本报记者 彭衍菘 临近春节假期，公募基金市场的申赎格局呈现出罕见的分化图谱。一边是货币市场型基金、债券型基金等低风险产品密 集"闭门谢客"，另一边则是部分权益类基金悄然"开门纳新"。这一现象，不仅是基金管理人应对长假的常规流动性管理举措， 更折射出不同类型资产在当前市场环境下的定位与预期差异。 具体来看，2月11日，64家基金管理人集中发布了近200只基金的申购赎回调整公告。其中，债券型、货币市场型基金合计 150只，占比高达75%。据公告，自2月12日起，将有96只债券型基金新设单日申购限额，24只固收类产品直接暂停申购，直至 2月24日节后恢复。 对此，深圳市前海排排网基金销售有限责任公司公募产品经理朱润康向《证券日报》记者解释说，长假期间固收产品仍正 常计息，若放任大额资金节前集中涌入、节后快速撤离，短期套利资金将显著摊薄存量持有人收益，并可能迫使基金经理在无 法交易底层资产的情况下被动应对赎回，放大净值波动。因此，通过限购"锁住"规模，是保护持有人利益的常规且必要的手 段。 以工银中证同业存单AAA指数7天持有为例，该基金自2月12日起将大额申购限额调降至5万元，待2月24日假期结束后再恢 复至常规的 ...

Core Insights - The article provides an overview of the latest net asset values of various funds, highlighting the top-performing and bottom-performing funds in terms of net value growth [1][4]. Fund Performance Summary Top 10 Funds by Net Value Growth - The top-performing funds include: 1. Guotai Jinlong Industry Mixed Fund: Latest net value 0.4589, growth of 4.53% 2. Huaxia Core Growth Mixed A: Latest net value 0.8218, growth of 4.21% 3. Huaxia Core Growth Mixed C: Latest net value 0.7980, growth of 4.20% 4. Hui'an Quantitative Pioneer Mixed C: Latest net value 1.7332, growth of 4.16% 5. Hui'an Quantitative Pioneer Mixed A: Latest net value 1.7887, growth of 4.16% 6. GF Quality Preferred Mixed A: Latest net value 1.9460, growth of 4.14% 7. GF Quality Preferred Mixed C: Latest net value 1.9306, growth of 4.14% 8. Zhongyou Cycle Selected Mixed A: Latest net value 1.0857, growth of 4.00% 9. Zhongyou Cycle Selected Mixed C: Latest net value 1.0849, growth of 4.00% 10. Taixin Development Theme Mixed: Latest net value 1.9970, growth of 3.96% [2][4]. Bottom 10 Funds by Net Value Growth - The underperforming funds include: 1. E Fund Vision Growth Mixed A: Latest net value 2.2459, decline of 3.29% 2. E Fund Vision Growth Mixed C: Latest net value 2.2020, decline of 3.29% 3. E Fund Pioneer Growth Mixed C: Latest net value 2.4436, decline of 3.24% 4. E Fund Pioneer Growth Mixed A: Latest net value 2.4871, decline of 3.24% 5. Qianhai Kaiyuan Shanghai-Hong Kong Deep Strong Domestic Industry Mixed: Latest net value 1.7599, decline of 2.63% 6. Fortune Emerging Industry Stock C: Latest net value 3.7914, decline of 2.58% 7. Fortune Emerging Industry Stock A: Latest net value 3.8720, decline of 2.58% 8. GF Emerging Growth Mixed A: Latest net value 1.7701, decline of 2.58% 9. GF Emerging Growth Mixed C: Latest net value 1.7378, decline of 2.57% 10. Zhongjia Technology Innovation Mixed C: Latest net value 2.2426, decline of 2.57% [3][4]. Market Analysis - The Shanghai Composite Index showed slight fluctuations, closing with a minor increase, while the ChiNext Index opened lower and subsequently declined. The total trading volume reached 2 trillion yuan, with a ratio of advancing to declining stocks at 2050:3241 [6]. - Leading sectors included building materials, chemical fibers, and non-ferrous metals, each with gains exceeding 2%. Conversely, the media and entertainment sector experienced a decline of over 3% [6]. Fund Holdings Overview Guotai Jinlong Industry Mixed Fund - The fund's top holdings include: - Haiguang Information: 6.56% of the portfolio, with a daily increase of 5.47% - Yahua Group: 6.25% of the portfolio, with a daily increase of 5.47% - Xiyang Co.: 6.01% of the portfolio, with a daily increase of 2.26% - The fund's holdings are concentrated in resource sectors, with a total holding concentration of 52.83% [7][8]. E Fund Vision Growth Mixed A - The fund's top holdings include: - Zhongji Xuchuang: 9.66% of the portfolio, with a daily decline of 4.28% - Xinyi Sheng: 9.37% of the portfolio, with a daily decline of 5.46% - Yingweike: 8.63% of the portfolio, with a daily decline of 4.13% - The fund's holdings are concentrated in the artificial intelligence sector, with a total holding concentration of 60.86% [8].

这些减持动作加剧了美国长期国债收益率波动，并促使北欧资金转向欧元、瑞士法郎及黄金等避险资 产。丹麦机构投资者在2025年净卖出约15亿美元美债，持仓规模降至2020年以来最低水平。 行业政策与环境 经济观察网丹麦主要养老基金近期减持美国国债，可能间接影响全球金融市场。丹麦养老基金 AkademikerPension计划在1月底前清空所有美国国债持仓，规模约1亿美元，理由是担忧美国政策信用 风险及财政可持续性。同期，丹麦整体美债持仓规模降至约98.8亿美元，较2020年初减持近半，其他基 金如ATP和PFA也在调整债券配置以降低风险。 股票近期走势 作为美国最大外部债权方，欧洲持有美债规模约3.3万亿美元，丹麦的减持是欧洲机构重新评估美国资 产风险的一部分。 以上内容基于公开资料整理，不构成投资建议。 ...

Core Viewpoint - The increasing trend of funds focusing on inquiry transfer projects, which offer shorter cycles and greater discounts, is aimed at enhancing capital utilization efficiency [1]. Group 1: Market Trends - Since 2026, 12 listed companies have conducted inquiry transfers, with notable participation from well-known public and private fund institutions such as E Fund, Huaxia Fund, and Nord Fund [1][2]. - The inquiry transfer of Guangdong Wannianqing Pharmaceutical Co., Ltd. involved a maximum transfer of 8 million shares at a price of 18.80 CNY per share, reflecting a discount rate of 91.66% compared to the closing price on the pricing benchmark date [2][3]. Group 2: Participant Analysis - Private and public funds are the main participants in inquiry transfers, with private funds having the highest subscription frequency from 2020 to 2025, totaling 577 times [3]. - Public funds led with 82 subscriptions among licensed financial institutions, followed by QFII and securities companies with 43 and 60 subscriptions, respectively [3]. Group 3: Performance Metrics - As of February 11, 2026, 11 out of 12 companies that conducted inquiry transfers had stock prices above the initial transfer price, with some institutions achieving floating profits exceeding 30% [4]. - For example, Jiangbolong's inquiry transfer price was 212.09 CNY per share, while its stock price reached 284.14 CNY, resulting in a floating profit rate of approximately 34% [4]. Group 4: Comparative Analysis with Private Placements - Inquiry transfers have shown superior returns and discount performance compared to private placements, with an average return of 49.52% for inquiry transfers in 2025, surpassing the 38.61% return from competitive private placements [4][5]. - The number of companies conducting inquiry transfers increased from 12 in 2021 to 180 in 2025, indicating a growing acceptance of this method [5]. Group 5: Strategic Insights - Inquiry transfers and private placements complement each other by offering different risk-return profiles, attracting various investment strategies [5]. - The focus on sectors such as semiconductors, AI hardware, and domestic software is expected to enhance the visibility and growth certainty of leading companies, making their equity attractive assets [5].

Core Insights - The investment community is increasingly focusing on inquiry transfers as a means to enhance capital efficiency, moving beyond traditional fixed increase projects [1] - A total of 12 listed companies have engaged in inquiry transfers since 2026, with notable participation from various public and private fund institutions [3] Group 1: Market Trends - Inquiry transfers have seen significant participation from both private and public funds, with private funds leading in subscription counts from 2020 to 2025, totaling 577 instances [4] - The number of companies conducting inquiry transfers has surged from 12 in 2021 to 180 by 2025, indicating a growing trend in this investment strategy [6] Group 2: Performance Metrics - Many institutions participating in inquiry transfers have reported substantial floating profits, with some exceeding 30% [5] - As of February 11, 2026, 11 out of 12 companies that conducted inquiry transfers had stock prices above their initial transfer prices, showcasing strong market performance [5] Group 3: Comparative Analysis - Inquiry transfers have demonstrated superior yield and discount performance compared to fixed increases, with an average return of 49.52% for inquiry transfers versus 38.61% for competitive fixed increases by the end of 2025 [5] - The average discount for inquiry transfers was 84.34%, outperforming the 86.88% for competitive fixed increases, highlighting the cost-effectiveness of this approach [5] Group 4: Strategic Implications - Inquiry transfers and fixed increases serve complementary roles in the market, attracting different investment strategies due to their distinct risk-return profiles [6] - Future investment strategies are expected to focus on sectors such as semiconductors, AI hardware, and domestic software, where the performance visibility and growth certainty of leading companies are significantly enhanced [6]

- The report does not contain any quantitative models or factors related to quantitative investment analysis. The content primarily focuses on ETF performance, scale changes, valuation, financing, and other market-related data[1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43][44][45][46][47][48][49][50][51][52][53][54][55][56][57][58][59][60][61][62][63][64][65][66][67][68][69][70][71][72][73][74][75][76][77][78][79][80][81][82][83][84]

照此计算，华夏基金2025年营业收入和净利润两项指标，较2024年（80.31亿元、21.81亿元）分别同比 增长了19.86%和11.03%。 近日，中信证券披露了控股子公司华夏基金2025年度业绩快报。 公告显示，截至2025年12月31日，华夏基金总资产人民币222.46亿元，总负债人民币71.51亿元；2025年 实现营业收入人民币96.26亿元，净利润人民币23.96亿元，综合收益总额人民币23.68亿元。截至2025年 12月31日，华夏基金母公司管理资产规模为人民币30144.84亿元。 每日经济新闻 ...

【基金评价 】 ETF配置系列（一）：恰逢其时 ETF大发展，丰富的品类提供多元配置可能。 我国ETF市场在长期发展过程中，已逐步形成覆盖范围较广、产品类型较为完整的产品体系。按投资市场划分， ETF不仅覆盖中国内地、中国香港和沪港深市场，也涵盖海外主要发达市场（如美国、日本）及新兴市场（如巴西、沙特），并存在跨境全球主题投资的 ETF。按资产类型划分，ETF覆盖股票、债券及商品三大类资产。其中，股票型ETF可进一步细分为宽基、行业、主题及策略四类。债券ETF覆盖利率债、信 用债、可转债及主题债等券种，可按照期限进一步细分，用于满足不同投资目标的需求。商品ETF涵盖黄金、豆粕、有色金属及能源化工四类商品品种，更多 作为大类资产配置工具发挥作用。相对完备且持续进化的生态系统，为投资者进行精细化、多元化资产配置提供了基础工具池。 绝对收益策略。 绝对收益策略池旨在通过股票、债券、商品和黄金等不同类别资产之间较低的相关性构建组合。我们构建了5个绝对收益组合：1、目标波动 率3%策略，2016-2025年底年化收益6.74%，最大回撤3.72%；2、目标波动率5%策略，2016-2025年底年化收益8.04%，最大回 ...

Core Viewpoint - The market is experiencing slight fluctuations, with the overall sentiment remaining stable at 3.8 stars, indicating limited undervalued investment opportunities [1][2][11]. Market Performance - The Shanghai and Shenzhen 300 indices have seen slight declines, while the CSI 500 index has experienced a minor increase [2]. - Value styles, such as dividend and low volatility stocks, have shown slight gains, whereas growth styles, particularly in the ChiNext, have declined [3][4]. - Market activity is subdued as the Chinese New Year approaches, leading to lower trading volumes [5][6]. Investment Strategies - There are still a few undervalued index funds available, particularly in dividend categories and certain thematic industry indices, which can be considered for long-term investment plans [11][12]. - It is important to note that during market volatility, even undervalued index funds may experience fluctuations [13]. - Historical data shows that during significant market downturns, such as the 2015 stock market crash, dividend indices also faced volatility, albeit to a lesser extent [14][15]. - For thematic industry indices, it is advisable to limit exposure to 15-20% of the portfolio due to their higher volatility compared to the broader market [16]. - A systematic investment plan should be maintained to ensure continued investment when the market returns to a higher valuation level [17][21]. Market Timing and Risk Management - In periods rated at 3 stars or above, lump-sum investments are generally not recommended; instead, waiting for more favorable market conditions is advisable [19][20]. - Investors should avoid borrowing to invest, as this increases risk, especially when market returns may not cover borrowing costs [22][26]. - The trend of retail investors engaging in high-leverage investments has been noted, particularly as financing levels in A-shares reached recent highs [24]. Upcoming Market Events - As the Chinese New Year approaches, historical trends suggest a slightly higher probability of market gains during this period [30]. - Although A-shares will not be trading during the holiday, monitoring overseas markets and related index funds can provide insights into potential market movements [30][31]. Performance Metrics - The performance of various indices and funds has been summarized, with specific metrics such as earnings yield, price-to-earnings ratio, and dividend yield provided for key indices [44]. - The report highlights that the dividend low volatility index has an earnings yield of 12.00% and a dividend yield of 4.85% [44]. Educational Resources - A new book titled "Dividend Index Fund Investment Guide" has been released, aimed at helping investors understand dividend index funds better [39].

- The report primarily focuses on ETF performance, scale changes, and valuation metrics, with no mention of quantitative models or factors[1][2][3][4] - It provides detailed data on ETF weekly returns, net subscriptions/redemptions, and valuation percentiles across various categories like broad-based, sector, and thematic ETFs[2][3][36] - Specific thematic ETFs such as AI, chip, and photovoltaic ETFs are highlighted for their performance and valuation metrics, but no quantitative models or factors are discussed[19][36][45]