Group 1 - The "ETF Connect" program is expanding, with 54 ETFs listed on the Shanghai Stock Exchange and 44 ETFs listed on the Shenzhen Stock Exchange being included in the northbound trading scheme, increasing the total number of products from 273 to 364, representing a growth of over 30% [1] - The People's Bank of China has decided to lower the re-lending and rediscount rates by 0.25 percentage points starting January 19, to enhance the effectiveness of structural monetary policy tools and encourage financial institutions to support major strategic areas and weak links [1] - A press conference will be held by the State Council Information Office on January 19, where the Director of the National Bureau of Statistics, Kang Yi, will introduce the economic performance for 2025 and answer questions from reporters [1]

Core Viewpoint - The Chinese government is accelerating the cultivation of new growth points in service consumption, with a focus on various sectors such as the silver economy, green consumption, and cultural and sports consumption, supported by multiple policies at both national and local levels [1][2]. Policy Support - The State Council's meeting on January 16 emphasized the need to foster new growth points in service consumption, encouraging the emergence of new business models and enhancing the quality of service supply [2]. - Eight departments, including the Ministry of Civil Affairs, released measures to support the silver economy, particularly through technology-enabled elderly care services [2]. - The Ministry of Commerce and nine other departments issued a notice to promote green consumption, focusing on areas like green dining and accommodation [2]. Technological Integration - Experts believe that the integration of digital and intelligent technologies into service consumption can enhance supply-demand matching efficiency and expand the scale of service consumption [3]. - Local governments are also prioritizing the use of digital technologies to improve service quality and expand consumption [2]. Sector-Specific Support - The Ministry of Commerce has identified several service consumption sectors with high growth potential, including transportation, housekeeping, online audio-visual services, and experiential services, and is working to refine support policies [4]. - The Ministry of Transport is considering measures to expand yacht consumption, indicating a focus on niche markets within service consumption [5]. Financial Support - Financial support policies for the service consumption sector are expected to broaden, with the People's Bank of China planning to include the health industry in its support for service consumption and elderly care loans [6]. - The Ministry of Civil Affairs is collaborating with relevant departments to develop specialized financial support policies tailored to the characteristics of the elderly care industry [6]. Financial Pathways - Financial development can enhance service consumption through various pathways, including improving residents' income and encouraging investment in consumer-oriented enterprises [7]. - There is a pressing need for long-term funding in service consumption enterprises, which rely heavily on physical stores and supply chains, necessitating the use of loans and innovative financial products [7].

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，着力在维护国门安全、促进贸易创新发展、扩大开放增进合 作、深化改革和制度创新等方面下更大功夫，进一步提高监管效能和服务水平，以更优监管、更高安 全、更大便利、更严打私新成效，为"十五五"开好局起好步贡献海关力量。 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。 1月17日，海关总署署长孙梅君在2026年 ...

Group 1: ETF Performance - Semiconductor-related ETFs led the gains from January 12 to 16, with the Penghua Semiconductor ETF and the Sci-Tech Semiconductor ETF both exceeding a weekly increase of 10% [1][3] - The top ten ETFs by weekly increase were predominantly semiconductor-related, with several ETFs showing gains over 8% [3] - Year-to-date, as of January 16, multiple semiconductor ETFs have already increased by over 20%, outperforming the broader market [3] Group 2: Fund Flows - From January 12 to 16, the software ETF (159852) saw the highest net inflow of 7.543 billion yuan, followed by the non-ferrous metals and media ETFs, each exceeding 6 billion yuan [2][8] - The overall trading activity was robust, with broad-based ETFs like the A500 ETF and the CSI 300 ETF leading in transaction volumes [9] Group 3: Sector Performance - Aerospace and satellite-related ETFs experienced significant declines, with several ETFs dropping over 6% during the same period [6][7] - High turnover rates were noted in many aerospace and satellite ETFs, exceeding 100% [6] Group 4: Market Outlook - The market is expected to maintain a stable and positive trend, supported by a strengthening yuan and improving fundamental expectations [11][12] - The easing of monetary policies in major economies is providing a favorable external funding environment for emerging market assets [12]

2026开年，随着银行短期大额存单利率进入"0字头"以及权益市场的高景气度，一场关于"固收+"的讨论 悄然升温。 在低利率环境下，投资者既渴望超越理财的收益，又担忧资本市场的剧烈波动。如何在"稳"与"进"之间 找到平衡点？贝莱德基金权益、量化及多资产首席投资官王晓京给出了他的答案——以量化模型为引 擎，结合成熟的风险控制模块，打造一款能"一键配置"股债组合的"固收+"产品。 他即将掌舵的贝莱德富元金利混合型证券投资基金，正是这一理念的结晶。该产品于1月19日起首发， 产品以量化模型为核心，通过股债协同配置与多重风险控制机制，力求在复杂市场环境中捕捉股债的结 构性机会。 在中期看好中国权益资产表现的情况下，贝莱德富元金利定位为中高波"固收+"产品，不仅将权益仓位 上限提升至30%，更纳入港股通标的，通过一套融合全球经验与本土洞察的量化多资产策略，力求在震 荡市中为投资者提供"拿得住、睡得着、有弹性"的持有体验。 现任贝莱德权益、量化及多资产首席投资官。拥有15年全球投研经验，10年投资管理经验，具有先进的 海外量化投资经验，同时深耕中国市场，擅长多资产定制策略等。 量化模型赋能"股债双+" 过去，传统"固收+" ...

近日记者从全国股转公司获悉，2025年，全国股转公司新增受理挂牌申请318家（含直联15家），出具 同意挂牌函333家（含直联11家），一批质地优良、结构多元的企业通过新三板实现规范发展，八成新 增同意挂牌企业属于制造业，新三板在精准对接国家战略、服务实体经济方面成效显著。同时，新三板 与北交所的协同联动不断深化，为中小企业构建起全周期资本市场服务体系，切实发挥多层次资本市场 塔基作用。 增量企业质效双优 全国股转公司介绍，2025年新三板挂牌审核工作始终坚持质量导向，形成"增量带动存量"的良性发展格 局。数据显示，2025年新增同意挂牌企业最近一年平均营业收入达8.50亿元，平均净利润6072.24万元， 平均研发投入2892.79万元，分别是存量挂牌公司2024年对应指标的2.74倍、4.68倍、2.26倍，盈利能力 与创新能力显著优于存量企业。 业内人士表示，未来，随着各项改革措施的持续深化，新三板将进一步发挥培育规范功能，与北交所形 成更强协同效应，为创新型中小企业提供更优质的资本市场服务，助力实体经济高质量发展。 值得一提的是，三四板对接绿色通道的品牌效应持续凸显，成为服务专精特新企业的"快车道"。 ...

Core Viewpoint - The Hainan Free Trade Port has successfully operated under a closed-off system for one month, demonstrating a smooth and orderly start with early signs of effective outcomes in trade and investment [1]. Group 1: Investment and Economic Growth - The first day of the closed-off operation saw the establishment of Siemens Energy's gas turbine assembly base, marking the first foreign investment project by a Fortune 500 company in Hainan [2]. - From December 18, 2025, to January 5, 2026, Hainan added 207 foreign-funded enterprises, averaging 10.9 new enterprises per day, reflecting strong confidence from foreign investors [2]. - During the same period, Hainan registered 14,900 new enterprises, averaging 786 new enterprises daily, indicating a robust expansion of business entities [2]. Group 2: Trade and Export Performance - From December 18, 2025, to January 10, 2026, Hainan's total goods trade import and export reached 21.42 billion yuan, a year-on-year increase of 19.6%, with imports and exports growing by 13.3% and 31.6%, respectively [3]. - The opening of the first seventh freedom route at Phoenix Airport on December 22, 2025, is expected to enhance international air connectivity and support the growth of Hainan's trade [3]. Group 3: Policy Impact on Industry - The implementation of "zero tariff" policies has significantly reduced import costs for enterprises, enhancing operational efficiency within the supply chain [4]. - In the first month of the closed-off operation, customs monitored "zero tariff" imports valued at 750 million yuan, benefiting various sectors including healthcare and transportation [5]. - The cumulative processing and value-added exemption policy has allowed companies to collaborate more effectively, enhancing profitability and order stability [5][6]. Group 4: Consumer Behavior and Market Dynamics - The international duty-free shopping market in Hainan has seen a notable increase in foreign tourists, with shopping numbers reaching 585,000 and total spending of 3.89 billion yuan from December 18, 2025, to January 10, 2026, representing year-on-year growth of 32.4% and 49.6% respectively [8]. - The shift in consumer preferences has led to a higher interest in domestic brands among international visitors, prompting retailers to enhance their service offerings [7][8]. Group 5: Logistics and Transportation - The logistics sector has experienced growth, with approximately 74% of goods achieving "zero tariff" status, facilitating smoother trade between Hainan and international markets [8][9]. - The demand for transportation and logistics services has remained robust, with companies adapting to the evolving market conditions post-closure [9].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the need for enhanced political loyalty and improved investigation quality in its enforcement actions to safeguard market fairness and support high-quality development of the capital market [1] Group 1: Enforcement and Regulatory Actions - The CSRC held a commendation meeting on January 16, recognizing 25 outstanding enforcement teams and 20 individuals for their contributions in major case investigations over the past two years [1] - The CSRC has maintained a high-pressure stance against various illegal activities in the capital market, including financial fraud, market manipulation, and insider trading, effectively maintaining market order and protecting investors' rights [1] Group 2: Strategic Focus and Development - The meeting aimed to implement the spirit of the 20th Central Committee's Fourth Plenary Session, the Central Economic Work Conference, and the National Financial System Work Conference, summarizing the achievements in enforcement work [1] - The CSRC is committed to deepening enforcement reforms, enhancing technological empowerment, and promoting the rule of law to build a robust enforcement team with strong political and professional capabilities [1]

他即将掌舵的贝莱德富元金利混合型证券投资基金，正是这一理念的结晶。该产品于1月19日起首发， 产品以量化模型为核心，通过股债协同配置与多重风险控制机制，力求在复杂市场环境中捕捉股债的结 构性机会。 在中期看好中国权益资产表现的情况下，贝莱德富元金利定位为中高波"固收+"产品，不仅将权益仓位 上限提升至30%，更纳入港股通标的，通过一套融合全球经验与本土洞察的量化多资产策略，力求在震 荡市中为投资者提供"拿得住、睡得着、有弹性"的持有体验。 在低利率环境下，投资者既渴望超越理财的收益，又担忧资本市场的剧烈波动。如何在"稳"与"进"之间 找到平衡点？贝莱德基金权益、量化及多资产首席投资官王晓京给出了他的答案——以量化模型为引 擎，结合成熟的风险控制模块，打造一款能"一键配置"股债组合的"固收+"产品。 □本报记者 王雪青 2026开年，随着银行短期大额存单利率进入"0字头"以及权益市场的高景气度，一场关于"固收+"的讨论 悄然升温。 量化模型赋能"股债双+" 过去，传统"固收+"产品多以信用债券打底，用债券票息去买可转债或权益仓位；贝莱德富元添益和本 次新发行的贝莱德富元金利选择另辟蹊径，其核心是一套基于量化的多 ...

Core Insights - The competition among leading internet fund sales platforms for high-net-worth clients has intensified since the beginning of 2026, with platforms offering various incentives such as consumption coupons and app memberships to attract customers [1][2][3] - New regulations emphasize the need for fund sales institutions to guide investors towards long-term investments and to provide benefits to investors, pushing platforms to leverage their unique advantages to build a more stable and quality user base [1][5][7] Group 1: Competition for High-Net-Worth Clients - Major platforms like Ant Wealth, Tencent Licai Tong, and JD Finance are actively competing for high-net-worth clients by introducing tiered membership systems and exclusive benefits [2][3] - Ant Wealth has launched higher-tier cards targeting ultra-high-net-worth clients, while also facing criticism for reducing the benefits associated with existing membership tiers [2][3] - Other platforms are also rolling out similar packages to attract high-net-worth users, leading to increased discussions on social media about the comparative benefits of these offerings [3][4] Group 2: Transfer Custody Services - To facilitate the movement of funds, several platforms have introduced detailed "transfer custody" guides, helping investors switch their assets from one platform to another [4][6] - The popularity of these guides reflects the intense competition for high-net-worth clients and the evolving demands of investors for better service experiences [6][7] Group 3: Shift in Business Strategy - The fund sales industry is transitioning from a focus on rapid growth through traffic and scale to a more refined approach that emphasizes customer value and long-term relationships [5][6] - New regulations require fund sales institutions to prioritize investor interests, shifting the focus from merely selling products to retaining clients and ensuring their profitability [7][9] - Platforms are increasingly recognizing the need to provide comprehensive wealth management services rather than just transactional capabilities, as high-net-worth clients seek more integrated and professional solutions [6][10] Group 4: Building Trust and Long-Term Relationships - The new regulatory environment is pressuring fund sales institutions to enhance their service offerings and build trust with clients, moving from a "traffic operation" model to a "trust management" approach [7][9] - Platforms are implementing various strategies to improve customer engagement and retention, including personalized services and educational resources [8][10] - The competitive advantage of these platforms will depend on their ability to provide professional advisory services and maintain long-term client relationships in a low-fee environment [9][10]