Core Viewpoint - The "ETF Connect" program is set to expand significantly at the beginning of the year, with 98 new products being added, increasing the total from 273 to 364, representing a growth of over 30% [2][4][13]. Group 1: Expansion Details - On January 19, 54 ETFs listed on the Shanghai Stock Exchange will be included in the Northbound Shanghai Stock Connect, while 44 ETFs from the Shenzhen Stock Exchange will be added to the Northbound Shenzhen Stock Connect [5][8]. - A total of 7 ETFs will be temporarily removed from the mainland stock connect, resulting in a combined total of 364 products available for investment through the "ETF Connect" [8][13]. Group 2: Historical Performance - In 2025, the Northbound capital through "ETF Connect" reached a record high of 816.58 billion yuan, marking the highest annual amount since the program's inception [2][17]. - The trading volume for Northbound funds significantly increased, with the Shanghai Stock Connect reaching 51.14 billion yuan in July 2025, a nearly 50% increase compared to the previous month [17]. Group 3: Market Impact - The inclusion of more ETFs is expected to enhance the vitality and liquidity of the ETF markets in both regions, promoting further development [2][13]. - The expansion has diversified the investment options available under "ETF Connect," including the first inclusion of the CSI A500 ETF and various thematic ETFs, enriching investors' choices in specific sectors [13][15]. Group 4: Industry Insights - The growth in the number of ETFs and the increase in trading volume are attributed to the continuous expansion of available products, the appeal of ETFs as transparent and low-cost investment tools, and the attractive valuation of the A-share market [17]. - Major fund companies such as Huaxia, E Fund, and others have contributed significantly to the new additions, with Huaxia having the highest number of new ETFs included [13].

【导读】大涨 中国基金报记者 泰勒 兄弟姐妹们啊，今天的市场，只能两个字形容——疯狂！ A股三大指数低开高走，个股普涨，超4000家上涨， 沪深两市成交额3.6万亿元，连续第2个交易日突破3万亿元，较上一个 交易日放量4787亿元，刷新此前在2024年10月8日创下的成交额历史纪录。 相信大家没有理由亏钱了吧！ 一起看看发生了什么事。 1月12日，市场全天震荡走强，三大指数均涨超1%。截至收盘， 沪指涨1.09%，深成指涨1.75%，创业板指涨1.82%。 | | | AI应用、营销方向全线爆发，蓝色光标、汉得信息等多股涨停。 值得注意的是，易点天下、中文在线、天龙集团更是组成 了新的"易中天"组合。 板块大涨与近期GEO概念火爆有关。所谓GEO，即生成式引擎优化（Generative Engine Optimization）的简称，是指基 于生成式人工智能的搜索引擎优化，提高相关内容在AI搜索结果中的可见性。 | | | | | -20.00% | | --- | --- | --- | --- | --- | | | | | | 20.00% | | | | | | | | | | | 14.111 | ...

Core Viewpoint - The article discusses the geopolitical dynamics surrounding Venezuela's oil industry, particularly in relation to U.S. actions and China's position in Latin America [2] Group 1: U.S. Actions and Statements - U.S. President Trump reportedly stated that China and Russia could only purchase Venezuelan oil under U.S. control [2] - The U.S. aims to send a message to China regarding its involvement in Latin America and to weaken energy cooperation between China and Venezuela [2] Group 2: China's Response - China maintains that Latin American countries are sovereign and have the right to choose their partners for cooperation [2] - China will continue to deepen practical cooperation with Latin American countries, including Venezuela, regardless of changing circumstances [2]

【导读】天普股份紧急澄清：股吧相关传言不实 中国基金报记者 李智 1 月 12 日午间， " 超级大牛股 " 天普股份紧急发布澄清公告称，股吧相关传闻不属实。 天普股份表示，公司实际控制人杨龚轶凡未在活动现场作任何发言，也未接受任何采访。中 昊芯英联合创始人闯小明的发言也不涉及任何天普股份相关的内容。相关言论属于个别投资 者无中生有、捏造事实。 天普股份今日开盘跌停，股价报 196.22 元 / 股，总市值为 263 亿元。 | 天普股份(605255) ( 日 | | | | | --- | --- | --- | --- | | 交易中 01-12 11:29:54 通 | | | | | 股本 1.34亿 196.22 额 1.14亿 | 市盈 809 万得 al | | | | 市值1 263亿 市净 33.02 -21.80 -10.00% 换 0.43% | | | | | 分时 五日 周Ｋ | 月K 更多 © | | | | 叠加 | 均价:196.22 盘口 资金 | | | | 239.82 | 10.00% 卖五 196.29 | | 3 | | | 卖四 196.25 32 | | | ...

Core Viewpoint - The report from Guohai Franklin Fund indicates that the A-share market in 2026 is expected to be influenced by a "slow bull" market characterized by structural differentiation, with significant performance from the technology sector and resource revaluation [1][15]. Group 1: Technology Growth - Artificial intelligence (AI) is identified as the core driver of the fourth industrial revolution, with its impact expected to surpass that of the internet and mobile internet eras [3][4]. - The AI sector is anticipated to experience substantial growth in 2026, driven by advancements in domestic manufacturing technology and the mass production of GPUs, alongside established advantages in large model development in China [5]. - The focus for investment in the AI industry should be on commercial opportunities in application and the technological iteration path in computing power, with a recognition of potential short-term disruptions in stock selection due to hardware technology changes [4][5]. Group 2: Resource Revaluation - The report notes a significant increase in the prices of non-ferrous metals, driven by geopolitical tensions, de-globalization trends, and the rising demand for strategic resources due to the AI revolution [7][8]. - The supply-side dynamics are influenced by the U.S. implementing tariffs and localization policies, while China continues to manage its advantages in rare earths and other strategic materials [7]. - The potential for value revaluation trends to extend into oil and agricultural products is highlighted, with oil prices being a critical factor affecting global inflation and economic policies [8]. Group 3: Domestic Demand Stabilization - The decline in real estate prices since 2021 has led to a contraction in local government and household balance sheets, contributing to weak domestic demand [10][11]. - Short-term stabilization of domestic demand relies on balancing the asset-liability sheets of households, governments, and enterprises, while long-term recovery will depend on fundamental changes in economic driving models [10]. - The direction of real estate policy will be crucial for the market structure in 2026, determining whether it will adopt a conservative "support" strategy or a more aggressive "stimulus" approach [11]. Group 4: National Competition - The report suggests that a stable external trade environment is essential for the continuation of strong performance in foreign demand-driven sectors [13]. - The U.S. is expected to adopt a more pragmatic foreign policy, which may lead to a phase of stability in U.S.-China relations and improved ties with Europe [13]. - Despite potential trade disputes in Southeast Asia, China's ability to manage these challenges has significantly improved compared to the past [13]. Conclusion - Overall, Guohai Franklin Fund maintains an optimistic outlook for the A-share market in 2026, expecting a better environment than in 2025, with a continued focus on technology growth and resource revaluation [15].

Core Viewpoint - The A-share market experienced a significant inflow of over 20 billion yuan into stock ETFs on January 9, 2026, as major indices rose and trading volume exceeded 3 trillion yuan, indicating a strong bullish sentiment among investors [2][6]. Market Performance - On January 9, the total scale of stock ETFs reached 4.99 trillion yuan, with a trading volume of 269.95 billion yuan, marking an increase of over 20 billion yuan from the previous trading day [4]. - The media, software, and satellite sectors led the gains among stock ETFs, with the top ten performing ETFs including three from the media sector and four from the satellite sector [4][5]. Fund Inflows and Outflows - The net inflow into stock ETFs on January 9 was 20.26 billion yuan, with 63 ETFs seeing inflows exceeding 1 billion yuan. The top three inflows were from the Southern CSI 1000 ETF, Huatai-PB CSI 300 ETF, and satellite ETFs [7][8]. - Conversely, the net outflows were primarily from the ChiNext 50 ETF, chip ETFs, and other industry-specific ETFs, with significant outflows observed in the ChiNext and AI sectors [9]. Fund Management Insights - Leading fund companies like E Fund and Huaxia Fund reported substantial inflows into their ETFs, with E Fund's total ETF scale reaching 877.98 billion yuan, reflecting a net inflow of 26.8 billion yuan since the beginning of 2026 [11]. - E Fund's securities insurance ETF and Hang Seng Technology ETF saw net inflows of 4.9 billion yuan and 3.6 billion yuan, respectively, indicating strong investor interest in these sectors [11][12]. Future Market Outlook - Analysts from various fund companies express a positive outlook for the A-share market in 2026, anticipating a shift from valuation-driven growth to fundamental-driven growth, supported by stable corporate earnings and favorable policies encouraging long-term capital inflows [12].

Group 1 - The core viewpoint of the article highlights the successful first flight test of the "Tianma-1000" unmanned transport aircraft developed by China North Industries Group Corporation, showcasing its multifunctional capabilities in logistics, emergency rescue, and material delivery [2] - The "Tianma-1000" is noted as the first domestic medium-altitude low-cost transport platform capable of adapting to high-altitude complex terrains, with features such as ultra-short takeoff and landing distances and rapid switching between cargo and air-drop modes [2] - Key specifications of the "Tianma-1000" include a maximum altitude of 8000 meters, a takeoff distance of less than 200 meters, a maximum range of 1800 kilometers, and a maximum payload of 1 ton, equivalent to the weight of a standard sedan [2] Group 2 - The aircraft's modular cargo bay allows for quick switching, making it adaptable for various mission requirements, which is particularly beneficial for remote area supply, emergency rescue, and urgent material transport [2] - The "Tianma-1000" can achieve large-scale transport in a single flight, meeting the critical supply needs for food, medicine, and equipment over several days in challenging regions [2]

les & FR 点击下载中国基金报客户端 美东时间1月11日晚，特朗普在社交平台发帖，自称"委内瑞拉代总统"。目前委内瑞拉 方面对此暂无回应。 而就在稍早前搭乘"空军一号"返回华盛顿途中，特朗普还对随行记者称，"委内瑞拉的 情况进展顺利，我们与其领导层合作得很好，接下来如何发展我们将拭目以待。"在被 记者问及"是否会与委内瑞拉代总统德尔西·罗德里格斯会面"时，特朗普还称，"总有 一天会与她会面，她表现得非常出色。" 当地时间1月3日凌晨，美国悍然对委内瑞拉动武，强行控制委内瑞拉总统马杜罗及其 夫人并将其移送出境。1月5日，委内瑞拉副总统德尔西·罗德里格斯宣誓就任委内瑞拉 代总统。 来源：@CCTV国际时讯 ■ 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( 〔 〔 ...

【导读】事关政府投资基金，国家发展改革委等四部门联合发布 中国基金报记者 任子青 重磅文件来了，事关政府投资基金！ 1 月 12 日，国家发展改革委、财政部、科技部、工业和信息化部联合发布《关于加强政府投 资基金布局规划和投向指导的工作办法（试行）》（以下简称《工作办法》），旨在加强政 府投资基金布局规划和投向指导。 此外，国家发展改革委还同步出台了《政府投资基金投向评价管理办法》（以下简称《管理 办法》），按照 " 正面引导与负面约束相结合 " 的思路，建立覆盖基金运营管理全过程、定 量与定性相结合的投向评价体系，进一步强化政策导向和规范管理。 国家发展改革委相关负责人表示，这是首次在国家层面对政府投资基金的布局和投向作出系 统规范。 《工作办法》提出 14 项政策举措 具体来看，《工作办法》围绕政府投资基金 " 投向哪、怎么投、谁来管 " 三方面，提出 14 项政策举措。 《工作办法》明确，政府投资基金是指各级政府通过预算安排，单独出资或与社会资本共同 出资设立，采用股权投资等市场化方式，引导各类社会资本支持相关产业和领域发展及创新 创业的投资基金。 国家级基金是指经国务院批准、中央财政出资设立的政府投资 ...

Core Viewpoint - Xu Haining, former vice president of Dongfang Securities, has established Shanghai Zhihui Technology Co., Ltd., focusing on wealth management integrated with technology and industrial-financial collaboration [2][4]. Group 1: Company Overview - Shanghai Zhihui Technology Co., Ltd. was co-founded by Xu Haining and Zhonglian Heavy Industry Capital, with a registered capital of 100 million yuan [2][4]. - The company is located in Hongkou District, Shanghai, and aims to address core industry transformation needs through three main business directions: smart investment advisory system development, professional buyer advisory training, and customized consulting services for financial institutions [4][5]. Group 2: Industry Context - The establishment of Shanghai Zhihui Technology comes at a critical time for the wealth management industry, which is transitioning towards buyer advisory services [6][7]. - Regulatory policies are encouraging the industry to move away from traditional product sales, with technology empowerment and industrial-financial collaboration emerging as new growth points [7][8]. - There is a significant talent gap in the industry, which remains a core challenge for development [7]. Group 3: Leadership Background - Xu Haining has extensive experience in the financial sector, having held various leadership roles at Dongfang Securities, including general manager of the wealth management business headquarters [7]. - Xu's departure from Dongfang Securities was motivated by personal career development, and she has been recognized for her contributions to the company's wealth management transformation and fund advisory business [7].