内容概要：随着房地产行业步入平稳发展新常态，叠加储蓄利率市场化持续下行的趋势，大众投资理财 需求正从单一的保值诉求，向多元的增值目标进阶，在此背景下，国民资产配置结构发生显著调整，资 金正从传统的储蓄、房地产领域，加速向标准化的权益类、固收类基金产品迁移，基金作为专业的资产 管理载体，在承接居民财富迁移浪潮中具备广阔的发展空间，据中国证券投资基金业协会数据显示，截 止2025年10月我国基金数量151286只，其中，公募基金13381只，私募基金137905只；基金规模 590112.3亿元，其中，公募基金3269598.5亿元，私募基金220513.8亿元，目前，我国多层次的基金产品 体系已初步形成，能够有效适配居民多元化的财富管理需求。 相关上市企业：广发证券（000776）、招商银行（600036）、中国银行（601988）、建设银行 （601939）、兴业证券（601377） 相关企业：广发基金管理有限公司、招商基金管理有限公司、中银基金管理有限公司、建信基金管理有 限责任公司、兴证全球基金管理有限公司、易方达基金管理有限公司、华夏基金管理有限公司、南方基 金管理股份有限公司、富国基金管理有限公司、天 ...

华商信用增强债券基金近1、3、5、7年业绩表现 真正有生命力的"固收+"，在于产品业绩的持续性，在于周期波动的回撤管理，在于大类资产的配置能 力。根据基金法律文件显示，华商信用增强债券基金采用"固收+"策略，即主要资产投资于高信用等级 的债券，同时适度参与可转债及股票等权益资产，多品类资产的加入为其提供了获取业绩弹性、增厚收 益的更多可能。 既注重稳健性与流动性管理，又可适度分享股票市场机遇，近年来，提供较好投资体验的"固收+"基金 获得了越来越多投资者的关注，投资吸引力持续提升。数据显示，刚刚过去的2025年度，普通二级债券 型基金A类与非A类两个"固收+"基金类别平均净值增长率分别为6.10%、5.68%。 主动管理坚守者华商基金凭借在"深度研究、投研一体化"领域的深耕细作，继续涌现出一批长期业绩瞩 目的产品，不断践行主动管理与长期投资价值的"硬实力"。截至2025年12月31日，华商基金旗下主动固 收类基金近5年、近7年绝对收益排名均为同业第一，同期主动权益类基金绝对收益排名均为同业前五。 以华商基金旗下 "固收+"精品华商信用增强债券基金为例，数据显示，截至2025年12月31日，华商信用 增强债券A ...

写在文章前的声明：在本文之前的说明：本文中所列的投资信息，只是一个对基金资产净值进行排行的客观描述，并无主观倾向性，也不是投资建议，纯属 娱乐性质。 一顿操作猛如虎，基金净值已更新，谁是基金中的王者，谁又垫底，请看数据： 28日开放式基金净值增长排名后10的基金分别是：前海开源人工智能主题混合C、前海开源人工智能主题混合A、银河和美生活混合C、银河和美生活混合 A、西部利得科技创新混合C、西部利得科技创新混合A、富荣信息技术混合A、富荣信息技术混合C、华富智慧城市灵活配置混合C、华富智慧城市灵活配 置混合A。 基金策略分析：上证指数高开低走补缺后三度上行均被超级主力无情击落微涨报收，创业板高开低走小阴报收，成交额是2.99万亿，个股涨跌家数比1739： 3640，涨跌停个股比84：28。 领涨行业：有色、石油、煤炭、建材、化纤涨幅逾2%； 领涨概念：黄金概念、种业、稀缺资源、可燃冰涨幅逾4%。 领跌行业：综合类、医疗保健、航空、广告包装跌幅逾2%。 净值增长较快的是西部利得策略优选混合A。 | 基金简称 PK | | | 最新净值得到重要的重要的 | | --- | --- | --- | --- | | 1 ...

Core Viewpoint - The announcement of a shareholder change at浦银安盛基金, with BNP Paribas Asset Management Holding S.A. becoming the second-largest shareholder, replacing AXA Investment Managers, while maintaining a 39% stake [1][2]. Group 1: Shareholder Change -浦银安盛基金 announced on January 28 that AXA Investment Managers has been merged into BNP Paribas Asset Management Holding S.A., which now holds a 39% stake in the company [2][4]. - The registered capital of浦银安盛基金 remains unchanged following the shareholder change [4]. Group 2: Company Strategy and Development - The company believes that the strengthening of its foreign shareholder will provide more support and opportunities for future development [5]. -浦银安盛基金 aims to leverage the resources of both domestic and foreign shareholders to become a leading "multi-asset management expert" in the industry [5]. - The company plans to enhance its core capabilities in investment research, compliance risk control, customer engagement, and digital innovation, while pursuing high-quality development [5]. Group 3: Asset Management Scale - As of December 31, 2025,浦银安盛基金's total assets under management exceeded 450 billion yuan, with a diverse range of asset management services [6]. - The company manages 117 public fund products, with a total fund scale of 357.506 billion yuan, where money market funds account for over 56% and bond funds over 38% [6]. - Following the merger, BNP Paribas Asset Management has become one of the top three asset management companies in Europe, with total assets under management exceeding 1.6 trillion euros as of September 30, 2025 [7].

8位基金经理跻身300亿元阵营 在权益类产品管理规模排名中，易方达基金张坤表现突出，以483亿元的规模居于首位，且其管理规模 全部集中于权益类产品。兴证全球基金谢治宇以386亿元的规模紧随其后。广发基金杨冬、中欧基金葛 兰、景顺长城基金刘彦春的管理规模均超过300亿元，具体分别为360亿元、353亿元和314亿元。此外， 中欧基金周蔚文、蓝小康以及永赢基金张璐的管理规模也均站上300亿元关口。 这一梯队清晰地展示了大型基金公司在培育和留住顶尖投资人才方面的平台优势。以中欧基金为例，其 旗下葛兰、周蔚文、蓝小康三位基金经理权益管理规模均超过300亿元，赵磊与冯炉丹的规模也分别达 到269亿元和206亿元。 易方达基金同样如此，除张坤外，陈皓、萧楠、刘健维、郑希的权益管理规模均在200亿元以上，形成 了显著的集群效应。一位行业观察人士对《华夏时报》记者指出，头部基金经理的管理规模是其历史业 绩、投资理念被市场广泛认可的结果。尤其是在市场波动加大、结构性机会为主的背景下，投资者出于 对确定性的追求，更倾向于将资金托付给历经牛熊、风格稳定的基金经理。这使得头部基金经理的管理 规模得以维持甚至增长，但同时也对其投资操作 ...

Core Viewpoint - The international gold price has surged dramatically, with spot gold reaching a historical high of $5,285.66 per ounce, leading to a significant increase in gold-related ETFs in the domestic market, which have seen rare daily limit-ups [2][3]. Group 1: Gold Price Surge - On January 28, international gold prices broke through key thresholds of $5,000, $5,100, and $5,200, approaching $5,300 [2]. - The domestic market has seen gold-themed ETFs, both linked to gold prices and A-share gold stocks, experiencing unprecedented daily limit-ups [2][3]. Group 2: ETF Performance - As of January 28, there are 20 gold-themed ETFs in the market, with 14 being gold ETFs and 6 being gold stock ETFs, the latter gaining significant attention from investors [3]. - Major gold stock ETFs, such as Guotai Fund's Gold Stock ETF (517400), saw a 10% increase, while others like Huazhang Fund and Industrial Bank Fund also reported gains of around 9% to 10% [3][4]. Group 3: Investment Trends - The investment logic surrounding gold has shifted, with high gold prices making it a luxury for ordinary investors, leading to increased interest in gold stock ETFs, which are relatively low in net value [3][4]. - The six gold stock ETFs have shown impressive performance, with returns exceeding 50% since January 2026, and all six have doubled in value over the past year [4]. Group 4: Market Dynamics - The surge in gold stock ETFs is attributed to the performance of A-share gold mining stocks, which have also experienced limit-ups in recent trading sessions [5][6]. - Institutional perspectives support the bullish outlook on gold prices, with expectations of continued demand from central banks and asset allocation trends [6][7]. Group 5: Fund Flows - Despite a general outflow of over 480 billion yuan from the stock ETF market, gold and precious metal ETFs have continued to attract significant inflows [8][9]. - As of January 27, gold-themed ETFs have seen a substantial increase in total assets, with commodity gold ETFs growing by 29.71% and stock gold ETFs by over 75% since the end of last year [9].

【导读】因债务加入纠纷，新华基金被起诉 又有基金公司被起诉。 天眼查信息显示，近日，山东西王糖业有限公司、西王淀粉有限公司起诉新华基金，缘由是债务加入纠纷，该民事案件将于2月3日在上海市第二中级人民 法院开庭。 公开资料显示，新华基金成立于2004年12月，是我国西南地区第一家公募基金管理公司，实控人为北京金融街（投资）集团有限公司，注册资本为6.28亿 元，注册地为重庆市。 数据显示，截至2025年年末，新华基金在管公募基金49只，合计规模为571.07亿元。其中，货币型基金、债券型基金各占比40%。 业绩方面，国泰海通证券业绩排行榜显示，截至2025年年末，公司权益类基金业绩近三年业绩排名118/149、近五年业绩排名81/139；公司固定收益类基 金业绩近三年表现突出，整体市场排名5/137、近五年业绩排名12/126。 去年底，新华基金副总经理王之光因个人原因离职。此外，去年8月，新华基金还注销了浙江分公司。 ...

Core Viewpoint - The public fund industry in China has reached a record management scale of 37.64 trillion yuan by the end of 2025, with a quarterly growth of over 1.3 trillion yuan, indicating a steady expansion trend [1]. Group 1: Management Scale and Rankings - By the end of 2025, all top 10 public fund managers have entered the "trillion club," with the top two being E Fund and Huaxia Fund, managing 2.42 trillion yuan and 2.16 trillion yuan respectively [1][3]. - The ranking of the top 10 fund companies has solidified, with E Fund and Huaxia Fund being the only two to exceed 2 trillion yuan in scale [3]. - The number of public funds with management scales exceeding 1 trillion yuan has increased from 8 to 10, with Huitianfu and Penghua Funds joining the ranks [4]. Group 2: Non-Monetary Scale Growth - Over 100 out of 164 fund companies achieved growth in non-monetary scale in 2025, with 12 companies growing by over 100 billion yuan [6]. - E Fund's non-monetary scale increased from 1.34 trillion yuan to 1.66 trillion yuan, while Huaxia Fund's grew from 1.16 trillion yuan to 1.44 trillion yuan [5]. - The growth in non-monetary scale is closely linked to the performance of active equity and "fixed income+" products, with significant contributions from active rights products [8]. Group 3: Competitive Landscape - The competitive landscape within the public fund industry is evolving, with a shift from a focus on fixed income to a resurgence in equity styles [1]. - The ability of fund companies to conduct research and their product layout has become a key variable in determining their scale rankings [1]. - The pressure of competition is evident, as some companies have seen their rankings decline despite growth, highlighting the need for continuous improvement [4]. Group 4: Notable Performers - In the fourth quarter of 2025, institutions like E Fund, Huaxia Fund, and GF Fund showed significant growth in their non-monetary scales, with E Fund leading at 4.99 trillion yuan [8][9]. - Notable growth was also observed in firms like Jingshun Longcheng and Zhongou Fund, which achieved substantial increases in their active rights product scales [10][11]. - Huitianfu Fund was the only top ten firm to see an increase in its ranking, with a non-monetary scale of 6574.63 billion yuan, reflecting a growth of 5.90% [11].

Core Insights - The performance of fixed-income funds in 2025 significantly declined compared to 2024, with an average return of 2.15% for 3,988 funds, down from 4% in 2024 [2] - The total profit for fixed-income funds in 2025 was 372.31 billion yuan, a decrease of 264.15 billion yuan from 636.47 billion yuan in 2024 [2] Fund Performance - Among the 3,988 fixed-income funds, 3,651 achieved positive returns, representing approximately 91.55% of the total [2] - The top-performing fund was Southern Changyuan Convertible Bond A with a return of 48.77%, while the worst performer was Huatai-PB Fenghe Pure Bond A with a return of -7.7%, resulting in a performance gap of 56.47% [2][12] - In 2025, 337 funds reported negative returns, with 279 being medium to long-term pure bond funds [18] Fund Management Scale - By the end of 2025, the management scale of fixed-income funds reached 26.12 trillion yuan, an increase of nearly 2 trillion yuan from the end of 2024 [4][38] - The management scale of money market funds increased by 1.4 trillion yuan to 15.01 trillion yuan, while bond funds saw a smaller increase of 560 billion yuan to 11.11 trillion yuan [39][40] Profit Distribution - A total of 32 fund companies reported net profits exceeding 3 billion yuan from fixed-income products, with 12 companies exceeding 10 billion yuan [3] - The top profit-generating fund company was E Fund, with a total profit of 19.974 billion yuan from fixed-income products [33] - Conversely, 6 fund companies reported negative profits, primarily due to poor performance in bond funds [33][34] Fund Categories - The average return for 340 money market funds was 1.24%, while 3,648 bond funds had an average return of 2.23% [7] - Convertible bond funds performed exceptionally well with an average return of 23.34%, while index bond funds underperformed with an average return of 0.82% [8] Notable Funds - 126 fixed-income funds had a net asset growth rate exceeding 10%, with 13 funds achieving over 30% growth [11] - The top five funds with returns exceeding 30% included Southern Changyuan Convertible Bond A, Minsheng Jianyin Enhanced Income A, and others [12][13] Market Trends - The bond market experienced significant fluctuations in 2025, with various bond indices showing mixed performance [9] - The relationship between the A-share market and bond funds was highlighted, with equity market volatility contributing to the performance of bond funds [10]

Group 1 - The core point of the news is that the Guotou Ruijin Silver Futures LOF fund has suspended subscriptions since January 28 to protect the interests of existing fund holders amid a rapid increase in silver prices [1][3] - The suspension is a risk control measure taken by the fund manager to prevent irrational inflows of capital that could disrupt the normal operation of the investment portfolio [3][4] - The fund had previously issued 18 risk alerts regarding trading price premiums in January, indicating a significant premium of secondary market prices over net asset values [3] Group 2 - The surge in silver prices has been notable, with COMEX silver and London silver exceeding $100 per ounce on January 23, and reaching as high as $117 per ounce on January 26 before a slight decline [3][4] - The investment frenzy in silver is mirrored by similar actions in the gold market, where the E Fund Gold Theme LOF also announced a suspension of A-class subscriptions starting January 28 due to rising gold prices [4] - Banks are adjusting their risk management for gold-related products, requiring risk assessments for clients engaging in gold accumulation services, reflecting the heightened volatility and investment attributes of gold [7][9]