③2026年开年以来，多只跨境ETF陆续发布溢价风险提示公告，提示投资者关注二级市场交易价格溢价 风险。1月7日，易方达基金、南方基金、富国基金、汇添富基金等多家机构旗下QDII产品，也发布了 溢价风险提示公告。（王辉） 中证网讯 ①中国人民银行1月7日公告，1月8日将以固定数量、利率招标、多重价位中标方式开展11000 亿元买断式逆回购操作，期限为3个月（90天）。考虑到1月月内将有11000亿元3个月期买断式逆回购到 期，本次操作为等量续作。 ②Wind数据显示，2026年前两个交易日，资金多流向宽基、有色、黄金等涨幅明显的板块。此外， 2025年的最后三个交易日，至少有超50亿资金涌入有色主题ETF。截至1月7日，华夏中证细分有色金属 产业ETF等多只有色主题ETF今年以来实现"三连涨"。 ...

编者按： 回望2025，公募基金行业奋楫前行，在时代变革的浪潮中焕发蓬勃生机。历经27载耕耘的公募行业，正以持续改 革之姿迎来蝶变时刻。 值得一提的是，近两年前两阶段费率改革已平稳落地，切实降低了投资者的投资成本。此次销售费率改革方案 的发布，意味着公募基金费率改革第三阶段工作全面启动，这也是分阶段推进费率改革的"最后关键一步"。 今年是公募基金行业从"粗放发展"向"高质量发展"转型的关键节点。一系列标志性政策法规陆续落地见效，公募行 业生态体系迎来系统性重构；费率改革稳步推进，行业竞争格局重塑；科技资产异军突起，成为配置新主线；债 券基金震荡加剧，考验机构风险管控能力；公募REITs家族持续扩容，丰富基础设施投资版图；多元资产配置重要 性愈发凸显，公募基金以源源不断的创新产品，诠释普惠金融的初心与本色。 临近岁末，证券时报 ·券商中国 特推出"公募基金十大新闻"，全景回溯2025年行业的发展脉络。 1.改革重塑行业生态 2025年，我国公募基金行业迈入改革深水区，一系列改革举措不断向前推进，精准回应了市场关切与社会期 待。引导公募行业高质量发展的政策法规密集出台，这些政策法规通过优化收费模式、强化利益绑定、 ...

公募行业动态 2025/12/8-12/14 基金销售新规划定多重红线 12月12日，中国证券投资基金业协会下发《公开募集证券投资基金销售行为规范（征求意见稿）》（以 下简称《规范》），向行业征求意见。这份《规范》从宣传推介、直播销售、费用披露、绩效考核、廉 洁从业等多个核心维度划定监管红线，剑指行业长期存在的"重销售、轻服务"等乱象，旨在推动基金销 售行为回归投资者利益本位。 如禁止1年期以下业绩年化展示、严禁炒作基金经理个人、宣传推介基金的直播人员需持证上岗、关闭 直播打赏功能、销售绩效考核体系转向投资者回报导向等。业内人士认为：基金销售是连接投资者与资 本市场的桥梁，行业应当牢固树立以投资者利益为核心的长期销售理念，全面转向"以投资者真实长期 收益为中心"的新范式。 港交所科技100指数发布 12月9日，香港交易所宣布推出港交所科技100指数，为港交所首只港股指数。同日，易方达基金获授权 在内地开发追踪港交所科技100的ETF。 据公开资料，港交所科技100是一个宽基股票指数，追踪100家在香港交易所上市的市值最大的科技公司 的表现。这些公司的行业涵盖六大创新主题，分别为：人工智能、生物科技及制药、电动 ...

上银基金作为上海银行（601229）旗下全资子公司，正深刻践行公募基金管理人的专业使命与国资国企 的社会责任。一是加快构建"平台式、一体化、多策略"投研体系。强化对国家战略导向、产业升级方 向、技术发展路径、全球竞争格局的穿透式深度洞察，聚焦新质生产力发展，尤其是在科创赛道，积极 拓展细分行业、主题、策略研究的广度与深度，坚守长期主义，努力为硬科技破茧突围注入长期资本活 水。二是持续丰富直达实体需求的"金融工具箱"。优化和丰富科创主题权益类基金供给，布局更多聚焦 细分产业链、技术路线的主题基金；积极探索科创股、债、区域主题ETF等产品布局，加大对区域协调 发展和重点产业转型升级的资本赋能。 二、"专业资本"守正惠民：夯实共同富裕的金融根基 全会将"扎实推进共同富裕"列为"十五五"时期的重要目标，赋予了金融工作更深层的时代使命——必须 超越单纯的逐利逻辑，回归"金融为民"的价值本源。作为管理着超30万亿元居民资产、直接服务数亿持 有人的专业力量，新时期的公募基金行业在《推动公募基金高质量发展行动方案》指引下，逐步成为值 得托付的"专业资本"。 党的二十届四中全会立足中国式现代化建设宏伟蓝图，擘画了"十五五"时期 ...

Core Viewpoint - The premium trading of certain QDII products has raised concerns among investors, highlighting the risks associated with blindly pursuing these products as their prices may not reflect their intrinsic value [1][2][3] Group 1: Market Dynamics - Some QDII products are experiencing premium trading, with certain products reaching new high premium rates due to heightened investor enthusiasm [1] - Premium trading has become a norm, leading some investors to speculate on higher premium rates for potential gains, which carries significant risks [1] - Market conditions can change rapidly, such as increased QDII quotas or major sell-offs, which could lead to a decline in premiums, resulting in actual losses for investors [1] Group 2: Investor Behavior - The blind pursuit of premium QDII products reflects a deviation in investment philosophy among some investors, who often overlook fundamental risks in favor of short-term price increases [2] - Investors are advised to recognize the risks associated with premium products and to avoid following trends without thorough analysis of the underlying value and potential risks [2] - A long-term investment mindset is essential, as overseas markets exhibit more complex volatility compared to domestic markets [2] Group 3: Regulatory Recommendations - Regulatory bodies should enhance oversight of the premium QDII product market to prevent excessive premiums and other anomalies [3] - Improving information disclosure and investor education can increase market transparency and awareness of risks, fostering a fairer investment environment [3] - The correct investment strategy involves selecting products priced below their intrinsic value for purchase and holding [3]

Core Viewpoint - The premium trading of certain QDII products has raised concerns among investors, highlighting the risks associated with blindly pursuing these premium products, as a decline in premium could lead to actual losses for investors [1][2][3] Group 1: Premium Trading Dynamics - Some QDII products are experiencing premium trading, with certain products reaching new high premium rates due to heightened investor enthusiasm [1] - The phenomenon of premium trading is not new, but when it becomes the norm, it can lead to speculative behaviors among investors aiming for higher returns through premium rate speculation, which carries significant risks [1][2] Group 2: Investor Behavior and Mindset - The blind pursuit of premium QDII products reflects a deviation in investment philosophy among some investors, who often overlook fundamental risks in favor of short-term price increases [2] - Investors are advised to recognize the risks associated with premium products, avoid following trends, and consider various factors such as investment targets and management teams when selecting QDII products [2] Group 3: Regulatory and Market Considerations - Regulatory bodies are encouraged to enhance oversight of the premium QDII product market to prevent excessive premiums and ensure market order [3] - Improving information disclosure and investor education is essential to increase market transparency and investor risk awareness, creating a fairer investment environment [3]

Core Viewpoint - The premium trading of certain QDII products has raised concerns among investors, highlighting the risks associated with blindly pursuing these products as their prices may not reflect their intrinsic value [1][2][3] Group 1: Premium Trading of QDII Products - Some QDII products are experiencing premium trading, with certain products reaching new high premium rates due to heightened investor enthusiasm [1] - Premium trading has become a norm, leading some investors to speculate on higher premium rates for potential gains, which carries significant risks [1] - A shift in market conditions, such as increased QDII quotas or major fund sell-offs, could lead to a rapid decline in premiums, resulting in actual losses for investors [1] Group 2: Investor Behavior and Mindset - The blind pursuit of premium QDII products reflects a deviation in investment philosophy among some investors, who often overlook fundamental risks in favor of short-term price increases [2] - Investors are advised to recognize the risks associated with premium products and to avoid following trends without thorough analysis of intrinsic value and potential risks [2] - A long-term investment mindset is essential, as overseas markets exhibit different dynamics and complexities compared to domestic markets [2] Group 3: Regulatory Recommendations - Regulatory bodies should enhance oversight of the premium QDII product market to prevent excessive premiums and other anomalies [3] - Improving information disclosure and investor education can increase market transparency and awareness of risks, fostering a fairer investment environment [3] - Adopting a value investment strategy by selecting products priced below their intrinsic value is recommended for investors [3]

Group 1 - 16 hard technology-themed funds have been approved, including 7 AI ETFs, 3 chip ETFs, 4 chip design ETFs, and 2 actively managed technology equity funds from various fund managers such as E Fund, GF Fund, and Invesco Great Wall Fund, expected to be launched soon [1] - QDII products, represented by indices like Nasdaq 100 and S&P 500, have tightened subscription limits, with some products suspending subscriptions due to high premium rates in the market, indicating a disparity in technology asset performance across different markets [1] - MSCI announced the results of its index review for November 2025, which will take effect after the market closes on November 24, including the addition of 26 Chinese stocks and the removal of 20 stocks from the MSCI China Index [1]

Core Insights - Shanghai Trust has seen a significant reduction in its asset management scale from 900 billion yuan at the end of 2017 to 470 billion yuan by the end of 2022 due to regulatory pressures on financing and channel businesses [1] - The company has successfully restructured its client service system and developed a wealth management account system, leading to a management asset scale that has surpassed 1.3 trillion yuan [1] - The trust system offers unique advantages in asset independence, risk isolation, wealth inheritance, and asset allocation, meeting the societal demand for cross-generational arrangements of assets [1] Group 1 - As of the end of September, the number of active wealth management trust accounts has exceeded approximately 13,000, with a total scale of 90 billion yuan [1] - The company has integrated multiple functions into its wealth management trust accounts, including retirement services, cross-border allocation, special needs, and charitable activities, providing comprehensive wealth management from birth to descendants [1] Group 2 - The company’s actively managed standard trust scale has surpassed 200 billion yuan, with rights asset management products amounting to about 35 billion yuan, accounting for nearly 20% of the total [2] - Shanghai Trust aims to become a global provider of asset and wealth management services, currently holding various cross-border business qualifications [2] - The company has established an international wealth management product matrix covering various asset classes, with cumulative issuance of QDII products exceeding 23 billion yuan [2]

Core Viewpoint - The recent change in identity of Dan Bin, chairman of Dongfang Hongwan, from "China" to "Hong Kong, China" has attracted market attention, indicating a strategic shift towards greater international flexibility and potential tax advantages for the private equity firm [1][2][3]. Group 1: Identity Change and Company Structure - Dan Bin's identity change was officially recorded on August 26, 2023, and he has stepped down as the general manager while retaining the title of manager [2]. - Dongfang Hongwan has submitted an application to the Asset Management Association of China regarding the change in the identity of its actual controller, which is currently under regulatory review [2][3]. - The company reassured that this change will not affect its operational stability or investment strategy execution [1][2]. Group 2: Strategic Implications of Hong Kong Identity - The shift to a Hong Kong identity provides Dongfang Hongwan with advantages in capital markets, tax arrangements, and cross-border investment opportunities, enhancing its international operational flexibility [3]. - This identity change may facilitate easier participation in the Hong Kong and U.S. stock markets, as well as attract overseas capital and partnerships [3]. Group 3: AI Market Dynamics - The AI investment surge has led to significant increases in U.S. tech stock valuations, with major companies like Nvidia and Oracle making substantial investments in AI capabilities [4][7]. - The debate over potential "AI bubbles" has intensified, with warnings from the IMF and the Bank of England about the rapid rise in tech stock valuations and the associated risks [7]. - Dan Bin expressed that the risk of missing out on the AI era outweighs the concerns about a bubble, suggesting a long-term view on the potential of AI investments [7].