格隆汇1月28日｜浦银安盛基金今日公告称，公司原股东法国安盛投资管理公司（AXA Investment Managers S.A.）被法国巴黎资产管理控股公司（BNP Paribas Asset Management Holding S.A.）吸收合 并。因此，法国巴黎资产管理控股公司（BNP Paribas Asset Management Holding S.A.）成为公司股东， 股权占比不变，仍为39%股权。浦银安盛基金表示，法巴资管的总资产管理规模超过1.6万亿欧元，排 名欧洲前三。公司外方股东的实力进一步增强，将为公司未来发展提供更多支持与机会。此次股权变更 后，浦发银行仍为大股东，持股比例为51%；法国巴黎资产管理控股公司为第二大股东，持股比例为 39%；上海国盛集团资产有限公司为第三大股东，持股比例为10%。 ...

| 股东名称 | 股权比例 | | --- | --- | | 上海浦东发展银行股份有限公司 | 51% | | 法国巴黎资产管理控股公司 | 39% | | (BNP Paribas Asset Management Holding S.A. ) | | | 上海国盛集团资产有限公司 | 图片来源：公告截图 | 北京商报讯（记者 李海媛）1月28日，浦银安盛基金公告称，经中国证监会核准，公司原股东法国安盛 投资管理公司（AXA Investment Managers S.A.）被法国巴黎资产管理控股公司（BNP Paribas Asset Management Holding S.A.）吸收合并。因此，法国巴黎资产管理控股公司（BNP Paribas Asset Management Holding S.A.）成为浦银安盛基金股东，持有公司39%股权。 此次股权变更后，浦银安盛基金的注册资本保持不变，股权结构为上海浦东发展银行股份有限公司、法 国巴黎资产管理控股公司（BNP Paribas Asset Management Holding S.A.）、上海国盛集团资产有限公司 分别持股51%、39%、10% ...

根据披露，截至2025年9月30日，法巴资管的总资产管理规模超过1.6万亿欧元，排名欧洲前三。 浦银安盛基金称，该公司将继续加强与双方股东协同，发挥中外方股东资源优势。公开数据显示，截至 2025年12月31日，浦银安盛基金（含子公司）的资产管理总规模超4500亿元。 1月28日晚，浦银安盛基金公告，该公司第二大股东将由法国安盛投资管理公司（AXA Investment Managers S.A.），变更为法国巴黎资产管理控股公司（BNP Paribas Asset Management Holding S.A.）， 股权占比不变。 此次变更后，浦发银行将持有该公司 51%股权，法国巴黎资产管理控股公司（BNP Paribas Asset Management Holding S.A.）持股 39%，上海国盛集团资产有限公司持股 10%。 ...

Core Viewpoint - The recent collective termination of public REITs applications is significantly influenced by the decline in underlying asset valuations, marking a critical shift in the regulatory landscape and market dynamics [1][10][12]. Group 1: Termination of REITs Applications - On January 23, 2026, both the Shanghai and Shenzhen Stock Exchanges announced the termination or withdrawal of five public infrastructure REITs applications, marking the first instance of such a collective termination since the pilot program began [2]. - The terminated projects include various types of underlying assets such as rental housing, industrial parks, logistics, new energy, and water treatment, all structured as "public funds + infrastructure asset-backed securities" [5][6]. - The termination is attributed to the new regulatory guidelines effective December 31, 2025, which stipulate that applications not responding to feedback within a specified timeframe will be automatically terminated [10]. Group 2: Underlying Asset Challenges - The underlying assets of the terminated REITs face structural challenges that hinder compliance with regulatory requirements, such as the need for stable cash flows and operational stability [11][12]. - For instance, the rental housing REIT faced issues related to compliance verification and operational stability, leading to a lack of response to inquiries for over a year [5][11]. - The logistics REIT encountered declining rental prices and high tenant concentration, complicating its ability to demonstrate operational stability [12]. Group 3: Market Dynamics and Regulatory Changes - The public REITs market has grown significantly, with over 78 products launched and a cumulative financing scale exceeding 210 billion yuan, positioning it as the largest in Asia and the second largest globally [15]. - However, the market is now transitioning from a focus on quantity of issuance to an emphasis on the quality of underlying assets and the stability of cash flows [3][15]. - The decline in asset valuations, particularly in the real estate sector, has led to increased reluctance among original equity holders to proceed with applications, as they may not find the valuations acceptable [13][16]. Group 4: Future Outlook - The termination of these applications is viewed as a necessary phase for the high-quality development of public REITs, with expectations that the market will optimize and enhance resilience amid ongoing challenges [17]. - The introduction of commercial real estate REITs, which do not require approval from the National Development and Reform Commission, is anticipated to accelerate the approval process and improve market conditions [16][17].

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. ...

Group 1: Gold and Silver Prices - Spot gold has risen over 1%, reaching a record high of $5247.628 per ounce, currently reported at $5243.608 per ounce, an increase of 1.19% [1] - Spot silver has seen a daily increase of 2.8%, currently priced at $115.042 per ounce [1] - Domestic gold jewelry prices have also reached historical highs, with prices exceeding 1600 yuan per gram, including quotes from major retailers such as Lao Feng Xiang at 1620 yuan per gram and Chow Tai Fook at 1618 yuan per gram [3][4] Group 2: Market Reactions and Fund Activity - Hong Kong gold stocks have mostly strengthened, with notable increases in shares such as Chifeng Jilong Gold Mining up 5.76% and Shandong Gold Mining up 5.26% [12][13] - Fund announcements indicate that both E Fund's Gold Theme LOF and Guotai Junan's Silver LOF will suspend subscription services starting January 28, 2026, to protect the interests of fund shareholders [14][15] Group 3: Economic Indicators and Market Sentiment - The recent decline in the US dollar index, reaching a near four-year low, has been attributed to a lack of coherent policies from President Trump, affecting global investor confidence in dollar assets [6][10] - The consumer confidence index in the US dropped significantly to 84.5 in January, the lowest level since May 2014, indicating potential economic concerns [10] - Analysts suggest that the ongoing rise in gold prices is supported by geopolitical changes and a continued loose liquidity environment, with expectations of further interest rate cuts by the Federal Reserve [17]

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]