Core Viewpoint - The article discusses the recent trends in China's Consumer Price Index (CPI) and Producer Price Index (PPI), highlighting a moderate recovery in prices driven by food price increases and improvements in supply-demand dynamics in certain industries [1][2][7]. CPI Analysis - In December 2025, the CPI increased by 0.2% month-on-month and 0.8% year-on-year, marking the highest growth since March 2023, with a 0.1 percentage point increase from the previous month [2][3]. - Food prices rose by 1.1%, contributing approximately 0.17 percentage points to the CPI increase, with fresh vegetables and fruits seeing significant price hikes of 18.2% and 4.4%, respectively [2][3]. - The core CPI, excluding food and energy, rose by 1.2%, maintaining a growth rate above 1% for four consecutive months, indicating stable demand recovery [2][3]. PPI Analysis - The PPI increased by 0.2% month-on-month in December 2025, marking three consecutive months of growth, with a 0.1 percentage point increase from the previous month [4][5]. - Key industries such as coal mining and lithium-ion battery manufacturing saw price increases due to improved supply-demand structures, with coal prices rising for five consecutive months [5][6]. - Input factors influenced price trends in the non-ferrous metals and oil-related sectors, with domestic prices for non-ferrous metals rising due to international price increases, while oil prices declined [6]. Future Outlook - Economists predict a moderate recovery in prices for 2026, with CPI expected to rise around 0.5% and PPI potentially turning positive in the third quarter [7][8]. - Factors driving this recovery include improvements in domestic demand, stabilization of service prices, and expectations from residents and businesses [7][8]. - However, some analysts caution that low prices may persist throughout 2026, with a gradual return to inflation expected only by 2027 [8].

来源：经济参考网 日前，全国建筑市场监管公共服务平台信息显示，中铁五局集团有限公司（以下简称"中铁五局"）被住房和城 乡建设部实施停业整顿180日，决定时间为2025年12月16日，有效期至2026年6月14日。停业整顿期间，不得以 建筑工程施工总承包特级资质承揽新的工程项目，涉及的具体事由未公开。 这并非公司近年来首次被通报。2024年10月，中铁五局下属的中铁五局集团机械化工程有限公司，在格库铁路 七个泉站铁路线路安全保护区内施工作业过程中，不遵守保证铁路安全的施工安全规范，导致挖断电缆，构成 铁路交通一般事故。2025年4月10日，兰州铁路监督管理局给予该公司罚款60000元的行政处罚。 2025年10月，海口市住建局发布建筑工地文明施工红黑榜，中铁五局因其负责施工的项目现场未能较好地落 实"六个百分百"要求，施工现场（美玉村碎石厂）未保持整洁、未采取有效设施防止尘土污染环境上了黑榜。 官网信息显示，中铁五局是世界500强企业中国中铁股份有限公司骨干成员企业，始建于1950年，原为铁道部 第五工程局，1999年改制为中铁五局集团有限公司；下辖18个实体性子分公司、7个区域总部、33个经营性分 公司、18 ...

Core Viewpoint - The private equity industry is undergoing a rigorous evaluation of "real Alpha" amidst increased market volatility and rapid style shifts over the past two years [1] Group 1: Company Growth and Strategy - Haokun Shengfa has emerged as a representative example of institutions achieving growth in both scale and performance during the industry's cleansing phase [2] - The firm's assets have rapidly increased from 500 million to a range of 2 billion to 5 billion, with the number of products growing to 13 [3] - The growth is attributed to a commitment to fundamental research and a focus on technology-driven growth opportunities, rather than merely riding market trends [3][4] Group 2: Research and Talent Development - Haokun Shengfa differentiates itself through a broad strategy coverage and a strong emphasis on talent development, allowing for strategy experimentation [4] - The company maintains a surplus in research personnel to ensure strategy reserves are formed before matching with capital scale [4] Group 3: Investor Relations and Performance - The firm emphasizes aligning its interests with investors by investing over 25 million of its own funds and encouraging employees to invest over 50 million [6] - The approach includes continuous dividends and maintaining liquidity to reduce uncertainty costs for investors [6] Group 4: Investment Methodology - The investment strategy combines subjective direction-setting with quantitative tools to enhance execution speed and precision [7] - A decentralized research structure allows independent researchers to drive strategy optimization [7] Group 5: Female Leadership in Investment - The rise of female investment managers is seen as a recognition of professional capabilities, with women often excelling in detail orientation, risk control, and team collaboration [8] - Advice for women entering the private equity field includes focusing on deep specialization and forward-looking research [8]

Core Viewpoint - The recent CPI and PPI data indicate a shift in market sentiment, alleviating fears of deflation and supporting equity assets while negatively impacting the bond market [1][2][4]. Group 1: Market Performance - A50 index experienced significant fluctuations but ultimately surged after the release of economic data, with major A-share indices also showing strong performance [1][3]. - The Shanghai Composite Index broke the 4100-point mark for the first time in 10 years, closing up 0.3%, while the Shenzhen Component and ChiNext indices rose by 0.57% and 0.1%, respectively [1][3]. - The overall market saw nearly 3700 stocks rising, with sectors like AI applications, commercial aerospace, and military industry leading the gains [3]. Group 2: Economic Data Impact - The CPI rose by 0.2% month-on-month and 0.8% year-on-year, with the core CPI increasing by 1.2% year-on-year, reflecting a positive consumer demand trend [3][4]. - The PPI increased by 0.2% month-on-month, marking its third consecutive month of growth, although it decreased by 1.9% year-on-year [4]. Group 3: Investment Environment - The financing balance in the stock market has been increasing, with the total balance reaching 25,947.67 billion yuan, indicating a favorable liquidity environment for the market [5]. - Analysts suggest that the current liquidity and exchange rate conditions are better than in previous years, potentially leading to a strong start for the A-share market in the new year [5]. - Expectations for monetary policy easing, including potential interest rate cuts, are rising, which could further support market performance [6].

Core Viewpoint - The bond ETF market has experienced significant expansion over the past year, with total scale surpassing 800 billion yuan, marking it as one of the most concentrated segments within the ETF system [1][3]. Group 1: Market Expansion - As of December 31, 2025, the total scale of bond ETFs reached 829.024 billion yuan, an increase of 655.051 billion yuan from the beginning of the year, representing the highest growth rate among all ETF categories [3]. - The number of bond ETFs in the market has reached 53, accounting for 3.78% of all ETFs, with their net asset value now comprising 13.77% of the total ETF assets [3]. - The expansion of bond ETFs is primarily driven by the introduction of benchmark market-making credit bond ETFs and sci-tech bond ETFs, both of which were newly launched in 2025 and have rapidly accumulated scale [2][4]. Group 2: Structural Insights - In the sci-tech bond ETF segment, the CSI AAA Technology Innovation Company Bond Index has gained 16 ETF products, with a total management scale of 280.748 billion yuan by the end of 2025 [4]. - The Shanghai Stock Exchange benchmark market-making corporate bond index has attracted ETF products with a total management scale of 79.857 billion yuan, while the Shenzhen benchmark market-making credit bond index has reached 47.560 billion yuan [4]. - The introduction of these new products has enriched the index-based investment tools available in the credit bond sector, providing new avenues for the expansion of bond ETFs [4]. Group 3: Investment Value - The ongoing expansion of bond ETFs signifies a shift in bond investment from traditional, institutional, and non-standardized methods towards a more transparent and efficient index-based approach [5]. - Bond ETFs are increasingly seen as essential tools for connecting capital with the bond market, moving beyond their previous role as supplementary instruments [5]. - Compared to traditional bond funds, bond ETFs offer advantages in trading mechanisms, transparency, and portfolio stability, making them attractive for medium to long-term capital allocation [6].

Core Viewpoint - The bond financing activity of securities firms remains strong as they enter 2026, with significant growth in issuance and diversification in financing channels [1][2]. Group 1: Bond Financing Scale and Growth - In 2025, the total bond issuance by 77 securities firms reached 1.89 trillion yuan, marking a nearly 40% increase compared to 2024, with an additional 529.36 billion yuan [3]. - Major players in bond issuance include China Galaxy Securities, Guotai Junan, Huatai Securities, CITIC Securities, and others, with each issuing over 100 billion yuan, collectively accounting for a significant portion of the market [3]. - The primary purposes of the raised funds are to repay short-term debts and supplement operational capital, with short-term financing bonds mainly used for operational funding [3][4]. Group 2: Types of Bonds and Financing Costs - In 2025, 326 short-term financing bonds were issued, totaling 574.17 billion yuan, while 678 corporate bonds accounted for 1.32 trillion yuan [4]. - The average coupon rate for outstanding securities company bonds is 1.97%, with some high-rated firms achieving rates as low as 1.54% [4]. - The average financing cost for short-term bonds is 1.76%, with a minimum of 1.52% and a maximum of 2.25% [4]. Group 3: Emergence of New Bond Types and International Financing - The issuance of perpetual subordinated bonds saw a significant increase, with 14 firms issuing a total of 66.8 billion yuan, reflecting a growth of over 40% from 2024 [5][6]. - The issuance of Sci-tech bonds also rose, totaling 83.44 billion yuan, indicating a growing share in the overall bond issuance by securities firms [6]. - International financing activities have increased, with seven firms issuing 30 offshore bonds worth 4.703 billion USD, representing a growth of over 30% from 2024 [6][7].

伊朗，传出新消息！ 据新华社报道，当地时间8日晚8时左右，伊朗首都德黑兰互联网服务出现中断。 另据中国新闻网援引伊朗国际电视台及美国《纽约时报》报道，互联网监测组织称，当地时间8日，伊朗发 生"全国范围内的互联网中断"。目前，伊朗官方暂未就此作出回应。 与此同时，美国总统特朗普8日再次就伊朗骚乱事件发出威胁，称如再有人员死亡，美国将对伊朗进行"严厉打 击"。 伊朗大范围断网 据新华社消息，当地时间8日晚8时左右，伊朗首都德黑兰互联网服务出现中断。 监控全球上网情况的国际非政府组织"网络区块"称，伊朗正在实施全国性网络管制，这与多地持续的抗议活动 相关。 据黎巴嫩国家通讯社8日报道，伊朗外长阿拉格齐当天在黎巴嫩首都贝鲁特表示，伊朗已为任何可能发生的情 况做好战争准备，但伊朗并不寻求战争，仍愿在相互尊重的基础上开展谈判。 当地时间1月6日，伊朗国防委员会秘书处发表声明，谴责某些方面针对伊朗的威胁性言论和干涉主义言论不断 升级，并强调伊朗随时准备对任何侵略或敌对行为作出果断回应。 声明表示，这些言论违反了国际法原则和地区稳定原则。声明强调，伊朗的安全、独立和领土完整是不可逾越 的"红线"，任何侵略或持续的敌对行为都 ...

违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 据新华社消息，委内瑞拉全国代表大会主席豪尔赫·罗德里格斯8日说，委内瑞拉政府决定马上释放"大量"外国 和本国籍囚犯，以展示"和平姿态"。 1月3日凌晨，美国对委内瑞拉发起大规模军事打击，突袭委首都加拉加斯，强行控制总统马杜罗及其妻子并移 送出境。 来源：新华社 责编：王璐璐 校对：高源 百万用户都在看 中共中央政治局常务委员会召开会议 大动作！"国家队"，重磅出手！ 特朗普，突袭！刚刚，集体大跳水！ 港股，突发！高盛，最新发声！动能减弱？ 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 法 律 责 任 。 看券商中国 知天下财经 F ...

Core Viewpoint - The A-share market is expected to experience a "sideways fluctuation with slight strengthening" in the first half of 2026, with core opportunities focusing on mid-cap blue chips, particularly in the cyclical (chemicals, non-ferrous) and manufacturing (new energy, robotics) sectors [2][3][4]. Market Outlook - The market is currently in an adjustment phase following the bull market of 2025, requiring three key tasks: transitioning from old to new driving forces, switching market hotspots to find new breakthrough directions, and redistributing stock chips to form a trading foundation [3]. - The previous bull market was driven by rising expectations rather than improvements in the real economy, indicating a need to return to observing the real economy for new expectations to form [3][4]. Investment Strategy - The focus for investment should be on mid-cap blue chips, which are characterized by moderate risk, solid performance, and potential for growth. Key sectors include cyclical industries (chemicals, non-ferrous) and manufacturing (new energy, robotics) [4][5]. - The market has shown a polarization trend from April 2023 to November 2025, with funds either flowing into low-risk, high-dividend stocks or chasing high-risk, high-growth tech stocks. This trend is beginning to change, indicating a return of risk appetite towards mid-cap blue chips [4][5]. Sector Insights - In the technology sector, while it remains a long-term focus, a short-term correction is necessary due to previous rapid increases in stock prices [6]. - The A-share market's selection strategy has shifted from performance-based to style-based, focusing on factors like EPS, ROE, and growth potential [6]. Economic Context - The macroeconomic environment is expected to show a "front low, back high" trend in GDP growth, estimated between 4.5% and 5.0% for the first half of 2026, with support from consumption, investment, and exports [7]. - The geopolitical landscape, particularly the U.S.-China dynamics, is anticipated to influence market stability and investment flows, with China positioned as a relatively stable market amid global uncertainties [7]. Industry Opportunities - In the AI sector, there is a genuine and sustained demand for domestic AI solutions, with a focus on advanced processing and chip technologies [8]. - The copper market is expected to see continued price increases due to strong demand and supply shortages, while lithium carbonate is projected to remain tight in supply [8][9]. - The new energy sector is focusing on storage, lithium battery materials, nuclear fusion, and solid-state batteries, with significant growth anticipated in storage solutions [8]. - The robotics industry is transitioning to a mid-stage focus, with key components like joint assemblies and dexterous hands being highlighted as important areas for investment [9].

一则利好消息彻底引爆。 隔夜美股市场，美股军工股全线爆发，美国航天国防股指数ETF盘中一度大涨超4%，克瑞拓斯安全防卫 （Kratos）一度暴涨超20%，军用无人机厂商Aerovironment一度大涨超16%，洛克希德·马丁盘中最高涨超 9%。消息面上，美国总统特朗普表示2027财年美国军费应提升至1.5万亿美元，相当于较今年预算增逾50%。 华尔街分析师普遍认为，美国国防开支增长的方向明确。 另外，美联储货币政策走向也备受市场关注。美联储理事米兰表示，他希望2026年美联储累计降息150个基 点，以提振劳动力市场。美国财长贝森特明确指出，美联储不应推迟进一步降息，他还透露，下任美联储主席 人选将于1月公布。特朗普表示，他已敲定下一任美联储主席提名人选。 军工股全线爆发 美东时间1月8日，美股三大指数震荡分化，英伟达等科技巨头回落，截至收盘，道指涨0.55%，纳指跌 0.44%，标普500指数涨0.01%。 美股大型科技股涨跌不一，博通大跌超3%，英伟达跌超2%，微软跌超1%，苹果、Meta小幅收跌；亚马逊大 涨近2%，谷歌、特斯拉涨超1%。 存储芯片概念股集体下挫，希捷科技大跌超7%，西部数据跌超6%，S ...