来源：深圳商报·读创客户端 节后，A股市场走强，沪指单周上涨2%，逼近4200点关口。 展望后市，长城基金高级宏观策略研究员汪立表示，A股市场具备多方面积极因素。具体来看，无风险 收益下行与资本市场改革持续推进，贴现率下行对市场估值形成支撑，为A股市场提供友好的流动性环 境；内需政策全面发力，消费与投资端均迎来政策与基本面共振；出口景气度向好预期明确，叠加国内 新技术产业突破与全球化扩张提速，共同推动中国经济预期实质性企稳上修。投资思路上，新兴科技是 主线，价值股也会有春天。中国经济工作的重心正转向内需主导，并作为首要任务，内需复苏、物价回 升与地产企稳"预期"会推动经济预期上修。目前内需板块预期与交易出清，价值股有望迎来拐点。 前海开源首席经济学家杨德龙分析称，"从历史规律看，A股素有春季攻势的季节性特征，春节后市场 有望开启新一轮上涨行情。目前来看，春节后不仅科技股表现亮眼，更多板块也呈现出明显的轮动迹 象，预示着马年市场机会较多、赚钱效应有望增强。" 记者 陈燕青 基金业协会最新数据显示，截至1月底，我国境内公募基金管理机构共165家，取得公募资格的资产管理 机构15家。以上机构管理的公募基金资产净值合 ...

不过，受宽基ETF被赎回的影响，股票型基金规模缩水超3400亿元。在"股债跷跷板"效应作用下，债券 基金规模也减少了4000多亿元。 公募基金规模连续10个月创历史新高 中国基金业协会最新披露的数据显示，截至2026年1月底，我国境内公募基金管理机构共165家，其中基 金管理公司150家，取得公募资格的资产管理机构15家。以上机构管理的公募基金资产净值合计37.77万 亿元。 | 灵别 | 基金数量(只) | 份期(亿份) | 净值(亿元) | 基金数量(只) | 份额(亿份) | 净值(亿元) | | --- | --- | --- | --- | --- | --- | --- | | | (2026/1/31) | (2026/1/31) | (2026/1/31) | (2025/12/31) | (2025/12/31) | (2025/12/31) | | 股票基金 | 3,494 | 39, 194. 86 | 57.087. 41 | 3.442 | 39,527.06 | 60.525.58 | | 债券基金 | 3.893 | 87.346.34 | 105.309. 34 | 3.884 ...

在春季躁动行情、增量资金涌入等多重因素共同作用下，公募基金规模再创历史新高。 2月27日，中国基金业协会发布的最新一期公募基金市场数据显示，截至今年1月底，公募基金总规模达到37.77万亿元，连续10个月创新高。 从各类型公募基金规模变化上看，混合、货币及其他基金是推动公募基金规模增长的主力军，上述类型基金规模均实现千亿元级增长。从环比变化看，基 金中基金（FOF）份额环比大增15.05%，位居各类型基金榜首，其他基金也迎来11.06%的环比净申购。 不过，受宽基ETF被赎回的影响，股票型基金规模缩水超3400亿元。在"股债跷跷板"效应作用下，债券基金规模也减少了4000多亿元。 公募基金规模连续10个月创历史新高 此外，据记者了解，包括中国银行在内的其他银行渠道也在跟进，将FOF作为基金销售的主要抓手。在各大销售渠道加持下，未来，FOF有望保持较快的 规模增速。 混合型基金也是1月份的一个亮点，最新份额达到2.6万亿份，环比增长1.88%。在净值增长的推动下，1月末最新规模达到4万亿元，环比大增8.98%。 受"国家队"逆周期调节操作影响，多只"巨无霸"宽基ETF规模出现显著缩水。Wind数据显示，截至1月 ...

2026年开年，公募基金发行市场"春意盎然"。 其中，年内新成立的股票型基金仍旧以ETF产品为主。 同时，在新成立的74只混合型基金中，偏股混合型基金占据绝对C位：共有68只，合计发行规模737.8亿元；而偏债混合型基金仅有4只，占比 较低，其余2只为灵活配置型基金。 这意味着，2026年前两个月，新成立权益基金（股票型基金+偏股混合型基金）的发行总规模达到1208.38亿元。 Wind数据显示，以基金成立日为准，截至2月26日，在2026年前两个月成立的新基金数量达到230只，发行规模合计2102.80亿元。至此，于年 内成立的新基金数量及发行规模均同比增长逾41%。 权益基金发行规模超1200亿元 同时，新基金的结构呈现明显变化：权益基金主导下，FOF、固收+产品颇有异军突起之势。 受访人士向21世纪经济报道记者指出，权益基金发行火热有望为A股带来千亿级增量资金托底、流动性改善、机构定价权提升的积极影响。 在公募基金发行市场回暖过程中，权益基金成为主力选手。 据Wind统计，2026年1月1日～2月26日，全市场新成立混合型基金74只，合计发行规模796.43亿元（即发行份额796.43亿份），在同期新基 ...

风险提示：基金有风险，投资需谨慎。 评级数据显示，截至2025年四季度末，旗下股票型基金获得五星评级的基金管理公司共有10家，包括华商基金、财通基 金、国金基金、景顺长城基金、金鹰基金、博道基金、富国基金、融通基金、招商基金、西部利得基金。其中，招商基金 在三项评价维度中获得五星认可；国金基金、景顺长城基金、博道基金、富国基金、融通基金、西部利得基金则在两项维 度中获五星评级。 混合型基金因资产配置灵活，其风险收益特征介于股票型和债券型之间。济安评级在该类基金的评价中，除考察盈利能 力、抗风险能力外，还引入业绩稳定性、规模适度性、比较基准偏离及择时能力等多项指标，以评估基金管理人在不同市 场环境下的动态配置能力。 近日，济安金信基金评价中心发布2025年第四季度公募基金评级结果。数据显示，截至四季度末，满足评级年限并获得济 安评级的公募基金产品共计9074只，较前一季度增加203只。其中，获得五星评级的基金共937只。 | | | | !5年获得济安混合型基金5星评级的ł | | | | | --- | --- | --- | --- | --- | --- | --- | | 公司名称 | 盤利能力 | 业 ...

【导读】公募基金规模达到37.77万亿元，再创历史新高 在春季躁动行情、增量资金涌入等多重因素共同作用下，公募基金规模再创历史新高。 2月27日，中国基金业协会发布的最新一期公募基金市场数据显示，截至今年1月底，公募基金总规模达到37.77万亿元，连续10个月创新高。 从各类型公募基金规模变化上看，混合、货币及其他基金是推动公募基金规模增长的主力军，上述类型基金规模均实现千亿元级增长。从环比变化看，基 金中基金（FOF）份额环比大增15.05%，位居各类型基金榜首，其他基金也迎来11.06%的环比净申购。 公募基金规模连续10个月创历史新高 中国基金业协会最新披露的数据显示，截至2026年1月底，我国境内公募基金管理机构共165家，其中基金管理公司150家，取得公募资格的资产管理机构 15家。以上机构管理的公募基金资产净值合计37.77万亿元。 | 类别 | 基金数量(只) | 份额(亿份) | 净值(亿元) | 基金数量(只) | 份额(亿份) | 净值(亿元) | | --- | --- | --- | --- | --- | --- | --- | | | (2026/1/31) | (2026/1/3 ...

【公募总规模升至37.77万亿 连续十个月创下历史新高】智通财经2月27日电，中基协最新发布的公募基 金市场数据显示，截至2026年1月底，我国公募总规模达37.77万亿元，已连续十个月创下历史新高。分 类型来看，2026年1月混合型基金规模增长超3300亿元，货币型基金规模增长超2300亿元，其他基金规 模增长近2000亿元。债券基金的规模在当月下降超4000亿元，股票基金规模则下降超3400亿元。（智通 财经记者 李迪） 转自：智通财经 ...

业内人士表示，这与去年以来A股市场的强劲表现和各方对市场的信心愈发充足有着密切关系。 值得注意的是，今年以来，行业头部效应显著。在发行产品的基金管理人中，中欧基金以5只产 品、76.70亿元规模居首，万家基金、中银基金则以48.93亿元、35.49亿元的成绩紧随其后。头部公司凭 借品牌与投研优势，单只产品平均规模达15.34亿元，显著高于行业均值的8.57亿元。中小机构则聚焦细 分领域，如东财基金（5.57亿元）、中航基金（2.40亿元）通过主题基金实现差异化突围。 展望节后市场，博时基金认为，春节期间海外股市表现稳中有进，春节前市场担忧的风险因素在假 期期间基本没有发生。同时，春节期间出行、餐饮消费表现旺盛。 宏利基金权益投资部执行总经理李坤元认为，海外方面，今年美联储降息预期较强，全球将进 入"降息+流动性宽松"局面，整体对权益类资产有利；同时，国内各项经济指标好转，企业盈利明显改 善，将对A股市场形成有利支撑。在她看来，随着2026年企业盈利企稳、PPI改善、外资回流，高质量 风格（高ROE标的、行业龙头）风格有望回归。李坤元表示，宏利基金新发产品将聚焦于"科技成 长"与"中国优势"两大核心主线。一是A ...

Report Summary 1. Investment Rating The document does not mention the investment rating of the industry. 2. Core Views The report reviews the fund market in 2025, including the overall situation of the public - offering fund industry, the development of various sub - categories of public - offering funds, and the situation of private - offering securities investment funds. It also provides a market outlook for 2026 and selects several types of funds for attention. In 2025, the public - offering fund market achieved significant positive returns, and the private - offering securities investment fund market expanded in scale. In 2026, with the resonance of China's and the US policies, the A - share market is expected to shift from liquidity - driven to profit - driven, and attention should be paid to specific investment directions and the rhythm of the fixed - income market [2][9]. 3. Summary by Directory 3.1 Public Fund Overall Overview - **Asset Management Market Overview**: By the end of Q3 2025, the total scale of China's asset management business reached 80.03 trillion yuan. Public - offering funds and private - offering funds drove the growth of the asset management scale, with public - offering funds contributing 3.92 trillion yuan to the scale growth. The public - offering fund market maintained strong vitality, with a total scale of 36.67 trillion yuan and a total share of 31.30 trillion shares by the end of 2025, showing year - on - year growth [16][20]. - **Public Fund New - issuance Market**: In 2025, stock - type and bond - type funds were the main new - issuance products. The new - issuance volume of stock - type funds was large, and the new - issuance scale was comparable to that of bond - type funds, mainly relying on passive products [40]. - **Non - monetary Head Managers of Public Funds**: Since 2021, the top - three managers in terms of non - monetary fund scale have been relatively stable. In 2025, E Fund, China Asset Management, and GF Fund had different product line focuses in terms of stock and incremental scale. Huatai - Peregrine Fund and Invesco Great Wall Fund showed good performance [47][48]. - **Performance of Public Fund Products**: In 2025, the public - offering fund market achieved significant positive returns. Commodity - type funds represented by gold performed excellently, and stock - type funds also received good returns with reduced volatility and drawdown [3][56]. 3.2 Hot Topics in the Fund Industry - **Reform of Public - offering Fund Policies**: In 2025, a series of reform measures were introduced to promote the transformation of the public - offering fund industry from "scale - oriented" to "return - oriented" [59]. - **New - style Floating - rate Funds**: In 2025, new - style floating - rate funds were successively launched, which had important impacts on the public - offering fund market, such as guiding long - term holding and strengthening the binding mechanism between fund companies and investors [67][69]. - **Commercial Real Estate REITs**: In 2025, the pilot of commercial real estate REITs was officially launched, and 12 products had been officially declared by February 13, 2026 [73][75]. - **Development of the Fund Investment Advisory Industry**: Policy support, product expansion, and institutional empowerment promoted the development of the fund investment advisory industry. The investment scope of fund investment advisors was gradually broadened, and leading public - offering funds entered the market [77][79]. 3.3 Overview of Sub - categories of Public Funds - **Active Equity Funds**: In 2025, the scale of active equity funds rebounded, with an average return of 33.29%. Funds focusing on the AI industry chain led the gains [101]. - **Industry Theme Funds**: By the end of 2025, there were 2,009 industry theme funds, with a significant increase in scale. Funds in technology communication, large - scale technology, and large - scale manufacturing sectors led the gains [4][150]. - **Active Fixed - income Funds**: In the low - interest - rate environment and the rising equity market in 2025, the management pressure of pure - bond portfolios increased, while the scale of bond - containing funds increased significantly [170][174]. - **Passive Funds**: By the end of 2025, the total scale of passive funds exceeded 7.5 trillion yuan. ETFs continued to expand, and industry themes and bonds frequently created hot topics [205]. - **FOF Funds**: By the end of 2025, the total scale of FOF funds increased significantly, with performance showing significant differentiation. The new - issuance market recovered [296][309]. - **Quantitative Funds**: The scale of quantitative funds expanded rapidly, with index - enhanced funds dominating the scale. The new - issuance market of A500 and ChiNext/Science and Technology Innovation Board index - enhanced funds was hot, and small - cap products had outstanding returns [334][346]. 3.4 Overall Situation of Private - offering Securities Investment Funds - **Existing Situation**: By the end of December 2025, the existing scale of private - offering securities investment funds reached a record high of 7.08 trillion yuan, a year - on - year increase of 35.82%. The number of funds decreased, and fund managers continued to be cleared out [377]. - **New - issuance Market**: In 2025, the number and scale of newly - registered private - offering securities investment funds both increased. The access for new fund managers remained strict [382]. - **Industry Pattern**: The number of private - offering funds with a scale of over 10 billion yuan increased, while the number of those with a scale of less than 500 million yuan decreased significantly [391]. - **Market Trends**: In 2025, the scale of quantitative private - offering funds expanded again, and 14 new quantitative private - offering funds exceeded 10 billion yuan in scale. The regulatory rules for program trading were implemented [394][399]. - **Market Trends**: The number of insurance - funded private - offering securities investment funds increased to 7, and insurance funds increased their layout in the equity market through private - offering funds [400]. 3.5 Market Outlook in 2026 - **Macroeconomic Outlook**: In 2026, China's fiscal policy aims to balance "stable growth" and "structural transformation." If the fiscal space is fully released, a series of positive macroeconomic changes are expected. The total demand growth rate is expected to return to expansion [402][404]. - **Investment Direction**: In the equity market, attention should be paid to computing power, AI applications, AI power, cutting - edge technologies proposed in the 14th Five - Year Plan, pro - cyclical sectors, and domestic demand expansion and consumption recovery. In the fixed - income market, the interest rate center may rise, and the trading rhythm should be grasped [9]. - **Fund Selection**: The report selects several types of funds, including all - market investment equity funds, equity funds under different investment themes, fixed - income funds, and index - enhanced funds [10][11][12].

一、交易提示 数据显示，截至2月24日，1602只披露净值的保险资管产品中，今年以来正收益占比达93.2%，其中近20只权益类产品收益 率超10%。展望后市，机构表示将继续深耕科技创新、新质生产力等重点领域，挖掘优质上市公司，把握产业升级带来的 长期配置机遇。 A股迎来马年开门红,三大指数节后集体上涨。截至收盘,沪指涨0.87%,报4117.41点,深成指涨1.36%,报14291.57点,创业板指涨 0.99%,报3308.26点,科创50指数跌0.34%,报1465.37点。沪深两市合计成交额22020.62亿元。市场超4000只个股上涨,其中109 只个股涨停。 二、基金要闻 （1）02月24日新发基金共有32只，主要为混合型基金和股票型基金，其中华夏中证电池主题ETF募集目标金额达80.00亿 元；基金分红18只，多为ETF联接基金，派发红利最多的基金是天弘中证央企红利50指数型发起式证券投资基金，每10份 基金份额派发红利0.1000元。 （2）春节前后公募"红包雨"不断，截至2月24日，年内已有超730只基金发布分红方案，累计金额超367亿元。多只沪深 300、中证500等宽基ETF单次派现超10 ...