Core Viewpoint - Beijing has released measures to promote the development and utilization of commercial satellite remote sensing data resources from 2026 to 2030, aiming to enhance the satellite application service innovation landscape and support national development strategies [1][3]. Group 1: Infrastructure and Capability Building - The measures focus on five key areas: foundational capability building, common support capability building, technological innovation capability building, optimization of the development and utilization environment, and expansion of application scenarios [3][4]. - Strengthening foundational capabilities involves supporting enterprises in planning and constructing commercial satellite constellations with clear application prospects, enhancing the efficiency of remote sensing data utilization [6][7]. - Encouragement for diverse operational entities, including internet and geographic information companies, to develop value-added services based on commercial satellite data [6][7]. Group 2: Common Support Capabilities - The initiative promotes the standardization and integrated processing of vast remote sensing data resources to break down data silos and improve overall utilization efficiency [8][9]. - Support for the construction of multi-source satellite big data platforms to create a comprehensive data resource system, integrating various data types and enhancing the application of satellite data processing algorithms [8][9]. Group 3: Technological Innovation - The measures aim to enhance technological innovation capabilities by encouraging the development of key technologies related to satellite remote sensing data, such as agile acquisition and intelligent interpretation [10][11]. - Establishment of high-energy innovation platforms, including key laboratories and industry innovation centers, to promote the integration of production, education, and research [10][11]. Group 4: Development Environment Optimization - The measures advocate for the assetization of satellite data, encouraging enterprises to manage data assets effectively and facilitating the registration and circulation of satellite data assets [12][13]. - Emphasis on enhancing data security management systems to ensure the safe acquisition, storage, transmission, and use of satellite data [12][13]. Group 5: Application Scenario Expansion - The initiative aims to leverage artificial intelligence to expand industry-specific applications of remote sensing data, enhancing its value in various sectors such as urban governance and disaster prevention [14][15]. - Support for enterprises to create innovative application cases in key industries, with rewards for solutions that effectively address typical application scenarios [14][15].

Core Viewpoint - Beijing has released measures to promote the development and utilization of commercial satellite remote sensing data resources from 2026 to 2030, aiming to enhance the satellite application service innovation landscape and support national development strategies [1][5]. Group 1: Basic Capability Construction - The measures emphasize strengthening the basic capabilities of remote sensing data resources by providing market support, technical backing, and resource guarantees for the satellite data industry [3][6]. - Encouragement is given to internet and geographic information companies to develop value-added services based on commercial satellite data, fostering integrated business entities [6]. - Support for the construction of differentiated commercial satellite constellations is highlighted, along with the integration of new information technologies like cloud computing and artificial intelligence [6][7]. Group 2: Common Support Capability Construction - The initiative aims to standardize and integrate the processing and sharing of diverse remote sensing data, breaking down data silos to enhance overall utilization efficiency [4][7]. - Support for the construction of multi-source satellite big data platforms is encouraged, promoting the development of algorithms and models for satellite data processing [7]. - The establishment of urban spatiotemporal digital foundations is promoted to integrate various information technologies and create comprehensive urban information models [7]. Group 3: Technological Innovation Capability Construction - The measures focus on enhancing technological innovation capabilities in remote sensing data, encouraging key technology breakthroughs and strengthening the innovation position of enterprises [9][10]. - Support for agile acquisition, efficient processing, and intelligent interpretation of satellite remote sensing data is emphasized, along with funding for technology research and development [9][10]. Group 4: Optimization of Development and Utilization Environment - The measures promote the assetization of satellite data, encouraging enterprises to manage data assets and facilitating their registration and circulation [11]. - Strengthening inter-departmental sharing of remote sensing data resources and exploring cooperative mechanisms with research institutions and enterprises is encouraged [11]. - The establishment of a robust data security management system is highlighted to ensure the safe handling of satellite data [12]. Group 5: Application Scenario Expansion - The measures advocate for the use of artificial intelligence to expand industry-specific applications of remote sensing data, aiming to convert data into practical productivity [13]. - Support for the development of innovative application cases in key industries such as urban governance, agriculture, and disaster prevention is emphasized, with rewards for exemplary solutions [13][14]. Group 6: Support Measures - Coordination with national policies and major projects is emphasized to ensure the successful implementation of satellite remote sensing data resource development projects [14][15]. - Financial support and investment in quality projects related to remote sensing data resources are encouraged [14].

Core Viewpoint - The latest quarterly report reveals that bond funds remain the primary focus for public FOFs, with significant investments in ETFs as well. The top five funds favored by FOFs in Q4 2025 include various bond and ETF products, indicating a strong preference for fixed-income investments [1]. Group 1: FOF Holdings Overview - As of the end of Q4 2025, bond funds dominate the top 50 holdings of public FOFs, with 40 out of 50 being bond-related [1]. - The top fund held by FOFs is the Hai Fu Tong Zhong Zheng Short Bond ETF, with a market value exceeding 5.98 billion yuan, held by 119 FOFs [2]. - Other notable funds include Guotai Li Xiang Short and Medium Bond C and Fu Guo State-Owned Enterprise Bond C, each with holdings exceeding 1.7 billion yuan [2]. Group 2: Active Equity Fund Holdings - The top active equity fund held by FOFs is Xing Quan Commercial Model Preferred A, with a total holding value of 406.73 million yuan, held by 16 FOFs [4]. - Following closely is Yi Fang Da Information Industry Selected C, with a holding value of 365.40 million yuan, held by 10 FOFs [5]. - Other significant active equity funds include Yi Fang Da Ke Rong and Yi Fang Da Supply Reform, each with holdings above 300 million yuan [4]. Group 3: Fund Increases in Q4 - The fund with the highest increase in holdings during Q4 2025 is the Hai Fu Tong Zhong Zheng Short Bond ETF, which saw an increase of 2.69 billion yuan, bringing its total holding value to 5.98 billion yuan [6]. - Guotai Li Xiang Short and Medium Bond C also experienced a significant increase of 1.14 billion yuan, with a total holding value of 1.80 billion yuan [7]. - Other funds with notable increases include Jing Shun Chang Zhong Short Bond F and Fu Guo State-Owned Enterprise Bond C, each with increases exceeding 600 million yuan [7]. Group 4: Investment Strategies and Focus Areas - FOF managers express confidence in the A-share market, with increased allocations in technology, resources, and non-bank financial sectors during Q4 2025 [8]. - Specific strategies include focusing on gold and silver stocks, rare earths, and other metals, as well as exploring opportunities in the tourism sector [8]. - Long-term asset allocation strategies remain a priority, with a focus on consumer sectors and non-bank financials, alongside participation in overseas bond markets and REITs [8].

哈尔滨电气集团有限公司原党委常委、纪委书记，国家监委原驻哈尔滨电气集团有限公司监察专员杨宏 勇涉嫌严重违纪违法，主动投案，目前正接受中央纪委国家监委纪律审查和监察调查。 （原标题：杨宏勇被查！） 来源：中央纪委国家监委网站 ...

【导读】洋河股份公布现金分红回报规划（2025年度-2027年度） 中国基金报记者郑俊婷 1月23日晚间，洋河股份（证券代码：002304）连发3条重要公告，分别指向2025年业绩预告、现金分红回报规划、高管人事调整。 其中，现金分红回报规划尤为引人注目。洋河股份表示，在满足《公司章程》利润分配政策的前提下，2025年度-2027年度，公司每年度现金分红总额不 低于当年实现归母净利润的100%。 2025年第四季度减亏 根据业绩预告，洋河股份预计2025年实现归母净利润21.16亿元-25.24亿元，同比下降62.18%-68.30%。 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司 股东的净利润 | 盈利: 211,578 万元-252,356 万元 | 盈利:667,338.86 万元 | | | 比上年同期下降:62.18%-68.30% | | | 扣除非经常性损 益后的净利润 | 盈利: 185,318 万元-226,096 万元 | 盈利:683,523.56 万元 | | | 比上年同期下降:66.92%-72.89% | | | 基本每股收 ...

【导读】安联基金任命新董事长、总经理 除了高管变动，安联基金还在加速"招兵买马"。一些招聘平台显示，开年以来，安联基金陆续发布了市 场策划部总经理、市场经理、高级合规经理等岗位招聘启事。 1月23日晚间，安联基金官宣，现任总经理沈良升任董事长，原副总经理郑宇尘接任总经理，并继续兼 任首席投资官一职。 近年来，多家外资基金公司出现高管变动，涉及贝莱德、富达、宏利、摩根、摩根士丹利基金等。在业 内人士看来，这既是基金行业高度竞争与人才流动的缩影，也反映出外资机构在本土化与全球化战略中 的动态调整。 安联基金任命新董事长、总经理 1月23日晚间，安联基金发布公告称，任命沈良为公司董事长，郑宇尘接任总经理一职。 根据简历，沈良现任总经理，于2021年1月加入安联投资，曾任中宏人寿保险有限公司投资总监，摩根 士丹利亚洲有限公司首席行政官（亚太区），摩根士丹利华鑫基金管理有限公司副总经理，摩根士丹利 亚洲有限公司亚太区运营部首席运营官（COO），深圳市世纪点金投资咨询管理有限公司执行董事、 法定代表人，融通国际资产管理有限公司副总裁，美世（中国）有限公司中国区财富管理业务负责人等 职务。沈良还曾供职于普华永道会计师事务所 ...

【导读】惠康科技IPO遭暂缓审议 深交所网站显示，1月22日，深交所上市审核委员会召开2026年第4次审议会，对于惠康科技的首发申 请，给出了"暂缓审议"的结果。 这是2026年以来，深交所首单遭暂缓审议的IPO项目。 招股说明书显示，惠康科技成立于2001年，深耕制冷领域，是一家以制冷设备的研发、生产及销售为核 心业务的国家级高新技术企业，主要产品为制冰机、冰箱、冷柜、酒柜等，主要应用于民用及商用领 域。公司于2024年荣获"全国制造业单项冠军企业（制冰机产品）"称号。 本次申请深交所主板上市，惠康科技拟公开发行新股不超过3708.7858万股，募集资金约17.97亿元，将 用于制冷设备智能制造生产基地项目、研发中心建设项目等。 彼时，惠康科技解释称，公司与瑞益电子和杰成电子的合作均承接于其实际控制人控制的其他主体，具 有商业合理性。其中，瑞益电子成立前，自2016年开始通过慈溪市恒兴电子有限公司等公司供货；杰成 电子成立前，自2008年开始以慈溪市科海电子有限公司等主体供货。后两家公司各自的实际控制人均 因"战略调整""发展规划"的考虑，对旗下平台进行了更换。 惠康科技称，2025年业绩下滑主要受2025 ...

Core Viewpoint - The latest disclosures of public fund of funds (FOF) reveal a strong preference for bond funds and ETFs, indicating a strategic focus on stable income and passive investment strategies in the current market environment [1][3][10]. Group 1: FOF Holdings - As of the end of Q4 2025, bond funds dominate the FOF holdings, with 40 out of the top 50 funds being bond-related [3][4]. - The top five funds held by FOFs include Hai Fu Tong Zhong Zheng Short Bond ETF with a market value exceeding 5.98 billion yuan, followed by Guotai Li Xiang Short and Medium-term Bond C and Fu Guo State-owned Enterprise Bond C, each with over 1.7 billion yuan [3][4]. - The total market value of the top 50 funds held by FOFs reflects a significant investment in passive index products, highlighting a shift towards index-based strategies [3][10]. Group 2: Fund Increases - The most increased fund in Q4 2025 was Hai Fu Tong Zhong Zheng Short Bond ETF, which saw an increase of 2.69 billion yuan, bringing its total market value to 5.98 billion yuan [8][9]. - Other notable increases include Guotai Li Xiang Short and Medium-term Bond C, which was increased by 1.14 billion yuan, and several other funds with increases exceeding 600 million yuan [8][9]. - The trend of increasing holdings in bond funds suggests a cautious approach by FOF managers in the current economic climate [10]. Group 3: Manager Insights - FOF managers express confidence in the A-share market, with a focus on sectors such as technology, resources, and non-bank financials for future growth [10][11]. - Specific strategies include investing in precious metals and rare earths, as well as exploring opportunities in the tourism sector, indicating a diversified approach to asset allocation [10][11]. - The emphasis on long-term asset allocation strategies reflects a commitment to maintaining positions in high-value sectors while adapting to market conditions [10][11].

Core Viewpoint - *ST Changyao has been penalized for financial fraud, facing a fine of 10 million yuan and a proposed termination of its stock listing due to serious violations over three consecutive years [2][5][7]. Group 1: Financial Penalties and Violations - The company was fined 10 million yuan for financial fraud, as confirmed by the China Securities Regulatory Commission (CSRC) [2][5]. - The CSRC has indicated that it will transfer any criminal evidence related to the case to the public security authorities for further investigation [2]. - The company has been found to have inflated revenue and profit figures in its annual reports from 2021 to 2023, with inflated revenues of 215 million yuan, 284 million yuan, and 234 million yuan, representing 9.12%, 17.57%, and 19.51% of reported revenues respectively [5]. Group 2: Stock Listing Status - The Shenzhen Stock Exchange has issued a notice proposing to terminate the company's stock listing, with trading suspension set to begin on January 26, 2026 [6][7]. - The company has already triggered conditions for mandatory delisting due to significant legal violations [9]. - The stock has experienced a significant price increase, with a cumulative rise of 107.75% over four trading days leading up to January 23, 2026 [9].

Core Viewpoint - *ST Changyao has been penalized for financial fraud, facing a fine of 10 million yuan and a proposed termination of its stock listing due to serious violations over three consecutive years [1][2]. Group 1: Financial Fraud Details - The company was found to have inflated revenue by 215 million yuan, 284 million yuan, and 234 million yuan for the years 2021, 2022, and 2023 respectively, which accounted for 9.12%, 17.57%, and 19.51% of the reported revenue for those years [4]. - The inflated total profit for the same years was 56.4 million yuan, 63.4 million yuan, and 43.7 million yuan, representing 35.62%, 88.23%, and 6.42% of the reported profit [4]. - An additional profit inflation of 4.55 million yuan was noted for 2022 due to improper loss recognition related to a project, which constituted 6.34% of the reported profit for that year [5]. Group 2: Regulatory Actions - The China Securities Regulatory Commission (CSRC) issued an administrative penalty decision on January 23, confirming the company's violations and imposing a fine [2][5]. - The company is subject to potential criminal prosecution as the CSRC has indicated it will refer any criminal evidence to the public security authorities [1]. - According to the Shenzhen Stock Exchange rules, the company has triggered conditions for mandatory delisting due to significant legal violations [8]. Group 3: Market Reaction - *ST Changyao's stock experienced a significant increase, with a cumulative price increase of 41.44% over two trading days and 107.75% over four trading days leading up to January 23 [8]. - As of January 23, the stock closed at 0.92 yuan per share, with a total market capitalization of 322 million yuan [8].