难 得的 是， 受去年全球贸易摩擦 、 美国货币政策等因素影响， 市场一度遭遇波动，但汇添富凭借 规则化的运作和资产驱动力的分散配置，将最大回撤控制在小范围内，表现出较高的收益性价比 。 其中 ，汇添富鑫享添利 六个月持有A 过去一年 净值 上涨 5.35%（业绩基准2.52%），但 区间最 大回撤 仅-0.73% ； 汇添富添添乐双鑫A净值 上涨5.94 %（ 业绩 基准 2.56 %），最大撤回 仅-0.9 7 %；汇添富保鑫A 净值 上涨 4 . 75 %（ 业绩 基准 0.39% ），最大回撤仅-1.01% ； 汇添富稳健增益一年持有A净值上涨5.55%（业绩基准2.57%），最大回撤-1.32%，为中低风险偏 好投资者创造了良好的投资体验 。 数据来源：过去一年指202 5/ 1 / 1-2025 /12/31， 业绩 经托管行复核，业绩基准、最大回撤来自汇添富，排名数据 来自银河证券基金评价中心，汇添富添福吉祥A 、汇添富民安增益A、汇添富稳健添益一年持有期 的同类基金指普通偏债 型基金(股票上限不高于30%)(A类)，具体排名分别是：10/313、25/313、32/313；汇添富盈润的同类基金 ...

如果说2025年底最受市场和投资者关注的基金产品，那么LOF（上市型开放式基金）基金一定榜上 有名。 彼时，随着沪银主力期货一路飙升，全市场独一份投资白银期货的基金产品——国投白银LOF成为 资金热炒的对象，连续多日涨停，同时带动场内LOF基金掀起涨停潮，但很快，这些产品陆续迎来跌 停，也给奔着套利去的投资者敲响了一记警钟。 2026年伊始，多家基金公司又集中发布溢价风险提示公告，称旗下LOF在二级市场的交易价格出现 较大幅度溢价，提示投资者关注溢价风险。 诞生于2004年，已有多年历史的LOF基金为何始终做不大？如今还成为"套利狂欢"的重要工具，未 来又将如何发展？《每日经济新闻》记者就此展开了调查。 LOF基金成资金热炒对象 2026年开年，LOF基金再次掀起溢价潮。 1月5日，广发积极FOFLOF、招商增荣LOF、长信利鑫LOF、国投白银LOF等近10只LOF基金扎堆 发布溢价风险提示，其中还有产品从1月5日开市起至当日10时30分停牌，就是因为二级市场交易价格溢 价幅度过大。 1月6日，国投白银LOF继续发布二级市场交易价格溢价风险提示公告，同时还有多只LOF基金宣布 暂停大额申购，侧面也显示出资金炒 ...

Core Viewpoint - In 2025, the public fund industry demonstrated strong confidence in the market through a large-scale "self-investment" initiative, indicating optimism for future market performance [1][11]. Group 1: Self-Investment Scale and Structure Changes - The total self-purchase transaction amount by fund companies reached 562.658 billion yuan in 2025, a significant increase of 51.8% compared to 370.651 billion yuan in 2024 [2][4][16]. - Non-monetary fund net subscriptions amounted to 9.339 billion yuan, a staggering increase of 130% year-on-year, while monetary funds faced nearly 200 billion yuan in net redemptions [2][12]. - Among non-monetary funds, bond funds led with a net subscription of 4.214 billion yuan, while stock and mixed funds saw net subscriptions of 2.377 billion yuan and 2.148 billion yuan, respectively, marking a reversal from net redemptions in 2024 [5][17]. Group 2: Focus on Index Funds - Index funds have become a key focus for self-purchases by public fund institutions, with passive index bond funds, passive index funds, and enhanced index funds collectively accounting for 49.55 billion yuan, representing over 53% of non-monetary fund self-purchases [6][19]. - Notably, eight index products had net subscription amounts exceeding 100 million yuan, indicating strong market interest [19]. Group 3: Market and Policy Drivers - The A-share market exhibited a "W-shaped" trend in 2025, with major indices showing impressive annual gains: the Shanghai Composite Index rose by 18.41%, the Shenzhen Component Index by 29.87%, and the ChiNext Index by 49.57% [8][21]. - Regulatory policies, particularly the China Securities Regulatory Commission's action plan released in May 2025, have incentivized long-term self-purchase behaviors by aligning the interests of fund managers and investors [21]. Group 4: Long-term Investment Trends - The self-purchase behavior in 2025 reflects a shift towards "increasing non-monetary, long-term, and normalized" investment strategies, moving away from short-term market stabilization tools [22]. - Companies are increasingly committing to long-term holdings, with many pledging to maintain self-purchased shares for no less than one year, signaling a focus on long-term value [23].

Core Viewpoint - The article discusses the "land-grabbing" strategy of fund companies in the index fund market, highlighting the trend of major public funds issuing multiple products linked to a single index to capture market share and meet diverse investor needs [2][10]. Group 1: Fund Company Strategies - Major public funds like Huatai-PB, Huitianfu, and E Fund are adopting a "one index, multiple products" strategy, continuously launching various forms of products linked to a single index to dominate market share [2][10]. - This strategy involves first establishing core products (such as ETFs) to achieve scale effects, followed by the gradual issuance of other products based on market conditions [2][4]. Group 2: Index Fund Market Dynamics - The CSI A500 index, launched in September 2024, has attracted nearly 80 fund companies, with Huatai-PB's CSI A500 ETF reaching a scale of over 50 billion yuan by January 7, 2025, making it the largest fund tracking this index [3][5]. - Other major public funds have also launched multiple products linked to the CSI A500 index, with E Fund having over five related products, indicating a trend of extensive product offerings in this popular index [3][4]. Group 3: Performance and Market Trends - As of January 7, 2025, several CSI A500 ETFs have shown significant net inflows, with Huatai-PB's fund seeing a net inflow of 26.17 billion yuan since 2025 [5][6]. - The article notes that the "one index, multiple products" strategy is not limited to the CSI A500 index but is also applied to other indices like the CSI 300, reflecting a broader trend in the index fund market [8][9]. Group 4: Future Outlook - The shift towards index funds is driven by changing investor preferences and the increasing complexity of market conditions, leading fund companies to diversify their product lines to meet varied funding demands [10][11]. - The article suggests that while major public funds are actively expanding their index fund offerings, smaller public funds may struggle to compete effectively in this evolving landscape [10][11].

一类产品通过集中配置风格鲜明的指数型基金，放大了特定资产的行情弹性。例如，国泰优选领航一年 持有在2025年三季度末重仓多只重金属相关基金，包括黄金股ETF、白银主题商品型基金，以及金银珠 宝主题的灵活配置型基金，在贵金属行情走强阶段显著受益。 商报讯（记者 苗露）2025年，在权益市场环境改善的背景下，FOF（基金中基金）全年收益水平较前 期有所抬升，部分产品取得了可观的回报，FOF这一品类重新回到市场视野。根据数据，截至2025年12 月31日，FOF全年收益的头部收益中位数为12.89%，算术平均数为11.83%。在整体收益水平稳步提升的 同时，头部产品的收益分化也进一步加大，部分FOF在特定市场环境下实现了显著的超额回报，2025年 内共有5只产品的总回报超过50%。 从具体表现来看，国泰优选领航一年持有以66.14%的年度收益率位居前列，成为2025年内FOF产品中的 突出代表。与此同时，易方达优势回报A、国泰行业轮动A、易方达优势领航六个月持有A以及易方达 优势驱动一年持有A等多只产品，年度收益亦均超过50%，显示出部分FOF在权益行情中的较强捕捉能 力。 进一步观察可以发现，绩优FOF产品在配置 ...

Core Insights - The public fund sales landscape is undergoing significant changes, with a shift towards broker settlement models becoming a practical strategy for medium and small fund companies in 2025 [1][2] - The penetration rate of broker settlement models in new fund issuance has surpassed 50% for the first time, indicating a major transformation in the industry [6][9] Group 1: Industry Changes - By the end of 2025, 52.39% of newly established public funds utilized broker settlement models, with 876 out of 1672 funds adopting this approach [6][9] - The proportion of equity mixed funds using broker settlement models has increased from 18.3% in 2021 to 51.71% in 2025, marking a significant structural shift [11][15] - The growth in broker settlement models is attributed to regulatory changes that have redefined incentive structures, allowing for more flexible commission arrangements [10][20] Group 2: Broker and Fund Company Dynamics - Medium and small brokerages are increasingly positioning themselves as key players in the broker settlement market, enhancing their visibility and influence in the industry [5][19] - Brokers like Huazhong Securities and Huaxin Securities are actively expanding their product offerings and partnerships with fund companies, reflecting a trend towards deeper collaboration [4][5] - The strategy of involving multiple broker partners for fund issuance is becoming common, allowing fund companies to maximize resource utilization and enhance product exposure [17][18] Group 3: Market Implications - The shift towards broker settlement models is seen as a move from a resource-driven selection process to a more nuanced, comparative advantage-based matching in the market [19][20] - The evolving landscape emphasizes the importance of professional value and deep engagement, moving away from traditional channel-centric approaches [20] - The overall transformation is expected to benefit the asset management industry and investors by focusing on value creation rather than mere resource allocation [20]

登录新浪财经APP 搜索【信披】查看更多考评等级 1.公告基本信息 ■ 注：博远臻享3个月定期开放债券型证券投资基金（以下简称"本基金"）每3个月开放一次，以封闭期和 开放期相结合的方式运作。本基金的封闭期为自基金合同生效之日（含）起或自每一开放期结束之日次 日（含）起，至该日3个月月度对日的前一日（含）止的期间。若日历月度中不存在对应日期的，则该 月度对日为该日历月度的最后一个工作日；如该月度对日为非工作日，则顺延至下一工作日。本基金在 封闭期内不办理申购与赎回等业务，也不上市交易。 本基金自每个封闭期结束后第一个工作日（含该日）起进入开放期，期间可以办理申购与赎回等业务。 本基金每个开放期不少于二个工作日并且不超过二十个工作日，开放期的具体时间由基金管理人在每个 开放期前依照《信息披露办法》的有关规定在规定媒介上予以公告。如封闭期结束后或在开放期内发生 不可抗力或其他情形致使基金无法按时开放申购与赎回等业务的，或依据基金合同需暂停申购或赎回等 业务的，开放期时间中止计算；在不可抗力或其他情形影响因素消除或暂停申购、赎回的情况消除之日 次一个工作日起，继续计算该开放期时间，直到满足开放期的时间要求，具体时间 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 重要提示 1、国泰瑞乐6个月持有期混合型发起式基金中基金（FOF）（以下简称"本基金"）已获中国证监会证监 许可【2025】3048号文准予注册募集。中国证监会对本基金募集的注册，并不表明其对本基金的投资价 值、市场前景和收益做出实质性判断或保证，也不表明投资于本基金没有风险。 2、本基金为混合型基金中基金（FOF）。基金运作方式为契约型开放式。 本基金对每份基金份额设置6个月的最短持有期限，在最短持有期限内该份基金份额不可赎回或转换转 出。 对于每份基金份额，最短持有期限指自基金合同生效日（对认购份额而言）、基金份额申购确认日（对 申购份额而言）或基金份额转换转入确认日（对转换转入份额而言）起至6个月后的月度对日的前一日 （含该日）的期间。最短持有期限内基金份额持有人不可办理赎回或转换转出业务，最短持有期限届满 后的下一个工作日起（含该日）可以办理赎回或转换转出业务。 3、本基金的基金管理人和登记机构为国泰基金管理有限公司（以下简称"本公司"），基金托管人为兴 业银行股份有限公司。 4、本基金的发售对象为符合法律法规规定的可投资于证券投资基金的个人投资者、机 ...

沪上一位公募人士表示，年初A股迎来"开门红"与此同时，多只绩优基金、新基金集中恢复申购。这一 方面体现了机构对今年行情的乐观预期，通过快速打开申购，可及时布局机会、吸引增量资金；另一方 面也顺应了机构资金的配置节奏。短期来看，保险年终结算完成，开始重新配置权益资产，基金开放日 常申购便于吸纳年初回流的部分机构资金。 沪上一位基金行业分析师认为，除了看好市场走势、资金吸纳等常见因素外，年初渠道方推动"开门 红"营销活动的需求，也成为部分基金选择开放日常申购的动因。年初银行通常会全面推广各类金融产 品，待一季度市场方向更为明朗后，再集中资源进行重点布局。 2026年A股整体有望继续走强 结合宏观经济、股市估值以及流动性等因素，中欧基金权益投决会主席周蔚文认为，2026年上半年，A 股与港股市场正收益机会的核心驱动力在于国内外流动性的双重支撑。上半年市场机会的核心来源在于 流动性支撑。国内市场流动性方面，自上而下的政策支持是最核心的支撑力量。 2026年伊始，A股市场重回4000点，并创出近10年新高，与此同时，一些限购的主动权益基金纷纷恢复 大额申购。短短4个交易日，华夏、中欧、信达澳亚、国泰、景顺长城、西部利得 ...

Core Viewpoint - The announcement by the company regarding the adjustment of the trading abbreviations for eight ETFs is a proactive response to the regulatory requirements aimed at standardizing ETF naming conventions, enhancing product recognition, and improving investor decision-making efficiency [1][3][4]. Group 1: ETF Naming Adjustments - The first batch of eight ETFs includes five listed on the Shanghai Stock Exchange and three on the Shenzhen Stock Exchange, covering broad-based, thematic, and enhanced strategy categories [1][6]. - The new naming format follows a standardized structure of "core elements of the investment target + ETF + fund manager abbreviation," which significantly improves product identification [1][6]. Group 2: Market Context and Regulation - The ETF market in China has experienced rapid growth, leading to issues with inconsistent naming conventions, which complicate investor decision-making [3][4]. - The new regulations, effective by March 31, 2026, require all existing products to comply with the standardized naming structure, marking a significant step towards enhancing market transparency and investor convenience [4][5]. Group 3: Benefits for Investors - The standardized naming will lower the information screening threshold, allowing investors to quickly and accurately identify the underlying indices and fund managers, thus reducing confusion and search costs [7]. - This shift is expected to refocus industry competition on improving product management capabilities and investor services, contributing to the long-term healthy development of the ETF market [7]. Group 4: Company Commitment - As one of the "old ten" public fund companies in China, the company actively participates in the domestic ETF sector, with 82 ETFs and 56 ETF-linked funds, ranking third in the industry by the end of 2025 [8]. - The company’s completion of the first batch of standardized naming reflects its commitment to investor interests and adherence to regulatory requirements, aligning with industry development trends [8].