出品｜搜狐财经 作者｜汪梦婷 编辑｜杨锦 2026年的1月，本应是银行理财惯例中的"开门红"旺季，却意外遭遇了一场"倒春寒"。 全市场理财规模缩水逾千亿，头部大行理财子更是成为了缩量的重灾区。与此同时，公募基金却在权益市场的回暖中异军突起，月度发行份额创近三年新 高，开户数更是翻倍。 "一冷一热"背后，并非简单的季节性波动，还有居民财富在"降息周期"与"赚钱效应"博弈下的自发迁移。数据显示，今年1月，公募基金业绩表现优异，35 只基金月度收益超过30%，还有3只基金涨幅超过50%。 这种极端的业绩表现，不断通过社交媒体发酵。而银行理财长期以来宣传的"低波动、小确幸"，在权益基金单月50%的暴利面前，显得有些苍白无力。 按照往年惯例，1月通常是银行理财的"开门红"时点，然而今年1月的数据却给市场泼了一盆冷水。 据华西证券数据，全市场银行理财规模在1月内缩量1142 亿元，并未如市场预期那样回升。其中月末周（26-30日），在回表的驱动下，理财规模再度承 压，环比降1788亿元至33.18万亿元。 市场呈现出鲜明结构性特征。过去两年狂飙突进的头部理财子公司，在今年首月反而成为了缩量的重灾区。 据证券时报及相关渠道 ...

广发研究智选自1月7日开始首发认购，1月16日结束募集，短短10天募集规模达到72.21亿元。这是近三 年来唯一一只首发规模超过70亿元的主动权益基金。 基金发行市场显著升温。数据显示，1月份公募基金新产品发行数量达到169只，是自2023年3月以来的 最高水平，发行总份额超过1500亿份。 2026开年以来，新基金发行火热。1月新基金发行数量达169只，达到2023年3月以来的最高水平。多只 基金一日售罄，还有产品因超募触发比例配售。此外，时隔三年，市场又出现了70亿元级别的主动权益 新产品。 尽管春节假期临近，但在新基金发行升温的氛围下，机构已开始提前布局春节后的行情，一方面基金公 司在节前启动新发，筹备节后推广；另一方面，渠道也在提前布局，抢占节后发行先机。 快速发行屡屡上演 募集周期的缩短可以佐证基金新发的热度。开年以来，多只基金发布了提前结束募集的公告，尤其是需 要抢占先发优势的热门赛道ETF。此前，有色、科技主题轮番走强，相关ETF纷纷抢占成立先机。博时 中证工业有色金属主题ETF、万家国证新能源车电池ETF、泰康中证有色金属矿业主题ETF、天弘中证 工业有色金属主题ETF、前海开源恒生港股通科技 ...

不仅是ETF，混合型FOF也成为这轮快速发行的主力军，出现了多只一日结募的"日光"产品。据统计， 截至2月11日，2026开年以来共有27只混合型FOF顺利结束募集，多只产品仅用时一天就募集数十亿 元，发行场面十分火爆，成为资金布局的核心方向之一。 从具体产品来看，Wind数据显示，博时盈泰臻选6个月持有FOF单日募集规模达到58.44亿元，南方稳嘉 多元配置3个月持有FOF单日募集规模达到26.02亿元，广发悦丰多元稳健三个月持有FOF单日募集规模 达到25.46亿元，景顺长城盈景保守配置三个月持有FOF单日募集规模达到24.06亿元，万家启泰稳健三 个月持有FOF单日募集规模达到20.99亿元。 72.21亿元 广发研究智选自1月7日开始首发认购，1月16日结束募集，短短10天募集规模达到72.21亿元。这是近三 年来唯一一只首发规模超过70亿元的主动权益基金。 ● 本报记者 张舒琳 2026开年以来，新基金发行火热。1月新基金发行数量达169只，达到2023年3月以来的最高水平。多只 基金一日售罄，还有产品因超募触发比例配售。此外，时隔三年，市场又出现了70亿元级别的主动权益 新产品。 尽管春节假期临近 ...

Core Insights - The enthusiasm for mutual fund investments has returned, with a significant increase in fund issuance this year, highlighted by the emergence of several "daylight funds" with substantial initial offerings [1][2] Group 1: Fund Issuance Trends - In January, the number of new public mutual funds reached 169, marking the highest level since March 2023, indicating a notable uptick in the fund issuance market [2] - The shortening of fundraising periods supports the increased demand for new funds, with many funds announcing early closure of fundraising, particularly in popular sectors like ETFs [2] - A total of 27 mixed FOFs completed fundraising by February 11, with several funds raising billions within a single day, becoming a core focus for capital allocation [2][3] Group 2: Specific Fund Performance - Notable fundraising figures include 博时盈泰臻选 FOF raising 58.44 billion, 南方稳嘉多元配置 FOF raising 26.02 billion, and 广发悦丰多元稳健 FOF raising 25.46 billion in a single day [3] - The average subscription period for funds that completed fundraising in January was 15.69 days, reflecting a decrease of 8.50% month-over-month and 13.40% year-over-year [3] Group 3: Active Equity Funds - The return of popular active equity funds is a significant indicator of the warming issuance market, with 43 mixed equity funds successfully completing fundraising in January [4] - The fund 广发研究智选 raised 72.21 billion in just ten days, marking it as the only active equity fund to surpass 70 billion in initial offerings in the past three years [4] Group 4: Pre-emptive Strategies for Fund Issuance - Despite the upcoming Spring Festival, institutions are actively preparing for new fund launches, aiming to capitalize on the post-holiday market window [5][6] - Fund companies are initiating fundraising efforts before the holiday to secure capital and enhance promotional strategies for post-holiday launches [6]

Core Insights - The A-share market is experiencing fluctuations as the Spring Festival approaches, leading to discussions among investors about whether to hold cash or stocks during the holiday [5][6] - New fund issuance has accelerated, with 163 new funds established by February 6, totaling 1510.7 billion units, marking a 76% increase in issuance compared to the previous year [2][3] Fund Issuance and Market Activity - There are currently 47 funds in the issuance process, with nearly 30 new products confirmed for upcoming sales, indicating a potential influx of capital into the A-share market [2] - 63 funds have announced early closure of fundraising, a nearly 50% increase year-on-year, reflecting a strong market recovery trend [2][3] - Some funds have seen rapid fundraising success, with 52 products closing in under five days, including notable cases of "one-day sellouts" [3] Investment Themes and Strategies - New funds are targeting sectors such as non-ferrous metals, chips, and new energy batteries, with 7 funds focused on non-ferrous metals and 16 on Hong Kong stock opportunities [4] - Fund managers are actively buying into the market, with 151 new products showing net value fluctuations, indicating a proactive investment approach [4] Market Sentiment and Predictions - Analysts suggest that there is no absolute advantage to holding cash or stocks; the decision should align with investors' risk tolerance [6] - The market is expected to shift focus to growth sectors with clear performance catalysts post-holiday, as risk appetite is anticipated to rebound [6][7] - The A-share market is currently characterized by strong upward momentum, with a significant probability of price increases after the Spring Festival [7]

Group 1 - The A-share market is experiencing fluctuations as the Spring Festival approaches, but the new fund market is heating up with 163 new funds established by February 6, representing a 76% increase in issuance volume year-on-year [1][2] - There are currently 47 funds in the issuance process, with nearly 30 new products confirmed for upcoming sales, indicating a trend of increasing capital inflow into the A-share market [1][2] - A significant number of new funds are targeting sectors such as non-ferrous metals, chips, and new energy batteries, with 7 funds focused on non-ferrous metals alone [3] Group 2 - The market is seeing a shift from passive index products to actively managed equity funds, with several "small blockbuster" funds emerging, such as those from GF Fund Management and Huabao [2] - Foreign public fund institutions are accelerating their presence in the Chinese market, with 54 new funds established in the past year, raising nearly 736 billion yuan [2] - Fund managers are quickly entering the market, with 151 newly established funds showing net value fluctuations, indicating active buying [3] Group 3 - Investors are debating whether to hold cash or stocks during the Spring Festival, with some opting for cash to avoid uncertainties while others fear missing potential market gains [4][5] - Analysts suggest that both strategies have their merits, emphasizing the importance of individual risk tolerance and market conditions [5][6] - The market is expected to see a recovery post-holiday, with a focus on growth sectors that have clear performance catalysts [5][6]

Group 1 - The total issuance scale of public funds in January 2026 reached approximately 120.21 billion yuan, representing a year-on-year increase of 39.28% and a month-on-month increase of 5.06% [2][4] - A total of 123 fund products were issued in January, excluding transformed and subdivided funds [2] - The largest issuance scale was for mixed funds, exceeding 50 billion yuan, with specific products like GF Research Smart Selection and Hua Bao Advantage Industry leading the issuance [4][5] Group 2 - The top three funds by issuance scale in January were GF Research Smart Selection at 7.22 billion yuan, Hua Bao Advantage Industry at 5.78 billion yuan, and ICBC Ying Tai Stable 6-Month Holding [5][6] - The issuance structure included mixed funds at 54.77 billion yuan, followed by stock funds at 26.47 billion yuan and FOF funds at 19.94 billion yuan [4] - Three funds announced extensions for their fundraising periods, including products from GF Fund and Hai Fu Tong Fund [7]

Group 1 - The core focus of the article is on Yang Dong, a seasoned fund manager at GF Fund, who currently manages a total of 360.45 billion yuan in assets and is recognized for his "steady" investment style that combines subjective long positions with quantitative strategies [1][2][3] - Yang Dong's investment strategy has led to significant performance, with his flagship fund, GF Multi-Factor, achieving a return of 89.03% in 2021, and his newly launched GF Value Navigator fund yielding a cumulative return of 126.75% since inception [2][3] - The article highlights the challenges Yang faces in adapting his investment style to changing market conditions, particularly as he has shifted from traditional value stocks to high-dividend assets in response to market trends [4][5] Group 2 - Yang Dong's product lineup includes both "core" and "style-enhanced" funds, with the former benchmarked against major indices like CSI 800 and the latter focusing on enhancing returns based on beta [3][4] - Recent changes in Yang's portfolio management include a significant reduction in traditional value stocks and an increase in high-dividend stocks, which has resulted in a net asset value growth rate of 25.52% for his GF Steady Strategy fund in 2024 [5][6] - The introduction of new funds, such as GF Quality Selection and GF Research Selection, aims to address the challenges of maintaining a steady investment style while adapting to market volatility, with a combined scale of 109.8 billion yuan [6]

在公募基金行业，广发基金杨冬较早开始探索全天候风格策略投资。在一年半以前的交流中（《如何应对复杂多变的市场？广发基金杨冬团队给出了多策 略的答案》），他就提到，"单一策略往往有其周期局限，很难持续战胜市场；而多策略的投资方法，则有望更平稳地跨越复杂多变的市场环境。" 彼时，他已经在"主观+量化"的路上探索近两年，试图通过搭建一支以多策略为核心、以量化赋能主动投资的全天候风格策略团队，通过两者的有机融 合，构建胜率较高、表现更稳的的投资体系。 如今，我们再次对话杨冬，切实感受到他身上鲜明的"变与不变"。 不变的，是他对投资始终如一的好奇心与"反差感"。作为深耕主观研究近20年的基金经理，他依然热爱调研，每年参与路演超千场。同时，身为投资老将 的他，又对人工智能等前沿技术保持着敏锐的关注与开放的心态，并持续将其融入投资策略中。 变化的，是他所带领的全天候风格策略团队，对"主观+量化"的深化探索和持续迭代。经过近四年的培育，目前团队已扩充至6人，平均从业年限超10 年，兼具深厚的主观经验与扎实的量化功底。 在近四年的实践中，团队搭建了"主观多头+主动量化+AI增强"的三位一体策略体系，并以"并联模式"推进——每位成 ...

Core Viewpoint - The article emphasizes the importance of an "all-weather investment strategy" as articulated by Ray Dalio, highlighting the cyclical nature of market changes and the need for diversified investment approaches to navigate different market conditions [2]. Group 1: Market Insights - In 2025, despite a noticeable overall profit effect in the market, investors faced challenges due to factors such as the April tariff war and a market correction in November, leading to temporary portfolio drawdowns [2]. - The article suggests that utilizing different Beta products to respond to varying market styles may be a key strategy for future investments, aligning with the essence of "all-weather style strategy investment" [2]. Group 2: Team and Strategy Overview - Yang Dong, a veteran with 19 years in securities and 16 years in investment, leads a team at GF Fund that has been exploring all-weather style strategy investment since 2022, focusing on multi-strategy core and quantitative empowerment for active investment [2][4]. - The team comprises six members with an average experience of over 10 years, employing a diversified product matrix to enhance Alpha stability through low correlation and excess diversification [2]. Group 3: Product Performance - Yang Dong's team manages nine public products, with three being full-market subjective stock selection products and six employing a "subjective + quantitative" composite strategy [7]. - Notable products include the "GF Multi-Factor Mixed Fund" with a return of 66.96%, and the "GF Value Navigation One-Year Holding Mixed A" with a return of 114.49% [3]. Group 4: Investment Strategy - The team integrates subjective research with quantitative investment, aiming to combine the strengths of both approaches to create a more stable Alpha contribution [5][11]. - The "three-in-one" strategy, which includes subjective multi-head, active quantitative, and AI enhancement, is designed to provide sharper choices for investors focusing on long-term prospects in specific sectors [9][12]. Group 5: Future Outlook - The article concludes that the public fund industry is entering a critical phase of high-quality development, emphasizing the need for diverse strategy combinations to meet varying investor demands and maintain sustainable long-term returns [19]. - The exploration of diversified configurations, such as combining "GF Multi-Factor as a shield and the Smart Selection series as a spear," is highlighted as a way to adapt to market changes [19].