港股通(深)活跃成交股 智通财经APP获悉，1月8日港股市场，北水成交净卖出49.01亿港元，其中港股通(沪)成交净卖出39.68亿港元，港股通(深) 成交净卖出9.33亿港元。 北水净买入最多的个股是小米集团-W(01810)、腾讯(00700)、中芯国际(00981)。北水净卖出最多的个股是盈富基金 (02800)、恒生中国企业(02828)、南方恒生科技(03033)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 阿里巴巴-W HK 09988 | 30.16亿 | 27.05亿 | 57.22亿 +3.11 乙 | | 盘冒基金 HK 02800 | 1.16亿 | 47.48亿 | 48.64亿 -46.31 Z | | 中芯国际 | 18.46 乙 | 15.06亿 | 33.52亿 | | HK 00981 | | | +3.40亿 | | 小米集团-W | 14.87 亿 | 9.10亿 | 23.97 亿 | | HK 01810 | | | +5.78 Z | | 腾讯控股 HK 00700 | ...

此外，上期所还对白银期货相关合约交易手续费、交易限额、交易保证金比例和涨跌停板幅度进行调 整：自2026年1月9日（即1月8日夜盘）交易起，白银期货AG2604合约日内平今仓交易手续费调整为成 交金额的万分之二点五，非期货公司会员、境外特殊非经纪参与者、客户在白银期货各合约的日内开仓 交易的最大数量为7000手；自2026年1月9日（星期五）收盘结算时起，白银期货AG2601、AG2602、 AG2603、AG2604合约的涨跌停板幅度调整为16%，套保持仓交易保证金比例调整为17%，一般持仓交 易保证金比例调整为18%。 白银价格方面，近两周以来，伦敦白银现货价格在多个交易日出现大幅回调。1月7日，上期所发布通知 称，近期国际形势复杂多变，金属品种波动较大，请各有关单位采取相应措施，提示投资者做好风险防 范工作，理性投资，共同维护市场平稳运行。 央广网北京1月8日消息（记者 冯方）1月8日，国投白银LOF盘中临时停牌一个小时，复牌后震荡走 低，收盘跌2.53%，成交额超过10亿元，溢价率回落至13%附近。 受套利交易、白银价格波动等多重因素影响，国投白银LOF场内价格近期波动剧烈。2025年12月下旬， 国 ...

来源：大财可富司机 这还不是天花板。早几年就有量化私募年终奖发5000万的传闻，当时多家私募业内人士直言：对于头部 量化机构的个别核心员工而言，5000万年终奖不足为奇。 身处金融圈，也不是人人都这么好命！ 最近，某头部期货公司被传出因年终奖分配差异悬殊，触发员工集体不满。更有员工通过网络直播公开 维权，期间遭遇领导暴力对待，事件持续发酵。 该公司一位普通员工年终奖仅1万元，而一级部门领拿了30万。这一悬殊分配方案令员工深感不公与困 惑，一名员工在531人的企信工作群内发言，针对2025年度年终奖分配提出明确诉求。 金融圈的年终奖差距，早已不是"贫富不均"能概括的：一边是令人咋舌的天价奖金；一边是让人寒心的 微薄报酬，甚至还夹杂着维权被打的荒诞剧情。 前段时间，网传某百亿私募研究员年终奖直接1000万，推了英伟达的年终奖直接2000-3000万，推了三 生制药的年终奖500万。 该员工表示："关于2025年度年终奖分配的质疑与诉求。各位管理层、同事们：2025年度年终奖发放 后，一级部门领导30万元、普通员工1万元的巨大差距让我们全体普通员工深感不公与困惑。公司年度 成果离不开每一位基层员工的一线付出，这样3 ...

Group 1 - The core viewpoint is that the bond market is gradually recovering from a bearish phase, with increasing liquidity and potential for a bond bull market to start soon [1][2] - The Penghua Science and Technology Innovation Bond ETF (551030) has shown active trading with a turnover of 41.38% and a transaction volume of 9.407 billion yuan, indicating strong market interest [1] - Over the past eight trading days, there have been five days of net inflows totaling 503 million yuan, with an average daily net inflow of approximately 62.9 million yuan [1] Group 2 - Huaxi Securities believes that the policy benefits will create a broad market space for science and technology innovation bonds, with the ETF being the only indexed tool in this sector, enhancing its long-term value and market influence [2] - Penghua Fund has been actively developing a long-term strategy for fixed-income tools since the second half of 2018, aiming to become a domestic expert in fixed-income indices [2] - The Penghua Fund plans to continue providing high-quality bond index investment tools, leveraging its expertise in bond index investment management and product operation experience [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The focus of this round of supervision is to reconstruct the development paradigm of the public - offering fund industry, guiding it to shift from "emphasizing scale" to "emphasizing returns." The "Action Plan for Promoting the High - quality Development of Public - Offering Funds" issued in May 2025 is the guiding document for this reform, aiming to achieve industry transformation in about three years [101]. - The reshaping of the public - offering fund industry may optimize the residents' income structure. By attracting long - term funds such as pensions and residents' deposits into the market, it can enhance the wealth effect of residents' balance sheets and release consumption potential [101]. - Accelerating the development of the capital market and highlighting the attractiveness of equity assets are important for promoting industry transformation. Equity financing is more in line with the current industrial structure, and the public - offering fund industry needs to clear up past problems [102]. 3. Summaries Based on Related Catalogs 3.1 Regulatory Context: Remodeling the Ecosystem and Promoting Change - **Top - level Design: Shifting from "Emphasizing Scale" to "Emphasizing Returns"** - The regulatory reform of the public - offering fund industry started in 2022 and accelerated after the Politburo meeting on September 26, 2024. The focus is to reconstruct the development paradigm, guiding the industry to shift from "emphasizing scale" to "emphasizing returns" and strengthening the importance of equity asset allocation [15]. - In April 2022, the CSRC issued the "Opinions on Accelerating the High - quality Development of the Public - Offering Fund Industry," setting the tone for "high - quality development." In May 2025, the "Action Plan for Promoting the High - quality Development of Public - Offering Funds" was introduced, further refining the top - level design into an executable roadmap [15][20]. - **Detailed Implementation: Reducing Fees and Emphasizing Benchmarks** - The optimization of public - offering fund fees started in July 2023 and has now reached the third stage, following the path of "management fees - transaction fees - sales fees" [23]. - In October 2025, the CSRC and the Asset Management Association of China jointly issued relevant documents to standardize the selection and use of public - offering performance comparison benchmarks, strengthening their guiding role in fund investment [26]. 3.2 Regulatory Background: Re - highlighting the Importance and Attractiveness of Equity Assets - Although the scale of China's equity funds has been growing with the market, its proportion is still relatively low both domestically and globally. As of the end of October 2025, equity funds accounted for only 13.34% of the total public - offering fund shares in the market, while the global proportion reached 48.17% as of the end of June 2025 [31]. - After the "9·26" Politburo meeting in 2024, the reform of the public - offering fund industry accelerated. The "Action Plan for Promoting the High - quality Development of Public - Offering Funds" emphasizes the importance of equity assets, and recent approved funds are mainly ETFs, linked funds, and equity - type funds [40][42]. 3.3 Regulatory Objectives: Meeting Wealth Management Needs and Optimizing Residents' Income Structure - The main problem with China's residents' income structure is the low proportion of property income, mainly in the form of interest income, making it difficult to share the dividends of enterprise growth. Participating in the equity market through public - offering funds can optimize the income structure and promote consumption [46]. - This path depends on two key prerequisites: the equity market providing long - term and stable value returns, and public - offering funds meeting residents' wealth management needs. The latter can be achieved through systematic industry reform [46]. - The current industry has some problems, such as over - emphasis on scale expansion rather than investment quality, and the long - standing contradiction of "funds make money, but investors don't." A good investment environment centered on investors' interests needs to be established to attract long - term funds [94]. 3.4 Summary and Outlook - The reconstruction of the public - offering fund industry may optimize residents' income structure by attracting long - term funds, enhancing the wealth effect of residents' balance sheets and releasing consumption potential [101]. - Globally, developing the capital market and highlighting the attractiveness of equity assets are important for industry transformation. Equity financing is more suitable for the current industrial structure, and the public - offering fund industry needs to address past issues [102].

Group 1 - The core viewpoint of the article highlights the significant growth in the public fund issuance market, with 82 new funds launched as of January 7, 2026, including 31 equity funds, 27 mixed funds, and 11 each of bond and FOF funds [1][8] - The first week of 2026 saw a concentrated launch of 48 new products, indicating a robust start to the year for public funds [1][9] - The overall scale of the public fund industry is approaching a new high of 36 trillion yuan, reflecting a strong recovery in active equity management [1][4] Group 2 - Fund managers such as Fuguo Fund and GF Fund have been proactive, each launching five new funds, while other firms like Invesco Great Wall and Southern Fund have introduced four each [4] - The new funds exhibit a clear thematic focus, particularly on technology and advanced manufacturing, with several funds targeting sectors like semiconductors, artificial intelligence, and new energy [4][5] - The healthcare sector remains a point of interest, with three new funds focusing on innovative drugs and Hong Kong-listed pharmaceuticals [4] Group 3 - A balanced approach is evident, with over ten stable holding period products labeled as "stable," "balanced," or "multi-asset," catering to investors' needs for asset allocation and risk control [5] - The introduction of specialized ETFs covering sectors such as electric utilities, consumer electronics, and photovoltaics provides investors with more precise and diverse industry allocation tools [5] - Analysts suggest that the beginning of the year is a crucial period for capital allocation, with the A-share market currently at relatively low valuations, which may enhance the market's upward potential [6][7]

Core Viewpoint - The era of relying solely on pure bond assets for investment is coming to an end, driven by changes in the macroeconomic environment, policy logic, and asset supply-demand structure. The focus is shifting towards a "fixed income plus" strategy that emphasizes multi-asset dynamic balance capabilities for survival in the evolving market landscape [2][13]. Group 1: Market Environment and Challenges - The traditional sources of returns from pure bond investments, namely coupon income and capital gains, are facing significant challenges, leading to a fundamental change in risk-return profiles [3][14]. - The yield on high-quality credit bonds has entered the "2% era," reflecting a shift in financing demand and a persistent "asset shortage," which has reduced the supply of high-yield bonds [3][14]. - Regulatory changes are reshaping the funding structure and behavior patterns in the bond market, complicating the management of stable returns and increasing difficulty in obtaining stable income [4][15]. Group 2: Redefining "Fixed Income Plus" - The upgraded "fixed income plus" strategy aims to enhance returns under controlled volatility, requiring managers to focus on the precise characterization and dynamic combination of multi-asset risk-return features [5][16]. - The strategy involves managing two key asymmetries: the selection of tools based on valuation asymmetry and the construction of portfolios to mitigate volatility through low or negative correlation assets [8][18]. - The use of convertible bonds as a tactical tool rather than a permanent fixture in portfolios is emphasized, with adjustments based on valuation levels to optimize returns [6][17]. Group 3: Asset Allocation Strategies - Incorporating dividend-paying stocks as a foundational equity asset can provide stable cash flow similar to coupon income while reducing overall portfolio volatility [6][17]. - Utilizing quantitative products to achieve stable excess returns relative to broad indices can help manage equity portions systematically and reduce individual stock risks [6][17]. - Expanding the asset classes included in the "plus" component, such as gold and public REITs, can enhance portfolio resilience against macroeconomic fluctuations [9][20]. Conclusion - The year 2026 is poised to be pivotal for asset management, transitioning from a "comfort zone" to a "capability zone." The convergence of pure bond yields presents an opportunity for more refined and systematic asset allocation strategies, with "fixed income plus" representing a comprehensive investment philosophy aimed at achieving absolute returns while managing risks effectively [21].

Core Insights - The investment landscape in 2025 has seen significant changes, with Chinese technology leading equity gains and the Shanghai Composite Index surpassing 4000 points for the first time in a decade [1][9] - Long-term capital, including insurance funds, is entering the market, enhancing value investment opportunities [1][9] - The trend of index-based investment is rising, with index funds becoming a primary tool for market allocation [1][9] - The complexity of bond investments is increasing, prompting a broader asset allocation strategy [1][9] Policy and Economic Outlook - The 20th National Congress and the Central Economic Work Conference have set a framework for the "14th Five-Year Plan," indicating a proactive fiscal and monetary policy for 2026 [2][10] - The fiscal policy is expected to maintain necessary deficits, while monetary policy will focus on flexibility and efficiency, likely continuing a low-interest-rate environment [2][10] - The equity risk premium (ERP) has decreased from 90% to around 50% since April 2025, indicating that equity assets still have upward potential [2][10] Market Structure and Capital Flow - The capital market's institutional framework has strengthened since 2025, supporting long-term investment policies and enhancing market stability [3][11] - The acceleration of medium to long-term capital inflows is anticipated, fostering a friendly policy environment for the capital market [3][11] Sector-Specific Insights - The technology sector has gained significant attention, with notable events highlighting China's advancements in technology and innovation [4][12] - The AI industry is expected to drive market growth, with a focus on performance and profitability of major tech companies [5][12] - The domestic innovative pharmaceutical sector has seen rapid growth, with 76 new drugs approved in 2025 and record-high licensing deals exceeding $130 billion [5][12] Multi-Asset Investment Strategy - The investment strategy is shifting towards a broader multi-asset approach, utilizing FOF strategies and index investment tools [6][13] - The outlook for global risk assets is positive, with expectations of a "slow bull" market in domestic equities and rising prices for major commodities [6][13] - Index funds are increasingly becoming a vital tool for multi-asset allocation, with a focus on structural opportunities in A-shares and Hong Kong stocks [6][14] Future Development Plans - The company aims to advance its three major business strategies: "Global Tech Innovators," "Index Specialists," and "Fixed Income Experts," to establish itself as a multi-asset management expert [7][14]

2025年，在权益市场环境改善的背景下，FOF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。 从数据上看，2025年FOF的全年平均收益已超过10%，整体业绩稳健。与此同时，有多只FOF产 品的总回报超过50%，在权益行情修复阶段展现出一定的收益弹性。 权益资产回暖，底层配置支撑FOF业绩表现 沪上一位基金评价人士指出，2025年，FOF产品整体业绩回暖，与权益市场环境改善密切相关。 随着权益大盘逐步企稳回升，权益类基金的净值修复为FOF底层资产提供了直接支撑，尤其是在 结构性行情较为清晰的阶段，FOF对权益资产的配置弹性得以释放，推动部分产品取得了较为亮 眼的收益表现。 进一步来看，FOF产品的表现改善，既受益于底层权益资产的回暖，也与其自身的产品结构有 关。通过组合化配置与基金筛选机制，FOF在不同市场环境中具备一定的适应性，能够在控制整 体波动的同时，把握阶段性市场机会。 全年表现整体向好，头部产品收益超50% 根据Wind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 ...

Group 1 - The core point of the article highlights a significant increase in trading volume for the Guozheng 2000 Index ETFs, with a total trading volume of 102 million yuan, representing a week-on-week increase of 29.99 million yuan or 41.54% [1] - Specifically, the Wanjia Guozheng 2000 ETF (159628) saw a trading volume of 83.14 million yuan, an increase of 31.22 million yuan or 60.12% compared to the previous trading day [1] - The Guozheng 2000 ETF Fund (159543) recorded a trading volume of 3.76 million yuan, with an increase of 1.99 million yuan or 112.42% from the previous trading day [1] Group 2 - As of market close, the Guozheng 2000 Index (399303) rose by 1.16%, while the average increase for related ETFs tracking the Guozheng 2000 Index was 0.96% [1] - The top performers among the ETFs included the GF Guozheng 2000 ETF (159907) and Wanjia Guozheng 2000 ETF (159628), which increased by 1.23% and 1.15% respectively [1] - The trading volume changes for various funds indicate a mixed performance, with some funds like the Boshi Guozheng 2000 ETF (159505) and Ping An Guozheng 2000 ETF (159521) experiencing declines in trading volume [1]