Group 1 - The article highlights the efforts of the Ministry of Public Security in combating cross-border telecom fraud, particularly focusing on the crackdown on criminal organizations involved in such activities [2] - Since October 2023, a special operation has been launched to target telecom fraud crimes originating from northern Myanmar, leading to the dismantling of major criminal groups known as the "Four Families" [2] - Key figures in the telecom fraud operations, such as She Zhijiang and Chen Zhi, have been apprehended and repatriated to China, with exclusive footage of these events being released for the first time [2]

Core Viewpoint - The release of the "Whistleblower Reward Work Regulations" by the China Securities Regulatory Commission (CSRC) and the Ministry of Finance aims to enhance the whistleblower system, promote a culture of accountability, and strengthen regulatory oversight in the securities and futures markets [2]. Summary by Sections Definition of Whistleblower - A "whistleblower" is defined as an individual or entity that is aware of securities and futures violations, possesses evidence, and is willing to take responsibility to protect investors' rights by reporting such violations to the CSRC [5]. Reward Conditions - The regulations have expanded the criteria for rewards, including serious cases that disrupt market order, threaten financial security, or infringe on investors' rights. The threshold for rewardable cases has increased from 100,000 yuan to 1 million yuan [6]. - The reward percentage has been raised from 1% to 3% of the penalties collected, with the maximum reward for significant violations increasing from 100,000 yuan to 500,000 yuan. For cases with nationwide impact or involving substantial amounts, the maximum reward has been unified to 1 million yuan [6]. Processing Requirements - The regulations establish strict processing requirements, ensuring fair handling, confidentiality, and protection of whistleblower rights. Specific channels for reporting and responsibilities for processing have been clarified [7]. - Whistleblowers can check the status of their reports through an online platform, but the processing units are not required to provide detailed feedback [7]. Protection Mechanisms - The identity of whistleblowers will be managed anonymously, and any use of their personal information for verification or reward purposes will require proper registration [7]. Supervision and Accountability - A mechanism for accountability has been established to address negligence or misconduct by staff handling whistleblower reports. Those failing to perform their duties or engaging in corruption may face legal consequences [8]. - The introduction of these regulations has been positively received, with stakeholders believing that they will encourage whistleblowers to report violations, thereby maintaining market order and promoting high-quality development in the capital markets [8].

Core Viewpoint - The article highlights a significant decline in deposit rates among small and medium-sized banks in China, with some three-month large-denomination certificates of deposit (CDs) dropping below 1%. This trend indicates a shift away from the "high-interest savings" era, prompting individual investors to rethink their investment strategies towards diversified asset allocation rather than solely pursuing high interest rates [2][10][11]. Summary by Sections Deposit Rate Changes - Several small and medium-sized banks have begun to lower their deposit rates, with Anhui Xin'an Bank reducing its two-year fixed deposit rate by 10 basis points to 2.25% and Puyang Zhongyuan Village Bank cutting rates by 30 basis points across various terms [4]. - As of January 8, over 30 banks announced the issuance of large-denomination CDs for 2026, with most having terms of one year or less. Notably, some rural commercial banks have seen their three-month CD rates fall below 1%, such as Mengla Rural Commercial Bank offering a rate of 0.93% [4][5][6]. Market Trends and Implications - The decline in deposit rates is attributed to a combination of factors, including a shrinking net interest margin for banks and the need to support the real economy by lowering funding costs [10][11]. - The overall net interest margin for commercial banks was reported at 1.42% as of Q3 2025, with large banks at 1.31%, indicating a challenging environment for maintaining profitability [10]. Investor Guidance - Investors are advised to adapt their financial strategies in response to the changing landscape. The focus should shift from seeking absolute high interest to constructing optimal risk-return portfolios [10][12]. - Specific recommendations include accepting a new standard of "stable returns," embracing "fixed income plus" products for higher returns with manageable volatility, and utilizing dollar-cost averaging for long-term investments in high-dividend assets or broad market indices [11][12].

Core Viewpoint - Luzhou Laojiao plans to distribute a cash dividend of 13.58 yuan (including tax) for every 10 shares, totaling approximately 2 billion yuan (including tax) [2] Group 1: Dividend Distribution - For the first three quarters of 2025, Luzhou Laojiao achieved a net profit attributable to shareholders of 10.762 billion yuan, resulting in a cash dividend rate of approximately 18.58% for this mid-term distribution [5] - This mid-term dividend aligns with the company's 2024-2026 shareholder dividend return plan, which stipulates that the total cash dividend for each year must account for no less than 65%, 70%, and 75% of the annual net profit attributable to shareholders, with a minimum of 8.5 billion yuan (including tax) each year [5] - Luzhou Laojiao has maintained a cash dividend rate above 60% in recent years, with a cumulative cash dividend of 54.058 billion yuan since its listing in 1994 [6] Group 2: Industry Context - In the context of a deep adjustment in the liquor industry, many companies, including Luzhou Laojiao, have introduced high dividend plans to respond to regulatory calls and enhance market value management [6] - Other leading companies like Kweichow Moutai and Wuliangye have also announced cash dividend return plans, with Moutai committing to distribute no less than 75% of its annual net profit and Wuliangye committing to at least 70% and a minimum of 20 billion yuan (including tax) [6] - As of January 9, 2025, Luzhou Laojiao's stock price was 116.86 yuan per share, with a market capitalization of 172 billion yuan and a rolling dividend yield of 5.36% [7]

■ 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： 新华社微博 2026年1月9日，针对网民在网络平台反映"锦山第三小学的冬季校服夹层中发现薄膜状物 质"的问题， 喀喇沁旗委、旗政府高度重视，已经成立联合调查组，开展调查处置工作。后续 情况将及时向社会发布。 les & FR 点击下载中国基金报客户端 ...

les & FR 点击下载中国基金报客户端 来源： 《中国纪检监察报》、政事儿 《中国纪检监察报》1月10日消息， 由中央纪委国家监委宣传部与中央广播电视总台央视联 合摄制的电视专题片《一步不停歇 半步不退让》， 将于1月11日至14日在中央广播电视总台 央视综合频道晚八点档播出，央视新闻新媒体平台同步播发。 反腐败是最彻底的自我革命。新时代新征程，以习近平同志为核心的党中央以自我革命的高 度自觉，以"得罪千百人、不负十四亿"的使命担当，推进全面从严治党和反腐败斗争。专题 片充分展现纪检监察机关始终保持永远在路上的坚韧执着，坚守以人民为中心的价值取向， 持续推进党风廉政建设和反腐败斗争，坚持风腐同查同治，深化整治群众身边不正之风和腐 败问题，严惩政商勾连腐败，坚决清除"围猎"这一政治生态污染源，以科技赋能正风反腐， 着力铲除腐败滋生的土壤和条件，不断推动纪检监察工作高质量发展取得新进展新成效。 专题片选取了12个案例，共四集，分别为《纠风治乱为民》、《严惩政商勾连腐败》、《清 理"围猎"污染源》、《科技赋能反腐》，生动反映纪检监察机关一步不停歇、半步不退让， 一体推进不敢腐、不能腐、不想腐，坚决打好反腐败斗争 ...

据新华社援引 朝中社10日报道，朝鲜人民军总参谋部发言人9日发表声明说，继2024年10月 制造平壤上空无人机入侵事件后， 韩国在新年伊始放飞无人机入侵朝鲜领空，再次进行严重 挑衅。 来源：新华社 ...

大家好，今天是周六，一起聚焦海外市场最新收盘表现与本周整体走势。 美东时间 1 月 9 日周五收盘，美国股市集体 收 涨，道指、标普 500 指数创收盘新高，热门 科技股普涨，中概股涨跌不一。 受美联储降息预期以及加剧避险需求的地缘政治紧张局势提振，本周国际贵金属期货普遍收 涨。 【导读】美股集体收涨，芯片股普涨，中概股涨跌不一； 交易员预计 1 月美联储降息可能性 为零 中国基金报记者 张舟 来看具体市场情况 —— 美国三大股指全线收涨 芯片股大涨 昨夜今晨，美股三大股指全线收涨。截至收盘，道琼斯工业平均指数涨 0.48% ，报 49504.07 点；标普 500 指数涨 0.65% ，报 6966.28 点；纳斯达克综合指数涨 0.81% ， 报 23671.35 点。 从周度表现看，三大指数集体上涨。其中，纳指累涨 1.88% ，道指累涨 2.32% ，标普 500 指数累涨 1.57% 。 板块方面，昨夜今晨美股大型科技股多数上涨，万得美国科技七巨头指数涨 0.48% 。 个股方面，特斯拉涨超 2%，Meta 涨逾 1% ，谷歌、亚马逊、微软、苹果微涨。 谷歌股价创历史新高，市值一度突破 4 万亿美元 ...

Core Viewpoint - The article highlights the performance and investment strategies of two equity funds under Tongtai Fund, which have maintained high stock positions and focused on sectors related to new productive forces, such as computing power, semiconductors, and controllable nuclear fusion [2][4][11]. Group 1: Fund Performance - On January 9, Tongtai Fund's two equity funds released their Q4 2025 reports, marking them as the first public funds to disclose such information [2][4]. - Both funds experienced significant growth in scale due to net value increases, with the Tongtai Digital Economy Fund's stock value accounting for 93.42% of its total assets, remaining stable compared to the previous quarter [8][9]. - The Tongtai New Energy Preferred Fund's stock position was 88.39%, a decrease of nearly three percentage points from the previous quarter, but it saw a nearly 90% increase in scale due to net inflows and rising net value [9]. Group 2: Investment Strategies - The Tongtai Digital Economy Fund continues to focus on the big technology sector, with its top ten holdings concentrated in core technology areas such as optical devices, computing chips, and semiconductor equipment [4][11]. - The fund manager, Chen Zongchao, emphasizes that technology innovation and new productive forces are key investment opportunities, predicting that AI-driven industrial transformation will be the core structural opportunity in the market for 2026 [10][11]. - The Tongtai New Energy Preferred Fund is focused on the controllable nuclear fusion sector, which is seen as a potential ultimate energy solution due to its abundant fuel, low emissions, and high safety [12].

【导读】陕国投披露业绩快报 中国基金报记者 江右 信托行业 2025 年首家业绩披露， A 股上市的陕国投 A 率先发布。 陕国投业绩快报显示， 2025 年营业收入为 29.28 亿元，同比增长 0.03% ，略微保持了正 增长；归母净利润为 14.39 亿元，同比增长 5.7% 。 为实体经济让利，营收仅微增长 1 月 9 日晚间，陕国投率先发布 2025 年业绩快报。 2025 年营业收入为 29.28 亿元，同 比增长 0.03% ；归母净利润为 14.39 亿元，同比增长 5.7% 。 2025 年的加权平均净资产 收益率为 7.82% ，相比 2024 年增加 0.05 个百分点。 相比而言， 2025 年前三季度，陕国投的营业收入为 21.61 亿元，同比增长 7.18% 。这意 味着，陕国投 2025 年四季度营收同比有所下降。 对于 2025 年的业绩表现，陕国投表示，公司积极落实为实体经济让利的相关政策，主动降 低融资成本，营业收入总体保持平稳；净利润增长的主要原因是固有业务投资成效进一步显 现，风险防控成效良好，整体运行平稳。 陕国投表示， 2025 年末，公司总资产达 297.5 亿元 ...