为贯彻落实证监会2025年5月印发的《推动公募基金高质量发展行动方案》中关于"加强透明度建设"的 改革任务，结合公募基金行业发展现状，两项新规进行了多项修订。 《准则》共3章36条，是将现行的《内容与格式准则》第2号（年报）、3号（半年报）、4号（季报）整 合成一个规范性文件，并根据各类型定期报告特点，保留相应个性化披露要求；同时根据《信披办法》 等上位法规定和行业最新实践，更新了各类型定期报告的信披内容与格式要求。此外，本次修订后的 《准则》还删除了大量重复信披内容，信息披露规则体系更加简明，有利于减轻行业机构负担。 本文字数：1178，阅读时长大约2分钟 作者 |第一财经 梁晓璇 1月30日，中国证监会就《公开募集证券投资基金信息披露内容与格式准则第2号——定期报告的内容与 格式》（以下简称《准则》），向社会公开征求意见。基金业协会同步就《证券投资基金信息披露 XBRL模板》（以下简称《XBRL模板》）征求行业意见。 2026.01.30 （注：我们会对线索进行核实。您的隐私将严格保密。） 新修订的《XBRL模板》有三项重要改动：一是要求管理人在年报、半年报、季报披露中新增产品过去 7年、10年的中长期业 ...

2026.01.30 本文字数：3097，阅读时长大约5分钟 作者 |第一财经 彭海斌 "不光是在收缩，是在消失。"澳斯康创始人罗顺近期接受第一财经记者采访时，这样评价跨国CDMO在 华业务。 CDMO是指合同研发和生产组织，它是制药产业链分工日益专业化的结果。2020年左右，一大批知名跨 国企业如龙沙、赛默飞世尔、默克等都在中国投资了CDMO业务，并对中国业务寄予厚望。 现在，潮水已经退去。目前，还在中国开展CDMO业务的跨国企业几乎只有德国的勃林格殷格翰了。 进退之间 2025年，昭衍生物向前一步。 2025年9月份，昭衍生物技术（广州）有限公司开业。它的制造基地位于广州知识城，聚焦于大分子药 物的CDMO。这一基地拥有17000平方米的实验室及生产车间，配备国际领先的模块化生产设施,建有多 条200升、500升、2000升一次性原液生产线，及水针、冻干高端制剂线，并具备连续化生产工艺及数字 化控制系统。 当时，广州昭衍生物总经理贺涛表示，这一制造基地的投运，标志着昭衍生物"南北协同、中外联动"战 略迈出实质性一步。该基地提升昭衍生物在大湾区的产能供给，更为集团打造辐射东南亚及其他海外地 区的生物医药创新 ...

Group 1 - The U.S. stock market opened lower on January 30, with the Dow Jones down 0.18%, Nasdaq down 0.49%, and S&P 500 down 0.34% [1] - The Dow Jones Industrial Average was at 48,982.81, down 88.75 points, while the Nasdaq Index was at 23,569.54, down 115.58 points, and the S&P 500 was at 6,945.36, down 23.65 points [2] - The technology sector showed a decline, with the seven major U.S. tech companies down 0.68%, and the Chinese tech leaders down 1.22% [2] Group 2 - The storage sector performed strongly, with SanDisk surging 22%, having increased over 130% since the beginning of the year; Micron Technology rose over 3%, with a month-to-date increase of over 57%, and its market value surpassing $500 billion for the first time; Western Digital rose by 2% [2] - The precious metals sector experienced significant declines, with Pan American Silver down nearly 11%, Harmony Gold down 8.6%, and Newmont Mining down 6.8% [3]

当地时间周五（30日），美国总统特朗普通过其社交平台"真实社交"（Truth Social）正式宣布，提名现 年55岁的凯文·沃什（Kevin Warsh）担任下一任美联储主席，接替将于今年5月结束主席任期的鲍威尔。 华尔街普遍认为，沃什是所有候选人中最为稳妥的选择。 班诺克本资本市场（Bannockburn Capital Markets）首席市场策略师马克·钱德勒（Marc Chandler）在发 给第一财经记者的报告中写道："一方面，沃什被认为是鹰派，但另一方面，特朗普政府寻求降低利率 的意图毋庸置疑。市场最初的反应是平仓美元空头头寸，外汇市场出现剧烈波动。然而，欧洲市场的交 投使得美元回吐了部分涨幅。" 现货白银价格一度回弹至100美元/盎司上方；现货黄金价格报约5080美元/盎司。 芝加哥商品交易所的美联储观察工具显示，交易员预测，在鲍威尔的美联储主席任期于5月结束前，美 联储公开市场委员会大概率（67.2%）保持按兵不动，年内或有至少两次降息。 华尔街普遍认为沃什是所有候选人中的"安全牌"。资产管理公司BlueBay Asset Management首席投资官 马克·道丁 （Mark Dowdin ...

1月30日，深圳市统计局发布年度"成绩单"：2025年深圳地区生产总值38731.80亿元，按不变价格计 算，同比（下同）增长5.5%，高于全国0.5个百分点。名义增量约1930亿元，大约相当于新增一个韶关 市的经济总量。按过去三年增长趋势，2026年突破4万亿元应无悬念。 服务业同样展现出结构优化的特点，高附加值服务业增长迅猛。其中，金融业，信息传输、软件和信息 技术服务业，租赁和商务服务业分别增长12.1%、10.3%、5.9%，三者均显著高于服务业整体增速。 站在4万亿门槛前的深圳，经济增长正呈现明显的结构性变化。分产业来看，2025年深圳第一产业增加 值28.04亿元，下降4.5%；第二产业增加值14482.54亿元，增长4.1%；第三产业增加值24221.22亿元，增 长6.3%。第三产业增速超过第二产业，成为深圳经济增长的最大牵引力。 从全年走势看，深圳经济画出了一条总体向上的曲线。一季度GDP增长5.2%，上半年增长5.1%，前三 季度增速提升至5.5%，最终全年锁定在5.5%的水平。在此过程中，工业增长作出显著贡献。规模以上 工业增加值全年增长5.4%，较前三季度的5.0%继续加快，其中12月 ...

Core Insights - Guangzhou has implemented asset revitalization through various financial instruments such as CMBS, quasi-REITs, and public REITs, covering multiple asset types including office buildings, commercial properties, industrial parks, and highways [2][3] Group 1: Asset Management Development - The real estate investment and financing exchange conference in Guangzhou focused on strategic development for the city's real estate asset management sector, aiming to revitalize existing assets and support new investments [2] - Guangzhou's Vice Mayor, Lai Zhihong, stated that the city has established an ecosystem for real estate asset management supported by policies, asset foundations, and service platforms, enhancing its attractiveness [2] - The Guangzhou Real Estate Asset Management Service Platform was officially launched, symbolizing the commitment of Guangzhou Urban Investment Group to create the nation's first dedicated trading platform for real estate private fund share transfers [2] Group 2: Institutional Support - The Guangdong Fund Industry Association announced the establishment of a special committee for real estate private funds, led by Guangzhou Urban Development Investment Fund Management Co., with representatives from 22 top domestic and international real estate investment institutions [2] - This committee aims to provide robust support for the healthy development of Guangzhou's real estate asset management ecosystem and offer comprehensive professional services for asset revitalization [2] Group 3: Asset Securitization - Guangzhou Urban Investment Group has developed a "multi-tiered, convertible" asset securitization system and plans to issue real estate asset revitalization products on three major exchanges this year [3] - The chairman of the Urban Development Fund, Huang Jiyuan, highlighted that the city has successfully revitalized assets through various financial tools, with the Linghua Exhibition Trade Asset-Backed Special Plan being the largest, longest-term, and lowest-interest CMBS project among Guangdong's local state-owned enterprises [3] Group 4: Future Initiatives - The Guangzhou Urban Development Fund will act as the execution agency for the real estate asset service management platform, continuing to advance the development of the city's real estate asset management sector through innovative financial tools like private funds and S funds [4] - Guangzhou currently has 26 municipal-level state-owned enterprises covering 13 categories of infrastructure assets, with over 40 trillion yuan in existing infrastructure assets and a capital reserve of over 600 billion yuan for securitization [4] - The city has introduced measures to promote the development of real estate asset management, including a work plan to support the establishment of a dedicated trading platform for real estate private fund share transfers and an asset information service platform [4]

Core Insights - The "space photovoltaic" concept has gained significant attention in the secondary market, largely influenced by Tesla CEO Elon Musk's endorsements [2] - The Wind Space Photovoltaic Index has risen by 19.83% over the past month, outperforming the Shanghai and Shenzhen 300 Index, which increased by 1.18% [2] - Several photovoltaic companies have experienced substantial stock price increases, with JunDa Co., Ltd. rising by 84.62% and Mingyang Smart Energy increasing by 60.22% in the last 20 days [2] Market Performance - The stock prices of companies like Dongfang Risen and Laplace have shown abnormal fluctuations, with price deviations exceeding 30% over consecutive trading days [3] - The space photovoltaic sector is characterized by its potential to harness solar energy in outer space, providing power to satellites and space stations [3] Industry Challenges - Despite the market enthusiasm, the commercialization of space photovoltaics faces significant uncertainties related to technology maturity and economic viability [4] - Industry insiders indicate that the application scenarios for space photovoltaics are still in the exploratory phase, with many companies not yet supplying products to commercial satellite firms [4] Technological Considerations - Current leading materials for space photovoltaics include gallium arsenide, which is costly at approximately 1000 RMB per watt, and perovskite, which faces stability issues in extreme space conditions [5] - The cost of electricity generated from space photovoltaics is estimated to be 2-3 USD per kilowatt-hour, significantly higher than the ground-based photovoltaic cost of 0.03-0.05 USD per kilowatt-hour [5] Future Outlook - Several A-share listed companies express optimism about the future of space photovoltaics, with potential market size reaching trillions as technology advances [5] - Companies like Trina Solar and HaiMuxing are actively collaborating with leading aerospace institutions to develop practical applications for space solar energy [5] - The commercialization of space photovoltaics is projected to gradually occur over the next 10 to 15 years as launch costs decrease and battery technologies improve [6]

证监会有关司局负责同志参加座谈。 来源｜证监会官网 为深入学习贯彻党的二十届四中全会有关部署和习近平总书记在省部级主要领导干部专题研讨班开班式 上的重要讲话精神，科学谋划"十五五"时期资本市场发展主要目标、战略任务和重点举措，1月30日证 监会党委书记、主席吴清在北京召开座谈会，与部分境内外上市公司代表深入交流，充分听取意见建 议。证监会党委委员、副主席李超参加座谈。 座谈中，大家围绕如何做好资本市场"十五五"规划、提高制度包容性适应性、提高上市公司质量和投资 价值等提出了具体意见建议。主要包括：持续优化发行上市制度规则，更好适配新兴产业、未来产业发 展和传统产业转型升级需求；提升上市公司再融资效率，更好激活并购重组市场活力；更大力度培育耐 心资本和推动中长期资金入市，更好匹配产业发展的长周期需求；完善上市公司分红回购和激励约束机 制，督促上市公司进一步提升规范运作和信息披露水平；加大对上市公司全球化发展的政策支持，助力 培育世界一流企业；等等。 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 ...

北京时间1月30日晚间，特朗普正式提名凯文·沃什接替鲍威尔，出任第17任美联储主席。 沃什2006年加入美联储，是当时最年轻的美联储理事。在美联储任职期间，沃什持鹰派货币政策立场， 但近年转向支持特朗普的关税政策及加快降息立场。 一图速览—— 第四级经 策划| 明智 制图|方舟 政治主张 沃什被市场认为是"鹰派中的温和派"。 他主张"缩表结合谨慎降息"的策略组合,通过 缩减7.7万亿美元的资产负债表规模(QT),为 降低联邦基金利率创造空间。 2025年12月,他在与特朗普的会面中承诺支持 降息,但其历史立场与当前的主张存在明显矛 盾。这种立场转变被市场解读为"为迎合特朗普 而做出的政治妥协"。 QE,大规模购债 2021年-2023年 抗通胀激进紧缩 2021年底启动Taper (缩减购债) 2022年3月开启加息周期,累计加息 525个基点 2022年6月启动量化紧缩,缩减资 产负债表 2024-2025年 政策转向宽松 2024年9月启动降息周期，2025 年9-12月三次降息累计75个基点 2025年12月1日结束缩表 市场预计,他可能支持特朗普政府对美联储进 行一系列改革。 制图 | "晓数点"工作 ...

Core Viewpoint - Baolide Holdings Group, once the largest private luxury car dealer in East China, is facing bankruptcy due to its inability to repay debts and insufficient assets to cover liabilities [5]. Company Overview - Baolide was founded in 2001 and is headquartered in Hangzhou, China, with Yu Haijun as its founder and chairman [6]. - The company has established partnerships with luxury car brands such as Mercedes-Benz, Audi, Jaguar Land Rover, Rolls-Royce, Lincoln, Aston Martin, and Porsche, serving nearly 500,000 customers and ranking among the top 25 in China's automotive dealer group [12]. Financial and Legal Issues - As of January 28, 2026, Baolide has multiple risk indicators, including 13 frozen equity records and a recent enforcement amount exceeding 10 million [8]. - The company has a total of 106 self-risk records, including 104 judicial lawsuits, and is classified as a high-risk entity with 30 high-risk records [9]. Operational Challenges - Since early 2024, Baolide has faced negative public sentiment, including delivery difficulties, layoffs, wage arrears, and store closures, leading to a trust crisis between consumers, dealers, and automotive brands [12]. - The company has been involved in incidents where customers could not register their vehicles, further exacerbating the operational crisis [12]. Bankruptcy Proceedings - On August 2025, Baolide filed for bankruptcy due to its inability to settle due debts, and the court accepted the application in September 2025 [5].