融资渠道持续拓宽，资本工具日益多元。"十四五"时期直接融资年均复合增长率达22.40%，实现ABS发行"零突 破"和科创公司债券备案获批。私募基金规模稳步增长，截至2025年三季度，在管基金规模达2609.71亿元。"格桑 花行动"等政策举措精准发力，培育多家拟上市企业。 风险防控筑牢安全防线，市场生态持续净化。监管部门坚持"零容忍"，查办多起违法违规案件，积极稳妥化解上 市公司风险。"十四五"时期，西藏无退市公司，无重大退市风险企业，也是全国为数不多的公司债券"零违约"省份 之一。 "十五五"西藏资本市场将聚焦创新驱动、产业升级与风险防控三大核心，推进上市公司走访全覆盖，加快优势产 业企业培育。依托并购重组与研发投入，推动医药、有色金属等产业向高端化、绿色化转型，持续完善投资者回 报机制，以资本赋能西藏经济高质量发展，让雪域高原的特色产业"格桑花"竞相怒放。（全文详见A3版） 证券时报记者 唐强 "十四五"时期，西藏资本市场在服务地方经济高质量发展中交出亮眼答卷，为"十五五"持续增长筑牢根基。面向新 征程，西藏资本市场继续以资本为纽带，连接创新与实体，续写高质量发展新篇章。 "十四五"时期，西藏上市公司实现 ...

Group 1 - The core theme of CES 2026 is the practical application of AI with a focus on "human-centered" technology, attracting over 4,500 companies from more than 150 countries, including around 1,400 startups, and covering an exhibition area of 2.6 million square feet [3] - AI has transitioned from being a mere 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, indicating a significant shift in industry trends [1][2] - The presence of AI in nearly all hardware products at CES 2026 signifies an irreversible trend, with AI now playing a crucial role in decision-making processes across various sectors [2] Group 2 - Chinese companies have become a focal point at CES 2026, with 207 Chinese enterprises participating, covering a net exhibition area of over 4,900 square meters, showcasing their global industry leadership [4] - A notable trend is the increased participation of electronic supply chain companies at CES, demonstrating their capabilities in AI hardware manufacturing, assembly, and solutions, reflecting a shift in the industry's landscape [6] - Companies like Lingyi iTech and OFILM are using CES to showcase their advanced optical solutions and comprehensive services for humanoid robotics, indicating a strategic move towards global market engagement [6]

Group 1 - The core viewpoint of the articles highlights the increasing involvement of insurance capital in the mergers and acquisitions (M&A) fund sector, with notable examples such as China Life Asset Management's investment in the Shanghai Chip Integration Fund [1][2] - Insurance capital is currently a minor player in the M&A fund landscape, primarily dominated by state-owned and industrial capital, but it is expected to become more significant as a long-term investment strategy [1][5] - The establishment of various M&A funds by insurance companies, such as China Pacific Insurance's 30 billion yuan fund and the 5 billion yuan fund by China Life, indicates a growing trend towards integrating insurance capital into the M&A market [3][4] Group 2 - The M&A market is becoming increasingly active, driven by policy support and market demand, particularly following the release of the "Six Guidelines for M&A" by the China Securities Regulatory Commission in 2024 [4] - A structural adjustment is occurring in China's equity investment market, with a shift from a focus on growth-stage projects to early-stage investments and M&A investments, emphasizing the importance of industry consolidation [4][6] - The future of M&A funds in China is expected to be bolstered by institutional investors, including insurance companies, which will help optimize asset allocation and enhance the role of long-term capital in the market [6][7]

Core Insights - The public fund industry in 2025 achieved a record high average return rate of 141.87% for the top 20 funds, with the leading product reaching an astonishing 233.29%, setting a new annual return record for the industry [1] - The industry is transitioning from a "betting" growth model to a more refined and systematic operation, marking a significant evolution in the active equity fund sector [1] Group 1: Performance and Trends - The top 20 active equity funds in 2025 displayed a notable shift in their investment research structure, moving towards a "platform-based, integrated, multi-strategy" research system [2] - The average tenure of fund managers for the top 20 funds was 4.66 years, the lowest in the past decade, indicating a trend towards younger managers [2] - 95% of the fund managers in the top 20 funds held master's degrees, with 5% holding doctoral degrees, showcasing a higher educational background compared to the industry average [3] Group 2: Investment Strategies - Fund managers with diverse professional backgrounds, particularly in science and engineering, are becoming increasingly important, allowing for better understanding of emerging sectors like technology and renewable energy [3] - The investment style has shifted from "high-frequency trading" to "steady and in-depth research," with the median turnover rate for the top 20 funds dropping to 309.49%, a decrease of over 30% from 2024 [3] - The top two sectors for the leading funds were electronics and communications, indicating a consensus on industry trends among fund companies [4] Group 3: Methodology Evolution - The methodology for achieving high returns has evolved from relying on short-term market speculation to focusing on long-term value creation, with the median excess return over benchmarks for the top 20 funds reaching 121.45%, a new high [5] - The information ratio for the top 20 funds improved to an average of 0.3, reflecting enhanced efficiency in generating excess returns while managing portfolio volatility [6] - The average Calmar ratio for the top 20 funds reached 5.3, indicating a significant improvement in risk-adjusted returns compared to previous years [7] Group 4: Strategic Adjustments - The public fund industry is moving towards a more refined and systematic operation, with a focus on multi-strategy investment approaches to enhance performance and stability [9] - The integration of research across different sectors is becoming standard practice, allowing for more precise investment decisions based on comprehensive industry insights [10] - The shift towards a diversified asset allocation strategy is seen as essential for mitigating market volatility and enhancing long-term performance stability [12]

Core Insights - Standard Chartered Bank's Wealth Solutions Division released the "2026 Global Market Outlook" report, highlighting the theme "Floating Risks? Diversified Layout!" The report indicates that global markets are at a critical turning point, with geopolitical conflicts and the AI bubble being significant concerns. The structural support for the US dollar is expected to gradually weaken, while the resilience and reform dividends of the Asian economy are becoming increasingly prominent [1] Group 1 - The report anticipates that risk assets will outperform in 2026, although there will be more pronounced differentiation in the market. Investors are encouraged to diversify across a broader range of asset classes to maintain stability amid uncertainty and changing dynamics [1] - In terms of core allocations, Standard Chartered recommends overweighting US, Indian, and Chinese stocks, emerging market debt, and gold. Chinese stocks are expected to benefit from improved corporate governance and supportive policies for technology and innovation [1] Group 2 - Standard Chartered expects China to potentially implement more decisive and targeted stimulus measures by 2026, particularly focusing on advancing technology investments to enhance self-sufficiency and productivity [2] - In the bond market, Standard Chartered views global bonds as core holdings, favoring government bonds over corporate bonds due to the attractive nominal yields of government debt. The institution is overweight on emerging market USD government bonds and local currency government bonds, benefiting from moderate inflation, dovish monetary policy, improved fiscal conditions, and expectations of a weaker dollar [2] Group 3 - For the foreign exchange market, Standard Chartered anticipates that the US Federal Reserve will maintain a cautious stance on easing policies in the short term, supported by safe-haven demand due to geopolitical risks. However, over the next 12 months, as the Fed may shift towards easing and other major central banks approach the end of their rate hike cycles, the structural support for the dollar is expected to weaken [2] - Regarding gold, Standard Chartered maintains an overweight position, with target prices of $4,350 per ounce in 3 months and $4,800 per ounce in 12 months. Continuous demand from emerging market central banks and a favorable macro environment are expected to sustain the upward trend in gold prices [3]

Group 1: Industry Overview - The 2026 CES is expected to be a pivotal year for the integration of AI technology in humanoid robots, transitioning from showcasing technology to practical applications [1] - Various types of embodied intelligent robots are anticipated to be among the most highlighted groups at CES 2026 [1] Group 2: Key Developments in Robotics - Zhiyuan Robotics showcased a full range of products at CES, including the G2 model, which has been integrated into over a thousand application stations within the Junsen Electronics system [1] - Zhongqing Robotics made its global debut with the T800 humanoid robot, featuring breakthroughs in torque, long-lasting stability, and dexterous hand control [1] Group 3: Advancements in Dexterous Hands - DexRobot introduced the DexHand021 Pro, a high-performance dexterous hand with 22 degrees of freedom and a maximum load of 50N, priced at one-fifth of similar international products [2] - The launch of DexHand021 Pro is expected to facilitate the adoption of robotics across various industries, including remote operations in power inspection and educational applications in universities [2] Group 4: AI and Data Challenges - The robotics industry faces a significant data imbalance, with a lack of real human action detail data necessary for training robots, which limits their dexterity [3] - Daimeng Robotics launched the DM-EXton2, the world's first force/touch feedback remote operation data collection system, addressing the core data challenges in robot training [3] Group 5: Participation of Startups - The CES featured participation from numerous startups, including the XbotPark platform initiated by Professor Li Zexiang, showcasing a variety of technology companies across multiple sectors [3]

刚刚过去的2025年，一线城市的楼市在分化与调整中也呈现出一些亮点。2026年楼市在"稳预期"的政策 信号中开启，在业内人士看来，1月成为楼市政策以及市场走向的关键观察期。 一线城市的市场表现一直被视为楼市的"风向标"。证券时报记者梳理2025年一线城市的楼市成交数据发 现，二手房市场的表现相对更为抢眼。其中，上海二手房成交量接近25.4万套，创下近4年来新高。深 圳二手房共成交6.82万套，同比增长5.7%，其中住宅成交5.62万套，同比增长3.2%。 由此可见，购房者对楼市政策的变动依旧敏感。据中指研究院监测，2025年全国有超230省市(县)出台 楼市政策约630条。就在去年年底，财政部、税务总局发布《关于个人销售住房增值税政策的公告》， 明确个人(不含个体工商户中的一般纳税人)将购买不足2年的住房对外销售的，按照3%的征收率全额缴 纳增值税。有业内人士认为，近年来中央层面出台多项房地产税收减免或调整政策，涉及契税、个人所 得税、增值税等，减税对有购房需求的家庭特别是一线城市的购房者来说，相当于节省了一大笔开支， 楼市交易已经进入"低税费时代"。价格的适度回归与政策端的持续宽松形成呼应，既降低了刚需购房 ...

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 [1][2] - The focus of AI is shifting 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 significant 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 industry solutions [4] - The participation of Chinese companies in CES has evolved from primarily consumer electronics to include a growing number of supply chain enterprises, demonstrating their capabilities in AI hardware manufacturing and assembly [7] Group 3: Supply Chain and Globalization - An increasing number of electronic supply chain companies are attending CES to showcase their full-stack capabilities in AI hardware manufacturing, assembly, and solutions [7] - Companies like Lianyi Zhizao and OFILM are using CES to communicate their core service positioning and deepen technical exchanges with global partners [7] - The active participation of supply chain enterprises at CES indicates a recognition of their manufacturing capabilities on a global scale, reflecting a confidence in expanding their supply chain management capabilities internationally [8]

新年伊始，港股市场业绩预告披露逐渐进入高峰期。Wind数据显示，截至1月5日，已有超过280家港股 上市公司发布了2025财年的年度业绩预告，其中，超过10家公司预告了截至2025年12月31日的年度业绩 情况。 整体来看，在贵金属价格持续攀升的背景下，有色金属行业公司业绩普遍向好；创新药公司在生物医药 研发需求提升的背景下，业绩也实现大幅增长；部分传统行业仍面临周期性压力，业绩下降明显。 受益于全球大宗商品价格上行及产能优化，有色金属行业成为2025年港股市场的盈利担当。 除了有色金属行业外，创新药、智能驾驶等行业公司同样在2025年实现业绩大幅增长。如创新药公司百 奥赛图预计2025年归母净利润为1.35亿元，同比增长303.57%。公司表示，业绩大幅预增主要得益于海 外市场的成功拓展以及国内生物医药研发需求的逐步释放。 此外，部分金融行业公司2025年业绩也实现大增。如亚洲金融公告称，预期2025年全年公司股东应占净 利润同比将增长超过50%。 （文章来源：证券时报） 紫金黄金国际、赤峰黄金等有色金属行业公司也预计2025年业绩将实现大幅增长。 紫金黄金国际预计2025年度实现归属于母公司股东净利润约1 ...

保壳方式层出不穷 登录新浪财经APP 搜索【信披】查看更多考评等级 证券时报记者 程丹 岁末年初，多家*ST公司打响保壳大战。围绕"营收+利润"和净资产两大核心关键指标，一些*ST公司通过破产重 整、并购优质资产、剥离亏损业务、推进债务重组与豁免等手段自救，尽管手段多样，但在"退市不免责"的全周 期严监管下，合规边界正日益收紧，保壳难度不小。 南开大学金融发展研究院院长田利辉表示，保壳争得的是时间，根本出路在于刮骨疗毒，剥离亏损业务与破产重 整等手段是公司法赋予企业的合法自救工具，关键在于区分"报表式保壳"与"实质化重生"，前者通过关联交易、突 击增收等手法修饰指标，但这无异于饮鸩止渴，后者则通过重整实现债务出清、业务重构和治理再造，这才是值 得鼓励的市场化纾困路径。 财务指标逼近红线，多家"披星戴帽"的上市公司谋求自救。2025年，50家上市公司成功实现"脱星摘帽"，其中，31 家上市公司撤除了"其他风险警示"（ST），19家上市公司撤除了"退市风险警示"（*ST）。 部分上市公司则试图通过剥离亏损资产快速"回血"，出现了0元出售、1元转让的案例。如2025年12月3日，*ST南 置公告称，公司重大资产出售 ...