炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：基客说 近一周市场主打降温主旋律，不过今天倒是画风突变，电子、有色带头发起反攻模式。 慢牛定调下多空交锋，这个区间大家的投资体验想必也是大有不同； 就拿基金来说，上周我们刚聊过有追涨年初主线的基金，这几天已经调整得肉眼可见； 反观那些策略稳得住的选手，就算市场降温时期，净值依旧表现不错。 比如近期有一批百亿级别的主动权益基金分别在本周19-20日陆续创下了净值新高。 此外如果短期电子的反攻能稳住，有巨无霸基金估计能快速修复最大回撤，冲击历史新高了，这块我们 可以盯着点~ 一批百亿基金创新高 截至1月20日，本周分别有8只百亿规模的主动权益基创下净值新高。 | 基金代码 | 基金名称 | 基金成立以来 最高单位净值日 | 基金规模 (合并) 亿元 | 基金经理 | | --- | --- | --- | --- | --- | | | | | 截至25年Q3 | | | 002943.OF | 广发多因子混合 | 2026/1/20 | 168.64 | 杨冬,唐晓斌 | | 004814.OF | 中欧红利优享灵活配置混合A | ...

Core Insights - The article highlights the decline of Listed Open-Ended Funds (LOFs) in contrast to the growth of Exchange-Traded Funds (ETFs), with LOFs struggling to maintain relevance in the market [1][3]. Group 1: Market Performance - As of January 6, 2026, only 7 LOF products have surpassed a scale of 10 billion, primarily consisting of established funds like the Baijiu LOF and others [2]. - Since 2022, the number of newly established LOFs has drastically decreased, with only 1 new LOF expected in 2025 and none in 2024, while over 30 LOFs have been liquidated [3][4]. Group 2: Comparison with ETFs - LOFs initially offered a dual trading mechanism, allowing for both on-market trading and off-market subscriptions, but have since lost their appeal due to poor performance and liquidity issues [3][5]. - ETFs benefit from a more efficient redemption mechanism and transparent pricing, which has contributed to their growing dominance over LOFs [5][6]. Group 3: Regulatory Impact - The introduction of new public fund sales regulations effective January 1, 2026, has further diminished the attractiveness of LOFs by lowering subscription fees while maintaining high redemption fees, eroding their competitive edge [6][7]. - The new regulations treat LOFs similarly to other fund types, removing their unique advantages in trading flexibility and cost efficiency [8]. Group 4: Future Outlook - The article suggests that LOFs may still have niche opportunities, particularly in cross-border and commodity LOFs, which can leverage T+0 trading and complex asset management [9]. - There is a call for the public fund industry to explore integrating active management with ETF-like mechanisms to enhance transparency and competitiveness [9].

Core Viewpoint - The leadership transition at Xingzheng Global Fund, with Zhuang Yuanfang appointed as Chairman and Chen Jinqian as General Manager, is expected to create a stable environment for the company's continued development [2][4]. Group 1: Leadership Changes - Zhuang Yuanfang has over 33 years of experience and has held various positions within Xingye Securities and Xingzheng Global Fund since joining in 1992 [2][3]. - Chen Jinqian, who has been in the securities industry since 1999, has served in multiple roles at Xingzheng Global Fund since 2010, including Deputy General Manager and Director of Fixed Income [3][4]. - Both leaders have over 10 years of tenure at the company, fostering a culture of responsibility and professionalism [4]. Group 2: Company Overview - Xingzheng Global Fund was established in 2003, with a stable shareholder structure where Xingye Securities holds 51% and Dutch Global Life Insurance International Company holds 49% [4]. - As of the end of Q3, the total public fund size managed by Xingzheng Global Fund was 741.99 billion, with non-monetary funds amounting to 289.39 billion [4]. - The fund primarily focuses on actively managed equity products, with mixed funds totaling 137.64 billion, bond funds at 122.5 billion, and stock funds at 11.04 billion [4]. Group 3: Industry Context - The public fund industry has seen a significant turnover in leadership, with 338 executives changing roles across 136 firms this year [6]. - The transition of leadership is viewed as a normal part of the industry's evolution, with experienced figures retiring and new talent entering the field [7].

Core Insights - The best-performing fund managed by fund manager Xie Zhiyu is the Xingquan Helun LOF (163406), which achieved a quarterly net value increase of 36.16% as of the end of Q3 2025 [1][2]. Fund Performance Summary - Fund Name: Xingquan Helun LOF - Scale: 24.914 billion - Annualized Return: 14.33% - Q3 2025 Increase: 36.16% - Top Holdings: Luxshare Precision (立讯精密) with a weight of 8.41% [2] - Fund Name: Xingquan Heyi LOF - Scale: 16.770 billion - Annualized Return: 9.42% - Q3 2025 Increase: 30.89% - Top Holdings: Innovent Biologics (信达生物) with a weight of 7.54% [2] - Fund Name: Xingquan Heyi Mixed (LOF) C - Scale: 6.061 billion - Annualized Return: 8.50% - Q3 2025 Increase: 30.69% - Top Holdings: Innovent Biologics (信达生物) with a weight of 7.54% [2] - Fund Name: Xingquan Helun Mixed C - Scale: 0.067 billion - Annualized Return: 109.12% - Q3 2025 Increase: 35.96% - Top Holdings: Luxshare Precision (立讯精密) with a weight of 8.41% [2] Manager's Performance - Xie Zhiyu has achieved a cumulative return of 730.4% during his tenure managing the Xingquan Helun Mixed A (163406) fund, with an average annualized return of 18.06% [2]. - The fund had 138 adjustments in its top holdings, with 89 profitable trades, resulting in a win rate of 64.49% [2]. Notable Stock Adjustments - Example of successful stock adjustments include: - Longi Green Energy (隆基股份) was bought in Q3 2017 and sold in Q1 2021, yielding an estimated return of 729.39% with a revenue growth of 392.64% during the holding period [6]. - Shunwang Technology (顺网科技) was held from Q3 2015 to Q1 2016, resulting in a return of 99.2% with a profit growth of 82.43% [7]. - Example of unsuccessful stock adjustments include: - Sanan Optoelectronics (三安光电) was bought in Q3 2021 and sold in Q3 2024, resulting in a loss of 66.08% despite a revenue growth of 28.11% during the holding period [7].