Core Insights - The ETF market in 2026 is experiencing robust growth, with 17 new ETFs launched and a total issuance scale nearing 10 billion yuan, representing 22.37% of new fund issuance quantity and 14.69% of scale [1] - The newly established ETFs cover diverse sectors including non-ferrous metals, chips, artificial intelligence, biotechnology, food, batteries, and public utilities [1] Group 1: Market Growth and Demand - Industry experts are optimistic about the growth potential of the ETF market in 2026, driven by long-term capital inflows and upgraded investor demand [3] - Institutional investors, such as insurance companies, are increasingly seeking long-term allocations in the domestic equity market, while individual investors are becoming more accepting of passive index products due to their low fees and high transparency [3][4] - The diversification of ETF products is creating opportunities for innovation, as there are still many gaps in niche sectors, strategies, commodities, bonds, and overseas assets [4] Group 2: Competitive Landscape and Differentiation - The ETF market is characterized by significant concentration among leading firms, posing challenges for smaller fund companies [5] - Smaller firms are encouraged to focus on differentiated product offerings in niche sectors or thematic areas where larger firms have not established a strong presence [5][6] - There is potential for smaller fund managers to explore non-equity asset ETFs to meet the evolving asset allocation needs of investors [6] Group 3: Challenges and Pain Points - Despite growth opportunities, the ETF market faces challenges such as insufficient investor understanding and operational pressures on certain products [7] - Some individual investors lack a deep understanding of ETFs, leading to impulsive trading behaviors, which can negatively impact their investment outcomes [7] - Certain ETFs are experiencing issues with small scale and high operational costs, which can erode investor returns and affect trading efficiency [7]

Core Viewpoint - Jia Mei Packaging plans to suspend trading for verification starting January 26, 2026, after its stock price surged over 4 times, indicating a significant deviation from its fundamentals [1][2]. Group 1: Stock Performance and Market Reaction - From December 17, 2025, to January 23, 2026, Jia Mei Packaging's stock price increased by 408.11%, while its industry sector rose by 18.11% and the overall market increased by 11.81% [3]. - As of January 23, 2026, the stock price closed at 23.17 CNY per share, with a market capitalization of 24.3 billion CNY [1]. - The company's static price-to-earnings (P/E) ratio was 132.58, significantly higher than the industry average of 44.61, indicating potential irrational market speculation [2]. Group 2: Ownership Change and Future Outlook - The controlling shareholder of Jia Mei Packaging will change to Suzhou Zhuyue Hongzhi Technology Development Partnership, with Yu Hao, the founder and CEO of Chasing Technology, becoming the actual controller [1][5]. - The acquisition process is currently in the public notice period, with no substantial progress reported, and there are risks associated with the approval of acquisition loans [5][6]. - The company expects no significant changes in its main business over the next 12 months, focusing on the research, design, production, and sales of food and beverage packaging containers [6]. Group 3: Financial Performance - Jia Mei Packaging anticipates a net profit attributable to shareholders of 85.44 million to 104 million CNY for 2025, representing a year-on-year decline of 53.38% to 43.02% [6][9]. - The net profit after deducting non-recurring gains and losses is projected to decrease by 58.10% compared to the previous year [9].

（原标题：46名学者学术不端，集中通报批评！） 来源：国家自然科学基金委员会网站 1月23日，国家自然科学基金委员会网站发布案件通报，内容如下： 案件通报（2026年第1批） 近期，国家自然科学基金委员会经委务会议审定，对相关科研不端行为和项目资金违规案件涉事主体进 行了处理。根据规定，现将有关情况通报如下： （一）北京某高校张红宇在2021年基金项目申请过程中存在向第三方公司购买申请书代写服务问题。依 据《国家自然科学基金项目科研不端行为调查处理办法》（以下简称《办法》）相关条款，撤销相关基 金项目（批准号82170191），追回已拨资金，取消国家自然科学基金项目申请和参与申请资格5年 （2025年5月27日至2030年5月26日），给予通报批评。 （二）浙江某高校易莹2024年与2025年的基金项目申请书、山东某高校田萍2025年的基金项目申请书， 存在抄袭剽窃他人基金项目申请书内容问题，且在调查过程中试图掩盖抄袭行为。依据《办法》相关条 款，撤销相关基金项目申请（均未获资助），取消以上人员国家自然科学基金项目申请和参与申请资格 4年（2025年9月9日至2029年9月8日），给予通报批评。 （三）山西某 ...

Core Insights - The former president and chairman of Tongfang Co., Ltd., Lu Zhicheng, passed away on January 24, 2026, at the age of 78 due to illness [2] - Lu Zhicheng was a pioneer in the transformation and commercialization of scientific and technological achievements in higher education, founding Beijing Tsinghua Artificial Environment Engineering Company in 1989 and later establishing Tongfang Co., Ltd. in 1997 [2][3] - Under Lu's leadership from 1997 to 2015, Tongfang focused on core industries such as information technology, public safety, and energy conservation, successfully nurturing several well-known enterprises [3] Company Overview - Tongfang Co., Ltd. was established in 1997 with funding from Tsinghua University and was listed on the Shanghai Stock Exchange the same year [4] - The company is primarily engaged in nuclear technology applications, digital information, and smart energy sectors, with products including security inspection equipment, knowledge data products, big data applications, artificial intelligence products, and energy-saving solutions [4][5] - As of January 23, 2026, Tongfang's stock price was 9.47 yuan per share, with a total market capitalization of 31.727 billion yuan [5]

Core Viewpoint - The recent release of the "Guidelines for Performance Benchmarking of Publicly Raised Securities Investment Funds" and "Operational Details" by the China Securities Regulatory Commission and the Asset Management Association of China marks a significant milestone in the high-quality development of the public fund industry, focusing on long-term value and addressing industry pain points such as "ambiguous benchmarks" and "style drift" [1][3]. Group 1: Regulatory Framework - The new regulations establish a comprehensive control system around performance benchmarks, focusing on four dimensions: representation, constraints, assessment, and supervision, thereby reinforcing the "anchor" and "scale" of the investment framework [3][5]. - The guidelines require that performance benchmarks accurately reflect product positioning and investment style, and that fund managers appoint experienced fund managers based on these benchmarks, which cannot be changed arbitrarily [5][6]. Group 2: Industry Impact - Major fund companies support the new regulations, indicating that they will refine product positioning and establish dynamic benchmark evaluation mechanisms, shifting the industry focus from "scale competition" to "capability competition" [4][7]. - The new rules are expected to create a clearer and more stable investment style and product positioning, which will attract more long-term capital to the market [6][7]. Group 3: Investor Benefits - The regulations aim to enhance the clarity and stability of performance benchmarks, providing investors with a practical reference for selecting funds, thus fostering a long-term investment mindset [6][7]. - The linkage between benchmarks and performance compensation is expected to strengthen the alignment of interests between fund managers and investors, focusing on delivering long-term returns [7][8]. Group 4: Future Outlook - The introduction of these guidelines is seen as a historic opportunity for the public fund industry to enhance its core competitiveness and adhere to fiduciary duties within a strict regulatory framework [8]. - A clear, stable, and transparent fund market will better meet the wealth management needs of residents, enhancing investor trust and satisfaction, ultimately promoting steady progress in the high-quality development of the public fund industry [8].

Core Viewpoint - Construction Machinery is expected to continue its losses in 2025, with a projected net profit attributable to shareholders of -2.072 billion yuan, marking an increase in loss compared to previous years [1][3]. Financial Performance - In 2024, the company reported a net profit attributable to shareholders of -988 million yuan and a non-recurring net profit of -1.001 billion yuan [3]. - Revenue figures for the years 2022 to 2024 were 3.888 billion yuan, 3.228 billion yuan, and 2.727 billion yuan respectively, with net profits of -44.69 million yuan, -745 million yuan, and -988 million yuan [4]. Business Operations - The company operates primarily in five segments: leasing, engineering construction, steel structure manufacturing and installation, equipment sales, and transportation, with leasing being the core business, accounting for over 80% of revenue in the first half of 2025 [3]. - The leasing business is led by the subsidiary Pangyuan Leasing, which focuses on construction hoisting machinery leasing, assembly, and maintenance, positioning itself as a leader in the domestic market [3]. Market Conditions - The domestic tower crane leasing market is experiencing insufficient downstream demand due to reduced new construction area and low project commencement rates, leading to low equipment utilization and rental prices [3]. - The construction machinery leasing industry is primarily influenced by sectors such as real estate, municipal engineering, transportation, and energy projects, all of which are currently facing declining demand [3]. Financial Health - The company's asset-liability ratio reached 74.81% in 2024, an increase of approximately 9.5 percentage points from 2021, influenced by rising accounts receivable [7]. - A planned capital increase to raise up to 1.265 billion yuan was announced to improve liquidity and reduce debt, but the company later decided to terminate this plan due to various factors including macroeconomic conditions [7]. Stock Performance - As of January 23, the stock price was 3.81 yuan per share, with a total market capitalization of 4.789 billion yuan [7].

Core Viewpoint - The company, Construction Machinery, has announced a significant expected loss for the year 2025, projecting a net profit attributable to shareholders of -2.072 billion yuan, which indicates a worsening financial situation compared to previous years [1][4]. Financial Performance - In 2024, the company reported a net profit of -988 million yuan and a net profit excluding non-recurring items of -1.001 billion yuan [4]. - Revenue figures for the years 2022 to 2024 were 3.888 billion yuan, 3.228 billion yuan, and 2.727 billion yuan respectively, with net profits of -44.69 million yuan, -745 million yuan, and -988 million yuan [5]. Market Conditions - The domestic tower crane rental market is experiencing a downturn due to insufficient downstream demand, attributed to a decrease in new construction area and low project commencement rates [4]. - The utilization rate and rental prices of tower crane equipment remain at low levels, further impacting the company's revenue [4]. Business Structure - Construction Machinery's operations are divided into five main segments: leasing, engineering construction, steel structure manufacturing and installation, equipment sales, and transportation, with leasing being the core business that accounted for over 80% of revenue in the first half of 2025 [4]. Debt and Capital Structure - The company's asset-liability ratio reached 74.81% in 2024, an increase of approximately 9.5 percentage points from 2021, influenced by rising accounts receivable [8]. - A planned capital increase to raise up to 1.265 billion yuan was intended to improve liquidity and reduce debt levels, but the company decided to terminate this plan due to various factors including the macroeconomic environment [8]. Market Position - Construction Machinery's subsidiary, Pangyuan Leasing, is recognized as a leading player in the domestic construction hoisting machinery rental industry [4].

Core Viewpoint - Construction Machinery is expected to continue its losses in 2025, with a projected net profit attributable to shareholders of -2.072 billion yuan, indicating an increase in the loss compared to previous years [2][6]. Financial Performance - In 2024, Construction Machinery reported a net profit attributable to shareholders of -988 million yuan and a non-recurring net profit of -1.001 billion yuan [5]. - The company's revenue from 2022 to 2024 showed a declining trend, with figures of 3.888 billion yuan, 3.228 billion yuan, and 2.727 billion yuan respectively [7]. Business Environment - The domestic tower crane rental market is experiencing insufficient downstream demand, attributed to a decrease in new construction area and project commencement rates, leading to low equipment utilization and rental prices [6]. - The company’s core business is primarily focused on rental services, which accounted for over 80% of revenue in the first half of 2025 [6]. Asset and Debt Management - Construction Machinery's asset-liability ratio reached 74.81% in 2024, an increase of approximately 9.5 percentage points compared to 2021 [9]. - The company planned to raise up to 1.265 billion yuan through a private placement to improve liquidity and reduce debt, but later decided to terminate this fundraising plan [9]. Market Position - Construction Machinery is recognized as a leading enterprise in the domestic construction hoisting machinery rental industry, with its subsidiary, Pangyuan Leasing, specializing in this sector since its inception [6].

（原标题：特朗普威胁对加拿大征收100%关税 加总理回应） 卡尼在其个人社交媒体上发布一段事先录制好的视频。卡尼在视频里说："鉴于我们的经济正在经受来 自国外的威胁，加拿大人做出了选择：专注于我们能够掌控的事情。" 尽管没有直接提及美国，但卡尼重申将推动实施"购买国货"政策。他指出，"我们无法控制其他国家的 行为。但我们可以成为自己最好的客户。我们将购买加拿大产品，我们将用加拿大产品来建设国家。" 同一天，卡尼在其官方社交媒体账号上展示了一段40多秒的视频，回顾了他近期访问中国、卡塔尔以及 出席世界经济论坛年会相关活动的情况，并表示他正在加强伙伴关系、实现贸易多元化并吸引投资，为 加拿大争取更大的经济和战略利益。 特朗普当天在社交媒体发文威胁称，如果加拿大与有关国家"达成协议"，将对进入美国的加拿大商品征 收100%的关税。 卡尼：加拿大并非靠美国才存在 当地时间1月22日，加拿大总理卡尼在魁北克城发表演讲，公开反驳美国总统特朗普的言论，强调加拿 大"并非因美国才存在"，加拿大人是"自己国家的主人"。 一起来关注下海外资讯。 特朗普威胁对加拿大征收100%关税 加总理回应 据新华社报道，在美国总统特朗普对加拿 ...

【导读】特朗普威胁对加拿大征收100%关税，加总理回应 一起来关注下海外资讯。 尽管没有直接提及美国，但卡尼重申将推动实施"购买国货"政策。他指出，"我们无法控制其他国家的 行为。但我们可以成为自己最好的客户。我们将购买加拿大产品，我们将用加拿大产品来建设国家。" 同一天，卡尼在其官方社交媒体账号上展示了一段40多秒的视频，回顾了他近期访问中国、卡塔尔以及 出席世界经济论坛年会相关活动的情况，并表示他正在加强伙伴关系、实现贸易多元化并吸引投资，为 加拿大争取更大的经济和战略利益。 特朗普当天在社交媒体发文威胁称，如果加拿大与有关国家"达成协议"，将对进入美国的加拿大商品征 收100%的关税。 卡尼：加拿大并非靠美国才存在 当地时间1月22日，加拿大总理卡尼在魁北克城发表演讲，公开反驳美国总统特朗普的言论，强调加拿 大"并非因美国才存在"，加拿大人是"自己国家的主人"。 特朗普此前在瑞士达沃斯的世界经济论坛年会上声称，加拿大之所以存在全靠美国，并要求卡尼在未来 的发言中记住这一点。 特朗普威胁对加拿大征收100%关税 加总理回应 据新华社报道，在美国总统特朗普对加拿大发出新一轮关税威胁后，加拿大总理卡尼1月24 ...