万华化学公告，股东Prime Partner International Limited原持股1.56亿股，占4.98%；其减持计划为自2025 年11月14日披露后15个交易日至2026年1月31日前，通过集中竞价减持不超过0.50%股份。实际于2025 年12月5日～2026年1月8日减持1589.99万股，占0.508%，超计划24.75万股，占0.008%，减持价格68.69 ～77.25元/股，减持总金额11.95亿元；减持后持股1.4亿股，占4.48%。 ...

吉宏股份公告，为进一步建立健全子公司的长效激励机制，优化子公司股权结构，以期引进更多管理人 才、整合积累更多资源，促进子公司经营业务的长足发展，公司拟将所持深圳吉客拓40%的股权以 259.89万元的价格转让给控股子公司西安丹骏数字科技有限公司(公司持股比例55%)，将所持深圳吉客 拓20%的股权以129.94万元的价格转让给王亚朋先生，将所持深圳吉客拓15%的股权以97.46万元的价格 转让给窦剑先生，将所持深圳吉客拓10%的股权以64.97万元的价格转让给李柯莹女士。 ...

开山股份公告，公司于2016年4月通过新加坡KSORKA公司收购的SorikMarapi地热能有限公司(简 称"SMGP")在2025年全年发电量近150万兆瓦时。具体发电情况为：发电量146.72万兆瓦时，同比增长 25.38%；电费收入1.27亿美元，同比增长25.74%。 ...

近日，全国政协常委、民建中央原副主席周汉民在2026年中国首席经济学家论坛年会上表示，2026年世界经济的 不稳定性主要源于三大结构性根源。 第一，全球增长动能长期走弱且高度不均衡。全球潜在增长率较本世纪初明显下降，发达经济体受人口老龄化和 投资回报率下行制约，新兴经济体则面临债务约束和发展空间被压缩的问题。更重要的是，这种低增长并非同步发 生，而是呈现高度分化态势，进而放大了全球体系的协调难度。 第二，全球金融体系处于低容错状态。在高利率、高债务与高不确定性叠加的背景下，全球金融体系的缓冲空间 明显收窄。风险未必以全面危机的形式爆发，更可能局部爆发并跨市场传导，从而加剧系统性不稳定。 第三，地缘经济逻辑正在取代效率逻辑。需要再次强调的是，部分国家将贸易、投资、科技和金融相关政策系统 性地工具化、武器化、政治化，是世界经济面临的最大不确定性。全球经济运行从效率优先转向泛安全导向，其结果 并非简单的去全球化，而是形成一种成本更高、效率更低、碎片化程度更高的新全球化模式。由此带来三类风险：一 是全球规则供给不足，旧规则难以覆盖新问题；二是预期锚弱化，市场长期预期趋于短期化，人们难以作出长期规 划；三是全球经济进一 ...

Core Viewpoint - Shanghai aims to establish itself as the "world eVTOL capital" by 2028, targeting a core industry scale of over 80 billion yuan and nurturing 10 leading enterprises in the sector [1][2]. Industry Development - The implementation of the new policy marks a transition from nurturing the low-altitude economy to a phase of scaling and commercialization [2]. - By the end of 2025, Shanghai is expected to have at least 251 low-altitude economy startups, with 66 of them focusing on eVTOL and drones [2]. - Over 50% of the leading eVTOL companies in China have chosen to establish their operations in Shanghai, with five key players referred to as the "eVTOL Five Dragons" [2]. Regional Collaboration - The low-altitude economy industry alliance in Minhang District has gathered over 40 member units, covering the entire industry chain from core components to complete manufacturing [3]. - Yangpu District has introduced measures to promote low-altitude economic development, attracting over 130 related enterprises and initiating several innovative drone delivery routes [3]. Technological and Financial Support - Shanghai's comprehensive aviation industry chain, including large aircraft R&D and manufacturing, positions it advantageously in the low-altitude economy sector [4]. - The new measures include 16 support initiatives focusing on equipment R&D, industrial ecology, regional collaboration, and application scenarios [5]. - Financial support is emphasized, with initiatives to guide low-altitude industry funds to attract social capital for equity investments [7]. Future Outlook - The low-altitude economy is projected to reach a scale of over 100 billion yuan by the end of the 14th Five-Year Plan, with a focus on technological innovation and commercial demonstration [4]. - The policy aims to address key industry challenges, such as airworthiness certification, which is crucial for commercial operations [6]. - The collaboration within the Yangtze River Delta region is expected to enhance resource integration and optimize industry layout, facilitating long-term development [8].

"2026年中国经济增速预计在4.5%—5%区间，这一温和的增长目标，是为实现更高优先级目标而做出的权衡，即推动中国经济的深度转型。"近日，罗 兰贝格全球管委会联席总裁戴璞（Denis Depoux）在"预见2026"行业趋势会上如是表示。 吴钊据2025年1月至11月数据推演，全年投资并购交易金额超3500亿美元，同比增长超30%；中企海外并购上半年金额近200亿美元，同比增长八成，体 现出海进程的深度本地化。资本市场方面，A股与港股合计融资额占全球IPO市场的1/3，A股重大资产重组案例超130笔，较前一年数量翻倍，募投管退各环 节全面修复，全年交易数量超1.1万笔，市场活跃度显著提升。 戴璞表示，当前，部分行业收缩规模，另一部分行业则加速升级，这正是"创造性破坏"的生动写照，也恰恰印证了读懂中国经济的难度所在：它正处 于"一边增长、一边收缩"的分化状态，这种分化的背后是一场深刻的经济转型变革。 "我们或许会看到增速放缓，但实则是在为构建更强劲、更具韧性的经济根基铺路。增速数字本身并不重要，关键在于理解其背后的转型逻辑。"他说。 会上，罗兰贝格发布《预见2026：中国行业趋势报告》（下称"报告"），该报告 ...

Global Economic Outlook - The global economy is projected to grow by 3.2% in 2025, with developed economies at 1.6% and emerging markets at 4.2% [1] - The year 2025 is expected to showcase several sectors that significantly exceed market expectations [1] Capital Market Dynamics - The evolution of global capital markets in 2025 is influenced by three core drivers: a shift in monetary policy towards interest rate cuts, escalating geopolitical tensions, and asset revaluation and reallocation [3] - Global mergers and acquisitions (M&A) are anticipated to reach $4.5 trillion in 2025, a nearly 50% increase from 2024, marking the second-highest level on record [4] - The M&A landscape will focus on strategically driven "super deals," with 68 transactions exceeding $10 billion, including significant deals in the streaming and railway sectors [4] International Trade Trends - Despite facing challenges from U.S. unilateral tariff policies and trade protectionism, global trade is expected to grow by approximately 7% in 2025, reaching a record $35 trillion [6] - The global value chain trade remains robust, accounting for about 46% of global trade, with a shift towards resilience, sustainability, and inclusivity [6] Future Economic Drivers - Artificial Intelligence (AI) and green transition are projected to shape global economic growth trajectories in 2026, with AI expected to contribute trillions to global GDP [10] - The green industry is transitioning from policy-driven to market-driven, with significant investments anticipated in clean energy and green technologies [10] Risks and Uncertainties - The global economy faces numerous risks, including trade policies and geopolitical tensions, which could disrupt recovery processes [11] - High levels of debt in various countries, particularly in the U.S., may constrain fiscal policy and impact market confidence in dollar assets [11]

Core Viewpoint - China Pacific Insurance (CPIC) is advancing its "Great Health" strategy, establishing a comprehensive "Great Health" ecosystem with a focus on integrated services and insurance investment [1][2]. Group 1: Strategic Framework - CPIC has defined a "1234" strategic framework for its "Great Health" strategy, emphasizing the creation of an integrated ecosystem [1]. - The strategy includes three core approaches: growth symbiosis, scenario integration, and value co-creation [1]. Group 2: Health Insurance Development - CPIC is optimizing its health insurance product layout and enhancing the quality of health insurance business by aligning commercial insurance with medical insurance [2]. - The company is focusing on the three pillars of pension security, enhancing investment capabilities, customer coverage, and service combinations [2]. Group 3: Service Integration and Innovation - CPIC aims to deepen the integration of services with its main business by embedding services into insurance product design and enhancing customer engagement through high-frequency interactions [3]. - The company is working on a full-cycle service system to improve customer health and optimize operational costs, ultimately reducing risks [3].

Core Insights - The global commodity market in 2025 is characterized by extreme polarization, with stark contrasts between "ice" and "fire" sectors, driven by macroeconomic changes, industry cycles, and supply-demand structural shifts [1][8][9] Group 1: Commodity Market Overview - The black and energy chemical sectors are expected to remain weak due to weak demand, oversupply, and the transformation pains of traditional industries [2][3] - The overall price of the black industry chain is under significant pressure, with reduced demand from real estate and infrastructure leading to a decline in steel consumption and upstream raw material demand [2] - Energy chemical products face a weak demand environment, with real estate dragging down the demand for various products like PVC and glass, while supply expansion and import pressures exacerbate the oversupply situation [2][3] Group 2: Agricultural Products - Agricultural product prices are also declining, with hog prices hovering at historical lows and sugar prices hitting a five-year low, while corn and soybean prices are expected to recover only in the fourth quarter [3] - The prolonged "bottoming period" in the hog industry is attributed to slow capacity reduction and high frozen meat inventories, while sugar faces a supply surplus and weak consumption growth [3] Group 3: Precious and Base Metals - In contrast to the "ice" sectors, precious metals, base metals, and new energy metals are experiencing a structural bull market, with gold futures rising approximately 55% and silver over 140% in 2025 [5][6] - The surge in metal prices is driven by macroeconomic changes, explosive industrial demand, structural supply shortages, and a reallocation of global funds into these assets [5][6] - The copper market is particularly strong, supported by robust industrial demand and supply chain vulnerabilities, with predictions of a continued supply gap [6][14] Group 4: Future Outlook for 2026 - The futures market is expected to maintain a trend of structural differentiation and active trading in 2026, with continued growth in transaction volume and total funds driven by supportive policies and liquidity from the Fed's rate cuts [12][13] - Key sectors expected to shine include precious metals, base metals, and new energy sectors, with copper anticipated to lead due to persistent supply shortages and clear demand growth from energy transition and AI infrastructure [14]

Group 1: Government Policies and Initiatives - The State Council, led by Premier Li Qiang, has initiated a package of fiscal and financial policies aimed at boosting domestic demand, emphasizing the importance of coordinating fiscal and financial policies to enhance policy effectiveness and encourage social capital participation in consumption and investment [1] - The Lingang New Area in Shanghai is set to establish an offshore financial (economic) functional zone to promote greater financial openness and innovation, focusing on enhancing cross-border investment and financing facilitation [2] - Shanghai has introduced measures to encourage foreign investment enterprises to reinvest domestically, optimizing foreign exchange registration and funding processes [4] Group 2: Financial Sector Developments - The Shanghai government has released 26 measures to support foreign-funded R&D centers, including facilitating financial services for technology innovation and research [5] - The Industrial and Commercial Bank of China (ICBC) Shanghai branch has completed the first equity merger loan under the new merger loan management regulations, marking an innovation in merger financial services [6] - The Shanghai Clearing House has announced a reduction in fees for credit derivatives clearing services to promote market development and reduce costs for market participants [11] Group 3: Market Statistics and Performance - As of December 2025, China's foreign exchange reserves reached $33,579 billion, an increase of $115 billion from November, reflecting a growth rate of 0.34% [19] - In 2025, the national futures market recorded a total transaction volume of 90.74 billion contracts, with a cumulative transaction value of 766.25 trillion yuan, representing year-on-year growth of 17.4% and 23.74% respectively [20]