2月2日，先导基电跌5.12%，截至发稿，报17.97元/股，成交4.23亿元，换手率2.49%，总市值167.23亿 元。 资料显示，上海先导基电科技股份有限公司位于上海市徐汇区龙华路2696号龙华万科中心T4办公楼， 成立日期1991年10月28日，上市日期1993年4月7日，公司主营业务涉及集成电路、光伏等领域的核心装 备、房地产。主营业务收入构成为：铋的深加工及化合物业务75.14%，房地产业务14.57%，专用设备 制造业务10.18%，其他(补充)0.11%。 从先导基电十大流通股东角度 数据显示，国泰基金旗下1只基金位居先导基电十大流通股东。国泰中证半导体材料设备主题ETF （159516）三季度新进十大流通股东，持有股数641.21万股，占流通股的比例为0.69%。根据测算，今 日浮亏损失约621.97万元。 国泰中证半导体材料设备主题ETF（159516）成立日期2023年7月19日，最新规模90.11亿。今年以来收 益19.49%，同类排名119/5579；近一年收益87.81%，同类排名191/4285；成立以来收益83.98%。 从基金十大重仓股角度 数据显示，国泰基金旗下1只基金重仓 ...

Core Insights - The non-cash ETF market experienced a significant contraction, with a reduction of over 500 billion yuan in January 2026, primarily driven by a decline in equity ETFs [1][6][7] - Despite the overall shrinkage, thematic ETFs, particularly those focused on gold and technology sectors, saw substantial inflows, with several new products entering the 500 billion yuan tier [2][4][5] ETF Market Overview - The total scale of non-cash ETFs as of the end of January was 5.31 trillion yuan, reflecting a decrease of 536.76 billion yuan from the previous month [7] - Broad-based ETFs saw a reduction of 909.96 billion yuan, bringing their total scale below 1.66 trillion yuan [7] - The three ETFs linked to the CSI 300, CSI 1000, and SSE 50 indices experienced the largest declines, with the CSI 300 ETF alone shrinking by 574.30 billion yuan [7][8] Thematic ETF Performance - The gold-themed ETFs collectively grew by 820.73 billion yuan in January, reaching a total scale of 3.01 trillion yuan [9][10] - Notable new entrants to the 500 billion yuan category included the Bosera Gold ETF, Huaxia Hang Seng Technology ETF, and Harvest SSE Sci-Tech Chip ETF, all of which showed strong performance in terms of net value returns [2][4][5] - The Bosera Gold ETF reported a net value return of nearly 20% in January, contributing to its growth of 135.59 billion yuan [3][4] Fund Management Insights - As of the end of January, Huaxia Fund led the market with four non-cash ETFs exceeding 500 billion yuan, while Bosera and Harvest Funds each had two [5] - The number of ETFs in the 1 billion yuan category decreased from seven to five, indicating a consolidation in the market [4][5] Redemption Trends - Significant redemptions were observed in the EasyOne SSE Sci-Tech 50 ETF and Southern CSI 1000 ETF, which saw net redemptions of 226.92 billion and 149.40 billion units, respectively, marking the largest monthly redemptions since their inception [4][8]

Group 1 - The gold stock ETFs, specifically ETF (517520), experienced a decline of 10% [1] - Shanghai Gold ETF (518600) and Gold ETF (518880) both fell by over 7% [1]

2024年10月，在美国金融AI实验室Nof1主办的Alpha Arena AI交易大赛上，上演了一场引人注目的实盘 测试，主办方选出了市场上最领先的6个大语言模型，让它们真金白银管理了一笔资金。 事实证明，即便是全世界最智能的模型，也不能确保"做好投资这件事"——不同模型跑出的投资收益相 差巨大。那么，问题就来了：这是因为模型本身能力的区别还是其他原因？ 在中欧基金量化投资部系统化投资组组长杨柳看来，这个实验是一种极致的尝试，即把大模型直接运用 到最终的投资决策当中，也就是我们常说的"端到端"。但大模型不是万能药，它还不能解决我们所有的 问题。 一．体系进化：从1.0到3.0的量化革命 自2016年推出首只量化产品——中欧数据挖掘混合，中欧基金便开启了"基本面量化"的1.0阶段。其核 心是将深度产业研究与逻辑转化为量化模型，力争前瞻性地捕捉行业拐点。 当时，团队80%的精力用于专家访谈、梳理行业核心逻辑，以研究的广度弥补深度，如同"雷达扫描"一 般，在不同行业中寻找被忽视的机会。 这一阶段的中欧量化已展现出差异化特征。2019年至2021年间，当市场资金集中涌向白酒与新能源赛道 时，中欧的量化模型却关注传统 ...

Group 1 - The core point of the news is that Gaolun Electronics experienced a 5.2% drop in stock price, closing at 36.86 yuan per share, with a trading volume of 127 million yuan and a turnover rate of 0.78%, resulting in a total market capitalization of 16.041 billion yuan [1] - Gaolun Electronics, established on March 18, 2010, and listed on December 28, 2021, is located in the Shanghai Free Trade Zone and specializes in providing EDA products and solutions widely validated by leading global integrated circuit design and manufacturing companies [1] - The revenue composition of Gaolun Electronics includes 67.95% from EDA tool licensing, 21.23% from technical development solutions, 10.63% from semiconductor device characteristic testing systems, and 0.18% from other sources [1] Group 2 - Southern Fund's Southern Information Innovation Mixed A (007490) entered the top ten circulating shareholders of Gaolun Electronics in the third quarter, holding 5.7441 million shares, which accounts for 1.32% of the circulating shares, with an estimated floating loss of approximately 11.6031 million yuan [2] - The Southern Information Innovation Mixed A fund, established on June 19, 2019, has a latest scale of 2.835 billion yuan, with a year-to-date return of 29.28%, ranking 42 out of 9000 in its category, and a one-year return of 105.7%, ranking 149 out of 8193 [2] - The fund manager of Southern Information Innovation Mixed A is Zheng Xiaoxi, who has a cumulative tenure of 6 years and 231 days, with a total asset scale of 6.898 billion yuan and a best fund return of 244.45% during the tenure [3] Group 3 - Southern Fund's Southern Sci-Tech Innovation 3-Year Open Mixed (506000) holds 2.8683 million shares of Gaolun Electronics, representing 4.33% of the fund's net value, making it the ninth largest holding, with an estimated floating loss of about 579.41 thousand yuan [4] - The Southern Sci-Tech Innovation 3-Year Open Mixed fund was established on July 28, 2020, with a latest scale of 2.307 billion yuan, achieving a year-to-date return of 17.23%, ranking 369 out of 9000, and a one-year return of 60.74%, ranking 1266 out of 8193 [4] - The fund manager of Southern Sci-Tech Innovation 3-Year Open Mixed is also Zheng Xiaoxi, with the same cumulative tenure and asset scale as mentioned previously [5]

Group 1 - The core viewpoint of the news is that JianKe Intelligent has seen a stock price increase of 5.13%, reaching 17.83 CNY per share, with a total market capitalization of 2.335 billion CNY [1] - JianKe Intelligent is engaged in the research, design, production, and sales of mid-to-high-end CNC rebar processing equipment, providing comprehensive solutions for CNC rebar processing [1] - The company's main business revenue composition includes: single rebar forming machinery (53.18%), combined rebar forming machinery (26.38%), spare parts and others (17.02%), rebar strengthening machinery (1.72%), and others (1.69%) [1] Group 2 - Noan Fund's Noan Multi-Strategy Mixed A (320016) is among the top ten circulating shareholders of JianKe Intelligent, having increased its holdings by 365,100 shares, totaling 1.034 million shares, which represents 1.22% of the circulating shares [2] - The fund has achieved a year-to-date return of 9.42%, ranking 1935 out of 9000 in its category, and a one-year return of 81.82%, ranking 462 out of 8193 [2] - The fund manager, Kong Xianzheng, has a tenure of 5 years and 69 days, with the best fund return during this period being 104.01% [3]

黄金大幅回调，资金持续布局，资金面看，黄金ETF国泰（518800）近20日资金净流入超76亿元。 平安证券指出，黄金价格冲高回落，呈现宽幅震荡走势。波动率加速抬升背景下，金价短期或仍将呈现 宽幅震荡走势。但长期来看，美国债务问题未解，美元信用走弱的主线未现拐点，黄金长期走势难言见 顶。短期企稳后，金价中枢或仍将抬升。海外宏观不确定性持续，中期黄金避险属性仍处于放大阶段。 长期来看特朗普上任后，美元信用走弱的主线逻辑愈加清晰，黄金货币属性加速凸显，持续看好黄金中 长期走势。 中长期看，黄金价格中枢仍有望上行，投资者或可考虑后续回调参与、逢低分批布局。关注直接投资实 物黄金，免征增值税的黄金ETF国泰（518800），覆盖黄金全产业链股票的黄金股票ETF（517400）。 （文章来源：每日经济新闻） ...

Group 1 - The core viewpoint of the article highlights that the Shanghai Composite Index has fallen below the 4100-point mark, prompting investors to seek safe-haven assets, as evidenced by a net inflow of 24 million units into the Cash Flow ETF (159399) during trading [1][2]. Group 2 - According to Wind data, the Cash Flow ETF (159399) has seen a significant net inflow of 24 million units, indicating a strategic accumulation of funds [2]. - Long-term capital market policies are being implemented, which are expected to expand the equity allocation space for insurance funds and enhance the marginal demand for dividend assets [2]. - The period from 2024 to 2025 is anticipated to witness a notable acceleration in insurance capital's stake acquisitions, with a high proportion of Hong Kong stocks and high-dividend targets reflecting a preference for "certainty" in low-volatility assets [2]. - The new "National Nine Articles" strengthens the regulation and incentives for cash dividends, coupled with the implementation of state-owned enterprise market value management requirements, which enhances the logic of long-term valuation restructuring [2]. - In the short term, during market fluctuations, the cost-effectiveness of dividend-style allocations is expected to stand out, with dividends likely to provide a better return-to-volatility ratio as a "defensive base," suggesting a "barbell" strategy alongside growth investments [2]. - In the long term, the guidance from the new "National Nine Articles" combined with the decline in risk-free yields indicates a higher allocation value for dividend assets [2]. - Investors are encouraged to pay attention to the Cash Flow ETF (159399), which has outperformed the CSI Dividend Index and the CSI 300 Index for nine consecutive years from 2016 to 2024 [2]. - The underlying index of the Cash Flow ETF (159399) focuses on large and mid-cap stocks, with a higher proportion of central state-owned enterprises compared to similar cash flow indices, allowing for monthly dividend assessments [2].

每经编辑｜金冥羽 宋思艰 上海黄金交易所2月2日发布《关于调整白银延期合约保证金水平和涨跌停板的通知》（下称《通知》），《通知》表示，鉴于目前白银价格波动幅度较 大，为防范市场风险，根据《上海黄金交易所风险控制管理办法》的有关规定，上海黄金交易所经研究决定，对白银延期合约交易保证金水平和涨跌停板 比例进行调整。 若2026年2月2日（星期一）Ag（T+D）合约出现单边市情况，则自收盘清算时起，该合约的保证金水平从20%调整为26%，下一交易日起涨跌幅度限制从 19%调整为25%。 若未出现单边市情况，则Ag（T+D）合约保证金水平和涨跌幅度限制维持不变。 上海黄金交易所还提示各会员提高风险防范意识，做细做好风险应急预案，提示投资者做好风险防范工作，合理控制仓位，理性投资，确保市场稳定健康 运行。 | | | | 异动解读:特朗普称计划同伊朗对话+特 ... ● × | | | | --- | --- | --- | --- | --- | --- | | से स्थ | 日K | 間K | 目K | 更多▲ 五日 | | | 120分 | 60分 | | 30分 | 15分 5分 | 1分 | | | | ...

基金评价 /[Table_Date] 2026.02.02 | [Table_Authors] | 庄梓恺(分析师) | | --- | --- | | | 021-23219370 | | | zhuangzikai@gtht.com | | 登记编号 | S0880525040038 | 国泰海通证券开放式基金周报(20260202) 建议均衡偏成长风格配置，重视科技成长风格基金，兼顾大 金融、顺周期等资产 本报告导读： A 股震荡，石油石化、通信和煤炭板块表现较优，部分重仓有色金属、通信等板块 的基金表现较优。建议均衡偏成长风格配置，重视科技成长风格基金，兼顾大金融、 顺周期等资产。 投资要点： [Table_Report] 相关报告 国泰海通证券：ETF 数据周报（2026.02.01） 2026.02.01 国泰海通证券：基金数据周报（2026.02.01） 2026.02.01 国泰海通证券：ETF 数据周报（2026.01.25） 2026.01.25 国泰海通证券开放式基金周报(20260125) 2026.01.25 国泰海通证券：基金数据周报（2026.01.25） 2026.01.25 ...