工作方案提出三方面支持政策。一是聚焦交通服务、家政服务、网络视听服务、旅居服务、汽车后市场 服务、入境消费等重点领域，从优化服务供给、推进先行先试、创新消费场景、加强人才培养等方面发 力，激发发展活力。二是聚焦演出服务、体育赛事服务、情绪式体验式服务等潜力领域，从健全激励机 制、优化安全管理、培育优质品牌、建设平台载体等方面着手，培育发展动能。三是通过健全标准体 系、加强信用建设、强化财政金融支持等，加强对培育服务消费新增长点的支持保障。 工作方案还提出，要强化财政金融支持。统筹利用现有资金渠道支持发展服务消费、培育服务消费新增 长点。优化实施服务业经营主体贷款贴息政策。引导金融机构加大对服务消费新增长点领域经营主体的 信贷投放力度，合理确定贷款利率水平，创新开发特色金融产品和服务。支持符合条件的文化、旅游、 教育、体育、家政等服务消费领域企业发行债券，支持符合条件的消费基础设施项目发行基础设施领域 不动产投资信托基金（REITs）。加大消费信贷支持力度，引导金融机构与商家合作开发适合服务消费 特点的产品和服务。 "工作方案精准对接居民对高品质生活的需求，聚焦9大重点和潜力领域来加快培育服务消费新增长点， 起 ...

Core Insights - The Ministry of Civil Affairs has issued guidelines to promote technological innovation in civil affairs, aiming to establish a civil affairs technology innovation fund to support the research, industrialization, and application of suitable technology products by 2030 [1] Group 1: Key Objectives - By 2030, the goal is to enhance the civil affairs technology innovation system, increase technological investment, improve innovation levels and efficiency, and achieve breakthroughs in key core technologies [1] - The initiative aims to foster a batch of landmark technological achievements and significantly increase the localization rate of high-end equipment and products [1] Group 2: Strengthening Core Technology - The guidelines emphasize the need for technological support in the aging and elderly care sectors, advocating for the use of advanced technologies such as humanoid robots, brain-computer interfaces, and artificial intelligence [2] - Key areas for technological development include disability prevention, elderly care, rehabilitation, mental comfort, and emergency response, with a focus on integrating and scaling up product applications [2] Group 3: Promoting Technology Transfer - The guidelines propose leveraging urban clusters like Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macau Greater Bay Area to build high grounds for civil affairs technology industry innovation [3] - There is a focus on developing the elderly care service industry, particularly in smart elderly care robots and products, and expanding the application of new technologies in the rehabilitation assistive devices sector [3] Group 4: Organizational Support - The guidelines call for improving investment mechanisms and actively seeking national science and technology projects to bolster civil affairs technology innovation [3] - Encouragement is given for local governments to establish specialized funds for civil affairs technology innovation and to effectively coordinate financial resources to support this sector [3]

Core Viewpoint - The independent director system for listed companies in China is undergoing a significant transformation, with new regulations aimed at enhancing shareholder representation and governance structures [1][2]. Group 1: Regulatory Changes - The "Management Measures for Independent Directors of Listed Companies" was officially introduced in August 2023, allowing investor protection agencies to publicly solicit shareholder rights and nominate independent directors [1][2]. - This regulatory change aims to amplify the voices of minority shareholders, particularly those who have historically been silent [1]. Group 2: Practical Implementation - The China Securities Investor Services Center has successfully transitioned the new system from concept to practice, with five successful independent director nominations planned from 2024 to 2026 across various companies and ownership structures [1][3]. - The nomination process has evolved to include "joint action" strategies, expanding the backgrounds of independent directors from industry experience to accounting expertise [1][4]. Group 3: Challenges and Participation - Despite a high approval rate of over 99% for the five nominations, actual participation from investors remains limited, with the highest number of participants in a single case being only 17 [2][9]. - The low engagement reflects a "free-rider" mentality among minority shareholders, indicating a need for improved investor education and participation mechanisms [2][9]. Group 4: Governance Impact - The involvement of the China Securities Investor Services Center is seen as a way to internalize external market supervision, enhancing the independence and representativeness of independent directors [5][6]. - The successful nominations have begun to demonstrate a potential shift in corporate governance, allowing for a more balanced representation of shareholder interests within company boards [4][6]. Group 5: Future Directions - The center aims to continue refining the independent director nomination process while addressing practical challenges such as the 1% shareholding requirement for proposal submissions [8][9]. - Experts suggest that regulatory adjustments may be necessary to facilitate the nomination process and encourage broader participation from minority shareholders [8][9].

Core Insights - The article highlights the early disclosure of annual performance forecasts by over 260 companies on the STAR Market, with approximately 40% of them reporting positive growth or recovery in profits [1] - The focus is on the connection between the STAR Market and national technology innovation strategies, particularly in sectors like artificial intelligence and biomedicine, attracting quality companies and long-term capital [1] Group 1: Performance Forecasts - As of January 29, over 260 STAR Market companies have disclosed their 2025 performance forecasts, with 62 companies expecting profit increases, 34 companies turning losses into profits, and 51 companies reducing losses [1] - Among the companies forecasting profit increases, over 30 are expected to see net profit growth exceeding 100%, while 26 companies anticipate growth between 50% and 100% [2] Group 2: Industry Trends - The companies expecting profit growth are primarily in hardware, semiconductors, and biomedicine sectors, benefiting from recovering industry demand and breakthroughs in products [2] - Shanghai Yizhong expects the highest net profit increase of 760.18%, driven by its core product being included in the national medical insurance directory, significantly boosting market access and patient numbers [2] Group 3: Order Growth - Order growth is identified as a key driver for performance increases among some STAR Market companies, with significant new orders contributing to revenue growth [2] - Chip Origin Co. anticipates a narrowing of net losses, supported by record-high new orders, with total new orders for 2025 reaching 5.96 billion, a year-on-year increase of 103.41% [4] - Companies like Aifute have also reported substantial new orders, indicating positive future impacts on their performance [4]

Group 1: Global Gold Demand Trends - In 2025, global gold demand is projected to reach 5002 tons, marking a historical high, driven primarily by a significant increase in investment demand [1] - Global gold investment demand is expected to total 2175 tons in 2025, representing an 84% year-on-year increase, with gold ETFs contributing a net increase of 801 tons [1] - Central banks are anticipated to maintain high gold purchasing levels, with an expected demand of 863 tons in 2025, providing additional support to overall demand [2] Group 2: Chinese Gold Market Insights - China's total gold demand is projected to reach 1003 tons in 2025, a 6% increase year-on-year, and the total demand value is expected to hit 7960 billion yuan, a 53% increase [2] - Chinese investors are expected to purchase 432 tons of gold bars and coins in 2025, a 28% increase from 2024, marking a record high [3] - The Chinese gold ETF market is expected to see a total inflow of 1100 billion yuan in 2025, with assets under management (AUM) surging by 243% to 2418 billion yuan [3] Group 3: Jewelry Demand and Market Dynamics - Global gold jewelry demand is projected to decline to 1542 tons in 2025, an 18% decrease from 2024, although the monetary value of jewelry consumption is expected to rise by 18% to 1720 billion dollars [2] - In China, gold jewelry demand is expected to decrease to 360 tons, a 25% decline, while consumer spending on jewelry is projected to increase by 8% to 2814 billion yuan [3] Group 4: Mining Companies Performance - Several gold mining companies are expected to report strong performance in 2025 due to rising gold prices, with Xiao Cheng Technology projecting a net profit of 90 million to 130 million yuan, a year-on-year increase of 93.32% to 179.24% [4] - Zhongjin Gold anticipates a net profit of 4.8 billion to 5.4 billion yuan, reflecting a growth of 41.76% to 59.48%, driven by improved profitability in gold mining operations [4] - Hunan Gold expects a net profit of 1.27 billion to 1.608 billion yuan, a growth of 50% to 90%, while Zijin Mining forecasts a net profit of 51 billion to 52 billion yuan, a year-on-year increase of 59% to 62% [4]

Core Insights - The Chinese automotive market is entering a phase of "stock competition + comprehensive transformation," presenting unprecedented challenges for joint venture brands, particularly in the shrinking fuel vehicle market and the intensifying competition in the new energy vehicle sector [1] Group 1: Company Performance and Strategy - FAW-Volkswagen achieved a significant milestone by surpassing 30 million units in production and sales, maintaining its position as the top joint venture car manufacturer in China for seven consecutive years [1] - The company plans to achieve an annual sales target of 1.587 million units by 2025, with a focus on "stabilizing fuel vehicles, increasing electric vehicles, and exploring overseas markets" [1] - In 2025, the penetration rate of new energy vehicles is expected to reach 54%, while the terminal volume of fuel vehicles is projected to drop to 10.7 million units [1] Group 2: Market Position and Competitive Landscape - Audi regained its position as the top luxury car brand in the fuel vehicle market, with the A6L model selling 172,000 units, while the Volkswagen brand sold 902,000 units, increasing its market share by 0.6 percentage points [2] - The Jetta brand maintained its position in the competitive market, delivering 118,000 units and leading in the manual transmission SUV segment [2] Group 3: New Product Launches and Innovations - FAW-Volkswagen plans to launch 13 new models in 2026, including both fuel and new energy vehicles, as part of its strategy to transition towards high-quality development [3] - The company is focusing on enhancing its fuel vehicle offerings while pushing for comprehensive intelligence in its product lineup, with new models like the Sagitar S and the new Q5L featuring advanced smart cockpit and driver assistance systems [3] Group 4: Future Goals and Market Expansion - The company aims for new energy vehicles to account for approximately 60% of its sales by 2030, with plans to introduce 3 to 4 new energy models every six months starting in the second half of 2026 [4] - FAW-Volkswagen is also expanding its overseas presence, with plans to enter Southeast Asia and North Africa markets, utilizing a CBU+SKD model to accelerate its export efforts [4]

过去三年，中国汽车市场整体保持增长态势，但部分豪华车及高端细分市场却遭遇"寒流"。随着价格战 愈演愈烈，本土品牌强势崛起，智能化浪潮席卷行业，传统豪华车品牌正面临前所未有的生存考验。 在此背景下，保时捷中国如何平衡品牌基因与市场变革？如何应对信任危机与渠道调整压力？2026年1 月26日，保时捷中国总裁及首席执行官潘励驰在接受中国证券报记者采访时直面行业焦点问题，勾勒出 品牌在变局中的发展路径，以其"质大于量"的坚守与灵活应变的尝试，折射出传统豪华车品牌在转型周 期中的普遍困境与破局探索。 ● 本报记者 龚梦泽 以透明化举措化解考验 开放合作与基因坚守的双向平衡 在中国汽车智能化转型的浪潮中，本土品牌凭借快速迭代的智能网联系统与自动驾驶技术，持续冲击传 统豪华车品牌的市场份额。对于保时捷而言，如何在适配本土智能驾驶需求的同时，坚守品牌七十余年 沉淀的驾驶基因，成为必须破解的难题。 潘励驰在回答中国证券报记者提问时表示，保时捷对本土科技合作持开放态度，但合作的核心是"深度 共创"而非简单采购。以与博泰车联的合作为例，双方组建联合项目团队，共同研发适配保时捷车型的 车载信息娱乐系统，确保技术方案既能满足中国用户的 ...

● 本报记者 徐昭 赵中昊 把握"四个使命担当"核心内涵 ■ "证券公司学习宣传贯彻党的二十届四中全会精神"系列报道 国新证券党委书记、董事长张海文： 财富零售业务应为民而行 践行"四个使命担当" 舟行万里，操之在舵；金融为民，固本在实。作为脱胎于老牌证券公司、融入中国国新央企生态的券 商，国新证券深谙"国之大者"，其发展脉搏始终与国家战略同频共振。在金融强国建设的新航程上，如 何将宏观使命转化为微观实践，让资本市场发展成果惠及万千投资者，成为其思考的核心。近日，国新 证券党委书记、董事长张海文接受了中国证券报记者专访，阐述了公司以财富零售业务为支点，践 行"四个使命担当"的思考与路径。 张海文表示，党的二十届四中全会着眼于中国式现代化全局，对金融强国建设和资本市场高质量发展作 出重大部署，同时强调要多渠道增加城乡居民财产性收入。证监会主席吴清在中国证券业协会第八次会 员大会上，更明确要求行业强化"四个使命担当"——服务实体经济和新质生产力发展、更好服务投资者 并助力居民优化资产配置、加快建设金融强国、促进高水平制度型开放。 "资本市场必须发挥好投资和融资相协调的功能作用，将发展成果更多更公平惠及广大投资者。 ...

记者梳理发现，就在美联储公布利率决议的同一天，北京时间1月29日下午，瑞典央行也公布了其2026 年1月利率决议，决定维持现有利率水平在1.75%不变，加上此前同样做出暂停降息举动的加拿大央 行、挪威央行，2026年1月多个西方经济体央行集体"按兵不动"，自2024年开启的新一轮宽松周期似有 放缓迹象。 "当前多国央行宣布暂停降息，应更理解为全球宽松进程的节奏放缓，而非流动性的全面收紧。"在中航 证券首席经济学家董忠云看来，即便海外市场流动性进一步宽松的速度暂时放缓，但当前全球整体流动 性环境仍处于相对宽松的状态，特别是市场对美联储等主要央行在2026年启动降息的预期依然存在，这 也将对流动性形成支撑。 从市场反应看，基于此前各方已对美联储暂停降息有较为充足的预期，美联储宣布维持现有利率水平不 变后，美股主要股指在盘中维持弱势震荡走势，并未出现明显波动，国际贵金属价格则延续近期上涨态 势。 ● 本报记者 胡雨 截至北京时间1月29日中国证券报记者发稿时，1月以来已有美联储、瑞典央行、挪威央行、加拿大央行 等多个西方经济体央行公布最新利率决议，前述央行集体选择按兵不动，降息进程进一步放缓将对全球 资产带来哪些影 ...

● 本报记者 李静 聚焦跨境资产托管 近日，汇丰银行（中国）宣布为易方达基金发行的港股通消费混合型证券投资基金提供包括资金清算、 资产估值、合规监督等在内的托管服务，这是汇丰银行（中国）自2024年获批证券投资基金托管资格 后，在境内市场落地的首单公募基金托管业务。据悉，该基金也是易方达基金首只由外资银行托管的境 内公募基金产品。 根据中国证监会最新公布的证券投资基金托管人名录，目前已有渣打银行（中国），花旗银行（中 国）、德意志银行（中国）、法国巴黎银行（中国）、汇丰银行（中国）5家外资银行获得证券投资基 金托管资格。 在持牌基础上，各家外资银行正依托其全球网络，积极推进资产托管业务的多元化发展。例如，汇丰银 行（中国）表示，除基金托管外，还可为通过合格境外投资者、中国银行间债券市场直投模式以及B股 直接投资等渠道开展境内投资的境外机构提供托管服务。 去年10月，渣打银行（中国）宣布为汇华理财某公募理财产品提供托管服务，成为国内首家为理财公司 提供托管服务的外资银行。据了解，该理财产品将一定比例的资产投资于东方汇理资管亚洲伞子基金 CIO精选基金系列，该系列基金由渣打银行（新加坡）担任投资顾问。"我们希望继 ...