Core Viewpoint - The article discusses the recent policy support for the industrial internet sector in China, highlighting the "Action Plan for Promoting the High-Quality Development of Industrial Internet Platforms (2026-2028)" issued by the Ministry of Industry and Information Technology (MIIT) [1][2]. Group 1: Policy and Development Goals - The MIIT aims for significant progress in the high-quality development of industrial internet platforms by 2028, with over 450 influential platforms and a resource connection capability enhancement [2]. - The core industry scale of China's industrial internet is expected to exceed 16 trillion yuan by 2025, contributing approximately 2.5 trillion yuan to industrial added value [1][2]. Group 2: Platform Development Strategies - The action plan emphasizes the development of specialized, industry-specific, and collaborative platforms to enhance digital product and service supply levels [2][3]. - It includes a classification and grading system for platforms, establishing a nurturing mechanism to improve platform capabilities [2]. Group 3: Data and AI Integration - The plan encourages collaboration between platform and industrial enterprises to build specialized data sets and explore new business models like data brokerage and hosting [3][4]. - It promotes the integration of artificial intelligence into industrial internet platforms, enhancing AI literacy and skills among employees [4][5]. Group 4: Application and Market Expansion - The article highlights the need for platforms to focus on high-value industrial scenarios, developing intelligent agents for automation and smart inspections [5][6]. - It encourages large enterprises to deepen platform applications and supports small and medium-sized enterprises in digital transformation through flexible resource utilization [6]. Group 5: Investment Opportunities - The article suggests that the integration of industrial internet and AI will accelerate the digital transformation of manufacturing, presenting investment opportunities in industrial network integration and specialized services in industrial data and models [7].

Macro Dynamics - Yunnan aims to achieve significant results in key industry development by 2027, targeting an industrial output value exceeding 2 trillion yuan, with non-tobacco and non-energy industries increasing their share by approximately 3 percentage points [2] - By 2030, Yunnan plans to make breakthroughs in industrial transformation and upgrading, focusing on becoming a major clean energy base, strategic non-ferrous metal industry base, and a world-class tourism destination [2] Financial Institutions - Zhongyin Securities announced the resignation of Chief Scientist Ge Hao due to personal reasons, and he will not hold any position in the company after his departure [7] - UBS Securities analyst Meng Lei projected an 8% growth in A-share earnings for 2026, slightly below MSCI China levels, with non-financial sector earnings expected to improve due to nominal GDP growth and PPI recovery [8] - Shanghai Pudong Development Bank reported a net profit of 50.017 billion yuan for 2025, a year-on-year increase of 10.52%, with a decrease in non-performing loans [9] Market Data - The Shanghai Composite Index closed down 0.64% on January 13, with significant declines in the commercial aerospace sector, while the medical services sector showed strong performance [13] - The total margin balance in the two markets increased by 45.586 billion yuan, with the Shanghai Stock Exchange margin balance at 1.32792 trillion yuan and the Shenzhen Stock Exchange at 1.319152 trillion yuan [14] - The Hong Kong Hang Seng Index rose by 0.9%, led by gains in gold stocks, while technology and semiconductor sectors faced declines [15] Company Dynamics - Changjiang Electric Power reported a net profit of 34.167 billion yuan for 2025, a 5.14% increase, attributed to higher electricity sales and reduced financial costs [16] - Huaxia Happiness projected a net loss of 16 billion to 24 billion yuan for 2025, potentially facing delisting risk due to negative net assets [17] - Yonyou Network expects a net loss of 1.3 billion to 1.39 billion yuan for 2025, but anticipates a return to positive revenue growth [19] - Baiwei Storage forecasts a net profit of 850 million to 1 billion yuan for 2025, representing a year-on-year increase of 427.19% to 520.22%, driven by recovery in storage prices and growth in AI-related sectors [22]

Core Viewpoint - The article discusses the significant changes in the IPO underwriting fee structure in the Chinese market following the implementation of new regulations in February 2025, which have led to a decline in the traditional tiered fee model and a shift towards more flexible pricing strategies [2][3]. Fee Structure Changes - The proportion of IPO cases using the tiered fee model based on fundraising amounts has drastically decreased from approximately 38% in 2023 to 6% in 2025, with most cases now adopting a "decreasing fee rate" standard [2][3]. - The mixed fee model, which combines a fixed rate with minimum or maximum fee clauses, has become the mainstream approach, accounting for 49% of cases [2][6]. Specific Fee Models - The traditional model of "actual fundraising × fixed rate" was used by 26 IPO companies, representing 33% of the market, with underwriting fees typically ranging from 5% to 9% [6]. - A significant number of companies (38) adopted the "fixed rate with limit conditions" model, which includes "minimum fees" or "maximum fees," marking an increase from 25% in 2023 [7]. - Examples of minimum fee structures include a case where the underwriting fee is calculated as "fundraising amount × 7.5%, with a minimum of 9.85 million yuan" [7]. Market Trends - The average underwriting fee for the Sci-Tech Innovation Board reached 122 million yuan in 2025, a notable increase from the previous average of approximately 95.8 million yuan [8]. - Conversely, the average underwriting fees for the main board and the ChiNext board have decreased, with the main board averaging 65.3 million yuan and the ChiNext board dropping over 30% to 46.6 million yuan [8][9]. Concentration of Revenue - The IPO underwriting market continues to exhibit a "head effect," with only 13 securities firms earning over 100 million yuan in underwriting fees in 2025 [10][11]. - CITIC Securities led the market with underwriting fees of 1.097 billion yuan, followed by other major firms like CICC and Guotai Junan, indicating a concentration of high-quality projects among top firms [11][12].

美联储主席鲍威尔遭刑事调查一事继续发酵！ 当地时间1月12日，美联储主席鲍威尔"被调查"的消息，占据了美国各大媒体的显著位置。市场担忧，此事将 对美联储的独立性带来实质性冲击。 同日，包括美联储前主席、美国财政部前部长在内的多名美国前财经要员发表联合声明，批评特朗普政府对鲍 威尔发起刑事调查。 据彭博援引知情人士表示，在特朗普政府大幅升级对美联储的施压行动后，全球多家央行行长正在草拟一份声 明，以声援美联储主席杰罗姆·鲍威尔。这份联合声明预计将以国际清算银行（BIS）的名义发布，并将对所有 央行开放签署。该声明最早可能于当地时间周二发布。 有分析师警告，随着市场对美联储独立性及美联储抗通胀意愿的担忧加剧，投资者会要求更高的利率以弥补本 金受损的风险，从而导致债券收益率进一步上行。这将提高消费者的借贷成本，尤其是抵押贷款利率。 另有分析人士指出，特朗普政府动用刑事传票向美联储施压，将使下任美联储主席更难说服市场与公众相信央 行具备独立性，这反过来也会让控制通胀预期变得更加困难。 联名批评 据央视新闻消息，美国十余名曾在财经界担任要职的人士12日发表联合声明，批评特朗普政府对联邦储备委员 会主席鲍威尔发起刑事调查 ...

来源：外交部网站 责编：汪云鹏 校对： 王蔚 1月13日，外交部发言人毛宁主持例行记者会。 在1月13日外交部例行记者会上，有记者提问称， 七国集团财长昨日达成一致，要求减少对华稀土依赖，中方 对此有何评论？ 对此，发言人毛宁表示，中方维护全球关键矿产产业链稳定和安全的立场没有变化，同时我们也认为各方都有 责任这样做。 百万用户都在看 "降息大门关闭！"美联储，预期突变！ 利好来了！刚刚，上海重大发布！ 利好突袭！杭州"六小龙"，传出大消息！ 刚刚！特朗普宣布进入国家紧急状态！ 利好突现！A50，异动！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 看券商中国 知天下财经 F 券中社 × 券商中国 券 中 社 扫码下载券中社APP 扫码关注券商中国公众号 quanshangcn qzs.stcn.com 舞中 券中社APP 券 商 中 国 是 证 券 市 场 权 威 媒 体 《 证 券 时 报 》 旗 下 新 媒 体 , 券 商 中 国 对 该 平 台 所 刊 载 的 原 创 内 容 享 有 著 作 权 , 未 经 授 权 禁 止 转 载 ， 否 则 将 追 究 相 应 ...

Core Viewpoint - The Hong Kong stock market has been underperforming compared to the A-share market since Q4 2025, with liquidity issues and a lack of strong rebounds in key sectors like innovative drugs and technology being significant factors [1][2]. Group 1: Market Performance - The Hong Kong stock market has seen a correction trend since Q4 2025, with previously leading sectors like innovative drugs and technology struggling to rebound [1]. - By the end of last year, the Hang Seng Innovation Drug Index experienced a pullback, resulting in a lack of performance from related thematic funds, with only one fund, Huatai-PineBridge Hong Kong Advantage Selection, rising over 112% [2]. - The Hang Seng Technology Index also faced a high-level pullback, dropping approximately 15% in a single quarter, leading to an overall annual increase of only about 20% [2]. Group 2: Liquidity Issues - Liquidity has been identified as a core factor suppressing Hong Kong stock valuations, with many fundamentally strong stocks experiencing significant price drops due to low trading volumes [1][4]. - In 2025, the total fundraising amount from IPOs in Hong Kong reached approximately HKD 280 billion, with predictions of over HKD 300 billion in 2026, posing a challenge to market liquidity [4]. - The net inflow of southbound funds significantly slowed in December, with only HKD 23 billion entering the market, which is substantially lower than previous months [4]. Group 3: Investment Strategies - Fund managers emphasize the importance of prioritizing "win rate over odds" in Hong Kong stock investments, advocating for value investing and diversification to mitigate liquidity risks [7][8]. - Investors are advised to focus on the fundamentals and quality of companies, as historical integrity issues can significantly impact valuations [8]. - The current trend of RMB appreciation may provide a buffer against liquidity concerns, potentially attracting more capital into the Hong Kong market [6]. Group 4: Sector Focus - Fund managers are increasingly optimistic about the value proposition of Hong Kong stocks, particularly in technology and high-end manufacturing sectors, which are seen as having significant growth potential [9][10]. - There is a growing interest in consumer sectors, particularly in high-quality cultural products and competitive tea beverage companies, which are expected to achieve stable long-term growth [10].

Core Viewpoint - The article discusses the anti-dumping measures imposed by the Chinese Ministry of Commerce on solar-grade polysilicon imported from the United States and South Korea, highlighting the continuation and adjustment of these tariffs over the years [1][2][3]. Group 1: Anti-Dumping Measures History - On January 20, 2014, the Ministry of Commerce announced anti-dumping duties on solar-grade polysilicon from the U.S. (53.3%-57%) and South Korea (2.4%-48.7%) for a period of five years [1]. - On November 21, 2017, the anti-dumping duty rates for South Korean imports were adjusted to 4.4%-113.8% [2]. - On January 19, 2020, the Ministry decided to continue the existing anti-dumping duties as per the previous announcements for another five years [1][2]. Group 2: Review and Future Measures - On January 10, 2025, the Ministry announced a review of the anti-dumping measures, indicating that if these measures were terminated, the likelihood of continued or renewed dumping from the U.S. and South Korea could harm the Chinese solar-grade polysilicon industry [2]. - The Ministry recommended to the State Council Tariff Commission to continue the anti-dumping measures, which will be effective from January 14, 2026, for another five years [3]. Group 3: Product Description and Tax Rates - The investigated product is solar-grade polysilicon, produced using methods such as the Siemens process and silane process, primarily used for manufacturing crystalline silicon photovoltaic cells [5][7]. - The specific anti-dumping tax rates for U.S. companies range from 53.3% to 57%, while South Korean companies face rates from 4.4% to 113.8%, with specific companies listed under these categories [7][9]. Group 4: Tax Collection Method - Starting from January 14, 2026, importers of solar-grade polysilicon from the U.S. and South Korea will be required to pay the corresponding anti-dumping duties based on the customs-determined taxable price [9].

Core Viewpoint - The article discusses the recent announcement of purchase limits on two high-performing funds by Yongying Fund, focusing on satellite internet and AI applications, in response to strong market performance in early 2026 [1][2][4]. Fund Purchase Limits - Yongying Fund has set a purchase limit of 1 million yuan for individual investors starting January 14, 2026, for its "Smart Selection Series" funds, which include Yongying High-end Equipment Smart Selection and Yongying Information Industry Smart Selection [1][2]. - Institutional investors are not subject to this purchase limit, allowing them to invest without restrictions [2]. Market Performance - As of January 13, 2026, the A-share market has shown strong performance, with 103 funds (excluding sub-funds) returning over 20% year-to-date, and 12 funds returning over 30% [4][6]. - The article highlights that many of these high-performing funds are focused on sectors with high market interest, such as commercial aerospace, satellite industry chains, and AI applications [6]. Investment Focus Areas - The commercial aerospace sector is viewed as being in the early stages of large-scale infrastructure development, with significant policy support and visible orders, particularly in areas like rocket launches and satellite manufacturing [7]. - Key selection criteria for companies in this sector include technological barriers, competitive advantages, and order visibility, emphasizing the importance of core technology and strong market positioning [7]. AI Applications - The AI application sector is experiencing rapid commercialization, particularly in healthcare, with significant breakthroughs and accelerated model commercialization [8]. - Future growth in the AI sector is anticipated, driven by the upcoming launches of major AI models and their commercial applications, which are expected to enhance market recognition and expand application scenarios [8].

责编：杨喻程 校对：杨舒欣 百万用户都在看 "降息大门关闭！"美联储，预期突变！ 25%关税！刚刚，特朗普宣布！ 利好突袭！杭州"六小龙"，传出大消息！ 刚刚！特朗普宣布进入国家紧急状态！ 利好突现！A50，异动！ 违法和不良信息举报电话：0755-83514034 据上海市第一中级人民法院官微消息，2026年1月13日，上海市第一中级人民法院一审公开宣判原上海电气 （集团）总公司党委书记、董事长郑建华受贿、贪污、挪用公款、国有公司人员滥用职权案，对被告人郑建华 以受贿罪判处死刑，缓期二年执行，剥夺政治权利终身，并处没收个人全部财产；以贪污罪，判处有期徒刑五 年，并处罚金人民币二十万元；以挪用公款罪，判处有期徒刑十五年；以国有公司人员滥用职权罪，判处有期 徒刑七年；决定执行死刑，缓期二年执行，剥夺政治权利终身，并处罚金人民币二十万元，没收个人全部财 产。违法所得及收益予以追缴。 经审理查明：2003年至2021年，被告人郑建华利用职务上的便利，为他人提供帮助，索取或非法收受他人给予 的财物共计折合人民币1.56亿余元；2007年至2008年，郑建华利用职务上的便利，伙同他人侵吞单位公款215 万元；2018年 ...

Core Viewpoint - The article highlights a significant milestone in the ETF industry, with China’s Huaxia Fund becoming the first domestic ETF manager to surpass 1 trillion yuan in management scale, marking a pivotal moment in the development of ETFs in China [2][5]. ETF Management Scale - As of January 13, Huaxia Fund's ETF management scale reached 1.02 trillion yuan, representing over 15% of the total domestic ETF market, which is approximately 6.27 trillion yuan [5]. - The top three ETF managers, Huaxia Fund, E Fund, and Huatai-PB Fund, collectively manage nearly 2.6 trillion yuan, accounting for over 40% of the total market [5][10]. - The current ETF scale has seen a net inflow of 24.57 billion yuan in the last day and 29.89 billion yuan year-to-date, despite a total scale decrease of 1.72% and 6.20% respectively [3]. ETF Market Structure - The ETF management firms are categorized into three tiers based on their scale: 1. The first tier includes Huaxia Fund, E Fund, and Huatai-PB Fund. 2. The second tier consists of 12 firms with management scales between 100 billion yuan and 500 billion yuan, including Southern Fund and Harvest Fund. 3. The third tier comprises over 40 firms with management scales below 100 billion yuan [9][10]. Future Outlook - The article anticipates the emergence of more "trillion" level ETF managers and single ETFs exceeding 1 trillion yuan in scale as the market continues to grow [4][7]. - A report from Bloomberg suggests that China will become a key growth engine for the Asian ETF market over the next decade, with the asset management scale expected to reach 8 trillion USD by 2035 [12][13]. - The ETF market is evolving from pure fee competition to a more diversified approach, including active and structured investment strategies [13].