Core Insights - The fund has net assets amounting to $42,892,368,451 as of February 10, 2026 [2] - The fund is listed on the NYSE Arca and its reference benchmark is the LBMA Silver Price [2] - The indicative basket amount is 45,302.00 as of February 10, 2026, with a total of 521,370,990.90 ounces in trust [2] Asset Details - The basket amount is recorded at 45,302.70 as of February 10, 2026 [2] - The premium/discount is noted at 4.43 as of February 09, 2026 [2] - The mid-point price is $76.00 as of February 09, 2026 [2] Trading Metrics - The 30-day average volume is reported as 9 [2] - The daily volume is also recorded as 9 [2] - The 30-day median bid/ask spread is 0.01% as of February 09, 2026 [2]

1、天弘弘华混合型证券投资基金（以下简称"本基金"）已获中国证监会2025年12月18日证监许可 【2025】2818号文准予注册募集。中国证监会对本基金的注册并不代表中国证监会对本基金的风险和收 益作出实质性判断、推荐或者保证。 2、本基金的基金管理人和登记机构为天弘基金管理有限公司（以下简称"本公司"），基金托管人为华 夏银行股份有限公司。 3、本基金类型为混合型证券投资基金。基金运作方式为契约型开放式。 4、本基金根据收费方式的不同，将基金份额分为不同的类别。A类基金份额指在投资人通过直销机构 以外的其他销售机构认购/申购基金时收取前端认购/申购费用，并不再从本类别基金财产中计提销售服 务费的基金份额；投资者通过直销机构认购/申购时不收取前端认购/申购费用。C类基金份额指在投资 人认购/申购基金时不收取认购/申购费用,且从直销机构以外的其他销售机构保有的本类别基金财产中计 提销售服务费的基金份额；其中，对于投资者通过直销机构认购/申购的或者通过其他销售机构认购/申 购且持续持有期限达到或超过一年（即365天）的C类基金份额，直销计提的销售服务费和其他销售机 构持有超过一年（含）后计提的销售服务费将在投资 ...

Group 1 - The A-share market showed mixed performance on February 10, with the Shanghai Composite Index rising by 0.13% [1] - The sectors that performed well included film and television, short drama games, computing power leasing, education, chemical pharmaceuticals, coal mining and processing, and the China Shipbuilding Industry [1] - Conversely, sectors that saw declines included liquor, precious metals, cultivated diamonds, photovoltaic equipment, airport and shipping, batteries, and epoxy propylene [1] Group 2 - The CSI 300 Index, which consists of 300 stocks from the Shanghai and Shenzhen markets, increased by 0.1% and has a rolling price-to-earnings ratio of 14.2 times, placing it in the 65.4% valuation percentile since its inception in 2005 [2] - The CSI A500 Index, made up of 500 stocks with good liquidity across various industries, also rose by 0.1% and has a rolling price-to-earnings ratio of 17.4 times, ranking in the 76.4% valuation percentile since 2004 [2] - The ChiNext Index, which includes 100 stocks from the ChiNext market, decreased by 0.4% and has a rolling price-to-earnings ratio of 42.7 times, placing it in the 41.1% valuation percentile since its launch in 2010 [2]

Core Insights - The announcement from Hongyi Yuanfang Fund Management Co., Ltd. highlights the ongoing survival crisis faced by small and medium-sized fund management institutions in China, as evidenced by both capital injections and fund liquidations [1][2][3] Group 1: Fund Management Trends - Hongyi Yuanfang Fund received an additional capital injection of 29 million yuan, marking it as the first public fund to implement capital increase this year [1] - Despite multiple capital increases since its establishment in 2018, Hongyi Yuanfang Fund's management scale has not improved, dropping from a peak of 1.8 billion yuan in June 2021 to 0.805 billion yuan by the end of 2025 [2] - The competitive landscape of the public fund industry is intensifying, with over 60% of the 167 public fund management institutions managing less than 100 billion yuan, collectively accounting for only 7.6% of the total market scale [2][5] Group 2: Fund Liquidation Cases - Huachen Future Fund announced the liquidation of its Huachen Future Value Pioneer fund due to falling below the scale threshold, with its size at only 0.03 million yuan by the end of 2025 [3] - The management scale of Huachen Future Fund has consistently remained low since its inception in 2012, with a peak of 1.318 billion yuan in 2023, but dropping to 0.45 billion yuan by the end of 2025 [3] - The financial performance of Huachen Future Fund has deteriorated, reporting a net loss of 20.01 million yuan in 2024 and a further loss of 11.4 million yuan in the first three quarters of 2025 [3] Group 3: Market Competition and Challenges - The top 10 fund management institutions control over 38.84% of the total market scale, while 56 institutions manage between 100 billion and 1 trillion yuan, leaving the remaining 101 institutions to compete for just 7.6% of the market [5] - Many small fund management institutions are struggling, with 32 institutions managing only a single-digit number of funds, and some facing liquidation risks due to their small sizes [5][6] - The "Matthew Effect" in the fund market is intensifying, with larger institutions dominating market share, while smaller institutions need to develop differentiated competitive strategies to survive [6]

（来源：经济参考报） 在资本市场深化改革与政策红利双重加持下，境内ETF市场正迎来历史性跨越。 深交所最新发布的《ETF市场发展白皮书（2025年）》以及上交所发布的《ETF行业发展报告 （2026）》显示，截至2025年底，境内ETF总规模历史性突破6万亿元大关，年度增幅高达62%，占A股 流通市值比重提升至6.1%。 从首个万亿耗时16年，到如今第六个万亿仅用4个月，ETF市场不仅刷新规模增长纪录，更在产品创 新、投资者结构优化及国际化等方面实现质效双升，逐步发展成为居民财富管理和中长期资金入市的重 要载体。 规模跃升结构优化 宽基与科技主题双引擎发力 2025年，在《促进资本市场指数化投资高质量发展行动方案》及推动中长期资金入市等顶层设计的强力 推动下，境内ETF市场呈现出爆发式增长态势。 深交所报告数据显示，截至2025年底，境内上市ETF总数达1381只，非货币ETF规模达5.84万亿元，较 2024年底净增2.28万亿元，增幅64%。值得关注的是，市场增量呈现"双轨驱动"特征——存量产品规模 持续扩张与新增产品贡献并重，其中宽基ETF作为市场"压舱石"整体规模增长17%，千亿级宽基ETF不 断涌现 ...

Core Insights - The current market is not suitable for "lazy" static allocation, and while opportunities exist in 2026, the approach will be more challenging [1] - Foreign institutions are increasingly optimistic about Chinese assets, citing the complete industrial chain, strong innovation capabilities, and relatively attractive valuations [1][2] Group 1: Market Trends - Global asset allocation is shifting away from a heavy concentration on USD assets towards a more diversified approach, with China showing renewed vitality [1][2] - The intertwining of five major trends—AI, geopolitical situations, energy transition, aging population, and new finance—is reshaping global capital markets and increasing asset volatility [1] Group 2: Investment Strategies - Investors are encouraged to adopt a more proactive asset allocation strategy, with quarterly or semi-annual rebalancing proving more effective than a buy-and-hold approach in high-volatility markets [4] - The demand for global allocation among Chinese investors is rising, and foreign investment in China is also increasing due to the country's unique market characteristics and growth potential [2] Group 3: Sector Focus - The logic for Chinese equity assets is expected to shift from valuation expansion to profit-driven growth, with a focus on sectors like technology, power equipment, healthcare, and undervalued traditional industries [3] - The AI-driven technology revolution is anticipated to enhance productivity and corporate performance, particularly in sectors such as power equipment and healthcare, which are seen as having significant potential [3] Group 4: Fixed Income Strategies - In a low-interest-rate environment, traditional bond investments face challenges, prompting the need for new return sources or strategies, including short-term trading and credit exploration [4] - The "fixed income plus" strategy is highlighted as a crucial tool for balancing risk and return, with a focus on maintaining fixed income assets as a foundation while selectively increasing exposure to volatile assets [4][5]

Core Viewpoint - The bond market has begun to stabilize in early 2026, while the equity market shows increased volatility, presenting challenges for "fixed income +" fund managers [1] Group 1: Equity Market Insights - Key sectors with significant potential include price increase chains, commercial aerospace, artificial intelligence (AI), and dividend assets [1] - The spring season is typically a period with less market resistance, making it a favorable time for emotional market releases [1] - The recent adjustment in popular sectors indicates a shift in market dynamics, with a focus on sectors like price increase chains and commercial aerospace [2] Group 2: Convertible Bonds Analysis - Current valuations of convertible bonds are relatively high, necessitating a strategic adjustment in exposure [1] - The convertible bond market is experiencing increased demand despite a smaller market size, leading to potential valuation spikes [2] - The recent surge in high-priced convertible bonds indicates a speculative trend, with smaller market cap bonds seeing rapid valuation increases [2] Group 3: Bond Market Dynamics - The bond market has shown optimistic performance in early 2026, with short-duration bonds stabilizing while long-duration bonds have weakened [3] - The decline in long-duration bonds is attributed to reduced demand from traditional investors like insurance funds, which are shifting their focus [3] - The widening yield spread in long-duration bonds suggests potential for upward movement, presenting a significant investment opportunity [3] Group 4: New Fund Launch - A new bond fund managed by Dai Hongyi and He Jianan is set to launch on February 24, featuring a localized all-weather strategy tailored to the domestic market [4] - The fund will leverage Dai Hongyi's expertise in asset allocation and various investment directions, while He Jianan will focus on credit bond configurations and duration management [4] - The fund's flexible approach to convertible bonds and investment strategies aims to enhance equity investment efficiency [4]

公告送出日期：2026年02月11日 （4）投资者可登录创金合信基金管理有限公司网站www.cjhxfund.com或拨打创金合信基金管理有限公 司客服热线400-868-0666进行相关咨询。 风险提示：本公司承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，不保证基金一定盈利，也不 保证最低收益。敬请投资者注意投资风险。投资者投资于本基金前应认真阅读基金的基金合同、更新的 招募说明书及相关公告。 特此公告。 创金合信基金管理有限公司 1.公告基本信息 ■ 2.其他需要提示的事项 （1）创金合信基金管理有限公司（以下简称"本公司"）决定自2026年02月12日起，投资人通过所有销 售机构和本公司直销渠道申购创金合信季安鑫3个月持有期债券型证券投资基金（以下简称"本基 金"），做以下金额限制：单日每个基金账户累计的申购（含定期定额投资申购，下同）金额、转换转 入金额在本基金基金份额上应小于或等于100,000.00元，如单日单个基金账户在本基金基金份额上的累 计申购金额、转换转入金额大于100,000.00元的，基金管理人有权拒绝超额部分的申请。 （2）以上大额交易限制按照A、C二类份额加总进行合并判断。 （ ...

Group 1 - The fund contract and prospectus for Pengyang Multi-Asset Balanced Three-Month Holding Period Mixed Fund of Funds (ETF-FOF) were disclosed on February 11, 2026, on the company's website and the China Securities Regulatory Commission's fund electronic disclosure website [1] - The fund manager commits to managing and utilizing fund assets with honesty and diligence, but does not guarantee profits or minimum returns [1] - Investors are advised to fully understand the risk-return characteristics of the fund and make prudent investment decisions [1] Group 2 - The MACD golden cross signal has formed, indicating that certain stocks are experiencing a good upward trend [1]

Announcement Information - The fund manager will suspend large subscriptions, conversions, and regular investment business through China Construction Bank's sales channels starting from February 24, 2026, with a limit of 5 million yuan per single fund account per day [1] - If the cumulative amount exceeds 5 million yuan (excluding 5 million yuan), the company reserves the right to declare the related business as failed [1] Investor Information - Investors with inquiries can contact the fund manager's customer service hotline at 400-81-95533 or visit the website www.ccbfund.cn for more information [1]