智通财经记者 | 杜萌 随着春节假期的临近，"假期如何赚利息"和"节后如何布局"成为投资者最关心的问题。智通财经记者统计发现，相比货币基金、同业存单基金、纯债基金的 相继限购，却有一些主动权益基金放开了限购。 仅2月9日当天，就有汇添富货币基金、易方达货币基金、江信增利货币、长城中证同业存单AAA指数7天持有等16只基金发布了节前限购的公告。公告显 示，上述基金均在2月12日暂停申购、转换转入，2月24日恢复。江信增利货币则自2月12日起将申购金额调整到500万元以内。 此外，汇添富短债基金宣布2月12日将大额申购金额调整至500万元，长城短债债券基金也从2月12日暂停申购和转换转入。 为何节前密集限制大额申购？智通财经记者了解到，这主要是为了防止大额资金流入摊薄假期收益。假期中债券也会有票息收入，如果出现大额资金流入但 基金经理却未能及时配置资产的情况，就会导致资金空转，摊薄原持有人的收益。 此外，还有防范流动性风险的考量。"节假日前后容易出现资金的'快进快出'，很多资金只是想在假期赚个票息收益，节后就会转出。这样导致基金在节后 遭遇集中赎回，基金经理可能被迫抛售资产，影响收益，因此对可能进入的大额资金予以 ...

（来源：经济参考报） 开年以来，公募基金频落"红包雨"。 据Wind统计，截至1月16日，华泰柏瑞沪深300ETF总份额为797.60亿份。以此测算，该基金此次分红金 额约为98.10亿元。 作为境内规模最大的ETF产品，自成立以来，华泰柏瑞沪深300ETF已累计分红13次、累计分红总额 165.76亿元。仅在2025年6月，该基金曾单次分红高达83.94亿元。时隔近7个月，这一记录将再度被刷 新。 事实上，2026年开年不足半月，公募基金分红热潮就持续发酵，多只产品密集宣布分红。Wind数据显 示，截至1月22日记者发稿，2026年全市场已有524只基金（不同份额分开计算，下同）发布了分红方 案，累计分红金额将达323.15亿元，分红力度与市场热度同步升温。 从产品分布看，除宽基ETF延续大额分红的局面外，主动权益基金的密集分红成为今年开年的新看点， 一定程度上打破了此前债券型基金主导分红的单一局面。 据记者不完全统计，截至1月22日发稿，主动权益类基金（含普通股票型、偏股混合型、平衡混合型、 灵活配置型）2026年以来的分红合计约60.18亿元，占比约为19%。 据Wind统计，截至1月22日记者发稿，2 ...

Core Viewpoint - A number of high-performing funds have announced significant dividend distributions at the beginning of 2026, with distribution ratios exceeding 10% [2][8]. Fund Dividend Announcements - The China Europe New Trend fund, managed by Zhou Weiwen, announced its first dividend in over three years, with a distribution of 2.282 RMB per 10 fund shares, resulting in a distribution ratio exceeding 12% [4][6]. - Other high-performing funds, such as Dongwu Jiahe Advantage, Changsheng Aerospace Marine Equipment, Guotai Junan Jinma Stable Return, and others, have also announced dividends exceeding 10% [8]. Fund Performance Metrics - As of January 12, 2026, the China Europe New Trend A fund has a one-year unit net value growth rate of over 77%, ranking in the top 10% of its category [6]. - The performance of other funds includes Baoying Strategy Growth with a growth rate exceeding 117%, and Dongwu Jiahe Advantage A and China Europe New Trend A with growth rates of over 98% and 77%, respectively [8]. Market Context and Outlook - Zhou Weiwen, the chairman of the equity investment decision committee at China Europe Fund, believes that the core drivers of positive returns in the A-share and Hong Kong markets in the first half of 2026 will be supported by both domestic and international liquidity [6]. - The current market is not at historically low valuation levels, indicating that opportunities are not primarily driven by attractive valuations but rather by liquidity support from policy measures [6].

Core Viewpoint - A number of high-performing funds have announced significant dividend distributions at the beginning of 2026, with dividend ratios exceeding 10% [1] Group 1: Fund Dividend Announcements - The China Europe New Trend fund announced a dividend distribution of 2.282 yuan per 10 fund shares, representing a dividend ratio of over 12% [2] - This marks the first dividend distribution for the China Europe New Trend fund in over three years, with a record of over 60 billion yuan in fund size as of the last quarterly report [2][3] - Other high-performing funds, including Dongwu Jiahe Advantage and Changsheng Aerospace Equipment, have also announced dividends exceeding 10% [6] Group 2: Market Performance and Trends - As of January 12, 2026, the China Europe New Trend A fund has achieved a one-year net value growth rate of over 77%, ranking in the top 10% of its category [2][6] - The market has seen a significant increase in dividend distributions, with over 3,600 funds announcing dividends in 2025, totaling over 240 billion yuan, a 7.5% increase from 2024 [6] - In 2026, more than 100 public funds have already implemented dividend distributions, totaling over 3.1 billion yuan within the first half of January [6] Group 3: Economic and Market Insights - The chairman of the equity investment decision committee at China Europe Fund, Zhou Weiwen, believes that the core drivers for positive returns in the A-share and Hong Kong markets in the first half of 2026 will be supported by both domestic and international liquidity [4] - Zhou notes that the current stock market is not at historically low levels, indicating that market opportunities are not primarily driven by attractive valuations [5]

Core Insights - The active equity funds experienced a remarkable performance in 2025, with 94.91% of all funds generating positive returns, and 96.64% of active equity funds achieving positive returns over one year [3][4] - The emergence of "doubling funds" was a significant highlight, with 60 funds, including 51 active equity funds, achieving over 100% cumulative returns [4][5] - The strong performance of active equity funds is closely linked to the structural trends in the A-share market, particularly in technology sectors such as optical modules, PCB, cloud computing, and innovative pharmaceuticals [3][5] Fund Performance - Among active equity funds, Yongying Technology Smart Selection A led with a return of 223.14%, making it the only fund to achieve "doubling" status [5] - Other notable performers included AVIC Opportunity Navigator A with 156.48% and Hengyue Advantage Selection A with 141.96% [5] - A total of 3419 funds outperformed their benchmark returns, representing 78.26% of the active equity funds [3] Market Trends - The "doubling funds" phenomenon is characterized by a clear structural market trend, with most funds heavily invested in the "computing power" industry chain, particularly in optical modules [5][6] - The communication sector emerged as a significant winner among passive index "doubling funds," with several funds achieving returns exceeding 110% [6] New Entrants and Management - The emergence of new fund managers was notable, with the average management tenure of fund managers for the "doubling funds" being only 3.01 years, and 43.33% having less than two years of experience [7][8] - Despite the high returns associated with newer fund managers, experienced managers also delivered strong performances, indicating a diverse range of expertise contributing to the success of these funds [8] Fund Management Companies - E Fund emerged as the largest winner in 2025, managing nine "doubling funds," with E Fund Rui Xiang I achieving the highest return of 119.38% [10] - Smaller fund companies also contributed significantly to the "doubling funds," with several achieving impressive returns despite their lower rankings in total assets [11][12] Future Outlook - Analysts suggest that the technology sector will continue to be a clear investment focus in 2026, recommending strategies such as "core + satellite" and "barbell" approaches for portfolio diversification [13]

Core Viewpoint - Yang Siliang, a prominent fund manager at Baoying Fund, has resigned from several key funds due to internal adjustments, leading to a significant drop in his managed assets from 70 billion to 7 billion [1][3]. Group 1: Fund Manager Resignation - Yang Siliang's resignation includes management of Baoying Quality Selection (26.6 billion), Baoying Enhanced Income Bond (18.65 billion), Baoying New Value (10.54 billion), and Baoying Advantage Industry (7.59 billion) [1][3]. - The company cites internal work adjustments as the reason for Yang's departure, but speculation suggests poor performance in the current year may have contributed [3][5]. - Yang's performance has been under scrutiny, with a reported return of -2.55% this year, significantly underperforming the benchmark [3][12]. Group 2: Market Reactions and Implications - The market is speculating that Yang's resignation may indicate a potential departure from Baoying Fund, especially given his historically strong performance over the past three years [5][6]. - Baoying Fund has faced criticism for its compensation practices, which may contribute to talent retention issues [5][6]. - The recent trend of fund manager resignations at Baoying Fund raises concerns about the company's ability to retain key talent [7][8]. Group 3: Performance Metrics - Despite the recent downturn, Yang's funds had previously shown resilience, with a three-year return exceeding 10% as of early this year [1][3]. - The significant drop in managed assets in Q2, amounting to a decrease of nearly 40 billion, reflects the impact of recent performance issues [1][3]. - Yang's funds have been heavily invested in the liquor sector, which has faced challenges this year, contributing to the negative performance [12][13].