Group 1 - The global asset management landscape underwent significant adjustments in 2025, with China's capital market reforms continuing to deepen, leading to steady progress in high-quality development [4][8] - The public fund industry is transitioning from a scale-driven approach to a value-driven high-quality development phase, guided by the "Action Plan for Promoting High-Quality Development of Public Funds" [4][8] - 2026 marks the beginning of the "14th Five-Year Plan," positioning the public fund industry at a new starting point for high-quality development [4][9] Group 2 - The company, Jin Ying Fund, emphasizes the importance of understanding people's needs and functionality, actively practicing inclusive finance, and prioritizing investor interests [4][9] - Jin Ying Fund aims to enhance the investment experience for holders by providing diverse, adaptable products and focusing on long-term value creation [4][9] - The integration of research and investment capabilities is crucial for the company's foundation, with a focus on improving investor service levels to achieve mutual success [4][9] Group 3 - The product layout strategy will focus on three main lines: equity, fixed income, and asset allocation, while also expanding innovative business opportunities [5][10] - The equity investment line will advance through both active and passive strategies, enhancing product structure adaptability to different market environments [5][10] - The company plans to develop a comprehensive product system covering various risk gradients in fixed income investments and will actively prepare for the development and application of pension fund products [5][10]

专题：资本市场大咖2026新春献词：骏马踏春来 驭势稳行启新程 大道如砥，行者无疆。新的一年，广发基金将坚持以投资者利益为核心，扎实推进专业能力建设，积极 服务新质生产力发展，更好促进经济发展成果惠及人民，与行业携手共塑价值创造新生态，助力资本市 场高质量发展，全力服务"十五五"开好局、起好步，为推进中国式现代化贡献力量。 律转鸿钧，新元肇启。值此农历新春佳节到来之际，我谨代表广发基金向大家致以最诚挚的新春祝福和 美好祝愿！ 2025年是"十四五"规划收官之年，我国经济总量连续跨越新关口，科技创新成果持续涌现，新质生产力 加速培育，为高质量发展注入新动能。资本市场在多重挑战中展现强劲韧性，A股总市值突破百万亿元 大关，投融资综合改革迈向纵深，中长期资金入市渠道不断拓宽，多层次资本市场功能有力发挥，市场 生态向新向优发展。 在《推动公募基金高质量发展行动方案》指引下，一系列标志性政策法规落地见效，公募基金行业迈入 系统性变革新阶段，发展质效稳步提升，生态体系深刻重塑。一方面，行业聚焦专业能力建设，加快构 建"平台式、一体化、多策略"投研体系，着力提升长期投资业绩稳定性，改善投资者盈利体验。另一方 面，锚定自身功 ...

Core Viewpoint - The Chinese capital market has shown strong resilience and vitality amid reforms, reflecting a steady economic progress and quality improvement in 2023 [4]. Group 1: Industry Performance - In the past year, the total volume of the Chinese capital market has increased, and its structure has been optimized, indicating robust growth [4]. - The company has achieved a significant milestone with its actively managed equity funds ranking in the top 10% of the industry over the past seven years, with a performance ranking of 11 out of 121 as of the end of 2025 [4]. - The company has become the first fund company to have a bond ETF scale exceeding 100 billion yuan, with a continuous growth in the total management scale of its six bond ETFs [4]. Group 2: Future Outlook - The "14th Five-Year Plan" is expected to release policy dividends, with corporate profit recovery anticipated and a trend of global capital reallocation emerging [4]. - Key areas such as technological innovation, industrial expansion, domestic demand recovery, and high-dividend assets are seen as rich structural opportunities for investment [4]. - The company aims to enhance its research and investment system, improve its product offerings, and provide high-quality asset management services to investors in 2026 [5].

从业绩抢眼的基金来看，蛇年净值翻倍的基金高达108只，其中永赢科技智选混合基金总回报高达221.41%，夺得蛇年业绩冠军；华商均衡成长混合基金 以171.25%的业绩回报夺得亚军；中航机遇领航混合基金以163.23%的收益率位居第三。 在2月13日收盘后，蛇年最后一个交易日正式结束。公募基金的蛇年业绩表现如何？ 整体来看，主动权益类基金中位数收益率超过36%，领跑的永赢科技智选混合基金，蛇年收益率高达221.41%。从ETF的表现看，则有35只ETF蛇年涨幅翻 倍。 基金蛇年业绩抢眼 从蛇年的交易区间看，从2025年2月5日（蛇年正月初八）开始，到2026年2月13日（蛇年腊月二十六）结束。上证指数在蛇年上涨25.58%，创业板指数上 涨58.73%，沪深300指数上涨22.09%，科创50指数上涨53.95%。 从基金在蛇年的业绩表现看，整体回报较为抢眼。Choice资讯显示，近4400只主动偏股类基金蛇年的中位数收益率为36.28%，算数平均收益率则高达 39.8%。 具体来看，蛇年回报超过60%的基金有830多只，回报超过80%的基金接近300只。 从资金流向看，蛇年涨幅居前的ETF，吸引了大量资金流入 ...

Core Viewpoint - The precious metals market experienced unprecedented volatility in early 2026, particularly with silver prices reaching a historical high before a significant drop, leading to investor disputes triggered by a public fund's valuation adjustment [1][2]. Group 1: Market Context - International spot silver prices surged to $121.44 per ounce on January 29, 2026, before entering a sharp decline, with a cumulative drop of over 31% in just two days due to reduced expectations for Federal Reserve interest rate cuts [1][2]. - The Shanghai Futures Exchange silver futures experienced a limited decline of less than 20% due to a 17% price fluctuation limit, causing a significant price disparity between domestic and international markets [2]. Group 2: Fund's Valuation Adjustment - On February 2, 2026, Guotou Ruijin Silver LOF announced a change in its valuation method to align with international market prices, resulting in a single-day net asset value drop of 31.5%, the largest in Chinese public fund history [1][2]. - The adjustment was based on the fund contract's allowance for valuation changes when conventional methods do not reflect asset value, but it led to investor outrage due to the timing of the announcement after market close [2][4]. Group 3: Investor Reactions and Legal Perspectives - Investors expressed dissatisfaction over the sudden announcement of the valuation adjustment, feeling it lacked respect for their positions and expectations, especially as many had anticipated a maximum loss of 17% [2][4]. - Legal experts noted that the fund's actions were compliant with existing regulations, as there was no requirement for prior investor consent or notification before the adjustment [4]. Group 4: Fund's Response and Compensation Plan - In response to the growing public outcry, Guotou Ruijin Fund established a dedicated working group to address investor concerns and announced a compensation plan on February 15, 2026 [5][6]. - The compensation plan includes full reimbursement for individual investors affected by the valuation adjustment with impacts under 1,000 yuan, while those exceeding this amount will receive a calculated compensation based on their losses [7].

围炉话新春，理财启新章，新春佳节之际，社区专属活动温情启幕，邀你共话新春期许，共探2026潜力赛道的掘金机遇。 商业航天当前或正处于行业爆发的奇点 和前夜 量完置等 商业航天迎来政策+技术+需求+资本四 重共振,有望成为贯穿全年的投资主线 有色食事 P 建信基金朱金钰 抗通胀+超主权资产+地缘风险加剧+央 行持续购金,有望长期支撑金价走势 s 算力筑基, 大漠型量狗产业未来 a 999 易方达基金 马年"驾"到! 节后你更看好哪个赛道? 奖励【12888元豪礼】 C C G 工银瑞信基金 留言好礼|把握科技主线 为未来加"马"! 奖励 【8000元豪礼】 硬亥科技打开增长新容间 前海开源基金 过年好! 包个"航天"馅儿的饺子, 赢大疆 Action4! 奖励 【8000元豪礼】 eeee 靠合基金 新年快乐!星辰大海!2026年主线 或是商业航天 奖励 【8888元豪礼】 资源定价紧握时代红利 建信基金 竞猜好礼,有色行情行至何处? 奖励 【华为手环、新年礼盒等】 eeeee 博时基金 周期再起? 有色后续怎么看?留言晒收益 赢壕礼! 奖励 【6000元豪礼】 意令经理测点 STA AIFFIZ 易方达基金成 ...

Core Viewpoint - The public fund industry is entering a phase of high-quality development, with significant reforms and a shift from scale-oriented to return-oriented strategies, as highlighted by the implementation of the "Action Plan for Promoting High-Quality Development of Public Funds" [3][4]. Industry Overview - In 2025, the total scale of public funds exceeded 37 trillion yuan, with ETF scale surpassing 6 trillion yuan, ranking first in Asia. The market value of REITs reached 200 billion yuan, and fixed income plus products became a core asset allocation for residents [3][4]. - The public fund industry demonstrated resilience and vitality, with a notable increase in asset management scale by 23.78% year-on-year [4]. Company Performance - In 2025, the company launched nine new public funds, exceeding the industry median, and achieved the first nationwide public REITs in Northeast revitalization [4]. - The company maintained a leading position in the Beijing Stock Exchange fund category and had several products ranked in the top 20% and top 10% of market performance [4]. Strategic Outlook - The year 2026 is seen as a critical year for advancing the construction of a financial power and deepening high-quality development in the public fund industry [5]. - The company aims to leverage its parent company's full industry chain advantages to create a professional, collaborative, digital, and distinctive development pattern [5]. Investment Focus - The company emphasizes long-term investment strategies, focusing on technology innovation, high-end manufacturing, and green low-carbon sectors, aligning with national strategic areas [6]. - The product matrix is being optimized to include fixed income plus, equity index products, and public REITs, enhancing asset allocation options for investors [6]. Collaborative Growth - The company is building a collaborative development system by leveraging the full business chain advantages of its parent company, enhancing resource sharing and market insight [7]. - Collaboration with research, investment banking, and wealth management lines is aimed at improving service experience and driving growth [7]. Technological Integration - The company is advancing digital infrastructure and integrating AI and big data into research, risk control, and operations to enhance efficiency and compliance [8]. - A comprehensive digital risk control system is being developed to ensure rigorous compliance and risk management [8]. Brand Differentiation - The company is focusing on public REITs as a core business, managing existing projects effectively and preparing for new project launches [9]. - High-value specialty products are being developed to create competitive advantages and differentiate from peers [9]. Compliance and Responsibility - Compliance is prioritized as a fundamental aspect of development, with a robust risk management system in place [10]. - The company integrates ESG principles into investment decisions and product design, promoting responsible investment practices [10].

开栏语：马年新春至，辞旧启新程。回顾旧岁，证券业转型深化与公募业高质量发展并行， 成绩斐然；展望新年，"十五五"规划开局，更待擘画新蓝图。值此新春佳节，智通财经启幕 2026年"券商・基金业新年献词"专栏，诚挚邀请券商、基金掌舵人执笔献词，寄语新年，共 话未来。 时间翻开新的篇章，也画下新的刻度。回望过去一年，我们心怀感激；亦满怀期待地展望未来。在此， 我谨代表兴证全球基金，向长久以来信任并支持我们的每一位投资者与合作伙伴，致以最诚挚的感谢和 最美好的新春祝福！ 刚刚过去的2025年，是公募基金孕育新机的一年。我们见证了上证指数时隔十年再度站上4000点，投资 者信心与配置意愿回升；我们也深刻地感受到科技的浪潮，资金与创新产业双向奔赴，为投资注入新的 活力。一系列推动行业高质量发展的顶层设计与改革举措相继落地，引导行业回归"受人之托、代客理 财"的本源。 在产品布局上，我们将一如既往基于投资者的真实需求，持续打造具有长期竞争力的产品，努力在自身 能力圈内，构建清晰、丰富、能适配不同风险收益需求的产品线。近年来，我们在巩固主动权益管理与 固收投资优势的同时，布局了包括"固收+"、指数增强、FOF及ETF等的系列 ...

其中，存续私募证券投资基金80390只，存续规模7.08万亿元；存续私募股权投资基金29820只，存 续规模11.19万亿元；存续创业投资基金27342只，存续规模3.58万亿元。（记者刘羽佳） 【纠错】 【责任编辑:刘子丫】 中国基金业协会最新发布的数据显示，2025年12月，新备案私募基金数量2087只，新备案规模 989.00亿元。截至2025年12月末，存续私募基金138315只，存续基金规模22.15万亿元。 中国基金业协会供图 ...

Group 1: WeChat New Features - WeChat launched two limited-time features for the Spring Festival: customizable "hanging" for red envelope covers and a switchable "golden" nickname for public account comments [1] Group 2: Investment Fund Announcement - Guotai Junan Fund announced that over 90% of investors in the Guotai Junan Silver Futures Securities Investment Fund will receive full compensation due to recent extreme market conditions [1] Group 3: Company News - Teruid - Teruid reported a strong order backlog and high capacity utilization, planning to build an overseas smart manufacturing headquarters in Qingdao to enhance project delivery capabilities [4][5] - The company is innovating in charging technology with a smart charging system that adjusts power based on vehicle needs, improving user experience and reducing costs compared to traditional charging models [5] Group 4: Securities Industry Insights - CITIC Securities suggests focusing on two investment themes in 2026: top-tier investment banks with improved market share and profitability, and mid-sized securities firms that may rise to the top through mergers and refined operations [6]