晨 会 纪 要 [2026]第 17 号 主 题：对近期重要经济金融新闻、行业事件、公司公告等进行点评 时 间：2026 年 1 月 27 日 8:50-9:30 会议形式：腾讯会议 参会人员：曹旭特 仇华 许雯 王攀 蒋栋 轩鹏程 文正平 张智珑 郭怡萍 李育 文 李正威 邢维洁 马丽明 汪炜 聂孟依 张弛 整理记录：李正威 研究所今日晨会要点如下: 一、金融工程 1.1、ETF 市场跟踪与配置周报（李正威） 上周 ETF 市场概况 截至 2026 年 1 月 23 日，沪深两市共有 1419 只 ETF，资产管理总规模为 57783.49 亿元。 其中股票型 ETF 共 1102 只（35709.89 亿元），债券型 ETF 共 53 只（7345.75 亿元），货币 型 ETF 共 27 只（1548.63 亿元），商品型 ETF 共 17 只（3081.67 亿元），跨境 ETF 共 208 只（10023.22 亿元），未上市 ETF 共 12 只（74.34 亿元）。 在 2026 年 1 月 19 日至 2026 年 1 月 23 日，根据 Wind 数据，按照基金上市日，本周共 有 8 只 E ...

三、基金产品发行情况 上周新成立基金 42 只，合计发行规模为 444.54 亿元，较前一周有所增 加。此外，上周有 40 只基金首次进入发行阶段，本周将有 43 只基金开始 发行。 一 上周市场回顾 1.1 相关热点回顾 一、基金申报发行动态 报 告 摘 要 一、上周市场回顾 二、开放式公募基金表现 上周共上报 58 只基金， 较 上上周申报数量 有所增加。 申报的产品包括 5 只 FOF 、 17 只 ETF ，国泰海通中证红利低波动 ETF 、国投瑞银上证科创板 200ETF 、华宝中证电网设备主题 ETF 等。 上周 A 股市场主要宽基指数走势出现分化，中证 500 、中证 1000 、科 创 50 指数收益靠前，收益分别为 4.34% 、 2.89% 、 2.62% ，沪深 300 、 创 业 板 指 、 上 证 综 指 指 数 收 益 靠 后 ， 收 益 分 别 为 -0.62% 、 -0.34% 、 0.84% 。 从成交额来看，上周主要宽基指数成交额均有所下降。行业方面，上周建 材、石油石化、钢铁收益靠前，收益分别为 9.18% 、 7.76% 、 6.98% ，银行、通信、食品饮料收益靠后， ...

Group 1 - The core viewpoint of the article highlights a significant increase in trading volume for major broad-based ETFs, specifically the Huatai-PB CSI 300 ETF and the Southern CSI 500 ETF, on January 19 [1][3][5] - During the period from January 14 to 16, stock ETFs (excluding cross-border ETFs) experienced a net outflow of 163.54 billion yuan, with broad-based ETFs alone seeing a net outflow of 198.48 billion yuan [9] - Despite the outflows, the new fund issuance market remains active, with some funds announcing early closure of fundraising due to high demand [12] Group 2 - The Huatai-PB CSI 300 ETF recorded a trading volume of 138 billion yuan on January 19, with notable spikes in trading activity during specific time frames [3] - The Southern CSI 500 ETF also showed significant trading volume, reaching 127 billion yuan for the day, indicating a similar trend to the Huatai-PB CSI 300 ETF [5] - Other ETFs, such as the Huatai-PB CSI A500 ETF and the Huaxia CSI A500 ETF, also exceeded 100 billion yuan in trading volume, reflecting a broader trend in the market [7] Group 3 - Certain thematic ETFs, such as the Harvest Software ETF and the Southern Nonferrous Metals ETF, attracted significant inflows, indicating a divergence in investor interest within the ETF market [10] - The market outlook suggests increased volatility in 2026, but structural opportunities remain significant, particularly in sectors like AI, solid-state batteries, robotics, and innovative pharmaceuticals [13]

Core Viewpoint - The public fund issuance market has shown significant growth since the beginning of the year, characterized by rapid increases in both volume and efficiency, reflecting a recovery in market confidence and changes in product strategies and investor allocation concepts [1][4]. Group 1: Fund Issuance Trends - Over 80 new funds have been launched as of January 18, 2023, marking an increase compared to the same period last year [1]. - In the week from January 12 to January 18, 36 new funds were launched, indicating sustained high demand for new products [1]. - Equity funds, including ordinary stock, mixed, and QDII stock funds, dominate the new fund landscape, accounting for over 70% of total new issuances [1]. Group 2: Focus on Equity Funds - Most newly issued ordinary stock funds are index funds, with only two actively managed funds focusing on technology sectors [2]. - Approximately 40% of active equity funds are sector-focused, targeting areas such as low-carbon economy, manufacturing upgrades, pharmaceuticals, semiconductors, and technology [2]. - In the QDII stock fund category, two new products focus on the Hong Kong market, investing in popular sectors like healthcare and technology [2]. Group 3: Fundraising Efficiency - The efficiency of new fund fundraising has improved, with many equity funds completing their fundraising in just 1 to 3 trading days [3]. - Several funds, including the Penghua CSI Industrial Nonferrous Metals Theme ETF, completed their fundraising in just one day, indicating strong market interest [3]. - The trend of early fundraising closures has become more common, reflecting a shift in market dynamics [3]. Group 4: FOF Product Highlights - FOF products have also seen rapid fundraising, with some funds completing their fundraising in as little as two days, such as the GF Yueying Stable Three-Month Holding Period Mixed FOF, which raised over 3.2 billion yuan [4]. - The Wanji Qi Tai Stable Three-Month Holding Period Mixed FOF reached nearly 2.1 billion yuan in just one day, showcasing the strong demand for these products [4]. Group 5: Underlying Factors for Growth - The surge in new fund issuance is attributed to a combination of policy support, favorable market conditions, increased investor interest, and heightened competition within the industry [5]. - Recent policies have aimed to enhance the scale and proportion of equity investments in public funds, improving registration and issuance efficiency [5]. - The positive performance of the A-share market and expectations of economic recovery have further fueled investor enthusiasm for new fund products [5].

Group 1 - The market is experiencing a mixed trend in fund flows, with equity funds announcing early closure of fundraising due to high subscription amounts exceeding their limits [1] - Several broad-based ETFs have seen significant trading volumes but are also facing substantial redemptions [1] - Industry experts believe that while equity assets still hold investment value, caution is advised to avoid blindly chasing high prices and to focus on quality targets based on industry trends [1] Group 2 - New fund issuance has accelerated, with multiple equity funds announcing early closure of fundraising, some within a single day [2] - For instance, Penghua Fund's ETF for industrial and non-ferrous metals closed fundraising early on January 15, having met the necessary conditions [2] - The trend of shortening fundraising periods indicates that fund managers aim to establish funds quickly and capitalize on market momentum [2] Group 3 - The issuance of equity funds has seen significant interest, with notable funds like E Fund's enhanced index fund raising 2.15 billion and Robeco's fund raising 1.262 billion [3] - However, there is a noticeable decline in fund flows for ETFs, with a net redemption of 68.5 billion on January 15 and 8.8 billion on January 14 [3] - Specific ETFs faced large redemptions, including Huatai-PB CSI 300 ETF with a net redemption of 20.157 billion and E Fund's Sci-Tech 50 ETF with 10.479 billion [3] Group 4 - On January 16, several broad-based ETFs continued to see significant trading volumes, with Huaxia CSI 300 ETF achieving a record trading volume of 22.7 billion [4] - Huatai-PB CSI 300 ETF also recorded a trading volume of 25.9 billion, ranking second only to a previous high [4] - Experts predict increased market volatility in 2026 but highlight the presence of structural opportunities, particularly in sectors like AI, solid-state batteries, robotics, and innovative pharmaceuticals [4]

Group 1 - The core viewpoint of the article highlights a significant acceleration in public fund issuance as of January 15, 2026, with 78 new funds launched, including 6 "sunshine funds" that closed early, indicating a proactive approach by institutions to capitalize on economic transformation opportunities [1][2] - FOF (Fund of Funds) and technology, along with high-end manufacturing thematic funds, are the main drivers of this issuance, reflecting a strong demand for selective stocks and industry quant products that sold out in a day [1][2] - The A-share market showed mixed performance on January 15, with the Shanghai Composite Index down 0.33% to 4112.6 points, while the Shenzhen Component Index and the ChiNext Index rose by 0.41% and 0.56%, respectively, amidst a total market turnover of 2.94 trillion yuan [1] Group 2 - On January 15, 2026, four new funds were launched, primarily equity and FOF funds, with the Penghua CSI Industrial Nonferrous Metals Theme ETF targeting a fundraising goal of 5 billion yuan [2] - In 2025, structured market conditions led to impressive performance for index-enhanced strategies, with 810 products achieving an average annual return of 45.08% and 88.02% of them generating positive excess returns [2] - The end of large public collective funds by the end of 2025, combined with tightened approval for public fund licenses, has intensified pressure on brokerage asset management, leading to a focus on "fixed income+" and multi-asset strategies to stabilize the basic market [2] Group 3 - A detailed list of new funds launched on January 15, 2026, includes various funds with their respective target amounts and investment types, such as the Pengnong Central Asia Industrial Nonferrous Metals Theme ETF with a target of 5 billion yuan [3] - The article also provides a comprehensive overview of fund dividends, with 89 funds distributing dividends, the highest being 2.73 yuan per 10 shares for the ICBC Credit Suisse China Opportunity Global Allocation Equity Fund [4][5]

Group 1 - The Penghua CSI Industrial Nonferrous Metals Theme ETF (159162) will be launched for subscription from January 15, 2026, to January 23, 2026, with a maximum initial fundraising scale of 5 billion yuan [1] - The fund will be managed by Penghua Fund, with Yan Dong serving as the fund manager [1] - The performance benchmark for the fund is the return rate of the CSI Industrial Nonferrous Metals Theme Index [1]