中经记者 孙汝祥 夏欣 北京报道 2025年12月30日，中国证监会、财政部联合公布《证券期货违法行为"吹哨人"奖励工作规定》（以下简 称"《规定》"），自公布之日起施行。 《规定》是在《证券期货违法违规行为举报工作暂行规定》的基础上进行修订完善的。《规定》将奖励 金额由案件罚没款金额1%提升为3%。提供重大违法行为线索的，奖金上限也从10万元提升为50万元。 提供的案件线索在全国范围内有重大影响，或者涉案数额特别巨大，或者"吹哨人"为内部知情人员的， 每案奖金上限分别从30万元、60万元统一提升至100万元。 业内专家对《中国经营报》记者表示，新规对于违法举报的奖励金额和比例大幅度提升，以及多项制度 优化，有利于增加"吹哨人"吹哨的动力和积极性，为资本市场的高质量发展提供了更有效的监督工具。 （编辑：罗辑 审核：夏欣 校对：颜京宁） ...

Core Insights - Liu Hui, a well-known fund manager at Yinhua Fund, passed away on January 9, 2026, at the age of 54 [1] - Liu joined Yinhua Fund in November 2016 and was responsible for managing several fund products, including Yinhua Domestic Demand Selected Mixed Fund and Yinhua Entrepreneurship Board Two-Year Open Fund [1] - As of the end of Q3 2025, Liu managed a total asset scale of 3.281 billion yuan, and as of January 8, 2026, the return on the Yinhua Domestic Demand Selected Mixed Fund was 160.12% [1]

Core Insights - GAC Group achieved significant sales growth in 2025, with total sales reaching 1.7215 million vehicles and terminal sales hitting 1.8135 million vehicles, marking a 4.3% month-on-month increase in December 2025 [1] - The company implemented various reforms, including the "Panyu Action" integration reform, to enhance operational efficiency and product development [1][2] Sales Performance - In December 2025, GAC Group's sales exceeded 187,400 vehicles, with a quarterly sales increase of 25.56% in Q4 [1] - GAC Aion's December sales reached 42,000 units, a 10% month-on-month increase, while GAC Trumpchi's new energy vehicle sales surpassed 150,000 units for the year [1] - GAC Toyota sold 756,000 vehicles in 2025, reflecting a year-on-year growth of 2.4%, and GAC Honda's December sales exceeded 50,000 units, up 23.3% month-on-month [1] Strategic Reforms - GAC Group deepened its Integrated Product Development (IPD) and Strategy to Execution (DSTE) reforms, reducing vehicle development cycles to 18-21 months and cutting R&D costs by over 10% [2] - The company initiated a Business Unit (BU) reform in December 2025, with the Aion BU successfully established and channel integration underway [2] - GAC plans to establish over 1,000 sales outlets by Q1 2026, enhancing its domestic market position and future growth potential [2] Technological Advancements - GAC Group accelerated its layout in advanced technologies, particularly in solid-state battery applications, with a pilot production line for solid-state batteries established in November 2025 [3] - The company aims to conduct small-scale vehicle trials for solid-state batteries by 2026, promoting the commercialization of this key technology [3] International Expansion - In 2025, GAC Group introduced five new models to overseas markets, further accelerating its global expansion [3] - The company's sales of its self-owned brands in international markets approached 130,000 units, representing a year-on-year growth of 47% [3]

Core Insights - The article highlights the launch of the world's first full-body force-controlled small humanoid robot, Qiyuan Q1, by the company Shangwei Qiyuan at CES 2026, marking a significant advancement in personal robotics [3]. Group 1: Product Innovation - Qiyuan Q1 is designed to be a continuously learning and deeply customizable intelligent terminal, aimed at individual users, thus democratizing access to humanoid robots [3]. - The company has innovated in technology by compressing traditional full-size robot QDD (quasi-direct drive) joints to a size smaller than an egg while maintaining force control performance and high dynamic response [3]. - The robot supports open full SDK/HDK interfaces and customizable 3D-printed structural components, positioning it as a mobile laboratory for researchers, a curious companion for children, and a creative canvas for enthusiasts [3]. Group 2: Market Positioning - Shangwei New Materials announced its entry into the personal robotics market under the "Shangwei Qiyuan" brand on December 31, 2025, with the introduction of Qiyuan Q1 [3]. - The company appointed Peng Zhihui, known as "Zhi Hui Jun" and a co-founder of Zhi Yuan Robotics, as the chairman, indicating a strategic leadership move to enhance its market presence [3].

Group 1 - A total of 21 A-share listed companies have announced expected losses for the year 2025 as of January 9, 2026 [1] - Aerospace Changkong (600501.SH) expects a net profit attributable to shareholders of approximately -220 million yuan for 2025, primarily due to insufficient operating revenue and significant organizational restructuring costs [1] - Shouke Co., Ltd. (600376.SH) anticipates a full-year loss for 2025, with a net profit of -3.105 billion yuan reported by the end of Q3 2025, although the loss is expected to narrow compared to the same period in 2024 [1] Group 2 - Electric Wind Power (688660.SH) projects a net profit attributable to shareholders between -890 million yuan and -1.09 billion yuan for 2025, citing intensified competition in the offshore wind market and delays in project construction as key factors [2] - The company reports a decline in sales prices for offshore wind turbine products and an increase in component prices due to market conditions, leading to reduced gross margins and operating profits [2] - Electric Wind Power has recognized losses on certain sales orders where estimated costs exceed future realizable revenues, further impacting operating profits [2]

Core Viewpoint - The recent qualification of Xingyin Wealth Management and Bank of China Wealth Management to independently conduct interest rate swap transactions marks a significant advancement in the wealth management industry, enhancing their ability to manage interest rate risks and stabilize product net values [1][3]. Group 1: Qualification and Market Impact - Xingyin Wealth Management and Bank of China Wealth Management are among the first wealth management companies to obtain qualifications for centralized clearing of interest rate derivatives in the interbank market, allowing them to engage in independent interest rate swap transactions [1][3]. - This qualification enhances the flexibility of business operations and strengthens risk management capabilities, enabling wealth management companies to hedge interest rate fluctuations effectively [1][2]. - The issuance of such licenses reflects a cautious but progressive regulatory stance, indicating a shift in the competitive landscape of the wealth management industry towards asset allocation and risk hedging capabilities [3]. Group 2: Risk Management Tools and Strategies - The introduction of centralized clearing for interest rate swaps expands the range of risk management tools available to wealth management companies, allowing for better management of interest rate risks and enhancing asset allocation flexibility [1][2]. - The standard interest rate swap transactions, which are linked to the issuance rates of 3-month and 1-year interbank certificates of deposit, are crucial for managing interest rate risks more precisely [2]. - The ability to adapt investment strategies to different risk preferences and broaden revenue potential across various product types is a key benefit of this new capability [2][3]. Group 3: Challenges and Development Needs - Despite the advancements, the scale of derivative products remains small, primarily due to conservative investor risk preferences and high market volatility, which hampers growth in this area [4]. - Enhancing derivative investment capabilities requires a focus on building a skilled research and investment team, improving risk management frameworks, and ensuring robust technological systems to support trading and clearing processes [5][4]. - The need for financial engineering expertise and the application of financial technology, particularly AI, are critical for commercial banks to improve their derivative investment capabilities [4][5].

据悉，上交所也已启动对相关事项的违规处理程序，将依法依规予以处理。 中经记者 孙汝祥 夏欣 北京报道 2016年1月9日晚，证监会披露，近期，天普股份（605255.SH）股票价格异常波动，市场高度关注。近 日，证监会已对天普股份股票交易异常波动公告涉嫌重大遗漏立案调查。 下一步，证监会将在全面调查的基础上依法处理，切实维护市场健康稳定发展。 （编辑：罗辑 审核：夏欣 校对：颜京宁） ...

Core Viewpoint - The Shanghai Stock Exchange (SSE) has intensified its regulatory measures against violations in information disclosure and trading, resulting in over 270 disciplinary actions and more than 330 regulatory measures against illegal trading in 2025 [1] Regulatory Actions - In 2025, the SSE publicly condemned 23 cases of financial fraud and delisted 6 companies for serious violations [1] - 14 companies involved in financial fraud received other risk warnings as per regulations [1] - The SSE initiated special representative lawsuits against the delisted Jin Gang and pursued criminal accountability [1] Accountability Measures - The SSE held 51 individuals accountable among controlling shareholders and actual controllers, with 42 being publicly recognized and treated coldly, marking a 45% year-on-year increase [1] - Over 320 individuals in senior management positions were held accountable [1] Enforcement Trends - The SSE has increased the severity of its punitive measures, with nearly 50% of public condemnations in 2025, continuing a growth trend for two consecutive years [1] - The SSE closely monitored market irregularities, particularly focusing on behaviors such as speculative trading through restructuring, false disclosures in acquisitions, and unfulfilled performance commitments [1] - The SSE issued over 400 disciplinary actions and regulatory measures related to information disclosure violations throughout the year [1]

Core Viewpoint - The bond market has been under pressure since 2026, with the recent implementation of new regulations affecting market sentiment and presenting potential investment opportunities for 2026 [1][2]. Group 1: Market Pressure Factors - The bond market is facing pressure due to lower-than-expected bond purchases by the central bank and a cautious outlook on interest rate cuts, leading to a correction in expectations for monetary easing [1][2]. - The "spring market" has increased risk appetite, with a strong stock market performance causing a "see-saw effect" between stocks and bonds, contributing to the bond market's adjustment [1]. - Additional factors include concentrated government bond issuance, rising inflation expectations, and key levels being breached in ultra-long bonds [1]. Group 2: Impact of New Regulations - The new regulations have alleviated concerns regarding short-term redemption pressures on bond funds, which is expected to help restore market sentiment [2][3]. - The regulations support long-term holding, enhancing the stability of bond fund liabilities, and may gradually repair the widening credit spreads seen in medium to long-term credit bonds [2][3]. - There is a potential shift in institutional investor funds towards money market funds or bond ETFs due to increased thresholds for short-term bond funds, which could lead to an expansion of bond ETFs [2][3]. Group 3: Investment Opportunities for 2026 - The economic outlook for 2026 suggests stable growth with low inflation, and monetary policy will remain supportive but cautious regarding rate cuts, leading to a weak and fluctuating bond yield environment [4][5]. - The overall strategy for government bonds will focus on defensive positioning, with opportunities to increase allocations during periods of easing monetary expectations and to reduce during inflationary pressures [4]. - Credit spreads are expected to remain low, with opportunities to explore long-end credit bonds after adjustments, and convertible bonds may present structural opportunities as supply becomes limited [4][5].

北京正致力于打造"人工智能第一城"。《中国经营报》记者日前从北京市发改委获悉，北京市谋划建设一 批人工智能创新街区，加快打造全球人工智能创新高地。 记者了解到，北京依据各区产业基础和资源禀赋，遴选海淀、朝阳、石景山、经开区等已经具有较好人工 智能产业基础的重点区建设首批创新街区，首批拟支持海淀原点社区、经开区模数世界、朝阳区光智空 间、石景山文化智境等4个创新街区建设，打造以海淀为核心的"一核多点"布局。力争在未来两年内，各创 新街区成为全市人工智能核心引擎、全国人工智能创新地标。 2026年1月5日，北京市举办"2026北京人工智能创新高地建设推进会"。会上发布了《北京人工智能创新高 地建设行动计划》，提出用两年左右时间，实现人工智能基础理论和核心技创能力大幅提升，涌现更多首 创成果，集聚各类产业投资基金规模2000亿元以上；人工智能领域新增上市企业10家以上、独角兽20家以 上；人工智能核心产业规模突破万亿元，成为全球人工智能创新高地。 这个会议被称为2026年北京人工智能第一会。据北京市发改委党组书记、主任杨秀玲介绍，北京在AI领域 已形成绝对的领跑优势。截至2025年年底，北京人工智能核心产业规模预计 ...