1月15日晚，上汽集团(600104)披露2025年业绩预告。经财务部门初步测算，公司预计2025年度实现归 母净利润为90亿元到110亿元，同比增长438%到558%。预计2025年度实现扣非净利润为70亿元到82亿 元，同比增长229%到251%。 上汽集团2025年利润大幅增长，受益于公司汽车销量的增长。公司表示，2025年公司实现整车批发销量 450.75万辆，比上年同期增长12.32%。 上汽集团此前披露的产销快报显示，2025年公司汽车销量450.75万辆，其中新能源汽车为164.28万辆， 销量同比上升33.12%。上汽集团旗下新能源汽车品牌智己汽车2025年累计销量为8.1万辆，同比增长约 24%。 除了汽车销量上升外，2024年度，上汽集团受合营企业上汽通用汽车有限公司及其控股子公司计提相关 资产减值准备影响，该事项减少公司2024年归属于母公司所有者的净利润78.74亿元。 上汽集团表示，海外市场将是公司经营业绩增长的重要发力点。未来三年，公司将在海外推出十余款全 新车型，动力形式覆盖燃油、混动、插混和纯电，车型涵盖SUV、轿车、MPV和皮卡。 （文章来源：证券时报） 相关事项影响下，20 ...

Core Viewpoint - The brokerage asset management industry is undergoing significant changes due to the transformation of public collective investment products and obstacles in obtaining public fund licenses, prompting firms to accelerate their transformation and seek new growth areas [1] Group 1: Strategic Focus Areas - "Fixed Income +" and multi-asset allocation are identified as the two main strategic focuses for brokerage asset management firms in 2026, responding to investor demand for stable returns in a low-interest-rate environment [2][3] - Firms are planning to enhance their offerings in niche areas such as Fund of Funds (FOF), equity, quantitative strategies, cross-border investments, and retirement products to build differentiated competitive advantages [2][3] Group 2: Product Development - Companies are focusing on developing a product lineup that includes passive investment tools like index-enhanced products and ETFs, which can improve asset allocation efficiency and reduce costs for clients [4][5] - The development of passive investment products is seen as a sign of market maturity, with firms like First Venture Asset Management emphasizing a differentiated approach due to their lack of public fund qualifications [4][5] Group 3: Alternative Assets - In the current low-interest-rate environment, alternative assets such as REITs, commodities, and derivatives are becoming crucial for brokerage asset management firms to expand revenue sources and optimize business structures [6][7] - Companies are integrating alternative assets into their research frameworks, focusing on strategies that enhance returns and reduce correlation with traditional assets, with some firms already participating in public REITs investments [6][7]

中信证券研究团队认为，本次会议主要落脚点在于优化结构性工具，考虑到当前的金融市场环境，央行 以结构性工具"降息"和对总量工具的积极表态，兼顾了稳定市场预期和避免推升金融泡沫的目标。 为继续实施适度宽松的货币政策，中国人民银行在2026年开年便先行打出结构性货币政策工具的"组合 拳"。1月15日，央行在国新办新闻发布会上宣布，自1月19日起，下调各类结构性货币政策工具利率 0.25个百分点，完善结构性工具并加大支持力度。 除聚焦一系列结构性工具外，央行对降准降息等总量工具的进一步宽松同样释放积极信号。央行新闻发 言人、副行长邹澜在会上表示，今年降准降息还有一定的空间。下一步，央行将综合考虑基础货币投放 需要、债券市场供求情况、收益率曲线形态变化等因素，灵活开展国债买卖操作，与其他流动性工具一 起，保持流动性充裕，为政府债顺利发行创造适宜的货币金融环境。引导隔夜利率在政策利率水平附近 运行。 发布会上，央行、国家外汇局有关负责人还就财政货币政策加强协同配合、人民币汇率、2025年社融信 贷结构特点等问题作出回应。 八项措施支持"十五五"开好局 为加大逆周期和跨周期调节力度，有效支持"十五五"开好局、起好步，发布会 ...

野村东方国际证券成立于2019年，是2018年4月中国证监会公布《外商投资证券公司管理办法》后，首 批获准设立的外资控股证券公司之一。公司股东包括野村控股株式会社(持股比例51%)、东方国际集团 (持股比例24.9%)、上海黄浦投资控股集团(持股比例24.1%)。 野村东方国际证券现阶段主要聚焦于财富管理业务，同时开展机构、资产管理、自营以及研究业务，未 来将会逐步在中国扩大业务领域。2024年，野村东方国际证券实现了营业收入1.39亿元，同比增长 18.64%，亏损1.29亿元。 此前，王旭阳曾先后任职于君安证券、加拿大道明银行基金管理公司、加拿大帝国商业银行、荷兰银 行、中金公司（601995）、高盛工银理财等机构。 此外，野村东方国际证券近日更新了高管名单，关塚正之将出任公司总经理助理。另外，励雅敏分管经 纪业务(机构业务)与研究咨询业务，董腊发分管资产管理业务，严靖华继续分管经纪业务(财富管理)。 蒋湘滨担任合规负责人、李源担任首席风险官兼任首席财务官，李洋担任首席信息官。 证券时报记者获悉，野村东方国际证券日前已正式任命王旭阳为公司总经理，全面负责公司的战略规划 和业务经营等工作。原总经理北村充隆出 ...

Core Viewpoint - The emergence of China's first gold ETF with a market capitalization exceeding 100 billion yuan coincides with international gold prices surpassing $4600 per ounce, indicating strong investor interest in gold as a safe-haven asset amid economic uncertainties [1][2]. Group 1: Gold ETF Market Development - The Huashan Gold ETF has reached a circulation scale of 100.76 billion yuan, making it the largest gold ETF in Asia [1][2]. - The total market scale of 14 gold ETFs in China has reached 263.44 billion yuan, with significant inflows into other ETFs such as Bosera Gold ETF and E Fund Gold ETF [2]. - The development of gold ETFs in China began in 2009, with the first product, Huashan Gold ETF, launched in July 2013 [2]. Group 2: Adjustments in ETF Operations - Several fund companies are adjusting their physical subscription and redemption mechanisms to enhance liquidity and risk management due to the surge in gold prices [3][4]. - E Fund announced a temporary suspension of subscriptions for its gold ETF starting January 16, with a reduction in the minimum subscription unit from 300,000 to 100,000 shares [3][4]. - The adjustment to unify the physical gold contract for subscriptions to Au99.99 is aimed at improving liquidity and ensuring fair pricing for all investors [4]. Group 3: Future Outlook on Gold Prices - Multiple public funds remain optimistic about the continued rise in gold prices, citing factors such as the ongoing Federal Reserve rate cut cycle and increasing global uncertainties [5][6]. - The trend of de-dollarization and geopolitical tensions are expected to drive demand for gold as a safe-haven asset, with predictions of gold becoming a new pricing anchor [6]. - Investment strategies are recommended to focus on medium-term allocations rather than short-term speculation due to increased volatility in the gold market [6].

为进一步鼓励境外投资者在华投资，两部门自2018年11月出台对境外机构投资境内债券所得利息收入免 税政策，将鼓励间接投资与直接投资相结合。2021年，两部门宣布续期该政策至2025年底，此次公告将 政策实施期限进一步续期至2027年底。 当天，两部门还发布公告称，自2025年8月8日起至2027年12月31日止，对境外机构投资我国在境外发行 国债、地方政府债券取得的债券利息收入，免征增值税。 财政部、税务总局1月15日发布公告称，自2026年1月1日起至2027年12月31日止，对境外机构投资境内 债券市场取得的债券利息收入暂免征收企业所得税和增值税。暂免征收企业所得税的范围不包括境外机 构在境内设立的机构、场所取得的与该机构、场所有实际联系的债券利息。 ...

1月15日晚间，洛阳钼业（603993）披露业绩预告，经财务部门初步测算，预计2025年度实现归属净利 润为200亿元到208亿元，同比增长47.8%到53.71%；预计2025年度实现扣非净利润为204亿元到212亿 元，同比增加55.5%到61.6%。洛阳钼业表示，公司2025年业绩同比大幅上升的原因系公司主要产品量 价齐升、运营成本有效管控。 在2025年4月，并购厄瓜多尔凯歌豪斯金矿（奥丁矿业）后，年末该公司进一步披露，控股子公司拟以 10.15亿美元，获得Aurizona金矿、RDM金矿、Bahia综合矿区100%权益。洛阳钼业彼时就表示，上述资 产合计包含黄金资源量501.3万盎司，平均品位为1.88g/t；黄金储量387.3万盎司，平均品位为1.45g/t。 待交易完成后，洛阳钼业黄金业务年产量将新增约8吨；待厄瓜多尔奥丁矿业投产后，公司黄金年产量 有望突破20吨大关。依托更为雄厚的资源储备，洛阳钼业将持续寻求并推动黄金业务的长期增长。 而据洛阳钼业最新发布的消息，在公司2025年6月完成厄瓜多尔奥丁矿业的收购后，该项目正在前期规 划中；而12月以10.15亿美元并购的巴西3个黄金资产，预计今年 ...

Core Insights - The company, StarNet Ruijie, is seizing opportunities in the digital economy during the "14th Five-Year Plan" period, focusing on technological innovation as a core engine for growth [1][2] - StarNet Ruijie has achieved significant market leadership, maintaining the top position in the global thin client market and ranking first in both the Asia-Pacific and Chinese markets [1] - The company is actively involved in ICT infrastructure development and AI applications, participating in major projects and launching various innovative products across multiple sectors [1][2] Business Performance - StarNet Ruijie has a strong presence in the data center switch and enterprise switch markets, ranking among the top three in China, with a continuous 15-quarter lead in the 200G/400G switch market [1] - The company is a key player in the network supply chain for large-scale intelligent computing centers, collaborating with leading enterprises [1] Research and Development - The company invests over 13% of its annual sales revenue into R&D, with a projected R&D expenditure of 2.668 billion yuan in 2024, accounting for 15.92% of its revenue [2] - StarNet Ruijie has launched several leading products, including the AIGC high-density box switch and the TH6800G/1.6T switch, and has filed over 5,400 patents, with more than 4,300 being invention patents [2] Future Strategy - Looking ahead to the "15th Five-Year Plan," StarNet Ruijie aims to deepen its R&D innovation model, accelerate the deployment of cutting-edge technologies, and focus on creating comprehensive AI solutions for key industries [2] - The company plans to enhance collaboration with top domestic and international firms, universities, and research institutions to build an open industrial ecosystem and drive technological self-reliance [2]

Core Viewpoint - SAIC Motor Corporation expects significant profit growth in 2025, driven by increased vehicle sales, particularly in the electric vehicle segment [1][2]. Group 1: Financial Performance - The company forecasts a net profit attributable to shareholders of between 9 billion to 11 billion yuan for 2025, representing a year-on-year increase of 438% to 558% [1]. - The expected net profit excluding non-recurring items for 2025 is projected to be between 7 billion to 8.2 billion yuan, reflecting a year-on-year growth of 229% to 251% [1]. - In 2024, the company reported a net profit of 1.666 billion yuan, with a non-recurring net profit of -5.409 billion yuan [2]. Group 2: Sales and Production - SAIC Motor anticipates a wholesale vehicle sales volume of 4.5075 million units in 2025, a 12.32% increase compared to the previous year [1]. - The company expects to sell 1.6428 million new energy vehicles in 2025, marking a year-on-year increase of 33.12% [1]. - The cumulative sales of the company's new energy vehicle brand, Zhiji Motors, are projected to reach 81,000 units in 2025, a growth of approximately 24% [1]. Group 3: Strategic Initiatives - The company has invested over 150 billion yuan in the electric and intelligent vehicle sectors, resulting in nearly 26,000 effective patents across various platforms [2]. - In January, the company announced a 270 million yuan investment to establish an industrial investment fund aimed at enhancing the smart electric vehicle ecosystem [2]. - The company plans to launch over ten new models in overseas markets over the next three years, covering various powertrain types and vehicle categories [3]. Group 4: Market Performance - The MG brand has performed well in overseas markets, with over 285,000 units delivered in Europe from January to November 2025 [2]. - The company views international markets as a key growth area for future performance [3].

Group 1 - The semiconductor sector in the US stock market experienced a significant rise, with the Philadelphia Semiconductor Index increasing by over 3% on January 15 [1] - TSMC's market capitalization surpassed $1.8 trillion, driven by strong demand for AI hardware, with Q4 2025 net profit reaching NT$505.7 billion, a 35% year-on-year increase, and consolidated revenue of NT$1.46 trillion, up 20.5% year-on-year [1] - TSMC's operating profit for Q4 2025 was NT$564.9 billion, a 32.7% year-on-year increase, with an operating margin of 54% and a gross margin of 62.3%, exceeding market expectations [1] Group 2 - TSMC forecasts Q1 2026 sales between $34.6 billion and $35.8 billion, surpassing market expectations of $33.22 billion, with a projected gross margin of 63% to 65% [2] - TSMC's capital expenditures for 2025 totaled $40.9 billion, with expectations for 2026 capital expenditures between $52 billion and $56 billion, indicating a significant increase in future capital spending [2] - Omdia predicts that global semiconductor revenue will exceed $1 trillion for the first time in 2026, driven by unprecedented demand for AI, with a projected revenue growth of 20.3% year-on-year for 2025 [2]