中国经济网北京2月2日讯 近日，兴证全球基金公告，兴全有机增长混合增聘徐留明。 | 基金名称 | 兴全有机增长灵活配置混合型证券投资基金 | | --- | --- | | 基金简称 | 兴全有机增长混合 | | 基金主代码 | 340008 | | 基金管理人名称 | 兴证全球基金管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》 | | 基金经理变更类型 | 增聘基金经理 | | 新任基金经理姓名 | 徐留明 | | 共同管理本基金的其他经 | 虞義 | | 理姓名 | | (责任编辑：康博) 徐留明2013年3月至2014年9月，就职于国联证券股份有限公司，2014年9月至2020年3月，就职于兴 业证券股份有限公司，2020年4月至今就职于兴证全球基金管理有限公司，先后担任研究员、基金经理 助理，现任基金经理。 兴全有机增长混合成立于2009年03月25日，截至2026年01月30日，其今年来收益率为7.92%，成立 来收益率为350.45%，累计净值为3.9284元。 ...

| 基金名称 | 金鹰智慧生活灵活配置混合型证券投资基金 | | --- | --- | | 基金简称 | 金鹰智慧生活混合 | | 基金主代码 | 002303 | | 基金管理人名称 | 金鹰基金管理有限公司 | | 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》、 | | | 《金鹰智慧生活灵活配置混合型证券投资基金基 | | | 金合同》 | | 基金经理变更类型 | 解聘基金经理 | | 共同管理本基金的其他基金经理姓名 | 陈颖 | | 离任基金经理姓名 | 张展华 | | 基金名称 | 金鹰中小盘精选证券投资基金 | | --- | --- | | 基金简称 | 金鹰中小盘精选混合 | | 基金主代码 | 162102 | | 基金管理人名称 | 金鹰基金管理有限公司 | | 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》、 | | | 《金鹰中小盘精选证券投资基金基金合同》 | | 基金经理变更类型 | 解聘基金经理 | | 共同管理本基金的其他基金经理姓名 | 陈颖 | | 离 ...

刘玉生曾任中国证券登记结算有限责任公司基金业务部总监，长安基金管理有限公司督察长，华泰 证券（上海）资产管理有限公司合规总监、督察长、首席风险官、首席信息官、副总经理，上海世赢私 募基金管理有限公司合规负责人。2026年1月加入淳厚基金管理有限公司。 中国经济网北京2月2日讯 近日，淳厚基金公告，任命刘玉生为首席信息官，总经理左季庆代任督 察长。原督察长沈志婷因工作安排离任。 | 是否经中国证监会核准取 | | | --- | --- | | 得高管任职资格 | | | 中国证监会核准高管任职 | | | 资格的日期 | | | 任职日期 | 2026-01-30 | | 过往从业经历 | 曾任中国人寿资产管理有限公司债券投资部、固 定收益部总经理、国寿安保基金管理有限公司总 | | | 经理、现任淳厚基金管理有限公司总经理。 | | 取得的相关从业资格 | 基金从业资格 | | 国籍 | 中国 | | 学历、学位 | 本科、硕士 | 左季庆曾任中国人寿资产管理有限公司债券投资部、固定收益部总经理、国寿安保基金管理有限公 司总经理、现任淳厚基金管理有限公司总经理。 | 基金管理人名称 | 淳厚基金管理有限公司 ...

Core Viewpoint - The article emphasizes the importance of diversifying investments through cross-border ETFs, particularly focusing on mature markets and core broad-based indices to mitigate risks rather than solely pursuing high returns [4][5]. Group 1: Cross-Border Indices and Characteristics - The number of cross-border indices listed in A-shares has increased, including new directions like FTSE Arabia and Brazil BOVESPA, enriching investment choices [7]. - Many investors have entered these cross-border indices without fully understanding their characteristics, leading to high premium rates for several products [7][8]. - It is advised that ordinary investors should observe new indices for a period to understand their valuation ranges and mechanisms before investing [8]. Group 2: Cross-Border ETFs Overview - Currently, there are 41 cross-border ETFs listed in A-shares, with a total tracking scale exceeding 186 billion, primarily focused on broad-based indices from the US market [13]. - The tracking scale of the Dow Jones Industrial Average, S&P 500, and NASDAQ 100 exceeds 140 billion, indicating a preference for mature market core indices among investors [13]. Group 3: Valuation Levels of Cross-Border Indices - The overall valuation levels of major global markets are considered high, particularly for the four major US indices, which are in a high range [10]. - The NASDAQ technology and South Korea semiconductor indices are also in a high valuation state due to narratives around AI and semiconductor sectors [10]. - The Nikkei 225 index has seen a significant increase of 34.75% over the past year, while the South Korea semiconductor index achieved an impressive 121.51% return [10]. Group 4: Premium Issues in Cross-Border ETFs - Premium rates are a critical issue in cross-border ETF investments, often influenced by domestic QDII product foreign exchange limits, leading to unexpected premium rates for smaller ETFs [21][22]. - It is recommended that ordinary investors avoid high premium products to prevent significant losses, especially when premiums exceed 3% [22][23]. - Some products, like the Brazil ETF and NASDAQ technology ETF, have premium rates close to 15%, indicating visible risks that should be monitored [23]. Group 5: Investment Strategy Recommendations - Investors are encouraged to avoid making decisions based on short-term emotions and subjective judgments, focusing instead on their risk tolerance and safety margins [24]. - Setting intervention rules and position limits in advance is suggested to better navigate market opportunities when they arise [24].

证券研究报告 基金双周报：ETF市场跟踪报告 2 ETF市场回顾： • 收益表现与资金流向：截至1月30日，近两周ETF产品涨跌不一。国内主要宽基ETF中，中证500涨幅最大，行业与主题产品中，周期主题ETF涨幅最大。近两 周，国内主要宽基ETF中，中证2000ETF资金净流入，沪深300ETF资金大幅净流出。2）近两周，周期、医药、消费ETF资金加速流入，军工、金融地产、科 技ETF资金流入速度放缓，大制造其他、新能源ETF资金转为净流入，红利ETF资金流出速度放缓。债券ETF方面，可转债ETF资金加速净流入，短融ETF资 金转为净流入，政金债、信用债、国债、地方债ETF资金净流出速度放缓。 • 产品结构分布：截至1月30日，近两周市场新成立ETF共19只，发行份额合计109.63亿份，均为股票ETF。相较25年末，商品ETF、行业+红利ETF、QDII-ETF 规模分别上升38.50%、23.19%、6.01%，债券ETF、宽基ETF规模分别下降12.49%、34.99%。 证券分析师 | 陈 | 瑶 | 投资咨询资格编号：S1060524120003 | | --- | --- | --- | | 郭子 ...

1. Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - Last week, the equity market style switched, with the small - cap style continuing to weaken. The convertible bond market adjusted with reduced volume, showing anti - decline properties, and the Wind Convertible Bond Weighted Index outperformed the Wind Convertible Bond Underlying Stock Weighted Index by 0.43 pcts. Convertible bond ETFs had a net subscription of 2.545 billion yuan, supporting the convertible bond valuation. [2] - In the short term, convertible bonds are expected to follow the underlying stocks in volatile consolidation, maintaining a structural market with rapid rotation. Large - cap and dividend convertible bonds are expected to continue to dominate. However, during the wide - range volatility period, convertible bonds have an asymmetric advantage. After the performance announcements, the risk - aversion sentiment in small - and micro - cap stocks will gradually ease, and the regulatory attitude will warm up. Before the Spring Festival, a new round of favorable and policy - game market is expected to start, with the market style switching back to small - cap dominance, which will drive the convertible bond market. [2] 3. Summary by Relevant Catalogs Policy Tracking - On January 27, the State Council issued the "Regulations for the Implementation of the Drug Administration Law of the People's Republic of China", which will come into force on May 15, 2026. It supports the development of new industrial formats, promotes the implementation of pharmaceutical innovation results, and improves various aspects of drug management. [3] - On January 29, the State Council issued the "Guidelines on Performance Comparison Benchmarks for Publicly Offered Securities Investment Funds", proposing 12 policy measures and identifying key service consumption areas such as transportation and household services, and strengthening support for cultivating new growth points in service consumption. [2][3] Secondary Market - **Equity Market**: Last week, major equity market indices closed down. The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index fell 0.44%, 1.62%, and 0.09% respectively. Overseas, the Fed's hawkish nomination and the sharp adjustment in the precious metal market affected the global capital market. Domestically, although the profits of industrial enterprises above designated size increased in 2025, the January PMI index declined, and the market risk preference decreased. The small - and micro - cap stocks weakened, and the large - cap dividend stocks strengthened. [6] - **Convertible Bond Market**: Major convertible bond market indices followed the decline. The CSI Convertible Bond Index, Shanghai Convertible Bond Index, and Shenzhen Convertible Bond Index fell 2.61%, 2.56%, and 2.61% respectively, with an average daily trading volume of 9.0209 billion yuan, a marginal decrease of 308.6 million yuan from the previous week. Convertible bond ETFs showed differentiation, with a net subscription of 2.545 billion yuan in total, supporting the valuation. [7] - **Structural Analysis**: The large - cap style in the convertible bond market was dominant due to its anti - decline property. The median prices of convertible bonds and their underlying stocks were still at a high level, the conversion value quantile decreased, and the median valuation level increased slightly. The trading activity of underlying stocks decreased, while that of convertible bonds increased. [9] - **Industry Analysis**: All industries' convertible bonds fell. Construction materials, agriculture, forestry, animal husbandry, and fishery, food and beverage, and public utilities had relatively small average declines, while national defense and military industry and computer industries had larger average declines. The valuation of convertible bonds in different industries was differentiated. [10] - **Individual Bond Analysis**: Most convertible bonds rose. Baichuan Convertible Bond 2 led the rise with an increase of over 12%, while high - position convertible bonds such as Xinzhi Convertible Bond and Hangyu Convertible Bond had significant declines. [13] - **Price and Valuation**: The arithmetic average and median of convertible bond prices decreased. The arithmetic average of the conversion premium rate increased, and the median decreased. The arithmetic average and median of the pure - bond premium rate decreased. [24] Primary Market - **Issuance and Listing**: No new convertible bonds were issued last week. Lianrui Convertible Bond and Naipu Convertible Bond 02 were listed, and several convertible bonds were redeemed early and delisted. As of last Friday, the convertible bond market's outstanding scale was 55.2588 billion yuan, a decrease of 4.596 billion yuan from the beginning of the year and 3.682 billion yuan from the previous week. [30] - **Conversion**: Ten convertible bonds had a conversion ratio of over 5%, one more than the previous week. Some bonds had announced early redemption or were about to trigger the strong - redemption condition. [33] - **Approval Progress**: Star Semiconductor's convertible bond issuance was approved by the exchange. One convertible bond passed the review of the Issuance Examination Committee, with a total scale of 1.5 billion yuan. As of last Friday, eight convertible bonds were approved by the CSRC to be issued, with a total scale of 6.164 billion yuan. [34] - **Clause Tracking**: One convertible bond announced a downward revision of the conversion price, and two announced early redemption. Some bonds announced not to revise the conversion price downward or were about to trigger the downward - revision condition, and many bonds were expected to trigger the early - redemption condition. [35]

Core Viewpoint - In January, the global asset allocation logic shifted from valuation recovery to profit-driven, with A-shares continuing an upward trend supported by policies, funding, and valuation [1][2]. Group 1: A-share Market Performance - The A-share market showed a steady upward trend in January, with the Shanghai Composite Index rising by 3.76%, the ChiNext Index by 4.47%, and the Shenzhen Index by 5.03% by the end of January [2]. - The non-ferrous metals sector led the gains with a 22.59% increase, followed by media, oil and petrochemicals, construction materials, and basic chemicals with respective increases of 17.94%, 16.31%, 13.31%, and 12.72% [2]. Group 2: Fund Performance - Public FOFs (funds of funds) performed well, with some products achieving monthly returns exceeding 30%. For instance, the Guotai Industry Rotation A fund had a monthly return of 30.31%, while the Guotai Preferred Navigation fund reached 37.12% [3][5]. - A total of 35 FOFs had monthly performance exceeding 10%, with 4 funds surpassing 20% [3]. Group 3: Market Trends and Predictions - Analysts noted that the core drivers of asset performance in January were cross-year capital reallocation and sentiment recovery, with expectations of a "spring excitement" in the stock market in the first quarter [3][7]. - The transition from valuation-driven to profit-driven narratives in global asset allocation is expected to continue, with a focus on sectors showing clear performance improvements, particularly in technology and cyclical industries [7]. Group 4: Fund Issuance and Research Activity - The issuance of public funds accelerated in January, with a significant number of FOFs focusing on themes like technological innovation and high-end manufacturing, reflecting market interest in economic transformation opportunities [6][7]. - A total of 156 public fund institutions participated in A-share research activities in January, covering 486 stocks across 30 first-level industries, indicating high research engagement [7].

上周2025年工业企业利润数据和2026年1月PMI数据公布。上周二（1月27日）国家统计局公布2025年全 国规模以上工业企业数据，其中规模以上工业企业实现营业收入139.20万亿元，比上年增长1.1%，略低 于2024年的2.1%；全国规模以上工业企业实现利润总额73982.0亿元，比上年增长0.6%，显著高于2024 年的-3.3%。整体来看，工业企业利润同比增速结束连续3年的负增长小幅转正，主要受益于出口偏 强、"反内卷"政策等对利润率的拉动；结构上看，高技术制造业和有色金属行业是全年利润增长的主要 支撑。 上周六（1月31日）国家统计局公布2026年1月PMI数据，其中制造业PMI49.3%，低于前值50.1%；非制 造业PMI49.4%，低于前值50.2%。总体上看，1月制造业景气水平受生产和订单拖累有所回落，价格指 数则双双回升。 上周美联储举行了年内首次联邦公开市场委员会会议。会议指出经济活动正以稳健的速度扩张，就业增 长依然低迷而失业率也显示出一些稳定的迹象，通胀仍略高，决定将联邦基金利率目标区间维持在 3.5%~3.75%不变。鲍威尔在新闻发布会上表示当前货币政策并非明显偏紧，下一步行动不 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a report highlighting violations by a public fund company, referred to as "D Fund Company," related to improper sales practices, particularly concerning the recent surge in subscriptions for a specific fund product [1][12]. Group 1: Regulatory Actions - The CSRC has mandated corrective actions and suspended the registration of public fund products for D Fund Company, holding responsible personnel accountable [1][12]. - The report indicates that D Fund Company collaborated with unqualified internet influencers to promote its fund, leading to misleading marketing practices [1][12]. Group 2: Fund Performance and Market Reactions - On January 12, it was reported that the fund "Debang Stable Growth" received over 120 billion yuan in subscriptions in a single day, raising concerns about the legitimacy of such inflows given its historical performance [2][13]. - The fund's total assets were only 10.11 billion yuan as of the end of 2025, creating a stark contrast with the sudden influx of capital [2][13]. Group 3: Investment Strategy and Risk Management - The fund's investment strategy has been criticized for being overly aggressive, with 92% of its assets concentrated in technology stocks, particularly in the AI sector, which contradicts its stated goal of stable growth [19][21]. - The CSRC has emphasized the need for fund companies to strengthen investor suitability management and prevent risk mismatches [19][21]. Group 4: Industry Trends and Compliance - The report also highlights a broader issue within the industry regarding the promotion of funds through non-compliant channels and the need for stricter regulations on fund sales practices [6][19]. - Recent guidelines from the CSRC aim to prevent significant deviations from established performance benchmarks in fund management [21].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The report presents several ETF strategy indices constructed by Huabao Research and tracks their performance and positions on a weekly basis, aiming to help investors convert quantitative models or subjective views into practical investment strategies [11] 3. Summary by Relevant Catalog 3.1 ETF Strategy Index Tracking - **Overall Performance**: The table shows the performance of various ETF strategy indices last week. The Huabao Research Quantitative Windmill ETF Strategy Index had the highest weekly excess return of 2.56%, while the Huabao Research SmartBeta Enhanced ETF Strategy Index had the lowest weekly excess return of -2.76% [12] 3.1.1 Huabao Research Size Rotation ETF Strategy Index - **Strategy**: It uses multi - dimensional technical indicator factors and a machine - learning model to predict the return difference between the Shenwan Large - Cap Index and the Shenwan Small - Cap Index. It outputs weekly signals to predict the strength of the indices in the next week and determines positions accordingly to obtain excess returns [13] - **Performance**: As of 2026/1/30, the excess return since 2024 was 29.34%, the excess return in the past month was 5.89%, and the excess return in the past week was - 1.86%. The index's positions include 50% in the CSI 500ETF and 50% in the CSI 1000ETF [13][17] 3.1.2 Huabao Research SmartBeta Enhanced ETF Strategy Index - **Strategy**: It uses price - volume indicators to time self - built Barra factors and maps timing signals to ETFs based on their exposure to 9 major Barra factors to achieve market - outperforming returns. The selected ETFs cover mainstream broad - based index ETFs and some style and strategy ETFs [17] - **Performance**: As of 2026/1/30, the excess return since 2024 was 20.15%, the excess return in the past month was - 2.11%, and the excess return in the past week was - 2.76%. The index's positions are mainly in several science - innovation and growth - style ETFs [17] 3.1.3 Huabao Research Quantitative Windmill ETF Strategy Index - **Strategy**: It starts from a multi - factor perspective, including the grasp of medium - to - long - term fundamentals, tracking of short - term market trends, and analysis of the behavior of various market participants. It uses valuation and crowding signals to indicate industry risks and multi - dimensionally digs out potential sectors to obtain excess returns [20] - **Performance**: As of 2026/1/30, the excess return since 2024 was 51.39%, the excess return in the past month was 6.51%, and the excess return in the past week was 2.56%. The index's positions are mainly in commodity - related and financial - related ETFs [20][25] 3.1.4 Huabao Research Quantitative Balance ETF Strategy Index - **Strategy**: It adopts a multi - factor system, including economic fundamentals, liquidity, technical analysis, and investor behavior factors, to construct a quantitative timing system for trend analysis of the equity market. It also builds a prediction model for market large - and small - cap styles to adjust the equity market position distribution and obtain excess returns through comprehensive timing and rotation [24] - **Performance**: As of 2026/1/30, the excess return since 2024 was - 10.24%, the excess return in the past month was 0.48%, and the excess return in the past week was - 0.36%. The index's positions include bonds and equity - based ETFs [24][27] 3.1.5 Huabao Research Hot - Spot Tracking ETF Strategy Index - **Strategy**: It uses strategies such as market sentiment analysis, tracking of major industry events, investor sentiment and professional opinions, policy and regulatory changes, and historical analysis to track and dig out hot - spot index target products in a timely manner, constructing an ETF portfolio that can capture market hot spots and providing short - term market trend references for investors [27] - **Performance**: As of 2026/1/30, the excess return in the past month was 6.21%, and the excess return in the past week was 3.21%. The index's positions are mainly in commodity, Hong - Kong - stock, and short - term financing ETFs [27][30] 3.1.6 Huabao Research Bond ETF Duration Strategy Index - **Strategy**: It uses bond market liquidity and price - volume indicators to screen effective timing factors and predicts bond yields through machine - learning methods. When the expected yield is below a certain threshold, it reduces the long - duration positions in the bond investment portfolio to improve long - term returns and drawdown control [30] - **Performance**: As of 2026/1/30, the excess return in the past month was 0.40%, and the excess return in the past week was 0.14%. The index's positions are mainly in bond - related ETFs [30][33]