再发停盘公告 近两日，白银现货价格遭遇史诗级暴跌，以及国投瑞银白银期货（LOF）基金二级市场交易价格与净值 之间的巨大裂痕，让该基金的持有人在焦虑中度过周末。 在财经平台的基金讨论区，担忧的持有者们正在热议"明天开盘会怎么样""后面还有几个跌停板"，市场 情绪被紧张与不确定性笼罩。 2月1日晚，国投瑞银基金发布公告，国投瑞银白银期货基金将于2026年2月2日开市起至当日10:30停 牌。 这个周末，国投瑞银白银LOF的持有者们被割裂成两个阵营：一边是在二级市场以超高溢价买入、担忧 还有几个跌停的场内投资者；另一边则是以净值持有、纠结于去留的场外持有人。将他们置于同一焦灼 境地的，是白银价格的史诗级闪崩与基金超50%的溢价裂痕。2月2日，一场围绕价格回归净值的考验即 将开始，而无论结果如何，这场危机都已暴露出在极端行情下，LOF基金交易机制与投资者风险意识的 脆弱之处。 对于此前流传的该基金复牌后将无涨跌幅限制的传闻，国投瑞银基金在公告中明确表示，复牌后，基金 交易将按照《深圳证券交易所交易规则》 的相关规定执行，价格涨跌幅限制比例为10%。 此外，公告提示，若基金2026年2月2日二级市场交易价格溢价幅度未有 ...

Core Viewpoint - The recent performance of ETFs indicates a strong interest in gold and energy-related sectors, with significant inflows into these areas despite an overall market outflow in ETF funds [1][9]. Fund Flows - Overall, the ETF market experienced a net outflow of 2984.22 billion yuan from January 26 to January 30 [1][8]. - Gold and non-ferrous related ETFs were the main beneficiaries, with gold ETFs linked to Shanghai Gold Exchange Au99.99 contracts receiving over 200 billion yuan in net inflows [9]. - ETFs tracking the SSH gold stock index saw a total net inflow of 75.25 billion yuan, while those tracking various non-ferrous metal indices had a combined net inflow of 170.49 billion yuan [9][10]. ETF Performance - A total of 541 ETFs recorded positive returns, accounting for over 35% of the market [3]. - Gold and energy-related ETFs led the gains, with several gold stock ETFs increasing by over 7% [3][6]. - The Brazilian ETF (159100) had the highest weekly gain at 22.5%, while the A500 ETF (159361) saw a trading volume exceeding 2200 billion yuan [2][4]. Trading Activity - The trading activity for ETFs tracking major indices such as the CSI 300 and SGE Gold 9999 remained robust, with significant weekly trading volumes [11][12]. - The CSI 300 ETF saw the largest net outflow, with over 700 billion yuan withdrawn from the Huatai-PineBridge CSI 300 ETF [13]. Sector Insights - The commercial aerospace sector faced adjustments, with satellite and general aviation-related ETFs experiencing declines of over 10% [3]. - The semiconductor sector also saw notable performance, with the Korea-China Semiconductor ETF (513310) showing a year-to-date decline of 45.09% [8][7]. Market Outlook - Analysts suggest focusing on cyclical resources supported by global demand and the AI industry, while also being cautious of potential short-term cooling risks in the market [14].

Group 1 - The core viewpoint of the article highlights the significant fluctuations in the ETF market, particularly the strong performance of gold and oil-related ETFs, followed by a sharp decline in gold stock ETFs on January 30 [1][3][6] - During the week of January 26 to January 30, the overall ETF market experienced a net outflow of 298.22 billion yuan, with gold and non-ferrous metal ETFs being the main beneficiaries of capital inflow [1][9] - Gold ETFs, particularly those linked to the Shanghai Gold Exchange Au99.99 spot contracts, saw a net inflow exceeding 20 billion yuan, while ETFs tracking the SSH gold stock index had a net inflow of 7.525 billion yuan [1][9] Group 2 - The trading volume for ETFs tracking major indices such as the CSI 300 and CSI 500 remained active, with the A500 ETF from E Fund exceeding a trading volume of 220 billion yuan [2][11] - A total of 541 ETFs recorded positive returns, with gold and oil-related ETFs leading the gains, some exceeding 7% [3][6] - The Brazilian ETF (159100) had the highest weekly gain at 22.5%, while several gold stock ETFs also showed significant increases [3][4] Group 3 - Year-to-date, gold stock ETFs have shown remarkable performance, with the gold stock ETF (159321) increasing over 40%, and others like the gold stock ETF from ICBC and (517520) rising over 30% [6][7] - The semiconductor-related ETFs and Brazilian ETFs also ranked among the top performers year-to-date [7][8] - The net inflow for the gold stock ETF (517520) was notably high at 3.228 billion yuan, indicating strong investor interest [8] Group 4 - The article notes that the overall market sentiment is shifting towards focusing on economic trends rather than speculative trading, with an emphasis on cyclical resources and AI-related sectors [14] - Analysts suggest a balanced investment strategy that includes high-growth sectors like technology while also considering undervalued dividend assets to mitigate potential market volatility [14]

在利率下行与权益回暖的推动下，国内"固收+"投资近年迎来蓬勃发展。兴证全球基金"固收+"团队以产 品定位、大类资产配置、自下而上选品、风险管理四大维度为主要抓手，深化"固收+"投资核心竞争 力。 日前，兴证全球基金固定收益部副总监、基金经理刘琦在接受中国证券报记者采访时表示，"固收+"管 理本质上就是要理解客户到底需要什么，发挥自身的竞争力，建立客户黏性。团队希望做好精细化管 理，形成模块化、体系化优势，力争为投资者提供可持续的差异化收益以及安心的投资体验。 打造安心的持有体验 利率持续下行以及权益市场回暖的市场环境下，股债搭配的"固收+"组合成为近年来稳健资金的重点配 置方向。 如何打理好"固收+"组合，给投资者提供安心的持有体验，刘琦希望能把它做成一门"好生意"："好生意 的本质就是了解客户需要什么、如何打造自身的竞争优势和产品矩阵以及如何提高客户体验、建立客户 黏性，这其实和'固收+'的管理思路是一致的。" 尽管目前市场上"固收+"竞争激烈，但刘琦和团队坚持从产品定位、大类资产配置、自下而上选品、风 险管理四大维度入手，扎实修炼内功，打造丰富的"固收+"产品矩阵，力争为投资者提供可持续的差异 化收益。 ...

投资者可通过以下途径咨询具体业务： （1） 国联民生证券股份有限公司 客户服务电话: 95570 公司网址：www.glms.com.cn 华宝基金关于华宝可转债债券型证券投资基金新增国联民生证券股份有限公司为代销机构的公告 根据华宝基金管理有限公司（以下简称"本公司"）与国联民生证券股份有限公司（以下简称：国联民生 证券）签署的《证券投资基金销售代理协议》，本公司自2026年02月02日起增加国联民生证券为华宝可 转债债券型证券投资基金（华宝可转债债券:240018；华宝可转债债券C:008817；华宝可转债债券 D:025259）的代销机构。投资者可通过上述代销机构办理华宝可转债债券型证券投资基金的开户、认 购、申赎及其他业务。 华宝基金关于旗下部分基金新增西南证券股份有限公司为代销机构的公告 根据华宝基金管理有限公司（以下简称"本公司"）与西南证券股份有限公司（以下简称"西南证券"）签 署的《证券投资基金销售代理协议》，本公司自2026年02月02日起增加西南证券为以下适用基金的代销 机构。 一、适用基金如下： （2）华宝基金管理有限公司 客户服务电话：400-820-5050、400-700-5588 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 重要提示 1、景顺长城中证全指农牧渔交易型开放式指数证券投资基金（以下简称"本基金"）的募集已获中国证 监会证监许可[2025]2722号文准予募集注册。 2、本基金是交易型开放式、股票型证券投资基金。 3、本基金的基金管理人为景顺长城基金管理有限公司（以下简称"本公司"），基金托管人为国投证券 股份有限公司，登记机构为中国证券登记结算有限责任公司。 4、本基金的募集对象符合法律法规规定的可投资于证券投资基金的个人投资者、机构投资者、合格境 外投资者及法律法规或中国证监会允许购买证券投资基金的其他投资人。 5、本基金自2026年2月24日至2026年3月6日进行发售，基金的募集期限不超过3个月，自基金份额开始 发售之日起计算。投资者可选择网上现金认购和网下现金认购2种方式认购本基金。 网上现金认购的日期为2026年2月24日至2026年3月6日，如上海证券交易所对网上现金认购时间做出调 整，基金管理人将做出相应调整并及时公告； 网下现金认购的日期为2026年2月24日至2026年3月6日； 基金管理人可根据基金销售情况在募集期限内适当延长或缩短基金发售时间（包 ...

Core Viewpoint - The recent surge in LOF (Listed Open-Ended Fund) products has attracted significant attention from investors, with 16 LOFs experiencing a rare collective price surge, leading to a heightened interest in arbitrage opportunities [1][2]. Group 1: LOF Market Dynamics - The LOF arbitrage trend was ignited by the popularity of the Guotou Silver LOF, which saw its price soar due to its unique focus on silver futures, resulting in a premium rate exceeding 60% [2]. - Following the suspension of subscriptions for Guotou Silver LOF, oil-related LOFs gained traction, with several experiencing price increases and premium rates surpassing 20% due to rising international oil prices [2]. Group 2: Investor Behavior and Sentiment - Many investors, like Xiao Lin, have been drawn to arbitrage strategies through social media platforms, reporting significant short-term gains, which reflects a broader trend of retail investors seeking quick profits [3]. - The excitement around LOF arbitrage has led to a proliferation of "how-to" guides and live demonstrations by financial influencers, further fueling the interest in these investment strategies [2]. Group 3: Risks and Challenges - LOF arbitrage is not without its risks; the time lag in transactions (T+2 for LOFs and T+3 for cross-border products) can lead to potential losses if market conditions change rapidly during the waiting period [4]. - Liquidity risks are significant, as some LOF products have low trading volumes, which can result in sudden price drops and difficulties in selling during market downturns [4]. - There is a concern that some LOFs are experiencing price premiums without solid underlying asset support, leading to potential losses for investors who chase high premiums without due diligence [4]. - The influence of social media on investment decisions has created a "herd effect," where investors may follow trends without fully understanding the associated risks, increasing the likelihood of poor investment outcomes [4].

Group 1 - The A-share market experienced high volatility from January 26 to January 30, with gold and oil-related ETFs showing significant gains, exceeding 7% [1][2] - A total of 541 ETFs achieved positive returns during the same period, with over 35% of the ETFs in the A-share market reporting positive performance [2] - The Brazilian ETF (159100) led the market with a weekly increase of 22.5%, while several other ETFs, including those tracking the semiconductor sector, also saw gains exceeding 10% [2][3] Group 2 - Overall, the ETF market faced a net outflow of approximately 2984.22 billion yuan during the week, indicating a general trend of capital withdrawal [4] - Gold and non-ferrous metal ETFs emerged as the main beneficiaries of capital inflow, with the gold ETF (518880) attracting the highest net inflow of 8.503 billion yuan [4] - The ETFs tracking the CSI 300 and other major indices saw significant trading volumes, with the CSI 300 ETF surpassing 3000 billion yuan in weekly trading volume [4][5] Group 3 - The broad-based ETFs continued to experience substantial net outflows, particularly the CSI 300 ETFs, which saw net outflows exceeding 700 billion yuan for some funds [5] - The market sentiment is cautious, with analysts suggesting a need to balance aggressive and defensive investment strategies, focusing on high-growth sectors while also considering undervalued dividend assets [6][7] - The geopolitical landscape is influencing investment strategies, particularly in rare metals, which are gaining importance for national strategic security amid rising regional conflicts [7]

□本报记者 王鹤静 在利率下行与权益回暖的推动下，国内"固收+"投资近年迎来蓬勃发展。兴证全球基金"固收+"团队以产 品定位、大类资产配置、自下而上选品、风险管理四大维度为主要抓手，深化"固收+"投资核心竞争 力。 日前，兴证全球基金固定收益部副总监、基金经理刘琦在接受中国证券报记者采访时表示，"固收+"管 理本质上就是要理解客户到底需要什么，发挥自身的竞争力，建立客户黏性。团队希望做好精细化管 理，形成模块化、体系化优势，力争为投资者提供可持续的差异化收益以及安心的投资体验。 打造安心的持有体验 如何打理好"固收+"组合，给投资者提供安心的持有体验，刘琦希望能把它做成一门"好生意"："好生意 的本质就是了解客户需要什么、如何打造自身的竞争优势和产品矩阵以及如何提高客户体验、建立客户 黏性，这其实和'固收+'的管理思路是一致的。" 尽管目前市场上"固收+"竞争激烈，但刘琦和团队坚持从产品定位、大类资产配置、自下而上选品、风 险管理四大维度入手，扎实修炼内功，打造丰富的"固收+"产品矩阵，力争为投资者提供可持续的差异 化收益。 "'固收+'产品首先要有清晰的产品定位，风险收益特征、资产投向类型需要明确。其次，围 ...

Core Viewpoint - The A-share market experienced fluctuations at high levels, with gold and oil-related ETFs showing significant gains, while overall ETF funds saw a net outflow of nearly 300 billion yuan during the week of January 26 to January 30 [1][2]. ETF Performance - During the week, 541 ETFs achieved positive returns, with over 35% of the total ETFs showing gains. Gold and oil-related ETFs led the performance, with several gold stock ETFs and oil ETFs rising over 7% [1][2]. - The Brazilian ETF (159100) had the highest weekly gain at 22.5%, while the South Korean semiconductor ETF and other Brazilian ETFs also saw gains exceeding 10% [1]. Fund Flows - The overall ETF market experienced a net outflow of approximately 298.42 billion yuan from January 26 to January 30. However, gold and non-ferrous metal ETFs emerged as the main beneficiaries of fund inflows, with the gold ETF (518880) attracting the highest net inflow of 8.503 billion yuan [2][3]. - Other notable inflows included over 5 billion yuan for both the non-ferrous metal ETFs (516650 and 512400) and over 4 billion yuan for the Guotai gold ETF [2]. Trading Volume - ETFs tracking major indices such as the CSI 300 and CSI 500 saw significant trading volumes, with the CSI 300 ETF exceeding 300 billion yuan and the CSI A500 ETF surpassing 220 billion yuan in weekly trading volume [3]. Market Sentiment and Strategy - Analysts suggest that the current market requires caution due to potential short-term cooling risks, emphasizing the need for a balance between growth and defensive strategies. High-technology manufacturing and information technology sectors are highlighted for their solid growth logic despite high valuations [3][4]. - Investment strategies should focus on sectors benefiting from global demand and the AI industry, while also considering the defensive value of dividend assets in response to potential market volatility [4].