Monetary Policy - The central bank will implement a moderately loose monetary policy in 2026, with room for rate cuts and reserve requirement ratio reductions. The focus will be on maintaining ample liquidity and managing expectations for the RMB exchange rate [2][5]. Fund Management - Multiple funds have announced fee reductions to lower investment costs for investors. For instance, 华夏基金 reduced the management fee of its financial technology ETF from 0.50% to 0.15% and the custody fee from 0.1% to 0.05% [2][5]. Banking Sector - The interest rates on large time deposits from local small and medium-sized banks have fallen below 2%. It is predicted that the maturity scale of time deposits over one year will be around 50 trillion yuan in 2026 [3][5]. - The wealth management business of small and medium-sized banks is experiencing changes, with reports indicating that the scale of raised funds is lower than that of maturing funds [3][5]. Real Estate Market - The second-hand housing market in several regions continues to show a "tail-up trend" at the beginning of 2026, with notable recovery in transaction volumes in major cities like Beijing, Shanghai, and Shenzhen [3][5]. Fiscal and Financial Policies - A package of policies promoting domestic demand through fiscal and financial collaboration has been introduced, including a 500 billion yuan special guarantee plan for private investment and interest subsidies for loans to small and micro enterprises [5][6]. Global Market Trends - Concerns over the Greenland crisis and fiscal pressures have triggered a global bond market sell-off, with significant increases in yields for long-term bonds in Japan and the U.S. [6][6]. - NVIDIA's CEO highlighted that AI has initiated the largest infrastructure buildout in human history, requiring substantial investments and resources [6][6].

1、 《北京市关于促进商业卫星遥感数据资源开发利用的若干措施（2026-2030年）》提出，鼓励有能力的企业对卫星数据上下游企业进 行并购重组，整合完善地面站网、数据应用服务产业链环节 ，打造具备全球竞争力的链主企业。支持企业规划建设具有差异化优势、商业价值 明确、应用前景清晰的商业卫星星座。 2、 美国银行表示，在美国总统特朗普威胁因格陵兰岛问题对部分欧洲国家加征关税的一周里，美股资金流出接近170亿美元。 值得注意的 是，印度正加入部分主要经济体的行列，逐步撤离美国债券市场，其持有的美国国债规模已降至1740亿美元，较2023年峰值下降26%，为五年来最低水 平。与此同时，瑞典最大私人养老基金、丹麦"学界养老基金"也正在或计划抛售美债。 4、基金2025年四季报披露完毕，"专业买手"公募FOF最新持仓动向浮出水面。 去年四季度，FOF延续对低风险产品的偏爱，短融ETF成为其头号 重仓品种。 在国际金价迭创新高之际，FOF却普遍减持了黄金ETF，转而大举增持黄金股ETF，展现出独特的"淘金"策略。 3、 英伟达创始人黄仁勋再度前往中国，首站到访英伟达位于上海的新办公室，这是黄仁勋2026年首度赴华。 知情人 ...

Market Overview - The A-share market exhibited a structurally differentiated pattern last week, with the Shanghai Composite Index closing at 4136.16 points, up 0.84% for the week, while the CSI 300 and SSE 50 fell by 0.62% and 1.54% respectively [1] - The small and mid-cap growth style performed strongly, with the CSI 500 and CSI 1000 rising by 4.34% and 2.89% respectively [1] - The ChiNext Index declined by 0.34%, indicating internal differentiation within the growth sector [1] - The CSI Dividend Index increased by 2.15%, showing some defensive characteristics [1] Industry Performance - Most sectors in the Wind first-level industry index rose, benefiting from policy expectations and cyclical recovery, with materials and real estate leading with increases of 6.36% and 5.09% respectively [12] - The financial sector lagged with a decline of 2.05% due to pressure from the interest rate environment [12] - Overall, the market remained volatile, with funds rotating towards cyclical sectors [12] Fund Issuance - A total of 42 new funds were established last week, including 16 equity funds and 15 mixed funds, raising 22.8 billion units, marking a near four-year high [16] - The total issuance volume reached 44.454 billion units [16] Fund Performance - The Wind All-Fund Index rose by 0.90% last week, with the ordinary equity fund index up 1.45% and the equity-mixed fund index up 1.65% [7] - The bond fund index saw a slight increase of 0.27%, indicating that equity funds significantly outperformed bond funds [7] Global Market Overview - The three major U.S. stock indices experienced slight declines, with the Dow Jones down 0.53%, the S&P 500 down 0.35%, and the Nasdaq down 0.06% [3] - European indices saw deeper declines, with the German DAX down 1.57%, the French CAC 40 down 1.40%, and the UK FTSE 100 down 0.90%, reflecting increased risk aversion in Europe [3] - In Asia, the South Korean Composite Index surged by 3.08%, while the Hang Seng Index and Nikkei 225 saw slight declines [3] Commodity Market - The commodity market showed strong performance, with natural gas soaring by 64.35%, gold rising by 8.44%, and silver increasing by 16.63% [3] - The CRB Commodity Index rose by 3.37%, indicating a surge in demand for energy and safe-haven assets [3] Bond Market - The bond market sentiment was positive, with the CSI Convertible Bond Index rising by 2.92% [14] - The 10-year and 30-year government bond futures saw slight increases of 0.12% and 1.02% respectively, supported by the central bank's increased MLF and reverse repo net injections [14]

1. 证监会正式发布公募基金业绩比较基准指引，中国基金业协会同步发布操作细则，自今年3月1日起施行。 新规重点从精准画像、全流程监管、与薪酬 挂钩和信息透明等4个方面发力，直指"基准模糊""风格漂移""基金盲盒"等行业痛点。新规明确了存量产品基准调整过渡期一年。 2.证监会2026年首张罚单落地。证监会公布行政处罚决定书显示，自然人余韩控制使用67个账户操纵"博士眼镜"。 证监会决定，没收余韩违法所得5.11亿 元，并处以5.11亿元的罚款。同时，对余韩采取3年证券市场禁入措施以及3年证券市场禁止交易措施。 3. 白银价格继续高歌猛进，COMEX白银、现货白银先后历史性突破100美元/盎司大关，并站上103美元关口，年内累计涨幅已超40%，同期表现远超黄 金。 与此同时，黄金价格继续向5000美元发起冲击，COMEX黄金期货一度涨至4991美元/盎司。 1. 国家主席习近平同巴西总统卢拉通电话。 习近平强调，当前国际形势动荡不安，中国和巴西为全球南方重要成员，应当坚定站在历史正确一边，更好 捍卫两国和全球南方共同利益，共同维护联合国核心地位和国际公平正义。 1. 周五A股震荡攀升，上证指数涨0.33%报413 ...

Win.d 你曾被低估过吗? 在这里 只靠实力说话! 还记得那个被高中校队拒之门外的少年吗? 没错,就是后来的篮球之神 -- 迈克尔 · 乔丹 那一纸淘汰通知,没有成为他的终点 反而点燃了他骨子里的"冠军基因" 日复一日的刻苦训练,是瞄准下一个冠军奖杯 ○ 从专注一线的基层,到孵化多位精英销售 的团队领袖。 为什么在万得, 潜力能被如此快速地激发? 实战磨刀 纸上谈兵?NO! 我们模拟最真实、最棘手的 客户场景。从初次破冰到临门一脚,从价格鏖 战到危机处理,让你在"安全区"内经历百战, 练就冠军级的实战肌肉记忆与应变能力。 价值为王 这里没有论资排辈,没有背景光环。聚光灯只 打在真正创造价值的人身上。你的每一份努力, 每一份业绩,都会被看见,被难重,被主原回 在万得的销售战场上, 我们见证过太多这样的故事 ○ 从初遇挑战的新人,到连续斩获头部大单 的行业新锐。 ○ 从低调蓄力的成员,到登顶团队销冠宝座 的业绩王者。 方式一(官网直通车) 速递简历至万得招聘官网 https://www.wind.com.cn Q 方式二(扫码闪电投) 长按识别二维码,一键抢占席位 报。这里,是凭实力加冕的战场! 如果你心中那团 ...

回顾1998年至2025年四季度末的长期发展轨迹，中国公募基金行业已累计为基金持有人创造超过7.9万 亿元的投资利润。其中，2025年的表现尤为突出，全年为投资者带来的利润突破2.6万亿元，不仅刷新 历史纪录，也远超过往任何一个自然年度，凸显出公募基金在居民财富积累与资产配置中的核心功能正 在持续强化，其在推动财富管理体系高质量发展中的作用愈发清晰。 在盈利能力持续释放的同时，公募基金行业的资产管理规模亦稳步攀升。截至2025年四季度末，公募基 金市场总规模接近37万亿元，续创历史新高。这一变化反映出公募基金市场扩容趋势依然延续，同时也 印证了投资者对公募产品长期配置价值的认可持续提升 。 本篇看点 从细分结构来看，ETF市场成为本季度最为亮眼的板块之一。四季度ETF整体规模突破6万亿元，再度 刷新历史纪录，环比增长约6.93%。与此同时，在四季度利润排名前十的基金中，有色金属ETF占据多 数席位，显示出在宏观环境变化与资产配置需求调整的背景下，市场对大宗商品相关资产的关注度和配 置意愿显著增强。 产品供给端方面，2025年四季度，公募基金市场共发行406只新产品，合计募集资金约2801亿元，环比 下降约23 ...

万得 集团高级副总裁兼万得基金总裁简梦雯在开场致辞中表示，立足新的起点，在"十五五"规划第一 年，在"中国股市配置价值觉醒与构建的关键年"，在全球有望迎来"流动性和周期复苏双重驱动"的 曙光之年，一场聚焦宏观环境、AI主题与资产配置的投资策略会显得十分必要。在AI浪潮席卷全球 的今天，万得正全力推进"Wind Alice"智能平台建设，深度融合AI、大数据与云计算，致力于让数 据价值垂手可得，让投资决策更加精准高效。万得基金始终秉持"以客户为尊"的服务理念，专注于 为客户提供一站式基金投研、交易与资产配置解决方案。 大成 基金副总经理兼首席经济学家姚余栋以"一半是海水，一半是火焰"为题，对2026年宏观经济形势进 行了深度剖析。他表示，国内正处在从"投资于物"向"投资于人"的转型阶段，消费结构有待优化， 内循环仍面临结构性挑战；全球则进入科技革命与大国博弈并存的"火焰时代"，AI推动产业格局分 化，资源竞争加剧。投资应围绕"科技创新+资源自主"主线，关注AI、芯片、铜等战略领域，同时 把握反内卷政策下的盈利修复机会。配置上宜采取"股债商汇"多元结构，在波动中锚定长期价值。 万得基金投研负责 人陈逸迪以"AI赋 ...

Monetary Policy and Economic Measures - The central bank governor Pan Gongsheng stated that a moderately loose monetary policy will continue in 2026, with room for further cuts in reserve requirement ratios and interest rates to maintain ample liquidity [3] - The first batch of 936 billion yuan of ultra-long special government bonds has been allocated to support approximately 4,500 projects in various sectors, expected to drive total investment exceeding 460 billion yuan [4] - The People's Bank of China will conduct a 900 billion yuan MLF operation on January 23, net injecting 700 billion yuan into the market, marking the 11th consecutive month of increased operations [4] Consumer and Investment Trends - State-owned banks collectively announced the implementation of personal consumption loan interest subsidy policies, allowing some high-quality clients to enjoy effective interest rates in the "2%" range, lower than current housing loan rates [3] - Public funds have focused their fourth-quarter 2025 positions on core sectors such as electronics and power equipment, with Zhongji Xuchuang becoming the largest holding stock [3] Market Performance - The A-share market saw a slight increase, with the Shanghai Composite Index rising 0.14% to 4122.58 points, and the Shenzhen Component Index increasing by 0.5% [6] - The Hong Kong stock market also experienced minor fluctuations, with the Hang Seng Index rising 0.17% to 26629.96 points, and net inflows from southbound funds amounting to 5.166 billion HKD [6] Corporate Developments - Alibaba Group has decided to support its chip company "Pingtouge" for independent listing, with plans for restructuring to a mixed-ownership enterprise [7] - Xiaomi Group has initiated a stock repurchase plan of up to 2.5 billion HKD [9] - Nanjing Bank reported a net profit growth of 8.08% year-on-year for 2025 [9] Regulatory and Policy Updates - The State Administration for Market Regulation has issued a red card for the first time in the public utility sector, prohibiting a merger between two gas companies [10] - Nine departments jointly issued opinions to promote high-quality development in the pharmaceutical retail industry, encouraging mergers and acquisitions among retail pharmacies [10] Economic Indicators - The unemployment rate for urban labor aged 16-24 was reported at 16.5% in December 2025, while the rate for those aged 25-29 was 6.9% [5] - The National Bureau of Statistics reported a 28.1% year-on-year increase in sales revenue for the smart device manufacturing industry in 2025 [10]

2025年度"Wind最佳投行"评选结果于2026年1月23日隆重揭晓！秉承公正与透明的核心理念，万得依托全面、客观的市场数据，对各大机构在股 权、债券及并购交易等各资本市场核心领域的承销实力进行了系统评估。评选过程综合了2025年度万得A股股权承销榜、港股股权承销榜、中国市 场并购交易排行榜、债券承销榜、ABS承销榜和中资美元债承销榜的各项数据，同时充分采纳相关机构在排行榜发布后的反馈与核实修正，最终呈 现出第七届"Wind最佳投行"的获奖名单。共计一百余家机构凭借卓越表现斩获荣誉，彰显其在资本市场的非凡实力与贡献。 该评选旨在以准确、客观的评价，全面展现中国证券市场各家机构的发行与承销能力，并向致力于推动中国资本市场稳健发展的卓越机构致以崇高敬意！ 1 中信证券 1 2 (D 国泰海通 3 0 中金公司 华泰联合证券 4 1 中信建投 5 用数据说话 / 无主观投票 Win.d 最佳投行 2025 年度 Wind 结果重磅 洗 股 揭 it 最佳股权承销商 Wind最佳投行榜单 最佳A股股权承销商 1 2 中信证券 国泰海通 3 中银证券 4 中金公司 华泰联合证券 5 中信建投 6 7 广发证券 申万宏 ...

// 热点头条 // 1. 阿里巴巴：传旗下芯片公司平头哥拟独立上市，市场反应积极，美股股价应声上涨，市值显著增长， 股价创出去年11月以来新高。平头哥成立于2018年，是阿里在芯片领域的核心布局，此次独立上市计划 将加速其技术商业化进程，目前阿里方面未对此正式置评。 // 美洲地区公司要闻 // 2. 特斯拉：CEO马斯克表示，公司计划在2026年年底或2027年向公众出售人形机器人Optimus，同时 SpaceX和特斯拉每年正在建设高达100吉瓦的太阳能发电能力，这一系列举措显示出公司在新能源和人 工智能领域的长远布局。马斯克在达沃斯宣布自动驾驶出租车在奥斯汀启动无安全员试驾，计划年底前 广泛应用；保险公司对FSD用户保费减半，因数据显示FSD可减少事故，该保险产品1月26日在亚利桑 那州推出，一个月后在俄勒冈州推出。 3. 铠侠：证实受AI需求驱动，今年产能已全部售罄，供应紧张局面预计持续至2027年。当前存储芯片 市场正处于一轮前所未有的超级周期，全球三大存储芯片生产商均面临供应趋紧的情况，难以满足市场 需求。 4. 京东：京造旗舰店上架Au99.99黄金手机壳，按黄金重量分5个档位，10g标价11 ...