证券之星消息，1月7日易方达基金管理有限公司发布《易方达标普生物科技指数证券投资基金（LOF） 调整大额申购业务限制及美元份额定期定额投资每期扣款金额起点的公告》。公告中提示，为了基金的 平稳运作，自2026年1月7日起易方达标普生物科技指数证券投资基金（LOF）调整大额申购业务限制及 美元份额定期定额投资每期扣款金额起点，下属分级基金调整明细如下： （2）根据法律法规及基金法律文件的相关规定，易方达基金管理有限公司决定自2026年1月7日起调整 本基金人民币份额和美元份额在全部销售机构的大额申购业务限制，具体调整为： 1）对于人民币份额，单日单个基金账户在全部销售机构累计申购（含定期定额投资，下同）本基金A 类人民币份额或C类人民币份额的金额不超过10元。如单日单个基金账户单笔申购本基金A类人民币份 额或C类人民币份额的金额超过10元（不含），则10元确认申购成功，超过10元（不含）金额的部分将 确认失败；如单日单个基金账户多笔累计申购本基金A类人民币份额的金额超过10元（不含）或单日单 个基金账户多笔累计申购本基金C类人民币份额的金额超过10元（不含），则对该类基金份额的申请按 照申请金额从大到小排序，基 ...

Core Viewpoint - The approval of the Guotai CSI A500 Index Fund's Y share marks a significant expansion in the personal pension product supply system, coinciding with the third anniversary of the personal pension system in China, aiming to provide a resilient and low-cost asset allocation option for retirement [1][2]. Group 1: Product Features and Benefits - The Guotai CSI A500 Index Fund Y share is designed to leverage the balanced growth characteristics of the CSI A500 Index, which aligns well with long-term pension investment needs [2]. - The Y share offers exclusive tax benefits and a low fee structure, which will further reduce the long-term investment costs for investors [1][2]. - The CSI A500 Index covers 91 sectors within the CSI three-tier industry, demonstrating a broader industry representation compared to the CSI 300, with a higher focus on technology and new economy sectors [2]. Group 2: Market Demand and Strategic Positioning - There is a growing demand for diversified index-based pension products as the number of personal pension accounts continues to rise [3]. - The introduction of the Y share aligns with the high-quality development requirements of the personal pension system, providing a robust tool for long-term capital market investment [3]. - Guotai Fund's strategy emphasizes the importance of long-term stable growth, matching the core demands of pension investments with the diversified characteristics of the CSI A500 Index [2].

1）对于人民币份额，单日单个基金账户在全部销售机构累计申购（含定期定额投资，下同）本基金A 类人民币份额或C类人民币份额的金额不超过10元。如单日单个基金账户单笔申购本基金A类人民币份 额或C类人民币份额的金额超过10元（不含），则10元确认申购成功，超过10元（不含）金额的部分将 确认失败；如单日单个基金账户多笔累计申购本基金A类人民币份额的金额超过10元（不含）或单日单 个基金账户多笔累计申购本基金C类人民币份额的金额超过10元（不含），则对该类基金份额的申请按 照申请金额从大到小排序，基金管理人将逐笔累加至该类基金份额不超过10元（含）限额的申请确认成 功，该类基金份额其余申请金额确认失败。 证券之星消息，1月7日易方达基金管理有限公司发布《易方达标普医疗保健指数证券投资基金（LOF） 调整大额申购业务限制及美元份额定期定额投资每期扣款金额起点的公告》。公告中提示，为了基金的 平稳运作，自2026年1月7日起易方达标普医疗保健指数证券投资基金（LOF）调整大额申购业务限制及 美元份额定期定额投资每期扣款金额起点，下属分级基金调整明细如下： 注:（1）易方达标普医疗保健指数证券投资基金（LOF）（以下简称 ...

Group 1: Investment Rating - No investment rating information provided in the reports Group 2: Core Views - Precious metals continued their strong performance during the day, with silver surging significantly and Shanghai gold returning above 1,000 yuan. The weakening US manufacturing PMI in December intensified economic concerns and strengthened the safe - haven support. It is expected that gold will maintain a relatively strong short - term trend, while the volatility risk of silver is increasing, and attention should be paid to position risks [1]. - In the short term, gold and silver are affected by geopolitical developments, the adjustment of gold and silver weights in the Bloomberg Commodity Index on January 8, the upcoming US non - farm payroll report on Friday, and the nomination of the new Fed chairman. For silver, the results of the 232 report survey in mid - January also need to be noted [1]. - In the long - term, the contraction of the US dollar credit supports the upward trend of gold and silver. The period from the nomination to the assumption of office of the Fed chairman in the first quarter may be the time when the Fed's stance is the most dovish, and the trading expectation of loose liquidity is smooth, and gold is expected to maintain a volatile upward trend. The expectation of the economic cycle shifting to a mild recovery gives silver greater upward elasticity [6]. Group 3: Summary by Related Content Price Logic - **Gold**: The international gold price first declined and then rose during the day, once breaking through $4,500 per ounce, and Shanghai gold returned above 1,000 yuan. Short - term gold prices may maintain a strong trend, supported by continuous geopolitical tensions and concerns about the slowdown of US economic growth. The newly released US ISM manufacturing PMI in December dropped to 47.9, the lowest since October 2024, and has been below 50 for 10 consecutive months, strengthening the market's concerns about economic growth slowdown. Four key factors should be focused on in the short term: the development of the situation after the US raid on Venezuela; the reduction of gold and silver weights in the Bloomberg Commodity Index starting from January 8; the potential "sell - on - news" risk after the confirmation of the new Fed chairman nomination; and the upcoming December non - farm and inflation data's guidance on the Fed's interest - rate cut path in 2026. In the long - term, the contraction of the US dollar credit supports the upward trend of gold, and it is expected to maintain a volatile upward trend in the first quarter [3][6]. - **Silver**: Silver continued to rise during the day, once reaching $80 per ounce. The short - term volatility risk of silver has increased, and position risks need to be vigilant. The short - term drivers of silver are similar to those of gold. In addition, the results of the silver survey in the US 232 report in mid - January should be noted, as the expectation of silver tariffs may be the key factor for the change in the subsequent spot circulation. Currently, there is still a structural shortage of silver spot, and the silver lease rate, although declining, remains high, and the squeeze risk has not been completely eliminated. In the long - term, the contraction of the US dollar credit also supports the upward trend of silver, and the expectation of economic recovery gives silver greater upward elasticity [6]. Key Information - The final values of the US S&P Global Services PMI and Composite PMI in December were both lower than the previous values. The final value of the US S&P Global Services PMI in December was 52.5 (expected and previous values were both 52.9), and the final value of the US S&P Global Composite PMI in December was 52.7 (previous value was 53) [2]. - The final values of the Eurozone Services PMI and Composite PMI in December were both lower than the expected and previous values. The final value of the Eurozone Services PMI in December was 52.4 (expected and previous values were both 52.6), and the final value of the Eurozone Composite PMI in December was 51.5 (expected and previous values were both 51.9) [2]. - On January 5, the Swiss Federal Council announced the freezing of all assets of Nicolas Maduro and related personnel in Switzerland, with an immediate and a validity period of 4 years [2]. - On January 5, Venezuelan President Maduro pleaded "not guilty" to the US "accusations" during a court hearing in New York [2]. - On January 6, the 2026 Work Conference of the People's Bank of China was held, emphasizing strengthened supervision of the inter - bank bond market, money market, foreign exchange market, bill market, gold market, and related derivatives [2]. - Guotou Ruixin Fund Management Co., Ltd. announced on January 6 that the fund will be suspended from trading from the opening on January 7, 2026, until 10:30, and resume trading at 10:30 on the same day. If the premium rate of the fund's secondary - market trading price on January 7, 2026, does not effectively decline, the fund has the right to apply to the Shenzhen Stock Exchange for intraday temporary suspension or extended suspension to alert the market of risks [2]. Index Information - **Characteristic Index**: The Commodity Index was 2387.24, up 2.43%; the Commodity 20 Index was 2730.32, up 2.47%; the Industrial Products Index was 2317.00, up 2.19%; the PPI Commodity Index was 1458.90, up 3.45% [48]. - **Sector Index**: The Precious Metals Index on January 6, 2026, was 4058.30, with a daily increase of 6.12%, a 5 - day increase of 2.00%, a 1 - month increase of 15.09%, and a year - to - date increase of 6.12% [49].

Group 1 - The core viewpoint of the articles highlights the rising attractiveness of precious metals, particularly gold and silver, driven by geopolitical uncertainties, concerns over the dollar system, and expectations of interest rate cuts by the Federal Reserve [1][3] - COMEX gold futures rose by 1.22% to $4505.70 per ounce, while COMEX silver futures increased by 5.95% to $81.22 per ounce, indicating a significant shift in market dynamics [1] - Ray Dalio, founder of Bridgewater Associates, emphasized that the major investment narrative for 2025 will revolve around drastic changes in currency value and global asset allocation, asserting that gold is the true winner amidst perceived stock market gains [1] Group 2 - The increase in gold prices is attributed to ongoing inflation concerns, geopolitical tensions, and a growing demand for assets that are detached from traditional financial systems, positioning gold as a core strategic holding [3] - Morgan Stanley forecasts that gold prices could reach a new high of $4800 per ounce by Q4 2026, driven by declining interest rates, changes in Federal Reserve leadership, and increased purchases by central banks and funds [3] - The historical trend of gold being independent of stock market fluctuations reinforces its role as an effective hedge during market volatility, although determining the appropriate allocation in gold holdings remains crucial [3]

Group 1 - Guangfa Securities plans to raise approximately HKD 61 billion through H-share placement and convertible bond issuance to expand its international business [1] - The company will issue 219 million new H-shares at a price of HKD 18.15 per share, expecting a net fundraising of about HKD 39.59 billion [1] - Additionally, it will issue zero-coupon convertible bonds totaling HKD 21.5 billion, with an initial conversion price of HKD 19.82 per share, potentially converting into approximately 108 million H-shares [1] Group 2 - The total number of employees in the securities industry fell to 328,900 by the end of 2025, a decrease of nearly 7,800 from the end of 2024 [2] - Traditional brokers are reducing staff due to mergers and restructuring, while internet-based brokers like Dongfang Caifu and Guojin Securities are expanding their workforce [2] - The number of investment consultants and analysts has reached record highs, contrasting with the decline in the number of investment banking professionals [2] Group 3 - FOF (Fund of Funds) products have seen strong demand at the beginning of the year, with several funds achieving early closure of fundraising [3] - The early fundraising success of FOF products reflects a strong market demand for professional asset allocation [3] - This trend indicates a shift towards rational investment behavior, with investors seeking long-term stable returns, contributing to the healthy development of the capital market [3]

Group 1 - The recent announcement from Guotou Silver LOF indicates significant fluctuations in the secondary market trading price of its Class A shares, leading to a temporary suspension of trading from January 7 until 10:30 AM to protect investor interests [1] - On January 6, six ETFs in the market experienced a rise of over 7%, with five of them being satellite-themed ETFs. The Penghua Satellite ETF (563790) saw a rapid increase in the afternoon, reaching a peak rise of 9.83% before closing with an increase of 8.31% [1] - On the same day, three ETFs, including the Huaxia Shanghai Stock Exchange Science and Technology Innovation Board 50 ETF, the Huatai-PB CSI 300 ETF, and the Southern CSI 500 ETF, reported net inflows exceeding 1 billion yuan [1]

Core Viewpoint - The public fund industry in China is transitioning from "rapid growth" to "high-quality development," with Ping An Fund celebrating its 15th anniversary in 2026, having grown significantly in assets and client base while focusing on long-term value creation [1][2]. Group 1: Company Growth and Achievements - Ping An Fund has grown from inception to a leading asset management company, managing nearly 900 billion yuan in assets by the end of 2025 and serving over 970 institutional clients and more than 170 million channel clients, generating a total profit of 80 billion yuan for its clients [1]. - The fund's active equity management scale doubled by the end of 2025, with an average annual return of 48.31%, ranking third in the market for the percentage of products exceeding a 50% return [3]. - Over the past seven years, Ping An Fund's equity funds achieved a return of 296.07%, ranking sixth in the market, while the ten-year average return reached 98.83%, placing it in the top third of the market [3]. Group 2: Investment Research and Strategy - The company has established a platform-based investment research system that emphasizes long-term value creation, integrating talent and platform development, and employing a multi-strategy approach [2]. - Ping An Fund's fixed income management scale surpassed 600 billion yuan by the end of 2025, with a comprehensive research framework covering various fixed income investment types [4]. - The fund has innovated in index products, leading in several categories, including the largest public REIT and the first cross-sea bridge REIT in China [5]. Group 3: Product and Service Development - The product line of Ping An Fund includes a diverse range of investment tools, covering over 50 strategies across various asset classes, including money market, bonds, mixed funds, and alternative assets [5]. - The company has launched innovative products such as the first floating management fee equity fund and the first absolute return strategy ETF-FOF product [5]. - Ping An Fund has developed smart solutions for investment research, operations, sales, and risk control, enhancing the overall investor experience [6]. Group 4: Social Responsibility and Community Engagement - The company actively engages in social responsibility initiatives, focusing on educational philanthropy through various donation and support activities aimed at improving educational quality for students [7]. - Ping An Fund emphasizes financial literacy and investor education, conducting numerous educational activities and community outreach programs to enhance financial awareness [6][7].

文：韦亚军 摄影：Bob 此次备案完成，标志着基金的进一步落地。 近日，中国证券投资基金业协会信息显示，福建（厦门）社保科创股权投资基金合伙企业（有限合伙）顺利通过中国证券投资基金业协会备案，落款时间 为2025年12月31日。 据了解，该基金于2025年12月4日正式宣布签约设立。此次备案完成，标志着基金的进一步落地。 该基金由福建省、厦门市、全国社会保障基金理事会、中国建设银行等共同发起设立，首期规模200亿元。 该基金于2025年10月27日签约 ，首期规模500亿元，出资方涵盖社保基金会、浙江省、杭州市、农业银行，定位服务数字经济、人工智能、物联网等长三 角核心产业。 2、福建社保科创基金（厦门） 该基金于2025年12月4日签约，首期规模200亿元，出资方涵盖社保基金会、福建省、厦门市、建设银行，定位海洋经济、新材料、两岸集成电路合作等海 峡西岸特色产业链。 3、江苏社保科创基金（苏州） 该基金于2025年12月19日签约，首期规模同样为500亿元，出资方涵盖社保基金会、江苏省、苏州市、工银投资，定位集成电路、新能源、高端装备等长 三角先进制造集群。 4、湖北社保科创基金（武汉） 该基金于2025年 ...

导读：刚刚过去的2025年，是中国公募基金行业高质量发展的元年。作为主动权益基金，超额收益被放到了最重要的位置。即，只有长期能战 胜业绩基准的主动权益基金，才是真正有价值的。否则，持有人更应该买低费率、更透明灵活的ETF指数基金。 | 年份 | 华安事件驱动混合A | 沪深300 | 万得偏股基金指数 | | --- | --- | --- | --- | | 2020年 | 59.19% | 27.21% | 55.91% | | 2021年 | 30.84% | -5.20% | 7.68% | | 2022年 | -17.86% | -21.63% | -21.03% | | 2023年 | -8.63% | -11.38% | -13.52% | | 2024年 | 21.82% | 14.68% | 3.45% | | 2025年 | 38.06% | 17.66% | 33.19% | 数据来源：Wind；数据区间：2020年1月1日—2025年12月31日 跑赢市场一年不难，但是要连续六年跑赢有多难呢？ 根据Wind的统计，在2919只主动权益基金中，能够连续6年战胜沪深300和万得偏股基金 指 ...