Core Viewpoint - The National Venture Capital Guidance Fund has officially commenced operations, aiming to enhance venture capital development and support strategic emerging industries through a multi-trillion yuan funding initiative [1][2]. Group 1: Fund Structure and Scale - The National Venture Capital Guidance Fund is expected to form a funding scale of 1 trillion yuan, leveraging central funds to attract participation from local governments, central enterprises, financial institutions, and private capital [3]. - Three regional funds have been established: Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macau Greater Bay Area, each with a total scale exceeding 50 billion yuan [3]. - The fund aims to establish over 600 sub-funds in the three regions to support the development of emerging and future industries [4]. Group 2: Investment Focus and Strategy - The fund will focus on early-stage projects in sectors such as integrated circuits, artificial intelligence, aerospace, and low-altitude economy, with a commitment to invest at least 70% of its total scale in seed and early-stage enterprises [5][8]. - The investment strategy emphasizes "early, small, long-term, and hard technology" to address the capital shortage in the venture capital industry [8][10]. - The fund will adopt a differentiated risk control system to cultivate an innovative ecosystem, ensuring long-term capital is directed towards technology innovation [5][6]. Group 3: Operational Framework - The fund will operate with a 20-year lifespan, including a 10-year investment period and a 10-year exit period, allowing for a patient capital approach to support the growth of innovative enterprises [10][11]. - A market-oriented management model will be established, where the government sets policy directions while professional teams manage fund operations, ensuring efficient use of funds [11]. - The fund aims to serve as a benchmark for the industry, avoiding duplication of investments and focusing on solving the long-term capital shortage in the venture capital sector [11].

【导读】中国农业银行资产负债管理部原总经理王青山接受纪律审查和监察调查 中国基金报记者 晨曦 金融反腐，又有新消息！ 2014 年，王青山曾以农行贵州省分行行长的身份接受媒体采访称，在服务龙头企业的过程 中，农行可以借助各种农业产业政策决策机构的信息，并结合自身掌握的各个领域上下游的 产业信息，为龙头企业提供发展建议。 2019 年，王青山作为中国农业银行资产负债管理部总经理，曾率队前往贵州某地，就金融扶 贫工作进行专题调研。 2020 年，王青山参与拜访某贵阳企业时，其身份为 " 农业银行全资 子公司农银国际董事 " 。 近年来，农业银行反腐工作持续深入。今年以来，农业银行旗下已有多名干部被查，包括内 蒙古自治区分行副巡视员姜文俊，深圳市分行原党委副书记、副行长王国彪，河北省分行原 党委委员、副行长陈元良，原首席专家兼浙江省分行原党委书记、行长冯建龙，数据中心原 党委委员、纪委书记林鹏等。 12 月 26 日，中央纪委国家监委官网通报：中国农业银行资产负债管理部原总经理王青山涉 嫌严重违纪违法，目前正接受中央纪委国家监委驻中国农业银行纪检监察组纪律审查和山东 省滨州市监委监察调查。 公开信息显示，王青山曾在 ...

Group 1 - The article discusses the response of the Chinese Foreign Ministry to a statement made by the Russian Foreign Ministry regarding Japan's potential visit to the Yasukuni Shrine and the suggestion to build a memorial for victims of Japanese militarism [2] - The Chinese side appreciates Russia's stance, emphasizing that the Yasukuni Shrine symbolizes Japan's militaristic aggression and honors war criminals responsible for invasions [2] - The article highlights the significance of the 80th anniversary of the victory in the Chinese People's War of Resistance against Japanese Aggression and the need for Japan to reflect on its historical actions [2] Group 2 - The Chinese government expresses its willingness to work with the international community, including Russia, to uphold the results of World War II and prevent the resurgence of Japanese militarism [2] - The statement calls for Japan to take concrete actions to acknowledge its wartime crimes and show respect for the victims [2]

Market Overview - On December 26, A-shares experienced a significant intraday drop but managed to recover, with the three major indices closing slightly higher. The Shanghai Composite Index rose by 0.1%, the Shenzhen Component Index increased by 0.54%, and the ChiNext Index gained 0.14% [2]. Market Performance - A total of 1,866 stocks rose, with 92 hitting the daily limit up, while 3,414 stocks remained unchanged or fell [3][4]. - The total trading volume reached 21,811.04 billion, with a total turnover of 130,586.97 million shares [4]. Sector Highlights - The commercial aerospace sector continued to show strength, with companies like Shenjian Co. achieving a seven-day limit up. Other stocks such as China Satellite and China Satcom also hit the daily limit up [4]. - The Hainan Free Trade Zone remained active, with Hainan Mining and Hainan Airlines hitting the daily limit up [5]. - The lithium battery sector saw a surge, with stocks like Fengyuan Co. and Yongxing Materials reaching the daily limit up. This was influenced by a recent article from the National Development and Reform Commission emphasizing the importance of regulating competition in the new energy sectors [5]. Market Dynamics - The sudden drop in the market around 11 AM was attributed to two main factors: 1. The adjustment of the RMB to USD exchange rate, which was set at 7.0358, significantly lower than market expectations, indicating a potential strategy to manage the pace of RMB appreciation [12][13]. 2. The circulation of a commentary regarding the A500 ETF, which caused market disturbances [14]. Analyst Insights - Analysts from Huatai Research noted that the current environment of RMB appreciation could enhance foreign investment interest in RMB-denominated assets, potentially leading to a positive cycle of capital inflow and increased asset valuations [14]. - Industrial analysts from Industrial Securities suggested that the RMB appreciation might just be the beginning, with expectations of returning capital that had previously flowed out of China, further boosting market risk appetite [14].

【导读】 对话中金公司总裁王曙光｜金融报国的时代答卷：一家国有投行的三十年坚守与突围 中国基金报记者 莫琳 编者按： 三十载踔厉奋发，中国资本市场从筚路蓝缕到全球瞩目，与改革开放的历史进程同频共振，与实体经济的高质量发展血脉相连。 在此期间，国有金融机构始终是服务国家战略的中流砥柱，而中金公司自1995年诞生之日起，便将"以国为怀"的基因刻入血脉。从开创央 企海外上市先河，到助力科创板、注册制等重大改革落地；从服务企业 " 走出去 " 的国际化征程，到深耕科技金融、绿色金融、普惠金融 的 " 五篇大文章 " ，中金始终以投行专业之力，在中国特色金融发展之路上砥砺前行。 站在"十五五"规划谋篇布局的关键节点，"培育一流投资银行和投资机构"的战略目标，为资本市场赋予了前所未有的历史使命。此次本刊 专访中金公司总裁王曙光，深入探讨一家国有投行如何在服务新质生产力、高水平对外开放、防范化解风险的时代命题中，书写三十而立 的崭新答卷。 2025年，是中国国际金融股份有限公司创立 的第 三十周年。三十年深耕，中金公司始终以服务国家战略为己任，在助力实体经济发展、 推动资本市场改革中扮演着重要角色。 在这具有特殊意义的一年 ...

【 导读 】刘高畅官宣离职国盛证券， 加盟国金证券 中国基金报记者 孙越 12月26日，刘高畅在朋友圈官宣将离职国盛证券，加入国金证券，并表示是因为个人原因离开工作了8年的地方。 刘高畅表示："2018年我加入国盛做首席的时候还没满28岁，研究所不到30人，一步一步地成长为能给客户与产业贡献力量的分析师，也 是在国盛获得了5年新财富第一及其他诸多奖项，度过了一段美好的时光。相信国盛研究仍然会贡献优质的研究服务，继续更大的辉煌。" 12月26日，知名计算机行业首席刘高畅在朋友圈宣布，将正式离开任职多年的国盛证券，加盟国金证券， 将出任国金证券计算机首席、常务 副所长、科技牵头人。这一人事变动再度引发市场对卖方人才流动的关注。 刘高畅官宣加入国金证券 刘高畅出生于1990年，于2018年加入国盛证券，并在五年内迅速晋升为首席分析师，曾是业内最年轻的计算机行业首席。其在研究领域表 现突出，专注于人工智能（AI）、信息技术创新（信创）及数据领域研究，曾连续多年在新财富最佳分析师评选中获得计算机行业第一名， 在业内具有较高的知名度与影响力。 业内人士认为，其背后是公募费率改革、行业并购、政策引导等多重行业变革交织下的必 ...

Core Insights - The article highlights the significant inflow of funds into the stock ETF market, particularly driven by the competition for the scale of the China Securities A500 ETF, which has attracted nearly 95 billion yuan since December [2][8]. Group 1: Market Overview - As of December 25, the total scale of all stock ETFs (including cross-border ETFs) reached 4.74 trillion yuan, with a net inflow of over 73 billion yuan on that day alone [4]. - The overall stock ETF market has seen a net inflow exceeding 110 billion yuan since the beginning of December [2][3]. Group 2: A500 ETF Performance - The China Securities A500 ETF has been the primary driver of inflows, with major fund companies like Huatai-PB, Huaxia, and Southern seeing daily net inflows exceeding 10 billion yuan [9]. - Cumulatively, the A500 ETF has attracted approximately 94.76 billion yuan in net inflows since December 1 [8][9]. Group 3: Fund Company Contributions - Major fund companies continue to report net inflows in their ETFs, with E Fund's ETF reaching a scale of 847.64 billion yuan, increasing by 2.06 billion yuan on the previous day [7]. - Huaxia Fund's A500 ETF and Sci-Tech 50 ETF led the net inflows for the day, with 1.449 billion yuan and 0.697 billion yuan respectively [7]. Group 4: Sector Analysis - Broad-based ETFs and bond ETFs saw the highest net inflows, amounting to 9.189 billion yuan and 8.814 billion yuan respectively, while sector-themed ETFs experienced a net outflow of 2.063 billion yuan [6]. - The AAA Sci-Tech Bond Index ETFs saw significant inflows, with a net inflow of 8.471 billion yuan on December 25 [6]. Group 5: Outflows - Certain ETFs experienced notable outflows, including the convertible bond ETF with over 700 million yuan and several military and robotics ETFs with outflows exceeding 500 million yuan [12][13].

Core Viewpoint - Hong Kong Cyberport aims to leverage its role as a digital technology hub and AI accelerator to foster the development of the digital technology and AI ecosystem in Hong Kong, while acting as a "super connector" and "super value creator" between mainland China and overseas tech industries [1]. Group 1: Digital Technology Hub and AI Accelerator - Hong Kong Cyberport, established by the Hong Kong SAR government, is a key innovation and technology park with two main development directions: digital technology hub and AI accelerator [4]. - The Cyberport has attracted approximately 2,300 companies, including 15 listed firms and 9 unicorns, with over 20 companies recognized as key enterprises by the Hong Kong government [4]. - The focus areas for the digital technology hub include AI, data science, blockchain, and cybersecurity, while the AI accelerator aims to build an AI supercomputing center to support digital and intelligent transformation across various industries [4][5]. - The Cyberport is developing the largest AI supercomputing center in Hong Kong, with computing power exceeding 3,000 PFLOPS, and plans to continuously enhance this capability [4]. Group 2: Industry Collaboration and Applications - The Cyberport has introduced numerous large model enterprises across various sectors such as education, healthcare, logistics, and finance, offering ready-to-use AI application platforms and products [5]. - Over 30 leading companies based in the Cyberport have a total market capitalization exceeding HKD 300 billion, forming a complete supply chain system that encourages collaboration among large, medium, and small enterprises [6][7]. - Notable projects from companies like HashKey, Baidu, and iFlytek have been established at the Cyberport, leveraging Hong Kong's geographical advantages to expand into Southeast Asia, the Middle East, and Western markets [7][8]. Group 3: Super Connector and Value Creator - The unique advantages of Hong Kong as a "super connector" and "super value creator" attract many enterprises to Cyberport, facilitating international market expansion for mainland companies and smooth entry into the mainland market for overseas firms [10]. - Companies at Cyberport receive four core supports: connecting with local industry resources for international product packaging, access to over 200 investment institutions, opportunities for overseas market expansion, and assistance with listing applications [11].

| 序 | | 行政处罚 | 主要违法违规 | 行政处罚 | 作出决定 | | --- | --- | --- | --- | --- | --- | | 릉 | 当事人名称 | 决定书文 | 行为 | 内容 | 机关 | | | | 글 | | | | | | | | 贷款"三查" | | | | | | | 不尽职:对大 | | | | | | | 额风险损失的 | | | | | | | 调查和问责不 | | | | | 重庆农村商业银行 | | 到位:非现场 | 罚款共计 | | | 1 | 股份有限公司 | | 统计数据差 | 870万元 | | | | | | 错; | | | | | | | 未核实保证金 | | | | | | | 来源;滚动开 | | | | | | | 票 | | | | | 舒静(时任重庆农 | | 贷款"三查" | 禁止终身 | | | 2 | 村商业银行股份有 | | 不尽职部分问 | 从事银行 | | | | 限公司副行长） | | 题 | 业工作 | | | | 封洪伟(时任重庆 | | | | | | | 农村商业银行股份 | | 贷款"三查" | 禁止终身 | ...

Market Overview - The A-share market experienced a pullback after an initial rise, with the Shanghai Composite Index dropping by 0.19% to 3952.09 points, while the Shenzhen Component Index increased by 0.17% to 13554.07 points [2][3] - The trading volume reached 1.47 trillion yuan, with a predicted total turnover of 2.33 trillion yuan, an increase of 381.3 billion yuan [3] Sector Performance - The lithium battery industry chain, precious metals, basic metals, and commercial aerospace sectors showed strong performance, while sectors such as photolithography machines, electronic components, and communication equipment faced declines [6] - The commercial aerospace concept stocks continued to rise, with significant gains observed in companies like Guolian Aviation, which increased by 11.82%, and Tongyu Communication, which rose by 10.01% [10] Commodity Insights - The main contracts for silver and copper saw significant increases, with silver rising over 7% and copper over 3%, both reaching historical highs [8] - The National Development and Reform Commission emphasized the importance of optimizing traditional industries, particularly in resource-intensive sectors like alumina and copper smelting, to enhance management and layout [8] Future Outlook - The commercial aerospace sector is expected to enter a period of rapid growth, driven by technological advancements and increasing demand for launch services and satellite networking [11] - The Chinese commercial aerospace industry is transitioning from exploration to a growth phase, with improvements in rocket launch frequency and satellite production capabilities anticipated as policies and industry systems evolve [11]