伍峰私募登记为私募证券投资基金管理人 本报（chinatimes.net.cn）记者栗鹏菲 叶青 北京报道 2026年首家完成备案的证券私募管理人落地。根据中国证券投资基金业协会公示信息，伍峰私募基金管 理（上海）有限公司于2026年1月12日正式登记为私募证券投资基金管理人。该公司由中泰证券资产管 理有限公司前首席投资官徐志敏发起设立，其"奔私"动向此前已在业内引发关注。 伍峰私募成立于2025年10月22日，注册资本与实缴资本均为1000万元人民币，注册地与办公地分别位于 上海市虹口区与浦东新区。股权穿透后显示，公司的实际控制人为徐志敏，其通过直接和间接方式合计 持有92.5%的股份。目前公司共有5名全职员工，合规风控负责人崔莹莹曾任职于百亿量化私募衍复投 资等机构，负责合规事务。 19年老将的投资路径与业绩记录 徐志敏是此次创业的灵魂人物。公开履历显示，他拥有复旦大学理学硕士学位，职业生涯起步于国泰君 安资产管理部，随后任职于齐鲁证券（后更名为中泰证券）及中泰证券资管，历任研究员、投资经理、 权益投资部总经理、首席投资官至总经理助理。他在中泰证券资管任职超过十年，离职前管理的主动权 益资产规模接近150 ...

Core Viewpoint - The implementation of the "Action Plan" marks a significant transition of the digital renminbi from a cash-based version 1.0 to a deposit currency version 2.0, introducing interest payments for authenticated digital renminbi wallets, thereby enhancing payment convenience, security, and yield [2][3]. Group 1: Digital Renminbi Transition - The digital renminbi will officially transition to a deposit currency model on January 1, 2026, allowing interest payments on authenticated wallets at rates aligned with bank deposit rates [3]. - This transition is seen as a critical step in promoting the digital renminbi, showcasing the central bank's commitment to its widespread adoption [2][3]. Group 2: Risk Management and Demand Adaptation - The shift to a deposit currency model aims to mitigate risks associated with the de-intermediation of digital cash, ensuring that digital renminbi is included in the deposit reserve and insurance systems, thus providing equal safety guarantees as traditional deposits [4]. - The ability to earn interest on digital renminbi addresses previous challenges related to the lack of yield, which hindered its adoption [5]. Group 3: Integration with Banking System - The new framework allows digital renminbi to be treated as a liability of commercial banks, enabling banks to engage in innovative business practices while managing digital renminbi assets effectively [6]. - The previous limitation where funds in digital renminbi wallets could not be utilized for lending or investment has been lifted, enhancing banks' operational flexibility [5]. Group 4: Technological Advancements - The "Action Plan" emphasizes the integration of an "account system + digital currency + smart contracts" approach to enhance the digitalization and intelligence of the renminbi [7]. - Smart contracts are expected to facilitate the embedding of digital renminbi into various transaction processes, significantly increasing its usage frequency [7][8]. Group 5: User and Bank Benefits - Users will benefit from cash-like convenience, including offline payments and real-time settlements, while also enjoying the security and yield associated with deposits [8]. - Banks will gain asset-liability management rights over digital renminbi, allowing them to activate wallet funds through investment and lending activities [8]. Group 6: Future Applications and Policy Tools - Smart contracts can transform digital currency into precise economic tools, enabling targeted financial incentives and enhancing policy execution efficiency [8][9]. - The potential for smart contracts in large-scale applications, such as cross-border payments and supply chain finance, is anticipated to unlock broader development opportunities for digital renminbi [10]. Group 7: Current Usage Statistics - As of November 2025, the digital renminbi has processed 3.48 billion transactions, amounting to 16.7 trillion yuan, with 230 million personal wallets opened through the digital renminbi app [10].

Core Viewpoint - The recent regulatory measures in the A-share market aim to cool down speculative trading and maintain market stability, guiding the market towards a "slow bull" trend in the medium to long term [2][5]. Market Performance - On January 16, the three major A-share indices experienced a collective decline, with the Shanghai Composite Index down by 0.26%, Shenzhen Component down by 0.18%, and ChiNext down by 0.2% [2]. - The trading volume in the Shanghai and Shenzhen markets decreased from nearly 4 trillion yuan to over 2 trillion yuan, indicating a significant reduction in market activity [2]. Regulatory Actions - The financing margin ratio for new financing contracts was raised from 80% to 100% to curb excessive speculation and leverage risks [4][5]. - Major stocks, including招商银行 (China Merchants Bank) and 贵州茅台 (Kweichow Moutai), saw significant sell orders, interpreted as a clear intention to cool the market [4]. Investor Sentiment - The market's recent surge has been attributed to improved domestic economic fundamentals and increased foreign capital inflow, with the A-share market being viewed as an attractive investment destination [6][7]. - Analysts suggest that the influx of new capital is driven by domestic institutional investors, retail investors through funds, and foreign investments due to market openness [7]. Future Outlook - The market is expected to continue its upward trend, supported by favorable macroeconomic policies and corporate earnings growth, despite potential uncertainties such as geopolitical risks and global monetary policy adjustments [8][9]. - Investment strategies should focus on sectors with strong growth potential, such as AI, semiconductors, and renewable energy, while being cautious of short-term market fluctuations [9].

Economic Outlook - In 2025, China's economy is expected to demonstrate resilience despite complex international circumstances, with a projected growth rate of around 5% [2] - Predictions indicate that by the end of 2026, the growth rate will gradually recover from 4.5% in Q4 2025 to 5.1%, with an annual growth rate of approximately 4.8% [3] Policy Initiatives - The Chinese government is focusing on technology innovation, green transformation, and improving people's livelihoods as part of its economic strategy [2] - Significant investments are being made in infrastructure projects, with a total of 2.95 billion yuan allocated for early 2026 projects, including 2.2 billion yuan for key areas like urban underground networks and high-standard farmland [6] Consumer Demand - There is a recovery in consumer sentiment, although challenges remain due to income levels and expectations [5] - The upcoming Spring Festival is anticipated to boost service consumption, with historical data indicating that tourism revenue during this period significantly contributes to quarterly averages [5] Investment Strategies - The government is emphasizing both "investment in things" and "investment in people," highlighting the importance of human capital development alongside physical infrastructure [8] - There is a call for debt restructuring to enhance fiscal sustainability and support for people's livelihoods [7]

Core Viewpoint - The recent meeting held by the Ministry of Industry and Information Technology, the National Development and Reform Commission, and the State Administration for Market Regulation emphasizes the need for the entire electric vehicle industry to resist chaotic price competition and to promote a market order that values quality and fair competition [2][4]. Industry Transition - The meeting marks a fundamental shift in China's electric vehicle policy from pursuing scale expansion to focusing on quality improvement and from encouraging market penetration to guiding industrial upgrades [2][4]. - The electric vehicle industry has achieved a global leading scale advantage, but excessive price cuts and bundling sales by some companies are eroding the foundation for sustainable development [4][5]. Focus on Innovation and Quality - The three departments stressed that innovation should be the primary driving force and quality the lifeline of enterprises, shifting the competition focus from price wars to technology and quality battles [3][4]. - The policy aims to encourage companies to invest in cutting-edge technologies such as solid-state batteries and silicon carbide electric drives rather than relying on simple price reductions to gain market share [5][6]. Consumer Expectations and Regulatory Measures - The emphasis on "quality first" reflects the increasing consumer demand for the quality, safety, and reliability of electric vehicles as the market expands [6]. - Regulatory bodies may enhance quality standards and evaluation systems for electric vehicles, which will positively impact reducing vehicle failures and improving user experience [6]. Market Dynamics and Future Outlook - The policy shift directly addresses the current market issues, where many companies have resorted to significant price cuts, with some models seeing reductions of over 20% [5][7]. - The automotive industry is predicted to enter a mature phase characterized by high sales but low growth, with a forecast of 19 million electric vehicles sold in 2026, representing a 15.2% year-on-year increase [7][8]. Competitive Landscape - The call for "quality over price" and the resistance to chaotic price wars is seen as a necessary choice to address multiple challenges, including rational consumer behavior and international competition pressures [8]. - The intervention by regulators is intended to define a healthy competitive landscape, steering the industry from price wars to value wars, with the year 2026 expected to be a critical turning point for the industry [8].

Core Viewpoint - Henan Jinxing Beer Co., Ltd. is embarking on an IPO journey in Hong Kong, aiming to enhance corporate governance, transparency, and secure capital for long-term product development and channel expansion [2][5]. Company Overview - Founded in 1982, Jinxing Beer has evolved from traditional beer to a focus on "Chinese craft beer," launching its first craft beer, Jinxing Maojian, in August 2024, which significantly boosted its performance [3][4]. - In 2023, the company reported revenues of 356 million yuan and a net profit of 12.2 million yuan, but by 2024, revenues surged to 730 million yuan, a 104.9% increase, with net profit reaching 125 million yuan, a 928% increase [3][4]. Financial Performance - For the first three quarters of 2025, Jinxing Beer achieved revenues of 1.11 billion yuan, a 191.2% increase year-on-year, and a net profit of 305 million yuan, a 1095.8% increase [3][4]. - The company has become the eighth largest in China's beer industry and the fifth largest domestic beer company, with a retail sales compound annual growth rate (CAGR) of 23.7% from 2022 to 2024 [4]. Product Pricing and Profitability - Jinxing Beer’s craft beer is priced significantly higher than traditional beers, with craft beer retail prices around 20 yuan per can (1L), compared to traditional beers priced between 2.5 yuan per can (330ml) and 6 yuan per bottle (500ml) [4]. - The gross margin has improved, with figures of 27.3%, 37.8%, and 47% for 2023, 2024, and the first three quarters of 2025, respectively, while net margins reached 3.4%, 17.2%, and 27.5% [4]. Market Position and Competition - Jinxing Beer faces increasing competition from major players like China Resources Beer and Yanjing Beer, which are expanding their craft beer offerings [6][9]. - The company relies heavily on distributors for sales, with 94.8% of its revenue coming from this channel, and has a network covering 29 provinces in China [7]. Strategic Outlook - The IPO is seen as a strategic move to strengthen Jinxing Beer’s market position amid intensifying competition, allowing for enhanced funding for innovation and brand development [5][9]. - The company aims to maintain its focus on Chinese craft beer while navigating the challenges posed by larger competitors and evolving market dynamics [8][9].

Core Viewpoint - The central economic policy direction for 2026 emphasizes "quality improvement and efficiency enhancement," focusing on precise and targeted measures rather than broad monetary expansion [2][4]. Group 1: Central Bank Policies - On January 15, the central bank announced a 25 basis point reduction in the rates of structural monetary policy tools and increased support for key areas such as technological innovation, small and micro enterprises, and green low-carbon projects [2][3]. - The central bank will merge and increase the quota for re-loans and rediscounting for agriculture and small enterprises by 500 billion, with a total quota of 1 trillion specifically for private enterprises [3]. - The re-loan quota for technological innovation and technical transformation will be raised from 800 billion to 1.2 trillion, including support for private small and medium enterprises with high R&D investment [3]. Group 2: Fiscal Policies - The Ministry of Finance held a national video conference on January 13 to deploy a package of policies aimed at promoting domestic demand through fiscal and financial collaboration [2][4]. - The emphasis on fiscal-financial collaboration was reiterated, highlighting the importance of simplifying processes and strengthening execution to ensure effective policy implementation [2][4]. Group 3: Policy Implications - The combination of fiscal and monetary policies in early 2026 reflects a new macroeconomic management approach that balances moderate monetary easing with precise structural optimization to boost domestic demand [4]. - The focus on "quality improvement and efficiency enhancement" suggests that future policies will continue to prioritize structural adjustments while maintaining the capacity for further monetary easing if total demand fluctuates [4]. - The effectiveness of policy implementation will depend on breaking down departmental barriers and local protectionism to ensure that policies effectively support the real economy [4].

Core Viewpoint - Baichuan Intelligent, led by founder Wang Xiaochuan, is re-entering the spotlight with the launch of its new medical model Baichuan-M3, amidst growing competition in the AI healthcare sector, particularly from Ant Group's AI health assistant, Aifu [2][4]. Company Developments - Baichuan Intelligent has officially open-sourced its new medical model, Baichuan-M3, and Wang Xiaochuan has outlined the company's development roadmap and plans for an IPO, potentially in 2027 [2][3]. - The company claims to have 3 billion yuan in cash reserves, but has not disclosed recent revenue figures since its last funding round in July 2024 [3][6]. Market Context - The AI healthcare market in China is projected to grow from 8.8 billion yuan in 2023 to 315.7 billion yuan by 2033, with a compound annual growth rate (CAGR) of 43.1% [5]. - Globally, the AI healthcare market is expected to increase from approximately 26.65 billion USD in 2024 to about 505.59 billion USD by 2033, with a CAGR of 38.8% [5]. Competitive Landscape - Baichuan Intelligent is facing significant competition from major players like OpenAI and Google, which have launched their own healthcare AI models [4][5]. - Wang Xiaochuan emphasizes that Baichuan Intelligent's focus is on serious medical applications, differentiating it from competitors like Ant Group, which targets a broader health concept [6]. Product Capabilities - Baichuan-M3 has achieved a score of 65.1 in the HealthBench evaluation, ranking it first globally, and surpassing GPT-5.2 in medical decision-making capabilities [6]. - The model is designed to facilitate in-depth medical reasoning and has demonstrated superior questioning abilities compared to average human doctors [6]. Future Plans - Baichuan Intelligent plans to enter the consumer market in the first half of this year with two new products, initially offering them for free before implementing a paid model [7]. - The company aims to bridge the gap between doctors and patients, advocating for patient empowerment in health decisions while adhering to regulatory requirements [7]. Challenges and Considerations - There are concerns regarding the company's ability to generate sufficient revenue to support its IPO ambitions, as it has not provided recent financial updates [3][8]. - The company recognizes the need for significant advertising and physician endorsement to build consumer trust in the C-end market [7][8].

Core Viewpoint - The People's Bank of China (PBOC) reported significant support from monetary policy for the real economy in 2025, with a focus on stabilizing investment and promoting economic growth [2]. Financial Data Summary - In December 2025, new RMB loans increased by 910 billion yuan, a year-on-year decrease of 80 billion yuan, while the total social financing scale was 22,075 billion yuan, down by 646.2 billion yuan year-on-year [2][3]. - As of the end of December, broad money (M2) grew by 8.5% year-on-year, accelerating by 0.5 percentage points from the previous month, while narrow money (M1) grew by 3.8%, a decrease of 1.1 percentage points from the previous month [2][6]. - For the entire year of 2025, new RMB loans totaled 16.27 trillion yuan, a decrease of 1.82 trillion yuan compared to the previous year [5]. Loan Structure Analysis - The loan structure showed a strong performance from enterprises, with corporate loans increasing by 580 billion yuan in December, while household loans decreased by 441.6 billion yuan [3][4]. - The overall weak credit performance in December was attributed to insufficient demand for loans, particularly from households, while corporate loan demand was supported by policy measures and year-end inventory needs [4]. Monetary Policy Outlook - The PBOC introduced a series of structural monetary policy tools, including a 25 basis point reduction in the interest rates of these tools and an increase in the quota for targeted loans [7][8]. - Analysts expect stable growth in social financing and credit in 2026, with social financing growth projected at around 8% and credit growth at over 6% [2][7]. - The focus of monetary policy will be on promoting economic growth and reasonable price recovery, with expectations of further reserve requirement ratio cuts and interest rate reductions in 2026 [8].

又一房地产支持政策延续实施。1月16日，财政部、税务总局发布公告，延续实施公共租赁住房税收优 惠政策。对公租房建设期间用地及公租房建成后占地，免征城镇土地使用税。在其他住房项目中配套建 设公租房，按公租房建筑面积占总建筑面积的比例免征建设、管理公租房涉及的城镇土地使用税。对公 租房经营管理单位免征建设、管理公租房涉及的印花税。 同时，在其他住房项目中配套建设公租房，按公租房建筑面积占总建筑面积的比例免征建设、管理公租 房涉及的印花税。对公租房经营管理单位购买住房作为公租房，免征契税、印花税；对公租房租赁双方 免征签订租赁协议涉及的印花税。 文/李凯旋 编辑：张蓓 近期，房地产多项税收优惠政策延续实施，有利于增强市场活力。1月14日，财政部、税务总局、住房 城乡建设部联合发布《关于延续实施支持居民换购住房有关个人所得税政策的公告》。文件明确自2026 年1月1日至2027年12月31日，对出售自有住房并在现住房出售后1年内在市场重新购买住房的纳税人， 对其出售现住房已缴纳的个人所得税予以退税优惠。 ...