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].

2026年1月9日 本基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证本基金一定盈利，也不 保证最低收益。请充分了解本基金的风险收益特征，审慎做出投资决定。 特此公告。 景顺长城基金管理有限公司 景顺长城中证有色金属矿业主题交易型开放式指数证券投资基金基金合同全文和招募说明书全文于2026 年1月9日在本公司网站（www.igwfmc.com）和中国证监会基金电子披露网站 （http://eid.csrc.gov.cn/fund）披露，供投资者查阅。如有疑问可拨打本公司客服电话（400-8888-606） 咨询。 MACD金叉信号形成，这些股涨势不错！ ...

Group 1 - The core viewpoint of the news is the release of the revised regulations on the management of sales expenses for publicly offered securities investment funds by the China Securities Regulatory Commission, marking a new phase in the standardization of the sales process and providing a pragmatic approach to address market concerns about liquidity tightening [2] Group 2 - The new redemption system introduces differentiated arrangements to balance liquidity and prevent arbitrage, allowing for a significant reduction in the redemption fee exemption period from "6 months" to "7 days" for individual investors and "30 days" for institutional investors, thus enhancing the liquidity value of bond funds [3] Group 3 - The fee structure has been comprehensively restructured, with a clear reduction in the upper limits of subscription fees: active equity funds are capped at 0.8%, while bond and newly regulated index funds are reduced to 0.3%. Additionally, the annual service fee for bond and index funds is lowered from 0.4% to 0.2%, incentivizing long-term holding by exempting service fees for holdings over one year [4] Group 4 - The release of the formal regulations alleviates previous market concerns about potential massive redemptions from bond funds, with a unified rectification period of 12 months and relaxed redemption conditions significantly reducing short-term redemption risks. However, the industry ecosystem for public bond funds is undergoing profound changes, necessitating a shift from a reliance on regulatory arbitrage to a focus on active management capabilities to generate excess returns [5] Group 5 - Several subcategories may see development opportunities, including the advantages of ETF products, which are exempt from strict redemption fee requirements, enhancing their competitive position. The value of direct sales channels is also expected to increase as distribution fees are limited, making direct sales more attractive to cost-sensitive institutional investors [6]

1月9日，我国境内规模最大的ETF正式"更名"。华泰柏瑞基金日前发布的公告显示，华泰柏瑞沪深300 交易型开放式指数证券投资基金的场内扩位简称将由"沪深300ETF"调整为"沪深300ETF华泰柏瑞"，该 变更于1月9日生效。 除华泰柏瑞基金外，近日还有多家基金管理人陆续修改旗下ETF场内扩位简称。在业内人士看来，这一 行动对行业规范发展、投资者产品选择、公募机构品牌建设等具有多重积极意义。 ETF品牌建设步入新阶段 随着指数化投资蓬勃发展，ETF市场持续扩容。当前，我国ETF市场总规模已突破6万亿元，产品数量 接近1400只。在经历快速发展后，市场基础制度的完善与行业生态的优化成为高质量发展的关键。其 中，产品命名标准化作为一项基础性工作，有助于减轻投资者决策成本，推动行业竞争重心向质量与服 务升级。 2025年1月份发布的《促进资本市场指数化投资高质量发展行动方案》提出，规范ETF场内简称与上市 管理。2025年11月份，沪深交易所修订发布基金业务指南，要求存量ETF在2026年3月31日前完成扩位 简称规范化调整，必须包含基金管理人简称。此举被视为完善指数化投资生态、推动行业走向高质量发 展的重要制度安 ...

Core Viewpoint - The public fund industry in China is experiencing a wave of fee rate discounts at the beginning of 2026, with 19 fund managers, including Huashang Fund and Galaxy Fund, launching promotional activities primarily for actively managed equity products [1][2] Group 1: Fee Rate Discounts - As of January 8, 2026, various fund managers have introduced fee rate discounts, with some channels offering subscription rates as low as 10% of the original [1] - Huashang Fund announced a promotional activity for its Huashang Kechuan Chuangye Selected Mixed A fund, with discounts ranging from 40% to 80% based on payment methods [1] - The trend of fee rate discounts is primarily seen in actively managed equity products, indicating institutional confidence in the equity market [1][2] Group 2: Market Trends and Policy Influence - The implementation of the "Regulations on the Management of Sales Fees for Publicly Raised Securities Investment Funds" on January 1, 2026, has facilitated a smooth fee rate reform in the public fund industry [3] - The fee discounts are a response to the anticipated "spring rally" in the A-share market, aimed at reducing investor entry costs and enhancing the attractiveness of equity assets [2][3] - The new regulations encourage long-term holding of non-monetary funds, prompting institutions to attract long-term capital through fee discounts rather than focusing on short-term fundraising [3] Group 3: Changes in Sales Channels - The fee discount activities reflect a significant transformation in fund sales channels, with direct sales channels gaining advantages due to lower costs, while traditional distribution channels face increased pressure to adapt [3] - The new regulations compel channels to shift from a short-term commission-based model to a focus on asset allocation and value-added services [3] Group 4: Implications for Fund Managers - The trend of fee discounts places higher demands on fund managers, requiring them to focus on the sustainability of product performance and stable scale rather than merely chasing initial fundraising [4] - The core support for management fee income is shifting towards long-term scale and performance reputation, necessitating consistent excess returns to attract long-term investors [4] - The fee rate discount trend is seen as a reflection of the industry's ecological restructuring, aiming for a healthier and more sustainable development model that better supports wealth management and economic growth [4]

贵金属价格在创下新高后持续波动。公开数据显示，截至1月8日17时，伦敦银现跌3.13%，报75.93美 元/盎司。回顾2025年12月末，白银期货价格创下新高，国内公募基金市场唯一一只白银主题基金—— 国投瑞银白银期货（LOF）的场内价格溢价率也居高不下，截至1月7日，最新溢价率为16%左右，相关 基金管理人也在近期频频发布溢价风险提示甚至多次停牌。有观点指出，这一轮高溢价风险主要来自资 金炒作因素，情绪化资金炒作引发溢价率持续攀升。 此外，由于全球地缘政治不确定性加剧，除白银外，黄金价格也在近期同步创下历史新高。展望后续贵 金属价格走势，有业内人士指出，尽管黄金和白银价格已处于高位，但上涨趋势并未改变，长期看黄金 和白银价格并不存在明确顶部。 主题基金持续发布溢价提醒 白银价格持续波动，主题基金场内价格溢价也居高不下。1月8日，国投瑞银基金公告称，国投瑞银白银 期货（LOF）截至1月7日的基金份额单位净值为2.2098元；截至1月8日，二级市场的收盘价为2.5元，明 显高于基金份额净值。 结合1月7日的数据来看，国投瑞银白银期货（LOF）场内价格跌1.27%，收盘价为2.565元，当日净值为 2.2098元 ...

写在文章前的声明：在本文之前的说明：本文中所列的投资信息，只是一个对基金资产净值进行排行的客观描述，并无主观倾向性，也不是投资建议，纯属 娱乐性质。 一顿操作猛如虎，基金净值已更新，谁是基金中的王者，谁又垫底，请看数据： | 基金简称 PK | | | 最新净值卖 司令我们顺德人 | | | --- | --- | --- | --- | --- | | 1 | 广发招利混合C | 1.1368 | 6.99% 27 | | | | 015839 | 2026-1-8 | | | | 2 | 广发招利混合A 015838 | 1.1552 | 6.99% | 27 | | | | 2026-1-8 | | | | 3 | 长城景气成 ... C | 1.6011 | 6.78% | 27 | | | 018940 | 2026-1-8 | | | | 4 | 长城景气成 ... A | 1.6235 | 6.77% | ৰ্ম | | | 018939 | 2026-1-8 | | | | 5 | 中欧半导体 ... C | 1.7705 | 6.41% | 27 | | | 019764 | 2026-1- ...

Summary of Conference Call Records Industry Overview - The fixed income strategy is facing challenges due to increased interest rate volatility, leading to the ineffectiveness of single-duration strategies and limited space for credit spreads. The fixed income plus strategy is gaining attention, but the traditional fixed income plus sector is limited in capacity and facing a contraction issue [1][3]. Key Insights and Arguments - **Mixed Investment Strategy**: A mixed investment strategy combining stocks and bonds can optimize risk and return. International experiences, such as the Morningstar Core Plus Bond fund, suggest that increasing equity assets can enhance returns. The long-term return of China's equity market is promising, but it is characterized by high volatility. The National Social Security Fund has achieved an average annual return of 7.39% through mixed investments [1][5]. - **Policy Guidance for Long-term Funds**: Policies guiding long-term funds into the market are encouraging institutions to increase equity allocations. Large insurance companies are expected to invest 30% of new premiums into A-shares annually. By the end of 2025, the proportion of stock and fund investments by life insurance companies is projected to reach about 15%, resulting in an estimated annual inflow of over 100 billion yuan into the A-share market [1][6]. - **Impact of Incremental Funds**: Incremental funds are expected to have a rapid corrective effect on undervalued assets. For instance, the banking sector is favored by insurance funds due to its low valuation and high dividends, with the price-to-book ratio expected to recover from 0.52 to 0.74, indicating a cumulative increase of nearly 64% from 2024 to 2025 [1][7]. - **Valuation Comparison**: As of November 2025, the PE TTM of the CSI 300 index is 13.92, significantly lower than the S&P 500 index at 28. This indicates that Chinese equity assets offer high cost-performance compared to global markets [1][8]. - **Concentration in Growth Sectors**: The ChiNext board focuses on high-end manufacturing, with the top seven constituent stocks being leading blue-chip companies. The dynamic PE for 2026 is expected to be around 25 times, reflecting an increase in concentration and a slow bull market similar to the Nasdaq 100 index [1][4][10]. Additional Important Insights - **Challenges for Traditional Fixed Income Strategies**: The traditional fixed income strategies are challenged by increased interest rate volatility and limited credit spread expansion, making it difficult for investors to find yield [2][3]. - **Emerging Tools in Fixed Income Plus Market**: New tools in the fixed income plus market include convertible bond ETFs and a focus on fixed proportion stock-bond ETFs, which are expected to attract long-term capital due to their low fees and high transparency [1][13][14]. - **Rebalancing Strategy Benefits**: Implementing a rebalancing strategy can significantly reduce the volatility of an asset portfolio, enhancing overall stability by adjusting asset proportions based on market movements [1][18]. - **Future of Multi-Asset Allocation**: The trend towards multi-asset allocation is characterized by high transparency and liquidity, which will lower the entry barriers for individual investors and promote innovation among institutions [1][25]. - **Performance of Dividend Low Volatility Index**: The dividend low volatility index has shown stable historical performance, with a 5-year annualized return of 4% and a volatility of only 1%, indicating its robustness compared to other indices [1][24]. This summary encapsulates the key points from the conference call records, highlighting the challenges and opportunities within the fixed income and equity markets, as well as the implications of policy changes and investment strategies.

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 基金注册资本：140亿元人民币。 基金备案管理人名称：南网私募基金管理有限公司。 公司认缴金额：10亿元人民币。 公司出资占比：占基金规模的7.14%。 公司出资方式：货币出资。 公司资金来源：自有资金。 基金许可经营项目：以私募基金从事股权投资、投资管理、资产管理等活动（须在中国证券投资基金业 协会完成登记备案后方可从事经营活动）（依法须经批准的项目，经相关部门批准后方可开展经营活 动，具体经营项目以相关部门批准文件或许可证件为准）。 2025年9月30日，南方电网储能股份有限公司（以下简称"公司"）披露了《南方电网储能股份有限公司 关于参与投资设立南网工融基金暨关联交易的公告》，公司与南网私募基金管理有限公司、工银资本管 理有限公司、南方电网产融控股集团有限公司、广东电网有限责任公司、广西电网有限责任公司、深圳 电网智慧能源技术有限公司、工银金融资产投资有限公司共同发起设立南网工融双碳（广州）股权投资 基金合伙企业（有限合伙）[经核准的名称为南网工融双碳（深圳）股权投资基金合 ...