Investment Environment Outlook - The A-share market is expected to enter a phase of improved overall conditions and deepening structural characteristics by 2026, driven by enhanced global liquidity and the performance acceleration of industries represented by artificial intelligence (AI) [1] - The market environment is anticipated to remain supportive, with optimism regarding the global economy and capital market conditions due to simultaneous monetary easing in the US and China [1][2] - Key trends to watch include potential preventive interest rate cuts by the Federal Reserve and continued supportive policies for capital markets in both the US and China [1] AI and Technology Investment - AI is highlighted as a critical area for investment, with a focus on both computing power and application opportunities [2] - The demand for computing power is expected to remain strong, with significant growth potential as the AI industry transitions from technology penetration to large-scale performance realization [2][3] - The domestic chip companies are improving their R&D capabilities, which may accelerate the localization of computing power by 2026 [3] Resource Sector Strength - The cyclical resource sector has shown strength since the beginning of 2026, with metals like gold, silver, copper, and aluminum attracting significant investment [4] - The manufacturing sector is likely to recover, positively impacting the cyclical direction, especially with global PMI data expected to rise amid continued interest rate cuts [5] - Specific segments such as copper are expected to benefit from AI's demand, as AI's influence on power systems will drive copper needs [4] Lithium Market Dynamics - Capital expenditure for lithium is projected to decline starting in 2026, potentially leading to a supply shortage by 2028 due to reduced expansion intentions among related companies [5] - The price of lithium, which peaked in 2022, is expected to undergo significant changes in the medium to long term as supply-side gaps become more pronounced [5]

Group 1 - The core index of the National Brand Engineering Index rose by 0.60% last week, closing at 2059.78 points, with strong performances from stocks like Changdian Technology, China Resources Microelectronics, and Glodon [1][2] - The market experienced fluctuations, with the Shanghai Composite Index down by 0.45%, while the Shenzhen Component Index and the ChiNext Index rose by 1.14% and 1.00% respectively [1] - Year-to-date, stocks such as Anji Technology and Zhongwei Company have shown significant gains, with Anji Technology up by 38.85% and Zhongwei Company up by 38.29% [2] Group 2 - Market sentiment has been volatile, with regulatory policies leading to a decrease in speculative trading, but the actual impact on market liquidity is minimal [2] - Starstone Investment indicates that there are still many opportunities in the market, particularly as domestic policies drive supply-demand balance and price recovery, leading to more industries entering the performance realization phase [3] - Looking ahead to 2026, the overall market is expected to trend upwards due to positive macroeconomic policies and industry factors, although increased volatility and operational challenges are anticipated [3]

Group 1 - The article discusses the characteristics and trends of the fund market, highlighting the growth in assets under management and the diversification of investment strategies [1] - It notes that the total assets of the fund industry have reached a significant milestone, indicating a robust market environment [1] - The report emphasizes the increasing popularity of alternative investments among fund managers, reflecting a shift in investment preferences [1] Group 2 - The article provides insights into the performance of various fund categories, showing that equity funds have outperformed fixed-income funds in recent periods [1] - It mentions the impact of macroeconomic factors on fund performance, including interest rates and inflation, which have influenced investor behavior [1] - The analysis includes a comparison of regional fund performance, indicating that certain markets have shown stronger growth than others [1]

Core Viewpoint - Fund companies are implementing purchase limits on popular products to prevent rapid scale expansion and protect existing investors' returns, reflecting a shift from scale-driven to investor return-driven strategies [1][2][3] Group 1: Fund Purchase Limits - Several fund companies, including 德邦基金 and 永赢基金, have announced purchase limits on high-performing funds focused on AI applications and other hot sectors due to increased market interest [1][2] - 中欧基金 has also implemented purchase limits on three of its products, with one fund's net asset value capped at 2 billion RMB to control its scale [2] - 工银瑞信基金 announced limits on its FOF product, indicating a trend of limiting purchases even amid a hot market [2] Group 2: Reasons for Limiting Purchases - Fund managers indicate that limiting purchases is necessary to protect performance, as new inflows at high net asset values can dilute returns and lead to inefficient cash management [2][3] - Limiting fund size helps avoid operational challenges associated with large-scale funds, which can hinder effective portfolio management and lead to significant net asset value fluctuations [3] Group 3: Market Strategy Adjustments - Fund companies are exploring alternative investment options, such as "固收+" and FOF products, to provide investors with balanced choices amid crowded sectors like AI and commercial aerospace [1][3] - Marketing strategies are shifting focus from popular sectors to long-term high-performing products, with an emphasis on the company's integrated research platform rather than individual fund managers [4]

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Core Viewpoint - The recent release of the "Top Ten Green Trust Cases for 2025" by the China Trust Industry Association highlights the industry's shift towards green finance, showcasing successful projects that contribute to low-carbon transformation and the activation of dormant green assets [1][2]. Group 1: Overview of Green Trust Cases - The selected projects include various types of trust services such as asset management and public welfare, demonstrating the diverse applications of green trust in the industry [1]. - Notable projects include the Kunlun Trust's CCUS project, Shandong Guoxin's CCER carbon asset revenue rights project, and the Foreign Trade Trust's household photovoltaic service trust project, among others [1]. Group 2: Industry Insights and Future Directions - Industry experts believe that green trust is essential for the trust sector to return to its core functions, reshape business logic, and find new growth points [2]. - The ten cases serve as replicable models for the industry, indicating a broad future for green trust development [2]. Group 3: Innovative Project Mechanisms - Shandong Guoxin's CCER carbon asset revenue rights project addresses challenges faced by environmental enterprises, utilizing trust structures to convert carbon assets into manageable financial assets [3]. - The project employs innovative mechanisms such as specific carbon asset rights transfer and a dual-layer exit strategy to ensure the safety of trust funds [3]. Group 4: Performance and Impact - The project has shown significant environmental benefits, such as reducing pollutant emissions and preventing the return of waste oil to the food supply chain, thus providing a replicable solution for urban green governance [3]. - As of November 2025, Shandong Guoxin's green trust business had a scale of 8.532 billion yuan, an increase of approximately 3.3 billion yuan from the beginning of the year [4]. Group 5: Policy Environment and Support - The policy environment for green trust has been continuously optimized since 2025, with regulatory bodies encouraging trust institutions to develop green trust initiatives [4]. - The issuance of guidelines and frameworks by the China Trust Industry Association aims to enhance the industry's capacity to engage in green finance and improve ESG governance [4]. Group 6: Future Commitment and Strategy - Industry leaders emphasize the need for increased innovation in green trust to support ecological protection and low-carbon transformation [5]. - Companies are encouraged to leverage their unique advantages in trust structures to provide diverse and sustainable financial solutions that align with national carbon reduction goals [5].

Core Viewpoint - The carbon inclusive mechanism is transforming everyday low-carbon behaviors into tangible economic incentives, thereby integrating green consumption into daily life and promoting a sustainable future [1][2]. Group 1: Carbon Inclusive Mechanism - The carbon inclusive mechanism allows individuals to convert their low-carbon actions, such as public transport usage and energy savings, into quantifiable rewards like discounts and financial incentives [1][2]. - The "Wutan Jianghu" platform in Wuhan has over 2 million users, enabling them to record low-carbon behaviors and trade their carbon reduction amounts for various rewards [2][3]. - The platform has recorded over 34 million low-carbon actions, resulting in more than 50,000 tons of carbon reductions traded [2]. Group 2: Expansion and Standardization - The carbon inclusive practice in Wuhan has evolved from a pilot project to a standardized operation, with plans to expand to more cities and integrate into various platforms like WeChat and Alipay [3][4]. - The next step involves establishing a unified standard system to facilitate cross-regional and cross-platform recognition of carbon inclusivity [1][3][8]. - The carbon inclusive model is being replicated in 12 other cities, indicating a growing trend towards widespread adoption [3]. Group 3: Diverse Applications - The carbon inclusive mechanism is being applied in various sectors, including sports events, ecological damage compensation, and green finance, enhancing its societal impact [4][5][6]. - During the 2022 Beijing Winter Olympics, the carbon inclusive initiative engaged 2.7 million participants, generating 19,000 tons of carbon reductions [4]. - In the financial sector, personal carbon accounts are being used to assess creditworthiness and offer incentives for green loans [6]. Group 4: Challenges and Recommendations - Current challenges include inconsistent regional standards, insufficient inter-departmental collaboration, and limited market channels for carbon reduction trading [7][8]. - Recommendations for improvement include establishing a national standard system, enhancing data sharing among departments, and expanding market channels for carbon reductions [8][9]. - The transition from a government-subsidized model to a sustainable business model is crucial for the long-term viability of the carbon inclusive mechanism [9].

● 本报记者 王舒嫄 1月17日，海关总署署长孙梅君在2026年全国海关工作会议上表示，"十五五"时期，全国海关将在工作 中更加注重统筹协调，既要扩大出口、也要适度扩大进口，拓展国际循环，促进国内国际双循环更加畅 通、内外贸一体化更好发展。 回顾过去五年，孙梅君说，全国海关有效应对风险挑战，年均监管进出口货物52亿吨、42.3万亿元，体 量全球最大，安全总体可控，为实现"十四五"圆满收官提供了有力支撑。 "'十五五'时期，全国海关在工作中要更加注重统筹协调。"孙梅君表示，坚持开放合作、互利共赢是中 国式现代化的必然要求。海关处于国内国际双循环交汇枢纽节点，必须坚持系统观念，统筹好守国门、 促发展，在"守"中做好"促"的文章，在"促"中筑牢"守"的底线；必须协调好便利和安全，既保证"通得 快"、又保证"管得好"；必须平衡好进口和出口，既要把好进口关、也要把好出口关，既要扩大出口、 也要适度扩大进口，拓展国际循环，促进国内国际双循环更加畅通、内外贸一体化更好发展。 2026年是"十五五"开局之年。孙梅君表示，新的一年，全国海关将围绕更好统筹国内经济工作和国际经 贸斗争、更好统筹发展和安全的部署要求，着力在维护国门 ...

这是1月10日拍摄的海南三亚国际免税城（无人机照片）。 1月18日，海南自贸港封关"满月"。受益于封关带来的人气和政策红利，离岛免税消费持续升温。据 悉，自2025年12月18日至2026年1月17日，海口海关共监管离岛免税购物金额48.6亿元，同比增长 46.8%；购物人数74.5万人次，同比增长30.2%；购物件数349.4万件，同比增长14.6%。 新华社图文 ...

Core Insights - In 2025, China-Central Asia trade is expected to achieve significant growth, with total trade reaching $106.3 billion, a year-on-year increase of 12%, marking a 6 percentage point acceleration from the previous year [1] - China has become the largest trading partner for Central Asian countries, with the region's share in China's foreign trade increasing [1] - The structure of goods traded is improving, with exports from China to Central Asia amounting to $71.2 billion (up 11%) and imports from Central Asia totaling $35.1 billion (up 14%) [1] - New business models are emerging, with rapid growth in cross-border e-commerce and ongoing development in logistics and payment cooperation [1] Trade and Investment Integration - The high-quality development of the Belt and Road Initiative is deepening, with major projects in connectivity, equipment manufacturing, green mining, and modern agriculture accelerating, effectively boosting exports to Central Asia and aiding the region's industrial upgrade and economic revitalization [2] - The Ministry of Commerce plans to implement the outcomes of the China-Central Asia Summit, focusing on enhancing trade cooperation, optimizing trade structure, fostering new business models, and promoting integrated trade and investment development [2]