【导读】思维列控实控人正在筹划重大事项，可能导致控制权发生变更 中国基金报记者 夏天 上市十年后， 思 维 列控（证券代码： 603508 ）拟易主。 12 月 29 日盘前， 思 维列 控 公告称， 12 月 28 日收到公司控股股东、实控人 李欣、郭 洁、王卫平 的通知，其正在筹划重大事项，该事项可能导致公司控制权发生变更。 鉴于该事项仍处于洽谈阶段，尚存在不确定性，为保证公平信息披露，经申请， 公司股票自 12 月 29 日（星期一）开市起停牌，预计停牌时间不超过 2 个交易日。 中国基金报问讯 更快 更准 更有料 | 人放不明年 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 时间范围 | | | | | | | 14时间排序 | [m aH@lexcel | | 2025年三季报 | | | | | | | | 查看图形 | | 股东名称 | 股东性质 | 期末参考市值 (亿元) | 持股数量(股) | 持股比例 (%) | 较上期持股变 动数(股) | 持股比例变动 (%) | 股本性质 | 相 ...

【导读】 12 月 26 日股票 ETF 净流入超 100 亿元 中国基金报记者 王思文 12 月 26 日， A 股三大股指集体收涨，沪指实现日线八连阳，两市成交额显著放量。在市场震荡上扬之时，股票 ETF 单日净流入 103.71 亿元。多数宽基 ETF 获资金青睐，中证 1000 、中证 500 、沪深 300 、上证 50 、中证 A500等指数 ETF 均获大举加仓，而国 防军工ETF和黄金 ETF 净流出金额居前。 宽基 ETF 获大举加仓 Wind 数据显示，截至 12 月 26 日，全市场 1284 只股票 ETF （含跨境 ETF ）总规模为 4.79 万亿元。若按照区间成交均价测算， 12 月 26 日股票 ETF 整体净流入资金为 103.71 亿元。 从大类型来看， 12 月 26 日，宽基 ETF 净流入金额居前，达 123.06 亿元。 具体来看，中证 1000 指数ETF单日净流入居前，达 30.5 亿元。单只 ETF 方面， 南方基金旗下中证 1000ETF 单日净流入达 16.92 亿 元；华夏基金旗下 中证 1000ETF 单日净流入 8.42 亿元，最新规模达 500.1 ...

Core Viewpoint - The article emphasizes the significance of the ChiNext Composite ETF as a tool for investors to tap into the growth of China's high-tech enterprises, particularly in the context of the "Three Innovations and Four New" strategy, which focuses on innovation and growth in the technology sector [1][4]. Group 1: Index Performance and Characteristics - The ChiNext Composite Index has shown varied performance over the past five years, with annual returns of 47.85%, 17.93%, -26.77%, -5.41%, and 9.63%, culminating in a total increase of 285.9% since its inception [3]. - The ChiNext Composite Index is designed to reflect the price changes of all stocks listed on the ChiNext that are not ST or *ST, and have an ESG rating above C, providing a comprehensive performance benchmark with over 1,300 constituent stocks [7][8]. Group 2: Market Trends and Structural Changes - Since its inception in October 2009, the ChiNext has played a crucial role in financing innovative and high-growth SMEs, effectively integrating technology and capital to foster a robust innovation ecosystem in China [4]. - The ChiNext has undergone continuous reforms since the registration system was initiated in 2020, enhancing its service capabilities for technology innovation and strategic emerging industries, with new listing standards implemented in February 2023 [5]. Group 3: Investment Opportunities - For investors looking to benefit from the growth of innovative enterprises in China, focusing on the ChiNext broad-based indices, such as the ChiNext Index, ChiNext 50 Index, and ChiNext Composite Index, presents a promising investment opportunity [7]. - The ChiNext Composite Index, with an average market capitalization of approximately 13 billion yuan, is more representative of smaller companies compared to the ChiNext Index and ChiNext 50 Index, which have average market capitalizations of about 90 billion yuan and 140 billion yuan, respectively [8]. Group 4: Future Outlook - The West China Gain ChiNext Composite ETF is highlighted as a liquid option for investors seeking to comprehensively invest in the ChiNext, with the fund management committed to enhancing product management and increasing market attention on the ChiNext Composite Index [9].

Core Viewpoint - The article discusses the significant volatility of the Guotou Silver LOF fund after its resumption of trading, highlighting rapid price fluctuations and the impact of market sentiment on its performance [2][5]. Market Performance - On December 29, after resuming trading, Guotou Silver LOF experienced a sharp drop to the daily limit before quickly rebounding, nearing the upper limit within about twenty minutes. By midday, the market price was 2.746 yuan, reflecting an increase of 8.8% with a premium rate of 34.06% [2][3]. - The fund's circulation shares surged significantly, with over 100 million shares added on December 24 and 25 alone, bringing the total circulation to over 2.96 billion shares and a circulation scale exceeding 6 billion yuan, marking an increase of over 2.4 billion yuan since the beginning of the month [5]. Price Fluctuations - The fund's market price exhibited extreme volatility, with a premium rate climbing to 68.16% from December 22 to 24, followed by a drop to below 30% from December 25 to 26 due to consecutive trading halts [5]. - The net asset value of the fund was significantly higher than its market price, prompting the fund manager to issue multiple risk warnings and implement trading restrictions to cool down the market [5][6]. Regulatory Actions - Guotou Ruibin Fund has reduced the daily subscription limit for Class A shares from 500 yuan to 100 yuan and suspended subscriptions for Class C shares, indicating a tightening of access to the fund amid rising speculative interest [6]. - The fund has issued 17 risk warnings or announcements related to trading halts since December 2, emphasizing the risks associated with high premium rates and market volatility [5]. Market Sentiment and Risks - The influx of speculative capital into the fund reflects a distortion in pricing due to a combination of unique product mechanisms and heightened market emotions, which may not align with fundamental values [6][7]. - Experts warn that while the current market conditions may appear as opportunities for ordinary investors, they carry significant risks, particularly with the potential for sharp declines in silver prices and rapid changes in premium rates [7].

Core Viewpoint - The article discusses the accountability measures taken by the Shanghai municipal government in response to environmental issues identified during the third round of central ecological environment protection inspections, emphasizing the importance of strict adherence to regulations and the need for systemic improvements in environmental governance [2][18]. Group 1: Accountability Measures - The Shanghai municipal government has established a leadership group to oversee the accountability process for environmental damage issues identified by the central inspection team, ensuring thorough investigations and adherence to legal and regulatory frameworks [2][3]. - A total of 7 party organizations and 150 individuals have been held accountable, including 8 bureau-level officials and 60 department-level officials, with various disciplinary actions taken, including party disciplinary sanctions and public reprimands [4][6]. Group 2: Environmental Issues Identified - Significant issues were reported regarding inadequate sewage collection and treatment, with 15 sewage treatment plants in the city having biochemical oxygen demand levels below 100 mg/L, leading to water quality deterioration in several rivers [4][6]. - The improper disposal of construction waste has become a prevalent issue, with numerous illegal dumping incidents reported, highlighting deficiencies in planning and regulatory enforcement [7][8]. - Illegal deforestation and inadequate protection of public forests were noted, with 757 acres of public forest destroyed since 2019, indicating a lack of effective oversight by forestry authorities [9][12]. Group 3: Air Quality Management - The article highlights shortcomings in air pollution control efforts, with several districts failing to implement effective measures, leading to fluctuations in air quality and instances of non-compliance with vehicle emissions standards [14][16]. - Violations by vehicle inspection and maintenance facilities were reported, including the issuance of false inspection reports for heavy diesel vehicles, which undermines the integrity of pollution control efforts [14][16].

来源： 新华社 在总结十年研发试点经验基础上，中国人民银行出台了《关于进一步加强数字人民币管理服 务体系和相关金融基础设施建设的行动方案》。根据制度安排， 客户在商业银行钱包中的数 字人民币是以账户为基础的商业银行负债，标志着数字人民币由现金型1.0版进入存款货币型 2.0版。 新华社消息，记者12月29日从中国人民银行获悉，新一代数字人民币计量框架、管理体系、 运行机制和生态体系将于2026年1月1日正式启动实施。 数字人民币将从数字现金时代迈入 数字存款货币时代 。这意味着数字人民币迎来重大调整。 ...

Core Viewpoint - The article discusses the undisclosed agreements and potential changes in control at ST Yinjing, highlighting regulatory actions taken against its major shareholder and the implications for corporate governance [2][4][11]. Group 1: Regulatory Actions - On December 16, the Zhejiang Securities Regulatory Bureau and the Shenzhen Stock Exchange issued warning letters to ST Yinjing's major shareholder, Yinjing Group, and its actual controller, Wang Hui, for failing to disclose several agreements related to voting rights and control [2][4]. - The undisclosed agreements include a cooperation framework agreement and a voting rights delegation agreement, which raise questions about potential changes in actual control [2][4]. Group 2: Financial Agreements - Yinjing Group entered into a loan agreement with Shanghai Yuanzhuo, which included a provision for delegating voting rights of 10.3% of ST Yinjing's shares to Shanghai Yuanzhuo in exchange for financial support to resolve fund occupation issues [4][5]. - A subsequent memorandum stipulated that the voting rights would be delegated based on the actual loan amount, with governance structure changes proposed for the board of directors [5][6]. Group 3: Governance and Disclosure Issues - Board member Peng Xiaoyong raised concerns about the board's failure to disclose the agreements, asserting that the actual control of the company is uncertain and should have been communicated to investors [8][9]. - Despite Peng's submission of the undisclosed agreements to the board, ST Yinjing has not yet made this information public, which raises questions about the board's independence and compliance with disclosure obligations [9][11]. Group 4: Board Restructuring - On December 16, ST Yinjing announced a board restructuring process, nominating candidates for the seventh board of directors, despite ongoing disputes regarding control and governance [13][14]. - Board members Peng Xiaoyong and Cai Yang opposed the restructuring, citing the lack of disclosure regarding the voting rights agreements and the potential infringement on the interests of related parties [14][15].

【导读】五大私募展望 2026 年债市投资机会 中国基金报记者 刘明 站在 2025 年年末，如何看待 2025 年债市变化？ 2026 年债券市场有哪些投资机会？为回 答上述问题，中国基金报采访了多家知名私募投研掌门人。受访私募机构人士包括银叶投资 首席投资官许巳阳，万柏基金创始合伙人、总经理范强华，安佑基金执行董事兼总经理何玉 涛，恒立基金创始人、总经理潘焕焕，以及宁水资本研究总监陈昭斌。 受访私募主要观点如下： 银叶投资首席投资官许巳阳： 2026 年，预计难以看到利率单边下行趋势，长端利率继续宽 幅震荡，长债有阶段性上行风险。利率债市场更看好中短端利率品种表现， 12 月中央经济工 作会议定调货币政策将继续保持适度宽松，有助于短端资产的平稳表现。 万柏基金创始合伙人、总经理范强华： 2026 年，重点看好以下三类品种：一是中短端高等 级信用债，是组合的 " 压舱石 " 。二是转债市场的结构性机遇，部分具备强基本面支撑的偏 债型转债展现出极佳的 " 债底 + 期权 " 属性。三是中资点心债。 安佑基金执行董事兼总经理何玉涛： 2026 年将延续 " 股牛 + 债不熊 " 格局：债市依然 " 上有顶、下有 ...

Core Viewpoint - The new fund issuance in the last week of 2025 saw a decrease, with only 8 new funds launched, all of which are "equity" products, indicating a continued focus on equity funds despite a turbulent market environment [2][5]. Fund Issuance Overview - In the week of December 29 to December 31, only 8 new funds were launched, marking a decline in the number of new fund issuances [2][3]. - The issuance was concentrated on December 29, with 4 funds starting their subscription, while December 30 and 31 saw 2 funds each [4]. - The longest subscription period was for the Qianhai Kaiyuan Xinghe fund, lasting around 3 months, while some funds had a subscription period as short as 1 day [4]. Fund Types and Focus - All 8 new funds are categorized as "equity" products, with 2 being mixed secondary bond funds and the rest being equity funds [6]. - Among the new funds, 4 are index equity funds tracking specific industry indices, focusing on sectors like semiconductor and artificial intelligence [7]. - The active equity funds include the Dachen Hong Kong Stock Hengxin, a QDII mixed fund targeting the Hong Kong market, and the Shanzheng Asset Management Digital Economy fund, focusing on the digital economy sector [7]. Bond Market Trends - The bond market's profitability has weakened, leading to a continued decline in bond fund issuances; however, "fixed income +" funds are still being introduced [8]. - This week saw the launch of 2 mixed secondary bond funds, indicating some activity in the bond fund space despite the overall downturn [8].

On December 29, the PLA Eastern Theater Command employed destroyers, frigates, fighters and bombers to conduct drills in the waters and airspace to the east of the Taiwan Strait, focusing on subjects of assault on maritime targets, seizure of regional air superiority as well as submarine hunting and anti-submarine operations. The drills tested capabilities of sea-air coordination and of precise target hunting and neutralization. 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 ...