调整旗下部分上交所ETF 基金份额参考净值（IOPV）计算机构并修订招募说明书的公告 基于中证指数有限公司关于上证系列指数ETF的IOPV计算迁移安排，为维护基金份额持有人利益，根 据相关基金基金合同及招募说明书（更新）的规定，经与基金托管人沟通一致，自2026年1月26日起， 华夏基金管理有限公司（以下简称"基金管理人"）旗下5只上交所ETF的基金份额参考净值（IOPV）由 中证指数有限公司计算。基金管理人据此对上证医药卫生交易型开放式指数发起式证券投资基金、上证 金融地产交易型开放式指数发起式证券投资基金招募说明书（更新）中IOPV计算的相关内容进行了修 订，修订内容自2026年1月26日起生效。现将具体情况公告如下： 一、涉及基金 ■ 二、调整ETF IOPV计算机构及招募说明书（更新）修订 自2026年1月26日起，上述5只ETF的基金份额参考净值（IOPV）调整为由中证指数有限公司计算。基 金管理人据此对上证医药卫生交易型开放式指数发起式证券投资基金、上证金融地产交易型开放式指数 发起式证券投资基金招募说明书（更新）中IOPV计算的有关内容进行了修订，修订内容如下： 三、其他需要说明的事项 如有疑问 ...

Group 1 - The core announcement is about the convening of a fund holders' meeting for the Yinhua CSI 1000 Enhanced Strategy ETF to discuss the continuous operation of the fund due to its net asset value falling below 500 million yuan for 60 consecutive trading days [29][28] - The meeting will be held via communication methods, with voting starting from January 23, 2026, to March 30, 2026 [2][4] - The agenda includes a proposal regarding the continuous operation of the fund, which requires approval from fund holders [3][29] Group 2 - The rights registration date for fund holders to participate in the meeting is January 22, 2026 [4] - Fund holders can vote by submitting ballots through various methods, including downloading from the fund manager's website [5][39] - The voting process allows for both direct voting and proxy voting, with specific requirements for documentation based on the type of investor [6][12][40] Group 3 - The counting of votes will be supervised by designated personnel and will be conducted within two working days after the voting deadline [20] - The effectiveness of the ballots will be determined based on clarity and compliance with the announcement's requirements [50] - A resolution will be considered valid if more than half of the voting rights are represented by fund holders or their proxies [22][51]

Core Insights - The article discusses various types of competitive advantages, referred to as "moats," that companies can possess to maintain their market position and profitability [3][9][13]. Group 1: Types of Competitive Advantages - **Scale Advantage**: Companies like BlackRock, Vanguard, and State Street dominate the index fund market, collectively holding over 80% of the global market share. Larger funds can lower management fees, attracting more investors and creating a positive feedback loop [3]. - **Network Effect**: Industries such as stock exchanges and e-commerce benefit from network effects, where the value of the network increases with the number of users. For instance, the Hong Kong Stock Exchange has a significant market share, making it difficult for new entrants to compete [6][7]. - **Brand Advantage**: In sectors like consumer goods and pharmaceuticals, brand recognition plays a crucial role. Consumers often remember only a few brands, such as Moutai in liquor or Yili in dairy products, which illustrates the power of brand loyalty [9]. - **Switching Costs**: Companies that create ecosystems, like Apple with its product matrix, increase switching costs for users. Once consumers are accustomed to a particular ecosystem, it becomes challenging to switch to competitors [10][12]. - **Resource Advantage**: Industries such as mining and energy benefit from unique resources that are difficult to replicate. Companies with low extraction costs can maintain profitability and market dominance [13]. Group 2: Financial Characteristics of Companies with Moats - Companies with established moats typically exhibit strong financial metrics, indicating their ability to sustain profits over time [13].

Core Viewpoint - The beginning of 2026 presents challenges for conservative investors, with a strong A-share market and weak performance in bond funds and wealth management products, leading to increased volatility risks [1][2] Summary of 2025 Bond Market Performance - The bond market in 2025 saw a historical low annual yield of 0.83%, attributed to a divergence between expectations and reality, as well as changes in market structure [1][2] - The rapid rise in bond prices at the end of 2024 was driven by a shift in funds from the stock market due to risk aversion and expectations of significant monetary easing in 2025, which did not materialize as anticipated [2][3] Key Factors Influencing the 2026 Bond Market - The influence of stock market performance on bond funds remains, but the intensity may become more rational, with a potential easing of supply pressure in the bond market [3][4] - The structural changes in traditional investment forces, such as banks and insurance companies, continue to pose challenges for the bond market in 2026 [4][5] Structural Opportunities in the 2026 Bond Market - Despite pressures, there are positive factors, such as the significant amount of maturing deposits expected in early 2026, which may lead to a shift towards stable investment products like bonds [6][7] - The anticipated inflow of funds into wealth management and "fixed income+" products could create structural opportunities for short-term credit bonds and long-term local government bonds [7][8] Investment Strategy for 2026 - The bond market is expected to have limited risk of significant declines, supported by a combination of fiscal and monetary policies aimed at easing pressure on debt servicing [8] - The potential for a significant rise in long-term bonds is limited, while short-term credit bonds may become a focal point for investment as maturing deposits are reallocated [8][9]

Core Insights - The latest data from the US indicates a slight increase in the Personal Consumption Expenditures (PCE) price index for November, aligning with market expectations but remaining above the long-term target set by monetary policy makers [1][3] Economic Indicators - The overall PCE price index rose by 2.8% year-on-year and 0.2% month-on-month in November, with the core PCE index showing the same increases [3] - Personal income grew by 0.3% month-on-month in November, slightly below market forecasts, while personal consumption expenditures increased by 0.5% in both October and November, indicating sustained consumer momentum [3] - The personal savings rate saw a slight decline in November compared to the previous month [3] Economic Growth and Labor Market - The final value of the US GDP for the third quarter was revised upward, indicating the fastest economic growth in two years [5] - Initial jobless claims remain near historical lows, suggesting a relatively tight labor market despite some signs of cooling [5] Consumer Behavior and Economic Disparities - High-income households and large corporations are primarily driving current economic growth, with asset price strength buffering inflation impacts on these groups [5] - In contrast, middle and low-income households face more pressure due to limited flexibility in consumption choices [5] Monetary Policy Outlook - Analysts suggest that resilient consumer spending may provide monetary policy makers with more time to assess the effects of previous policy adjustments [8] - The market widely anticipates that the Federal Reserve will maintain interest rates at the upcoming monetary policy meeting, following three consecutive rate cuts last year [8] - Futures market pricing indicates limited room for further rate cuts within the year, necessitating careful consideration by decision-makers amid ongoing inflationary pressures and external uncertainties [8]

国富健康优质生活股票基金成立至今，长期处于迷你基金状态。该基金资产净值2021年3月末一度达到7.53亿元，到了2021年9月末，该基金资产净值仅剩下 0.11亿元，此后至今便一直维持迷你基金状态。 值得注意的是，截至2021年3月末，有3家机构持有国富健康优质生活股票基金份额占比为94.72%，到了2021年9月末，上述3家机构全部赎回。 1月22日，国海富兰克林基金旗下国富健康优质生活股票基金发布2025年四季报。报告显示，该基金2025年四季度单位净值下跌10.33%，跑输业绩比较基准 6.16个百分点。 | | 早位:八尺中元 | | --- | --- | | 主要财务指标 | 报告期(2025年10月1日-2025年12月31日) | | 1. 本期已实现收益 | 79, 546. 02 | | 2. 本期利润 | -887, 336. 33 | | 3. 加权平均基金份额本期利润 | -0. 1814 | | 4. 期末基金资产净值 | 7.064.684.86 | | 5. 期末基金份额净值 | 1. 5528 | 国富健康优质生活股票基金的单位净值2025年增长14.40%，资产净值2025 ...

公告送出日期：2026年01月24日 1公告基本信息 3离任基金经理的相关信息 ■ 4其他需要说明的事项 本公司已就上述事项在中国证券投资基金业协会完成相关手续。 汇添富基金管理股份有限公司 2026年01月24日 ■ 2新任基金经理的相关信息 ■■ ...

根据中国证监会2017年9月5日下发的[2017]13号《中国证监会关于证券投资基金估值业务的指导意见》 （简称"指导意见"）、中国证券投资基金业协会2013年5月20日下发的[2013]13号《关于发布中基协 （AMAC）基金行业股票估值指数的通知》及鹏华基金管理有限公司（以下简称"本公司"）停牌股票的 估值政策和程序，经与相关托管银行协商一致，决定于2026年01月23日起对本公司旗下基金（ETF基金 除外）所持有的以下停牌股票采用"指数收益法"进行估值。待以下停牌股票复牌且其交易体现了活跃市 场交易特征之日起，恢复采用当日收盘价进行估值，届时不再另行公告。敬请投资者予以关注： 特此公告。 鹏华基金管理有限公司 2026年01月24日 本公司旗下基金将严格按照《企业会计准则》、指导意见、中国证监会相关规定和基金合同中关于估值 的约定对基金所持有的投资品种进行估值，请广大投资者关注。 投资者可登陆我公司网站（http://www.phfund.com.cn）或拨打客户服务电话400-6788-999或400-6788- 533咨询或查阅相关信息。 ■ ...

格隆汇1月23日丨银禧科技(300221.SZ)公布，为寻找新兴产业发展机遇，借助专业投资机构在投资领域 的广泛布局及资源整合能力，在不影响公司日常经营和发展的前提下，广东银禧科技股份有限公司以自 有资金5,000万元认购深圳市同创网络与通信和智能终端产业私募创业投资基金合伙企业（有限合伙） （简称"基金"或"合伙企业"）的基金份额，上述认购基金份额事宜以下简称"本次投资"。截至本公告披 露日，公司与各相关方已签署《深圳市同创网络与通信和智能终端产业私募创业投资基金合伙企业（有 限合伙）认购协议书》、《深圳市同创网络与通信和智能终端产业私募创业投资基金合伙企业（有限合 伙）合伙协议》。同时公司与深圳同创锦绣资产管理有限公司（简称"同创锦绣资管"或"乙方"）基金管 理人签署了《广东银禧科技股份有限公司与深圳同创锦绣资产管理有限公司之业务合作协议》。 ...

买基金千万不能看名字 你是不是以为那些带着纳斯达克的基金 就真的重仓了相关的ETF或者龙头股票 大错特错! 最近华宝旗下的纳斯达克精选基金 竟然成为全市场唯一收益告负的纳斯达克主题产品 真是万红丛中一点绿 气的很多基民都直接清仓不玩了 它还能不能再买？ 部分投资者深扒发现 小编自己也是买了不少 从去年一直在定投 结果到现在还亏了6个点 A股都给我看顺眼了 问题来了，华宝纳斯达克为啥跑不赢指数？ 这只基金虽然顶着纳斯达克100的名头 却没有老老实实买相关优质的成分股 而是选了不少像蔚来汽车这样的股票 直接拖累了基金表现 而蔚来既不是纳斯达克100成分股 也不是综旨成分股 基金经理这么做合不合规呢？ 基金经理反而大手笔加仓 持股数量猛增到1393万股 其实华宝纳斯达克精选 是一只主动管理型基金 可以从纳斯达克上市的所有股票里面选 但问题是 基金经理偏偏就选择了蔚来 2024年底这只基金还只持有其443万股 到了2025年底 蔚来在2025年第四季度股价暴跌33% 成为第11大重仓股 如今跌成狗了也没及时卖掉 难怪小编之前赚的那点零花钱 又给吐回去了 外加前10大重仓股里英伟达、特斯拉、奈飞等股票 年前表现一般 所 ...