土耳其宣布对中国公民免签 来源：新华社 土耳其政府12月31日宣布，自2026年1月2日起，对持普通护照的中华人民共和国公 民实施免签入境政策。 根据官方公报，土耳其总统埃尔多安签署总统令，决定自2026年1月2日起，持普通护 照的中华人民共和国公民可享受旅游和过境免签待遇，在任何180天内累计停留时间最 多为90天。 突 发！美 军 发 动 袭 击 ...

美军称在东太平洋袭击一艘"涉毒恐怖组织船只" 致2人死亡 当地时间12月29日，美国南方司令部表示，在国防部长指示下，美军"南方之矛"联合特遣部 队在国际水域对一艘"由指定恐怖组织操控的船只"实施打击。 美方称，情报确认该船只沿东太平洋已知毒品走私航线航行，并直接参与毒品贩运活动。行 动中，两名男性"毒品恐怖分子"被打死，美军无人员伤亡。此次行动隶属"打击跨国贩毒与恐 来源：央视新闻 美军方称袭击三艘"贩毒船"致至少3人死亡 当地时间2025年12月31日，美国南方司令部表示，"南方之矛"联合特遣部队在美国防部长 赫格塞思指挥下， 于12月30日对三艘"贩毒船"进行了动能打击 ，这些船只由指定"恐怖组 织"在国际水域运营。 南方司令部称，情报证实，这些船只正在沿着已知的毒品贩运路线过境，在袭击发生前，三 艘船只之间进行了毒品转移，3名"毒品恐怖分子"被击毙。随后南方司令部立即通知美国海岸 警卫队启动搜救系统。 近期，美国以"缉毒"为由，在委内瑞拉附近加勒比海域部署多艘军舰，并于2025年11月13 日宣布发起"南方之矛"军事行动，对委施压。然而，美国政府并未披露任何可以证明其攻击 目标涉毒的证据。 美国缉毒署 ...

【导读】白银暴跌！美股指收跌为 2025 画句号；库克出手增持，耐克股价大涨；离岸人民币盘中再创 15 个月新高 白银暴跌 12月31日， 贵金属全线回调。纽约期金跌超1%， 纽约期银更是大跌8.91%，伦敦白银现货价格大跌6.08% ，铂、钯均大跌。 中国基金报记者 伊万 美东时间 12 月 31 日，美股 2025 年最后一个交易日交投清淡，三大指数在收跌中为 2025 年画上句号。 截至收盘，道指跌 0.63% ，报 48063.29 点；标普 500 指数跌 0.74% ，报 6845.5 点；纳指跌 0.76% ，报 23241.99 点，均录得 四连跌。拉长时间来看， 2025 年全年，道指涨 12.97% ，标普 500 指数涨 16.39% ，纳指涨 20.36% ，均录得年线三连涨。 花旗集团美国股票策略主管斯科特 · 克罗内特认为，当前市场正处于 " 繁荣期 " 而非 " 泡沫期 " 。展望新的一年，他基于强劲的盈利 预期和即将出现的行业板块扩散态势，对市场前景保持乐观。 消息面上，当地时间 2025 年 12 月 31 日，著名投资人沃伦 · 巴菲特正式退休，卸任伯克希尔 · 哈撒韦首席 ...

新年好！ 2026年1月1日，元旦 一元复始，万象更新 让我们如骏马奔腾，共赴崭新航程！ ...

Group 1 - Chinese concept stocks experienced a significant drop, with the index falling by 1.4% on December 31, 2023, while major U.S. indices also saw slight declines [2][4][5] - NIO, Xpeng Motors, and Li Auto were among the hardest hit, with NIO's stock price dropping nearly 10% [5][6] - The anticipated year-end rally in U.S. stocks, often referred to as the "Santa Rally," has not materialized, attributed to traders delaying major decisions during the holiday season [8] Group 2 - Analysts expect the S&P 500 index to achieve double-digit growth in 2026, but there are concerns about prolonged market fluctuations until corporate earnings catch up with high valuations [9] - The AI sector has been a significant driver of market performance over the past three years, with the S&P 500 rising by 24% in 2023 and 23% in 2024, although performance among major tech companies has started to diverge [9] - Precious metals, including gold and silver, have seen price declines as investors take profits after a historically strong year, compounded by increased margin requirements from CME Group [10][11]

Core Viewpoint - The competition landscape for IPO underwriting in the A-share market has solidified, with leading brokerages maintaining a stronghold while smaller firms carve out niches in specific segments [1] Group 1: IPO Underwriting Landscape - The top five brokerages accounted for approximately 50% of the total IPO underwriting in 2025, indicating a high concentration in the industry [1] - The leading brokerages in IPO underwriting for 2025 are Guotai Junan (19), CITIC Securities (17), CITIC Jianou (12), China Merchants Securities (10), and Huatai United (9) [1] Group 2: Science and Innovation Board - The Science and Innovation Board (STAR Market) raised a total of 633.71 billion yuan, nearly half of the total IPO fundraising for the year, highlighting its significance for financing technology and emerging industries [2] - CITIC Securities led the STAR Market with an underwriting scale of 168.95 billion yuan, capturing a market share of 44.64% [2] - Notable projects such as Moore Threads contributed significantly to CITIC Securities' underwriting scale, while Huatai United's project with Muxi Co. accounted for 92% of its STAR Market underwriting [2] Group 3: Growth in Other Markets - In the Growth Enterprise Market (GEM), Guotai Junan and China Merchants Securities showed a strong advantage, followed closely by CITIC Securities, Shenwan Hongyuan, and CICC [4] - The top five brokerages for GEM IPO underwriting in 2025 were Guotai Junan (6), China Merchants Securities (4), CITIC Securities (3), Shenwan Hongyuan (3), and CICC (2) [4] Group 4: North Exchange Market - The North Exchange Market continued to focus on serving innovative small and medium-sized enterprises, with the top five brokerages being China Merchants Securities, Huatai United, Dongfang Securities, Guotou Securities, and Guojin Securities [6] Group 5: Regulatory Environment - The China Securities Association's evaluation of securities firms' investment banking quality in 2025 showed that 12 firms received an A rating, with five firms maintaining this rating for two consecutive years, indicating stable business quality management [7] - The shift of over half of last year's A-rated firms to B or C ratings reflects the dynamic optimization of the evaluation system and the ongoing trend of strict regulation and compliance in the securities industry [7] Group 6: Outlook for 2026 - The IPO market is expected to remain active in 2026, with a steady growth pace and structural optimization, particularly in the dual innovation sector [9] - Hard technology companies in fields such as semiconductors, artificial intelligence, quantum computing, commercial aerospace, and biomedicine are anticipated to increase their presence in the capital market [9] - The competition among brokerages is expected to intensify, with a focus on serving technological innovation and industrial upgrades, as well as the evolving competitive landscape between leading firms and niche players [9]

les & FR 点击下载中国基金报客户端 来源： CCTV国际时讯 "星链"卫星曾两次危险抵近中国空间站 当地时间12月29日，中国代表在低地球轨道卫星问题安理会阿里亚模式会议上发言时 表示，个别国家的商业卫星星座肆意扩张，缺乏有效监管，带来显著安全挑战。以 "星链"为例，"星链"在轨卫星超1万颗，曾两次迫近中国空间站致紧急避碰，近期一颗 解体产生100多枚碎片，严重威胁缺乏控轨能力的发展中国家航天器。此外，一些低轨 卫星星座无视相关国家法律规定，在他国上空和边界私自开通信号服务，成为干预他 国内政的工具。在非洲萨赫勒、南亚及东南亚地区，"星链"被暴恐分子、分离势力以 及电诈集团大量使用，带来监管和执法难题。 中国代表呼吁相关国家切实遵守《外空条约》义务，对本国商业航天活动加强监管。 ■ 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 C ...

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Group 1 - Blue Arrow Aerospace has changed its IPO review status to "accepted" on the Sci-Tech Innovation Board, aiming to become the "first commercial aerospace stock" in China [2][4][7] - The company is currently in a loss-making state and plans to raise 7.5 billion yuan through its IPO [5] - The Sci-Tech Innovation Board has expanded the applicability of its fifth set of standards to support companies in cutting-edge technology fields, including commercial aerospace [5] Group 2 - Established in 2015, Blue Arrow Aerospace is one of the leading private aerospace companies in China, focusing on the research and operation of medium to large launch vehicles using liquid oxygen and methane propellants [8] - The company has developed the Zhuque-2 series, which is the first liquid-fueled rocket in China's private commercial aerospace sector to enter mass production and commercial use [8] - The funds raised from the IPO will be used entirely for projects aimed at enhancing the production capacity and technology of reusable rockets [8]

Core Viewpoint - The article highlights the remarkable performance of the Yongying Technology Smart Selection Fund, managed by Ren Jie, which achieved a unit net value growth rate of 233.29%, making it the top-performing fund in the market for 2025 and setting a new record for annual returns in public funds [2][4]. Fund Performance and Structure - The Yongying Technology Smart Selection Fund was established on October 30, 2024, and had a scale of 11.521 billion yuan by the end of Q3 2025, with 91.59% of its total assets invested in stocks [4]. - The fund's top ten holdings are concentrated in the global cloud computing industry, covering key areas such as optical communication and PCB, indicating a clear investment style with high industry concentration [4]. Investment Philosophy - Ren Jie emphasizes that the foundation of the current market rally is more solid than in the past, driven by internal changes in the Chinese economy, with new productive forces becoming a new engine for economic growth [5][12]. - The core of investment lies in capturing "changes," which are reflected in performance and valuation changes, with a focus on long-term industry and company evolution rather than short-term market emotions [9][10]. Research and Strategy - Ren Jie's investment approach is characterized by deep research and a focus on industry trends rather than traditional sector classifications, allowing for a better understanding of cross-industry opportunities [8][9]. - The investment strategy includes dynamic adjustments based on market conditions, valuation levels, and industry signals, aiming to participate fully in uptrends while effectively managing drawdowns during corrections [9][10]. Future Outlook - The global cloud computing industry is expected to remain a key area of focus, with AI models seeing increased value and potential adjustments in business models, indicating a robust growth trajectory [13][14]. - The domestic computing power industry is anticipated to develop significantly by 2026, with a focus on the alignment of models and computing architectures, creating more opportunities within the industry chain [14]. Investment Recommendations - Investors are advised to prioritize risk control before making investment decisions, as 90% of risk management occurs prior to investment actions [17]. - A diversified investment approach is recommended to mitigate risks associated with high-volatility products, and investors should avoid attempting to predict short-term market fluctuations [17].