下一步，将聚焦国家级、国际化、市场化发展方向，加强国家级产业基金、创投基金、股权基金、并购 基金、S基金落地发展；服务央国企基金发展，支持央企、国企二级公司设立基金；支持全球风投机 构、主权基金发展，加快打造优质基金聚集区。 人民财讯1月9日电，1月9日，记者从北京市西城区金融街服务局获悉，近年来，北京市西城区加快构建 基金生态体系，2025年国家创业投资引导基金、国家军民融合投资基金(二期)、中国欧亚进合基金、央 企战略性新兴产业基金等4只国家级、公司制基金相继落地，新注册基金规模共2341亿元。截至2025年 年底，金融街已汇聚各类型私募基金管理人205个，其中私募股权(创业投资)基金管理人管理的基金总 规模约达1.04万亿元，形成了聚集效应。 ...

1月9日，多只卫星导航主题ETF表现活跃，整体涨幅亮眼。盘中，21财经《辟谣财知道》注意到，有消 息称"卫星ETF下周暂停申购"，引发市场关注。 对此，21财经《辟谣财知道》记者以投资者身份致电广发基金、富国基金、招商基金等多家旗下有卫星 ETF的基金公司，接线工作人员均表示暂未接到相关通知，亦无此类公告。部分基金公司进一步表示， 旗下卫星ETF产品自上市以来从未暂停申购。 有基金公司提醒投资者，当前商业航天行情火热，基金短期涨幅较大，请投资者注意溢价风险，结合自 身风险承受能力，谨慎考虑是否投资。 当天下午，记者翻查市场消息，发现相关帖子已被删除。 （文章来源：21世纪经济报道） ...

元旦前夕，国泰基金旗下多只基金出现清盘危机。 2025年12月26日，国泰基金发布公告称，截至2025年12月25日，国泰优质领航混合基金已连续30个工作日基金资产净值低于5000万元。 国泰优质领航混合基金合同显示，该基金连续50个工作日出现基金份额持有人数量不满200人或者基金资产净值低于5000万元情形的，该基金将根据基金合 同的约定进行基金财产清算并终止，而无需召开基金份额持有人大会。 2025年12月29日，国泰基金发布公告称，于2025年8月21日至2025年9月22日以通讯方式召开国泰优质领航混合型证券投资基金基金份额持有人大会，审议 《关于国泰优质领航混合型证券投资基金修改基金合同的议案》。因参加该次基金份额持有人大会投票表决的基金份额持有人及代理人所持基金份额少于权 益登记日基金总份额的二分之一，导致会议召开失败。该公司决定以通讯方式二次召开本基金的基金份额持有人大会，审议同一议案，即《关于国泰优质领 航混合型证券投资基金修改基金合同的议案》。 公告显示，上述议案主要审议调整国泰优质领航混合基金的基金合同终止条款，并相应修改基金合同。 国泰优质领航混合基金成立于2024年4月，截至2025年 ...

Core Insights - The current equity market is challenging for finding investment opportunities as market indices are near all-time highs [1] - Equity-income funds, such as the Clough Global Equity Fund (GLQ), are highlighted as potential investment options [1] - A hybrid investment strategy combining classic dividend growth stocks with Business Development Companies, REITs, and Closed End Funds can enhance investment income while achieving total returns comparable to traditional index funds [1] Investment Strategy - The strategy focuses on high-quality dividend stocks and assets that provide long-term growth potential [1] - The approach aims to create a balance between income generation and total return, aligning with the performance of the S&P index [1]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 天风研究 12月市场先抑后扬，年末上证收获11连阳，直至4000点关口，整体呈现持续向上格局。12月美联储如期 实施降息，且若26年美联储新任主席履职，货币政策路径或将更加清晰，全球市场流动性有望持续改 善。国内方面，12月底中央经济工作会议顺利召开，新一轮稳增长的增量政策正逐步落地，叠加26年权 益市场的春节效应及全国两会政策预期，市场风险偏好或进一步抬升，新一轮行情或已进入展开阶段。 微观流动性层面，股票型ETF大幅净流入，两融余额再度回升，机构和个人新增开户数同比均大幅增 加，交易脉冲指标也出现小幅上涨，市场正步入新一轮交易脉冲的启动窗口。 公募基金：偏股新发份额回落。12月新成立偏股型公募基金份额590.14亿份，较前月新发716.44亿份减 少126.29亿份，处于近3年来86.11%分位，12月权益新基发行量环比回落。分结构来看，主动型偏股12 月新发份额150.51亿，较上月环比下降104.49亿；被动型偏股新发份额302.49亿，较上月环比上升13.56 亿。12月存量股票型ETF净申购额为937.89亿元，较前月环比增 ...

Core Insights - The public fund industry in 2025 demonstrated strong confidence in the market through a large-scale "self-investment" initiative, with total self-purchase transactions amounting to 562.66 billion yuan, a significant increase of 51.8% compared to 370.65 billion yuan in 2024 [1][3][9] - The structure of self-purchases underwent significant changes, with non-monetary funds seeing a net subscription of 9.34 billion yuan, a year-on-year surge of 130%, while monetary funds faced nearly 200 billion yuan in net redemptions [1][4][9] Self-Purchase Scale and Structure Changes - In 2025, the total self-purchase amount for public non-monetary products reached 9.34 billion yuan, up from 4.06 billion yuan in 2024, marking an increase of 5.28 billion yuan [4][12] - Among non-monetary funds, bond funds led with a net subscription of 4.21 billion yuan, while stock and mixed funds saw net subscriptions of 2.38 billion yuan and 2.15 billion yuan, respectively [4][12] - In stark contrast, monetary funds experienced a net redemption of 193.95 billion yuan, compared to a net subscription of 2.53 billion yuan in 2024, indicating a shift of institutional funds from traditional cash management tools to assets with higher return expectations [4][12] Focus on Index Funds - Index funds have become a key focus for public institutions in their self-purchase strategies, with passive index bond funds, passive index funds, and enhanced index funds collectively accounting for 49.55 billion yuan, representing over 53% of the total self-purchase amount for non-monetary funds [5][14] - Notably, the E Fund's index products received a total of 1.8 billion yuan in self-purchases, with eight index products exceeding 100 million yuan in net subscriptions [5][14] Market and Policy Drivers - The A-share market exhibited a "W-shaped" trend in 2025, with major indices showing impressive annual performances, including a rise of 18.41% for the Shanghai Composite Index and 49.57% for the ChiNext Index, creating a favorable environment for fund self-purchases [6][15] - Regulatory policies have played a crucial role, with the China Securities Regulatory Commission's action plan in May 2025 enhancing the evaluation criteria for self-purchases, thereby incentivizing long-term self-investment behavior among fund managers [6][15] Long-term Investment Trends - The self-purchase behavior in 2025 reflects a shift towards "increasing non-monetary investments, long-term orientation, and normalization," moving from a short-term market stabilization tool to a systematic arrangement for long-term value investment [7][16] - The industry is witnessing a growing emphasis on aligning self-purchases with long-term performance, which is expected to drive the public fund industry towards a high-quality development phase, moving away from a focus on scale expansion [8][17]

Group 1: Core Insights - The 20th Central Committee's Fourth Plenary Session emphasizes the importance of building a strong financial nation and highlights the role of capital markets in China's economic development during the 14th Five-Year Plan [1] - The 2025 Central Economic Work Conference outlines a macro policy path for 2026, focusing on stabilizing the economy while promoting quality and efficiency [1] Group 2: Company Strategy - Debon Fund, as a state-controlled securities firm, aims to meet the higher demands of the public fund industry by aligning with national strategies and becoming a trusted partner for wealth preservation and growth [2] - The company focuses on three key areas: aligning with national strategic directions, enhancing core research and investment capabilities, and strengthening compliance and risk control [2] Group 3: Investment Focus - The Central Economic Work Conference calls for a more proactive fiscal policy and moderately loose monetary policy to create a favorable environment for structural opportunities [3] - Debon Fund integrates national strategy into its investment research, focusing on technology innovation and industrial upgrades, with products covering sectors like AI, semiconductors, and high-end manufacturing [3] Group 4: Fixed Income and Quantitative Investments - The "Debon Bond Family" series offers tailored investment tools through refined credit selection and duration management for various risk preferences [4] - The company is also expanding its quantitative product line to provide more index-based investment options, aiming for sustainable long-term returns [4] Group 5: Research and Development - The Central Economic Work Conference emphasizes the importance of serving the public and creating sustainable wealth for investors [5] - Debon Fund is building a modern research and investment system that integrates macro, industry, and micro-level analyses to enhance investment returns [5] Group 6: Digital Transformation - Debon Fund is responding to the digital finance strategy by increasing technology investments and developing a proprietary AI-driven research platform [6] - The company aims to enhance customer experience through precise research, efficient operations, and warm service [6] Group 7: Risk Management - The Central Economic Work Conference stresses the need for robust compliance and risk management in the public fund industry [7] - Debon Fund prioritizes risk control as a vital aspect of its development, implementing comprehensive compliance management and real-time risk monitoring systems [7] Group 8: Commitment to National Development - As the 14th Five-Year Plan begins, Debon Fund commits to integrating its development with national goals, focusing on financial contributions to China's modernization and the construction of a strong financial nation [8]

近日，上海市高级人民法院一则开庭公告引发公募基金行业广泛关注。公告显示，投资者李某以"金融 委托理财合同纠纷"为由，将国投瑞银基金管理有限公司（下称"国投瑞银基金"）及旗下百亿基金经理 施成共同诉至法院，作为公募行业罕见的"基金公司+基金经理"共同被诉案例，此案已定于1月13日在上 海市虹口区人民法院开庭。 数据来源：Wind Wind数据显示，施成目前管理6只产品，总规模107.36亿元。从业绩来看，施成整体任职回报呈现明显 分化特征。截至1月7日，国投瑞银先进制造、国投瑞银新能源A以及国投瑞银进宝三只产品的任职回报 超过100%，其中，国投瑞银先进制造的任职回报率高达208.70%；另外三只产品业绩表现相对平淡，其 中国投瑞银产业转型一年持有A的任职回报率为-21.37%，年化回报-6.69%，在同类2983只产品中，排 名第2667。 南都·湾财社记者向国投瑞银基金发出采访函，希望了解公司对该诉讼的回应及目前处理进展，截至发 稿前未获正式回复。而这并非孤例，2026年以来，已有多起公募基金涉诉案件进入司法程序，行业正迎 来新一轮"诉讼潮"。 | | 上海市高级人民法院 | | | | | | | 同体中 ...

一、提升专业服务 进一步优化私募基金管理人和基金设立流程，加强与监管部门、行业协会和专业服务机构联动，为基金 落地提供专业指导。强化法治保障，有效发挥全国人大常委会法工委北京金融街服务局基层立法联系 点"直通车"和"连心桥"作用，深入开展金融政策、法律法规调研，推动金融机构意见、建议更好体现在 国家法律和政策制度之中。强化人才服务保障，推荐优秀人才参评"西融计划"。 转自：新华财经 近年来，西城区充分发挥国家金融管理中心优势，加快构建监管高效、资本聚集、人才汇聚、服务优 质、产融结合的基金生态体系。积极协同市区两级行政审批系统，形成"一窗受理+一网通办"模式，大 幅压缩基金注册时间。围绕政策咨询、办公选址、人才落户、职工公寓等需求，提供"一站式"服务。邀 请投资机构参加金融街论坛、融享汇、投融资对接活动、"创业北京"大赛等活动，促进跨行业沟通交 流。2025年国家创业投资引导基金、国家军民融合投资基金（二期）、中国欧亚进合基金、央企战略性 新兴产业基金等4只国家级、公司制基金相继落地，新注册基金规模共2341亿元。目前，金融街已汇聚 各类型私募基金管理人205个，其中私募股权（创业投资）基金管理人管理的基金总 ...

Group 1 - The core viewpoint of the report is that in 2026, residents are expected to add approximately 2-4 trillion yuan of activated funds flowing into non-deposit investment areas, following the trend of deposit migration in 2025 [1] - In 2026, the maturity schedule of deposits will be more front-loaded, with 32 trillion yuan of long-term fixed deposits maturing, an increase of 4 trillion yuan year-on-year; 61% of these deposits are expected to mature in the first quarter, compared to 51%-58% in 2023-2025 [1] - The company is optimistic about the overall space for fund activation in the first quarter due to the expanding re-pricing of bank deposits [1] Group 2 - The company is optimistic about the incremental demand for insurance, particularly from the transformation of the bancassurance channel; the trend of increased premium income has already been confirmed since the beginning of the year [2] - The outlook for fixed income + products is promising, as the low interest rate environment and deepening capital market reforms are expected to enhance their cost-effectiveness [2] - The demand for money market funds is expected to continue due to the reduced liquidity compensation for fixed deposits [3]