Core Insights - The stock market has experienced significant growth over the past three years, with the S&P 500 currently over 80% higher than its end-of-2022 value [1] - The rise in the S&P 500 is largely attributed to the performance of a select group of technology stocks in the AI sector, referred to as the "Magnificent Seven," which have driven much of the index's gains [2] - There is a notable performance disparity between large-cap and small-cap stocks, with large-cap stocks significantly outperforming small-cap stocks since the AI revolution began in 2023 [6] Market Dynamics - The current market environment presents both risks and opportunities, suggesting that investors may benefit from reducing exposure to large-cap stocks and increasing investments in small-cap stocks [3] - The S&P 500 has more than doubled the gains of the S&P 600 Small Cap Index, indicating a shift in investor sentiment favoring large-cap stocks [6] - Valuations reveal that the S&P 500 is trading at over 26 times its trailing per-share profits, while the S&P 600 is valued at only 22 times its trailing-12-month earnings, highlighting a potential opportunity for small-cap investments [9]

基金管理人: 兴业基金管理有限公司 基金托管人: 上海浦东发展银行股份有限公司 重要提示 1、兴业恒生科技指数型证券投资基金（QDII）（以下简称"本基金"）的募集已获中国证监会2025年12 月19日证监许可[2025]2827号文准予募集注册。中国证监会对本基金募集的注册并不代表其对本基金的 投资价值和市场前景作出实质性判断或保证，也不表明投资于本基金没有风险。 2、本基金的基金管理人和登记机构为兴业基金管理有限公司（以下简称"本公司"、"兴业基金"），基 金托管人为上海浦东发展银行股份有限公司。 3、本基金募集对象包括符合法律法规规定的可投资于证券投资基金的个人投资者、机构投资者、合格 境外投资者以及法律法规或中国证监会允许购买证券投资基金的其他投资人。 登录新浪财经APP 搜索【信披】查看更多考评等级 本基金募集期间暂不开通C类基金份额的直销认购业务。投资者可通过其他销售机构购买本基金C类基 金份额。未来基金管理人开通本基金C类基金份额的直销业务，以基金管理人届时的公告为准。 4、本基金自2026年1月29日至2026年2月11日通过基金管理人指定的销售机构公开发售。本基金的募集 期限不超过3个月，自 ...

Core Insights - The article provides an overview of the performance of various mutual funds, highlighting the top and bottom performers based on net asset value changes [2][3]. Group 1: Top Performing Funds - The top 10 mutual funds with the highest net value growth on January 20 include: 1. 富国价值发现混合C with a net value of 1.2962 and a growth of 3.92% 2. 富国价值发现混合A with a net value of 1.3122 and a growth of 3.92% 3. 国投瑞银白银期货(LOF)A with a net value of 2.6095 and a growth of 3.88% 4. 富国研究精选灵活配置混合C with a net value of 2.9810 and a growth of 3.65% 5. 富国研究精选灵活配置混合D with a net value of 3.0400 and a growth of 3.61% 6. 景顺长城中国回报混合A with a net value of 1.7070 and a growth of 3.58% 7. 工银价值精选混合C with a net value of 1.1350 and a growth of 3.56% 8. 工银价值精选混合A with a net value of 1.1364 and a growth of 3.55% 9. 景顺长城中国回报混合C with a net value of 1.6810 and a growth of 3.51% 10. 景顺长城资源垄断混合(LOF)C with a net value of 0.5720 and a growth of 3.44% [2]. Group 2: Bottom Performing Funds - The bottom 10 mutual funds with the lowest net value growth on January 20 include: 1. 东财景气驱动C with a net value of 1.6980 and a decline of 6.34% 2. 东财景气驱动A with a net value of 1.7190 and a decline of 6.34% 3. 前海开源沪港深强国产业混合 with a net value of 1.7195 and a decline of 5.83% 4. 东方阿尔法瑞丰混合发起A with a net value of 1.1021 and a decline of 5.21% 5. 东方阿尔法瑞丰混合发起C with a net value of 1.0906 and a decline of 5.21% 6. 平安高端装备混合发起式A with a net value of 1.3687 and a decline of 5.02% 7. 平安高端装备混合发起式C with a net value of 1.3672 and a decline of 5.02% 8. 中加优势企业混合C with a net value of 1.9189 and a decline of 4.98% 9. 中加优势企业混合A with a net value of 2.0087 and a decline of 4.98% 10. 长城久嘉创新成长混合C with a net value of 2.7860 and a decline of 4.77% [3]. Group 3: Market Overview - The Shanghai Composite Index experienced a slight decline after a peak, while the ChiNext Index showed a significant drop. The total trading volume reached 2.80 trillion, with a ratio of advancing to declining stocks at 2233:3102 and a limit-up to limit-down ratio of 62:23. The leading sectors included real estate, chemical fiber, and water utilities, each with gains exceeding 2% [5].

Group 1 - The core point of the news is the announcement of a senior management change at Galaxy Fund Management Co., Ltd., where Shi Pingwu will take over as the acting supervisor, replacing Qin Changjian due to job rotation [2][5] - The change has been approved by the company's sixth board of directors at its thirteenth meeting and will follow the necessary filing procedures [2][3] Group 2 - Shi Pingwu, the new acting supervisor, is also the current party secretary and general manager of Galaxy Fund, creating a "triple role" management structure [5] - Shi has extensive experience across banking, leasing, and fund management, having held various positions in institutions such as Agricultural Bank of China and Dahuabank [4][5] - As of January 20, 2023, Galaxy Fund has an asset management scale of 108.39 billion, ranking 57th among 212 fund companies in the industry, with a focus on fixed income and equity funds [6][7]

Core Insights - The price of spot gold reached a new historical high, surpassing $4700 per ounce, with spot gold peaking at $4701.48 and COMEX gold at $4707.4 on January 20 [1] - Year-to-date, gold prices have increased by over 8%, with significant gains observed as it broke through key levels of $4400, $4500, $4600, and $4700 [2] Gold Market Performance - As of the latest data, the current price of London gold is $4698.775, reflecting an increase of $29.591 or 0.63% year-to-date [2] - COMEX gold is priced at $4706.5, with a year-to-date increase of 8.64% [2] - Domestic gold jewelry prices have also surged, with several brands quoting prices above 1450 yuan per gram, including Lao Miao at 1455 yuan and Lao Feng Xiang at 1456 yuan [2][3] Geopolitical and Economic Factors - The ongoing geopolitical tensions, particularly in South America and Europe, are contributing to increased demand for gold as a safe-haven asset [4] - Bank of America’s chief investment strategist suggests that the current geopolitical climate is fostering a bull market for gold, despite short-term overbought conditions [4] - The average increase during past gold bull markets has been around 300%, indicating potential for gold prices to exceed $6000 in the long term [4] Investment Sentiment - The recent increase in gold holdings by the largest global gold ETF, SPDR, by over 20 tons indicates renewed interest from trend-following funds [4] - Analysts suggest that while silver may experience higher volatility due to its financial and industrial attributes, gold is expected to maintain a more stable performance as a core safe-haven asset [4]

天眼查工商信息显示，近日，徐州徐工致远战新新兴产业基金合伙企业(有限合伙)成立，执行事务合伙 人为招商致远资本投资有限公司，出资额10亿人民币，经营范围为以私募基金从事股权投资、投资管 理、资产管理等活动。合伙人信息显示，该基金由徐州市战略性新兴产业母基金有限公司、徐工集团产 业投资发展(徐州)有限公司、徐州云汉私募基金管理有限公司、招商证券旗下招商致远资本投资有限公 司等共同出资。 ...

Core Viewpoint - Guangzhou is focusing on deepening financial reforms during the "14th Five-Year Plan" period, emphasizing five key areas: technology, green finance, inclusive finance, pension finance, and digital finance, to enhance its role as a core engine for high-quality development in the Guangdong-Hong Kong-Macao Greater Bay Area [4][5]. Group 1: Financial Development Strategies - The Guangzhou financial system has introduced various policies such as "20 Articles on Technology Finance," "10 Articles on Green Finance," and "12 Articles on Pension Finance" to direct financial resources towards strategic areas and weaknesses [6]. - By 2025, Guangzhou aims to implement the "Win-Win Plan for Enterprises," signing contracts with over 1,050 technology companies amounting to over 40 billion yuan, while green loan balances have reached 1.61 trillion yuan, a 4.13-fold increase from the end of the "13th Five-Year Plan" [6]. - The inclusive finance mechanism has benefited over 271,000 small and micro enterprises and individual businesses, while the digital RMB personal wallets have reached 18.86 million [6]. Group 2: Future Financial Initiatives - Guangzhou will continue to enhance the five key areas of finance, including improving technology finance, expanding green finance, increasing the efficiency of inclusive finance, enriching pension finance products, and innovating digital finance [7]. - The city plans to establish itself as the "National Investment Advisory City" by 2025, with significant breakthroughs in developing investment advisory services, supported by national policies [8]. - In 2026, Guangzhou will focus on four new financial sectors: investment advisory, real estate asset management, special asset management, and financing leasing, to further strengthen its financial landscape [9]. Group 3: International Financial Hub Development - The implementation of the "30 Financial Policies of Nansha" has provided Guangzhou with significant opportunities for financial innovation and openness, with new institutions like the HSBC Global Training Center being established [11]. - In 2026, Guangzhou will continue to promote the "30 Financial Policies of Nansha," enhancing the international financial hub's core functions and facilitating cross-border financial activities [11]. - The city aims to improve its modern financial service system by strengthening the core functions of the Guangzhou Futures Exchange and supporting licensed financial institutions to grow and serve the real economy [12].

Group 1 - The core point of the article is the launch of the first fund by Xinghua Fund Management Co., Ltd., named Xinghua Jingrui Mixed Initiation Securities Investment Fund, which focuses on equity mixed investment and is managed and sold primarily in Qingdao [1][3] - The fund employs a quantitative stock selection strategy, focusing on small and mid-cap undervalued stocks to benefit from small-cap premiums while controlling portfolio drawdown and volatility, with a risk level classified as R3, suitable for investors rated C3 and above [1][3] - Xinghua Fund has committed 10 million in initiation funds (own funds, shareholder funds, and fund manager funds) to demonstrate a shared risk and benefit approach with investors, enhancing alignment of interests and goals [1][3] Group 2 - Xinghua Fund was established on April 28, 2020, in Qingdao, Shandong Province, and is the first public fund management company in the province, contributing to the development of the financial industry in Shandong [2][4] - The company has a diverse product lineup, including interest rate bond funds, credit bond funds, FOFs, and mixed equity funds, with fixed income products performing exceptionally well, ranking second among 163 companies in terms of yield over the past two years [2][4] - As of December 31, 2025, the total assets under management by Xinghua Fund reached 8 billion [2][4]

Group 1 - ID-Sparinvest, a branch of Sparinvest S.A. in Luxembourg, announced that the reporting of net asset values to Nasdaq Copenhagen was missed due to technical challenges [1] - Trading of affected departments is temporarily suspended as a result of the reporting issue [1] - The affected departments include various funds such as Korte Obligationer KL A, Mellemlange Obligationer KL A, Lange Obligationer KL A, and several others, totaling over 30 funds listed [1]

Group 1 - The core point of the news is the appointment of Wu Yan as an additional fund manager for the Qianhai Kaiyuan Runhe Bond Fund, which is managed by Qianhai Kaiyuan Fund Management Co., Ltd [1][2] - Wu Yan has a background as a bond researcher at Caida Securities from 2012 to 2014 and joined Qianhai Kaiyuan Fund Management in April 2014, currently serving as a fund manager [1] - The Qianhai Kaiyuan Runhe Bond Fund (A/C) was established on August 14, 2017, and as of January 16, 2026, it has recorded a year-to-date return of 0.16% and 0.15%, with cumulative returns since inception of 38.23% and 36.09%, and a cumulative net value of 1.3657 yuan and 1.3472 yuan respectively [1]