Group 1 - The recent volatility in precious metal futures prices has captured the attention of investors, while the stock market is cooling down after a previous bull run, suggesting a potential left-side allocation opportunity for stock bulls [2] - The net selling of broad-based ETFs may be nearing its end, with significant net outflows recorded for major ETFs, indicating a historical first in terms of absolute values [4][8] - Following a peak trading volume of 3.94 trillion yuan on January 14, the market has seen a notable decline in trading volume, dropping below 2 trillion yuan for the first time in 2026 [4][5] Group 2 - The decline in trading volume suggests a shift from an influx of new capital to a phase of stockholder competition, which may not signal the end of the bull market but rather a more reasonable investment value compared to previous highs [9] - Investors are encouraged to consider increasing their allocation to stock long strategies, especially if new growth points emerge in the capital market during the holiday period [9]

股票讲究进攻，需要敏锐捕捉产业趋势和企业价值；债券注重防守，需要对宏观利率和信用风险有深刻洞察。而李昱或是少数能够在这两个领 域都游刃有余的选手。 这种跨资产配置能力并非一朝一夕之功。李昱从医药行业研究起步，持续深耕近20年，并不断拓展能力半径，横跨消费、TMT、新能源、制 造等多个行业。全行业的研究经历使其逐渐具备股债混合资产配置的功底，而同时管理多种类型的产品更是顺理成章。公开资料显示，李昱先 后管理过偏股型、灵活配置型、混合型、二级债基、年金、养老金等多种类型产品。一路走来，李昱不断扩大行业、公司覆盖面，最终形成了 注重平衡、强调资产性价比的投资风格。 文 | 姚远 2026年开年，全球金融市场波动加剧，国内A股实现"开门红"，但结构性行情下风格切换显著，债市则仍然未走出逆风区，市场参与者面临不 小的挑战。 在这样的市场环境下，如何在股票与债券之间灵活切换，更加从容面对市场变化，成为一种稀缺能力。工银瑞信基金李昱，正是这样一位在股 债两端均展现出优秀能力的基金经理。 李昱管理的产品横跨灵活配置、偏股混合、债券型等多个品类，作为股债双栖选手，经历市场周期波动后仍创造了出众的收益。代表作工银灵 活配置A自其 ...

7月版 2026年 数值 % 标普港股通低波红利 5.24 港股通红利低波ETF华宝159220 指数股息率 联接A 022887 联盟 022888 中证银行指数股息率 5.05 2 > 粗径ETF 512800 联接A 240019 国际 006697 标普沪港深中国增强价值 T+0 4.64 份值基金LOF 指数股息率 A类 501310 c集 007397 标普中国A股红利机会 标普A股红利ETF华宝562060 4.61 指数股息率 联接A 501029 ■ 005125 中证800红利低波动 800红利低波ETF 159355 4.52 指数股息率 联接A 023321 ■ 023322 中证A500红利低波动 4.48 ASUUEL 利用波EIF 指数股息率 价值ETF 510030 上证180价值指数股息率 4.33 联接A 240016 联接c 022826 沪深300自由现金流 3.64 指数股息率 300现金流ETF 562080 联接A 024367 024368 3.50 5年LPR 3.00 1年LPR 个人住房公积金贷款 2.60 (5年以上) 利率 2.29 30年国债到期收益 ...

Market Overview - The market saw a total trading volume of 2.16 trillion yuan, an increase of 157.6 billion yuan compared to the previous day [6] - The Shanghai Composite Index rose by 0.05%, the ChiNext Index increased by 1.32%, and the Shenzhen Component Index gained 0.86% [6] Investment Opportunities - Financial analysts from Caixin Securities suggest that there are still many structural opportunities in the market despite a decrease in trading activity as the Spring Festival approaches [2][6] - The AI application and CPO sectors have experienced adjustments, but the dividend cycle remains active, indicating potential for growth [2][6] ETF Offerings - Hwabao Fund has launched three major broad-based ETFs tracking the CSI A50, CSI A100, and CSI A500 indices, providing investors with diverse options to invest in China [2][6] - The A50 ETF focuses on 50 core leading companies, while the A100 ETF encompasses the top 100 industry leaders, and the A500 ETF covers a broader range of stocks [2] Sector Performance - The top three sectors with net capital inflow include Electronics (155.71 billion yuan), Power Equipment (205.19 billion yuan), and Machinery Equipment (167.37 billion yuan) [6]

（文章来源：新华财经） 根据银行间债券市场相关自律规定，经自律处分会议审议，对同量基金予以严重警告。 新华财经北京2月12日电据中国银行间市场交易商协会12日公告的自律处分信息，上海同量私募基金管 理有限公司（以下简称"同量基金"）通过安排相关资产管理产品，协助相关发行人"自融"发行债务融资 工具，并以推介服务费名义收取发行人提供的财务资助。相关行为违背了发行公平、公正、公开的原 则，影响市场发行秩序。 ...

Group 1 - Over 150 funds have announced a suspension of related business during the Spring Festival, with most products pausing from February 12 and resuming on February 24 [1] - Many public fund institutions are optimistic about holding stocks during the holiday, citing historical data, policy environment, and capital flow as supporting factors for a higher success rate [2] - Increasing interest in inquiry transfer among fund companies, with 12 listed companies having conducted inquiry transfers since 2026, involving several prominent public fund institutions [3] Group 2 - Fund manager Chen Junjie from Harvest Fund emphasizes that the core logic of technology investment remains unchanged, focusing on three dimensions: cost reduction in models, integration of edge AI with existing hardware, and breakthroughs in domestic computing power supply chains [4] - The three major indices collectively rose, with the ChiNext Index and the Sci-Tech Innovation 50 Index both increasing by over 1%, driven by a surge in the computing power industry chain [5] - ETFs related to Brazil and French markets saw significant gains, with Brazil ETF rising over 6% and French and Sci-Tech chip design ETFs increasing by over 4% [6] Group 3 - The "14th Five-Year Plan" includes plans for the State Grid to establish a new type of grid platform, which is expected to support the development of virtual power plants and microgrids, enhancing the potential for energy trading and comprehensive energy services [9]

近日，上海集成电路产业投资基金三期合伙企业（有限合伙）发生工商变更，新增上海国投先导集 成电路私募投资基金合伙企业（有限合伙）、上海浦东引领区投资中心（有限合伙）为合伙人，同 时出资额由5.3亿人民币增至60.3亿人民币，增幅约1038%。 公开信息显示，该基金成立于2025年3月，执行事务合伙人为上海集成电路产业投资基金管理有 限公司，经营范围为以私募基金从事股权投资、投资管理、资产管理等活动，由上海国有资本投资 有限公司、上海集成电路产业投资基金管理有限公司及上述新增合伙人共同出资。 来源：天眼查 每日｜荐读 热文： 谁押中了沐曦股份？ 荐读： 2025募资市场年度观察：一年聊过239家LP的真实感受 荐读： 2025年IPO退出盘点：哪些GP赚钱了？ 热文： 投资人"忙疯了" ...

Market Overview - In January 2026, the equity market showed a good profit effect with major indices rising, while the bond market stabilized. The cyclical and growth sectors performed well, with non-ferrous metals, media, and oil and petrochemicals leading gains at 23.02%, 18.85%, and 14.95% respectively. Conversely, the banking, comprehensive finance, and transportation sectors experienced declines of -6.18%, -4.46%, and -0.89% respectively [3] - The bond market exhibited resilience after a period of decline, with major bond fund indices showing slight increases: the Wind medium to long-term pure bond fund index rose by 0.24%, the Wind bond index fund index by 0.20%, and the Wind short-term pure bond fund index by 0.16%. Additionally, the first-level bond fund, second-level bond fund, and convertible bond fund indices increased by 0.85%, 1.65%, and 6.90% respectively [3] Equity Fund Allocation Strategy - The A-share market in February faces a complex environment influenced by both internal and external factors. Externally, the Federal Reserve's pause on interest rate cuts and rising "Wall Street expectations" have led to a rebound in the US dollar. Internally, the combination of "RMB appreciation + gradual inflow of long-term funds from residents + regulatory guidance for stable market operation" is observed. The market may enter a short-term adjustment phase before the Spring Festival due to tightening liquidity and holiday effects, with limited systemic opportunities and a focus on structural trends [4] - Future price increases driven by a reversal in supply-demand dynamics are expected to release stronger profit elasticity and further valuation recovery. The technology sector, particularly in areas with clear patterns and certain benefits such as "light, electricity, and storage," is likely to continue to outperform. Traditional dividend stocks are also becoming more attractive in terms of cost-effectiveness, serving as a stabilizing tool for investment portfolios [4] Fixed Income Fund Allocation Strategy - Looking ahead to February, the pessimism in the bond market has eased, but caution is still advised regarding extending duration. Holding high coupon bonds is seen as more cost-effective. Despite current ample liquidity and the emphasis on long-term interest rates in the fourth quarter monetary policy report, the recent 10-year yield has fallen below 1.8%, and the credit spreads for medium to long-term credit bonds are currently narrow, limiting further contraction [5] - Overall, the difficulty in obtaining short-term capital gains may increase, making coupon strategies a more favorable choice. Specific fund products are recommended to focus on high coupon bonds while actively managing positions in response to market conditions [6]

Core Viewpoint - The article emphasizes the importance of professional investment guidance in a rapidly changing market environment, highlighting the role of Tianhong Fund's "Gongzhi New" initiative in providing valuable insights and strategies to investors [1][3][11]. Group 1: Market Context - The Shanghai Composite Index has broken through multiple key levels, reaching new highs, with annual trading volume exceeding 400 trillion yuan for the first time [1]. - Despite the market's performance, ordinary investors are often overwhelmed by noise and lack the tools to discern core market logic [2]. Group 2: Investor Support and Engagement - Tianhong Fund's "Gongzhi New" initiative has reached over 15 cities nationwide, hosting more than 30 events and serving over 5,000 investors in the past two years [1]. - The initiative integrates research resources to provide ordinary investors with access to professional insights, addressing their need for clear and actionable investment strategies [3][11]. Group 3: Practical Investment Strategies - In response to market style rotations, Tianhong Fund has provided specific investment directions, such as embracing physical assets, focusing on consumer recovery, and allocating to the financial sector [7]. - The "Gongzhi New" events are tailored to address local investor concerns, offering customized insights rather than standardized reports [11]. Group 4: Industry Transformation - The public fund industry is undergoing significant changes, with a shift from scale to return-focused strategies as outlined in the "Action Plan for Promoting High-Quality Development of Public Funds" [14][15]. - Tianhong Fund's "Gongzhi New" initiative exemplifies a commitment to investor-centric approaches, aligning with national strategies and addressing the needs of investors in various regions [16][18].