行 行业周报 资金情绪回落，多品种价格回调 分析师： 张珂 SAC NO： S1150523120001 2026 年 2 月 4 日 钢铁 有色金属 证券分析师 张珂 022-23839062 zhangke@bhzq.com 研究助理 重点品种推荐 洛阳钼业 增持 中金黄金 增持 华友钴业 增持 紫金矿业 增持 中国铝业 增持 近三月行业指数走势图 投资要点： 行业情况及产品价格走势初判 钢铁：后续随着春节前需求季节性走弱，钢材库存或进一步累积，需关注宏观 情绪对钢价影响。 铜：临近春节假期下游需求将减弱，资金情绪回落，短期铜价或调整后震荡运 行。 铝：资金情绪回落，春节前需求预计将走弱，短期铝价或迎来调整后震荡运 行。 黄金：我们认为金价回调后，后续地缘政治风险以及美国国内政治不确定性 （如政府停摆风险）仍有望为金价提供底部支撑，需警惕风险事件缓和对金 价的压力。另外，我们认为美国总统特朗普提名的新美联储主席未来偏鸽派 的可能性更大，后续美联储政策或超出市场预期，有望支撑金价。 锂：抢出口需求叠加供应偏紧预期，容量电价政策也有望改善需求预期，锂价 调整过后有望获得支撑。 稀土：春节前需求或走弱，但现货供 ...

Fixed Income Research - The net financing amount is at a historically high level, indicating that the logic of asset scarcity has dissipated. The overall change in the issuance guidance rates published by the trading association has mostly decreased by 5 to 1 basis points. In January, the issuance scale of credit bonds increased month-on-month, with only medium-term notes seeing a decrease in issuance amount, while other varieties saw increases. The net financing amount for credit bonds increased month-on-month, with medium-term notes showing a decrease, while other varieties saw increases. Corporate bonds, directional tools had negative net financing, while corporate bonds, medium-term notes, and short-term financing bonds had positive net financing [2][3]. - In the secondary market, the transaction scale of credit bonds decreased month-on-month, with transaction amounts for all varieties declining. The yield on credit bonds remained low and fluctuated, with most varieties showing a month-on-month decline in average yield. The credit spread for most varieties narrowed month-on-month, with the varieties that widened mainly concentrated in the 7-year term. Most varieties' spreads are at historical lows. From an absolute return perspective, insufficient supply and relatively strong allocation demand will continue to drive the recovery of credit bonds. Although fluctuations are inevitable due to various factors, the conditions for a comprehensive bear market in credit bonds remain insufficient. In the long run, future yields are still in a downward channel, and the strategy of increasing allocation during adjustments remains feasible [3]. Fund Research - In January, the market for actively managed equity funds saw a significant increase in issuance, with a total of 88 new funds issued, amounting to 91.48 billion yuan. The issuance of actively managed equity funds and passive equity funds was 41.70 billion units and 19.62 billion units, respectively, with a significant increase in the issuance of actively managed equity funds. Overall, the issuance market for equity funds has warmed up significantly, especially for actively managed equity funds [6][7]. - The performance of equity markets was outstanding in January, with all types of funds showing varying degrees of increase. The average increase for commodity funds was the largest at 17.92%. The growth style outperformed the value style, and the mid-cap balanced style had the largest increase at 8.99%, while the large-cap value style had the smallest increase at approximately 4.22% [8]. Industry Research - The valuation repair of the real estate chain can continue, with positive signals from the government regarding real estate policies. The market is transitioning from a large-scale expansion phase to a focus on quality improvement. The goal is to actively construct a new development model for real estate, emphasizing both short-term and long-term strategies. The sales recovery process will significantly impact bond valuations, and investors with a higher risk appetite may consider early positioning, especially in companies showing strong performance in new financing and sales recovery [4][10]. - In the paper industry, several leading companies have announced price increases for white cardboard and corrugated paper, with expected price hikes of 200 yuan/ton for white cardboard and 30-50 yuan/ton for corrugated paper. The upcoming annual maintenance period for paper companies will disrupt supply, while the approaching Spring Festival will boost packaging demand from e-commerce, food, and beverage sectors, supporting price increases [12]. - In the metals industry, the steel sector is expected to continue a weak performance due to the Spring Festival holiday, with production and demand both shrinking. The copper market is also anticipated to see inventory accumulation due to reduced production activities during the holiday, with a focus on post-holiday demand verification [13][15].

Group 1 - The net financing amount of credit bonds is at a historically high level, indicating that the logic of asset scarcity has dissipated [1] - In January, the issuance scale of credit bonds increased month-on-month, with the exception of medium-term notes, which saw a decrease in issuance amount [11] - The overall trend in credit bond yields remains low, with most varieties showing a month-on-month decline in average yields [59] Group 2 - The real estate market is transitioning from a phase of large-scale expansion to one focused on quality improvement, supported by ongoing policy optimization [60][61] - The recovery in real estate sales is expected to significantly impact bond valuations, with a focus on companies showing strong performance in new financing and sales recovery [61] - Investment strategies should prioritize high-quality state-owned enterprises and well-secured private enterprise bonds, while also considering opportunities in undervalued real estate bonds [61] Group 3 - The likelihood of default on urban investment bonds is low, making them a key focus for credit bond allocation [3] - The reform and transformation of financing platforms are accelerating under strict regulations, presenting opportunities for "entity-type" financing platforms [3] - Investment strategies should favor mid-to-short-term credit bonds while maintaining a cautious approach to trading strategies [3]

Industry Overview - The report indicates that the steel industry is expected to continue its weak performance in February due to the impact of the Spring Festival holiday, with demand likely to remain subdued and production to contract, leading to slight fluctuations in steel prices [2][17][18] - In the copper sector, production activities on both supply and demand sides are anticipated to be affected by the Spring Festival, resulting in continued inventory accumulation. Attention should be paid to post-holiday demand verification and geopolitical developments [2][32] - The aluminum industry is facing a slight contraction in production, with sufficient supply of bauxite from Guinea. Post-holiday production recovery in alumina and electrolytic aluminum plants may support alumina prices [3][41] - Gold prices are expected to experience increased volatility in the short term, influenced by geopolitical risks and domestic political uncertainties in the U.S. [3][51] Steel Sector - The steel PMI index for January 2026 is reported at 49.9%, indicating continued contraction but a slowdown in the rate of decline, with steel prices showing slight fluctuations [17] - In December 2025, the average daily transaction volume of construction steel was 98,600 tons, down 1.81% month-on-month and 10.95% year-on-year [18] - The total crude steel production for December 2025 was 960.81 million tons, a year-on-year decrease of 4.40% [19] Copper Sector - China's electrolytic copper production in January increased by 0.10% month-on-month and 16.32% year-on-year, with a total production of 1.326 million tons in December 2025 [32][33] - The LME copper inventory rose by 18.69% to 175,000 tons, while SHFE copper inventory increased by 91.81% to 156,900 tons during the same period [33][40] Aluminum Sector - The production of metallurgical-grade alumina in January 2026 decreased by 1.78% month-on-month and 2.6% year-on-year, with total production at 8.011 million tons in December 2025 [41][42] - The domestic electrolytic aluminum production in December 2025 was 3.874 million tons, reflecting a year-on-year increase of 2.87% [42] Precious Metals - Gold prices increased by 13.28% to $4,907.50 per ounce from December 31, 2025, to January 30, 2026, while silver prices rose by 20.10% to $85.25 per ounce during the same period [51][52] Lithium and Cobalt - The price of battery-grade lithium carbonate increased by 32.08% to 158,500 yuan per ton, while the price of battery-grade lithium hydroxide rose by 64.58% to 158,000 yuan per ton [53] - The average price of 1 cobalt decreased by 4.99% to 447,000 yuan per ton during the reporting period [65] Rare Earths - The report notes a recovery in the supply of praseodymium and neodymium oxides, with prices for praseodymium-neodymium oxide increasing by 23.41% to 748,500 yuan per ton [73]

1. Report Industry Investment Rating - Not mentioned in the report 2. Core Viewpoints of the Report - In January, all major indices in the Shanghai and Shenzhen markets rose. The CSI 500 and ChiNext 50 led the gains, both rising by over 12%, while the SSE 50 had the smallest increase of 1.17%. Among the 31 Shenwan primary industries, 26 industries rose, with the top 5 gainers being non - ferrous metals, media, petroleum and petrochemicals, building materials, and chemicals. The declining industries were banking, household appliances, non - bank finance, transportation, and agriculture, forestry, animal husbandry, and fishery [1][14]. - In December 2025, the total number of new individual investor accounts in the market reached 2.5861 million, and the number of new institutional investor accounts was 11,100. The private securities investment fund market continued to heat up, with the newly registered scale in December increasing month - on - month to 54.174 billion yuan, and the existing scale reaching 22.15 trillion yuan [2][21][23]. - In January, 88 new funds were issued, with a total issuance scale of 91.481 billion yuan. The issuance shares of active equity funds and passive equity funds were 41.704 billion and 19.62 billion respectively, and the issuance shares of active equity funds increased significantly month - on - month. All types of funds rose to varying degrees, with commodity - type funds having the largest average increase of 17.92% [3][38]. - In January, the active equity funds increased their positions in the petroleum and petrochemical, non - ferrous metals, and basic chemical industries, and reduced their positions in the national defense and military industry, pharmaceutical biology, and computer industries. The overall position of active equity funds on January 30, 2025, was 73.88%, an increase of 0.78 percentage points from the previous month [4][54][58]. - In January, the ETF market had a net capital outflow of 841.187 billion yuan. Many ETFs related to the CSI 300 and SSE 50 indices in the broad - based index suffered significant capital outflows. Among the actively traded individual securities, gold stock ETFs, China - South Korea semiconductor ETFs, mining ETFs, industrial non - ferrous metal ETFs, and ChiNext chip design ETFs led the gains, rising by 22.5% - 39.6%, while bank ETFs, E Fund's Hong Kong Stock Connect medical ETF, automobile ETFs, Peng Hua's general aviation ETF, and Huaxia's financial real - estate ETF led the losses, falling by 4.8% - 6.4% [5][61][62]. - In January, the risk - parity model rose by 2.07%, and the risk - budget model rose by 2.39% [6][73]. 3. Summary According to Relevant Catalogs 3.1 Domestic Market Situation - In January, all major stock indices in the Shanghai and Shenzhen markets rose. The CSI 500 and ChiNext 50 led the gains, both rising by over 12%, and the SSE 50 had the smallest increase of 1.17%. Among the 31 Shenwan primary industries, 26 industries rose, and 5 industries fell. In the bond market, the ChinaBond Composite Total Return Index rose by 0.22%, and the ChinaBond Treasury, financial bond, and credit bond total return indices fluctuated between a decline of 0.09% and an increase of 0.24%. The CSI Convertible Bond Index rose by 5.82%. In the commodity market, the Nanhua Commodity Index rose by 8.61% [1][14]. - In December 2025, the total number of new individual investor accounts in the market reached 2.5861 million, and the number of new institutional investor accounts was 11,100. The private securities investment fund market continued to heat up, with the newly registered scale in December increasing month - on - month to 54.174 billion yuan, and the existing scale reaching 22.15 trillion yuan [2][21][23]. 3.2 European, American, and Asia - Pacific Market Situation - In January, most major indices in the European, American, and Asia - Pacific markets rose. In the US stock market, the S&P 500 rose by 0.29%, the Dow Jones Industrial Average rose by 1.76%, and the Nasdaq Composite rose by 0.95%. In the European market, the French CAC40 fell by 0.28%, and the German DAX rose by 0.20%. In the Asia - Pacific market, the Hang Seng Index rose by 6.85%, and the Nikkei 225 rose by 5.93% [26]. 3.3 Market Valuation Situation - In January, the valuations of all major market indices rose. In terms of the historical quantile of price - to - earnings ratio, the CSI All - Share Index led the increase, rising by 8.5 percentage points. In terms of the historical quantile of price - to - book ratio, the CSI 1000 led the increase, rising by 15.3 percentage points. Among the industries, the top five industries with the highest historical quantile of price - to - earnings ratio of the Shenwan primary index last month were real estate, electronics, chemicals, commercial trade, and comprehensive. The price - to - earnings ratio quantile of the real estate industry was at a high level, and that of the electronics industry reached 96.2%. The bottom five industries with the lowest historical quantile of price - to - earnings ratio were non - bank finance, agriculture, forestry, animal husbandry, and fishery, food and beverages, beauty care, and pharmaceutical biology. The valuation of the non - bank finance industry was close to its historical low since 2013 [31]. 3.4 Overall Situation of Public - Offering Funds 3.4.1 Fund Issuance Situation - In January, 88 new funds were issued, with a total issuance scale of 91.481 billion yuan. Among them, 36 stock - type funds were issued with a scale of 19.669 billion yuan; 36 hybrid funds were issued with a scale of 46.646 billion yuan; 4 bond - type funds were issued with a scale of 49.46 billion yuan; 10 FOF funds were issued with a scale of 18.713 billion yuan; and 2 QDII funds were issued with a scale of 15.07 billion yuan. The issuance shares of active equity funds and passive equity funds were 41.704 billion and 19.62 billion respectively, and the issuance shares of active equity funds increased significantly month - on - month [38]. 3.4.2 Fund Market Return Situation - In January, the equity market performed outstandingly, and all types of funds rose to varying degrees. Commodity - type funds had the largest average increase of 17.92%. From the perspective of fund style indices, in January, the market showed a general upward trend, and the market performance of different - style funds was differentiated. The growth style outperformed the value style, and the small - and medium - cap style outperformed the large - cap style. Overall, the mid - cap balanced style had the largest increase of 8.99%, and the large - cap value style had the smallest increase of about 4.22%. Among different - scale equity - biased public - offering funds, the mini - funds with a scale of 50 million - 100 million had the largest average increase of 7.27% and a positive return ratio of 95.25%, while the super - large funds with a scale of over 10 billion had the smallest average increase of 4.79% and a positive return ratio of 87.10% [3][42][51]. 3.4.3 Active Equity Fund Position Situation - In January, active equity funds increased their positions in the petroleum and petrochemical, non - ferrous metals, and basic chemical industries, and reduced their positions in the national defense and military industry, pharmaceutical biology, and computer industries. The overall position of active equity funds on January 30, 2025, was 73.88%, an increase of 0.78 percentage points from the previous month [4][54][58]. 3.5 ETF Fund Situation - In January, the ETF market had a net capital outflow of 841.187 billion yuan. Among them, stock - type ETFs had a net outflow of 793.799 billion yuan, cross - border ETFs had a net inflow of 30.917 billion yuan, and bond - type ETFs had a net outflow of 106.172 billion yuan. In terms of liquidity, the average daily trading volume of the overall ETF market in this period reached 604.575 billion yuan, the average daily trading volume reached 226.327 billion shares, and the average daily turnover rate was 9.17%, an increase of 2.02 percentage points from December of the previous year. Many ETFs related to the CSI 300 and SSE 50 indices in the broad - based index suffered significant capital outflows. Among the actively traded individual securities, gold stock ETFs, China - South Korea semiconductor ETFs, mining ETFs, industrial non - ferrous metal ETFs, and ChiNext chip design ETFs led the gains, rising by 22.5% - 39.6%, while bank ETFs, E Fund's Hong Kong Stock Connect medical ETF, automobile ETFs, Peng Hua's general aviation ETF, and Huaxia's financial real - estate ETF led the losses, falling by 4.8% - 6.4%. The ETFs with the largest net capital inflows were non - ferrous metal ETFs, gold ETFs, chemical ETFs, power grid equipment ETFs, and semiconductor equipment ETFs, while the ETFs with the largest net capital outflows were Huatai - Peregrine CSI 300 ETF, E Fund CSI 300 ETF, Huaxia CSI 300 ETF, SSE 50 ETF, and Harvest CSI 300 ETF [5][61][62]. 3.6 Model Operation Situation - Four types of large - scale asset allocation models were constructed using stocks, bonds, commodities, and QDII. In January, the risk - parity model rose by 2.07%, and the risk - budget model rose by 2.39%. Since 2015, the annualized return of the risk - parity model has been 4.94%, with a maximum drawdown of 2.31%, and the annualized return of the risk - budget model has been 5.13%, with a maximum drawdown of 9.80%. Next month, the asset allocation weights of the models remain unchanged. For the risk - parity model, stocks: bonds: commodities: QDII = 6%: 69%: 12%: 13%; for the risk - budget model, stocks: bonds: commodities: QDII = 14%: 49%: 8%: 29% [68][73][74].

行 行业月报 业 地产链估值修复可延续，白卡、瓦楞纸迎涨价 研 ——轻工制造&纺织服饰行业 2 月投资策略展望 | | | 袁艺博 | SAC | NO： | S1150521120002 | | 年 | | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 分析师： | | | | | | | | | | | | | | | | 2026 | | | | | | | | | | | | 02 | | | | | | | | | | | | 月 03 | | | 究 | | | | | | | | | | 轻工制造 纺织服饰 投资要点： 行业要闻 证券分析师 （1）多家房企称已不被要求上报三道红线，仍需提交资产负债率指标。 袁艺博 yuanyb@bhzq.com （2）2025 年造纸和纸制品业实现利润总额 443.0 亿元，同比下降 13.6%。 022-23839135 行业发展情况 研子究行助业理评级 （1）2025 年，社会消费品零售总额家具类为 2,091.90 亿元，同比增长 14.62%。 证 家居用品 中 ...

Macro and Strategy Research - The report highlights that public fiscal expenditure in 2025 focused on livelihood, technology, and environmental protection, with total public budget revenue at 21,604.5 billion yuan, a year-on-year decrease of 1.7%, while expenditure reached 28,739.5 billion yuan, an increase of 1% [2] - The government fund budget revenue was 5,770.4 billion yuan, down 7% year-on-year, while expenditure increased by 11.3% to 11,287.4 billion yuan [2] - Public fiscal income showed a negative growth primarily due to non-tax revenue, while tax revenue achieved positive growth, with major tax categories (VAT, corporate income tax, and personal income tax) transitioning from negative to positive growth [3] - Public fiscal expenditure in the livelihood sector accounted for over 38% of total expenditure, significantly higher than the average of the past five years, with a notable increase in technology spending [4] - The completion ratio for the national general public budget revenue was 98.3%, lower than the average of the past five years, while the expenditure completion ratio was 96.8% [4] Manufacturing Sector Analysis - The manufacturing PMI for January 2026 was reported at 49.3%, indicating a contraction in manufacturing activity, with both production and new orders indices declining [8] - The production index fell by 1.1 percentage points to 50.6%, while the new orders index dropped by 1.6 percentage points to 49.2%, reflecting insufficient effective demand [9] - The non-manufacturing business activity index also decreased to 49.4%, with the construction sector experiencing a significant drop due to seasonal factors [10] - The comprehensive PMI output index fell to 49.8%, entering the contraction zone, primarily due to the decline in both manufacturing and non-manufacturing sectors [10] Fund Research - The report notes that the public fund market experienced significant outflows, with a net outflow of 298.1 billion yuan from the ETF market, particularly from stock ETFs [12] - The average performance of equity funds showed a decline, with quantitative funds experiencing the largest drop of 1.10% [13] - New fund issuance increased, with 45 new funds launched, raising a total of 48.27 billion yuan, indicating a slight recovery in market interest [14]

宏 观 研 究 税收收入同比涨幅收窄，非税收入同比降幅扩大。税收收入中，增值税和企业 所得税收入同比涨幅收窄，可能源于 11 月工业增加值、社零等经济数据降温 滞后反馈在税收数据上；个人所得税同比涨幅持平，持续高于整体税收同比增 速，主要源于股息红利所得税增加。其他税种中，消费税同比涨幅收窄；证券 交易印花税同比涨幅收窄，主要受高基数拖累；车辆购置税同比降幅继续扩大。 全年来看，公共财政收入负增长主要是非税收入的拖累，主要源于 2024 年一 次性安排中央单位上缴专项收益抬高基数。税收收入实现正增长，月度同比增 速呈现逐步由负转正的特征，下半年通胀改善对税收读数形成拉动。结构上， 三大主力税种（增值税、企业所得税和个人所得税）均由 2024 年的负增长转 为正增长；装备制造业、现代服务业等行业税收表现良好；权益市场热度较高， 带动对个人所得税、证券交易印花税收入大幅改善。 从预算完成比例来看，2025 年完成全年国家一般公共预算收入的 98.3%，低 于过去 5 年的平均水平。 公共财政支出：重在民生、科技和环保 2025 年 12 月，公共财政支出累计同比增速较 11 月回落 0.4 个百分点，12 月 支 ...

Report Industry Investment Rating No investment rating for the industry is provided in the report. Core Viewpoints of the Report - In the market review from January 26 to January 30, 2026, most major equity market indices declined, with the Small and Medium - sized Board Index experiencing the largest drop of 3.78%. Among the 31 Shenwan primary industries, 10 industries rose, with the top five gainers being petroleum and petrochemicals, communications, coal, non - ferrous metals, and agriculture, forestry, animal husbandry, and fishery; the top five decliners were national defense and military industry, electrical equipment, automobiles, computers, and comprehensive industries [1][12]. - In the public fund market, the CSRC solicited public opinions on the "Content and Format of Regular Reports of Publicly Offered Securities Investment Funds" and the Asset Management Association of China officially established the performance comparison benchmark element library for public funds. In terms of fund performance, quantitative funds in equity funds had the largest decline, with an average drop of 1.10% and a positive return ratio of 24.74%; fixed - income + funds averaged a 0.20% decline with a positive return ratio of 35.23%; pure - bond funds averaged a 0.03% increase with a positive return ratio of 84.81%; pension target FOFs averaged an 0.81% increase with a positive return ratio of 94.97%. QDII funds averaged a 0.77% increase with a positive return ratio of 63.95%. Actively managed equity funds increased their positions in non - ferrous metals, petroleum and petrochemicals, and food and beverages last week, while reducing positions in pharmaceutical biology, electronics, and household appliances. As of January 30, 2026, the position of actively managed equity funds was 73.88%, a decrease of 1.07 pct from the previous period [1][2]. - In the ETF market, last week, the overall ETF market had a net capital outflow of 298.095 billion yuan, with the outflow scale narrowing slightly compared to the previous period. Stock - type ETFs had the largest net outflow of 317.982 billion yuan. The average daily trading volume of the overall ETF market reached 635.407 billion yuan, the average daily trading volume was 225.627 billion shares, and the average daily turnover rate was 9.11%. Chemical, gold, non - ferrous metals, and convertible bond sectors were the main capital inflow varieties, while broad - based indices such as the CSI 300, CSI 1000, SSE 50, and CSI Small - cap 500 continued to see large - scale capital outflows, with the capital outflow of the CSI 300 index exceeding 240 billion yuan [3][50]. - Regarding fund issuance, last week, 45 new funds were issued, 5 more than the previous period; 47 new funds were established, 5 more than the previous period. New funds raised a total of 48.272 billion yuan, an increase of 3.818 billion yuan from the previous period [4]. Summary by Relevant Catalogs 1. Market Review 1.1 Domestic Market Conditions - From January 26 to January 30, 2026, most major equity market indices declined, with the Small and Medium - sized Board Index dropping 3.78%, the largest decline. Among the 31 Shenwan primary industries, 10 industries rose, and the top five gainers and decliners were as mentioned above. In the bond market, the ChinaBond Composite Full - Price Index remained unchanged, while the ChinaBond Treasury Bond, Financial Bond, and Credit Bond Total Full - Price Indices fluctuated from a 0.03% decline to a 0.05% increase, and the CSI Convertible Bond Index dropped 2.61%. In the commodity market, the Nanhua Commodity Index rose 2.60% [12]. 1.2 European, American and Asian - Pacific Market Conditions - Last week, most major indices in European, American, and Asian - Pacific markets declined. In the US stock market, the S&P 500 index rose 0.21%, the Dow Jones Industrial Average fell 0.39%, and the Nasdaq Composite fell 0.17%. In the European market, the French CAC40 fell 0.20% and the German DAX fell 1.45%. In the Asian - Pacific market, the Hang Seng Index rose 2.38% and the Nikkei 225 fell 0.97% [20]. 1.3 Market Valuation Conditions - Last week, the valuation quantiles of most major market indices declined. In terms of the historical quantiles of price - to - earnings ratios, the SSE 50 had the highest increase of 5.7 pct. In terms of the historical quantiles of price - to - book ratios, the SSE 50 also had the highest increase of 2.5 pct. Among industries, the top five industries with the highest historical quantiles of price - to - earnings ratios in the Shenwan primary index were real estate, electronics, chemicals, commercial trade, and comprehensive industries. The lowest five were non - bank finance, agriculture, forestry, animal husbandry, and fishery, food and beverages, beauty care, and pharmaceutical biology [23]. 2. Active Public Fund Conditions Market Hotspots - The CSRC solicited public opinions on the "Content and Format of Regular Reports of Publicly Offered Securities Investment Funds", integrating and revising relevant regulations to strengthen industry transparency and protect the legitimate rights and interests of fund share - holders. The Asset Management Association of China also solicited industry opinions on the "XBRL Template for Information Disclosure of Securities Investment Funds", which requires adding long - term performance data and other information [31][32]. - The Asset Management Association of China officially established the performance comparison benchmark element library for public funds, including 155 indices in total, with adjustments in the number of indices and operation rules [33]. Fund Performance - As mentioned above, different types of funds had different performance, and the top - performing funds in each category last week and this year were also listed [39][40][43]. Industry Positions of Actively Managed Equity Funds - Last week, actively managed equity funds increased their positions in non - ferrous metals, petroleum and petrochemicals, and food and beverages, and reduced positions in pharmaceutical biology, electronics, and household appliances. As of January 30, 2026, the position of actively managed equity funds was 73.88%, a decrease of 1.07 pct from the previous period [45][46]. 3. ETF Fund Conditions - Last week, the overall ETF market had a net capital outflow of 298.095 billion yuan, with stock - type ETFs having the largest net outflow of 317.982 billion yuan. The average daily trading volume of the overall ETF market was 635.407 billion yuan, the average daily trading volume was 225.627 billion shares, and the average daily turnover rate was 9.11%. Chemical, gold, non - ferrous metals, and convertible bond sectors were the main capital inflow varieties, while broad - based indices such as the CSI 300, CSI 1000, SSE 50, and CSI Small - cap 500 continued to see large - scale capital outflows [3][50]. 4. Fund Issuance Statistics - Last week, 45 new funds were issued, 5 more than the previous period, including 24 actively managed equity funds and 12 passive index funds. The 12 passive index funds were all stock - type, mainly tracking indices such as the SZSE GEM New Energy Vehicle Battery Index, CSI Industrial Non - ferrous Metals Theme Index, and CSI Photovoltaic Industry Index. 47 new funds were established, 5 more than the previous period, and new funds raised a total of 48.272 billion yuan, an increase of 3.818 billion yuan from the previous period [4][58][63].

Manufacturing Sector - The manufacturing PMI dropped to 49.3%, indicating a contraction in the sector[2] - The production index decreased by 1.1 percentage points to 50.6%, attributed to seasonal factors ahead of the Spring Festival[2] - The new orders index fell by 1.6 percentage points to 49.2%, signaling insufficient effective demand[2] - New export orders decreased by 1.2 percentage points to 47.8%, reflecting accelerated contraction possibly due to changes in import policies in some regions[2] - Large enterprises' manufacturing PMI fell by 0.5 percentage points to 50.3%, while medium and small enterprises saw declines to 48.7% and 47.4% respectively[2] Non-Manufacturing Sector - The non-manufacturing business activity index fell by 0.8 percentage points to 49.4%, returning to contraction territory[3] - The construction sector's index dropped significantly by 4.0 percentage points to 48.8%, impacted by seasonal and weather conditions[3] - The service sector's index slightly decreased by 0.2 percentage points to 49.5%, remaining below the neutral point[3] Overall Economic Outlook - The composite PMI output index fell by 0.9 percentage points to 49.8%, entering the contraction zone due to declines in both manufacturing and non-manufacturing sectors[3] - Seasonal pressures from the upcoming Spring Festival are expected to further impact manufacturing activity in February[3] - Risks include potential seasonal factors not aligning with expectations and uncertainties in the external environment affecting exports[3]