资产配置 | 定期报告 A 股关注中盘蓝筹，中债阶段性对冲配置 202602 保险客户资产配置月报 资产观点 A 股关注风格切换，黄金短期谨慎 ⚫ 2 月 A 股关注中盘蓝筹，中债/美股中性，黄金短期谨慎。A 股风险偏好变化，整体 震荡重点关注结构性机会。债券近期受风险资产调整的情绪支撑，2 月表现将很大 程度继续跟随风险偏好，可做风险资产对冲。黄金冲高回落主因交易结构恶化，当 前由货币属性和投资属性共振转向货币属性持续投资属性扰动，较难出现 1980/2012 年的深度调整，但短期适当谨慎。商品近期同样受流动性预期和风险偏 好影响，交易层面不确定性有所上行，短期相对谨慎。美股估值较高，后续建议和 黄金同步进行配置。美债曲线或将陡峭化，且人民币处在升值周期，维持谨慎。 风格配置 继续看好中盘蓝筹 行业配置 周期品涨价是当前的配置线索 模型建议 加仓中债，推荐有色/化工/电新/军工/通信/电子等板块 风险提示 1、 极端风险事件出现可能影响结果；2、 量化模型失效的风险。 报告发布日期 2026 年 02 月 10 日 | 郑月灵 | 执业证书编号：S0860525120003 | | --- | --- | ...

市场高开高走，沪指涨超1%，深成指涨超2%。从板块来看，AI应用端持续拉升，化工、光伏概念表现活跃，算力硬件概念集体走强，商业航天概念走高； 下跌方面，油气股走势较弱。 下跌方面，能源化工ETF建信跌幅居前。 | 代码 | 名称 | 现价 涨跌幅 | | --- | --- | --- | | 159981.SZ | 能源化工ETF建信 | -0.08% 1.279 | | 159916.SZ | 基本面ETF建信 | 5.386 -0.07% | | 159200.SZ | 科创债ETF富国 | 100.444 - -0.05% | | | 511270.SH 10年地方债ETF海富通 117.729 -0.04% | | | 511220.SH | 城投债ETF海富通 | 10.261 -0.02% | | 511090.SH | 30年国债ETF | 115.699 -0.02% | | 551580.SH | 科创债ETF泰康 | 100.538 -0.01% | | 511620.SH | 货币ETF国泰 | 100.005 | -0.01% | | --- | --- | --- | --- | ...

Core Insights - The Vanguard Short-Term Bond ETF (BSV) and iShares Core 1-5 Year USD Bond ETF (ISTB) focus on the short end of the U.S. bond market, targeting investment-grade securities with maturities between one and five years, highlighting differences in cost, portfolio composition, and risk for investors [1] Cost & Size Comparison - ISTB has an expense ratio of 0.06%, while BSV has a lower expense ratio of 0.03% [2] - As of February 7, 2026, ISTB's one-year return is 1.73%, compared to BSV's 1.68% [2] - ISTB offers a higher dividend yield of 4.14% compared to BSV's 3.86% [2] - ISTB has a beta of 0.11, while BSV has a beta of 0.09, indicating slightly higher volatility for ISTB [2] - ISTB's assets under management (AUM) stand at $4.79 billion, whereas BSV has a significantly larger AUM of $43.41 billion [2] Performance & Risk Comparison - Over the past five years, ISTB experienced a maximum drawdown of 9.34%, while BSV had a drawdown of 8.55% [4] - An investment of $1,000 in ISTB would have grown to $943, while the same investment in BSV would have grown to $951 over five years [4] Portfolio Composition - BSV holds a mix of U.S. Treasuries and corporate and investment-grade international bonds, with 3,117 holdings, 73% of which are AAA-rated bonds [5] - ISTB has over 7,000 holdings, with 61% being AA-rated bonds, and includes bonds rated lower than B, indicating a broader risk profile [6] Implications for Investors - BSV's bond holdings are primarily in AA, A, and BBB categories, which are riskier than AAA-rated bonds, while ISTB includes lower-rated bonds, increasing its volatility [7][8] - Both ETFs provide stable and consistent dividend payouts, but investors should be aware that bond markets typically grow more slowly than stock markets [9]

Core Insights - The iShares Russell 2000 Value ETF (IWN) and iShares SP Mid-Cap 400 Value ETF (IJJ) were both launched 20 years ago but have diverged in performance and characteristics [1][2]. Cost & Size Comparison - IWN has an expense ratio of 0.24% and an AUM of $12.59 billion, while IJJ has a lower expense ratio of 0.18% and an AUM of $8.47 billion [3][4]. - The 1-year return for IWN is 18.44%, compared to IJJ's 10.84%, and IWN has a dividend yield of 1.53% versus IJJ's 1.7% [3]. Performance & Risk Comparison - Over the past five years, IWN experienced a maximum drawdown of 26.71%, while IJJ had a lower drawdown of 22.68% [5]. - A $1,000 investment in IWN would have grown to $1,338, whereas the same investment in IJJ would have grown to $1,528 [5]. Portfolio Composition - IJJ focuses on mid-cap value stocks, with significant holdings in financial services, industrials, and consumer cyclical sectors, totaling 311 holdings [6]. - IWN, in contrast, holds a broader array of 1,413 small-cap stocks, with top holdings including EchoStar Corp., Hecla Mining Company, and TTM Technologies, reflecting a wide diversification [7]. Investment Implications - Investors' choice between IWN and IJJ may hinge on their risk tolerance, as small-cap stocks (IWN) are generally more volatile than mid-cap stocks (IJJ) [8][10]. - IJJ has outperformed IWN by over 20% in both the last five years and since inception, making it a more stable option with potential for price gains [10].

Core Insights - The State Street SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ Trust, Series 1 (QQQ) are significant exchange-traded funds (ETFs) in the U.S., each tracking large-cap indices but differing in portfolio composition, risk-return profiles, and costs [2][8] Cost & Size - SPY has an expense ratio of 0.09%, while QQQ charges 0.20%, making SPY more cost-effective [3][4] - As of February 4, 2026, SPY's one-year return is 14.0% and QQQ's is 15.5%, with SPY offering a higher dividend yield of 1.1% compared to QQQ's 0.5% [3][4] - SPY has assets under management (AUM) of $709.2 billion, while QQQ has $405.7 billion [3][9] Performance & Risk Comparison - Over the past five years, SPY experienced a maximum drawdown of 24.49%, while QQQ faced a more significant drawdown of 35.12% [5][10] - An investment of $1,000 in SPY would have grown to $1,770 over five years, compared to $1,828 for QQQ [5] Portfolio Composition - QQQ tracks the NASDAQ-100 Index, with a heavy concentration in technology (55% of assets), and its largest holdings include NVIDIA Corp (8.46%), Apple Inc (7.69%), and Microsoft Corp (5.90%) [6] - SPY tracks the S&P 500, providing broader diversification across 502 companies, with its largest holdings being Nvidia Corp (7.42%), Apple Inc (6.74%), and Microsoft Corp (5.17%) [7] Investment Implications - Both SPY and QQQ are well-regarded ETFs, suitable for various investment strategies, with SPY appealing to those seeking stability and QQQ attracting risk-tolerant investors [8][11] - Both funds have significant exposure to major tech companies, which influences their performance trends [9][10]

Core Insights - The Vanguard High Dividend Yield ETF (VYM) has outperformed the Schwab U.S. Dividend Equity ETF (SCHD) in recent returns, while SCHD offers a higher dividend yield and focuses on specific sectors [1][4]. Cost and Size Comparison - Both VYM and SCHD have an expense ratio of 0.06% - As of January 30, 2026, VYM's one-year return is 15.7%, compared to SCHD's 11.3% - VYM has a dividend yield of 2.3%, while SCHD has a higher yield of 3.5% - VYM has a beta of 0.76 and assets under management (AUM) of $84.6 billion, while SCHD has a beta of 0.74 and AUM of $78.4 billion [3]. Performance and Risk Comparison - Over the past five years, VYM's maximum drawdown is -15.83%, while SCHD's is -16.86% - An investment of $1,000 in VYM would have grown to $1,636 over five years, compared to $1,393 for SCHD [5]. Portfolio Composition - SCHD holds 101 U.S. dividend-paying stocks, with significant allocations in energy (19%), consumer defensive (18%), and healthcare (18%). Major holdings include Lockheed Martin Corp. (4.90%), Texas Instruments Inc. (4.51%), and Chevron Corp. (4.25%) [6]. - VYM takes a broader approach with 589 stocks, focusing more on financial services (21%) and technology (18%), alongside healthcare (13%). Key holdings include Broadcom Inc. (7.58%), JPMorgan Chase & Co. (4.15%), and Exxon Mobil Corp. (2.41%) [7]. Investment Implications - Both SCHD and VYM are low-cost ETFs aimed at providing passive income through dividends, with the choice between them depending on specific investment priorities [8]. - SCHD's higher dividend yield contrasts with VYM's recent strong performance, attributed to its technology sector holdings, particularly benefiting from the growth in the artificial intelligence market [9].

2月6日，科创200ETF国泰（589220）盘中涨超0.5%，制造业与科技产业景气获关注。 （文章来源：每日经济新闻） 东方财富证券指出，AI硬件（半导体、元件、通信网络设备等）及涨价链（工业金属、能源金属、农 化品等）的2025Q4单季净利润预告算术平均同比增速较2025Q3均有进一步提升。其景气度已外溢至产 业链上下游，近期以来电子元器件、小金属等品类陆续涨价。与此同时，上游价格持续上涨已导致 2025Q4部分中游制造业品种盈利增速出现下滑隐忧，2026Q1恐将持续。相比高波动、高估值的资产， 近期结构配置可适当沿着景气逻辑良好而本轮春季行情以来涨幅并未极致演绎的板块挖掘，如电子（元 器件/半导体）、通信等。 科创200ETF国泰（589220）跟踪的是科创200指数（000699），单日涨跌幅限制达20%，该指数从科创 板市场中选取市值较大、流动性较好的200只股票作为指数样本，以反映科创板市场的整体表现。指数 样本覆盖了多个高新技术产业和战略性新兴产业领域，包括信息技术、生物医药、新能源等，体现了较 强的创新性和成长性特征。 ...

智通财经APP获悉，"港股通Stock Connect"微信公众号发布港股通2025年回顾表示，2025年是中国资产强劲发展的一年。延续2024年下半年开始的复 苏趋势，2025年港股市场的整体交易量逐步提升；港股通成交量也开始迅速增长，日均成交额从2024年的482亿港元，大幅增长至2025年的1211亿港 元，增长超过一倍 。 内地投资者已经成为香港现货市场的重要交易力量。2025年，港股通交易量在港股现货市场交易量的占比，从2024年的18.3%提高到了24.2%。除了 股票之外，港股通下的ETF交易也录得强劲增长。2025年日均交易规模达到了39亿港元，较2024年大幅增加了62%。 港股通涵盖香港现货市场的核心投资机会 截至2025年底，纳入港股通的股票已有588只，占香港主板股票数量的24.5%，市值占比达88%，这些股票所代表的交易量已占香港主板市场总交易量 的93%，基本涵盖了香港现货市场最核心的投资机会。通过互联互通机制，内地投资者能够更便捷的布局香港市场，有助实现多元化资产配置。 资讯科技板块为2025年度港股通内总流通市值增长最多的行业板块之一。AI，机器人，芯片等市场热点不断涌现，进一 ...

For investors seeking momentum, the Avantis Inflation Focused Equity ETF (AVIE) is probably on the radar now. The fund just hit a 52-week high and is up 27.4% from its 52-week low price of $56.29 per share.  But are there more gains in store for this ETF? Let’s take a quick look at the fund and its near-term outlook to get a better sense of where it might head.AVIE in FocusThe fund provides exposure to a diversified set of U.S. companies in sectors and industries that have historically, or are expected to, ...

Core Insights - The Amplify Energy & Natural Resources Covered Call ETF (NDIV) has transitioned from a traditional dividend-focused fund to one that incorporates a covered call strategy to enhance yield [1] - This shift reflects a broader trend in the investment industry towards derivative-based income solutions as investors seek alternatives to traditional fixed-income products [1] Product Evolution - NDIV now integrates an options overlay, allowing it to build on its role in portfolios beyond just dividend income [1] - The fund aims to generate a target option premium of 0.50% monthly, equating to an annualized rate of 6.00%, layered on top of dividends from underlying equity securities [1] Index Methodology - The new index methodology for NDIV employs a monthly covered call strategy designed to harvest volatility and boost total distributions while maintaining a maximum coverage cap of 80% [1] - This cap ensures that at least 20% of the fund's equity exposure remains unhedged, allowing for participation in sector rallies while still targeting the 6% annualized option premium [1] Market Context - The shift towards derivative income is part of a significant industry trend, with derivative income ETFs reportedly gathering $54 billion in 2025, raising the total asset base to $127 billion [1] - NDIV is positioned alongside other Amplify income solutions, such as DIVO and IDVO, which focus on high-quality blue-chip equities, while NDIV targets high-yield opportunities in cyclical energy and materials sectors [1] Current Holdings - The underlying index of NDIV includes dividend-paying companies such as Petroleo Brasileiro (PBR), Atlas Energy Solutions (AESI), and Eastman Chemical (EMN), providing a robust cash flow tool for investors in a low-rate environment [1]