Group 1 - Xiaohongshu has implemented a ban on certain "real-time fund valuation bloggers" in response to regulatory compliance requirements, reflecting a strengthened focus on investor protection by regulatory authorities [1] - The regulatory body has emphasized the need for fund sales institutions and third-party platforms to conduct self-inspections and remove misleading features such as "real-time fund valuation" and "real trading rankings" [1] Group 2 - Meituan announced the acquisition of Dingdong Maicai's China business for approximately $717 million, with the overseas business being excluded from the transaction [2] - Dingdong Maicai, founded in 2017, is a leading fresh food instant retail platform in China, achieving a record quarterly revenue of 6.66 billion yuan and a net profit of 80 million yuan in Q3 2025 [2] - This acquisition marks a significant event in the consolidation of the instant retail industry, indicating a new phase of competition and development driven by market dynamics [2] Group 3 - Alibaba has unified its AI model branding under "Qwen," which includes both foundational and specialized models, to eliminate confusion caused by multiple names [3] - This branding unification is part of Alibaba's strategic effort to enhance its AI commercialization and strengthen its competitive position in the increasingly crowded domestic AI market [3] - By consolidating its brand, Alibaba aims to better integrate internal resources and focus on the development and application of foundational and specialized models, thereby improving its competitiveness in both consumer and business markets [3]

根据上银基金管理有限公司（以下简称"本公司"）与华创证券有限责任公司(以下简称"华创证券")签署 的销售协议和相关业务准备情况，自2026年2月6日起，华创证券将开始销售本公司旗下部分基金。 一、适用基金范围 ■■ 注：在遵守基金合同、招募说明书及相关业务公告的前提下，销售机构办理各项基金销售业务的具体日 期、时间、流程、业务类型及费率优惠活动（如有）以销售机构的安排和规定为准。 风险提示：本基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈 利，也不保证最低收益。基金投资有风险，投资者在做出投资决策之前，请认真阅读基金合同、招募说 明书（更新）和基金产品资料概要（更新）等法律文件，充分认识基金的风险收益特征和产品特性，认 真考虑基金存在的各项风险因素，并根据自身的投资目的、投资期限、投资经验、资产状况等因素充分 考虑自身的风险承受能力，在了解产品情况及销售适当性意见的基础上，理性判断并谨慎做出投资决 策。本基金管理人提醒投资者基金投资的"买者自负"原则，在做出投资决策后，基金运营状况与基金净 值变化引致的投资风险，由投资者自行负担。 特此公告。 网站：www.hczq.com 客 ...

Core Viewpoint - The recent regulatory crackdown on the "real-time valuation" feature of mutual funds across major platforms aims to address industry chaos and promote long-term investment principles [5][13]. Regulatory Actions - Major platforms have removed features like "real-time valuation," "live rankings," and "increased holdings rankings" in response to regulatory requirements [1][15]. - The China Securities Regulatory Commission (CSRC) issued a notice mandating the removal of these features by January 30, 2026, highlighting two main violations: collaboration with unqualified internet influencers and the reintroduction of previously banned features [15][16]. Reasons for Regulation - The core reasons for the removal of the "real-time valuation" feature include: 1. **Inherent Data Errors**: The data provided by third-party platforms is based on outdated reports, leading to discrepancies with actual net values, which can mislead investors and cause disputes [5][13]. 2. **Encouragement of Short-term Trading**: The feature promotes a short-term trading mentality, contrary to the fundamental principle of long-term investment, resulting in lower returns for frequent traders compared to long-term holders [5][13]. 3. **Marketing Malpractices**: Some fund companies have exploited the feature in collaboration with unqualified influencers, leading to misleading promotions and significant losses for investors [6][14]. 4. **Industry Ecosystem Upgrade**: The regulation aims to shift the focus from stimulating transactions to providing professional services, thereby enhancing investor protection [6][14]. Impact on Investors - Investors are advised to adjust their strategies post-removal of real-time valuation by focusing on: 1. **Understanding Actual Holdings**: Analyzing periodic reports for insights into the fund's top holdings and management strategies rather than relying on real-time estimates [8][16]. 2. **Evaluating Long-term Risk and Return**: Establishing performance evaluation mechanisms over longer periods to assess the fund's ability to generate excess returns and manage risks [9][16]. 3. **Implementing Dollar-Cost Averaging**: Adopting a disciplined investment approach to mitigate emotional trading and benefit from market fluctuations over time [9][17].

Group 1 - Major distribution channels such as Ant Wealth, Tonghuashun Fund, and JD Finance have removed real-time valuation and related short-term ranking features [2][5] - Regulatory authorities have mandated that fund sales institutions and third-party platforms conduct self-inspections and remove features that may mislead investors, such as "real-time valuation" and "ranking lists" [4][6] - The removal of these features is part of a broader regulatory effort to discourage short-term trading behaviors and promote the core purpose of mutual funds as long-term investment tools [9] Group 2 - Some platforms have attempted to disguise the removal of real-time valuation by presenting similar information under different names, such as "net value reference" and "sector fluctuations" [4][9] - The industry is currently undergoing a compliance review, with companies assessing the qualifications of their partners and ensuring adherence to regulatory requirements [7] - The regulatory push aims to stabilize the market by preventing behaviors that could lead to increased volatility, such as frequent redemptions triggered by real-time valuation changes [9]

Group 1 - E Fund Wealth reported its first complete monthly operational data since its launch, with the "e-wallet" app adding a personal customer fund distribution scale of 4.436 billion yuan in January 2026 [1] - The platform's growth in account openings and sales scale is driven by a favorable capital market environment, a diverse range of fund products, and professional advisory services [1] - As of January 30, 2026, E Fund Wealth's equity fund and non-monetary fund holdings reached 3 billion yuan and 3.5 billion yuan, respectively [1] Group 2 - The China Fund Industry Association disclosed that three fund companies' subsidiaries entered the top 100 in terms of equity fund holdings for the first half of 2025, namely China Europe Wealth, Huaxia Wealth, and Harvest Wealth [2] - The equity fund and non-monetary fund holdings for these companies were reported as 5.5 billion yuan and 7.3 billion yuan, 4.6 billion yuan and 7.7 billion yuan, and 4.4 billion yuan and 12 billion yuan, respectively [2]

Group 1 - The core point of the announcement is that from February 4, 2026, Taikang Fund Management Co., Ltd. will add Lead Fund Sales Co., Ltd. as a sales institution for certain open-end funds and participate in its fee discount activities [1][2]. Group 2 - New fund products will be available for investors to subscribe, redeem, convert, and set up regular investments through Lead Fund, with specific procedures governed by the sales institution's regulations [1]. Group 3 - Fee discount activities will be available for investors who subscribe (including regular investments) and convert funds through Lead Fund, with specific discount rates to be announced by Lead Fund [2]. Group 4 - Contact information for Lead Fund Sales Co., Ltd. includes a customer service phone number and website, as well as similar contact details for Taikang Fund Management Co., Ltd. [3].

Core Viewpoint - The regulatory authorities have mandated fund sales institutions and third-party platforms to conduct self-examinations and remove misleading features that could confuse investors, aiming to promote long-term investment strategies over short-term trading behaviors [1][2][4]. Group 1: Regulatory Actions - Regulatory bodies have observed that some fund sales institutions and unlicensed third-party platforms have reinstated "real-time valuation" features, which could mislead investors and dilute fund product returns [2][4]. - Fund sales institutions and third-party platforms are required to remove features such as "real-time valuation," "increased position rankings," and "actual performance rankings" to prevent misleading investor behavior [2][3]. - Major platforms like Ant Wealth and Tonghuashun have already complied by suspending these features, with specific timelines for adjustments announced [2][3]. Group 2: Industry Response - Many platforms have taken steps to comply with regulatory requirements, including the removal of various ranking features that could mislead investors [3][4]. - Some platforms continue to display real-time valuations under different formats, indicating a need for further compliance and adjustment within the industry [4][5]. - The industry is undergoing a self-assessment process to ensure compliance with regulations, with companies actively checking the qualifications of their promotional partners [3][5]. Group 3: Market Implications - The removal of misleading features is part of a broader effort to guide fund sales away from transactional behaviors and encourage investors to focus on long-term asset management [4][5]. - The use of real-time valuation has been criticized for fostering short-term trading behaviors, which contradicts the fundamental purpose of mutual funds aimed at ordinary investors [5]. - Regulatory actions are intended to stabilize the market and mitigate risks associated with investor behavior during periods of market volatility [5].

自2026年2月5日（含）起，投资人通过利得基金（www.leadfund.com.cn）申购、定投、转换本公司旗 下基金，申购、定投、转换费率实行最低1折优惠。若原申购、定投、转换费率为固定费用的，则按固 定费用执行，不享有费率折扣。（具体折扣比例以利得基金页面公示为准） 具体实施费率优惠的结束时间及优惠措施以利得基金安排为准。 三、投资者可通过以下途径咨询有关详情 风险提示： 本公司承诺以诚实信用、勤勉尽责为原则，管理和运用基金资产，但不保证基金一定盈利，也不保证最 低收益。基金的过往业绩及其净值高低并不预示其未来业绩表现。本公司提醒投资者，投资基金前应认 真阅读基金的《基金合同》《招募说明书》等法律文件，了解基金的风险收益特征，并根据自身的投资 目的、投资期限、投资经验、资产状况等判断基金是否与投资者的风险承受能力相适应。敬请投资者注 意投资风险。 根据凯石基金管理有限公司（以下简称"本公司"）与上海利得基金销售有限公司（以下简称"利得基 金"）签署的销售服务协议，自2026年2月5日起，投资者可通过利得基金办理本公司旗下部分基金的账 户申购、定投、赎回、转换等业务。 一、适用基金 ■ 二、费率优惠活动 ...

本交易周开始不少基民进入"盯盘空窗期"，总体来看反馈不一。在多个互动平台上，记者注意到不少网友连夜自制了实时估值工具。 应监管要求，多家第三方理财平台纷纷下架基金实时估值相关功能。 监管部门发布的最新一期《机构监管通报》直指基金销售领域存在的违规乱象，强调基金销售机构及第三方网络平台需针对其他违规销售问题加强自查自 纠，如"基金实时估值"、按平台当日申购金额排序的"加仓榜"、展示用户持仓收益和明细的"实盘榜"等功能。监管认为，上述功能可能误导投资者，摊薄 基金产品收益，引发投诉纠纷，应当予以规制。 这并非监管部门首次整治估值乱象。早在2023年6月初，就有基金公司与第三方平台收到监管机构发出的口头或文字通知，明确要求于该月内下线直销和 代销平台基金净值估算功能。有通知显示："日常监管关注到，受市场波动等因素影响，盘中估值会严重偏离实际净值，存在投资者投诉风险，要求6月16 日前完成相关系统改造并下架盘中估值服务"。不过，之后有部分小程序、APP推出"实时估值"功能。投资者只要开通会员，即可查询实时估值，还能查 看早盘内参、涨跌信号等信息。从社交平台讨论度看，不少投资者均有使用类似小程序，以查看实时估值。 早盘 ...

深圳商报·读创客户端记者 詹钰叶 应监管要求，多家第三方理财平台纷纷下架基金实时估值相关功能。本交易周开始不少基民进入"盯盘空窗期"，总体来看反馈不一。在多个互动平台上，记 者注意到不少网友连夜自制了实时估值工具。 ● 当削-13.25% ● 最大-31.50% 差值 18.25% 日报刊在▼ (?) 早盘内参 0 基金扫雷 ● (YE 盘前获取精选研 全方位诊断不放 过基金雷点 投及咨询 会员标识 投资课程 ● =" 10 6 社区3大标识动 会员专属资产配 置课程 态置顶 点此咨询 会员服务群 暂无可用支付方式 NEW 最多选择 季度会员 免费领会员 年度会员 ¥ 129 ¥ 399 ¥ 0 ¥ 49 ¥499 邀请好友 领3天会员 每天1.4 母大 1.1 监管部门发布的最新一期《机构监管通报》直指基金销售领域存在的违规乱象，强调基金销售机构及第三方网络平台需针对其他违规销售问题加强自查自 纠，如"基金实时估值"、按平台当日申购金额排序的"加仓榜"、展示用户持仓收益和明细的"实盘榜"等功能。监管认为，上述功能可能误导投资者，摊薄基 金产品收益，引发投诉纠纷，应当予以规制。 这并非监管部门首次整治估值乱象 ...