Core Viewpoint - The article discusses the management change at Nord Fund Management Co., with Mr. Luo Kai stepping down as General Manager for personal reasons and Mr. Liu Xiang being appointed as the new General Manager, highlighting the company's commitment to long-term investment strategies and performance [1][4]. Group 1: Management Change - Mr. Luo Kai has resigned from his position as General Manager of Nord Fund due to personal reasons [1]. - Mr. Liu Xiang, with nearly 30 years of financial industry experience and 21 years in the fund industry, has been appointed as the new General Manager [4]. - Liu Xiang previously served as General Manager of Everbright Prudential Fund, where he achieved top rankings in fixed income investment performance [4]. Group 2: Company Overview - Nord Fund Management Co. was established in 2006 and is headquartered in Lujiazui, Shanghai, with branches in Beijing, Shenzhen, Jinan, and Chengdu [4]. - The company is owned by Tianfu Qingyuan Holdings Co., Ltd. and Beijing Tianlang Yunchuang Information Technology Co., Ltd. [4]. Group 3: Product and Performance - As of November 2025, Nord Fund manages 44 public fund products, including 14 bond funds, 29 equity products, and 1 money market fund, aiming to meet diverse investor needs [5]. - The company emphasizes a long-term investment philosophy, with a focus on sustainable and stable returns for clients [5]. - As of Q3 2023, Nord Fund's equity performance over the past 10 years has exceeded 200%, ranking 7th in the industry [5]. Group 4: Future Outlook - Nord Fund aims to enhance its research capabilities, optimize risk control systems, and improve customer service while focusing on talent development [6]. - The company is committed to high-quality development and fulfilling its responsibilities towards the real economy and social development while creating sustainable returns for investors [6].

Core Viewpoint - The company plans to sell 100% equity of Yingda Futures for 1.1293 billion yuan to China National Petroleum Corporation Capital Limited, aiming to optimize its financial business layout and focus on core operations [1][3]. Group 1: Transaction Details - The sale price for Yingda Futures is set at 1.1293 billion yuan, with an assessed value increase of 86.61 million yuan, representing an 8.31% appreciation [3][4]. - The transaction will not be included in the consolidated financial statements of the company post-completion and does not constitute a related party transaction or a major asset restructuring [4][5]. - The transaction is subject to approval from the State-owned Assets Supervision and Administration Commission and the qualification of China National Petroleum Corporation Capital Limited as a controlling shareholder must be approved by the China Securities Regulatory Commission [4][5]. Group 2: Strategic Implications - The sale is intended to enhance the company's cash flow and allow for a more concentrated resource allocation towards transformation initiatives, positively impacting the company's strategic transition [3][4]. - China National Petroleum Corporation Capital Limited aims to strengthen its financial service capabilities by acquiring Yingda Futures, which will enable it to provide comprehensive risk management services to its extensive oil and gas industry clients [5].

Core Viewpoint - Over 80% of public REITs products experienced an increase this week, with the China Securities REITs Total Return Index rising by 1.56% from December 22 to 26, 2023 [2][5] Market Performance - The China Securities REITs Total Return Index saw a slight decline of 0.18% on December 26, closing at 1014.80 points. During the week, 67 out of 79 listed public REITs recorded a rise, with the highest increase being 7.86% for the Zhongjin Chongqing Liangjiang REIT [5][6] - The top-performing REITs included Zhongjin Chongqing Liangjiang REIT (7.86%), Huaxia Fund Huayun REIT (5.99%), and Bosera Jinkai Industrial Park REIT (5.94%). Conversely, 10 products experienced declines, with one falling over 5% [5][6] New Developments - The highly anticipated Xinjiang first hydropower REIT, Huaxia Zhongke Clean Energy REIT, successfully concluded its issuance, attracting over 1616 billion yuan in subscription funds, with a public investor subscription multiple of approximately 392 times [3][8][9] - The underlying asset of Huaxia Zhongke Clean Energy REIT is the Bopona Hydropower Station, the largest in the Hotan region, which has maintained stable revenue and power generation for over 14 years [9] Market Insights - Analysts suggest that the recent price fluctuations in the public REITs market are largely unrelated to the underlying fundamentals, but rather influenced by discussions surrounding the accounting treatment of OCI principal and interest [5][7] - The market is still in a policy dividend period, and it is recommended to gradually focus on low-priced opportunities in relatively stable projects [7]

Core Viewpoint - Shengyuan Environmental Protection's subsidiary has reported a loss exceeding 46.92 million yuan from an investment in a private equity fund, leading the company to file a police report [2][6]. Group 1: Investment Details - The subsidiary, Xiamen Jinlingji Construction Engineering Co., Ltd., invested 60 million yuan in a private equity fund product in March 2025 [4][8]. - As of December 25, the fund's net asset value plummeted to 0.1846 yuan, reflecting a cumulative net value growth rate of -81.54%, resulting in a loss of approximately 46.92 million yuan [6][3]. Group 2: Fund Management Issues - The fund manager, Shenzhen Shenboxin Investment Management Co., Ltd., is accused of unauthorized trading, failure to disclose information, and even falsifying net asset value information, leading to significant losses for investors [11]. - The fund management company has been in operation since 2014, with a registered capital of 10 million yuan and a management scale ranging from 0 to 500 million yuan [12]. Group 3: Recovery Efforts - Shengyuan Environmental Protection has initiated a redemption process for the fund and has taken measures to recover losses, including filing a police report and notifying the China Securities Regulatory Commission [6][11]. - The company has received a partial repayment of 2 million yuan from an individual responsible for the investment losses, but further payments have not been received [10][11].

Core Viewpoint - The People's Bank of China (PBOC) has revised the "Interbank Foreign Exchange Market Management Regulations" to enhance the regulation and development of the foreign exchange market, aiming to better serve the real economy and expand high-level opening-up [2][3]. Summary by Sections General Principles - The regulations aim to standardize and develop the foreign exchange market, protect the legal rights of all parties, maintain market order, and promote the market's service to the real economy [5]. - The interbank foreign exchange market refers to the market for trading Renminbi and foreign currencies through the China Foreign Exchange Trading Center [5]. Market Participant Management - The Foreign Exchange Trading Center and Shanghai Clearing House will operate under the supervision of the PBOC and the State Administration of Foreign Exchange, organizing trading and clearing in the interbank foreign exchange market [8]. - Domestic financial institutions must obtain qualifications for foreign exchange business to participate in the interbank foreign exchange market [10]. Business Supervision and Legal Responsibilities - The PBOC authorizes the Foreign Exchange Trading Center to calculate and publish the Renminbi central parity rate based on quotes from qualified financial institutions [12]. - The regulations implement a daily maximum fluctuation management mechanism for spot trading prices, with limits set by the PBOC [13]. Additional Provisions - The regulations will take effect on February 1, 2026, replacing previous interim regulations [21].

Core Viewpoint - The Shanghai and Shenzhen Stock Exchanges announced a series of fee reduction measures for the year 2026, aiming to lower market costs and support the development of the real economy, with total expected savings exceeding 1.9 billion yuan [5][6]. Group 1: Shanghai Stock Exchange Measures - The Shanghai Stock Exchange (SSE) anticipates a fee reduction benefit of approximately 1.113 billion yuan for 2026, including exemptions from listing fees for companies and reductions in transaction unit usage fees [5][9]. - Specific measures include the exemption of initial listing fees for existing and new companies, a reduction in transaction unit usage fees from 45,000 yuan to 30,000 yuan annually starting July 1, 2026, and waiving transaction handling fees for various bonds excluding convertible bonds [9][10]. - SSE emphasizes its commitment to implementing national policies on tax and fee reductions, aiming to enhance market confidence and stabilize development expectations [5][6]. Group 2: Shenzhen Stock Exchange Measures - The Shenzhen Stock Exchange (SZSE) has introduced multiple fee reduction measures, expecting to save over 800 million yuan in total for 2026, including exemptions from listing fees for both companies and funds [6][13]. - Key initiatives include waiving transaction handling fees for bonds (excluding convertible bonds) and asset-backed securities, as well as reducing fees for transaction unit flow and network voting services [6][14]. - SZSE has consistently increased its fee reduction efforts in recent years, aligning with national policies to benefit enterprises and investors [7][13].

中共中央政治局召开民主生活会强调 锲而不舍落实中央八项规定精神 以优良作风凝心聚力真抓实干 中共中央总书记习近平主持会议并发表重要讲话 中共中央政治局于12月25日至26日召开民主生活会，深入学习贯彻习近平新时代中国特色社 会主义思想，全面贯彻落实党的二十届四中全会精神，围绕锲而不舍落实中央八项规定精 神，推进作风建设常态化长效化，结合思想和工作实际进行自我检视、党性分析，开展批评 和自我批评。 中共中央总书记习近平主持会议并发表重要讲话。 会前，有关方面作了认真准备。中央政治局同志同有关负责同志谈心谈话，听取意见建议， 撰写发言提纲。会上，先听取关于2025年中央政治局贯彻执行中央八项规定情况的报告和关 于2025年整治形式主义为基层减负工作情况的报告。中央政治局的同志逐个发言，围绕会议 主题，对照《中共中央政治局关于加强和维护党中央集中统一领导的若干规定》、《中共中 央政治局贯彻落实中央八项规定实施细则》，认真查摆、深刻剖析，坦诚相待、畅所欲言， 气氛严肃活泼，收到预期效果。 中央政治局同志的发言，聚焦5个重点。一是带头强化政治忠诚、提高政治能力，二是带头固 本培元、增强党性，三是带头敬畏人民、敬畏组织、 ...

Core Viewpoint - The former Party Secretary and Chairman of China National Pharmaceutical Group, Gao Yuwen, is under investigation for serious violations of discipline and law, as announced by the Central Commission for Discipline Inspection and the National Supervisory Commission [2]. Group 1: Company Background - China National Pharmaceutical Group, a listed company controlled by General Technology Group, was established in 1983 as China Pharmaceutical Health Products Import and Export Corporation and became part of General Technology Group in 1999 [6]. - The company has developed an integrated industrial structure that includes pharmaceutical and medical device commerce, supported by pharmaceutical manufacturing, covering the entire industry chain from cultivation and processing to research, production, sales, logistics, import-export trade, academic promotion, and technical services [6]. Group 2: Financial Performance - In the first three quarters of the year, China National Pharmaceutical Group reported revenue of 25.894 billion yuan, a year-on-year decrease of 3.42%, and a net profit attributable to shareholders of 455 million yuan, down 4.64% year-on-year [6]. - As of December 26, the company's stock price was 10.47 yuan per share, reflecting a decline of 0.38%, with a market capitalization of 15.7 billion yuan [7].

【导读】上交所发布相关规则指引，商业火箭企业适用科创板第五套上市标准 中国基金报记者 邱德坤 12 月 26 日，上海证券交易所制定的《上海证券交易所发行上市审核规则适用指引第 9 号 —— 商业火箭企业适用科创板第五套上市标准》（以下简称《指引》）发布，并自发布之日 起施行。 上海证券交易所方面称，此举是为了落实中国证监会《关于在科创板设置科创成长层 增强制 度包容性适应性的意见》，进一步规范科技型企业适用科创板第五套上市标准，支持尚未形 成一定收入规模的优质商业火箭企业在科创板发行上市，加快推进商业航天创新发展、主动 服务航天强国战略。 更加看重发行人 " 硬科技 " 属性 《指引》共十四条，对商业火箭企业适用科创板第五套上市标准作出细化规定，主要内容包 含七条。 一是业务范围以及 " 硬科技 " 属性要求，《指引》明确主营业务的具体范围是 " 商业火箭自 主研发、制造和提供航天发射服务 " ，更加看重发行人的 " 硬科技 " 属性。同时，对于承担 国家任务、参与国家工程项目的商业火箭企业，予以优先支持。 二是关于明显技术优势，《指引》明确企业需在关键核心技术上具备明显优势或重大突破， 关注核心技术产品以 ...

Core Viewpoint - The Chinese government has announced countermeasures against U.S. military-related companies and senior executives in response to the recent large-scale arms sale to Taiwan, which violates the One China principle and interferes with China's internal affairs [2][3]. Group 1: Countermeasures Against Companies - The Chinese government will freeze assets and prohibit transactions with 20 U.S. military-related companies, including Northrop Grumman Systems Corporation, L3Harris Maritime Services, and Boeing in St. Louis [2][5]. - The countermeasures are based on the provisions of the Anti-Foreign Sanctions Law of the People's Republic of China [2]. Group 2: Countermeasures Against Executives - The Chinese government will also freeze assets and prohibit transactions with 10 senior executives from the listed companies, including Palmer Luckey (founder of Anduril), John Cantillon (L3Harris), and Michael Carnovale (Advanced Acoustic Concepts) [3][6]. - These executives will be denied visa issuance and entry into China, including Hong Kong and Macau [3]. Group 3: Implementation Date - The decision will take effect on December 26, 2025 [4].