Core Viewpoint - The recent surge in the non-ferrous metals sector, represented by gold, silver, and copper, has drawn market attention, but there are concerns about potential risks as some hot commodities may be nearing the mid-to-late stage of their cycles. However, there are still emerging investment opportunities in the Chinese market from a cyclical perspective [1] Group 1: Investment Framework - The investment strategy is based on a four-dimensional framework: macroeconomic direction, industry trend analysis, stock selection based on safety and elasticity, and market sentiment for buy/sell points [2] - The macroeconomic analysis focuses on the global economic "water level," with specific insights into the economic conditions of the US, Europe, and China, predicting short-term downward pressure on the US economy while China is undergoing structural transformation [2] - Industry comparison is a critical component, where the focus is on identifying industries with upward turning points that are currently undervalued, considering factors like return on equity (ROE), price-to-book (PB) ratios, and trading crowding [2] Group 2: Stock Selection - Stock selection emphasizes two main criteria: sufficient safety margin and upward elasticity. The approach involves setting a clear price tolerance line to manage downside risk while focusing on companies with strong profit elasticity [3] - The investment style is characterized by a "left-side trader" approach, where buying occurs when market attention is low, and selling happens before market euphoria peaks [3] Group 3: Market Sentiment and Timing - The investment philosophy revolves around capturing value recovery in the early stages of market sentiment cycles, with a notable example being the strategic positioning in the innovative drug sector during a period of low institutional holdings [3][4] - The approach to gold stocks in 2023 involved significant purchases at historically low valuations, leading to substantial performance contributions, followed by timely reductions in holdings as market speculation increased in 2025 [4] Group 4: Sector Focus - The current hot non-ferrous metals market is analyzed through two phases: initial price increases driven by risk aversion and recent gains fueled by expectations of global liquidity easing. There is a cautionary note regarding potential price corrections as many commodities are seen as deviating from their fundamentals [4][5] - The investment outlook for the aviation sector is optimistic, driven by a fundamental shift in demand from business travel to personal consumption, alongside supply constraints and favorable cost dynamics [5] - Brand consumption and manufacturing are also key areas of focus, with many domestic brands showing significant improvements in governance and efficiency, poised to benefit from a potential inventory replenishment phase as overseas brands reduce stock levels [6] - The Hong Kong stock market is viewed as a significant value opportunity, particularly for quality companies in the internet sector that have strong safety margins and are well-positioned to leverage AI technology [6]

2026年2月27日 MACD金叉信号形成，这些股涨势不错！ 特此公告。 南方基金管理股份有限公司 南方中证全指农牧渔交易型开放式指数证券投资基金基金合同全文和招募说明书全文于2026年2月27日 在本公司网站（www.nffund.com）和中国证监会基金电子披露网站（http://eid.csrc.gov.cn/fund）披露， 供投资者查阅。如有疑问可拨打本公司客服电话（400-889-8899）咨询。 本基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证本基金一定盈利，也不 保证最低收益。请充分了解本基金的风险收益特征，审慎做出投资决定。 ...

Group 1: Securities Firms' Internationalization - Over 10 securities firms have been actively expanding into overseas markets in the past year, with companies like Western Securities and First Capital announcing the establishment of wholly-owned subsidiaries in Hong Kong [1][2] - Notably, Northeast Securities and Huazhong Securities have received approval from the CSRC to increase capital for their Hong Kong subsidiaries, with Northeast Securities investing 500 million HKD [2] - Major firms like China Merchants Securities have set a record by increasing capital for their overseas subsidiaries by up to 9 billion HKD, highlighting the competitive landscape among top-tier firms [2] Group 2: Growth of QDII Funds - The total scale of QDII funds has surpassed 1 trillion yuan, reaching 1,006.4 billion yuan, marking a 60% year-on-year increase [5] - The successful performance of many QDII funds, with 30 products seeing net value growth exceeding 50%, has driven significant interest and investment in these products [5] - Public funds are increasingly collaborating with overseas institutions to enhance their international presence and provide asset allocation services to global clients [5] Group 3: Challenges and Opportunities - Despite the rapid internationalization, Chinese securities firms still lag behind international peers in brand influence, global pricing capabilities, and network layout [3] - The revenue contribution from international clients for top Chinese securities firms is only 20% to 30%, compared to 40% for leading international investment banks, indicating room for improvement [3]

Core Viewpoint - The recent suspension of real-time fund valuation by various third-party financial platforms has raised concerns among investors about how to make informed investment decisions without access to real-time data [1]. Group 1: Suspension of Real-Time Valuation - Multiple third-party platforms have removed the real-time valuation feature for funds, now only displaying the previous day's net value [1]. - The regulatory authorities mandated the removal of real-time valuation features to prevent misleading investors, as discrepancies exist between real-time estimates and actual net values [1]. Group 2: Alternative Investment Strategies - Investors can estimate the daily valuation of funds by monitoring the performance of corresponding indices, such as using the Shanghai and Shenzhen 300 Index for index funds [3]. - For industry-themed funds, investors should track the relevant industry indices, while bond funds can refer to the China Bond Composite Index [3][4]. - It is suggested that investors focus on the investment strategy, long-term performance, and risk management of the fund rather than short-term fluctuations [4].

Core Viewpoint - The ETF market has experienced a significant inflow of funds post-Spring Festival, with a net inflow of 3.937 billion yuan from February 24 to February 25, reversing the net outflow trend observed in the five trading days prior to the holiday [1][2]. Fund Flow Analysis - The ETF market saw a stark contrast in fund flows before and after the Spring Festival. Prior to the holiday, the market experienced a net outflow of 14.369 billion yuan due to liquidity management and profit-taking sentiments [2]. - Post-holiday, the return of wealth management funds and the release of allocation demand contributed to the 3.937 billion yuan net inflow [2]. - Broad-based ETFs have been particularly attractive, with significant inflows into the Southern CSI 500 ETF (1.522 billion yuan), Southern CSI A500 ETF (372 million yuan), and Huaxia CSI 500 ETF (215 million yuan), totaling 2.109 billion yuan [2]. Sector-Specific Inflows - Technology-related ETFs have emerged as key areas for fund inflows, driven by high growth expectations. Notable inflows include the Satellite ETF (483 million yuan), Huaxia CSI Robotics ETF (332 million yuan), Tianhong CSI Robotics ETF (331 million yuan), and E Fund CSI Artificial Intelligence Theme ETF (319 million yuan), collectively attracting 1.465 billion yuan [3]. Institutional Insights - Institutions view the post-holiday fund flow characteristics as indicative of a trend where ordinary investors are increasingly using ETFs for convenient allocation, reflecting professional funds' judgment on market opportunities [4]. - The sustained inflow into broad-based ETFs suggests a preference for diversified allocation to mitigate risks associated with single sectors, while the activity in technology ETFs highlights expectations for supportive policies and technological breakthroughs in sectors like semiconductors and AI [4]. - The concentration of funds in broad-based and technology-themed ETFs aligns with a "steady foundation + elastic offense" investment strategy, resonating with the core role of technology in economic transformation [4]. Investor Recommendations - For ordinary investors, it is advised to select products based on their risk tolerance: those with lower risk tolerance may consider broad-based ETFs for core holdings, while those seeking higher elastic returns could allocate to technology sector ETFs, ensuring to manage position sizes to avoid over-concentration in a single sector [5]. - Overall, the positive fund movement in ETFs post-Spring Festival injects liquidity support into the market and provides clear directional guidance for investors to seize future opportunities [5].

持续发酵近一个月的国投白银LOF（上市开放式基金）估值调整争议，正式进入投资者补偿落地的关键阶段，国投瑞银专门搭建支付宝线上通道——"国投 瑞银白银基金"小程序。 2月26日，"国投瑞银白银基金"小程序在支付宝正式上线，符合条件的投资者只需进入该小程序，按提示完成身份核验，即可在线便捷办理赔偿和解相关事 宜。截至记者发稿，该小程序已有超1万人使用。 至此，持续发酵近一个月的国投白银LOF估值调整争议，正式进入投资者补偿落地的关键阶段，也为受此次估值调整影响的中小投资者提供了便捷的维权路 径。 源于估值调整风波 此次支付宝小程序的上线，源于2月初由国投白银LOF估值调整引发的市场风波。 作为公募市场上唯一主要投资于白银期货的LOF基金，国投白银LOF自2026年以来便因持续高企的溢价率备受市场关注。据统计，仅2026年第一个月，该基 金便已累计发布20次溢价风险提示公告、14次停复牌公告及2次停牌公告。高频预警足以说明其风险特征，但大量资金仍跟风追涨，推动基金场内价格与净 值严重偏离，为后续极端走势埋下隐患。 2月2日，一场突如其来的净值雪崩打破了该基金此前的市场平静。当日晚间，国投白银LOF更新净值数据，最新 ...

Core Viewpoint - The controversy surrounding the valuation adjustment of the Guotou Silver LOF fund has entered a critical phase with the launch of an online compensation channel for investors, providing a convenient path for small and medium investors to seek redress [1][3]. Group 1: Valuation Adjustment Background - The valuation adjustment issue originated from a sudden net value collapse of the Guotou Silver LOF fund on February 2, 2026, where the net value dropped by 31.5% from 3.2838 yuan to 2.2494 yuan in one day, exceeding the Shenzhen Stock Exchange's 10% limit for LOF funds [4][5]. - The fund, which primarily invests in silver futures, had been under scrutiny due to its high premium rates and frequent risk warnings, with 20 premium risk alerts and multiple trading halts issued in January 2026 alone [4][6]. Group 2: Investor Compensation Scheme - Guotou Ruijin Fund announced a compensation plan on February 15, 2026, aimed at protecting the rights of investors, particularly small and medium investors, following the valuation controversy [7][10]. - The compensation scheme is structured as a "full + tiered" model, where investors with losses below 1,000 yuan will receive full compensation, while those with losses exceeding 1,000 yuan will receive a base amount plus a percentage of the excess [10][11]. Group 3: Online Compensation Process - An online compensation channel named "Guotou Ruijin Silver Fund" was launched on Alipay on February 26, 2026, allowing eligible investors to complete identity verification and process compensation claims conveniently [1][11]. - As of the report, over 10,000 users had accessed the online platform, indicating a significant uptake among affected investors [1]. Group 4: Market Impact and Future Outlook - The valuation adjustment and subsequent compensation plan have led to increased volatility in the fund's secondary market performance, with the fund experiencing a series of trading halts and price drops following the initial announcement [7][12]. - Despite the compensation efforts, the fund continues to exhibit a high premium rate, with a reported premium exceeding 30% as of February 25, 2026, indicating ongoing risks associated with high premium trading [12].

《每日经济新闻》记者获悉，近日包括韩国、巴西、日本、法国等国的股市接连出现大涨，国内公募基金中投资于这些市场的跨境ETF也随之快速走强。 以韩国为例，继2025年累计上涨75.63%牛冠全球后，今年韩国股市继续大涨。年初以来，韩国综合股价指数（KOSPI）已经上涨49.67%；就在今天盘中， 该指数还一度创下6313.27点的历史新高。 根据Wind数据，跟踪中证韩交所中韩半导体指数的华泰柏瑞中韩半导体ETF，今日涨幅达到9.64%，近5日涨幅为26.27%，年初以来更是以67.68%的涨幅领 跑市场。 再来看看巴西股市，2025年巴西IBOVESPA指数上涨超过30%，今年以来继续上涨18.69%。跟踪该指数的巴西ETF易方达，近5日涨幅也接近10%，年初至今 已大涨34.70%。 2月26日，韩国股市继续大涨。 根据Wind数据，今天韩国综合股价指数收于6307.27点，收涨3.67%，盘中一度创下6313.27点的历史新高。 不仅如此，2025年韩国股市就以75.63%的累计涨幅领跑全球市场，今年以来继续开启上涨模式。截至2月26日年内累计涨幅达49.67%，一跃成为全球第九大 股市，实现了从"估值洼地 ...

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 | | | YANNEWSGH FRANCE AND | | | --- | --- | --- | --- | --- | | 1 | 华泰柏瑞中 ... C | 2.7528 | 6.04% | 8 | | | 019455 | 2026-2-26 | | | | 2 | 华泰柏瑞中 ... A | 2.7691 | 6.03% | 8 | | | 019454 | 2026-2-26 | | | | 3 | 华泰柏瑞中韩 ... l | 2.7662 | 6.03% | 8 | | | 022681 | 2026-2-26 | | | | 4 | 广发利鑫混合C | 3.0650 | 5.44% | | | | 011172 | 2026-2-26 | | | | 5 | 广发利鑫混合A | 3.1270 | 5.43% | 8 | | | 002446 | 202 ...

| Wind代码 | 证券简称 | 截至2月26日 年内涨幅(%) | | --- | --- | --- | | 671010.OF | 西部利得策略优选A | 54.37 | | 673071.OF | 西部利得新动力A | 53.48 | | 673040.OF | 西部利得行业主题优选A | 48.54 | | 001302.OF | 前海开源金银珠宝A | 32.51 | | | 数据来源:Wind,数据截取:2026年1月1日-2026年2月26日; | | 本报（chinatimes.net.cn）记者栗鹏菲 叶青 北京报道 年初至今，资源板块的结构性行情持续演绎，重仓相关赛道的基金净值表现抢眼，成为公募权益类基金 排名大战中的领跑者。Wind数据显示，截至2月26日，西部利得策略优选A今年以来收益率已达 54.37%，在偏股混合型基金中名列前茅；同一位基金经理管理的西部利得新动力A和西部利得行业主题 优选A年内涨幅也分别达到53.48%和48.54%；前海开源金银珠宝A同样录得32.51%的收益率。 然而，记者查阅基金官方公开信息发现，上述凭借重仓资源股斩获亮眼回报的基金，其基金合同约定的 投 ...