【大河财立方消息】2月2日晚间，国投瑞银基金公告，近期，国际白银价格出现显著波动，鉴于当前市 场的特殊性，自2026年2月2日起，我们对国投瑞银白银期货证券投资基金（LOF）持有的白银期货合约 （AG2604、AG2605、AG2606、AG2608、AG2610、AG2612），参考估值日北京时间下午3点的白银 期货国际主要市场价格相对前一交易日北京时间下午3点的波动幅度进行估值。 多家期货公司的研究表明，上期所白银期货与白银期货国际主要市场价格的涨跌幅相关性极高。在无涨 跌停板的情况下，两者的涨跌幅应相当。 具体情况如下： 一、基金如何进行日常估值？ 根据基金合同约定，本基金主要投资于上海期货交易所（上期所）挂牌交易的白银期货合约。在正常市 场条件下，基金净值的估算通常采用"估值当日该合约的结算价"作为基础。这一做法符合行业惯例，也 便于投资者理解与跟踪。 需要说明的是，国内期货市场设有涨跌停板制度。以上期所某白银期货合约为例，目前的涨跌停幅度为 ±17%。这意味着，即便国际市场价格出现更大波动，国内合约价格在单个交易日内最多只能反映17% 的变动。 在近期的极端行情中，白银期货国际主要市场价格单日波动远 ...

分多空持仓看，基金参与国债期货投资目的仍以套期保值为主。 2025 年 4 季度，公募基金持仓国债期货空头合约市值约为 67 亿元，多头合约市值约为 34 亿元，两者较三季度环比均出现大幅缩水，且低于 2024 年同期水平。这表明四季度弱震荡格局中，公募基金在国债期货上的博弈意愿有所减弱，但整体来看 空头市值仍约为多头的两倍，基金以套期保值为主的结构仍在持续。 分品种看， 2025 年 4 季度资金博弈重心向超长端转移， TL 与 T 合约的空头持仓出现分化 。 2025 年 4 季度 TL 合约的空头持仓占比增至 40% ，较三 季度进一步提升，创下近五个季度新高；同时其多头占比也维持在 14% 的高位，显示出市场对超长端对冲需求旺盛；与 TL 相反， T 合约的空头持仓占比 由三季度的 27% 回落至 20% ，而多头占比则从 8% 提升至 11% 。 报告导读： 中长期纯债基金的"做陡曲线"策略与混合二级债基的"宏观对冲"策略分化明 显。 从基金类型看，中长期纯债基金侧重 TL 空头博弈曲线走陡，混合二级债基出于宏观对冲需求做多意愿增强，而灵活配置型基金则离场观望态势。 ①中长期 纯债基金： 2025 ...

2026 年 02 月 02 日 春季后续仍是有机会的震荡市 ——申万宏源策略市场点评 20260202 相关研究 傅静涛 A0230516110001 fujt@swsresearch.com 韦春泽 A0230524060005 weicz@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 联系人 张知来 A0230125070002 zhangzl@swsresearch.com 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 策 略 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 A 股 策 略 - 证券分析师 ⚫ 春季前期高点的波段定位：1) 小波段维度，前期高点，赚钱效应扩散已趋于充分。部分 热门结构和 A 股本身平均持仓时间创历史新低，过度交易特征客观存在，市场内在稳定 性本就松动。2) 中波段维度，开门红行情本质还是 2025 年结构性行情的拓展和延伸， 仍处于第一阶段上涨行情高位区域。历史规律是，市场可以抢跑产业趋势，演 ...

Investment Rating - The report indicates a positive investment sentiment towards the sectors of non-ferrous metals, chemicals, and construction materials, with significant capital inflows into related ETFs [1][6][12]. Core Insights - Recent trends show a divergence in the ETF market, with broad-based ETFs experiencing net outflows while sector-specific ETFs, particularly in non-ferrous metals, electronics, and basic chemicals, are seeing substantial net inflows [2][6]. - Non-ferrous metals ETFs recorded a net inflow exceeding 26 billion yuan in the past week, with consistent daily inflows even during market downturns [12][26]. - The satellite industry, construction materials, and real estate sectors also attracted notable capital, with inflows exceeding 10% of their respective fund sizes [8][12]. Summary by Sections ETF Market Overview - The overall ETF market has seen a net outflow of over 300 billion yuan, with broad-based ETFs like the CSI 300 experiencing significant withdrawals [2][24]. - Sector-specific ETFs, particularly in non-ferrous metals, electronics, and basic chemicals, have continued to attract capital, indicating strong investor interest [2][6]. Capital Inflows - Non-ferrous metals ETFs had a net inflow of 263.21 billion yuan, marking a 100% historical percentile for the week [7][26]. - Basic chemicals ETFs also saw a net inflow of 98.77 billion yuan, maintaining a strong position in the market [7][26]. - The electronics sector recorded a net inflow of 101.14 billion yuan, reflecting a high level of investor engagement [7][26]. New ETF Launches - In the past week, 10 new ETFs were launched, raising a total of 6.546 billion yuan, with the largest being the first shipbuilding industry ETF [3][37]. - The new ETFs cover various themes, including non-ferrous metals, photovoltaics, and biotechnology, indicating a diversification of investment opportunities [3][36]. Performance Metrics - The absolute return ETF simulation portfolio has shown a year-to-date increase of 2.06%, with a weekly return of 0.03% [4][40]. - The portfolio's annualized return since 2016 stands at 6.51%, with a maximum drawdown of 4.65% [4][40].

| 表格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 賣出或涉及的股 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事 | | --- | --- | --- | --- | --- | --- | | | 份數目 | 原内 | | | (請參閱上述*註解) 有投票權股 (日/月 | | | | | | | 份百分比 | | and the control controlled to the many of the many of the many of the comments of | | | | | 196 | | CS20260130E00608 | 易方达基金管理有限公司 | 1201(L) | 694,800(L | HKD 8.8706 | 55,832,000(L 7.93(L)27/01/ | | 股份代號: | 06178 | | --- | --- | | 上市法國名稱: | 光大證券股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 02/01/2026 - 02/02/2026 | 格隆汇2月2日丨根据联交所最新权益披露资料显示， ...

Overall ETF Fund Flow Overview - During the period from January 26 to 30, 2026, the overall market stock ETFs (excluding cross-border) experienced a net outflow of 314.93 billion, with a notable decrease in outflow scale towards the end of the week as the market weakened [11][14] - A-share industry and thematic ETFs saw a net inflow of 71.75 billion, an increase of 12.88 billion compared to the previous period, indicating strong market entry willingness from individual investors who view market pullbacks as opportunities for allocation [14][16] - Hong Kong stock ETFs recorded a net inflow of nearly 10 billion, continuing the inflow trend, while cross-border industry and thematic ETFs had a net inflow of 1.16 billion, a decrease of 6.35 billion from the previous week [16] Sector Analysis - The inflow into sectors such as non-ferrous metals, semiconductors, chemicals, and gold stocks showed strong sustainability, while the oil and petrochemical sector saw a significant increase in net inflow, although recent market volatility may affect price direction [20][22] - In the cross-border sector, emerging markets, Hong Kong's Hang Seng Technology, and major industry categories like technology and financial real estate saw relatively high inflows [25] Representative ETF Fund Flow - For stock ETFs, the top five by net inflow from January 26 to 30 were: - Huaxia CSI Non-ferrous Metals Industry Thematic ETF (6.46 billion) - Southern CSI Shenwan Non-ferrous Metals ETF (5.63 billion) - Penghua CSI Chemical Industry ETF (4.01 billion) - Huaxia CSI Shanghai-Hong Kong Gold Industry Stock ETF (3.82 billion) - Fortune CSI Chemical Industry Thematic ETF (2.78 billion) - The top five by net outflow were: - E Fund CSI 300 ETF (-74.73 billion) - Huatai-PB CSI 300 ETF (-74.20 billion) - Huaxia CSI 300 ETF (-54.71 billion) - Huaxia SSE 50 ETF (-41.73 billion) - Jiashi CSI 300 ETF (-40.63 billion) [28] Cross-Border ETF Representative Products - The top five cross-border ETFs by net inflow were: - GF CSI Hong Kong Stock Connect Non-bank ETF - Tianhong Hang Seng Technology ETF - Southern Fund Southern Dongying FTSE Asia Pacific Low Carbon Selected ETF (QDII) - GF CSI Hong Kong Innovative Medicine (QDII-ETF) - E Fund CSI Hong Kong Stock Connect Consumer Thematic ETF [3]

Core Viewpoint - The four oil LOFs managed by E Fund, Jiashi Fund, Huashan Fund, and Guangfa Fund all experienced a trading halt on February 2, with significant price drops following their resumption of trading, indicating volatility in the oil market driven by geopolitical factors and supply-demand dynamics [1][5]. Group 1: Fund Performance - All four oil LOFs, including Huashan's and Guangfa's, hit the trading limit down on their resumption day, with significant declines observed [1][5]. - The specific price changes for the funds included a drop of 10.00% for E Fund's oil LOF, 10.03% for Jiashi's oil LOF, 10.02% for Huashan's oil LOF, and 10.01% for Guangfa's oil LOF [2][3]. - The funds had previously issued warnings about significant premiums in their secondary market trading prices, advising investors to be cautious of potential losses from high premium purchases [2][7]. Group 2: Market Dynamics - Brent crude oil futures fell below $67 per barrel, while WTI crude oil futures dropped below $63, with both experiencing daily declines exceeding 3% [3][8]. - The volatility in oil prices is attributed to sudden shifts in geopolitical expectations, particularly concerning U.S.-Iran relations, which had previously driven prices to six-month highs [3][8]. - The International Energy Agency (IEA) forecasts a supply surplus in the global oil market this year, with supply exceeding demand by 3.85 million barrels per day [4][8]. Group 3: Future Outlook - Analysts suggest that the oil market may continue to experience volatility in the short term, with the potential for further price increases if geopolitical tensions escalate [4][9]. - The balance of supply and demand remains loose, indicating that much of the geopolitical risk premium has already been priced in, but any escalation in conflict could lead to upward pressure on oil prices [4][9].

Report Investment Rating - No specific investment rating for the industry is provided in the report Core Viewpoints - Last week (2026.01.26 - 2026.01.30), the A - share market was volatile and differentiated, with high trading volume, extreme differentiation, and rapid rotation. The market's driving logic shifted from macro - cycle trading to micro - performance verification, and it's advisable to focus on mid - stream industries with profitability repair and ROE improvement [2][3][11][12][13] - The bond market was volatile last week, and the current environment is favorable for the bond market. The 10 - year Treasury yield is expected to gradually decline towards 1.80%. In the context of increased volatility in the equity market, the relative value of bond coupon allocation has increased [4][14] - The China Securities Regulatory Commission released a draft for public comments on amending the information disclosure rules for public funds, aiming to guide the industry to focus on the concepts of "long - term investment and value investment" [5][17] Weekly Market Observation 1.1 Equity Market Review and Observation - Last week, the Shanghai - Shenzhen 300 rose 0.1%, the CSI 500 fell 2.6%, and the ChiNext fell 0.1%. The market was characterized by extreme differentiation and rapid rotation under high trading volume, with more stocks falling than rising [2][11] - Market funds were in a fierce game between inflation trading and the technology growth theme. "Price trends" were the guiding principle in the first half of the week, and later, policies and performance became the main drivers of style switching. The annual performance forecast disclosure was a key factor for individual stock trends [3][12] - The market's driving logic shifted from macro - cycle trading to micro - performance verification. Funds tended to seek more balanced and performance - supported allocations, and it's recommended to focus on mid - stream industries [13] 1.2 Pan - Fixed - Income Market Review and Observation - Last week, the bond market was volatile. The 1 - year Treasury yield rose 1.80BP to 1.30%, the 10 - year yield declined 1.86BP to 1.81%, and the 30 - year yield rose 0.19BP to 2.29%. The 10 - year yield is expected to gradually decline towards 1.80% [4][14] - The current environment is favorable for the bond market. The central bank maintains stable liquidity, and the cautious economic growth targets in many places ease the market's expectations of strong fiscal stimulus. The bond market sentiment is gradually improving [4][14] - Last week, the U.S. Treasury yield curve steepened. The 1 - year yield declined 5BP to 3.48%, the 2 - year yield declined 8BP to 3.52%, and the 10 - year yield rose 2BP to 4.26%. The appointment of Kevin Warsh as the Fed Chairman affected the U.S. Treasury yield curve [15] - The CSI REITs Total Return Index rose 0.47% last week, with municipal environmental protection and highways leading the gains. Ten new public REITs made progress in the primary market [15] 1.3 Public Fund Market Dynamics - On January 30, 2026, the China Securities Regulatory Commission released a draft for public comments on amending the information disclosure rules for public funds. The new rules require adding the medium - to - long - term performance of the past 7 and 10 years, no longer disclosing the past 1 - month performance, and adding disclosure requirements such as fair trading, employee fund - holding, and trading unit leasing [5][17] Fund Index Performance Tracking 2.1 Equity Strategy Theme - Based Index - **Active Stock Fund Selection**: The index selects 15 funds each period, with equal - weight allocation. The core positions select active equity funds based on performance competitiveness and style stability, and balance the style according to the CSI Equity - Oriented Fund Index. The performance benchmark is the CSI Equity - Oriented Fund Index [21][22] 2.2 Investment Style - Based Index - **Value Stock Fund Selection**: It selects 10 funds of deep - value, quality - value, and balanced - value styles. The performance benchmark is the CSI 800 Value Index [25] - **Balanced Stock Fund Selection**: It selects 10 relatively balanced and value - growth style funds. The performance benchmark is the CSI 800 [25][26] - **Growth Stock Fund Selection**: It selects 10 funds of active - growth, quality - growth, and balanced - growth styles. The performance benchmark is the 800 Growth Index [29] 2.3 Industry Theme - Based Index - **Pharmaceutical Stock Fund Selection**: It selects 15 funds with an average purity of no less than 60% in the pharmaceutical industry. The performance benchmark is the pharmaceutical theme fund index [32][33] - **Consumer Stock Fund Selection**: It selects 10 funds with an average purity of no less than 50% in the consumer industry. The performance benchmark is the consumer theme fund index [33][34] - **Technology Stock Fund Selection**: It selects 10 funds with an average purity of no less than 60% in the technology industry. The performance benchmark is the technology theme fund index [37] - **High - End Manufacturing Stock Fund Selection**: It selects 10 funds with an average purity of no less than 50% in the high - end manufacturing industry. The performance benchmark is the high - end manufacturing theme fund index [42][43] - **Cyclical Stock Fund Selection**: It selects 5 funds with an average purity of no less than 50% in the cyclical industry. The performance benchmark is the cyclical theme fund index [45][46] 2.4 Money - Market Enhancement Index - **Money - Market Enhancement Strategy**: The index aims for liquidity management, pursues a curve that exceeds money - market funds and is smoothly upward. It mainly allocates money - market funds and inter - bank certificate of deposit index funds. The performance benchmark is the CSI Money - Market Fund Index [48] 2.5 Pure Bond Index - **Short - Term Bond Fund Selection**: It selects 5 funds with stable long - term returns, strict drawdown control, and significant absolute - return ability. The performance benchmark is 50% * Short - Term Pure Bond Fund Index + 50% * Ordinary Money - Market Fund Index [52] - **Medium - and Long - Term Bond Fund Selection**: It selects 5 medium - and long - term pure bond funds with both return and drawdown control, and adjusts the duration and the ratio of credit bond and interest - rate bond funds according to the market [54] 2.6 Fixed - Income + Index - **Low - Volatility Fixed - Income + Selection**: The equity center is 10%. It selects 10 funds with an equity center of less than 15%. The performance benchmark is 10% CSI 800 Index+90% ChinaBond New Composite Full - Price Index [57] - **Medium - Volatility Fixed - Income + Selection**: The equity center is 20%. It selects 5 funds with an equity center between 15% - 25%. The performance benchmark is 20% CSI 800 Index+80% ChinaBond New Composite Full - Price Index [60] - **High - Volatility Fixed - Income + Selection**: The equity center is 30%. It selects 5 funds with an equity center between 25% - 35%. The performance benchmark is 30% CSI 800 Index+70% ChinaBond New Composite Full - Price Index [63] 2.7 Other Pan - Fixed - Income Index - **Convertible Bond Fund Selection**: It selects 5 convertible bond funds based on an evaluation system from multiple dimensions. The sample space requires a high proportion of convertible bond investment [66] - **QDII Bond Fund Selection**: It selects 6 QDII bond funds with stable returns and good risk control based on credit and duration [69] - **REITs Fund Selection**: It selects 10 REITs funds with stable operation, reasonable valuation, and certain elasticity based on the underlying asset type [70]

中证报中证网讯（记者 王宇露）近年来，全球宏观环境的波动与国内资本市场的结构性演变，对"固收 +"策略的管理者提出了更高要求：如何在控制净值回撤的同时，持续捕捉增强收益？天弘基金"固收 +"团队核心基金经理杜广以防守为锚，在股票配置中坚守低估值高股息投资能力圈，在转债投资中审 慎布局结构性机会，不仅契合当前市场对稳健收益的需求，也展现出良好的穿越周期的投资能力。 凭借清晰的价值投资理念与对多资产工具的娴熟运用，杜广管理的多只"固收+"产品业绩表现稳健，同 时兼具收益弹性。2025年基金四季报显示，截至2025年12月31日，杜广管理的天弘多元收益A在过去3 年、5年中净值增长率分别为22.96%、36.93%，同期业绩比较基准回报分别为8.89%、5.37%；天弘添利 C在过去3年、5年取得了20.63%、44.66%的净值增长率，同期业绩比较基准回报分别为4.70%、7.29%， 超额收益显著。 可转债是杜广构建收益增强的重要工具。此前，面对可转债市场估值分位数处于历史高位的局面，他明 确表示，当前各个转债的估值都处于"历史最贵时刻"。因此，他的策略是大幅规避风险，将非银行转债 仓位降至历史偏低水平，规避" ...

本文字数：2944，阅读时长大约4分钟 作者 | 第一财经 梁晓璇 "请问您有基金从业资格、证券从业资格、证券投顾资质吗？挂靠在哪里？" 在监管部门公布对德邦基金处罚结果的当日，一位财经自媒体博主收到了公关公司发来的上述消息。 2026.02. 02 这计"重拳"在公募行业迅速引发连锁反应。第一财经记者采访多家基金公司人士后发现，处罚文件公布后，部分基金公司已经暂停了与"大V"的合作， 还有基金开始排查合作"大V"的资质问题；支付宝、天天基金等销售机构与第三方网络平台，则迅速调整、下架了实时估值、"实盘榜"等功能。 下架"实盘榜"、摸排"大V"资质 此次德邦基金与"大V"的违规营销过程中，互联网平台上的"晒实盘""晒收益"等功能，被指是导致投资者非理性申购的关键诱因。监管在处罚文件中也 明确要求，销售机构及第三方网络平台要加强自查自纠，按期下架"基金实时估值""加仓榜""实盘榜"等功能。 据第一财经记者不完全统计，目前支付宝、天天基金、同花顺、京东金融等销售机构均已下架"实盘榜""实时估值"等功能。此外，以"实时估值"为卖点 的养基宝、小倍养基等APP也对原有的加减仓榜、实时估值等功能进行下架、调整。 以支付 ...