四、投资者可通过以下途径咨询有关详情： 1、招商银行股份有限公司 客服电话：95555 根据红土创新基金管理有限公司（以下简称"本公司"）与招商银行股份有限公司（以下简称"招商银 行"）签署的销售协议，本公司旗下部分基金产品自2026年2月25日起新增招商银行股份有限公司（招赢 通）（以下简称"招赢通"）为销售机构。现将相关事项公告如下： 一、自2026年2月25日起，投资者可通过上述销售机构办理下表中对应基金的开户、申购、赎回、定投 等业务。 ■ 二、重要提示 上述业务仅适用于处于正常申购、赎回期及处于特定开放日和开放时间的基金。基金封闭期等特殊期间 的有关规定详见对应基金的《基金合同》和《招募说明书》 等相关法律文件及本公司发布的最新业务 公告。 三、实行费率优惠 对通过招商银行申购本公司旗下前述基金的投资者实施的具体费率优惠情况请以招赢通的规则为准。基 金原费率请详见基金合同、招募说明书（更新）等法律文件，以及本公司发布的最新业务公告。费率优 惠期限内，如本公司新增招赢通为销售机构的基金产品，则自该基金产品开放认、申购当日起，将同时 开通该基金上述优惠活动 网址：www.cmbchina.com 2、红 ...

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].

Group 1: Tungsten Market and Related Industries - Tungsten prices have been rising, with ammonium paratungstate (APT) price reaching over 1 million yuan per ton, attracting significant attention from the capital market [1] - Affected by the price increase of tungsten-related products, listed companies in the industry are expected to report strong performance in their 2025 earnings forecasts, with noticeable growth in product sales [1] - The price surge in the MLCC (multi-layer ceramic capacitors) market, driven by AI trends, has seen a nearly 20% increase in spot prices in South Korea, with expectations for continued growth [1] Group 2: Sodium Battery Development - Changan Automobile and CATL have launched the world's first mass-produced sodium battery passenger vehicle, marking a significant step towards large-scale application of sodium batteries in the automotive sector [2] - Sodium batteries are gaining traction due to their abundant resource availability, wide temperature range, long cycle life, and high safety, transitioning from laboratory to large-scale applications [2] Group 3: A-Share ETF Market Trends - The A-share ETF market is experiencing a shift, with traditional broad-based ETFs seeing outflows while ETFs in high-growth sectors like chemicals, telecommunications, and non-ferrous metals are attracting inflows [3] - Recent earnings forecasts from listed companies indicate a positive market sentiment, with a focus on AI, price increase chains, and overseas expansion as key investment themes [3] - Over the past month, 148 brokerages have conducted research on over 560 listed companies, a 26% increase compared to the same period last year, highlighting a growing interest in sectors such as electronics and machinery [3] Group 4: Solar Energy and Space Initiatives - Tesla is ramping up hiring for solar panel manufacturing, aiming to become the largest solar component manufacturer in the U.S., while SpaceX has acquired xAI to build a space-based data center [4] - The A-share photovoltaic sector responded positively to these developments, with a 4.53% increase in stock prices and a net inflow of 4.058 billion yuan in the photovoltaic equipment sector [4] Group 5: Banking Sector Insights - Since the beginning of 2026, listed banks have seen a surge in institutional research, particularly among small and medium-sized banks in coastal economic regions, with 54 institutional visits recorded [5] - Key topics of interest include the performance of credit in the new year, the "14th Five-Year Plan," and wealth management strategies [5] Group 6: Dye Industry Price Increases - The dye industry is experiencing a price increase trend, with companies like Fulaient notifying customers of price adjustments for various disperse dye products due to rising raw material costs [6] - The current price surge in the dye industry is driven by multiple factors, primarily the increase in prices of key upstream intermediates [6] Group 7: Fund Issuance and Foreign Investment - As of February 9, 29 new funds are set to be issued in the coming weeks, with a focus on mixed equity funds and passive index funds [7] - A total of 224 foreign institutions have conducted 569 research visits to A-share listed companies, with firms like Goldman Sachs maintaining a "overweight" rating on Chinese stocks [7] Group 8: Night Economy Initiatives - Various local governments are incorporating night economy strategies into their work reports to stimulate consumption, with initiatives in cities like Shanghai and Fujian focusing on expanding service consumption [8] - The night economy is recognized as a key driver for activating consumer potential and enhancing service consumption quality [8]

2月5日晚间,因涉及基金销售违规行为,拥有数百万粉丝的财经领域大V"爱理财的小羊"在抖音、蚂蚁财 富等平台的账号被永久禁言。此次事件暴露的,远不止"大V带货"的乱象,而是一条由持牌金融机构主 导、无资质个人执行、平台纵容、投资者盲从共同构成的系统性违规链条。若仅将矛头指向一个"自媒 体"博主,恐怕治标不治本。真正该被追责的,是那些为流量放弃专业操守的持牌金融机构。 （大众新闻·风口财经评论员 苏桐） 1月29日,证监会发布《机构监管情况通报》指出:"D基金公司管理的基金产品单日申购量超百亿,涉嫌违 规销售。"虽然未明确点名,但市场普遍认为其内容与1月中旬德邦基金旗下某产品引发广泛关注的情况 高度关联。通报明确提到,该公司与不具备基金销售资格和从业资质的互联网"大V"开展营销合作,向其 支付大额广告费,利用其影响力鼓动投资者跟投,甚至诱导风险承受能力不匹配的普通投资者买入中高风 险产品。这已不是简单的"宣传过界",而是对金融销售基本规则的公然挑战。 （风口财经原创作品，未经允许不得转载！） 这种操作,是持牌机构利用自身合规身份的背书,将违规销售的风险转嫁给无资质大V,形成"机构出钱、大 V冲锋、散户买单"的畸形 ...

转自：经济日报 登录新浪财经APP 搜索【信披】查看更多考评等级 （来源：经济日报） 今年以来，在A股结构性行情延续的背景下，不少投资者开始尝试一种新的买基金方式——开"基金超市"。 所谓"基金超市"，就是投资者买入数十只乃至更多只基金产品，手里持仓产品像超市货架上的商品般琳琅满目。在他们看来，持有基金的数量越多，风险就 越能被摊薄，还能不错过各类市场机会。然而在实际操作中，这种看似稳妥的策略，往往是对"分散投资"的误读。 一些投资者热衷于开"基金超市"，主要源于三种心态。一是怕错失盈利机会，面对AI、新能源、有色金属等板块轮番上涨，生怕漏掉某一赛道的红利，于是 每个热门领域都配置相关基金；二是对分散投资理解片面，将"不把鸡蛋放在一个篮子里"简单等同于"篮子越多越好"，却忽略不同篮子可能同属一个"货 架"；三是选择困难症作祟，面对基金历史业绩、夏普比率、回撤数据等指标难以抉择，干脆全部拿下，手里的基金数量越来越多。 这种操作看似精明，殊不知不少投资者已陷入"分散投资"的认知陷阱。当前市面上不少基金产品同质化严重，看似名称各异、主题不同，实则重仓股高度重 合。以新能源主题基金为例，多数产品前十大持仓都是行业龙头 ...

所谓"基金超市"，就是投资者买入数十只乃至更多只基金产品，手里持仓产品像超市货架上的商品般琳 琅满目。在他们看来，持有基金的数量越多，风险就越能被摊薄，还能不错过各类市场机会。然而在实 际操作中，这种看似稳妥的策略，往往是对"分散投资"的误读。 今年以来，在A股结构性行情延续的背景下，不少投资者开始尝试一种新的买基金方式——开"基金超 市"。 一些投资者热衷于开"基金超市"，主要源于三种心态。一是怕错失盈利机会，面对AI、新能源、有色金 属等板块轮番上涨，生怕漏掉某一赛道的红利，于是每个热门领域都配置相关基金；二是对分散投资理 解片面，将"不把鸡蛋放在一个篮子里"简单等同于"篮子越多越好"，却忽略不同篮子可能同属一个"货 架"；三是选择困难症作祟，面对基金历史业绩、夏普比率、回撤数据等指标难以抉择，干脆全部拿 下，手里的基金数量越来越多。 这种操作看似精明，殊不知不少投资者已陷入"分散投资"的认知陷阱。当前市面上不少基金产品同质化 严重，看似名称各异、主题不同，实则重仓股高度重合。以新能源主题基金为例，多数产品前十大持仓 都是行业龙头企业。投资者买入数只这类基金，表面上持仓分散，实际是将资金集中投向少数几只股 ...

本文字数：2944，阅读时长大约4分钟 作者 | 第一财经 梁晓璇 "请问您有基金从业资格、证券从业资格、证券投顾资质吗？挂靠在哪里？" 在监管部门公布对德邦基金处罚结果的当日，一位财经自媒体博主收到了公关公司发来的上述消息。 2026.02. 02 这计"重拳"在公募行业迅速引发连锁反应。第一财经记者采访多家基金公司人士后发现，处罚文件公布后，部分基金公司已经暂停了与"大V"的合作， 还有基金开始排查合作"大V"的资质问题；支付宝、天天基金等销售机构与第三方网络平台，则迅速调整、下架了实时估值、"实盘榜"等功能。 下架"实盘榜"、摸排"大V"资质 此次德邦基金与"大V"的违规营销过程中，互联网平台上的"晒实盘""晒收益"等功能，被指是导致投资者非理性申购的关键诱因。监管在处罚文件中也 明确要求，销售机构及第三方网络平台要加强自查自纠，按期下架"基金实时估值""加仓榜""实盘榜"等功能。 据第一财经记者不完全统计，目前支付宝、天天基金、同花顺、京东金融等销售机构均已下架"实盘榜""实时估值"等功能。此外，以"实时估值"为卖点 的养基宝、小倍养基等APP也对原有的加减仓榜、实时估值等功能进行下架、调整。 以支付 ...

"请问您有基金从业资格、证券从业资格、证券投顾资质吗？挂靠在哪里？" 在监管部门公布对德邦基金处罚结果的当日，一位财经自媒体博主收到了公关公司发来的上述消息。 "请问您有基金从业资格、证券从业资格、证券投顾资质吗？挂靠在哪里？" 多位受访人士表示，此次 监管出手，实是对过去几年公募营销乱象的一次纠偏。 "草莽时代结束了。"该人士对第一财经表示，此前基金公司与"大V"的合作类似于网约车行业初期快速 扩张的阶段，市场需求量大但存在诸多乱象，这次处罚让他意识到，行业正迎来迈向规范化发展的转折 点。 1月30日，德邦基金因与不具备基金销售业务资格和基金从业资格的互联网"大V"开展营销合作、违规 销售基金产品，被监管部门采取责令改正并暂停受理公募基金产品注册的监管措施，该公司的总经理、 督察长、互联网业务部门负责人等也被同步追责。 值得关注的是，监管通报明确指出："基金公司及基金销售机构严格禁止与不具备资质的互联网'大V'合 作，开展任何形式的基金销售活动（含基金宣传推介）。"同时，监管还要求销售机构及第三方网络平 台加强自查自纠，按期下架"基金实时估值""加仓榜""实盘榜"等功能。 这计"重拳"在公募行业迅速引发连锁 ...

Core Viewpoint - The article discusses the challenges faced by fund sales in balancing scale-driven growth and investor protection, highlighting recent regulatory actions against misconduct in the industry [2][3]. Group 1: Regulatory Actions - On January 29, the China Securities Regulatory Commission (CSRC) released a report targeting a fund company for exceeding 10 billion yuan in daily subscriptions due to improper practices [2]. - The report indicates that the fund company collaborated with unqualified internet influencers to create a buying frenzy for high-risk products [2][7]. - Regulatory measures include a combination of corrective actions and product registration suspensions, emphasizing a "zero tolerance" approach to sales misconduct [10]. Group 2: Sales Practices and Trends - Internet influencers, referred to as "Big Vs," have gained credibility by showcasing their real fund trading accounts, which has led to a surge in follower engagement and imitation of their investment strategies [5][6]. - The use of real-time valuation features and rankings on platforms has been criticized for encouraging short-term, emotional trading, which contradicts long-term investment principles [8]. - Despite regulations prohibiting misleading promotional language, some sales channels continue to use tactics that emphasize past performance while downplaying risks [8]. Group 3: Industry Transformation - The tightening of regulations is expected to cause significant changes in the industry, as traditional sales models relying on traffic and short-term incentives face challenges [13]. - The new regulatory framework encourages a shift from a scale-oriented approach to one focused on client interests, promoting long-term investment strategies [13][14]. - The article suggests that the future of fund sales will depend more on professional advisory services and long-term client relationships rather than mere marketing tactics [13][14].

Core Viewpoint - The recent regulatory actions by the China Securities Regulatory Commission (CSRC) highlight serious compliance issues in the mutual fund sales industry, particularly focusing on the D Fund Company and its collaboration with internet influencers, which has drawn public attention to the irregularities in fund sales practices [2][4]. Group 1: Regulatory Actions and Compliance - The CSRC's report indicates that the D Fund Company engaged in marketing practices with unqualified internet influencers, leading to a surge in daily subscription volumes exceeding 10 billion yuan [2]. - The regulatory response includes a combination of corrective measures and product registration suspensions, holding both the fund company and its executives accountable for the violations [7]. - The recent draft of the "Regulations on the Sales Behavior of Publicly Raised Securities Investment Funds" aims to establish stricter guidelines for fund sales, emphasizing the need for compliance in promotional activities and performance disclosures [7][8]. Group 2: Sales Practices and Market Impact - The collaboration with internet influencers has created a "buying frenzy," leveraging their influence to attract investors to high-risk products [4]. - The trend of real-time valuation and rankings in fund sales has resurfaced, which can mislead inexperienced investors into making impulsive trading decisions [5][6]. - The shift in performance evaluation criteria for funds is moving away from sales volume towards focusing on investor profitability and holding periods, promoting a long-term investment perspective [8][10]. Group 3: Industry Transformation - The tightening of regulations is expected to challenge traditional sales models that rely on short-term incentives and influencer partnerships, necessitating a reevaluation of customer engagement strategies [9]. - Future fund sales are anticipated to depend more on professional advisory services and long-term client relationships rather than mere marketing tactics [10][11]. - The regulatory framework aims to foster a more sustainable development of the fund sales industry, balancing growth with investor protection [10][11].