各平台的反应也非常迅速，蚂蚁基金、京东金融、天天基金、同花顺等多家互联网平台 "实时估值"功能，以及"实盘榜"、"加仓榜"等榜单 均已下架。 以同花顺为例，其于近日公告，自1月30日起暂停"重仓涨幅"与"实时估值"功能，以提升服务合规性；京东金融则先行一步，于1月29日即 下架"基金估值"功能，并同步关闭"实盘牛人榜"等可能引发跟风交易的数据展示板块。此类调整旨在减少盘中估算净值对投资者的非理性 诱导，引导长期价值投资理念。 监管此次出手并非止于对违规机构的行政处罚，其更深层的政策意图在于直指实时估值功能固有的"先天缺陷"。部分投资者或存疑虑：盘 中实时估算净值看似提供了便利的决策参考，何以构成监管关切的重点？今天我们就来说说这个实时估值的弊端。 近期闹得沸沸扬扬的"一日吸金120亿"大V实盘事件相信投资者都有所耳闻。简单来说就是部分基金公司为了冲规模，居然跟没持证的网红 大V合作。这些大V在平台上提前喊话"我要大额加仓"，再配上实时估值大涨的截图煽风点火，忽悠粉丝跟风买买买，结果硬生生把某基金 单日申购量怼到了120亿。 但问题是，这些大V压根儿没基金从业资格证，推的产品也未必适合普通老百姓。很多人脑子一热 ...

为了更好地满足广大投资者的理财需求，兴证证券资产管理有限公司（以下简称"本公司"）与北京汇成 基金销售有限公司（以下简称"汇成基金"）协商一致，决定自2026年2月3日起，本公司旗下部分基金在 上述销售机构开展申购费率优惠活动。现将有关事项具体公告如下： 一、 适用产品 具体折扣费率、费率优惠活动期限、业务办理的流程等以销售机构相关公告为准。 三、投资者可通过以下途径了解或咨询有关详情 1、北京汇成基金销售有限公司 客服电话：400-055-5728 网址：www.hcfunds.com 2、兴证证券资产管理有限公司 ■ 二、申购费率优惠活动 投资者通过汇成基金申购上述基金份额，申购费率为原申购费率的0.1折，若原申购费率为固定费用 的，则按原固定费用执行，不参与本次费率折扣优惠。 详细费率请参见各基金的《基金合同》、《招募说明书》、《产品资料概要》等法律文件及本公司发布 的最新业务公告。 风险提示：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财产，但不保证投资于基金一 定盈利，也不保证最低收益。基金的过往业绩不代表未来表现，投资有风险，敬请投资人认真阅读基金 的相关法律文件，并选择适合自身风险承受 ...

Core Viewpoint - The announcement details the signing of sales agreements between Shangyin Fund Management Co., Ltd. and multiple fund sales agencies, indicating that these agencies will begin selling certain funds managed by the company starting from February 2, 2026 [1]. Group 1: Fund Sales Agreements - Shangyin Fund Management has entered into sales agreements with various fund sales agencies, including Ant (Hangzhou) Fund Sales Co., Ltd., JD Kenterui Fund Sales Co., Ltd., and others [1]. - The sales will commence on February 2, 2026, involving a range of funds managed by Shangyin Fund [1]. Group 2: Fund Sales Agencies - A total of 44 fund sales agencies are listed, including major players such as Shanghai Tian Tian Fund Sales Co., Ltd., and China International Capital Corporation Wealth Securities Co., Ltd. [1][2][3][4][5][6][7]. - Each agency has provided contact details, including websites and customer service phone numbers, for investors seeking more information [2][3][4][5][6][7].

Core Viewpoint - The article discusses the challenges faced by fund sales in balancing scale-driven growth and investor protection, highlighting recent regulatory actions against misconduct in the industry [2][3]. Group 1: Regulatory Actions - On January 29, the China Securities Regulatory Commission (CSRC) released a report targeting a fund company for exceeding 10 billion yuan in daily subscriptions due to improper practices [2]. - The report indicates that the fund company collaborated with unqualified internet influencers to create a buying frenzy for high-risk products [2][7]. - Regulatory measures include a combination of corrective actions and product registration suspensions, emphasizing a "zero tolerance" approach to sales misconduct [10]. Group 2: Sales Practices and Trends - Internet influencers, referred to as "Big Vs," have gained credibility by showcasing their real fund trading accounts, which has led to a surge in follower engagement and imitation of their investment strategies [5][6]. - The use of real-time valuation features and rankings on platforms has been criticized for encouraging short-term, emotional trading, which contradicts long-term investment principles [8]. - Despite regulations prohibiting misleading promotional language, some sales channels continue to use tactics that emphasize past performance while downplaying risks [8]. Group 3: Industry Transformation - The tightening of regulations is expected to cause significant changes in the industry, as traditional sales models relying on traffic and short-term incentives face challenges [13]. - The new regulatory framework encourages a shift from a scale-oriented approach to one focused on client interests, promoting long-term investment strategies [13][14]. - The article suggests that the future of fund sales will depend more on professional advisory services and long-term client relationships rather than mere marketing tactics [13][14].

1月30日，记者从业内获悉，基金销售和宣传推介行为迎来新规范。 记者获悉，有关部门关注到部分基金销售机构和非持牌的第三方平台重新上架"基金实时估值"功能，直 接提供或通过"净值参考""板块涨跌"等形式变相提供"基金实时估值"功能，还衍生出按平台当日申购金 额排序的"加仓榜"、展示用户持仓收益和明细的"实盘榜"等。上述功能可能误导投资者，摊薄基金产品 收益，引发投诉纠纷，应当予以规制。 1月30日，记者从业内获悉，基金销售和宣传推介行为迎来新规范。 记者获悉，有关部门关注到部分基金销售机构和非持牌的第三方平台重新上架"基金实时估值"功能，直 接提供或通过"净值参考""板块涨跌"等形式变相提供"基金实时估值"功能，还衍生出按平台当日申购金 额排序的"加仓榜"、展示用户持仓收益和明细的"实盘榜"等。上述功能可能误导投资者，摊薄基金产品 收益，引发投诉纠纷，应当予以规制。 此外，相关要求强调，基金宣传推介与销售活动直接面向广大投资者，事关投资者合法权益保护与行业 声誉。 针对各类基金销售和宣传推介行为，相关要求提出，一是基金公司及基金销售机构要切实加强投资者适 当性管理，把合适的产品卖给合适的投资者，防止风险错配。 ...

Core Viewpoint - The investment strategy conference hosted by Wind Fund and Dachen Fund emphasizes the importance of macroeconomic environment, AI themes, and asset allocation for investment planning in 2026, highlighting a pivotal year for value awakening in the Chinese stock market and a dual recovery driven by liquidity and cycles [1][4]. Group 1: Macroeconomic Analysis - The Vice President and Chief Economist of Dachen Fund, Yao Yudong, analyzed the macroeconomic situation for 2026, indicating a transition from "investment in objects" to "investment in people" in China, with a need for consumption structure optimization and facing structural challenges in internal circulation [6]. - The global landscape is characterized by a "flame era" of technological revolution and great power competition, with AI driving industry differentiation and intensifying resource competition [6]. - Investment strategies should focus on "technological innovation + resource autonomy," paying attention to strategic areas such as AI, chips, and copper, while also seizing profit recovery opportunities under anti-involution policies [6]. Group 2: AI and Decision-Making - The head of investment research at Wind Fund, Chen Yidi, discussed how technology is profoundly reshaping the investment research ecosystem, with AI evolving from an efficiency tool to a critical component of decision support [8]. - AI, combined with high-quality structured data, enhances research coverage and reduces "illusion" risks, aiding institutions in building a more stable and consistent decision support system [8]. - The future of decision-making in the industry will shift from experience-driven to data and system-driven, promoting long-term sustainable development [8]. Group 3: Multi-Asset Allocation Insights - A roundtable discussion on multi-asset allocation in a low-interest-rate environment highlighted the rising duration risk in bonds and the normalization of equity market volatility, stressing the need for a well-structured allocation to avoid hidden risks [10]. - Experts suggested reconstructing the "underlying anchor" of multi-asset allocation, focusing on the value of uncorrelated assets, and addressing the mismatch between investor return expectations and risk tolerance through diversified strategies [10]. - The importance of strategy selection over asset selection is increasingly emphasized, particularly in a low-interest-rate environment where the ability to generate Alpha and strategic allocation becomes crucial [10]. Group 4: AI Industry Investment Opportunities - Dachen Fund's stock investment manager, Du Cong, analyzed the core value segments and opportunities within the AI industry chain, noting Google's significant advantages in AI while highlighting relative shortcomings of companies like Amazon and Meta [13]. - Fund manager Guo Weiling focused on the technology sector investment strategy for 2026, asserting that AI remains the main investment theme, with expectations for continued market performance in the first half of the year, albeit with increased investment difficulty compared to 2025 [15]. Group 5: Future Outlook - The conference served as a critical moment for investment layout, gathering industry wisdom to interpret macroeconomic trends and investment research logic, while outlining feasible paths for annual asset allocation [17]. - Wind Fund aims to continue fostering an open, cooperative, and win-win philosophy, collaborating with more industry partners to build a financial ecosystem and leveraging AI to help investors seize development opportunities in the new era of the 14th Five-Year Plan [18]. Group 6: Company Overview - Wind Fund, as an independent sales institution under Wind, ranks among the top 100 sales institutions, with its non-monetary public fund scale among the top 10 independent fund sales institutions as of the second quarter of 2025 [20]. - The company is dedicated to providing off-market fund research and trading management services, creating efficient and convenient one-stop investment research and trading platforms for various financial entities [20].

Summary of Regulatory Penalties in Public Fund Sales in 2025 Overview of Penalties - In 2025, public fund sales institutions and personnel received a total of 88 penalties from the China Securities Regulatory Commission (CSRC) and its local agencies [2][25]. - The penalties included 51 against institutions and 37 against individuals, with 14 institutions facing dual penalties involving 18 individuals [3][25]. - The majority of penalties were warnings (72), followed by orders for correction (13), and suspensions of certain business activities (2) [3][25]. Types of Penalties - The penalties were categorized into various types, with institutions receiving 51 penalties and individuals 37 penalties [3][25]. - The breakdown of penalties by institution type showed that securities firms received 70 penalties, banks 17, and independent fund sales institutions 1 [4][25]. Reasons for Penalties - The main reasons for penalties included issues related to personnel qualifications, prohibited sales behaviors, suitability management, incentive assessments, promotional materials, and integrity in operations [5][27]. - Specific violations in suitability management were noted 30 times, including failures in understanding client financial situations and improper sales recommendations [8][30]. Characteristics of Penalties - The regulatory penalties in 2025 exhibited three main characteristics: 1. Violations were dispersed across various issues, but specific behaviors were concentrated [43]. 2. Securities firms were the most affected, accounting for nearly 80% of penalties [43]. 3. There was a trend towards dual penalties for both institutions and individuals, with over 25% of institutions receiving dual penalties [43]. Recommendations for Improvement - Institutions are advised to enhance compliance controls regarding suitability management and ensure that sales personnel possess the necessary qualifications [21][44]. - Regular checks on sales personnel behavior and adherence to promotional material regulations are recommended to prevent prohibited sales practices [21][44]. - Fund managers should conduct thorough due diligence when selecting sales institutions and continuously assess their compliance with regulatory standards [21][44].

2其他需要提示的事项 根据法律法规和基金合同的相关规定，平安基金管理有限公司（以下简称"本公司"）决定自2026年1月 22日（含）起取消平安匠心优选混合型证券投资基金（以下简称"本基金"）对投资者大额申购、定期定 额投资和转换转入业务的限制，恢复办理本基金的正常申购、定期定额投资和转换转入业务。 公告送出日期：2026年1月22日 如有疑问，可拨打平安基金管理有限公司客户服务电话：400-800-4800进行咨询，或登陆公司网站 fund.pingan.com获得相关信息。 1公告基本信息 风险提示：本公司承诺以诚实信用、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。敬请投资者注意投资风险。投资者投资于上述基金前应认真阅读基金的基金合同及相 关公告。 ■ 特此公告。 平安基金管理有限公司 2026年1月22日 平安鼎信债券型证券投资基金 基金经理变更公告 公告送出日期：2026年1月22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 上述事项已按规定向中国证券投资基金业协会办理相关手续。 特此公告。 平安基金管理有限公司 2026年1月22日 ...

Group 1 - The core announcement is about the addition of Shanghai Wind Fund Sales Co., Ltd. and CITIC Bank as sales agencies for certain open-end funds managed by Yingda Fund Management Co., Ltd., effective January 20, 2026 [1][4] - Investors can perform various transactions such as account opening, subscription, redemption, and regular investment through these new sales agencies, and may also participate in promotional fee discount activities [1][4] - Specific funds available for sale through these agencies include Yingda Anxin 66-Month Regular Open Bond and Yingda Tongyou One-Year Regular Open Bond, which are currently in a closed period and not available for subscription [1][4] Group 2 - The announcement includes details about the fee discount activities available for investors who subscribe to the listed funds through the new sales agencies, with specific discount rates and periods to be announced by the agencies [3][6] - Investors are advised to understand the differences between regular investment and other savings methods, emphasizing that regular investment does not guarantee returns and is not equivalent to savings [2][5] - The management company emphasizes its commitment to managing fund assets with diligence and integrity, but does not guarantee profits or minimum returns from the funds [3][7]

Core Insights - The competition among leading internet fund sales platforms for high-net-worth clients has intensified since the beginning of 2026, with platforms offering various incentives such as consumption coupons and app memberships to attract customers [1][2][3] - New regulations emphasize the need for fund sales institutions to guide investors towards long-term investments and to provide benefits to investors, pushing platforms to leverage their unique advantages to build a more stable and quality user base [1][5][7] Group 1: Competition for High-Net-Worth Clients - Major platforms like Ant Wealth, Tencent Licai Tong, and JD Finance are actively competing for high-net-worth clients by introducing tiered membership systems and exclusive benefits [2][3] - Ant Wealth has launched higher-tier cards targeting ultra-high-net-worth clients, while also facing criticism for reducing the benefits associated with existing membership tiers [2][3] - Other platforms are also rolling out similar packages to attract high-net-worth users, leading to increased discussions on social media about the comparative benefits of these offerings [3][4] Group 2: Transfer Custody Services - To facilitate the movement of funds, several platforms have introduced detailed "transfer custody" guides, helping investors switch their assets from one platform to another [4][6] - The popularity of these guides reflects the intense competition for high-net-worth clients and the evolving demands of investors for better service experiences [6][7] Group 3: Shift in Business Strategy - The fund sales industry is transitioning from a focus on rapid growth through traffic and scale to a more refined approach that emphasizes customer value and long-term relationships [5][6] - New regulations require fund sales institutions to prioritize investor interests, shifting the focus from merely selling products to retaining clients and ensuring their profitability [7][9] - Platforms are increasingly recognizing the need to provide comprehensive wealth management services rather than just transactional capabilities, as high-net-worth clients seek more integrated and professional solutions [6][10] Group 4: Building Trust and Long-Term Relationships - The new regulatory environment is pressuring fund sales institutions to enhance their service offerings and build trust with clients, moving from a "traffic operation" model to a "trust management" approach [7][9] - Platforms are implementing various strategies to improve customer engagement and retention, including personalized services and educational resources [8][10] - The competitive advantage of these platforms will depend on their ability to provide professional advisory services and maintain long-term client relationships in a low-fee environment [9][10]