Market Overview - The A-share market experienced fluctuations with the three major indices adjusting, while the non-ferrous metal sector surged against the trend, led by precious metals [1] - The Shanghai Composite Index fell by 0.09%, the Shenzhen Component Index decreased by 0.85%, and the ChiNext Index dropped by 0.91% [1] Sector Performance - Precious metals, gold concepts, animal vaccines, and oil and gas extraction and services sectors saw significant gains, while satellite navigation and commercial aerospace sectors faced adjustments [1] - Notable individual stocks included Silver Nonferrous (601212) achieving a "5 consecutive limit up," and gold stocks such as Western Gold (601069) and Zhaojin Gold (000506) hitting the daily limit [1] Individual Stock Highlights - Qunxing Toys (002575) experienced a sharp rise, hitting the daily limit with a closing price of 6.95 yuan per share and a market capitalization of 4.285 billion yuan, with nearly 200,000 shares in closing orders [6][8] - The stock's surge is attributed to its involvement in intelligent computing services and a partnership with Tencent Technology (Shenzhen) Co., Ltd. for providing computing power services [7] Commercial Aerospace Sector - The commercial aerospace sector showed weakness today, with mixed performances among stocks; Yuke De-W (688158) and Ruihua Tai (688323) reached the daily limit, while Shaoyang Hydraulic (301079) and Haoshi Electromechanical (300503) fell over 10% [9][10] - According to Everbright Securities, commercial aerospace has become one of the strongest market themes recently, with space photovoltaic technology expected to drive demand for new equipment [12] Market Sentiment and Future Outlook - Analysts from Zhongtai Securities suggest that the current market differentiation may continue in the short term, with high elasticity sectors attracting new capital [13] - Citic Securities indicates that market confidence is gradually recovering, recommending a focus on chemical, non-ferrous, new energy, and power equipment sectors for investment [14]

1月25日，爱芯元智半导体股份有限公司向港交所递交聆讯后的上市申请材料。 2022年、2023年、2024年以及2025年前三季度，公司的收入分别约为0.5亿元、2.3亿元、4.73亿元以及 2.69亿元。2022年、2023年、2024年以及2025年前三季度，公司净利润分别约为-6.12亿元、-7.43亿 元、-9.04亿元以及-8.56亿元。 推动人工智能普及化 上市申请材料显示，爱芯元智是人工智能(AI)推理系统芯片(SoC)的供应商，专注为边缘计算与终端设 备AI应用打造高性能感知与计算平台。公司致力于构建先进的AI计算基础设施，推动人工智能普及 化。 公司SoC产品的核心技术是爱芯通元(Axera Neutron)混合精度神经网络处理器(NPU)，这是一种通过先 进混合精度计算来实现良好AI推理性能的专用处理架构。该技术对于量化模型的部署至关重要，能在 边缘与终端设备上实现AI推理。 根据灼识咨询的数据，按2024年出货量计算，公司是全球第一大中高端视觉端侧AI推理芯片提供商， 在全球视觉端侧AI推理芯片市场处于领先地位。 2022年、2023年、2024年以及2025年前三季度，公司的收入分别约 ...

Market Performance - The micro-cap stock index reached a historical high last week, while large-cap indices like the CSI 300 and SSE 50 experienced adjustments [1] - This morning, large-cap stocks strengthened, with the SSE 50 index rising over 1.8% at its peak, while the micro-cap index and the CSI 2000 index both declined, with the latter down 1.39% [1] - By the close of the morning session, the SSE index rose by 0.12%, while the Shenzhen Component Index and the ChiNext Index fell by 0.74% and 0.86%, respectively, with total market turnover exceeding 2.26 trillion yuan [3] Sector Highlights - The non-ferrous metals sector showed strong performance, particularly in precious metals, with companies like Hunan Gold and Zhaojin Gold hitting the daily limit, and leading stocks such as Zijin Mining and China Uranium rising significantly [5] - Spot gold prices surged past $5,000 per ounce, with silver prices also reaching historical highs, driven by geopolitical factors and fluctuations in confidence towards U.S. assets [8] - Major precious metal companies forecast significant profit increases for 2025, with Zijin Mining expecting a net profit of 51 to 52 billion yuan, a year-on-year increase of 59% to 62% [8] Investment Catalysts - Three main catalysts are identified for the non-ferrous metals sector: 1. Recovery in manufacturing and inventory replenishment cycles, with PMI indicators returning to expansion in the U.S. and some emerging economies [9] 2. Long-term demand reshaping due to green and technological trends, particularly in sectors like electric vehicles and renewable energy [9] 3. Liquidity expectations and financial attributes, with rising expectations for interest rate cuts by the Federal Reserve benefiting precious metals [9] Financial Sector Activity - The financial sector was active, with the insurance sector leading gains, as major insurers collectively rose, including New China Life Insurance which increased over 4% [10][12] - The insurance industry is expected to see performance improvements in 2026, driven by a stable long-term interest rate environment and rising equity markets [13]

Core Insights - The fund industry is progressing steadily in 2025, driven by deepening reforms and innovation, enhancing market resilience and vitality [2] - The company is committed to improving investor financial literacy through diverse educational content and innovative communication methods [2] Group 1: Understanding Funds - The company has developed a comprehensive fund investment knowledge system to help investors understand funds, rules, risks, and investment philosophies [3] - Various educational materials have been created to meet the learning needs of different groups, including strategies for regular investment and asset allocation [4] Group 2: Legal Awareness - The company actively promotes capital market laws and regulations to help investors understand their rights and how to exercise them [6] - Educational initiatives include explaining fund trading rules and dispute resolution mechanisms [6] Group 3: Risk Awareness - The company emphasizes risk management by providing warnings and guidance on suitable investment choices for investors [7] - Specialized videos have been produced to explain the principles of investor suitability [7] Group 4: Investment Philosophy - The company promotes rational, value, and long-term investment philosophies through various media, including podcasts and educational programs [9] Group 5: Capital Market Policy Promotion - The company has focused on promoting capital market policies, including modern capital market construction and public fund industry reforms [11][12] - Initiatives include timely updates on policy measures and explanations of the delisting mechanisms for listed companies [12] Group 6: Pension Education - The company has developed a systematic approach to pension education, enhancing residents' investment capabilities for retirement [15] - A tiered content system has been established to cover essential pension investment knowledge [16] Group 7: Anti-Fraud Education - The company has implemented a comprehensive anti-fraud education mechanism, conducting various activities to raise public awareness of investment risks [19][20] - Efforts include community outreach and collaboration with educational institutions to disseminate anti-fraud knowledge [21] Group 8: Expansion of Educational Outreach - The company has expanded its educational outreach to regions such as Macau and various provinces, promoting financial literacy across different demographics [23][24] - Activities have been tailored to various educational levels, from primary schools to universities, to foster financial intelligence [25] Group 9: Recognition and Awards - The company has received multiple awards for its educational products and activities, highlighting its commitment to investor education and community engagement [27]

Market Performance - The micro-cap stock index reached a historical high last week, while large-cap indices like the CSI 300 and SSE 50 experienced adjustments [1] - This morning, large-cap stocks strengthened, with the SSE 50 index rising over 1.8% at its peak, while the micro-cap index and the CSI 2000 index both declined, with the latter down 1.39% [1] - By the close of the morning session, the SSE index rose by 0.12%, while the Shenzhen Component Index and the ChiNext Index fell by 0.74% and 0.86%, respectively, with total market turnover exceeding 2.26 trillion yuan [3] Sector Performance - The non-ferrous metals sector showed strong performance, particularly in precious metals, with leading stocks like Zijin Mining and China Uranium Industry experiencing significant gains [4] - Several precious metal companies announced profit forecasts for 2025, with Zijin Mining expecting a net profit of 51 to 52 billion yuan, a year-on-year increase of 59% to 62% [7] - The insurance sector was active, with major companies like New China Life Insurance and China Pacific Insurance seeing collective gains, and New China Life Insurance rising over 4% [9][11] Catalysts for Growth - The rise in gold and silver prices is attributed to geopolitical factors and fluctuations in confidence towards U.S. assets, leading to increased demand for safe-haven assets like gold [7] - Three main catalysts for the non-ferrous metals sector include: 1. Recovery in manufacturing and inventory replenishment cycles, with PMI indicators returning to expansion [8] 2. Long-term demand reshaping due to green and technological trends, particularly in sectors like electric vehicles and renewable energy [8] 3. Liquidity expectations and financial attributes, with a favorable environment for precious metals due to anticipated interest rate cuts by the Federal Reserve [8]

Core Viewpoint - The company Zhongcheng Co., Ltd. has received approval from the Shenzhen Stock Exchange's M&A Review Committee for its asset acquisition and fundraising plan, which involves purchasing 100% equity of Jiangsu Clean Energy Co., Ltd. for 151 million yuan [2] Group 1: Transaction Details - The transaction price for acquiring Jiangsu Clean Energy is set at 151 million yuan, with a share issuance price of 11.19 yuan per share [2] - The company plans to issue 13.5356 million shares, which will account for 3.86% of the total share capital post-transaction, excluding the fundraising [2] - The company aims to raise up to 151 million yuan from no more than 35 specific investors to fund the second phase of the Dongguan Base Station Energy Saving Service project and to supplement working capital [2] Group 2: Business Synergy and Strategy - Prior to the transaction, Zhongcheng's main business included equipment export, engineering contracting, environmental technology, and composite materials production [2] - Jiangsu Clean Energy focuses on investment, development, and operation of energy storage projects for commercial and industrial users [2] - The completion of this transaction is expected to create synergies in energy storage project construction and operation, customer resources, and overseas platforms, aiding the company's expansion in the industry chain [2] - The company's main business will align with green development principles, integrating energy storage with existing operations [2]

Core Viewpoint - The National Energy Group is focusing on energy supply stability, green transformation, and innovation to provide reliable energy support for economic and social development, with significant achievements in coal production, renewable energy capacity, and market capitalization [1][2]. Group 1: Energy Supply and Production - The company has stabilized its self-produced coal volume at 600 million tons and has achieved a daily power generation record multiple times, maintaining the highest heating capacity in the country [5][6]. - The coal production sector is undergoing reforms, with all coal purchase contracts being recorded on the "Guoneng e-commerce" platform for compliance monitoring [5]. - The company is enhancing its transportation network, with significant progress in the Huanghua Port Phase V project and the inclusion of the Dongyue Railway in the national major construction project list [5]. Group 2: Renewable Energy Development - The company has achieved a threefold increase in renewable energy installed capacity compared to the end of the 13th Five-Year Plan, with wind power exceeding 72 million kilowatts [2][3]. - The company is leading the development of large-scale wind and solar bases and has launched the world's largest open offshore photovoltaic project [3]. - The hydrogen energy sector has been established with a production capacity of 6,000 tons per year, accounting for 5% of the national total [3]. Group 3: Technological Innovation and Upgrades - The company is focusing on the upgrade of new-generation coal power, with four projects selected as national pilot projects, aiming to reduce carbon emissions by 10% [4]. - Breakthroughs in energy storage technology are being made, with 195 new energy storage projects operational by the end of 2025, representing about 6% of the national new energy storage capacity [3]. Group 4: Reform and Corporate Governance - The company has completed 161 specific reform tasks to enhance governance and operational efficiency, including the establishment of a "9+1" board system [7]. - A significant asset restructuring has led to an increase in the market value of China Shenhua by over 10%, enhancing the company's brand value to over 320 billion yuan [7]. Group 5: Talent and Mechanism Innovation - The company has implemented a comprehensive management system for middle-level managers and maintains a 100% open recruitment ratio [8]. - Plans for 2026 include strengthening safety responsibilities, effective investment, and promoting traditional industry upgrades while enhancing carbon asset management [8].

Core Viewpoint - The increasing variety of passive investment tools in the domestic market has made ETF-based multi-asset FOF products a popular choice among investors, enhancing asset allocation efficiency and allowing managers to focus on asset management [1][2]. Group 1: Investment Strategy - The FOF investment system is built on a localized all-weather strategy, supplemented by three enhancement strategies: asset allocation management, style and sector rotation, and alternative asset investment, aiming to provide long-term stable returns for investors [1][2][5]. - The FOF product is designed to help investors achieve sustainable profit, particularly for personal pension funds, emphasizing risk management and a focus on low volatility and steady returns [2][4]. Group 2: Asset Management Techniques - The strategy incorporates a classic all-weather approach, adapted to local conditions, which includes constructing macro scenarios based on economic growth and inflation, and optimizing asset allocation through risk parity [5][6]. - The three enhancement strategies include: 1. Equity and bond position management, utilizing a satellite monitoring system to adjust the portfolio based on economic fundamentals and market sentiment [6]. 2. Style rotation prioritized over sector rotation, with a focus on quantitative scoring to improve rotation success rates [6]. 3. Investment in alternative assets like gold and QDII to reduce portfolio volatility by diversifying with assets that have lower correlation to domestic markets [6]. Group 3: Risk Management - Emphasis is placed on controlling portfolio drawdown, with a focus on the maximum drawdown as a key indicator of risk management capability, as it reflects the management of unexpected risks [7]. - The selection of underlying assets for the FOF is rigorous, akin to clinical testing for pharmaceuticals, to maintain overall portfolio balance and minimize concentrated exposure to specific risks [7]. Group 4: New Product Launch - The new product, Huafu Chunxin Stable 3-Month Holding Period Mixed (ETF-FOF), managed by the investment department head, will officially launch on January 26, aiming to provide a long-term stable holding experience through the all-weather+ asset allocation strategy while strictly controlling drawdown [8].

Core Viewpoint - The newly released guidelines and operational details for public fund performance benchmarks aim to establish a comprehensive regulatory framework that addresses existing industry pain points, promoting high-quality development in the public fund sector by shifting focus from scale-driven and short-term ranking practices to long-term value creation [1][5]. Group 1: Performance Benchmark Guidelines - The guidelines require that the selection and use of performance benchmarks prioritize the interests of fund shareholders and adhere to principles of representativeness, objectivity, continuity, and constraint [2]. - The guidelines emphasize that performance benchmarks should reflect the investment style of fund products and align with the fund's investment goals, strategies, and restrictions [2][3]. - The operational details mandate fund managers to establish mechanisms for selecting, disclosing, monitoring, evaluating, and correcting performance benchmarks, thereby enhancing the clarity and stability of investment styles and product positioning [2][4]. Group 2: Impact on Investment Behavior - The new regulations are expected to enhance the discipline of active investment by fund managers, leading to clearer and more stable investment styles, which will attract more long-term capital into the market [2][4]. - The guidelines link performance benchmarks to fund manager compensation, encouraging a focus on long-term returns and aligning the interests of fund managers with those of investors [4][5]. Group 3: Industry Competition and Evaluation - The guidelines aim to shift the industry competition from a focus on short-term market trends to a capability-driven approach, emphasizing sustainable excess returns through solid research [6]. - The guidelines require fund evaluation and award institutions to adopt a more scientific approach to fund performance assessment, using performance benchmarks as a key criterion for evaluating investment management [7][8]. - Fund sales institutions are mandated to display both fund performance and benchmark performance, facilitating better comparisons for investors [8]. Group 4: Ecosystem and Responsibilities - The guidelines establish a multi-dimensional supervision system covering product creation, investment operations, sales services, and performance evaluation, aiming to purify the industry ecosystem and enhance investor experience [8]. - Fund custodians are required to fulfill their supervisory responsibilities, including reviewing fund contracts and monitoring investment style stability [7][8].

《指南》表示，根据金融信息服务数据在经济社会发展中的重要程度和敏感程度，以及一旦遭到泄露、 篡改、损毁或者非法获取、非法使用、非法共享，对国家安全、经济运行、社会秩序、公共利益、组织 权益、个人权益造成的危害程度，将数据从高到低分为四级，分别为核心数据、重要数据、敏感一般数 据、常规一般数据。 ● 本报记者杨洁 为规范金融信息服务数据处理活动，提升金融信息服务的数据安全水平，国家互联网信息办公室会同有 关部门组织起草了《金融信息服务数据分类分级指南（征求意见稿）》，于1月24日向社会公开征求意 见。 《指南》规定了金融信息服务数据分类分级规则。金融信息服务数据可按照业务属性进行分类。一级分 类分为业务数据、用户数据和企业数据3类，进一步细分为二级分类9类、三级分类66类。 其中，业务数据可细分为金融市场数据、宏观经济数据、行业指标数据、组织机构数据、资讯报告数据 5类（二级分类），进一步细分为股票数据、债券数据、基金数据、理财数据、外汇数据、商品数据等 52类（三级分类）。用户数据分为个人用户数据和机构用户数据2类（二级分类），个人用户数据包括 基本信息、交易数据、生物特征识别信息3类（三级分类），机构用户数 ...