Group 1: Financing Trends - The technology and manufacturing sectors have seen significant financing activity, particularly in artificial intelligence, quantum computing, cybersecurity, and biomedicine [1] - A total of 24 financing events occurred in the domestic primary market from January 26 to February 1, with a total scale of approximately 77.56 billion RMB [2] - The majority of financing cases were concentrated in Shanghai, Beijing, and Guangdong, with 9, 4, and 4 cases respectively [6] Group 2: Sector-Specific Financing - The biomedicine sector completed 4 financing rounds totaling approximately 5.05 billion RMB, while the artificial intelligence sector completed 3 rounds totaling about 3.05 billion RMB [4] - Shanghai Jiyue Star Intelligent Technology Co., Ltd. completed over 5 billion RMB in B+ round financing, setting a record for single financing in the large model sector [14] - Turing Quantum completed several hundred million RMB in B round financing to accelerate its photonic chip and quantum computing industrialization [19] Group 3: Notable Companies and Investments - New Scene Zhiyuan Biotechnology completed over 2 billion RMB in B round financing, focusing on TCR-T cell therapy for solid tumors [10] - Shandong Aikeda Biotechnology completed several million RMB in B round financing, with funds aimed at core technology development and market expansion [11] - Beijing Changting Technology secured 5 billion RMB in a new round of financing from national AI funds, focusing on AI-enabled security [21]

Core Viewpoint - The recent incident involving Debang Fund's rapid capital inflow of 12 billion yuan has highlighted the chaotic internet marketing practices within the fund industry, prompting regulatory scrutiny on misleading tools like real-time valuation and ranking lists [1][19]. Group 1: Regulatory Response - Regulators have emphasized the need for fund sales institutions and third-party platforms to conduct self-examinations and remove misleading tools that could mislead investors [1]. - This is not the first regulatory action; in June 2023, regulators had already mandated the removal of real-time valuation features due to risks of significant discrepancies between estimated and actual net values [13][19]. - The case of Debang Fund serves as a catalyst for renewed regulatory focus on the potential harm caused by misleading valuation data and its impact on investor behavior [19][20]. Group 2: Market Dynamics - Since February, there has been a surge in posts sharing fund valuation tools on social media platforms, with some influencers directing followers to private groups for access [4][12]. - Some self-media accounts have begun selling real-time valuation software, with prices ranging from a few yuan to over ten yuan [4]. - Despite regulatory requirements to remove certain features, some platforms have continued to offer modified versions of these tools, indicating a reluctance to fully comply with regulations [9][10]. Group 3: Investor Behavior and Risks - The rapid dissemination of distorted valuation data through social networks can create herd behavior among investors, leading to irrational trading decisions [18]. - The discrepancy between real-time valuation and actual net value can mislead investors, as seen in the case of Debang Fund, where the reported real-time increase was significantly higher than the actual net value increase [19]. - There is a strong demand from investors for more data and tools to bridge the information gap, which may lead to further regulatory challenges as platforms seek to meet this demand while remaining compliant [16][22].

经历了"黑色星期一"后亚太股集体回升，后市将有怎样的表现？ 亚太股集体反弹 2月3日，亚太股市强势反弹，MSCI亚太指数上涨2.79%，录得4月以来最大单日涨幅，科技股全线上 涨。 受到隔夜美国制造业数据上升等因素的影响，亚太股市显著回升。 2月3日，韩国综合指数止跌反弹并领涨亚太股市，收涨6.84%或338.41点，报5288.08点。其中芯片制造 商三星电子和SK海力士成为最大的助推力。三星股价盘中涨幅一度扩大至10%，创2020年3月以来最大 单日涨幅。日经225指数收涨3.92%，报54720.66点，再创历史新高。 其他亚太股市均录得上涨。3日，澳大利亚S&P/ASX200指数收涨0.89%，报8857.1点。东南亚股市方 面，富时新加坡海峡指数收涨1.06%，报4944.09点；印尼综指上涨2.52%，收报8122.6点；越南胡志明 指数涨0.33%，报1812.47点；菲律宾马尼拉指数收涨1.67%，报6401.96点；泰国SET指数上涨1.11%，报 1336.11点；富时马来西亚综指收涨0.42%，报1748.26点。 法国里昂商学院管理实践教授李徽徽向21世纪经济报道记者表示，3日亚太股市 ...

比亚迪工厂的机械臂精准组装着新能源汽车电池，不远处生物医药实验室的科研人员正观测细胞培养数 据——深圳坪山区战略性新兴产业产值占规模以上工业总产值比重已达惊人的88%。 在新能源汽车领域，比亚迪作为龙头企业，已迈入世界百强企业行列，问鼎全球纯电汽车销冠。同时， 世界汽车标准创新大会永久落户坪山，全球最大汽车毫米波雷达生产基地投入使用，汽车零部件制造装 备产业集群获评国家级中小企业特色产业集群。 2025年，深圳坪山区经济数据公布：GDP增长10.5%，几乎是全市增速的两倍；规模以上工业增加值增 长15.9%；社会消费品零售总额增长10.2%。 在"十四五"时期，坪山GDP总量实现翻番，年均保持两位数增长。这些数据背后，一个以先进制造业为 核心的现代化产业体系正在深圳东部加速崛起。 硬核产业强势增长 2025年，坪山规模以上工业增加值增长15.9%，在深圳工业增长整体承压的环境下显得尤为珍贵，其既 显示了区域经济的强大韧性和增长潜力，也意味着工业特别是先进制造业正在成为拉动坪山经济增长的 核心引擎。 坪山区已构建起"车药芯智"为主导的"6＋3"产业集群，形成了完整的产业生态链。 在生物医药领域，全区已聚集超过1 ...

Core Viewpoint - The recent incident involving Debon Fund, which attracted 12 billion yuan in a single day, has highlighted the chaotic internet marketing practices of fund companies, prompting regulatory scrutiny and calls for self-correction among fund sales institutions and third-party platforms [2][23]. Group 1: Regulatory Actions - Regulatory authorities have emphasized the need for fund sales institutions and third-party platforms to conduct self-examinations and remove misleading features such as "real-time valuation" and "ranking lists" that could mislead investors [2][17]. - Major platforms like Ant Fund, JD Finance, and others have quickly removed related functionalities following regulatory guidance [2]. - The regulatory push against misleading valuation practices is not new, as similar actions were taken in June 2023, citing risks of investor complaints due to significant discrepancies between real-time estimates and actual net asset values [17][21]. Group 2: Market Reactions - Following the regulatory actions, some platforms have attempted to retain user engagement by offering membership incentives and creating new fan groups, leading to a rapid increase in group memberships [15][16]. - Despite the removal of certain features, some platforms have continued to provide similar functionalities under different names, indicating a reluctance to fully comply with regulatory demands [13][14]. Group 3: Social Media Influence - Social media influencers have been observed promoting alternative tools for fund valuation, often leading investors to private groups for further information, which raises concerns about compliance and the potential for misleading practices [3][6][8]. - The rapid spread of posts related to fund valuation tools on platforms like Xiaohongshu has created a significant flow of traffic, with some influencers monetizing these tools by selling them at various price points [8][12]. Group 4: Impact on Investor Behavior - The incident with Debon Fund, where the real-time valuation showed a 13.01% increase while the actual net value was only 8.31%, exemplifies how misleading valuation data can distort investor behavior and lead to short-term trading rather than long-term asset allocation [23][24]. - The discrepancy between real-time estimates and actual net values can exacerbate during market volatility, leading to further investor confusion and potential losses [18][19].

21世纪经济报道特约记者 庞华玮 国际银价史诗级暴跌，撞上国内涨跌停板限制，一场因估值调整引发的风暴席卷基金行业。 2月2日晚10点，国投瑞银白银期货LOF（以下简称"白银LOF"）更新净值数据，其最新净值为2.2494元，较前一日的3.2838元，单日暴跌 31.5%，创下公募基金史上最大单日跌幅纪录。 这场由社交媒体助推、席卷大量新手投资者的套利热潮，以净值创纪录大跌收场，其中暴露的估值争议、风险认知与应对得失，正在成 为基金行业的新课题。 投资者遭遇双重打击 2月2日，对于持有国投瑞银白银期货LOF的投资者来说，无疑是心惊肉跳的一天。当天，该基金场内份额复牌一字跌停，收盘价4.722 元，跌停封单超80亿元，流动性几近枯竭。 同日晚间，国投瑞银基金公告，因国际白银价格出现显著波动，为公允反映基金资产价值，决定自当日（2月2日）起，对基金持有的白 银期货合约参考国际市场价格的变动进行估值调整。 公告一出，舆论哗然。在蚂蚁财富、天天基金、小红书等平台上，大量投资者发出投诉帖，直指基金公司"临时改规则""不讲武德"。 一位投资者愤怒地写道："白天刚赎回，以为最多亏17%，晚上一看净值，多亏了14.5%，这找谁 ...

Core Viewpoint - Dongpeng Beverage has successfully listed on the Hong Kong Stock Exchange, becoming the first consumer company to achieve "A+H share" listing in 2026, with a strong market presence and impressive financial performance [2][3]. Company Overview - Dongpeng Beverage issued 40.89 million H shares at a maximum price of 248 HKD, aiming to raise 10.14 billion HKD, with significant backing from 15 cornerstone investors [2]. - The company is recognized as a leading brand in China's functional beverage market, often referred to as the "Chinese version" of Red Bull, holding a market share of 26.3% in 2024 [3]. Financial Performance - Dongpeng Beverage's net profit for 2025 is projected to be between 4.34 billion and 4.59 billion RMB, reflecting a year-on-year growth of 30.46% to 37.97% [3]. - From 2021 to 2026, the company's revenue grew from 1.44 billion RMB in 2022 to 3.33 billion RMB in 2024, achieving a compound annual growth rate (CAGR) of 52% [3]. - The company's net asset return rate stood at 45.62% as of September 2025, significantly higher than the industry average of 9.69% [5]. Growth Strategy - Dongpeng Beverage has maintained a high growth trajectory, with revenue increasing from 6.98 billion RMB in 2021 to 15.83 billion RMB in 2024, a 2.28 times increase [6]. - The company has adopted a high-leverage strategy, with its leverage ratio rising from 1.83 times in 2021 to 2.72 times by September 2025, exceeding the industry median [7]. Market Potential - The functional beverage market in China is projected to grow significantly, with retail sales expected to reach 1.3 trillion RMB by 2024, and the market for energy drinks alone anticipated to reach 180.7 billion RMB by 2029 [8]. Operational Efficiency - Dongpeng Beverage has increased its fixed asset investments from 2.23 billion RMB in 2022 to 3.67 billion RMB in 2024, with a focus on expanding production capacity [13]. - The company's fixed asset turnover ratio improved from 3.48 to 4.16 between 2022 and 2024, indicating enhanced operational efficiency [14]. Financial Management - The company has effectively utilized a strategy of low-interest borrowing combined with diversified financial investments, resulting in interest income that covers interest expenses [16]. - Dongpeng Beverage's financial assets have grown significantly, from 300 million RMB in 2021 to 3.48 billion RMB in 2025, showcasing its financial management capabilities [15][17].

Core Insights - In early 2026, ETF fund flows showed significant divergence, with core broad-based ETFs experiencing large net outflows, while industry-themed ETFs gained popularity and saw substantial inflows [1][9] - The preference for industry-themed ETFs highlights a consensus among investors regarding the support from industrial policies and the positive fundamentals in specific sectors [1][6] ETF Performance - As of January 31, 2026, 14 ETFs had their scales increase by over 10 billion yuan, including 7 stock ETFs, 4 commodity ETFs, 2 cross-border ETFs, and 1 bond ETF [3] - Notable increases in scale included the Huaan Gold ETF (335.4 billion yuan), Southern Nonferrous Metals ETF (242.17 billion yuan), and Huaxia Nonferrous Metals ETF (169.52 billion yuan) [4][7] - The stock ETFs that saw significant scale growth were primarily industry-focused, indicating a market signal for bullish sentiment in related sectors [5][6] Market Trends - The overall ETF fund flow in January 2026 reflected a structural shift, with significant net outflows from core broad-based ETFs and inflows into industry-specific ETFs and gold [9][10] - The A-share market experienced a transition from exuberance to cooling, with the Shanghai Composite Index surpassing 4100 points before entering a consolidation phase [9][11] Investment Strategies - Institutions suggest that the market in February will likely experience volatility, with a focus on "growth and cyclical" dual strategies while being cautious of overheating sectors [11][12] - Recommended investment strategies include focusing on global manufacturing recovery, traditional industry improvements, and technology growth, particularly in AI applications and robotics [12][13]

Group 1 - The core viewpoint is that the public REITs market in mainland China is undergoing a consolidation phase, with both new applications and withdrawals reflecting market dynamics [1][2] - The first batch of eight commercial real estate REITs has been submitted for approval, aiming to raise a total of 31.475 billion yuan, with the largest single offering targeting 7.47 billion yuan [1][4] - The underlying assets of these REITs include shopping centers, office buildings, and hotels, with expected distribution rates above 4.5% by 2026, reaching as high as 5.5% [1][4] Group 2 - The withdrawal of some previously submitted REITs, such as the Electronic City Industrial Park REIT and Vanke's logistics REIT, indicates a market correction and aligns with investor expectations [1][6][7] - The market is shifting towards a preference for long-cycle quality assets, which will influence both asset holders and fund managers, creating a positive feedback loop [2][5] - The recent policy support for commercial real estate REITs is seen as a long-awaited opportunity for the real estate sector, allowing dormant assets to be revitalized [3][4] Group 3 - The underlying assets of the newly submitted commercial real estate REITs are diverse, including outlets and hotels, which can help companies optimize their capital structure [4][5] - Investors are adopting a cautious approach, focusing on high-quality assets located in first- and second-tier cities to gain trust from fund managers [5][6] - The overall available distribution amount for public REITs has decreased by 16% quarter-on-quarter but increased by 3% year-on-year, indicating a need for careful asset selection [8] Group 4 - The market's reaction to the submissions and withdrawals of public REITs has been relatively calm, suggesting a mature acceptance of the evolving landscape [9] - The success of public REITs will depend on the effective selection of assets characterized by long leases, high occupancy rates, and professional management [9]

资 料图 南京农业大学金善宝农业现代化发展研究院研究员、南京财经大学粮食和物资学院教授钱龙向21世纪经 济报道记者表示，"十五五"开局之年，中央一号文件重申农村集体经营性建设用地和宅基地的规范管理 要求十分必要，这是基于农村土地改革阶段变化和现实问题挑战作出的再强调与再部署，也预示着 "十 五五" 时期农村土地管理将更趋系统规范、风险可控。 钱龙进一步指出，"十五五" 时期农村土地制度改革将持续推进，改革前重申相关底线要求，既能为后 续工作立下规矩，也能通过严格统一规则，避免部分地区在改革试点中出现变形走样，确保改革方向不 跑偏。从现实情况来看，近年来改革试点中，确实存在城镇居民下乡购房、资本变相圈地等政策执行走 偏问题，此次重申相关要求，相当于为保障农民权益加装"安全阀"，坚决遏制各类突破政策红线的行 为。 在农村集体经营性建设用地管理方面，陈明表示，集体经营性建设用地实际上特指在农村的工业和商业 用地，其入市需满足来源合法、符合规划等多项条件。从2015年起，我国进行了集体经营性建设用地入 市改革的时间已超过10年，严禁将此类用地用于建设商品住房是始终不变的要求。个别地区曾在试点中 允许利用集体经营性建设 ...