● 本报记者 王鹤静 作为银行系公募基金的代表机构，近年来兴业基金在巩固固收投资优势的基础上，以指数投资为切入 口，大力推动权益投资发展。近日，兴业基金推出公司旗下首只QDII公募基金——兴业恒生科技指数 （QDII），为投资者提供一键参与港股科技板块的投资利器。 日前，兴业基金指数投资团队负责人、兴业恒生科技指数（QDII）拟任基金经理徐成城在接受中国证 券报记者采访时表示，站在当前的市场位置，港股科技类资产凭借其稀缺性以及相对较低的估值，对于 海内外资金而言，均有显著的配置价值。而且，通过QDII的形式还能够参与港股通以外的优质标的配 置机会，助力投资者充分享受科技浪潮下的投资机遇。 稀缺性与低估值优势凸显 作为公司旗下首只QDII产品，兴业基金首先选择试水的是跟踪恒生科技指数的场外产品。徐成城表 示，这样的选择是基于市场判断、资金观察、产品布局、自身能力等多方因素综合考虑的结果。 "从市场环境来看，新质生产力承担起我国提升生产效率的重任，围绕这类资产展开的投资策略有助于 帮助投资者实现资产的保值增值。由于成长类资产整体估值偏贵，而且产业发展存在不确定性，作为专 业投资者，我们需要帮助大家寻找其中具备相对 ...

促进社会综合融资成本低位运行 ● 本报记者 黄一灵 1月29日，中国证券报记者从人民银行上海总部召开的2026年第一季度新闻发布会上获悉，2026年，人 民银行上海总部将立足实际，配合总行做好上海发展离岸金融相关工作，推动临港新片区离岸贸易金融 服务综合改革试点扩围，积极推动外汇管理改革试点政策落地。 人民银行上海总部宏观审慎管理部副主任施建东介绍，上海自由贸易试验区自由贸易账户功能升级试点 自启动以来，首批业务成功落地。截至目前，共有11家银行、29家企业参与试点，跨境资金收付规模合 计近500亿元。 据介绍，2025年，上海市社会融资规模同比多增，直接融资比重上升；信贷总量合理增长，结构持续优 化，融资成本稳中有降。 施建东表示，这次功能升级试点是上海自由贸易账户自2014年5月启动以来最重要的一次改革。总体而 言，试点成效显著，基本达到预期目标，并呈现"结算便利、运行平稳、业务多元、风险可控、本币为 主"五个特点。试点通过收紧"跨二线"管理实现"跨一线"自由收付，试点企业使用升级账户开展证券投 资以外的资本项下业务，不受投注差外债、全口径跨境融资、境外放款相关额度和审批限制，无须到外 汇管理部门办理前置 ...

● 本报记者 欧阳剑环 1月29日，国家发展改革委副主任李春临在国新办举行的新闻发布会上表示，今年春运将从2月2日开 始，到3月13日结束，为期40天。综合研判，全社会跨区域人员流动量将会达到95亿人次，预计创历史 新高。国家发展改革委联合春运工作协调机制成员单位及早研究谋划，精心部署安排，全力做好增加运 力、错峰引导、服务保障等方面的工作。 最大程度满足群众出行需要 "今年春节假期前恰逢周末，形成连休，共有9天假期，预计返乡探亲、旅游出行需求将更加旺盛。"李 春临表示，综合研判，全社会跨区域人员流动量将会达到95亿人次，预计创历史新高，其中自驾出行将 继续处于主体地位，占比达八成左右。铁路、民航客运量预计分别达到5.4亿人次和9500万人次，总体 规模和单日峰值均有望超过历史同期的峰值。 他介绍，今年春运将加强运力保障，优化运输组织。铁路、公路、水路、民航领域各单位将加强客流需 求研判，加大重点地区、热点线路、高峰时段运力供给，最大程度满足群众的出行需要；统筹做好重要 物资特别是能源物资、民生物资、春耕备耕物资的运输工作。教育、人社、文旅等部门及工会组织将加 强学生、游客、务工人员的错峰出行引导。 同时，努 ...

赛道型基金是指聚焦某一特定行业、主题或产业链的产品，区别于全市场选股型基金，其投资更为集 中。赛道型基金的大热，最直观的体现是资金的涌入。无论是主动投资还是被动投资的赛道型基金，近 期均呈现强势吸金态势。 主动权益产品方面，在遭遇越涨越被赎回状况时，许多赛道型基金规模逆势扩张。2025年公募基金四季 报显示，单季度净申购份额居前的多为赛道型基金，涵盖半导体、高端装备、新能源、资源品、周期制 造等多个赛道。 其中，小微产品的突围尤其显著。一批此前规模不足1亿元的小微产品，通过聚焦单一高景气赛道实现 规模的几何级增长。 ● 本报记者 张韵 当人工智能、半导体、有色金属等主题产品净值持续飙升，当行业ETF大举吸金逐渐成为常态，当基金 涌入热门产业，赛道型基金已然走上舞台C位。 近期，赛道型产品掀起投资热潮。在业内人士看来，赛道型产品的狂欢背后，既有产业投资新机遇的推 动，也潜藏着一些易被忽视的风险。在产业发展蓬勃向上之际，赛道型基金进攻性较强。但是，"很难 有哪个赛道可以始终保持高景气"，当一个产业跨越高峰后，赛道型基金投资可能陷入尴尬境地。这类 产品的布局不应一哄而上，投资者在其中也应多保留几分理性。 赛道型基金 ...

Core Insights - The Ministry of Culture and Tourism officially launched the 2026 National Spring Festival Cultural and Tourism Consumption Month in Quanzhou, Fujian Province, aiming to enhance cultural and tourism consumption activities during the Spring Festival [1] Group 1: Event Overview - The consumption month will run from the end of January to early March, featuring various cultural and tourism products and activities centered around traditional customs, performances, exhibitions, winter sports, and family travel [1] - Approximately 30,000 cultural and tourism consumption activities will be organized, with over 360 million yuan in consumption vouchers and subsidies being distributed [1] Group 2: Policy and Measures - The Ministry of Culture and Tourism announced the second batch of national tourism performance excellence listings, while the All-China Federation of Trade Unions released measures to expand cultural and sports consumption for workers [1] - The Civil Aviation Administration of China introduced Spring Festival travel and tourism benefits, and financial institutions like China UnionPay and Industrial Bank announced cultural and tourism consumption financial support measures [1] - Multiple platform companies are launching comprehensive online and offline cultural and tourism consumption discounts covering the entire chain of "food, accommodation, transportation, travel, shopping, and entertainment" [1]

Core Viewpoint - The performance of funds with "cyclical" in their names has shown significant divergence over the past year, reflecting varying investment strategies and raising questions about fund positioning and active management capabilities [1][2]. Group 1: Performance Discrepancies - Over 60 funds in the market have "cyclical" in their names, with 9 funds achieving returns exceeding 100% in the past year, while 17 funds had returns below 50%, some even negative [2]. - The top holdings of high-performing funds, such as Changcheng Cyclical Preferred A, are predominantly in the non-ferrous metals sector, indicating a concentrated investment strategy [2][3]. Group 2: Investment Strategies - Funds with lower returns have diversified their holdings across multiple cyclical sectors, such as machinery, chemicals, and power, rather than focusing solely on non-ferrous metals [3]. - The concentration in specific sectors, like non-ferrous metals, has been driven by both research outcomes and market demand, with some investors opting for active equity funds to capture sectoral beta and stock alpha [4]. Group 3: Market Perspectives - There are mixed views on the strategy of concentrating investments in a single sector, with some experts noting that it can lead to high returns during favorable market conditions but increases risk during downturns [4][5]. - The strategy of heavy concentration can amplify both risk and return characteristics, necessitating a higher risk tolerance and timing ability from investors [5]. Group 4: Responsibilities of Fund Managers - Fund companies are expected to manage risks associated with concentrated strategies and provide clear communication and education to investors regarding potential risks and returns [6][7]. - A dynamic risk management mechanism is recommended to monitor portfolio concentration and sectoral performance, along with proactive communication of investment logic and fundamental changes [7].

工作方案提出三方面支持政策。一是聚焦交通服务、家政服务、网络视听服务、旅居服务、汽车后市场 服务、入境消费等重点领域，从优化服务供给、推进先行先试、创新消费场景、加强人才培养等方面发 力，激发发展活力。二是聚焦演出服务、体育赛事服务、情绪式体验式服务等潜力领域，从健全激励机 制、优化安全管理、培育优质品牌、建设平台载体等方面着手，培育发展动能。三是通过健全标准体 系、加强信用建设、强化财政金融支持等，加强对培育服务消费新增长点的支持保障。 工作方案还提出，要强化财政金融支持。统筹利用现有资金渠道支持发展服务消费、培育服务消费新增 长点。优化实施服务业经营主体贷款贴息政策。引导金融机构加大对服务消费新增长点领域经营主体的 信贷投放力度，合理确定贷款利率水平，创新开发特色金融产品和服务。支持符合条件的文化、旅游、 教育、体育、家政等服务消费领域企业发行债券，支持符合条件的消费基础设施项目发行基础设施领域 不动产投资信托基金（REITs）。加大消费信贷支持力度，引导金融机构与商家合作开发适合服务消费 特点的产品和服务。 "工作方案精准对接居民对高品质生活的需求，聚焦9大重点和潜力领域来加快培育服务消费新增长点， 起 ...

Core Insights - The Ministry of Civil Affairs has issued guidelines to promote technological innovation in civil affairs, aiming to establish a civil affairs technology innovation fund to support the research, industrialization, and application of suitable technology products by 2030 [1] Group 1: Key Objectives - By 2030, the goal is to enhance the civil affairs technology innovation system, increase technological investment, improve innovation levels and efficiency, and achieve breakthroughs in key core technologies [1] - The initiative aims to foster a batch of landmark technological achievements and significantly increase the localization rate of high-end equipment and products [1] Group 2: Strengthening Core Technology - The guidelines emphasize the need for technological support in the aging and elderly care sectors, advocating for the use of advanced technologies such as humanoid robots, brain-computer interfaces, and artificial intelligence [2] - Key areas for technological development include disability prevention, elderly care, rehabilitation, mental comfort, and emergency response, with a focus on integrating and scaling up product applications [2] Group 3: Promoting Technology Transfer - The guidelines propose leveraging urban clusters like Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macau Greater Bay Area to build high grounds for civil affairs technology industry innovation [3] - There is a focus on developing the elderly care service industry, particularly in smart elderly care robots and products, and expanding the application of new technologies in the rehabilitation assistive devices sector [3] Group 4: Organizational Support - The guidelines call for improving investment mechanisms and actively seeking national science and technology projects to bolster civil affairs technology innovation [3] - Encouragement is given for local governments to establish specialized funds for civil affairs technology innovation and to effectively coordinate financial resources to support this sector [3]

Core Viewpoint - The independent director system for listed companies in China is undergoing a significant transformation, with new regulations aimed at enhancing shareholder representation and governance structures [1][2]. Group 1: Regulatory Changes - The "Management Measures for Independent Directors of Listed Companies" was officially introduced in August 2023, allowing investor protection agencies to publicly solicit shareholder rights and nominate independent directors [1][2]. - This regulatory change aims to amplify the voices of minority shareholders, particularly those who have historically been silent [1]. Group 2: Practical Implementation - The China Securities Investor Services Center has successfully transitioned the new system from concept to practice, with five successful independent director nominations planned from 2024 to 2026 across various companies and ownership structures [1][3]. - The nomination process has evolved to include "joint action" strategies, expanding the backgrounds of independent directors from industry experience to accounting expertise [1][4]. Group 3: Challenges and Participation - Despite a high approval rate of over 99% for the five nominations, actual participation from investors remains limited, with the highest number of participants in a single case being only 17 [2][9]. - The low engagement reflects a "free-rider" mentality among minority shareholders, indicating a need for improved investor education and participation mechanisms [2][9]. Group 4: Governance Impact - The involvement of the China Securities Investor Services Center is seen as a way to internalize external market supervision, enhancing the independence and representativeness of independent directors [5][6]. - The successful nominations have begun to demonstrate a potential shift in corporate governance, allowing for a more balanced representation of shareholder interests within company boards [4][6]. Group 5: Future Directions - The center aims to continue refining the independent director nomination process while addressing practical challenges such as the 1% shareholding requirement for proposal submissions [8][9]. - Experts suggest that regulatory adjustments may be necessary to facilitate the nomination process and encourage broader participation from minority shareholders [8][9].

Core Insights - The article highlights the early disclosure of annual performance forecasts by over 260 companies on the STAR Market, with approximately 40% of them reporting positive growth or recovery in profits [1] - The focus is on the connection between the STAR Market and national technology innovation strategies, particularly in sectors like artificial intelligence and biomedicine, attracting quality companies and long-term capital [1] Group 1: Performance Forecasts - As of January 29, over 260 STAR Market companies have disclosed their 2025 performance forecasts, with 62 companies expecting profit increases, 34 companies turning losses into profits, and 51 companies reducing losses [1] - Among the companies forecasting profit increases, over 30 are expected to see net profit growth exceeding 100%, while 26 companies anticipate growth between 50% and 100% [2] Group 2: Industry Trends - The companies expecting profit growth are primarily in hardware, semiconductors, and biomedicine sectors, benefiting from recovering industry demand and breakthroughs in products [2] - Shanghai Yizhong expects the highest net profit increase of 760.18%, driven by its core product being included in the national medical insurance directory, significantly boosting market access and patient numbers [2] Group 3: Order Growth - Order growth is identified as a key driver for performance increases among some STAR Market companies, with significant new orders contributing to revenue growth [2] - Chip Origin Co. anticipates a narrowing of net losses, supported by record-high new orders, with total new orders for 2025 reaching 5.96 billion, a year-on-year increase of 103.41% [4] - Companies like Aifute have also reported substantial new orders, indicating positive future impacts on their performance [4]