专题：与"大V"营销合作属实，监管火速通报德邦基金违规销售，暂停新发，高管遭追责 来源：腾讯财经 文|王立广 编辑|刘鹏 利用大V带货引流，单日吸金超百亿元的德邦基金，迎来监管重拳出击。 腾讯财经获悉的一份由证监会证券基金机构监管司主办的《机构监管情况通报》指出，某基金公司管理 的基金产品单日申购量超百亿，涉嫌违规销售，引发多家媒体关注报道。监管机构第一时间组织开展现 场核查，对相关机构和个人依法从严采取监管措施。 从知情人士处确认，通报中的的代号"D基金"，正是德邦基金，在此前通过"大V"带货且返佣金的形 式，吸引投资者疯狂申购，超百亿元涌入德邦稳盈增长灵活配置混合基金。 资料显示，德邦稳盈增长灵活配置混合由基金经理雷涛和陆阳共同管理，截至2025年四季度末，前十大 重仓股依次为合合信息、卓易信息、万兴科技、税友股份、中文在线、汉得信息、慧辰股份（维权）、 易点天下、泛微网络（维权）、光云科技，几乎高度押注AI概念股。 通报显示，经核查，D基金公司与不具备基金销售业务资格和基金从业资格的互联网"大V"开展营销合 作，向其支付大额广告费，以互联网"大V"在平台上预告某日（将）大额购入D基金公司的A产品为噱 头 ...

资料显示，深圳瑞捷技术股份有限公司位于广东省深圳市龙岗区坂田街道南坑社区雅星路8号星河 WORLD双子塔.东塔26层，成立日期2010年4月12日，上市日期2021年4月20日，公司主营业务涉及建设 工程第三方评估、管理和咨询服务。主营业务收入构成为：第三方评估57.84%，项目管理41.44%，其 他0.72%。 从深圳瑞捷十大流通股东角度 1月30日，深圳瑞捷涨5.21%，截至发稿，报25.43元/股，成交1.12亿元，换手率4.79%，总市值38.71亿 元。 诺安多策略混合A（320016）基金经理为孔宪政。 截至发稿，孔宪政累计任职时间5年66天，现任基金资产总规模66.75亿元，任职期间最佳基金回报 105.65%， 任职期间最差基金回报-16.74%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 数据显示，诺安基金旗下1只基金位居深圳瑞捷十大流通股东。诺安多策略混合A（320016）三季度新 进 ...

Group 1 - The core viewpoint of the news is that Jiangsu Libat Co., Ltd. has shown a significant stock price increase of 5.26%, reaching 18.60 CNY per share, with a trading volume of 169 million CNY and a turnover rate of 2.08%, resulting in a total market capitalization of 8.353 billion CNY [1] - Jiangsu Libat was established on October 20, 2006, and went public on July 26, 2021. The company's main business involves the entire EPFC industry chain, which can be further broken down into Engineering Procurement Construction (EPC), Engineering Design (E), Engineering Procurement (P), Modularization (F), Engineering Construction (C), and Engineering Maintenance [1] - The revenue composition of Jiangsu Libat includes 77.70% from engineering services, 22.15% from industrial module design and manufacturing, and 0.15% from other supplementary services [1] Group 2 - The Qianhai Kaiyuan Belt and Road Mixed A Fund (001209) holds a significant position in Jiangsu Libat, with 275,400 shares, accounting for 5.81% of the fund's net value, making it the third-largest holding [2] - The fund has generated an estimated floating profit of approximately 256,100 CNY today [2] - The Qianhai Kaiyuan Belt and Road Mixed A Fund was established on April 29, 2015, with a latest scale of 45.0854 million CNY, and has achieved a year-to-date return of 8.96% and a one-year return of 24.35% [2]

Core Viewpoint - The A-share market experienced a mixed performance on January 29, with significant outflows from stock ETFs, totaling nearly 30 billion yuan, indicating a trend of capital withdrawal from broad-based ETFs [2][4][3]. Group 1: ETF Market Overview - On January 29, stock ETFs saw a net outflow of 29.86 billion yuan, with 61 ETFs recording inflows exceeding 1 billion yuan [4][6]. - The total net outflow from stock ETFs since 2026 has surpassed 750 billion yuan, highlighting a persistent trend of capital leaving this segment [3]. - The broad-based ETFs, including those tracking the CSI 300, SSE 50, and others, experienced the most significant outflows, with six ETFs seeing net outflows exceeding 5 billion yuan, and one ETF exceeding 10 billion yuan in a single day [4][6]. Group 2: Sector Performance - Among the ETFs, industry-themed and commodity ETFs saw net inflows of 22.14 billion yuan and 5.39 billion yuan, respectively, while broad-based ETFs faced a net outflow of 52.02 billion yuan [4]. - The SGE Gold 9999 index recorded the highest net inflow of 4.05 billion yuan on January 29, while the CSI 300 index ETF had the largest outflow of 31.63 billion yuan [4]. Group 3: Fund Management Insights - Leading fund companies, such as E Fund and Huaxia Fund, reported significant inflows in specific ETFs, with E Fund's Sci-Tech Chip ETF seeing a net inflow of 936 million yuan on January 29 [7]. - Huaxia Fund's Nonferrous Metal ETF and Gold Stock ETF led the inflows with 1.497 billion yuan and 1.335 billion yuan, respectively [7]. Group 4: Market Outlook - Analysts expect the A-share and Hong Kong markets to maintain high trading activity levels, driven by macroeconomic stability and positive expectations for economic indicators [8]. - Despite uncertainties in global geopolitical dynamics and domestic economic challenges, the valuation levels of A-share and Hong Kong equity assets remain attractive compared to major global indices [8].

Core Viewpoint - Regulatory authorities have imposed strict measures on D Fund Company for engaging in marketing collaborations with unqualified influencers, leading to a suspension of public fund product registrations and accountability for key personnel [1][3]. Group 1: Regulatory Actions - The regulatory report indicates that D Fund Company was involved in a marketing partnership with an unqualified internet influencer, paying substantial advertising fees to promote a specific fund product, which misled investors [3]. - The company failed to adequately disclose risks to investors and did not manage investor suitability properly, violating relevant regulations [3]. - As a result, the regulatory authorities mandated corrective actions and suspended the acceptance of public fund product registrations for D Fund Company [3]. Group 2: Other Violations - The report highlights that some fund sales institutions and unlicensed third-party platforms have reintroduced "real-time fund valuation" features, which could mislead investors and dilute fund product returns [5][6]. - These features include rankings based on daily subscription amounts and displays of user holdings and returns, which may lead to investor complaints and disputes [5][6]. Group 3: Regulatory Requirements - The report emphasizes the need for fund companies and sales institutions to strengthen investor suitability management, ensuring that appropriate products are sold to suitable investors to prevent risk mismatches [8]. - Fund companies and sales institutions are strictly prohibited from collaborating with unqualified internet influencers for any form of fund sales or promotional activities [8]. - Fund sales institutions and third-party platforms must conduct self-inspections and remove misleading features such as "real-time fund valuation," "increased positions ranking," and "actual trading ranking" [9].

Core Viewpoint - The A-share market experienced fluctuations on January 29, with mixed performance across the three major indices and a total market turnover of 3.26 trillion yuan, indicating some capital withdrawal from the market [1] Group 1: ETF Fund Flows - The total net outflow from stock ETFs (including cross-border ETFs) was approximately 298.64 billion yuan on January 29, with significant outflows from broad-based ETFs [2][5] - Six ETFs had a net outflow exceeding 50 billion yuan, with one ETF alone seeing a net outflow of over 100 billion yuan [1][3] - Since the beginning of 2026, stock ETFs have faced cumulative net outflows exceeding 750 billion yuan due to severe "blood loss" in broad-based ETFs [1] Group 2: Sector Performance - Despite the overall net outflow, 61 stock ETFs recorded net inflows exceeding 1 billion yuan, with the gold and non-ferrous metal sectors leading the inflows [2] - The industry-themed ETFs and commodity ETFs saw net inflows of 221.41 billion yuan and 53.9 billion yuan, respectively, while broad-based ETFs had a net outflow of 520.18 billion yuan [2] - Specific ETFs such as the SGE Gold 9999 index saw a net inflow of 40.52 billion yuan, while the CSI 300 index ETF had the highest net outflow at 316.28 billion yuan [2] Group 3: Fund Management Insights - Leading fund companies like E Fund and Huaxia Fund have seen significant inflows in their ETF products, with E Fund's Sci-Tech Chip ETF and Gold ETF recording net inflows of 9.36 billion yuan and 3.55 billion yuan, respectively [5] - Huaxia Fund's non-ferrous metal ETF and gold stock ETF also saw substantial inflows of 14.97 billion yuan and 13.35 billion yuan [5] Group 4: Market Outlook - Analysts expect the A-share and Hong Kong markets to maintain high trading activity levels, driven by a stable macroeconomic policy and positive expectations for economic indicators [6] - Despite uncertainties in global geopolitical dynamics and domestic economic challenges, the valuation levels of A-share and Hong Kong equity assets remain attractive compared to major global indices [6]

Group 1 - Anfu Technology's stock increased by 5.21% to 51.45 CNY per share, with a trading volume of 172 million CNY and a turnover rate of 1.64%, resulting in a total market capitalization of 13.265 billion CNY [1] - Anfu Technology, established on May 7, 1999, and listed on August 22, 2016, specializes in the research, production, and sales of high-performance environmentally friendly zinc-manganese batteries [1] - The company's main business revenue composition includes alkaline batteries (83.08%), carbon batteries (7.88%), other batteries (4.51%), other products (4.35%), and additional (0.18%) [1] Group 2 - Silver Hua Fund has a significant holding in Anfu Technology, with the Silver Multi-Dynamic Flexible Allocation Mixed Fund (005251) holding 127,700 shares, accounting for 3.88% of the fund's net value, ranking as the seventh largest holding [2] - The Silver Multi-Dynamic Flexible Allocation Mixed Fund (005251) has a total scale of 146 million CNY and has achieved a year-to-date return of 14.56%, ranking 744 out of 8,872 in its category [2] - The fund has a one-year return of 84.66%, ranking 414 out of 8,126, and a cumulative return since inception of 205.08% [2] Group 3 - The fund manager of Silver Multi-Dynamic Flexible Allocation Mixed Fund (005251) is Wang Zhiwei, who has been in the position for 9 years and 191 days, managing assets totaling 773 million CNY [3] - During Wang Zhiwei's tenure, the best fund return was 56.27%, while the worst return was -5.27% [3]

Core Viewpoint - Regulatory authorities have imposed strict measures on D Fund Company for engaging in marketing collaborations with unqualified influencers, leading to a suspension of new public fund product registrations and accountability for senior management [1][3][10]. Group 1: Regulatory Actions - The regulatory notice indicates that D Fund Company was involved in marketing activities with unqualified internet influencers, paying substantial advertising fees to promote fund products, which misled investors [2][9]. - The company failed to adequately disclose risks to investors and did not manage investor suitability properly, violating relevant regulations [2][9]. - As a result, the regulatory body has mandated corrective actions and suspended the acceptance of new public fund product registrations for D Fund Company [3][10]. Group 2: Other Violations - The notice also highlights that some fund sales institutions and unlicensed third-party platforms have resumed offering "real-time fund valuation" features, which could mislead investors and dilute fund product returns [4][12]. - These platforms have introduced features like "increased purchase rankings" and "real account rankings," which may further mislead investors [4][11]. Group 3: Regulatory Requirements - The regulatory notice emphasizes the need for fund companies and sales institutions to strengthen investor suitability management, ensuring that appropriate products are sold to suitable investors to prevent risk mismatches [6][13]. - Fund companies and sales institutions are strictly prohibited from collaborating with unqualified internet influencers for any form of fund sales or promotional activities [7][13]. - Fund sales institutions and third-party platforms are required to conduct self-inspections and remove misleading features like "real-time fund valuation" and related rankings [7][13].

Group 1 - The A-share market showed mixed performance with the Shanghai Composite Index down by 1.19% in the morning session, while the total market turnover reached 1.95 trillion yuan [1] - The sectors that performed actively included agriculture, forestry, food, film and theater, tourism and hotels, CPO, paper, and semiconductors, whereas precious metals, non-ferrous metals, rare earth permanent magnets, photovoltaic equipment, oil and gas extraction and services, chemicals, real estate, steel, and AI application concept stocks saw significant declines [1] - The ChiNext Index decreased by 1.4%, the CSI 300 Index fell by 1.0%, while the ChiNext Index rose by 0.8%, and the STAR Market 50 Index dropped by 0.6% [1] Group 2 - The ChiNext ETF tracks the ChiNext Index, which consists of 100 stocks with high market capitalization and liquidity, with a significant proportion in strategic emerging industries, particularly in power equipment, communications, and electronics, accounting for nearly 60% [4] - The STAR 50 ETF tracks the STAR Market 50 Index, composed of 50 stocks with high market capitalization and liquidity, prominently featuring "hard technology" leaders, with semiconductors making up over 65%, and combined with medical devices and software development, accounting for nearly 80% [4]

Core Viewpoint - The upcoming announcement of the new Federal Reserve Chair by President Trump is generating significant market speculation, particularly around the candidates Kevin Warsh and Rick Rieder, with Warsh currently favored to be nominated [1][2]. Candidate Profiles - Kevin Warsh is viewed as a "moderate hawk" who has historically criticized the Fed's policies, particularly its quantitative easing measures, and advocates for a combination of balance sheet reduction and cautious interest rate cuts [5][6]. - Rick Rieder, as the Chief Investment Officer at BlackRock, manages approximately $2.4 trillion in assets and has a strong influence in financial markets. He has not held government positions but has interacted with the U.S. government and the Fed [6][7]. Policy Perspectives - Warsh emphasizes the Fed's core responsibility to control inflation and has criticized the Fed for maintaining an excessively large balance sheet, advocating for a strategy that combines balance sheet reduction with interest rate cuts [5][6]. - Rieder believes that the Fed should shift its focus from controlling inflation to addressing labor market challenges, suggesting that a slightly higher inflation rate could be acceptable to stabilize debt dynamics and maintain employment [7][8]. Market Implications - There are concerns regarding the potential impact on the Fed's independence and future monetary policy direction, with expectations that the Fed may adopt a more dovish stance under new leadership [2][9]. - Analysts suggest that the current political pressure on the Fed could undermine market confidence in U.S. monetary policy, potentially leading to rising inflation expectations and upward pressure on interest rates, which could affect U.S. stock valuations [9][10]. Economic Outlook - The market anticipates that the new Fed chair may lead to a stronger likelihood of interest rate cuts in 2026, with expectations that global macroeconomic conditions may improve due to fiscal expansion [10]. - The Fed's reliance on data will be crucial in determining its policy direction, with potential risks associated with both hawkish and dovish scenarios depending on economic indicators such as unemployment and inflation [11].