds often leverage unique product offerings and strong stock-picking capabilities, particularly in high-volatility sectors like technology and growth [45][41]. - The market is expected to see a bifurcation in "Fixed Income +" fund strategies, with "extreme style" funds attracting more capital, while funds focusing on stable returns and cost-effectiveness also hold significant potential for growth [46][47].

全球最大 黄金ETF--SPDR Gold Trust持仓较上个交易日维持不变，当前持仓量为1067.13吨。 ...

Group 1 - The largest ETF in China, managed by Huatai-PineBridge Fund Management Co., will change its abbreviated name from "CSI 300 ETF" to "CSI 300 ETF Huatai-PineBridge" effective January 9, 2026 [1] - As of January 6, the Huatai-PineBridge CSI 300 ETF has an asset management scale of nearly 440 billion RMB, making it the largest ETF in China [1] - Other fund management companies, including E Fund and GF Fund, are also initiating standardized naming for their ETFs [1] Group 2 - The general manager of E Fund's Index Research Department stated that the adjustment in naming will significantly enhance product recognition and reduce investor screening costs [2] - A unified and clear naming standard is expected to contribute to the deep development and ecological optimization of the Chinese ETF market, promoting higher quality development in the fund industry [2]

Core Viewpoint - The newly released formal regulations on the management of sales fees for publicly offered securities investment funds have relaxed the redemption fee constraints for bond funds and refined the subscription fee rates, indicating a shift in the investment landscape [1] Group 1: Regulatory Changes - The formal version of the "Regulations on the Management of Sales Fees for Publicly Offered Securities Investment Funds" has been issued, which differs from the previous draft by easing restrictions on redemption fees for bond funds [1] - Adjustments have been made to the subscription fee rates for funds, allowing for more precise management [1] Group 2: Market Implications - Industry experts believe that bond ETFs are likely to become important tools for liquidity management and tactical trading for financial institutions [1] - There is an expectation that investment in equity funds will gradually increase, with broad-based index funds and low-volatility "fixed income plus" products being particularly favored [1] Group 3: Industry Trends - Public funds are accelerating the transformation and upgrading of their product lines and service models, moving from standardized products to tailored, tool-based asset allocation solutions for financial institutions [1] - A new competitive landscape is emerging in the industry as firms adapt to these regulatory changes and market demands [1]

Group 1 - In December 2025, 82% of the 7485 comparable bond funds reported positive performance, with 6160 funds increasing in value, while 1221 funds decreased and 104 remained flat [1] - The top three performing funds were Southern Changyuan Convertible Bond A, B, and C, with monthly gains of 7.85%, 7.85%, and 7.80% respectively [1] - Southern Changyuan Convertible Bond's asset allocation included 81.90% in bonds and 16.21% in stocks, with its top five bond holdings being convertible bonds [1] Group 2 - The Eastern Convertible Bond A and C, along with several funds from Bosera, also achieved gains exceeding 6% in December [1] - The bottom performers included Pioneer Boying Pure Bond C and A, with declines of -5.51% and -5.48%, respectively, and a cumulative loss exceeding 30% since inception [2] - The current fund managers of the bottom-performing funds have varying backgrounds, with experience ranging from 3 to 9 years in the industry [2][3] Group 3 - The top five bond holdings for Pioneer Boying Pure Bond included various government bonds, indicating a conservative investment strategy [3] - Other funds such as Industrial Bank Balanced Return and Huatai's various bond funds also reported declines of over 2% in December [3] - The performance data reflects a broader trend in the bond market, with significant variations in fund performance based on management and asset allocation strategies [2][3]