12月29日，国内唯一主投白银期货的公募基金国投白银LOF（161226.SZ）再现极端波动。该基金在复 牌后，开盘即一字跌停，随后被大量买单迅速撬开，价格直线拉升，最高报2.767元，距涨停价仅差 0.009元，截至午盘报2.746元，涨幅达8.8%，溢价率为34.06%，日内"过山车"行情让市场瞩目。 此次极端波动与白银市场的剧烈震荡深度绑定。12月29日，现货白银开盘后快速拉升，一度涨近6%突 破83.99美元/盎司，刷新历史新高，年内涨幅超170%，远超黄金72%的同期表现。但随后银价突然直线 跳水，跌幅一度扩大超5%，但之后又再度拉升，截至11时46分，涨幅维持在1.24%。 然而所谓"无风险收益"实则暗藏陷阱。国投瑞银基金已连发10余次风险提示，指出高溢价不具备可持续 性，并采取早盘停牌1小时、调整A类份额限购金额等降温措施。更关键的是，T+2结算机制让套利资金 陷入流动性困境。 事实正是如此。随着套利资金形成庞大的潜在抛压，12月25日、26日基金连续两个交易日跌停，溢价率 从近70%快速收敛至不足30%，部分套利资金无法及时卖出。 值得注意的，作为基金管理人，国投瑞银此前就曾发文提醒道，国投白 ...

Core Insights - Despite the industry's focus on high-quality development, many fund companies are still pushing for year-end performance boosts, which contradicts the principles of quality growth [1][10] - The management scale remains a crucial metric for fund companies to secure resources, influence industry rankings, and attract talent, especially at year-end [1][10] Fund Performance - A500 ETF products saw significant growth in scale within a week (December 19 to December 26): - Southern A500 ETF increased from 35.714 billion to 47.339 billion, a rise of 11.625 billion - Zhongzheng A500 ETF (Guotai) grew from 26.761 billion to 38.299 billion, an increase of 11.538 billion - The top five A500 ETFs all experienced growth exceeding 7 billion [10] - The Sci-Tech Bond ETF also showed a "sprint" trend: - Silver Hua Sci-Tech Bond ETF grew by 12.279 billion (from 14.540 billion to 26.819 billion) - Jia Shi Sci-Tech Bond ETF increased by 9.797 billion (from 32.048 billion to 41.845 billion) - A total of 14 bond ETFs saw growth exceeding 1 billion [10] Bond ETF Rankings - The top bond ETFs by scale as of December 26 include: 1. Short-term Bond ETF (Hai Futong) - 65.056 billion, down by 5.219 billion 2. Convertible Bond ETF (Bosera) - 52.300 billion, down by 2.238 billion 3. Sci-Tech Bond ETF (Jia Shi) - 41.845 billion, up by 9.797 billion 4. Government Bond ETF - 41.459 billion, down by 0.824 billion 5. Corporate Bond ETF - 31.869 billion, up by 4.419 billion [11][12]

Group 1 - The fund has a minimum holding period of 3 months for each fund share, during which redemption is not allowed [1][2][14] - The fund will open for regular subscription and systematic investment plans starting from December 31, 2025, on each open day [1][3] - The fund management will announce the specific dates for subscription and redemption operations in advance [3][4] Group 2 - The minimum subscription amount for each transaction is set at 10 yuan, while systematic investment plans are exempt from this limit [4][5] - There is no upper limit on the total fund shares held by a single investor, but individual holdings cannot exceed 50% of the total fund shares [4][5] - The fund management may implement measures to protect existing investors' interests, such as setting limits on single investor subscriptions or suspending large subscriptions [5][6] Group 3 - The fund offers different subscription fee rates for A and C class shares, with A class shares incurring a subscription fee and C class shares being fee-free [5][6][7] - Specific investor groups, such as pension funds, may enjoy preferential subscription fee rates after account verification at the fund management's direct sales center [6][7] - The fund participates in promotional activities by various sales institutions, and specific fee discount schemes will be announced by those institutions [7][8] Group 4 - The systematic investment plan allows investors to set fixed deduction dates and amounts, with a minimum deduction amount of 100 yuan [8][11] - Investors must follow the sales institution's regulations for changing or terminating the systematic investment plan [11][12] - The fund management will disclose the net asset value of fund shares within three working days after each open day starting from December 31, 2025 [13][14]

Core Insights - The new generation of core broad-based index products, the CSI A500 ETF, has seen intense competition, with its total scale surpassing 300 billion yuan for the first time, reaching a historical high as of December 26, 2025, and net inflows exceeding 96 billion yuan in December [1][2] - The total scale of domestic ETFs has also reached a record high, surpassing 60 trillion yuan on December 26, 2025, driven by significant inflows into core broad-based products like the CSI A500 ETF [1][3] ETF Market Dynamics - Five CSI A500 ETFs have surpassed 30 billion yuan in scale, with the largest being the Huatai-PB CSI A500 ETF, which has a scale of over 48.5 billion yuan [2] - These five ETFs have collectively attracted over 90% of the net inflows in December, indicating a strong concentration of investment in leading products [2] Investment Trends - The inflow of funds into the CSI A500 ETF has shown a slowing trend as the year-end approaches, with significant inflows observed earlier in December, but tapering off towards the end of the month [3] - The CSI A500 ETF has become a preferred tool for various investors due to its balanced industry allocation and selection of leading companies, making it an ideal choice for year-end investment strategies [3] ETF Growth Trajectory - The domestic ETF market has experienced rapid growth, with the scale surpassing 1 trillion yuan in October 2020 and reaching 6 trillion yuan by December 2025 [4] - As of December 26, 2025, stock ETFs account for over 3.8 trillion yuan, with various indices being tracked, including the CSI A500, which has surpassed 300 billion yuan [4] Institutional Investment Strategies - Institutions are increasingly using ETFs as a core allocation choice, supported by policy guidance, with a focus on broad-based ETFs like the CSI A500 [5] - The "core + satellite" strategy is widely adopted, allowing institutions to efficiently gain exposure to various asset classes through ETFs [5] Future Outlook - The domestic index investment landscape is expected to evolve with trends such as policy collaboration for high-quality development, continuous improvement of broad-based index systems, and increased focus on multi-asset indices [6] - The growth of cash management products is anticipated to drive fixed-income scale growth, catering to low-risk demands [6]

Group 1 - The fund will enter its second closed period from December 30, 2022, to December 29, 2025, during which no subscription, redemption, or conversion will be processed [1][3] - From December 30, 2025, to January 28, 2026, the fund will accept subscription, redemption, and conversion applications, followed by a third closed period from January 29, 2026, to January 28, 2029, during which no transactions will be allowed [1][3] Group 2 - The fund operates on a periodic open model, alternating between closed and open periods, with each open period lasting no more than 20 working days after the end of a closed period [2] - The minimum subscription amount for investors is set at 10.00 yuan, and specific sales institutions may have their own regulations regarding minimum subscription amounts [4] Group 3 - Subscription fees are charged to investors at the time of subscription and are used for marketing, sales, and other expenses related to the fund [5] - Redemption requests can be made for all or part of the fund shares, with a minimum redemption of 10.00 shares, and specific sales institutions may have additional rules regarding minimum balances [6][7] Group 4 - Fund conversion allows investors to convert their shares directly to other open-end funds managed by the same fund manager without redeeming first, with a minimum conversion request of 10.00 shares [8][11] - Conversion fees consist of the difference in subscription fees between the funds and the redemption fees of the outgoing fund [8]

1/4决赛激战收官 挺进总决赛！ 12月27日、12月28日 总决赛 敬请期待！ 总决赛在原有"初露锋芒"必答题、"千钧一发"抢答题、"谁与争锋"挑战答题、"巅峰对决"抢答题四轮比赛的基础上，增加第五轮"绝地反击"情景题。最终 积分最高的队伍为冠军，积分第二的队伍为亚军，后两名均为季军。 12月29日 12月28日，第三届大学生基金知识竞赛1/4决赛第三场、第四场比赛播出。经过激烈角逐，南开大学-天弘基金代表队和南京大学-华泰柏瑞基金代表队挺进 总决赛，中央财经大学-建信基金代表队和华东师范大学-万家基金代表队遗憾止步于八强。 在第三场比赛中，南开大学-天弘基金代表队和中央财经大学-建信基金代表队分别获得235积分和200积分；在第四场比赛中，南京大学-华泰柏瑞基金代表 队和华东师范大学-万家基金代表队分别获得220积分和165积分。 让我们一起来看看选手们比赛现场的高光时刻吧！ 12月29日，总决赛巅峰之战即将上演。4支队伍展开比拼，争夺本届大赛的冠军。 | 中国人民大学-工银瑞信基金 | 170 | 中山大学-易方达基金 | 200 | | --- | --- | --- | --- | | 第三场 | ...

Core Viewpoint - The article discusses the recent announcement by renowned fund manager Li Bei, founder of Banxia Investment, regarding her new investment course, emphasizing that the proceeds will be donated to charity rather than for personal profit [1][2]. Group 1: Course Details - Li Bei announced a series of investment courses titled "Learn Investment from Scratch," consisting of 4 sessions aimed at teaching ordinary people how to achieve a long-term annualized return of over 10% [1]. - The price for a single session is set at 3,888 yuan, while the combined price for all four sessions is 12,888 yuan [1]. - The course is limited to 200 participants, with free spots available for investors who have held funds for over two years or have investments exceeding 5 million yuan [2]. Group 2: Financial Performance - If the course reaches full capacity of 200 participants, the expected revenue from the course would be approximately 2.58 million yuan [3]. - Banxia Investment, founded by Li Bei in 2017, has seen its assets under management exceed 10 billion yuan by 2022, making her the first female manager of a billion-yuan private equity fund in China [3][5]. - The firm currently has two publicly displayed funds with annual returns of 15.61% and 23.17%, and cumulative returns of 166.32% and 73.44% respectively [5].

Core Viewpoint - The Chinese ETF market has achieved a significant breakthrough, with total market size surpassing 6 trillion yuan, reflecting a profound evolution in investment structure and participation methods in the capital market [1][2]. Market Size and Growth - As of December 26, the total size of domestic ETFs reached 6.03 trillion yuan, marking a historical high and a growth of over 60% from 3.73 trillion yuan at the beginning of the year [1][2]. - The ETF market has experienced rapid expansion, achieving milestones of 4 trillion, 5 trillion, and 6 trillion yuan in 2025, indicating a faster pace of growth [1][3]. ETF Product Distribution - Among the total of 1,391 ETFs, stock ETFs dominate with a size of 3.85 trillion yuan, accounting for 64% of the total market size [3]. - The number of ETFs with a scale exceeding 100 billion yuan has reached 125, with 7 products classified as "flagship" exceeding 1 trillion yuan [1][6]. Fund Management and Market Share - The top three fund companies hold a combined market share of 41%, while the top ten companies account for 75%, and the top sixteen companies exceed 90%, highlighting a significant "head effect" in the ETF market [4][5]. - The leading ETF managers include Huaxia Fund with 960.14 billion yuan, E Fund with 888.33 billion yuan, and Huatai-PB Fund with 628.30 billion yuan [5]. Investment Trends and Future Outlook - The ETF market is transitioning from a phase of "scale expansion" to a new development cycle focused on "quality improvement," driven by policy support and enhanced registration efficiency for ETF products [10][11]. - The application of AI technology and the involvement of long-term capital are expected to further optimize the ETF market structure and enhance investment strategies [11].

Core Insights - The total scale of China's ETF market has surpassed 6 trillion yuan, reaching 6.03 trillion yuan as of December 26, marking a significant increase of over 60% from the beginning of the year [1][12][13] - The rapid growth reflects a profound evolution in the investment structure and participation methods within China's capital market [1][12] - The market has seen a notable increase in the number of large-scale ETF products, with 125 ETFs exceeding 10 billion yuan, including 7 flagship products with over 100 billion yuan [1][17] Market Overview - As of December 26, the distribution of ETF assets shows that stock ETFs dominate with a scale of 3.85 trillion yuan, accounting for 64% of the total [2][13] - The number of stock ETFs tracking various indices has reached 366, with significant scales for those tracking the CSI 300 and other major indices [2][13] - Cross-border ETFs and bond ETFs have scales exceeding 930 billion yuan and 800 billion yuan, respectively, while commodity and currency ETFs also show substantial figures [2][13] Fund Management Landscape - The "head effect" in ETF fund management is pronounced, with the top three fund companies holding a combined market share of 41% [5][15] - The top ten fund companies account for 75% of the market, while the top sixteen hold over 90%, indicating a strong concentration of market power [5][15] - Major fund managers include Huaxia Fund, E Fund, and Huatai-PB Fund, with their respective ETF scales being 960.14 billion yuan, 888.33 billion yuan, and 628.30 billion yuan [5][16] Historical Growth - The ETF market has achieved significant milestones, crossing 4 trillion yuan, 5 trillion yuan, and 6 trillion yuan in rapid succession from April to December 2025 [3][14] - The growth trajectory indicates a shift from mere scale expansion to a focus on quality development in index investment [1][19] Future Outlook - The domestic index investment is transitioning from a phase of scale expansion to one emphasizing quality enhancement, supported by policy measures that streamline ETF approval processes [19][20] - The application of AI technology and the influx of long-term capital are expected to further optimize the ETF market structure [20][21] - Industry experts believe that index investment is evolving into a foundational infrastructure for high-quality development in the capital market, facilitating capital focus on emerging industries [19][20]

终极门槛，在此叩关 最后两席，胜者入局 顶级学霸谁能锁定终局门票？ 终极突围，就在今天！ 1/4决赛第三场、第四场 于12月28日正式播出 1/4决赛采取淘汰赛制，8支队伍按照A组第一对阵B组第二、A组第二对阵B组第一、C组第一对阵D组第二、C组第二对阵D组第一的比赛顺序进行四场比 赛(复活赛晋级的两支队伍视为D组)。 每场1/4决赛分为四轮，分别为"初露锋芒"必答题、"千钧一发"抢答题、"谁与争锋"挑战答题、"巅峰对决"抢答题。四轮比赛后获胜的队伍晋级为四强，跻 身总决赛。 1/4决赛究竟战况几何 谁能争得最后两个总决赛名额？ 12月28日10:00、14:00 | | 器目频管 | | | | --- | --- | --- | --- | | | 1/4決赛 | | | | 第一场 | 中国人民大学-工银瑞信基金 上海财经大学-兴证全球基金 | 12月27日 | 10:00 | | 第二场 | 清华大学-中欧基金 中山大学-易方达基金 | 12月27日 | 14:00 | | 第三场 | 南开大学-天弘基金 中央财经大学-建信基金 | 12月28日 | 10:00 | | 第四场 | 南京大学-华泰柏瑞 ...