证监会召开资本市场"十五五"规划外资机构座谈会 谋划好未来五年推动资本市场高质量发展重点举措 ◎记者 汤立斌 会上，大家围绕"十五五"时期如何提高资本市场制度包容性适应性、稳步扩大高水平制度型开放、加快 建设一流投资银行和投资机构等提出了具体意见建议。主要包括：持续提升资本市场服务实体经济的适 配性和覆盖面，提高政策的连续性和可预期性；进一步提升上市公司投资价值，强化投资者保护和公司 治理；不断提高跨境投融资便利化水平，加强与国际标准和监管规则对接；推动行业机构"引进 来"和"走出去"双向开放，支持外资机构差异化、特色化发展，提升本土机构全球资源配置能力。 2月27日，中国证监会党委书记、主席吴清在北京召开座谈会，与8家在华外资证券基金期货机构代表深 入交流，充分听取意见建议。吴清表示，证监会将认真贯彻落实党的二十届四中全会和即将召开的全国 两会有关部署，扎实开展资本市场"十五五"规划相关工作，研究谋划好未来五年推动资本市场高质量发 展的重点举措。 座谈中，参会机构一致认为，新"国九条"发布实施以来，中国资本市场在完善基础制度、健全市场功 能、提升上市公司投资价值、扩大高水平开放等方面取得积极成效，外资和外资 ...

Core Viewpoint - The departure of Chen Zhenyu, the deputy general manager of Anxin Fund, from the management of Anxin Value Growth Mixed Fund, despite its solid performance, indicates a significant internal restructuring and power dynamics within the company [1][4]. Group 1: Management Changes - Chen Zhenyu's resignation from Anxin Value Growth, where he achieved an annualized return of 13.71%, raises questions about the internal governance and the dynamics of power within Anxin Fund [1][3]. - The management structure, characterized by a "deputy general manager nominally in charge with junior managers executing," suggests a potential "shadow management" scenario, prompting discussions about the actual contributions of senior leaders in fund management [2][3]. Group 2: Institutional Investor Behavior - The recent departures of multiple fund managers from Anxin New Growth Fund, following significant outperformance, coincide with a sharp withdrawal of institutional investors, indicating a strategic exit aligned with profit-taking and tax considerations [3][4]. - The high institutional ownership of 96.22% in Anxin New Growth Fund prior to the mass exit highlights the fund's tailored nature for large investors, raising concerns about the implications for retail investors left behind [3][4]. Group 3: Implications for Fund Stability - The frequent changes in fund managers, with 42 products experiencing management changes since 2025, pose challenges to the stability of investment research and management within Anxin Fund [3][4]. - The transition of power and the shift from a focus on scale and star managers to addressing sustainability pressures post-institutional exits reflect a critical juncture for Anxin Fund [4].

【导读】新一批香港互认基金获批 中国基金报记者获悉，摩根亚洲股票高息基金、富达环球投资基金——香港债券基金、华夏精选人民币投资级别收益基金、太平大中华新动力股票基金等 香港互认基金获批。这也是《香港互认基金管理规定》自2025年1月1日实施后获批的新一批互认基金。 新规后最新一批 香港互认基金是指在港设立、运作和公开销售，并经中国证监会注册在内地公开销售的单位信托、互惠基金或者其他形式的集体投资计划。 2015年5月22日，中国证监会与香港证监会就开展内地与香港基金互认工作正式签署《关于内地与香港基金互认安排的监管合作备忘录》。开闸10年多以 来，基金互认机制发展势头向好。 国家外汇管理局的数据显示，截至2026年1月底，香港基金内地发行销售资金累计净汇出金额约为1260.24亿元，连续6个月位于1200亿元之上。 | | | 香港基金内地发行销售资金汇出入情况表 | | | --- | --- | --- | --- | | | | | 单位: 万元人民币 | | 截至时间 | 累计汇出金额 | 累计汇人金额 | 累计净汇出金额 | | 2026.01.31 | 32,121,266.91 | 19,518 ...

2月27日，中国证券投资基金业协会发布最新数据显示，截至2026年1月底，我国境内公募基金管理机构 共165家，其中基金管理公司150家，取得公募资格的资产管理机构15家。以上机构管理的公募基金资产 净值合计37.77万亿元，较2025年末的37.71万亿元增长0.06万亿元，连续3个月站稳37万亿元关口。 从公募基金数量来看，相较于2025年末，除了货币市场基金外，其余类型基金数量保持增长。权益类基 金新增数量居前，股票基金和混合基金分别新增52只、33只；债券基金、FOF、QDII基金分别新增9 只、7只和2只。 在受访人士看来，这与公募机构对春节后权益市场行情的判断与展望密切相关。前海开源基金首席经济 学家、基金经理杨德龙对《证券日报》记者表示："展望马年，A股与港股仍蕴含较多投资机会。从历 史规律看，A股素有'春季攻势'的季节性特征，春节后市场有望开启新一轮上涨行情。目前来看，春节 后不仅科技股表现亮眼，更多板块也呈现出明显的轮动迹象，预示着马年市场机会较多、赚钱效应有望 增强。'一年之计在于春'，此时是比较好的布局窗口。" "A股市场有望企稳回升，市场具备多方面积极因素。"长城基金高级宏观策略研究员 ...

值得关注的是，此轮新增代销机构的产品中，低波红利、纯债、稳健固收+等风险适中的产品不少，而 高弹性的权益基金则相对较少。这一结构性特征，折射出在市场环境与政策导向的双重作用下，基金销 售渠道正悄然调整布局重心。 稳健型产品频现 摩根基金公告称，新增上海中欧财富基金销售有限公司为旗下摩根标普港股通低波红利ETF发起式联接 C的代销机构。 先锋基金宣布与北京度小满基金销售有限公司签署基金销售服务协议，度小满基金即日起销售先锋基金 旗下先锋聚利A、先锋日添利A等14只基金。记者梳理发现，上述14只产品中，10只为中风险，4只为低 风险，无高风险产品。 2月27日，摩根基金、先锋基金、国海富兰克林基金等多家公募机构发布公告，宣布新增代销合作机 构，涉及产品范围广泛。 国海富兰克林基金公告称，腾安基金销售(深圳)有限公司将代理销售该公司旗下国富恒安30天持有期债 券A等2只基金并开通定期定额投资业务。据了解，上述2只产品均为中低风险。 此外，景顺长城基金、平安基金、华宝基金等多家公募机构近来也为旗下部分产品新增代销机构，所涉 产品的风险等级基本不高于中风险(R3)。 整体而言，此轮新增代销产品集中于低波红利、纯债及稳健 ...

（来源：经济参考报） 马年春节开市以来，地缘局势波动以及国际油价持续上攻，提升了全球市场避险需求，以石油、稀土、 有色金属、黄金等为代表的资源主题ETF表现突出，多只ETF迎来亿元级资金流入。展望后市，机构对 油气、有色、贵金属等大宗商品板块普遍持"周期重估、结构分化"的看多态度，但同样需警惕短期高位 波动态势。 资源类ETF领跑市场 Wind数据显示，节后至今，多只资源主题ETF涨幅居前。油气方面，汇添富中证油气资源ETF、银华中 证油气资源ETF、博时中证油气资源ETF已涨逾9%；国泰中证油气产业ETF、华泰柏瑞中证油气产业 ETF涨逾8%。稀有金属方面，华富、嘉实、广发、工银基金旗下中证稀有金属主题ETF涨逾8.4%。此 外，泰康、招商、国泰、景顺长城等基金旗下的中证有色金属矿业主题ETF涨逾7.5%。 多只黄金ETF规模大增 贵金属领域方面，自春节假期过后，经历了"过山车"行情的黄金、白银价格恢复涨势。2月25日，国际 金价盘中触及5200美元/盎司；国际白银价格突破90美元/盎司。不过，因获利了结和美元走强，金价随 后迎来压力，市场正等待美国关税计划的明朗化以及地缘政治局势的进展。 与此同时，以油气 ...

Group 1 - Over 30 funds have entered the liquidation process since 2026, primarily due to insufficient scale, with many initiated funds triggering termination clauses after failing to reach a net asset value of 200 million RMB within three years [1][2] - As of February 25, 2026, 31 funds have completed liquidation, with most facing scale challenges that led to the activation of termination clauses [2][3] - Mixed funds account for the majority of liquidated funds, totaling 15, followed by 9 bond funds, 2 equity funds, and 5 fund of funds (FOF) [3] Group 2 - Initiated funds face a "three-year test," where if their scale is below 200 million RMB after three years, they automatically enter liquidation without the need for a shareholder meeting [4][5] - Among the 31 liquidated funds, 24 are initiated funds, representing over 70% of the total, including several pension-targeted FOF products [4] - As of February 25, 2026, there are 4,560 initiated funds in the market, with 2,260 (nearly half) having a scale below 200 million RMB [4] Group 3 - The A-share market has seen increased style rotation in 2026, with significant disparities between industries; some sectors have risen over 30%, while others, like banking, have declined nearly 7% [6][7] - Certain thematic funds, such as those focused on automotive and dividends, are struggling, with some triggering liquidation clauses due to low asset values [6][7] - The market sentiment for 2026 is expected to remain positive, with a potential for more diverse opportunities, despite the pronounced differentiation among sectors [7]

Core Insights - The public FOF (Fund of Funds) market is experiencing a resurgence with new product launches and increasing total assets under management, reaching a record high of 289.8 billion yuan as of February 24, 2026 [1][2] - The number of FOF products has grown significantly, with 34 new products launched in 2026 alone, indicating a robust market recovery [1][2] - The competitive landscape is intensifying, with a concentration of market share among a few large institutions, leading to potential risks for smaller funds [4][5][7] Group 1: Market Growth and New Products - As of February 24, 2026, there are 576 FOF products in the market, with a total scale of 289.8 billion yuan, marking a year-on-year increase of 27 products and 45.6 billion yuan compared to the end of 2025 [1][2] - The issuance of new FOF products has accelerated, with 34 new products launched in 2026, 13 of which have raised over 1 billion yuan [1][2] - The recent launches include three FOF products with a three-month holding period, indicating a trend towards longer investment horizons [1] Group 2: Historical Context and Recovery - The FOF market faced a decline from 2022 to 2024, with total assets dropping to 1.33 trillion yuan by the end of 2024, but began to recover in 2025 with 76 new products issued [2] - By the end of 2025, the total number of FOF products reached 549, with a total scale of 244.2 billion yuan, reflecting a year-on-year growth of 10.02% in number and 83.39% in scale [2] Group 3: Performance and Competition - Eight FOF products have seen an increase of over 10% in 2026, with notable performers like Guotai Industry Rotation Stock FOF achieving a rise of 20.07% [3] - The competition is becoming fierce, with only one FOF product exceeding 10 billion yuan in scale, while 123 products have less than 50 million yuan, representing 21.35% of the market [4][5] - The top ten institutions manage 57.49% of the total FOF market, highlighting a "Matthew Effect" where larger firms dominate the market [5][6][7]

【文/羽扇观金工作室 陶立烽】 损失将近4万5，和解金才4100多，亏的越多补偿越少？国投瑞银白银基金（LOF）的补偿方案细则在昨 天出台后，引发广大投资者不满。 在估值调整引发巨大市场争议后，国投瑞银基金推出的补偿方案，成为化解矛盾的关键举措。 一位投资者在社交平台上发布了自己的补偿金以及核算方式，受影响金额奖金4万5，和解金才4100多元 本月初，国投瑞银白银基金（LOF）因一场估值调整引发市场轩然大波。基金公司在2日收盘后临时公 告变更估值方法并追溯当日生效，导致基金净值单日暴跌31.5%，数百万投资者面临超预期亏损。后续 推出的阶梯式补偿方案虽试图化解矛盾，却因覆盖范围有限、赔付比例差异化再次引发争议。 此次事件的导火索，是国际白银市场的史诗级暴跌。 1月30日，纽约商品交易所白银期货盘中最大跌幅超36%，最终收跌25.5%，而国内上海期货交易所白银 期货因受±17%涨跌停板限制，仅触及跌停，无法同步反映国际市场的剧烈波动。作为挂钩国内白银期 货的基金产品，国投瑞银白银LOF常规估值以国内期货结算价为基准，这导致在国际银价暴跌后，基金 净值出现明显"虚高"，若继续按此估值，先赎回的投资者将以虚高价格套 ...

Core Viewpoint - The Hong Kong stock market has experienced significant corrections, particularly in the internet and healthcare sectors, with the Hang Seng Technology Index down over 10% and the Hong Kong Stock Connect Healthcare Index down over 4.5% since February [1] Group 1: Market Performance - The recent pullback in the Hong Kong stock market is attributed more to short-term geopolitical factors affecting market sentiment rather than fundamental issues [1] - The high proportion of foreign capital in the Hong Kong investor structure makes it sensitive to geopolitical changes, leading to profit-taking and risk aversion among investors [1] Group 2: Healthcare Sector Insights - The healthcare sector in Hong Kong is characterized by high-quality, scarce assets, including leaders in internet healthcare, traditional Chinese medicine services, AI pharmaceuticals, and surgical robotics [2] - The CXO and internet healthcare segments are highlighted as core support areas due to their high growth rates and revenue certainty, with leading CXO companies showing superior income and profit growth compared to other pharmaceutical sub-sectors [2] - Internet healthcare is noted as one of the fastest-growing segments in pharmaceutical retail, leveraging AI and big data technologies to enhance patient access and prescription efficiency [2] Group 3: Internet Sector Valuation - The current price-to-earnings (PE) ratio of the Hong Kong Stock Connect Internet Index is only 22 times, placing it in the 20th percentile historically, indicating a significant valuation discount compared to global tech assets [2] - The internet giants are actively embracing AI technology, integrating model development and cloud computing as key growth areas, suggesting that the long-term growth logic remains intact [3]