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]

Market Overview - A-shares opened lower and experienced fluctuations, with the Shanghai Composite Index testing the 4100-point support level and the Sci-Tech Innovation Board Index dropping below 1500 points [1] - The market showed a significant decline in trading volume, with more stocks falling than rising [1] Sector Performance - The non-ferrous metals, tourism, glass fiber, and agricultural chemicals sectors saw notable gains, while sectors such as industrial internet, commercial aerospace, advertising marketing, and artificial intelligence faced declines [1] - Non-ferrous metal stocks surged in the morning, with the sector index rising over 3%, reaching an 18-year high since November 2007 [4] - Specific stocks like Zinc Industry Co., Ltd. and Luoping Zinc Electric Co. saw strong performance, with some hitting the daily limit or rising over 10% [4] Non-Ferrous Metals - There is a widespread shortage of non-ferrous metals globally, driven by increased demand from emerging industries such as new energy and artificial intelligence [7] - Goldman Sachs indicated that the booming AI and new energy sectors could lead to a "shortage wave" for key metals like copper, aluminum, cobalt, and rare earths [7] - Morgan Stanley forecasts that copper prices could reach $12,500 per ton by Q2 2026, with an average price of $12,075 for the year [7] - The World Silver Institute reported a continuous shortage of silver since 2021, with an average annual supply-demand gap exceeding 130 million ounces [7] Tourism Sector - The tourism sector opened strong, with the index rising over 2%, marking a new high in nearly four months [9] - Companies like Zhongxin Tourism and Shaanxi Tourism saw significant stock price increases, with some hitting the daily limit [9][11] - The upcoming Spring Festival is expected to boost tourism demand, with hotel bookings in popular cities increasing by 70% year-on-year [12] - The inbound tourism market is also experiencing growth, with a 471% increase in bookings from Russian tourists due to new visa policies [12]

A股市场今天上午出现调整，主要指数不同程度下跌。 值得注意的是，包括海格通信、岩山科技、金风科技在内的多只近期热门股卖一位置出现市值超过10亿元的巨额卖单。 此外，上午有色金属等板块领涨，一度程度上稳定市场人气。 多只翻倍股卖一位置现10亿元以上卖单 A股有色金属板块领涨 A股市场今天（1月15日）上午整体走低，但跌势相对温和，上证指数盘中一度跌破4100点整数关口。截至中午收盘，上证指数跌0.6%，深证成指跌 0.44%，创业板指跌1.02%，科创综指跌2.02%。 主要行业板块和赛道方面，若按照申万一级行业划分，有色金属板块领涨，板块盘中涨幅超过3%。锌业股份、四川黄金、罗平锌电等多股盘中涨停，另 有多股跟涨。 消息面上，多个金属品种期货价格继续上涨，今天上午盘中沪锡期货主力合约涨幅超过9%，沪镍期货主力合约涨幅超过7%。 基础化工、石油石化、交通运输等板块涨幅居前，国防军工、传媒、综合、计算机等板块上午盘中领跌。 概念板块方面，商业航天概念再度调整，万得商业航天概念指数盘中跌幅超过5%，该指数多只成份股上午盘中跌幅超过10%。 新股至信股份上午盘中最大涨幅达265.63% 今天A股市场有一只新股上市，为 ...

2025年四季度，收购存量闲置土地专项债券发行速度加快，月均发行近370亿元，较三季度月均发行规 模增长13.6%。12月末，上海临港控股股份有限公司披露其控股子公司位于上海临港新片区的一宗住宅 用地将被上海市土地储备中心收储，拟收储价格合计26.25亿元，较其成交价折价约4%，为上海首宗拟 收储住宅地块。 随着配套政策不断完善，2025年专项债收储土地取得新进展。 据中指研究院监测，2025年全国各地公示拟使用专项债收回收购存量闲置土地的数量超5500宗，总土地 金额超7500亿元。多省市已发行相应专项债券合计超3000亿元，约占拟收储总规模的40%。其中，广东 发行486亿元，居首位；湖南发行九批专项债，合计发行389亿元，位居第二；江西、重庆发行专项债金 额在300亿元左右。各线城市中，一二线城市合计发行约970亿元，约占总发行金额的32%。 从所有权来看，当前拟收储的土地中，绝大多数宗地属于地方国企，占比约85%，民企占比仅约13%； 收储面积中，地方国企占比80%，民企占比约16%；收储金额中，地方国企占比近88%，民企占比仅约 10%，央企中保利、华润、华侨城等均在列。在拟收储宗地数量超100宗的 ...

A股市场今天上午出现调整，主要指数不同程度下跌。 值得注意的是，包括海格通信、岩山科技、金风科技在内的多只近期热门股卖一位置出现市值超过10亿元的巨额卖单。 此外，上午有色金属等板块领涨，一度程度上稳定市场人气。 A股有色金属板块领涨 A股市场今天（1月15日）上午整体走低，但跌势相对温和，上证指数盘中一度跌破4100点整数关口。截至中午收盘，上证指数跌0.6%，深证成指跌 0.44%，创业板指跌1.02%，科创综指跌2.02%。 主要行业板块和赛道方面，若按照申万一级行业划分，有色金属板块领涨，板块盘中涨幅超过3%。锌业股份、四川黄金、罗平锌电等多股盘中涨停，另 有多股跟涨。 新股至信股份上午盘中最大涨幅达265.63% 今天A股市场有一只新股上市，为至信股份，上午该股盘中最大涨幅达265.63%。 招股资料显示，至信股份主营汽车冲焊件以及相关模具的开发、加工、生产和销售。公司的主要产品为汽车冲焊件和相关模具，可覆盖汽车全车冲焊件需 求。汽车冲焊件一般指经过冲压、焊接、涂装等工艺最终形成的汽车金属零部件，因客户、车型、用途、工艺复杂程度等因素而各不相同，具体包括如前 纵梁、水箱板总成、后纵梁、天窗框、轮罩、 ...

Group 1 - The core viewpoint emphasizes that information disclosure is the "lifeline" of the capital market, and compliance in disclosure channels is the primary prerequisite for information disclosure compliance [1][2] - Recent trends show that several listed companies have been using official WeChat accounts to announce new products and business developments, which often leads to stock price fluctuations, raising concerns about the compliance of information disclosure [1] - The Shanghai Stock Exchange reported over 400 disciplinary actions and regulatory measures for information disclosure violations in 2025, indicating a strict regulatory approach [1] Group 2 - Companies are increasingly using WeChat to guide market expectations, leveraging the advantages of new media for information dissemination [2] - The principles of information disclosure in the capital market must be "true, accurate, complete, timely, and fair," as information released via WeChat can mislead investors and potentially facilitate insider trading [2] - Companies are encouraged to strengthen internal control mechanisms and clarify disclosure processes and responsibilities to maintain fair market order and support high-quality market development [2]

从用地性质来看，住宅用地是收储主力。公示的地块中住宅用地宗数占比约66%，商办用地占比约 24%，工业用地占比约6%。 随着配套政策不断完善，2025年专项债收储土地取得新进展。 从所有权来看，当前拟收储的土地中，绝大多数宗地属于地方国企，占比约85%，民企占比仅约13%； 收储面积中，地方国企占比80%，民企占比约16%；收储金额中，地方国企占比近88%，民企占比仅约 10%，央企中保利、华润、华侨城等均在列。在拟收储宗地数量超100宗的省市中，湖南、江西、新 疆、四川等省市地方国企宗数占比超90%，而云南地方国企宗数占比为64%，民企、央企宗地占比相对 较高。 从收储价格来看，与出让时的成交单价相比，约47%的地块拟收储价格与成交单价的比值在0.8—1.0之 间，约29%的地块比值在0.9—1.0之间，约18%的地块拟收储价格与成交价的比值在0.7—0.8之间，部分 地块拟收储价格的折扣较大。从各地情况来看，宁夏、福建、广东等10个省市价格比值高于全国平均水 平(0.82)，广西、重庆等省市价格比值低于0.7，价格折扣相对较大。 据中指研究院监测，2025年全国各地公示拟使用专项债收回收购存量闲置土地的数 ...