《蜂巢丰颐债券型证券投资基金招募说明书（更新）2025年第2期》全文于2025年12月26日在本公司网 站（www.hexaamc.com）和中国证监会基金电子披露网站（http://eid.csrc.gov.cn/fund）披露，供投资者 查阅。如有疑问可拨打本公司客服电话（400-100-3783）咨询。 本基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证本基金一定盈利，也不 保证最低收益。请充分了解本基金的风险收益特征，审慎做出投资决定。 特此公告。 蜂巢添盈纯债债券型证券投资基金 招募说明书更新提示性公告 《蜂巢添盈纯债债券型证券投资基金招募说明书（更新）2025年第3期》全文于2025年12月26日在本公 司网站（www.hexaamc.com）和中国证监会基金电子披露网站（http://eid.csrc.gov.cn/fund）披露，供投 资者查阅。如有疑问可拨打本公司客服电话（400-100-3783）咨询。 本基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证本基金一定盈利，也不 保证最低收益。请充分了解本基金的风险收益特征，审慎做出投资决定。 特此公告。 ...

Core Viewpoint - The article discusses the dramatic reversal in the trading performance of the Guotou Silver LOF (161226), highlighting the impact of speculative trading and arbitrage activities on its price volatility and market dynamics [1][4][12]. Group 1: Market Performance - On December 25, Guotou Silver LOF opened at a limit down of 2.804 yuan after three consecutive days of limit up trading, where its price surged from 2.332 yuan to 3.116 yuan, marking a year-to-date increase of 254.90% [1][4]. - The fund's premium rate plummeted from a historical high of 68.19% to 45.45%, a drop of over 22 percentage points in a single day [1][4]. - The trading volume on December 25 reached 8.09 billion yuan, with a significant sell-off leading to the price hitting the limit down [4][5]. Group 2: Arbitrage and Speculation - The extreme premium attracted a large influx of arbitrage funds, which contributed to the subsequent sell-off as these investors sought to realize profits [4][5]. - The arbitrage strategy involved purchasing shares at the net asset value and selling them at market price after a two-day settlement period, creating a perceived low-risk opportunity [7][8]. - Speculators, on the other hand, directly bought shares at high premiums, betting on continued bullish sentiment in precious metals, which exposed them to significant risks [9][10]. Group 3: Regulatory and Market Dynamics - The high premium rates prompted regulatory scrutiny, with the fund management issuing multiple risk warnings and implementing trading restrictions [4][12]. - The supply-demand imbalance in the silver market, exacerbated by limited investment channels for retail investors, contributed to the inflated premiums [12][13]. - The fund's capacity constraints, due to regulatory limits on futures contracts, have raised concerns about potential liquidity issues and market volatility if the price of silver declines [13][14]. Group 4: Future Outlook - Analysts predict that the current phase of high premiums may be nearing its end, with potential corrections expected as market dynamics stabilize [15][16]. - Investors are advised to approach high-premium trading with caution, as the risk of significant losses remains if the premium rates decrease or if the underlying asset prices fluctuate [15][16].

截至收盘，中证A500指数上涨0.3%，实现5连阳，中证A100指数上涨0.1%，中证A50指数上涨0.2%，相关ETF交投活跃，A500ETF易方达（159361）全 天成交额超70亿元，净申购超3亿份。Wind数据显示，截至12月24日，A500ETF易方达（159361）今年以来年化跟踪误差仅0.34%，相对指数超额收益为 2.83%，在规模百亿以上的同类产品中位居第一。 中信建投证券认为，目前美股AI核心公司股价已经企稳，日本央行加息落地后续影响有限，A股有望和全球股市一起共振上行。从市场情绪角度进行分 析，投资者情绪指数反映出当前投资者悲观情绪已经得到了一轮较为充分的反应，考虑到仍然偏高的杠杆资金情绪，预计投资者情绪也将小幅回升，带动市 场波动上行。 （责任编辑：刘畅 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请 读者仅作参考，并请自行承担全部责任。邮箱：news_center@staff.hexun.com 每日经济新闻 ...

记者丨江佩佩 见习记者张嘉钰 编辑丨张楠 12月25日晚，国投瑞银白银LOF发布公告， 自12月29日起，该基金A类份额单日申购、定投 金额限额为100元，C类基金份额暂停申购（含定期定额投资）。此前，A类份额单日申购、定 投金额限定为500元。 本周，国内唯一的公募白银期货基金"国投白银LOF（161226）"上演了一场惊心动魄的"过山 车"行情。本周前三天连续三天涨停，相比净值1.9278元，"国投白银LOF"12月24日收盘价 3.116元，溢价率一度高达61.63%！ | 基金名称 | | 国投瑞银白银期货证券投资基金 | | --- | --- | --- | | | | (LOF) | | 基金简称 | | 国投瑞银白银期货(LOF) | | 基金主代码 | | 161226 | | 基金管理人名称 | | 国投瑞银基金管理有限公司 | | 公告依据 | | 《公开募集证券投资基金信息披露 管理办法》及本基金的基金合同和 | | | | 招募说明书等 | | 暂停相关业务的 | 暂停大额申购起始日 | 2025年12月29日 | | 起始日、金额及 | 限制申购金额(单位:人民币元) | -- | ...

Core Viewpoint - The recent sharp decline in the price of Guotou Silver LOF (161226) is attributed to a massive sell-off by arbitrage investors after a period of extreme price inflation, leading to a significant drop in its premium rate from 68.19% to 45.45% in a single day [1][5][13]. Group 1: Market Performance - On December 25, Guotou Silver LOF opened at a limit down, closing at 2.804 yuan, with a trading volume of 8.09 billion yuan [1][7]. - The fund's price had previously surged from 2.332 yuan to 3.116 yuan over three days, marking a year-to-date increase of 254.90% [5][12]. - The premium rate, which had reached a historical high of 68.19%, fell sharply by over 22 percentage points in one day [1][5]. Group 2: Investor Behavior - A significant number of arbitrage investors attempted to cash out simultaneously, leading to a "collective exit" from the market, which shifted sentiment from buying to selling [8][13]. - The sell-off was exacerbated by the fund's management issuing multiple risk warnings and implementing trading restrictions [5][13]. - Many investors reported successful sales, while others expressed anxiety over their inability to sell at the desired price [11][12]. Group 3: Regulatory and Market Dynamics - The extreme premium attracted regulatory scrutiny, prompting the fund manager to issue 14 risk warnings and implement trading halts [5][13]. - The supply-demand imbalance in the silver market, coupled with limited investment channels for retail investors, contributed to the high premium [27][28]. - The fund's structure as a commodity futures fund limits its capacity to absorb large inflows, leading to potential liquidity issues if prices decline [29][30]. Group 4: Future Outlook - Analysts predict that the premium will continue to converge towards the net asset value, influenced by fundamental factors such as silver prices and regulatory interventions [36][37]. - The current market sentiment is expected to normalize, with potential risks of further price corrections if the premium decreases or if significant selling pressure occurs [34][35].

在市场回暖与低利率环境持续的双重驱动下，"固收+"基金凭 借其"进可攻、退可守"的特性，以及相对可控的回撤和波动风 险，吸引了大量投资者关注并积极配置。 作者：陈姗 封图：图片资料室 2025年，在市场回暖与低利率环境持续的双重驱动下，"固收+"基金凭借其"进可攻、退可守"的 特性，以及相对可控的回撤和波动风险，吸引了大量投资者关注并积极配置。今年第三季度，"固 收+"基金规模增速显著高于全市场基金整体水平。其中，一级债基与二级债基合计规模已突破2.1 万亿元，尤其二级债基增长势头更为显著。 "固收+"基金以债券资产构筑基础收益、以权益资产增厚弹性回报，今年以来表现不俗。一批在收 益与回撤控制方面表现突出的"固收+"产品脱颖而出。据wind数据统计，今年以来万得偏债混合 型 基 金 指 数 涨 幅 6.51% ， 同 期 中 长 期 纯 债 基 金 指 数 仅 上 涨 0.85% 。 （ 数 据 来 源 ： wind ， 20250101-20251224） 12月以来，上证指数围绕3900点展开震荡。波动加剧的环境下，如何通过股债搭配实现更稳健的 投资，成为投资者广泛关注的议题。兼具收益潜力与风险控制能力的 ...

量化投资 . 以下文章来源于量化投资 ，作者十拳剑灵 十拳剑灵｜用数据做多元配置 • 百万实盘翻倍全程公开｜追求年年稳健盈利 • 陪你穿越牛熊 • 一起慢慢变富 收益又回到337万历史新高了！ 今年两个策略在天天基金和雪球同时上线，加仓和跟车的感觉，和往年特别不一样。少了点"下注"的紧张，多了点"种地"的平常心， 用三百多万本金积累 出了三百多万收益 。 | 家庭账户 | | | | | --- | --- | --- | --- | | 6,856,598.22 | | | | | 昨日收益 +24,312.98 | | 累计收益 +3,376,663.49 | | | 收益汇总 | | | 更新至12-24 | | 日收益 | 月收益 | 年收益 | 累计收益 | | 日历图 柱状图 | | | < 2025年 > | | 01月 | 02月 | 03月 | 04月 | | +13.02万 | -11.08万 | -8.79万 | -6,892.72 | | 05月 | 06月 | 07月 | 08月 | | +25.42万 | +22.53万 | +21.34万 | +23.35万 | | 09月 | ...

| | | | 2025年公募基金分红前十名 | | | | | --- | --- | --- | --- | --- | --- | --- | | 序号 | 证券简称 | 区间分红总额 (亿元) | 投资类型 | 分红次数 (次) | 区间回报 [昌否年化] 플 | 分级基金规模(报告期) 【资是前】 六年三季 | | | | | | | (%) | (亿元) | | 1 | 华泰柏瑞沪深300ETF | 83.9350 | 股票型基金 | | 21.3545 | 4.255.8140 | | 2 | 易方达沪深300ETF | 71.5033 | 股票型基金 | 4 | 21.4146 | 3.051.6536 | | 3 | 幸夏沪深300ETF | 55.5385 | 股票型基金 | 2 | 21.3604 | 2,280.6150 | | 4 | 喜实中深300ETF | 6656 65 | 股票型基金 | 2 | 21.3102 | 1,996,9486 | | 5 | 华夏 FirsoETF | 45.7342 | 股票型基金 | 1 | 16.4550 | 1,804.5444 | | б ...

| 基金名称 | 民生加银核心资产股票型证券投资基金 | | --- | --- | | 基金简称 | 民生加银核心资产股票 | | 基金主代码 | 012214 | | 基金管理人名称 | 民生加银基金管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》《基金 | | | 管理公司投资管理人员管理指导意见》等法律法规 | | 基金经理变更类型 | 解聘基金经理 | | 离任基金经理姓名 | 王元 | | 共同管理本基金的其他基金经理姓名 | 刘浩 | (责任编辑：康博) 民生加银核心资产股票A/C成立于2021年11月4日，截至2025年12月24日，其今年来收益率为 21.57%、21.09%，成立来收益率为-19.57%、-20.88%，累计净值为0.8043元、0.7912元。 中国经济网北京12月25日讯 今日，民生加银基金公告，王亮离任民生加银核心资产股票。 王亮自2007年7月至2011年7月就职于长盛基金管理有限公司，担任研究员职务；自2011年8月至 2017年8月就职于泰康资产管理有限责任公司，历任行业研究组组长、投资经理职务。2017年9月加入民 生加银基金管理有 ...

Core Insights - The market for the CSI A500 ETF has seen a significant inflow of capital, with an increase of 830 billion yuan in the past month, bringing the total scale to 2,749.3 billion yuan as of December 23 [2][3][4] - Major fund companies such as Huatai-PB, Southern Fund, and Huaxia Fund have experienced substantial growth in their CSI A500 ETF products, with each increasing by over 100 billion shares in December [5][6] - The CSI A500 ETF has become a focal point for capital competition as year-end approaches, with several products achieving daily transaction volumes exceeding 10 billion yuan [4][12] Fund Performance - As of December 23, the leading CSI A500 ETFs by scale are Huatai-PB (436.1 billion yuan), Southern Fund (418.4 billion yuan), Huaxia Fund (350.5 billion yuan), and Guotai Fund (347.3 billion yuan) [5][6] - The Huatai-PB CSI A500 ETF regained its top position after a period of fluctuation, with a share increase of 138.4 billion since the beginning of December [6] - Southern Fund's product saw the largest share increase in December, reversing a downward trend from previous quarters [6][8] Market Dynamics - The CSI A500 index is viewed as an ideal tool for capturing structural market opportunities, particularly in technology and cyclical sectors, which has attracted significant capital inflows [12] - The lack of derivative products like futures and options for the CSI A500 index has limited large-scale investments from institutional players until recently, when rumors of upcoming derivatives have emerged [12] - The influx of capital has increased market liquidity, but there is a potential for a short-term retreat of this "rush capital" after year-end [12]