Core Viewpoint - The China Securities Regulatory Commission has revised the "Regulations on the Management of Sales Expenses for Publicly Raised Securities Investment Funds," effective January 1, 2026, aiming to lower investor costs and promote high-quality development in the capital market [1][2]. Group 1: Investor Cost Reduction - The fee caps for subscription of actively managed equity funds, other mixed funds, index funds, and bond funds have been reduced to 0.8%, 0.5%, 0.3%, respectively [2]. - For funds that do not charge subscription fees, the maximum sales service fee has been lowered to 0.4% per year for equity and mixed funds, 0.2% for index and bond funds, and 0.15% for money market funds [2]. - The regulations allow fund sales institutions to waive subscription fees for investors holding funds for over one year and provide certain discounts on sales fees, excluding redemption fees [2]. Group 2: Redemption Fee Structure - The redemption fee structure has been simplified from four tiers to three, with specific rates for different holding periods [2]. - Redemption fees for investors redeeming shares within seven days, thirty days, and one hundred eighty days are set at no less than 1.5%, 1%, and 0.5%, respectively, with all fees now counted as part of the fund's assets [2]. Group 3: Focus on Investor Interests - The new regulations emphasize the principle of prioritizing investor interests, which will help lower costs and promote long-term investment behavior [3]. - The measures are expected to enhance the service quality of industry institutions and improve the overall investment experience for investors [3]. Group 4: Development of Equity Funds - The regulations encourage the development of equity public funds by adjusting the client maintenance fee sharing ratio, maintaining a cap of 50% for personal investors and 30% for equity funds sold to non-personal investors [4]. - The rules also prohibit the establishment of exclusive shares for differential fee rates and require all fund sales settlement funds to be included in the fund property [4]. - These initiatives aim to create a comprehensive regulatory framework for public fund sales, encouraging better services for individual investors and promoting a long-term, investor-centric business model [4]. Group 5: Company Commitment - The company has consistently focused on customer-centric principles, reducing management fees since 2015 and actively implementing industry fee reforms to benefit investors [5]. - The company plans to adhere to the new regulations and continue to lower investor costs while enhancing its product and service offerings to meet diverse investor needs [5].

Core Viewpoint - Frontier Biotech's siRNA drug FB7013 has received clinical trial approval from the National Medical Products Administration, marking a significant milestone in the treatment of IgA nephropathy [1][2] Company Summary - FB7013 is the world's first siRNA drug targeting the key protein MASP-2 in the complement lectin pathway, developed independently by Frontier Biotech [1] - The drug aims to treat primary immunoglobulin A nephropathy (IgA nephropathy) by specifically inhibiting MASP-2, thereby reducing complement-mediated kidney tissue damage [1] - Clinical pre-research indicates that a single subcutaneous injection in healthy monkeys resulted in over 95% reduction of serum MASP-2 protein, with effects lasting over 105 days [1] - The drug shows significant dose-dependent efficacy in IgA nephropathy models, with improvements in urinary protein levels and kidney function [1] - The clinical trial approval is a crucial step for Frontier Biotech in establishing itself as a competitive player in the global siRNA innovation market [2] Industry Summary - The global IgA nephropathy patient population is projected to reach 10.2 million by 2030, with the treatment market expected to grow from $567 million in 2020 to $1.196 billion by 2025, reflecting a compound annual growth rate of 16.1% [2] - Current treatments primarily involve corticosteroids and immunosuppressants, which have limited efficacy and significant side effects [2] - If successful, FB7013 could provide a new treatment option for IgA nephropathy and potentially expand to other diseases related to complement pathway abnormalities, such as membranous nephropathy and diabetic nephropathy [2]

Core Viewpoint - The recent release of the "Regulations on the Management of Sales Fees for Publicly Raised Securities Investment Funds" by the China Securities Regulatory Commission marks a systematic overhaul of the fee structure in China's fund industry, aimed at enhancing investor returns and promoting a positive cycle of long-term investment and market stability [1] Group 1: Benefits for Investors - The reform is expected to lower transaction and holding costs, directly benefiting investors by redistributing profits. For example, the cost of subscribing to a 10,000 yuan actively managed equity fund has decreased from 150 yuan to 80 yuan, a reduction of 46.7% [2] - Long-term holders will benefit from a new rule that exempts them from sales service fees after holding for one year, significantly enhancing their post-fee returns through compounding effects [2] - The new regulations ensure that interest generated from fund sales settlement funds will either belong to investors or be included in fund assets, and redemption fees will now be allocated entirely to fund assets, benefiting investors directly [2] Group 2: Industry Transformation - The fee reduction plan represents a profound self-revolution for fund companies and sales institutions, compelling them to focus on long-term client retention and enhancing customer experience to generate sustainable income [3] - The regulations will encourage fund companies to prioritize quality by deepening research and product innovation, attracting investors through superior long-term performance [3] - The decline in sales fees disrupts the old model of "fee-driven sales," pushing sales institutions to create value for clients through financial planning and asset allocation services, transitioning to a model that aligns more closely with investor interests [3] Group 3: Market Dynamics and Long-term Growth - The fee reform is expected to inject long-term positive momentum into the capital market by encouraging long-term holding, thereby reducing irrational market fluctuations [4] - The differentiated cap on trailing commissions aims to focus industry efforts on enhancing the competitiveness of equity funds, attracting more social wealth into the stock market to support high-quality economic development [4] - The deeper value of the fee reform lies in fostering a virtuous cycle in the capital market, characterized by rational investor behavior, professional institutional services, corporate value growth, and investor returns, leading to more efficient and precise market pricing [4]

据悉，销量方面，奇瑞集团全年销售汽车280.64万辆，全球累计用户达1853万。其中，奇瑞汽车股份有 限公司全年销量263.14万辆，同比增长8%。旗下乘用车品牌多点开花，奇瑞品牌销量170.09万辆，捷途 品牌62.26万辆，星途、iCAR、智界品牌分别实现12.04万辆、9.70万辆、9.05万辆的销量成绩。 中证报中证网讯（记者 龚梦泽）2025年，面对汽车行业变革与市场多重挑战，奇瑞集团凭借强劲的战 略韧性与技术积淀，实现销量、出口、新能源、品质表现四大领域历史新高。 出口表现尤为亮眼。公司表示，2025年12月，奇瑞单月出口14.44万辆，同比增长46.8%，首次突破14万 辆；全年出口134.40万辆，同比增长17.4%，累计出口达585万辆，创下中国车企单月出口、年出口、累 计出口三项纪录，连续23年位居中国品牌乘用车出口第一。在欧洲市场，奇瑞通过本土化生产布局，已 进入15个国家，星途系列车型获欧洲五星安全评级，纵横G700等高端产品成功登陆迪拜等全球高端市 场。 公司表示，新能源业务增速迅猛，全年销售90.38万辆，同比增长54.9%，产销规模稳居行业前列。多款 爆款产品表现突出，风云A9L ...

Core Viewpoint - The A-share market is expected to experience moderate growth in 2026, supported by stable macroeconomic fundamentals and improving corporate earnings [1][2]. Group 1: Market Performance and Expectations - In 2025, the A-share market showed a steady upward trend, with the CSI 300 index rising over 17% and public equity funds averaging a 30% increase [1]. - For 2026, corporate earnings are projected to grow by 10-15%, indicating a recovery from previous performance challenges [1]. - The current valuation of the CSI 300 is around 14 times earnings, which is considered reasonable, although there is significant structural differentiation within the market [1]. Group 2: Liquidity Environment - The liquidity environment for 2026 is expected to remain relatively loose, with the central economic work conference advocating for more proactive fiscal policies and moderately loose monetary policies [2]. - The Federal Reserve's potential for a rate cut in 2026, along with the need for lower interest rates to support the "Great Beautiful" plan, suggests a continued loose liquidity scenario [2]. Group 3: Asset Allocation and Investment Opportunities - Domestic residents' asset allocation is likely to favor equity assets represented by the A-share market, as current interest rates remain low, making equities attractive [3]. - The regulatory efforts to promote high-quality development in the A-share market are yielding positive results, enhancing the investment experience for investors [3]. - Overall, with stable macro fundamentals, loose liquidity, improving corporate earnings, and support from domestic and foreign capital, the A-share market is expected to see moderate growth in 2026, presenting structural investment opportunities [3].

中证报中证网讯(记者罗京)据华福证券官微发布，2025年12月31日，华福证券召开集团干部大会，宣布 福建省委关于华福证券主要领导任职的决定：黄德良任福建省金融投资有限责任公司(下称"福建金投") 党委委员，蒋松荣任华福证券股份有限公司党委副书记。另据了解，按照国有企业惯例，黄德良还拟兼 任福建金投副总经理，蒋松荣也拟提名为华福证券总裁候选人，相关事项预计将在履行公司治理程序后 正式发布。 据介绍，黄德良于2025年7月起担任华福证券党委书记、董事长，此前长期担任公司总裁。其职业生涯 涵盖银行、信托、证券等多个金融领域，从业经验近三十年。自2014年任职华福证券总裁以来，他参与 了公司近年来的业务扩张与发展阶段。 资料显示，华福证券成立于1988年8月，是全国首批成立的证券公司之一，为福建省属国有金融机构。 在全国设有47家分公司、147家证券营业部，拥有华福资本、华福投资、华福国际(香港)和华福资管4家 全资子公司，控股兴银基金。截至2025年9月末，公司管理客户资产规模达9600多亿元，公司总资产超 过1100亿元，净资产近200亿元，资产规模创下历史新高。 分析人士认为，此次管理层调整有助于实现公司决策 ...

Group 1 - The China Interbank Market Dealers Association disclosed self-regulatory disciplinary actions against three institutions: Yunnan International Trust Co., Shanxi Trust Co., and Zhongrong International Trust Co. for violations in bond trading and trust product management [1][2] - Yunnan Trust was severely warned for failing to fulfill prudent management responsibilities, facilitating unauthorized personnel to participate in bond trading, and engaging in illegal holding transactions of debt financing instruments [1] - Shanxi Trust was warned for conducting transactions not based on genuine demand, charging fees beyond interest during the purchase of debt financing instruments, and assisting issuers in non-market-based issuance of debt financing tools [1] - Zhongrong Trust was similarly warned for not basing transactions on real demand and charging additional fees during the purchase of debt financing instruments [2] Group 2 - All three institutions were ordered to conduct comprehensive and in-depth rectifications to address the identified issues in their internal controls and compliance management related to bond trading [1][2]

Core Viewpoint - Jiukun Investment announced the launch of the new generation open-source code model IQuest-Coder-V1 series by the Zhizhi Innovation Research Institute team, marking a significant development in their technology-driven investment ecosystem [1] Group 1: Company Overview - Jiukun Investment is one of the earliest quantitative private equity firms in China, indicating its established presence in the investment landscape [1] - The founding team of Jiukun Investment is expanding to form a dual-driven ecosystem of "technology and investment," aligning with their developmental ethos [1] - The Zhizhi Innovation Research Institute, initiated by the Jiukun Investment founding team, operates independently from the quantitative research system, showcasing a strategic diversification [1] Group 2: Product Launch - The IQuest-Coder-V1 series represents a new generation of open-source code models, highlighting Jiukun Investment's commitment to technological innovation [1] - The launch of this product is part of Jiukun Investment's broader strategy to position itself as a technology company at its core [1]

Group 1 - The company, Tuosida, announced the approval of a proposal to issue H-shares and list on the Hong Kong Stock Exchange to enhance sustainable development and international competitiveness [1] - The proposed issuance will not exceed 15% of the total share capital post-issuance, with an option for overall coordinators to exercise an over-allotment option of up to 15% of the issued H-shares [1] - The raised funds will be allocated for technology research and product development, global sales network expansion, brand building, manufacturing upgrades, and strategic investments [1] Group 2 - Tuosida is the first listed company in Guangdong province in the robotics sector, with a focus on high-end equipment manufacturing including five-axis machining centers and injection molding equipment [2] - The company is expanding its product matrix to include diverse robotics such as Cartesian robots, articulated robots, collaborative robots, and humanoid robots, leveraging its expertise in high-end manufacturing [2] - By integrating multimodal sensors for spatial perception, visual recognition, and force feedback, the company aims to enhance the adaptability and generalization of its robots in complex industrial environments [2]

Core Viewpoint - Company is officially launching its Hong Kong IPO, aiming to enhance its international strategy and overseas business development while increasing its overseas financing capabilities [1] Group 1: IPO Details - The company plans to issue 45.8 million H-shares with an upper limit of HKD 104.80 per share, targeting a maximum fundraising amount of nearly HKD 4.8 billion before the green shoe option [1] - The IPO is set to start on December 31, 2025, and end on January 7, 2026, with the listing on the Hong Kong Stock Exchange scheduled for January 12, 2026 [1] - A cornerstone investor group, including international long-term funds and top private equity funds, has committed a total of HKD 2.174 billion, accounting for 45.28% of the offering [1] Group 2: Company Overview - The company is a global fabless semiconductor design firm, primarily focusing on CMOS image sensors (CIS) as its main product [1] - It operates three main business lines: image sensor solutions, display solutions, and analog solutions, providing a diverse range of image sensors, display products, analog ICs, and other semiconductor components [1] Group 3: Use of Proceeds - The funds raised from the IPO will be allocated towards research and development, global market penetration, and supporting the company's expansion in high-growth sectors and global layout [1]