【导读】行业首家！易方达全量ETF完成规范命名 随着沪深交易所ETF命名规范落地进入倒计时，头部基金公司率先完成调整。 12月30日，易方达基金发布公告，宣布对旗下45只ETF简称进行批量调整，调整将于2026年1月5日正式生效。调整完成后，易方达成为行业首家实现旗下 全部ETF规范命名的基金公司，其管理的117只ETF均统一采用"投资标的核心要素+ETF+管理人名称"的标准格式命名，为6万亿元规模的ETF市场树立了 标准化标杆。 易方达分三批完成全量ETF更名 一则公告，揭开了易方达的大动作！ 日前易方达基金宣布，经向上海证券交易所申请，易方达基金旗下部分上交所ETF将自2026年1月5日起变更扩位证券简称，涉及多只ETF产品。 例如，针对通过港股通机制投资港股的行业主题ETF，专门在简称中加入"港股通"字样，将跟踪恒生港股通创新药指数的"恒生创新药ETF"调整为"港股通 创新药ETF易方达"；同时清理冗余汉字及数字，将"科创板50ETF"精简为"科创50ETF易方达"，"科创成长50ETF"更名为"科创成长ETF易方达"，大幅提升 了投资者识别效率。 除了上交所上市ETF之外，易方达在深交所上市的17只E ...

Group 1 - From December 25, 2025, China Asset Management Co., Ltd. will add Dongfang Securities Co., Ltd. as a designated securities company for subscription and redemption of certain ETFs listed on the Shenzhen Stock Exchange [1] - Investors can handle subscription and redemption of the corresponding funds at Dongfang Securities starting from December 25, 2025, with specific processes and rules subject to the sales institutions' regulations [1][2] - The announcement includes a customer service contact number and website for further inquiries [1][5] Group 2 - From December 25, 2025, China Asset Management Co., Ltd. will add China Galaxy Securities Co., Ltd. as a designated securities company for subscription and redemption of certain ETFs listed on the Shanghai Stock Exchange [3] - Investors can handle subscription and redemption of the corresponding funds at China Galaxy Securities starting from December 25, 2025, with specific processes and rules subject to the sales institutions' regulations [3][4] - The announcement includes a customer service contact number and website for further inquiries [3][5] Group 3 - A fund holders' meeting for the Huaxia CSI Selected 1000 Growth Innovation Strategy ETF will be held via communication to discuss the continuous operation of the fund [5] - The voting period for the meeting is from November 28, 2025, to December 23, 2025, with counting on December 24, 2025, supervised by authorized personnel and notarized [6] - The meeting did not meet the required quorum, and a second meeting may be convened if necessary [6] Group 4 - Starting December 25, 2025, the Huaxia Large Cap Selected Fund will adjust the subscription and conversion limits to a maximum of RMB 1 million per investor per day for A and C class shares [7] - The B class shares will remain unchanged, and investors must follow the fund's contract and sales institution regulations [7] Group 5 - China Asset Management Co., Ltd. announced participation in the IPOs of Yufan Technology and Qiangyi Semiconductor, with the underwriting process involving its controlling shareholder [9][10] - Yufan Technology's IPO price is set at RMB 22.29 per share, while Qiangyi Semiconductor's is RMB 85.09 per share, with both companies' valuations assessed based on various market factors [10]

Fund Overview - The fund is named "Ping An Hang Seng Hong Kong Stock Connect Technology Theme Exchange-Traded Fund" with a code of 159152 [17] - It is classified as an equity fund and operates as an open-ended index fund [17] - The fund aims to closely track the performance of the Hang Seng Hong Kong Stock Connect Technology Theme Index [17][18] Fundraising Details - The initial fundraising cap is set at 2 billion RMB, excluding interest and subscription fees [5][19] - The fundraising period is from January 12 to January 16, 2026, with a maximum duration of three months [6][24] - Investors can subscribe through online and offline cash methods, with a minimum subscription of 1,000 shares for online and 50,000 shares for offline subscriptions [4][32] Subscription Process - Investors must have a Shenzhen A-share account or a Shenzhen securities investment fund account to participate [34] - Subscription fees are capped at 0.80% of the subscription amount [4][28] - The fund allows multiple subscriptions, but the total subscription amount is subject to the fundraising cap [4][19] Fund Management and Custody - The fund is managed by Ping An Fund Management Co., Ltd., and the custodian is China Merchants Bank [1][59] - The fund's assets will be verified by a qualified accounting firm after the fundraising period [54] Investor Eligibility - The fund is open to individual investors, institutional investors, qualified foreign investors, and other investors permitted by regulations [21] - Investors must ensure that the funds used for subscription are legally sourced [8]

Group 1 - The former deputy general manager of Lianbo Fund, Zhu Jianrong, is suing the company for "labor dispute," with the court hearing scheduled for January 19, 2026 [1] - Zhu Jianrong left Lianbo Fund in September 2023 after 15 months of service, citing "personal reasons" for his departure [1] - Lianbo Fund, established in September 2021, is a wholly foreign-owned public fund company under the management of Lianbo Group, which oversees over $800 billion in assets [1] Group 2 - As of the end of Q3 2023, Lianbo Fund has three products with a management scale of 555 million yuan, a decrease of 50.03% from Q2 2023, but an increase of 45.4% year-on-year [2] - The company launched two new products in Q2 2023, resulting in an increase of nearly 875% in scale compared to the end of Q1 2023, and added another product in Q4 2023, raising the latest management scale to 984 million yuan [2] - Previous cases of public fund executives suing their companies include instances involving Rui Da Fund and Hongyi Yuanfang Fund, highlighting a trend in the industry [2]

A500ETF嘉实（159351.SZ），场外联接(A类：022453；C类：022454；Y类：022905）。 与此同时，该基金最新成交量为13.62亿份，最新成交额达16.44亿元，当日主力资金净流出成交额占比 达20.11%。 2025年12月29日，A500ETF嘉实（159351.SZ）收跌0.50%，主力资金（单笔成交额100万元以上）净流 出3.31亿元，居可比基金第一。（数据来源：Wind） 拉长时间看，该基金近30个交易日有17天主力资金净流出，合计流出4.69亿元，居可比基金第一。（数 据来源：Wind） ...

Core Insights - The government bond ETF (511020.SH) experienced a decline of 0.15% on December 29, 2025, with a net inflow of 33.66 million yuan from major funds (transactions over 1 million yuan), ranking it first in the market [1] - Over the past five trading days, the fund saw net inflows on four occasions, totaling 368 million yuan, also placing it at the top of the market [1] - The latest trading volume for the fund reached 680,300 units, with a transaction amount exceeding 78 million yuan, improving its market ranking by 17 positions compared to the previous trading day [1]

| 基金名称 | 兴业稳康三年定期开放债券型证券投资基金 | | --- | --- | | 基金简称 | 兴业稳康三年定开债券 | | 基金主代码 | 004242 | | 基金管理人名称 | 兴业基金管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》等 | | 基金经理变更类型 | 兼有增聘和解聘基金经理 | | 新任基金经理姓名 | 蔡艳菲 | | 离任基金经理姓名 | 丁进 | 中国经济网北京12月29日讯 近日，兴业基金公告，兴业稳康三年定开债券增聘蔡艳菲，丁进离 任。 蔡艳菲2008年7月至2013年8月在兴业证券固定收益部先后从事债券承销和债券研究、投资工作； 2013年9月加入兴业基金管理有限公司，曾任专户固收投资经理，2021年8月17日起担任基金经理。 兴业稳康三年定开债券成立于2017年1月20日，截至2025年12月26日，其今年来收益率为2.77%， 成立来收益率为26.25%，累计净值为1.2411元。 (责任编辑：康博) ...

Core Viewpoint - Xinhua Fund is undergoing significant changes in branding, ownership, and management, signaling a strong "restart" amid the public fund industry's shift towards high-quality development [1][8]. Group 1: Ownership and Management Changes - Xinhua Fund has introduced a new brand visual system, incorporating the logo of its controlling shareholder, Beijing Financial Street Investment Group, to enhance market perception [1][9]. - In December 2024, the China Securities Regulatory Commission approved Beijing Huarong Comprehensive Investment Co., Ltd. to acquire approximately 30.31% of Xinhua Fund's shares, becoming a major shareholder [9]. - Concurrently, a management change occurred with Yin Guohong, former Deputy Secretary of the Party Committee and President of Hengtai Securities, appointed as Chairman, replacing Yu Chunling who resigned for personal reasons [9]. Group 2: Capital Increase and Structural Adjustments - In late December, Xinhua Fund announced a capital increase, with Hengtai Securities and Beijing Huarong injecting approximately 800 million yuan, raising the registered capital from 218 million yuan to 628 million yuan [2][10]. - Post-capital increase, Hengtai Securities holds 52.99% and Beijing Huarong holds 43.18%, further marginalizing other shareholders [2][10]. - The simultaneous adjustments in ownership, capital, and management indicate a preparation for a systematic overhaul, although the real challenges lie beyond the capital level [2]. Group 3: Research and Investment Team Challenges - Xinhua Fund faces significant challenges with a high turnover in its investment research team, with seven fund managers leaving in 2024 alone, including both long-serving and newly appointed managers [3][11]. - The fund has only added three new fund managers during the same period, indicating a net outflow in its research team [11]. - Historical performance shows that under the leadership of "Bond Queen" Zhai Chenxi, the fund's public management scale peaked at 86.8 billion yuan in Q2 2022, but fell to around 50 billion yuan within a year after her departure [11]. Group 4: Fund Structure and Compliance Issues - As of now, Xinhua Fund's public management scale stands at 54.215 billion yuan, with 37.669 billion yuan in non-monetary assets and a significant reliance on bond funds, which total 30.86 billion yuan [3][12]. - The fund's active equity products are notably small, with only 1.119 billion yuan in stock funds and 5.689 billion yuan in mixed funds [3][12]. - The concentration of bond fund assets in a few institutional customized products raises concerns about the sustainability of its scale and the long-term support for brand and research capabilities [12]. Group 5: Compliance and Trust Issues - Xinhua Fund has faced compliance risks, with over 200 million yuan in enforcement actions related to historical issues with separate account products [5][13]. - The fund has been involved in multiple disputes over the years, with cumulative amounts exceeding 1 billion yuan, which undermines investor trust [14]. - In 2022, the fund was also cited for failing to disclose equity changes during a reduction in a specific asset, highlighting weaknesses in its internal control systems [14]. Group 6: Industry Context and Future Outlook - The public fund industry is transitioning to a focus on sustainable scale, healthy structure, and stable research capabilities rather than just size [7][16]. - For Xinhua Fund, the key to future success lies in rebuilding its research core, restoring compliance foundations, and re-establishing its presence in the active equity space [16].

Core Viewpoint - The fund sales market is experiencing a significant shift, with fund companies increasingly cleaning up smaller or risk-prone third-party sales institutions while investing more in stronger, leading institutions [1][2]. Group 1: Fund Company Actions - Since March, many fund companies have begun to eliminate smaller or risk-exposed third-party sales institutions, with a noticeable acceleration in this process by August [1]. - On August 19, Guangfa Fund announced the suspension of seven third-party sales institutions from handling various fund-related transactions, including subscription and conversion [1]. - Other fund companies, such as Zheshang Fund and Debang Fund, have also halted business with specific third-party institutions due to their limited sales capabilities and associated risks [1]. Group 2: Market Dynamics - The trend of "the rich get richer and the poor get poorer" is evident in the third-party sales sector, with major internet platforms like Alipay and WeChat Wallet seeing significant growth in fund sales [2]. - Alipay has reached 600 million users, while Tencent's WeChat Wallet has over 200 million users, indicating a shift towards internet channels for fund purchases [2]. - The total fund sales volume for Tian Tian Fund in the first half of the year reached 568.36 billion yuan, showcasing the dominance of internet platforms in the market [2]. Group 3: New Fund Issuance Strategies - Fund companies are increasingly leveraging the internet to launch new funds, with a growing willingness to issue funds through online platforms [3]. - Notable examples include Penghua Fund, which saw a new fund reach close to its fundraising cap in just three days, achieving a scale three times larger than similar products offered through traditional channels [3]. - The new fund from China Europe Fund, managed by star manager Ge Lan, raised 8 billion yuan through an internet platform, attracting over 1 million participants [3].

但也应看到，白银增幅"跑赢"黄金，是因为白银市场更"薄"，即市场规模更小、深度更浅、库存更紧， 流动性也可能迅速"蒸发"。 例如，伦敦黄金市场有可出借金条作为支撑，在出现流动性挤压时可以通过出借缓解，但白银并不存在 类似的"储备池"。 这意味着同样的资金流入会引发更剧烈的价格波动，白银投机属性强。历史上，白银暴涨暴跌的情况并 不少见。 中新社北京12月29日电 (陶思阅)现货白银价格29日直线跳水，一度跌近5%。现货黄金跌破每盎司4500 美元关口。随后，黄金、白银跌幅收窄。分析人士认为，这凸显出投机性资金的获利了结态势，也意味 白银价格波动可能愈发剧烈。 今年以来，贵金属价格持续走高，主要缘于各国央行大力买入、资金流入交易所交易基金(ETF)以及美 联储连续三次降息等。 白银年内上涨超150%，黄金上涨约70%，白银涨幅远超黄金。中国邮政储蓄银行研究员娄飞鹏表示， 白银价格大幅上涨是多种原因共振：工业需求持续强劲、全球库存处于十年低位、白银被列入关键矿产 清单等。 白银在电子行业中得到广泛应用，尤其在导体、开关、触点和保险丝上。白银还可用于厚膜浆料，网孔 状和结晶状的白银可以作为化学反应的催化剂。 今年以来 ...