Core Viewpoint - China Aerospace Science and Technology Corporation plans to promote the development of new fields such as space tourism, space digital infrastructure, space resource development, and space traffic management during the 14th Five-Year Plan period [1]. Group 1: Space Tourism - The company aims to accelerate the iteration of suborbital and orbital space tourism vehicles, complete relevant unmanned or manned flight validations, and establish a comprehensive space tourism operation system to achieve regular suborbital space tourism flights and gradually develop orbital space tourism [2]. Group 2: Space Digital Infrastructure - The construction of gigawatt-level space digital infrastructure is planned, creating a new type of space system architecture that integrates cloud, edge, and terminal, achieving deep integration of computing power, storage capacity, and transportation capacity, enabling "sky computing," "ground computing," and "joint computing" [3]. Group 3: Space Resource Development - The company will conduct major project demonstrations for "Heavenly Works and Material," building a comprehensive experimental and ground support system for space resource development, focusing on breakthroughs in key technologies such as small celestial body resource exploration, intelligent autonomous mining, low-cost transfer and transportation, and in-orbit processing [4]. Group 4: Space Traffic Management - Key technology research will be conducted for space debris monitoring, early warning, and removal, laying a solid foundation for China to gain initiative in the formulation of international rules for space traffic management and ensuring the safe operation of space infrastructure [5].

Core Viewpoint - In 2025, several actively managed equity products under foreign public funds achieved significant excess returns, with clear positioning in technology growth and resource sectors, reflecting strong stock selection and allocation capabilities [1][2]. Group 1: Performance Overview - Many foreign public fund products recorded impressive gains throughout 2025, with standout performances in their categories. For instance, BlackRock Advanced Manufacturing A rose by 63.34%, Fidelity Low Carbon Growth A increased by 44.27%, Schroders China Power A gained 47.94%, Allianz China Select A surged by 65.83%, and Robeco Resource Select A achieved a remarkable 97.28% increase, showcasing the strong grasp of foreign institutions in structural market conditions [3]. Group 2: Portfolio Structure - The portfolio structure of these foreign public funds remains centered on manufacturing, while maintaining a high focus on technology growth and resource opportunities. Specifically, BlackRock's holdings are heavily concentrated in manufacturing, with significant investments in technology stocks such as Zhongji Xuchuang, Cambrian, and Luxshare Precision in the fourth quarter [3][4]. - Fidelity Low Carbon Growth also prioritizes manufacturing, with key holdings including Xinyi Semiconductor, Information Development, and Shanghai Fudan, balancing low-carbon transformation and technology growth [3]. - Robeco Resource Select has a more diversified portfolio, including significant allocations to materials and mining sectors, with major investments in Zijin Mining, Chipbond Technology, and China Aluminum, indicating a clear focus on commodities and related industry chains [3]. Group 3: Investment Strategy - The latest quarterly reports from various foreign public funds indicate a dual approach in investment strategy: a sustained optimism towards cyclical resource sectors and a selective approach within the technology sector. The ongoing economic transformation, technological advancements, and supportive policies in China continue to underpin the value reassessment of Chinese stocks [5][6]. - Robeco Resource Select has optimized its portfolio structure by shifting towards cyclical sectors while reducing exposure to black metals and early-cycle segments, and increasing chemical sector allocations, while also maintaining and slightly increasing investments in upstream industries related to the current technology innovation cycle [6]. - Schroders China Power maintains a high equity position while rebalancing its structure, transitioning from previously favored technology sectors to undervalued non-bank financials and chemicals [6]. Group 4: Future Outlook - Looking ahead to 2026, there is a strong belief in the continued value reassessment of Chinese stocks, with high-quality technology assets expected to remain core to this process, potentially yielding significant excess returns [7].

Core Viewpoint - The real estate sector has experienced a significant surge in both A-shares and Hong Kong stocks, indicating a potential shift in market dynamics and investor sentiment [1][5][9]. Group 1: Real Estate Sector Performance - A-shares real estate ETF rose nearly 3%, while Hong Kong's property stocks surged over 6%, with notable increases in companies like Sunac China and Hongyang Real Estate, both rising over 20% [1][5]. - Specific stock performances included China Aoyuan up 27.4%, Sunac China up 23.3%, and Hongyang Real Estate up 22.58% [5][6]. - The overall performance of the real estate sector suggests a clean clearing of chips, with low valuations attracting investor interest [9]. Group 2: Market Dynamics and Signals - The rise in real estate stocks coincides with a notable increase in the liquor sector, indicating structural volatility in the market as these sectors are seen as lagging behind in previous downturns [1][9]. - The recent surge in commodities, including gold and copper, reflects heightened inflation expectations, which could impact sectors like AI negatively [2][9]. - The performance of 30-year treasury futures has been unexpectedly strong, suggesting a complex market narrative that does not align with traditional economic theories regarding inflation and bond prices [3][9]. Group 3: Policy and Regulatory Environment - Reports indicate that several real estate companies are no longer required to report "three red lines" metrics monthly, suggesting a more lenient regulatory environment [7]. - Analysts believe that recent policy adjustments, such as the reduction of the value-added tax on second-hand homes and the lowering of commercial property loan down payments, may support a stabilization in the real estate market [7].

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 中 国 对 该 平 台 所 刊 载 的 原 创 内 容 享 有 著 作 权 , 原标题：明家犯罪集团案11名罪犯被执行死刑 来源：新华社 责编：罗晓霞 校对： 王朝全 百万用户都在看 利好突袭！马斯克，重大宣布！欧盟也有大动作！事关商业航天 直线拉升！光刻机巨头，传来重磅利好！AI，再度引爆！ 突发！超2900架次航班，紧急取消！这一品种狂飙70%！特大风暴，突袭美国 跨界并购！牛股尾盘，封死涨停！A股又一信号闪现 尾盘异动！A股，三大信号"闪现" 2025年9月29日，浙江省温州市中级人民法院以故意杀人、故意伤害、非法拘禁、诈骗、开设赌场等罪，判处 明家犯罪集团案明国平、明珍珍、周卫昌、巫鸿明、吴森龙、傅雨彬等11人死刑，并判处相应附加刑。一审宣 判后，明国平、明珍珍等被 ...

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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 ...

该ETF跟踪MSCI中国东盟经济互联指数，并采用创新的"经济暴露因子"筛选机制，重点投资于在两地市场具有实质业务联动与收入贡献的优质上市公司。产品同时 支持港元、美元及人民币多柜台交易，为投资者提供便捷高效的资产配置工具，分享中国与东盟经济融合发展的长期红利。 首只中国—东盟经济互联ETF登陆港交所 1月28日，银河博时MSCI中国东盟经济互联指数ETF（下简称"银河博时东盟ETF"））举办上市仪式，宣告正式登陆港交所交易。 据悉，"银河博时东盟ETF"跟踪MSCI中国东盟经济互联指数，采用创新编制的"经济暴露因子"筛选机制，聚焦在两地市场具有实质业务联动与收入贡献的优质上市 公司——通过统计"港股通"上市公司在东盟各国的收入占比，及东盟上市公司在中国内地与香港的收入占比，选取排名前50%的优质标的构建投资组合。 产品兼具价值与成长属性，根据MSCI截至2025年末的数据，产品中代表"新质生产力"的可选消费、信息技术、通信的相关股票市值占比近35%、金融相关股票市值 占比近35%，融合了两大市场产业互补优势。在交易设计上，产品同时支持港元、美元、人民币三种货币柜台交易，为全球投资者提供低成本、高便捷度的资产配 ...