Group 1 - The A-share market showed mixed performance with the Shanghai Composite Index rising by 0.22%, aiming for a third consecutive increase, while over 2,700 stocks in the market were in the green [1] - Key sectors that performed well included non-ferrous metals, rare earth permanent magnets, chemical fibers, dyes, oil and gas extraction and services, solid-state batteries, computing power leasing, steel, paper, and electricity [1] - Conversely, sectors that experienced declines included film and television, short drama games, education, CPO, copper cable high-speed connections, and photovoltaic equipment [1] Group 2 - The ChiNext Index, which tracks 100 stocks with high market capitalization and liquidity in the ChiNext market, has a significant proportion of strategic emerging industries, with electric equipment, communication, and electronics accounting for nearly 60% [4] - The STAR Market 50 Index, which tracks 50 stocks with high market capitalization and liquidity in the STAR Market, features a prominent "hard technology" characteristic, with semiconductors making up over 65% and combined with medical devices and software development accounting for nearly 80% [4]

截至午间收盘，国证自由现金流指数上涨1.0%，国证价值100指数上涨0.8%，国证成长100指数下跌0.3%。 自由现金流ETF易方达（159222）跟踪的国证自由现金流指数以自由现金流率为核心选股逻辑，成份股行业分布均衡，涵盖汽车、家电等制造业与资源板 块，前者依托出口优势与政策托底迎内需改善，后者受益全球供应刚性与再通胀预期，与成长主线有效互补，中长期景气度受关注。 每日经济新闻 ...

岁末年初，回望公募基金行业高质量发展的奋进之路，中银基金锚定本源、勇担使命，交出了一份亮眼答卷。 展望2026年，在坚定不移走好中国特色金融发展之路的过程中，公司将持续推动公募业务回归本源，努力打造深受投资者 信赖的资产管理平台，为自身与行业的高质量发展注入持久动力。 多维发力 夯实高质量发展核心底气 面对提升投资者获得感的行业主线，公司深刻认识到，唯有立足长期、回归本源，将投研能力建设作为根本路径，才是破 解高质量发展命题的关键。为此，公司正着力锻造"平台式、一体化、多策略"的投研体系，通过持续优化人才梯队、强化深度 研究与协同作战能力，筑牢能够持续创造长期回报的核心竞争力，切实将投资者利益优先转化为可感知、可持续的投资价值。 与此同时，公司将继续坚持权益化、零售化的转型方向，积极践行金融"五篇大文章"。在产品布局上，公司将主动把握市 场机遇，重点做大做强权益类与"固收+"类等产品，扎实布局FOF、ETF、公募REITs等领域，通过前瞻布局未来产业等科技主 题产品、完善养老金融产品线、打造特色化ETF矩阵，系统构建面向未来的产品竞争优势。 展望未来，公司致力于以更丰富、更优质的产品供给，有效承接居民财富配置 ...

2月10日两市ETF两融余额为1200.01亿元，较前一交易日减少10.85亿元。其中融资余额为1124.56亿元，较前一交易日减少10.86亿元；融券余额为75.45亿 元，较前一交易日增加141.45万元。 ETF融资买入额 市场概况 分市场来看，沪市ETF两融余额为843.29亿元，较前一交易日减少8.95亿元。其中融资余额为777.49亿元，较前一交易日减少9.08亿元；融券余额为65.8亿 元，较前一交易日增加1320.89万元。深市ETF两融余额为356.72亿元，较前一交易日减少1.89亿元。其中融资余额为347.07亿元，较前一交易日减少1.78亿 元；融券余额为9.65亿元，较前一交易日减少1179.44万元。 ETF融资融券余额 2月10日ETF两融余额前三位分别为：华安易富黄金ETF（74.84亿元）、易方达黄金ETF（41.05亿元）和国泰中证全指证券公司ETF（38.8亿元），前10具体 见下表： | 代码 | 基金名称 | | --- | --- | | 518880.SH | 华安易富黄金ETF | | 159934.SZ | 易方达黄金ETF | | 512880.SH | 国 ...

Market Overview - The Shanghai Composite Index rose by 0.13% to close at 4128.37 points, with a daily high of 4134.34 points [1] - The Shenzhen Component Index increased by 0.02% to close at 14210.63 points, reaching a high of 14258.51 points [1] - The ChiNext Index fell by 0.37% to close at 3320.54 points, with a peak of 3348.48 points [1] ETF Market Performance 1. Stock ETF Overall Performance - The median return of stock ETFs was 0.14% [2] - The highest return among scale index ETFs was from the Ping An SSE Sci-Tech Innovation Board 50 ETF at 1.59% [2] - The highest return among industry index ETFs was from the E Fund CSI Home Appliance Leaders ETF at 1.82% [2] - The highest return among strategy index ETFs was from the Galaxy SSE State-Owned Enterprises Dividend ETF at 0.77% [2] - The highest return among style index ETFs was from the China Life Anbao CSI ChiNext Mid-Cap Selected 88 ETF at 0.94% [2] - The highest return among theme index ETFs was from the Yinhua CSI Film and Television Theme ETF at 9.98% [2] 2. Stock ETF Performance Rankings - The top three stock ETFs by return were: - Yinhua CSI Film and Television Theme ETF (9.98%) - Guotai CSI Film and Television Theme ETF (9.48%) - Huaxia CSI Animation and Game ETF (5.56%) [5] 3. Stock ETF Fund Flows - The top three stock ETFs by fund inflow were: - Guotai CSI Film and Television Theme ETF (7.2 billion yuan) - Yinhua CSI Film and Television Theme ETF (6.19 billion yuan) - Huaxia CSI Robotics ETF (5.27 billion yuan) [8] - The top three stock ETFs by fund outflow were: - Southern CSI 500 ETF (14.28 billion yuan) - Huaxia CSI A500 ETF (10.02 billion yuan) - Huaxia SSE Sci-Tech Innovation Board 50 ETF (8.03 billion yuan) [10] 4. Stock ETF Margin Trading Overview - The top three stock ETFs by margin buying were: - Huaxia SSE Sci-Tech Innovation Board 50 ETF (347 million yuan) - Guotai CSI All-Index Securities Company ETF (260 million yuan) - Huabao CSI Medical ETF (257 million yuan) [11] - The top three stock ETFs by margin selling were: - Southern CSI 1000 ETF (25.61 million yuan) - Huatai-PB CSI 300 ETF (8.87 million yuan) - Huaxia SSE 50 ETF (5.16 million yuan) [13] Institutional Insights - CITIC Securities expressed optimism about the AI comic drama sector following the release of ByteDance's Seedance 2.0 video model, highlighting the low risk of replacement by large models and the high growth potential of the industry [14] - CICC projected that the total box office for this year's Spring Festival could range between 6.5 billion yuan and 8.5 billion yuan, emphasizing the significant impact of leading films on the final box office outcome [15]

来源：老陈聊资管 昨晚，上海基金同业公会一篇685字的通稿（上海地区公募基金公司2026年度第一次督察长联席会议顺 利召开），在基金核心圈竞相转发。 其中，最明显的一个信号是："75家总经理或公募基金督察长出席"。 而半年前的2025年督察长会议是："75家公募基金督察长或合规负责人"。 说完"督察长联席会议"的规格，再逐字拆解会议内容。 通稿开章明义："合规风控是基金行业高质量发展的基石……" 还有：去年是上海证监局牵头，今年是"中国证监会+上海证监局"。 补充一个背景信息："上海地区基金公司督察长联席会议始于2005年6月，原由行业公司自发组织举办， 2011年后，正式成为上海市基金同业公会合规风控专业委员会的年度活动。" 输入"督察长会议"关键词，在上海市基金同业公会公众号检索，还能看到2018年、2019年、2023年、 2025年的现场照片和新闻通稿。 比较下来，2026年督察长会议的"规格之高，超过往年"。 …………………………………… 合规风控不是一句空话，具体落实到哪些方面？ 通稿写得很详细——"高质量发展、廉洁从业、基金销售行为规范、投资纠偏的合理平衡、考核激励、 公司治理、行业文化。" 围 ...

Group 1 - The core viewpoint is that gold prices are experiencing a rebound, supported by macroeconomic data and ongoing trends in de-dollarization and central bank gold purchases [1][2] - In January, both the ISM manufacturing and services PMIs in the U.S. exceeded expectations, indicating a recovery, although employment data showed signs of weakness with ADP employment numbers falling short and JOLTs job openings declining [1] - The People's Bank of China has increased its gold reserves for the 15th consecutive month, and there has been a significant single-day increase in global large silver ETFs, indicating a strategic shift towards precious metals by sovereign and institutional funds [1] Group 2 - The long-term trend for gold remains strong, driven by monetary expansion and challenges to the U.S. dollar credit system, alongside increasing demand for gold as a safe asset due to global geopolitical instability [2] - The logic supporting gold prices includes the Federal Reserve's potential interest rate cuts, heightened overseas uncertainties, and the ongoing trend of de-dollarization, which may position gold as a new pricing anchor [2] - Investors are encouraged to monitor investment opportunities in gold ETFs, specifically the Cathay Gold ETF (518800) and the Gold Stock ETF (517400) [2]

值得关注的是，十年国债ETF成立以来经历了2018～2024年共计7个完整自然年度，均保持每年正收 益，有望成为穿越牛熊周期的资产配置利器。 风险提示：数据来源：基金定期报告、Wind，相关业绩经托管行核对，过往表现不代表未来。十年国 债ETF成立于2017年8月4日，2017年～2025年上半年净值增长率/业绩比较基准为：-1.55%/-1.01%； 7.6%/8.47%；2.49%/4.81%；1.92%/2.09%；5.19%/5.78%；2.52%/2.87%；4.37%/4.83%；9.02%/8.09%； 0.67%/-0.24%。提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供 参考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构 成投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产 品要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 每日经济新闻 降息预期催化，债市或将震荡偏强，资金抢筹债市，资金面看，十年国债ETF（511260）近5日净流入 超2.4亿元。 金融 ...

姜晓丽致信投资者 该公司也同步公布了姜晓丽辞职后，给投资者写的一封信。 信中，姜晓丽表示，从2012年开始担任天弘永利的基金经理以来，已经过去了14个年头。她表示，公募 基金面向大众募资，管理的资金里既有老人的养老钱，也有上班族节省下来的工资，基金经理的受托责 任在她眼里是厚重的，他们始终珍视客户的每一分钱，尽最大努力、兢兢业业。从结果来看，基本实现 了这个目标，也算交出了一份合格的答卷。 2月9日，天弘基金发布"致天弘固收+投资者的一封信"，宣布基金经理姜晓丽因个人原因卸任其所管理 的全部公募基金产品。 该公司公告称，姜晓丽因个人原因，希望阶段性休整并更多兼顾家庭，已向公司提出离职申请。公司尊 重其个人决定，并对她长期以来的专业贡献表示衷心感谢。公司完备的投研体系和人才储备，能够保障 相关产品持续稳健运作。 据央广网报道，公开资料显示，姜晓丽拥有16年证券从业经验，自2009年7月至2011年2月曾在天弘基金 担任债券研究员和债券交易员。2011年3月至2011年7月，姜晓丽在光大永明人寿担任债券交易员兼研究 员。2011年8月，姜晓丽回到天弘基金，历任固定收益研究员、基金经理助理、宏观研究部部门总经理 等 ...

Group 1 - The core viewpoint is that international gold prices are experiencing high volatility while gradually establishing mid-term support, with gold stock ETFs showing recovery alongside rising gold prices [1][3] - The macroeconomic environment, including expectations of interest rate cuts, de-dollarization, and central bank gold purchases, provides long-term support for gold prices [2] - Historical patterns indicate that gold tends to perform well during the transition from high interest rates to expectations of rate cuts, especially in the context of rising fiscal deficits and challenges to the dollar's credit system [2][3] Group 2 - Recent technical analysis shows that gold prices have undergone a typical deleveraging process, suggesting a mid-term low has been established, which may lead to a new upward trend as volatility decreases [3] - Gold mining companies' profitability is highly correlated with gold prices, and when prices stabilize at high levels, profit margins expand significantly, leading to dual recovery in valuation and performance [3] - The ongoing trends of expected Fed rate cuts, global uncertainty, continuous central bank gold purchases, and de-dollarization indicate that the core narrative of a gold bull market remains intact [3]