Core Viewpoint - The National Data Standardization Technical Committee aims to focus on the release of data element value by developing no less than 80 national standards and technical documents by 2026, with at least 30 key standards to be published [1] Group 1: Current Developments - In 2025, the committee developed 48 national standards and technical documents, with over one-third of these standards undergoing verification trials during the formulation process, indicating a simultaneous improvement in both the quality and quantity of standard supply [1] - The committee has established coordination mechanisms with multiple industry and local standard committees, supported by various departments in natural resources, ecological environment, disease control, traditional Chinese medicine, media, and pharmaceuticals, leading to the establishment of six industry application groups [1] Group 2: Future Plans - The committee plans to optimize standard supply and accelerate the introduction of high-quality data sets and urgently needed standards for data anonymization circulation, as well as develop key standards for important data identification directories and a national integrated computing power network [1] - There will be a continued focus on cutting-edge areas such as intelligent interconnection and embodied intelligence data standards, along with the evaluation and revision of the "National Data Standard System Construction Guide" and the organization of "Standard Week" activities to enhance the social recognition and influence of data standards [1]

Group 1 - Data center cooling stocks experienced a significant decline, with companies like Johnson Controls and Trane Technologies dropping by 10%, and Modine falling by 20% following comments from Jensen Huang regarding new cooling technologies [2][3] - Huang stated that servers equipped with the new Rubin chip could be cooled without water cooling systems, requiring similar airflow to those using the Blackwell chip [2] - The overall stock market showed mixed results, with the Dow Jones Industrial Average up by 0.15%, the S&P 500 up by 0.31%, and the Nasdaq Composite up by 0.38% [1][2] Group 2 - Nvidia's core mission is to build a full-stack AI platform, enabling participation in the AI revolution across various sectors [3] - Nvidia has released a comprehensive toolchain, including NeMo for large language models and Clara NeMo for medical AI, supporting the entire lifecycle from data processing to deployment [3] - Semiconductor stocks saw a rise, with Microchip Technology increasing by 7.7%, reaching its highest level since July, and other companies like NXP and TSMC rising over 2% [3]

Group 1: Core Themes of CES 2026 - The core theme of CES 2026 is "human-centered" AI applications, attracting over 4,500 companies from more than 150 countries, including around 1,400 startups, with an exhibition area of 2.6 million square feet [3] - AI has transitioned from a showcase tool to a fundamental component in various smart hardware, including humanoid robots, smart glasses, smart appliances, AI smartphones, AI toys, and smart electric vehicles [2][3] - The event highlights a significant shift in AI's role from consumer-level toys to enterprise-level productivity tools, addressing real-world labor shortages in sectors like healthcare, logistics, and manufacturing [2] Group 2: Chinese Companies at CES 2026 - A total of 207 Chinese companies participated in CES 2026, with a net exhibition area exceeding 4,900 square meters, showcasing a strong presence in the global tech landscape [4] - Chinese companies, particularly in the robotics sector, are gaining attention for their global strategies, with firms like Fourier and Yushutech presenting advanced humanoid robots and solutions [4][5] - The participation of Chinese companies reflects a shift from merely showcasing consumer electronics to demonstrating capabilities in AI hardware manufacturing and assembly, indicating a growing confidence in global supply chain management [6][7] Group 3: Supply Chain Trends - An increasing number of electronic supply chain companies are participating in CES, showcasing their full-stack capabilities in AI hardware manufacturing and assembly [6] - Companies like Lianyi Zhizao and OFILM are using CES to communicate their core service offerings and deepen technical exchanges with global partners [6][7] - The active participation of supply chain enterprises at CES signifies a recognition of their manufacturing capabilities on a global scale, as they aim to expand their market presence [7]

Core Viewpoint - The capital market in Tibet has shown remarkable progress during the "14th Five-Year Plan" period, contributing significantly to the high-quality development of the local economy and laying a solid foundation for continued growth in the "15th Five-Year Plan" period [1] Group 1: Company Performance - The number of listed companies in Tibet has steadily increased to 22 by the end of Q3 2025, with total market capitalization rising from over 200 billion to 320 billion yuan, and 14 companies entering the "100 billion club," accounting for nearly 60% [2] - In the first three quarters of 2025, the total operating revenue of these companies reached 40.98 billion yuan, a year-on-year increase of 4.96%, while net profit attributable to shareholders was 6.63 billion yuan, up 37.2%, significantly outpacing national averages [2] - The pharmaceutical and non-ferrous metal industries have emerged as key drivers of regional economic growth, with 8 pharmaceutical companies and 3 non-ferrous metal companies leading the market [2] Group 2: Industry Innovation - Companies in Tibet have prioritized innovation as a core development strategy, with R&D expenditures increasing from 1.441 billion yuan in 2020 to 2.206 billion yuan in 2024, a growth of 53.09% [4] - The R&D intensity of listed companies in Tibet has consistently exceeded the national average, reaching 4.24% in the first three quarters of 2025, nearly double the national average [4] - Hai Sikang, the company with the highest R&D investment, raised 800 million yuan through a private placement in February 2023, with R&D expenses reaching 624 million yuan in 2024 [4] Group 3: Investor Returns - Listed companies in Tibet have focused on enhancing investor returns, with cumulative cash dividends reaching 17.012 billion yuan during the "14th Five-Year Plan," a 28.79% increase from the previous period [6] - Meihua Biological, the company with the highest dividend payout, distributed 6.218 billion yuan in dividends during this period, reflecting a strong operational capacity [6] - Stock buybacks have also been utilized to boost market confidence, with a total of 3.424 billion yuan spent on buybacks during the "14th Five-Year Plan," a 391.24% increase from the previous period [6] Group 4: Financing Channels - The capital market in Tibet has diversified financing tools, with direct financing amounts growing from 13.92 billion yuan in 2021 to 25.528 billion yuan in 2024, achieving a compound annual growth rate of 22.40% [7] - The issuance of asset-backed securities (ABS) marked a significant milestone, with a local state-owned enterprise issuing 7 ABS products in 2024, achieving a "zero breakthrough" in ABS issuance in Tibet [7] - By Q3 2025, there were 120 private fund management institutions in Tibet, ranking 22nd in the country, with a total fund size of 260.971 billion yuan [7] Group 5: Risk Management - Regulatory authorities in Tibet have adopted a "zero tolerance" approach to illegal activities, handling 13 cases of market violations during the "14th Five-Year Plan," with penalties exceeding 30 million yuan [8] - The region has maintained a "zero default" status for corporate bonds, with no companies facing major delisting risks during this period [9] - Investor education initiatives have been implemented, including the creation of bilingual resources and partnerships with local universities to enhance investor literacy [9] Group 6: Future Outlook - The capital market in Tibet aims to focus on "innovation-driven, industrial upgrading, and risk prevention" as core strategies for the "15th Five-Year Plan," with efforts to cultivate quality enterprises in key sectors [10] - Regulatory bodies are committed to enhancing corporate governance and internal control systems while encouraging companies to return value to investors through dividends and buybacks [10] - The emphasis will be on fostering a healthy market ecosystem by addressing financial misconduct and supporting the development of high-quality enterprises [10]

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 特别提示： 现场会议召开时间：2026年1月6日上午10：00； 网络投票时间：2026年1月6日。其中，通过深圳证券交易所交易系统进行网络投票的具体时间为2026年 1月6日的交易时间，即9:15一9:25,9:30一11:30 和13:00一15:00。通过深圳证券交易所互联网投票系统投 票的具体时间为2026年1月6日9:15一15:00期间的任意时间。 （2）现场会议召开地点：浙江省绍兴市柯桥区鉴湖路1809号公司会议室 （3）股权登记日：2025年12月30日 （4）会议召开方式：本次股东会采取现场投票和网络投票相结合的方式召开，现场会议采取记名投票 表决的方式。 （5）会议召集人：公司董事会 （6）现场会议主持人：公司董事长孙国君先生 （7）本次会议的召集、召开与表决程序符合《公司法》《上市公司股东会规则》《深圳证券交易所股 票上市规则》等法律、法规和《公司章程》的规定。 2、出席情况 （1）股东出席的总体情况 参加本次股东会现场会议和网络投票的股东及股东代表共416名，代表有表决权的股份数为154, ...

上交所发布的新开户数据显示，2025年12月上交所A股新开户259.67万户，较前一个月的新开户数增长 约9%，同比增幅为30.55%（2024年12月上交所A股新开户数为198.91万户）。 整体来看，2025年全年上交所A股合计新开户数已达到2743.69万户，较2024年全年合计新开户数增长近 一成。 2025年12月以及全年上交所A股新开户数的进一步增长，与A股市场行情的进一步上行密不可分。数据 显示，2025年12月，A股市场主要指数多数实现上涨，其中创业板指涨势领先，其间累计上涨4.93%； 深证成指表现亦较好，当月累计上涨4.17%；上证指数则累计上涨2.06%。 从2025年全年的情况来看，A股市场在2024年的基础上继续上行，上证指数2025年全年累计上涨 18.41%，创出自2020年以来的最大年度涨幅，创业板指表现尤为亮眼，2025年累计上涨近五成。此 外，2025年A股市场的年度成交额为历史上首次突破400万亿元，创出历史新高。 （文章来源：证券时报） 值得注意的是，2025年12月上交所259.67万户的A股新开户数为去年第四季度的月度最高值。 2025年，上交所A股月度新增开户数呈 ...

Core Insights - The public fund industry is experiencing a significant transformation, with a notable increase in fund performance, as evidenced by one fund achieving over 200% growth and 89 funds doubling their performance in 2025 [1] - Investors are encouraged to adapt their understanding of fund selection as the industry shifts towards a more integrated and platform-based investment research model [1] Group 1: Market Trends - The public fund market is entering a tool-oriented era, necessitating changes in traditional investment strategies to adapt to market conditions [2] - There is a simultaneous expansion of active equity funds and passive products like ETFs, leading to a complex selection environment for investors [2] - The role of public funds is evolving from being a vehicle for fund managers' investment philosophies to a functional tool for investors, requiring a shift in selection logic from focusing on individual high-performing funds to precise matching of investment needs [2] Group 2: Fund Management Strategy - Fund companies are shifting focus from cultivating all-round fund managers to developing specialized professionals in niche areas, categorized by investment styles such as value, growth, and various sub-strategies [3] - This strategic change aims to enhance research efficiency and provide investors with more accurate allocation tools, making the traditional model of relying solely on fund managers obsolete [3] - Professional financial advisors are now advocating for a balanced approach to investment, emphasizing core positioning with satellite opportunities to mitigate concentration risks and market volatility [3] Group 3: Investor Guidance - Investors are urged to abandon outdated practices of chasing high-performing funds and idolizing star fund managers, instead adopting a tool-based and balanced investment philosophy [4] - Utilizing professional tools and services is essential for achieving long-term stable financial management through public fund products [4]

Group 1 - The core viewpoint emphasizes the importance of facilitating long-term capital market entry, as highlighted by the recent regulatory focus on gathering industry feedback to enhance investment and financing coordination in the capital market [1][2][3] - Regulatory bodies have conducted surveys with wealth management companies to identify barriers to increasing A-share investments and to gather insights on policy optimization for the next five years [2][3] - The surveys reflect a keen interest in understanding the effectiveness of existing policies and the experiences of wealth management firms, particularly regarding the impact of previous guidelines on long-term capital market participation [3] Group 2 - Wealth management firms are exploring various methods to increase equity asset allocation, including a significant rise in index-based investment products, with 98 non-structured products containing "index" as of January 6, 2026, compared to only 11, 12, and 17 in previous years [4] - The new IPO underwriting regulations set to be implemented in 2025 are expected to provide substantial policy benefits for wealth management companies participating in new stock subscriptions, with recent participation in several A-share IPOs [4][5] - Despite the ongoing exploration of equity investments, the proportion of equity assets in wealth management remains low, with only 2.1% of total investment assets allocated to equity as of Q3 2025 [7] Group 3 - The total market size of wealth management products reached 32.13 trillion yuan, with mixed products accounting for 0.83 trillion yuan (2.58%), and equity products only 0.07 trillion yuan (0.22%) [7] - The primary investment focus of wealth management products is still on fixed-income assets, with significant allocations to bonds, cash, and bank deposits, indicating a conservative investment approach [7] - Analysts believe that with regulatory support, wealth management firms are likely to further explore equity products and asset allocation, potentially evolving into long-term patient capital [8]

Core Viewpoint - The Ministry of Water Resources of China announced that the total investment in water conservancy construction will reach 1,284.8 billion yuan by 2025, marking the fourth consecutive year of exceeding 1 trillion yuan in annual investment [1] Group 1: Investment and Projects - In 2025, China plans to implement 47,563 water conservancy projects, which will create 3.15 million jobs [1] - Major projects include the approval of the feasibility study for the Taipu River Phase II and the Liaoning Liaodong Peninsula Water Resource Allocation Project, as well as the commencement of 27 significant projects such as the Sichuan Diversion Project [1] Group 2: Strategic Goals - The year 2026 marks the beginning of the 14th Five-Year Plan, with a focus on promoting high-quality development in water conservancy and ensuring water security in China [1] - The Ministry aims to achieve significant breakthroughs in water security strategy tasks that are crucial for the overall modernization of China [1]

在提升金融服务实体质效方面，进一步完善金融"五篇大文章"政策框架。完善结构性货币政策工具体 系，优化工具设计和管理，加强对扩大内需、科技创新、中小微企业等重点领域的金融支持。高质量建 设和发展债券市场"科技板"。用好服务消费与养老再贷款，推动加大服务消费领域信贷投放。优化支农 支小再贷款、再贴现管理。 在化解重点领域金融风险方面，充分发挥中央银行宏观审慎管理和维护金融稳定功能，完善宏观审慎和 金融稳定管理工具箱。建立在特定情景下向非银机构提供流动性的机制性安排，发挥好两项支持资本市 场的货币政策工具作用。强化金融市场监管执法，持续打击金融市场违法违规活动。 在深化金融改革和对外开放方面，继续优化"债券通""互换通"机制安排。支持上海国际金融中心建设， 巩固和提升香港国际金融中心地位。便利贸易投资项下人民币使用，推动金融机构改进跨境金融服务。 完善人民币跨境使用基础设施。欢迎更多符合条件的境外主体发行熊猫债。 1月5日至6日，2026年中国人民银行工作会议暨全国外汇管理工作会议召开。会议总结2025年工作，分 析当前形势，研究央行"十五五"改革发展规划，部署2026年工作。央行党委书记、行长潘功胜出席会议 并讲 ...