想赚点超额收益，又怕本金亏了；想求稳，又不甘心只拿存款利息"—— 这大概是当下大多数投 资者的共同纠结。 l 对 于 希 望 平 衡 收 益 与 波 动 的 稳 健 型 投 资 者 ， 均 衡 稳 健 （ 如 汇 添 富 鑫 享 添 利 六 个 月 持 有 混 合）与均衡积极（如汇添富双享回报债券、双鑫添利债券）两类策略提供了精细化的解决方 案。前者更注重组合的稳定性，后者则在稳固底仓基础上，通过更积极的资产再平衡或多资 产阿尔法挖掘，力求在可控波动内争取更大回报空间。 l 对 于 看 好 经 济 转 型 、 愿 意 在 约 束 框 架 内 分 享 成 长 红 利 的 进 取 型 投 资 者 ， 积 极 成 长 类 产 品 （如汇添富双利增强债券）则为其提供了专属通道。这类产品在明确的波动控制下，将"+"的 部分聚焦于高景气赛道中的优质成长股，为组合注入显著的弹性。 为了更直观地展现这一矩阵的实战效果，我们不妨聚焦两只极具代表性的产品：汇添富双颐 债券与汇添富多元收益债券。 先看汇添富双颐债券，其基金经理为深度价值风格代表人物蔡志文，他始终将低估值与安全 边际奉为选股铁律，着力捕捉三类确定性机会：一是核心价值 ...

诺安多策略混合A（320016）成立日期2011年8月9日，最新规模21.2亿。今年以来收益9.42%，同类排 名1935/9000；近一年收益81.82%，同类排名462/8193；成立以来收益261.1%。 2月2日，深圳瑞捷跌5.09%，截至发稿，报23.70元/股，成交1.02亿元，换手率4.43%，总市值36.08亿 元。 资料显示，深圳瑞捷技术股份有限公司位于广东省深圳市龙岗区坂田街道南坑社区雅星路8号星河 WORLD双子塔.东塔26层，成立日期2010年4月12日，上市日期2021年4月20日，公司主营业务涉及建设 工程第三方评估、管理和咨询服务。主营业务收入构成为：第三方评估57.84%，项目管理41.44%，其 他0.72%。 从深圳瑞捷十大流通股东角度 数据显示，诺安基金旗下1只基金位居深圳瑞捷十大流通股东。诺安多策略混合A（320016）三季度新 进十大流通股东，持有股数85.31万股，占流通股的比例为0.9%。根据测算，今日浮亏损失约108.34万 元。 诺安多策略混合A（320016）基金经理为孔宪政。 截至发稿，孔宪政累计任职时间5年69天，现任基金资产总规模66.75亿元，任职期 ...

Group 1 - The core point of the news is that Information Development Co., Ltd. experienced a decline in stock price by 5.06%, with the current share price at 61.93 yuan, a trading volume of 397 million yuan, and a market capitalization of 15.373 billion yuan [1] - The company, established on October 29, 1997, and listed on June 11, 2015, specializes in information system development and services in various sectors including archives, food traceability, and legal affairs [1] - The revenue composition of the company is as follows: technical support and services account for 43.98%, system integration for 36.63%, application software development and sales for 19.09%, and other sources for 0.30% [1] Group 2 - From the perspective of major fund holdings, Southern Fund has one fund heavily invested in Information Development, specifically the Southern CSI 2000 ETF, which increased its holdings by 10,100 shares in the fourth quarter, totaling 25,500 shares, representing 0.22% of the fund's net value [2] - The Southern CSI 2000 ETF was established on September 7, 2023, with a current size of 725 million yuan, and has achieved a year-to-date return of 8.16%, ranking 1717 out of 5580 in its category [2] - Over the past year, the fund has generated a return of 51.07%, ranking 1229 out of 4286, and since its inception, it has achieved a return of 50.68% [2]

Group 1 - The core viewpoint of the articles highlights significant volatility in gold prices, with a notable drop of 9.25% on January 30, reaching $4,880.3 per ounce, marking the largest single-day decline in 40 years. This decline is attributed to the nomination of Kevin Warsh, a hawkish candidate, as the next Federal Reserve Chair, which raised expectations for a stronger dollar and triggered profit-taking among bullish investors [1][2] - The China Securities Index for gold industry stocks (931238) shows a decline in major stocks, with Xiaocheng Technology leading at a drop of 19.88%, followed by Shandong Gold at 12.07% and Chifeng Gold at 11.58%. The index reflects the performance of 50 large-cap companies involved in gold mining, smelting, and sales in the mainland and Hong Kong markets [1][2] - The gold stock ETF fund (159322) has seen a recent trading volume of 547.26 million yuan, with a turnover rate of 1.69%. Over the past week, the average daily trading volume reached 1.08 billion yuan, indicating a strong interest in gold stocks despite recent price fluctuations [1] Group 2 - The recent surge and subsequent drop in gold prices have deviated from traditional fundamentals, with the primary driver being a trend towards "de-dollarization," positioning gold as a key value anchor. The historical threshold of $5,500 per ounce is seen as a significant point, indicating structural shifts in the dollar-debt system established post-Bretton Woods [2] - The top ten weighted stocks in the China Securities Index for gold industry stocks account for 61.69% of the index, with major companies including Zhongjin Gold, Zijin Mining, and Shandong Gold. This concentration highlights the dominance of a few key players in the gold sector [2]

截至2025年末，银华大数据灵活配置定期开放混合基金持有股票占比为81.77%，未持有债券，前十大持仓个股分别为中信证券、东兴证券、兴业证券、国 泰海通、三环集团、东方证券、东吴证券、方正证券、金山办公、分众传媒。 与2025年三季度持仓相比，银华大数据灵活配置定期开放混合基金将前十大持仓个股全部更换。截至2025年三季度末，该基金前十大持仓个股分别为中国平 安、宁德时代、海尔智家、贵州茅台、杭州银行、恒瑞医药、晶方科技、中天科技、金山办公、东方电缆。 公告显示，截至2025年末，李晓彬管理的银华惠增利货币基金和银华货币基金的资产净值规模合计超千亿元。 孙蓓琳离任的银华大数据灵活配置定期开放混合基金此前不久刚增聘了一位基金经理。2025年11月，该基金增聘和玮为新任基金经理，与张凯和孙蓓琳共同 管理该基金。 银华大数据灵活配置定期开放混合基金成立于2016年4月，成立至今已有近10年时间，截至2026年1月28日，该基金成立以来的单位净值下跌2.70%，近3年 单位净值下跌10.57%，近1年单位净值增长13.93%，近3个月单位净值下跌0.92%。 1月29日，银华基金发布多条基金经理变更公告。公告显示，基 ...

Core Viewpoint - In January, the stock ETF market experienced significant outflows, totaling over 790 billion yuan, with a notable net outflow of 37.20 billion yuan on January 30 alone [1][5][3]. Group 1: ETF Market Performance - On January 30, the Shanghai Composite Index fell over 2%, closing down 0.96% at 4117 points, with most industry sectors declining, while communication, electronics, and agriculture sectors showed gains [2][3]. - The total net outflow for all stock ETFs (including cross-border ETFs) in January reached 795.67 billion yuan [5]. - The largest inflows were seen in thematic ETFs such as non-ferrous metals, chemicals, electric grid equipment, and satellite ETFs, while broad-based ETFs like the CSI 300 ETF and SSE 50 ETF faced significant outflows [6][7]. Group 2: Specific ETF Data - On January 30, the SGE Gold 9999 index had the highest net inflow of 16.24 billion yuan, while the CSI 300 index saw the largest outflow of 73.23 billion yuan [3]. - Over the past five days, the SGE Gold 9999 index attracted over 20.2 billion yuan, and the chemical sector saw inflows exceeding 9.9 billion yuan [3]. - Leading fund companies like Huaxia Fund reported significant inflows in their non-ferrous metals ETF and chip ETF, with net inflows of 1.134 billion yuan and 430 million yuan, respectively [3]. Group 3: Sector Insights - The chemical industry ETF from E Fund saw a net inflow of 390 million yuan, while the chip ETF from E Fund had a net inflow of 170 million yuan [4]. - Analysts suggest that geopolitical uncertainties and rising nationalism may drive resource commodities into a super cycle, with metals like gold, silver, copper, aluminum, tungsten, and cobalt being particularly noteworthy [9]. - Investment opportunities are identified in sectors such as steel, building materials, chemicals, and silicon materials, which are expected to benefit from demand recovery [9].

2025年，科技创新浪潮澎湃，人工智能、新能源、半导体、数字经济等前沿领域不断突破与融合，深刻 重塑产业格局与投资逻辑。华安基金作为业内最早深耕科技投资的基金公司之一，集结了产业学术背景 +投研实力的"华安基金科技联盟"，凭借深厚的产业积淀与团队协作能力，在科技投资领域不断扩容深 耕与迭代探索，形成了多元互补的投资风格体系。 其中，"均衡成长投资专家"栾超拥有超十年的投资经验，行业配置较为均衡，始终能抓住每个时期经济 最强的成长动力，重点方向突出，实现超额收益。在他看来，投资的核心在于研究创造价值，关键在于 把握企业盈利与估值之"锚"，通过"成长+新红利"的策略实现均衡成长，从而提升投资者的持有体验与 获得感。 以基本面为锚，均衡配置 分享摘要："成长+新红利"，解锁均衡投资密码 栾超具有13年证券从业经验，超9年证券投资经验，既深耕过机械等周期性行业，也深入覆盖TMT、医 药等成长赛道，积累了扎实而全面的行业认知。 投资中，栾超不赌赛道，不喜欢博弈，更希望看清楚产业趋势和方向，以基本面为锚，赚企业盈利增长 的钱。基于这一理念，他构建了"择时、择势、择股"三位一体的投资框架，即通过宏观层面锚定大类资 产配置方 ...

Core Viewpoint - In January, the stock ETF market in China experienced a significant net outflow of over 790 billion yuan, indicating a turbulent market environment with specific sectors showing varied performance [1][5][11]. Summary by Category Market Performance - On January 30, the Shanghai Composite Index fell by over 2%, closing down 0.96% at 4117 points, with most sectors declining, while communication, electronics, and agriculture sectors showed gains [2][12]. - The total net outflow for stock ETFs (including cross-border ETFs) on January 30 was 37.20 billion yuan, with industry theme ETFs and commodity ETFs seeing inflows of 112.63 billion yuan and 21.66 billion yuan, respectively [3][13]. ETF Inflows and Outflows - In January, the cumulative net outflow for all stock ETFs reached 795.67 billion yuan, with popular theme ETFs like non-ferrous metals, chemicals, electric grid equipment, and satellite ETFs attracting significant inflows [5][15]. - The largest net outflows were observed in broad-based ETFs such as the CSI 300 ETF, which saw a net outflow of 1,913.52 million yuan, followed by other major ETFs [7][17]. Sector-Specific Insights - The SGE Gold 9999 index recorded a net inflow of 16.24 billion yuan on January 30, while the CSI 300 index had a net outflow of 73.23 billion yuan [3][13]. - Notable inflows were seen in specific ETFs managed by major fund companies, with the non-ferrous metals ETF and chip ETF from Huaxia Fund seeing inflows of 11.34 billion yuan and 4.3 billion yuan, respectively [3][13][14]. Investment Opportunities - Analysts suggest that geopolitical uncertainties and rising national consciousness may drive resource commodities into a super cycle, highlighting metals like gold, silver, copper, and aluminum as having long-term investment value [8][18]. - The focus is also on sectors benefiting from domestic demand and self-sufficiency trends, such as engineering machinery, new energy vehicles, and AI computing, which are expected to provide structural investment opportunities [8][18].

证券研究报告 | 2026年01月31日 2026年02月02日 ETF 周报 上周科创芯片 ETF 规模突破 680 亿元，沪深 300 净赎回超 2400 亿元 核心观点 金融工程周报 ETF 业绩表现 指数业绩摘要上周（2026 年 01 月 26 日至 2026 年 01 月 30 日，下同）股 票型 ETF 周度收益率中位数为-1.20%。宽基 ETF 中，上证 50ETF 涨跌幅 中位数为 1.13%，收益最高。按板块划分，大金融 ETF 涨跌幅中位数为 0.06%，收益最高。按主题进行分类，酒 ETF 涨跌幅中位数为 2.39%，收益 最高。 ETF 规模变动及净申赎 上周股票型 ETF 净赎回 3247.33 亿元，总体规模减少 3609.35 亿元。 在宽基 ETF 中，上周科创板 ETF 净赎回最少，为 9.35 亿元；按板块来 看，周期 ETF 净申购最多，为 386.15 亿元；按热点主题来看，芯片 ETF 净申购最多，为 111.56 亿元。 ETF 基准指数估值情况 在宽基 ETF 中，创业板类、上证 50ETF 的估值分位数相对较低；按板 块来看，大金融、消费 ETF 的估值分位 ...

总量研究 周期主题 ETF 资金净流入规模扩大，国防军工主题基金净值表现不佳 ——基金市场与 ESG 产品周报 20260202 2026 年 2 月 2 日 要点 市场表现综述：大类资产方面，本周（下文如无特殊说明，本周均指代 2025.1.26-2025.1.30）原油价格大涨，国内权益市场指数震荡分化，沪深 300 上涨 0.08%。行业方面，本周各申万一级行业指数多数下跌，石油石 化、通信、煤炭行业涨幅居前，国防军工、电力设备、汽车行业跌幅居前。 基金市场方面，本周权益型基金表现不佳，纯债型基金维持正收益。 基金产品发行情况：本周国内市场新成立基金 47 只，合计发行份额为 482.72 亿份。其中混合型基金 21 只、股票型基金 19 只、FOF 基金 1 只、 债券型基金 4 只、国际(QDII)基金 2 只。全市场新发行基金 45 只，从类型来 看，股票型基金 21 只、混合型基金 15 只、FOF 基金 5 只、债券型基金 2 只、国际(QDII)基金 2 只。 基金产品表现跟踪：长期行业主题基金指数表现来看，本周周期、金融地产 主题基金净值上涨，其余主题基金表现不佳，国防军工主题基金净值显著 ...