（文章来源：第一财经） 据中国银行间交易商协会消息，2025年，交易商协会支持2300余家企业发行债务融资工具10.1万亿元， 连续两年突破十万亿元，净融资额1.7万亿元，发行金额和净融资额占公司信用债比重均超六成。2025 年末，存续规模突破18万亿元，同比增长10%，增速较公司信用债整体高3个百分点。 ...

Group 1 - The tax authorities have intensified the crackdown on illegal activities by tax intermediaries, highlighting the involvement of such intermediaries in corporate tax evasion [1][2] - On January 8, the State Taxation Administration exposed six cases of illegal activities by tax intermediaries, with the last exposure occurring just over a month prior [1] - A significant case involved Jilin Hongcheng Financial Consulting Service Co., where the actual controller, Li Li, manipulated 76 shell companies to issue 2,782 fraudulent VAT invoices, amounting to 214 million yuan, resulting in illegal profits of 942,600 yuan [1] Group 2 - In another case, Sichuan Guangyuan City Taxation Bureau, in collaboration with the police, investigated Guangyuan Minghui Enterprise Management Co. for issuing fraudulent VAT invoices, leading to fines and prison sentences for the actual controller and six others [2] - Since 2025, a total of 484 illegal tax intermediaries have been investigated, with punitive measures taken against related institutions and personnel, reinforcing the authority of tax laws and economic order [2] - The State Taxation Administration advises businesses to choose tax service providers with high credit ratings and to remain vigilant against illegal agents that could harm their interests [2]

Core Viewpoint - The Shanghai Composite Index experienced a slight decline of 0.07% but closed higher than its opening price, marking a 15-day consecutive rise in K-line patterns [1] Market Performance - The Shenzhen Component Index fell by 0.51% and the ChiNext Index decreased by 0.82% [1] - The Science and Technology Innovation Index rose by 1.14% [1] - Total trading volume in the Shanghai and Shenzhen markets reached 28,265 billion, a decrease of 552 billion compared to the previous day [1] Sector Performance - The commercial aerospace sector showed strong performance, with Aerospace Hongtu hitting the daily limit of 20 cm, and nearly 40 stocks including Jieli Rigging and Taisheng Wind Power also reaching the daily limit [1] - The controllable nuclear fusion sector performed well, and AI applications were active [1] - In contrast, the large financial sector saw an expanded decline in the afternoon, while the rare earth permanent magnet sector continued to fall [1] - Overall, there were more gainers than losers, with over 3,700 stocks rising [1]

恒指报收26149.31点，跌1.17%，恒生科技指数报收5678.34点，跌1.05%。联想集团跌超5%，舜宇光学 科技跌超4%。智谱上市首日收涨超13%。（AI生成） 恒指报收26149.31点，跌1.17%，恒生科技指数报收5678.34点，跌1.05%。联想集团跌超5%，舜宇光学 科技跌超4%。智谱上市首日收涨超13%。（AI生成） ...

Group 1 - The sports consumer goods industry is facing growth pressure but also presents unprecedented new opportunities [1][4] - Bain Capital announced the acquisition of EcoMarketing, the parent company of the Korean sports and leisure brand Andar, for 500 billion KRW (approximately 2.4 billion RMB) [2] - Andar, founded in 2015, has expanded from a female-focused market to include men's apparel, similar to the growth trajectory of Lululemon [2] Group 2 - The global sports goods industry is experiencing a slowdown, with annual growth rates expected to decline from 7% (2021-2024) to 6% (2024-2029) [4] - Consumers are becoming more price-sensitive due to inflation, leading to a preference for high-cost performance products and reduced brand loyalty [4] - Emerging brands like Lululemon and On have surpassed traditional industry giants in revenue growth and market share, prompting established companies to reassess their growth strategies and market positioning [4]

杭萧钢构公告，公司就近日在"e互动"上回复投资者所关注的中标杭州箭元航天科技有限公司相关工程 项目予以说明。根据公司与湖南建工集团有限公司签订的《联合体协议书》，公司负责部分的合同金额 （不含暂列金、暂估价、措施费及规费）（含税）为6931.8792万元，公司负责上述项目生产车间厂房 钢结构（主、次构件、檩条、墙梁、走道板、钢梯、与钢结构连接的螺栓及预埋件）材料采购、除锈及 防腐、制作及安装，楼承板、彩板围护墙面（不含内隔墙、吊顶）、彩板墙处的门窗、钢屋面（含防 水）、排烟天窗、防火涂料建设内容的施工工作。上述项目为公司日常经营业务合同，合同收入根据履 约进度逐步确认。在合同履约过程中，如遇政策、市场、环境等不可预计或不可抗力等因素影响，可能 会导致合同无法如期或全面履行，合同履行存在一定的不确定性。公司在上述项目中涉及的合同金额较 小，占公司2024年度经审计的营业收入的比例不到1%，对公司全年业绩不产生重大影响。 ...

国家邮政局披露的数据显示，2025年全国快递业务收入和快递业务量分别完成1.5万亿元和1990亿件，同比分别增长6.5%和13.7%。2026年行业仍将保持稳步 上升态势，预计快递业务量完成2140亿件，同比增长8%左右。邮政行业业务收入、快递业务收入稳步提升。 继续聚焦价格 伴随技术、价格的变化，快递业正向高质量发展迈进。 2026年全国邮政工作会议指出，"十五五"时期，全行业要摆脱对规模和速度的传统路径依赖，将发展重心切换到质的有效提升和量的合理增长上来。前瞻性 应对存量市场竞争带来的新挑战，引导企业摒弃"以价换量"旧模式，着力遏制无序非理性竞争，追求实实在在、成色更足的增长，解决好末端服务不告而 投、丢失损坏的问题。 此外，会议强调，行业要注重普惠性基础性兜底性民生建设，以及持续优化国际物流组织模式，强化与跨境电商、中国制造的信息协同、资源协同和业务协 同。 对此，快递物流专家赵小敏对第一财经记者表示，从监管层释放的信号看，今年将继续引导企业向高质量的路径发展，同时平衡好快递公司、加盟商和快递 员三方的利益。 另一方面，在监管加强的背景下，行业会进一步合规化，包括企业的环保责任、快递员的福利保障、派费机 ...

美克家居发布股票交易风险提示性公告称，公司预计2025年度公司的利润总额、归属于上市公司股东的 净利润或者归属于上市公司股东的扣除非经常性损益的净利润为负值。 ...

天晟新材公告，公司第一大股东吴海宙正在筹划重大事项，该事项可能导致公司控制权发生变动。经公 司向深圳证券交易所申请，公司股票自2026年1月9日开市起停牌，预计停牌时间不超过2个交易日。停 牌期间，公司将根据事项进展情况，严格按照法律法规的规定和要求履行信息披露义务。待上述事项确 定后，公司将及时披露相关公告并申请公司股票复牌。 登录新浪财经APP 搜索【信披】查看更多考评等级 ...

Group 1 - The core viewpoint of the articles is that the Chinese capital market is expected to perform beyond expectations in 2026, with significant interest from foreign investors and a shift towards active participation in the market [1][3][5] - UBS highlights that the MSCI China Index's price-to-earnings ratio is around 13 times, slightly above the ten-year average, indicating that the market is not overheated [3][4] - Goldman Sachs maintains an overweight rating on A-shares and H-shares, predicting a 20% increase in the MSCI China Index and a 12% increase in the CSI 300 Index in 2026 [5][6] Group 2 - In 2025, major A-share indices saw significant increases, with the Shanghai Composite Index rising by 18.41%, the Shenzhen Component Index by 29.87%, and the ChiNext Index by 49.57% [2] - UBS expects a 14% or higher profit growth for the MSCI China Index in 2026, driven by sectors such as internet platforms, high-end manufacturing, and companies with global expansion capabilities [3][4] - Goldman Sachs forecasts that the growth momentum in 2026 will shift from valuation expansion to profit-driven growth, particularly in the TMT sector, which is expected to see a profit increase of about 20% [6][7] Group 3 - Foreign investors' interest in Chinese assets has significantly increased, with a notable shift from passive observation to active participation, as evidenced by the re-establishment of teams focused on China [3][4] - The allocation of global top 40 international investors to Chinese assets has rebounded but still has room for growth compared to the averages from 2017 to 2021 [4] - Goldman Sachs suggests focusing on four investment themes: companies benefiting from AI development, sectors supported by the 14th Five-Year Plan, leading export companies, and firms with substantial shareholder returns [7]