不过，受宽基ETF被赎回的影响，股票型基金规模缩水超3400亿元。在"股债跷跷板"效应作用下，债券 基金规模也减少了4000多亿元。 公募基金规模连续10个月创历史新高 中国基金业协会最新披露的数据显示，截至2026年1月底，我国境内公募基金管理机构共165家，其中基 金管理公司150家，取得公募资格的资产管理机构15家。以上机构管理的公募基金资产净值合计37.77万 亿元。 | 灵别 | 基金数量(只) | 份期(亿份) | 净值(亿元) | 基金数量(只) | 份额(亿份) | 净值(亿元) | | --- | --- | --- | --- | --- | --- | --- | | | (2026/1/31) | (2026/1/31) | (2026/1/31) | (2025/12/31) | (2025/12/31) | (2025/12/31) | | 股票基金 | 3,494 | 39, 194. 86 | 57.087. 41 | 3.442 | 39,527.06 | 60.525.58 | | 债券基金 | 3.893 | 87.346.34 | 105.309. 34 | 3.884 ...

在春季躁动行情、增量资金涌入等多重因素共同作用下，公募基金规模再创历史新高。 2月27日，中国基金业协会发布的最新一期公募基金市场数据显示，截至今年1月底，公募基金总规模达到37.77万亿元，连续10个月创新高。 从各类型公募基金规模变化上看，混合、货币及其他基金是推动公募基金规模增长的主力军，上述类型基金规模均实现千亿元级增长。从环比变化看，基 金中基金（FOF）份额环比大增15.05%，位居各类型基金榜首，其他基金也迎来11.06%的环比净申购。 不过，受宽基ETF被赎回的影响，股票型基金规模缩水超3400亿元。在"股债跷跷板"效应作用下，债券基金规模也减少了4000多亿元。 公募基金规模连续10个月创历史新高 此外，据记者了解，包括中国银行在内的其他银行渠道也在跟进，将FOF作为基金销售的主要抓手。在各大销售渠道加持下，未来，FOF有望保持较快的 规模增速。 混合型基金也是1月份的一个亮点，最新份额达到2.6万亿份，环比增长1.88%。在净值增长的推动下，1月末最新规模达到4万亿元，环比大增8.98%。 受"国家队"逆周期调节操作影响，多只"巨无霸"宽基ETF规模出现显著缩水。Wind数据显示，截至1月 ...

2026年开年，公募基金发行市场"春意盎然"。 其中，年内新成立的股票型基金仍旧以ETF产品为主。 同时，在新成立的74只混合型基金中，偏股混合型基金占据绝对C位：共有68只，合计发行规模737.8亿元；而偏债混合型基金仅有4只，占比 较低，其余2只为灵活配置型基金。 这意味着，2026年前两个月，新成立权益基金（股票型基金+偏股混合型基金）的发行总规模达到1208.38亿元。 Wind数据显示，以基金成立日为准，截至2月26日，在2026年前两个月成立的新基金数量达到230只，发行规模合计2102.80亿元。至此，于年 内成立的新基金数量及发行规模均同比增长逾41%。 权益基金发行规模超1200亿元 同时，新基金的结构呈现明显变化：权益基金主导下，FOF、固收+产品颇有异军突起之势。 受访人士向21世纪经济报道记者指出，权益基金发行火热有望为A股带来千亿级增量资金托底、流动性改善、机构定价权提升的积极影响。 在公募基金发行市场回暖过程中，权益基金成为主力选手。 据Wind统计，2026年1月1日～2月26日，全市场新成立混合型基金74只，合计发行规模796.43亿元（即发行份额796.43亿份），在同期新基 ...

2026年开年，公募基金发行市场"春意盎然"。 Wind数据显示，以基金成立日为准，截至2月26日，在2026年前两个月成立的新基金数量达到230只，发行规模合计2102.80亿元。至此，于年 内成立的新基金数量及发行规模均同比增长逾41%。 同时，新基金的结构呈现明显变化：权益基金主导下，FOF、固收+产品颇有异军突起之势。 受访人士向21世纪经济报道记者指出，权益基金发行火热有望为A股带来千亿级增量资金托底、流动性改善、机构定价权提升的积极影响。 权益基金发行规模超1200亿元 在公募基金发行市场回暖过程中，权益基金成为主力选手。 据Wind统计，2026年1月1日～2月26日，全市场新成立混合型基金74只，合计发行规模796.43亿元（即发行份额796.43亿份），在同期新基金 发行总规模中的占比约为38%；新成立91只股票型基金，合计发行规模470.58亿元，占比约为22%。 其中，年内新成立的股票型基金仍旧以ETF产品为主。 同时，在新成立的74只混合型基金中，偏股混合型基金占据绝对C位：共有68只，合计发行规模737.8亿元；而偏债混合型基金仅有4只，占比 较低，其余2只为灵活配置型基金。 这意味 ...

【导读】公募基金规模达到37.77万亿元，再创历史新高 在春季躁动行情、增量资金涌入等多重因素共同作用下，公募基金规模再创历史新高。 2月27日，中国基金业协会发布的最新一期公募基金市场数据显示，截至今年1月底，公募基金总规模达到37.77万亿元，连续10个月创新高。 从各类型公募基金规模变化上看，混合、货币及其他基金是推动公募基金规模增长的主力军，上述类型基金规模均实现千亿元级增长。从环比变化看，基 金中基金（FOF）份额环比大增15.05%，位居各类型基金榜首，其他基金也迎来11.06%的环比净申购。 公募基金规模连续10个月创历史新高 中国基金业协会最新披露的数据显示，截至2026年1月底，我国境内公募基金管理机构共165家，其中基金管理公司150家，取得公募资格的资产管理机构 15家。以上机构管理的公募基金资产净值合计37.77万亿元。 | 类别 | 基金数量(只) | 份额(亿份) | 净值(亿元) | 基金数量(只) | 份额(亿份) | 净值(亿元) | | --- | --- | --- | --- | --- | --- | --- | | | (2026/1/31) | (2026/1/3 ...

Core Insights - The public fund issuance market in 2026 shows significant growth, with 230 new funds established and a total issuance scale of 210.28 billion yuan, representing a year-on-year increase of over 41% in both quantity and scale [1][2] Fund Structure Changes - The structure of new funds has shifted, with equity funds dominating, while FOF and fixed income+ products are emerging strongly [2][5] - In the first two months of 2026, 74 new mixed funds were established, totaling 79.64 billion yuan, accounting for approximately 38% of the total new fund issuance [3] - New stock funds primarily consist of ETF products, with 91 new stock funds launched, totaling 47.06 billion yuan, representing about 22% of the total [4] Equity Fund Dominance - The total issuance scale of newly established equity funds (stock funds + equity mixed funds) reached 120.84 billion yuan in the first two months of 2026 [4] - The trend indicates a strong willingness for new capital to enter the market, improving liquidity and enhancing institutional pricing power [2][11] Fixed Income Fund Trends - The issuance scale of newly established bond funds has significantly declined, with a total of 28 new bond funds launched, totaling 33.47 billion yuan, compared to 73.64 billion yuan in the same period of 2025 [6][7] - The decline in bond fund issuance reflects a shift in investor preference towards equity assets [11] Market Outlook - The hot issuance of equity funds is expected to attract significant incremental capital into the A-share market, potentially leading to a positive impact on liquidity and pricing power [8][11] - There are 58 new funds scheduled for issuance in March, indicating continued interest in equity investments [10] Investment Themes - Newly established equity funds cover various themes, including technology, consumption, and resource sectors, reflecting a diverse investment strategy [9] - The focus for 2026 is expected to be on performance realization and domestic production, particularly in AI and semiconductor sectors [12][13]

固定收益丨深度报告 [Table_Title] 公募基金三十年：发展脉络与机构配置策略 ——"税费改革五部曲"系列报告之四 %% %% %% %% research.95579.com 1 [Table_Summary] 在 2025 年债市震荡深化的背景下，公募基金行业以年末销售费用新规落地为标志，完成了历 时两年多的费率改革。回顾行业三十年，监管始终以税收优惠与费率规范为抓手，推动行业高 质量发展，债券基金也自 2002 年填补市场空白后成长为行业核心。当前，银行、保险、理财 等主要机构投资者的基金配置行为呈现显著差异：银行配置以债基为主导，保险配置多元且侧 重权益，理财则以债基为主但对短期品种有更高偏好。此外，作为资管新规过渡期产物的摊余 成本法债基，其新增审批受到一定限制，持仓结构从政金债向信用债倾斜。 分析师及联系人 [Table_Author] 赵增辉 赖逸儒 SAC：S0490524080003 SAC：S0490524120005 SFC：BVN394 SFC：BVZ968 请阅读最后评级说明和重要声明 2 / 20 %% %% %% %% 丨证券研究报告丨 报告要点 research.955 ...

【导读】基金业绩比较基准新规"落地"倒计时，基金公司已上报修改方案，获监管多轮反馈 北京一家中型基金公司表示，目前已上报了相关方案，将在维护产品稳定运作、安抚好投资者情绪的基 础上，审慎有序地推进存量产品业绩比较基准的调整，也会实时关注同业进度，交流借鉴成功经验。 "年前基准修改的整体报告已提交会里和局里，目前持续收到咨询和涉及部分产品的修改，有权益类产 品也有债券型基金。有些还处于方案拟定过程中，最终定稿和执行有待会里统一安排。"沪上一家大型 基金公司表示。 另外，还有多家基金公司表示，经评估，无需对存量产品进行业绩基准变更，调整工作无特别压力，后 期根据监管及行业节奏做规范性表述修订即可。 记者从多家基金公司了解到，监管对基金公司提交的基准修改材料已反馈意见。从反馈的内容来看，监 管关心的问题主要包括：基准调整是否降低了标准、基准与历史运作的匹配度、是否符合合同约定，以 及是否与未来产品定位一致等。 公募基金业绩比较基准新规"落地"倒计时。中国基金报记者从业内了解到，多家基金公司已向监管提交 了产品基准修改方案的相关报告材料，有基金公司已获多轮反馈。 多位业内人士表示，目前监管主要关心的是基准调整是否降低 ...

业内人士表示，这与去年以来A股市场的强劲表现和各方对市场的信心愈发充足有着密切关系。 值得注意的是，今年以来，行业头部效应显著。在发行产品的基金管理人中，中欧基金以5只产 品、76.70亿元规模居首，万家基金、中银基金则以48.93亿元、35.49亿元的成绩紧随其后。头部公司凭 借品牌与投研优势，单只产品平均规模达15.34亿元，显著高于行业均值的8.57亿元。中小机构则聚焦细 分领域，如东财基金（5.57亿元）、中航基金（2.40亿元）通过主题基金实现差异化突围。 展望节后市场，博时基金认为，春节期间海外股市表现稳中有进，春节前市场担忧的风险因素在假 期期间基本没有发生。同时，春节期间出行、餐饮消费表现旺盛。 宏利基金权益投资部执行总经理李坤元认为，海外方面，今年美联储降息预期较强，全球将进 入"降息+流动性宽松"局面，整体对权益类资产有利；同时，国内各项经济指标好转，企业盈利明显改 善，将对A股市场形成有利支撑。在她看来，随着2026年企业盈利企稳、PPI改善、外资回流，高质量 风格（高ROE标的、行业龙头）风格有望回归。李坤元表示，宏利基金新发产品将聚焦于"科技成 长"与"中国优势"两大核心主线。一是A ...

Report Summary 1. Investment Rating The document does not mention the investment rating of the industry. 2. Core Views The report reviews the fund market in 2025, including the overall situation of the public - offering fund industry, the development of various sub - categories of public - offering funds, and the situation of private - offering securities investment funds. It also provides a market outlook for 2026 and selects several types of funds for attention. In 2025, the public - offering fund market achieved significant positive returns, and the private - offering securities investment fund market expanded in scale. In 2026, with the resonance of China's and the US policies, the A - share market is expected to shift from liquidity - driven to profit - driven, and attention should be paid to specific investment directions and the rhythm of the fixed - income market [2][9]. 3. Summary by Directory 3.1 Public Fund Overall Overview - **Asset Management Market Overview**: By the end of Q3 2025, the total scale of China's asset management business reached 80.03 trillion yuan. Public - offering funds and private - offering funds drove the growth of the asset management scale, with public - offering funds contributing 3.92 trillion yuan to the scale growth. The public - offering fund market maintained strong vitality, with a total scale of 36.67 trillion yuan and a total share of 31.30 trillion shares by the end of 2025, showing year - on - year growth [16][20]. - **Public Fund New - issuance Market**: In 2025, stock - type and bond - type funds were the main new - issuance products. The new - issuance volume of stock - type funds was large, and the new - issuance scale was comparable to that of bond - type funds, mainly relying on passive products [40]. - **Non - monetary Head Managers of Public Funds**: Since 2021, the top - three managers in terms of non - monetary fund scale have been relatively stable. In 2025, E Fund, China Asset Management, and GF Fund had different product line focuses in terms of stock and incremental scale. Huatai - Peregrine Fund and Invesco Great Wall Fund showed good performance [47][48]. - **Performance of Public Fund Products**: In 2025, the public - offering fund market achieved significant positive returns. Commodity - type funds represented by gold performed excellently, and stock - type funds also received good returns with reduced volatility and drawdown [3][56]. 3.2 Hot Topics in the Fund Industry - **Reform of Public - offering Fund Policies**: In 2025, a series of reform measures were introduced to promote the transformation of the public - offering fund industry from "scale - oriented" to "return - oriented" [59]. - **New - style Floating - rate Funds**: In 2025, new - style floating - rate funds were successively launched, which had important impacts on the public - offering fund market, such as guiding long - term holding and strengthening the binding mechanism between fund companies and investors [67][69]. - **Commercial Real Estate REITs**: In 2025, the pilot of commercial real estate REITs was officially launched, and 12 products had been officially declared by February 13, 2026 [73][75]. - **Development of the Fund Investment Advisory Industry**: Policy support, product expansion, and institutional empowerment promoted the development of the fund investment advisory industry. The investment scope of fund investment advisors was gradually broadened, and leading public - offering funds entered the market [77][79]. 3.3 Overview of Sub - categories of Public Funds - **Active Equity Funds**: In 2025, the scale of active equity funds rebounded, with an average return of 33.29%. Funds focusing on the AI industry chain led the gains [101]. - **Industry Theme Funds**: By the end of 2025, there were 2,009 industry theme funds, with a significant increase in scale. Funds in technology communication, large - scale technology, and large - scale manufacturing sectors led the gains [4][150]. - **Active Fixed - income Funds**: In the low - interest - rate environment and the rising equity market in 2025, the management pressure of pure - bond portfolios increased, while the scale of bond - containing funds increased significantly [170][174]. - **Passive Funds**: By the end of 2025, the total scale of passive funds exceeded 7.5 trillion yuan. ETFs continued to expand, and industry themes and bonds frequently created hot topics [205]. - **FOF Funds**: By the end of 2025, the total scale of FOF funds increased significantly, with performance showing significant differentiation. The new - issuance market recovered [296][309]. - **Quantitative Funds**: The scale of quantitative funds expanded rapidly, with index - enhanced funds dominating the scale. The new - issuance market of A500 and ChiNext/Science and Technology Innovation Board index - enhanced funds was hot, and small - cap products had outstanding returns [334][346]. 3.4 Overall Situation of Private - offering Securities Investment Funds - **Existing Situation**: By the end of December 2025, the existing scale of private - offering securities investment funds reached a record high of 7.08 trillion yuan, a year - on - year increase of 35.82%. The number of funds decreased, and fund managers continued to be cleared out [377]. - **New - issuance Market**: In 2025, the number and scale of newly - registered private - offering securities investment funds both increased. The access for new fund managers remained strict [382]. - **Industry Pattern**: The number of private - offering funds with a scale of over 10 billion yuan increased, while the number of those with a scale of less than 500 million yuan decreased significantly [391]. - **Market Trends**: In 2025, the scale of quantitative private - offering funds expanded again, and 14 new quantitative private - offering funds exceeded 10 billion yuan in scale. The regulatory rules for program trading were implemented [394][399]. - **Market Trends**: The number of insurance - funded private - offering securities investment funds increased to 7, and insurance funds increased their layout in the equity market through private - offering funds [400]. 3.5 Market Outlook in 2026 - **Macroeconomic Outlook**: In 2026, China's fiscal policy aims to balance "stable growth" and "structural transformation." If the fiscal space is fully released, a series of positive macroeconomic changes are expected. The total demand growth rate is expected to return to expansion [402][404]. - **Investment Direction**: In the equity market, attention should be paid to computing power, AI applications, AI power, cutting - edge technologies proposed in the 14th Five - Year Plan, pro - cyclical sectors, and domestic demand expansion and consumption recovery. In the fixed - income market, the interest rate center may rise, and the trading rhythm should be grasped [9]. - **Fund Selection**: The report selects several types of funds, including all - market investment equity funds, equity funds under different investment themes, fixed - income funds, and index - enhanced funds [10][11][12].