1月6日，指南针涨5.28%，截至发稿，报142.90元/股，成交17.61亿元，换手率2.11%，总市值869.14亿 元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，方正富邦基金旗下1只基金重仓指南针。方正富邦中证500ETF（510550）三季度持有股数 995股，占基金净值比例为0.65%，位居第五大重仓股。根据测算，今日浮盈赚取约7134.15元。 方正富邦中证500ETF（510550）成立日期2018年11月30日，最新规模2567.88万。今年以来收益 2.45%，同类排名1957/5488；近一年收益42.09%，同类排名1539/4193；成立以来收益94.04%。 方正富邦中证500ETF（510550）基金经理为于润泽。 截至发稿，于润泽累计任职时间3年296天，现任基金资产总规模19.55亿元，任职期间最佳基金回报 33.47%， 任职期间最差基金回报-30.33%。 资料显示，北京指南针科技发展股份有限公司位 ...

Group 1 - The public fund market experienced a surge in new fund issuances during the first week after the New Year holiday, with 45 new funds entering the fundraising period, marking a new high in issuance over the past 12 weeks and an increase of over 400% compared to the previous week [1] - Equity funds dominated the new issuances, with 30 out of the 45 new funds being equity products, accounting for 66.67% of the total [1] - The issuance of mixed funds also saw a significant increase, with 18 mixed funds launched, reaching a new high in nearly 32 weeks, matching the peak weekly issuance from 2025 [1] Group 2 - The emergence of new funds with themes related to "technology" or "innovation" was notable, with 11 such funds, representing 24.44% of the total new issuances, indicating the public fund industry's responsiveness to national strategies and industry trends [2] - A total of 36 public fund institutions participated in the new fund issuances, with major players like Southern Fund and Yongying Fund each launching 3 products, while several other funds launched 2 products each [2] Group 3 - The increase in fund issuance at the beginning of the year is attributed to multiple factors, including supportive policies for key sectors like technology, favorable market conditions with reasonable A-share valuations, ample market liquidity, and intense competition among public fund companies [3] - The policy environment has been actively guiding market funds towards strategic industry directions, prompting public institutions to increase the supply of relevant products [3] - The expectation of a "spring rally" in the market has further boosted the enthusiasm for new fund issuances, as institutions anticipate favorable conditions for building positions [3]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：小基慢跑 这一股权转让设置了一个关键条件：受让方必须同时摘牌两家股东的股权。这意味着潜在买家可以一次 性获得中海基金的控股权。 中小基金公司在行业头部效应加剧下的生存突围，正成为公募基金行业格局变化的焦点。 2025年12月30日，国联民生证券股份有限公司发布公告，拟公开挂牌转让所持有的中海基金33.409%股 权。与以往不同的是，此次转让并非单独进行，而是与外资股东法国洛希尔银行联合转让，两家合计转 让中海基金58.409%的股权。 截至2025年9月末，国联民生持有的中海基金33.409%股权账面价值约7920.79万元，而评估机构给出的 估值约为1.53亿元，增值率高达92.87%。 | 项目 | 2025年1-9月/ | 2024 年度/ | | --- | --- | --- | | | 2025年9月30日 | 2024 年 12 月 31 日 | | 资产总额 | 27, 302. 65 | 30, 999. 98 | | 负债总额 | 5,625.73 | 6.853.37 | | 北海峡 | 21, 676. 9 ...

对于习惯利用场外基金C类份额进行短期波段操作的投资者而言，新规带来了显著的成本约束，统一了 针对短期赎回行为的收费框架。 本报（chinatimes.net.cn）记者栗鹏菲 叶青 北京报道 在2025年的最后一天，中国证监会对《开放式证券投资基金销售费用管理规定》进行了修订，并更名为 《公开募集证券投资基金销售费用管理规定》（下称"新规"），自2026年1月1日起正式施行。此次改革 并非细微调整，而是从费率结构、收费模式、利益分配等多个维度进行的系统性变革，预计将对基金管 理人、销售机构以及亿万基金投资者产生深远影响。 具体来看，新规的核心调整主要体现在三个方面：优化销售费用结构，全面强化对短期交易行为的约 束，并同步建立对长期投资的激励机制。业内普遍认为，新规通过清晰的费用导向，不仅将直接改变投 资者的成本预期与投资行为，更将倒逼基金管理人、基金销售机构加速从"卖方销售"模式向"买方投 顾"模式转型，深远重塑行业生态与利益格局。 短期交易成本显性化，C类份额套利逻辑终结 首先，在短期赎回费方面，新规要求，对于股票型、混合型等场外基金，无论A类或C类份额，持有时 间不足7天、30天或180天，赎回费率将分别 ...

| 基金名称 | 民生加银聚优精选混合型证券投资基金 | | --- | --- | | 基金简称 | 民生加银聚优精选混合 | | 基金主代码 | 013296 | | 基金管理人名称 | 民生加银基金管理有限公司 | | 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》等法律法规 | | 重合经理委更类型 | 解聘基金经理 | | 离任基金经理姓名 | 朱辰喆 | | 共同管理本基金的其他基金经理姓名 | 王悦 | (责任编辑：康博) 朱辰喆自2015年4月至2016年6月在民生证券股份有限公司任电子行业分析师。2016年6月加入民生 加银基金管理有限公司,曾任行业研究员、基金经理助理、基金经理。 民生加银聚优精选混合A成立于2021年10月14日，截至2025年12月31日，其今年来收益率为 16.05%，成立来收益率为-21.76%，累计净值为0.7824元。民生加银聚优精选混合C成立于2025年8月25 日。 中国经济网北京1月5日讯 近日，民生加银基金公告，朱辰喆离任民生加银聚优精选混合。 ...

基金直播的 "流量担当" 是它们！ 2025年基金直播圈的 "年度成绩单" 新鲜落地！天天基金2025年度直播荣耀排行正式揭晓！ 谁是基金直播的顶流机构？ 哪家的直播互动能让你 "聊到停不下来"？ 哪位主播凭实力圈粉无数？现在给 你划重点 【直播影响力榜】 大 外 型 天弘基金 ke see was and and the sering to the sering to the sering to the sering to the sering to the sering to the sering to the ser 方正富邦基金 招商基金 永赢基金 同泰基金 VIC 中航基金 万家基金 东财基金 腿华基金 信达澳亚基金 汇添富基金 长信基金 喜实基金 「评选标准」 统计区间: 2025.1.1-12.15 影响力: 按照观看次数 (30%)、平均观看时长 (20%) 、点赞 量 (20%) 、关联交易量 (30%)，进行加总计算排名。 【 直 播 互 动 人 气 榜 】 哪 家 直 播 能 让 你 " 聊 到 上 头 " ？ { 长信基金 } {工银瑞信基金} { 南方基金} 博时基金 银布基金 民生 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The secondary - market prices of publicly - offered REITs in China continued the downward trend in December 2025. The performance of REITs was weaker compared to other mainstream asset classes. The primary market had new product applications and acceptances, and the policy environment was optimized with the expansion of the REITs issuance scope and the introduction of relevant development promotion policies [1][2][40] 3. Summary by Directory 3.1 Primary Market 3.1.1 Listed Projects - As of December 31, 2025, there were 78 publicly - offered REITs in China, with a total issuance scale of 201.749 billion yuan (excluding expansion). The traffic infrastructure category had the largest issuance scale at 68.771 billion yuan, followed by the park infrastructure category at 32.933 billion yuan. In December 2025, one new REIT, Huaxia Anbo Warehouse REIT, was listed, with an issuance scale of 2.448 billion yuan and an asset type of warehousing and logistics [11]. 3.1.2 Pending - Listing Projects - As of December 31, 2025, there were 19 REITs pending listing, including 16 initial - offering REITs and 3 REITs pending expansion. During the month, the project status of several REITs was updated, such as "accepted", "feedback received", "declared", and "approved" [14]. 3.2 Secondary - Market Performance 3.2.1 Price Trends - **At the level of major asset classes**: In December 2025, the secondary - market prices of publicly - offered REITs continued the downward trend. The returns of China's publicly - offered REITs were - 2.51%, ranking behind A - shares, convertible bonds, gold, pure bonds, and US stocks, and ahead of crude oil [16]. - **At the underlying asset level**: Both equity - type and franchise - type REITs' prices declined, with franchise - type REITs having a larger decline. Among different underlying asset types, new infrastructure - type REITs had the largest increase, and new infrastructure and affordable housing - type REITs had better returns at 1.24% and 0.05% respectively [20][22]. - **At the single - REIT level**: In December 2025, 23 REITs rose and 55 fell. The top three in terms of increase were Huatai Nanjing Jianye REIT, CICC Chongqing Liangjiang REIT, and Huaxia Fund China Resources Youchao REIT [24]. 3.2.2 Trading Volume and Turnover Rate - **At the underlying asset level**: In December 2025, the trading volume of publicly - offered REITs decreased compared to the previous month. The water conservancy facilities - type REITs had the highest average daily turnover rate. The top three in terms of trading volume were traffic infrastructure, consumer infrastructure, and park infrastructure categories. The top three in terms of average daily turnover rate were water conservancy facilities, municipal facilities, and new infrastructure categories [26]. - **At the single - REIT level**: The trading volume and turnover rate of single REITs continued to show differentiation. The top three in terms of trading volume were CICC Puluosi REIT, Huaxia China Communications Construction REIT, and Huaxia Fund China Resources Youchao REIT. The top three in terms of trading amount were Huaxia China Resources Commercial REIT, Huaxia China Communications Construction REIT, and Zheshang HuHangYong REIT. The top three in terms of turnover rate were Huaxia Anbo Warehouse REIT, CITIC Construction Shenyang International Software Park REIT, and ICBC Inner Mongolia Energy Clean Energy REIT [27]. 3.2.3 Main - Force Net Inflow and Block Trading - **Main - force net inflow situation**: In December 2025, the total main - force net inflow was 119.71 million yuan, indicating an increase in market trading enthusiasm compared to the previous month. The top three underlying asset types in terms of main - force net inflow were traffic infrastructure, consumer infrastructure, and warehousing and logistics. The top three single REITs in terms of main - force net inflow were Huaxia China Resources Commercial REIT, Huaxia Anbo Warehouse REIT, and China Merchants Expressway REIT [30]. - **Block trading situation**: In December 2025, the total block - trading amount was 1.29 billion yuan, a decrease compared to the previous month. There were block trades on 19 trading days. December 29 had the highest single - day block - trading amount. The top three single REITs in terms of block - trading amount were Huaxia Shouchuang Outlet Mall REIT, China Merchants Expressway REIT, and Southern Runze Technology Data Center REIT [35]. 3.3 Related Policies - On December 1, the National Development and Reform Commission issued the "List of Industry Scope for Infrastructure Real Estate Investment Trust Fund (REITs) Projects (2025 Edition)", expanding the issuance scope of infrastructure REITs to 15 industries, mainly adding commercial office facilities and urban renewal facilities. On December 31, the China Securities Regulatory Commission issued the "Notice on Promoting the High - Quality Development of the Real Estate Investment Trust Fund (REITs) Market" and the "Announcement on Launching the Pilot Program of Commercial Real Estate Investment Trust Funds". The Shanghai and Shenzhen Stock Exchanges also revised and issued the business rules for publicly - offered REITs [40].

Core Insights - The article discusses investment strategies, emphasizing the balance between index funds and individual stocks for portfolio diversification and potential higher returns [1][7][12]. Index Funds - Index funds are passively managed and aim to replicate the performance of a specific market benchmark, such as the S&P 500 [4][3]. - Research indicates that approximately 88% of actively managed large-cap funds underperformed the S&P 500 over a 15-year period ending June 30, 2025 [2]. - Investing in index funds is generally recommended for long-term savings due to their lower fees and consistent performance compared to actively managed funds [2][4]. Individual Stocks - Cramer suggests allocating 45% to 50% of a portfolio to five individual stocks that demonstrate innovative products, competitive advantages, and consistent earnings growth [7][10]. - The article highlights the potential for individual stocks to outperform the market, citing Nvidia's 1,291% increase in value over five years compared to the S&P 500's 95% rise [9][10]. - Cramer advises that younger investors may consider including more speculative stocks in their portfolio for greater upside potential, acknowledging the associated risks [8][10]. Insurance Assets - Cramer recommends allocating 5% to 10% of an investment portfolio to "insurance" assets, such as gold and bitcoin, to hedge against market downturns [12][15]. - The price of gold has significantly increased from $1,112.50 per ounce in February 2010 to $4,032.70 in November 2025, demonstrating its value retention over time [13]. - Bitcoin's value has fluctuated dramatically, reaching over $126,000 in October 2025, but it is considered a high-risk investment due to its volatility and regulatory concerns [14][15]. Strategy Evaluation - Cramer's investment strategy is seen as valid but potentially risky, particularly regarding the lack of diversification in the individual stock portion [16]. - Investors are encouraged to conduct thorough research on individual stocks and understand the risks associated with assets like bitcoin and gold [16][17].

Group 1 - The core concept of fund advisory is to address the issue where funds make profits but investors do not [4] - Fund advisory serves as a solution to enhance investor returns through professional guidance [5][7] - The article emphasizes the importance of diversification in investment strategies to manage risks effectively [11] Group 2 - Fund advisory is compared to other professional advisory roles, such as doctors for health and lawyers for legal issues, highlighting its significance in the financial sector [6] - The article suggests that aggressive investment strategies should be balanced with defensive ones to optimize returns [10] - It discusses the characteristics of aggressive funds, such as a high concentration in growth-style stocks and a long-term stock ratio above 90% [10]

Core Viewpoint - The passing of Wang Zonghe, a prominent fund manager and former deputy general manager of Penghua Fund, has sparked widespread mourning and remembrance in the industry, highlighting his significant contributions to the mutual fund sector [1]. Group 1: Career Achievements - Wang Zonghe managed over 50 billion yuan in assets and set a record for subscription in public fund issuance, marking him as a leading figure in the industry [1]. - He joined Penghua Fund in May 2009 and rose through the ranks from researcher to fund manager, eventually becoming deputy general manager in January 2021 [3]. - His peak career period coincided with the "star-making era" of public funds, where he successfully navigated the liquor industry in 2019, leading to outstanding performance in funds like Penghua Consumer Preferred and Penghua Pension Industry, both of which won Golden Bull Fund Awards [3]. Group 2: Investment Philosophy - Wang Zonghe's investment philosophy centered on value investing, focusing on leading companies in key industries, encapsulated in his saying, "Thirteen years of wind and rain, walking alongside Moutai" [4]. - He adhered to strict stock selection criteria based on the standards of Warren Buffett and Charlie Munger, prioritizing companies with high barriers to entry and sustainable ROE while avoiding high-valuation growth stocks [4]. - The funds he managed, such as Penghua Consumer Preferred and Penghua Pension Industry, achieved returns of 244.70% and 211.40%, respectively, with annualized returns exceeding 10% [4]. Group 3: Recent Developments - Due to health reasons, Wang Zonghe began to step back from his roles starting in 2023, gradually resigning from all managed fund products between February and April of that year, and officially leaving his position as deputy general manager in February 2024 [4].