0:00 人民银行：关于降准降息，从今年看还有空间。从法定存款准备金率看，降准仍然有空间。（中经记 者：索寒雪） ...

【公司及高管共领330万元罚单 江苏阳光未及时披露关联交易退市后被追责】江苏阳光（已退市）2026 年1月14日公告，收到江苏证监局下发的《行政处罚决定书》。因未及时披露关联交易，公司被给予警 告，并处以200万元罚款；时任法定代表人、董事长陆宇，总经理、董事高青化，财务总监潘新雷，董 事会秘书杨之豪，被给予警告，并分别处以50万元、30万元、30万元、20万元罚款。 《行政处罚决定书》显示，2023年4月27日，江苏阳光召开董事会会议，审议通过了《关于购买土地使 用权暨关联交易的议案》并予以公告。根据该议案，江苏阳光拟向控股股东江苏阳光集团有限公司（以 下简称"阳光集团"）购买一宗土地的使用权，交易总额17044.23万元，占公司最近一期经审计净资产的 7.07%。该交易构成关联交易。 2023年5月18日，公司股东大会审议通过了该议案并予公告。当日，江苏阳光与阳光集团签订《土地转 让协议书》，约定江苏阳光在协议签署生效之日起30日内支付全部转让价款17044.23万元，在江苏阳光 支付全部款项后180日内阳光集团配合完成不动产权属转移登记变更手续。 2023年5月18日，江苏阳光向阳光集团支付1.3亿元转 ...

【天普股份董事高管换届疑点重重 上交所出具问询函要求认真审慎核实】2026年1月14日，上交所向天 普股份（605255.SH）出具《关于对宁波市天普橡胶科技股份有限公司董事、高级管理人员换届事项的 问询函》（以下简称《问询函》）。 相关公告还显示，康啸、陈捷闻原分别为中昊芯英董事会秘书、CFO。中昊芯英、杨龚轶凡曾对维护上 市公司人员独立作出承诺。 上交所要求相关方明确说明，康啸、陈捷闻受聘上市公司高级管理人员后的其他兼职情况，是否仍在中 昊芯英及其他相关公司担任职务、领薪，或实际承担相关工作；如是，应明确说明是否违反相关规则及 前期承诺，是否损害上市公司的人员独立性，并立即进行整改。上市公司董事会提名委员会应当充分发 挥作用，对上述事项进行审慎核查，并发表有针对性的明确意见。 1月9日，因公司股票交易异常波动公告涉嫌重大遗漏，天普股份被证监会立案。 上交所在《问询函》中指出，天普股份要严肃、认真对待相关事项，审慎评估立案事项对相关董事、高 级管理人员任职资格的影响，密切关注事件进展，若存在相关人员不满足任职资格的情形，立即启动相 关方案维护公司治理稳定，及时向市场充分提示风险，并履行相应信息披露义务。 " ...

Core Insights - The current capital market is characterized by stable overall volume and active structure, driven by policy support and industrial upgrades [1] - The technology growth sector, particularly in artificial intelligence, semiconductors, biomedicine, and new energy, is identified as the core driver for the year [1] - The investment strategy for 2026 will focus on "new demand" and "new supply," emphasizing technological innovation and green transformation under national strategic guidance [1] Group 1: Investment Strategy - The investment strategy will revolve around "new demand" areas such as technology innovation (AI, high-end chips), green transformation (new energy, new power systems), and national security (defense, information security) [1] - In the "new supply" area, traditional manufacturing will enhance efficiency through equipment upgrades and technology transformation, providing high-cost performance investment opportunities [1] - The correlation between Hong Kong and A-shares will expand cross-border investment opportunities, but a focus on fundamentals is necessary to avoid speculative trading [1] Group 2: Bond Market Insights - The interest rate is expected to remain low, with government policies supporting the economic environment, making interest rate bonds and high-grade credit bonds stable options [2] - The investment strategy will focus on detailed operations of term spreads and credit spreads, along with a "fixed income +" strategy to enhance yield flexibility [2] - It is recommended to allocate to assets with weak correlation to the macro cycle, such as REITs, to improve portfolio resilience against volatility [2] Group 3: Organizational Strategy - The company plans to accelerate the large-scale application of AI technology in research, management, and collaboration to enhance organizational agility [2] - There will be a deepening of industry chain cooperation and integration of ESG concepts into daily operations, promoting green development [2] - The emphasis is on capturing structural opportunities with a long-term perspective, rather than chasing short-term fluctuations [2]

Core Insights - Mercedes-Benz has demonstrated resilience in the luxury car market, maintaining a strong foothold despite industry challenges and competition from domestic electric vehicle brands [2][4][5] Sales Performance - In 2025, Mercedes-Benz sold 2.16 million passenger and light commercial vehicles, with a notable performance in core high-end categories, including a 7% year-on-year increase in AMG deliveries to 145,000 units and a record 49,700 units of G-Class vehicles [2] - For the first eleven months of 2025, Mercedes-Benz led the market for vehicles priced above 300,000 yuan with sales of 339,000 units, outperforming competitors like BMW and Audi [4] Market Position - Mercedes-Benz maintained its leading position in the 400,000 yuan and above luxury market, as well as in the 1 million yuan and above high-end luxury market, despite a 9% decline in global sales and a 19% drop in the Chinese market [2][5] - The brand's imported vehicle segment remains strong, with 91,000 units sold, ranking second in the overall import market [5] Product Strategy - In 2026, Mercedes-Benz plans to introduce over 15 new and updated models across various luxury segments, leveraging new electric platforms such as MB.EA, AMG.EA, and VAN.EA [6] - The launch of the new electric GLC SUV, along with the new generation S-Class and long-wheelbase GLE SUV, is expected to enhance market confidence [6] Digital Transformation - The company is focusing on digital transformation to improve efficiency, including optimizing its retail network and implementing a cost reduction plan aimed at saving 5 billion euros by 2027 [7] - Mercedes-Benz will enhance customer engagement through AI tools and digital operations, aiming to strengthen connections with its customer base [7]

《中国经营报》记者从中国铁路乌鲁木齐局集团有限公司获悉，2026年1月26日零时起，新疆铁路将实 行新的列车运行图。此次调图是新疆铁路部门认真贯彻落实党的二十届四中全会精神，按照国铁集团部 署，坚持以市场需求为导向，深化"天山雪莲"服务品牌创建，统筹客货运输能力，对列车运行图进行的 一次优化调整。调图后，新疆铁路服务品质和运行效率将有效提升，为"十五五"开好局、地区经济社会 高质量发展、人民群众便捷高效出行注入新动能。 新疆铁路部门聚焦建设世界一流铁路企业，以"天山雪莲"服务品牌为引领，持续提升客货运输服务品 质。按照"南北增直通、地州填空白、城际品质化、外局请进来、旅游走出去、个性需求定制化"的策 略，持续创新和优化客车开行模式，不断丰富客运产品供给。此次调图，将增开旅客列车6对，升级旅 客列车4对。 增开进出疆和疆内旅客列车6对，旅客出行选择更丰富。分别为： 增开喀什至重庆西间K315/8、K317/6次快速旅客列车1对。喀什至重庆西方向较此前压缩旅时2小时51 分，重庆西至喀什方向较此前压缩旅时4小时18分，这也是和若线上首次开行的进出疆旅客列车。 增开乌鲁木齐至陇西间增开Z382、Z381次直达特快旅 ...

2023年5月18日，公司股东大会审议通过了该议案并予公告。当日，江苏阳光与阳光集团签订《土地转 让协议书》，约定江苏阳光在协议签署生效之日起30日内支付全部转让价款17044.23万元，在江苏阳光 支付全部款项后180日内阳光集团配合完成不动产权属转移登记变更手续。 中经记者 孙汝祥 夏欣 北京报道 2024年7月10日，江苏阳光因连续20个交易日的每日股票收盘价均低于1元，被摘牌终止上市。 江苏阳光（已退市）2026年1月14日公告，收到江苏证监局下发的《行政处罚决定书》。因未及时披露 关联交易，公司被给予警告，并处以200万元罚款；时任法定代表人、董事长陆宇，总经理、董事高青 化，财务总监潘新雷，董事会秘书杨之豪，被给予警告，并分别处以50万元、30万元、30万元、20万元 罚款。 （编辑：罗辑 审核：夏欣 校对：翟军） 2023年5月18日，江苏阳光向阳光集团支付1.3亿元转让款；5月22日，江苏阳光分两笔向阳光集团支付 1300万元、2700万元；合计共支付1.7亿元转让款。 截至2023年12月31日，阳光集团未配合江苏阳光完成不动产权属转移登记变更手续，也未归还1.7亿元 转让款。截至2025年 ...

Core Viewpoint - The expansion of public REITs in China marks a significant milestone with the listing ceremony of the Huaxia Fund Huazhong REIT (508077) on January 12, 2026, at the Shanghai Stock Exchange, highlighting the growing recognition and acceptance of market-driven rental housing REITs in the domestic market [1][3]. Group 1: Expansion and Performance - The Huaxia Fund Huazhong REIT has demonstrated strong market performance over three years, achieving over 154 million yuan in cumulative dividends to holders by the end of 2025 [3]. - The recent expansion is the first for the Huaxia Fund Huazhong REIT, successfully completed in December 2025, utilizing a non-directional placement model to protect existing investors' rights, with a placement price of 2.53 yuan per share and a total of 450 million shares available for placement [3][4]. Group 2: Fund Utilization and Asset Acquisition - The funds raised from the expansion, approximately 1.1329 billion yuan (excluding subscription fees and interest), will be fully allocated to acquire high-quality assets under the Huazhong brand, specifically the Shanghai Majiao project, which is part of a demonstration project for affordable rental housing [4]. - The Shanghai Majiao project is strategically located near key industrial clusters, with a strong rental demand and an occupancy rate of 96% as of June 2025, enhancing the resilience of the operations [4]. Group 3: Strategic Vision and Future Development - The Huazhong brand aims to enhance its operational capabilities through a multi-dimensional operational system, focusing on specialized marketing, diverse leasing strategies, community operations, and safety supervision to maintain high occupancy rates and service quality [6]. - The successful expansion is viewed as a practical example of revitalizing existing rental housing assets and expanding effective investment, reflecting the capital market's recognition of the asset quality and operational capabilities of Huazhong [6]. - Future collaboration between Huazhong and Huaxia Fund is expected to enhance the quality and efficiency of public REIT projects, increasing the market influence and industry voice of rental housing REITs, and attracting more social capital into the affordable housing sector [6].

Group 1 - Lantu Automotive's plan to list in Hong Kong has been approved, marking a significant step for the company to enter the capital market [1] - Dongfeng Group will privatize and delist through a merger, distributing shares of Lantu Automotive to its shareholders as part of the process [2] - The transaction involves a combination of "share distribution + absorption merger," with both core steps being interdependent and progressing simultaneously [2] Group 2 - Dongfeng Group's announcement indicates that further approvals are required from the China Securities Regulatory Commission and the Hong Kong Stock Exchange for the listing [3] - Lantu Automotive changed its business name and type in September 2025, reflecting its transition to a joint-stock company [2] - The company submitted its listing application to the Hong Kong Stock Exchange on October 2, 2025, with CICC as the sole sponsor [2]

Group 1 - Lantu Automotive's plan to list in Hong Kong has been approved, marking its entry into the capital market after a short preparation period of less than five months [1] - Dongfeng Motor Group announced the privatization of Dongfeng Group through a merger, which includes the distribution of Lantu Automotive shares and the cancellation of the group's listing status [1][3] - The listing plan for Lantu Automotive began on August 22, 2025, with a two-step process involving a share distribution and a merger [3] Group 2 - Dongfeng Group will distribute 79.67% of its shares in Lantu Automotive to all shareholders before Lantu's introduction to the Hong Kong Stock Exchange [3] - Following the share distribution, Dongfeng Motor's wholly-owned subsidiary will pay equity compensation to the controlling shareholder and cash compensation to minority shareholders to achieve 100% control of Dongfeng Group [3] - Lantu Automotive changed its name and corporate structure in September 2025, transitioning to a joint-stock company [3]