Core Viewpoint - Recent fluctuations in international gold and silver prices have caused volatility in the A-share cyclical sector, but the fundamental "supply-demand resonance" of the cyclical industry remains unchanged, supported by global power supply constraints, new demand from AI infrastructure and energy storage, and strategic reserve demands driven by national "resource security" policies [1][5] Group 1: Investment Opportunities - The cyclical industry is supported by a complete layout covering upstream resources, midstream chemicals, and downstream agriculture, with four funds from China Europe Fund focusing on the cyclical industry chain [1][3] - The four funds, managed by different fund managers, aim to achieve comprehensive coverage of cyclical investments, with specific focuses on energy metals, industrial metals, natural resources, basic chemicals, and agriculture [3][4] Group 2: Performance Data - As of December 31, 2025, the China Europe Cyclical Preferred Mixed Fund A has achieved a cumulative return of 104.16% since its establishment on November 14, 2023, significantly outperforming its benchmark [4][10] - The China Europe Resource Selection Fund A has a return of 80.46% since its inception, exceeding its performance benchmark by 33.88 percentage points, focusing on core resource varieties like copper and aluminum [4][10] Group 3: Historical Context and Future Outlook - The current third global commodity cycle is characterized by structural adjustments in the global economy, industrial upgrades, and geopolitical changes, with historical cycles providing a reference for understanding the uniqueness and sustainability of this cycle [5][6] - The ongoing global commodity cycle is expected to be prolonged, with major economies emphasizing "resource security," which supports the demand for core commodities like copper and aluminum [6][7] Group 4: 2026 Investment Directions - Fund managers have outlined investment directions for 2026, focusing on commodities such as copper, aluminum, lithium carbonate, gold, and small metals, while also considering opportunities in chemicals and coking coal [8][9] - The cyclical industry is expected to benefit from continued liquidity easing and supply-side constraints, with a focus on price-elastic new energy metals and industries that can increase reserves and production under "resource security" policies [8][9]

该基金国投瑞银基金管理有限公司当晚发布公告，解释此次净值大幅波动系因调整基金估值方法所致。2月2日以来，国投白银LOF连续五个交易 日开盘即告跌停。 根据国投资本披露的2024年年度报告，公司2024年归母净利润为26.94亿元。若按公告所述"低于5%"的理论最大值计算，影响金额约为1.347亿 元。 此次事件的背后是白银市场的大起大落。2025年，国际白银价格呈现"冲高回落"格局，COMEX白银期货价格一度突破每盎司35美元关口，创2012 年以来新高。国内上期所白银期货主力合约也随之上涨，年内涨幅一度超过40%，带动相关主题基金净值大幅攀升，国投白银LOF规模一度突破 189亿元。 然而，进入2026年1月，市场逻辑发生逆转。随着美国非农数据超预期、美联储释放"鹰派"信号暗示暂停降息，美元指数强势反弹至109上方，贵 金属价格承压。1月30日，现货白银价格大幅下挫26.83% 2月2日晚间，国投瑞银白银期货LOF更新净值后显示，A类份额单位净值从前一交易日的3.2838元骤降至2.2494元，单日跌幅达31.5%，创公募基 金单日下跌历史纪录。 2月24日，"网红基金"国投瑞银白银期货证券投资基金（LOF ...

Group 1 - The 30-year Treasury ETF (511090) saw a 0.12% increase as of February 24, with an active trading volume of 10.29% and a transaction value of 2.399 billion yuan, indicating a vibrant market [1] - Over the past year, the average daily trading volume of the 30-year Treasury ETF reached 8.191 billion yuan, with the latest fund size at 23.283 billion yuan [1] - The ETF experienced continuous net inflows over the past week, totaling 2.086 billion yuan, with a peak single-day net inflow of 658 million yuan [1] Group 2 - On February 24, the 30-year Treasury futures contract rose by 0.32%, while the 10-year, 5-year, and 2-year contracts increased by 0.06%, 0.07%, and 0.03% respectively [1] - The central bank conducted a 7-day reverse repurchase operation of 526 billion yuan at an interest rate of 1.40%, with 1.4524 trillion yuan of reverse repos maturing on the same day [1] - The market sentiment is supported by increased institutional demand for bond holdings ahead of the Spring Festival, contributing to a stable and slightly bullish bond market [1] Group 3 - The Spring Festival saw a significant increase in travel and tourism, with traditional attractions and hotels experiencing price increases, indicating strong consumer demand [2] - The upcoming economic data and policy expectations are crucial for assessing the sustainability of the bond market's stability, as local governments have adjusted economic growth targets [2] - The 30-year Treasury ETF closely tracks the China Bond 30-Year Treasury Index, which includes publicly issued bonds with maturities of 25-30 years, serving as a benchmark for this type of investment [2]

2月24日，A500ETF南方（159352）交投活跃，截至发稿涨幅超1%，成交额43亿元。中信建投表示，当 前市场情绪仍然高涨，A股有望开启新一轮上行。行业配置上，可继续坚持"科技+资源品"双主线。其 中科技主线以AI、人形机器人、新能源和创新药为核心，资源品主线以贵金属、石油石化、基础化工 为核心。招商证券认为，节后A股资金面有望持续充裕，业绩真空期和政策回暖期给了A股接下来一段 时间进行产业趋势投资创造了良好的环境。A500ETF南方（159352）跟踪的中证A500指数具备显著优 势，其编制思路贴合新旧动能转换背景，覆盖大量新质生产力相关标的，兼顾贝塔收益与成长潜力。投 资者可借道A500ETF南方（159352，联接A：022434、联接C：022435、联接Y：022918）一键布局。 ...

年前，公募基金行业发生了一则重磅人事变动，华宝基金发布多条公告，公司指数投资总监、不可或缺的"台柱子"胡洁，一口气卸任了旗下所有在管产品， 涉及16只基金，管理规模超千亿元。 | | | | 基金名称 | 华宝中证科技龙头交易型开放式指数证券投资基金 | | --- | --- | | 基金简称 | 华宝中证科技龙头 ETF | | 基金主代码 | 515000 | | 基金管理人名称 | 华宇基金管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》 | | 基金经理变更类型 | 增聘基金经理、解聘基金经理 | | 新任基金经理姓名 | 胡一江 | | 共同管理本基金的其他经 | | | 理姓名 | | | 离任基金经理姓名 | 胡浩 | 这一"清仓式"的离任，不仅在指数投资领域投下一枚深水炸弹，也让业界的目光再度聚焦于其老东家——华宝基金，这家曾以行业ETF闻名、背靠央企巨头 的基金公司，在灵魂人物离场后，其赖以成名的指数业务又将走向何方？ 告别"千亿时代" 对于国内ETF发展史来说，胡洁是一个无法绕开的名字。 2006年，胡洁加入华宝基金，从交易部、产品开发部到量化投资部，一路成长 ...

2月24日，国投白银LOF复牌高开，盘中一度触及涨停。截至13时10分，国投白银LOF涨幅8.47%，报 3.060元，溢价率38.40%。 据悉，为应对高溢价风险，国投白银LOF今日开市起至10：30临时停牌，10：30后恢复正常交易，这也 是其近期为保障投资者利益采取的针对性风控措施之一。 2月15日，国投瑞银基金管理有限公司正式发布《关于白银基金相关方案的公告》，为国投白银LOF受 损投资者提出分层补偿方案。 具体来看，补偿对象为1月30日15：00后至2月2日15：00前提交赎回申请、且以2月2日基金净值确认赎 回的自然人投资者（不含机构投资者），补偿资金全部来源于基金公司自有风险准备金，不占用基金资 产，保障其他持有人权益不受影响。 其中，对估值调整影响金额（由-17%调至-31.5%的部分）为1000元以下的自然人投资者，按实际影响 金额全额确定和解金额。据介绍，该部分投资者占当日赎回投资者的比例超9成。对估值调整影响金额 （由-17%调至-31.5%的部分）超过1000元（含）的自然人投资者，在1000元基础上加上超过1000元部 分乘以一定比例确定总和解金额。 国投瑞银网站截图 雪球截图 国投 ...

2月24日，商络电子涨5.24%，截至发稿，报15.87元/股，成交5.18亿元，换手率6.77%，总市值109.03亿 元。 张永强累计任职时间3年54天，现任基金资产总规模15.58亿元，任职期间最佳基金回报55.74%， 任职 期间最差基金回报7.23%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 万家中证2000指数增强A（019920）成立日期2025年1月21日，最新规模1340.12万。今年以来收益 11.23%，同类排名690/5580；近一年收益54.83%，同类排名613/4297；成立以来收益55.74%。 万家中证2000指数增强A（019920）基金经理为乔亮、张永强。 截至发稿，乔亮累计任职时间6年190天，现任基金资产总规模64.04亿元，任职期间最佳基金回报 156.56%， 任职期间最差基金回报1.09%。 资料显示，南京商络电子股份有限公司位于江苏省南京市雨花区玉盘西街4 ...

Core Viewpoint - The A-share market is expected to focus on technology as the main theme for 2026, with attention also on consumer and dividend sectors as investment opportunities [1] Group 1: Investment Strategies and Themes - E Fund emphasizes the increasing value of dividend assets in a low-interest-rate environment, with dividend yields around 5% and a potential influx of funds into these assets in 2026 [1] - 华夏基金 suggests that concerns over tightening overseas liquidity may be overestimated, and long-term investors could find attractive entry points in sectors like AI, media, and lithium batteries [2] - 富国基金 predicts a "central oscillation upward" trend for the A-share market in 2026, driven by recovery opportunities in consumption and real estate [3] - 汇添富 identifies A-shares as the most promising asset for 2026, highlighting the clear trend in the AI industry and the potential for valuation increases [8] - 博时基金 recommends focusing on emerging industries, resource upgrades, and domestic demand recovery as key investment directions for 2026 [10] Group 2: Sector-Specific Insights - 国泰基金 notes a policy shift towards domestic demand, which is expected to enhance China's economic outlook and asset returns, suggesting a good time for mid-term adjustments in sectors like AI and power equipment [5] - 鹏华基金 highlights the wine sector's potential for valuation recovery in 2026, while also emphasizing the attractiveness of the tourism sector in Hong Kong stocks [6][7] - 景顺长城 focuses on the long-term structural benefits for the equity market, particularly in technology sectors like AI, semiconductors, and consumer electronics [9] - 银河基金 discusses the commercial viability of space solar power and the need for domestic companies to overcome challenges in reusable rocket technology [11] - 东方红 suggests that cyclical sectors have high potential but require supply-side adjustments, while advocating for a bottom-up approach to identify undervalued stocks [12]

2月24日早盘，A股三大指数早盘集体上涨，沪指半日涨1.17%，沪深京三市半日成交额15210亿元，较前一交易日半天放量3074亿元。全市场超 4200只个股上涨。板块题材上，油气开采及服务、贵金属、光纤概念、磷化工、化学原料、电网设备、煤炭开采加工、CPO、港口航运板块涨幅 居前；影视院线、AI应用、云计算、旅游及酒店、保险、白酒板块跌幅居前；港股低开低走，科技、医药股跌幅居前。 截至午间收盘，中证A500指数上涨1.6%，沪深300指数上涨1.3%，创业板指数上涨1.8%，上证科创板50成份指数上涨0.3%，恒生中国企业指数下 跌2.1%。 | 沪深300指数由沪深市场中规 | 截至午间收盘 | 该指数 | 该指数自2005年 | | --- | --- | --- | --- | | 模大、流动性好的300只股票 | 沪深300指数涨跌 | 滚动市盈率 | 发布以来估值分位 | | 组成,完整覆盖11个中证一级 行业 | 1.3% | 14.0倍 | 61. 8% | | 中证A500指数由各行业市值较 | 截至午间收盘 | 该指数 | 该指数自2004年 | | 大、流动性较好的500只证券 | 中证 ...

出品｜公司研究室基金组 通过股权穿透可进一步推算补偿总额：国投资本100%控股国投资本控股，后者持有61.29%的国投泰康 信托，国投泰康信托又控股51%的国投瑞银基金，综合持股比例约31.26%。 这意味着，国投资本承担的1.347亿元仅为总补偿额的31.26%，据此测算，国投瑞银基金本次补偿的理 论总额上限约为4.31亿元。 公告显示，此次事件源于国投瑞银白银期货证券投资基金（LOF）估值调整引发的市场波动，国投瑞银 基金已于2026年2月15日发布专项补偿工作方案，对相关受损投资者进行合理赔付。 国投资本经初步测算，本次补偿方案将对公司2026年度归母净利润产生一定负面影响，但影响金额低于 公司2024年度经审计归母净利润的5%。 文｜张阳 2月23日，国投资本（600061.SH）发布公告，针对市场高度关注的国投瑞银白银期货LOF估值调整补偿 事件正式披露财务影响，明确此次补偿方案将对公司年度利润产生有限影响，不会对主营业务与长期发 展构成实质性冲击。 以公司2024年26.94亿元归母净利润计算，此次对国投资本利润影响额不超过1.347亿元，整体处于可控 范围。 ...