1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In Q4 2025, the bond market showed an N-shaped trend, with credit products outperforming interest rate products. Credit - type bond funds performed better among various medium - and long - term pure bond funds [2][8]. - The share of medium - and long - term pure bond funds in the whole market declined, while the share of high - performing bond funds slightly expanded marginally [2][17]. - The net value of high - performing bond funds significantly recovered in Q4 2025, with about 80% of the income concentrated in October [2][22]. - In terms of bond allocation, high - performing bond funds increased the allocation of secondary and perpetual bonds and reduced the allocation of national bonds. They also reduced the overall positions in interest rate bonds and credit bonds, with a more significant decline in interest rate bonds [2][28]. - The investment strategies of high - performing bond funds included reducing duration, leverage, and moderately adopting a credit - sinking strategy [2][39]. - In the short term, the 10Y national bond is likely to oscillate between 1.8% - 1.9%, and the coupon strategy may still be effective. In the long term, bonds may be weak assets, and a neutral underlying allocation is recommended [2][54]. 3. Summary According to the Table of Contents 3.1 Overview: Coupon Strategy Slightly Outperforms - In Q4 2025, the bond market showed an N - shaped trend. Credit products performed better than interest rate products. Among medium - and long - term pure bond funds, credit - type bond funds performed more outstandingly. For example, products like Jinxin Minxing A and F安达富利纯债A had stable net value growth in Q4 2025, and their annual net value growth rates were over 3% [2][8][13]. 3.2 Share: Decline in the Share of Medium - and Long - Term Pure Bond Funds in the Whole Market, Marginal Expansion of High - Performing Bond Funds - Affected by performance, the share of medium - and long - term pure bond funds in the whole market continued to shrink. However, high - performing medium - and long - term pure bond funds may have benefited from performance support, with a marginal increase in their shares. Some bond funds, such as Xingquan Wentai A, Chang Sheng Sheng Yu Pure Bond A, and Xingzheng Global Hengyuan A, expanded by over 2.5 billion in a single quarter [2][17][18]. 3.3 Net Value: Significant Recovery of the Net Value of High - Performing Bond Funds in Q4 2025 - In Q3 2025, high - performing bond funds in the sample generally recorded negative returns. In Q4 2025, they significantly recovered their net values, with about 80% of the income concentrated in October. Some high - performing products had a net value increase of over 1.0% in October, while there were slight fluctuations or even slight retracements in November and December [2][22]. 3.4 Bond Allocation: Increase in Secondary and Perpetual Bonds, Decrease in National Bonds 3.4.1 Bond Investment Portfolio: Stable Credit, Decrease in Interest Rate - By the end of Q4 2025, high - performing bond funds in the sample reduced their positions in both interest rate bonds and credit bonds, with a more significant decline in interest rate bonds. The weighted average position of interest rate bonds decreased by 5.57 percentage points to 22.01%, and the weighted average position of credit bonds decreased by 0.23 percentage points to 94.44% [28]. - In terms of interest rate bonds, high - performing bond funds reduced their positions in both national bonds and policy - financial bonds, with a more prominent reduction in national bonds. In terms of credit bonds, although the overall position was basically flat, there was an obvious shift in the preference for internal bond types, with a reduction in enterprise bonds and medium - term notes and an increase in financial bonds (excluding policy - financial bonds) [32]. 3.4.2 Top Five Bond Holdings: Decrease in Concentration, Mainly Increase in Secondary and Perpetual Bonds - In Q4 2025, the concentration of high - performing bond funds in the sample decreased, and the holdings became more diversified. The weighted average concentration of high - performing bond funds was about 20.16%, a decrease of 3.35 percentage points from the end of the previous quarter [33]. - In terms of bond categories, high - performing bond funds mainly increased the allocation of secondary and perpetual bonds and reduced the allocation of national bonds in their top five bond holdings, which was consistent with the overall adjustment direction of their holdings. By the end of Q4 2025, the proportion of secondary and perpetual bonds increased by 6.11 percentage points to 37.24%, while the proportion of national bonds decreased by 5.09 percentage points to 2.79% [35]. 3.5 Investment Strategy: Decrease in Duration, Leverage, and Moderate Credit - Sinking 3.5.1 Duration: Marginal Decrease - In Q4 2025, the duration of the heavy - holding bond portfolio of high - performing bond funds in the sample decreased marginally, indicating a defensive duration management strategy. The duration center of the top five heavy - holding bond portfolios decreased by 0.92 years to 3.09 years. Some bond funds, such as Western Securities Seasonal Steady 90 - Day Rolling A, had a duration of less than 1 year. The duration of Southern Runyuan Pure Bond AB adjusted significantly, decreasing by about 8 years [39]. 3.5.2 Leverage: Decrease - In Q4 2025, high - performing bond funds in the sample generally showed a trend of reducing leverage. The weighted average leverage ratio was 121.09%, a decrease of 4.71 percentage points compared with Q3 2025. Some bond funds, such as Bank of China Pure Bond A, had a relatively high leverage ratio, while others like Xingzheng Global Hengyuan A had a relatively low leverage ratio [46]. 3.5.3 Credit - Sinking: Moderate Sinking - High - performing bond funds in the sample showed a cautious and moderate credit - sinking strategy. They increased their holdings of AA + - rated credit bonds and reduced their holdings of AA - rated credit bonds, with the focus of holdings shifting from low - rated to medium - low - rated bonds [50]. 3.6 Summary and Outlook - In Q4 2025, compared with Q3 2025, high - performing bond funds in the sample showed characteristics such as adjusting bond allocation, reducing duration and leverage, and moderately adopting a credit - sinking strategy. - In the short term, the 10Y national bond is likely to oscillate between 1.8% - 1.9%, and the coupon strategy may still be effective. In the long term, bonds may be weak assets, and a neutral underlying allocation is recommended. The continuation of the bond market rally depends on factors such as the persistence of weak credit demand, the continuation of the equity bull market, and the participation of trading accounts [54][63]. 3.7 Appendix - The selection criteria for medium - and long - term bond funds in the sample include being established before 2024, non - fixed - open and non - closed, with a single - holder share ratio of less than 80% from H2 2023 to H1 2024, and an average fund share of more than 500 million from Q3 2024 to Q1 2025 [67]. - The classification basis for the holding styles of bond funds in the sample includes interest - rate - type, financial - type, credit - type, and balanced - type bond funds [65]. - The selection criteria for high - performing bond funds include ranking among the top 50 in net value growth rate in Q4 2025 and having an average fund share of more than 500 million in the previous three periods [67].

(责任编辑：康博) 信澳国企智选混合A/C成立于2024年05月28日，截至2026年01月27日，其今年来收益率为6.62%、 6.57%，成立来收益率为44.39%、42.95%，累计净值为1.4439元、1.4295元。 | 基金名称 | 信澳国企智选混合型证券投资基金 | | --- | --- | | 基金简称 | 信澳国企智选混合 | | 基金主代码 | 021333 | | 基金管理人名称 | 信达澳亚基金管理有限公司 | | 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》 | | 基金经理变更类型 | 解聘基金经理 | | 共同管理本基金的其他基金经理姓名 | 王伟 | | 离任基金经理姓名 | 林景艺 | 中国经济网北京1月28日讯 今日，信达澳亚基金公告，林景艺离任信澳国企智选混合，王伟管理。 王伟曾任陕西延长石油(集团)研究院高级工程师、通联数据股份公司智能投资算法部门负责人、上 海洛书投资管理有限公司量化研究员。2022年12月加入信达澳亚基金管理有限公司,先后担任量化研究 员、基金经理。 ...

| 基金名称 | 国联稳健鑫益债券型证券投资基金 | | --- | --- | | 基金简称 | 国联稳健鑫益债券 | | 基金主代码 | 024945 | | 基金管理人名称 | 国联基金管理有限公司 | | 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》 | | | 等有关法规的规定 | | 基金经理变更类型 | 增聘基金经理 | | 新任基金经理姓名 | 叶天豆 | | 共同管理本基金的 | 王喆、韩正字 | | 其他基金经理姓名 | | 中国经济网北京1月28日讯 今日，国联基金公告，国联稳健鑫益债券增聘叶天垚。 叶天垚2021年6月至2022年3月任中邮创业基金管理股份有限公司研究部研究员；2022年3月至2023 年9月任中信建投基金管理有限公司多元资产配置部研究员。2023年9月加入公司，现任多策略投资部基 金经理。 国联稳健鑫益债券A/C成立于2025年12月23日，截至2026年01月27日，其今年来收益率为1.46%、 1.43%，成立来收益率为1.48%、1.44%，累计净值为1.0148元、1.0144元。 (责任编辑：康博) ...

Group 1 - The market showed a rebound on January 27, with all three major indices turning positive, driven by the semiconductor industry chain, leading to a rise in semiconductor-related ETFs, with many increasing by over 3% [1][4] - The top ten ETFs by net inflow on January 26 included three gold-related ETFs, which collectively attracted nearly 3.5 billion yuan [3][8] - The semiconductor-related ETFs dominated the market, with nine out of the top ten ETFs by growth being semiconductor-related, supported by rising expectations for memory chip price increases and ongoing demand for AI computing power [4][5] Group 2 - The total trading volume of ETFs reached 538.918 billion yuan on January 27, with ten ETFs exceeding 10 billion yuan in trading volume, although there was a decrease in trading volume compared to the previous day [6][7] - The gold-related ETFs continued to attract significant capital, with three gold ETFs among the top ten by net inflow, indicating strong investor interest in this sector [8][10] - The market is expected to shift towards emphasizing industry trends and profit certainty, with a focus on sectors like semiconductor storage, overseas computing power chains, and innovative pharmaceuticals, as earnings reports begin to be released [11]

报告称，易米中证科创创业50指数增强型发起式证券投资基金自2023年1月4日起生效，基金管理人为易 米基金管理有限公司，基金托管人为兴业银行股份有限公司。 根据基金合同"第五部分基金备案"之"三、基金存续期内的基金份额持有人数量和资产规模"的约定："基 金合同生效之日起三年后的对应日（该对应日如为非工作日，则自动顺延至下一个工作日），若基金资产净 值低于2亿元人民币的，该基金合同自动终止，且不得通过召开基金份额持有人大会延续基金合同期限。" 该基金基金合同生效日为2023年1月4日，基金合同生效之日起满三年后的对应日为2026年1月5日（2026 年1月3日、4日为非工作日）。截至2026年1月5日日终，该基金基金资产净值低于2亿元人民币，触发了基金 合同约定的自动终止情形。基金管理人将按照基金合同的约定履行基金财产清算程序，无须召开基金份额持 有人大会。 基金管理人已就该事项于2026年1月6日刊登了《关于易米中证科创创业50指数增强型发起式证券投资基 金发生基金合同终止情形及基金财产清算的公告》。该基金最后运作日为2026年1月5日，自2026年1月6日起 进入清算程序。自2026年1月6日起，停止收取基 ...

中国经济网北京1月26日讯近日，富国基金发布富国智汇稳健3个月持有期混合型基金中基金(FOF)基金 合同生效公告。 | 基金募集申请获中国证 监会核准的文号 | 证监许可(2025) 2926号 | | --- | --- | | 基金募集期间 | 自 2026年01月19日至2026年01月21日止 | | 验资机构名称 | 德勤华永会计师事务所(特殊普通合伙) | | 募集资金划入基金托管 | | 2026年01月23日 | | | | --- | --- | --- | --- | --- | | 专户的日期 | | | | | | 募集有效认购总户数 | | 11,843 | | | | (单位:户) | | | | | | | | 富国智汇稳健3个 | 富国智汇稳健3个 | 富国智汇稳健 3个 | | 份额缓别 | | 月持有期混合 | 月持有期混合 | 月持有期混合 | | | | (FOF ) A | (FOF) C | (FOF ) | | 募集期间净认购金额 | | 1.957.668.503. 70 | 2.231.679.869.00 | 4.189. 348. 372. 70 | | ...

04版 本周话题 ...

Group 1 - Zhengzhou has established a mother fund with a scale of 5 billion RMB to empower local strategic emerging industries [2] - Various regions including Guangxi, Jiangsu, and Sichuan have announced the selection of General Partners (GPs) for mother funds focusing on sectors like information technology, high-end equipment, biomedicine, and new energy [2][3] - The National Development and Reform Commission is advancing the establishment of a national-level merger fund to enhance government investment and promote innovation and entrepreneurship [3] Group 2 - Nanjing Jiangning District has launched a 10 billion RMB mother fund aimed at promoting the development and transformation of dominant local industries [4] - The Sichuan Province has initiated the fourth batch of GP recruitment for its 5 billion RMB results transformation investment guiding fund, focusing on cutting-edge technology and future industries [6] - The Guangxi Guoyuan Industrial Fund has been established with a scale of 2 billion RMB, targeting strategic emerging industries such as artificial intelligence and biomedicine [7] Group 3 - The Shanghai Pudong New Area has set up a 2 billion RMB seed fund focusing on artificial intelligence [10] - The Hefei City Special Fund for specialized and innovative enterprises has been established with a total scale of 1.5 billion RMB, targeting high-potential small and medium-sized enterprises [12] - The Xiamen Torch Science and Technology Fund has launched its second phase with a scale of 100 million RMB, focusing on strategic emerging industries [13] Group 4 - The Jiangxia District has established a 1 billion RMB artificial intelligence fund, focusing on the entire AI industry chain [15][16] - The Nanjing New Industry Medical Health Fund has completed registration with a planned scale of 2 billion RMB, focusing on mergers and acquisitions in the medical sector [19] - The Hubei Province Port and Shipping Development Fund has completed an expansion, raising its total scale to approximately 2.8 billion RMB [20] Group 5 - The Shaanxi Low-altitude Aviation Industry Fund has been established with a scale of 300 million RMB, focusing on investments in unlisted enterprises [21] - The Guochuang Zhongshan Fund has been established with a focus on medical devices, aiming to foster innovative and high-growth enterprises [22] - Hengxu Capital has completed the first closing of its fourth flagship fund with a scale exceeding 2 billion RMB, aiming for a total closing scale of 3.5 billion RMB [23]

登录新浪财经APP 搜索【信披】查看更多考评等级 1月23日，在济安金信与华泰证券联合举办的"中国资管群星汇颁奖典礼暨私募基金高质量发展论 坛"上，济安集群轮值主席韦洪波发表主题演讲，提出"私募基金不应输在起跑线上"，并介绍了公司近 期推出的"私募公评"体系及与华泰证券合作的赋能计划。 在业内人士看来，此类第三方评级与资源对接体系的建立，有助于在私募行业分化加剧的背景下，为中 小型管理人与市场资金之间搭建信息桥梁，推动行业评价标准趋向透明。不过，私募基金的绩效评价与 公募基金在流动性、策略多样性、披露频率等方面仍存在差异，评级方法的适用性与长期效果仍需市场 进一步检验。 韦洪波指出，当前中国私募证券投资基金行业正经历结构性变化。根据中国证券投资基金业协会数据， 截至2025年末，百亿级私募管理人数量回升至112家，接近2022年一季度高点；管理规模50亿元以上的 大型机构持续增长，而管理规模0-5亿元的小型管理人数量较历史高点减少近2000家，行业集中度提升 趋势明显。 他表示，与公募基金、银行理财等行业相比，私募基金仍存在整体规模占比不高、信息披露规范程度参 差、公开评价体系相对缺失等情况，这些被视为行业进 ...

Group 1 - The core viewpoint of the article highlights the steady growth of public fund management scale in the fourth quarter of 2025, reaching 37.63 trillion yuan, an increase of 1.18 trillion yuan or 3.24% compared to the previous quarter [2][3][7] - The commodity fund category saw the highest growth rate in the fourth quarter, with an increase of 1810.91 billion yuan, representing a remarkable growth of 44.89% [7] - The equity fund scale experienced significant growth, driven by a strong performance in the A-share market, with the Shanghai Composite Index continuing to rise [3][11] Group 2 - Among non-monetary funds, E Fund led the market with a scale of 1.65 trillion yuan, followed by Huaxia Fund at 1.44 trillion yuan and GF Fund at 938.27 billion yuan [8][9] - The passive equity business unit saw a quarterly increase of 1177.55 billion yuan, while the mixed equity and bond business unit decreased by 46.44 billion yuan [4] - The domestic bond business unit increased by 3303.73 billion yuan, reflecting a 3.11% growth despite market fluctuations [5] Group 3 - The money market funds continued to be favored, with a scale increase of 5711.93 billion yuan, marking a growth of 3.97% [6] - The overseas investment fund scale increased by 907.51 billion yuan, with a growth rate of 6.74% [7] - The top three companies in equity fund scale (including QDII) were E Fund, Huaxia Fund, and Hua Tai Bai Rui Fund, with scales of 10807.52 billion yuan, 10189.54 billion yuan, and 6345.33 billion yuan respectively [13][14] Group 4 - In terms of growth, Jingshun Longcheng Fund led with an increase of 465.93 billion yuan, followed by China Merchants Fund with 400.37 billion yuan and Guotai Fund with 396.26 billion yuan [11][12] - The active equity fund scale also saw significant growth, with E Fund leading at 2355.53 billion yuan, followed by China Europe Fund and GF Fund [17][18] - Yongying Fund achieved the highest growth rate in active equity funds, with a 22.66% increase, reaching over 1115 billion yuan [19]