近年来，中国资本市场体系持续完善，行业制度不断优化，为私募基金行业营造了前所未有的发展沃 土。私募证券投资基金规模稳步攀升，策略类型日益丰富多元，优秀私募机构不断涌现，行业整体正逐 步迈向高质量、规范化发展的崭新阶段。面对充满机遇与挑战的市场环境，私募机构不仅需要敏锐的市 场洞察力，更需要坚实的后盾与全方位的支持，以稳健的步伐迈向更广阔的星辰大海。 作为我国军工央企所属的唯一证券公司，中航证券积极践行财富管理转型，持续深化与私募机构的合 作。中航证券已成功举办两届"航融杯"私募评选活动，凭借专业的服务与完善的评选机制，赢得了行业 广泛关注与热烈响应，不仅有效提升了中航证券在私募机构服务领域的品牌影响力，更为私募机构搭建 了展示实力、交流经验的优质平台，成为私募机构发展的有力助推器。 为与更多私募机构建立紧密、深入的合作关系，中航证券正式启动第三届"航融杯"-翼辰私募星计划。 本届活动全新升级，中航证券联合多家实力机构共同打造开放式、多元化的私募发展与交流平台，致力 于为私募机构提供更深层次、全方位的支持。 覆盖主流五大策略 同台竞技彰显实力 本次活动时间为2026年3月1日至2027年2月28日，为期一年。参 ...

文章来源：用益研究 撕掉旧标签 信托何以"无可替代"？ 2026年我们或许会见证"温和的分流"：普通投资者将更审慎地选择信托产品，把注意力转向其他资管渠 道；信托公司将一头扎进专业的深水区，用硬核服务能力换取高净值客户的长期托付。 业内观点： 1、现在独立研究、依据市场口碑作出选择的客户占据主流，理财顾问的作用变得很有限。客户的产品 筛选标准已变得极致严苛，对任何负面舆情都会"一票否决"。 2、专业、合规将是2026年行业发展的关键词。本源业务发展逻辑与传统放贷模式完全不同。行业现在 缺的不是项目，而是能搞定这些复杂事务的专业人才。未来，谁能真正为高净值客户解决复杂的法律、 税务、传承等综合性问题，谁才可能建立护城河。 3、对于投资者而言，2026年需要更新认知：信托或许正在撕掉"大众理财产品"的旧标签，转而锚定综 合金融解决方案提供者的新定位。2026年，若为博取收益，可选的优秀资管产品有很多；若投资者有财 富传承等综合性金融需求，信托凭借其制度优势，依然无可替代。 481只去年收益告负基金年内业绩转正 Wind资讯数据显示，截至2月23日，今年以来已有481只去年收益告负的基金实现净值增长率转正，其 中1 ...

在波谲云诡的金融市场里，普通人如何真正留住财富？他应对 这个复杂金融世界的"处方"，竟是一道简单的数学题和一条不 容逾越的铁律。 作者：蔡越坤 封图：图虫创意 2026年的第一声资本惊雷，并非源于人工智能（AI）或是机器人等科技创新，而是来自黄金、白 银等有色金属。 国际金价以一种近乎癫狂的姿态连创历史新高，最高触及5626.8美元/盎司，带动A股有色金属板 块"脱离地心引力"般暴涨22.59%；随后金价在1月30日上演 "高台跳水"，创下近40年来最大单 日跌幅，部分热门有色个股暴跌20%…… 当被问及最近是否会盯黄金、有色这类狂热与动荡的板块时，62岁的吴凯说："我从来不去看这些 板块，因为我喜欢分散配置。我也不追热门，因为热门行业行情更容易暴涨暴跌，我内心承受不 了。 他补充说，当散户注意到某个板块狂热的时候，相关个股已经涨得很高，此时再入场很可能就接过 了上涨的"最后一棒"。 在A股市场，有人追逐热点、频繁交易；有人执着于个股研判，博弈行业风口。吴凯是一名退休内 科医生，没有金融科班背景，却用 20年时间穿越了2008年金融危机、2015年股票市场异常波 动、2022年熊市乃至信托爆雷潮等市场巨震，将 ...

2026年的第一声资本惊雷，并非源于人工智能（AI）或是机器人等科技创新，而是来自黄金、白银等有色金属。 国际金价以一种近乎癫狂的姿态连创历史新高，最高触及5626.8美元/盎司，带动A股有色金属板块"脱离地心引力"般暴涨22.59%；随后金价在1月30日上演 "高台跳水"，创下近40年来最大单日跌幅，部分热门有色个股暴跌20%…… 这不仅是策略，更是原则。所谓"三股七债"，即穿透后股票类资产占30%，债券类资产占70%。这个比例既源于"100–年龄"的经典公式，也结合了他对A股 剧烈波动的清醒认知。"62岁，理论可配38%的股票，因为A股波动比较大，我主动降至30%。"他说。 回顾过去几年的投资经历，2022年至2024年，A股持续下跌，上证指数从3700点跌至2700 点附近，其间虽有阶段性反弹，但整体处于熊市周期，他的股票类 资产的仓位持续低于27%，于是他不断用投资债基获得的收益补仓；2024年，在政策利好推动下，"9·24"行情启动，他的股票类资产的仓位很快突破33%。 于是，他按纪律卖出部分权益类资产，恢复"三股七债"的比例。 当被问及最近是否会盯黄金、有色这类狂热与动荡的板块时，62岁的吴凯说： ...

Group 1 - The coal industry is experiencing a revival due to President Trump's plans to sign an executive order for the Department of Defense to enter into power supply contracts with coal-fired power plants and provide $175 million for upgrades to six coal plants [2] - The coal sector in the A-share market saw a significant increase, with an overall rise of over 1% on February 11, 2026, driven by positive expectations from U.S. policy [3] - The trust risk event involving Xuesong Holdings has raised concerns about the safety of financial products related to private financial control groups, following the arrest of its leader Zhang Jin [2][3] Group 2 - The stock performance of coal companies such as Shanxi Coking Coal (600740) and Yanzhou Coal Mining (600188) showed significant gains, reflecting the positive sentiment in the coal sector [3] - Trust products linked to local government financing projects are facing liquidity concerns, as evidenced by the overdue issues reported by companies like Mongolian Grass Ecology (300355) and Ningbo Construction (601789) [3] - The recent decline in cryptocurrency optimism, as noted by Federal Reserve Governor Waller, indicates a shift in financial market risk preferences, which may indirectly affect the energy trust sector [4]

经济观察网 近期能源及信托行业相关热点事件引发市场关注，包括美国煤炭政策提振板块及国内信托 产品风险事件。 近期事件 特朗普推动煤炭行业振兴：2026年2月11日，据报道，美国总统特朗普计划签署行政命令，指示国防部 与燃煤电厂签订供电合同，并宣布为六家燃煤电厂提供1.75亿美元升级资金。此举旨在重振美国煤炭行 业，当日美股及A股市场煤炭股应声上涨。 加密货币热潮消退：美联储理事沃勒在2月10日表示，特朗普当选后推动的加密货币市场乐观情绪可能 正在消退，近期市场波动与监管不确定性及机构调整风险头寸有关。比特币价格较去年10月高点已下跌 超40%。这一观点虽非直接针对能源信托，但反映了当前金融市场风险偏好的变化。 股票近期走势 煤炭板块表现强劲：受美国政策预期提振，2月11日A股煤炭板块逆市上涨，整体涨幅超1%。部分个股 如山西焦化（600740）、兖矿能源（600188）等涨幅显著。美股盘前，Peabody Energy、科尔黛伦矿业 等煤炭股也出现拉升。 信托风险事件波及上市公司：蒙草生态（300355）于2026年2月5日公告，其子公司购买的1.35亿元R2级 信托产品到期未能收回本金。此外，宁波建工（60 ...

Core Viewpoint - The company has received a regulatory letter from the Shanghai Stock Exchange regarding its performance forecast and has provided detailed responses concerning its investment in Hangzhou Industrial Trust (杭工信) and the associated fair value losses [1][4]. Group 1: Investment in Hangzhou Industrial Trust - The company reported a significant fair value loss of approximately 94.4 million yuan related to its investment in Hangzhou Industrial Trust, with the investment amounting to 306 million yuan and a book value of 220 million yuan as of mid-2025 [1][4]. - The fair value losses for the years 2023 and 2024 were 11.32 million yuan and 37.43 million yuan, respectively [1]. - The company is required to disclose the financial and operational data of Hangzhou Industrial Trust for the past three years, including total assets, liabilities, net assets, operating income, and net profit [1]. Group 2: Fair Value Measurement and Losses - The company classifies its equity investment in Hangzhou Industrial Trust as a financial asset measured at fair value, with changes recognized in profit or loss [2][3]. - The fair value measurement methodology includes using market prices when available, or estimating based on the financial performance of the underlying assets when market prices are not available [3][14]. - The company confirmed that the significant fair value losses were due to substantial changes in Hangzhou Industrial Trust's financial condition, leading to continuous net losses and a decrease in net assets over the past three years [4][17]. Group 3: Financial Assets and Performance - As of the end of 2023, 2024, and mid-2025, the company's financial assets measured at fair value were valued at 1.526 billion yuan, 1.692 billion yuan, and 1.697 billion yuan, respectively, with corresponding fair value losses of -171 million yuan, 23.568 million yuan, and -3.8297 million yuan [5][17]. - The company has also reported its trading financial assets, non-current assets due within one year, and other non-current financial assets, with respective values of 1.229 billion yuan, 110 million yuan, and 358 million yuan as of mid-2025 [5]. Group 4: Long-term Equity Investments - The company's long-term equity investments were valued at 580 million yuan, 579 million yuan, and 584 million yuan at the end of 2023, 2024, and mid-2025, respectively [17][18]. - The company uses the equity method for accounting its long-term equity investments, reflecting its significant influence over the invested companies [18][22]. - The company has confirmed that there are no significant impairment risks associated with its long-term equity investments, as the underlying companies have shown stable operational performance [24][25].

Core Viewpoint - The recent court ruling clarifies the liability boundaries of banks selling trust products, indicating that banks must share responsibility for investors' losses due to inadequate risk warnings and failure to fulfill suitability obligations [1][2]. Group 1: Legal Implications - The court found that the bank failed to conduct a proper assessment of the investor's risk tolerance and did not provide sufficient risk warnings during the sales process, leading to a ruling that the bank must bear joint liability for 8% of the investor's losses [2]. - Multiple cases have emerged where banks were held accountable for not adequately fulfilling their suitability obligations, reflecting a trend in judicial practice that emphasizes the importance of these responsibilities [2][3]. Group 2: Industry Transformation - The nature of bank trust product sales is shifting from being viewed as low-risk "channel business" to a more specialized service that includes substantive reviews and full-process management [1][3]. - The breaking of implicit guarantees in trust products has led to a re-evaluation of the responsibilities of banks, pushing them towards a model that emphasizes professional service and risk management [3][4]. Group 3: Regulatory Changes - New regulations, such as the "Commercial Bank Agency Sales Business Management Measures," set to take effect in October 2025, impose stricter requirements on banks regarding the sale of non-standard assets and private investment funds [6][7]. - These regulations aim to enhance the suitability obligations and proactive management responsibilities of banks, requiring comprehensive evaluations and ongoing monitoring of product risks [7]. Group 4: Market Dynamics - The decline in deposit rates is driving a shift in asset allocation towards more diversified yield-generating products, creating opportunities for trust companies to develop family trusts and service trusts [4][5]. - The need for transparency and effective communication with investors is becoming increasingly critical, as investors demand clear information about product risks and performance [5][6].

Group 1 - The core issue revolves around the significant drop in the net asset value of Guotou Silver LOF, which fell by 31.5% from 3.2838 yuan to 2.2494 yuan, exceeding the 10% daily limit set by the Shenzhen Stock Exchange and surpassing the theoretical maximum drop of 17% for domestic silver futures [3][10] - The delay in communication from Guotou Ruibin Fund regarding the valuation adjustment has led to widespread dissatisfaction among investors, as they were not informed in a timely manner about the potential changes in net asset value calculation [3][11] - Following the reopening of trading, Guotou Silver LOF hit the daily limit again, indicating ongoing market volatility and investor concern [3][10] Group 2 - The premium rate of Guotou Silver LOF has surged due to significant inflows of capital and speculative trading, with rates exceeding 10% indicating a risk of reversion, which could destabilize the price and net asset value relationship [4][11] - Investors are reminded that all investment products are subject to price volatility risks, emphasizing the importance of maintaining a cautious approach and understanding product characteristics [4][11] Group 3 - Since 2025, over 50 listed companies in A-shares have allocated nearly 30 billion yuan to trust financial products, reflecting a shift in corporate investment preferences and the trust industry's ongoing exploration of business development paths [5][12] - The collaboration between listed companies and trust firms is becoming increasingly diverse, extending into areas such as financing support and employee incentives, although the scale of trust involvement in employee incentives remains relatively small [5][13] Group 4 - The resilience of the funding environment is noted, with recent fluctuations in A-share trading and a decrease in investor participation, yet there are signs of stability as net outflows from ETFs have narrowed significantly [14] - The introduction of capacity pricing in the energy sector is expected to enhance project return rates, with projections indicating a substantial increase in new energy storage installations in China [6][14] Group 5 - The global commercial space industry is entering a new phase focused on large-scale deployment and ecosystem development, with significant advancements driven by companies like SpaceX and supportive policies in China [7][15]

上述转变在上市公司公告中得到了印证。方大特钢2025年业绩预增公告显示，2025年公司非经常性损益 金额约1.3亿元，因投资的信托产品等公允价值变动收益增加。海信家电更是将信托配置推向更高水平 ——Wind数据显示，2025年以来公司累计斥资上百亿元认购信托产品，认购机构覆盖中粮信托、华能 信托等多家信托公司。 此外，2026年年初，厦门国际信托落地两单自主管理型上市公司法人财富管理服务信托，分别为一家强 调安全、流动性的国企和一家在安全性前提下，追求一定收益目标的民营上市公司。 ● 本报记者 吴杨 凭借相对较高的收益水平与灵活的资产配置模式，信托已成为上市公司提升资金使用效率、增厚利润的 重要工具之一。Wind数据显示，2025年以来，A股已有超50家上市公司配置信托理财，总规模近300亿 元。这一现象不仅反映出企业理财偏好的变化，也折射出信托行业在回归本源过程中对业务发展路径的 持续探索。 信托频现上市公司资产配置清单 "上市公司利用闲置资金购买理财产品并不少见。近两年，信托公司对这块业务的重视程度明显提 升。"南方地区某信托公司资管部主管说。 合作模式日趋多元 随着合作深入，上市公司与信托公司的合作内容 ...