Group 1 - The stock ETF market experienced a significant net outflow of 790 billion yuan in January, with broad-based ETFs being the main contributors to this outflow [2] - On February 2, the first trading day of the month, stock ETFs saw a net outflow of 13.771 billion yuan, influenced by a sharp decline in the three major stock indices [2] - Broad-based ETFs and the metals sector were the largest "bloodletting" categories, while sector-specific ETFs like semiconductors and pharmaceuticals attracted significant inflows [2][3] Group 2 - As of February 2, the total scale of 1,321 stock ETFs (including cross-border ETFs) was 4.09 trillion yuan, showing a notable decrease due to the market downturn [3] - Sector-specific ETFs and Hong Kong stock ETFs saw substantial inflows, with 3.715 billion yuan and 3.346 billion yuan respectively on the previous trading day [3] - The semiconductor sector had a remarkable net inflow of 2.61 billion yuan on February 2, with the Guolian An CSI All-Share Semiconductor ETF leading with a net inflow of 903 million yuan [3] Group 3 - Over the past five days, the SGE Gold 9999 index saw inflows exceeding 13.9 billion yuan, while the specialized chemical index attracted over 7 billion yuan [4] - Leading institutions like E Fund reported a total ETF scale of 642.71 billion yuan, with a net inflow of 800 million yuan on the previous day [4] - Notable single product inflows included 526 million yuan for the ChiNext ETF and 352 million yuan for the Hang Seng Technology ETF [4] Group 4 - Broad-based ETFs continued to experience significant outflows, with a net outflow of 23.778 billion yuan on the previous day, leading to a scale decrease of 68.672 billion yuan [5] - The CSI 500 ETF had the largest single-day outflow of 13.02 billion yuan, followed by the CSI 300 ETF with 7.2 billion yuan [5] Group 5 - The metals sector also faced notable outflows, with a net outflow of 4.39 billion yuan, influenced by expectations surrounding the Federal Reserve's monetary policy and profit-taking sentiments [6] - Despite short-term volatility, the long-term investment logic for the metals sector remains solid, supported by global manufacturing cycles and energy transition demands [6] Group 6 - Current market adjustments are viewed as providing better valuation windows for long-term investments, with a stable long-term market outlook supported by policy measures and improving economic fundamentals [7] - Key factors include ongoing policy support, marginal improvements in economic indicators, and a favorable funding environment with increasing allocations to A-shares from various institutional investors [7]

马年启幕，科技成长主线仍然如火如荼前进。2025年以来，围绕公募基金高质量发展主线与市场机遇， 大成基金持续推出"科技远光灯"系列优质投资者教育活动。1月29日，大成基金"科技远光灯"投教同行 会上海专场成功举办。 活动期间，指数与期货投资部执行总监孙雨、股票投资部基金经理郭玮羚分别进行深度分享。其中，孙 雨以"乘势而上.行稳致远"为题，对2026年度市场特征以及指数布局策略进行解读。郭玮羚则紧密贴合 市场热点，对其擅长的科技成长风格投资进行分享，解析2026年度科技板块产业投资机会，对产业链关 键环节及其投资逻辑进行专业分析。 孙雨指出，2026年开年，市场行情呈现典型的资金驱动特征，存在一定"春季躁动"特点。在无风险利率 持续下行的背景下，银行理财收益率走低，权益资产成为多元配置中的优选。政策层面持续引导中长期 资金入市，险资、理财等机构资金稳步增配，为市场构筑了坚实的基础。 孙雨强调，当前行情本质是"强预期弱现实"，情绪与资金主导短期波动。在科技成长主线持续活跃的背 景下，也需警惕部分赛道交易拥挤与估值偏高带来的回调风险。投资者应树立"慢牛长牛"思维，在拥抱 趋势的同时保持理性，方能行稳致远。 在"金字 ...

2月3日，江信基金发布公告称，公司主要股东发生变更。根据证监会此前的批复，国盛金融控股集团股 份有限公司（以下简称国盛金控）吸收合并国盛证券有限责任公司获核准。 江信基金表示，国盛证券有限责任公司已经在1月31日完成了工商注销登记，国盛金控变更为国盛证券 股份有限公司。后者将承接原国盛证券有限责任公司对江信基金的5400万元出资额，出资额占比未发生 变化。 据悉，证监会在2025年2月7日已出具《关于核准国盛金融控股集团股份有限公司吸收合并国盛证券有限 责任公司的批复》，核准国盛金控吸收合并国盛证券有限责任公司。上述吸收合并事项完成后，国盛证 券有限责任公司将解散，国盛金控变更为国盛证券股份有限公司。而此次江信基金的股东变更，也是在 这一背景下实施的。此前国盛证券有限责任公司各分支机构、业务以及对江信基金5400万元出资额，将 被国盛证券股份有限公司承接。 值得注意的是，1月31日，国盛证券股份有限公司发布了《国盛证券股份有限公司关于原主体国盛证券 有限责任公司完成注销登记的公告》，国盛证券有限责任公司已于2026年1月30日完成工商注销登记。 至此，江信基金的主要股东亦由国盛证券有限责任公司变更为国盛证券股 ...

时序更替，2026年正式开启新程。当前全球经济正处于周期转换的关键节点，国际贸易格局与产业链重 构持续深化；国内层面，"十五五"规划开局起步，政策聚焦科技创新与新质生产力培育，中国经济向结 构优化、高质量发展的转型路径愈发清晰。在此背景下，市场核心关切集中于多重议题，全球"宽货 币"环境将如何影响大类资产轮动节奏？中国经济新旧动能转换将勾勒出怎样的产业投资脉络？港股能 否迎来系统性价值重估？A股在开年"开门红"后，又将沿着何种核心逻辑演绎？ 1月24日，律回春渐，共谋新章——富国基金一起投1月专场策略会圆满落幕。本次专场策略会邀请了浙 商证券首席经济学家、联席所长、大资产组组长李超、中金公司研究部董事总经理、首席海外与港股策 略分析师刘刚、富国红利精选(QDII)基金经理王菀宜、富国基金首席策略分析师马全胜出席，券商首席 携手富国基金投研人员，共话A股和港股潜在的投资机会。 本次专场策略会由四个主题演讲组成，演讲嘉宾李超、刘刚、王菀宜、马全胜分别从宏观经济、海外策 略、港股投资和A股投资四个角度分享了对于2026年投资机会的展望。此次策略会以线上直播的形式召 开，超30家平台同步直播。 提示：外部机构嘉宾观点 ...

Group 1 - The A-share market experienced a quick decline after a strong opening, with sectors like photovoltaic equipment and aerospace leading the gains, while precious metals continued to adjust [1] - The A500 ETF (512050) saw a counter-trend increase of 0.50%, with a trading volume exceeding 9.5 billion yuan, making it the top performer in its category [1] - China Galaxy Securities noted that liquidity support for the A-share market continues, with active trading levels remaining high as the Chinese New Year approaches, indicating a likely structural fluctuation in the market [1] Group 2 - The A500 ETF (512050) offers investors a convenient way to invest in core A-share assets, benefiting from a low fee rate of 0.2%, strong liquidity, and a scale exceeding 40 billion yuan [2] - The ETF tracks the CSI A500 Index and employs a dual strategy of industry-balanced allocation and leading stock selection, covering all 35 sub-industries, thus integrating value and growth attributes [2] - Compared to the CSI 300, the A500 ETF has a higher allocation to emerging sectors such as AI, pharmaceuticals, and renewable energy, providing a natural "dumbbell" investment strategy [2]

2026 年 02 月 03 日 Simplify 发行中国商品 ETF，白银 ETF 流出靠前 ——海外创新产品周报 20260202 相关研究 证券分析师 沈思逸 A0230521070001 shensy@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 沈思逸 A0230521070001 shensy@swsresearch.com 权 益 量 化 研 究 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 ETP 研 究 - ⚫ 美国 ETF 创新产品：Simplify 发行中国商品 ETF。上周美国共 15 只新发产品，Simplify 发行中国商品 ETF，主要投资于在中国商品交易所上市的期货品种，产品主要通过 Altis Partners 基于估值、动量的量化多空模型进行品种选择，覆盖能源、谷物、工业投入品、 金属等品种。 ⚫ 美国 ETF 资金流向：白银 ETF 流出靠前。过去一周 ...

本周市场波动加大，白酒、食品饮料等低位方向有所反弹。资金面数据显示，两市标杆红利品种——中证红利ETF（515080）昨日获资金单日 净流入1.8亿元，显示市场避险情绪或有所增强。 截至发稿，中证红利ETF（515080）盘中上涨0.39%，成份股中联重科涨超7%，藏歌矿业、海螺水泥、兔宝宝、永兴材料等多股涨超3%。数 据显示，截至2月2日，中证红利全收益指数相对万得全A指数40日收益差为-7.04%，显示中证红利近期走势有所回升，但相对Wind全A仍旧跑 输，或可更多关注阶段性布局时机。 根据中证指数公司数据，中证红利指数最新股息率5.02%，同期十年期国债到期收益率为1.82%，高股息配置价值相对较为凸显。 【新时代红利投资应何去何从？】 国金证券指出，2025年红利策略大幅跑输市场，最核心的原因在于市场找到了新的能够突破宏观趋势的成长性：以AI产业投资为代表，以及 景气度也开始逐步扩散到与AI强相关的"泛AI"领域。因此市场的定价驱动力从2022年至2024年上半年的股息率逐步开始重新转向增长率。 展望2026年，红利投资是否仍旧有效？ 该机构认为，红利策略依旧是很多投资者构建投资组合的压舱石和降低组合 ...

中证1000ETF（159845）紧密跟踪中证1000指数。中证1000指数由全部A股中剔除中证800指数成份股后，规模偏小且流动性好的1000只 股票组成，综合反映中国A股市场中一批小市值公司的股票价格表现，其场外联接基金（A类：013922；C类：013923）。 2月3日上午，A股三大指数集体上涨，其中沪指上涨0.53%。截止10:07，中证1000ETF（159845.SZ）上涨1.98%。其他宽基指数中，上证 50涨0.45%，沪深300涨0.38%，中证500涨1.50%。 每日经济新闻 | 画线 | 浄值 | | 叠 复权 窗 区 信息 加自选 | | | 1 | | | 中证1000CTF 159845 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 30: 3.307 MA60: 3.168 | | | | | | | | | | | | | | | 20251029-20260203 (68) 금 | | | | 3.557 | 3.341 | | +0.065(+1.98%) | | | ...

Group 1 - The core viewpoint of the news is that Yibin Technology has experienced a significant stock price increase, with a 5.17% rise on February 3, reaching a price of 24.40 CNY per share, and a total market capitalization of 3.019 billion CNY [1] - Yibin Technology has seen a cumulative increase of 10.58% over the past three days, indicating strong market performance [1] - The company, established on August 3, 2006, specializes in the design, development, production, and sales of automotive parts, with its main revenue sources being plastic parts (60.31%), metal parts (30.75%), molds (6.18%), and others (2.76%) [1] Group 2 - Among the top circulating shareholders of Yibin Technology, the Nuoan Multi-Strategy Mixed A Fund (320016) has recently entered the top ten, holding 881,400 shares, which is 1.74% of the circulating shares [2] - The Nuoan Multi-Strategy Mixed A Fund has achieved a year-to-date return of 8.06% and a one-year return of 79.56%, ranking 1008 out of 8874 and 370 out of 8124 respectively [2] - The fund manager, Kong Xianzheng, has a tenure of 5 years and 70 days, with the fund's total asset size at 6.675 billion CNY and a best return of 104.01% during his management [2]

1. Report Industry Investment Rating - Not mentioned in the report 2. Core Viewpoints of the Report - In January, all major indices in the Shanghai and Shenzhen markets rose. The CSI 500 and ChiNext 50 led the gains, both rising by over 12%, while the SSE 50 had the smallest increase of 1.17%. Among the 31 Shenwan primary industries, 26 industries rose, with the top 5 gainers being non - ferrous metals, media, petroleum and petrochemicals, building materials, and chemicals. The declining industries were banking, household appliances, non - bank finance, transportation, and agriculture, forestry, animal husbandry, and fishery [1][14]. - In December 2025, the total number of new individual investor accounts in the market reached 2.5861 million, and the number of new institutional investor accounts was 11,100. The private securities investment fund market continued to heat up, with the newly registered scale in December increasing month - on - month to 54.174 billion yuan, and the existing scale reaching 22.15 trillion yuan [2][21][23]. - In January, 88 new funds were issued, with a total issuance scale of 91.481 billion yuan. The issuance shares of active equity funds and passive equity funds were 41.704 billion and 19.62 billion respectively, and the issuance shares of active equity funds increased significantly month - on - month. All types of funds rose to varying degrees, with commodity - type funds having the largest average increase of 17.92% [3][38]. - In January, the active equity funds increased their positions in the petroleum and petrochemical, non - ferrous metals, and basic chemical industries, and reduced their positions in the national defense and military industry, pharmaceutical biology, and computer industries. The overall position of active equity funds on January 30, 2025, was 73.88%, an increase of 0.78 percentage points from the previous month [4][54][58]. - In January, the ETF market had a net capital outflow of 841.187 billion yuan. Many ETFs related to the CSI 300 and SSE 50 indices in the broad - based index suffered significant capital outflows. Among the actively traded individual securities, gold stock ETFs, China - South Korea semiconductor ETFs, mining ETFs, industrial non - ferrous metal ETFs, and ChiNext chip design ETFs led the gains, rising by 22.5% - 39.6%, while bank ETFs, E Fund's Hong Kong Stock Connect medical ETF, automobile ETFs, Peng Hua's general aviation ETF, and Huaxia's financial real - estate ETF led the losses, falling by 4.8% - 6.4% [5][61][62]. - In January, the risk - parity model rose by 2.07%, and the risk - budget model rose by 2.39% [6][73]. 3. Summary According to Relevant Catalogs 3.1 Domestic Market Situation - In January, all major stock indices in the Shanghai and Shenzhen markets rose. The CSI 500 and ChiNext 50 led the gains, both rising by over 12%, and the SSE 50 had the smallest increase of 1.17%. Among the 31 Shenwan primary industries, 26 industries rose, and 5 industries fell. In the bond market, the ChinaBond Composite Total Return Index rose by 0.22%, and the ChinaBond Treasury, financial bond, and credit bond total return indices fluctuated between a decline of 0.09% and an increase of 0.24%. The CSI Convertible Bond Index rose by 5.82%. In the commodity market, the Nanhua Commodity Index rose by 8.61% [1][14]. - In December 2025, the total number of new individual investor accounts in the market reached 2.5861 million, and the number of new institutional investor accounts was 11,100. The private securities investment fund market continued to heat up, with the newly registered scale in December increasing month - on - month to 54.174 billion yuan, and the existing scale reaching 22.15 trillion yuan [2][21][23]. 3.2 European, American, and Asia - Pacific Market Situation - In January, most major indices in the European, American, and Asia - Pacific markets rose. In the US stock market, the S&P 500 rose by 0.29%, the Dow Jones Industrial Average rose by 1.76%, and the Nasdaq Composite rose by 0.95%. In the European market, the French CAC40 fell by 0.28%, and the German DAX rose by 0.20%. In the Asia - Pacific market, the Hang Seng Index rose by 6.85%, and the Nikkei 225 rose by 5.93% [26]. 3.3 Market Valuation Situation - In January, the valuations of all major market indices rose. In terms of the historical quantile of price - to - earnings ratio, the CSI All - Share Index led the increase, rising by 8.5 percentage points. In terms of the historical quantile of price - to - book ratio, the CSI 1000 led the increase, rising by 15.3 percentage points. Among the industries, the top five industries with the highest historical quantile of price - to - earnings ratio of the Shenwan primary index last month were real estate, electronics, chemicals, commercial trade, and comprehensive. The price - to - earnings ratio quantile of the real estate industry was at a high level, and that of the electronics industry reached 96.2%. The bottom five industries with the lowest historical quantile of price - to - earnings ratio were non - bank finance, agriculture, forestry, animal husbandry, and fishery, food and beverages, beauty care, and pharmaceutical biology. The valuation of the non - bank finance industry was close to its historical low since 2013 [31]. 3.4 Overall Situation of Public - Offering Funds 3.4.1 Fund Issuance Situation - In January, 88 new funds were issued, with a total issuance scale of 91.481 billion yuan. Among them, 36 stock - type funds were issued with a scale of 19.669 billion yuan; 36 hybrid funds were issued with a scale of 46.646 billion yuan; 4 bond - type funds were issued with a scale of 49.46 billion yuan; 10 FOF funds were issued with a scale of 18.713 billion yuan; and 2 QDII funds were issued with a scale of 15.07 billion yuan. The issuance shares of active equity funds and passive equity funds were 41.704 billion and 19.62 billion respectively, and the issuance shares of active equity funds increased significantly month - on - month [38]. 3.4.2 Fund Market Return Situation - In January, the equity market performed outstandingly, and all types of funds rose to varying degrees. Commodity - type funds had the largest average increase of 17.92%. From the perspective of fund style indices, in January, the market showed a general upward trend, and the market performance of different - style funds was differentiated. The growth style outperformed the value style, and the small - and medium - cap style outperformed the large - cap style. Overall, the mid - cap balanced style had the largest increase of 8.99%, and the large - cap value style had the smallest increase of about 4.22%. Among different - scale equity - biased public - offering funds, the mini - funds with a scale of 50 million - 100 million had the largest average increase of 7.27% and a positive return ratio of 95.25%, while the super - large funds with a scale of over 10 billion had the smallest average increase of 4.79% and a positive return ratio of 87.10% [3][42][51]. 3.4.3 Active Equity Fund Position Situation - In January, active equity funds increased their positions in the petroleum and petrochemical, non - ferrous metals, and basic chemical industries, and reduced their positions in the national defense and military industry, pharmaceutical biology, and computer industries. The overall position of active equity funds on January 30, 2025, was 73.88%, an increase of 0.78 percentage points from the previous month [4][54][58]. 3.5 ETF Fund Situation - In January, the ETF market had a net capital outflow of 841.187 billion yuan. Among them, stock - type ETFs had a net outflow of 793.799 billion yuan, cross - border ETFs had a net inflow of 30.917 billion yuan, and bond - type ETFs had a net outflow of 106.172 billion yuan. In terms of liquidity, the average daily trading volume of the overall ETF market in this period reached 604.575 billion yuan, the average daily trading volume reached 226.327 billion shares, and the average daily turnover rate was 9.17%, an increase of 2.02 percentage points from December of the previous year. Many ETFs related to the CSI 300 and SSE 50 indices in the broad - based index suffered significant capital outflows. Among the actively traded individual securities, gold stock ETFs, China - South Korea semiconductor ETFs, mining ETFs, industrial non - ferrous metal ETFs, and ChiNext chip design ETFs led the gains, rising by 22.5% - 39.6%, while bank ETFs, E Fund's Hong Kong Stock Connect medical ETF, automobile ETFs, Peng Hua's general aviation ETF, and Huaxia's financial real - estate ETF led the losses, falling by 4.8% - 6.4%. The ETFs with the largest net capital inflows were non - ferrous metal ETFs, gold ETFs, chemical ETFs, power grid equipment ETFs, and semiconductor equipment ETFs, while the ETFs with the largest net capital outflows were Huatai - Peregrine CSI 300 ETF, E Fund CSI 300 ETF, Huaxia CSI 300 ETF, SSE 50 ETF, and Harvest CSI 300 ETF [5][61][62]. 3.6 Model Operation Situation - Four types of large - scale asset allocation models were constructed using stocks, bonds, commodities, and QDII. In January, the risk - parity model rose by 2.07%, and the risk - budget model rose by 2.39%. Since 2015, the annualized return of the risk - parity model has been 4.94%, with a maximum drawdown of 2.31%, and the annualized return of the risk - budget model has been 5.13%, with a maximum drawdown of 9.80%. Next month, the asset allocation weights of the models remain unchanged. For the risk - parity model, stocks: bonds: commodities: QDII = 6%: 69%: 12%: 13%; for the risk - budget model, stocks: bonds: commodities: QDII = 14%: 49%: 8%: 29% [68][73][74].