2026年伊始，全球经济延续激荡的"分化"与"重塑"，如何在变革大潮中寻求结构性的投资机遇，成为投 资者关注的焦点。近日，以"跨越·新程"为主题的天弘基金2026年度策略会在北京举行，多位业内人士 给出了自己的思考。 债券投资方面，随着全球降息周期深化与我国利率中枢持续下移，利率低位运行的宽松流动性与供需结 构重塑成为债券市场的新特征。在此背景下，天弘基金总经理助理马龙认为，债券市场将从过去两年由 非银机构主导、追逐资本利得的"新常态"，回归到由银行主导、重视资金成本与仓位管理、票息收入为 先的"旧常态"。 马龙认为，2026年银行业扩表速度将放缓，债券市场将从全面"资产荒"过渡到部分领域供大于求的情 况，在利率债市场中，随着银行需求占比和定价权的提升，市场定价将重新挂钩银行负债成本，这意味 着利率下行将面临银行息差保护的"硬约束"，债券市场投资将呈现出先赚取票息、再寻求资本利得的稳 健本源。 展望2026年债券市场投资机会，马龙认为，债券市场虽然面临挑战，但由于年初中短端利率水平高于 2025年同期水平、机构预期更加理性、负债成本下行进入尾声等因素，2026年的债券基金投资回报预计 将好于2025年投资回报 ...

Core Viewpoint - The renaming of the Huatai-PB CSI 300 ETF to "Huatai-PB CSI 300 ETF" reflects regulatory requirements for standardized naming in the ETF market, marking a significant change for the largest ETF in China with a scale nearing 440 billion yuan [1][3][4]. Group 1: ETF Renaming and Regulatory Compliance - The Huatai-PB CSI 300 ETF will officially change its name on January 9, 2026, in compliance with new regulatory standards for fund naming [1][4]. - The renaming is part of a broader initiative by the Shanghai and Shenzhen Stock Exchanges to standardize ETF naming conventions, requiring the inclusion of the fund manager's name and the investment target [4][5]. - This change serves as a practical example for other ETFs to follow, promoting a unified naming process across the industry [4][5]. Group 2: Market Impact and Industry Response - The renaming initiative is seen as a response to regulatory demands and aims to enhance product recognition, addressing issues of name homogeneity that can lead to confusion [5][6]. - It is expected to strengthen brand awareness and accountability among fund companies, fostering a more transparent and fair market environment [5][6]. - The standardization of ETF names is anticipated to benefit investors by improving the differentiation between funds and their managers, thereby enhancing investment efficiency [5][6].

中证报中证网讯(记者张韵)1月7日，平安基金举办2026年投资策略会，明确将科技创新与周期品供需再 平衡列为两大投资主线。其中，科技领域聚焦全球AI资本开支高速增长带动的硬件创新机会，以及自 主可控叠加国内AI产业需求带动的国产半导体产业链投资机会；周期领域关注供给约束良好、需求温 和复苏的品种，如化工和工业金属等。 平安基金权益投资总监神爱前在策略会上表示，展望2026年，预期政策持续发力、经济温和复苏、流动 性保持充裕、内外部环境逐渐改善，这些因素有望驱动市场行情稳步延续。相较于2025年，2026年上涨 驱动力或将更多来自盈利驱动与行业催化。看好业绩驱动的泛科技、泛周期两条线索投资机会。同时， 他分享道，平安基金近年全面升级了投研体系。通过"一个理念(坚持做长期正确的事)、两大驱动(人才 与平台相互成就)、三多策略(多团队、多风格、多策略)、四真机制(真机制、真团队、真人才、说真 话)"的平台化路径，构建投研竞争力。 平安科技创新混合基金经理翟森表示，AI基础设施建设远未达到需要讨论泡沫的阶段。从历史上看， 生产力革命的资本开支高峰期一般会达到全社会GDP的3%-4%，而2026年的AI资本开支预计规模 ...

Core Insights - The public fund industry in 2025 demonstrated strong confidence in the market through a significant self-investment action, with total self-purchase transactions amounting to 562.66 billion yuan, a substantial increase of 51.8% compared to 370.65 billion yuan in 2024 [1][2] Group 1: Self-Purchase Trends - The structure of self-purchases changed notably, with non-monetary funds seeing a net subscription of 9.34 billion yuan, a dramatic increase of 130% year-on-year, while monetary funds faced nearly 200 billion yuan in net redemptions [1][3] - Among non-monetary funds, bond funds led with a net subscription of 4.21 billion yuan, while stock and mixed funds saw net subscriptions of 2.38 billion yuan and 2.15 billion yuan, respectively, marking a reversal from net redemptions in 2024 [3] Group 2: Index Fund Focus - Index funds have become a key focus for public institutions' self-purchases, with passive index bond funds, passive index funds, and enhanced index funds collectively accounting for 49.55 billion yuan, over 53% of the total non-monetary fund self-purchases [4] - Notably, eight index products had net subscription amounts exceeding 100 million yuan, indicating strong market interest [4] 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%, providing a favorable environment for fund self-purchases [5] - Regulatory policies, particularly the China Securities Regulatory Commission's action plan in May 2025, have incentivized long-term self-purchase behaviors by linking fund managers' interests with those of investors [5][6] Group 4: Long-term Investment Shift - The self-purchase behavior in 2025 reflects a shift towards long-term value investment, moving away from short-term market stabilization tools [6] - The demand for stable, transparent, and responsible investments is rising, prompting institutions to adopt self-purchases as a demonstration of their commitment and accountability [6][7] Group 5: Future Outlook - The trend of self-purchases is expected to become a standard practice among fund companies, with passive index funds likely to remain the preferred choice due to their low costs and transparent rules [6][7] - Future self-purchases will increasingly be linked to long-term performance, serving as a core reflection of fund companies' research capabilities and responsibility [7]

Group 1 - The A-share market experienced fluctuations and corrections on January 8, with the satellite and aerospace sectors showing strong gains, leading the top ten in ETF performance [1][8] - The satellite industry chain has been consistently strong since the beginning of the year, with significant increases in sub-sectors such as Beidou navigation, space stations, and commercial aerospace [7][10] - Several ETFs related to satellites and aerospace have shown notable price increases, with the Satellite ETF rising by 6.20% and the Aerospace ETF by 5.62% [9] Group 2 - A total of 876.98 billion yuan was raised by six major A500 ETFs from December 8, 2025, to January 7, 2026, indicating a strong inflow of funds into the market [3][18] - The military industry sector also saw significant inflows, with multiple military-themed ETFs rising over 4% in value [11][12] - Bond and money market ETFs were actively traded, with several achieving transaction volumes exceeding 100 billion yuan, indicating robust investor interest in these asset classes [15][16] Group 3 - Analysts suggest that after recent market rallies, some funds are seeking to allocate to dividend-paying assets with defensive characteristics, leading to a noticeable inflow into the Low Volatility Dividend ETF [21] - The Low Volatility Dividend Index's dividend yield has been rising, currently at 5.06%, which remains attractive compared to the 10-year government bond yield, appealing to medium- to long-term investors [21][22]

2026年开局，股债市场上演"冰与火之歌"。 一边是上证指数连阳突破4000点，剑指4100点大关；另一边则是债市迎头撞上"逆风"。在此背景下，超 四成债基开年即出现回撤，中长期纯债型产品成为调整"重灾区"，多只产品年内跌幅超1%；与之相 对，可转债基金表现亮眼，部分产品同期回报已超6%。 市场波动引发资金敏感流动，短短数日，至少有20家基金公司旗下债基因大额赎回被迫提升净值精度， 债券ETF也一改去年巨额流入的态势，出现显著资金外流，超567亿元资金从中撤离。 金鹰基金固定收益研究部人士对第一财经表示，年初债市或有调整压力，但资金面预期长期向好，机构 年度配置逐步展开，中等久期债券性价比或仍存，后续需重点关注银行、保险、理财配置情况。 摩根士丹利基金固定收益投资部联席总监吴慧文告诉第一财经，2026年债市核心运行逻辑将围绕对基本 面和通胀强预期和弱现实之前的差距放大和收敛展开，预计市场呈现宽幅震荡、利率中枢温和抬升的特 征。 债市开年再吹逆风 开年以来，A股市场延续此前强势，上证指数连阳多日突破4000点，并一度逼近4100点。截至1月8日收 盘，上证指数报收4082.98点，年内累计上涨2.88%。与之形 ...

"6"是指聚焦智能网联新能源汽车、新一代电子信息制造、先进材料、新兴产业与未来产业、智能装备 及智能制造、生物医药六大核心领域精准发力。"2"和"1"是指力争在"十五五"期间，通过"直接投资+基 金投资"方式投资项目200个以上，总投资额超过1000亿元。"3"是指期望通过上述投资，引领重庆市相 关产业总投资规模超3000亿元。 据悉，项目将通过"直投+基金"投资模式，放大资本撬动效能、吸引各方资源，为重庆建成国家重要先 进制造业中心提供支撑。 （文章来源：中国新闻网） 据悉，重庆渝富控股集团将联合西安高新技术产业风险投资有限责任公司以及重庆两江投资集团组建一 支目标规模10亿元的基金，重点关注重庆和西安以及西部陆海新通道沿线重要产业的高成长性项目，通 过股权投资推动产业链跨区域整合，为重庆和西安在西部陆海新通道建设中实现高质量发展提供支撑。 活动中，重庆发布《投资引领全市先进制造业高质量发展"6213"行动计划(2026-2030年)》及重点项目清 单，首批储备项目70个、意向投资近400亿元。 中新社重庆1月8日电 重庆8日集中签约今年一季度市属重点国企先进制造业项目32个，投资总金额近 180亿元(人民 ...

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 ...

Core Viewpoint - The establishment of the Shaanxi Zhongying Xingsheng Technology Innovation Collaborative Development Fund, with a capital of 1 billion RMB, aims to support the development of strategic emerging industries in Shaanxi Province, focusing on technology-driven enterprises and key links in the industrial chain [1] Group 1: Fund Establishment and Purpose - The fund is a partnership led by Bank of China International Investment Co., Ltd. and Shaanxi Investment Fund Management Co., Ltd. [1] - It will focus on strategic emerging industries such as new materials and new energy, supporting technology-driven enterprises with original innovation capabilities in Shaanxi [1] Group 2: Broader Economic Impact - The fund is part of Bank of China's efforts to integrate resources from the Bank of China Group to serve local economic development in Shaanxi [1] - The bank aims to promote a virtuous cycle of "technology-industry-finance" by investing in technology enterprises and utilizing diverse financial products [1]

Core Viewpoint - In 2025, China's private securities asset management scale is expected to exceed 7 trillion yuan, marking a significant milestone for the industry, driven by market stability and strategic innovation [2][4][5]. Group 1: Industry Growth and Trends - The private equity industry has shown robust vitality, with the number of billion-yuan private equity firms steadily increasing and product registrations significantly rising [4][5]. - The future of the private equity industry is anticipated to be more diverse and mature, with a focus on sustainable growth as market conditions improve and the industry evolves [5][6]. Group 2: Forum Highlights - The 20th Private Fund Development Forum will take place on January 8, 2026, in Shenzhen, focusing on AI-enabled investment paradigms, equity market opportunities, and the value of CTA strategy allocation [2][5]. - Key speakers at the forum include industry leaders who will discuss trends in quantitative investment and the integration of AI in investment strategies [5][6]. Group 3: Investment Opportunities - In 2026, there is optimism for continued growth in stocks and gold, with expectations of further monetary policy easing and a potential bull market in A-shares [6][10]. - The forum will feature discussions on the performance of quantitative strategies, the impact of AI on investment, and the importance of CTA strategies in asset allocation [12][14]. Group 4: Collaborative Ecosystem - The forum includes a "Capital Connection Fair" to facilitate efficient resource matching between institutional investors and quality private equity firms, enhancing industry collaboration [14][16]. - The organizing company, 排排网集团, aims to strengthen communication between private fund managers, investors, and related institutions, contributing to the development of the private fund industry ecosystem [16][19].