来源：新浪基金∞工作室 港股汽车ETF（520600）业绩比较基准为同期中证港股通汽车产业主题指数收益率(使用估值汇率折 算)，管理人为广发基金管理有限公司，基金经理为刘杰，成立（2024-12-19）以来回报为17.81%，近 一个月回报为-5.40%。 2月2日，港股汽车ETF（520600）跌4.58%，成交额1.36亿元。当日份额增加650.00万份，最新份额为 4.31亿份，近20个交易日份额减少650.00万份。最新资产净值计算值为5.08亿元。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 ...

来源：新浪基金∞工作室 港股创新药ETF博时（520690）业绩比较基准为恒生港股通创新药精选指数收益率(经估值汇率调整 后)，管理人为博时基金管理有限公司，基金经理为王萌，成立（2025-07-23）以来回报为-18.71%，近 一个月回报为0.05%。 2月2日，港股创新药ETF博时（520690）跌3.33%，成交额3603.19万元。当日份额增加700.00万份，最 新份额为5.83亿份，近20个交易日份额减少2200.00万份。最新资产净值计算值为4.74亿元。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 ...

港股通汽车ETF易方达（159121）业绩比较基准为恒生港股通汽车主题指数收益率(使用估值汇率折 算)，管理人为易方达基金管理有限公司，基金经理为刘依姗，成立（2025-11-14）以来回报 为-10.43%，近一个月回报为-7.42%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 来源：新浪基金∞工作室 2月2日，港股通汽车ETF易方达（159121）跌5.94%，成交额1589.51万元。当日份额增加100.00万份， 最新份额为1.75亿份，近20个交易日份额减少1200.00万份。最新资产净值计算值为1.57亿元。 ...

NO.3单日净值跌幅达31.5%，国投瑞银白银LOF溢价率飙升至109% NO.2 中山证券另类投资子公司减资1.5亿元 2月2日，锦龙股份密集发布多份公告，披露了副董事长辞职、增补董事、对孙公司减资等多项重要事 项。公告显示，锦龙股份同意控股子公司中山证券对其下属全资子公司深圳锦弘劭晖投资有限公司减 资，注册资本由2亿元减至5000万元。公开资料显示，此次被减资的锦弘劭晖成立于2019年6月21日，是 中山证券全资控股的另类投资子公司，核心业务涵盖股权投资、科创板项目跟投等。 点评：锦龙股份旗下中山证券大幅削减另类投资子公司注册资本，显示公司正主动收缩高风险投资业 务，优化资源配置并聚焦主业。此举有助于降低投资风险敞口，改善财务状况。对于券商板块而言，这 一调整反映了行业当前去杠杆、控风险的监管趋势，预计将促使更多机构审视其风险资产配置，推动券 商板块回归业务本源。 ｜2026年2月3日星期二｜ NO.1华泰证券：拟发行100亿港元H股可转换债券 华泰证券2月3日公告，公司根据一般性授权与经办人签订了H股可转换债券认购协议，公司拟发行于 2027年到期的本金总金额100亿港元的可转换为公司H股股份的债券，初 ...

Group 1 - The core viewpoint of the news is the significant fluctuations in precious metal prices, particularly gold and silver, leading to adjustments in investment strategies by various banks [3][21][25] - The recent announcement by the National Market Supervision Administration and other departments regarding the "Low Altitude Economy Standard System Construction Guide (2025 Edition)" indicates a focus on developing a comprehensive ecosystem for low-altitude economy, emphasizing standardization and integration across various sectors [11][29] - The approval of the "Modern Capital Urban Circle Spatial Collaborative Planning (2023-2035)" by the central government highlights the strategic importance of optimizing the capital's functions and promoting high-quality regional development [5][10][24][28] Group 2 - The announcement from Guotou Ruijin Fund regarding a 31.5% drop in the net value of its silver fund indicates a significant market reaction to the recent volatility in precious metals [2][20] - The domestic commodity futures market experienced a widespread decline, with multiple contracts closing at their daily limit down, reflecting the impact of international factors on local markets [16][35] - The ongoing adjustments in the gold and silver markets, including a sharp drop in prices, suggest a potential shift in investor sentiment and market dynamics, with implications for future investment strategies [18][27][36]

Macro and Strategy Research - The report highlights that public fiscal expenditure in 2025 focused on livelihood, technology, and environmental protection, with total public budget revenue at 21,604.5 billion yuan, a year-on-year decrease of 1.7%, while expenditure reached 28,739.5 billion yuan, an increase of 1% [2] - The government fund budget revenue was 5,770.4 billion yuan, down 7% year-on-year, while expenditure increased by 11.3% to 11,287.4 billion yuan [2] - Public fiscal income showed a negative growth primarily due to non-tax revenue, while tax revenue achieved positive growth, with major tax categories (VAT, corporate income tax, and personal income tax) transitioning from negative to positive growth [3] - Public fiscal expenditure in the livelihood sector accounted for over 38% of total expenditure, significantly higher than the average of the past five years, with a notable increase in technology spending [4] - The completion ratio for the national general public budget revenue was 98.3%, lower than the average of the past five years, while the expenditure completion ratio was 96.8% [4] Manufacturing Sector Analysis - The manufacturing PMI for January 2026 was reported at 49.3%, indicating a contraction in manufacturing activity, with both production and new orders indices declining [8] - The production index fell by 1.1 percentage points to 50.6%, while the new orders index dropped by 1.6 percentage points to 49.2%, reflecting insufficient effective demand [9] - The non-manufacturing business activity index also decreased to 49.4%, with the construction sector experiencing a significant drop due to seasonal factors [10] - The comprehensive PMI output index fell to 49.8%, entering the contraction zone, primarily due to the decline in both manufacturing and non-manufacturing sectors [10] Fund Research - The report notes that the public fund market experienced significant outflows, with a net outflow of 298.1 billion yuan from the ETF market, particularly from stock ETFs [12] - The average performance of equity funds showed a decline, with quantitative funds experiencing the largest drop of 1.10% [13] - New fund issuance increased, with 45 new funds launched, raising a total of 48.27 billion yuan, indicating a slight recovery in market interest [14]

一、交易提示 开年报捷，公募基金行业迎来里程碑时刻，数据显示，行业总规模已逼近38万亿元大关。1月以来公募调研火力全开，AI应 用、商业航天、创新药、半导体等硬科技细分获重点"围猎"，部分龙头公司单日接待机构超十批次。新发市场同步升温， 科技主题基金占据权益新品六成以上。业内人士指出，在"春季躁动"与"十四五"收官政策催化下，资金提前博弈科技赛道 盈利兑现，硬科技有望继续成为公募冲击新高的核心引擎。 2月2日,A股三大股指全天震荡下跌,截止收盘,上证综指下跌102.2点,跌幅2.48%报4015.75点;深证成指下跌381.54点,跌幅 2.69%报13824.35点;沪深300指数下跌100.36点,跌幅2.13%报4605.98点;创业板指数下跌82.24点,跌幅2.46%报3264.11点;科创 50指数下跌58.5点,跌幅3.88%报1450.90点;沪深两市成交额2.58万亿,较上一个交易日缩量2508亿。全市场超4600只个股下跌, 其中123只个股跌停。 | 基金代码 | 基金简称 | 基金经理 | 首次蔡集目标 | 投资类型 | 发行截止日期 | | --- | --- | --- | --- ...

Core Viewpoint - The public fund industry in China is entering a phase of high-quality development, with ongoing reforms aimed at optimizing and upgrading the sector, focusing on product innovation, team-based research, and enhancing international competitiveness [1][6]. Group 1: Product Innovation - The public fund industry is currently adopting a dual-line strategy for product innovation, focusing on equity products and absolute return products like FOFs to meet diverse investor needs [2][3]. - In January, 123 new funds were established, with a total issuance scale of 1,202.11 billion yuan, of which 95 were equity funds with an issuance scale of 812.43 billion yuan [2]. - Notable equity funds include the Guangfa Research Smart Mixed Fund, which raised 72.21 billion yuan, marking the first fund to exceed 70 billion yuan since November 2022 [2]. - FOFs have also gained traction, with an issuance scale of 199.43 billion yuan in January, indicating strong demand for low-risk investment options [3]. Group 2: Research and Team Dynamics - The public fund industry is shifting towards a team-based research model, moving away from the traditional reliance on star fund managers, which is expected to optimize the industry ecosystem [4]. - The establishment of the Ruiyuan Research Balanced Three-Year Holding Mixed Fund, managed by a team of new faces rather than established managers, exemplifies this trend [4]. - Changes in fund management personnel are also evident, with new managers being appointed to replace seasoned professionals, indicating a generational shift in leadership [5]. Group 3: Long-term Investment Ecosystem - The China Securities Regulatory Commission emphasizes the need for ongoing reforms to broaden long-term funding sources and promote long-term, rational, and value-based investments [6]. - Analysts predict that by 2030, the scale of public funds could exceed 50 trillion yuan, driven by deeper financial asset allocation by residents and the influx of long-term capital [6]. - The industry is expected to see a shift towards passive investment strategies and ETFs, which will become essential tools for long-term allocation [6]. Group 4: International Expansion - Leading public funds are increasingly focusing on international expansion, with products like the Southern Dongying CSI A500 ETF being listed on international exchanges, enhancing access for global investors [7]. - Strategic partnerships, such as the collaboration between Huatai and Korean investment firms, are being formed to deepen engagement in the Hong Kong ETF market [7]. - The industry is committed to integrating technology and enhancing service offerings to support national development and capital market reforms [7].

早上好，先来关注下金银。 2日夜盘，内盘白银期货延续午盘的暴跌态势。沪银期货10个合约开盘后不久全部跌停。 | 沪银 2602 | 21292 | -20.00% | | --- | --- | --- | | 期货 ag2602 | | | | 沪银 2603 | 21256 | -20.00% | | 期货 ag2603 | | | | 沪银 2604 | 20848 | - 19.04% | | 期货 ag2604 | | | | 沪银 2605 | 20535 | - 19.00% | | 期货 ag2605 | | | | 沪银 2606 | 20232 | - 19.00% | | 期货 ag2606 | | | | 沪银 2607 | 19931 | - 19.00% | | 期货 ag2607 | | | | 沪银 2608 | 19908 | - 19.00% | | 期货 ag2608 | | | | 沪银 2609 | 19845 | - 19.00% | | 期货 ag2609 | | | | 沪银 2610 | 19678 | -19.00% | | 期货 ag2610 | | | ...

Group 1 - The core viewpoint of the articles highlights the accelerated pace of foreign investment in China's capital markets, with foreign-owned public fund institutions increasing their product offerings significantly in 2023 [1][2] - As of February 2, 2023, foreign public fund institutions have launched 6 new funds with a total fundraising scale exceeding 12.7 billion yuan, showcasing a diverse range of product types including active equity funds and passive index funds [1][2] - Morgan Stanley Fund's newly established "Morgan Shanghai-Hong Kong-Shenzhen Technology Mixed Fund" has raised 4.424 billion yuan, marking it as one of the larger actively managed equity funds launched by foreign institutions since 2025 [1][2] Group 2 - Morgan Stanley Fund has launched 2 active equity products in 2023, with the newly established fund managed by a top-performing fund manager, achieving a net value growth rate of over 69% in 2024 and over 85% in 2025 [2] - The public fund issuance market has shown signs of recovery, with investors favoring two main types of products: FOF (funds of funds) and "fixed income plus" products, as well as actively managed equity funds that have proven to generate returns [2] - Fidelity Fund has partnered with Beijing Bank Wealth Management to create a wealth management project, utilizing a multi-asset investment strategy to help investors achieve long-term wealth preservation and appreciation [2] Group 3 - Several foreign public fund institutions maintain a positive outlook on the A-share market, with expectations for continued upward movement in equity market indices [3] - Challenges in the A-share market include high valuations in certain sectors and volatility during economic transitions, while opportunities arise from a turning point in profit cycles, ongoing policy support, and improving corporate competitiveness [3] - Fidelity Fund's investment strategy focuses on selecting targets with low correlation to macroeconomic cycles, emphasizing companies with clear strategies, efficient execution, and good governance structures [3]