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近日，中海信托公告称，经国家金融监督管理总局上海监管局批准，公司已于2026年1月16日获准换领新版 《中华人民共和国金融许可证》，换领事由为"业务范围变更"。 建元信托近日也发布公告称，收到国家金融监督管理总局上海监管局出具的《许可证公告通知》，经国家金融 监督管理总局上海监管局批准，公司已获准颁发许可证。截至该公告披露日，公司已换领新的《金融许可 证》。建元信托表示，后续公司将依法办理修订《公司章程》及经营范围变更事宜。 除了上述公司，还有多家信托公司完成了新版《金融许可证》换领。券商中国记者根据国家金融监督管理总局 披露的信息梳理发现，今年以来，已有上海信托、财信信托、华宝信托等15家信托公司获发新证。 许可证是指依法颁发的特许银行保险机构经营金融业务的法律文件。根据2021年发布的《银行保险机构许可证 管理办法》，银行保险机构开展金融业务，应当依法取得许可证和市场监督管理部门颁发的营业执照。 用益信托研究员帅国让分析，信托公司纷纷换领新版《金融许可证》，可能有这三方面原因： 第一，落实新版《信托公司管理办法》（下称《办法》）要求。该管理办法于2026年1月1日正式实行，要 求所有信托公司必须按照新的监 ...

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Core Viewpoint - Alibaba is establishing an AI supercomputer named "Tongyun Ge," integrating its self-developed chips, cloud services, and advanced models to enhance efficiency in training and deploying large models [2][4]. Group 1: AI Chip Development - The "Zhenwu 810E" high-end AI chip has been launched by Alibaba's Pingtouge, marking the emergence of the "Tongyun Ge" AI triangle consisting of Tongyi Lab, Alibaba Cloud, and Pingtouge [2][4]. - The "Zhenwu" PPU features a self-developed parallel computing architecture with 96G HBM2e memory and an inter-chip bandwidth of 700 GB/s, suitable for AI training, inference, and autonomous driving [8]. Group 2: Model Performance - The Qwen3-Max-Thinking model, released by Tongyi Lab, has set multiple global records, with over 1 trillion parameters and 36 trillion tokens of pre-training data, rivaling models like GPT-5.2 and Gemini 3 Pro [10]. - The model has demonstrated superior performance in 19 benchmark tests, showcasing its capabilities in factual knowledge, complex reasoning, and alignment with human preferences [10]. Group 3: Market Impact and Adoption - The "Zhenwu" PPU has been deployed in over 400 clients, including major organizations like State Grid and Xpeng Motors, indicating strong market demand and positive reception [4][8]. - The Qwen3-Max-Thinking model is available for free on QwenChat, with over 200,000 derivative models and 1 billion downloads, establishing it as a leader in the global AI open-source community [11].

"这个事情最近解决了，代价还是比较大的。最开始对方张口就要300万元的分手补偿费用，最终谈下来还 是给了100多万元"，一家新三板挂牌企业董秘向记者表示。 据悉，新三板挂牌企业在IPO前更换督导券商，可能会被原督导券商索要分手费，这几乎已成行业惯例。其中 涉及了多方利益，挂牌企业希望能够自由更换督导券商，而督导券商认为企业IPO前更换券商造成券商较大损 失。平衡各方需要更多智慧。 挂牌企业被索要"分手费" 目前，根据规定，在新三板挂牌的企业，都需要聘请持续督导主办券商，来指导公司的规范运行。新三板挂牌 企业则向督导主办券商支付一定的督导费。但在实际工作中，有的新三板企业需要变更督导券商，问题就出在 了这里。 根据全国股转公司的规定，新三板挂牌企业变更督导主办券商，需与原券商协商一致，且原券商要出具同意报 告，该报告作为其中一份必备文件需提交全国股转公司审核通过后，才可以正式解除。据悉，这一规定，使得 部分券商可以以此要求企业给予补偿，否则不出具报告，导致企业无法按自身要求变更督导主办券商。 记者了解到，有新三板企业计划去北交所上市，根据工作需要，打算变更督导主办券商。经过多轮谈判，原督 导主办券商在收到120 ...

Core Viewpoint - The launch of the Galaxy Bosera MSCI China-ASEAN Economic Connectivity Index ETF marks the first ETF in Hong Kong focused on the economic integration between China and ASEAN, providing investors with a tool to capitalize on the long-term benefits of this economic synergy [1][3]. Group 1: ETF Overview - The ETF tracks the MSCI China-ASEAN Economic Connectivity Index and employs an innovative "economic exposure factor" screening mechanism, focusing on high-quality listed companies with substantial business linkages and revenue contributions in both markets [2][3]. - The product allows for trading in Hong Kong dollars, US dollars, and Renminbi, offering a convenient asset allocation tool for investors [2][3]. Group 2: Market Trends - The launch coincides with a golden period for ASEAN's economic development and the increasing economic integration between China and ASEAN, driven by multiple macro trends [5]. - ASEAN is emerging as a core growth engine in the new markets, maintaining dual growth in economy and manufacturing amidst global uncertainties, supported by a young population and low unemployment rates [5]. - The deepening economic ties between China and ASEAN are creating a resonance of economic cooperation and industrial transfer benefits, enhancing regional supply chain integration [5]. Group 3: Valuation Insights - Current valuations of Hong Kong and ASEAN equity assets are relatively low, presenting attractive investment opportunities compared to other regions and historical benchmarks [6]. Group 4: Strategic Collaboration - The ETF is a product of collaboration between China Galaxy International Asset Management and Bosera Fund, leveraging their strengths in global asset allocation and market resources to create a robust investment vehicle [7]. - The partnership aims to serve as a model for financial institutions in facilitating regional economic integration and providing diverse asset allocation solutions under the Belt and Road Initiative [7][9]. Group 5: National Strategy Alignment - The ETF's introduction signifies a key step for China Galaxy Securities in innovating cross-border financial products and aligning with national strategies [8]. - China Galaxy Securities has established a strong presence in the ASEAN region, enhancing its capabilities to support Chinese enterprises in their global strategic layouts [8].

近日，但斌执掌的东方港湾海外基金向美国证监会（SEC）提供了2025年四季度的13F文件，其美股的最新持仓情况浮出水面。 截至2025年末，东方港湾海外基金清仓了阿里巴巴、奈飞 （Netflix） 、Coinbase等7只股票，持仓标的锐减至10只。期末管理规模约为13.16亿 美元，折合人民币约91亿元，较去年三季度末的12.92亿美元小幅增长。 去年四季度，但斌的调仓动作颇为显著，持仓进一步向科技巨头集中，尤其是大幅加仓谷歌，一举成为其第一大重仓股。 | Stock ↑ | History | Sector | Shares Held or | Market | % of | Previous % of | Rank | Change in | % | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | Principal | Value | Portfolio | | | | Change | | | | | Amt | | | Portfolio | | Shares | | | GOOG | History | ...

Group 1 - The article reports that the HK4709 flight of Satena Airlines crashed in the Norte de Santander province of Colombia, resulting in the death of all 15 people on board, including a congressman and a presidential candidate [1] - The flight went missing in an area with severe weather conditions at the time of the incident [1]

Core Viewpoint - Microsoft experienced a significant stock drop of over 8% following the release of its Q2 fiscal report, which revealed record-high spending and a slowdown in cloud business growth, raising investor concerns about the return on AI investments taking longer than expected [1][5][6]. Financial Performance - For the second fiscal quarter ending December 31, 2025, Microsoft reported revenues of $81.27 billion, a year-on-year increase of 17%. Net profit reached $38.46 billion, translating to earnings per share of $5.16, up from $24.11 billion (earnings per share of $3.23) in the same period last year [3]. - Capital expenditures for the quarter hit $37.5 billion, a 66% increase year-on-year, surpassing analyst expectations of $36.2 billion [3]. - The Azure cloud computing segment's revenue grew by 38% year-on-year, but this growth rate was a slowdown compared to previous quarters, with market expectations set at 39.4% and 38.9% [3]. Cloud Business and AI Investments - Microsoft's commercial remaining performance obligations reached $625 billion, reflecting a year-on-year increase of approximately 110%, largely due to a $250 billion cloud services partnership with OpenAI. About 45% of these obligations are related to OpenAI [4]. - The slowdown in Azure's growth has led to investor concerns regarding the extended return cycle on AI investments. Analysts noted that Azure's growth is primarily driven by core non-AI cloud workloads, which provide data storage, management, and processing services [6][7]. - Increased capital spending reflects strong demand for both AI-related and non-AI workloads, but investors are wary of whether Azure's growth can outpace spending increases to justify current investment levels [7].

Core Viewpoint - The upcoming maturity of over 50 trillion yuan in bank fixed deposits, primarily concentrated in the first quarter, is expected to lead to a shift in investment preferences, with a potential decrease in the renewal rate due to declining interest rates [1][2][4]. Group 1: Deposit Maturity and Investment Behavior - Over 50 trillion yuan in high-interest fixed deposits will mature by 2026, with estimates varying from 59 trillion to 75 trillion yuan [2]. - The renewal rate for maturing deposits is around 90%, but it may decline due to lower interest rates, which are approximately 1 percentage point lower than previous years [5][6]. - Even with a potential decline in renewal rates, a conservative estimate suggests that around 7 trillion yuan could be redirected, possibly increasing to 14 trillion yuan if the renewal rate drops to 80% [5]. Group 2: Shift to Insurance and Other Financial Products - Insurance products, particularly participating whole life insurance, have seen significant sales growth, indicating a shift in investment preferences among depositors [1][7]. - The insurance market is benefiting from a low-interest environment, with products offering guaranteed principal and floating returns becoming more attractive [7]. - Bank wealth management products are also gaining traction, with a net increase of approximately 3.7 trillion yuan in 2025, appealing to low-risk investors [8]. Group 3: Uncertainty in Equity Market Inflows - There is uncertainty regarding whether maturing deposit funds will flow into the equity market, as the primary depositors are risk-averse individuals [9]. - The relationship between new funds entering the stock market and stock price movements is complex, with investment willingness being a key determinant [9]. - Current market narratives around "deposit migration" may not indicate a substantial change in risk appetite but rather a marginal adjustment in asset allocation due to the low-interest environment [9].