另外一笔2022年度第五期中期票据（"22万科MTN005"），余额37亿元，票面利率3.00%，原兑付日为 2025年12月28日。与前述债券类似，在第二次持有人会议上，展期一年议案也未获通过。 万科股债今日集体上涨。 1月15日午间，万科于上清所公布2022年度第四期中期票据（"22万科MTN004"）持有人议案概要，提 议延长22万科MTN004的宽限期至90个交易日，提议调整22万科MTN004本息兑付安排。 据悉，22万科MTN004债券余额20亿元，票面利率3%，原兑付日为2025年12月15日。这是该债券展期 方案的第三次推进，所有议案均需经持有本期债券超90%表决权的持有人同意方可生效。尽管万科先后 三次优化展期方案，但在第二次持有人会议上，展期方案仅获得20.2%的同意率，反对比例高达 78.3%。 1月8日晚间，万科发布公告宣布，郁亮因到龄退休，并向公司董事会提交书面辞职报告，申请辞去公司 董事、执行副总裁职务。辞去上述职务后，郁亮将不再担任公司任何职务。郁亮的辞职不会导致公司董 事会成员低于法定人数，不会影响公司董事会的正常运作和公司的日常经营。公司将尽快完成董事的补 选工作。 有市场人 ...

央行：中国没有必要也无意通过汇率贬值来获取国际贸易的竞争优势 邹澜1月15日在国新办新闻发布会上表示，中国的汇率政策是清晰的，一贯坚持市场在汇率形成中发挥 决定性作用，保持人民币汇率在合理均衡水平上的基本稳定。中国是负责任的大国，没有必要也无意通 过汇率贬值来获取国际贸易的竞争优势。 国务院新闻办公室于2026年1月15日（星期四）下午3时举行新闻发布会，请中国人民银行（简称"央 行"）新闻发言人、副行长邹澜，国家外汇局新闻发言人、副局长李斌，中国人民银行货币政策司司长 谢光启，中国人民银行新闻发言人、调查统计司司长闫先东，国家外汇局资本项目管理司司长肖胜介绍 货币金融政策支持实体经济高质量发展成效，并答记者问。 来看看发布会主要内容： 央行：人民币汇率预计将继续双向浮动，保持弹性 邹澜1月15日在国新办新闻发布会上表示，总体看人民币汇率是稳健的。影响汇率的因素是非常多元 的，比如经济增长、货币政策、金融市场、地缘政治突发的风险事件等等。中国具有超大规模的市场和 完整产业链，科技创新和产业创新加速融合，新动能蓬勃发展，内需潜力不断释放，国内国际双循环更 加畅通，宏观经济长期向好，对人民币汇率基本稳定形成了支撑 ...

万科股债今日集体上涨。 市场数据显示，目前万科境内债务共有160.98亿元，未来12个月内的兑付高峰在今年7月份，达到48.66 亿元，短期偿债压力巨大。此外，财报数据显示，2025年第三季度万科实现营业收入560.65亿元，同比 下降27.30%；单季净亏损160.69亿元。公司解释称，亏损主因包括开发业务结算规模下滑、毛利率处于 低位、新增存货跌价准备计提，以及部分资产处置价格低于账面价值。房地产开发业务结算面积同比大 幅萎缩，进一步削弱了现金流生成能力。 不过，就在15日下午交易时间，深交所发布公告称，"21万科04""22万科04""22万科02"和"22万科06""23 万科01"均涨超30%，盘中临停。与此同时，万科A股价收涨3.4%，港股万科企业收涨6.85% 1月8日晚间，万科发布公告宣布，郁亮因到龄退休，并向公司董事会提交书面辞职报告，申请辞去公司 董事、执行副总裁职务。辞去上述职务后，郁亮将不再担任公司任何职务。郁亮的辞职不会导致公司董 事会成员低于法定人数，不会影响公司董事会的正常运作和公司的日常经营。公司将尽快完成董事的补 选工作。 据悉，22万科MTN004债券余额20亿元，票面利率 ...

Core Viewpoint - The Shanghai Composite Index fell by 0.33% on January 15, with 11 industries rising, led by electronics and basic chemicals, which increased by 1.67% and 1.40% respectively. The non-ferrous metals industry ranked third in terms of gains, while the comprehensive and defense industries saw the largest declines of 3.35% and 2.80% respectively [1]. Industry Summary Non-Ferrous Metals Industry - The non-ferrous metals industry rose by 1.37%, with a net inflow of 1.936 billion yuan. Out of 138 stocks in this sector, 108 increased in value, with 4 hitting the daily limit, while 29 declined. A total of 80 stocks experienced net inflows, with 13 stocks seeing inflows exceeding 100 million yuan. The top inflow was from Huayou Cobalt, which received 772 million yuan, followed by Ganfeng Lithium and Northern Rare Earth with inflows of 554 million yuan and 379 million yuan respectively [2]. - The stocks with the largest net outflows included Zijin Mining, Hunan Silver, and Xingye Silver Tin, with outflows of 733 million yuan, 542 million yuan, and 309 million yuan respectively [2]. Fund Flow Analysis - The top stocks in the non-ferrous metals industry by net inflow included: - Huayou Cobalt: +7.06%, turnover rate 5.80%, net inflow 772.03 million yuan - Ganfeng Lithium: +4.26%, turnover rate 7.13%, net inflow 554.29 million yuan - Northern Rare Earth: +1.20%, turnover rate 3.10%, net inflow 379.34 million yuan [3]. - The stocks with the largest net outflows included: - Zijin Mining: -0.65%, turnover rate 1.87%, net outflow 733.09 million yuan - Hunan Silver: +6.25%, turnover rate 25.54%, net outflow 541.94 million yuan - Xingye Silver Tin: -1.05%, turnover rate 6.54%, net outflow 309.11 million yuan [4].

Market Overview - The Shanghai Composite Index fell by 0.33% on January 15, with 11 sectors experiencing gains, led by the electronics and basic chemicals sectors, which rose by 1.67% and 1.40% respectively [1] - The comprehensive and defense industries had the largest declines, falling by 3.35% and 2.80% respectively, with the comprehensive sector being the worst performer of the day [1] Capital Flow Analysis - The net outflow of capital from the two markets reached 62.864 billion yuan, with six sectors seeing net inflows [1] - The electronics sector had the highest net inflow of capital, totaling 12.083 billion yuan, while the non-ferrous metals sector also saw a positive inflow of 1.936 billion yuan, with a daily increase of 1.37% [1] - Conversely, 25 sectors experienced net capital outflows, with the computer sector leading with a net outflow of 18.556 billion yuan, followed by the media sector with an outflow of 10.642 billion yuan [1] Comprehensive Sector Performance - The comprehensive sector declined by 3.35% with a net capital outflow of 46.2 million yuan, consisting of 15 individual stocks, of which 6 rose and 8 fell [2] - Among the stocks in the comprehensive sector, Zongyi Co. saw the highest net inflow of 8.0068 million yuan, followed by Hongmian Co. with an inflow of 0.8030 million yuan [2] - Five stocks in the comprehensive sector experienced net outflows exceeding 10 million yuan, with Dongyangguang, Nanjing Xinbai, and Zhangzhou Development leading the outflows at 334 million yuan, 33.7502 million yuan, and 31.8966 million yuan respectively [2] Individual Stock Performance in Comprehensive Sector - The stock performance in the comprehensive sector showed significant declines for Dongyangguang (-6.76%), Nanjing Xinbai (-2.88%), and Zhangzhou Development (-2.78%) [3] - Zongyi Co. remained unchanged at 0.00% with a net inflow of 8.0068 million yuan, while Hongmian Co. had a slight decline of -0.26% with a net inflow of 0.8030 million yuan [3] - The turnover rates varied, with Sanmu Group showing a high turnover rate of 9.62% despite a decline of -4.04% [3]

Market Overview - The A-share market opened lower and experienced fluctuations, with the Shanghai Composite Index testing the 4100-point support level. The North Stock 50 and Sci-Tech 50 also saw declines, while the Shenzhen Component Index and ChiNext Index rebounded towards the end of the trading session. The total market turnover was 2.94 trillion yuan [1]. Sector Performance - The semiconductor, rubber, glass fiber, and non-ferrous metal sectors showed significant gains, while commercial aerospace, e-commerce, short drama games, and diversified finance sectors faced notable declines [1]. - The electronic industry attracted over 16.8 billion yuan in net inflows from major funds, while the basic chemicals sector saw over 9.6 billion yuan and the non-ferrous metals sector over 8.2 billion yuan in net inflows. Conversely, the computer sector experienced a net outflow exceeding 16 billion yuan, with defense, non-bank finance, pharmaceuticals, and banking also facing net outflows [3]. Future Outlook - According to Huajin Securities, the fundamental recovery remains weak, but liquidity is relatively ample, and external risks are limited, suggesting that the spring market rally is not over. The economy is expected to continue its weak recovery trend, with potential upward momentum in the profitability growth of technology and cyclical sectors. The central bank may further cut reserve requirements and interest rates in the short term, with market liquidity remaining robust due to strong capital inflows and trading volumes approaching 4 trillion yuan [3]. - The semiconductor industry, particularly the chip supply chain, saw a strong performance in the afternoon session, with the photolithography machine sector leading the gains. Notable stocks such as Dongcai Technology and Qicai Chemical hit the daily limit, while Shanghai Xinyang and Su Da Weige also saw significant increases [3]. Semiconductor Market Insights - TrendForce's latest report indicates that due to a large-scale shift to advanced processes by DRAM manufacturers to meet AI server demands, the supply of conventional DRAM is expected to tighten significantly, with contract prices projected to increase by 55%-60% quarter-on-quarter in Q1 2026. NAND Flash prices are also expected to rise by 33%-38% due to capacity control by manufacturers [5]. - The International Semiconductor Industry Association anticipates continued growth in global semiconductor manufacturing equipment sales, driven by investments in artificial intelligence, with sales expected to reach $145 billion and $156 billion in 2026 and 2027, respectively [5]. - According to Founder Securities, the gap between domestic storage capacity and global leaders is narrowing through "scale production," providing a golden opportunity for upstream companies in equipment and materials [5]. Commercial Aerospace Sector - The commercial aerospace concept stocks experienced significant declines, with companies like Guobo Electronics and Xinghuan Technology hitting the daily limit down. Several other stocks, including Zhaisheng Technology and Daye Shares, have faced three consecutive days of limit downs, with over 40 stocks dropping by more than 10% [6].

数据宝统计，截至14:11，德龙汇能成交额12.48亿元，创2022年8月31日以来新高。最新股价上涨 6.49%，换手率20.13%。上一交易日该股全天成交额为12.39亿元。 据天眼查APP显示，德龙汇能集团股份有限公司成立于1994年01月01日，注册资本35863.1009万人民 币。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 ...

Core Viewpoint - The newly implemented tax policies aim to support the development of the He Tao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone, facilitating international scientific innovation and collaboration between Shenzhen and Hong Kong [1][2]. Group 1: Tax Policies - The tax policies, effective from February 10, 2026, exempt certain entities within the customs supervision area from import duties, value-added tax, and consumption tax on self-used scientific research goods imported from Hong Kong [1]. - Goods entering the mainland from the customs supervision area will require the payment of import taxes, but those already taxed in the customs supervision area will not incur additional taxes [1][2]. Group 2: Goods and Benefits - The first batch of goods eligible for tax exemption includes 509 items across six categories, such as equipment, consumables, and biological samples, which will help reduce costs for innovation entities [2]. - The policies are expected to enhance cooperation between Shenzhen and Hong Kong, promoting technological innovation and industrial development, and supporting Hong Kong's integration into the national development framework [2]. Group 3: Regulatory Framework - The He Tao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone is the only major cooperation platform focused on technological innovation within the Guangdong-Hong Kong-Macao Greater Bay Area [3]. - The upcoming implementation of the Shenzhen Economic Special Zone regulations will establish a unique regulatory model that simplifies customs processes and supports cross-border scientific activities [3].

Core Viewpoint - The People's Bank of China (PBOC) indicates that there is still room for further reductions in reserve requirements and interest rates to support high-quality economic development in 2026 [2][3]. Group 1: Monetary Policy Adjustments - The average statutory deposit reserve ratio for financial institutions is currently 6.3%, suggesting potential for further reserve requirement cuts [2]. - The PBOC aims to maintain relatively loose social financing conditions and guide reasonable growth in financial totals, utilizing various monetary policy tools including reserve requirement and interest rate reductions [3]. Group 2: Government Bond Market Operations - The PBOC has been actively involved in the government bond market, with 16 trillion yuan of government bonds issued in 2025, and a net increase of 6.6 trillion yuan, resulting in a year-end balance of approximately 40 trillion yuan [3]. - The central bank's operations, including buyback agreements for government bonds, have reached nearly 7 trillion yuan, enhancing market liquidity and supporting the smooth issuance of government bonds [3][4].

Core Insights - The banking wealth management industry experienced significant growth in 2025, with 14 major wealth management companies increasing their total assets under management by nearly 3 trillion yuan, reaching a record high by year-end [1][2] Group 1: Industry Growth - By the end of December 2025, the total scale of the 14 major wealth management companies was 25.41 trillion yuan, reflecting a year-on-year growth of approximately 13.3% and an annual increase of 2.98 trillion yuan [2] - The peak industry scale reached nearly 34 trillion yuan in November 2025, marking a historical high with an increase of over 4 trillion yuan since the beginning of the year [2] - The growth in the industry was primarily driven by fixed pure bond products and enhanced fixed-income equity products, which added 1.64 trillion yuan and 1.27 trillion yuan, respectively [3] Group 2: Market Dynamics - The bond market has been volatile, with the yield on 10-year government bonds fluctuating around 1.60% to 1.80% throughout 2025, impacting the yields of wealth management products [4] - The average annualized yield for open-ended fixed-income products dropped to 2.32% and 2.25% for six months and one year, respectively, indicating a downward trend [4] - As deposit rates hit historical lows, many customers are shifting their maturing fixed deposits into wealth management products, reflecting a change in risk appetite [4] Group 3: Future Opportunities - In 2026, wealth management institutions are expected to benefit from multi-asset layouts and a further decline in household savings rates, potentially attracting 2 trillion to 4 trillion yuan of "activated funds" into non-deposit investments [5] - The industry is moving towards a multi-asset and multi-strategy approach to enhance returns, with a focus on diversifying asset allocation beyond traditional equity [6] - Collaboration with public funds is emphasized as a strategy for wealth management companies to enhance their product offerings and risk management capabilities [7]