2026年的第一天，金融界迎来了一件诸多投资者曾希望永远不会发生的大事："股神"巴菲特即将功成身 退。 本文字数：2603，阅读时长大约4分钟 这位"奥马哈先知"在去年5月的股东大会上宣布，将在2025年底结束自己长达60年的伯克希尔哈撒韦掌 舵生涯，由其亲自选定的继任人格雷格阿贝尔（Greg Abel）接棒，续写公司未来。 2026.01.01 阿贝尔掌舵伯克希尔 巴菲特自1965年以来一直领导伯克希尔，从新英格兰一家陷入困境的纺织公司，发展到业务涉及铁路、 能源、工业和制造业、房地产经纪，以及Dairy Queen众多零售品牌的集团综合体。2024年8月，伯克希 尔成为首家实现万亿美元市值的非科技行业美国公司。 去年11月10日，伯克希尔在官网发布巴菲特致股东的年度信，他在信中表示将在卸任后 "减少公开活 动"。不过这位96岁的老人暂不打算彻底退出公众视野。他将不再出席股东大会，撰写公司年度报告开 篇的致辞，但"股神"会继续发表年度感恩节寄语，这项始于1965年的传统将延续。 巴菲特已成为投资领域的标志性人物，这位亿万富豪塑造了亲切随和的公众形象。全球投资者都会密切 关注他的市场动向，巴菲特也一直努力将自 ...

Market Performance - The U.S. stock market experienced a decline on the last trading day of 2025, with the Dow Jones Industrial Average falling by 303.77 points, or 0.63%, closing at 48,063.29 points. The Nasdaq dropped by 0.76% to 23,241.99 points, and the S&P 500 fell by 0.74% to 6,845.50 points. Despite this, all three major indices achieved double-digit annual gains for the third consecutive year, with the S&P 500 up 16.39%, the Nasdaq up 20.36%, and the Dow up 12.97% [2][3]. Economic Indicators - The U.S. Department of Labor reported a decrease in initial jobless claims by 16,000 to 199,000 for the week ending December 27, marking the third consecutive week of decline. This indicates a relatively stable labor market [2]. Sector Performance - The technology sector, particularly driven by artificial intelligence stocks, was a key factor in the market's performance, with significant demand pushing indices to historical highs [3]. - Notable individual stock performances included Nvidia, which sought to increase production capacity with TSMC, and Nike, which saw a 4.1% increase after its CEO purchased shares [5][6]. Future Outlook - Analysts predict that the trend of broad asset performance will continue into 2026, moving away from reliance on a few leading stocks. The equal-weighted S&P 500 index is expected to perform better than the market-cap weighted version [3]. - The Federal Reserve's monetary policy direction is anticipated to be a critical factor influencing global market conditions in 2026, with expectations of a more dovish stance under a new chair [3]. Commodity Market - Gold and silver prices fell following an increase in trading margin requirements by the Chicago Mercantile Exchange. Gold futures dropped by 1.02% to $4,325.60 per ounce, while silver futures fell by 9.36% to $70.13 per ounce, despite both metals achieving significant annual gains [7]. Individual Stock Highlights - Nvidia's stock decreased by 0.5%, while TSMC's stock rose by 1.4%. Other major tech stocks, including Google, Apple, Amazon, Microsoft, Meta, and Tesla, all experienced declines [5]. - Trump's Media Technology Group saw a 5.3% increase after announcing a partnership with Crypto.com to distribute digital tokens to shareholders [6]. Oil Market - International oil prices declined, with WTI crude oil dropping by 0.91% to $57.42 per barrel, marking a 19.94% annual decrease, the largest since 2018. Brent crude oil fell by 0.78% to $60.85 per barrel, down 18.48% for the year, representing its worst performance in nearly five years [6].

| | 分野 多日 19 5分 159 30分 60分 日 周 月 通停 | F9 盘前盘后 最加 九轮 阅读 工具 () ( > | | 小鹏汽车 | | XPEV | | --- | --- | --- | --- | --- | --- | --- | | 22,40 | XPEV/小壁汽車109/45 � 20.115 液肤 -1.165(-5.47%) 约价 20.244 域交量 2.4万 ×8交盒额 49万 | 2025/12/31 WindASh 第15名 | | 20.115 | | -1.165 -5.47% | | | | | | NYSE USD 9:45:44 | | ADR 26-22 14 | | 22,200 | | | 4.717 % | 20(9868) | 79350(-0.94%) H/U:- 1.35% | | | | | | | 盘前线 | 20 430 涨幅 ** | -3.99% | | 000722 | | | 1763 | 流时 | 0.850 盘前暨 | 19.03万 | | 21.800 | | | 2,000 | 177 | 20,120 | 625 | ...

12月31日，《公开募集证券投资基金销售费用管理规定》正式发布，明年1月1日起实施，标志着历时两 年多的公募基金费率改革全面收官！ 编辑｜瑜见 作为改革最后关键一步，销售费率调整力度拉满，全行业销售费用降幅达34%，预计每年可为投资者节 省约300亿元。叠加前两阶段降费，累计每年让利超500亿元，超额完成改革目标。 新下发的《管理规定》用两大硬核机制引导长期持有！一是赎回费全额归入基金财产，彻底切断销售机 构靠"赎旧买新"赚流量的动力；二是非货币市场基金持有满1年即免销售服务费。一"堵"一"引"，从制 度上引导投资者告别短炒，拥抱长期价值投资。 记者｜曹璐 ...

Core Viewpoint - The recent adjustment in public fund fee rates aims to lower the maximum sales fee rates for various types of funds, benefiting investors through reduced costs [1] Group 1: Fee Rate Adjustments - The maximum subscription fee rate for actively managed equity funds is reduced to 0.8% [1] - The maximum subscription fee rate for other mixed funds is lowered to 0.5% [1] - The maximum subscription fee rate for index funds and bond funds is capped at 0.3% [1] Group 2: Service Fee Rate Adjustments - The maximum service fee rate for equity and mixed funds is decreased to 0.4% per year [1] - The maximum service fee rate for index funds and bond funds is reduced to 0.2% per year [1] - The service fee rate for money market funds is lowered to 0.15% per year [1]

Core Insights - Multiple domestic airlines in China have signed agreements with Airbus to purchase a total of 148 A320 series aircraft, indicating strong demand for narrow-body planes in the market [2][5]. Group 1: Aircraft Orders - Air China and its subsidiary signed a purchase agreement for 60 A320neo aircraft, with a total catalog price of approximately $9.53 billion, scheduled for delivery between 2028 and 2032 [3]. - Huaxia Airlines ordered 3 A320 series aircraft, expected to be delivered over three years starting in 2030, pending government approval [3]. - Spring Airlines and Juneyao Airlines announced orders for 30 and 25 A320neo aircraft, respectively, with delivery planned between 2028 and 2032 [3]. - China Aircraft Leasing Company also signed an agreement for 30 A320neo aircraft, with deliveries planned before 2033 [4]. Group 2: Market Trends - Airbus has seen a significant increase in orders from China, with a market share expected to exceed Boeing's, reaching 55% by 2025 [5]. - The demand for narrow-body aircraft is rising, with older models like A320CEO and B737NG decreasing by 10% and 8.4%, while new models A320neo and B737max have surged by 286.3% and 97.9% respectively [8]. - The introduction of wide-body aircraft has stagnated, with only a net increase of 4 aircraft from 2019 to 2025, largely due to slow recovery in international routes [9]. Group 3: Operational Challenges - Airlines are facing operational challenges due to engine shortages, leading to increased grounded aircraft and delayed new deliveries [7]. - The International Air Transport Association reported over 5,000 grounded aircraft, the highest level historically, exacerbated by trade tensions affecting supply chains [7]. - Despite the operational challenges, the current tightness in capacity has somewhat alleviated the oversupply in the domestic market [7].

Core Viewpoint - Blue Arrow Aerospace Technology Co., Ltd. has had its IPO review status on the Sci-Tech Innovation Board changed to "accepted" as of December 31 [1] Company Overview - Blue Arrow Aerospace primarily engages in the research, development, and production of liquid oxygen-methane engines and launch vehicles, as well as providing commercial rocket launch services [1] - The company is currently in a loss-making position and plans to list under the fifth set of standards on the Sci-Tech Innovation Board [1] Fundraising and Use of Proceeds - The funds raised from the issuance of shares, after deducting issuance costs, will be entirely allocated to projects aimed at enhancing the production capacity and technology of reusable rockets [1]

2025.12.31 本文字数：9795，阅读时长大约16分钟 作者 |第一财经 苏蔓薏 林洁琛 2025，全球经济在波动中寻求新的平衡。 2026，我们在挑战中寻找一些确定性。全球经济增长前景如何？中国经济有哪些新动向？美联储是否会 激进降息？中国货币政策如何继续适度宽松？财政政策怎样促进居民增收？黄金是否会续创新高？人民 币会继续升值吗？房地产市场风险能否出清？美股AI泡沫会被戳破吗？A股能否站稳4000点？科技股能 否持续带动市场？ 行至岁末，挑战依旧。 带着这些问题，第一财经携手十位"年度机构首席经济学家"，为你预测2026。 全球 中金公司首席经济学家、研究部负责人、中金研究院院长 第一财经：2026年全球经济增长前景如何，中国经济有哪些新动向？ 彭文生：地缘竞争日益成为影响全球经济和市场的关注点，这既涉及传统的经贸，更包括人工智能等创 新领域的博弈。资源禀赋、规模经济、交易成本是国际贸易与全球产业链的三个决定因素。其中，资源 禀赋和传统理解的比较优势有关（劳动密集、资本密集、自然资源）；交易成本包括运输成本、关税和 非关税保护主义措施等；对于美国关税的影响，中国的规模经济优势是一个重要因素。 在新 ...

Core Viewpoint - The issuance of the first asset-backed securities (ABS) backed by thermal power assets in China, led by GCL Group, aligns with national policies to revitalize existing assets and expand effective investment in the clean energy sector [1][3]. Group 1: ABS Issuance Details - The ABS project, named "Guojin Asset - Xinjiang Guoxin Holding Real Estate Asset Support Special Plan" (266682.SH), has been listed on the Shanghai Stock Exchange with a total issuance scale of 5.46 billion yuan [1]. - The underlying asset for this ABS is the Xinjiang Zhunjing Thermal Power Plant, owned by GCL Group [1]. Group 2: Fund Utilization and Market Context - The raised funds will be directed towards research and development of clean energy technologies, optimizing financial structure, and reducing the debt-to-asset ratio [3]. - The issuance of ABS is seen as a way to "revitalize" stable operating power plants without affecting company control, while also addressing high debt levels and tightening external financing in the renewable energy sector [3]. Group 3: Industry Trends and Comparisons - The renewable energy sector, particularly solar, wind, and comprehensive energy companies, is facing high debt ratios and pressures from external financing, with the photovoltaic industry reporting losses of 31.039 billion yuan in the first three quarters of 2025 [3]. - Other companies, such as Envision Group and Trina Solar, have also launched ABS projects this year, indicating a growing trend in the market for securitizing energy assets [3][4][5].

Core Viewpoint - The implementation of stable cash dividends by listed companies enhances shareholder recognition and market acceptance, with regulatory support from the China Securities Regulatory Commission (CSRC) encouraging reasonable and stable dividend policies [2][3]. Group 1: Dividend Implementation - Over 10 companies listed on the Shenzhen Stock Exchange announced mid-term and third-quarter dividend implementation announcements, with over 18 companies expected to distribute more than 10 billion yuan in total dividends at the beginning of 2026 [2]. - In 2025, Shenzhen-listed companies cumulatively distributed cash dividends amounting to 547.56 billion yuan, with a total of over 2 trillion yuan in dividends expected during the "14th Five-Year Plan" period [2]. - A total of 533 companies in Shenzhen implemented mid-term dividends of 132.93 billion yuan in 2025, representing a year-on-year increase of 25.98% [2]. Group 2: Regulatory Environment - The new "National Nine Articles" strengthens the regulation of cash dividends for listed companies and increases incentives for high-dividend companies [3]. - The CSRC issued guidelines to encourage cash dividends, aiming to enhance dividend levels and promote more frequent dividend distributions [3]. Group 3: Dividend Distribution by Sector - In 2025, the main board of Shenzhen listed 965 companies that cumulatively distributed cash dividends of 410.11 billion yuan, accounting for 74.90% of the total cash dividends in Shenzhen [3]. - The growth rate of dividends in the ChiNext board is notable, with 945 companies distributing a total of 137.45 billion yuan, reflecting a year-on-year growth of 8.41% [3]. Group 4: Notable Companies and Dividend Amounts - In the consumer sector, Wuliangye (000858.SZ) distributed 10 shares for 25.78 yuan, totaling 10.01 billion yuan in December 2025 [4]. - Gree Electric (000651.SZ) approved a mid-term profit distribution plan, distributing 10 yuan per 10 shares, totaling 5.59 billion yuan [4]. - In the financial sector, GF Securities (000776.SZ) distributed 1 yuan per 10 shares, totaling 0.76 billion yuan [4]. Group 5: Financial Performance - In the first three quarters of 2025, Shenzhen-listed companies achieved a total operating income of 15.72 trillion yuan, a year-on-year increase of 4.31%, and a net profit attributable to shareholders of 903.02 billion yuan, up 9.69% [5]. - 2,169 companies reported profits, representing 75.34% of the total, with 207 companies (9.54% of profitable companies) experiencing profit growth exceeding 100% [5].