网站：www.cmbchina.com 根据上银基金管理有限公司（以下简称"本公司"）与招商银行股份有限公司(以下简称"招商银行")签署 的销售协议和相关业务准备情况，自2026年2月5日起，招商银行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。 二、投资者可通过以下途径咨询有关详情 1、招商银行股份有限公司 客户服务电话：95555 2、上银基金管理有限公司 网站：www.boscam.com.cn 客户服务电话：021-60231999 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 ...

Core Viewpoint - The announcement details a new sales agreement between Invesco Great Wall Fund Management Co., Ltd. and Huaxi Securities Co., Ltd. for the distribution of certain funds starting from February 5, 2026 [1]. Group 1: Applicable Funds - The announcement specifies that certain funds managed by Invesco Great Wall will be available for sale through Huaxi Securities [1]. Group 2: Sales Institution Information - The sales institution is Huaxi Securities Co., Ltd., located in Chengdu, Sichuan, with contact details provided for inquiries [2]. - The legal representative of Huaxi Securities is Yang Jiong Yang, and the contact person is Yang Ru [2]. Group 3: Business Operations - Subscription and redemption services are only available during normal subscription periods and specific open days, with details outlined in the fund's legal documents [3]. - A regular investment plan allows investors to set up automatic deductions for fund purchases, with specific rules governed by Huaxi Securities [3]. Group 4: Fee Structure - Investors may benefit from fee discounts for one-time subscriptions or regular investment plans, subject to the arrangements of Huaxi Securities [4]. - The fund has two classes of shares: Class A, which incurs a subscription fee, and Class C, which does not charge a subscription fee but incurs a service fee [6][7]. Group 5: Redemption Policies - There is no minimum redemption amount, but if a redemption results in a balance of less than one share, the remaining shares must be redeemed [8]. - Redemption fees are applicable and decrease with the holding period of the shares [10]. Group 6: Fund Net Asset Value Disclosure - The fund's net asset value will be disclosed at least weekly during the closed period and no later than the next business day after each open day [11]. Group 7: Additional Information - Investors can access the fund's legal documents, including the fund contract and prospectus, through the company's website or sales institutions for detailed information [12].

Group 1 - The announcement date for the change of fund manager for the E Fund ChiNext Growth ETF is February 5, 2026 [1] - Liu Wenkuai continues to serve as the fund manager at E Fund Management Co., Ltd [1] - The fund is referred to as "ChiNext Growth ETF E Fund" in the market [1] Group 2 - E Fund Management Co., Ltd participated in the offline subscription for the initial public offering of China Electronics Technology Blue Sky Technology Co., Ltd [2] - The offering price for China Electronics Technology Blue Sky is set at 9.47 yuan per share [2] - The joint lead underwriter for this issuance is Guotai Junan Securities Co., Ltd, which is also the custodian for some of E Fund's public funds [2]

Group 1 - The announcement states that Huaxia Fund Management Co., Ltd. has selected Guotai Junan Securities Co., Ltd. as the liquidity service provider for the Huaxia CSI All-Share Food ETF, effective from February 5, 2026, to enhance market liquidity and stability [1] - Huaxia Fund's public funds participated in the initial public offering (IPO) of China Electronics Technology Blue Sky Technology Co., Ltd. (CETC Blue Sky), with the IPO price set at RMB 9.47 per share [1] - The lead underwriters for CETC Blue Sky's IPO include CITIC Securities Co., Ltd. and Guotai Junan Securities Co., Ltd., both of which are significant related parties to Huaxia Fund's public funds [1]

Core Insights - The Guangdong Provincial Government has launched a strategic emerging industry investment guidance fund with a total scale of 100 billion yuan, aimed at fostering long-term capital investment and breaking the "fear of investment" cycle [1][2]. Group 1: Fund Structure and Mechanism - The guidance fund is characterized by its long-term operation without a fixed duration, establishing a rolling investment mechanism to ensure stable funding and support for the modernization of the industrial system [2][3]. - It features a three-tier structure of "guidance fund - mother fund - sub-fund," which enhances the leverage effect of fiscal funds and promotes collaboration among various local funds and policies [2][3]. - The fund has implemented ten management mechanisms, including performance evaluation and differentiated exit strategies, to encourage early, small, long-term, and hard technology investments [2][3]. Group 2: Market Impact and Future Prospects - This initiative addresses the long-standing issue of "mismatch of duration" in the market, allowing capital to align with the growth cycles of technology and industries, thus providing stability for hard technology enterprises [3][4]. - The Guangdong-Hong Kong-Macao Greater Bay Area Venture Capital Guidance Fund has also been launched, focusing on early-stage projects in key sectors such as integrated circuits and artificial intelligence, with a 20-year duration [3][4]. - The establishment of these funds is expected to enhance confidence in the venture capital industry and encourage a shift towards a "long-termism" development philosophy across regions [5].

Core Viewpoint - Fidelity International's fund manager George Efstathopoulos has expressed optimism about gold's future despite recent price declines, indicating a potential buying opportunity if prices drop further by 5% to 7% [1][5] Group 1: Market Actions and Trends - Efstathopoulos reduced his gold exposure from approximately 5% to about 3% prior to a significant drop in gold prices, successfully locking in profits [3][7] - The recent decline in gold prices was influenced by market concerns regarding the potential nomination of Kevin Warsh, perceived as a hawkish candidate for the Federal Reserve [3][7] - Following a historic drop, gold prices rebounded, with a 2.8% increase on Wednesday, surpassing $5,080 per ounce, after a previous day’s increase of over 6% [3][7] Group 2: Factors Supporting Gold Prices - Efstathopoulos highlighted persistent inflation and a weakening dollar as key drivers that could support gold prices in the medium term [3][7] - A survey by the Official Monetary and Financial Institutions Forum (OMFIF) indicated that over 50% of central banks plan to increase their reserves, which is expected to boost demand for gold as a hedge [4][8] Group 3: Investment Strategy - Efstathopoulos's fund achieved a 20% return last year, primarily gaining gold exposure through ETFs and ETCs, and occasionally through gold mining stocks [4][8] - The fund manager plans to increase gold's allocation back to around 5% in the portfolio, emphasizing the importance of gold for diversification and portfolio stability [4][8]

蓝鲸新闻2月4日讯，近日，厦门证监局发布行政监管措施决定书，剑指和君年轮（厦门）资产管理有限公司。 决定书显示，和君年轮（厦门）资产管理有限公司在开展私募基金业务中存在以下违规问题： 一、未对存续期满基金启动延长合同期限或清算程序； 二、未根据中国证券投资基金业协会的规定，及时更新管理人的有关信息。 以上行为违反了《私募投资基金监督管理暂行办法》的规定。厦门证监局决定对和君年轮（厦门）资产管理有限公司采取责令改正的监督管理 措施，并将相关情况记入诚信档案。 上述监督管理措施不停止执行。 厦门证监局 2026年1月30日 ...

Group 1 - The performance of Hanxia's funds has been strong this year, with recent days showing resilience despite market fluctuations, leading to new net asset value highs [1] - High-net-worth individuals and wealth management institutions are currently concentrating their asset allocations in four main categories: quantitative long positions, all-weather funds, science and technology innovation funds, and overseas assets [3] - The existing allocation structure is heavily skewed and crowded, which carries significant risks [4] Group 2 - The core trigger for potential risks is whether housing prices and consumer prices can bottom out and rebound [5] - Two future economic scenarios are analyzed: - Scenario A: A reversal of deflation, leading to significant gains for Hanxia and a lackluster performance from heavily weighted strategies in the wealth market [7] - Scenario B: Continued deflation, resulting in modest losses or small gains for Hanxia while the wealth market's four major strategies continue to rise [8] - The conclusion suggests that allocating a portion of investments to Hanxia and betting on Li Bei could be a wise choice to hedge risks and improve the risk-return profile of the portfolio [9] Group 3 - The second article confirms the major turning point in China's real estate market, which aligns with the conditions discussed in the first article [11] - The current allocation to Hanxia and betting on Li Bei is now seen as a right-side choice, indicating a confirmation of the turning point and an opportunity for trend investors to increase their positions [12] - Investors who followed the advice to increase their positions in Hanxia are likely experiencing positive outcomes [10]

Core Viewpoint - The recent volatility in the global gold market has prompted Fidelity International's fund manager George Efstathopoulos to significantly reduce his gold holdings before a major price drop, but he plans to buy back in if the market experiences a 5% to 7% correction, believing that the medium-term structural uptrend for gold remains intact [1]. Group 1: Market Analysis - Efstathopoulos manages a portfolio of approximately $3 billion and noted that the core factors driving gold prices to historical highs have not dissipated, including persistent inflation and a weakening dollar [1]. - A recent survey by the Official Monetary and Financial Institutions Forum indicated that over half of the central banks surveyed plan to increase their gold reserves in the next 12 months to enhance risk resilience, which is expected to sustain demand for gold as a hedging tool [1]. Group 2: Fund Performance and Strategy - The fund managed by Efstathopoulos achieved a 20% return last year, with gold exposure constructed through diversified channels such as ETFs, ETCs, and gold mining stocks [2]. - Efstathopoulos plans to increase the gold allocation in his fund back to approximately 5%, aiming to strategically build positions during market corrections [2]. - Following a record gold price of $5,595.47 per ounce, Efstathopoulos reduced the gold allocation from 5% to about 3% due to market volatility related to potential Federal Reserve leadership changes, successfully avoiding a severe market correction [2]. Group 3: Future Outlook - Efstathopoulos is among the first prominent global fund managers to express optimism about gold's prospects following the recent price drop, with Deutsche Bank and other institutions maintaining a bullish outlook, predicting gold could reach $6,000 per ounce [5]. - Major Wall Street investment banks, including UBS and JPMorgan, have also expressed optimism for gold's future performance, with UBS forecasting a potential price of $6,200 per ounce by 2026 and JPMorgan setting a target of $6,300 [5].

Core Viewpoint - Fidelity International's fund manager George Efstathopoulos sold most of his gold holdings before a significant drop in gold prices and is now preparing to re-enter the market if prices adjust by 5% to 7% [1][7] Group 1: Gold Market Insights - Efstathopoulos reduced his gold position from approximately 5% to 3% prior to a sharp decline in gold prices, which was influenced by concerns over potential hawkish policies from Kevin Warsh's possible nomination as Fed Chair [1][7] - Following the recent drop in gold prices, Efstathopoulos is among the first prominent fund managers to express optimism, with Deutsche Bank maintaining a forecast of gold reaching $6,000 per ounce [1][7] - Gold prices experienced a rebound after a historic drop, with spot gold rising for two consecutive days due to bottom-fishing buyers [1][7] Group 2: Factors Influencing Gold Prices - Persistent inflation and a weakening dollar are identified as key factors driving gold prices [2][8] - A survey indicated that over 50% of central banks plan to increase their reserves, enhancing demand for gold as a safe-haven asset [2][8] Group 3: Investment Strategy - Efstathopoulos manages a fund with approximately $3 billion focused on yield and growth strategies, achieving a 20% return last year through ETFs, exchange-traded commodities, and select gold mining stocks [2][8] - The strategy emphasizes diversification, with plans to increase gold holdings back to 5% [2][8] Group 4: Other Market Views - Efstathopoulos is optimistic about the Japanese yen, viewing a potential drop to 160 yen per dollar as a buying opportunity [8] - He favors Brazilian bonds, stocks, and currency, making Brazil a significant allocation in his investment portfolio [9] - In addition to gold, his "real asset" basket includes copper and uranium [10]