金 融 工 程 华福证券 2026 年 01 月 27 日 FOF、ETF、QDII、量化基金与 REITs 证 券 截至 2025 年 4 季度末，公募市场上共有 FOF 基金 546 只，FOF 基 金总规模为 2437.28 亿元，环比上涨 26.0%。2025 年 4 季度 ETF 市场 总规模为 58467.38 亿元，较 2025 年 3 季度提升了 6.75%。2025 年 Q4 我国 QDII 市场共有 271 只 QDII 基金，合计规模 7382 亿元。截至 2025 年 Q4，我国市场量化基金共 709 只，较 2025 年 Q3 末增加 49 只，基金 规模合计 3738.98 亿元，较 2025 年 Q3 末基金规模上升 117.30 亿元。 2025 年 Q4 有 5 只 REITs 发行，份额 23.99 亿份，截至 2025 年 12 月 31 日，REITs 基金总上市交易份额为 436.79 亿份。 公募基金 2025 年四季报全景解析 团队成员 投资要点： 公募基金规模有所上涨 金 融 工 程 定 期 报 告 2025 年四季度 A 股市场上涨，中证全指季度上涨 0.74 ...

Group 1 - The core viewpoint of the article highlights the performance of stock and mixed funds, with 62.23% achieving positive returns on January 14, 2023, and 214 funds exceeding a 3% return [1][2] - The Shanghai Composite Index fell by 0.31% to close at 4126.09 points, while the Shenzhen Component Index, ChiNext Index, and STAR 50 Index saw increases of 0.56%, 0.82%, and 2.13% respectively [1] - Among the sectors, the computer, comprehensive, and communication industries led the gains with increases of 3.42%, 2.90%, and 1.91%, while banking, real estate, and non-bank financial sectors experienced declines of 1.88%, 1.18%, and 0.84% [1] Group 2 - The top-performing fund, Jin Xin Core Competitiveness Mixed C, achieved a net value growth rate of 6.57%, followed closely by Jin Xin Core Competitiveness Mixed A and Xiangcai Technology Selected Mixed A, both at 6.56% [2] - A total of 91 funds in the over 3% growth category belong to index stock type, 69 to equity type, and 36 to flexible allocation type [2] - The fund with the largest drawdown exceeding 2% was Tai Xin Development Theme Mixed, with a decline of 4.15%, followed by Qianhai Kaiyuan Cycle Selected Mixed C and A, both at 3.60% [2][4] Group 3 - The article provides a detailed ranking of funds based on their net value growth rates and drawdowns, showcasing various funds from different companies [2][4] - The performance data includes specific fund codes, names, net values, daily growth rates, fund types, and the respective fund companies [3][4] - The analysis indicates a competitive landscape among fund companies, with Huaxia Fund having 21 funds in the over 3% growth category, followed by Caitong Fund and Tianhong Fund with 13 and 8 funds respectively [1][2]

Core Insights - The article provides an overview of the performance of various mutual funds, highlighting the top and bottom performers based on their net asset values as of January 14, 2026 [2][3]. Fund Performance Summary Top Performing Funds - The top ten funds with the highest net value growth include: 1. Jin Xin Core Competitiveness Mixed A: 1.2261, growth of 6.56% 2. Xiangcai Technology Selected Mixed A: 1.3391, growth of 6.13% 3. Xiangcai Technology Selected Mixed C: 1.3373, growth of 6.13% 4. Rongtong Internet Media Flexible Configuration Mixed: 1.4900, growth of 6.05% 5. Jin Xin Quantitative Selected Mixed A: 1.5925, growth of 5.90% 6. Huaxia Jianlong Selected Mixed: 1.8304, growth of 5.78% 7. Guotou Ruijin Silver Futures (LOF) A: 2.5145, growth of 5.75% 8. Huaxia Advantage Selected Stocks: 1.6908, growth of 5.73% 9. Qianhai Kaiyuan Artificial Intelligence Theme Mixed C: 1.6049, growth of 5.22% 10. Qianhai Kaiyuan Artificial Intelligence Theme Mixed A: 1.6111, growth of 5.22% [2]. Bottom Performing Funds - The bottom ten funds with the lowest net value growth include: 1. Taixin Development Theme Mixed: 2.0320, decline of 4.15% 2. Qianhai Kaiyuan Cycle Selected Mixed C: 1.1478, decline of 3.60% 3. Qianhai Kaiyuan Cycle Selected Mixed A: 1.1524, decline of 3.60% 4. Furong Fuyin Mixed C: 2.6163, decline of 3.58% 5. Furong Fuyin Mixed A: 2.6626, decline of 3.58% 6. Dongfang Alpha C: 1.2417, decline of 3.47% 7. Dongfang Alpha A: 1.2423, decline of 3.47% 8. Huaxia Core Growth Mixed A: 0.8081, decline of 3.43% 9. Huaxia Core Growth Mixed C: 0.7851, decline of 3.42% 10. Huafu Strategy Selected Mixed A: 1.9998, decline of 3.22% [3]. Market Analysis - The Shanghai Composite Index experienced a significant rebound in the morning, followed by a noticeable decline in the afternoon, closing with a small loss. The total trading volume reached 3.98 trillion RMB, with a gain-loss ratio of 2747 to 2592, and a limit-up-limit-down ratio of 75 to 56 [5]. - Leading sectors included software services and comprehensive categories, both showing gains exceeding 3%, while telecommunications and insurance sectors faced declines over 2% [5]. Fund Strategy Insights - Jin Xin Core Competitiveness Mixed A has shown rapid net value growth, indicating a potential shift in investment strategy towards AI marketing [6]. - Conversely, Taixin Development Theme Mixed has underperformed, with significant declines in its major holdings, which are primarily in the new energy sector [7].

Core Insights - The article provides an overview of the latest fund net asset value rankings, highlighting the top-performing and bottom-performing funds in the market [1] Fund Performance Summary Top 10 Funds by Net Value Growth - The top-performing funds as of the 29th include: - Fangzheng Fubon Vision Growth Mixed A: 1.3432, up 5.55% - Fangzheng Fubon Vision Growth Mixed C: 1.3133, up 5.55% - Caitong Asset Management Advanced Manufacturing Mixed A: 1.9341, up 5.44% - Caitong Asset Management Advanced Manufacturing Mixed C: 1.9248, up 5.43% - Qianhai Kaiyuan Jiaxin Mixed A: 2.3260, up 5.30% - Qianhai Kaiyuan Jiaxin Mixed C: 2.2980, up 5.27% - Fangzheng Fubon Xin Hong Mixed A: 1.1004, up 4.82% - Fangzheng Fubon Xin Hong Mixed C: 1.0583, up 4.81% - Zhongou Manufacturing Upgrade Mixed A: 1.0079, up 4.74% - Zhongou Manufacturing Upgrade Mixed C: 1.0060, up 4.74% [2] Bottom 10 Funds by Net Value Growth - The underperforming funds as of the 29th include: - Taixin Development Theme Mixed: 1.9760, down 5.45% - Dongfang Alpha Rui Xiang Mixed C: 1.2076, down 5.24% - Dongfang Alpha Rui Xiang Mixed A: 1.2080, down 5.24% - Huaxia Core Growth Mixed A: 0.7802, down 5.07% - Huaxia Core Growth Mixed C: 0.7582, down 5.07% - Dongcai Value Qihang C: 0.8439, down 4.67% - Dongcai Value Qihang A: 0.8588, down 4.66% - Taixin Modern Service Industry Mixed: 2.2380, down 4.56% - Huafu Strategy Selected Mixed C: 1.8763, down 4.35% - Huafu Strategy Selected Mixed A: 1.9014, down 4.35% [3] Market Overview - The Shanghai Composite Index showed a slight increase, while the ChiNext Index experienced fluctuations, with a total trading volume of 2.15 trillion yuan. The number of rising stocks was 1995, while declining stocks numbered 3332, with a limit-up to limit-down ratio of 87:25 [5] Leading Industries and Concepts - Industries leading the market included: - Chemical Fiber, Multi-Financial, and Oil, each with gains exceeding 2% - Concepts leading the market included: - PEEK Materials and Carbon Fiber, also with gains exceeding 2% [6] Fund Holdings Analysis Top Holdings of Fangzheng Fubon Vision Growth Mixed A - The fund has a concentrated holding of 58.81%, with significant stocks including: - Zhejiang Rongtai: 3.38%, up 8.88% - Zhenyu Technology: 7.41%, up 7.88% - Yihua Zhikong: 0.91%, up 6.76% - Top Group: 0.93%, up 6.73% - Hanwei Technology: 2.27%, up 5.77% [9] Top Holdings of Taixin Development Theme Mixed - The fund has a concentrated holding of 81.95%, with major stocks including: - Jiaxin Can: -4.74% - Yongxing Materials: -4.43% - Tianhua New Energy: -5.73% - Ningde Times: -1.37% - Zhongkuang Resources: -3.78% [9]

Core Insights - The article provides an overview of the latest net value rankings of open-end funds, highlighting the top-performing and bottom-performing funds based on their net value growth [2][4]. Fund Performance Summary Top 10 Funds by Net Value Growth - The top-performing funds as of the 26th include: 1. 东方阿尔法瑞享混合发起A with a net value of 1.2748 and a growth of 6.12% 2. 东方阿尔法瑞享混合发起C with a net value of 1.2744 and a growth of 6.11% 3. 泰信发展主题混合 with a net value of 2.0900 and a growth of 5.72% 4. 东财价值启航A with a net value of 0.9008 and a growth of 5.70% 5. 东财价值启航C with a net value of 0.8852 and a growth of 5.70% 6. 申万菱信新能源汽车主题灵活配置混合C with a net value of 2.4980 and a growth of 5.45% 7. 申万菱信新能源汽车主题灵活配置混合A with a net value of 2.5080 and a growth of 5.42% 8. 华夏核心成长混合A with a net value of 0.8219 and a growth of 5.21% 9. 国投瑞银白银期货(LOF)A with a net value of 2.0483 and a growth of 5.21% 10. 华夏核心成长混合C with a net value of 0.7987 and a growth of 5.20% [2][4]. Bottom 10 Funds by Net Value Growth - The bottom-performing funds as of the 26th include: 1. 国融融盛龙头严选混合C with a net value of 1.9017 and a decline of 2.77% 2. 国融融盛龙头严选混合A with a net value of 1.8572 and a decline of 2.76% 3. 富国新活力灵活配置混合C with a net value of 3.4224 and a decline of 2.48% 4. 富国新活力灵活配置混合A with a net value of 3.5247 and a decline of 2.48% 5. 富国核心优势混合发起式C with a net value of 1.8437 and a decline of 2.44% 6. 富国核心优势混合发起式A with a net value of 1.8673 and a decline of 2.43% 7. 信澳业绩驱动混合A with a net value of 1.7859 and a decline of 2.38% 8. 中海积极增利混合 with a net value of 2.2580 and a decline of 2.38% 9. 信澳业绩驱动混合C with a net value of 1.7503 and a decline of 2.38% 10. 浙商汇金量化精选混合C with a net value of 1.7099 and a decline of 2.38% [3][4]. Market Analysis - The Shanghai Composite Index experienced fluctuations, closing slightly higher after two dips, with a total trading volume of 2.18 trillion. The number of advancing stocks was 1,866, while declining stocks numbered 3,414, with a ratio of 92:3 for stocks hitting the daily limit [6]. - Leading sectors included non-ferrous metals, public transportation, and chemical fibers, each with gains exceeding 2%. Notable concepts that performed well were Hainan, lithium mining, cobalt, nickel, and scarce resources [6].

Core Insights - The article provides an overview of the performance of various mutual funds, highlighting the top and bottom performers based on net asset value changes [1] Group 1: Top Performing Funds - The top 10 mutual funds with the highest net value growth include: 1. 德邦新兴产业混合发起式A with a growth of 6.45% 2. 德邦新兴产业混合发起式C with a growth of 6.44% 3. 东方低碳经济混合A with a growth of 6.27% 4. 东方低碳经济混合C with a growth of 6.27% 5. 富荣福鑫混合A with a growth of 6.12% 6. 富荣福鑫混合C with a growth of 6.11% 7. 同泰新能源1年持有股票C with a growth of 5.81% 8. 同泰新能源1年持有股票A with a growth of 5.81% 9. 华富天鑫灵活配置混合A with a growth of 5.19% 10. 华富天鑫灵活配置混合C with a growth of 5.18% [2] Group 2: Bottom Performing Funds - The bottom 10 mutual funds with the lowest net value growth include: 1. 德邦乐享生活混合A with a decline of 3.28% 2. 德邦乐享生活混合C with a decline of 3.27% 3. 泰信发展主题混合 with a decline of 2.51% 4. 东方阿尔法瑞享混合发起C with a decline of 2.19% 5. 东方阿尔法瑞享混合发起A with a decline of 2.19% 6. 中欧制造升级混合发起C with a decline of 1.90% 7. 中欧制造升级混合发起A with a decline of 1.90% 8. 易方达优势回报混合(FOF-LOF)C with a decline of 1.77% 9. 易方达优势回报混合(FOF-LOF)A with a decline of 1.76% 10. 泰信现代服务业混合 with a decline of 1.74% [3] Group 3: Market Overview - The Shanghai Composite Index opened lower but rebounded, closing with a small gain, while the ChiNext Index experienced a similar pattern. The total trading volume reached 2.11 trillion yuan, with a market breadth of 2,683 gainers to 2,612 losers [5] - Leading sectors included non-ferrous metals, engineering machinery, electrical equipment, and semiconductors, while lagging sectors included commercial retail, public transportation, and oil [5]

Core Insights - The article provides an objective ranking of fund net asset values, highlighting the top-performing and bottom-performing funds without subjective bias [1] Fund Performance Summary Top 10 Funds by Net Value Growth - The top-performing funds over the past 10 days include: 1. 招商沪深300地产等权重指数A with a net value of 0.3322 and a growth of 5.36% 2. 招商沪深300地产等权重指数C with a net value of 0.3308 and a growth of 5.35% 3. 国投瑞银白银期货(LOF)C with a net value of 1.5941 and a growth of 3.09% 4. 国投瑞银白银期货(LOF)A with a net value of 1.6077 and a growth of 3.09% 5. 鹏华中证800地产指数(LOF)A with a net value of 0.6282 and a growth of 3.02% 6. 鹏华中证800地产指数(LOF)C with a net value of 0.6155 and a growth of 3.01% 7. 东方阿尔法瑞享混合发起C with a net value of 1.1124 and a growth of 2.93% 8. 东方阿尔法瑞享混合发起A with a net value of 1.1125 and a growth of 2.93% 9. 泰信发展主题混合 with a net value of 1.8410 and a growth of 2.68% 10. 华夏房地产ETF联接A with a net value of 0.7161 and a growth of 2.64% [2] Bottom 10 Funds by Net Value Decline - The bottom-performing funds over the past 10 days include: 1. 华宝海外中国成长混合 with a net value of 1.3900 and a decline of 2.73% 2. 大成港股精选混合(QDII)C with a net value of 1.1909 and a decline of 2.43% 3. 大成港股精选混合(QDII)A with a net value of 1.2196 and a decline of 2.43% 4. 大成中国优势混合(QDII)C with a net value of 1.3578 and a decline of 2.30% 5. 大成中国优势混合(QDII)A with a net value of 1.3675 and a decline of 2.29% 6. 方正富邦核心优势混合C with a net value of 1.0710 and a decline of 2.16% 7. 方正富邦核心优势混合A with a net value of 1.0847 and a decline of 2.15% 8. 平安高端制造混合C with a net value of 1.6458 and a decline of 2.11% 9. 平安高端制造混合A with a net value of 1.7424 and a decline of 2.10% 10. 工银香港中小盘美 with a net value of 0.2726 and a decline of 2.08% [3] Market Analysis - The Shanghai Composite Index opened lower but rebounded, closing with a small decline. The ChiNext Index showed a similar trend, with a slight drop after filling a gap. The total trading volume was 1.79 trillion, with 2,435 stocks rising and 2,844 falling, and a涨跌停 ratio of 60:11 [5] - Leading sectors included real estate, commercial retail, engineering machinery, transportation facilities, hotel and catering, aviation, and non-ferrous metals, while banking, IT equipment, and trade agency sectors lagged [5] Fund Strategy Insights - The 招商沪深300地产等权重指数A fund showed significant net value growth, indicating a strong performance in the real estate sector [6] - The top holdings in this fund include 海南机场, 招商蛇口, 万科A, and 保利发展, with a concentration of 94.56% in the top ten holdings, reflecting a focus on the real estate industry [7] - Conversely, the 华宝海外中国成长混合 fund underperformed, with a lower concentration of 38.75% in its top holdings, indicating a diversified but less effective strategy in the current market [7]

Core Insights - The stock market experienced a decline, with the Shanghai Composite Index falling by 0.46% to close at 3972.03 points, while the Shenzhen Component and ChiNext indices also saw minor decreases [1][2] - Among stock and mixed funds, only 23.24% achieved positive returns, with 47 funds reporting returns exceeding 3% [1][2] - The top-performing fund was the Oriental Alpha Rui Xiang Mixed Fund C, with a net value growth rate of 6.24% [1][2] Fund Performance Summary - The average net value growth rate for stock and mixed funds on November 17 was -0.35%, with 396 funds experiencing a net value drawdown exceeding 2% [1][2] - The funds with the highest net value growth rates included: - Oriental Alpha Rui Xiang Mixed Fund C: 6.24% - Oriental Alpha Rui Xiang Mixed Fund A: 6.22% - Tai Xin Development Theme Mixed Fund: 4.90% - Tai Xin Modern Service Industry Mixed Fund: 4.64% [1][2][3] - The funds with the largest drawdowns included: - Tong Tai Big Health Theme Mixed Fund C: -3.58% - Tong Tai Big Health Theme Mixed Fund A: -3.57% - Invesco Great Wall Medical Industry Stock C: -3.32% [2][3][4] Fund Type Analysis - Among the funds with growth rates exceeding 3%, 32 were equity funds, 10 were index equity funds, and 3 were flexible allocation funds [2][3] - The largest drawdowns were predominantly from equity-type funds, indicating a trend of volatility in this category [2][3][4]

Core Insights - The article provides an overview of the latest net asset value (NAV) rankings of various funds, highlighting the top-performing and bottom-performing funds in the market [2][4]. Fund Performance Summary Top 10 Funds by NAV Growth - The top 10 funds with the highest NAV growth as of November 17, 2025, include: 1. 东方阿尔法瑞享混合发起C: NAV 1.1144, growth 6.24% 2. 东方阿尔法瑞享混合发起A: NAV 1.1144, growth 6.22% 3. 泰信发展主题混合: NAV 2.0350, growth 4.90% 4. 泰信现代服务业混合: NAV 2.2980, growth 4.64% 5. 圆信永丰高端制造C: NAV 3.0301, growth 4.59% 6. 圆信永丰高端制造A: NAV 3.0304, growth 4.59% 7. 国寿安保低碳经济混合A: NAV 1.1454, growth 4.26% 8. 国寿安保低碳经济混合C: NAV 1.1336, growth 4.26% 9. 创金合信全球医药生物股票发起(QDII)A: NAV 1.6867, growth 4.20% 10. 创金合信全球医药生物股票发起(QDII)C: NAV 1.6721, growth 4.20% [2]. Bottom 10 Funds by NAV Decline - The bottom 10 funds with the largest NAV declines as of November 17, 2025, include: 1. 同泰大健康主题混合C: NAV 0.4961, decline -3.58% 2. 同泰大健康主题混合A: NAV 0.5053, decline -3.57% 3. 国投瑞银白银期货(LOF)C: NAV 1.3605, decline -3.56% 4. 国投瑞银白银期货(LOF)A: NAV 1.3718, decline -3.56% 5. 景顺长城医疗产业股票C: NAV 1.3737, decline -3.32% 6. 景顺长城医疗产业股票A: NAV 1.3777, decline -3.32% 7. 华富健康文娱灵活配置混合C: NAV 1.1653, decline -3.24% 8. 华富健康文娱灵活配置混合A: NAV 1.1750, decline -3.24% 9. 银华成长智选混合A: NAV 1.0716, decline -3.13% 10. 银华成长智选混合C: NAV 1.0694, decline -3.13% [4]. Market Analysis - The Shanghai Composite Index showed a downward trend, while the ChiNext Index experienced fluctuations, closing slightly lower. The total trading volume reached 1.93 trillion, with a market breadth of 2,584 gainers to 2,726 losers [6]. - The leading sectors included software services with gains exceeding 2%, while the lagging sectors were pharmaceuticals, insurance, healthcare, banking, construction materials, and securities [6]. Fund Strategy Insights - The top-performing fund, 泰信发展主题混合, is focused on the new energy sector, with a significant portion of its holdings in lithium mining companies, indicating a strong performance relative to the market [7]. - Conversely, the poorly performing fund, 同泰大健康主题混合C, is concentrated in the pharmaceutical sector, which has faced significant declines in its top holdings [7].

- The report does not contain any specific quantitative models or factors for analysis[1][2][3] - The content primarily focuses on market trends, fund positioning, and industry allocation changes, such as the decrease in active equity fund positions below 90% and the increase in electronic sector allocation[4][6][24] - Active equity funds showed a shift towards large-cap growth style, with large-cap growth exposure rising to 36.99% (+1.8pct), while large-cap value exposure dropped to 7.6% (-1.68pct)[5][31][33] - Industry allocation changes include increased exposure to electronics (20.50%, +1.27pct), non-bank financials (3.11%, +0.60pct), and machinery (6.06%, +0.49pct), while sectors like pharmaceuticals (10.48%, -1.12pct) and food & beverage (3.05%, -0.69pct) saw reductions[6][34][36] - ETF market trends show net inflows into broad-based indices like CSI 300 and CSI A500, while thematic ETFs experienced mixed flows, with TMT and financial sectors gaining, and cyclical manufacturing sectors losing[38][39][65] - Newly established funds this week include 62 domestic funds, with active equity funds accounting for 16, totaling 98.74 billion shares issued[44][68][69]