Core Viewpoint - The bond issuance by securities firms in China has surged significantly at the beginning of 2026, driven by a strong A-share market and increased capital demand for business expansion and transformation [2][4]. Group 1: Bond Issuance Growth - As of January 17, 2026, the total bond issuance by securities firms reached 119.52 billion yuan, marking a year-on-year increase of 71.87% [4]. - The number of bonds issued totaled 44, which is an increase of 2 compared to the same period last year [4]. - The bond issuance is characterized by diversification, with both traditional and internet securities firms participating, and various types of bonds being issued, including conventional corporate bonds and perpetual subordinated bonds [4]. Group 2: Drivers of Bond Issuance - The increase in bond issuance is attributed to three main factors: business transformation, policy guidance, and a low-cost financing environment [6]. - The active A-share market has led to a growing demand for capital-intensive business models, prompting securities firms to seek additional capital [6]. - The current low interest rate environment has made bond issuance an attractive option for refinancing high-interest debt and optimizing financial structures [6][10]. Group 3: Policy and Market Impact - Regulatory support has expanded financing channels for securities firms, allowing them to issue bonds aligned with national strategies, particularly in technology innovation [7]. - The trend of bond issuance is expected to continue in the short to medium term, as long as market activity remains robust [10]. - The issuance of bonds by securities firms is likely to enhance market liquidity by providing high-quality assets and facilitating capital flow into the market [10][11]. Group 4: Competitive Landscape - The bond issuance trend is leading to a "stronger gets stronger" dynamic, where leading firms are better positioned to capitalize on financing opportunities due to their higher credit ratings and larger business scales [11]. - The differentiation among firms is expected to accelerate, with larger firms solidifying their competitive advantages through low-cost debt, while smaller firms may struggle to keep pace [11].

Core Viewpoint - COMMUNE, the largest restaurant and bar brand in China, is preparing for an IPO on the Hong Kong Stock Exchange, aiming to become the first publicly listed restaurant and bar company in the market [2][3]. Group 1: Business Model and Competitive Advantage - COMMUNE has maintained its position as the top brand in China's restaurant and bar sector for three consecutive years, with a market share of 7.8% in 2024, which is double that of its second and third competitors combined [5]. - The company's core competitive advantages are derived from its all-day operational model, high-margin beverage sales, and proprietary brand offerings [5][6]. - The all-day operational model allows COMMUNE to serve a diverse customer base throughout the day, effectively increasing store utilization and reducing fixed costs [6][7]. - As of September 30, 2025, COMMUNE operates 112 stores across 40 cities, with a significant presence in first and second-tier cities [7]. Group 2: Financial Performance - The company reported revenues of RMB 8.45 billion, RMB 10.74 billion, and RMB 8.72 billion for the years 2023, 2024, and the first three quarters of 2025, respectively, with adjusted net profits of RMB 734.49 million, RMB 661.86 million, and RMB 786.33 million [10]. - The overall gross margin has remained above 65%, with a peak of 70.5% in 2023, although it slightly declined to 67.8% in 2024 before recovering to 68.7% in 2025 [10][12]. - However, same-store sales growth has shown signs of decline, particularly in first-tier cities, where the growth rate was -1.1% in 2024 and further decreased to -1.4% in the first three quarters of 2025 [13][15]. Group 3: Market Challenges - The decline in same-store sales in first-tier cities is attributed to increased competition and market saturation, with consumers showing less interest in social dining experiences [17]. - The company plans to shift its expansion focus to lower-tier markets, aiming to open 150 to 190 new stores from 2026 to 2029, but faces challenges in balancing brand positioning with price sensitivity in these markets [19]. - The liquidity position is concerning, with a current ratio of 0.7, indicating that current assets are insufficient to cover current liabilities, leading to potential short-term repayment pressures [21][23]. Group 4: Shareholder Dynamics - Prior to the IPO, the company distributed a special dividend of RMB 80 million, raising questions about the rationale behind this decision given its tight cash flow situation [25]. - The exit of early investor Tomato Capital, which sold its stake around the same time as the dividend distribution, has led to speculation about the motivations behind the dividend [26].

Core Viewpoint - The banking wealth management market is experiencing a "fee reduction wave" due to factors such as "deposit migration" and the "New Year marketing push," leading to a rare occurrence of "double zero rates" for investment management and sales service fees [1][3]. Group 1: Fee Reduction Trends - Since the beginning of the year, banks have been reducing fees to attract customers, with examples including Ningyin Wealth Management offering zero sales service fees and management fees for several products [3]. - Some banks, like Zhongyuan Bank, have adjusted fees for certain products to 0.00% per year, which has sparked significant discussion in the industry despite these products being terminated shortly after [3]. - The fee reduction trend is primarily driven by the need to attract funds flowing out of deposits due to declining deposit rates and the urgency of the "New Year" marketing period [3][4]. Group 2: Implications of Fee Reduction - Experts suggest that while fee reductions can quickly increase scale and market share, they may also erode overall industry profits and weaken long-term research and innovation capabilities [4]. - The challenge lies in balancing customer satisfaction with the sustainable development of wealth management companies, as excessive reliance on price competition could harm brand reputation if investment performance does not keep pace [4][6]. Group 3: Future Strategies for Wealth Management Companies - Moving forward, the space for further fee reductions is limited, and companies are encouraged to optimize product structures and diversify fee mechanisms to enhance competitiveness [6][9]. - Wealth management firms should focus on improving research capabilities and building brand trust, rather than relying solely on low fees to attract customers [9]. - Strategies such as developing low-volatility and stable-return products, as well as exploring flexible fee structures based on holding periods, are recommended to adapt to the competitive landscape [9].

Core Viewpoint - The strong performance of the A-share market at the beginning of 2026 has led to a "good start" for public fund issuance, with many funds selling out quickly, indicating a strong demand for equity assets [2][3]. Group 1: Fund Issuance Trends - As of January 16, 2026, 82 new funds have been launched, with 25 funds announcing early closures and 6 funds selling out in one day [5]. - Factors contributing to the "good start" include favorable policies from the "14th Five-Year Plan," regulatory adjustments to reduce investment costs, and a sustained profit effect in the A-share market, which has increased investor enthusiasm [5][6]. Group 2: Focus Areas for Fund Issuance - Many fund companies are focusing on "fixed income+" and FOF products, with a particular emphasis on cyclical and technology-themed equity products [8]. - The five key investment directions identified include: 1. Manufacturing, particularly smart manufacturing 2. Information industry, covering next-generation mobile communication and satellite internet 3. Materials industry, including advanced materials and new material innovations 4. Energy, focusing on nuclear energy and hydrogen energy 5. Space industry, emphasizing high-end equipment innovation [8]. Group 3: Market Characteristics - The new year has seen a rapid issuance pace, with many products setting short fundraising periods of two weeks [9]. - Fund companies are shifting focus from creating "blockbuster" funds to quickly building positions in line with market trends [9]. - There is an expectation for more refined product offerings in 2026, with an acceleration in the expansion of ETFs in niche sectors like semiconductor and artificial intelligence [9].

Group 1 - The article reports the passing of Hong Kong kung fu star Leung Siu-lung at the age of 77 on January 14 [2] - Leung Siu-lung was well-known for his role as "Fire Cloud Evil God" in Stephen Chow's film "Kung Fu" and gained fame from TV series such as "The Legend of the Condor Heroes" and "Chen Zhen" [2] - Jackie Chan expressed his condolences on social media, highlighting Leung's mastery of various traditional martial arts and his contributions as both an actor and action director [3]

【导读】 冒用基金管理人名义诈骗升级，多方联动筑牢反诈防线 中国基金报记者 任子青 近年来，冒用基金管理人名义从事违法犯罪活动的情况屡有发生。不法分子通过设立仿冒网 站、仿冒公司员工社交账号、开发运营非法移动应用程序（App）和发布虚假客服电话等方 式，严重侵害投资者和相关机构的合法权益。 为维护投资者合法权益，中国证券投资基金业协会（以下简称协会）与行业机构形成合力， 通过发布风险提示等举措，呼吁投资者强化风险意识，守住资金安全底线，共同维护行业声 誉，净化行业生态。 诈骗手段不断升级 私募机构积极采取应对举措 据记者多方了解，不法分子多冒用私募基金管理人的名义或假冒公司高管身份实施诈骗，且 诈骗手段不断升级，主要为以下三种形式： 二是平台造假，仿冒软件与小程序，搭建诈骗"入口"。搭建与正规机构高度相似的仿冒 App、官方网站、小程序、QQ群等，盗用机构商标与宣传资料，通过设计诱惑性话术，组织 虚假活动，推销虚假理财产品。 三是骗术升级，AI技术与境外链接加持，使诈骗更具隐蔽性。不法分子利用AI技术生成高管虚 假影像，组织虚假直播或打造虚假场景误导公众，吸引投资者预约进入"内部交流群"实施诈 骗。有些团伙通 ...

Group 1 - The Iranian judiciary spokesperson stated that recent domestic events are not merely riots but acts of terrorism driven by actions from Western leaders [2] - Iranian authorities are distinguishing between misled individuals, organized behind-the-scenes actors, and terrorists, while identifying connections to foreign intelligence agencies, including Mossad [2] - Legal actions are being initiated against the main instigators of the recent events, with the heads of the related domestic and foreign networks already identified [2] Group 2 - Iran is compiling evidence regarding crimes committed by the US and Israel in the context of the conflict with Iran, intending to file a lawsuit in the International Court [2]

【导读】上汽集团业绩大幅预增后股价微涨，上市车企集体遭遇市值烦恼 中国基金报记者 邱德坤 1月16日开盘，上汽集团一度涨超3%，但收盘涨幅仅有0.81%，并且仍处于破净状态。 这发生在上汽集团刚抛出"惊艳"市场的业绩预告之后。1月15日晚间，上汽集团发布公告称，预计2025年的归母净利润同比增长438%至 558%。 "我们也觉得难以解释，（公司）发的业绩也是还可以的。"上汽集团证券部工作人员向中国基金报记者表示，公司认为在资本市场是被低 估了。 作为国内头部上市车企，上汽集团遭遇的市值与业绩不匹配问题，也是多家上市车企共同面临的烦恼。多位车企人士表示，资本市场应该 重估其所在车企的价值。 上汽集团是一家国有控股的上市车企。近年来，从国务院国资委到各个地方国资委均要求，国有控股的上市公司要加强市值管理。 问题在于，国有控股上市车企在资本市场较为弱势。截至1月16日收盘，上汽集团以1723亿元的市值排名国有控股上市车企首位，但比亚 迪的市值达8740亿元，两者差距明显。 | 证券简称 | 市盈率(倍) | | 市净率(倍)总市值(亿元) 近一年涨幅(%) | | | --- | --- | --- | --- ...

来源：证券时报 天元智能公司实控人、董事长兼总经理吴逸中被留置。 1月18日，天元智能(603273.SH)公告称，公司近日收到江苏省监察委员会签发的关于公司实 控人、董事长兼总经理吴逸中被留置、立案调查的通知书。截至公告披露日，公司未被要求 协助调查。 1月16日，天元智能发布公告，公司拟向全体股东每10股派发现金红利0.2元（含税），预计 总派发金额为429万元，占2025年三季度归母净利润的21.95%。 2025年前三季度，天元智能实现收入3.74亿元，归母净利润1952万元。 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has initiated an investigation into Ningbo Rongbai New Energy Technology Co., Ltd. (Rongbai Technology) for allegedly misleading statements in a major contract announcement [2][3]. Group 1: Investigation and Regulatory Actions - The CSRC has formally opened an investigation into Rongbai Technology following the company's announcement of a significant contract that is suspected of containing misleading statements [3][4]. - Rongbai Technology received a notice from the CSRC on January 18, indicating that the investigation is based on potential violations of the Securities Law and the Administrative Penalty Law of the People's Republic of China [4]. Group 2: Contract Details and Market Reactions - On January 13, Rongbai Technology announced a procurement cooperation agreement with CATL, estimating a total sales amount exceeding 120 billion yuan (approximately 12 billion USD) for supplying 3.05 million tons of lithium iron phosphate cathode materials from Q1 2026 to 2031 [11]. - Following the announcement, the company received an inquiry from the Shanghai Stock Exchange regarding its ability to fulfill the contract and whether there was any intent to manipulate stock prices through the large contract [12]. Group 3: Company Operations and Financial Outlook - Despite the ongoing investigation, Rongbai Technology stated that all business operations are proceeding normally and that the company will cooperate with the CSRC during the investigation [4]. - The company plans to expand its production capacity through investments and acquisitions, with an estimated capital expenditure of approximately 8.7 billion yuan (around 1.3 billion USD) over the next three years to meet contract obligations [9].