Investment Rating - The report does not provide a specific investment rating for the REITs industry [1] Core Insights - The REITs index increased by 1.56% this week, with operating rights classes rising by 1.87% and property rights classes by 2.75%. In comparison, the Shanghai Composite Index rose by 1.95% [4][28] - The total number of listed companies in the REITs sector is 78, with a total market capitalization of 219.92 billion yuan and a circulating market capitalization of 123.01 billion yuan [1] Summary by Relevant Sections Market Performance - This week, 68 REITs increased in value while 10 decreased, resulting in an overall increase of 1.56%. The largest gain was seen in Zhongjin Chongqing Liangjiang with a rise of 7.86%, while the largest drop was in Industrial Bank Mengneng Energy with a decrease of 5.04% [28] - The trading volume for the week was 3.26 billion yuan, with an average daily turnover rate of 0.5% across various sectors including highways, ecological protection, clean energy, and logistics [6] Key Events - Several REIT projects have been under review or have received inquiries from the exchange, including Dongfanghong Tunnel REIT and China Aviation Nuclear Group Energy REIT [6][10] - The original equity holder of E Fund Guangkai Industrial Park REIT increased their holding from 35% to 35.62% [6][10] Investment Recommendations - The report suggests that the overall economic stability remains unchanged, with low bond yields providing a favorable environment for REITs. Investors are encouraged to pay attention to sector rotation and opportunities arising from capital increases [7]

Group 1 - The core viewpoint of the news is that the A-share market has started the year with a strong performance, indicating robust investor confidence and a favorable environment for growth in 2026 [1][2] - Multiple fund managers believe that the current market rally is supported by clear policy direction and strong capital inflow, which could set a solid foundation for the market's performance throughout the year [2][3] - The spring market rally is characterized by a diverse performance across sectors, with technology, cyclical, consumer, innovative pharmaceuticals, and advanced manufacturing sectors being highlighted as key areas of interest [2][3] Group 2 - Fund managers are focusing on core investment opportunities in technology innovation, cyclical sectors, and strategic emerging industries, suggesting a diversified investment approach to adapt to market changes [3][4] - Specific sectors of interest include AI-related industries, semiconductor equipment, and commercial aerospace, which are expected to benefit from technological advancements and policy support [3][4] - The cyclical sector is also seen as having potential, with fund managers emphasizing the importance of tracking opportunities in coal, engineering machinery, and consumer goods as they may present favorable investment conditions [4]

Investment Rating - The report indicates a positive outlook for the public fund industry, driven by recent reforms and policy initiatives aimed at enhancing the quality of development [1]. Core Insights - The public fund industry is undergoing significant reforms, with multiple policies introduced since July 2023 to promote coordinated development, including fee reforms, the growth of equity funds, and optimization of fund operation models [3][6]. - The fee reform is structured in three phases, aiming to reduce costs by a total of 50 billion annually by the end of 2025, with specific caps on management, custody, and sales fees for various fund types [6][7]. - The promotion of index-based investment is a key focus, with initiatives to enhance the product offerings and improve the investment ecosystem for index funds [10][12]. Summary by Sections 1. Policy Initiatives - Since July 2023, the regulatory body has launched several policies to facilitate the coordinated development of the public fund industry, including a phased approach to fee reforms and a push for equity fund growth [3][4]. - The introduction of a fast-track approval process for index funds and the encouragement of innovative index products are part of the strategy to enhance the market's attractiveness [10][12]. 2. Fee Reform - The fee reform consists of three phases, starting with management and custody fees capped at 1.2% and 0.2% respectively for new equity funds from July 2023 [6][7]. - The second phase, effective from July 2024, will lower trading commission rates and adjust the distribution of commissions among fund managers [7]. - The final phase will see reductions in subscription and sales service fees, with significant changes to redemption fees to encourage long-term holding [7][9]. 3. Index Investment Development - The report outlines a framework for promoting index-based investment, including the expansion of ETF offerings and the establishment of a robust index product ecosystem [10][11]. - The regulatory body aims to lower investment costs for index funds and enhance the quality of index compilation, thereby fostering a more competitive environment for passive investment strategies [11][12]. 4. Performance Benchmarking - New guidelines for performance benchmarking have been proposed to ensure that benchmarks reflect the investment style and objectives of funds, with a focus on maintaining stability in investment strategies [15][21]. - The performance of fund managers will be closely tied to their ability to meet or exceed these benchmarks, with a structured approach to performance-related compensation [15][26]. 5. Market Trends - The public fund market has seen substantial growth, with total assets increasing from 2.5 trillion in 2010 to an expected 32.3 trillion by the end of 2024, indicating a shift towards passive investment strategies as active equity products experience slower growth [28][29].

Core Insights - The article highlights a significant shift in the public fund sales landscape in 2025, with the broker settlement model becoming the mainstream choice for fund issuance, surpassing 50% for the first time [3][7][14] Group 1: Industry Changes - By the end of 2025, 52.39% of newly established public funds utilized the broker settlement model, marking a dramatic increase from 27% in 2024 [7][9] - The number of newly established equity mixed funds using the broker settlement model rose from 18.3% in 2021 to 51.71% in 2025, indicating a structural shift towards this model [9][10] - The broker settlement model is seen as a key driver for small and medium-sized brokerages to enhance their visibility and influence in the market [6][14] Group 2: Brokerages' Strategic Adaptations - Small and medium-sized brokerages are increasingly forming partnerships with multiple fund companies to expand their distribution networks and enhance product visibility [12][13] - Brokerages like Huaxin Securities and Huawen Securities are actively developing new broker settlement products and expanding their cooperation with fund managers, reflecting a strategic shift towards comprehensive wealth management services [5][6][14] - The broker settlement model allows brokerages to transition from a transactional role to a more integrated service provider, enhancing their competitive edge [8][14] Group 3: Market Dynamics - The 2024 regulatory changes regarding fund fees have incentivized fund companies to adopt the broker settlement model, as it allows for more flexible commission structures [8][9] - The market environment in 2025 is favorable for actively managed funds, which are more attractive to brokerages due to their potential for higher returns compared to passive index funds [10][11] - The collaboration between fund companies and brokerages is evolving from a one-sided selection process to a more nuanced, mutually beneficial partnership model [13][14]

历时近四年的淳厚基金控制权"罗生门"终以国资入主画上句号。 四年内斗终了结，国资如何收拾残局 日前，证监会核准上海长宁国有资产经营投资有限公司（下称"长宁国投"）成为淳厚基金主要股东及实际控制人。至此，这家成立于2018年11月的个人系公 募正式转为国资控股平台。 随着股权落定，公司治理结构亦完成"大换血"。根据公告，原股东柳志伟等人的股权全部转让予长宁国投，原总经理邢媛和股东李文忠的持股不变。同时， 公司管理层同步完成全面洗牌，原董事长、总经理等核心高管悉数离任，新一届管理团队已完成组建并正式履新。 淳厚基金对第一财经表示，此次股东及管理层的焕新，标志着公司进入了以"专业重塑、信任再造"为核心的发展新阶段。新任董事长陈红亦表示，长宁国投 将充分发挥国有控股股东的优势，全力支持淳厚基金公司在新的环境下做大做强做优。 回溯过往，这场始于2022年的股东内斗，曾导致淳厚基金治理失灵、信息披露违规，并引发监管部门连开罚单、立案调查等一系列严厉监管措施，持续的动 荡已对公司经营造成明显冲击。如今，国资控股为乱局按下终止键，但规模修复、信誉重建与新团队磨合等，将成为这家"重生"公募的新考题。 | 股东名称 | 股权比例 ...

本报讯(记者马宇薇)1月8日，由吉林省基金业协会、长春市南关区人民政府联合主办的"跨域联动.共启 新篇"上市公司及投资机构交流活动在长春举行。来自长三角地区的20余家上市公司、投资机构及行业 组织代表，与吉林省本地相关政企代表围绕产业协同、资本对接、创新发展等核心议题深入交流，共商 合作，为区域发展注入新动能。 吉林省基金业协会相关负责人表示，此次活动是协会履行"服务、协调、自律、桥梁"职能的具体实践。 未来，协会将继续致力于构建常态化、机制化的资本对接平台，进一步发挥行业资源整合优势，推动更 多合作意向转化为落地项目，助力资本与产业深度融合，以更高效地对接服务、更广泛的资源联动，为 吉林经济高质量发展与东北全面振兴贡献力量。 本次活动通过"产业研讨+资本对接+文化体验"的多元融合形式，旨在搭建跨区域、高实效的产融合作 平台，全面展示吉林省及长春市在产业发展、政策环境与投资机遇等方面的整体优势，为深化区域合 作、引入优质资本开辟了新渠道。 长春市南关区委书记申洪业在与企业家交流时表示，立足东北全面振兴战略大局，此次主动对接长三角 优质资源，是南关区抢抓"十五五"开局关键机遇、全面融入长春现代化都市圈建设的战略 ...

Group 1 - The core viewpoint of the article emphasizes the importance of long-term investment strategies, particularly the power of compound interest and the benefits of index funds over active trading [1][37] - The article discusses the dual drivers of market optimism: "policy expectations" and "technology cycles," which have led to a more solid foundation for market growth compared to previous years [1] - It highlights the common pitfalls of emotional trading and frequent strategy changes among individual investors, suggesting that a simple buy-and-hold strategy in broad index funds often yields better results [1][19] Group 2 - The article introduces the concept of compound interest as a powerful yet often misunderstood phenomenon, illustrating how significant wealth is typically generated in the later stages of investment [6][37] - It presents the "Rule of 72" as a practical tool for estimating how long it will take for an investment to double based on its annual return [8] - The discussion includes the importance of saving as a means of prioritizing future financial security, framing it as a trade-off for greater future utility [10][11] Group 3 - The article notes a fundamental shift in investment dynamics over the past fifty years, with over 90% of market transactions now conducted by professional institutional investors, making it increasingly difficult for individual investors to outperform the market [21][22] - It emphasizes the need for individual investors to adopt a strategy of owning the market at the lowest cost, primarily through index funds and exchange-traded funds (ETFs) [24][25] - The article warns against the high costs associated with active management and highlights the behavioral advantages of index funds, which help mitigate emotional decision-making [25][26] Group 4 - The article advocates for a comprehensive financial planning approach that goes beyond traditional asset allocation rules, encouraging investors to consider their entire financial ecosystem [28][29] - It suggests that investors should limit major investment decisions to about 20 throughout their lifetime to enhance long-term returns [32] - The article concludes with nine key principles of investing, emphasizing the importance of understanding compound interest, saving, and the evolving market structure [37][40]

Market Overview - In the week from January 5 to January 9, 2026, 30 out of 31 industries in the Shenwan first-level industry index rose, with the comprehensive sector leading at a 14.55% increase, followed by defense and military at 13.63% and media at 13.10%. The only sector that declined was banking, which fell by 1.90% [10][11] - The Shanghai Composite Index closed at 4120.43, up 3.82%, while the Shenzhen Component Index rose 4.40% to 14120.15. The average daily trading volume in the Shanghai and Shenzhen markets was 28259.76 billion, totaling 14.13 trillion for the week [10][11] ETF Market Performance - A total of 10 new stock ETFs were listed during the week, including two AI ETFs focused on innovation and entrepreneurship, with a total issuance scale of 4.83 billion [19][21] - The median weekly return for stock ETFs was 4.30%, with the satellite ETF from E Fund showing the highest increase at 22.46%. Conversely, the banking ETF experienced the largest decline at 2.00% [22][23] - The median weekly return for bond ETFs was -0.03%, with convertible bond ETFs performing the best, rising by 4.47% [25][26] - The median return for cross-border ETFs was 2.34%, with the Sino-Korean semiconductor ETF leading at a 15.52% increase [27][28] ETF Strategy Tracking - The PB-ROE framework identified communication, agriculture, forestry, animal husbandry, and transportation as key sectors for the week, with a cumulative strategy return of 1.31%, underperforming the CSI 300 index by 1.47% [6][32] - Since the beginning of 2023, the strategy has achieved a cumulative return of 27.12%, outperforming the CSI 300 index by 4.20% [34] Investment Recommendations - The report recommends focusing on the communication, agriculture, forestry, and transportation sectors for the upcoming week, along with ETFs corresponding to these industries. Additionally, it suggests monitoring wine ETFs, ChiNext 50 ETFs, medical ETFs, chip ETFs, and robot ETFs based on ETF subscription sentiment indicators [7][39]

Group 1: Macro Strategy - The report indicates that the preferred path for the Federal Reserve is easing, leading to higher long-term interest rates and fluctuating dollar values, with a focus on industry logic and external factors affecting this path [1] - Key factors to observe include the potential negative feedback from AI on interest rates/debt, the performance of non-AI sectors, and external influences such as the yen, Fed independence, and fiscal sustainability impacting the dollar [1] - The outlook for the RMB exchange rate is positive, with expectations of stabilization in earnings and slightly favorable supply-demand dynamics in the equity market [1] Group 2: Equity Market Insights - The report suggests that growth sectors still have many highlights, with cyclical opportunities arising from expectations of PPI recovery, indicating a potential rotation in investment focus [1] - From an industry cycle perspective, sectors like telecommunications, electronics, and non-ferrous metals need to balance valuations amid high prosperity, while power equipment and chemicals are positioned favorably for investment [1] - Short-term trends indicate that small-cap stocks may outperform before the Spring Festival, with industry differentiation possibly expanding or collapsing in a trend [1] Group 3: Fixed Income and Other Assets - In the fixed income market, short-term interest rates have a higher safety margin compared to long-term rates, with a stable short-term rate environment and increased volatility in long-term rates expected [2] - The report notes that the trading opportunities in the bond market may arise from weaker-than-expected external demand or continued declines in real estate prices [2] - Regarding other assets, U.S. Treasury yields are strong, gold remains crowded but has a sustained long-term logic, and oil is expected to be weak in the initial phase of interest rate cuts [3]

2026.01. 11 拉长时间线看， 近一年债券基金平均收益率仅为1.83%，较上年同期近乎"腰斩"，2025年全年中长期纯债基平均 收益率甚至低于货币基金。 与纯债产品普遍承压形成对比，可转债基金表现亮眼，多只产品年内涨幅超20%。 分析认为，收益率回撤主要受利率上行、机构久期错配及股市资金分流等多重因素影响。展望后市，机构普遍认为 债市将进入宽幅震荡阶段，收益率下行空间有限但大幅上行风险可控。在当前市场环境下，采取稳健的票息策略或 比交易型策略更具配置价值。 债基未迎"开门红"，中长期产品成重灾区 债基未能迎来2026年"开门红"。在长端收益率明显上行的影响下，约半数中长期纯债型基金今年以来未能实现正 收益。 本文字数：3115，阅读时长大约6分钟 作者 | 第一财经 王方然 2026年债券基金开局遇冷，在长端利率上行背景下，全市场超四成纯债型基金未能实现正收益，中长期品种成为 调整"重灾区"， 约1600只产品未获正收益，在所有中长期纯债基中占比接近五成。 市场表现疲软也引发资金显著 流出。 Wind数据显示，全市场4500多只纯债型基金（份额分开计算）中，约1780只基金今年以来回报为零或为负，占 ...