马杜罗预计5日在纽约"首次出庭" 据央视新闻，当地时间1月4日消息，马杜罗预计将于当地时间5日中午在美国纽约"首次出 庭"。 来源：@CCTV国际时讯、央视新闻综合 据@CCTV国际时讯报道，被美方强行控制的委内瑞拉总统马杜罗之子尼古拉斯·马杜罗·格拉 当地时间1月4日发表音频讲话，呼吁委内瑞拉人民团结一致，保持动员状态，捍卫国家主权， 并将他的父亲"平安带回"。尼古拉斯·马杜罗·格拉说，"历史自会证明谁是叛徒"。 据悉，庭审将由纽约南区联邦地区法院法官阿尔文·海勒斯坦主持。美国司法部已于3日解封一 份新的起诉书，该案属于联邦政府追查长达15年的"毒品贩运"刑事案件，马杜罗在其中作为被 告已有6年。 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 CHI ...

les & FR 点击下载中国基金报客户端 来源：新华社 ■ 中国基金报内容矩阵 ■ 哥伦比亚、巴西、智利、墨西哥、乌拉圭和西班牙政府4日就委内瑞拉局势发表联合声明指 出，对委实施单边军事行动为地区和平与安全开创了"极其危险的先例"，六国对此深表关切并 予以反对，呼吁通过对话和谈判和平解决危机。据哥伦比亚外交部公布的声明文件， 六国认为 此类军事行动违反了国际法和《联合国宪章》基本原则。委内瑞拉局势必须通过和平途径解 决，由委人民主导，在不受外部干涉并遵守国际法的前提下推进。 声明强调拉丁美洲和加勒比地区作为和平区的性质，呼吁地区国家超越政治分歧实现团结，共 同应对任何危害地区稳定的行动，并敦促联合国秘书长及相关多边机制发挥斡旋作用，为缓和 紧张局势、维护地区和平作出贡献。 美国3日凌晨对委内瑞拉发起大规模军事行动，突袭委首都加拉加斯等地，强行控制委总统马 杜罗夫妇并将二人带至美国。 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 √ ...

【导读】沙特股市暴跌 另一方面，伊朗最高领袖 哈梅内伊 也就造成多人死亡的抗议活动发声，称其为外部势力煽动，并予以反驳。 中国基金报记者 泰勒 大家好，世界不太平，美国刚刚轰炸完委内瑞拉， 沙特对也门进行空袭，受两件事情影响，沙特股市突然暴跌，一起看看怎么回事。 北京时间周日晚间，沙特阿拉伯股市录得将近九个月来最大跌幅，投资者评估也门、伊朗以及委内瑞拉地缘局势紧张可能带来的冲 击。 衡量沙特股市整体表现的 Tadawul全股指数（Tadawul All Share Index） 下跌近2% ，为今年4月特朗普的关税政策引发全球市场波 动以来的最大单日跌幅；各行业板块全线收跌。该基准指数也收于 2023年10月以来最低水平 ，过去一个月大部分时间都在这一附近 徘徊。 与此同时， 卡塔尔、阿曼和巴林 的股市则小幅走高。 市场波动之际，消息面上， 也门东部迈赫拉省地方官员4日称，沙特阿拉伯当日对该省进行了空袭。这名官员表示，空袭目标位于迈 赫拉省省会盖达的一处军事基地，目前尚未收到人员伤亡报告。也门南方过渡委员会部队原定4日撤出迈赫拉省并返回亚丁。目前空袭 原因尚未明确，有消息称，有南方过渡委员会部分部队拒绝撤出迈 ...

Core Viewpoint - The article emphasizes that in 2026, brokerage asset management will focus on equities, bonds, and FOF (Fund of Funds) strategies, indicating a clear investment direction for the year. The equity market is seen as being in the "second half of a bull market," with abundant structural opportunities, while the bond market is expected to maintain a wide range of fluctuations. Multi-asset and multi-strategy allocations remain the mainstream choice in a volatile environment [2]. Equity Market: Anchoring the Bull Market's Second Half - Multiple brokerage asset management firms hold a positive outlook for the A-share market in 2026, believing it remains in the "second half of a bull market." Key drivers include ample liquidity, a recovering profit cycle, ongoing policy support, and a shift in residents' asset allocation [4]. - Guojin Asset Management notes that the current liquidity and regulatory environment is improving, with long-term capital inflows expected. Structural opportunities are anticipated in certain industries due to technological breakthroughs and economic highlights [4]. - Caitong Asset Management suggests that a "spring rally" may occur at the end of the year, primarily driven by TMT (Technology, Media, and Telecommunications) and small-cap stocks. They highlight sectors like power equipment, non-bank financials, and media as having favorable price-to-book (PB) and return on equity (ROE) metrics [4]. - Guotai Haitong Asset Management believes the current A-share market began its rally on September 24, 2024, with a steady "slow bull" trend expected in 2026, supported by a favorable environment of RMB appreciation and low domestic interest rates [4]. - Guotai Haitong recommends focusing on "5+X" industries in the first half of 2026, including solar energy, brokerage firms, semiconductors, consumer electronics, and basic chemicals, with an additional focus on Hang Seng Technology [5]. - Huatai Securities Asset Management identifies four main investment lines: technology growth, upstream sectors benefiting from "anti-involution" policies, advanced manufacturing, and deeply undervalued consumer and non-bank financial sectors [5]. Bond Market: Wide Fluctuations as the Main Theme - Several brokerage asset management firms predict that bond yields will maintain a wide fluctuation trend in 2026, with limited space for both upward and downward movements. Focus should be on wave trading and structural opportunities, with credit bonds and convertible bonds each having their own value [6]. - Guojin Asset Management states that active fiscal policies may continue to exert pressure on bond yields, while basic economic pressures remain. The central bank's liquidity is expected to remain loose to support fiscal policy implementation [7]. - Caitong Asset Management emphasizes that weak economic recovery will support the bond market, with an overall expectation of fluctuating bond yields in 2026. They highlight the value of credit bonds amid a prolonged "asset shortage" [8]. FOF Market: Multi-Asset Strategies Present Allocation Opportunities - The market is expected to mature in 2025, with a significant reduction in the phenomenon of betting on single assets or strategies, highlighting the advantages of multi-asset allocation. In 2026, brokerage asset management firms are optimistic about multi-asset FOF strategies, anticipating that quantitative strategies and active funds will contribute to excess returns [9]. - Guojin Asset Management notes that the complementary nature of the credit cycles in China and the U.S. supports total demand, leading to a cautious optimism regarding multi-asset FOF returns in 2026 [10]. - Caitong Asset Management emphasizes that multi-asset allocation will have significant advantages in 2026, with expectations for a "slow bull" in equities and opportunities in commodities and global assets [10]. - Guotai Haitong Asset Management maintains a positive outlook on quantitative stock selection strategies, expecting a favorable environment for stock quantitative strategies due to ample liquidity in the equity market [11].

来源：新华社 参考消息 据法新社1月3日报道， 在美军抓捕委内瑞拉总统马杜罗之后，特朗普3日表示，近月与他多次 发生言语交锋的哥伦比亚总统古斯塔沃·佩特罗"可要当心了"。 特朗普在一次记者会上说："他在制造可卡因，他们向美国运毒，所以他可要当心了。" 罗德里格斯当晚在与委内瑞拉接壤的边境城市库库塔举行的新闻发布会上说，鉴于当前委局 势升级，哥方除推动召开上述会议外，还提议召开拉美和加勒比国家共同体（拉共体）外长 会议。目前，哥伦比亚担任拉共体轮值主席国。 罗德里格斯说，哥伦比亚已在与委接壤的边境地区启动医疗系统黄色警戒。 哥政府下令加强 人道主义措施，并在哥委边境部署3万名士兵，宣布武装部队进入一级战备状态，以应对可能 升级的局势。 当地时间1月3日，哥伦比亚国防部长佩德罗·桑切斯表示， 针对美国总统对哥伦比亚总统佩 特罗发出的威胁，已加强对佩特罗的安全保护。 特朗普当天曾指责佩特罗生产毒品，并威胁 他"小心点"。 美国3日凌晨对委内瑞拉发起大规模军事行动，突袭委首都加拉加斯并抓走委总统马杜罗及其 夫人。美国总统特朗普称，美国将"管理"委内瑞拉直至实现所谓"安全"过渡。包括哥伦比亚 在内的多个国家和国际组织对 ...

Key Points - The article summarizes significant events during the New Year holiday and the latest assessments from major brokerage firms regarding market trends and investment opportunities [1] Group 1: Major Events - The U.S. military operation led to the capture of Venezuelan President Nicolás Maduro and his wife, with implications for U.S. involvement in Venezuela's oil industry [3] - Hong Kong's stock market opened strongly on January 2, with the Hang Seng Index rising by 2.76% and the Hang Seng Tech Index increasing by 4% [4] - The public fund fee reduction reform has been fully implemented, expected to save investors approximately 51 billion yuan annually, with a 20% decrease in comprehensive fund fee rates [5] - Warren Buffett officially retired as CEO of Berkshire Hathaway, continuing as chairman [7] - The National Integrated Circuit Fund increased its stake in SMIC from 4.79% to 9.25% [8] - Baidu plans to spin off its Kunlun chip business and apply for an IPO in Hong Kong [9] - Tesla lost its title as the world's top electric vehicle seller, delivering 1.636 million vehicles in 2025, while BYD sold 2.257 million vehicles, a 27.86% increase from 2024 [10] - Shanghai aims to become a global hub for eVTOL (electric vertical takeoff and landing) aircraft, targeting an industry scale of 80 billion yuan by 2028 [11] - Moutai launched its products on the iMoutai platform, with significant sales during the holiday period [12] - New guidelines for high-quality development of the power grid were released, aiming for a new grid platform by 2030 [13] Group 2: Brokerage Insights - CITIC Securities noted that 2025 was a strong year for market performance, driven by a reassessment of China's technological capabilities and external demand resilience, with a focus on balancing external and internal demand in 2026 [14] - Shenwan Hongyuan highlighted a favorable window for risk appetite, with potential catalysts from upcoming events such as the Spring Festival and the Two Sessions [15] - Guojin Securities pointed out that the market's internal driving logic is changing, with a focus on fundamental signals and lower volatility assets [16] - Hua'an Securities emphasized the importance of macro policies and the AI industry as key investment themes for January [17] - CITIC Jiantou expressed optimism for the cross-year market, focusing on sectors like semiconductors, AI, and new energy [18] - Cinda Securities suggested a gradual start to the spring market, with a need for economic data to support further index breakthroughs [19] - Everbright Securities advised patience regarding the spring market, noting historical patterns of index performance [21] - Guotai Haitong forecasted a stable market environment supported by favorable liquidity and policy measures [22] - Zhongtai Securities recommended cautious optimism for the technology sector, focusing on specific sub-sectors with strong fundamentals [23] - Galaxy Securities indicated that the holiday period's positive market sentiment could lead to an early spring rally, while remaining cautious of geopolitical risks [24]

来源：长江云新闻 中央纪委国家监委 政事儿 1月4日消息， 湖北省政协原党组成员、副主席周先旺严重违纪违法被"双开"。 据长江云新闻消息，1 月 4 日，湖北省委常委会召开会议，通报中央纪委国家监委关于给予 周先旺开除党籍、开除公职处分的决定。 与会同志一致表示，坚决拥护党中央决定，坚决拥 护中央纪委国家监委决定。 省委书记王忠林主持会议并讲话。 会议指出，党中央决定给予周先旺开除党籍、开除公职处分，充分彰显了我们党坚持无禁 区、全覆盖、零容忍惩治腐败的坚定立场，充分释放了全面从严治党永远在路上、党的自我 革命永远在路上的强烈信号。 省委坚决拥护。 全省各级党组织和广大党员干部要切实把思想 和行动统一到党中央决定上来，不断提高政治判断力、政治领悟力、政治执行力，始终同以 习近平同志为核心的党中央保持高度一致，坚定捍卫 " 两个确立 " 、坚决做到 " 两个维护 " 。 会议强调， 要深刻汲取周先旺违纪违法案件教训，以案为鉴、警钟长鸣。 要坚持不懈用习近 平新时代中国特色社会主义思想凝心铸魂，始终做到对党忠诚、信念坚定。要锲而不舍落实 中央八项规定及其实施细则精神，始终做到严于律己、作风过硬。要坚持一切为了事业 ...

Group 1 - The core viewpoint of the article is that structural changes in the Chinese market are expected to drive continued upward momentum in Chinese stocks, particularly in the technology sector, with significant inflows into ETFs tracking these stocks [2][9]. - In 2025, the MCHI index, which tracks the MSCI China Index, achieved a return rate exceeding 30%, while the S&P 500 index returned approximately 16.39% during the same period [2]. - The total scale of 53 Chinese ETFs listed in the US is approximately $31.47 billion (about 220 billion RMB), with the largest being KWEB at $8.02 billion and MCHI at $7.78 billion [4]. Group 2 - The CQQQ ETF saw over $2 billion in inflows in 2025, making it a significant winner among Chinese ETFs, while KWEB and MCHI also received substantial inflows of $1.973 billion and $871 million, respectively [4]. - The interest in non-US ETFs, including Chinese ETFs, is expected to continue growing in 2026, driven by attractive valuations compared to US stocks [7]. - UBS forecasts that advanced manufacturing and technology will be new growth engines for the Chinese economy, with R&D spending expected to grow at a compound annual growth rate of at least 7% by 2030 [9].

来源：新华社 美国旗语新闻社1月3日报道称，美国突袭委内瑞拉并抓走总统马杜罗夫妇的行动计划曾外泄，但 获悉行动计划的美国媒体没有立即报道。 报道援引两名消息人士的话说："在美国2日夜间秘密突袭委内瑞拉前不久，《纽约时报》 和《华盛顿邮报》获悉了这一计划，但决定暂缓发布相关报道，以避免危及美军人员安 全。" 报道没有披露美国突袭委内瑞拉计划是如何外泄的。 "王炸"！1499元， 有经销商"跟进"促销飞天茅台！每人最多可购5件 ...

中国基金报记者 方丽 李树超 陆慧婧 今年1月1日，《公开募集证券投资基金销售费用管理规定》（以下简称《规定》）正式实施，标志着公募基金行业历经两年多的费率改革 终于全面落地。 【导读】《公开募集证券投资基金销售费用管理规定》正式实施，构建公募行业 高质量发展新生态 加强培训传导。 组织全行基金销售人员、客服人员及运营支持人员进行专题培训，确保一线人员能够准确、清晰地向投资者传达政策变 化。 费率改革对工商银行基金销售业务模式提出了更高要求，也指明了转型方向。工商银行将以提升客户盈利体验为导向，加强专业力量，持 续优化建设科学严谨的基金评价筛选体系，在全市场范围内为投资者甄选真正优质的基金管理人和产品，强化资产配置能力，根据客户风 险承受能力与生命周期需求，提供多元化、个性化的基金投资组合建议。 该《规定》引发市场关注，工行、中行、交行、富国基金等头部机构积极发声。这些机构表示， 公募基金费率改革有助于稳步降低投资者 投资成本，提升投资者获得感，进一步推动行业转型和高质量发展。 工商银行：积极落实公募基金销售费率改革 切实提升投资者获得感 公募基金销售费率改革，是践行金融工作人民性的关键举措，核心在于提升投资 ...