中国母基金行业资讯（ 1 . 3 1 - 2 . 6 ） 本周资讯涉及的母基金管理规模达 2 0 2 3 . 4 亿元，主要分布在 北京、上海、江苏、广东、四 川、天津、陕西、湖北、吉林、 内蒙古等地区，投资覆盖 人工智能、生物医药、 新材料 等 。以下是内容提要和具体资讯。 【内容提要】 基金管理人招募： 1、湖北：武汉基金招 GP 2、浙江： 嘉兴长创天使创业投资 基金招 GP 3、四川： 成都未来产业天使基金 招 GP 4、四川： 成都未来产业创投发展基金 招 GP 5、广东： 粤港澳大湾区创业投资引导基金 招 GP 【资讯解读】 6、四川： 达州市新质生产力（母）基金 招 GP 母基金设立： 7、湖北： 2 0 0亿，这个省 社保科创基金落地 8、江苏： 江苏战新第四批产业专项基金启动 9、江苏： 江阴市国企市场化母基金正式成立 母基金政策： 1 0、内蒙古自治区 ： 发布 本级政府投资基金管理办法 LP出资： 11、上海： 智元机器人做 L P 1 2、天津： 泰达引导基金首支生命健康子基金正式落地 1 3、吉林： 长春振兴产业发展创业投资引导基金 出资 1 4、四川： 成都市创业投资引导基金出资 ...

Core Viewpoint - The announcement by Guotou Ruijin Fund Management Co., Ltd. emphasizes the company's commitment to addressing investor concerns regarding the valuation adjustments of the Guotou Ruijin Silver Futures Securities Investment Fund (LOF) [1] Group 1: Investor Commitment - The company prioritizes investor interests and will adhere to principles of legal transparency while actively responding to investor demands [1] - Efforts will be made to minimize the impact of valuation adjustments on investors and to protect their legal rights [1] Group 2: Support Channels - A working group has been established to develop plans that facilitate investors in resolving their claims through mediation, arbitration, and other legal channels [1] - The company will actively support the effective execution of settlements, mediations, and arbitrations to ensure the protection of investors' legal rights [1]

Core Viewpoint - Convertible bond funds are breaking the stereotype of low returns associated with bond funds, showcasing strong performance in a challenging market environment for bond funds [1][2]. Group 1: Performance of Convertible Bond Funds - The China Convertible Bond Index has seen a growth of approximately 23% over the past year, aligning closely with the performance of the Shanghai Composite Index [1][4]. - In 2025, notable convertible bond funds such as Southern Changyuan Convertible Bond, Minsheng Jiayin Enhanced Income, and Bosera Convertible Bond Enhanced achieved returns of 48.77%, 35.89%, and 35.24% respectively [2]. - As of January 30, 2026, Southern Changyuan Convertible Bond led with a cumulative return of 63.74%, followed by Huaxia Convertible Bond at 49.21% and Bosera Convertible Bond Enhanced at 45.03% [2]. Group 2: Investment Strategies and Holdings - The success of convertible bond funds is attributed to their focus on high-performing sectors such as technology, military, and non-ferrous metals, with specific bonds showing significant returns [4][5]. - For instance, the Ruichuang Convertible Bond and Dazhong Convertible Bond, held by Southern Changyuan Convertible Bond, saw cumulative increases of 1.82 times and 2.13 times respectively from January 1, 2025, to January 30, 2026 [4]. - Huaxia Convertible Bond's performance was bolstered by the Weice Convertible Bond, which more than doubled in value over the past six months [4]. Group 3: Market Outlook and Manager Insights - Fund managers express optimism regarding the continuation of the convertible bond market's upward trend, citing a tight supply-demand balance and a favorable low-interest-rate environment [7][8]. - The market is expected to maintain high valuations for convertible bonds, with managers focusing on sectors like technology, new energy, military, and chemicals for investment opportunities [7][8]. - The overall sentiment is that the convertible bond market will benefit from the stock market's movements, with expectations of further price increases [8].

Core Viewpoint - Investors are closely monitoring the actions of renowned fund manager Jia Chengdong after his appointment at Shenwan Hongyuan Fund, as his managed fund has seen a significant decline in net value since the end of January 2026, raising concerns among investors [1][5]. Group 1: Fund Performance - From January 30 to February 5, 2026, the net value of Shenwan Hongyuan Industry Select A fund dropped by 21.52%, ranking second in the market for declines, only behind the Guotou Silver LOF fund [4][5]. - The fund's performance has been disappointing, with a return of -11.39% since its establishment on June 3, 2025, significantly underperforming the benchmark by nearly 27 percentage points [7]. - The fund's assets have shrunk by nearly 43% from its initial size, with a combined scale of less than 700 million yuan by the end of last year [7]. Group 2: Investor Sentiment - Investors have expressed dissatisfaction with Jia Chengdong's management, with complaints about poor performance during both bullish and bearish market conditions [5][6]. - There are suspicions that Jia has increased his holdings in the metals sector this year, despite the fund's overall poor performance [5][6]. Group 3: Fund Manager Background - Jia Chengdong, a veteran in the public fund industry, joined Shenwan Hongyuan Fund at the end of 2024 and has since been a focal point for market attention [5][6]. - His management of the Shenwan Hongyuan Industry Select fund has been marked by a series of poor investment decisions, including high entry points into popular sectors and subsequent losses [6].

2026年开年首月，A股市场结构性行情特征凸显，其中有色金属板块无疑是今年以来A股市场最受关注 的行业之一。对此，深耕周期赛道八年的长城基金基金经理陈子扬保持冷静，在景气与估值的平衡中寻 找优质标的。 陈子扬2017年研究生毕业后便加入长城基金研究部，自此扎根周期领域，构建自己的"能力圈"。2023年 8月，他正式开启基金管理生涯，目前共管理3只产品，均为偏周期风格。谈及对周期的理解，陈子扬强 调，短期波动只是噪音，对投资结果没有太多积极影响，长期投资需要耐心与理性，不能追逐短期弹 性，要敬畏周期规律，在低估时布局，在高估时离场，才能在周期波动中实现长期盈利。 对于周期行业的投资机会，陈子扬表示，今年的思路之一，是在周期板块中寻找相对估值洼地的机会， 他对于铜、铝持阶段性偏谨慎态度，但是对于黄金、小金属偏乐观。"预计今年美国可能还会继续降 息，在相对动荡的地缘环境中各国央行还在继续购金，驱动黄金上涨的动力还在。而相较于判断黄金价 格的短期波动，黄金股的投资价值更值得看好，从当前金价水平看，相关公司的自由现金流处于较好的 状态。"陈子扬分析称。 MACD金叉信号形成，这些股涨势不错！ 责任编辑：石秀珍 SF18 ...

Core Viewpoint - The public fund that invests in silver futures faced a significant valuation adjustment due to a sharp decline in international silver prices, resulting in a net asset value drop of over 31% in a single day, catching investors off guard [2][8]. Group 1: Fund Valuation Adjustment - On February 2, Guotou Ruijin announced a valuation adjustment for its silver futures LOF fund, deciding to reassess the fund's assets based on price changes in major international silver futures markets, leading to a 31.5% drop in net value [9][10]. - Investors expected a smaller decline of about 17% due to domestic silver futures having price limits, but the actual adjustment was much more severe, causing dissatisfaction among some investors [9][10]. - The adjustment was prompted by a significant drop in international silver prices, with spot silver falling nearly 30% on January 30, marking the worst single-day performance since 1980, and a cumulative decline of nearly 40% from the historical high on January 29 [9][10]. Group 2: Market Dynamics and Investor Behavior - Analysts noted that when the original valuation method fails to reflect asset value accurately, fund managers can negotiate with custodians to adopt a more reasonable valuation method, which aligns with regulatory requirements and fund contracts [10]. - The recent volatility in silver prices has been attributed to speculative trading rather than fundamental factors, with a significant increase in retail investor participation, making silver more sensitive to market sentiment and short-term trading behaviors [11]. - The extreme fluctuations in silver prices have heightened the difficulty for individual investors in assessing risks, as the rapid price increases attracted substantial capital inflows, leading to a lack of awareness regarding potential valuation adjustment risks [11]. Group 3: Future Outlook and Recommendations - Experts warn that the volatility of gold and silver prices may increase by 2026, urging investors to carefully assess their risk tolerance and consider these assets as a supplementary part of their portfolio while strictly controlling their positions [12]. - Investors are advised to adopt strategies such as phased investments and buying on dips to smooth out costs, while ensuring all investment activities are conducted within legal and compliant frameworks [12].

Core Viewpoint - The capital market in 2026 is set to focus on high-quality development, with ETFs identified as a key tool for achieving this goal [1] Group 1: ETF Growth and Investment Trends - By the end of 2025, the total scale of index fund products has officially surpassed 8 trillion yuan, marking a nearly 40% increase since the beginning of the year [2] - Broad-based index funds now account for 49% of the overall index fund scale, indicating a significant shift towards index investing [2] - The number of investors trading index products on the Ant Fund platform has exceeded 100 million, with over 50% being post-90s and post-00s generations [4] Group 2: Factors Driving ETF Development - Three irreversible forces are driving the growth of index funds: the achievements of high-quality development in the capital market, the resonance of policy dividends, and the reshaping of tool value [4] - The "Long Money Long Investment" policy and the new "National Nine Articles" have instilled strong confidence in the market, leading to increased investment in ETFs [4] Group 3: ETF as a Tool for Financial Inclusion - ETFs are recognized for their unique advantages of risk diversification, low cost, and operational transparency, making them a key tool for fulfilling the capital market's mission [6] - The current challenges in the ETF market include insufficient tools and disconnected channels, necessitating optimization in product design, institutional supply, and ecological construction [6] Group 4: Investment Opportunities in New Resources - The focus of investment is shifting towards "new resources" that support the intelligent world and green revolution, driven by a combination of cyclical factors [8] - The AI industry is expected to experience significant growth, with a shift from scale pursuit to efficiency enhancement, making ETFs a favorable tool for investing in this evolving landscape [8]

Core Viewpoint - The article emphasizes the transformation and challenges in the capital market, highlighting the need for professional investment research to optimize asset allocation, particularly in the context of the evolving public fund industry in China [1] Group 1: Industry Insights - The public fund industry is experiencing intense competition, prompting smaller fund companies to define their positioning and develop differentiated strategies to break through [2][3] - The active investment approach is being prioritized, with a focus on three core product lines: active equity investment, fixed income plus products, and index enhancement [5][6] - The importance of aligning product design with client needs is stressed, advocating for a customer-centric approach in asset management [4][5] Group 2: Investment Strategies - The article discusses the significance of the Hong Kong stock market as a key area for investing in China's new economy and technology assets, suggesting a reassessment of its allocation value [2][11] - The "fixed income plus" products are designed to provide a good holding experience for investors, focusing on loss control during unfavorable market conditions [17][22] - The investment philosophy includes a macro configuration and value selection framework, emphasizing the identification of systemic risks and opportunities [18][19] Group 3: Management and Culture - The management style is characterized by pragmatism and professionalism, with a focus on product quality and investment competitiveness [6][7] - A collaborative development system is encouraged, where departments work together to achieve strategic goals, avoiding the pitfalls of competing in non-competitive areas [7][9] - The article highlights the need for a practical research culture that emphasizes continuous improvement through practice rather than theoretical discussions [8][9] Group 4: Market Outlook - The article presents a cautious optimism regarding the current market, noting structural investment opportunities in sectors like AI, internet, and advanced manufacturing [23] - It suggests that the shift of household savings into financial markets is a long-term trend, with a gradual transition towards more stable investment products [23][24] - The focus on long-term asset allocation strategies is emphasized, particularly in light of increasing correlations among domestic assets [15][16]

Core Viewpoint - The chemical industry is experiencing a pivotal moment driven by supply-side reforms, which may lead to improved profitability and valuation recovery for leading companies in the sector [4][28][38]. Group 1: Industry Overview - The chemical industry has faced significant challenges over the past four years, including excess production capacity and declining profits due to weak domestic demand and increased exports [4][5][24]. - The industry is closely linked to global economic conditions, with periods of opportunity often followed by prolonged downturns [4][24]. Group 2: Supply-Side Reforms - Recent government policies aim to eliminate low-price competition and encourage quality improvements, leading to the exit of outdated production capacities [6][7][24]. - The tightening of new capacity approvals is expected to fundamentally change the industry's landscape, reducing excess supply both domestically and globally [7][27]. Group 3: Profitability and Valuation Recovery - The chemical sector may witness a "Davis Double Play" scenario, where both profitability and valuations improve simultaneously [28]. - Current valuations for leading chemical companies remain low, not reflecting their asset scale or market position, indicating potential for significant upward revaluation [29][30]. Group 4: Market Consensus - There is a growing consensus among institutional investors regarding the chemical sector, driven by confidence in policy execution, recognition of bottoming profitability, and acknowledgment of low valuations [31]. Group 5: Short-Term Adjustments and Long-Term Trends - Recent fluctuations in the chemical sector are viewed as short-term disturbances, with the long-term positive trend and core logic remaining intact [32]. - The industry is expected to benefit from a tightening supply environment and ongoing policy support, which may lead to a positive shift in price expectations for chemical products [32][34]. Group 6: Investment Strategies - Investment opportunities in the chemical sector can be captured through a professional framework that focuses on identifying businesses with clear pricing power and potential for profit recovery [35][36]. - Key strategies include investing in sectors with stable pricing capabilities, capturing price rebounds during market pessimism, and identifying advanced production capacities that can yield significant profits [36][37].