本报讯 （记者王宁）作为专业资产配置和分散风险工具的FOF基金，正日益发挥着投资者资产配置的压舱石功能。记者获 悉，银华华远多元配置六个月持有期混合（FOF）（A类025835 C类025836）目前正在发行中，旨在为稳中求进的投资者提供 优质之选。 据悉，银华华远多元配置六个月持有期混合（FOF）关注中债、A股、港股、美股、黄金等的投资机遇，力争兼顾组合的 风险与收益。固收方面，重点关注纯债基金，力争获取较为稳健的底仓收益；权益方面，5%—30%的基金资产投资于股票、股 票型基金、混合型基金等权益类资产，博取超额收益空间。 （编辑 郭之宸） 为了更好地平衡风险收益比，银华华远多元配置六个月持有期混合（FOF）将采用"核心+卫星"的权益多资产多策略构建 组合，以红利质量策略为核心，海外、商品、景气成长等多策略为卫星的模式进行运作。一方面发挥红利质量策略波动较小、 弹性较低的特点，另一方面加入其他策略，避免单一投资策略无法适应复杂多变的市场结构，力求增强组合的环境适应性。 未来银华华远多元配置六个月持有期混合（FOF）拟由王嘉鹏担任基金经理，其主要从事大类资产配置、组合投资和基金 产品研究工作。回顾2015年以 ...

Group 1 - The core viewpoint of the news is that the Penghua Science and Technology Bond ETF (551030) has experienced a slight pullback, with active trading and a turnover rate of 46.94%, indicating a vibrant market environment ahead of the Chinese New Year [1] - The People's Bank of China (PBOC) has implemented net liquidity injections, and the Shibor short-term rates have declined, reflecting confidence in the central bank's liquidity management tools, which are expected to support bond market sentiment [1] - The Penghua Science and Technology Bond ETF tracks the Shanghai Stock Exchange AAA-rated technology innovation corporate bond index, which selects bonds with AAA ratings and above, providing advantages such as low fees, low trading costs, high transparency, and high efficiency in fund utilization [1] Group 2 - Penghua Fund has established a long-term strategy for fixed-income tools since the second half of 2018, actively developing various fixed-income index products and aiming to become a domestic expert in fixed-income indices [1][2]

中国经济网北京1月30日讯 今日，博时基金公告，博时利发纯债债券、博时富悦纯债增聘李秋实， 王帅离任。 李秋实2012年至今在博时基金管理有限公司，历任固定收益研究助理、研究员、高级研究员、高级 研究员兼基金经理助理、基金经理。 | 基金名称 | 博时利发纯债债券型证券投资基金 | | --- | --- | | 基金简称 | 博时利发纯债债券 | | 基金代码 | A类份额:003260 C类份额:018091 | | 基金管理人名称 | 博时来令员强有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》 | | 基金经理变更类型 | 兼有增聘和解聘基金经理 | | 新任基金经理姓名 | 李秋实 | | 离任基金经理姓名 | 王帅 | | 基金名称 | 博时富悦纯债债券型证券投资基金 | | --- | --- | | 基金简称 | 博时富悦纯债 | | 基金代码 | A类份额:007985 C 类份额:017910 | | 基金管理人名称 | 博时基金管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》 | | 基金经理变更类型 | 兼有增聘和解聘基金经理 | | ...

中国经济网北京1月30日讯 今日，汇安基金公告，汇安资产轮动混合增聘陈思余，周冲离任。 | 基金名称 | 汇安资产轮动灵活配置混合型证券投资基金 | | --- | --- | | 基金简称 | 汇安资产轮动混合 | | 基金主代码 | 005360 | | 基金管理人名称 | 汇安基金管理有限责任公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》以及 | | | 《基金管理公司投资管理人员管理指导意见》、《证 | | | 券期货经营机构投资管理人员注册登记规则》等相 | | | 关法律法规 | | 基金经理变更类型 | 增聘基金经理、解聘基金经理 | | 增聘基金经理姓名 | 陈思余 | | 解聘基金经理姓名 | 周诗 | (责任编辑：康博) 陈思余历任天源迪科信息技术股份有限公司计费产品一部JAVA开发工程师。2017年4月加入汇安基 金管理有限责任公司，担任策略量化组基金经理。 汇安资产轮动混合A/C成立于2017年12月26日和2022年11月14日，截至2026年01月29日，其今年来 收益率为1.79%、1.74%，成立来收益率为-3.34%、-11.53%，累计净值为0.966 ...

中国经济网北京1月30日讯 今日，西部利得基金公告，陈保国离任西部利得碳中和混合发起、西部 利得景瑞混合、西部利得绿色能源混合、西部利得汇鑫6个月持有期混合。 陈保国曾任西藏同信证券有限公司研究员、上海嘉华投资有限公司研究员。2016年1月加入西部利 得基金管理有限公司，现任研究部总经理、多元资产投资部总经理、基金经理。 西部利得碳中和混合发起A/C成立于2021年08月09日，截至2026年01月29日，其今年来收益率为 6.88%、6.85%，成立来收益率为-6.39%、-8.05%，累计净值为0.9378元、0.9213元。 | 基金名称 | 西部利得碳中和混合型发起式证券投资基金 | | --- | --- | | 基金简称 | 西部利得碳中和混合发起 | | 基金主代码 | 012975 | | 基金管理人名称 | 西部利得基金管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》、《基金管理公司投资 管理人员管理指导意见》等有关法律法规的规定 | | 基金经理变更类型 | 增聘基金经理、解聘基金经理 | | 新任基金经理姓名 | 何意 | | 共同管理本基金的其他经 | | ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has reported that a fund company engaged in improper marketing practices by collaborating with unqualified internet influencers, leading to the promotion of high-risk investment products to unsuitable investors [1][2]. Group 1: Regulatory Findings - The fund company was found to have paid significant advertising fees to internet influencers to create hype around purchasing its A product, which misled investors regarding the associated risks [1]. - The company failed to adequately disclose risks to investors and did not manage investor suitability properly, violating regulations [1]. - The CSRC has mandated corrective actions and suspended the registration of public fund products for the fund company, holding responsible personnel accountable [1]. Group 2: Industry Implications - The report emphasizes the importance of protecting investors' rights and maintaining the industry's reputation, urging firms to adopt an investor-centric approach [2]. - Fund companies and sales institutions are required to enhance investor suitability management to ensure appropriate products are sold to suitable investors, preventing risk mismatches [2]. - There is a strict prohibition against collaborating with unqualified internet influencers for any form of fund sales or promotional activities [2]. Group 3: Market Reactions - There are ongoing concerns regarding compliance in the marketing processes of funds, particularly with the case of the "Debang Stable Growth" fund, which reportedly sold at least 12 billion yuan through an influencer on January 12 [3]. - The influencer, who has a significant following, reportedly purchased over 3 million yuan of the fund, prompting retail investors to follow suit [3].

巴克莱维持基准预期，即美联储旗下联邦公开市场委员会（以下简称FOMC）将在确信通胀正回归2% 的目标后，于今年6月和12月分别降息25个基点。巴克莱美国经济分析师Marc Giannoni认为，风险倾向 于降息可能进一步推迟，尽管美联储领导层将发生变化，FOMC的反应机制将基本保持不变。 瑞银财富管理投资总监办公室（以下简称瑞银财富管理CIO）则预计美联储2026年一季度有望再降息一 次，但本次会议后，下次降息推迟至夏季的风险正在上升。瑞银财富管理CIO认为，下一次降息或将由 劳动力市场走弱、关税通胀基本消退以及关税以外通胀趋势等因素推动。 美联储独立性面临挑战影响几何？ 【导读】美联储新任主席人选揭晓在即！中外资机构：年内或降息2～3次，对美联储独立性担忧或削弱 美国资产吸引力 北京时间1月29日凌晨，美联储议息会议宣布，保持基准利率在3.50%～3.75%不变，与市场预期一致。 另据央视新闻，1月30日凌晨，美国总统特朗普表示，他计划于31日公布下一任美联储主席的人选。 美联储降息路径将会如何变化？美联储主席的任命将如何影响其未来的决策及全球金融市场？中外资机 构就此展开讨论。 降息路径将如何变化？ 工银 ...

"但凡对基民负点责任都不会搞成这样子！"一位投资者在泰康基金旗下某产品的评论区写道，这只基金五年多时间里净值下跌近30%，重仓股名单却常年定 格在白酒和家电等传统板块上。 近期，一位名叫桂跃强的泰康基金经理及其管理的产品被推上风口浪尖——他旗下的两只主动权益基金业绩表现不佳，大幅跑输基准，但据传其个人账户却 因赌对科技股而狂赚。 业绩惨淡的坚守者 桂跃强目前管理着6只公募产品，合计规模约21.37亿元。他最受争议的是两只独立管理的偏股型基金：泰康优势企业混合基金和泰康蓝筹优势一年持有股票 基金。 | 基金代码 | 基金名称 | 相关链接 | 基金类型 | | --- | --- | --- | --- | | 005474 | 泰康均衡优选混合A | 估值图 基金吧 档案 | 混合型-偏股 | | 005475 | 泰康均衡优选混合C | 估值图 基金吧 档案 | 混合型-偏股 | | 019110 | 泰康兴泰回报沪港深混合C | 估值图 基金吧 档案 | 混合型-偏债 | | 018037 | 泰康宏泰回报混合C | 估值图 基金吧 档案 | 混合型-偏债 | | 012292 | 泰康鼎泰一年持有期混合 ...

Core Viewpoint - The regulatory scrutiny of the fund industry has intensified, revealing a hidden "traffic game" involving fund sales, leading to penalties for a specific fund company for collaborating with unqualified internet influencers to boost fund subscriptions [1][2][3]. Group 1: Regulatory Actions - The China Securities Regulatory Commission (CSRC) has issued a double penalty to a certain D fund company for violating sales regulations, including a mandate to correct practices and a suspension of new product registrations [2][6]. - The regulatory measures aim to address issues such as real-time valuation and misleading rankings, which have been identified as problematic in the fund sales ecosystem [5][6]. - The recent actions are seen as an extension of last year's sales regulations, focusing on curbing the industry's "scale worship" mentality and promoting compliance [1][7]. Group 2: Industry Practices - The D fund company's actions involved collaborating with unqualified internet influencers, paying substantial advertising fees to promote fund products, which led to a surge in subscriptions [2][3]. - The phenomenon of "traffic-driven" fund sales has raised concerns about the potential for market volatility and the misalignment of investor risk profiles [4][6]. - The industry is shifting from a focus on short-term sales growth to a more investor-centric approach, emphasizing compliance and long-term investment strategies [7][9]. Group 3: Investor Protection - The CSRC has mandated that fund companies enhance investor suitability management to ensure that appropriate products are sold to suitable investors, thereby preventing risk mismatches [6][7]. - There is a call for fund companies to eliminate misleading sales practices, including partnerships with unqualified influencers and the use of real-time valuation features that could mislead investors [5][6]. - The industry is encouraged to adopt a service-oriented approach rather than merely selling products, aiming to resolve the disconnect between fund profitability and investor returns [7][9].

Group 1 - The core viewpoint of the article highlights the ongoing trend of scale decline and strategy adjustments in the management of funds by Chen Tao, leading to a significant management transition [1][21]. - As of the end of Q4 2025, the total scale of the two funds managed by Chen Tao was approximately 3.666 billion yuan, a decrease of nearly 900 million yuan from the end of Q3 2025 [2][22]. - This decline is not a one-time occurrence but has been a continuous trend since the second half of 2023, with the "Zhonggeng Value Pioneer" fund experiencing a peak scale of over 9 billion yuan in Q2 2023, followed by a significant drop in performance [3][23]. Group 2 - In Q4 2025, the "Zhonggeng Value Pioneer" fund saw a net redemption of approximately 490 million shares, reducing its scale from 3.2 billion yuan at the end of Q3 to 2.5 billion yuan [5][24]. - The "Zhonggeng Small Cap Value" fund also faced a decline, ending Q4 with a scale of about 1.1 billion yuan, down approximately 200 million yuan from Q3 [5][24]. - By the end of 2025, Chen Tao's management scale had significantly shrunk, indicating a clear reduction in management radius [6][24]. Group 3 - Despite maintaining a high stock position of over 90% in both funds, there was a notable shift in industry allocation, particularly a reduction in holdings in the liquor and aviation sectors due to weakening fundamentals [7][25]. - Chen Tao indicated that the decision to reduce exposure to liquor and aviation was driven by unexpected deterioration in industry fundamentals and increased uncertainty [27][28]. - The overall portfolio still reflects a bias towards "low valuation, low expectation" stocks, but the adjustments did not significantly alter this characteristic [28][29]. Group 4 - The top ten holdings of both funds showed a high degree of overlap, exceeding 90%, primarily in sectors such as pharmaceuticals, food, manufacturing, and certain technology sub-sectors [10][29]. - Despite the concentration in holdings, both funds underperformed their benchmarks, with "Zhonggeng Value Pioneer" achieving approximately 10% annual returns compared to over 27% for the benchmark [10][30]. - This suggests that the issues may lie more in stock selection and industry allocation effectiveness rather than a misalignment with index direction [12][30]. Group 5 - Chen Tao's investment framework remains focused on typical value investment logic, emphasizing low valuation, low expectations, and manageable fundamental risks while waiting for a reversal [13][31]. - However, the market's patience is waning as low valuations have not yet translated into profitability and stock performance, reflecting a broader challenge faced by many value-oriented funds in recent years [31][32]. - Following the quarterly report, Chen Tao was replaced as fund manager, with Han Yiping and Yin Le taking over the management of the "Zhonggeng Small Cap Value" fund [33][34].