Group 1 - The core viewpoint of the article highlights the recent personnel adjustments at CITIC Securities, particularly the appointment of Wu Chaoze as the head of the Institutional Business Committee and Chairman of CITIC International, indicating a strategic shift towards enhancing international business and institutional services [1][2] - Wu Chaoze, who has been with CITIC since July 2011, has a strong background in technology research, including AI, 5G, cloud computing, and semiconductors, and has rapidly ascended to a senior management position, reflecting the company's focus on leveraging expertise in key sectors [1] - Huang Wentao, the new head of the Research Development Department, aims to strengthen the research capabilities and service levels of CITIC, with plans to establish a global research team by 2025 as part of the company's globalization strategy [2] Group 2 - The article notes that CITIC Securities is not alone in these adjustments, as several other brokerages, including Huachuang Securities and Guotai Junan, are also undergoing management restructuring, indicating a broader trend in the industry [3] - The shift of senior analysts to management roles exemplifies the industry's emphasis on integrating research capabilities with management, reflecting the growing importance of research in driving business strategy [3]

中国驻阿富汗使馆再次敦促在阿富汗和塔吉克斯坦边境地区中国公民尽快撤离。 阿富汗和塔吉克斯坦边境地区安全形势复杂严峻，去年11月接连发生中国公民遇袭事件，造成重大人员 伤亡，不排除再次发生针对中国企业和公民的袭击事件。近日阿富汗巴达赫尚和塔哈尔省多次发生涉及采 金企业的安全事件，造成当地多人死伤、机械设备损毁。 中国驻阿富汗使馆再次敦促上述地区的中国企业和公民密切关注安全形势，采取切实措施加强安全防范并 尽快有序撤离。 如发现异常或遇紧急情况，请及时报警并联系中国驻阿富汗使馆。 阿富汗报警电话：119 外交部全球领事保护与服务应急热线（24小时）：+86-10-12308或+86-10-65612308 中国驻阿富汗使馆领保电话：+93（0）700483276 来源：中国驻阿富汗大使馆 责编：刘珺宇 校对： 王朝全 百万用户都在看 沸腾！满屏涨停！A股，集体爆发！ A股，最新调整！ 大动作！"国家队"，重磅出手！ 俄罗斯，发动大规模打击！泽连斯基，突然宣布！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 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 ...

★ 宏观动态 ★ 央行：明日开展11000亿元买断式逆回购操作 央行公告，为保持银行体系流动性充裕，2026年1月8日，中国人民银行将以固定数量、利率招标、多重价位中 标方式开展11000亿元买断式逆回购操作，期限为3个月（90天）。 国家外汇局：截至2025年12月末我国外汇储备规模为33579亿美元 国家外汇管理局统计数据显示，截至2025年12月末，我国外汇储备规模为33579亿美元，较11月末上升115亿美 元，升幅为0.34%。 2025年12月，受主要经济体货币政策、宏观经济数据等因素影响，美元指数下跌，全球金 融资产价格涨跌互现。汇率折算和资产价格变化等因素综合作用，当月外汇储备规模上升。我国不断巩固拓展 经济稳中向好势头，经济长期向好的支撑条件和基本趋势没有改变，有利于外汇储备规模保持基本稳定。 工信部：到2028年推动不少于5万家企业实施新型工业网络改造升级 工信部印发《工业互联网和人工智能融合赋能行动方案》。目标到2028年，工业互联网与人工智能融合赋能水 平显著提升。满足人工智能工业应用高通量、低时延、高可靠、低抖动通信需求的新型工业网络规模持续扩 大，在原材料、装备制造、消费品、电子信 ...

Core Viewpoint - The newly released regulations by the State Administration for Market Regulation and the National Internet Information Office aim to address issues such as "refund only" and "lowest price on the internet," as well as problems related to counterfeit goods and false marketing in live e-commerce [1][5]. Group 1: Platform Rules Supervision - The "Platform Rules Supervision Measures" enhance the responsibilities of platform enterprises by focusing on four key areas: transparency in procedures, fairness in execution, protection of rights, and social co-governance [2]. - The new regulations require platforms to publicly disclose rules and modifications, ensuring clarity and accessibility for merchants and consumers [3]. - Platforms must establish a mechanism for regular communication and consultation regarding significant rule changes, ensuring all stakeholders' opinions are considered [4]. Group 2: Live E-commerce Regulation - The "Live E-commerce Supervision Measures" clarify the legal responsibilities of various participants in the live e-commerce ecosystem, including platform operators and marketing personnel, to combat issues like counterfeit goods and false marketing [5]. - The regulations introduce innovative supervisory tools, including flow control mechanisms, to manage the unique characteristics of the live e-commerce industry [5]. - The new rules also address the regulation of digital human hosts and AI-generated content, ensuring that such technologies do not facilitate the spread of false information [6].

Core Viewpoint - The article discusses the standardization of ETF naming rules in the context of the ETF market's move towards regulation and institutional development, highlighting the adjustment of existing products as a focal point for the industry [1]. Group 1: ETF Naming Standardization - On January 7, 2026, Huatai-PineBridge Fund announced the adjustment of its CSI 300 ETF (510300) name to "CSI 300 ETF Huatai-PineBridge," effective January 9, which has garnered significant market attention as it is the largest ETF by management scale [2][3]. - The name change follows the revised fund business guidelines issued by the Shanghai and Shenzhen Stock Exchanges in November 2025, requiring the inclusion of the fund manager's name in the product title to enhance clarity and investor identification [3][6]. - The adjustment is seen as a critical step towards standardization, transparency, and investor-friendliness in the ETF market, reflecting a shift from a "scale-oriented" approach to one focused on "service and trust" [2][8]. Group 2: Market Impact and Functionality - The Huatai-PineBridge CSI 300 ETF has a management scale exceeding 420 billion yuan as of the end of 2025, making it a market leader with strong liquidity and low fee advantages, thus serving as a significant benchmark product [3][4]. - The product plays multiple roles in the market, including being the only underlying asset for the Shanghai Stock Exchange's CSI 300 ETF options contracts, and it has generated over 142.4 billion yuan in profits and distributed over 16.5 billion yuan in dividends since inception [4]. - The ETF accounted for approximately 55% of the total trading volume among similar products in 2025, demonstrating its robust liquidity and commitment to inclusive finance [4]. Group 3: Regulatory and Industry Implications - The rapid expansion of the ETF market, with a total scale exceeding 6 trillion yuan and over a thousand products, has revealed issues such as similar product names and insufficient manager identification, prompting regulatory action to standardize naming conventions [5][6]. - The standardization of ETF names is expected to enhance product recognition for investors, facilitating quicker and more accurate identification of target products, thereby improving asset allocation efficiency [6][7]. - The adjustment of core broad-based ETFs like the CSI 300 ETF is particularly noteworthy, as it sets a precedent for standardization in the ETF market, contributing to a more transparent and orderly investment ecosystem [7][9]. Group 4: Long-term Development - The move towards standardized ETF naming is part of a broader effort to improve the foundational systems of index-based investment, aligning with the goals of high-quality capital market development and inclusive finance [9]. - By clarifying the naming system, investors can more easily identify core product elements and reduce the risk of erroneous purchases, while the inclusion of manager names strengthens brand accountability and responsibility within the industry [9].

随着公募仓位新一轮布局切换的窗口正式开启，数字经济或成为基金开年后角逐的重点。 在AI投资逻辑先硬件后软件的策略引导下，沉寂一年的数字经济赛道近期表现极为凌厉，或预示着基金在新 一年布局主线的微妙变化，公募此前配置的前四大行业有三个指向硬科技。 多位基金经理认为，新年赛道行情变化，反映公募在不同赛道间的"高低切换"与"多退少补"，也预示着基金对 AI技术从"修路"（算力基础设施建设）向"开店通车"（应用落地变现）递进转变预期强烈。 数字经济主题基金开年领跑 券商中国记者注意到，相较于硬科技主题基金，以数字经济为代表的"软科技"赛道在2025年整体表现相对平 淡。尽管股票市场的科技叙事主导了过去一年，但核心主角却围绕半导体、芯片为代表的硬科技，数字经济赛 道虽有AI技术赋能，却始终未能成为行情的主唱，数字经济主题基金在2025年的整体表现平淡，显著落后同 期的算力基金、半导体基金等硬科技产品。例如，近期弹性表现突出的申万菱信数字产业基金、银华数字经 济、中欧港股数字经济、银河康乐等基金，在2025年全年的收益率分别约为21%、32%、15%、17%。 新年开启的三个交易日，数字经济赛道表现凌厉，整体弹性在各行业 ...

Core Viewpoint - The article discusses the implementation of the "Artificial Intelligence + Manufacturing" initiative by eight government departments in China, aiming to enhance the integration of AI in manufacturing and achieve significant advancements in technology and industry scale by 2027 [1][2][5]. Group 1: AI and Manufacturing Integration - By 2027, China aims to achieve reliable supply of key AI technologies, maintaining a leading position globally in industry scale and empowerment levels [5]. - The initiative plans to promote the deep application of 3-5 general large models in manufacturing, create specialized industry models, and develop 100 high-quality industrial data sets [5]. - The focus is on supporting the development of intelligent chips and key technologies such as AI servers and cloud operating systems [2]. Group 2: Industrial Internet and AI Fusion - The "Action Plan" aims to significantly enhance the integration of industrial internet and AI by 2028, with a target of transforming at least 50,000 enterprises through new industrial network upgrades [6]. - The plan emphasizes the need for new industrial networks that meet high throughput, low latency, and high reliability requirements [6][7]. - It encourages the deployment of edge computing and intelligent gateways to improve real-time data processing capabilities [7]. Group 3: AI in Various Sectors - The initiative promotes the acceleration of AI applications in sectors such as industrial robots, medical equipment, and autonomous vehicles [3]. - It aims to enhance traditional software products by integrating AI to improve user experience and operational efficiency [4]. - The development of intelligent systems and solutions is encouraged, with a focus on creating a robust ecosystem of AI service providers [8]. Group 4: Support for Enterprises - The plan includes the establishment of national innovation centers for AI in manufacturing to enhance the supply of common technologies [5]. - It aims to cultivate specialized small and medium-sized enterprises and unicorns in the AI sector, providing support through initiatives like "computing power vouchers" [4][5]. - The initiative seeks to foster a collaborative environment among industrial enterprises, AI companies, and software providers to develop integrated solutions [8].

经查，吴胜华丧失理想信念，背弃初心使命，落实党中央关于防范化解地方债务风险的重大决策部署不 力，履行全面从严治党主体责任不力，结交政治骗子，搞迷信活动，对抗组织审查；违反中央八项规定精 神，接受可能影响公正执行公务的宴请，违规配备、使用公务用车；违反组织原则，不按规定报告个人有 关事项，在干部选拔任用工作中为他人谋利并收受财物；廉洁底线失守，违规收受礼品礼金；责任意识缺 失，懒政怠政；利用职务便利为他人在矿产资源开发审批、工程项目承揽等方面谋利，并非法收受巨额财 物。 吴胜华严重违反党的政治纪律、组织纪律、廉洁纪律、工作纪律和生活纪律，构成严重职务违法并涉嫌受 贿犯罪，且在党的十八大后不收敛、不收手，性质严重，影响恶劣，应予严肃处理。依据《中国共产党纪 律处分条例》《中华人民共和国监察法》《中华人民共和国公职人员政务处分法》等有关规定，经中央纪 委常委会会议研究并报中央政治局会议审议，决定给予吴胜华开除党籍处分；由国家监委给予其开除公职 处分；终止其党的二十大代表、贵州省第十三次党代会代表资格；收缴其违纪违法所得；将其涉嫌犯罪问 题移送检察机关依法审查起诉，所涉财物一并移送。给予其开除党籍的处分，待召开中央委 ...

日前，广西国控资本运营集团有限责任公司（以下简称"广西国控"）发布重大资产重组公告显示，集团一 次性受让柳州市财政局等11家股东所持柳州银行股份。受让后，广西国控持有柳州银行近七成股权，成为 柳州银行控股股东。 此次股权变更具有里程碑意义，柳州银行由柳州市属国资控股"变身"为省级国资平台控股的金融机构。有业内 人士指出，广西国控此番控股柳州银行，对未来地方化债将有所裨益。 股东结构大洗牌 券商中国记者梳理柳州银行2025年三季度报告发现，本次转让的11家股东中，有8家位列该行前十大股东席 位，其中： 该行原第一大股东柳州市财政局，转让全部持股9.139亿股； 广西柳州市东城投资开发集团有限公司，转让部分持股3.87亿股； 广西柳州市建设投资开发有限责任公司，转让部分持股2.33亿股； 柳州东通投资发展有限公司，转让全部持股4.87亿股； 柳州市龙建投资发展有限责任公司，转让部分持股3.07亿股。 前十大股东中，柳州市金控科技有限公司、广西铝业集团有限公司则未参与本次转让，持股数量保持不变。 根据东方金诚评级报告，转让前，柳州市国资委通过下属企业及柳州市财政局合计持有柳州银行92.57%的股 份。转让后，柳州银 ...

Core Viewpoint - The article discusses recent fluctuations in the equity markets, particularly focusing on the performance of the Hong Kong and Japanese markets, and highlights three main variables affecting market sentiment, including Alibaba's rating downgrade, the decline in precious metals, and liquidity concerns [1][3][4]. Group 1: Market Performance - The Asia-Pacific markets showed weakness, with Hong Kong stocks collectively declining and the Japanese market also underperforming, leading to a nearly 1% drop in the A50 index [1][2]. - The Nikkei 225 index closed down 1.06% at 51,961.98 points, with significant declines in major stocks such as Nintendo (-4.65%) and Sony (-3.28%) [2]. - The Hang Seng Index fell significantly, losing over 355 points and dropping below 26,400 points, while the Hang Seng Tech Index saw a decline of over 2% [2]. Group 2: Alibaba's Rating Downgrade - Freedom Capital Markets downgraded Alibaba's rating from "Buy" to "Hold," reducing the target price from $180 to $140 per share, despite the company reporting better-than-expected quarterly earnings [3]. - Concerns were raised regarding the rapid increase in capital expenditures related to Alibaba's cloud business, with uncertain return prospects [3]. - The company's ability to expand its retail and cloud businesses without significantly increasing costs will be a key factor influencing its performance in the coming quarters [3]. Group 3: Precious Metals Market - Precious metals experienced a decline as investors took profits, compounded by a strengthening dollar ahead of key employment data releases [3]. - The market sentiment for precious metals was pressured, with expectations that the Federal Reserve may cut interest rates at least twice this year [3]. - The adjustment in the stock of Zijin Mining, which had previously surged, contributed to some pressure on the Shanghai Composite Index [3]. Group 4: Liquidity Concerns - According to CITIC Securities, there is a liquidity gap due to seasonal fluctuations in M0 and increased government debt financing, which could lead to structural tightening in the banking system [4]. - The central bank's actions, including reverse repos and medium-term lending facilities (MLF), will determine whether the liquidity situation trends towards tightening [4]. - Continuous foreign exchange settlements by commercial banks may consume excess reserves in the banking system, impacting overall liquidity [4].