Core Viewpoint - The improvement in the funding environment has become a significant driving force for the market's rise, marking the beginning of a vibrant new market cycle in 2026 after a comprehensive recovery in 2025 [1][24][35]. Group 1: Market Performance - On the first trading day of 2026, all three major A-share indices rose, with the Shanghai Composite Index surpassing the 4000-point mark and achieving a record of 12 consecutive daily gains, the longest since March 1992 [1][24][34]. - The market's single-day trading volume surged to 2.57 trillion yuan, indicating a sharp increase in bullish sentiment among investors [1][24][34]. - By January 9, 2026, the A-share market continued to show strength, with the Shanghai Composite Index reaching 4100 points and total trading volume exceeding 3.15 trillion yuan, reflecting a significant increase in market activity [34][35]. Group 2: Fund Industry Growth - As of November 2025, the total scale of the public fund industry in China surpassed 37 trillion yuan, marking a historic milestone and achieving a record high for eight consecutive months [5][27]. - The rapid growth of the ETF market has been a key contributor, with the total scale of ETFs reaching 6 trillion yuan by December 26, 2025, marking the fastest crossing of a trillion yuan milestone in just four months [5][27][28]. - The ETF market has transitioned from being dominated by stocks to a more balanced structure, with bond and commodity ETFs emerging as new growth areas, reflecting an increasing demand for diversified asset allocation [30][31]. Group 3: Investment Opportunities - The investment themes for 2026 are shaped by the performance of the AI industry, policy incentives for domestic consumption, and strategic opportunities in high-end manufacturing [3][26][43]. - Fund managers are increasingly focusing on technology growth, with a balanced approach that includes value assets to mitigate volatility [43][44]. - The high-end manufacturing sector is expected to present significant investment opportunities, driven by policy support and technological advancements in critical industries [46][47]. Group 4: Fund Management Strategies - Leading fund companies like Huaxia Fund are enhancing their product offerings to provide comprehensive asset allocation tools, including a range of ETFs that cater to various investment needs [41][47]. - Huaxia Fund has launched several thematic ETFs, achieving impressive returns, such as an 85.3% return for its AI-themed ETF and a 90.48% return for its Hong Kong biotech ETF [41][47]. - The company is also responding to regulatory changes by renaming existing ETFs to improve product identification and decision-making efficiency for investors [41].

国联中债0-3年政金债指数A/C成立于2023年11月30日，截至2026年01月09日，其今年来收益率 为-0.01%、-0.01%，成立来收益率为5.90%、6.27%，累计净值为1.0588、1.0625。 | 基金名称 | 国联中债 0-3年政策性金融债指数证券投资 | | --- | --- | | | 基金 | | 基金筒称 | 国联中债 0-3年政金债指数 | | 基金主代码 | 019955 | | 基金管理人名称 | 国联基金管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办 法》、《基金管理公司投资管理人员管理指 | | | 导意见》等有关法规的规定 | | 基金经理变更类型 | 解聘基金经理 | | 共同管理本基金的 其他基金经理姓名 | 王子克、汪曼英 | | 离任基金经理姓名 | 李倩 | 中国经济网北京1月12日讯近日，国联基金公告，李倩离任国联中债0-3年政金债指数。 李倩2007年7月至2014年7月曾任银华基金管理有限公司交易管理部交易员，固定收益部基金经理助理。 2014年7月加入国联基金管理有限公司，任固收投资部基金经理。 ...

霍顺朝2015年3月至2021年4月历任国融证券股份有限公司研究员、投资主办、投资顾问授权代表；2021 年4月至2023年2月任建信理财有限责任公司投资经理。2023年3月加入国联基金，现任固收投资部下设 二级部门"信用投资部"基金经理。 ...

Group 1 - On January 12, 38 ETFs under Huaxia Fund underwent a collective name change, adopting a new naming structure that includes "core elements of investment target + ETF + Huaxia" while keeping fund codes and other abbreviations unchanged [1] Group 2 - A comprehensive list of the renamed ETFs includes various categories such as broad-based, Hong Kong stocks, industry themes, and strategies, with each product now featuring "Huaxia" in its name [2][3] Group 3 - The renaming initiative aligns with regulatory efforts to standardize the ETF market, addressing issues of product homogeneity and improving investor recognition amidst the rapid growth of the ETF sector, which has surpassed 1,300 products [4] - The new naming convention aims to enhance the distinguishability of ETF products, allowing investors to quickly identify similar products from different fund companies by entering keywords related to the underlying index [4]

| 以答题记日 | 2026年1月14日 | | | --- | --- | --- | | 修施日 | 2026年1月15日(给内) | 2026年1月14日(后外) | | 现金江利发放日 | 2026年1月20日(Hotel) | 2026年1月16日(始外) | | 分红对象。 | | 权益整记目在中国证券登记结算有限周任公司签记在册的本基金全体的繁峙有人。 | | 基金名称 | | 万家科创板2年定期开放混合型正科技资基金 | | --- | --- | --- | | 法律师法 | | 万家科创版2年定期开放混合《场内隔称,万家科创研 | | 基金主代码 | | 506001 | | 新会资理人名称 | | 万家基金管理有限公司 | | 基金托管人名称: | | 中国三旗银行股份有限公司 | | 蛋金合同年效目 | | 2020年8月3日 | | 公室保护 | | 根据《中华人民共和国证券投资高金注》《公共享集团有投资基金近作官 理办法》的有关党记、《万家与创版2年定明元故展合型近筹投资基金基 金台同》、《万掌科创板2年定期开放混合营证券投资基金基金招募说明 劳》及其更新的有关约定 | | 政治分 ...

Group 1 - The core point of the article highlights the performance of public mutual funds over different time frames, showcasing the top-performing funds and their managers [1][2] - The top-performing public actively managed equity funds over the past 10 years include Huashang Advantage Industry Mixed Fund with a total return of 568.36%, followed by Huashang New Trend Preferred Mixed Fund at 515.06%, and Dongwu Mobile Internet Mixed Fund at 487.46% [1] - Over the past 5 years, the leading fund was Dongwu New Trend Value Line Mixed Fund with a return of 267.92%, followed by Huaxia North Exchange Innovation Small and Medium Enterprises Selected Fund at 260.42%, and Dongwu Mobile Internet Mixed Fund at 256.05% [1] - In the past 3 years, the top fund was Jinyuan Shun'an Yuanqi Flexible Allocation Mixed Fund with a return of 259.53%, followed by Dongwu Mobile Internet Mixed Fund at 256.09%, and Dongwu New Trend Value Line Mixed Fund at 251.22% [1] Group 2 - The analysis of successful fund managers reveals that their outstanding performance is rooted in understanding industry trends, exploring intrinsic value, and recognizing market logic, while maintaining discipline within their capability circle [2][3] - Dongwu Fund's Liu Yuanhai is noted for his ability to grasp technological changes, with his funds ranking highly due to a deep understanding of the technology growth sector [2] - The performance of Huaxia North Exchange Innovation Small and Medium Enterprises Selected Fund is attributed to its focus on the potential of specialized and innovative small and medium enterprises [2] - The recognition of "value" by fund managers is crucial, emphasizing that value investing involves careful assessment of a company's intrinsic value and investing at reasonable prices [3] - The long-term performance of Jinyuan Shun'an Yuanqi Flexible Allocation Mixed Fund is linked to the manager's unique understanding of the A-share market, which includes recognizing structural characteristics and market psychology [3][4] Group 3 - The effective execution of investment strategies relies on adhering to one's capability circle, as historical data shows that rotation-based fund managers rarely achieve long-term success [4] - Focusing on creating long-term value while ignoring short-term noise is emphasized as a strategy for sustainable success in investing [4]

Group 1 - The company announced the removal of the limit on daily single account subscriptions for institutional clients in the E Fund Investment Grade Credit Bond Fund starting from January 13, 2026, allowing for large subscriptions and conversions [1] - The company continues to suspend online direct sales for Class A shares of the fund, including subscriptions, conversions, and regular investment [1] Group 2 - E Fund has added Dongwu Securities as a primary dealer for the E Fund CSI Hong Kong Securities Investment Theme ETF, effective January 12, 2026, following an agreement with Dongwu Securities [2] Group 3 - The E Fund CSI Hong Kong Stock Connect High Dividend Investment ETF began trading on the Shanghai Stock Exchange on January 12, 2026, with a trading limit of 10% [5] - As of January 9, 2026, 93.39% of the fund's assets were invested in the index component stocks and alternative component stocks, complying with relevant regulations and the fund contract [5]

Group 1 - The core concept of fund advisory is to address the issue where funds make profits, but investors do not [4] - Fund advisory services are designed to help investors achieve better returns through professional guidance [5] - The article mentions a free course available for those interested in understanding fund advisory better [5][7] Group 2 - The performance of A-shares and H-shares varies over different periods, with H-shares sometimes outperforming A-shares and vice versa [8] - Long-term returns of A-shares and H-shares are relatively similar, particularly for mainland companies listed in Hong Kong [9] - The Hang Seng AH Premium Index measures the price difference between A-shares and H-shares of the same company, indicating the premium of A-shares [10]

Core Insights - The CEF/ETF Income Laboratory manages portfolios targeting approximately 8% yields, focusing on income investing through closed-end funds (CEFs) and exchange-traded funds (ETFs) [1][2] Group 1: Company Overview - The CEF/ETF Income Laboratory is designed to simplify income investing for both active and passive investors, regardless of their experience level [2] - The service emphasizes high-yield opportunities in the CEF and ETF space, with a significant portion of holdings being monthly payers to facilitate faster compounding and steady income streams [2] Group 2: Analyst Background - Juan de la Hoz, a contributor to the CEF/ETF Income Laboratory, has extensive experience in fixed income trading, financial analysis, and economics, focusing on dividend, bond, and income funds [2]

Core Viewpoint - The adjustment of Qualified Domestic Institutional Investor (QDII) quota usage regulations aims to prioritize public mutual funds, thereby alleviating the current tension in public QDII fund quotas and better meeting investors' diversified global asset allocation needs [1][2]. Group 1: Regulatory Changes - The new regulation establishes the principle that QDII quotas should be prioritized for public products, with a clear timeline for adjustments: by the end of 2027, the proportion of QDII quotas used for separate accounts must be reduced to below 20%, and by the end of 2026, at least half of this adjustment must be completed [2]. - Fund companies are required to develop management plans based on their circumstances, and failure to comply with the quota reduction may affect their ability to register new QDII separate account products and impact their classification evaluations [2]. Group 2: Market Demand and Pricing - There has been explosive growth in public QDII funds due to increasing awareness among residents regarding global asset allocation, leading to a significant supply-demand imbalance, with around 60% of QDII funds currently suspending subscriptions or limiting large subscriptions [4]. - The limited quotas have resulted in a spillover effect in the secondary market, driving up the premium rates of related funds, with some ETFs tracking the Nasdaq technology index showing premiums exceeding 20% [4]. Group 3: Promotion of Inclusive Finance - The new regulations are viewed positively within the industry as a concrete measure to implement the "Inclusive Finance" chapter of the "Five Articles" initiative, ensuring that limited QDII quotas primarily serve ordinary investors [5]. - As of the end of 2025, the total approved QDII quota reached $170.87 billion, with $94.29 billion allocated to securities and funds, highlighting the need to optimize the structure and improve the efficiency of fund usage [5]. Group 4: Long-term Implications - Analysts believe that the adjustment of QDII quota usage regulations represents a significant step towards balancing financial market openness and the development of inclusive finance, correcting the previous tendency of institutions to overly serve high-net-worth clients [6]. - The increase in public fund supply is expected to address high premium issues in the market, protecting the interests of small and medium investors, and promoting the development of public QDII products in the long run [6].