据中国基金报记者了解，近期，多家基金公司接到通知，在鼓励发展普惠金融的大背景下，QDII额度 要更多地使用在公募产品上。 据业内人士透露，基金公司需对QDII额度在公募产品和专户产品的使用比例上进行调整，并要求在 2027年底之前将用于专户的QDII额度占比调整至20%之内，2026年底之前至少完成一半的调整任务。 QDII额度使用迎来新规范 QDII基金再迎政策利好。 据中国基金报记者了解，近期，多家基金公司接到通知，要求各家基金公司在QDII额度使用上，总体 应遵循"QDII额度优先用于公募产品的原则"。 同时，各家公司需要结合自身具体情况，制定QDII额度的管理方案。具体时间表上，要求到2027年 底，QDII额度用于专户产品的比例需降至20%以下。2026年底前，进度应该过半。 "近期确实行业传出这一消息，鼓励QDII额度多用于公募产品，如果在这个过渡期内，若专户上的QDII 额度占比或单一专户产品的QDII额度占比不降反升，或影响新增QDII专户产品的备案，也可能会影响 基金公司分类评价考核。过渡期后也有相关要求。"一位业内人士表示。 另一位业内人士表示，所在公司已经接到上述通知，未来在QDII额度 ...

【导读】 QDII 额度更多使用在公募产品上，规范 QDII 专户产品发展 中国基金报记者 方丽 陆慧婧 QDII 基金再迎政策利好。 据中国基金报记者了解，近期，多家基金公司接到通知，在鼓励发展普惠金融的大背景下， QDII 额度要更多地使用在公募产品上。 据业内人士透露，基金公司需对 QDII 额度在公募产品和专户产品的使用比例上进行调整，并 要求在 2027 年底之前将用于专户的 QDII 额度占比调整至 20% 之内， 2026 年底之前至少 完成一半的调整任务。 在业内人士看来，监管层明确提出要做好包括 " 普惠金融 " 在内的 " 五篇大文章 " ，在 QDII 额度使用方向上的调整，可以看作是引导金融资源向普通投资者倾斜的具体落地措施之 一，这一措施有望更好地满足投资者多元化资产配置的需求。 QDII 额度使用迎来新规范 据中国基金报记者了解，近期，多家基金公司接到通知，要求各家基金公司在 QDII 额度使用 上，总体应遵循 "QDII 额度优先用于公募产品的原则 " 。 同时，各家公司需要结合自身具体情况，制定 QDII 额度的管理方案。具体时间表上，要求到 2027 年底， QDII 额度用 ...

以下文章来源于LP波谱 ，作者王满华 LP波谱 . 本账号专注LP市场报道。"波浪、谱系"是识别市场的维度，也是定义市场的坐标；此外，波谱（Pop Art）也意为放低意义与史诗的执念，认同商业的日常 之美。 将投中网设为"星标⭐"，第一时间收获最新推送 聚焦LP出资、新基金、GP招募，捕捉LP圈一周商业情报。 作者丨 王满华 来源丨 LP波谱 在北京的城市版图中，朝阳区始终占据着独具分量的位置。这里既是承载国际交往功能的使馆区、汇聚全球资源的 CBD 核心区，更是北京国际科技创 新中心建设的核心承载区。 依托 " 商务 + 科技 " 双轮驱动战略，如今的朝阳，科创生态已呈现出强大的集群效应。数据显示，截至 2025 年中旬，这里的国家级高新技术企业达 3649 家，北京市专精特新企业 1225 家，国家级 " 小巨人 " 企业 96 家，独角兽企业 25 家。 华业天成五期基金完成终关 近日，华业天成宣布五期基金完成终关，总规模为 17.6 亿元。据公开资料显示，基金 LP 有长鑫存储、腾讯等大型产业方，太平洋保险、泰康保险两 家险资巨头，浙财创新、建发新兴、东方国资、中银国际、新尚资本等国资平台，欧洲投资集 ...

Core Viewpoint - The acquisition of a 58.8% stake in Chunhou Fund Management Co., Ltd. by Changning State-owned Assets Investment Co., Ltd. marks a significant shift in control, aiming to stabilize the fund's governance and enhance its operational capabilities after a tumultuous period of internal conflicts and regulatory scrutiny [1][4][24]. Group 1: Ownership and Management Changes - Changning State-owned Assets has acquired a 58.8% stake in Chunhou Fund for 58.8 million yuan, becoming the controlling shareholder and actual controller [1][4]. - The management team has undergone a complete overhaul, with Chen Hong appointed as the new chairman and Zuo Jiqing as the new general manager, alongside the addition of three new directors [4][7]. - The previous management faced significant regulatory penalties, leading to a decline in the fund's assets under management, which fell to 19.912 billion yuan, a 40% decrease from its peak [4][24]. Group 2: Historical Context and Governance Issues - Chunhou Fund has experienced internal strife among its six original shareholders, resulting in multiple regulatory penalties and a halt in new product registrations [4][9][24]. - The fund's governance issues stemmed from conflicts between major shareholders, particularly involving the second-largest shareholder, Liu Zhiwei, and the first shareholder, Xing Yuan, leading to a series of legal and regulatory challenges [9][22]. - The fund's management structure was heavily intertwined with its ownership, complicating governance and operational stability [12][22]. Group 3: Financial Performance and Future Outlook - As of the end of 2025, Chunhou Fund's assets under management had decreased to 19.912 billion yuan, ranking it 102nd among public fund companies, reflecting a 43.85% decline from its peak of 35.464 billion yuan in mid-2022 [24][26]. - The fund's product offerings are heavily weighted towards fixed-income products, which account for over 81% of its total assets, while its equity products have shown strong performance despite the governance issues [26][27]. - The new management team has committed to enhancing investor protection and service quality, emphasizing a return to core responsibilities and compliance with regulatory standards [8][24].

Core Viewpoint - The A-share market continues its upward trend, with the Shanghai Composite Index breaking the 4100-point mark, highlighting a phase of market recovery and the emergence of certain small to medium-sized funds that excel through precise stock selection and unique investment strategies [1][8]. Fund Performance and Strategy - The Western Gain Event-Driven Fund (671030.OF) has achieved over 110% return since 2024, positioning itself among the top-performing funds in its category despite its relatively small size, with total assets under management of 2.399 billion yuan [4][8]. - Fund manager Zhang has adopted a "growth value" investment style, focusing on identifying companies that can create sustained value rather than chasing short-term market trends, which has led to a doubling of the fund's net value [4][5]. Investment Framework - Zhang's investment framework is summarized as "three capabilities + three trends," which emphasizes assessing a company's core competitiveness, ability to generate free cash flow, and governance structure [5][6]. - The "three trends" aspect focuses on aligning investments with industry momentum, societal development trends, and the company's operational cycle, targeting firms that fit these criteria [5][6]. Portfolio Characteristics - The fund's top ten holdings are diversified across high-end manufacturing, technology, and consumer sectors, with no single industry dominating, effectively mitigating risks associated with market fluctuations [6][8]. - Key holdings include companies in niche markets with strong competitive advantages, reasonable valuations, and balanced industry representation, reflecting the investment logic of aligning with industry trends [6][8]. Future Outlook - The fund's ability to maintain its strong performance will depend on various factors, including market conditions, the manager's expertise, and risk management strategies [7][8]. - The current A-share market environment, characterized by reasonable valuations and limited systemic risks, aligns well with Zhang's investment approach, particularly in the technology and consumer sectors [7][8].

Core Viewpoint - The article discusses the potential for continued investment opportunities in technology stocks, particularly in the AI sector, while also addressing concerns about market saturation and the need for careful risk management [1][3][14]. Group 1: Economic Outlook and Technology Innovation - The global economy in 2025 will face external shocks such as tariffs and geopolitical conflicts, with a shift towards innovation-driven growth in China [3]. - The "14th Five-Year Plan" emphasizes high-quality growth and the integration of technological and industrial innovation [3]. - High-tech industries are expected to be a significant driver of economic growth, with a focus on quality over speed [4][3]. Group 2: Market Trends and Investment Strategies - The A-share market showed strong growth in 2025, with the Shanghai Composite Index rising by 18.41% and the ChiNext Index by 49.57% [6]. - Investment strategies for 2026 are expected to shift from valuation-driven to profit-driven, with a more balanced market style [6][7]. - The focus will remain on high-quality growth companies with substantial earnings support, particularly in the AI sector [7][6]. Group 3: AI as a Central Investment Theme - AI is identified as the core investment theme for 2026, with a focus on applications, semiconductors, and storage sectors [9][8]. - Investment strategies will include a comprehensive approach across the AI value chain, from infrastructure to application [9][11]. - The AI infrastructure market is projected to grow significantly, with a compound annual growth rate of 31% from 2024 to 2030 [14][15]. Group 4: Market Sentiment and Risk Management - There are concerns about potential market saturation and high valuations in the tech sector, leading to increased volatility [16][14]. - Investment firms emphasize the importance of thorough research to identify companies with sustainable earnings and technological advantages [16][19]. - A balanced investment approach is recommended, focusing on long-term strategies and avoiding impulsive decisions based on market trends [18][19].

Core Viewpoint - Investment success hinges on three key factors: buying price, portfolio structure, and patience [4][5]. Group 1: Buying Price - It is crucial to avoid purchasing assets at inflated prices; even a good company can lead to poor returns if bought at a high price [6][7]. - Valuation metrics, such as the price-to-earnings (P/E) ratio, serve as a straightforward measure to assess whether an asset is overvalued or undervalued [8][10]. - Historical comparisons of valuation can provide context; for instance, the average P/E ratio of the CSI 300 index over the past decade is approximately 12 times, and deviations from this average can signal potential risks or opportunities [10][11]. Group 2: Portfolio Structure - Diversification is essential as it acknowledges the unpredictability of market movements; overconfidence in one's judgment can lead to significant losses [13][14][15]. - Relying solely on one stock or sector increases risk, as market conditions can change unexpectedly, leading to potential capital loss [17][18]. - Embracing broad market indices, such as the CSI 300 or Hang Seng Index, allows investors to capture growth across various sectors, reducing the risk associated with individual stocks [19][20]. Group 3: Patience - The stock market is volatile in the short term but tends to stabilize over the long term; thus, long-term investment strategies are more likely to yield positive returns [21][22]. - Historical data indicates that holding investments for longer periods significantly increases the probability of achieving positive returns, with a 60% chance of profit after one year and over 80% after three years [24]. - Long-term investments should be made with funds that are not needed in the near future, as this reduces anxiety during market fluctuations and helps avoid panic selling [26][27].

黄金 ETF 规模大增，资金涌入明显 截至1月7日收盘，全市场14只黄金ETF在2026年均取得2%以上的涨幅，工银黄金ETF、华夏黄金ETF、国泰黄金 ETF等涨幅均超过2.5%，国投瑞银白银期货（LOF）年内涨幅更是高达8.75%。资金对黄金ETF青睐有加，Wind数 据显示，最近一周华安黄金ETF、黄金ETF易方达份额增长超万份，国泰黄金ETF增逾9000份。跟踪SGE黄金9999 的ETF产品管理规模达2302.85亿元，跟踪上海金的黄金ETF市场规模达236.82亿元，较2025年底进一步增长。 资金流入黄金ETF领域与开年贵金属价格上涨紧密相关。2026年前三个交易日，国际金价连续上涨近200美元。1 月7日，现货黄金价格时隔近两周盘中再次突破4500美元大关，达4500.640美元/盎司，尽管随后有所回落，但截 至记者发稿仍位于4400美元/盎司左右；白银现货价格当日涨至19636.67元/千克，涨幅2.00%，周涨幅6.26%，月涨 幅达44.74%。 市场波动加剧，监管与机构提示风险 【环球网财经综合报道】2026年开年以来，贵金属市场风云变幻，黄金白银价格震荡上扬，引发市场广泛关注。 黄金 ...

Core Viewpoint - The control of Chunhou Fund Management Co., Ltd. has changed hands to Shanghai Changning State-owned Assets Management Co., Ltd., which acquired 58.8% of the shares for 58.8 million yuan, marking a significant shift in governance and management structure aimed at stabilizing the fund's operations and enhancing its capital management capabilities [3][33][35]. Group 1: Ownership and Management Changes - Shanghai Changning State-owned Assets Management Co., Ltd. has become the major shareholder and actual controller of Chunhou Fund, indicating a transition from individual to state-owned control [3][35]. - The management team has undergone a complete overhaul, with Chen Hong appointed as the new chairman and Zuo Jiqing as the new general manager, alongside the addition of three new directors [4][9][35]. - The previous management faced significant regulatory scrutiny, resulting in multiple fines and a decline in fund size, which has now prompted a focus on governance and compliance under the new leadership [10][41]. Group 2: Historical Context and Governance Issues - Chunhou Fund has experienced internal conflicts among shareholders since 2022, leading to regulatory actions and a significant drop in fund size from over 350 billion yuan to under 200 billion yuan [10][41][56]. - The fund's governance issues were exacerbated by shareholder disputes, particularly involving the second-largest shareholder, Liu Zhiwei, and the first shareholder, Xing Yuan, which led to regulatory investigations and penalties [11][42][52]. - The fund's management structure was heavily intertwined with its ownership, with key figures holding multiple roles, complicating governance and accountability [44][45]. Group 3: Financial Performance and Future Outlook - As of the end of 2025, Chunhou Fund's management scale has decreased to 19.912 billion yuan, a 43.85% reduction from its peak of 35.464 billion yuan in June 2022, ranking it 102nd among public fund companies [25][56]. - The fund has not launched any new products since 2024, and several existing products are nearing liquidation, which poses challenges for future growth [27][58]. - Despite the governance issues, the fund's fixed-income products have shown relatively strong performance, with an average net value growth of 12.3% over the past three years, indicating potential for recovery under new management [27][56].

智通财经记者 | 韩理 2026年伊始，金融行业出现了多起劳动纠纷。 近日上海高级人民法院披露了一则劳动纠纷，淳厚基金前固定收益投资部总监祁洁萍因劳动合同纠纷， 将老东家淳厚基金诉至法庭，该案定于今年4月10日开庭审理。 对于此次纠纷，淳厚基金回应智通财经称，近期存在一起已离职员工的劳动纠纷。此类纠纷在企业经营 过程中属于正常的个案范畴，仅为双方劳动关系解除后的个别权益分歧，与公司日常经营管理无任何关 联，更不会对公司核心业务推进及战略发展规划产生影响。 智通财经梳理公开资料发现，2018年，祁洁萍加入淳厚基金，担任总经理助理兼固定收益部投资总监， 管理规模最高的时候超过280亿元。在此之前，她就职于永赢基金，任固定收益部投资总监。 这并非祁洁萍首次将老东家状告至法庭，2025年3月，她首次向法院提起诉讼，不过很快就撤诉了。根 据此前媒体的报道，祁洁萍的劳动合同于2025年1月到期，2024年12月开始双方开始协商续签，祁洁萍 曾同意续签，但因条款细节未达成一致而未能完成签约。至2025年2月底，祁洁萍正式提出离职，公司 以"股东股权纠纷未解决"为由，要求其暂缓离职（等待3—6个月），以维持核心团队稳定。祁洁 ...