1月6日，华福证券股份有限公司召开第一届董事会第二次会议，决定董事长黄德良不再兼任公司总裁，聘 任蒋松荣为公司总裁。 华福证券表示，此次管理层平稳交接，体现了华福证券核心高管团队的稳定性、专业性，也将保障发展战略的 连贯性和持续性，预示着公司将开启战略深化与高质量发展的崭新篇章。 黄德良已提任福建金投重要职务 根据华福证券官微发布的消息，2025年12月31日，华福证券召开集团干部大会，宣布福建省委关于华福证券主 要领导任职的决定。 经福建省委研究决定，黄德良任中共福建省金融投资有限责任公司委员会委员，蒋松荣任中共华福证券股份有 限公司委员会副书记。 券商中国记者了解到，按照国有企业惯例，黄德良还拟兼任福建金投副总经理，蒋松荣也拟提名为华福证券总 裁候选人，相关事项预计将在履行公司治理程序后正式发布。 此次蒋松荣接替黄德良任华福证券总裁，证实了此前记者了解到的信息。 黄德良在银行、信托、证券等多元金融领域深耕近30年，具有覆盖金融链的战略视野，对金融业经营管理具有 独到见解。自2014年任职华福证券总裁以来，其深度参与了华福证券跨越式发展的重要阶段，带领华福证券不 断开疆扩土，全力拓宽业务版图，积极提升业务资 ...

多只大牛股提示风险！ 1月6日晚间，大牛股国晟科技公告，公司股票短期内涨幅较大，将于1月7日开市起停牌。国晟科技同时提示风 险称，公司股价累计涨幅偏离基本面，存在市场情绪过热、非理性炒作风险，存在股价短期快速回落风险。 同日晚间，13天11板的嘉美包装公告，公司股票短期内价格涨幅较大，已背离公司基本面，将自1月7日开市起 停牌。当晚，8连板锋龙股份也公告称，公司股票存在较高的炒作风险，如进一步异常上涨，公司可能申请停 牌核查。 此外，中国卫通、中国卫星、航天电子、航天长峰、北斗星通、航天环宇、亚翔集成等大牛股纷纷发布公告， 提示交易风险。 嘉美包装称，截至1月6日，公司股票收盘价15.07元/股，静态市盈率80.76，市净率6.25。根据中上协行业分 类，截至目前，公司所属金属制品业静态市盈率为38.78，市净率为2.85。公司的市盈率和市净率与同行业的情 况有较大差异，存在市场情绪过热、非理性炒作风险，未来可能存在股价快速下跌的风险，请广大投资者理性 决策，审慎投资，注意二级市场交易风险。 多只大牛股提示风险 1月6日晚间，提示股票交易风险的A股上市公司还有中国卫通、中国卫星、航天电子、航天长峰、北斗星通、 ...

Group 1 - The article reports that some U.S. military assets involved in the January 3 operation against Venezuela have withdrawn from the Caribbean region [1] - On January 4, 12 U.S. Air Force F-22 fighter jets returned to the mainland from Puerto Rico after participating in the "Absolute Resolve" operation targeting Venezuela [1]

Core Viewpoint - The regulatory authorities are actively seeking to facilitate the entry of medium- and long-term funds into the market, emphasizing the importance of aligning investment and financing in capital markets as outlined in the "14th Five-Year Plan" [2][4]. Group 1: Regulatory Insights - Regulatory bodies have conducted surveys with wealth management companies to identify barriers that restrict banks from increasing their investments in A-shares and to gather expectations for future policies [2][3]. - The focus of the surveys includes reviewing the effectiveness of existing policies, learning from mature overseas markets, and understanding the practical experiences of wealth management companies [3]. Group 2: Current Investment Landscape - As of Q3 2025, the total scale of wealth management products in the market is 32.13 trillion yuan, with mixed products accounting for only 0.83 trillion yuan (2.58%), and equity products and financial derivatives at 0.07 trillion yuan (0.22%) and 0.02 trillion yuan (0.062%) respectively, totaling less than 0.3% [5]. - The asset allocation of wealth management products is predominantly in fixed income, with bonds, cash, and interbank deposits making up 40.4%, 27.5%, and 13.1% of total investment assets, while equity assets only account for 2.1% [5]. Group 3: Challenges in Equity Investment - The low allocation to equity investments is attributed to constraints on the liability side of bank wealth management, low client risk appetite, and the need for improved investment research capabilities and asset management systems [6]. Group 4: Exploration of New Investment Avenues - Despite the challenges, banks are exploring new avenues for equity asset allocation, including increasing research on A-share listed companies and launching index-based investment products, which have seen significant growth [7]. - As of January 6, 2026, there are 154 index-based wealth management products, with a notable increase in issuance over the past years [7]. - The new IPO underwriting regulations effective in 2025 have provided substantial policy support for wealth management companies to participate in new stock subscriptions, with several companies actively engaging in IPOs [8]. Group 5: Future Outlook - With regulatory support, banks are expected to further explore equity products and asset allocation, aiming to evolve into a stable source of medium- and long-term capital [9].

Macro Dynamics - China has discovered 1,444.49 tons of gold, with plans for a new round of mineral exploration starting in 2026, aiming to enhance the exploration and development of strategic mineral resources [2] - The Ministry of Commerce emphasizes the need for a collaborative approach among government, enterprises, and consumers to promote green consumption policies effectively [3] - The 2026 National Civil Aviation Work Conference highlighted the progress in domestic aircraft development, including the certification of new models and international market expansion [4] Financial Institutions - Bank of America predicts that AI chip stocks will continue to rise, with Nvidia, Broadcom, and AMD identified as top picks as the global semiconductor market is expected to exceed $1 trillion, with a projected 30% year-on-year sales growth in 2026 [7] Market Data - The Shanghai Composite Index reached a ten-year high with a 1.5% increase, and the total trading volume in the Shanghai and Shenzhen markets exceeded 2.8 trillion yuan, marking a significant increase in market activity [8] - As of January 5, the financing balance on the Shanghai Stock Exchange was reported at 1,277.036 billion yuan, reflecting an increase of 8.24 billion yuan from the previous trading day [9] - The Hong Kong Hang Seng Index rose by 1.38%, with significant gains in the brokerage and metals sectors [10] Company Dynamics - WuXi AppTec announced that shareholders controlled by the actual controller have reduced their holdings by 59.6751 million shares, accounting for 2% of the total share capital [12] - Jia Mei Packaging's stock surged by 230% from December 17, 2025, to January 6, 2026, leading to a temporary suspension for price verification [13] - Samsung Electronics is expected to see a 160% year-on-year increase in operating profit for Q4 2025, driven by a surge in demand for storage chips due to the AI boom [14] - Alibaba's AI model for early pancreatic cancer screening has successfully identified cases that may have been missed, showcasing the potential of AI in healthcare [18] - Aerospace company Hangtian Huanyu anticipates that its commercial space revenue will account for less than 15% of total revenue in 2025, with a slight net profit growth of 0.56% year-on-year [19]

Core Viewpoint - The continuous growth in new A-share accounts in 2025 reflects the long-term investment value and vibrant activity of the A-share market, with a total of 27.44 million new accounts opened, representing a 9.75% increase from 2024 [1][4]. Group 1: New Account Growth - A-share new account openings have shown steady growth over the past two years, with 24.99 million new accounts in 2024, a 16.6% increase from 21.44 million in 2023, and further growth to 27.44 million in 2025 [2][4]. - Monthly data indicates that December 2025 saw a significant increase in new accounts, reaching 2.5967 million, a 30.54% year-on-year increase compared to December 2024 [2][6]. - In December 2025, institutional new accounts reached 11,100, marking a new high for the year, while individual investors opened 2.5856 million new accounts [2][5]. Group 2: Market Outlook for 2026 - Analysts are optimistic about the A-share market in 2026, expecting a continuation of the positive trend due to improved corporate profit structures and potential for valuation increases [1][7]. - The market is anticipated to experience a "slow bull" pattern in 2026, supported by a stable return on equity (ROE) for non-financial enterprises and limited valuation overextension [7]. - The influx of new capital from insurance and high-net-worth individuals is expected to further bolster market performance [7].

港交所披露易最新信息显示，平安人寿于2025年12月31日增持1401.25万股招商银行H股股份之后，于当日 达到该行H股股本的20%，根据香港市场规则，触发举牌。 在此之前，平安人寿曾在1月10日、3月13日、6月17日分别举牌招行H股，所持该行H股数量占其H股总数分别 突破5%、10%、15%。 以此统计，2025年合计7家上市银行被险资举牌。其中，招行H股、农行H股、郑州银行H股均获四度举牌；邮 储银行H股被三度举牌。 四度举牌招行H股 据披露易信息，早在2025年1月10日，平安人寿就首次举牌招行H股，所持该行H股数量达到该行H股股本的 5%。 作为招行全资子公司，招银投资于2025年7月获批筹建，注册资本达150亿元，是初始注册资本金额最高的股份 制银行AIC（金融资产投资公司）。 2025年3月13日，平安人寿又耗资近3亿港元，在场内增持606.75万股招行H股，持股占比突破该行H股总数的 10%，构成二度举牌。 2025年6月17日，再度增持629.55万股招行H股股份之后，平安人寿所持招行H股总数已达该行H股股本的 15%，构成第三次举牌。 披露易最新消息显示，平安人寿于2025年12月31日 ...

Core Viewpoint - The global sports apparel industry is experiencing a slowdown in growth after a period of rapid expansion, impacting major brands like Adidas and Nike, leading to significant stock price declines following negative ratings from Bank of America [1][5][8]. Group 1: Adidas Stock Performance - Adidas stock fell over 7% after Bank of America downgraded its rating from "Buy" to "Underperform" and reduced the target price from €213 to €160 per share [5]. - Following the release of its Q3 2025 earnings report, Adidas shares dropped more than 10%, marking the largest single-day decline since July 2025 [5]. - The company's Q3 2025 revenue reached €6.63 billion, a record for a single quarter, but fell short of market expectations of €6.71 billion [5][6]. Group 2: Market Conditions and Consumer Behavior - The sports apparel industry is facing challenges due to cautious consumer spending, macroeconomic uncertainties, and a shift in consumer preferences towards specific brands and casual wear [8]. - Nike reported a 32% year-over-year decline in net profit for Q2 FY2026, with net sales only increasing by 1% [8]. - A McKinsey report predicts a 6% slowdown in the growth of the sports apparel industry from 2024 to 2029 [9]. Group 3: Regional Performance - In North America, Adidas experienced a 5% year-over-year revenue decline when adjusted for currency effects, with only a 1% increase in revenue on a currency-neutral basis [6]. - The largest revenue contribution for Adidas in the first three quarters of 2025 came from Europe, totaling €63.11 billion, followed by the U.S. at €38.21 billion [6].

1月6日，天津市第二中级人民法院一审公开宣判甘肃省政府原副省长赵金云受贿、内幕交易一案，对被告人赵金云以受贿罪判处有期徒刑十三年，并处罚金人民币 三百万元，以内幕交易罪判处有期徒刑五年，并处罚金人民币五十万元，决定执行有期徒刑十五年，并处罚金人民币三百五十万元；对赵金云犯罪所得财物及孳息 依法予以追缴，上缴国库。 经审理查明： 天津市第二中级人民法院认为，被告人赵金云的行为构成受贿罪、内幕交易罪。鉴于赵金云受贿犯罪中有未遂情节；到案后如实供述罪行，主动交代办案机关尚未 掌握的部分受贿事实和大部分内幕交易事实；认罪悔罪，积极退赃，涉案赃款赃物及孳息已全部追缴，具有法定、酌定从宽处罚情节，可对其依法从轻处罚。法庭 遂作出上述判决。 据悉，天津市第二中级人民法院于2025年10月22日公开开庭审理了该案。庭审中，检察机关出示了相关证据，被告人赵金云及其辩护人进行了质证，控辩双方在法 庭的主持下充分发表了意见，赵金云进行了最后陈述，并当庭表示认罪悔罪。人大代表、政协委员和各界群众二十余人旁听了庭审。 来源：央视新闻微信公众号 责编：汪云鹏 校对： 李凌锋 百万用户都在看 机器人，突传重磅！黄仁勋：ChatGPT时刻已 ...

Core Viewpoint - The article emphasizes the importance of sustainable investment strategies for insurance companies in a volatile global economic environment, highlighting the need for a robust investment framework that balances safety and growth [1][5][12]. Group 1: Investment Philosophy - The investment philosophy of the company focuses on long-term asset and liability matching rather than short-term profit maximization, prioritizing diversification, safety, and liquidity in asset allocation [2][3]. - The company aims to construct a "steady + innovative" investment system, integrating the risk management experience of its parent company with innovative investment strategies [5][12]. Group 2: Asset Allocation Strategy - The company employs a pyramid-shaped strategic asset allocation, targeting long-term stable returns from bonds, dividends, and operational income, while adjusting tactical asset allocations based on market conditions [5][11]. - The bottom layer of the asset allocation consists mainly of long-term government bonds to match life insurance liabilities, while the middle layer includes high-dividend, low-valuation blue-chip stocks for consistent cash flow [5][11]. - The top layer is flexible, focusing on capturing market opportunities and enhancing overall portfolio returns through innovative tools [5][11]. Group 3: Market Response and Risk Management - The company actively responds to market fluctuations, viewing volatility as an opportunity for investment, and has successfully executed tactical strategies to enhance returns during market movements [7][9]. - A comprehensive risk management framework is in place, covering all stages of investment, and the company utilizes various hedging tools to manage risk exposure effectively [8][9]. Group 4: Performance and Future Outlook - The company has demonstrated strong investment performance, with a comprehensive investment return rate of 9.36% in 2024 and an average return of 5.21% over the past three years [9]. - Looking ahead, the company plans to maintain a long-term perspective while innovating its investment strategies, focusing on diverse asset classes and dynamic adjustments to asset allocation based on market trends [10][11][12].