◎记者 陈玥 继2025年三季度狂飙突进盈利2万亿元之后，2025年四季度公募基金整体亏损1101亿元。但从一整年的 情况来看，公募各类型资产均实现盈利，权益资产全面走强，推升行业全年盈利超过2.6万亿元。 被动投资大放异彩，规模较大的ETF宽基产品全面占据公募基金产品盈利榜单前列，多只黄金ETF亦位 列其中，从一个侧面显示过去一年资本市场的深刻变化。 同源统计数据显示，去年四季度盈利排名前10的基金产品几乎全部为贵金属ETF及联接基金，其中有6 只黄金ETF及联接基金，一只白银期货LOF以及一只有色ETF，一只上证50ETF，天弘余额宝排名第 十。 具体来看，华安黄金易ETF排名第一，盈利达82.18亿元，也是唯一一只盈利在80亿元以上的产品。博 时黄金ETF、华夏上证50ETF、易方达黄金ETF和国投瑞银白银期货（LOF）A排名其后，盈利均超过30 亿元，天弘余额宝盈利20.32亿元。 从全年数据来看，宽基ETF强者恒强。天相投顾数据显示，华泰柏瑞沪深300ETF盈利785.16亿元，也是 唯一一只盈利在700亿元以上的产品。易方达沪深300ETF发起式盈利559.88亿元，华夏沪深300ETF和易 方达 ...

Core Viewpoint - The announcement from Guotou Ruijin indicates a significant profit for the fourth quarter of 2025, highlighting the financial performance of the silver futures fund. Group 1: Financial Performance - The profit for the fourth quarter of 2025 is reported to be 30.3 billion RMB, with a weighted average fund share profit of 0.753 RMB [1] - The profit for the fourth quarter alone is 24.94 billion RMB, with a weighted average fund share profit of 0.805 RMB [1]

Group 1 - The A-share market has entered a "slow bull" phase in 2025, with the Shanghai Composite Index rising from 3300 points at the beginning of the year to around 4000 points, recently achieving a "9 consecutive days" rally [1][2] - Public funds have seen significant recovery in returns, with over 160 funds achieving a doubling of returns this year, the highest being Yongying Technology Smart Mixed Fund A with a return of 240.56% [1][2] - Despite the overall positive trend, over 850 funds have reported negative returns this year, with the worst performer being Huafu Medical Innovation C, which has a return of -25.61% [6] Group 2 - The top three performing public funds this year are Yongying Technology Smart Mixed Fund A, Yongying Technology Smart Mixed Fund C, and AVIC Opportunity Navigation Mixed Fund A, with returns of 240.56%, 238.44%, and 177.15% respectively [2] - Yongying Technology Smart Mixed Fund A experienced a significant performance surge in Q3, with a return of 99.74%, leading to an increase in fund size from 1.166 billion to 11.521 billion yuan [2] - The funds achieving high returns predominantly focus on technology stocks, particularly in the AI computing power industry, with "Yizhongtian" stocks (Xinyism, Zhongji Xuchuang, and Tianfu Communication) being common in their top holdings [4][5] Group 3 - The market outlook for 2026 remains optimistic, with expectations of continued "slow bull" trends and enhanced profitability, particularly in the technology sector [6][7] - Analysts suggest that while technology stocks will remain a key investment focus, there will be differentiation among stocks, with leading companies that can secure orders and deliver performance likely to attract more investment [7] - The investment strategy should emphasize diversified asset allocation, focusing on high-growth technology assets while also incorporating high-dividend and quality cash flow assets to mitigate market volatility [7]

白银"涨疯了"！ 12月12日，现货白银再次创下历史新高，截至发稿，伦敦银现报64.25美元/盎司，盘中一度涨超2%，年内累计涨幅已超过120%，甚至超过黄金，成为近 期市场热议的投资品种。 受益于白银的表现，国投瑞银基金旗下的国投瑞银白银期货（LOF）A（场内简称：国投白银LOF；交易代码：161226）今年以来收益率高达86.73%。时 代周报记者注意到，该基金也是目前市面上唯一一只跟踪上期所白银期货主力合约的商品型基金。 但12月初以来，该基金罕见地连发四次二级市场交易价格溢价风险提示公告。 12月12日，国投瑞银基金发布公告称，近期旗下国投瑞银白银期货证券投资基金（LOF）A类基金份额二级市场交易价格波动较大。12月10日，该基金基 金份额单位净值为1.6077元，截至12月11日，该基金二级市场的收盘价为1.937 元，明显高于基金份额净值。国投瑞银基金称，投资者如果盲目投资于高 溢价率的基金份额，可能面临较大损失。 事实上，这已经是国投白银LOF 12月以来发布的第四份二级市场交易价格溢价风险提示。12月12日上午，国投白银LOF停牌1小时后复牌，波动明显加 大，复牌后一度跌超7%，但随后迅速走高 ...

Market Overview - On November 4, 2025, the silver market exhibited a rare divergence, with domestic silver T D prices rising to 11,426 CNY per kilogram, an increase of 44 CNY or 0.39%, while A-share silver concept stocks fell sharply, with the sector index dropping by 1.92% [1][3][4]. Market Dynamics - The divergence between the futures and stock markets is becoming a new norm in the precious metals market, as evidenced by the contrasting movements on the same day. The silver T D contract opened at 11,410 CNY, briefly dipped to a low of 11,211 CNY, and then rebounded to a high of 11,445 CNY in the afternoon [4][6]. - A-share silver stocks, such as Hunan Silver and Silver Nonferrous, saw declines of 1.24% and 1.33%, respectively, underperforming the broader market, which only saw a slight drop of 0.2% [4][6]. Fund Flows - On the same day, CMX silver futures saw a 15% increase in trading volume compared to the previous day, with an additional 8,000 contracts in open interest, indicating a rising demand for silver from international funds, likely influenced by expectations of a Federal Reserve rate cut [7][9]. - Conversely, the stock market experienced capital outflows, with investors showing reduced willingness to allocate funds to silver stocks, reflecting concerns over the performance of silver industry chain companies [9][12]. Industry Insights - The divergence between silver futures and stocks highlights issues in the price transmission mechanism within the industry chain. While rising futures prices can enhance product pricing for silver mining companies, the third-quarter earnings forecasts for Hunan Silver and Silver Nonferrous indicated a slowdown in net profit growth to 5% and 3%, respectively, below market expectations [10][11]. - The processing segment faces significant profit pressure, as rising raw material prices for recycled silver have increased production costs, while weak end-demand hampers the ability to pass these costs onto downstream customers [10][11]. Macro Factors - The divergence in the silver market is influenced by macroeconomic conditions, including a 0.3% decline in the U.S. dollar index, which supports non-dollar assets like silver. The anticipated Federal Reserve rate cuts are shifting capital preferences across markets [12][14]. - Geopolitical risks, such as tensions in the Middle East, have increased demand for safe-haven assets like silver, although the A-share market has not benefited from this influx of capital due to overall weakness [14][15].