此后，S公司收到实控人发来的《承诺函》。实控人承诺就理财产品的投资本金损失先行补偿，最 终补偿金额为公司初始投资本金扣除该基金届时赎回到账金额及公司通过相关措施实际追回的全部款项 后的差额。对于S公司的此次理财而言，似乎可以画上句号了。 不过，在该案例中，仍有几个方面无疑值得关注。一是，在子公司理财出现巨额亏损且金额占比如 此之高的情况下，S公司却仿佛当作什么事情都没有发生，未及时履行信息披露义务，简直是将上市公 司信息披露监管规则视为儿戏。二是，监管部门仅出具警示函，对上市公司及相关责任人员而言，无异 于"隔靴搔痒"，也再次凸显出资本市场违规成本偏低的问题。三是，实控人虽承诺补偿投资本金，但相 关资金占用期间产生的利息是否也应一并补偿给上市公司，笔者认为值得进一步考量。毕竟，即便对于 资金实力较为充裕的上市公司而言，6000万元亦非小数目；若该资金存放于银行，期间产生的利息收入 也相当可观。 因为有实控人承诺补偿，S公司的理财损失似乎并不明显。若说存在损失，更多也只是资金占用期 间的利息损失。但对于市场上众多上市公司而言，因理财、投资以及各类违法违规行为造成的损失，往 往未必能够追回。笔者认为，这一点非常值 ...

2026年1月1日，《公开募集证券投资基金销售费用管理规定》正式实施。这也意味着，自2023年7 月证监会发布《公募基金行业费率改革工作方案》以来推进的公募基金行业费率改革已全部落地。 基金管理费的第二轮改革可从两个方面推进：一是改革对象不限于新发行基金，同时覆盖已发行的 存量基金，对权益类基金管理费实施全面改革。 改革成果有目共睹。按照安排，公募基金行业费率改革分三阶段推进：第一阶段降低主动权益类基 金管理费和托管费，年让利约140亿元；第二阶段调降股票交易佣金费率，年让利约70亿元；第三阶段 聚焦销售环节降费，年让利约300亿元。三个阶段合计每年向投资者让利约510亿元，公募基金综合费率 水平下降约20%。 二是大幅下调按基金规模计提管理费的比例，将现行计提标准整体降低一半以上，并根据业绩比较 基准确定具体计提比例。在此基础上，引入业绩计提机制，例如按照基金盈利的10%—20%比例计提管 理费，基金盈利越少，计提比例越低；盈利越多，计提比例越高。 从第一轮三阶段改革的效果看，销售费用改革无疑最为彻底，也是向投资者让利最多的环节。通过 销售端的大幅降费，投资者的认购成本明显降低，为投资者参与公募基金投资扫清 ...

在全球经济面临诸多不确定性的背景下，国际主流媒体以及包括国际货币基金组织在内的国际机构对 2026年中国经济前景持积极预期，认为其增长韧性与转型动力将为世界注入宝贵的确定性。 经济增长预期积极 2026年中国经济的增长动力将从何而来？外媒的观察指向两个关键领域：内需市场的纵深发展和新质生 产力的蓬勃兴起。 欧洲《现代外交》杂志网站预测，随着中国促进形成更多由内需主导的经济发展模式，2026年中国经济 将在高科技、智能制造、绿色能源和服务消费等领域实现显著增长。 彭博社分析，在全球经济放缓的背景下，内需驱动将成为中国主要的增长引擎。 与此同时，中国的"新质生产力"成为国际观察家理解中国经济增长新动能的关键。英国天空新闻台阿拉 伯语频道认为，中国经济成就源于长期的产业规划和对高附加值产业的持续投入。 如果说政策与内需是经济的稳定器，那么创新则被外媒视为2026年中国经济最活跃的加速器。 英国《经济学人》在一篇探究中国迈向创新强国原因的文章中，特别关注了中国在自动驾驶和创新药两 个前沿领域的加速推进。文章认为，中国技术实力的增长，主要得益于产学研的深度融合以及国家顶层 设计的创新体系支持。 美国《纽约时报》则注意到 ...

亚洲：保持韧性 2025年已过，对全球贸易崩溃的担忧未能成真，取而代之的是谨慎、宽慰的氛围。亚洲经济在2025年的 关键词是"韧性"——尽管面临美国贸易保护主义升级的挑战，亚洲出口仍保持稳定。这主要得益于强劲 的人工智能（AI）需求、有效的转运贸易等。 2026年，尽管国际贸易环境仍存在不确定性，亚洲各经济体已经有了自己的步调。各地央行持续稳步推 进货币宽松政策，财政政策或将在2026年在推动经济增长方面承担更重要的作用。"韧性"仍是亚洲经济 的关键词。 稳健运行 万事达卡经济研究所（MEI）在最新年度展望中指出，2026年全球经济前景将由风险与机遇并存的双重 因素塑造，但亚洲地区仍将保持相对亮眼的状态，预计2026年该地区国内生产总值（GDP）增长将保持 稳定。 这主要得益于通胀放缓、货币政策的支持，以及多个市场录得的实质收入上升。MEI分析认为，AI的普 及与应用，以及针对性的财政支持措施将成为2026年亚洲经济的重要推动因素。该所人工智能热情指数 显示，韩国、日本、印度和中国香港的企业和消费者在采用AI工具方面展现出强劲势头。此外，旅游 仍然是亚太地区最具韧性的经济驱动力之一。 亚洲开发银行发布的最新展 ...

来源 新华社 环球网 美国特勤局在发给媒体的声明中说，4日午夜过后不久，派驻在万斯位于辛辛那提市的住所的特勤 局人员拘留了这名男子，其名字尚未公布。他涉嫌打破万斯住宅的窗户，并造成其他财产损失。特勤局 表示，事发时该住所内无人居住，万斯及其家人当时不在俄亥俄州。 据路透社等媒体报道，美国副总统万斯当地时间1月5日在社交媒体上发帖，对自己的住所遭到袭击 作出回应。 万斯当天在帖子中称，据他所知，有人试图闯入他的住所并打破窗户。"当时我们不在住所内。"万 斯补充称，感谢美国特勤局与警方对这一事件作出的快速反应。 ...

目前，除雪佛龙（Chevron）以"遵守相关法律和法规"为由作出谨慎回应外，埃克森美孚（Exxon Mobil）、康菲石油（Conoco Phillips）等能源巨头均未对特朗普的宏大设想给出积极回应。 在美国总统特朗普宣称美国石油公司已准备在"马杜罗下台后"向委内瑞拉石油产业投入数十亿美元之 际，该国的主要石油巨头却集体保持了沉默。 从资源禀赋来看，委内瑞拉的确具备相当大的吸引力。能源研究所（Energy Institute）数据显示，该国 石油储量约占全球总量的17%，但出于种种原因，其原油产量已从上世纪70年代的日均约350万桶高位 大幅下滑。 去年，委内瑞拉日产量约为100万桶，仅占全球总产量的1%左右。Rystad Energy估算，到本世纪30年代 初，要将委内瑞拉日产量提升至200万桶，至少需要约1100亿美元投资。 莱昂认为，企业更希望看到一个稳定、可预期的制度环境。因而石油公司不会急于重返该国，"要吸引 足以显著提高产量的私人投资，将非常棘手"。 宏观市场环境方面，莱昂指出，全球石油市场正进入供给相对过剩阶段，油价面临下行压力。在低油价 周期中，石油公司对投资目的地的选择将更加审慎，"在有得 ...

Core Insights - The Shanghai Pudong New Area held a conference to promote investment and improve the business environment, unveiling the "2026 Action Plan for Enhancing the Comprehensive Business Environment" [1] Group 1: Business Environment Initiatives - The action plan includes five key areas: government services, market competition, industrial ecology, legal protection, and social governance, with a total of 52 specific measures [2] - In government services, initiatives include enhancing service levels for enterprises and launching actions to support companies going global [2] - The market competition area focuses on high-level intellectual property protection and creating a fair market environment [2] Group 2: Industrial Development - Pudong aims to develop ten major industrial clusters, targeting a scale of 500 billion yuan for integrated circuits, biomedicine, and smart connected vehicles, and 200 billion yuan for artificial intelligence and smart terminals [3] - Each industrial cluster will focus on core areas to enhance quality and efficiency, such as design leadership in integrated circuits and global outreach in biomedicine [3] Group 3: Investment and Policy Support - A new policy package was introduced to shift from "blood transfusion" support to "blood production" ecological cultivation, including a 100 billion yuan industry guidance fund [4] - The Pudong New Area is home to 25% of Shanghai's foreign-funded enterprises and nearly 50% of regional headquarters of multinational companies, positioning it as a strategic hub for global resources [4] Group 4: Future Goals - Pudong aims to enhance its global resource allocation and innovation capabilities, supporting both large enterprises and small businesses [6] - The conference marks the beginning of a focused effort on investment attraction and environmental improvement, aligning with the goals of the "14th Five-Year Plan" [6]

Core Viewpoint - EVE Energy has re-submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise capital for its overseas expansion, particularly focusing on a 30GWh battery project in Hungary, while facing challenges in its various business segments [1][10]. Group 1: IPO and Market Response - EVE Energy's updated listing application was submitted on January 2, just three days after the expiration of its initial prospectus [1]. - The company aims to connect domestic and international capital markets to support its overseas production expansion [1]. - Following the announcement of the re-submission, EVE Energy's stock rose by 4.88% on the first trading day of the year, closing at 68.97 yuan per share [1]. Group 2: Financial Performance and Challenges - EVE Energy's revenue growth has slowed, with total revenues projected at 363.04 billion yuan in 2022, 487.84 billion yuan in 2023, and 486.15 billion yuan in 2024, while net profits are expected to decline from 36.72 billion yuan in 2022 to 42.21 billion yuan in 2024 [5]. - The company's revenue from the power battery segment is expected to decrease by 20.08% in 2024, contributing to an overall revenue decline [5]. - The average selling price of power batteries has dropped from 11 million yuan/GWh in 2022 to 6 million yuan/GWh in 2024, leading to a continuous decline in gross margins [6][7]. Group 3: Business Segment Analysis - The power battery segment, which was once a growth driver, is now a significant drag on performance, with its revenue share decreasing from 50.3% in 2022 to 39.4% in 2024 [5][7]. - The energy storage battery segment has shown growth, with revenues increasing from 94.32 billion yuan in 2022 to 190.27 billion yuan in 2024, but it faces intense competition and declining profit margins [8][9]. - The consumer battery segment has maintained a relatively stable performance, with revenues reaching 103.22 billion yuan in 2024, but its overall contribution to total revenue remains limited [9]. Group 4: International Expansion and Challenges - EVE Energy's IPO proceeds will primarily fund the 30GWh battery project in Hungary, set to commence production in 2027, as part of its global expansion strategy [10]. - The company faces significant challenges in localizing its supply chain for overseas operations, with over half of the raw materials for its European factories needing to be imported from China [10][11]. - EVE Energy must compete with established players like CATL and BYD in the international market, as well as with Korean giants like LG Energy and Samsung SDI, which have already established a strong presence [10][11].

Core Viewpoint - Guizhou Moutai (600519) has made significant moves in the market as it enters the new year, with its stock price experiencing a notable increase due to recent channel adjustments and the launch of its digital sales platform, iMoutai [1][2][4]. Group 1: Stock Performance - On January 5, Guizhou Moutai's stock closed at 1426 CNY per share, marking a 3.54% increase, the highest single-day gain in over nine months [1]. - The surge in stock price is attributed to the company's recent strategic actions and the ongoing buying frenzy for its products [2]. Group 2: iMoutai Platform Launch - The official launch of the 53-degree 500ml Flying Moutai (Pu Moutai) at a price of 1499 CNY on the iMoutai App has led to a rapid sell-out, with over 100,000 users making purchases within three days [2][4]. - iMoutai is recognized for its authenticity and elimination of middlemen, which has contributed to the buying craze [4]. Group 3: Pricing Strategy and Market Impact - Following the launch on iMoutai, the wholesale price of Flying Moutai dropped from 1555 CNY to 1490 CNY, below the suggested retail price of 1499 CNY, indicating a shift in the pricing structure [4]. - The chairman of Guizhou Moutai, Chen Hua, emphasized the company's commitment to preventing price speculation and maintaining a balance between volume and price [4]. Group 4: Industry Context - The high inventory levels in the premium liquor sector have been a significant challenge, leading to a slowdown in sales and increased pressure on stock [4]. - The company aims to enhance the opening rate of its products, addressing the issue of unsold inventory held by distributors and scalpers [4]. Group 5: Regulatory Measures - To combat scalping, iMoutai has reduced the daily purchase limit for consumers from 12 bottles to 6 bottles until the Spring Festival [6]. - Guizhou Moutai has also issued warnings against false advertising related to its products, specifically addressing rumors about a 1169 CNY direct purchase scheme [7][9]. Group 6: Future Outlook - The iMoutai platform is expected to play a crucial role in the company's sales strategy, with projections indicating sales exceeding 20 billion CNY in 2024 [9]. - The establishment of Guizhou Moutai Digital Technology Co., Ltd. with a registered capital of 600 million CNY reflects the company's commitment to enhancing its digital sales capabilities [9].

Core Viewpoint - EVE Energy has re-submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise capital for its overseas expansion, particularly focusing on a 30GWh battery project in Hungary, while facing challenges in its various business segments [2][9][12] Group 1: IPO and Market Response - EVE Energy's updated listing application was submitted just three days after the expiration of its initial prospectus, which is a standard procedure in the IPO process [2] - The company experienced a positive market reaction, with its stock price rising by 4.88% to 68.97 CNY per share on the first trading day of the year [2] - The IPO aims to facilitate access to both domestic and international capital markets to support overseas production capacity expansion [2][9] Group 2: Financial Performance and Challenges - EVE Energy's revenue growth has slowed, with total revenues projected at 363.04 billion CNY, 487.84 billion CNY, and 486.15 billion CNY for 2022, 2023, and 2024 respectively, while net profits are expected to decline [3] - The company's main revenue-generating segment, the power battery business, saw a significant revenue drop of 20.08% in 2024, contributing to an overall revenue decline [3][4] - The average selling price of power batteries decreased from 11 million CNY/GWh to 6 million CNY/GWh from 2022 to 2024, leading to continuous pressure on profit margins [5][7] Group 3: Business Segment Analysis - The energy storage battery segment has shown growth, with revenues increasing from 94.32 billion CNY in 2022 to 190.27 billion CNY in 2024, but it faces intense competition and declining profit margins [6][7] - The consumer battery segment remains a bright spot, with revenues reaching 103.22 billion CNY in 2024, but its overall contribution to total revenue is limited [8] - EVE Energy's market share in the power battery sector has declined, dropping from 4.45% in 2023 to 2.3% in 2024, necessitating a shift to a price competition strategy [5][6] Group 4: International Expansion and Challenges - The company is focusing on international expansion, particularly in Europe, with plans for a 30GWh battery project in Hungary expected to commence production in 2027 [9][10] - Challenges include supply chain localization, increased operational costs, and competition from established players like CATL and BYD, as well as international firms such as LG and Samsung [10] - The transition from low-price competition to value competition in the lithium battery industry is underway, with rising prices for lithium iron phosphate batteries [11]