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]

Core Insights - The investment strategy conference held in Shanghai highlighted optimism for the A-share market in 2026, driven by improved global liquidity and the performance acceleration of industries like artificial intelligence (AI) [1][2] Investment Environment Outlook - The global economic outlook for 2026 remains positive, with expectations of a friendly capital market environment due to loose monetary policies in both the US and China [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 [2] - The AI investment landscape is expected to shift focus towards application growth, moving beyond initial investments in chips [2] AI and Computing Power - AI is identified as a critical area for investment in 2026, with both computing power and application opportunities being emphasized [3][4] - The demand for computing power is projected to remain strong, with limited suppliers capable of entering the global core customer base, enhancing the competitive edge of leading companies [3] - The domestic chip companies are improving their R&D capabilities, which is expected to accelerate the localization of computing power by 2026 [4] Resource Sector Strength - The cyclical resource sector has shown strength in early 2026, with significant interest in metals like gold, silver, copper, and aluminum [5] - Historical data suggests that global manufacturing PMI is likely to rise with continued interest rate cuts, indicating a recovery in the manufacturing sector [5] - Specific segments such as copper are expected to benefit from AI's demand, while lithium supply may face constraints post-2028 due to reduced capital expenditures [5]

Core Viewpoint - The market experienced fluctuations last week, but the overall trend remains positive with a low probability of systemic risks in 2026, driven by favorable macro policies and industry factors [1][4]. Market Performance - The China National Brand Index rose by 0.60% to 2059.78 points last week, while the Shanghai Composite Index fell by 0.45% and the Shenzhen Component Index increased by 1.14% [2]. - Notable performers included Changdian Technology, which surged by 17.51%, and Huazhong Microelectronics, which rose by 17.36% [2]. Year-to-Date Performance - Year-to-date, Anji Technology has increased by 38.85%, leading the gains, followed by Zhongwei Company at 38.29% and Changdian Technology at over 30% [3]. - Other significant gainers include Huazhong Microelectronics and Keda Xunfei, which rose by 29.02% and 26.67%, respectively [3]. Investment Strategy - Market sentiment has shown considerable volatility, but the impact on liquidity is minimal, primarily affecting short-term emotions [4]. - As annual performance forecasts begin to be disclosed, sectors with strong earnings support are expected to attract more attention from investors [4]. - The investment strategy emphasizes structural selection as key, with expectations of more industries entering a performance realization phase due to domestic policy support [4].

Group 1 - The core viewpoint of the articles highlights the contrasting investment strategies between long-term value investors like Duan Yongping and the short-term trading behaviors prevalent in the current market environment [1][5][6] - Duan Yongping's investment in Apple since 2011 has yielded a cumulative return of 1623.48%, showcasing the benefits of patience and long-term commitment to a single stock [2][3] - Duan's strategic timing for his investments coincided with market lows, such as after Steve Jobs' death in 2011 and during the supply chain crisis in 2022, indicating a contrarian approach to investing [2][3] Group 2 - Duan Yongping's portfolio, managed by H&H International Investment, had a market value of nearly $14.7 billion as of September 2025, with Apple and Berkshire Hathaway being the top two holdings, comprising nearly 80% of the total portfolio [3] - Berkshire Hathaway's recent investment in Alphabet, acquiring approximately 17.85 million shares, marks a significant shift in its investment strategy towards technology stocks, reflecting a broader adaptation of value investing principles [4] - The articles emphasize the need for investors to adapt to changing market conditions and technological advancements, suggesting that long-term investment strategies should be based on continuous learning and research [5][6]

Core Viewpoint - The article highlights the investment philosophy of Fang Jian, a fund manager at Yinhua Fund, emphasizing a balance between maintaining a steadfast investment framework and adapting to market realities to enhance investor experience [1][2]. Investment Philosophy - Fang Jian's investment framework remains unchanged, focusing on buying high-quality growth companies at reasonable prices and holding them long-term to benefit from company performance rather than valuation fluctuations [2][3]. - His investment style is characterized by seeking companies with strong growth potential, high market cap ceilings, and excellent management, while emphasizing long-term holding and minimizing short-term speculation [2][3]. Performance Metrics - As of September 30, 2025, the net value growth rate of the Yinhua Zhi Hui fund managed by Fang Jian reached 149.04%, significantly outperforming the benchmark of 32.89% [2]. - The Yinhua Integrated Circuit Fund, managed by Fang Jian, reported a net value growth rate of 73.69% over the past year, with an excess return of 15.05% relative to its benchmark [3]. Product Development - Fang Jian has introduced a new product, Yinhua Hui Xiang Three-Year Open-End Fund, aimed at achieving long-term absolute returns while improving the holding experience for investors [4]. - The focus of this product is on steady growth and consistent profitability for clients, with an emphasis on controlling volatility and drawdowns [5]. Risk Management Strategies - Fang Jian employs three key strategies for managing volatility and controlling drawdowns: 1. Conducting deep research for valuation judgments to identify potential bubbles [5]. 2. Actively responding to market sentiment to take profits when necessary [5]. 3. Establishing clear risk control standards for new investments and reassessing existing holdings to avoid emotional decision-making [5]. AI and Technology Investment - Fang Jian views the AI revolution as an inevitable transformation, addressing fundamental human productivity challenges and believes that AI's overall development does not exhibit a bubble despite localized overvaluation [7][8]. - He outlines a clear investment framework for AI, emphasizing the importance of semiconductors, data storage, and efficient communication technologies as critical components of the AI ecosystem [7]. Robotics and Pharmaceutical Sector - The robotics industry is seen as a significant physical manifestation of AI, with potential for explosive growth as leading companies achieve production breakthroughs [9]. - Fang Jian expresses optimism about China's position in the global innovative pharmaceutical industry, citing advantages in engineering talent and clinical cost efficiency, predicting substantial growth potential post-adjustment [9].

Core Insights - The article discusses the concept of carbon inclusivity, which transforms everyday low-carbon actions into tangible economic incentives, thereby integrating green practices into daily life [1][2]. Group 1: Carbon Inclusivity Mechanism - Carbon inclusivity is a mechanism that allows individuals to accumulate invisible green assets through daily activities, such as commuting and energy conservation, which can be converted into rewards like discounts and loan rate reductions [1]. - The carbon inclusivity platform "Wutan Jianghu" in Wuhan has over 2 million users, allowing citizens to convert their carbon reduction actions into real discounts and rewards [2][3]. - The platform has recorded over 34 million low-carbon actions, resulting in a total carbon reduction of over 50,000 tons [2]. Group 2: Expansion and Standardization - The carbon inclusivity model has been replicated in 12 cities, with plans to expand its reach and standardize practices across regions [4]. - Experts emphasize the need for a unified standard system to facilitate cross-regional recognition of carbon inclusivity efforts and enhance financial support [1][3]. Group 3: Diverse Applications - Carbon inclusivity is being applied in various sectors, including large sporting events, ecological damage compensation, and green finance, enhancing public engagement and social impact [5][7]. - The 2022 Beijing Winter Olympics engaged 2.7 million participants, generating 19,000 tons of carbon reductions through carbon inclusivity practices [5]. Group 4: Challenges and Future Directions - Current challenges include inconsistent regional standards, insufficient inter-departmental collaboration, and limited market channels for carbon reduction trading [9]. - Future efforts should focus on establishing a national standard system, enhancing data sharing among departments, and expanding market channels for carbon inclusivity [9][10].