经审理查明：2003年至2021年，被告人郑建华利用职务上的便利，为他人提供帮助，索取或非法收受他 人给予的财物共计折合人民币1.56亿余元；2007年至2008年，郑建华利用职务上的便利，伙同他人侵吞 单位公款215万元；2018年上半年，郑建华利用职务上的便利，挪用公款借贷给他人使用，至案发，尚 有7亿余元未归还；2015年至2021年，郑建华为营造个人政绩与谋取个人私利，违反规定，滥用职权， 致使国家利益遭受特别重大损失。 据上海市第一中级人民法院官微消息，2026年1月13日，上海市第一中级人民法院一审公开宣判原上海 电气（601727）（集团）总公司党委书记、董事长郑建华受贿、贪污、挪用公款、国有公司人员滥用职 权案，对被告人郑建华以受贿罪判处死刑，缓期二年执行，剥夺政治权利终身，并处没收个人全部财 产；以贪污罪，判处有期徒刑五年，并处罚金人民币二十万元；以挪用公款罪，判处有期徒刑十五年； 以国有公司人员滥用职权罪，判处有期徒刑七年；决定执行死刑，缓期二年执行，剥夺政治权利终身， 并处罚金人民币二十万元，没收个人全部财产。违法所得及收益予以追缴。 上海市第一中级人民法院认为，被告人郑建华的行为已构成 ...

Core Viewpoint - The A-share market showed strong performance on January 12, with the three major indices rising over 1%, and stock ETFs saw a net inflow of 131.3 billion yuan, indicating a positive market sentiment and investment interest in specific sectors [2][8]. Fund Flows - The top five sectors for net inflow included Media (38.0 billion yuan), Non-ferrous Metals (32.2 billion yuan), Satellite Industry (27.7 billion yuan), Artificial Intelligence (26.1 billion yuan), and National Defense and Military Industry (23.9 billion yuan) [2]. - The top five sectors for net outflow were the CSI A500 Index (-28.7 billion yuan), CSI 300 Index (-27.7 billion yuan), ChiNext (-21.5 billion yuan), STAR 50 Index (-16.5 billion yuan), and Securities (-13.3 billion yuan) [2]. Fund Company Performance - E Fund's ETF reached a scale of 886.62 billion yuan, increasing by 8.64 billion yuan on January 12, and has grown by 44.92 billion yuan since 2026 [3]. - Huaxia Fund's Aerospace ETF and Gaming ETF saw significant inflows of 10.34 billion yuan and 6.78 billion yuan, respectively, with their latest scales at 3.781 billion yuan and 16.384 billion yuan [3]. - GF Fund's ETFs also experienced substantial inflows, with the Media ETF receiving over 2.3 billion yuan, making it the largest in its category with a scale of 6.667 billion yuan [4]. Sector Highlights - The Media ETF, Satellite ETF, Software ETF, and Non-ferrous Metals ETF were among the most popular, attracting significant net inflows [5]. - The CSI 1000 ETF emerged as a major capital attractor, reflecting strong investor interest in broader market exposure [5]. Market Outlook - Analysts suggest that the recent strong performance of A-shares is supported by favorable macroeconomic conditions, including potential interest rate cuts by the Federal Reserve and improvements in domestic economic indicators [8]. - The AI sector is expected to see substantial investment opportunities as it transitions into a new phase focused on application, with companies demonstrating strong data and ecosystem advantages likely to attract investor interest [8].

Market Overview - On January 13, A-shares saw a collective decline in the three major indices, with the Shanghai Composite Index closing at 4163.84 points, down 0.03% [1] - A total of 2427 stocks rose while 2862 stocks fell, indicating a bearish market sentiment [3] Sector Performance - The healthcare services, lithium mining, precious metals, and insurance sectors showed strong performance, while commercial aerospace, communication equipment, and shipbuilding sectors faced declines [3][4] Lithium Mining Sector - The lithium mining sector experienced a significant surge, with stocks like Tibet Summit hitting the daily limit up, and others like Salt Lake Co. and Ganfeng Lithium rising over 7% [6] - The main contract for lithium carbonate futures on the Shanghai Futures Exchange surpassed 170,000 yuan per ton, marking a rise of over 9% and reaching a new high since October 2023 [7] Insurance Sector - The financial sector was active, with the insurance sector showing strength; China Life rose over 3% to a market value of 1,279.4 billion yuan, while China Ping An increased over 2% to a market value of 1,203.4 billion yuan [10][11] - Analysts predict that new insurance premiums for listed companies will achieve double-digit growth by 2026, driven by the bancassurance channel and increased market share of large insurers [13] AI Healthcare Sector - AI healthcare stocks were notably active, with several companies hitting the daily limit up, including Di'an Diagnostics and Nossger, which saw increases of 20% [15] - Nvidia announced a joint investment of $1 billion with Eli Lilly to establish an AI drug laboratory, aiming to accelerate medical discoveries [15] Precious Metals Sector - The precious metals sector saw a rise, with spot gold prices reaching a record high of $4630.28 per ounce [17] - Stocks like Hunan Silver and Xiaocheng Technology reported significant gains, with increases exceeding 8% [18]

Market Overview - The A-share market experienced a collective decline in the three major indices, with the Shanghai Composite Index closing at 4163.84 points, down 0.03%, the Shenzhen Component Index down 0.31%, and the ChiNext Index down 0.83% [1] Sector Performance - The market saw 2427 stocks rise, with 81 hitting the daily limit, while 2862 stocks fell. Notably, sectors such as medical services, lithium mining, precious metals, and insurance showed significant gains, while commercial aerospace, communication equipment, and shipbuilding sectors faced declines [2] Lithium Mining Sector - The lithium mining sector saw a strong surge, with stocks like Tibet Summit hitting the daily limit, and companies such as Salt Lake Industry and Ganfeng Lithium rising over 7%. Other companies like Zangge Mining and Tianqi Lithium also saw increases of over 5% [5] - The main contract for lithium carbonate futures on the Shanghai Futures Exchange surpassed 170,000 yuan per ton, marking a rise of over 9% and reaching a new high since October 2023 [7] Insurance Sector - The insurance sector showed resilience, with major players like China Life and Ping An rising over 3% and 2% respectively. China Life's market capitalization reached 1.2794 trillion yuan, while Ping An's reached 1.2034 trillion yuan [10][11] - Analysts predict that new insurance premiums for listed companies will achieve double-digit growth by 2026, driven primarily by the bancassurance channel and the proactive expansion of large insurers [12] AI Medical Sector - The AI medical sector experienced a wave of activity, with stocks like Dian Diagnostics and Nuo Si Ge hitting the daily limit. Nvidia announced a $1 billion investment with Eli Lilly to establish an AI drug laboratory, which is expected to accelerate medical discoveries [13] Precious Metals Sector - The precious metals sector saw a notable rise, with spot gold prices reaching a record high of $4630.28 per ounce. Stocks such as Hunan Silver and Xiaocheng Technology rose over 8%, while other companies like Shandong Gold and Zhongjin Gold also experienced gains [15]

Core Viewpoint - Yongying Fund announced a subscription limit for two of its popular products, Yongying High-end Equipment Selection and Yongying Information Industry Selection, starting January 14, 2026, in response to a recent surge in market activity [1][4]. Group 1: Fund Subscription Limits - Yongying Fund will suspend large subscriptions (including regular investment plans) and conversion into the Yongying High-end Equipment Selection fund, with a limit set at 1 million RMB [4]. - The same subscription limit of 1 million RMB applies to the Yongying Information Industry Selection fund, which will also suspend large subscriptions and conversions starting January 14, 2026 [7]. Group 2: Market Context - The recent market performance has led to a significant number of equity funds reaching new net asset value highs, with 1,450 active equity funds and 867 passive index funds achieving this milestone as of January 12 [9]. - Nearly 30 equity funds have announced subscription limits on January 13, reflecting a cautious approach from fund managers in light of the strong performance of the A-share market [10]. Group 3: Performance Metrics - The Yongying High-end Equipment Selection fund, managed by Zhang Lu, has shown a one-year net value increase of 158.86%, ranking 9th out of 4,444 in its category, and a three-year increase of 107.39%, ranking in the top 2% [5].

Group 1 - The core point of the article is that Huaxia Fund's non-cash ETF management scale has surpassed 1 trillion yuan, marking a significant milestone in the domestic public fund industry [2][4] - The ETF market in China has reached a total management scale of 6.11 trillion yuan as of January 12, with a notable average growth rate of nearly 40% over the past decade for non-cash ETFs [9] - Huaxia Fund has maintained the largest average scale in equity ETFs for 21 consecutive years, with 3.74 million clients holding its ETFs as of mid-2025, also leading the industry [6] Group 2 - The rapid growth of Huaxia Fund's non-cash ETF scale is attributed to regulatory support, market demand, and product advantages, indicating a strong growth momentum for the ETF market [2][8] - As of January 12, 2023, the management scale of other leading funds includes E Fund at 923.2 billion yuan and Huatai-PB at approximately 649.9 billion yuan, showcasing a competitive landscape [4][5] - The article highlights that 83 of Huaxia Fund's ETF products have the lowest management fees among similar index-tracking ETFs, with a total scale exceeding 670 billion yuan for those with over 100 billion yuan in scale [7]

Core Viewpoint - Shanghai has released 28 measures to promote the quality improvement and expansion of the service industry and consumption, focusing on optimizing supply and expanding demand to drive mutual growth [1][2]. Group 1: Background and Objectives - The measures are in response to the 20th National Congress of the Communist Party's call to expand domestic demand and enhance service consumption potential, with service industry value added growing by 5.9% and retail sales increasing by 5% in the first eleven months of 2022, both exceeding national averages [2][3]. - The aim is to create new growth points in service supply and consumption demand, facilitating high-quality development in the service sector [2][3]. Group 2: Key Measures - The measures focus on six key sectors: finance, information services, transportation, cultural and entertainment, life services, and inspection and certification, which together account for approximately 60% of the city's service industry value added and 70% of service consumption [5]. - Financial services will be enhanced by developing innovative products tailored to new consumption patterns, including personal consumption loans and insurance products [12][13]. - E-commerce platforms will be encouraged to shift from price competition to quality competition, driving offline consumption and enhancing service quality [14]. Group 3: Transportation and Cultural Services - Transportation services will be improved to connect various consumption scenarios, with initiatives to enhance service quality and develop diverse products [15][16]. - Cultural and entertainment sectors will see increased support for high-quality exhibitions and events, with measures to enhance the impact of sports events and promote the gaming and esports industry [17][18]. Group 4: Life Services and Quality Improvement - Life services will focus on improving the quality of home care, elderly care, and healthcare services, with specific initiatives to enhance service standards and accessibility [20][21][22]. - The measures aim to create a virtuous cycle of quality supply and consumer demand in life services [20]. Group 5: Brand and Standards Enhancement - The initiative includes strengthening brand certification and establishing a robust standard system to enhance consumer trust and service quality [23][24]. - The inspection and certification industry will be supported to improve service capabilities and foster a reliable consumption environment [24]. Group 6: Support and Talent Development - The government will enhance financial support and policy coordination to stimulate service industry growth and consumer spending [25][26]. - Talent attraction and development will be prioritized to ensure a skilled workforce in the service and consumption sectors [26].

【导读】华夏基金旗下非货ETF规模首次突破1万亿元 随着权益市场回暖、被动投资理念的普及，刚刚站上6万亿元规模的ETF市场再迎里程碑事件。 最新数据显示，华夏基金旗下非货ETF管理规模已超1万亿元，首次突破1万亿元整数关口，成为国内公募行业首家非货ETF规模超万亿元的基金管理人。 业内人士表示，在监管支持、市场需求以及产品优势下，预计ETF市场仍将延续强劲增长势头，头部产品"强者恒强"的格局更为凸显，跟踪高效、费率更 优、流动性更好的产品未来有望脱颖而出。 华夏基金旗下非货ETF规模 首次突破1万亿元 数据显示，截至1月12日净值更新，华夏基金旗下非货ETF管理规模达10165.88亿元，首次突破1万亿元整数关口。 另外，易方达基金非货ETF最新规模已达9232亿元，实现规模快速增长；华泰柏瑞基金非货ETF规模接近6500亿元，跻身前三强。 最新数据还显示，南方基金非货ETF规模为4556亿元，嘉实、广发基金均超3000亿元，国泰、富国、博时基金等都超过2000亿元，汇添富、华宝、鹏华基 金等均跻身"千亿俱乐部"。 规模是市场认可最直观的体现。数据显示，华夏基金旗下权益类ETF年均规模连续21年稳居行业第一（ ...

Market Overview - The A-share market opened higher on January 13, with the Shanghai Composite Index up by 0.31%, the Shenzhen Component Index up by 0.36%, and the ChiNext Index up by 0.59% [1] - In the Hong Kong market, all three major indices rose by over 1%, with notable gains in stocks like Alibaba Health, BYD, and Xpeng Motors [1] AI Medical Sector - AI medical stocks showed strong performance, with companies like Hongbo Pharmaceutical, Prusis, and Dian Diagnostics achieving a 20% limit-up, while Meien Health recorded three consecutive trading limits [3][4] - Nvidia announced a $1 billion investment with Eli Lilly to establish an AI drug laboratory over the next five years, focusing on accelerating medical discoveries and production [5] Cultural Media Sector - The cultural media and AIGC sectors also saw significant gains, with Tianlong Group achieving a 20% limit-up, and other companies like People's Daily and Xinhua News also hitting their trading limits [5][6] Commercial Aerospace Sector - The commercial aerospace sector experienced a sharp decline, with stocks like Aerospace Hanyu hitting a 20% limit-down, and other companies such as Aerospace Development and China Satcom also facing significant drops [7][8] - A number of companies, including Aerospace Hanyu and China Satellite, issued risk warnings regarding stock price volatility and potential trading suspensions due to abnormal trading activities [9]

Group 1 - The core proposal is a bill introduced by Republican Congressman Randy Feen, aimed at authorizing President Trump to take necessary measures to annex Greenland and eventually make it a state of the United States [1][2] - The bill, named the "Greenland Annexation and Statehood Act," seeks to ensure U.S. national security interests in the Arctic, emphasizing that control over Greenland is crucial for safeguarding U.S. security architecture and key Arctic shipping routes [1] - The bill has been submitted for review by the relevant congressional committees [2] Group 2 - Greenland is the world's largest island and an autonomous territory of Denmark, with significant self-governance, while defense and foreign affairs are managed by the Danish government [2] - The U.S. currently operates a military base in Greenland, highlighting its strategic importance [2] - President Trump has previously expressed interest in acquiring Greenland and has not ruled out the possibility of using force to achieve this goal [2]