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 ...

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]