Core Viewpoint - The recent announcement by the China Securities Regulatory Commission (CSRC) regarding the pilot program for Commercial Real Estate Investment Trusts (REITs) marks a significant shift from the design phase to market practice, indicating a strong demand for such financial instruments in the market [2][3]. Group 1: Market Demand and Structure - There is a substantial and urgent demand for commercial real estate REITs, with many state-owned enterprises, local government enterprises, and quality private commercial operators preparing to apply for projects [2]. - The commercial real estate REITs are expected to evolve into a mature form encompassing "all categories" and "all assets," moving beyond the previous focus on infrastructure [3]. - The market is anticipated to experience "structured expansion" rather than mere quantity growth, with a focus on mature, stable cash flow assets [3]. Group 2: Key Considerations for Establishment - Three critical issues must be addressed when establishing commercial real estate REITs: asset quality, governance mechanisms, and valuation models [4]. - It is essential to select assets with clear ownership, mature operations, and abundant cash flow to avoid introducing high-risk projects into the market [4]. - A robust governance structure is necessary to clarify the responsibilities and rights among fund managers, operational management, and original rights holders, protecting the interests of small investors [4]. Group 3: Financial Strategies and Innovations - The financial institution is focusing on integrating investment and financing activities related to commercial real estate REITs, aiming to cover a wide range of entities from state-owned to large private companies [5]. - Companies are shifting from merely recovering funds to strategic capital restructuring, learning from successful models like Singapore's dual-fund approach [5][6]. - The institution has already launched several REITs products and is actively pursuing multiple public REITs project applications [6]. Group 4: Investor Behavior and Market Dynamics - The introduction of commercial real estate REITs is expected to change investor logic, positioning REITs as "equity assets with dividend attributes" rather than fixed-income assets [7]. - REITs can provide sustainable cash flow and are seen as a stable investment option with low correlation to other asset classes, which is particularly appealing in a low-interest-rate environment [7]. Group 5: Future Outlook - By 2026, the REITs market is projected to balance "stock activation" and "high-quality development," with a focus on three main lines: core consumer assets, new assets supported by policy, and potential assets with improved operational efficiency [9][10]. - Core consumer assets, similar to mature shopping centers in Singapore, are expected to generate continuous cash flow and serve as a stabilizing force in the REITs market [9]. - New assets like affordable rental housing and data centers will benefit from policy support and align with national strategic development directions [10].

1月7日，商务部新闻发言人就对原产于日本的进口二氯二氢硅发起反倾销调查答记者问 有记者问：我们关注到商务部对原产于日本的进口二氯二氢硅发起了反倾销调查，能否介绍相关情况？ 答：此次调查是应国内产业申请发起的。申请人提交的初步证据显示，2022年至2024年，自日本进口的 二氯二氢硅数量总体呈上升趋势，价格累计下跌31%，自日倾销进口产品对我国内产业生产经营造成了损 害。 调查机关收到申请后，根据中国有关法律法规并遵循世贸组织规则对申请书进行了审查，认为申请符合反 倾销调查立案条件，决定发起调查。 调查机关将依法开展调查，充分保障各利害关系方权利，根据调查结果客观公正作出裁决。 同日，商务部发布2026年第2号公告， 公布对原产于日本的进口二氯二氢硅发起反倾销立案调查： 商务部于2025年12月8日收到唐山三孚电子材料有限公司（以下称申请人）代表中国二氯二氢硅产业正式提交 的反倾销调查申请，申请人请求对原产于日本的进口二氯二氢硅进行反倾销调查。商务部依据《中华人民共和 国反倾销条例》有关规定，对申请人的资格、申请调查产品有关情况、中国同类产品有关情况、申请调查产品 对中国产业的影响、申请调查国家有关情况等进行了 ...

头部券商广发证券启动一轮规模可观的再融资，进一步为国际业务注入资本动能。 广发证券公告称，拟通过配售新增H股及发行H股可转换债券的组合方式进行融资，所募资金将全部用于向境 外子公司增资，以支持国际业务拓展。此次融资总规模预计超过60亿港元，是广发证券推进国际化战略、增强 跨境服务能力的关键一步。 近年来，随着国内资本市场双向开放深化、中资企业"走出去"需求增长，以及监管层鼓励建设一流投行，券商 加强国际业务布局已成为行业趋势。通过增资境外子公司、获取业务牌照、设立海外网点等方式，多家券商正 积极构建跨境综合金融服务能力。 双轮驱动融资，募资超60亿港元 根据公告，广发证券于2026年1月6日与配售代理及经办人分别签署协议。 此次融资采用"配售+可转债"双渠道推进：一方面，公司拟以每股18.15港元的价格，配售2.19亿股新H股，募 集资金净额预计约为39.59亿港元；另一方面，公司将发行总额为21.5亿港元的零息可转换债券，初始转换价为 每股19.82港元，债券将于2027年到期。两项融资合计募资净额预计超过60亿港元。 具体而言，广发证券以广发控股（香港）为起点，已获全球证券、投行、资产管理、财富管理等全业 ...

Core Viewpoint - The article discusses the increasing involvement of insurance capital in the mergers and acquisitions (M&A) fund sector in China, highlighting the potential for growth and strategic importance of these investments for long-term capital like insurance funds [1][2]. Group 1: Insurance Capital Involvement - Several insurance companies are actively participating in M&A funds, with China Life Asset Management recently launching a 500 million yuan investment plan focused on the integrated circuit industry [3]. - China Pacific Insurance has established a private equity fund with a target size of 30 billion yuan, focusing on the modernization of state-owned enterprises in Shanghai [4]. - Other insurance firms, such as Ping An Life and Taikang Life, have also initiated significant investments in M&A funds, indicating a trend towards greater participation in this sector [4]. Group 2: Market Opportunities - The M&A market is becoming increasingly active, particularly following the release of the "Six Guidelines for Mergers and Acquisitions" by the China Securities Regulatory Commission, which has stimulated market demand [5]. - A report indicates that the Chinese private equity investment market is undergoing a structural adjustment, with a shift towards M&A investments as a core focus for future growth [6]. Group 3: Importance of Long-term Capital - The role of insurance capital in M&A funds is expected to grow, as current participants are primarily government-led funds and state-owned enterprises, while institutional investors like insurance companies are anticipated to become more significant [7]. - Insurance funds have the potential to provide patient capital that can assist in enhancing enterprise value through M&A activities, addressing issues related to investment efficiency and fund valuation [8].

Group 1 - Tencent WeChat's "Public Platform Assistant" mini-program will cease operations starting March 2, 2026 [1] - The mini-program has been used by public account operators to quickly view daily updates, messages, appreciation information, and official notifications [1] - Users can continue managing their public accounts on mobile by downloading the "Public Account Assistant" from the app market or through the WeChat "Public Account" feature [1]

今日（1月7日），A股光刻机概念股集体大涨。开盘仅1秒钟，国风新材就被大单直线拉升至涨停板。紧随其 后，华融化学、常青科技也直线拉升涨停。光刻机指数整体涨幅超过5%并创出新高，近20只相关个股涨停或 涨超10%。 半导体产业链，集体异动！ 盘中，半导体设备板块也大幅走高，芯源微20%涨停，安集科技、先锋精科、聚辰股份等纷纷大涨。有分析人 士指出，隔夜美股半导体板块大幅走高，在一定程度上带动了A股相关概念股。另外，半导体国产替代逻辑持 续强化，推动资金转向量价齐升的半导体产业链。 集体大涨 今日盘中，A股半导体产业链集体大涨。截至中午收盘，光刻机指数涨幅超过5%，半导体设备指数、半导体 材料指数涨幅超过4%，晶圆产业指数、半导体硅片指数涨超3%。 兴业证券近期发布的研报指出，国产半导体设备产业除遵循"技术周期"和"库存周期"驱动外，还受益于国产替 代需求，且不仅在于本身各类半导体设备工艺环节的国产替代，还在于需求端芯片设计企业的国产替代，在于 制造端逻辑、存储晶圆制造的国产替代。展望当下，AI驱动下先进工艺突破愈加紧迫，半导体设备产业已进 入新一轮成长周期。 银河证券认为，在外部环境背景下，供应链安全与自主可控 ...

Core Viewpoint - The announcement of Chaojuvian Digital Technology Co., Ltd. starting its listing guidance on January 6, 2026, has significantly impacted the stock market, particularly benefiting its investor, Oriental Pearl [1][2][3]. Company Overview - Chaojuvian, established in 2021 and headquartered in Zhengzhou, is a leading global provider of computing infrastructure and services, focusing on hardware, software, and engineering technologies [2][3]. - The company operates 10 R&D centers and 6 supply centers globally, with 6 technical service centers and 7 regional departments, serving over 10,000 clients across more than 100 countries and regions [2]. Financial Performance - Chaojuvian's revenue is projected to exceed 40 billion yuan in 2024, with a target of over 50 billion yuan for the full year of 2025, following a doubling of revenue in the first quarter of 2025 [2][3]. Market Reaction - Following the listing guidance announcement, Oriental Pearl's stock surged, reaching its daily limit within just 4 minutes of trading, indicating strong market enthusiasm [3][4]. - Oriental Pearl has invested nearly 500 million yuan through the Zhengzhou Airport Advanced Computing Venture Capital Fund, which holds approximately 3.5% of Chaojuvian's equity [4]. Strategic Partnerships - In addition to its investment in Chaojuvian, Oriental Pearl has formed partnerships with leading AI companies like MiniMax and Jiyue Xingchen to implement digital human and multimodal applications in e-commerce and cultural tourism [5].

据新华社消息， 1月7日，国台办举行例行新闻发布会。发言人陈斌华宣布，将"绿色司法打手"陈舒怡列 为"台独"打手帮凶，依法终身追责。经查，台湾高等检察署检察官陈舒怡甘当"台独"打手帮凶，罗织罪名 炮制冤案、迫害支持参与两岸交流合作的台湾人士，恐吓台湾民众制造"绿色恐怖"，所作所为性质恶劣， 罪行严重，特此面向两岸社会继续征集陈舒怡的违法犯罪线索和证据，可以发送到举报邮箱。我们将以事 实为依据，以法律为准绳，对陈舒怡依法严惩，终身追责。 来源：新华社 未 经 授 权 禁 止 转 载 ， 否 则 将 追 究 相 应 法 律 责 任 。 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 ...

Core Insights - In 2025, the public fund industry achieved remarkable performance, with the average return rate of the top 20 funds reaching 141.87%, and the top fund achieving a record return of 233.29% [1] - Unlike previous years, the 2025 performance champion was notably low-key, with less emphasis on marketing and promotion by fund companies, indicating a shift towards a more systematic and refined operational approach in the industry [2] Group 1: Fund Performance and Manager Characteristics - The 2025 top-performing funds showcased a significant evolution in their investment research and management structure, moving towards a "platform-based, integrated, multi-strategy" research system [3] - The average tenure of fund managers in the top 20 funds was 4.66 years, the lowest in the past decade, indicating a trend towards younger managers with diverse professional backgrounds [4] - 95% of the fund managers in the top 20 had a master's degree or higher, with a notable presence of managers from science and engineering backgrounds, enhancing their ability to understand emerging sectors [4] Group 2: Investment Strategies and Trends - The investment style of top-performing funds shifted from "high-frequency trading" to a more "steady and in-depth" approach, with a median turnover rate of 309.49%, a decrease of over 30% from 2024 [4] - The top 20 funds concentrated their investments in industries such as electronics and communications, with significant returns driven by deep industry research rather than mere speculation [5][6] - The evolution of investment methodology reflects a transition from short-term market speculation to long-term value creation, with the median annualized excess return rate reaching 121.45%, a ten-year high [7][8] Group 3: Risk Management and Stability - The average Calmar ratio of the top 20 funds reached 5.3 in 2025, indicating a significant improvement in risk-adjusted returns compared to previous years [9] - The median annual profit percentage for these funds was 66.67%, an increase of 8.33 percentage points from 2024, showcasing enhanced stability in performance [9] - The overall investment approach has shifted towards a more refined and systematic strategy, focusing on quality factors for long-term growth while balancing risk and return [10] Group 4: Future Directions and Industry Evolution - The public fund industry is moving towards a more refined and systematic operation, with an emphasis on multi-strategy approaches and a focus on value creation [11][12] - The release of the "Action Plan for Promoting High-Quality Development of Public Funds" marks a significant turning point, indicating the arrival of a more tool-oriented era in public funds [12] - Fund companies are increasingly adopting diversified asset allocation strategies to mitigate market volatility and enhance long-term stability [13]

日前，渣打银行财富方案部发布《2026年全球市场展望》，主题为 "浮沤危悬？多元布局！"。 在采访中，渣打中国财富方案部投资策略总监王昕杰表示，从宏观层面看，2026年美国经济软着陆的几率上 升，随着全球贸易紧张局势缓和、主要经济体将推进宽松的财政和货币政策，以及人工智能蓬勃发展，风险资 产预期将表现领先。 渣打方面建议，投资者在基础投资组合中超配股票和黄金，对于中国资产则重点关注科技、健康护理和通信行 业。 超配中国股票 "站在2026年的新起点，全球市场正面临关键的转折，地缘政治冲突、人工智能泡沫等讨论备受关注。我们预 见，美元的结构性支撑将逐步减弱，而亚洲经济的韧性与改革红利正日益凸显。"渣打银行（中国）有限公司 财富方案部总经理梁大伟指出。 渣打预期，风险资产在2026年将表现领先，在市场上升的同时分化将更为明显，建议在更广泛的资产类别中进 行分散投资。面对增长动能转换与地缘格局重塑的双重变奏，投资者更需要在不确定性中保持定力，在变化中 前瞻布局。 在基础配置中，渣打建议超配美国、印度和中国股票，新兴市场债以及黄金，同时低配欧洲、英国和日本股 票。其中，中国股票则有望获益于企业治理的改善，以及针对科技 ...