Group 1 - The Danish Prime Minister Frederiksen stated that Denmark is participating in negotiations regarding the Greenland framework agreement, conducted in close cooperation with Greenland [2] - Frederiksen emphasized that NATO is not authorized to represent Denmark and Greenland in these negotiations, indicating a clear delineation of roles [2] - Denmark has begun collaborating with the U.S. government to clarify how this work will proceed, expressing a desire to reach an agreement within diplomatic rules [2] Group 2 - U.S. President Trump announced on social media that he has established a framework for an agreement concerning Greenland with NATO Secretary General Stoltenberg, indicating a level of consensus between the parties [2] - Stoltenberg mentioned that both sides have reached a "good consensus," suggesting positive progress in the discussions [2]

Market Overview - The three major U.S. stock indices closed higher, with the Dow Jones Industrial Average rising for the second consecutive day, recovering losses from earlier in the week [2][3] - The Dow increased by 306.78 points, or 0.63%, closing at 49,384.01 points; the Nasdaq rose by 211.20 points, or 0.91%, to 23,436.02 points; and the S&P 500 gained 37.73 points, or 0.55%, ending at 6,913.35 points [4][5] Legal Action Against JPMorgan Chase - Former President Trump filed a lawsuit against JPMorgan Chase and its CEO Jamie Dimon, seeking $5 billion in damages [7][8] - The lawsuit alleges that JPMorgan Chase closed multiple bank accounts belonging to Trump and his associated businesses due to "political and social motives" following the January 6 Capitol riots [8][9] - JPMorgan Chase responded, expressing regret over the lawsuit and asserting that account closures are typically due to legal, compliance, or regulatory risks, not political reasons [10] Nvidia Becomes TSMC's Largest Customer - Nvidia's CEO confirmed that the company has surpassed Apple to become the largest customer of TSMC, accounting for approximately 13% of TSMC's total revenue [13][16] - Major tech stocks saw collective gains, with Facebook rising over 5%, Tesla up more than 4%, and Nvidia increasing by 0.77% [14] Intel's Earnings Report - Intel's Q4 2025 revenue was reported at $13.67 billion, a 4.1% year-over-year decrease, but above market expectations of $13.43 billion [20] - The company reported adjusted earnings per share of $0.15, compared to $0.13 in the same period last year, and above the forecast of $0.09 [20] - However, Intel's guidance for Q1 2026 was weak, predicting adjusted earnings per share of $0.00, below the market expectation of $0.08, leading to a post-market drop of over 13% in its stock price [18][20]

Core Viewpoint - Geely aims to achieve a revenue of over 1 trillion yuan and global sales exceeding 6.5 million vehicles by 2030, positioning itself among the top five global automakers [2][4]. Group 1: Sales and Revenue Goals - Geely's sales surpassed 4.1 million vehicles in 2025, ranking seventh among global automakers [3]. - The target for 2030 includes global sales of over 6.5 million vehicles, with a revenue goal exceeding 1 trillion yuan [4][11]. Group 2: New Energy Vehicles (NEVs) as Growth Engine - NEVs are identified as a core growth engine, with an estimated 75% of 2030 sales coming from this segment, translating to over 4.87 million NEVs [6]. - In 2025, Geely's NEV sales grew by 58% to 2.29 million units, achieving a penetration rate of 55.7% [6][7]. Group 3: Global Market Expansion - By 2030, Geely aims for over one-third of its sales to come from international markets, estimating overseas sales to exceed 2.16 million vehicles [11]. - The company has accelerated its global market strategy, including a partnership with Renault in Brazil to produce and sell NEVs [12][13]. Group 4: Brand Strategy and Ecosystem Development - Geely plans to enhance its brand matrix by leveraging its various brands, including Geely, Lynk & Co, and Volvo, to improve competitiveness [14]. - The company is set to launch 100,000 customized Robotaxi vehicles for commercial operation globally by 2030 [15]. Group 5: Strategic Integration and Resource Optimization - Geely's "One Geely" strategy focuses on top-level operations and global governance to ensure efficient resource integration and compliance across business units [17]. - The company aims to reduce the average development cycle and costs of new models by over 30% through a new global NEV architecture [17].

Core Viewpoint - Multiple funds have announced fee reductions to lower investment costs for investors and enhance their return experience, following a comprehensive fee reform that has been in place for over two years [2][3]. Group 1: Fee Reductions Announced - 华夏基金 has announced a reduction in management and custody fees for its Financial Technology ETF, effective January 22, 2026, with management fees decreasing from 0.50% to 0.15% (a 70% reduction) and custody fees from 0.10% to 0.05% (a 50% reduction) [5][7]. - 天弘基金 will lower the management fee from 0.70% to 0.30% (a 57.1% reduction) and the custody fee from 0.15% to 0.05% (a 66.7% reduction) for its Tianhong Ninghong six-month holding period mixed fund, effective January 21, 2026 [8]. - 海富通基金 will reduce the management fee for its Hai Futong Ruixiang one-year regular open bond fund from 0.50% to 0.40% starting January 21, 2026 [8]. Group 2: Market Trends in Fund Fees - As of January 1, 2026, the implementation of the "Publicly Raised Securities Investment Fund Sales Expense Management Regulations" marks the full realization of the fee reform, leading to an increase in low-fee funds [10]. - Nearly 1,200 funds now have annual management fees of 0.15% or lower, primarily consisting of stock index funds, bond funds, and money market funds, while over 2,400 funds have custody fees of 0.05% or lower [10]. - In the actively managed equity fund category, a unified fee cap was established on July 7, 2023, with management fees not exceeding 1.2% and custody fees not exceeding 0.2%, resulting in these rates becoming common [11]. Group 3: Industry Implications - The ongoing fee reductions indicate a systemic and structural transformation in the industry, moving from a focus on scale expansion to service enhancement, which is expected to contribute to sustainable industry development in the long term [11].

阿里巴巴股价暴涨6%，领涨中概股。消息面上，有报道称，阿里巴巴正准备推动其芯片制造业务 平头哥 上市。作为第一步，阿 里巴巴计划对该业务进行重组，将其调整为一家由员工部分持股的企业。随后公司将研究推进首次公开募股（IPO），但时间安排 仍不明确。 【导读】中国资产暴涨 中国基金报记者 泰勒 大家好，今晚继续关注海外市场的表现。 1月22日晚间，美股三大指数上涨。 而更亮眼的是，中国资产暴涨，中概股指数暴涨超2%，港股夜盘，两大指数期货涨约1%，富时中国A50期货指数涨约0.4%。相信周五A股会有 不错的表现！ 目前这项流程仍处于早期阶段，尚不清楚平头哥能获得多高估值。竞争对手芯片公司（如摩尔线程科技）的上市动向已引发强烈关注。 自DeepSeek点燃国内科技行业热情以来，阿里巴巴一直是AI领域最激进的投资者和倡导者之一。首席执行官已承诺投入逾530亿美元用于基础设 施与AI发展，并表示这项投入未来可能继续增加。 美股上涨的原因，源于地缘政治紧张局势降温、科技巨头反弹以及稳健的经济数据。随着美国在"获取格陵兰岛"问题上的威胁措辞有所收敛、 市场情绪得到安抚。特朗普表示不再实施原定于2月1日生效的对欧新关税，并宣 ...

Group 1 - CICC announced the appointment of Wang Shuguang as the new financial officer and Liang Dongqing as the board secretary, with Zhou Jiaxing continuing as a co-secretary [2] - Xu Yicheng will no longer serve on the management committee and will transition to a senior expert role, while Sun Nan will move to a position at CIC [2] - Liang Dongqing, born in December 1983, has held various positions within CICC since joining in July 2008, including roles in wealth management and product solutions [4] Group 2 - In 2025, CICC Wealth achieved revenue of 8.349 billion yuan, a year-on-year increase of 25.42%, and a net profit of 1.76 billion yuan, up 47.4% [6] - The net income from fees and commissions in wealth management was 5.343 billion yuan, reflecting a 37.21% year-on-year growth, while net interest income rose by 14.57% to 1.761 billion yuan [6] Group 3 - Liang Shipeng, the former Chief Risk Officer at China Galaxy Securities, has joined CICC as a party committee member, bringing extensive regulatory and risk management experience [8] - His focus will be on establishing unified risk control standards across various business lines, enhancing risk management for cross-border and innovative businesses, and improving internal accountability mechanisms [8] - This appointment is particularly significant as CICC is in the process of merging with Dongxing Securities and Xinda Securities, where his expertise will be crucial for compliance and risk management during the integration [8]

Core Viewpoint - The article discusses President Trump's threats of "massive retaliation" against European countries if they sell U.S. assets in response to his tariff threats, highlighting the potential impact on U.S. capital markets and the complexities of implementing a "Sell America" strategy [2][3][5]. Group 1: Trump's Threats and Responses - Trump stated that if European nations sell U.S. assets as a response to his tariff threats, the U.S. will retaliate strongly, indicating that the U.S. has various options available [3]. - The speculation arose that Europe might sell trillions of dollars in U.S. bonds and stocks as a countermeasure to Trump's previous tariff threats on eight European countries [3]. Group 2: European Fund Reactions - Danish pension fund AkademikerPension announced plans to exit $100 million in U.S. Treasury investments, while Greenland's SISA Pension is considering its U.S. stock investments due to Trump's actions [3][5]. - SISA Pension, managing approximately 7 billion Danish kroner (around $1.1 billion), has about 50% of its exposure in the U.S., primarily in publicly traded stocks, and is discussing the implications of reducing its U.S. investments [5][6]. Group 3: Broader Market Implications - U.S. Treasury Secretary Scott Bessenet downplayed the significance of Denmark's actions, stating that their investments in U.S. debt are negligible [4]. - UBS CEO Sergio Ermotti warned that selling U.S. assets and dollars could be a "dangerous bet," emphasizing the strength of the U.S. economy and the challenges of completely divesting from it [6].

Core Viewpoint - The article highlights the significant changes in the top holdings of equity funds at the end of the fourth quarter, with Zhongji Xuchuang and Xinyi Sheng replacing CATL and Tencent as the top two holdings, reflecting a shift towards technology stocks driven by a prolonged bull market in the sector [2][3][8]. Group 1: Top Holdings - As of the end of the fourth quarter, the top ten holdings of 5,458 actively managed equity funds included Zhongji Xuchuang, Xinyi Sheng, CATL, Tencent, Zijin Mining, Alibaba-W, Cambricon, Luxshare Precision, Kweichow Moutai, and Dongshan Precision [4][8]. - Zhongji Xuchuang emerged as the largest holding with a market value of 78.42 billion yuan, despite a reduction in shares held by 970,140 shares, a decrease of 7.02% from the previous quarter [5][8]. - Xinyi Sheng also saw a similar trend, with a slight reduction in holdings but a significant increase in market value due to stock price appreciation [8]. Group 2: Sector Trends - The information technology sector received substantial increases in fund allocations, with four out of the top five increased holdings belonging to this sector, alongside significant investments in the insurance sector, particularly in China Ping An [2][10]. - The article notes that the top five increased holdings in equity funds were Zhongji Xuchuang, China Ping An, Dongshan Precision, Xinyi Sheng, and others, indicating a strong preference for technology and financial sectors [11][12]. Group 3: Fund Activity - The article reports that the fourth quarter saw a general trend of reduced holdings in major tech stocks, with Alibaba-W, Tencent, and others being among the most significantly reduced [16][18]. - The reduction in holdings for these stocks was attributed to their poor performance in the Hang Seng Tech Index, with Alibaba-W and Tencent seeing reductions of 183.46 million yuan and 106.18 million yuan, respectively [17][18]. - Conversely, several stocks that doubled in price during the fourth quarter, such as Tianhua New Energy and Maiwei, experienced significant increases in fund holdings, reflecting a shift in investment strategy towards high-growth potential stocks [14].

来源：新华社 les & FR 点击下载中国基金报客户端 ■ 中国基金报内容矩阵 ■ 巅峰对话 投资热点说 ETF风向标 IPO情报站 fe o 1 ■ a a - 444 and 4 4 CHINAFUND CHINAFUND CHINAFUND CHINAFUND 开盘速递 港股日报 全球早班车 数说人物 √ � [ 8 a 4 a g a d 4 4 4 CHINAFUND CHINAFUND CHINAFUND CHINAFUND ●微信搜一搜( 〔 〔 中国基金报 〕即刻获取财经资讯 外交部：对巴基斯坦卡拉奇购物中心火灾遇难者表示深切哀悼 巴基斯坦警方日前表示，巴南部信德省首府卡拉奇购物中心17日火灾造成的死亡人数 已升至60人。外交部发言人郭嘉昆22日在例行记者会上答问时表示，中方注意到这一 不幸事件，我们对遇难者表示深切哀悼，向遇难者家属和伤者致以诚挚慰问，祝愿伤 者早日康复。 ...

Core Viewpoint - The article discusses the implementation of the latest fiscal interest subsidy policy for personal consumption loans by six major state-owned banks in China, following the announcement by the Ministry of Finance, the People's Bank of China, and the Financial Regulatory Bureau [2]. Group 1: Policy Optimization - The Industrial and Commercial Bank of China (ICBC) outlines four main areas of optimization for the subsidy policy: extending the policy period to the end of 2026, including credit card installment payments in the support scope, removing the restriction on consumption fields above 50,000 yuan, and raising the subsidy standards by eliminating the 500 yuan cap on single transaction subsidies and the 1,000 yuan cap for individual borrowers at the same financial institution [4]. Group 2: Implementation Details - China Construction Bank states that customers must sign a service agreement to enjoy the fiscal subsidy, allowing the bank to access transaction information to identify eligible consumption transactions. The subsidy amount will be automatically deducted from the interest due on the loan during repayment. If transactions are not automatically recognized, customers can submit receipts for manual verification [5]. - Bank of China mentions that loans already approved for subsidies will not require a new agreement, and transactions from January 1, 2026, will automatically apply the new subsidy policy [5]. - Agricultural Bank of China warns that fraudulent activities related to subsidy claims will not be subsidized, and any previously granted subsidies may be deducted or reclaimed [5]. - The Bank of Communications emphasizes adherence to market-oriented and legal principles for eligible loans and credit card installments, with violations affecting credit records and subject to legal consequences [6]. - Postal Savings Bank clarifies that no additional fees will be charged for personal consumption loans beyond the agreed interest, and any fees collected under false pretenses are considered fraud [6].