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 and local initiatives [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][4]. - Eight departments, including the Ministry of Civil Affairs, released measures to support the silver economy 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 prioritizing the use of digital technologies to improve service quality and expand consumption, with initiatives in cities like Shanghai and Jiangsu promoting AI and innovative service products [2][4]. Financial Support - Financial support policies for the service consumption sector are expected to expand, with the People's Bank of China indicating plans to include the health industry in support measures for service consumption and elderly care [6]. - The Ministry of Civil Affairs is working on specialized financial support policies to encourage social capital participation in the elderly care sector [6][7]. Market Potential - The potential for service consumption in China is significant, with calls for innovative and diversified consumption scenarios to attract more social capital and meet the diverse needs of high-income groups [5][7]. - The Ministry of Transport is exploring measures to expand yacht consumption, highlighting the broad opportunities within the service consumption market [5].

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。 （文章来源：中国证券报） "'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 ...

Core Viewpoint - Fund companies are implementing purchase limits on popular products to avoid rapid scale expansion and protect existing investors' returns, reflecting a shift from scale-driven to investor return-driven strategies [1][4]. Group 1: Fund Purchase Limits - Several fund companies have initiated purchase limits on high-performing funds, particularly those focused on AI applications and commercial aerospace, due to increased market activity in these sectors [1][5]. - On January 12, 2026, following a surge in the AI application sector, Debon Fund announced a reduction in purchase limits for its popular fund from 10 million yuan to 100,000 yuan for A shares and from 1 million yuan to 10,000 yuan for C shares [2]. - Yongying Fund also limited large purchases for two of its actively managed equity funds starting January 14, 2026, due to their significant recent gains [2]. Group 2: Reasons for Limiting Purchases - Fund managers indicate that limiting purchases after a price increase is primarily to protect performance, as new inflows can dilute returns when the fund's net asset value is high [4]. - Limiting fund size helps avoid operational challenges associated with large capital inflows, which can hinder effective portfolio management and lead to unpredictable fluctuations in net asset value [4]. - The current trend shows a cautious approach to fund size expansion, contrasting with previous years when many new products were launched during market upswings [4]. Group 3: Alternative Investment Options - Fund companies are exploring other niche sectors and products like "fixed income plus" and FOFs to provide investors with balanced investment options amid crowded market segments [1][6]. - Some companies are focusing on promoting long-term high-performance products rather than popular sector funds, emphasizing their integrated research platforms to enhance fund manager capabilities [6].

Core Insights - In 2025, China-Central Asia trade is expected to achieve significant growth, with total trade volume reaching $106.3 billion, a year-on-year increase of 12%, which is 6 percentage points higher than the previous year [1] - China has become the largest trading partner for Central Asian countries, with Central Asia's share in China's foreign trade increasing [1] - The structure of goods traded is improving, with exports to Central Asia amounting to $71.2 billion (up 11%) and imports from Central Asia totaling $35.1 billion (up 14%) [1] Group 1: Trade Growth - The total trade value between China and Central Asia has surpassed $100 billion for the first time, marking five consecutive years of positive growth [1] - Exports to Central Asia are driven by strong growth in machinery, electronics, and high-tech products, while imports include a diverse range of non-resource products such as chemicals, steel, and agricultural products [1] Group 2: New Business Models - The cross-border e-commerce between China and Central Asia is experiencing rapid growth, supported by ongoing logistics infrastructure development and comprehensive cross-border payment cooperation [1] - The establishment of the China-Central Asia trade cooperation platform in Nanjing is enhancing trade facilitation, with "Silk Road e-commerce" serving as an efficient bridge for trade [1] Group 3: Investment and Cooperation - High-quality cooperation under the Belt and Road Initiative is deepening, with major projects in connectivity, equipment manufacturing, green mining, and modern agriculture being accelerated [1] - These projects are expected to boost exports to Central Asia and assist in the industrial upgrading and economic revitalization of Central Asian countries [1] Group 4: Future Plans - The Ministry of Commerce plans to implement the important outcomes of the China-Central Asia Summit, focusing on enhancing the quality and efficiency of economic and trade cooperation, optimizing trade structure, and fostering new business models [2] - There is an emphasis on promoting integrated development of trade and investment and establishing higher-level institutional arrangements to enrich the economic connotation of the China-Central Asia community of shared destiny [2]

Core Insights - The ETF market in China has reached two significant milestones, with Huaxia Fund becoming the first domestic ETF manager to surpass 1 trillion yuan in assets under management, and the total scale of cross-border ETFs also exceeding 1 trillion yuan [1][2] Group 1: Huaxia Fund's Milestone - Huaxia Fund has achieved a management scale of 1,016.42 billion yuan as of January 12, marking a historic moment in the public fund industry [1] - The fund's ETF product structure includes over 110 products, with the largest being the CSI 300 ETF and the SSE 50 ETF, which have scales exceeding 230 billion yuan and 180 billion yuan respectively [1] - The growth of Huaxia Fund's ETF scale has been driven by over 120 billion yuan from net subscriptions and market appreciation contributing to the remaining growth [1] Group 2: Cross-Border ETF Growth - The total scale of cross-border ETFs has reached over 1 trillion yuan, doubling from approximately 424 billion yuan at the beginning of 2025 [2][3] - In less than half a month into 2026, the cross-border ETF market has added over 70 billion yuan, with a focus on Hong Kong's technology, internet, and innovative pharmaceutical sectors [2] - The leading cross-border ETF, the FTSE China A50 Internet ETF, has a scale exceeding 80 billion yuan, followed by Huaxia's Hang Seng Technology ETF with over 50 billion yuan [3] Group 3: Overall ETF Market Expansion - The overall ETF market in China has seen rapid growth, with the scale increasing from 1 trillion yuan to over 6 trillion yuan in just five years [4] - The growth is attributed to an improved investor structure and a more comprehensive product ecosystem, with stock ETFs remaining dominant while commodity and bond ETFs are emerging as significant growth areas [4] - The rapid increase in ETF scale is driven by the rising popularity of index investing and favorable market conditions, leading to a greater preference for transparent and efficient investment tools [4]

Core Viewpoint - The discussion around "fixed income plus" products is gaining traction as banks lower short-term large deposit rates to "0" and equity markets show high vitality, prompting investors to seek a balance between stability and growth [1] Group 1: Product Overview - The BlackRock Fuyuan Jinli Mixed Securities Investment Fund, launching on January 19, aims to create a "one-click allocation" stock-bond combination product driven by quantitative models and robust risk control mechanisms [1][2] - This product is positioned as a medium to high volatility "fixed income plus" offering, with an equity allocation cap raised to 30% and inclusion of Hong Kong Stock Connect targets [1][2] Group 2: Investment Strategy - The fund employs a "quantitative aggregation, dual asset plus" strategy, utilizing quantitative methods for dynamic collaboration between stocks and bonds [2] - The equity side will use an industry rotation model based on multiple signal dimensions, while the bond side will focus on duration and credit rotation strategies [3][4] Group 3: Risk Management - The fund incorporates a down-risk control module to manage volatility and drawdown, ensuring that investors can maintain their positions during market fluctuations [4][5] - The strategy aims to provide a systematic approach to risk management, allowing for disciplined adjustments based on market conditions [5][7] Group 4: Market Outlook - The outlook for 2026 remains optimistic for equity markets, particularly for large and mid-cap stocks, with the potential for the CSI 300 index to reach new highs if supportive policies are enacted [6] - The fund manager expresses caution regarding the bond market, suggesting a neutral stance on credit bonds and low expectations for yield increases [6][7] Group 5: Team Expertise - The fund will be managed by a team with extensive experience in global macro investment and quantitative multi-asset strategies, emphasizing disciplined risk management [7]

Group 1: ETF Performance - Semiconductor-related ETFs led the market with weekly gains exceeding 10%, particularly the Penghua Sci-Tech Semiconductor ETF and the Sci-Tech Semiconductor ETF [1] - Aerospace-related ETFs experienced significant declines, with several products, including the Aerospace ETF and the Aerospace ETF Tianhong, dropping over 6% [2] - The top 10 ETFs by net inflow during January 12-16 were predominantly industry ETFs, including software, non-ferrous metals, and media [2] Group 2: Trading Activity - Broad-based ETFs saw active trading, with those tracking the CSI A500 and CSI 300 indices leading in transaction volume [3] - The Huatai-PineBridge CSI 300 ETF recorded a transaction volume of 745.58 billion, while the CSI 500 ETF reached 637.92 billion [3] Group 3: Market Outlook - Morgan Asset Management anticipates that the attractiveness of the A-share market will increase due to a friendly domestic policy environment and a recovery in corporate profits [3] - Guotai Fund suggests that the "anti-involution + technology" theme will continue to dominate, with policies supporting market competition and encouraging R&D investments [4] - Huaxia Fund recommends focusing on high-growth sectors such as AI, gaming, media, software, and chips, while advising caution on previously popular sectors like commercial aerospace [5]

□本报记者 王昱炟 张舒琳 2026年初，投资圈被一张持仓截图刷屏，知名投资人段永平在社交平台展示的一个账户显示，其自2011 年建仓苹果以来，以近乎"躺平"的姿态持有了14年，最终斩获1623.48%的累计收益。 回顾段永平两次加仓苹果的节点，都恰逢市场情绪的相对低点。2011年10月，乔布斯离世，市场对苹果 转型前景充满疑虑，股价一度震荡下探，11月，段永平以平均13.75美元/股的价格买入13.1万股；2022 年，全球供应链危机叠加消费市场疲软，苹果股价年内暴跌超过26%，看空声浪此起彼伏，段永平逆势 小幅加仓，平均成本128.94美元/股。 据公开数据，截至2025年9月底，段永平旗下H&H International Investment持有美股组合市值近147亿美 元，持仓共11只股票。其中，持仓占比超过3%的重点股票仅6只，苹果和伯克希尔·哈撒韦一直是前两 大持仓。截至2025年9月底，H&H持有苹果的市值达89亿美元，持仓占比为60.42%，环比减持近29万 股；H&H持有伯克希尔·哈撒韦的市值为26亿美元，持仓占比为17.78%，相较二季度末增持181万股。 在绝大部分时间内，两只股票都占 ...

Core Viewpoint - The article discusses the investment philosophy of Fang Jian, a fund manager at Yinhua Fund, emphasizing his consistent approach to value investing while adapting to market conditions 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 market fluctuations [2][3]. - His investment style is characterized by seeking companies with strong growth potential, high market cap ceilings, and excellent management, while maintaining a long-term holding strategy [2][3]. Performance Metrics - As of September 30, 2025, the net value growth rate of the Yinhua Zhi Hui Inner Value A share, managed by Fang Jian since its inception on September 28, 2017, 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 Strategy - Fang Jian is exploring two main product types: "industry small giants" focusing on long-term sectors and "absolute return" products aimed at providing stable returns with controlled drawdowns [2][3]. - The newly managed Yinhua Hui Xiang Three-Year Open Fund aims for long-term absolute returns, emphasizing steady growth and investor experience [3][4]. Risk Management - Fang Jian employs a three-pronged approach to manage volatility and control drawdowns: deep valuation assessments, proactive responses to market sentiment, and strict risk control measures for new and existing holdings [4][5]. - He maintains a core position in promising stocks while using tactical trading to manage exposure during market fluctuations, aiming to improve investor experience [5]. Embracing AI Revolution - Fang Jian views the AI revolution as essential, identifying it as a solution to human cognitive and efficiency limitations, and believes that while there may be localized bubbles, the overall AI sector remains sound [6][7]. - He outlines a clear investment framework for AI, focusing on the demand chain from semiconductors to data storage and communication technologies, which are critical for AI development [6][7]. Long-term Outlook - Fang Jian expresses optimism about the long-term potential of the robotics and innovative pharmaceuticals sectors, highlighting China's rising position in the global innovative drug industry [7].

Core Viewpoint - The public fund issuance market has shown significant growth since the beginning of the year, characterized by rapid increases in both volume and efficiency, reflecting a recovery in market confidence and changes in product strategies and investor allocation concepts [1][4]. Group 1: Fund Issuance Trends - Over 80 new funds have been launched as of January 18, 2023, marking an increase compared to the same period last year [1]. - In the week from January 12 to January 18, 36 new funds were launched, indicating sustained high demand for new products [1]. - Equity funds, including ordinary stock, mixed, and QDII stock funds, dominate the new fund landscape, accounting for over 70% of total new issuances [1]. Group 2: Focus on Equity Funds - Most newly issued ordinary stock funds are index funds, with only two actively managed funds focusing on technology sectors [2]. - Approximately 40% of active equity funds are sector-focused, targeting areas such as low-carbon economy, manufacturing upgrades, pharmaceuticals, semiconductors, and technology [2]. - In the QDII stock fund category, two new products focus on the Hong Kong market, investing in popular sectors like healthcare and technology [2]. Group 3: Fundraising Efficiency - The efficiency of new fund fundraising has improved, with many equity funds completing their fundraising in just 1 to 3 trading days [3]. - Several funds, including the Penghua CSI Industrial Nonferrous Metals Theme ETF, completed their fundraising in just one day, indicating strong market interest [3]. - The trend of early fundraising closures has become more common, reflecting a shift in market dynamics [3]. Group 4: FOF Product Highlights - FOF products have also seen rapid fundraising, with some funds completing their fundraising in as little as two days, such as the GF Yueying Stable Three-Month Holding Period Mixed FOF, which raised over 3.2 billion yuan [4]. - The Wanji Qi Tai Stable Three-Month Holding Period Mixed FOF reached nearly 2.1 billion yuan in just one day, showcasing the strong demand for these products [4]. Group 5: Underlying Factors for Growth - The surge in new fund issuance is attributed to a combination of policy support, favorable market conditions, increased investor interest, and heightened competition within the industry [5]. - Recent policies have aimed to enhance the scale and proportion of equity investments in public funds, improving registration and issuance efficiency [5]. - The positive performance of the A-share market and expectations of economic recovery have further fueled investor enthusiasm for new fund products [5].