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 来源：中国海事局 据中国海事局网站消息， 大连海事局发布航行警告， 1月25日16时至2月1日16时，渤海海 峡黄海北部部分海域执行军事任务，禁止驶入。 ...

Core Viewpoint - The article highlights the significant advancements and developments in China's commercial space industry, particularly focusing on the participation of leading private companies at the Beijing International Commercial Space Exhibition, showcasing their innovative technologies and upcoming IPOs [2][13]. Group 1: Company Developments - Blue Arrow Aerospace showcased the world's first continuously successful liquid oxygen-methane rocket, the Zhuque-2, and the Zhuque-3 model, which has completed China's first reusable rocket orbital launch verification [4]. - Galaxy Aerospace presented its flexible solar wing technology and the Lingxi-03 satellite model, aiming to enhance mobile direct connection capabilities with low-orbit broadband satellites [6]. - Zhongke Aerospace displayed its reusable spacecraft, the Lihong-2, which is designed for space tourism, indicating advancements in safe travel between Earth and space [8]. - Star River Power exhibited its "Zhishenxing" series of medium-sized reusable liquid launch vehicles and "Gushenxing" series of small solid launch vehicle models [8]. Group 2: Market Trends and IPOs - The article notes that two U.S. commercial space companies are already listed, with Rocket Lab's market value at $47.4 billion (approximately 330 billion RMB) and SpaceX expected to go public in 2026 [2][12]. - In China, Blue Arrow Aerospace's IPO is in the "inquiry" stage, while Zhongke Aerospace has completed IPO counseling, and other companies like Tianbing Technology and Star River Power are also in the IPO counseling phase [13][15]. - The article emphasizes that the development of reusable technology and future market potential are critical factors influencing the growth of China's commercial space sector [15].

Weekend Major Events - The China Securities Regulatory Commission (CSRC) released guidelines for the performance comparison benchmarks of publicly offered securities investment funds, effective from March 1, 2026, to enhance investor protection and fund management practices [3] - A natural person named Yu Han was penalized by the CSRC for manipulating the stock of "Doctor Glasses" using 67 accounts, resulting in a total fine and confiscation of over 1 billion yuan [4] - The CSRC imposed significant penalties on Zhejiang Ruifengda Asset Management Co., totaling over 28 million yuan, with the actual controller facing a lifetime ban from the securities market [5] - The CSRC expanded the range of futures market open varieties, adding 14 new futures and options products [6] Silver Market Update - Silver prices surged to a historic high of over 100 USD, with year-to-date increases exceeding 40%, indicating a significant shift in global resource asset pricing mechanisms [7][17] Commercial Aerospace Encouragement - Beijing's government issued measures to promote mergers and acquisitions in satellite data-related enterprises, signaling support for the commercial aerospace sector [8][9] Broker Insights - CITIC Securities emphasized the importance of strong market support and suggested focusing on sectors with logical narratives and low valuations, particularly in consumer and real estate chains [14] - Shenwan Hongyuan noted that the spring market is progressing along a predetermined path, with a focus on cyclical investments and the potential for profit expansion [15] - China Merchants Strategy highlighted the need for a stable A-share market in response to rising silver prices and suggested focusing on high-growth sectors [16][17] - Guotai Junan pointed out the resilience of the A-share market amid external risks and emphasized the importance of physical assets and Chinese assets in 2026 [18] - CITIC Construction Investment recommended a dual focus on technology and resource products, with particular attention to sectors like AI, semiconductors, and new energy [19] - Cinda Strategy observed a shift in market dynamics, with a focus on sectors with strong performance and potential for price increases [20] - Dongfang Caifu Strategy identified commercial aerospace and AI applications as key investment themes, alongside sectors benefiting from supply-demand mismatches [21] - GF Securities noted a high certainty of deposit migration among high-net-worth individuals, with a significant inflow of funds into the market [22] - Zhongtai Strategy discussed the current market's significant divergence, supported by high-risk appetite and favorable liquidity conditions [24] - Everbright Strategy recommended a cautious approach leading up to the Spring Festival, with expectations of a market rebound post-holiday [25]

送别最后一班 从广州站始发的"绿皮车"—— 来源：新华社 1月25日，在广州火车站，市民在K303次列车旁拍照留念。 1月25日一早 不少市民来到广州站站前广场 K303次列车 "全国春运看铁路 铁路春运看广州" 广州站 对无数南来北往的人而言 是梦想的起点 是回家的盼头 是青春的缩影 1月26日起 广州站将不再办理普速列车始发终到业务 全面迈入高铁时代 "这并不是说绿皮车消失了" 售票值班员杨俊杰解释道 "原有始发终到普速列车 全部调整至广州白云站 白云站仍有82列始发终到的普速列车 广州站也保留 7列中转停靠的普速列车 能够满足不同旅客的出行需求" 2016年参加工作的杨俊杰 见证了广州站的蜕变 "十年前 售票窗口还排着长队 不过 绿皮车上的人情味还是挺难忘的" 杨俊杰仍然记得 自己第一次坐绿皮车是去韶关东站 "那时候车厢里挤满了人 行李堆得高高的 大家虽然不认识 也会互相聊天、分享食物 特别热闹" 现在大部分旅客都用手机买票了 同样对"绿皮车"恋恋不舍的 还有广州站038号退休客运员 全国五一劳动奖章获得者张红英 1988年，她来到广州站工作 亲历了这座百年老站的繁忙岁月 今天，她身穿荧光色的志愿者马甲 ...

【导读】基金经理解读2026年资源板块投资机会 中国基金报记者 方丽 孙晓辉 资源板块集体狂飙！ 2025年有色金属板块涨幅近90%，2026年初黄金、白银价格连续刷新历史纪录！ | | | 伦敦金现 | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | SPTAUUSDOZ.IDC | | | | | | 4981.309 | | 昨结 | 4935.960 | 开盘 | | 4937.000 | | +45.349 | +0.92% | 总量(kg) | 0.00 | 现手 | | 0 | | 最高价 | 4990.170 | 持 仓 | 0 | 分 | 물 | 0 | | 最低价 | 4899.360 | 壇 仓 | 0 | 内 | 물 | 0 | | 分时 | 王日 | 日K | | 月K | 曲式 | 0 | | 叠加 设均线 EXPMA 12:3785.900 50:2703.190 | | | | | | | | 5328.676 | | | | | | 4990.170 | | 3386.636 | | | | | | | | ...

【导读】《深圳市关于保险业助力科技创新和产业发展的行动方案（2026 — 2028年）（征 求意见稿）》发布，力促保险创新护航新质生产力高质量发展 中国基金报记者 郭玟君 近日，《深圳市关于保险业助力科技创新和产业发展的行动方案（2026 — 2028年）（征求 意见稿）》（以下简称《行动方案》）正式向社会公开征求意见，系统勾勒出未来三年保险 业赋能科技创新、服务"20+8"产业集群的路线图。 值得关注的是，《行动方案》专门将"加强人工智能风险保障"和"加快推动低空保险发展"列 为重点任务，推动保险从传统的风险承担者，转向产业创新的"稳定器"与"助推器"。深圳， 这座以科技创新立身的城市，正通过构建与新兴产业相匹配的现代金融保险服务体系，为新 质生产力的发展筑牢风险防线。 设立人工智能保险创新中心 为AI筑牢"防火墙" 人工智能是深圳发展新质生产力的核心引擎。2024年，深圳人工智能产业规模已突破3600亿 元，占全国比重超过12.7%。然而，技术迭代快、风险不确定性强等特性，也让许多企业在 创新路上"走得战战兢兢"。 为此，《行动方案》明确提出，鼓励保险机构加快设立人工智能保险创新中心，聚焦人工智 能全产业 ...

在销售新规的推动下，各家基金公司直销系统开年迎来大改造。 【导读】新规落地！基金直销系统迎来大改造 中国基金报记者 方丽 陆慧婧 根据新规，今年以来在基金公司直销平台上线的新发基金A类份额已全部实现免认购费，C类份额全部实现免销售服务费，直接让利于投资 者。 公募基金行业机构投资者直销服务平台（以下简称FISP平台）也有了最新进展。据中国基金报记者了解，根据监管要求，基金公司要在6月 底之前接入该平台。 多只直销平台上线的新发基金已开启零认购费 今年年初，《公开募集证券投资基金销售费用管理规定》正式实施，基金公司积极响应监管号召，落实直销系统费率改革，直销平台上线 的新发基金A类份额免认购费，C类份额免销售服务费。 以天弘基金正在发行的天弘悦享臻选三个月持有期FOF为例，该基金的招募说明书明确规定，通过基金管理人认（申）购基金份额的，不收 取认（申）购费、销售服务费。 易方达基金正在发行的易方达港股通消费混合基金招募说明书也显示，投资者通过基金管理人或其基金销售子公司认购A类基金份额，不收 取认购费用。目前暂不开通基金管理人及其基金销售子公司销售本基金C类基金份额，若日后开通，将另行公告。 谈及销售费用改革的 ...

Core Viewpoint - Yongjie New Materials plans to acquire two assets from Aconic, which is expected to constitute a major asset restructuring [2][10]. Group 1: Acquisition Details - Yongjie New Materials intends to purchase 100% equity of Aconic (Qinhuangdao) Aluminum Co., Ltd. and 95% equity of Aconic (Kunshan) Aluminum Co., Ltd. [10] - The total preliminary transaction price is estimated to exceed 1.2 billion RMB, which includes loan repayment amounts and the value of the assets being acquired [14]. - The transaction price for the 95% equity of Aconic Kunshan is approximately 90.9 million USD, while the 100% equity of Aconic Qinhuangdao is about 88.9 million USD [11][12]. Group 2: Financial Position - As of the end of Q3 2025, Yongjie New Materials had a cash balance of 678 million RMB, indicating a need for self-funding and additional financing for the acquisition [14]. - The stock price of Yongjie New Materials was reported at 42.85 RMB per share, with a market capitalization of 8.429 billion RMB [6][7]. Group 3: Strategic Cooperation - A strategic cooperation agreement has been signed between Yongjie New Materials and Aconic, focusing on global supply chain collaboration, technological cooperation, and talent exchange [5][18]. - The collaboration aims to accelerate the research and application of high-performance aluminum alloy materials in advanced fields such as new energy and artificial intelligence [18]. Group 4: Performance Risks - There are performance risks associated with the acquired assets, as Aconic Qinhuangdao is projected to incur losses in 2024, with net profits of -94.35 million RMB, while Aconic Kunshan is expected to have net profits of 88.66 million RMB in the same year [19][21].

【导读】八一钢铁预计2025年期末净资产为负， 可能 触发退市风险警示情形 中国基金报记者 夏天 1月25日晚间， 八一钢铁 （证券代码：600581）公告称，预计2025年期末净资产为-19.50亿元至-17.60亿元。若经审计后的净资产为 负，将触及上交所规定的退市风险警示情形，公司股票可能被实施退市风险警示（即股票简称前冠以"*ST"字样）。 对此，八一钢铁表示， 当前钢铁行业处于"减量发展、存量优化"深度调整期，"供需双弱"叠加环保政策收紧、原燃料与钢材价格"剪刀 差"、产能过剩等因素，企业利润被大幅压缩；新疆区域市场"三高三低"、冬季生产效率偏低加剧经营压力，叠加区域供需失衡、同质化竞 争、产能未有效发挥等内外部因素，使得公司业绩预亏。在此背景下，公司部分资产出现减值迹象。根据《企业会计准则第8号——资产减 值》的相关规定，公司对存在减值迹象的资产进行减值测试，并基于测试结果计提相应的资产减值准备。 资料显示， 八一钢铁 成立于2000年，2022年在上交所主板上市，实控人为中国宝武钢铁集团有限公司。作为新疆地区唯一的钢铁上市公 司， 八一钢铁 专注于钢铁冶炼、轧制、加工及销售业务。 公司同日晚间披 ...

Core Viewpoint - The ETF market in China is experiencing robust growth in 2026, with a diverse range of new products being launched and a steady increase in scale, indicating a strong market potential and competitive landscape [2][4]. Group 1: New ETF Launches - As of January 24, 2026, a total of 17 new ETFs have been established, with an issuance scale nearing 10 billion yuan, accounting for 22.37% of new fund launches and 14.69% of the total issuance scale [2]. - The newly established ETFs cover various sectors including non-ferrous metals, chips, artificial intelligence, biotechnology, food, batteries, and public utilities [2]. Group 2: Market Growth Drivers - Industry experts are optimistic about the growth potential of the ETF market, driven by long-term capital inflows and evolving investor demands [5]. - Institutional investors, such as insurance companies, are increasingly seeking long-term allocations in the domestic equity market, while individual investors are becoming more accepting of passive index products due to their low fees and high transparency [5]. - There remains significant room for innovation in ETF products, particularly in niche sectors and strategies, as the demand for diversified investment portfolios continues to grow [5]. Group 3: Competitive Landscape - The ETF market is characterized by a concentration of leading firms, posing challenges for smaller fund companies. However, differentiation and refined operations are seen as key strategies for smaller firms to carve out a niche [7]. - Smaller fund companies are encouraged to focus on underrepresented sectors and themes where larger firms have not established a strong presence, thereby building expertise and brand influence [7][8]. - There is a need for smaller firms to innovate in product offerings, such as Smart Beta and ESG-focused ETFs, to meet the diverse asset allocation needs of investors [8]. Group 4: Challenges in the ETF Market - Despite growth opportunities, the ETF market faces challenges such as insufficient investor understanding and operational pressures on certain products [9]. - Some individual investors lack a deep understanding of ETFs, leading to impulsive trading behaviors, which can negatively impact their investment outcomes [9]. - Certain ETFs are experiencing issues with small scale and high operational costs, which can erode investor returns and affect trading efficiency due to low liquidity and high bid-ask spreads [9].