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 ...

站在新年的起点，2026年的投资大幕已拉开。回顾过去一年，A股市场在科技浪潮的推动下表现亮眼， 创业板指和科创50指数分别上涨49.57%和35.92%，成长风格独领风骚。随着2026年"十五五"开局之年 的到来，宏观经济与产业格局面临深度调整，市场的关注点从单纯的赛道炒作转向了更为务实的盈利兑 现。记者采访多位基金经理获悉，科技创新特别是AI产业的落地与变现将成为资金掘金的主战场，市 场风格预计将较2025年更加均衡，投资者需警惕赛道拥挤风险，理性构建投资组合。 科技创新确立增长引擎地位 2026年作为"十五五"规划的开局之年，经济发展质量的提升被置于首位。银河基金研究部总监王丝语指 出，新的规划更加强调因地制宜发展新质生产力，推动科技创新与产业创新深度融合。在招商基金研究 部首席经济学家李湛看来，中国经济增长模式已逐渐从地产拉动转向创新驱动，基建和高技术产业接棒 成为拉动经济增长的新动力。尽管在转型期间居民消费及投资可能因房产价格调整而趋于谨慎，但高新 技术产业创造高质量增长的能力已成为市场共识。 方正证券研究所副所长燕翔认为，高质量发展将成为贯穿2026年全年经济工作的主线。当前，我国高技 术制造业、绿 ...

Core Viewpoint - The public REITs market in China is expected to experience a "high-quality development opportunity" in 2026, driven by policy benefits and improved market ecology, balancing "stock activation" and "high-quality development" [2][4]. Group 1: Market Performance and Developments - The public REITs market started 2026 with a strong performance, with several products showing significant weekly gains, such as E Fund Huawai Market REIT leading with a 7.84% increase [4]. - Multiple public REITs products have made progress, including the acceptance of China Aviation Beijing Changbao Rental Housing REIT by the CSRC and updates on other REITs' statuses [4]. - By the end of 2025, the public REITs market had 79 products with a total issuance scale exceeding 210 billion yuan, making it the largest REITs market in Asia and the second largest globally [5]. Group 2: Investment Opportunities - The macroeconomic recovery and expectations of declining interest rates are expected to enhance the attractiveness of REITs as high-dividend assets for long-term funds like insurance and social security [5]. - The market is anticipated to show differentiation, with high-quality assets and strong operational capabilities receiving valuation premiums, while single assets facing operational pressures may experience volatility [5]. - New growth points are expected from categories like data centers, cultural tourism, and elderly care, with a normalization of the expansion mechanism allowing REITs to evolve from single projects to asset platforms [5]. Group 3: Investment Focus Areas - In 2026, three main investment lines are highlighted: 1. Anti-cyclical stable cash flow assets, such as consumer infrastructure and policy-based rental housing, which are less affected by economic cycles [8]. 2. High-prosperity policy-driven assets, like data centers benefiting from the digital economy, and logistics sectors expected to recover as demand increases [8]. 3. Strong expansion asset platforms, where commercial real estate pilot projects may achieve scale effects and enhanced dividends through asset injections [9]. - The REITs market is expected to balance "stock activation" and "high-quality development," with a focus on core consumer assets, new policy-supported assets, and potential assets with improved operational efficiency [9].

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。 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。 入市ETF仓位迅速提升 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。 | 证券简称 | 上市日期 | 上市规模(亿元) | 基金经理(现任 | | --- | --- | --- | --- | | 华夏中证舍指食品ETF | 2026-01-14 | 2.58 | 王欣薇 | | 易方达中证工程机械主题ETF | 2 ...

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。 "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 ...

转自：江苏经济报 MACD金叉信号形成，这些股涨势不错！ 转自：江苏经济报 责任编辑：杨赐 责任编辑：杨赐 MACD金叉信号形成，这些股涨势不错！ ...

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。 图片来源：基金公告 公告显示，1月8日，国投白银LOF的A类份额单位净值为2.1311元，截至1月9日，基金二级市场的收盘 价为2.530元，明显高于基金份额净值。国投瑞银提示，目前，基金A类基金份额的申购金额上限为 100.00元。后续将调整A类基金份额申购限额，基金二级市场价格的高溢价率不具备可持续性。 本周（1月5日—1月9日），该基金场内交易价格整体呈现"先扬后抑"走势，与COMEX白银的同期行情 走势较为接近，高波动特征明显。 周初，受白银资产市场关注度提升带动，国投白银LOF延续上涨，1月5日、1月6日连续大涨，1月6日的 单日涨幅达9.53%，收盘价报2.598元，换手率同步攀升至超过20%，成交额放大至15.87亿元。不过，高 位回调风险随即释放，1月7日、1月8日，该基金出现明显调整，盘中跌幅一度超过3%。 尽管随着场内交易价格的调整，该基金溢价 ...

Core Insights - The A-share market is expected to shift focus from pure speculation to practical profit realization in 2026, with technology innovation, particularly in AI, becoming the main investment battlefield [1][2][4] Group 1: Economic and Industry Trends - The 2026 "14th Five-Year Plan" emphasizes improving economic development quality, with a focus on integrating technological and industrial innovation [2] - The growth model in China is transitioning from real estate-driven to innovation-driven, with high-tech industries becoming new growth engines [2] - High-quality development will be the main theme for economic work throughout 2026, with significant growth momentum observed in high-tech manufacturing, green energy, and the digital economy [2] Group 2: AI Investment Focus - AI remains a key investment focus, with a shift from infrastructure to application and commercialization in 2026 [4] - Investment strategies will prioritize AI applications, commercial viability, and domestic alternatives, with specific attention on sectors like optical modules, storage, and localized computing power [4] - The market anticipates the emergence of the next blockbuster AI application, driven by efforts from leading global companies and innovative enterprises [4] Group 3: Market Style and Valuation - The market is expected to transition from "valuation-driven" to "profit-driven," leading to a more balanced performance across sectors [5] - High-quality growth companies with substantial earnings support will become the backbone of the market, while some growth sectors may face valuation pressures [5] - There is a growing optimism towards value stocks, which have shown signs of recovery after a period of underperformance [5] Group 4: AI Bubble Discussion - Most fund managers believe it is premature to discuss an "AI bubble," as the infrastructure for AI is still developing and projected to maintain high compound annual growth rates [6] - Concerns about overcrowding in certain popular sectors exist, necessitating in-depth research to identify companies with technological advantages and reasonable valuations [6] - The A-share market in 2026 will seek a balance between "stabilizing growth" and "structural adjustment," with AI applications expected to significantly enhance corporate earnings [6]