Group 1 - The A-shares and Hong Kong stocks experienced a collective pullback, with the Hang Seng High Dividend Low Volatility Index down by 1.1% and the CSI Dividend Index down by 0.6% as of 11:05 AM on February 13 [1] - Despite the market downturn, there was a counter-trend investment with the E Fund Hang Seng Dividend Low Volatility ETF (159545) seeing a net subscription of approximately 700 million units [1] - According to Huatai Securities, it is estimated that new investments from insurance funds in secondary equity markets could reach 1 trillion yuan by 2025, with equity positions potentially reaching around 16% [1] Group 2 - E Fund is currently the only fund company that implements low fee rates for all its dividend ETFs, with management fees set at 0.15% per year for products including the E Fund Hang Seng Dividend Low Volatility ETF (159545) and others [2] - This low-cost structure is designed to assist investors in building high dividend asset portfolios at a lower cost [2]

Core Viewpoint - The 30-year Treasury ETF (511090) has shown positive performance with a 0.04% increase as of February 13, 2026, and has experienced significant liquidity and net inflows, indicating strong investor interest and confidence in the product [1][2]. Group 1: Market Performance - As of February 12, the 30-year Treasury ETF has a total scale of 230.57 billion yuan and has seen an average daily trading volume of 82.06 billion yuan over the past year [1]. - The ETF has recorded a total net inflow of 18.72 billion yuan over the past six days, with a peak single-day net inflow of 6.58 billion yuan, averaging 3.12 billion yuan daily [1]. Group 2: Central Bank Actions - The People's Bank of China announced a 10,000 billion yuan reverse repurchase operation on February 13, with a six-month term, as part of its strategy to inject medium-term liquidity into the banking system [2]. - In February, the central bank is expected to conduct a total of 1.8 trillion yuan in reverse repurchase operations, with a net injection of 600 billion yuan after accounting for maturing operations [1][2]. Group 3: ETF Characteristics - The 30-year Treasury ETF closely tracks the China Bond 30-Year Treasury Index, which consists of publicly issued 30-year treasury bonds with a remaining maturity of 25-30 years [2]. - The ETF offers advantages such as T+0 trading, daily interest calculation regardless of market holidays, and lower transaction costs compared to similar products [8][9].

Group 1 - The core viewpoint of the news highlights the significant growth of the E Fund Internet ETF (513040), with a recent increase in scale by 344 million yuan and reaching a record high of 7.423 billion shares as of February 12 [1] - The E Fund Internet ETF has seen continuous net inflows over the past three days, accumulating a total of 250 million yuan, with a peak single-day net inflow of 118 million yuan [1] - Citic Securities notes that while U.S. internet companies are reporting earnings that generally exceed market expectations, some stock prices are under pressure due to liquidity and AI narratives, suggesting that the market's pessimistic outlook on internet companies may be overstated [1] Group 2 - The E Fund Internet ETF closely tracks the CSI Hong Kong Stock Connect Internet Index, which includes 30 listed companies involved in internet-related businesses, reflecting the overall performance of internet-themed stocks within the Hong Kong Stock Connect [2] - The index covers key sectors such as e-commerce, advertising, and cloud services, aligning well with the global AI-driven industrial upgrade, making it an efficient tool for capturing opportunities in the Hong Kong internet sector [2]

MACD金叉信号形成，这些股涨势不错！ 责任编辑：江钰涵 值此新春佳节，新浪财经携富国陈戈、国泰李昇、华安张霄岭、中欧刘建平、建信谢海玉、浦银安盛张 弛、鑫元龙艺、财通资管马晓立、汇丰晋信李选进、摩根士丹利周文秱、财通金梓才等公募基金掌舵 人，恭祝投资者：春风策马，骏程万里；事业马到功成，投资硕果盈仓！ 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 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 MACD金叉信号形成，这些股涨势不错！ 责任编辑：江钰涵 值此新春佳节，新浪财经携富国陈戈、国泰李昇、华安张霄岭、中欧刘建平、建信谢海玉、浦银安盛张 弛、鑫元龙艺、财通资管马晓立、汇丰晋信李选进、摩根士丹利周文秱、财通金梓才等公募基金掌舵 人，恭祝投资者：春风策马，骏程万里；事业马到功成，投资硕果盈仓！ ...

Market Overview - As of February 12, the total ETF margin balance in the two markets reached 125.347 billion yuan, an increase of 4.531 billion yuan from the previous trading day [1] - The financing balance was 117.82 billion yuan, up by 4.536 billion yuan, while the securities lending balance decreased by 4.2073 million yuan to 7.527 billion yuan [1] - In the Shanghai market, the ETF margin balance was 89.583 billion yuan, increasing by 4.501 billion yuan, with a financing balance of 83.011 billion yuan, up by 4.506 billion yuan [1] - The Shenzhen market's ETF margin balance was 35.764 billion yuan, increasing by 30.4641 million yuan, with a financing balance of 34.809 billion yuan, up by 29.959 million yuan [1] ETF Margin Balances - The top three ETFs by margin balance on February 12 were: - Hai Fu Tong Zhong Zheng Short Bond ETF (8.632 billion yuan) - Hua An Yi Fu Gold ETF (7.377 billion yuan) - Yi Fang Da Gold ETF (4.122 billion yuan) [2][3] ETF Financing Buy Amounts - The top three ETFs by financing buy amounts on February 12 were: - Hai Fu Tong Zhong Zheng Short Bond ETF (7.6 billion yuan) - Hua Tai Bai Rui Nan Fang Dong Ying Hang Seng Technology Index (QDII-ETF) (1.012 billion yuan) - Bo Shi Zhong Zheng Convertible Bonds and Exchangeable Bonds ETF (681 million yuan) [4][5] ETF Financing Net Buy Amounts - The top three ETFs by financing net buy amounts on February 12 were: - Hai Fu Tong Zhong Zheng Short Bond ETF (4.49 billion yuan) - Hua Tai Bai Rui Nan Fang Dong Ying Hang Seng Technology Index (QDII-ETF) (271 million yuan) - Hua Xia Hang Seng Technology (QDII-ETF) (144 million yuan) [6][7] ETF Securities Lending Sell Amounts - The top three ETFs by securities lending sell amounts on February 12 were: - Nan Fang Zhong Zheng 1000 ETF (1.02265 million yuan) - Nan Fang Zhong Zheng 500 ETF (537.15 thousand yuan) - Hua Xia Shang Zheng Ke Chuang Ban 50 Component ETF (391.57 thousand yuan) [8][9]

南方希元可转债（A类：005461、D类：024077）的基金经理刘盈杏认为，在权益市场中期向好预期和 转债供需错配的双重驱动下，预计转债估值中枢整体维持在中高水平。但转债市场在经历2025年的大幅 上涨后，资产估值也步入偏高位新常态，2026年转债市场的收益预期将从"高弹性"回归"稳健增强"，市 场也将进入个券深度跟踪、差异化分析的精细化挖掘阶段，在强调胜率的同时追求更高的赔率。 2026年开年，全球大宗商品走出了一波震荡节奏，美股、A股等也呈现波动走势。 复杂行情中，可转债基金凭借其既能在股市下跌时提供一定的债底保护，又能在市场反弹时捕捉上涨机 遇的优势，成为投资配置热点。 专题：2026年度投资策略|顶级基金公司、基金经理展望马年投资机会 责任编辑：石秀珍 SF183 专题：2026年度投资策略|顶级基金公司、基金经理展望马年投资机会 2026年开年，全球大宗商品走出了一波震荡节奏，美股、A股等也呈现波动走势。 复杂行情中，可转债基金凭借其既能在股市下跌时提供一定的债底保护，又能在市场反弹时捕捉上涨机 遇的优势，成为投资配置热点。 作为行业新生代代表，刘盈杏与债基老将刘文良共同管理南方希元可转债。刘盈杏 ...

Group 1 - The core message emphasizes the importance of 2026 as the beginning of the "14th Five-Year Plan" and a critical year for the high-quality development of public funds, with a focus on national modernization and rejuvenation [1][4][11] - The company, Huashang Fund, aims to integrate its development with national strategies, prioritizing the interests of investors and enhancing their experience [3][4][11] - The public fund industry is experiencing a wave of reforms and improvements, leading to a significant increase in profitability for investors, translating policy benefits into tangible gains [3][9] Group 2 - Huashang Fund has achieved top rankings in absolute returns for its actively managed equity and fixed-income funds over the past five and seven years, receiving the "Active Equity Investment Golden Bull Fund Company Award" [10][11] - The company is committed to innovation and has actively participated in product trials, including floating fee rate products, and has developed index-enhanced products to combine active management with index investment tools [10][11] - The firm believes in the stability of the market supported by policies and industry drivers, aiming to identify promising sectors and companies for sustainable excess returns for investors [4][11]

值得关注的是，十年国债ETF成立以来经历了2018年～2024年共计7个完整自然年度，均保持每年正收 益，有望成为穿越牛熊周期的资产配置利器。 风险提示：数据来源：基金定期报告、Wind，相关业绩经托管行核对，过往表现不代表未来。十年国 债ETF成立于2017年8月4日，2017年～2025年上半年净值增长率/业绩比较基准为：-1.55%/-1.01%； 7.6%/8.47%；2.49%/4.81%；1.92%/2.09%；5.19%/5.78%；2.52%/2.87%；4.37%/4.83%；9.02%/8.09%； 0.67%/-0.24%。提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供 参考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构 成投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产 品要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 每日经济新闻 债市有望震荡偏强，资金抢筹债市，资金面看，十年国债ETF（511260）近5日净流入超4.6亿元。 金融街证券指出，近 ...

Core Viewpoint - The macroeconomic landscape at the beginning of 2026 is complex, showcasing a resilient picture of the domestic economy that is progressing towards improvement, contrasting with the market's focus on "structural differentiation" [1] Economic Overview - The domestic economy is advancing under pressure, with ongoing construction of a modern industrial system and positive progress in risk mitigation in key areas, despite challenges such as insufficient domestic demand and low price levels [4] - The U.S. economy is experiencing moderate expansion, with slowing job growth and a slight increase in unemployment, while inflation remains high, prompting the Federal Reserve to continue lowering interest rates [4] Market Indicators - In Q4 2025, the manufacturing PMI improved from 49 to 50.1, indicating marginal improvement [4] - External trade demonstrated strong resilience, with continuous enhancement in export competitiveness [4] - The real estate market in some cities is stabilizing but still exhibits volatility [4] - Monetary policy maintained a reasonably ample liquidity environment to support economic recovery, with average DR001 and DR007 rates decreasing by 15 basis points and 3 basis points respectively compared to Q3 2025 [4] Bond Market Performance - The yield on 10-year government bonds slightly decreased from 1.86% at the end of Q3 2025 to 1.85% in Q4 2025, showing minimal change [4] - The fund manager adjusted leverage and duration according to market conditions during this period, aiming to ensure safety while striving for stable returns for clients [4]

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 编者按：辞旧迎新，金马贺岁。值此新春佳节，新浪财经特邀公私募领域数十位领军人物，通过镜头与 文字，为投资者送来马年新春祝福。信心如磐，笃行致远。愿这一声声真挚寄语，伴您策马扬鞭，共赴 投资长路。 永赢基金总经理送来新春祝福。他表示，2026年，"十五五"的壮阔蓝图全面铺展。资本市场稳中求进、 以进促稳的发展基调清晰可见，公募基金既是促进资源高效配置、让优质企业和资金迸发活力的重要组 成部分，亦是普惠金融的中坚力量。永赢基金将继续积极响应行业导向，在资管行业的长期主义道路上 坚定前行，为中国资本市场的高质量发展贡献专业力量。征程万里，初心如磐。最后，感谢您一直以来 的信任，永赢基金愿与您携手，走得更稳、更远。 大家好，我是永赢基金总经理芦特尔。 这种战略定力，也贯穿于我们近年的每一步发展印记中。过去三年，我们在红利与高股息板块崭露头 角，但与此同时，我们从未停止对科技、周期等领域的持续深耕与力量储备。正是基于长期积淀与逆市 布局，我们才能从2024年起，敏锐地辨识出新一轮科技创新周期的曙光。 我们并非追逐短期的聚光灯，而是将目光投向产业变革的深处， ...