（原标题：从籍籍无名中闯出天地，6万亿ETF市场5年养成） 岁末年初，沪指再度跃上4000点，与此同时，ETF市场也在近期跨越又一个里程碑——总规模突破6万 亿元大关。 当指数投资的热情与市场回暖的势头在此交汇，ETF乘着"5年5倍"的加速度，正驶向一个崭新的纪元。 截至2025年末，全ETF市场超过3/4的产品数量、近5/6的总规模和4/5的总成交量均来自最近的五年内。 时钟拨回五年前，A股正从一轮牛市的高点步入新周期。 彼时，ETF规模仅占全公募市场的约5%，让7亿基民津津乐道的还是管理主动权益基金的"男神女神"； 机构资金虽已是ETF的持有主力，但仍有大规模的中长期机构资金面临诸多入市"堵点"等待政策开闸； 部分基金公司已经开始将发展ETF业务、普及被动投资提到战略高度，但也并非所有规模居前的"大 厂"，都能够提前预见到指数大时代的浪潮…… 如今，ETF在公募市场中的角色地位、其管理人的竞逐生态、所反映的投资偏好，乃至对A股市场能够 产生的影响，都已大有不同。 几大视角、一些数据，让我们一同回顾ETF市场五年来的部分核心变迁。 规模全景：从"积跬步"到"至千里"，ETF发展上演"速度与激情" 2025年 ...

Group 1 - The core viewpoint of the news is that the newly released regulations on the management of sales fees for publicly offered securities investment funds have relaxed the redemption fee constraints for bond funds, which is expected to enhance the role of bond ETFs in liquidity management and trading for financial institutions [1][2] - The adjustment in redemption fees allows fund managers to set different standards for institutional investors who hold bond fund shares for more than thirty days, which is a significant change from the previous draft [2] - The fine-tuning of subscription fees, particularly the significant reduction in fees for index equity funds, is anticipated to increase the allocation of financial resources to equity funds [3] Group 2 - Financial institutions are expected to increase their allocation to equity funds, particularly broad-based index funds and low-volatility "fixed income plus" products, as a response to the new fee structures [1][3] - The collaboration between public funds and financial institutions is deepening, with public funds optimizing their product lines to better meet the changing allocation needs of financial resources [4][5] - The introduction of refined fixed-income product lines, such as credit bond products categorized by duration, aims to provide financial institutions with effective asset allocation tools [4][5]

据业内机构测算，《规定》出台后，全行业销售费用整体降幅达34%，预计每年为投资者节省约 300亿元。举例来看，对于销售服务费率为0.25%/年的货币市场基金，降费后投资者持有1万元每年可降 低投资成本10元（降费前25元、降费后15元）；对于认购费率为1.5%的主动偏股型基金，降费后投资 者认购1万元可降低投资成本70元（降费前150元、降费后80元，不考虑打折因素）。 此外，《规定》旗帜鲜明地引导行业资源投向两大关键领域：一是服务好个人投资者，维持客户维 护费占管理费比例不超50%的上限，激励销售机构提升个人投资者服务体验与获得感；二是大力发展权 益投资，通过对向机构投资者销售权益类基金、非权益类基金形成保有量收取客户维护费占管理费比例 上限进行差别化安排，引导行业力量聚焦于提升权益类基金竞争力。 "《规定》的设计精准且务实，除了直接的费率下降之外，更具深意的是机制创新。"盈米基金相关 负责人表示，比如持有满1年的非货币基金免销售服务费引导客户长期持有，差异化设置客户维护费比 例引导机构配置权益类基金等，这些设计超越了单纯的降费范畴，成为规范市场行为、引导生态正向发 展的重要抓手。 债券基金方面，针对此前部 ...

本报（chinatimes.net.cn）记者张玫 北京报道 一家是国际资管巨头在华的独资公募，另一家是深陷股权纷争的本土"个人系"基金，2026年开年，联博 基金与淳厚基金面临相同的窘境：离职高管因劳资纠纷，在上海与"老东家"对簿公堂。 2026年1月19日，上海静安区人民法院将开庭审理朱建荣诉联博基金管理有限公司（下称"联博基金"） 的劳动争议案。三个月后的4月10日，上海浦东新区人民法院开庭，淳厚基金管理有限公司（下称"淳厚 基金"）将因其前固定收益投资部总监祁洁萍提起的劳动合同纠纷而站上被告席。 因"个人原因"离职 一段维持15个月的副总经理任职，在因"个人原因"离任三个月后，骤然升级为一场对簿公堂的劳动争 议。 根据联博基金此前发布的高管任职公告，朱建荣系于2024年6月25日正式出任公司副总经理。然而，其 任职仅维持了15个月，公司于2025年9月6日发布公告，副总经理朱建荣因个人原因，已于2025年9月4日 正式离任，且未转任公司其他工作岗位。 接连的高管变动与即将到来的诉讼，为这家正处于中国市场开拓期的外资公募，增添了新的不确定性。 《华夏时报》记者2025年12月30日向联博基金发送采访函询 ...

Core Insights - The fund issuance market in early 2026 is experiencing a significant surge, particularly in FOF (Fund of Funds) products, driven by customer demand, product transformation, and channel support [1][2][4] Group 1: FOF Product Performance - The first FOF product of 2026, Wanjiatai's "Stable Three-Month Holding FOF," sold out in just one day on January 5, marking a strong start for new fund issuance [1] - Following this, Guangfa's "Stable Three-Month Holding FOF" also announced an early closure of its fundraising after just two trading days [2] - FOF products are becoming the main drivers of sales for various banks, with many companies planning to launch multi-asset FOF products through different banking channels [3] Group 2: Market Dynamics - A significant amount of residential fixed deposits, totaling 20.7 trillion yuan for 2-year, 9.6 trillion yuan for 3-year, and 1.3 trillion yuan for 5-year terms, will mature in 2026, creating a demand for new investment vehicles [4] - The low interest rates on fixed deposits are failing to meet investors' needs for capital preservation and growth, prompting a shift towards multi-asset and multi-strategy FOF products [4] - The design of FOF products offers advantages over traditional funds by diversifying underlying assets and capturing more alpha opportunities [4] Group 3: Channel and Marketing Strategies - Major banks are actively promoting FOF products, establishing dedicated marketing lines and sections for FOF on their wealth management platforms [5] - The selection criteria for fund managers in FOF products have become stricter, focusing on those with experience in multi-asset management and strong volatility control capabilities [6] Group 4: Fund Issuance Trends - From January 5 to 7, 38 new funds were launched, with a total of 77 public funds planned for issuance in January 2026, indicating a peak in fund issuance activity [7] - Equity products remain dominant, with 26 index funds and 26 actively managed equity funds among the new offerings, alongside a diversified product line including 12 bond funds, 11 FOFs, and 2 QDII funds [7]

Core Viewpoint - The newly released regulations on the management of sales fees for publicly offered securities investment funds have relaxed the redemption fee constraints for bond funds, which is expected to enhance the role of bond ETFs in liquidity management and trading for financial institutions [1][2] Group 1: Changes in Redemption Fees - The formal regulations allow fund managers to set different redemption fee standards for institutional investors holding bond fund shares for more than 30 days, which is a significant change from the previous draft [2] - The exemption clause for certain fund types, including ETFs and money market funds, remains in place, allowing fund managers to set redemption fees based on the investment characteristics of the products [2] Group 2: Shift in Fund Allocation - The adjustments in subscription fees, particularly the significant reduction for index equity funds, are expected to increase the allocation of financial institution funds to equity funds [3] - The upper limits for subscription fees have been refined, with passive index funds seeing a reduction from 0.8% to 0.3%, while some mixed funds have seen an increase [3] Group 3: Product Adaptation and Collaboration - The collaboration between public funds and financial institutions is deepening, with a focus on optimizing product lines to meet the changing allocation needs of financial institutions [4] - Companies are developing tailored fixed-income product lines, such as credit bond products categorized by duration, to provide effective asset allocation tools for financial institutions [5]

公募基金经理罕见遭投资者起诉，究竟发生了什么？ 近日，上海市高级人民法院官网披露了一则开庭公告。原告李某以金融委托理财合同纠纷为由，起 诉国投瑞银基金、施成，案件将于2026年1月13日在上海市虹口区人民法院开庭审理。 仅从法院公告内容，暂不得知案件具体情况，也无法获悉投资者购买了国投瑞银基金旗下哪只基 金。 施成认为，以新能源、TMT为代表的业绩成长行业，部分环节已经出现了盈利的回升。储能、AI 等新需求的提速也在路上，其看好能够兑现成长的公司行情。 公开资料显示，国投瑞银基金是一家成立超过20年的公募基金，公司股东为国投泰康信托有限公司 和瑞银集团，持股比例分别为51%和49%。截至去年三季度末，公募管理规模为2368.92亿元。其中，货 币基金和债券型基金规模合计占比超过80%，股票型基金和混合型基金规模占比偏低。 此次被告之一施成，于2017年加入国投瑞银基金，现任基金投资部副总监、基金经理，目前在管基 金6只，最新规模107.36亿元。 施成管理的基金曾靠重仓新能源赛道，实现规模和业绩双增长，在管规模一度突破200亿元，名噪 一时。但随着市场风格生变，净值回撤，规模亦随之缩水。 施成在2025年基金 ...

如今，ETF在公募市场中的角色地位、其管理人的竞逐生态、所反映的投资偏好，乃至对A股市场能够产生的影响，都已大有不同。 几大视角、一些数据，让我们一同回顾ETF市场五年来的部分核心变迁。 21世纪经济报道记者 黎雨辰 岁末年初，沪指再度跃上4000点，与此同时，ETF市场也在近期跨越又一个里程碑——总规模突破6万亿元大关。 当指数投资的热情与市场回暖的势头在此交汇，ETF乘着"5年5倍"的加速度，正驶向一个崭新的纪元。截至2025年末，全ETF市场超过3/4的产品数量、近 5/6的总规模和4/5的总成交量均来自最近的五年内。 时钟拨回五年前，A股正从一轮牛市的高点步入新周期。 彼时，ETF规模仅占全公募市场的约5%，让7亿基民津津乐道的还是管理主动权益基金的"男神女神"；机构资金虽已是ETF的持有主力，但仍有大规模的中 长期机构资金面临诸多入市"堵点"等待政策开闸；部分基金公司已经开始将发展ETF业务、普及被动投资提到战略高度，但也并非所有规模居前的"大厂"， 都能够提前预见到指数大时代的浪潮…… 规模全景：从"积跬步"到"至千里"，ETF发展上演"速度与激情" 2025年12月26日，ETF总规模正式突破6 ...

Group 1 - The core viewpoint is that the 科创债 ETF (Penghua, 551030) is experiencing active market trading, with a slight increase of 0.06% and a turnover rate of 42.27%, amounting to a transaction volume of 10.113 billion yuan [1] - The bond market is facing multiple pressures, including a strong stock market, rising supply pressures, temporary inflation increases, and limited central bank bond purchases, which negatively impact the bond market [1] - Despite these challenges, rising bond yields are improving the relative value of bonds compared to loans, and the valuation of bonds is becoming competitive with stocks, indicating a potential stabilization in the bond market [1] Group 2 - 华西证券 believes that the 科创债 market has significant growth potential under favorable policies, and the 科创债 ETF is expected to continue to highlight its long-term allocation value and market influence [2] - The flexibility of the 科创债 ETF as a tool caters to investors' demand for stable returns while providing liquidity and investment opportunities [2] - Penghua Fund has been actively developing a "fixed income tool product" strategy since the second half of 2018, aiming to become a domestic expert in fixed income indices by offering high-quality bond index investment tools [2]

与此同时，该基金最新成交量为6328.45万份，最新成交额达8190.47万元，当日主力资金净流出成交额 占比达10.54%。 2026年1月7日，A500ETF基金（159356.SZ）收涨0.15%，主力资金（单笔成交额100万元以上）净流出 863.07万元，居股票型ETF基金第一梯队。（数据来源：Wind） A500ETF基金（159356.SZ），场外联接(A类：022440；C类：022441；Y类：022967）。 拉长时间看，该基金近5个交易日有3天主力资金净流出，合计流出3627.16万元，居可比基金前3。（数 据来源：Wind） ...