"见证历史""惊掉下巴""这也跌太多了吧"，一夜醒来，朋友圈被黄金白银暴跌的感慨刷屏了，有投资者 感叹"一下吞掉了五天的涨幅"。 南华期货贵金属新能源研究组负责人夏莹莹告诉记者，相较于另两位热门人选贝莱德公司高管里德以及 白宫经济顾问哈塞特，沃什的立场相对偏鹰派，且更倾向于维护美联储的独立性，这一预期弱化了市场 对美联储宽松货币政策的预期，对金银价格形成了一定压制。 关于沃什真正的货币政策立场，市场也有颇多不同声音。公开信息显示，沃什曾公开批评量化宽松政策 的副作用，认为美联储需要与美国财政部在政策上更紧密地协作。在美联储任职期间，沃什一直对通胀 保持警惕，并经常支持加息。然而，2025年他却赞同特朗普的观点，认为利率可以大幅降低，也因此被 市场质疑或向政治妥协。 国联民生证券研究所宏观首席分析师林彦指出，在本次美联储主席提名竞选中，沃什明确表示支持降 息，并直言当前利率水平"应当更低"。这一表态正好符合特朗普政府的政策诉求，也在一定程度上缓解 了特朗普团队对其"鹰派"立场的担忧。 沃什同时强调，美联储与财政部应各司其职，前者负责利率调控，后者管理财政账户，双方需扭转以往 职责界限不清的局面，并通过达成新协议 ...

【环球网财经综合报道】当前，外资公募基金公司牌照落地五年有余。截至1月27日，2025年以来共有9家外资公募合 计成立57只新基金，募集规模超750亿元。其中，23只为被动基金、19只为固收基金，11只为主动权益基金，还有4只 FOF基金。进一步来讲，被动基金与固收产品为发行主力，主动权益类产品也逐渐崭露头角，特别是在科技、港股 通、ESG等主题赛道上，外资机构凭借其全球投研优势，正试图打造具有辨识度的产品线。 从机构布局来看，9家参与新发的外资公募呈现鲜明的差异化特征。摩根资产管理以17只新发产品位居数量榜首，覆 盖被动指数、增强指数、短期纯债、混合型FOF等多个品类，践行"主动+被动"双轮驱动策略，既布局港股通50ETF、 科创债ETF等被动工具，也发行主动权益类产品，形成均衡的产品线矩阵。 摩根士丹利基金聚焦主动权益赛道，期间发行的6只产品中有3只为偏股混合型基金，包括大摩沪港深科技混合、大摩 港股通多元成长混合、大摩景气智选混合。而宏利基金在固收与指数增强领域发力，期间发行了多只混合债券型基金 和中证A50、A500指数增强产品，契合其"稳健+增强"的产品风格。贝莱德基金继续深耕指数与固收赛道，发行了 ...

Core Viewpoint - Over 50 trillion yuan of residents' fixed-term deposits are set to mature, raising questions about where this money will flow and what investment opportunities will arise for ordinary individuals. Historical data suggests that nearly 90% of these funds will return to the banking system, but declining deposit rates and various investment channels competing for these funds have increased uncertainty regarding their allocation, posing challenges for banks' liability management [2][11]. Group 1: Deposit Maturity and Market Impact - The estimated 50 trillion yuan in fixed-term deposits maturing is derived from research by Huatai Securities, which projects a growth of approximately 10 trillion yuan by 2025. This figure reflects a significant increase in household savings due to weak performance in stock and real estate markets, leading to a rise in precautionary savings [3][12]. - The People's Bank of China reported that in 2025, the total increase in RMB deposits was 26.41 trillion yuan, with household deposits rising by 14.64 trillion yuan, continuing the trend of high savings growth. The current deposit rates for major state-owned banks have decreased significantly, with one-year and two-year large-denomination certificates of deposit at 1.2% and three-year at 1.55%, indicating a notable drop from previous high-interest periods [3][12]. Group 2: Investment Channels Competing for Funds - Various capital market products are actively competing for the maturing funds, particularly in the fund market where FOF (fund of funds) has shown remarkable performance, with new issuance surpassing 10 billion yuan in January alone. This trend has led to a historical high in the total number of public FOF funds, reaching 545 with a combined scale of 244 billion yuan [4][13]. - Additionally, equity funds have emerged as a major attraction, with new public fund issuances totaling 71.94 billion yuan in January. The stock market is showing signs of recovery, and gold, as a traditional safe-haven asset, has seen rising international prices and increased domestic trading volumes, making it an important option for some residents' asset allocation [4][14]. Group 3: Banking Strategies to Retain Depositors - Banks are facing regulatory constraints that prevent them from using gifts to attract deposits, leading to a shift in strategy. Many banks have begun to withdraw long-term high-cost deposits and focus on optimizing their liability structures, indicating a preference for lower-cost deposits [5][15]. - To enhance competitiveness, banks are developing flexible, stable-return products and integrating offerings with insurance and fund institutions to create "deposit + wealth management" products tailored to customers' risk preferences [5][15]. - The internal assessment criteria of banks are shifting from a focus on deposit scale to quality, incorporating total customer assets into evaluations. This transition encourages bank staff to act as wealth advisors, providing comprehensive wealth management services [6][16]. Group 4: Customer Segmentation and Service Optimization - Banks are increasingly focusing on customer segmentation to improve service delivery, enhancing offline services for older customers while optimizing mobile banking apps for younger users to better meet their needs [7][17]. - The maturing fixed-term deposits present not only a chance for fund reallocation but also an opportunity for individuals to learn about sound financial management. For banks, the competition for these funds is not merely about attracting deposits but also about innovating and adapting to ensure sustainable growth and effectively support the real economy [7][17].

FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--The 19(a) monthly distribution notices for Templeton Emerging Markets Income Fund (NYSE: TEI) are now available. These informational notices provide further details on the sources of the funds' monthly distributions and follow the most recent distribution announcement. The table below provides an estimate of the sources of the Fund's current distribution and its cumulative distributions paid this fiscal year-to-date. Amounts are expressed on a per share o. ...

Core Viewpoint - The regulatory authorities have intensified scrutiny on the marketing practices of internet financial influencers ("Big Vs") in the mutual fund sales sector, following a significant incident involving Debon Fund and a prominent influencer that led to over 10 billion yuan in net subscriptions in a single day [1][3]. Group 1: Regulatory Actions - The latest regulatory report emphasizes strict measures against institutions and individuals involved in improper sales practices, urging fund sales organizations and third-party platforms to conduct self-examinations [1][2]. - Following the regulatory announcement, major third-party fund sales platforms have quickly removed features such as real-time valuation and performance rankings to comply with new guidelines [2][9]. Group 2: Marketing Practices of Influencers - The practice of financial influencers publicly sharing their fund portfolios has raised compliance concerns, as it often lacks adequate risk warnings and can lead to market manipulation [3][4]. - The influencer at the center of the Debon Fund controversy has a significant following of over 4 million on platforms like Douyin and Ant Wealth, and their actions have drawn regulatory attention due to potential violations [4][6]. Group 3: Platform Responses - Ant Wealth has initiated regular announcements regarding financial compliance violations, having removed over 100,000 pieces of content and banned more than 300 accounts for misleading financial promotions [7]. - Following the regulatory report, platforms like Tonghuashun and JD Finance have ceased operations of features that could mislead investors, such as "real-time valuation" and "top performers" lists [9][10]. Group 4: Industry Implications - The ongoing regulatory efforts aim to create a more transparent and compliant mutual fund sales environment, moving away from short-term marketing tactics that rely on rankings and real-time displays [11]. - Industry experts suggest that as these regulations take effect, the mutual fund sales ecosystem is likely to evolve towards a more investor-centric and high-quality development phase [11].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is seeking public opinion on the updated disclosure standards for public funds, emphasizing a more investor-centric approach in the new regulations [1][2]. Group 1: Key Updates on Disclosure Standards - The new guidelines consist of 3 chapters and 36 articles, integrating similar disclosure items across annual, semi-annual, and quarterly reports while providing tailored requirements based on different functions [1]. - The revisions aim to simplify and adjust certain disclosure requirements based on higher-level regulations and industry practices, drawing from experiences in mature overseas markets [1][3]. - The CSRC's action plan for promoting high-quality development in public funds includes enhancing transparency and revising disclosure templates for actively managed equity funds [3][4]. Group 2: Investor-Centric Focus - The revised regulations require funds to display long-term performance metrics (7-year and 10-year) in their reports, shifting focus from short-term performance [2][6]. - Fund managers are now mandated to disclose the proportion of profitable investors in actively managed equity and mixed funds in their annual and semi-annual reports, promoting a focus on investor interests [2][6]. Group 3: Regulatory Emphasis on Stability - The new rules address high turnover rates in actively managed equity and mixed funds, which contradict the principles of value and long-term investing, by requiring disclosure of turnover rates in annual reports [7]. - This regulatory shift aims to encourage fund managers to adopt more prudent investment strategies, thereby enhancing the stability of investment behaviors [7]. Group 4: Systematic Revisions - The integration of existing disclosure requirements into a single normative document aims to streamline the disclosure process while maintaining authority and flexibility [4][5]. - The removal of redundant disclosure items is expected to alleviate the burden on industry institutions [5].

Group 1: Gold Price Surge - The domestic gold jewelry price has surpassed 1600 RMB per gram, with a significant demand observed as a regular gold counter in Zhengzhou sold 1.2 million RMB worth of investment gold bars in just three hours [1] - International gold prices have continued to rise, with London spot gold reaching 5204.96 USD per ounce, marking a 2.41% increase, while New York futures prices hit 5207.07 USD per ounce, up by 0.50% [1] - Major domestic jewelry brands have raised their gold prices significantly, with Chow Sang Sang at 1614 RMB per gram, Chow Tai Fook at 1618 RMB, Lao Feng Xiang at 1620 RMB, and Lao Miao Gold at 1612 RMB [1] Group 2: Fund Suspension Announcements - E Fund announced the suspension of subscription and regular investment for its gold-themed LOF fund starting January 28, while redemption services will continue as usual [2] - Similarly, Guotai Asset Management has suspended the subscription for its silver LOF fund from January 28, citing the need to protect the interests of fund shareholders and maintain stable fund operations [5] - The high premium of the Guotai silver LOF fund reached over 46.02%, with a market price of 4.336 RMB as of January 27, reflecting a daily increase of 3.66% [7] Group 3: Market Trends and Investor Caution - Year-to-date, international gold futures have increased by over 17%, while silver prices have surged by 55% [8] - Industry experts warn that after significant price increases, both gold and silver may face short-term correction pressures, advising investors to remain rational and avoid chasing high prices [8]

亚洲投资者正以创纪录规模涌入黄金ETF，这一现象引发市场对金价涨势是否接近顶部的担忧，散户的 高水平买入通常被视为资产估值过高、涨势进入后期阶段的警示信号。 周五，据彭博汇编数据，1月份亚洲地区贵金属ETF净流入达71亿美元，多只基金创下史上最高资金流 入。其中中国上市的基金涨幅最大，华安易富黄金ETF单只基金就吸引了19亿美元资金流入。 中国唯一的纯白银基金——国投瑞银白银期货基金LOF——在周三暂停申购，并于周五停牌。此前大规 模资金流入导致该基金相对其标的资产出现大幅溢价，凸显市场需求的狂热程度。 专业投资者发出谨慎信号 黄金价格近期飙升，自1月初以来上涨超过20%，尽管周五出现回调。市场分析人士警告称，近期价格 走势已变得快速、情绪化且非线性，这是趋势在战术层面过度延伸的警示信号。 黄金相对强弱指数已攀升至约90，RSI高达90是非常罕见的极端超买（通常70就是超买）。世界黄金协 会在上月发布的2026年展望中指出，若特朗普政府政策取得成功将加速经济增长，导致利率上升和美元 走强，从而推低金价。 中国市场成资金流入主力 中国上市的黄金ETF在1月份吸引了大量资金。除华安易富黄金ETF的19亿美元流入外 ...

Core Viewpoint - The article discusses regulatory actions taken against D Fund Company for alleged violations in fund sales practices, particularly involving collaborations with unqualified internet influencers to promote fund products, leading to significant investor risks and regulatory scrutiny [1][2]. Group 1: Regulatory Actions - Regulatory authorities issued a notice indicating that D Fund Company's fund product experienced over 10 billion in single-day subscriptions, raising concerns about potential violations in sales practices [1]. - Following an investigation, it was found that D Fund Company collaborated with unqualified internet influencers, paying substantial advertising fees to promote their fund products, which misled investors regarding risk levels [1][2]. - The regulatory response included orders for D Fund Company to rectify its practices and a suspension of public fund product registrations, holding responsible parties accountable [2]. Group 2: Industry Concerns - The notice highlighted that the violations reflect a broader issue within the industry, where institutions prioritize short-term growth over compliance and professional standards, indicating weaknesses in internal control mechanisms [2]. - Regulatory authorities are also monitoring other fund sales issues, including the reintroduction of "real-time fund valuation" features by some sales institutions and unlicensed third-party platforms, which could mislead investors and dilute fund returns [2][3]. - Emphasis was placed on the need for fund companies and sales institutions to enhance investor suitability management, ensuring that appropriate products are sold to suitable investors to prevent risk mismatches [2][3].

Core Viewpoint - The total scale of public funds in China has reached 37.71 trillion yuan by the end of December 2025, marking a historical high for nine consecutive months, with a year-on-year increase of 4.89 trillion yuan, or 14.9% [4][8]. Fund Scale Growth - By the end of December 2025, the total scale of public funds in China increased by approximately 695.75 billion yuan from the previous month [4]. - The scale of public funds has grown from 33.12 trillion yuan in April 2025 to 37.71 trillion yuan by December 2025 [4]. - The growth structure shows that all types of funds achieved positive growth in 2025, with bond funds increasing by 60% and equity funds by 36% [4]. Fund Types and Performance - As of December 2025, the largest fund types by scale are: - Money market funds: 15.03 trillion yuan - Bond funds: 10.94 trillion yuan - Equity funds: 6.05 trillion yuan - Mixed funds: 3.68 trillion yuan - Fund of funds (FOF): 244.39 billion yuan - Other funds: 177 billion yuan [4]. - In December 2025, bond funds led the growth with an increase of over 412 billion yuan, while equity funds also saw a significant increase of over 250 billion yuan [5]. Structural Changes and Trends - The year 2025 saw a notable structural change in fund growth, with bond funds and equity funds showing strong performance, while money market funds experienced a slight decline of about 153.6 billion yuan due to lower yields [6]. - The demand for diversified asset allocation is increasing, with QDII funds growing by 60.56%, bond funds by 59.79%, and equity funds by 35.93% in 2025 [6]. - The trend indicates a recovery in equity funds, driven by the rapid development of ETFs, with mixed funds reversing a trend of continuous contraction since 2022 [6]. Future Outlook - The public fund industry is expected to continue its growth, potentially reaching 40 trillion yuan by 2026, with an estimated incremental capital of around 877.27 billion yuan [8]. - The focus for 2026 will likely be on equity funds, fixed-income plus funds, QDII, commodity funds, and FOFs, as investors seek stable returns in a low-interest-rate environment [8]. - Investment opportunities in 2026 are anticipated to revolve around technology sectors, overseas investments, and high-dividend core assets [8].