格隆汇1月7日｜2026年1月8日14:00，格隆汇携手广发基金、汇添富基金、易方达基金，集结当下极具 实战深度与研究密度的专业力量，共同呈现——《2026潮起新程·开门红联名策略会》。与格隆汇创始 人格隆博士及三位顶尖基金专业人士汇添富基金马磊、广发基金夏浩洋、易方达基金杨正旺一起，站在 变化发生的地方，获取真正有价值的一手信息。 ...

Core Insights - In 2025, China's ETF market experienced significant growth, with total product scale surpassing 6 trillion yuan and total dividend distribution reaching a record high of 45.013 billion yuan, a 113% increase from 2024 [1] Group 1: ETF Dividend Growth - The total dividend amount for ETFs in 2025 reached 45.013 billion yuan, marking a historic high and a 113% increase from 2024 [1] - Broad-based ETFs contributed significantly to this growth, accounting for 31.288 billion yuan, or 69.51% of total ETF dividends, up from approximately 55% in 2024 [2] - Several core broad-based ETFs saw their annual dividends exceed 1 billion yuan, with notable increases: Huatai-PB CSI 300 ETF at 8.394 billion yuan (up 236%), E Fund CSI 300 ETF at 7.15 billion yuan (up 260%), and others also showing substantial growth [2][3] Group 2: Concentration of Dividends - The concentration of dividends among leading fund companies increased, with top firms raising both the frequency and amount of ETF dividends to attract long-term investors [4] - In 2025, major fund companies like Huaxia Fund, Huatai-PB Fund, and E Fund reported significant increases in ETF dividends, with Huaxia Fund distributing 10.131 billion yuan (up 161%) and Huatai-PB Fund distributing 9.599 billion yuan (up 196%) [4][5] - The top five fund companies collectively distributed 38.174 billion yuan, representing 84.8% of total ETF dividends, indicating a growing dominance in the ETF market [5] Group 3: Future Outlook - The future of ETF dividends is expected to improve further due to enhanced awareness of dividend policies among listed companies and innovations in ETF products [5] - As the dividend capabilities of ETFs increase, they are anticipated to become a more important market allocation tool, enhancing the investment experience for investors [5]

Core Viewpoint - The recent draft of the "Guidelines for Performance Assessment of Fund Management Companies" introduces significant reforms in the public fund industry, emphasizing performance-based compensation and dividend distribution, which may lead to salary reductions for nearly a thousand fund managers [1][6]. Group 1: Dividend Distribution Regulations - The guidelines require fund companies to prudently determine dividend frequency and ratio based on the long-term performance of fund products and investor gains and losses [1][6]. - For funds with poor performance over the past three years, the guidelines suggest reducing both the frequency and ratio of dividends [1][6]. Group 2: Financial Performance of Fuguo Fund - In 2024, Fuguo Fund reported an operating income of 6.405 billion yuan and a net profit of 1.751 billion yuan, with a total dividend payout of 1.092 billion yuan and a dividend rate of 62.36% [1][3]. - From 2015 to 2024, Fuguo Fund accumulated operating income of 47.515 billion yuan, net profit of 13.987 billion yuan, and total dividends of 6.327 billion yuan [1][3]. Group 3: Historical Dividend Rates - Fuguo Fund maintained a dividend rate exceeding 57% for three consecutive years from 2022 to 2024, distributing over 3.5 billion yuan in total dividends during this period [2][7]. - The dividend distribution data shows fluctuations, with the highest dividend rate recorded in 2016 at 102.94% and the lowest in 2015 at 16.97% [3][8]. Group 4: Fund Performance Metrics - From 2022 to 2024, 65% of Fuguo Fund's 237 products reported losses, with 59% underperforming their benchmarks [5][10]. - In contrast, from 2023 to 2025, only 9% of 278 products reported losses, indicating an improvement in performance metrics [4][9]. Group 5: Market Insights on Dividend Policies - Market analysts argue that excessively high dividend rates can hinder capital accumulation and risk management for fund companies, potentially affecting their innovation and expansion capabilities [11].

半个月前，《财中社》的文章《》提到，国投瑞银基金新增了一起司法纠纷，将于1月13日开庭，原告李智华因为金融委托理财合同纠纷将国投瑞银基金与 基金经理施成告上法庭。这位国投瑞银一手培养的明星基金经理，曾因重仓押注新能源赛道而引起广泛争议。2025年，在旗下基金收益几乎全线"告负"的压 力下，他转而重仓AI和机器人赛道，收到了明显效果。 近日，《财新》关注到了这起"投资者直接起诉基金经理"的纠纷，也引出了一个更加尖锐的问题：基金经理投资风格发生漂移，究竟是市场化调仓的自由裁 量，还是对基金合同的违约乃至重大明显过错？ 在科技主线行情下，施成旗下的基金产品虽然净值亮眼，但投资标的明显与基金名称不符，这也是业内俗称的"风格漂移特征明显"。 就拿国投瑞银新能源混合来说，这只产品的募集说明书明确约定，投资新能源主题相关行业证券的比例不能低于非现金基金资产的80%。但在2025年半年报 的全部持仓中，新能源相关概念股持仓市值只有约5.3亿元，占整体基金持仓市值的24.13%；2025年三季报中披露了前十大重仓股，其中新能源相关个股只 剩下科达利（002850）一只，占股票市值约5.95%。 投资风格漂移引争议 律师表示，公 ...

公募基金在一场不太体面的战斗里告别了2025年。 去年 12 月末的最后几个交易日，一则围绕中证 A500ETF 的花边传闻，在水面之下传得有声有色：一边传的是"买量怪"力争让自家的 A500 坐稳季末规模 的头把交椅，一边传的是"举报怪"打不赢又输不起，转头选择了告老师。 至今，没有任何组织宣布对这起传闻负责，但 A500ETF 确实在没有太多散户消费的迹象下，闷声在 12 月上了一个台阶，全部 A500ETF 产品的总规模单 月暴涨了 1000 多亿。 | 沪深交易所年末A500ETF规模排名变化 数据截止日期: 2025年12月31日 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 2025 年 12 月 1 日 A500ETF 战况 | | | | | 2025 年 12 月 31 日 A500ETF 战兄 | | | 交易所 排名 基金公司 A500规模 | | | | 排名 | 基金公司 A500规模 | 变动 | | 259 亿 | 1 | 华泰柏瑞 | | 1 | 华泰柏瑞 | 494 亿 + 235 亿 | | 上海交易 ...

Core Insights - In 2025, Hong Kong's Mandatory Provident Fund (MPF) achieved a record investment return of HKD 219.2 billion, marking the highest annual performance since the system's inception [2][4] - The annual return rate reached 16.73%, making 2025 the fourth-best year in terms of returns since the MPF was established [2] - The total assets of the MPF reached HKD 1.554 trillion by the end of 2025, benefiting from strong contributions and investment performance [3][4] Investment Performance - The average profit per member was HKD 45,728, with the strong performance of Hong Kong and mainland Chinese stocks contributing significantly, showing a 31.27% increase, the best performance since 2017 [4] - The MPF's total assets increased by HKD 54,749 per member compared to the beginning of the year, with an average balance of HKD 324,100 [4] Fund Categories - As of October 2025, stock funds and mixed asset funds, which account for 80% of the total MPF assets, recorded cumulative net returns of 240% and 200%, respectively, outperforming the annual inflation rate of 1.8% [6][7] - The performance of various fund types since 2000 includes: - Stock Funds: 46% of total assets, 240.5% cumulative net return, 5.0% annualized net return - Mixed Asset Funds: 34% of total assets, 201.3% cumulative net return, 4.5% annualized net return - Bond Funds: 4% of total assets, 58.6% cumulative net return, 1.9% annualized net return - Guaranteed Funds: 5% of total assets, 35.4% cumulative net return, 1.2% annualized net return - Money Market Funds: 11% of total assets, 27.3% cumulative net return, 1.0% annualized net return [7] Default Investment Strategy - The Default Investment Strategy (DIS), launched in 2017, has gained popularity, with core accumulation funds under DIS achieving an average annualized net return of 6.9% [8] - More MPF plans have joined the MPF Easy platform, which caps administrative fees at 0.37%, benefiting over 10 million member accounts [8]

Group 1 - The market showed a slight increase with the total trading volume reaching 2.85 trillion yuan, an increase of 476 billion yuan compared to the previous day [6][2] - The number of stocks that rose, remained flat, and fell in the market was 3190, 107, and 2173 respectively [6][2] - The top three sectors with net capital inflow were banking (+28.14 billion yuan), coal (+12.43 billion yuan), and telecommunications (+9.03 billion yuan) [6][2] Group 2 - Huaxi Securities suggests that the spring market rally has started early, maintaining a bullish outlook [2][6] - The report emphasizes focusing on emerging growth sectors and opportunities related to the "anti-involution" trend, including AI computing power chains, AI applications, robotics, domestic substitution, commercial aerospace, and energy storage [2][6] - The report also highlights sectors benefiting from price increases, such as chemicals, new energy, and non-ferrous metals [2][6] Group 3 - Huabao Fund has launched three major broad-based ETFs tracking the China A50, A100, and A500 indices, providing investors with diverse options for investing in China [2][6] - The A50 ETF focuses on the top 50 core leading companies, while the A100 ETF encompasses the top 100 industry leaders [2][6]

Group 1 - The capital market is increasingly focused on the trend of deposit migration, with a potential increase of approximately 2-4 trillion yuan in activated funds flowing into non-deposit investment areas by 2026 [1] - The maturity schedule for deposits in 2026 is expected to be more front-loaded, with 32 trillion yuan of long-term deposits maturing, an increase of 4 trillion yuan year-on-year, and 61% of these deposits maturing in Q1 [1] - The current environment suggests a slight increase in risk appetite among Chinese residents, with asset allocation trends shifting towards more liquid deposits and asset management products [2] Group 2 - The demand for insurance is expected to increase, particularly from the bank insurance channel, with premium income projected to grow year-on-year [3] - Bank wealth management is positioned advantageously, but there are concerns regarding net value fluctuations post-valuation adjustments, with a projected growth rate of 8-12% for wealth management in 2026 [3] - The low interest rate environment and deepening capital market reforms are likely to enhance the attractiveness of fixed-income products, with liquidity for bond funds being supported by recent regulatory changes [3]

与此同时，该基金最新成交量为1.85亿份，最新成交额达2.53亿元，当日主力资金净流出成交额占比达 7.59%。 2026年1月7日，智能驾驶ETF（516520.SH）收跌1.16%，主力资金（单笔成交额100万元以上）净流出 1921.65万元，居可比基金首位。（数据来源：Wind） ...

2026年1月7日，科创债ETF中银（551060.SH）收涨0.10%，主力资金（单笔成交额100万元以上）净流 出24.82亿元，居全市场前2。（数据来源：Wind） 与此同时，该基金最新成交量为5407.01万份，最新成交额达53.98亿元，当日主力资金净流出成交额占 比达45.98%。 ...