Core Viewpoint - The implementation of the "Regulations on the Management of Sales Expenses for Publicly Raised Securities Investment Funds" aims to reduce investor costs, standardize the public fund sales market, protect the rights of fund shareholders, and promote high-quality development in the public fund industry [1][2]. Group 1: Key Regulations - From January 1, 2027, fund managers are prohibited from charging subscription fees and sales service fees for the funds they manage [2]. - Fund managers must return any sales service fees collected after January 1, 2027, to investors upon redemption or termination of the fund contract [2]. - The "first collect, then return" model for sales service fees is now the only approved method [2]. Group 2: Fee Standards for Specific Fund Types - The fee standards for Fund of Funds (FOF), commodity funds, public REITs, and enhanced index funds have been clarified, with different standards based on the type of underlying assets [3]. - For non-monetary market fund shares held for over one year, sales service fees cannot be charged from January 1, 2027, and must follow the "first collect, then return" model [3]. Group 3: Rectification of Differential Fee Rates - Fund managers must rectify any differential fee rates for the same fund by merging shares and adjusting to the same fee rate by January 1, 2027 [5]. - The previous practice of setting different share classes with varying fee rates, such as "Class D" and "Class E," must be addressed through share mergers [5]. Group 4: Sales Channels and Fee Payment - The definition of "sales venues" now includes online sales platforms of fund sales institutions [6]. - Fund managers and sales institutions are prohibited from indirectly paying or collecting sales fees through various means such as conference fees or advertising fees [6]. Group 5: Modification of Fund Documents - Fund managers can modify fund contracts and prospectuses in agreement with fund custodians without needing to convene a fund holder meeting [7]. - Fund sales settlement funds must be credited with interest at no less than the current bank deposit rate from January 1, 2027, unless there are difficulties, in which case it may be included in fund assets [7].

【1月10日国投白银LOF发布溢价风险提示，投资者需警惕高风险】1月10日，国投白银LOF发布溢价风 险提示公告，称近期基金二级市场交易价波动大，提醒投资者关注基金份额净值。盲目投资高溢价率基 金份额，可能面临较大损失。1月5日至1月10日，该基金连续6天发溢价风险提示。业内人士提醒，其高 位溢价状态未根本改变，叠加白银期货市场波动风险，投资者要认识其高风险属性，避免盲目追高。高 溢价往往难持续，背后或有游资炒作。场内流动性偏弱的LOF产品，大资金快速卖出易致跌停，此前曾 有高溢价LOF产品连续大跌。从白银期货投资最新观点看，市场多空博弈加剧，投资者需注意投资风 险。 本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 和讯财经 hexun.cor 和而不同 迅达天下 扫码查看原文 本文由 Al 算法生成,仅作参考,不涉投资建议,使用风险自担 ...

从券商中国记者跟踪观察情况来看，公募增量资金是"存款腾挪"趋势下的典型映射，在新年入市基金产 品上主要有两个表现：一是个人投资者成为ETF主力军，不少产品的份额占比超90%；二是主动基金份 额自2025年三季度后已不再下降，甚至出现小幅回升。业内人士表示，存款搬家趋势有望在2026年带来 万亿级流向投资领域的活化增量资金，多数将寻求稳健型产品。 新年行情暖意融融，公募增量资金持续入市。 根据券商中国记者统计，截至1月10日2026年入市的公募资金预计在450亿元以上：一是新年上市的22只 股票ETF，合计规模63.45亿元。二是岁末年初成立、进入建仓期的主动含权基金，规模接近400亿元。 开年入市的公募资金，最直接的是股票ETF。根据wind统计，截至1月9日，2026开年以来一共有16只 ETF确定上市时间。其中，有7只ETF拟于开年第二周（1月12日至1月15日）上市交易。 入市ETF仓位迅速提升 具体来看，7只ETF品类丰富，建信基金上市的是创业板综合增强策略ETF，华夏基金和鹏华基金是中 证全指食品ETF。易方达一共有两只ETF上市，分别是中证工程机械主题ETF、中证港股通高股息投资 ETF。此外还有 ...

2026.01. 11 本文字数：2198，阅读时长大约4分钟 作者 | 第一财经 齐琦 "每天定投100元，跟着群友上车白银行情"成为年轻投资者的新潮流。 作为全市场唯一跟踪白银期货的公募基金，国投瑞银白银期货LOF（下称"白银LOF"）近期热度不断攀升，其"限 制申购金额100元"也被市场情绪误读为"小额试错"的绝佳入口。 上周，白银LOF二级市场交易热度居高不下，该基金更是罕见地每日一提醒：1月5日至9日连续发布溢价风险提示 公告。记者据Wind不完全统计，2025年12月该基金已密集披露18份溢价风险提示。 叠加国际银价连续跳水、交易所连夜上调保证金及涨跌停板幅度，这场被"低门槛"叙事催生的投资热，正面临着流 动性、溢价、杠杆三重风险。 "ETF高溢价率不可持续，一旦情绪退潮，溢价收敛可能在一日内吞噬掉数周涨幅。"沪上一位公募基金研究员对第 一财经记者称，除了白银LOF本身的溢价收敛风险，白银资产本身的高波动风险也不容忽视。短期内监管层风控 加码、多头仓位获利了结，白银期货价格高位震荡。但中长期来，美联储降息路径反复、地缘冲突升级预期仍将对 银价形成支撑，贵金属波动行情远未结束，投资者需重新评估自身风 ...

Core Viewpoint - The logic of industry-themed funds is changing, moving away from a passive "beta" strategy focused on popular sectors, and towards a more active search for "alpha" opportunities within industries as public funds increasingly focus on performance-driven investments by 2026 [1][2]. Group 1: Market Dynamics - The simple strategy of investing in popular sectors for easy gains has ended, with a shift towards showcasing fund managers' stock-picking abilities in an "alpha" market [2]. - The 2025 annual ranking of Hong Kong QDII funds showed that industry allocation was key to the top-performing funds, indicating a transition to a more competitive investment landscape [2]. - The influx of southbound capital into Hong Kong stocks in 2025 has started to influence pricing in popular sectors, but the market is expected to balance between southbound and foreign capital in 2026 [3]. Group 2: Investment Strategy - Fund managers are now less willing to invest based on "stories" and are demanding tangible performance metrics, indicating a shift towards profitability-driven investments [4]. - The 2026 investment landscape will likely see reduced opportunities for broad-based gains across sectors, with a greater emphasis on individual company performance [4]. - The focus will be on companies that can demonstrate real financial performance rather than those that rely solely on narrative-driven growth [6]. Group 3: Sector-Specific Insights - The importance of overseas business development (BD) deals is highlighted, as they serve as a credibility endorsement for domestic innovative drug companies, impacting their valuation [7]. - In the AI sector, while hardware remains a strong investment, concerns about the application side's profitability are emerging, suggesting a need for careful evaluation of cash flow sources [7]. - The investment strategy for 2026 will emphasize a balanced approach, combining growth-oriented investments with high-dividend stocks to manage risk and return effectively [8]. Group 4: Future Outlook - The market is expected to transition from extreme growth to a more balanced strategy, with a focus on sectors that are currently undervalued and have potential for recovery [8]. - Fund managers are advised to explore non-consensus opportunities, particularly in consumer sectors that are at historical low levels of market expectations and institutional holdings [8].

钛媒体App 1月11日消息，国投白银LOF 1月10日发布溢价风险提示公告称，近期，基金二级市场交易 价格波动较大，请投资者密切关注基金份额净值。投资者如果盲目投资于高溢价率的基金份额，可能面 临较大损失。值得注意的是，1月5日—1月10日，该基金连续6天发布了溢价风险提示。业内人士提醒， 当前国投白银LOF的高位溢价状态仍未根本改变，叠加白银期货市场本身的波动风险，投资者需充分认 识该基金的高风险属性，避免盲目追高。高溢价往往不可持续，很多时候高溢价背后可能有游资炒作。 对于场内流动性偏弱的LOF产品而言，一旦有风吹草动，场内提前埋伏的大资金快速卖出，很容易出现 跌停。此前，曾出现高溢价LOF产品连续大跌。从近期市场关于白银期货投资的最新观点来看，多空博 弈态势有所加剧，投资者需注意投资风险。（中证金牛座） ...

以下文章来源于老丁养基 ，作者老丁养基 老丁养基 . 通过基金从业考试、中级经济师，采用"场外多元资产配置基金定投+场内ETF小额灵活操作+LOF基金套利"策略，追求行稳致远，先求不败再求胜。 来源：雪球 今天看到万得发布了一张 " 近十年全球大类资产表现图 " ， 老丁觉得很有意义 ， 也有些感触 ， 和大家一起分享 。 话不多说 ， 先看图 ： ↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 老丁养基 01 没有永远的冠军 ， 只有永远的风水轮流转 这里面比特币真的很牛 ， 但是对于大多数朋友来说 ， 和老丁一样买不到也买不起 ， 所以就直接忽略它 ， 看看我们常见的一些市场和资产表现 情况 。 先看股票市场 ： A股 ， 2019年大涨36% ， 2020年表现也不错 ， 但到了2021年 、 2022年 、 2023年就成了垫底的 " 选手 " ， 而2024年 、 2025年又杀 回前列 。 这节奏 ， 跟热点切换似的 。 而 日本 ， 近三年涨幅排位明显靠前 ， 涨幅都还可以 ， 最低也是19%+ 。 但2016年 ...

Core Viewpoint - The implementation of the "Regulations on the Management of Sales Fees for Publicly Raised Securities Investment Funds" aims to lower investor costs, standardize the public fund sales market, protect the legal rights of fund holders, and promote high-quality development in the public fund industry [2][12]. Group 1: Key Regulations - Fund managers will not be allowed to charge subscription fees or sales service fees for the funds they manage starting from January 1, 2027, with a "pay first, refund later" model for sales service fees [3][13]. - The notification clarifies the starting point for the refund of sales service fees for existing funds [1][3]. - Fund managers must not unfairly treat different investors by setting differentiated fee rates through exclusive shares at specific sales institutions, and must complete the consolidation of shares and adjustment to the same fee rate by January 1, 2027 [1][7]. Group 2: Fee Standards for Specific Fund Types - The notification specifies fee standards for various fund types, including Fund of Funds (FOF), commodity funds, public REITs, and enhanced index funds, which will be based on their respective product characteristics [4][14]. - For FOFs, different subscription and sales service fee standards will be set according to their asset allocation limits compared to actively managed equity funds, mixed funds, and bond funds [4][15]. - From January 1, 2027, sales institutions will not be allowed to charge sales service fees for non-monetary market fund shares held for more than one year, with fees collected under the "pay first, refund later" model [5][15]. Group 3: Compliance and Operational Guidelines - The notification states that the fees for Hong Kong mutual recognition funds will continue to follow the regulations set by the Hong Kong Securities and Futures Commission [6][16]. - Fund managers must rectify any differentiated fee structures for the same fund by consolidating shares and adjusting to the same fee rate by January 1, 2027 [7][17]. - The definition of "sales venues" now includes online sales platforms of fund sales institutions, and fund managers and sales institutions are prohibited from disguising sales fees through various means [8][18]. Group 4: Administrative Procedures - Fund managers can modify and announce changes to the fund sales fee structure and rate levels in collaboration with fund custodians without needing to convene a fund holder meeting [9][19]. - Fund managers are required to pay all interest generated from fund sales settlement funds to investors or include it in the fund property, with sales institutions required to prioritize interest payments at rates not lower than the current bank deposit rates starting January 1, 2027 [9][19].

【 导读 】 多家基金公司、销售机构收到 关于实施《公开募集证券投资基金销售费用管理规定》有关问题的通知 中国基金报记者 陆慧婧 方丽 《公开募集证券投资基金销售费用管理规定》（以下简称《规定》）在今年1月1日正式落地实施，对于基金公司、销售机构等各方关注的 操作细则，监管部门也发布了最新的指引文件。 据中国基金报记者了解，最近，多家基金公司、基金托管人、销售机构收到监管部门下发的关于实施《公开募集证券投资基金销售费用管 理规定》有关问题的通知（以下简称《通知》）。 从业内反馈来看，比较关注《通知》中的三大重点：一是明确了基金管理人销售其管理的基金自2027年1月1日起不得收取认（申）购费、 销售服务费，销售服务费采取"先收后返"的模式；二是明确了存量基金销售服务费返还的起始时点；三是基金管理人不得为实行差异费率 通过在特定基金销售机构设置专属份额等形式，不公平对待同一基金的不同投资者。基金管理人应当于2027年1月1日前采取份额合并、调 整为相同费率等措施完成整改，这也是首次明确提出基金份额合并的方案。 业内人士表示，《规定》《通知》的相继出台，进一步降低基金投资者成本，规范公募基金销售市场秩序，保护基金份 ...

导读 本周四川、浙江 等 地均有母基金宣布落地或出资，母基金重点布局 先进制造、 高端装备、新能源、新材料 等领域 。此外，多地母基金扩资百亿， 赋能本地先进产业。 值得关注的是，本周福建 社保科创基金 通过中基协备案 ，基金规模 200亿元， 重点围绕 人工智能、高端制造、新能源 等领域布局。此外， 经开 科创母基金完成 国内首支S基金投资。 基金设立层面，北京、上海、山东等地均有基金宣布设立或落 地，基金主要聚焦人工智能、集成电路 、未来智造、生命健康、新能源 等领域 。山 东30亿元新动能未来产业基金主攻前沿制造，江苏5 0亿"人工智能+"行动专项基金 瞄准AI赛道。此外， 总规模20亿元的烟台市新城发展创投基金布 局数字、服务、绿色经济。 横琴引导基金扩募至300亿 近日，经合作区执委会批准横琴粤澳深度合作区产业投资基金（以下简称"引导基金"）总规模由100亿提升至300亿。 据悉，本次扩募将进一步提升引导基金，在以投促引、推动合作区"四新"产业发展与中葡经贸中心建设方面的效能，更好服务澳门经济适度多元发 展。 自2023年8月成立以来，在合作区执委会和引导基金办公室指导下，引导基金始终坚守服务合作区 ...