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].

【导读】证监会发布《关于推动不动产投资信托基金（ REITs ）市场高质量发展有关工作的 通知》 中国基金报记者 若晖 新年的钟声即将敲响，在 2025 年迎来大发展的公募 REITs 市场又迎来利好政策出炉。 12 月 31 日，证监会发布《关于推动不动产投资信托基金（ REITs ）市场高质量发展有关 工作的通知》（以下简称《通知》），同时出台《中国证监会关于推出商业不动产投资信托 基金试点的公告》。沪深交易所同步修订发布公募 REITs 业务规则，护航 REITs 市场高质量 发展。 业内对于《通知》中提到的 " 支持运营稳健、治理有效、信息披露质量较高的上市 REITs 通 过购入资产、扩募、合并等方式做优做强 " ，以及 " 支持符合条件的公募基金将 REITs 纳 入投资范围，研究探索跟踪 REITs 指数的交易型开放式指数基金（ REITs ETF ）等创新产 品 " 两个提法非常关注，有望打开明年 REITs 市场新的发展空间。 推动商业不动产 REITs 平稳健康发展 证监会在《通知》中指出，要深刻认识发展商业不动产 REITs 的重要意义。推动商业不动产 REITs 市场发展是资本市场落实 ...

【导读】中国银行浙江省分行党委书记、行长程军接受纪律审查和监察调查 中国基金报记者 忆山 12 月 31 日，中央纪委国家监委网站发布消息称，据中央纪委国家监委驻中国银行纪检监察 组、天津市纪委监委消息：中国银行浙江省分行党委书记、行长程军涉嫌严重违纪违法，目 前正接受中央纪委国家监委驻中国银行纪检监察组纪律审查和天津市监察委员会监察调查。 近期，程军还曾在相关活动中公开亮相。 12 月 18 日，中国民营经济国际合作商会发布消息 称，当日下午，中国银行浙江省分行行长程军等人在该商会常务会长单位桐昆调研。另有媒 体报道称， 12 月 23 日，程军等人在杭钢集团开展工作交流。 编辑：江右 校对：乔伊 制作：舰长 审核：陈思扬 版权声明 《中国基金报》对本平台所刊载的原创内容享有著作权，未经授权禁止转载，否则将追究法律责任。 授权转载合作联系人：于先生（电话：0755-82468670） 公开资料显示，程军，中共党员，高级经济师，拥有中国人民大学与英国曼彻斯特大学经济 学双硕士学位，英国皇家特许银行学会会士。 程军在中国银行系统任职多年，曾任中国银行总行国际结算部总经理，中国银行总行贸易金 融部总经理，中国银行 ...

Core Viewpoint - The article discusses the significant losses incurred by Shengyuan Environmental Protection due to its investment in a private equity product, which resulted in an 81% loss, leading to scrutiny of the company and its executives [2][4]. Group 1: Incident Overview - Shengyuan Environmental Protection invested 60 million yuan in a private equity product managed by Shenzhen Shenboxin Investment Management Co., which has seen a drastic decline in value [8]. - The latest unit net value of the fund was reported at 0.1846, reflecting a cumulative net value growth rate of -81.54%, resulting in a loss of approximately 46.92 million yuan, exceeding 10% of the company's most recent audited net profit [8]. Group 2: Responses from Stakeholders - The company stated that it had verified the situation by obtaining complete asset valuation reports and transaction details from the fund manager and custodian, revealing violations such as unauthorized trading and falsification of net value information [4]. - The custodian, China Merchants Securities, claimed it had fulfilled its responsibilities according to regulations and contracts, including account opening, clearing, valuation review, and investment supervision [4][5]. Group 3: Disclosure and Accountability - The responsibility for disclosing net value information lies with the fund manager, and the custodian was unaware of the authenticity of the net value reports received by investors until contacted [5][6]. - The custodian emphasized that it could not monitor commitments made between the fund manager and investors outside the fund contract [6].

【导读】证监会正式发布《公开募集证券投资基金销售费用管理规定》 中国基金报公募基金报道组 《规定》着重解决过往基金行业中存在的认申购费率水平相对偏高、赎回费收取机制设计复 杂、销售服务费缺乏有效规制等突出问题，共有 6 章 29 条，主要包括以下方面： 一是合理调降公募基金认申购费、销售服务费率水平。将主动偏股型基金、其他类型的混合 型基金、指数型基金和债券型基金的认申购费率上限分别调降至 0.8% 、 0.5% 、 0.3% 、 0.3% 。 二是简化赎回费收费安排，明确赎回费全部计入基金财产。 《规定》明确，将现行四档赎回费率安排简化成三档，并要求全部计入基金财产；同时，将 持有期超过 7 日（含）但少于 30 日的赎回费的收取标准由现行 0.75% 提高至 1% ，提高 资金短期交易成本，遏制 " 帮忙资金 " 现象。 三是明确对投资者持有期限超过一年的基金份额（货币市场基金除外），不再收取销售服务 费，鼓励长期持有。 公募基金行业费率改革，今日迎来里程碑式收官！ 2025 年 12 月 31 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》） 重磅修订并正式发布，自 2026 年 1 月 ...

Core Viewpoint - Tsinghua Design is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws [2][4]. Group 1: Investigation Details - On December 31, Tsinghua Design announced that it received a notice from the CSRC regarding the investigation due to suspected information disclosure violations [4]. - The company stated that all its business activities are currently operating normally and it will cooperate with the CSRC during the investigation [6]. Group 2: Accounting Errors and Corrections - Tsinghua Design has been subject to a quality inspection of its accounting information by the Ministry of Finance, which led to the discovery of accounting errors related to the understanding of accounting principles [8]. - The company identified issues involving fund occupation by a former director of its subsidiary, which contributed to the accounting discrepancies [8]. - Corrections have been made to previous accounting errors, and adjustments have been applied to the consolidated and parent company financial statements from 2020 to 2024 [8][9]. Group 3: Financial Impact - The adjustments resulted in significant changes to financial figures, including a reduction in asset impairment losses from approximately -603 million to about -259 million, and a change in net profit from approximately -438 million to about -94 million [10]. - Tsinghua Design confirmed that these corrections will not alter the profit or loss nature of previously disclosed annual financial statements [9]. Group 4: Company Overview - Tsinghua Design focuses on urban renewal, new urbanization construction, green buildings, and zero-carbon parks, providing integrated solutions around green building design and construction [10]. - As of December 31, the company's stock price was 13.85 CNY per share, with a total market capitalization of 2.41 billion CNY [11].

【导读】证监会就《上市公司董事会秘书监管规则（征求意见稿）》向社会公开征求意见 中国基金报记者 张舟 12 月 31 日，中国证监会就《上市公司董事会秘书监管规则（征求意见稿）》（以下简称 《规则》）向社会公开征求意见。意见反馈截止时间为 2026 年 1 月 30 日。 这是首部专门针对上市公司董秘群体的监管规则，通过进一步明确董秘职责范围、健全履职 保障、完善任职管理、强化责任追究，更好地规范上市公司董事会秘书履职行为，推动董秘 群体归位尽责，提升上市公司治理水平。 强化董秘履职效能 从起草背景看，根据《公司法》的规定，上市公司应设董事会秘书，董事会秘书是上市公司 的高级管理人员。实践中，董事会秘书在维护信息披露制度严肃性、促进上市公司内外部有 效沟通、提高上市公司规范运作水平等方面发挥了积极作用。 但是，董事会秘书也存在职责范围不清晰、履职能力不足、履职保障不充分等问题，影响履 职效果。为进一步提升董事会秘书履职水平，切实发挥董事会秘书制度对推动提高上市公司 质量的重要作用，中国证监会在总结实践的基础上，起草形成专门的监管规则。 3. 完善任职管理。提升董事会秘书任职的专业素养及合规要求，禁止可能有职责 ...

Market Overview - The Hong Kong stock market indices experienced slight declines on the last trading day of 2025, with the Hang Seng Index closing at 25,630.54 points, down 0.87% [2] - For the entire year, the Hang Seng Index rose by 27.77%, the Hang Seng Tech Index increased by 23.45%, and the Hang Seng China Enterprises Index gained 22.27%, marking the second consecutive year of upward trends for these indices [2] Sector Performance - Major technology stocks mostly declined, with JD.com and Alibaba both falling over 1% [4] - Internet healthcare stocks also saw declines, with JD Health, Ping An Good Doctor, and Alibaba Health each dropping more than 1% [4] - Automotive stocks weakened, with Li Auto down nearly 3% and BYD falling over 2% [4] - Conversely, airline stocks showed strong performance, with China Eastern Airlines rising nearly 5%, China Southern Airlines up over 4%, and Air China increasing more than 3% [5] New Stocks Performance - Newly listed stocks surged nearly 24% overall [6] - Specific stock performance included a notable increase of 23.88% for a stock that reached a high of 38.68 and a low of 30.48, with a total transaction volume of 345 million [7] Entertainment Sector - The entertainment sector saw gains, with DaMai Entertainment rising nearly 6%, China Star Group up nearly 5%, and Maoyan Entertainment increasing over 3% [12] - The total box office for the 2025 New Year season surpassed 5.245 billion yuan, marking the highest figure for the same period in nearly eight years, with a year-on-year increase of 76.35% in box office revenue [12]

中国基金报记者 泰勒 【导读】 铂力特：因涉嫌信息披露违法违规被证监会立案 兄弟们，商业航天概念板块又来利空，又一只牛股被立案调查。 铂力特：因涉嫌信息披露违法违规被中国证监会立案 12月31日晚间， 铂力特公告称，公司于2025年12月31日收到中国证监会下发的《立案告知书》，因公司涉嫌信息披露违法违规，中国证监 会决定对公司立案。目前公司各项生产经营活动正常开展，上述事项不会对公司经营和管理造成重大影响。立案调查期间，公司将积极配合 中国证监会的调查工作，并严格按照相关法律法规及监管要求及时履行信息披露义务。 铂力特12月18日在互动平台表示， 公司和凌空天行有合作。 公司 已深度参与九洲云箭发动机零件的研发生产 ，为客户提供全方位金属增材 制造服务。 公司3D产品已应用到火箭和卫星上 ，公司合作的客户有九州云箭、星际荣耀、星众空间、智星空间等，与Nasa以及SpaceX未 合作。 此外，铂力特还表示，在商业航天方面的客户数量已经超过30家，合作范围涵盖优化设计到技术咨询，从零件研制到设备、原材料配套等的 全方位支持。公司将持续研判商业航天客户需求，不断强化市场竞争力，深化与商业航天用户的合作。 有股民戏 ...