证券研究报告 | 2026年02月01日 公募 REITs 周报（第 52 期） 指数震荡上行，首批商业不动产 REITs 已申报 主要结论：本周 REITs 震荡上行，表现强于主要股债指数。中证 REITs 指数 周涨 0.8%，水利、能源、交通 REITs 涨幅领先,前期涨幅较大的数据中心调 整较大。从主要指数周涨跌幅对比来看，中证 REITs>沪深 300>中证全债>中 证转债。截至 2026 年 1 月 30 日，产权类 REITs 股息率比中证红利股股息率 均值低 60BP，经营权类 REITs 内部收益率均值与十年期国债收益率利差为 326BP。首批8单商业不动产REITs申报获上交所受理，意味着我国公募REITs 市场正实现从基础设施领域向商业不动产领域的关键扩容。 中证 REITs 指数周涨跌幅为 0.8%，年初至今涨跌幅为+4.4%。截至 2026 年 1 月 30 日，中证 REITs（收盘）指数收 盘价为 809.56 点，整周 （2026/1/24-2026/1/30）涨跌幅为 0.8%，表现强于中证转债指数 （-2.6%）、中证全债指数（0.0%）和沪深 300 指数（0.1%）。年 ...

Core Viewpoint - Four public fund companies have collectively issued announcements warning investors about the premium risk associated with their oil-themed funds, highlighting significant price deviations in the secondary market compared to net asset values [1][2][3]. Group 1: Company Announcements - E Fund Management Co., Ltd. reported that its E Fund Oil Securities Investment Fund (QDII) A Class has seen its secondary market trading price significantly exceed its net asset value, with a net asset value of 1.1514 yuan on January 28, 2026, and a closing price of 1.340 yuan on January 30, 2026 [1]. - GF Fund Management Co., Ltd. noted that its GF Dow Jones U.S. Oil Development and Production Index Securities Investment Fund (QDII-LOF) has experienced a substantial premium in its secondary market trading price, deviating from the previous valuation date's net asset value [2]. - Huaan Fund Management Co., Ltd. indicated that its Huaan S&P Global Oil Index Securities Investment Fund (LOF) has also seen a significant premium in its secondary market trading price, diverging from the previous valuation date's net asset value [3]. - Harvest Fund Management Co., Ltd. announced that its Harvest Oil Securities Investment Fund (QDII-LOF) is trading above its net asset value, reflecting a considerable premium [3]. Group 2: Investor Warnings - All four companies have cautioned investors about the risks of blindly investing in these funds due to the observed premium, which could lead to significant losses [1][2][3]. - The funds have announced temporary trading suspensions to protect investor interests, with GF Fund and Huaan Fund both planning to suspend trading on February 2, 2026, until 10:30 AM [2][3]. - If the premium levels do not decrease effectively, the funds reserve the right to apply for temporary trading suspensions or extend existing suspensions to alert the market about the risks [1][2][3].

Group 1 - The core viewpoint of the article highlights the resumption of trading for the Guotou Silver LOF fund, which will be suspended until February 2, 2026, at 10:30 AM, with a trading limit of 10% upon resumption [1] - Prior to the suspension, the fund experienced two consecutive days of trading at the upper limit, with the latest price at 5.247 yuan per share, reflecting a premium of approximately 60% over its net asset value [1] - On January 30, silver experienced a historic drop, plummeting by 36%, marking the largest single-day decline in history [1] Group 2 - The Guotou Ruijin Fund issued a statement regarding the trading rules for the Guotou Silver LOF, urging investors not to believe market rumors and to make rational decisions [1] - There were widespread inquiries on social media from investors about the implications of the silver fund's trading on the following Monday, alongside rumors that there would be no trading limits upon resumption [1]

在"金银珠宝"赛道的强势助力下，公募2026年开年首月收益最高达54.76%。 2026年开年首月，A股市场结构性行情特征凸显，权益类基金赚钱效应释放、业绩喜迎开门红。其中，资源主 题基金强势霸屏业绩榜单，在首月收益率十强基金中，九只基金均重仓配置资源赛道，周期已成基金经理开年 选股的最大偏好，去年风靡市场的科技行业基金，仅占据一个席位，公募业绩榜单的行业主题特征已上演一轮 快速切换。 资源赛道领跑基金业绩排名 Wind数据显示，截至2026年1月31日，主动权益基金业绩表现抢眼，产品收益强势冲高。其中，西部利得策略 优选、西部利得新动力、前海开源金银珠宝混合位列收益前三名，收益率分别达到54.76%、53.93%、 49.30%。此外，西部利得行业主题、华富永鑫灵活配置、万家周期视野、银华同力精选、银华内需精选、广 发远见智选混合、山证资管精选行业等多只基金也跻身前十强，同期收益率均突破40%。 从投资策略来看，开年首月的业绩十强产品大多采取赛道化操作思路。从行业偏好分析，上述产品的重仓方向 几乎一致指向资源品赛道，仅广发远见智选一只基金为科技主题基金，该产品由基金经理唐晓斌管理，其将布 局重心放在半导体存 ...

大家好，2月1日傍晚，白银基金——国投白银LOF发布公告宣布复牌。 【导读】白银基金复牌，涨跌幅依旧为10% 公告称，国投白银LOF基金将于2026年2月2日开市起至当日10:30 停牌，自2026年2月2日10:30复牌，复牌后的交易按照《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%。若该基金2026年2月2日二级市场交易价格溢价幅度未有效回落，该基金有权通过向深圳 证券交易所申请盘中临时停牌、延长停牌时间等措施，向市场警示风险，具体以届时公告为准。 受国际银价此前暴涨影响，国投白银LOF备受市场关注。停牌之前，该基金在二级市场已连续两个交易日涨停，最新价格报收于5.247元/份，相 较于其最新净值溢价约为60%。 | 国投白银LOF(SZ:161226) | | | a ... | 加自选 | | --- | --- | --- | --- | --- | | ¥5.247 o.ooo o.oo% | 停牌 | | | 5.02 万球友关注 | | 最高： -- | 今开: -- | 涨停: 5.772 | 成交量: 0手 | | | 最低: -- | 昨收:5.247 | 跌停: ...

钛媒体App 2月1日消息，近期，易方达基金管理有限公司旗下易方达原油证券投资基金（QDII）A类人 民币份额（基金代码：161129，场内简称：原油LOF易方达）二级市场交易价格明显高于基金份额净 值。2026年1月28日，该基金基金份额净值为1.1514元，截至2026年1月30日，基金在二级市场的收盘价 为1.340元，特此提示投资者关注二级市场交易价格溢价风险，投资者如果高溢价买入，可能面临较大 损失。若基金在公告日当日二级市场交易价格溢价幅度未有效回落，该基金可根据实际情况通过向深圳 证券交易所申请盘中临时停牌、延长停牌时间等方式，向市场警示风险，具体以届时公告为准。（广角 观察） ...

受国际银价此前暴涨影响，国投白银LOF备受市场关注。停牌之前，该基金在二级市场已连续两个交易日涨停，最新价格报收于5.247元/份，相 较于其最新净值溢价约为60%。 公告称，国投白银LOF基金将于2026年2月2日开市起至当日10:30 停牌，自2026年2月2日10:30复牌，复牌后的交易按照《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%。若该基金2026年2月2日二级市场交易价格溢价幅度未有效回落，该基金有权通过向深圳 证券交易所申请盘中临时停牌、延长停牌时间等措施，向市场警示风险，具体以届时公告为准。 | 国投白银LOF(SZ:161226) | | | | 加自选 | | --- | --- | --- | --- | --- | | ¥5.247 0.000 0.00% | 停牌 | | | 5.02 万球友关注 | | 最高: -- | 今开: -- | 涨停:5.772 | 成交量:0手 | | | 最低: -- | 昨收:5.247 | 跌停:4.722 | 成交额:0.00 | | | 换手: -- | 市价:5.247 | 单位净值: 3.284 | 基金份额:5 ...

江苏省宜兴新动能母基金招GP 近日，为推动宜兴市产业转型升级，加快构建高质量发展格局，宜兴新动能产业基金合伙企业（有限合伙）（以下简称"新动能母基金"）公开遴选 产业子基金管理机构。 新动能母基金成立于2021年，为私募股权投资类FOF基金，总规模50亿元，合伙期限为40年，由宜兴市级国有企业联合出资组建，管理人为宜兴市 宜财私募基金管理有限公司。新动能母基金围绕宜兴市创新驱动与产业强市战略，通过与国家级母基金、国内外头部投资机构深化合作，投资私募股 权、创业投资子基金，促进宜兴产业的转型升级和高质量发展。 东 莞滨 海湾母基金招GP 近日，东莞滨海湾人工智能 产业创业投资母基金合伙企业（有限合伙）（以下简称"滨海湾母基金"）开展市场化子基金管理机构遴选工作，筛选优 质管理机构共同设立子基金，聚焦人工智能核心赛道，撬动社会资本赋能滨海湾新区人工智能产业高质量发展。 据悉， 滨海湾母基金 首期认缴规模为3亿元，存续期限为10年。基金聚焦"人工智能+"领域，包括人工智能核心技术研发，人工智能在制造业、智 慧城市、智慧交通、智慧医疗、智慧生活服务等领域应用，与人工智能相关硬件制造。 导读 本周， 江苏、广东、杭州 ...

1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core Viewpoint of the Report The report analyzes the asset allocation changes of public - offering bond funds in Q4 2025. In Q4, medium - and long - term pure bond funds continued to shrink, while second - tier bond funds maintained growth. All types of bond funds increased their bond positions, with second - tier bond funds reducing their stock positions. Short - term bond funds increased leverage, medium - and long - term bond funds decreased leverage, and most bond funds reduced duration. All bond funds significantly increased their allocation to credit bonds and reduced their allocation to interest - rate bonds. There were signs of marginal credit downgrading in the top - holding bonds, and there were regional differences in the allocation of top - holding urban investment bonds. [1][2][3] 3. Summary by Directory 3.1 Medium - and Long - term Pure Bond Funds Shrink, Second - tier Bond Funds Grow In Q4 2025, the scale of medium - and long - term pure bond funds continued to shrink, while the scale of second - tier bond funds maintained growth. The total net asset value of the four types of bond funds was 9.2 trillion yuan, an increase of 151.2 billion yuan from the previous quarter. Medium - and long - term pure bond funds decreased by 154.9 billion yuan to 5.76 trillion yuan, short - term pure bond funds increased by 69.9 billion yuan to 1.02 trillion yuan. The first - tier bond funds decreased by 14 billion yuan to 833.1 billion yuan, and second - tier bond funds increased by 250.3 billion yuan to 1.6 trillion yuan. [1][10] 3.2 Asset Structure: Bond Positions Increase In terms of asset allocation structure, the scale contraction led medium - and long - term bond funds to reduce their bond holdings, while second - tier bond funds increased their bond allocation due to share expansion. The four types of funds collectively increased their bond holdings by 168.1 billion yuan. By the end of 2025, medium - and long - term pure bond funds, short - term pure bond funds, first - tier bond funds, and second - tier bond funds held bond market values of 6.69 trillion yuan, 1.1 trillion yuan, 941 billion yuan, and 1.42 trillion yuan respectively. Medium - and long - term pure bond funds reduced their holdings by 186.3 billion yuan, while short - term pure bond funds, first - tier bond funds, and second - tier bond funds increased their holdings by 84.2 billion yuan, 17.5 billion yuan, and 252.6 billion yuan respectively. The bond positions of all types of bond funds increased, and the stock position of second - tier bond funds decreased slightly. [18][19] 3.3 Medium - and Long - term Bond Funds Reduce Leverage and Control Duration Short - term bond funds increased leverage, while medium - and long - term bond funds decreased leverage. In Q4, short - term pure bond funds adopted a defensive coupon strategy of "increasing leverage + reducing duration", with the leverage ratio increasing by 0.26 pct to 111.66%. Medium - and long - term pure bond funds actively reduced leverage due to net redemption pressure and unstable long - term interest rates, with the leverage ratio decreasing by 0.92 pct to 115.83%. The leverage ratios of first - tier and second - tier bond funds increased by 1.58 pct and 0.82 pct to 113.53% and 111.59% respectively. Most bond funds reduced their duration exposure. The arithmetic average durations of medium - and long - term interest - rate bond funds, medium - and long - term credit bond funds, short - term interest - rate bond funds, and short - term credit bond funds in Q4 were 3.35 years, 2.38 years, 0.99 years, and 0.88 years respectively, decreasing by 0.23 years, 0.15 years, 0.19 years compared to Q3, and the short - term credit bond fund increased by 0.02 years. [28] 3.4 Bond Type Portfolio: Increase Allocation to Credit Bonds, Reduce Allocation to Interest - rate Bonds In Q4, the four types of bond funds collectively increased their credit bond holdings by 306.1 billion yuan and reduced their interest - rate bond holdings by 117.4 billion yuan. Among pure bond funds, medium - and long - term bond funds reduced interest - rate bonds and increased credit bonds, and short - term bond funds increased their credit bond allocation more than interest - rate bonds. Among bond funds with equity components, first - tier bond funds mainly increased their credit bond holdings, and second - tier bond funds increased their credit bond allocation more than interest - rate bonds. In terms of specific bond types, medium - and long - term pure bond funds mainly reduced their holdings of treasury bonds, policy - financial bonds, and financial bonds and increased their holdings of medium - term notes; short - term pure bond funds mainly increased their holdings of financial bonds, policy - financial bonds, and commercial paper; first - tier bond funds mainly increased their holdings of financial bonds; second - tier bond funds mainly increased their holdings of financial bonds and policy - financial bonds. The proportion of policy - financial bonds in the interest - rate bond portfolio of most bond funds increased. [35][43][52] 3.5 Top - holding Bond Analysis: Rating Central Tendency Migrates Downward In Q4 2025, bond funds significantly reduced their holdings of interest - rate bonds, slightly reduced their holdings of urban investment bonds, increased their holdings of convertible bonds, industrial bonds, and certificates of deposit, and slightly increased their holdings of financial bonds. There were signs of marginal credit downgrading in the top - holding bonds. Most bond funds reduced the proportion of AAA - rated bonds and increased the proportion of AA - and below - rated bonds. In terms of regional allocation of top - holding urban investment bonds, bond funds significantly reduced their holdings of urban investment bonds in Zhejiang and Anhui and increased their holdings in Sichuan and Chongqing. [55][58][65]

新年新气象，基金经理新人密集上岗。 | 周波昂 | 男 | 侧工 | 2026-01-23 | 甲庚星金 | | --- | --- | --- | --- | --- | | 潘科 | 男 | 硕士 | 2026-01-22 | 安信基金 | | 张子健 | 男 | 硕士 | 2026-01-21 | 鹏非基金 | | 于智伟 | 場 | 硕士 | 2026-01-21 | 九泰基金 | | 胡涛 | 男 | 硕士 | 2026-01-21 | 平安基金 | | रूर्य | 女 | 硕士 | 2026-01-20 | 长盛基金 | | 王梦恺 | 男 | 硕士 | 2026-01-20 | 南华基金 | | 陈祥 | 男 | 博士 | 2026-01-20 | 天弘基金 | | 李嘉琪 | 女 | 博士 | 2026-01-20 | 长江证券(上海)资管 | | 郭威 | 男 | 硕士 | 2026-01-20 | 国联基金 | | 丁仲元 | 男 | 硕士 | | 2026-01-20 国泰海通证券资管 | | 卓佳亮 | 男 | | 2026-01-19 | 天治基金 | | 刘裴 。 | E | ...