= 玉 姓 金 land and a will and the with and the with and the with and the with and the with and the with and the with and the with the with the with and the with and the with and the 2026年01月 | 3A系列ETF当日场内行情 | A50ETF华宝 中证A100ETF基金 A500ETF华宝 159596 562000 563500 -0.65% -1.06% -0.47% 鼓脑来源:冲深交易所等,行情数据副 A50ETF华宝于2024.3.18上市,中证A100ETF基金于2022.8.1上 市,A500ETF半宝于2024.12. 当日大市行情 n Hu -0.07% -0.82% -0.51% 创业板指 上证指数 较上一日-539亿元 两市成交额2.8万亿元 全市场个股涨跌数 1595只 144日 3 3 8 1 1 =1 上涨 ul 持平 " 下跌 资金净流入TOP3行业(申万一级) 国 万 三十 +12.58亿元 +11 ...

Core Viewpoint - The performance of Wang Mingxu, a fund manager at GF Fund, has significantly declined in 2025, leading to him being labeled as the "most unfortunate fund manager" of the year due to substantial losses across multiple funds he manages [1][4][26]. Group 1: Fund Performance Overview - In 2025, out of 4711 actively managed equity funds, 4494 reported positive returns, while 217 had negative returns, indicating a stark contrast in fund performance [1][28]. - The top 10 performing funds achieved returns exceeding 130%, with the highest being 233%, while the bottom 10 funds saw declines of over 10%, with the largest drop nearing 20% [1][28]. - Notably, four of the bottom 10 funds were managed by Wang Mingxu, highlighting a significant underperformance [2][29]. Group 2: Specific Fund Losses - Wang Mingxu managed seven funds that collectively lost 1.135 billion yuan in the past year, with all of them ranking at the bottom of their respective categories [4][31][36]. - The specific losses for these funds included: - GF Domestic Demand Growth Mixed A: -16.31% - GF Value Advantage Mixed: -15.47% - GF Value Preferred A: -14.55% - GF Rui Ming Two-Year Holding A: -13.34% - GF Steady Preferred Six-Month Holding A: -12.60% - GF Balanced Preferred A: -12.50% [4][36]. Group 3: Management and Strategy Issues - Wang Mingxu's investment strategy has been criticized for not aligning with market trends, particularly during a structural bull market favoring growth stocks, while his funds were heavily invested in underperforming sectors like real estate and liquor [24][22]. - His funds exhibited a pattern of high overlap in holdings and similar trading strategies, which contributed to their collective underperformance [24][22]. - Despite the poor performance of his funds, GF Fund continued to collect substantial management fees, totaling 55.94 million yuan for the first half of 2025 from the funds he managed [26][27].

Group 1 - The Hang Seng Index closed down by 1.2%, the Hang Seng China Enterprises Index fell by 1.1%, and the CSI Hong Kong Stock Connect China 100 Index decreased by 0.9% [1] - According to Industrial Securities, in the medium term, by 2026, the profitability and liquidity of Hong Kong stocks are expected to drive market trends in tandem, with changes in risk appetite likely to show a pattern of "initial rise, followed by decline, then rise again and decline" [1] Group 2 - The Hang Seng ETF managed by E Fund tracks the Hang Seng Index, which consists of large-cap, actively traded stocks with strong industry representation, covering sectors such as finance, consumer discretionary, and information technology, which together account for nearly 80% of the index [2] - The Hang Seng China Enterprises ETF also managed by E Fund tracks the Hang Seng China Enterprises Index, composed of 50 large-cap, actively traded stocks listed in Hong Kong, with consumer discretionary, information technology, finance, and energy sectors making up nearly 85% of the index [2] - The Hong Kong Stock Connect 100 ETF, also managed by E Fund, tracks the CSI Hong Kong Stock Connect China 100 Index, which includes 100 large-cap, actively traded companies within the Hong Kong Stock Connect scope, with consumer discretionary, finance, and information technology sectors exceeding 70% of the index [2]

Group 1 - The ChiNext Mid-Cap 200 Index rose by 1.1%, while the ChiNext Index and the ChiNext Growth Index fell by 0.8% and 1.1% respectively, indicating mixed performance in the market [1] - The E Fund ChiNext ETF (159915) saw a net subscription of over 300 million units throughout the day, reflecting strong investor interest [1] Group 2 - Guangzhou has released a plan titled "Guangzhou Accelerates the Construction of a Strong Advanced Manufacturing City (2024-2035)", which aims to accelerate the cultivation of five strategic leading industries: artificial intelligence, semiconductors and integrated circuits, new energy and new energy storage, low-altitude economy and aerospace, and biomanufacturing [1] - The plan also outlines a forward-looking layout for six future industries, focusing on embodied intelligence, intelligent unmanned systems, and cutting-edge new materials, with the goal of creating a number of pilot application scenarios to drive the rapid maturation and application of cutting-edge technologies and products [1] - The target is to achieve exponential growth in industry scale within 5 to 10 years [1]

Group 1 - The core viewpoint of the article highlights that Standard Chartered Bank's report anticipates stronger economic support for China by 2026 through targeted stimulus measures and significant investment in advanced technologies to enhance self-sufficiency and productivity [1] - The report suggests that the strong earnings growth related to artificial intelligence themes will provide robust support for the Chinese economy, recommending an overweight position in Chinese stocks [1] - The closing performance of major indices shows a decline, with the CSI A500 index down 0.5%, the CSI A100 index down 0.7%, and the CSI A50 index down 1.3% [1]

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].