● 本报记者 昝秀丽 1月30日，证监会就修改"证券期货法律适用意见第18号"公开征求意见，拟扩大上市公司战略投资者类 型、明确最低持股比例要求等。 法律适用意见提出，战略投资者本次认购比例原则上不低于本次发行完成后上市公司总股本的5%，以 资产管理产品认购的，按产品单独计算认购股份数量。战略投资者可以为产业投资者或资本投资者。 法律适用意见从多个方面进行了修订。具体来看，扩大战略投资者类型。明确全国社保基金、基本养老 保险基金、企业（职业）年金基金、商业保险资金（保险公司运用保险资金自行投资或者委托关联保险 资产管理机构以及作为单一投资人通过关联保险资产管理机构发行的股权投资计划投资）、公募基金、 银行理财等机构投资者可以作为战略投资者，以耐心资本作为战略性资源对上市公司战略投资。同时， 在规则上将该类投资者界定为资本投资者，将其他实业投资者界定为产业投资者。 明确最低持股比例要求。坚持战略投资者应当持有上市公司较大比例股份，进一步明确战略投资者本次 认购上市公司股份原则上不低于5%，可以根据持股比例参与上市公司治理。 进一步强化监管要求。强调战略投资者不得通过任何方式规避最低持股比例、股份锁定期要求，避免 ...

Group 1 - Global investors are showing renewed interest in China, with Goldman Sachs' CEO David Solomon highlighting the positive performance of the Hong Kong stock market and an increase in IPO activity [1][2] - Goldman Sachs is actively participating in the Chinese wealth management market through its joint venture with ICBC, aiming to meet the asset allocation needs of local investors [2] - The company has a long-term commitment to the Chinese market, emphasizing the importance of ongoing economic development and structural adjustments within the country [3] Group 2 - Solomon believes that the Chinese economy will achieve its growth targets by 2025, with a focus on optimizing economic structure and increasing consumption [2] - The growth momentum in China's economy is expected to shift towards consumption over the next decade, with healthcare services identified as a significant growth area due to demographic changes [2] - Solomon noted that the Chinese stock market remains attractive from a relative valuation perspective compared to other major global markets, depending on economic growth and corporate earnings expectations [3]

Group 1 - In 2025, the national electricity market transaction volume reached a record high of 6.64 trillion kilowatt-hours, representing a year-on-year increase of 7.4%, indicating the continuous release of market efficiency in resource allocation [1] - The proportion of market-based electricity transactions increased to 64% of total electricity consumption, up by 1.3 percentage points from the previous year, meaning that two-thirds of electricity was traded through market mechanisms [1] - The number of registered entities in the trading center exceeded 1 million, with cross-provincial and cross-regional transaction volume reaching 1.59 trillion kilowatt-hours, marking a historical peak [1] Group 2 - By the end of 2025, the prices of polysilicon and silicon wafers reached 53.86 yuan per kilogram and 1.329 yuan per piece, respectively, reflecting increases of 52% and 35.6% from their annual lows [2] - National energy investment exceeded 3.5 trillion yuan for the first time, with a year-on-year growth of nearly 11%, outpacing the growth rates of infrastructure and manufacturing by 12.9 and 10.1 percentage points, respectively [2] - New investments in green energy transition accelerated, with over 430 million kilowatts of new wind and solar capacity added, and total installed capacity surpassing 1.8 billion kilowatts [2] Group 3 - Private enterprises' investment in energy projects grew by 12.9% year-on-year, focusing on solar power, wind energy, and coal mining [3] - By the end of 2025, the installed capacity of new energy storage systems reached 136 million kilowatts, a more than 40-fold increase compared to the end of the 13th Five-Year Plan [3] - The average utilization hours of new energy storage systems reached 1,195 hours, an increase of nearly 300 hours from 2024 [3]

● 本报记者 昝秀丽 吴清表示，证监会将全面、深刻、准确领会和把握党的二十届四中全会重要部署，加强对"十五五"时期 资本市场改革发展稳定重大问题的研究，把战略需要和实践可能统一起来，把市场所需和监管所谋统一 起来，高质量编制和实施好资本市场"十五五"规划。 吴清表示，要紧紧围绕防风险、强监管、促高质量发展的工作主线，全力巩固资本市场稳中向好势头， 聚焦持续深化资本市场投融资综合改革、提高制度包容性适应性，抓紧推出深化创业板改革，持续推动 科创板改革落实落地，提高再融资制度便利性、灵活性和吸引力，促进北交所、新三板一体化高质量发 展，增强多层次市场覆盖面和辐射力，更加有力有效支持现代化产业体系建设和新质生产力发展，积极 服务"十五五"发展目标和金融强国建设。上市公司是资本市场之基，要专注主业、完善治理，努力提升 发展质量，增强回报投资者能力，为资本市场高质量发展提供坚实支撑。 证监会1月30日消息，证监会主席吴清在当日召开的资本市场"十五五"规划上市公司座谈会上表示，抓 紧推出深化创业板改革，持续推动科创板改革落实落地，提高再融资制度便利性、灵活性和吸引力。 此次座谈会旨在深入学习贯彻党的二十届四中全会有关部署 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is seeking public opinion on the revised disclosure rules for publicly offered securities investment funds, marking a significant update aimed at enhancing transparency and investor-centric practices in the industry [1][2]. Group 1: Regulatory Changes - The CSRC has integrated and revised the disclosure content and format guidelines for annual, semi-annual, and quarterly reports into a single normative document, simplifying the disclosure rules [2][3]. - The revised guidelines consist of three chapters and 36 articles, focusing on consolidating similar disclosure items across different report types and tailoring specific requirements based on the unique functions of each report [2][3]. - The new rules will allow the Asset Management Association of China to develop XBRL templates as self-regulatory rules, enhancing the flexibility and adaptability of the disclosure framework [3]. Group 2: Investor-Centric Focus - The updated guidelines emphasize a "investor-centric" approach by requiring fund managers to disclose long-term performance data over 7 and 10 years in annual, semi-annual, and quarterly reports, moving away from short-term performance metrics [4]. - The CSRC aims to promote a focus on long-term and value investing by mandating the disclosure of the proportion of profitable investors in actively managed equity and mixed funds over the past year [4]. Group 3: Stability in Investment Behavior - The revised XBRL templates will require fund managers to disclose stock turnover rates in annual reports, addressing concerns about high turnover rates that contradict long-term investment principles [4]. - This initiative is intended to encourage fund managers and managers to adopt more prudent and rational investment strategies, correcting overly aggressive investment behaviors [4].

1月30日，中国证券报记者从财政部召开的2025年度财政收支情况新闻发布会获悉，2025年财政收入总 体平稳运行，重点支出保障有力；其中，证券交易印花税收入2035亿元，增长57.8%；全国政府性基金 预算支出11.29万亿元，比2024年增长11.3%。 关于育儿补贴政策，财政部社会保障司副司长刘英在回答中国证券报记者提问时表示，据统计，截至目 前，全国已向3000多万名婴幼儿发放了育儿补贴。对于2025年已通过审核但尚未发放到位的有关申请， 财政部将督促行业主管部门指导各地进一步加快工作进度，确保2026年3月底之前全部足额发放到位。 2025年，财政收入总体平稳运行。财政部国库司副司长郑涌介绍，2025年，全国一般公共预算收入21.6 万亿元，比2024年下降1.7%。其中，税收收入增长0.8%，全年总体呈稳步回升走势，反映出我国经济 运行延续了稳中有进的发展态势。 "装备制造业、现代服务业等行业税收表现良好。"郑涌表示，计算机通信设备制造业税收收入增长 13.5%，电气机械器材制造业税收收入增长8%，科学研究技术服务业税收收入增长14.3%，文化体育娱 乐业税收收入增长7.5%。 重点支出保障有力。2 ...

- 必当 -〇- 行业均值 制图数据来自恒生聚源数据库 市净率(LF)历史分位(%) 100 ଛି ୨୦ 80 77c34 74x61 70 60 61057 50 43 දෙ 40 3739 30 29:97 =28:25 26.63 20 10 0 2020-12-37 I 2021-12-37 d-12-37 2n- 中证智能财讯华谊兄弟（300027）1月30日晚间披露2025年度业绩预告，预计2025年归母净利润亏损2.89亿元至4.07亿元，上年同期亏损2.85亿元；扣非净利 润亏损3.14亿元至4.17亿元，上年同期亏损3.83亿元。以最新收盘价计算，市净率（LF）约23.4倍，市销率（TTM）约21.91倍。 以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 近年来市盈率变化情况 (倍) 总曾曾言_言言 2,27 7.08 7d 78.99 2021-12-37 202-06-30 2021-06-30 ' 2020-12-37 3-06-30 122-12-37 3-12-37 2n. -〇- 行业均值 -O- 公司 制图数据来自恒生聚源数据库 市盈率(TTM)历史分位(％) ...

中证智能财讯华资实业（600191）1月30日晚间披露2025年度业绩预告，预计2025年归母净利润5800万元至6800万元，同比增长128%-167%；扣非净利润预 计1400万元至2000万元，上年同期亏损188.93万元。以1月30日收盘价计算，华资实业目前市盈率（TTM）约为98.84倍-115.88倍，市净率（LF）约3.97倍， 市销率（TTM）约13.01倍。 以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 近年来市盈率变化情况（倍） 2,000 1500 1,000 500 0 32.4 77.01 -500 -760.5 -1,000 2020-12-37 ! 2021-12-37 -06-30 1-06-30 22-12-37 2-06-30 "-72-3, n }- 公司 -○- 行业均值 100 ହ 90 80 70 60 50 40 30 20 10 0 2027-12-37 | 2020-12-37 1 2022-72-37 1 5-12-37 . 1-06-30 2-06-30 2n~ )- 公司 -○- 行业均值 制图数据来自恒生聚源数据库 市净率(LF)历 ...

新任美联储主席提名人选终于揭晓。 2006年2月，年仅35岁的他在时任美国总统布什提名下成为美联储理事，创下美联储史上最年轻理事纪 录。此前，他在摩根士丹利从事并购业务7年，后在白宫担任总统经济政策特别助理。 金融危机期间，沃什成为时任美联储主席伯南克与华尔街的关键联络人。然而，他的政策立场却引发争 议，在2008年金融危机期间美国劳动力市场崩溃时，他仍主张尽早结束量化宽松，优先关注通胀风险而 非刺激经济。最终，他在2011年3月辞职，比原定任期提前7年。 据新华社报道，美国总统特朗普30日提名美联储前理事凯文·沃什为下任美联储主席，这一提名还需获 得参议院批准。 消息传出后，市场震荡。1月30日美股盘前，美股股指期货集体下挫。 市场反应如此剧烈的原因在于：这位曾被认为是坚定"鹰派"的美联储前理事，如何成为呼吁大幅降息的 特朗普提名的最终人选? 鹰派还是鸽派？ 55岁的凯文·沃什并非美联储新面孔。这位华尔街出身的前美联储理事，在2008年金融危机期间展现 出"鹰派"姿态。 离开美联储后，沃什转战学界和商界，担任斯坦福大学胡佛研究所访问学者，同时出任UPS等多家公司 董事。 但近年来，沃什的立场似乎悄然转鸽，公 ...

Core Viewpoint - The recent surge in Listed Open-Ended Funds (LOFs) has led to multiple instances of price limits being reached, with significant premium rates observed, raising questions about the underlying reasons and potential risks involved [1]. Group 1: LOF Product Overview - LOF stands for Listed Open-Ended Fund, which allows for both off-market subscription and redemption like traditional open-end funds, as well as real-time trading on stock exchanges like stocks [2]. - LOFs differ from ETFs in that they can be subscribed with cash and have lower investment thresholds, while ETFs typically require a minimum of 1 million shares for subscription [3]. Group 2: Recent Market Activity - The recent batch of LOF price limits is primarily attributed to funds focused on commodities such as silver, gold, and oil, driven by rising prices in these resources and limited off-market subscription options [6]. - The surge in LOF prices is compounded by the small scale of many LOF products, leading to insufficient liquidity, where minimal trading volume can trigger price limits [6]. Group 3: Premium Rates and Constraints - High premium rates for LOFs are difficult to mitigate due to constraints such as QDII quotas for cross-border investment products and limitations on futures positions for resource-based LOFs [7]. - The inability to open subscription channels for high-premium LOFs means that the current pricing dynamics are likely to persist [7]. Group 4: Arbitrage and Risks - While LOF arbitrage has gained attention, it is important to note that high premiums are often unsustainable, and the T+2 or T+3 settlement delays can lead to potential losses if market conditions change [9]. - Risks associated with high premium purchases include volatility of underlying assets, liquidity issues due to potential fund suspensions, and the likelihood of premium corrections if subscription channels reopen [10].