Core Viewpoint - The ETF market is experiencing significant internal shifts, with funds moving away from broad-based ETFs towards narrower, higher-volatility products, reflecting a change in investor preferences [2][3]. Group 1: Fund Flows and Market Trends - Over 200 billion yuan has been withdrawn from broad-based ETFs this year, with 9 non-hybrid ETFs experiencing over 10 billion yuan in redemptions each [3]. - The largest stock ETF in China has seen its size drop from 400 billion yuan to 300 billion yuan, while the second-largest has decreased from 300 billion yuan to 200 billion yuan [3]. - In contrast, narrow-based ETFs, cross-border ETFs, and commodity ETFs have attracted significant inflows, with cross-border ETFs growing by 746.32 billion yuan, surpassing the 1 trillion yuan mark for the first time [6]. Group 2: Performance of Different ETF Types - Bond ETFs have shrunk by 810.58 billion yuan, and money market ETFs have decreased by 211 billion yuan since the beginning of the year [5]. - Narrow-based ETFs have gained popularity, with the Southern Nonferrous ETF being the only product to see net inflows exceeding 10 billion yuan, totaling 100.87 billion yuan, driven by rising base metal prices [9]. - The overall market for ETFs with over 100 billion yuan in assets has expanded to 132 products, with 18 industry-specific ETFs attracting over 1 billion yuan each this year [11]. Group 3: Competitive Landscape and Future Outlook - The growth of narrow-based ETFs is reshaping the competitive landscape, with companies focusing on niche sectors seeing significant growth in their ETF management scale [10]. - The current market environment presents a golden opportunity for fund companies to develop narrow-based ETFs, as the investment value in emerging sectors remains largely untapped [11]. - However, there is a concern that narrow-based ETFs may become speculative tools, leading to increased trading frequency and potential volatility in investor returns [12].

作为长期资金代表，险资动向是市场关注重点。 开年仅10个工作日，保险机构调研上市公司马不停蹄。券商中国记者根据Wind信息统计，截至1月18日，81家 险资机构（包括保险公司和保险资管公司）合计调研A股上市公司超300次，涉及80家上市公司。 从机构来看，华泰资产以22次调研总次数居首，泰康资产、大家资产、太平养老、国寿资产、新华资产、阳光 资产的调研次数均在10次以上。 与去年同期相比，险资机构今年以来调研次数减少明显。据统计，2025年全年，保险公司及保险资管公司调研 上市公司合计超1.8万次，2025年下半年合计调研上市公司近万次。 从去年全年来看，泰康资产调研1087次，大家资产调研728次，华泰资产调研723次，是最为积极的三家。人保 资产，新华资产、平安养老、太平资产、国寿资产、长江养老、华夏久盈资产调研均超过500次。 从个股来看，海天瑞声、利欧股份、盛达资源、新开普、翔宇医疗、熵基科技等个股均获超5家险资机构调 研；云南铜业、超捷股份、壹网壹创、狄耐克、中科信息、京北方、浙矿股份、中集集团、云南锗业、小商品 城等分别获超3家险资机构调研。 AI，大事！马斯克，索赔9300亿元！ 险资机构对创业 ...

据丹麦媒体18日报道，欧洲8个国家当天发表联合声明指出，威胁加征关税破坏跨大西洋关系，并有可能 导致危险的恶性循环。丹麦、芬兰、法国、德国、荷兰、挪威、瑞典和英国共同签署了这份声明。 来源：新华社 责编：刘珺宇 校对： 赵燕 未 经 授 权 禁 止 转 载 ， 否 则 将 追 究 相 应 法 律 责 任 。 看券商中国 知天下财经 F 百万用户都在看 AI，大事！马斯克，索赔9300亿元！ 美国，突发！全美特工出动！国民警卫队进入"待命状态" 盘中，大跳水！摩根大通最新警告：这个热门品种回调风险大！ 100%关税！美国，突发威胁！事关芯片，韩国紧急回应！ 盘前，全线大涨！芯片巨头，突传罕见利好！ 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 , ...

Core Viewpoint - The photovoltaic industry is experiencing widespread losses, with major companies like Longi Green Energy and Tongwei Co. both forecasting significant net losses for 2025, indicating ongoing challenges in the sector [1][2][6]. Group 1: Company Performance - Longi Green Energy expects a net loss of 60 to 65 billion yuan for 2025, with a projected loss of 68 to 74 billion yuan after excluding non-recurring items [2][5]. - Tongwei Co. anticipates a net loss of approximately 90 to 100 billion yuan for 2025, compared to a loss of 70.39 billion yuan in 2024 [6]. - Aiko Solar predicts a net loss of 12 to 19 billion yuan for 2025, citing structural overcapacity and ongoing price pressures [7]. Group 2: Industry Challenges - The photovoltaic industry is facing a deep adjustment phase, with supply-demand mismatches and intense price competition leading to sustained low operating rates [5][8]. - Rising costs of raw materials, such as silver and silicon, have further pressured profit margins, contributing to the overall losses in the sector [5][6]. - The industry is expected to undergo a reshaping process in 2026 as "anti-involution" measures take effect, potentially restoring supply-demand balance and improving pricing [1][10]. Group 3: Price Trends - Recent data indicates an increase in photovoltaic component prices, with TOPCon and BC components seeing price adjustments due to changes in export tax policies and rising silver prices [1][10]. - The average transaction price for distributed photovoltaic components has reached between 0.67 yuan/watt and 0.8 yuan/watt, with an average of 0.72 yuan/watt [10]. Group 4: Future Outlook - Analysts suggest that policy adjustments may accelerate industry consolidation and capacity elimination, with leading Chinese battery companies likely to enhance their global competitiveness in the long term [11].

一则关于商业航天的消息，突然刷屏。 今晚，北京穿越者载人航天科技有限公司（以下简称"穿越者"）宣布，公司自主研制的穿越者壹号（CYZ1）载人飞船试验 舱，1月18日完成着陆缓冲系统的综合验证试验。穿越者称，本次试验各项指标均达到预期目标，其中关键指标超出预期。 这是我国商业航天领域首个载人飞船全尺寸试验舱着陆缓冲关键技术验证项目，此次成功标志着穿越者已成为全球第三家研 发并验证了载人飞船着陆缓冲技术的商业航天企业。 据官方介绍，穿越者是国内首家集可重复使用飞船研制与太空旅游运营于一体的商业载人航天企业，是唯一获批国家级商业 载人航天项目立项的民企。公司致力于打造中国的"龙飞船"，实现为国家和商业低成本送人送货。 中国商业航天首次 1月18日晚间，穿越者官微"interstellOr穿越者"发文称，穿越者壹号（CYZ1）载人飞船试验舱，完成着陆缓冲系统的综合验证 试验。本次试验各项指标均达到预期目标，其中，关键指标超出预期，取得圆满成功。 据介绍，试验完全模拟飞船返回后的真实着陆工况。约5吨重的试验舱吊高至距离地面3米多的高度，随着释放指令下达，即 刻解锁，舱体进入自由落体状态，以此模拟返回舱在开伞后的稳降速度 ...

Core Viewpoint - A significant cold wave is affecting central and eastern China, leading to substantial temperature drops and widespread rain and snow, with specific warnings issued for various regions [1][3][4]. Summary by Sections Weather Impact - The cold wave is expected to cause average daily or minimum temperatures to drop by 6 to 12 degrees Celsius across central and eastern regions from January 18 to 21, with some areas experiencing drops of 12 to 14 degrees Celsius, and localized drops exceeding 16 degrees Celsius [3][4]. - Rain and snow are forecasted to occur from north to south in the central and eastern regions, with heavy snow expected in parts of Shaanxi, Henan, Anhui, and Hubei, with snow accumulation of 4 to 8 centimeters, and localized areas exceeding 10 centimeters [4][5]. Emergency Responses - Schools in Henan, Anhui, Jiangsu, and Hubei have announced closures due to the severe weather, with specific regions like Zhoukou and Zhumadian suspending all in-person classes on January 19 [5][6][12][14]. - The National Disaster Reduction Committee has activated a Level 4 emergency response for low-temperature rain and snow disasters in provinces including Anhui, Henan, Hunan, and Guizhou [19]. Health and Safety Recommendations - Health authorities in Henan have advised vulnerable populations, including pregnant women, the elderly, and those with chronic illnesses, to monitor their health closely due to the expected temperature drops of 10 to 15 degrees Celsius, with some areas exceeding 20 degrees Celsius [5].

Group 1 - The core viewpoint emphasizes a shift from narrative-driven trends to performance-based evaluations as the market enters the earnings forecast period, with a focus on sectors like chemicals, non-ferrous metals, and power equipment [2][5] - The adjustment of financing margins is seen as a part of counter-cyclical regulation, which does not affect the overall upward market trend but influences market structure [2][6] - The article suggests that a good investment combination should be based on "resources + traditional manufacturing pricing weight estimation," with recommendations to increase allocations in non-bank sectors and high-growth areas like semiconductors [2][6] Group 2 - The article discusses the acceleration of thematic rotation in the market, particularly focusing on domestic semiconductor and power sectors, driven by regulatory actions and increased demand for domestic computing power [3][4] - It highlights the importance of monitoring investor sentiment and market stability, suggesting that the current market may enter a period of volatility with potential for structural differentiation in investments [4][8] - The focus on performance-driven investment strategies is expected to intensify as companies begin to disclose earnings, with a recommendation to prioritize sectors that are likely to benefit from cyclical recovery and technological advancements [5][11] Group 3 - The article notes that the recent increase in financing margins reflects a policy signal aimed at guiding rational investment and maintaining market stability, which is crucial for the long-term bullish outlook [7][10] - It emphasizes that while the market may face short-term pressures, the underlying fundamentals and supportive policies are expected to sustain a gradual upward trend in the market [8][9] - The discussion includes the potential for new growth drivers post-holiday, with a focus on sectors like electronics, power equipment, and non-ferrous metals, as well as the ongoing interest in commercial aerospace [9][12] Group 4 - The article indicates that the AI industry chain is becoming a focal point for investment, with a notable shift in capital towards sectors related to AI applications and computing power [12] - It suggests that despite some funds exiting high-flying sectors, liquidity remains strong, allowing for continued investment in less leveraged sectors like chemicals and home appliances [12] - The overall sentiment is that the market is transitioning from rapid growth to a more stable and sustainable pace, with a focus on sectors that can provide solid returns amidst changing market dynamics [10][11]

Core Viewpoint - The article highlights the significant performance growth of major securities firms in China, indicating a bullish trend in the market, with expectations of continued strong earnings in 2025 due to various factors including market conditions and strategic business integrations [1][5]. Group 1: Company Performance - Guolian Minsheng Securities announced an expected net profit of 2.008 billion yuan for 2025, representing a year-on-year increase of approximately 406% [2][3]. - CITIC Securities reported a net profit of 30.051 billion yuan for 2025, a year-on-year growth of 38.46% [4]. - Southwest Securities anticipates a net profit between 1.028 billion yuan and 1.098 billion yuan for 2025, reflecting a growth rate of 47% to 57% [4]. Group 2: Market Trends - The overall capital market in China is experiencing an upward trend, with increased trading activity and investor confidence, contributing to the strong performance of listed securities firms [3]. - Analysts predict that the combined net profit of 43 listed securities firms could reach 216.7 billion yuan in 2025, marking a 55% year-on-year increase [5]. Group 3: Business Segments - The growth in earnings is attributed to significant increases in brokerage, investment banking, and wealth management services, with brokerage and credit business revenues expected to grow by 50% and 43% respectively [5]. - Investment banking revenues are projected to increase by approximately 27% in 2025 due to a rise in A-share IPOs and refinancing activities [5]. Group 4: Regulatory Environment - Recent regulatory changes, including the introduction of a new derivative trading supervision management approach, are expected to enhance the development of derivative products and improve market stability [7]. - Adjustments to financing margin ratios are anticipated to bolster market resilience and support the long-term growth of securities firms' credit businesses [7][8].

Core Viewpoint - The Ningxia Catering and Restaurant Association has faced widespread criticism for having an excessive number of vice presidents, totaling 89, which raises concerns about governance and compliance with regulations [1][2]. Group 1 - The association's recent election results revealed 1 president, 10 executive vice presidents, 28 vice presidents, and an additional 42 newly appointed vice presidents, along with 9 more added in January 2026 [1]. - A joint investigation team was formed by the Ningxia Autonomous Region's Business Department, Civil Affairs Department, and Market Supervision Department to address the issues raised by the media and the public regarding the association's leadership structure [2]. - Preliminary investigations confirmed that the association's election results were invalid due to the excessive number of appointed leaders, violating the Ningxia Autonomous Region's regulations on social organization supervision [2].

1月18日15时零5分，包头市九原区尔甲亥村包钢分厂发生爆炸事故， 周边地区有明显震感。 据新华社消息，记者从内蒙古自治区包头市应急管理、消防救援等多个部门获悉，截至18日17时30分， 15时许发生的包钢股份一板材厂爆炸事故造成2人死亡、5人失联，另有66人送医，其中3人重症。 事故发生后，自治区党委、政府高度重视，立即组织救援队伍到现场开展救援。事故原因正在调查中。 王伟中、包钢赶赴爆炸事故现场指导救援工作 据内蒙古日报消息，事故发生后，内蒙自治区党委和政府高度重视，立即组织救援队伍到现场开展救援。 自治区党委书记、人大常委会主任王伟中，自治区党委副书记、自治区人民政府主席包钢第一时间作出批 示并赶赴事故现场指导救援工作。 王伟中批示要求抓紧开展科学搜救，全力救治受伤人员，严防发生次生危险，迅速查明事故情况及原因， 做好善后等工作。各地区各有关部门要始终坚持人民至上、生命至上，以时时放心不下的责任感，强化防 范措施，狠抓工作落实，全面排查整治各类风险隐患，统筹发展和安全，坚决防范和遏制重特大事故发 生。 包钢批示要求迅速组织搜救工作，核准核实伤亡情况，全力组织伤员救治。要科学开展搜救工作，严防次 生危险， ...