Core Viewpoint - The Shanghai and Shenzhen Stock Exchanges announced the termination or withdrawal of five public infrastructure REITs applications, marking the first occurrence of such terminations since the pilot program began in 2021 [1][2]. Group 1: Termination of REITs Applications - Five REITs projects have been terminated, including those focused on rental housing, industrial parks, logistics, and renewable energy, with the aim of achieving stable cash flow for dividends [1][3]. - The terminated projects include: - Jianxin Jianrong Rental Housing REIT - Chuangjin Hexin Electronic City Industrial Park REIT - Huaxia Wanwei Logistics REIT - Jianxin Jinfeng Renewable Energy REIT - Fuguo Shouchuang Water REIT [1][5]. - The termination is attributed to the projects not responding to regulatory feedback within the required timeframe, as per the new guidelines effective from December 31, 2025 [6][11]. Group 2: Market Context and Regulatory Changes - The public REITs market has surpassed 200 billion yuan in scale, transitioning to a phase of normalized development, with a shift in regulatory focus from quantity to the quality of underlying assets and cash flow stability [2][10]. - The new regulatory guidelines introduced a "termination" mechanism for applications that do not meet response deadlines, aiming to enhance market efficiency and quality [6][11]. Group 3: Challenges Faced by Terminated Projects - The terminated projects faced various structural challenges, such as compliance issues, rental stability, and cash flow predictability, which hindered their ability to meet regulatory requirements [7][8]. - Specific issues included: - Jianxin Jianrong Rental Housing REIT struggled with compliance for non-residential housing conversions and high short-term rental ratios [7]. - Chuangjin Hexin Electronic City Industrial Park REIT had concerns regarding tenant stability and lease renewal risks [7]. - Huaxia Wanwei Logistics REIT faced declining rental prices and high tenant concentration [7]. - Jianxin Jinfeng Renewable Energy REIT was impacted by subsidy reductions affecting cash flow [7][8]. Group 4: Future Outlook for REITs Market - The termination of these projects is seen as a necessary phase for the high-quality development of public REITs, with expectations for structural optimization and resilience in the market as commercial real estate REITs trials deepen [12]. - However, the market still faces challenges related to the stability of underlying assets and macroeconomic cycles [12].

Group 1 - The first China Securities Dividend Quality ETF linked fund (fund code: 026671) is set to officially launch, attracting significant market attention [1] - The fund will be managed by China Merchants Fund and will be available for subscription from February 2 to February 6, 2026 [1] - The underlying investment is the on-market China Securities Dividend Quality ETF (159209), which has achieved a growth rate exceeding 20% in A-shares for 2025 [1] Group 2 - The fund aims to provide a convenient tool for off-market investors to access the "dividend quality" strategy, focusing on companies with sustainable dividends and strong growth potential [2] - The China Securities Dividend Quality Index evaluates companies based on multiple dimensions, including profitability, growth quality, and financial stability, representing an evolution from "high dividend" to "high-quality dividend" strategies [2] - The fund features a cost-effective fee structure of "0.15% + 0.05%", which is the lowest in the market, and employs a monthly dividend assessment mechanism to enhance cash flow for investors [2] Group 3 - This type of product offers a new asset allocation option for investors seeking stable returns and long-term value in the current market environment [2] - The launch of the linked fund lowers the participation threshold for investors interested in the dividend quality strategy, potentially attracting more capital towards long-term shareholder returns and intrinsic quality of listed companies [2]

芝加哥商品交易所（CME）当地时间27日发布通知，对部分白银、铂金和钯金期货合约的保证金 （Outright Rates）参数进行调整。 文件显示，部分白银合约的新保证金比例高于此前水平，约为名义价值的11%。新标准将于当地时间1 月28日收盘后生效。本次通知未涉及黄金相关合约。 今日周三(1月28日)亚盘时段，现货白银目前交投于115.02一线上方，今日开盘于112.14美元/盎司，截至 发稿，现货白银暂报115.41美元/盎司，上涨2.92%，最高触及116.10美元/盎司，最低下探110.65美元/盎 司，目前来看，现货白银盘内短线偏向震荡走势。 【要闻速递】 另外1月27日晚间，国投瑞银基金在官方微信公众号就发布了《关于国投瑞银白银LOF暂停申购业务的 说明》。 【最新现货白银行情解析】 银价的技术图形显示出抛物线式的上升趋势，接下来，两种可能的走势：第一，突破历史新高117.7美 元继续拉升至129-33美元然后下跌；当然也可能是突破新高后，不到129-133某个位置就转向。第二， 当前新高117.7不破位，反而向下破位100-103；那么调整也会开启。 若白银从高点回撤，则可104.04-102. ...

黄金、白银涨势仍在继续！ 28日，现货黄金日内上涨超1%，一度达到创纪录的每盎司5247.628美元的高点，截止发稿，现报5243.608美元/盎司，上涨1.19%。现货白银日内涨幅达 2.8%，现报115.042美元/盎司。 国内金饰价格同样行至历史高位，站上1600元/克。1月28日，老凤祥黄金足金饰品报价1620元/克；周大福金饰报价1618元/克；老庙黄金足金饰品报价 1618元/克；周生生金饰价格为1614元/克。 | 間大福 | 間六福 | 胜 | | --- | --- | --- | | 1618.00 | 1613.00 | 1614.00 | | 金条价格 1419.00 | 金条价格 1508.00 | 金条价格 1417.00 | | 周大堂 周大生 | (H 潮示泉 | 六福珠宝 | | 1585.00 | 1585.00 | 1616.00 | | 铝金价格 1071.00 | 铂金价格 1071.00 | 金条价格 1417.00 | | 老凤祥 | 命 老庙黄金 | (= 中国黄金 | | 1620.00 | 1618.00 | 1139.00 | | 足金价格 1620.00 ...

Group 1 - The meeting aimed to promote collaboration between enterprises under Beijing State Capital Operation Management Co., Ltd. and explore innovative models of fund investment and human capital services [2][3] - Shunxi Fund manages four government-guided funds focused on strategic emerging industries and high-precision industries in Beijing, aiming to empower industries with capital and enhance synergy for high-quality development [3] - Beijing International Human Capital Group, as a key component of Beijing State Capital, expressed confidence in developing a collaborative ecosystem and emphasized the importance of resource complementarity for future strategic cooperation [3] Group 2 - Both parties plan to establish a regular communication mechanism to gradually implement cooperation content, leveraging their professional advantages to develop high-value talent and capital solutions [3] - The collaboration will focus on high-end talent recruitment, management consulting, market activities, and digital technology to support Shunxi Fund comprehensively [3] - The partnership aims to provide new momentum for the implementation of Beijing State Capital's high-quality development strategy [3]

Group 1 - The first China Securities Dividend Quality ETF linked fund (fund code: 026671) is set to officially launch, with the offering period from February 2, 2026, to February 6, 2026 [1] - This linked fund primarily invests in the on-market traded China Securities Dividend Quality ETF (159209), providing a convenient tool for off-market investors to engage in the "dividend quality" strategy [2] - The China Securities Dividend Quality Index evaluates companies not just on high dividend yields but through a multi-dimensional assessment of profitability, growth quality, and financial stability, aiming to select high-quality listed companies that can sustain dividends while having good growth potential [2] Group 2 - In the current market environment, such products offer a new asset allocation choice for investors seeking stable returns and focusing on long-term value [2] - The launch of this linked fund lowers the participation threshold for investors who are optimistic about the dividend quality strategy but find direct ETF trading inconvenient, helping to attract more funds to focus on long-term shareholder returns and intrinsic quality of listed companies [2]

2026 年 1 月 28 日，银河博时 MSCI 中国东盟经济互联指数 ETF(后文简称"银河博时中国东盟ETF")上市仪式在港交所举办。 香港财经事务及库务局副局长陈浩濂、香港商务及经济发展局「一带一路」办公室专员何力治、香港交易所行政总裁陈翊庭、香港证监会投资产品部临时主 管杨慧明、招商局金融控股有限公司总经理王小青、博时基金有限公司董事长张东、中国银河国际控股有限公司董事长樊敏非、博时基金(国际)有限公司董 事长兼CEO连少冬，及香港证监会、香港交易所、香港商务及经济发展局「一带一路」办公室、招商局金融控股有限公司等政府、商业机构、境内外投资者 代表等出席仪式。仪式宣告"银河博时中国东盟ETF"正式开始在港交所买卖。 银河、博时强强联合，产品方案独具特色 该产品由博时基金(国际)有限公司与中国银河国际资产管理(香港)有限公司合作创设，既发挥了博时国际作为香港最大的中资管理人之一、老牌ETF发行 人、香港资管市场创新先驱者的全球资产配置能力及其对中国资产、东盟资产投资机遇的融合设计能力;亦充分发挥了中国银河国际母公司中国银河证券在 东盟地区的布局优势，后者东盟领先的研究能力和市场地位为产品设计与发行提供 ...

开年以来，春季躁动持续演绎，科技与资源品双主线同步强势。尽管近期市场回调蓄力，以AI为代表 的科技成长方向，由于长期产业逻辑坚实，仍是市场不可忽视的热点。恰逢长城基金旗下产品2025年四 季度报告悉数披露，一同围观下长城"科技+"领域基金经理们的最新研判~ 陈良栋：关注基础化工、电子设备 2025年四季度中国宏观经济总体平稳，出口保持超强韧性，成为中国转型升级过程中的重要支撑点，但 是宏观经济修复力度环比走弱，PPI和CPI同比数据代表企业盈利仍有压力，预计政府会持续推出政策来 稳住宏观经济大盘，通过时间换空间，结构升级来带动整体优化发展。另外中美关系持续缓和，市场流 动性偏宽松，市场对中国发展信心增强，风险偏好持续提升。在前三季度市场明显的分化行情之后，四 季度市场预期比较稳定，因此市场结构分化程度有所缩小，市场在均衡过程中等新的基本面和预期变 化。期间，本基金重点关注基础化工和电力设备行业等方向。（长城产业臻选2025年四季报） 储雯玉：AI硬件产业链前景可期 报告期内，本基金紧跟产业链趋势，围绕AI主线进行布局，尽管2025年四季度科技板块整体表现不 佳，我们仍通过板块间的轮动努力控制回撤。往后展望，随 ...

Core Viewpoint - The Southbound East Asia Huatai-Pinebridge CSI A500 ETF has been listed on the Hong Kong Stock Exchange, marking a significant step in the internationalization of the CSI A500 index and providing a new channel for international investors to access A-share markets [1][2][4]. Group 1: Product Launch and Features - The Southbound East Asia Huatai-Pinebridge CSI A500 ETF (stock code: 3101.HK) was listed on January 28, with an initial price of approximately HKD 7.9 per share and a management fee of 0.99% [2][3]. - The ETF will invest at least 90% of its net assets directly into the Huatai-Pinebridge A500 ETF through QFII and Stock Connect channels, allowing international investors to indirectly invest in a basket of quality listed companies in mainland China [2][3]. Group 2: Market Context and Trends - The listing of the ETF is part of a broader trend where global investors are increasingly allocating funds to Chinese assets, with the CSI A500 index being a key representative of China's economic landscape [4][5]. - The CSI A500 index employs an "industry-neutral" methodology, covering 35 secondary industries and 89 tertiary industries, with over 70% of its weight in new economy sectors, aligning with China's high-quality economic development [4][5]. Group 3: Performance and Growth - As of January 26, the Huatai-Pinebridge A500 ETF had a total size of CNY 46.265 billion, making it the largest product tracking the CSI A500 index, with an average daily trading volume of CNY 14.304 billion this year [3][5]. - The total size of all ETFs tracking the CSI A500 index has exceeded CNY 280 billion, making it the second-largest index product in mainland markets after the CSI 300 index [5]. Group 4: Internationalization Efforts - The internationalization of the CSI A500 index is accelerating, with the listing of the Southbound East Asia Huatai-Pinebridge CSI A500 ETF in Singapore on January 20, allowing Singaporean investors to trade the ETF conveniently [6]. - Deutsche Asset Management announced a partnership with Harvest Global Investments to transform one of its ETFs into a product tracking the CSI A500 index, furthering the index's international presence [5].

上述事项已按规定在中国证券投资基金业协会办理相关注册手续。 特此公告！ 公告送出日期：2026年01月28日 1 公告基本信息 ■ 2 新任基金经理的相关信息 ■ 3 其他需要说明的事项 浙江浙商证券资产管理有限公司 2026年01月28日 MACD金叉信号形成，这些股涨势不错！ ...