Core Viewpoint - The article highlights the emergence of "Zhoushan Price" as a significant pricing mechanism in China's shipping fuel market, which enhances market transparency and reduces reliance on international pricing [2][3][5]. Group 1: Introduction of Zhoushan Price - Zhoushan, located at the eastern edge of Hangzhou Bay, is a crucial shipping hub and the largest ship refueling port in China, with an annual refueling volume exceeding 7 million tons [2]. - The "Zhoushan Price" was established on June 21, 2021, based on the low-sulfur fuel oil futures price from the Shanghai Futures Exchange (SHFE), marking the first domestic pricing mechanism for ship fuel [2][3]. Group 2: Impact on Market Dynamics - The introduction of "Zhoushan Price" has improved market transparency and stability, enhancing operational efficiency for companies and expanding the application of fuel oil futures prices in the spot market [3][5]. - The participation of over 90% of companies in the Zhoushan ship fuel market in the low-sulfur seller pricing indicates the growing influence of "Zhoushan Price" [5]. Group 3: Integration of Futures and Spot Markets - Zhejiang Dazong, established in 2015, plays a pivotal role in promoting the integration of futures and spot markets in the Yangtze River Delta, facilitating the construction of a multi-layered trading market for bulk commodities [6][11]. - The collaboration between SHFE, Zhejiang Dazong, and industry players has led to the development of a comprehensive pricing index system and various trading models, enhancing the service to the real economy [11][12]. Group 4: Future Prospects - The ongoing development of "Zhoushan Price" aims to break international pricing barriers and elevate China's shipping fuel industry within the global value chain, indicating a commitment to continuous innovation and market collaboration [12].

记者今天（5日）从国家卫生健康委了解到，2026年度育儿补贴今天正式开始申领，凡是符合申领条件的婴幼儿，其申领人今天就可以通过支付宝、微信平台的"育 儿补贴"小程序，还有婴幼儿户籍所在省份的政务服务平台育儿补贴申领专区线上申领，也可以到户籍所在地的相关部门线下申请办理。 利空！马斯克，突传重磅！ 2026年新年献词｜顺流逆流，守护我们内心的罗盘！ 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 弊中社 券商中国 X 券中社 扫码下载 券 中 社 A P P 扫码关注券商中国公众号 quanshangcn qzs.stcn.com 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 。 新一年育儿补贴线上申领的最大变化，是在去年的基础功能上增加了续领功能。也就是说，2025年已申领过育儿补贴且符合新一年继续申领条件的婴幼儿，其申 ...

2026年1月金股陆续披露。 整体来看，有色板块在1月获得券商一致青睐，紫金矿业被10家券商扎堆推荐，是当之无愧的"人气王"。此外，电子、机械、非银板块也有不俗人气。 展望1月市场行情，券商普遍认为，"春季躁动"正徐徐展开，中期大盘趋势依然向上。 1月金股出炉，紫金矿业人气最高 回顾2025年全年，券商金股在波澜壮阔的A股行情中收益亮眼。根据每市APP数据，国元证券月度金股组合在2025年以超80%的收益率居于第一，东北证券、开源证 券去年收益率也近70%，东兴证券、华鑫证券、招商证券等收益率超60%。 进入2026年，1月金股陆续披露。 在众多推荐标的中，紫金矿业获得中泰证券、光大证券等10家机构的一致推荐，是当之无愧的最热金股。推荐券商普遍认为，公司兼具"金+铜"双轮驱动逻辑，在 降息周期与供需格局优化的背景下，金价与铜价有望同步上行，公司业绩弹性与资源成长性突出。 中际旭创则被开源证券、招商证券等7家券商推荐，人气排名第二。推荐理由上，券商认为，作为光模块龙头，公司受益于AI算力建设加速，1.6T等高端产品有望放 量，业绩增长确定性较强。 保险板块也获得券商高度关注，例如中国平安获得国联民生证券、申万宏 ...

Core Viewpoint - The article emphasizes the strategic opportunities and responsibilities of China's capital markets as they enter the "15th Five-Year Plan" period, focusing on high-quality development and reform initiatives across various exchanges [3][4][6]. Group 1: Shanghai Stock Exchange (SSE) - SSE aims to enhance market stability and investor confidence by improving risk monitoring and promoting high-quality listed companies through actions like dividend repurchases [4]. - The exchange will leverage the Sci-Tech Innovation Board as a testing ground for reforms, focusing on attracting resources to strategic emerging industries [4]. - SSE is committed to strengthening regulatory measures against fraud and enhancing investor protection through technology [4][5]. Group 2: Shenzhen Stock Exchange (SZSE) - SZSE plans to enhance its institutional adaptability to foster a high-quality listing environment, particularly for innovative companies [8][9]. - The exchange will promote coordinated development of investment and financing, encouraging companies to increase dividends and share buybacks [9]. - SZSE aims to strengthen its international presence by enhancing communication and cooperation within the Greater Bay Area and expanding its global outreach [9][10]. Group 3: Beijing Stock Exchange (BSE) - BSE expresses gratitude towards the Securities Times for its support in promoting market development and aims to enhance collaboration for capital market reform [13]. - The exchange emphasizes the importance of media in conveying market policies and fostering a positive environment for high-quality development [13]. Group 4: Dalian Commodity Exchange (DCE) - DCE focuses on enhancing its product offerings and risk management tools, successfully launching new futures and options to meet industry needs [26]. - The exchange is committed to expanding its international reach by increasing the number of products available to foreign investors [26][27]. - DCE aims to strengthen its governance and operational standards to align with international practices [26]. Group 5: Zhengzhou Commodity Exchange (ZCE) - ZCE emphasizes the importance of political leadership and regulatory compliance in maintaining market stability and supporting the real economy [20][21]. - The exchange plans to enhance its service capabilities by developing new products and expanding its role in supporting national strategies [21][22]. - ZCE aims to improve investor education and protection mechanisms to foster a more informed investment environment [22]. Group 6: Guangzhou Futures Exchange (GFE) - GFE is committed to promoting green development and supporting the transition to a low-carbon economy through innovative financial products [31][34]. - The exchange plans to enhance its market functions by introducing new green commodities and expanding its international partnerships [34][35]. - GFE aims to align its operations with national strategies for sustainable development and actively participate in global green finance initiatives [35][36].

地缘局势再起波澜。 据最新消息，英、法两国战机在叙利亚中部地区，对一处疑似被"伊斯兰国"组织成员用于储存武器和爆炸物的 地下设施实施了空袭。另外，美国总统特朗普4日对委内瑞拉代理总统发出威胁，宣称委内瑞拉可能不会是美 国干预的最后一个国家。委内瑞拉国防部表示，该国已启动全面战备状态。 市场对地缘政治不确定性的本能反应，使得贵金属再次成为资金的避风港。1月5日早盘，现货黄金价格直线拉 升，截至北京时间9:10，大涨1.73%，报4406.31美元/盎司；现货白银暴涨超4%，铂金、钯金等贵金属亦全线 上扬。原油市场的表现相对冷静，布伦特原油、WTI原油期货分别涨0.61%、0.54%。 英国国防大臣希利称："此次行动彰显了英国的领导力，以及我们与盟友并肩作战、坚决遏制'伊斯兰国'及其 暴力意识形态在中东地区死灰复燃的决心。"叙利亚政府暂未就此次空袭事件发表评论。叙利亚于去年年底加 入了这支打击"伊斯兰国"的联军。 特朗普发出威胁 据新华社消息，特朗普4日对委内瑞拉代理总统罗德里格斯发出威胁，称她如果"不做正确的事"将付出"沉重代 价"。特朗普还称美国或继续对外干预，美"绝对需要格陵兰岛"。 特朗普当天在接受美国《 ...

Core Viewpoint - A Chinese woman from Fujian, identified as Wu, was found wandering the streets of Cambodia after being lured by promises of high-paying jobs, highlighting the dangers of overseas employment scams [2]. Group 1: Incident Overview - A post on social media reported that a Chinese woman, Wu, was found in poor condition on the streets of Cambodia, with indications of a leg injury [1]. - The Chinese Embassy in Cambodia confirmed the situation and took immediate action to locate and assist the woman, who was later found in a hospital [2]. Group 2: Embassy Response and Warnings - The Chinese Embassy issued a consular reminder urging citizens to avoid falling for "high salary traps" that could lead to dangerous situations, including illegal detention and violence [2]. - The embassy emphasized that many overseas job offers are linked to illegal activities such as online gambling and human trafficking, posing significant risks to individuals [2].

Core Viewpoint - The new public fund sales regulations, effective from January 1, 2026, aim to benefit investors and encourage long-term holding, featuring significant changes in fee structures and redemption policies [1][2]. Summary by Sections Changes in Fee Structures - The maximum subscription and redemption fee rates for actively managed equity funds are reduced from 1.2% and 1.5% to 0.8%. For other mixed funds, the rates drop from 1.2% and 1.5% to 0.5%. Bond funds see a reduction from 0.6% and 0.8% to 0.3%. Index funds have a maximum fee rate of 0.3% [2]. - The annual sales service fee for equity and mixed funds decreases from 0.6% to 0.4%, while for index and bond funds, it drops from 0.4% to 0.2%. Money market funds see a reduction from 0.25% to 0.15% [2]. - The maintenance fee for individual clients remains at 50%, while for institutional clients, it is 30% for equity and drops from 30% to 15% for non-equity [2]. Redemption Policy Adjustments - The redemption policy for bond funds is relaxed, allowing individual investors to redeem without fees after holding for 7 days, while institutional investors can do so after 30 days [3]. - The rectification period for existing funds not compliant with the new fee structures is set to 12 months, providing more time compared to the previous 6-month or 12-month adjustments [3]. Impact on Distribution Channels - The new regulations significantly affect distribution channels, particularly for agents, as fee reductions will impact their income. Subscription and redemption fees for equity funds are reduced by one-third to one-half, and similar reductions apply to bond funds [4]. - Direct sales channels benefit from the elimination of subscription and sales service fees, potentially reducing the market share of distribution agencies [4]. Influence on Bond Fund Demand - The demand for bond funds may be more adversely affected than for equity funds due to the larger fee reductions and the nature of institutional investors. However, the risk of concentrated redemptions is considered manageable [6]. - The flexibility and cost-effectiveness of bond funds may diminish, leading to a slight decrease in demand, particularly from institutions with high liquidity requirements [6].

特朗普当天在接受美国《大西洋》月刊记者电话采访时说，如果罗德里格斯"不做正确的事"将付出"沉重代 价"，"可能比马杜罗的代价还要高昂"。报道说，特朗普明确表示，他不会容忍罗德里格斯公然反对美国对委 内瑞拉进行的军事行动。 当地时间1月 4日， 美国总统 特朗普 对委内瑞拉代理总统罗德里格斯发出威胁，称她如"不做正确的事"将付 出"沉重代价"。特朗普还称美国或继续对外干预，美"绝对需要格陵兰岛"。 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 。 特朗普还宣称，委内瑞拉可能不会是美国干预的最后一个国家，并称"我们绝对需要格陵兰岛"。 看券商中国 知天下财经 美国3日凌晨突袭委首都加拉加斯等地，强行控制委总统马杜罗夫妇并将他们带至美国。特朗普3日中 ...

Core Viewpoint - The article discusses the outlook for the A-share market in 2026, emphasizing the importance of economic work and investment strategies as China enters a critical period of its "14th Five-Year Plan" [1][2]. Group 1: Market Trends and Economic Outlook - A-share company profit growth is expected to show a "low first, high later" trend in 2026, influenced by the US-China trade dynamics and the upcoming US midterm elections [3][5]. - The international order's restructuring and China's industrial innovation are anticipated to support A-share performance, with a market trend of initial growth followed by stabilization [6][8]. - The nominal GDP growth in China is projected to reach 6.45% in 2026, significantly higher than in 2025, indicating a recovery in corporate earnings [21]. Group 2: Investment Opportunities and Sector Focus - Key investment themes include the global pricing power in manufacturing, the expansion of Chinese companies overseas, the continuation of the tech trend with AI, and the potential recovery in domestic demand [5][8][19]. - Analysts suggest focusing on sectors with clear growth trends, such as AI applications, machinery, innovative pharmaceuticals, and energy equipment [5][8][19]. - The A-share market is expected to maintain a "slow bull" pattern, with a focus on industries experiencing supply constraints and clear growth trends, such as AI and energy storage [11][25]. Group 3: Policy and Structural Changes - The article highlights the need for policies that support long-term market stability and the development of new industries, particularly in technology and innovation [6][17][24]. - The "anti-involution" policies are expected to improve competition in traditional industries and stimulate domestic demand, contributing to overall market recovery [15][17]. - The capital market is anticipated to transition from valuation-driven to profit-driven dynamics, with a focus on sectors that can benefit from both traditional and emerging growth drivers [15][19].

Core Viewpoint - The introduction of a long-term assessment mechanism for pension funds is expected to significantly enhance long-term investment strategies, promoting the entry of more medium- and long-term capital into the market [2][3][5]. Group 1: Long-term Assessment Mechanism - The Ministry of Human Resources and Social Security has issued guidelines to improve the long-term assessment of pension funds, which is a crucial step towards fostering long-term investments [2][3]. - The new assessment mechanism will extend contract periods and evaluation cycles, focusing on medium- to long-term goals, thereby encouraging pension funds to adopt a long-term investment approach [3][4]. - The shift from short-term performance metrics to a three-year cumulative return metric is seen as a practical step to guide pension funds towards long-term investments [3][4]. Group 2: Impact on Investment Behavior - Historically, pension funds have been evaluated based on annual returns, leading to a focus on short-term gains, which has hindered the allocation of funds to long-term quality assets [4]. - The new long-term assessment mechanism is expected to encourage investment managers to adopt a longer-term perspective, improving risk control and cross-cycle asset allocation [4][6]. - The decline in fixed-income asset yields has prompted a shift towards equity investments, which are anticipated to play a more significant role in pension fund portfolios under the new assessment framework [6]. Group 3: Broader Market Implications - The implementation of long-term assessments is part of a broader strategy to enhance the participation of medium- and long-term capital in the market, addressing external challenges faced by pension funds [5][7]. - The regulatory shift from quantity-based restrictions to cautious management rules is expected to facilitate the growth of medium- and long-term capital in China's capital markets [8].