2026开年以来，基金投顾调仓节奏明显加快。统计数据显示，今年1月，近650个基金投顾组合中，有 178个进行调仓，增配低估值价值型基金成为共识，永赢融安、华泰柏瑞红利低波ETF联接等产品获基 金投顾增配比例最高。在大类资产配置层面，基金投顾组合普遍提升了A股及债券仓位，同步减配现金 资产、美股及港股持仓；行业维度则增配有色金属、电子、通信，减配生物医药、汽车及银行。 1月30日，嘉实财富旗下的嘉实财富权益甄选更新的调仓动态显示，在市场进入震荡后，组合增加了在 经济复苏方向有所布局的基金配置，减配涨幅较大的中证500产品，同时动态平衡配置医药基金。该投 顾组合将广发中小盘精选混合C的配置比例由10%提升至11%，新增持仓财通资管均衡臻选混合A和万 家双引擎灵活配置混合A，持仓比例分别为8%和5%。 具体到大类资产调整，开源证券将基金投顾在大类资产上的配置分解为A股、港股、美股、债券、黄 金、货币及现金、海外债券、新兴市场、其他发达市场、海外REIT、其他商品总计十一类资产。今年1 月基金投顾在大类资产配置的变化体现在：增配A股、债券等，减配货币及现金、美股、港股等。 进一步将基金投顾在A股上的配置分解到一级行 ...

广发研究智选自1月7日开始首发认购，1月16日结束募集，短短10天募集规模达到72.21亿元。这是近三 年来唯一一只首发规模超过70亿元的主动权益基金。 基金发行市场显著升温。数据显示，1月份公募基金新产品发行数量达到169只，是自2023年3月以来的 最高水平，发行总份额超过1500亿份。 2026开年以来，新基金发行火热。1月新基金发行数量达169只，达到2023年3月以来的最高水平。多只 基金一日售罄，还有产品因超募触发比例配售。此外，时隔三年，市场又出现了70亿元级别的主动权益 新产品。 尽管春节假期临近，但在新基金发行升温的氛围下，机构已开始提前布局春节后的行情，一方面基金公 司在节前启动新发，筹备节后推广；另一方面，渠道也在提前布局，抢占节后发行先机。 快速发行屡屡上演 募集周期的缩短可以佐证基金新发的热度。开年以来，多只基金发布了提前结束募集的公告，尤其是需 要抢占先发优势的热门赛道ETF。此前，有色、科技主题轮番走强，相关ETF纷纷抢占成立先机。博时 中证工业有色金属主题ETF、万家国证新能源车电池ETF、泰康中证有色金属矿业主题ETF、天弘中证 工业有色金属主题ETF、前海开源恒生港股通科技 ...

不仅是ETF，混合型FOF也成为这轮快速发行的主力军，出现了多只一日结募的"日光"产品。据统计， 截至2月11日，2026开年以来共有27只混合型FOF顺利结束募集，多只产品仅用时一天就募集数十亿 元，发行场面十分火爆，成为资金布局的核心方向之一。 从具体产品来看，Wind数据显示，博时盈泰臻选6个月持有FOF单日募集规模达到58.44亿元，南方稳嘉 多元配置3个月持有FOF单日募集规模达到26.02亿元，广发悦丰多元稳健三个月持有FOF单日募集规模 达到25.46亿元，景顺长城盈景保守配置三个月持有FOF单日募集规模达到24.06亿元，万家启泰稳健三 个月持有FOF单日募集规模达到20.99亿元。 72.21亿元 广发研究智选自1月7日开始首发认购，1月16日结束募集，短短10天募集规模达到72.21亿元。这是近三 年来唯一一只首发规模超过70亿元的主动权益基金。 ● 本报记者 张舒琳 2026开年以来，新基金发行火热。1月新基金发行数量达169只，达到2023年3月以来的最高水平。多只 基金一日售罄，还有产品因超募触发比例配售。此外，时隔三年，市场又出现了70亿元级别的主动权益 新产品。 尽管春节假期临近 ...

2026开年以来，基金投顾调仓节奏明显加快。统计数据显示，今年1月，近650个基金投顾组合中，有 178个进行调仓，增配低估值价值型基金成为共识，永赢融安、华泰柏瑞红利低波ETF联接等产品获基 金投顾增配比例最高。在大类资产配置层面，基金投顾组合普遍提升了A股及债券仓位，同步减配现金 资产、美股及港股持仓；行业维度则增配有色金属、电子、通信，减配生物医药、汽车及银行。 展望后市，部分投顾机构建议围绕"出海+科技"两条主线布局，亦有观点认为港股估值安全边际显现， 布局窗口正在打开。 增配低估值价值型基金 开源证券对天天基金、且慢及雪球上总计近650个基金投顾组合进行分析后发布数据称，2026年1月总计 有178个基金投顾组合发生了调仓行为。 在基金调仓方面，低估值价值型基金增幅比例较大。永赢融安、景顺长城景颐双利、华泰柏瑞红利低波 ETF联接、中金沪深300指数增强、富国中证价值ETF联接等被基金投顾增配的比例最高。 ● 本报记者 张凌之 对于市场关注的科技板块，1月7日，富国基金旗下的富国带你投数字经济组合更新的调仓动态透露了其 在科技板块的配置思路。本次调仓在行业配置上向业绩基准适当收敛，优化配置，增加了通 ...

Market Performance - The Taiwan stock market index rebounded from a low in April, reaching a historical high of 28,568.02 points on December 11, but is facing short-term technical pressure that may lead to volatility [2] - On April 7, the stock market experienced a significant drop of 2,065 points (9.7%), the largest single-day decline in history, due to U.S. tariff policies; however, a policy reversal on April 10 led to a rebound of 1,608 points, setting a new record [2] - The MSCI quarterly adjustment resulted in a massive trading volume of 7,491.6 billion NTD at the market close, marking the second-largest volume in history, with foreign investors selling a net of 299.5 billion NTD on that day [2] Company Developments - The Yuanta Taiwan 50 ETF (0050) completed a 1-for-4 split in June 2025, with its fund size surpassing 1 trillion NTD by December 8 [3] - Nomura Asset Management launched its first actively managed ETF (00980A) on May 5 and the first Taiwan-Japan linked ETF (009812) on September 18, indicating diversification in the market [3] - The introduction of the Taiwan Individual Savings Account (TISA) in 2025 provides a new tool for retirement planning [3] Leadership Changes - The Investment Trust and Consulting Association elected a new chairman, You Zhaowen, while the Securities Association re-elected Chen Junhong as chairman, and the Futures Association elected Zhan Zheng'en as chairman, which may influence industry policy communication [4] Institutional Insights - According to Bloomberg's report in November 2025, TSMC's stock price surged by 36% that year, increasing its weight in the Taiwan stock market to nearly 43%, which poses a low allocation risk for many actively managed funds due to regulatory limits on single stock holdings (10%) [5] - Fund managers are attempting to invest in alternative assets or derivatives to hedge against this risk, but replicating TSMC's uniqueness remains challenging [5]

Core Viewpoint - The Chinese stock market is expected to show a stable and positive development trend by 2026, driven by multiple positive factors such as improved economic competitiveness, the rise of new productive forces, and supportive macro policies [1][2]. Economic Competitiveness - China's overall international competitiveness is continuously improving, which is reflected in the rising valuations of Chinese assets in the capital market [3]. - The economy has shifted from investment-driven to innovation-driven, with technological innovation evolving from following to leading, creating new investment opportunities in the capital market [3]. Policy Environment - Major economies worldwide are adopting fiscal expansion and monetary easing policies, which historically lead to better performance in capital markets [3]. - The institutional environment for the Chinese stock market is expected to improve gradually, providing a more solid foundation for healthy capital market development [3]. Long-term Capital Inflow - Since September 24, 2024, the Chinese stock market has entered an upward channel, supported by policy and institutional frameworks [4]. - To attract long-term capital, three areas of focus are suggested: 1. Cultivating stronger long-term institutional investors by enhancing their operational space and supporting their net asset growth [4]. 2. Expanding investment scope to include overseas ETFs, commodities, and derivatives for institutional investors [4]. 3. Improving the delisting mechanism to ensure a competitive market environment [4]. Asset Allocation Strategy - For 2026, the focus is on assets with long-term value, particularly RMB-denominated assets, with optimism for A-shares and Hong Kong stocks [5]. - While equity assets are expected to perform well in the long term, there is a need to lower return expectations due to significant valuation increases since September 2024 [5]. - Specific sectors to watch include innovative technology stocks, traditional manufacturing companies with global competitiveness, and high-dividend blue-chip assets represented by state-owned enterprises [5]. Investment Strategy - The recommended asset allocation strategy shifts from the traditional "721" model to the "442" strategy, which includes 40% stable assets (fixed income, insurance products), 40% equity (A-shares, Hong Kong stocks), and 20% alternative assets (such as commodities) [7].

除上述四只产品外，其余产品均为混合债券型一级基金和混合债券型二级基金，即"固收+"基金，发行 总规模213.26亿元，在所有新发债基中占比超三分之二。易方达悦恒稳健债券、南方惠益稳健添利债 券、中欧稳健添悦债券、西部利得汇和债券的发行规模都在20亿元以上。 "固收+"基金在2025年迎来转折并强势崛起。据Choice数据统计，2024年末全市场"固收+"基金总规模约 1.66万亿元，较前一年有所降低。2025年，"固收+"基金规模迅速扩张，截至当年末总规模达2.72万亿 元，全年增长了1.06万亿元，增幅近64%。 对于"固收+"市场，财通基金固收投资部基金经理匡衡观察到两个趋势。他告诉上海证券报记者：在居 民端，以定期存款为代表的居民可配资产收益率大幅下行，叠加居民的投资意愿有所回暖，以及新质生 产力的推动，居民对含权资产的配置需求持续提升；在机构端，同样具备支撑，尽管近年来机构含权资 产投资规模与占比双升，但仍处历史偏低水平，长期成长空间广阔。 ◎记者 聂林浩 2026年以来，债券型基金发行整体遇冷，规模同比显著下滑，其中新发纯债基金只有寥寥数只。与之形 成鲜明对比的是，"固收+"基金延续了2025年强势 ...

Core Insights - The Mexican stock market may be influenced by macroeconomic policies, international agreement reviews, and changes in capital flows by 2026 [1] Recent Events - The US-Mexico-Canada Agreement (TMEC) is set for a mid-term review in the summer of 2026, which may lead to increased market volatility due to negotiations over origin rules and labor standards [2] Industry Policies and Environment - The Bank of Mexico is expected to lower the benchmark interest rate to 7% by December 2025, with a potential gradual decrease to around 6.5% in 2026, supporting carry trade in the current interest rate environment. The central bank emphasizes inflation control, with an expected return to a 3% inflation rate by the third quarter of 2026 [3] Capital Flows - The Federal Reserve's anticipated rate cuts in 2026, potential interest rate hikes by the Bank of Japan, and global investors diversifying away from US tech stocks towards emerging markets may impact the performance of Mexican assets [4] Future Development - The Mexican government is optimizing the investment environment through tax reforms, such as simplifying tax processes for small businesses, to support long-term stock market development [5]

Core Viewpoint - The public fund of funds (FOF) industry is experiencing rapid expansion, with a significant increase in the number of newly established funds driven by strong demand for stable and value-added investment products and continuous product innovation [1][2]. Group 1: Market Activity - On February 11 and 12, eight public fund institutions launched a total of nine new public FOFs, contributing to a total of 31 new public FOFs established in 2023, representing a year-on-year increase of 244.44% [1][2]. - The new public FOF market is active, with 13 public FOFs announcing early closure of fundraising this year [2]. Group 2: Investor Demand - In a low-interest-rate environment, traditional bank deposit yields are insufficient to meet investor needs, leading to a significant rise in demand for stable, low-volatility products [2]. - Public FOFs are becoming key vehicles for "deposit migration" funds, as they allow for cross-asset and multi-strategy allocation [2]. Group 3: Product Innovation - The asset allocation dimensions of public FOFs have expanded, with continuous product innovation, including the growth of ETF-FOF products that combine the advantages of both ETFs and FOFs [3]. - The configuration logic of public FOFs has evolved from a traditional stock-bond binary structure to a more diversified approach, including A-shares, QDII funds, public REITs, and commodity funds [3]. Group 4: Institutional Strategy - Public institutions are shifting their FOF product strategies towards cross-market, cross-asset, low-volatility, and high-liquidity configurations, focusing on building a "multi-asset + quantitative + systematic" capability [4]. - The traditional three-tier division of labor in FOF investment is evolving into a two-tier structure or even eliminating the division, allowing FOF managers to directly engage in asset allocation and seek excess returns [4][5].

一场因贵金属史诗级波动引发的基金净值"闪崩"，正在成为审视基金行业信任基石的棱镜。 去年末到今年1月，白银价格上演罕见行情：短短数月内累计涨幅超110%，市场陷入狂热情绪，但随着2月2日的价格狂泻，获利盘与恐慌盘集中涌出，触 发国内基金进行一次性净值重估。 从合同文本看，当事基金公司国投瑞银或许做到了"程序正确"；但从投资者的感知看，这无异于一场在交易结束后才被告知规则的"偷袭"。 今晚的"愉见财经"尝试来聊一聊，同时也想倾听各位的观点：此次基金风波背后究竟发生了什么，为何仅有国投瑞银白银基金受到影响？在基金产品关联 的复杂条款与极端的市场考验面前，我们赖以生存的"受托责任"，其真正的重量与边界，究竟在哪里？ 一、 在白银价格大涨时曾出尽风头的这只基金，全名叫做"国投瑞银白银期货基金"（下称"白银LOF"），性质属于LOF基金，是国内唯一一只专门跟踪白银期 货的公募基金。 "白银LOF"没有直接竞品，属于高风险、高收益的基金品种。根据基金产品公开资料，其主要投资范围为"交易所挂牌交易的白银期货合约"，核心资产为 上海期货交易所的白银期货合约。 今年初，中新经纬曾援引相关专家观点称，白银价格波动率通常为黄金的2 ...