1月6日，泰康弘实3月定开混合（006111）发布公告，宣布基金经理桂跃强因内部工作调整需要于2026 年1月4日离任。新的基金经理为陆建巍和范子铭，继续共同管理该基金。 1月6日，泰康弘实3月定开混合（006111）发布公告，宣布基金经理桂跃强因内部工作调整需要于2026 年1月4日离任。新的基金经理为陆建巍和范子铭，继续共同管理该基金。 ...

1月6日，华泰保兴策略精选（005169）发布公告，宣布华泰保兴策略精选灵活配置混合型发起式证券投 资基金的基金经理发生变更。新任基金经理黄佳丽于2026年1月5日正式上任。 1月6日，华泰保兴策略精选（005169）发布公告，宣布华泰保兴策略精选灵活配置混合型发起式证券投 资基金的基金经理发生变更。新任基金经理黄佳丽于2026年1月5日正式上任。 ...

尚正正鑫混合发起（014615）发布公告，基金经理陈列江因工作安排需要于2026年1月6日离任。当前共 同管理该基金的其他基金经理为关凯瀛。 尚正正鑫混合发起（014615）发布公告，基金经理陈列江因工作安排需要于2026年1月6日离任。当前共 同管理该基金的其他基金经理为关凯瀛。 ...

Market Overview - On January 5, 2026, the A-share market experienced a strong start with a total trading volume exceeding 2.5 trillion yuan, and the Shanghai Composite Index regained the 4000-point mark, with both the Shenzhen Component Index and ChiNext Index rising over 2% [2] - Despite the positive market performance, there was a net outflow of over 3.5 billion yuan from stock ETFs, indicating some investors chose to cash out after a series of gains [6] ETF Performance - The total scale of stock ETFs reached 4.87 trillion yuan, with a trading volume of 276.91 billion yuan on the same day, an increase of over 85 billion yuan compared to the previous trading day [3] - The top-performing ETFs included the A500 ETF from Huatai-PB and the A500 ETF from China Asset Management, both with trading volumes exceeding 150 billion yuan [3] - The healthcare and pharmaceutical sectors led the gains among ETFs, with eight out of the top ten performing ETFs belonging to this category, showing significant increases [3] Fund Inflows and Outflows - The net inflow of funds was concentrated in broad-based ETFs such as the Southern CSI 500 ETF and Huatai-PB CSI 300 ETF, which saw inflows of 28.42 billion yuan and 11.02 billion yuan respectively [7] - Conversely, several ETFs experienced significant outflows, including the A500 ETF and the ChiNext 50 ETF, with outflows of 14.20 million yuan and 9.97 million yuan respectively [8] Sector Analysis - The commodity and strategy-style ETFs saw net inflows of 63.73 billion yuan and 4.55 billion yuan respectively, while bond ETFs faced a net outflow of 480.62 billion yuan [6] - The CSI 500 index recorded a net inflow of 30.08 billion yuan, while the AAA tech bonds saw a net outflow of 165.22 billion yuan [6] Fund Management Insights - Leading fund companies like E Fund and Huaxia Fund reported substantial net inflows across various ETFs, indicating strong investor interest [9][10] - E Fund's gold ETF saw a net inflow of 10.20 billion yuan, while the CSI 300 ETF had a net inflow of 5.39 billion yuan, reflecting a trend towards defensive assets [9] - The overall sentiment in the market suggests a focus on structural opportunities and a balanced approach to investment, with an emphasis on sectors like AI, solid-state batteries, and innovative pharmaceuticals [11]

Group 1 - The A-share market experienced a strong start to 2026, with the overall trading volume exceeding 25 trillion yuan and the Shanghai Composite Index surpassing 4000 points, while the Shenzhen Component Index and ChiNext Index both rose over 2% [2][3] - On January 5, the total scale of stock ETFs in the market reached 4.87 trillion yuan, with a trading volume of 276.91 billion yuan, an increase of over 85 billion yuan compared to the previous trading day [4][8] - The healthcare and pharmaceutical sector ETFs led the gains, with eight out of the top ten performing ETFs in this category, including significant increases in the Hong Kong medical ETFs [3][4] Group 2 - On January 5, stock ETFs saw a net outflow of over 3.5 billion yuan, with 49 ETFs experiencing net outflows exceeding 100 million yuan, particularly in broad-based ETFs like A500 and industry-specific ETFs such as Hong Kong securities and semiconductors [7][13] - The top three ETFs with the highest net inflows included the Southern CSI 500 ETF, Huatai-PB CSI 300 ETF, and Southern Nonferrous Metals ETF, indicating a preference for broad-based ETFs [8][11] - Major fund companies like E Fund and Huaxia Fund saw significant net inflows in their ETFs, with E Fund's gold ETF and CSI 300 ETF attracting substantial investments [11][12]

Core Viewpoint - The implementation of the new regulations on fund sales fees, effective January 1, 2026, aims to promote the FISP platform direct sales model, which is expected to significantly reduce costs for fund investors [1][4]. Group 1: FISP Platform Overview - The FISP platform allows fund managers and custodians to engage in direct sales, enabling institutional investors to access fund investments without incurring subscription and service fees [1][2]. - The platform is designed to streamline operations by providing standardized, automated services, addressing high operational costs and inefficiencies in traditional fund sales [2][3]. Group 2: Impact on Investors - By utilizing the FISP platform, the costs for investors will primarily consist of management and custody fees, eliminating intermediary "toll fees" [2][4]. - The focus of fund competition will shift towards investment performance, brand reputation, and customer experience, rather than channel-related costs [2][4]. Group 3: Future Development and Challenges - Opening the FISP platform to individual investors will require a cautious and gradual approach, initially targeting "qualified individual investors" with specific asset and experience criteria [3]. - Upgrades to the platform's technical support and security measures will be necessary to accommodate a larger number of individual investors, ensuring system reliability and investor protection [3][4]. Group 4: Broader Implications - The transition to the FISP platform signifies a historic shift in the fund sales ecosystem from a "channel-centric" model to one focused on "product and service" [4]. - This reform is expected to lower the friction costs for social capital entering the capital market, enhancing the efficiency of financial resource allocation and better serving the real economy [4].

Core Viewpoint - The A-share market shows positive momentum with significant increases in major indices, indicating a potential for continued growth in the spring market and an influx of capital at the year's end [1][4]. Group 1: Market Performance - The CSI A500 Index rose by 1.2%, the CSI A100 Index increased by 1.3%, and the CSI A50 Index went up by 0.9% as of the midday close [1]. - The A500 ETF from E Fund (159361) recorded a trading volume of nearly 6 billion yuan and a net subscription of 165 million units in the morning session [1]. Group 2: Fund Performance - According to Wind data, the A500 ETF from E Fund (159361) has a 2025 annualized tracking error of only 0.34 percentage points, with an excess return of 2.86 percentage points relative to the index, ranking first among similar products with over 10 billion yuan in scale [1]. - The A100 ETF from E Fund tracks the CSI A100 Index, which consists of 100 large-cap, liquid stocks, and has a rolling price-to-earnings ratio of 17.6 times [3]. - The A50 ETF from E Fund tracks the CSI A50 Index, composed of the 50 largest stocks by market capitalization, with a rolling price-to-earnings ratio of 18.7 times [3].

Group 1 - The article discusses three ETFs managed by E Fund that track different indices of the ChiNext market, focusing on their low fee rates and performance metrics [2] - The ChiNext Index consists of 100 stocks with large market capitalization and good liquidity, primarily in emerging industries, with nearly 60% of the index represented by the power equipment, communication, and electronics sectors [2] - The ChiNext 200 Index includes 200 mid-cap stocks, with over 40% of its representation in the information technology sector, reflecting the overall performance of mid-cap companies in the ChiNext market [2] - The ChiNext Growth Index tracks 50 stocks characterized by high growth potential and good liquidity, with approximately 85% of the index comprised of companies in the communication, power equipment, electronics, computer, and pharmaceutical sectors [2] Group 2 - As of the latest trading session, the ChiNext Index showed a slight decline of -0.0% with a rolling price-to-earnings ratio of 42.0 times [2] - The ChiNext 200 Index increased by 0.5% with a rolling price-to-earnings ratio of 108.1 times [2] - The ChiNext Growth Index experienced a minor decrease of -0.1% with a rolling price-to-earnings ratio of 41.5 times [2]

Market Overview - The A-share market showed a strong upward trend on January 6, with the Shanghai Composite Index continuing its rise after recovering the 4000-point mark, gaining over 1% in the morning session [1] - The total market turnover reached approximately 1.8 trillion yuan, an increase of about 150 billion yuan compared to the previous day [1] - Over 3600 stocks experienced gains, with sectors such as stock trading software, petrochemicals, precious metals, and insurance leading the gains, while sectors like CPO, optical communication, and optical chips faced declines [1] Index Performance - The CSI A500 Index rose by 1.2% and the CSI 300 Index also increased by 1.2% [1] - The ChiNext Index saw a slight decline of 0.04%, while the STAR Market 50 Index increased by 2.0% [1] - The Hang Seng China Enterprises Index rose by 1.6% [1] ETF and Index Details - The CSI 300 Index consists of 300 stocks with good liquidity, covering 11 primary industry sectors, with a rolling P/E ratio of 14.3 times [3] - The CSI A500 Index includes 500 stocks with good liquidity, covering 89 of 93 tertiary industry sectors, also with a rolling P/E ratio of 17.2 times [3] - The ChiNext Index is composed of 100 stocks from the ChiNext board, with a high proportion in strategic emerging industries, particularly in power equipment, communication, and electronics, accounting for nearly 60% [4] - The STAR Market 50 Index includes 50 stocks from the STAR Market, with a significant focus on "hard technology" leaders, particularly in semiconductors, showing a rolling P/E ratio of 167.6 times [5] - The Hang Seng China Enterprises Index includes 50 large-cap, actively traded stocks from mainland companies listed in Hong Kong, with a rolling P/E ratio of 10.7 times [6]

长江证券认为，碳中和ETF具备长期投资价值。随着能源金融市场加速向多元化、低碳化转型，清洁能 源投资持续升温，2020年至2024年年均复合增长率达16.7%，其中电池与储能领域增速达106.8%，展现 出强劲的发展势头。绿证市场也呈现供需改善态势，1月至11月交易量同比大幅增长119%，交易占比提 升至41.81%，价格逐步企稳。供给端136号文限制了常规电量绿证的核发，需求端2025年电解铝行业将 被纳入绿证考核，2026年钢铁等四大高耗能行业也将陆续加入，刚性需求持续扩容，支撑绿证价格。在 新能源装机方面，光伏保持稳定增长，风电增速回暖，同时火电装机规模创新高，增强了电力系统的调 节能力，有利于提升新能源消纳水平。能源转型推动电力、新能源等相关板块融资需求旺盛，电力行业 在能源上市公司债权与股权融资中的占比分别达到65%和70%。在政策支持与市场驱动的双重作用下， 可再生能源发电、储能、氢能等领域的投资持续扩大。 1月6日，A股市场延续涨势，有色金属、非银金融、综合板块涨幅靠前。截至11点00分，碳中和ETF南 方(159639.SZ)涨1.98%，洛阳钼业涨6.95%。 资讯所属栏目还有更多独家策划、 ...