◎记者 朱妍 春节未至，公募基金的"红包"率先到来。数据显示，2026年以来，公募基金分红金额同比大幅提升，权 益类基金分红占比近八成。在政策、业绩、行业转型和资金需求共同作用下，公募分红力度加大已成为 行业高质量发展下的一大趋势。 Choice数据显示，2026年以来，截至2月4日，610只公募基金分红630次（不同份额分开计算），分红总 额达到334.64亿元，同比增长37.38%。 权益类基金是年内分红的"主力军"，分红总额已达263亿元，占所有基金分红金额的近八成。其中：股 票型基金的分红额为194.38亿元，在各类产品中遥遥领先；混合型基金分红额达到68.65亿元。同时，在 分红次数方面，今年以来，共有14只基金分红2次及以上，这些产品均为权益类基金。 从单只基金分红额来看，最"大方"的5只产品均为ETF。沪深300ETF华泰柏瑞以98亿元的分红额暂居首 位，沪深300ETF易方达分红额为近45亿元。 排排网旗下融智投资FOF基金经理李春瑜认为，行业正从规模扩张转向"投资者利益优先"，分红已经成 为提升持有体验的关键，被动型产品的发展提升了分红力度。此外，宽基ETF等产品的规模扩大、分红 机制成熟， ...

Core Insights - Chongqing's Yongchuan District is transforming from an "industrial small town" to a "new industrial city" through the development of a modern manufacturing cluster known as "3322" [1][2] - The district is integrating traditional industries with modern technology, showcasing a blend of historical culture and contemporary industrial growth [1][2] Group 1: Industrial Development - Yongchuan is home to advanced manufacturing facilities, including Great Wall Motors and Yadea's electric motorcycle production, highlighting the shift to intelligent factories and smart production lines [1] - The district is focusing on high-end products, such as advanced fiberglass from the Dongfang Hope new materials project, which aims to fill gaps in the western industrial landscape [2] Group 2: Innovation and Future Planning - Yongchuan is actively developing a hydrogen energy industry chain and exploring low-altitude economy through drone testing, indicating a commitment to green energy and new industrial sectors [2] - The integration of digital economy with traditional industries is evident, as seen in the use of virtual filming technology in the film industry, showcasing the deep fusion of digital and physical economies [2] Group 3: Strategic Vision - Yongchuan's development is characterized by a strategic vision of becoming a "sub-center of Chongqing city and an international open hub in western China," reflecting its ambition for high-quality growth within the Chengdu-Chongqing economic circle [2] - The district emphasizes the importance of education-industry integration to strengthen its development foundation, ensuring sustainable industrial growth [2]

Core Insights - The article highlights the accelerated pace of institutional research on A-share listed companies as they prepare for investment opportunities in 2026, with over 700 companies receiving institutional inquiries since the beginning of the year [2] Group 1: Institutional Research Trends - More than 700 A-share listed companies have been visited by institutional investors for research since the start of 2026, with over 20 companies attracting more than 100 institutions each [2] - Key sectors attracting attention include electronics, machinery, pharmaceuticals, power equipment, and non-ferrous metals [2] Group 2: New Product Launches - Several companies have announced timelines for mass production of new products, indicating a strong growth outlook for 2026 [3] - Nepean Mining revealed plans to globally promote its innovative composite lining board, with production ramping up in 2026 [3] - Huajin Technology's robotics division is set to deliver mass-produced robots in 2026, enhancing flexible manufacturing capabilities [3] - Jiemai Technology is investing in a production line for critical products, expected to achieve scale production by mid-2026 [3] Group 3: Brain-Computer Interface Developments - Companies like Xiangyu Medical are focusing on brain-computer interface technologies, with plans to launch nearly 100 products by the end of 2026 [4] - The integration of software with rehabilitation equipment is expected to enhance product offerings and reduce upgrade cycles [4] Group 4: High-Growth Sector Expansion - The demand for AI and computing power is driving growth in sectors like optical communication and liquid cooling, prompting companies to accelerate production capacity [5] - Daikin Heavy Industries reported a tight production schedule for overseas projects, anticipating significant growth in offshore wind energy markets [5] - Zhongji Xuchuang noted a strong order backlog extending into Q4 2026, indicating sustained demand in the optical module sector [5] Group 5: Storage and Liquid Cooling Innovations - Dike Technology plans to increase its storage chip output target to between 30 million and 50 million units in 2026, aiming for significant revenue growth [6] - Dingtong Technology is expanding its liquid cooling production capacity to meet rising customer demand [6] - Haitan Ruisheng is enhancing its overseas operations, planning to establish a second local delivery base in Southeast Asia by the end of 2026 [6] Group 6: Mergers and Acquisitions for Growth - Companies are increasingly pursuing acquisitions to enter new markets and drive business transformation [7] - Yingtang Zhikong plans to acquire Guanglong Integration and Ao Jian Microelectronics to enter the optical communication sector [7] - Dinglong Co. is acquiring Haofei New Materials to expand into the lithium battery materials market, with expected sales growth in 2026 [7] - Tianlu Technology is reallocating funds to projects aimed at enhancing its product offerings in the display industry [8]

Core Viewpoint - Shanghai Pharmaceuticals plans to transfer 30% equity stake in its subsidiary, China Medical Shanghai Bristol-Myers Squibb Pharmaceutical Co., Ltd. (referred to as "China Medical Bristol-Myers Squibb"), through a public listing with a minimum transfer price of 1.023 billion yuan [1][2] Group 1: Transaction Details - The transfer price is based on the previous equity disposal plan by Bristol-Myers Squibb, which aimed to sell its 60% stake in China Medical Bristol-Myers Squibb for approximately 480 million USD, equating to 1.44 billion USD for Shanghai Pharmaceuticals' 30% stake [1] - The transaction will result in Shanghai Pharmaceuticals no longer holding any equity in China Medical Bristol-Myers Squibb if completed successfully [1] Group 2: Company Financials - China Medical Bristol-Myers Squibb, established in 1982, has a registered capital of 18.44 million USD and operates in the pharmaceutical manufacturing sector [2] - For the fiscal year 2024 and the first three quarters of 2025, the company reported revenues of 1.795 billion yuan and 1.096 billion yuan, with net profits of 248 million yuan and 87.11 million yuan, respectively [2] - As of September 30, 2025, the total assets of China Medical Bristol-Myers Squibb amounted to 1.262 billion yuan, with net assets of 797 million yuan [2] Group 3: Strategic Implications - The transaction is expected to maximize asset value and protect the interests of all shareholders, particularly minority shareholders [1] - Shanghai Pharmaceuticals asserts that this transaction will not significantly impact its normal operations and financial status, while also optimizing its investment structure [2]

雅迪重庆基地生产车间 重庆市永川区城市一角 长城汽车永川工厂 永川科技片场 数据印证了永川产业崛起的坚实步伐：地区生产总值连续多年稳步攀升，2025年实现规上工业总产值 1050.7亿元，规上工业企业数量达394家，是国家定位的现代制造业基地、西部职教基地，也是重庆支 持建设的城市副中心。 "我们将按照市委、市政府部署，持续提升城市综合承载力、经济辐射力和示范引领力，把区位优势、 产教优势转化为产业胜势，推动传统产业筑基、新兴产业聚能、未来产业布局，为成渝地区双城经济圈 建设贡献更强永川力量。"永川区相关负责人表示。 ◎记者 李少鹏 链聚实业：筑强集群根基，激活产业发展新动能 永川茶山竹海 城以"永"为名，寄寓永续发展之愿；业以"川"为脉，承载川流不息之兴。 重庆市永川区——这座承载千年文脉的古城，东接重庆主城，西连四川泸州，得天独厚的区位优势，使 其自古便是川渝黔交通要冲、商贸重镇，更成为如今成渝地区双城经济圈建设中不可或缺的产业枢纽。 近年来，永川牢牢把握制造业高质量发展核心，以"3322"现代制造业集群体系建设为抓手，聚焦智能网 联新能源汽车摩托车及零部件、新材料、大数据及人工智能三大重点产业，夯实消费 ...

Core Viewpoint - Recent fluctuations in international gold prices have significantly increased volatility, impacting both gold itself and related bank wealth management products, which has prompted a reassessment of asset allocation capabilities in the context of risk awareness [2][3]. Group 1: Market Dynamics - The recent volatility in the gold market is attributed more to emotional and capital dynamics rather than fundamental shifts [2]. - The surge in gold prices at the beginning of the year was driven by expectations of Federal Reserve rate cuts and geopolitical risks, but market sentiment reversed with the potential appointment of a hawkish Fed chair [2]. - The concentration of profit-taking led to a significant market downturn, exacerbated by leveraged futures liquidations and quantitative trading strategies [2]. Group 2: Long-term Outlook - Despite short-term volatility, institutions maintain a strong long-term outlook for gold, viewing it as a core asset in the new macroeconomic cycle [3]. - Gold is evolving from a traditional safe-haven asset to a sovereign reserve asset, with its pricing logic shifting from financial cycles to monetary cycles [3]. Group 3: Strategic and Tactical Importance - The strategic role of gold in asset allocation remains unchanged, but its tactical importance is increasing, with a focus on flexible adjustments to respond to geopolitical and monetary uncertainties [4]. - Gold is viewed as a "satellite" asset in wealth management, enhancing portfolio resilience rather than determining absolute returns [6]. - The allocation of gold in investment portfolios is typically controlled between 5% to 15%, aimed at improving overall portfolio stability [6]. Group 4: Product Design and Risk Management - Wealth management products linked to gold have shown minor fluctuations, reflecting the transmission of underlying asset risks to higher-level products [5]. - The design of wealth management products emphasizes risk diversification and hedging against stock and bond volatility, with gold serving as a stabilizer due to its low correlation with mainstream assets [6][7]. - The impact of market shocks on most wealth management products is considered manageable, as gold does not provide cash flow returns and primarily serves a hedging function [7]. Group 5: Investor Psychology and Education - The recent market dynamics challenge the perception that safe-haven assets are devoid of volatility, necessitating a shift in investor expectations [8]. - Investors must recognize that gold allocation involves accepting price volatility in exchange for long-term stability in extreme conditions [9]. - There is a need for improved investor education to address misconceptions about the nature of gold as a financial instrument and the realities of net asset value fluctuations in a fully net-valued environment [9].

◎刘禹希 记者 徐蔚 在卫星制造与配套领域，企业IPO进程也在同步推进。微纳星空已进入辅导期，其股东包括国泰海通证 券、中信建投证券、中金公司等，辅导机构为国泰海通证券。爱思达已启动了科创板IPO辅导，招商证 券通过博时资本间接持有其股份。 综合来看，券商对商业航天公司的投资大多是通过旗下直投子公司或参股的基金进行间接持股，蓝箭航 天的案例即是典型。从布局策略看，头部券商倾向于广泛覆盖多家公司，中小券商则选择集中投资单一 标的。 多位业内人士向记者表示，商业航天已进入国家战略性新兴产业范畴，卫星互联网等细分领域有明确的 政策支持和长期需求支撑，加之符合科创板第五套上市标准的导向，发展前景明确。对于券商而言，尤 其是具备国资背景的机构，在推动此类项目时具有天然优势。 在蓝箭航天、天兵科技、微纳星空等公司的上市进程中，中金公司、中信建投、国泰海通证券等券商同 时扮演了"股东"和"上市辅导机构"的双重角色。这一"投资+辅导/保荐"模式是券商参与战略性新兴产业 资本化的重要路径。 优势资本投资合伙人高庆忠认为，"投资+辅导/保荐"的模式促使券商将自有投资资金与被服务企业深度 绑定。"这不仅是为了赚取服务费，也是为了让 ...

Group 1: A-Share Market Performance - The A-share market showed mixed performance with the Shanghai Composite Index rising to 4102.20 points, up 0.85% [1] - The Shenzhen Component Index increased by 0.21% to 14156.27 points, while the ChiNext Index fell by 0.40% to 3311.51 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 250.33 billion yuan [1] Group 2: Solar Industry Strength - The solar industry chain, particularly the space solar sector, continued to show strength with companies like JinkoSolar and Zhonglai Co. hitting the 20% daily limit [2] - Jingsheng Mechanical & Electrical announced that the "space solar" application is still in the exploratory phase, indicating uncertainty in the industrialization process [2] - JinkoSolar highlighted that space solar energy density is 7 to 10 times higher than ground-based systems, with generation hours increasing by 4 to 7 times [2][4] Group 3: Coal Sector Activity - The coal sector was notably active, with the Shenwan Coal Industry Index rising over 7%, leading all sectors [5] - Companies such as Yanzhou Coal and China Coal Energy saw their stocks hit the daily limit [5] - Recent trends show a stabilization and increase in coal prices, supported by seasonal demand and supply-side policies [5] Group 4: Market Outlook - The A-share market is expected to continue its rebound, with analysts suggesting that the risk of disappointing earnings has diminished [6] - The market is anticipated to experience fluctuations, with a focus on growth styles in the near term [6] - Analysts recommend a balanced strategy in sector allocation, emphasizing technology, materials, and defensive high-dividend assets like coal [6]

Core Insights - The upcoming Spring Festival is expected to see a surge in consumer demand, with e-commerce platforms leveraging technology and promotional activities to stimulate spending [1][3] Group 1: Consumer Trends - Smart technology products are becoming popular choices for New Year purchases, with significant sales increases in categories like home appliances, including a 121% rise in robot vacuum sales and a 114% increase in embedded steam oven sales [2] - A survey indicates that 45.6% of consumers prioritize gifts for parents and elders during their initial New Year shopping, focusing on health and safety [3] - The trend of "instant purchasing" is emerging, with consumers opting for immediate purchases rather than stockpiling goods [2] Group 2: Service Consumption - Traditional services such as haircuts and cleaning are experiencing high demand, with beauty services seeing a 78% increase in search volume for hair dyeing packages [4] - The home cleaning service sector is also booming, with a doubling of orders for routine cleaning services in major cities [4] Group 3: Technological Integration - E-commerce platforms are actively developing AI applications to enhance the shopping experience, such as Meituan's AI search feature and JD's AI New Year goods map [5] - AI is expected to play a significant role in personalized recommendations and inventory management, potentially transforming consumer engagement and operational efficiency [6] Group 4: Innovative Products and Promotions - New trends in gift-giving include blind box toys and culturally themed products, with 65.6% of consumers planning to purchase zodiac-themed gift boxes [7] - E-commerce platforms are implementing various promotional strategies, including discount coupons and live-streaming sales, to further boost consumer spending [7][8]

Core Viewpoint - Shanghai aims to seize global opportunities in the low-altitude economy, establishing itself as a comprehensive demonstration zone and an internationally influential "Sky City" to contribute to national low-altitude economic development [2] Group 1: Space Computing and Commercial Aerospace - The global space computing market is projected to reach $24.94 billion by 2026, with a compound annual growth rate (CAGR) of 15.08% from 2026 to 2035, indicating significant growth potential [4] - Shanghai is encouraged to accelerate research and industrial layout in space computing technologies, including radiation-resistant CPUs/GPUs and high-speed inter-satellite laser communication [5] - The commercial aerospace sector is expected to see a surge in activity, with the "Thousand Sails Constellation" launch expected to double in scale compared to the previous year [6] Group 2: Low-Altitude Economy - The low-altitude economy is viewed as a rapidly approaching growth area, with expectations for mass production of "air taxis" by 2027 [8] - Shanghai is advised to establish itself as a leading area for low-altitude economic development, providing a model for national growth and contributing to the overall industry [8] - Recommendations include accelerating local legislation to create a comprehensive regulatory framework for low-altitude flight management and infrastructure development [9]