尽管现货价格剧烈震荡，但部分贵金属投资产品的价格却未能同步跟上。管理规模达100亿美元的封闭 式实物贵金属基金——斯普罗特实物金银信托（Sprott Physical Gold and Silver Trust，CEF），上周 五的交易价格较其资产净值（NAV）折让高达9.5%。此前在1月30日，黄金和白银单日跌幅分别创下逾 11%和31%的历史纪录；不过周二两大贵金属价格均大幅反弹，凸显市场波动性已升至极高水平。 事实上，在1月28日贵金属价格接近峰值时，该基金的折价幅度甚至更大，当日收盘较资产净值折价达 到11.4%的历史极值。该基金的持仓全部为存放于加拿大皇家铸币厂（Royal Canadian Mint）的实物黄 金和白银，外加少量现金，其资产净值会根据市场价格每日更新。 解读这一异象的一种方式是：当日，投资者实质上是以89美分的价格，买入了价值1美元的黄金和白 银。当然，考虑到随后金银价格的暴跌，当时的买入时点堪称糟糕。但对于那些倾向于投资贵金属、并 希望在波动中抄底的逢低买入者而言，此类封闭式实物贵金属基金或构成买入机会——至少在大幅折价 状态持续期间是如此。 贵金属市场的剧烈波动正为黄金和白银投 ...

本报讯(记者昌校宇)2月4日，恒越基金发布公告称，恒越嘉润量化选股基金于2月3日正式成立，首发募 集总规模达8.15亿元，其中A类份额4.72亿元、C类份额3.43亿元，认购总户数9830户，托管人为广发证 券。 恒越嘉润量化选股基金属于公募主动量化权益类基金。近年来，公募主动量化基金以灵活的流动性和低 门槛等特点，成为中小投资者参与量化投资的便捷工具。与被动跟踪某个特定指数不同，主动量化采取 全市场选股策略。据悉，恒越嘉润量化选股基金是业内较少叠加了两套独立量化模型的产品，一部分仓 位采用中小盘多因子量化策略，另一部分仓位进行量化择时，通过灵活调整仓位捕捉市场趋势、控制回 撤波动，以适应不同风格的市场环境。 恒越基金是较早实行券商交易结算模式的公募机构之一，旗下产品均采用券结模式，而券结基金通常能 获得券商渠道更多支持。据悉，恒越嘉润量化选股基金在本次首发中，通过广发证券、开源证券等多家 券商的广泛代销，仅用两周时间便达成8.15亿元的首募规模，受到业界关注。 上述公告显示，"本基金基金经理持有本基金份额总量的数量区间为100万份以上"，实际金额为200.06 万元，这与该基金首发期间透露的基金经理吴胤希个 ...

Group 1 - The central bank's net purchase of government bonds in January reached 100 billion, continuing an upward trend from previous months, with the net purchase ratio increasing from 10% in Q4 of last year to 23.4% in January, indicating better coordination between monetary and fiscal policies as bond issuance accelerates [1] - The central bank announced an 800 billion reverse repurchase operation on February 4, with a three-month term, indicating a net liquidity injection of 100 billion, reflecting the central bank's commitment to maintaining liquidity [1] - The market for the Penghua Science and Technology Bond ETF (551030) is active, with a turnover rate of 27.7% and a transaction volume of 5.624 billion, highlighting the ETF's role in diversifying investment risks and improving capital efficiency [1] Group 2 - Penghua Fund has established a long-term strategy for "fixed income tool-type products" since the second half of 2018, actively developing in areas such as interest rate bond index products, ETFs, credit bond indices, and certificates of deposit, aiming to become a domestic "fixed income index expert" [2] - With professional bond index investment management capabilities and extensive product operation experience, Penghua Fund aims to continuously provide high-quality bond index investment tools for investors [2]

Report Industry Investment Rating - Not provided in the content Core View of the Report - On February 4, 2026, the Shanghai Composite Index rose 0.85% to 4102.20 points, the Shenzhen Component Index rose 0.21% to 14156.27 points, and the ChiNext Index fell 0.40% to 3311.51 points. The trading volume of A-shares in the two markets was 2503.5 billion yuan. The top-performing industries were coal (7.58%), building materials (3.48%), and real estate (2.97%), while the worst-performing industries were media (-3.12%), communication (-2.73%), and computer (-1.70%) [2][6] Summary by Relevant Catalogs Market Overview - On February 4, 2026, the Shanghai Composite Index rose 0.85% to 4102.20 points, the Shenzhen Component Index rose 0.21% to 14156.27 points, and the ChiNext Index fell 0.40% to 3311.51 points. The trading volume of A-shares in the two markets was 2503.5 billion yuan. The top-performing industries were coal (7.58%), building materials (3.48%), and real estate (2.97%), while the worst-performing industries were media (-3.12%), communication (-2.73%), and computer (-1.70%) [2][6] Stock ETF - The top-traded stock ETFs on February 4, 2026, were Huaxia CSI A500 ETF, which rose 0.73% with a discount rate of 0.73%; Huatai-PineBridge CSI A500 ETF, which rose 0.69% with a discount rate of 0.65%; and Southern CSI 500 ETF, which rose 0.26% with a discount rate of 0.28% [3][7] Bond ETF - The top-traded bond ETFs on February 4, 2026, were Haifutong CSI Short-term Financing ETF, which rose 0.01% with a discount rate of 0.01%; Bosera CSI Convertible and Exchangeable Bond ETF, which fell 0.12% with a discount rate of -0.20%; and Huaxia Shanghai Stock Exchange Benchmark Market-making Treasury Bond ETF, which fell 0.05% with a discount rate of -0.08% [4][9] Gold ETF - On February 4, 2026, gold AU9999 rose 3.86%, and Shanghai Gold rose 4.40%. The top-traded gold ETFs were Huaan Gold ETF, which rose 4.27% with a discount rate of 3.66%; Bosera Gold ETF, which rose 4.43% with a discount rate of 3.67%; and E Fund Gold ETF, which rose 4.40% with a discount rate of 3.65% [12] Commodity Futures ETF - On February 4, 2026, Dacheng Nonferrous Metals Futures ETF rose 0.85% with a discount rate of 2.42%; Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF rose 1.33% with a discount rate of 1.20%; and Huaxia Feed Soybean Meal Futures ETF rose 0.20% with a discount rate of 4.52% [13] Cross-border ETF - The previous trading day, the Dow Jones Industrial Average fell 0.34%, the Nasdaq Composite fell 1.43%, the S&P 500 fell 0.84%, and the German DAX fell 0.07%. On February 4, 2026, the Hang Seng Index rose 0.05%, and the Hang Seng China Enterprises Index fell 0.05%. The top-traded cross-border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF, which rose 2.10% with a discount rate of 1.75%; Huatai-PineBridge CSI KRX Korea-China Semiconductor ETF, which fell 1.18% with a discount rate of 13.24%; and Huaxia Hang Seng Tech ETF, which fell 1.39% with a discount rate of -1.20% [16] Money ETF - The top-traded money ETFs on February 4, 2026, were Yin Hua Ri Li ETF, Hua Bao Tian Yi ETF, and Money ETF Jianxin [18]

Core Viewpoint - The article emphasizes the importance of early investment in personal pension accounts to maximize tax benefits and long-term returns in the A-share market, which has shown a significant recovery with the Shanghai Composite Index surpassing 4100 points, reflecting a 23.85% increase from January 1, 2025, to January 28, 2026 [2]. Group 1: Market Performance - The Shanghai Composite Index has reached a new high, breaking the 4100-point mark, indicating a positive trend in the A-share market [2]. - The index's performance from January 1, 2025, to January 28, 2026, shows a notable increase of 23.85% [2]. Group 2: Personal Pension Benefits - The updated personal pension tax deduction allows individuals to save up to 5400 yuan annually [5]. - The maximum annual contribution limit for personal pensions has been refreshed to 2000 yuan, which increases tax savings for higher income brackets [6]. - The article outlines various marginal tax rates and corresponding tax savings based on annual taxable income, highlighting that individuals with an annual taxable income exceeding 95,000 yuan can save up to 5400 yuan [7]. Group 3: Investment Products - The article promotes specific pension investment products, such as the "建信优享进取养老目标五年持有（FOF）" with a year-to-date return of 22.19% [3]. - Another product mentioned is the "贝嘉目标风险稳健型固定收益类理财产品," which has a projected return of 3.95% from July 18, 2023, to December 31, 2025 [3]. Group 4: Promotional Activities - A promotional campaign for personal pension accounts is set to run from February 1, 2026, to March 31, 2026, offering various rewards for new account holders and referrals [9]. - Specific rewards include bonuses for initial contributions and for inviting friends to open accounts, with potential rewards reaching up to 380 yuan [10].

| 名称 | 最新, | 涨幅↑ | 涨跌。 | | --- | --- | --- | --- | | 黄金股ETF工银 159315 | 2.084 | -10.02% | -0.232 | | 黄金股票 ETF 159321 | 1.977 | -10.01% | -0.220 | | 黄金股票 ETF 517400 | 2.006 | -10.00% | -0.223 | | 黄金股ETF 517520 融 | 2.537 | -10.00% | -0.282 | | 黄金股ETF 159562 ■ | 2.762 | -10.00% | -0.307 | | 黄金股票ETF ... 159322 | 2.043 | -10.00% | -0.227 | 国际金价的剧烈波动传导至国内黄金ETF上，在过去一周里同步上演了"过山车"行情。 "从来没有想到ETF产品也能出现跌停，而且连续两个交易日都是集合竞价百万手级别跌停封单，根本 没法卖出。好在我持有的黄金股ETF在1月30日冲高回落之际就清仓了，如果多放两天，盈利至少回撤 25%。虽然我对黄金走势长期看好，但是短期与黄金挂钩的ETF产品波动还是会比较大 ...

Core Viewpoint - The market is experiencing a decline in risk appetite ahead of the holiday, with trading sentiment among institutional investors showing signs of retreat, leading to a significant net outflow of funds [2][6][7]. Market Performance - The total trading volume in the market reached 2.48 trillion yuan, a decrease of 633 billion yuan from the previous day [6]. - The A50 ETF, A100 ETF, and A500 ETF from Huabao Fund are highlighted as key investment options for investors looking to gain exposure to the Chinese market [7]. Fund Flow and Investor Sentiment - Institutional views indicate that risk factors are prevalent, causing a drop in trading activity and a return of investor participation to early-year levels [2][6]. - Financing activity has hit a new low since mid-July 2025, with a notable single-day net outflow recorded, the largest since December 2025 [2][6]. - Despite the outflows, there is evidence of resilience in the funding environment, with a narrowing of net outflows in the latter part of the week [2][6][7]. ETF Offerings - Huabao Fund has launched three major broad-based ETFs tracking the China A50, A100, and A500 indices, providing investors with diversified options to invest in leading companies across various sectors [7]. - The A50 ETF focuses on the top 50 core companies, while the A100 ETF encompasses the top 100 industry leaders, and the A500 ETF targets the top 500 firms in the A-share market [7].

值得一提的是，近些年来富国基金多位核心基金经理相继离职，包括二级债"准一哥"刘兴旺、QDII明星 宁君均于2025年11月双双挂靴，范妍等外来人才临危受命，不过目前来看表现平平，投研换血成效仍有 待观察；富国天惠成长混合（LOF）C近一年跑输同类18个百分点、近两年跑输同类近30个百分点，朱 少醒"常青树"光环稍显褪色。 6只基金清盘 Wind数据显示，2025年全年富国基金旗下基金产品为投资者实现的总利润超1050亿元，其中主动权益 类产品合计为基民赚得566.10亿元。 《东西财经》梳理发现，赚钱能力排名靠前的分别为富国天惠精选成长混合（LOF）A/B、富国新兴产 业股票A、富国创新科技混合A、富国稳健增长混合A、富国中小盘精选混合A、富国沪港深业绩驱动混 合A、富国均衡优选混合、富国互联科技股票型A、富国天瑞强势精选混合A、富国创新趋势股票A，利 润分别为43.49亿元、41.73亿元、31.82亿元、20.25亿元、19.5亿元、19.48亿元、17.82亿元、17.73亿 元、17.37亿元、17.02亿元。 尽管2025年富国基金业绩表现亮眼，但在高光背后则是2022年至2024年旗下混合型基金给 ...

出品｜公司研究室基金组 文｜张阳 "本想赎回基金止损，没想到不仅没拿到钱，还倒欠京东金融300多块！"2月3日，一位持有国投瑞银白银期货LOF的投资者在小红书晒出交易记录，引发大 量国投白银LOF投资者的共鸣。 2月2日，该基金单日净值暴跌31.5%创下公募纪录，而通过京东金融"极速赎回"的用户，因平台垫资与实际净值差额，陷入了"卖基金倒贴钱"的荒诞局面。 这场风波不仅暴露了基金公司与销售平台的风险漏洞，更让普通投资者承受了超出预期的损失。 国投瑞银怕产生挤兑未提前公告 国投白银LOF单日暴跌31.5%的导火索，源于国际银价与国内银价之间的极端背离。 1月30日至2月2日，伦敦银现价格从115.87美元/盎司跌至79.20美元/盎司，累计跌幅达31.65%。然而，国内上期所沪银主力合约因受±17%涨跌停板限制，2月 2日仅下跌17%。 2月2日国内开盘后，基于国内白银期货17%的涨跌停限制，不少投资者认为当日国投白银LOF场外基金的亏损最多不超过17%，因此选择赎回止损。 但2月2日晚，国投基金公司突然公告，将国投白银LOF基金所持6只白银期货合约的估值方法，从"上海期货交易所结算价"改为"参考国际银价波动" ...

Core Viewpoint - The company, Jiao Yin Schroder Fund, has experienced a significant decline in its public fund management scale and profitability, losing its status as a benchmark in equity investment, amidst increasing competition and internal management changes [5][6][14]. Group 1: Fund Management Scale - As of the end of 2025, Jiao Yin Schroder's public fund management scale was 5026.46 billion yuan, a decrease of 6.54% from 2024, ranking 25th in the industry [5][8]. - The overall public fund management scale in China reached a historical high of 37.71 trillion yuan by the end of 2025, increasing by 4.88 trillion yuan from the end of 2024 [5][41]. - The equity fund management scale has been in a downward trend since 2022, dropping from a peak of 2123.92 billion yuan in 2021 to 888.73 billion yuan by the end of 2025, a reduction of 1235.19 billion yuan [10][42]. Group 2: Profitability Decline - The company's net profit has been declining for several years, with a 16.7% year-on-year decrease in the first half of 2025, amounting to 4.09 billion yuan [6][14]. - Management fee income, a primary revenue source, fell to 10.93 billion yuan in the first half of 2025, down 12.53% year-on-year [16][49]. - From 2022 to the first half of 2025, the company's stock investment returns totaled -378 billion yuan, indicating a severe loss in profitability [51]. Group 3: Performance of Key Fund Managers - The so-called "Three Musketeers" of Jiao Yin Schroder, namely He Shuai, Wang Chong, and Yang Hao, have seen their managed funds underperform significantly against benchmarks, with returns lagging by over 20 percentage points in recent years [7][52]. - He Shuai's managed products reported a three-year return of -16.22%, while Wang Chong's funds also showed poor performance, with significant losses recorded [20][57]. - Yang Hao's only managed product, Jiao Yin New Vitality A, has consistently underperformed, with a maximum drawdown of -54.18% over five years [59]. Group 4: Management Changes - The company has undergone frequent personnel changes, including the departure of key executives and fund managers, which has added pressure to its investment research capabilities [27][30]. - Notable changes include the resignation of former General Manager Xie Wei and the appointment of Yuan Qingwei, who lacks prior experience in public funds [28][62]. - The investment research team has also seen significant turnover, with several long-tenured managers leaving, impacting the company's overall investment strategy [64][66].