Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - A shares rose, and the TMT sector performed well. It is recommended to have a balanced style allocation, emphasize technology - growth style funds, and also consider domestic - demand value assets [1][3][17] - For stock - hybrid funds, it is optimistic about the technology - growth and domestic - demand directions benefiting from incremental policies and industry event catalysts; for bond funds, it is suggested to focus on medium - duration interest - rate bond products [3][17] Summary by Relevant Catalogs Past Two - Week Market Review - **A - share Market**: During the pre - holiday week (20260209 - 20260213), A shares continued the previous upward trend. The TMT sector represented by AI applications performed well. The Shanghai Composite Index rose 0.41%, the Shenzhen Component Index rose 1.39%. The growth style outperformed the value style. The trading volume of the two markets decreased by about 146.82 billion yuan compared with the previous week. Among the industries, 18 out of 31 industries rose, with the top - performing industries being comprehensive, computer, etc., and the bottom - performing being textile and apparel, food and beverage, etc. [6] - **Bond Market**: In the pre - holiday week, due to loose funds and increased demand for holding bonds during the holiday, the bond market rose. The yields of 1 - year and 10 - year treasury bonds and national development bonds generally decreased, and the spreads of corporate bonds and urban investment bonds changed. The main bond indexes rose, and the convertible bond index rose 1.08% [7] - **Overseas Market**: In the past two weeks (20260209 - 20260220), the US stocks fell due to factors such as the Fed official's adjustment of the expected interest - rate cut and concerns about private loans. European markets rose, and Asian - Pacific markets showed mixed performance. The US dollar index fell, and commodity prices such as oil and precious metals rose. [8] Pre - holiday Week Fund Market Review - **Stock - type Funds**: Stock - type funds rose 1.27% overall, with active stock - open funds rising 1.42%, outperforming the index. Some funds heavily invested in artificial intelligence, chip semiconductors and other sectors performed well. Index funds tracking artificial intelligence and film and television themes also performed well [9][10] - **Bond - type Funds**: Bond - type funds rose 0.15% overall, with active bond - open funds rising 0.16%, outperforming the index. Partial - debt bond funds and convertible - bond funds with equity assets in chip semiconductors, media and other sectors performed well, and some pure - bond funds with heavy allocation of medium - short - duration interest - rate bonds also performed well [10] - **QDII Funds**: Equity - type QDII funds rose 1.02% overall, and some funds mainly investing in markets such as Japan and South Korea performed well. QDII bond - type funds rose 0.35% [11] - **Other Funds**: The annualized yield of money funds was 1.20%. Gold ETFs and their linked funds rose 1.40%, and commodity - type funds rose 1.65% [10][12] Future Investment Strategy - **Macro - economy**: In January 2026, the social financing stock growth rate was 8.2%, with government bonds being the main contributor. The credit showed a phenomenon of short - term debt. M1 and M2 growth rates both increased, with M2 reaching a two - year high. The financial data at the beginning of the year showed stable credit and strong currency. In the future, corporate foreign exchange settlement and fiscal efforts are expected to promote domestic liquidity expansion [13][14] - **Stock Market**: The trading heat of hot topics declined, and the space - photovoltaic - related topics strengthened. With the convening of local two sessions and the approaching Spring Festival, the technology - growth and domestic - demand directions are favored [15] - **Bond Market**: There are three possible scenarios for the Fed's subsequent policies. Currently, the risk of US long - term bonds may be accumulating, and the allocation strategy should focus on medium - duration varieties [16] - **Fund Investment**: For stock - hybrid funds, a balanced style allocation is recommended, emphasizing technology - growth style funds and considering domestic - demand value assets; for bond funds, it is suggested to focus on medium - duration interest - rate bond products; money funds have no trending investment opportunities; for commodity funds, gold ETFs can be appropriately allocated [17] Fund Market Latest Developments - **Fund Investment Advisers' Adjustment**: Since the beginning of 2026, fund investment advisers have accelerated the pace of portfolio adjustment. Nearly 178 out of 650 portfolios have been adjusted, increasing the allocation of low - valuation value - type funds. The positions of A - shares and bonds have been increased, and cash, US stocks and Hong Kong stocks have been reduced [18] - **New Fund Issuance**: Since the beginning of 2026, new fund issuance has been booming. In January, 169 new funds were issued, reaching the highest level since March 2023. Many funds were sold out in one day, and a 7 - billion - level active equity new product appeared. Institutions are preparing for the post - holiday market [19][20] - **Newly Established Funds in the Past Two Weeks**: A total of 64 new funds were established, with an average subscription period of about 16 days and an average raised share of 911 million. The total raised share was 58.33 billion, with Peng'an Antai Interest - rate Bond raising the largest share of 6 billion [21] - **Next Week's Fund Dividends**: 20 funds will conduct equity registration. Tianhong CSI Central - State - owned Enterprises' Dividend 50 Index is worth noting, with a dividend of 0.1 yuan per 10 shares [22]

基金评价 /[Table_Date] 2026.02.02 | [Table_Authors] | 庄梓恺(分析师) | | --- | --- | | | 021-23219370 | | | zhuangzikai@gtht.com | | 登记编号 | S0880525040038 | 国泰海通证券开放式基金周报(20260202) 建议均衡偏成长风格配置，重视科技成长风格基金，兼顾大 金融、顺周期等资产 本报告导读： A 股震荡，石油石化、通信和煤炭板块表现较优，部分重仓有色金属、通信等板块 的基金表现较优。建议均衡偏成长风格配置，重视科技成长风格基金，兼顾大金融、 顺周期等资产。 投资要点： [Table_Report] 相关报告 国泰海通证券：ETF 数据周报（2026.02.01） 2026.02.01 国泰海通证券：基金数据周报（2026.02.01） 2026.02.01 国泰海通证券：ETF 数据周报（2026.01.25） 2026.01.25 国泰海通证券开放式基金周报(20260125) 2026.01.25 国泰海通证券：基金数据周报（2026.01.25） 2026.01.25 ...

Report Industry Investment Rating The document does not provide a specific industry investment rating. Core Viewpoints of the Report - Future investment strategy suggests balanced style allocation, emphasizing technology, non - banking, and consumption sectors. For stock funds, A - share market may have a spring "good start" with policy expectations, liquidity, and fundamentals improving. For bond funds, short - term negative factors are repaired, but mid - term structural optimization is incomplete. Money funds have no trend investment opportunities in the long - term low - interest environment [3][4]. - Last week, the A - share market continued its upward trend and had a good start, with satellite, AI application, and non - ferrous sectors performing well. The bond market declined, the US stock market reached a new high, and oil and gold prices rose due to geopolitical risks. Funds heavily invested in medical, semiconductor, and military sectors performed well [4][6][7]. Summary by Related Catalogs 1. Last Week's Market Review - **A - share Market**: Continued the upward trend and had a good start during 20260105 - 20260111. Satellite, AI application, and non - ferrous sectors were strong. The satellite sector's popularity and IPO benefits drove the military sector; AI company listings on the Hong Kong Stock Exchange boosted the AI application sector; the US military action in Venezuela affected non - ferrous metal supply and pushed up the sector. The Shanghai Composite Index rose 3.82% to 4120.43, and the Shenzhen Component Index rose 4.40% to 14120.15. The trading volume was 14.13 trillion yuan, with a daily average increase of about 1.56 trillion yuan compared to the previous week. Among industries, defense, media, non - ferrous, computer, and medical sectors led the increase [4][6][7]. - **Bond Market**: Declined as the strong A - share market suppressed it. The 1 - year Treasury yield dropped 5BP to 1.29%, and the 10 - year Treasury yield rose 3BP to 1.88%. Credit spreads narrowed. The ChinaBond Aggregate Net Price Index fell 0.24%, while the CSI Convertible Bond Index rose 4.45% [4][8]. - **Overseas Market**: The US stock market reached a new high, with the Dow Jones Industrial Average rising 2.32%, the S&P 500 rising 1.57%, and the Nasdaq rising 1.88%. European and most Asian markets also rose, except for the Hang Seng Index which fell 0.41%. The US dollar index rose 0.69%. Geopolitical risks from the US military action in Venezuela increased oil and gold prices [4][9]. 2. Last Week's Fund Market Review - **Stock Funds**: Rose 4.92%. Some funds heavily invested in medical, semiconductor, and military sectors performed well. Index funds related to satellite, semiconductor, and media themes did well [4][10][11]. - **Bond Funds**: Rose 0.29%. Partial - debt funds and convertible bond funds with semiconductor and computer in their equity allocation performed well. Among pure - debt funds, those mainly investing in high - grade credit bonds and medium - short - term bonds did better [4][10][11]. - **QDII Funds**: Equity QDII funds rose 2.62%, with funds mainly investing in medicine and semiconductor themes performing well. QDII bond funds rose 0.10% [4][10][12]. - **Money Funds**: Had an annualized yield of 1.58%. Different types of摊余成本法债 funds had different yields [11]. - **Gold ETF and Linked Funds**: Rose 2.85%. Commodity funds rose 2.64% [13]. 3. Future Investment Strategy - **Stock Market**: Policy expectations, liquidity, and fundamentals are expected to improve, and the A - share market may have a spring "good start". Industries with good prospects are technology, non - banking, and consumption. It is recommended to have a balanced style allocation and focus on these sectors [4][14][15]. - **Bond Market**: Short - term negative factors are repaired, but mid - term structural optimization is incomplete. It is recommended to focus on interest - rate bonds with flexible durations and products that mainly invest in high - grade and highly liquid credit bonds [4][15]. - **Money Market**: There are no trend investment opportunities in the long - term low - interest environment [4][15]. - **Commodity Market**: It is advisable to appropriately allocate gold ETFs for long - term and hedging investments [15]. 4. Latest Fund Market Developments - **QDII Quota**: Under the background of promoting inclusive finance, QDII quotas should be more used in public - offering products. Fund companies need to adjust the proportion of QDII quotas used in public - offering and private - placement products, reducing the private - placement quota ratio to within 20% by the end of 2027 and completing at least half of the adjustment by the end of 2026 [17]. - **Fund Sales Fee Regulations**: The official version of the regulations relaxes the redemption fee constraints for bond funds and fine - tunes the subscription and purchase fees. Bond ETFs may become important tools for liquidity management and trading by wealth management institutions. Wealth management funds may gradually increase their allocation to equity funds, with broad - based index funds and low - volatility "fixed - income +" products being more popular [18]. - **Newly Issued Funds**: 11 new funds were established last week, including 3 low - position ordinary FOF funds, 2 strong - equity hybrid funds, 2 stock ETFs, etc. The average subscription days were about 12 days, and the average raised share was 7.45 billion, with a total of 81.91 billion shares [19]. - **Upcoming Fund Dividends**: 99 funds will conduct equity registration in the coming week. The most notable is the Chang Sheng Aerospace and Marine Equipment A, with a dividend of 2.764 yuan per 10 shares [20].