Core Viewpoint - The article discusses the release of measures by Beijing to promote the development and utilization of commercial satellite remote sensing data resources from 2026 to 2030, aiming to enhance the satellite application service innovation landscape and support national strategic development [1][3]. Group 1: Strengthening Basic Capability Construction - The measures emphasize the importance of building a strong market and technical support for the satellite data industry, encouraging the development of differentiated commercial satellite constellations and enhancing the efficiency of remote sensing data utilization [3][6]. - Companies are encouraged to engage in mergers and acquisitions to integrate the satellite data application service industry chain, aiming to create globally competitive leading enterprises [6]. - Support will be provided for projects that meet specific criteria, including financial backing for space infrastructure development [6]. Group 2: Enhancing Common Support Capability - The measures aim to standardize and integrate the processing and sharing of diverse remote sensing data, breaking down data silos to improve overall utilization efficiency [4][7]. - The establishment of multi-source satellite big data platforms is encouraged to create a comprehensive data resource system, facilitating the development of satellite data processing algorithms and models [8]. Group 3: Strengthening Technological Innovation Capability - The focus is on enhancing the technological innovation capabilities related to remote sensing data, promoting breakthroughs in key technologies and supporting the establishment of innovation platforms [9][10]. - Funding support will be provided for units engaged in technology research and development, particularly in areas such as agile data acquisition and intelligent interpretation [9]. Group 4: Optimizing the Development and Utilization Environment - The measures promote the assetization of satellite data, encouraging companies to manage data assets effectively and participate in data registration and circulation [10][11]. - Collaboration between government departments and various entities is encouraged to enhance data sharing and cooperation in the field of satellite remote sensing [10]. Group 5: Expanding Application Scenarios - The article highlights the importance of leveraging artificial intelligence to expand industry-specific applications of remote sensing data, aiming to convert data into practical productivity [13][14]. - Support will be provided for enterprises to create innovative application cases in key industries, enhancing the scale and depth of remote sensing data applications [14]. Group 6: Guarantee Measures - The measures emphasize the need for coordination with national policies and plans, encouraging financial support for quality projects in remote sensing data resources [14]. - Talent cultivation in satellite data governance is prioritized, with a focus on integrating education and training to develop skilled professionals in the field [14].

来源：国防部网站 中央政治局委员、中央军委副主席张又侠，中央军委委员、中央军委联合参谋部参谋长刘振 立涉嫌严重违纪违法，经党中央研究，决定对张又侠、刘振立立案审查调查。 网站截图 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 ...

Core Viewpoint - Yanghe Co., Ltd. announced a cash dividend return plan for the years 2025 to 2027, committing to a total cash dividend amount of no less than 100% of the annual net profit attributable to shareholders [2][10]. Financial Performance - For the year 2025, Yanghe Co., Ltd. expects a net profit attributable to shareholders of 2.116 billion to 2.524 billion yuan, representing a year-on-year decline of 62.18% to 68.30% [6][7]. - The net profit after deducting non-recurring gains and losses is projected to be between 1.853 billion and 2.261 billion yuan, reflecting a decrease of 66.92% to 72.89% compared to the previous year [7]. - Basic earnings per share are estimated to be between 1.4045 yuan and 1.6752 yuan, down from 4.4299 yuan in the same period last year [7]. Market Challenges - The white liquor industry is undergoing a deep adjustment period, with intensified competition and challenges such as reduced market demand, weakened brand momentum, increased channel inventory, and declining channel profits [7]. - The company plans to focus on inventory reduction, price stabilization, and enhancing brand momentum in its marketing efforts for 2025, which will significantly impact current profitability [7]. Cash Dividend Plan - The cash dividend return plan for 2025 to 2027 differs significantly from the previous plan for 2024 to 2026, which stipulated a minimum cash dividend of 70% of the annual net profit and at least 7 billion yuan [11]. - The adjustment in the cash dividend plan is likely due to the anticipated performance challenges in 2025, which would make adhering to the previous plan burdensome for the company [11]. Management Changes - Yanghe Co., Ltd. announced the resignation of its Vice Chairman and President, Zhong Yu, due to retirement, after over 10 years in the role [14]. - Gu Yu has been appointed as both Chairman and President, which is expected to facilitate smoother execution of the company's strategy amid declining performance over the past two years [15]. Stock Information - As of January 23, the stock price of Yanghe Co., Ltd. was 62.55 yuan per share, with a total market capitalization of 94.2 billion yuan [16].

哈尔滨电气集团有限公司原党委常委、纪委书记，国家监委原驻哈尔滨电气集团有限公 司监察专员杨宏勇涉嫌严重违纪违法，主动投案，目前正接受中央纪委国家监委纪律审 查和监察调查。 来源：中央纪委国家监委网站 ...

【导读】安联基金任命新董事长、总经理 中国基金报记者 含章 时隔半年，这家外资公募，高管层 " 落定 " 。 1 月 23 日晚间，安联基金官宣，现任总经理沈良升任董事长，原副总经理郑宇尘接任总经 理，并继续兼任首席投资官一职。 近年来，多家外资基金公司出现高管变动，涉及贝莱德、富达、宏利、摩根、摩根士丹利基 金等。在业内人士看来，这既是基金行业高度竞争与人才流动的缩影，也反映出外资机构在 本土化与全球化战略中的动态调整。 安联基金任命新董事长、总经理 1 月 23 日晚间，安联基金发布公告称，任命沈良为公司董事长，郑宇尘接任总经理一职。 | TI A H P = C = 1 = 1 | | | --- | --- | | 基金管理人名称 | 安联基金管理有限公司 | | 公告依据 | 《证券基金经营机构董事、监事、高级管 | | | 理人员及从业人员监督管理办法》、《公开 | | | 募集证券投资基金信息披露管理办法》等 | | | 相关法律法规 | | 品管少更类型 | 新任基金管理公司董事长,离任基金管理 | | | 公司总经理:新任基金管理公司总经理, | | | 碑就是同可分野藏多排出演 | | 新 ...

Core Viewpoint - Huikang Technology's IPO application has been temporarily suspended by the Shenzhen Stock Exchange, marking the first such case in 2026 [2][4]. Company Overview - Huikang Technology, established in 2001, specializes in the research, production, and sales of refrigeration equipment, including ice machines, refrigerators, and wine cabinets, primarily serving both residential and commercial markets [4]. - The company was recognized as a "National Manufacturing Single Champion Enterprise (Ice Machine Products)" in 2024 [4]. IPO Details - The company plans to issue up to 37.09 million shares, aiming to raise approximately 1.797 billion yuan for projects including the construction of an intelligent manufacturing base for refrigeration equipment and a research and development center [5][7]. - The total investment for the projects is approximately 1.997 billion yuan, with specific allocations for various projects, including 42.17% for the intelligent manufacturing base [7]. Financial Performance - Huikang Technology's revenue showed steady growth from 2022 to 2024, with revenues of approximately 1.93 billion yuan, 2.49 billion yuan, and 3.20 billion yuan, and corresponding net profits of about 197 million yuan, 338 million yuan, and 451 million yuan [8]. - However, in 2025, the company experienced a significant decline in both revenue and net profit, with a projected revenue of approximately 2.77 billion yuan, a year-on-year decrease of 13.40%, and a net profit of about 413 million yuan, down 8.40% [8][9]. Reasons for IPO Suspension - The suspension of the IPO is attributed to concerns regarding the company's performance fluctuations, particularly due to tariffs imposed by major importing countries affecting revenue from the U.S. market [9]. - The Shenzhen Stock Exchange raised questions about the sustainability of the company's future performance and the relationship with its main suppliers, which the company struggled to address satisfactorily [11][12]. Supplier Relationships - The company’s largest supplier, Cixi Ruiyi Electronics Co., accounted for 17.05% of total procurement in 2025, raising questions about the rationale behind the short history of collaboration with this and another supplier, Cixi Jiecheng Electronics Co. [11][12]. - Huikang Technology explained that these suppliers were part of a strategic shift by its actual controllers, but the explanations did not alleviate regulatory concerns [12].

Core Viewpoint - *ST Changyao has been penalized for financial fraud, facing a fine of 10 million yuan and a proposed termination of its stock listing due to serious violations over three consecutive years [2][4][8]. Financial Fraud Details - The company was found to have inflated revenue and profit figures from 2021 to 2023, with reported inflated revenues of 215 million yuan, 284 million yuan, and 234 million yuan, which accounted for 9.12%, 17.57%, and 19.51% of the disclosed revenues respectively [6]. - The inflated profit totals were 56.4 million yuan, 63.4 million yuan, and 43.7 million yuan, representing 35.62%, 88.23%, and 6.42% of the disclosed profit totals [6]. - Additionally, the company failed to reasonably recognize losses related to a project in 2022, leading to an inflated profit of 4.55 million yuan, which was 6.34% of the disclosed profit total for that year [7]. Regulatory Actions - The China Securities Regulatory Commission (CSRC) issued an administrative penalty decision on January 23, 2023, following an investigation that began in November 2022 [4][8]. - The Shenzhen Stock Exchange has issued a notice proposing to terminate the company's stock listing, with trading suspension set to begin on January 26, 2026 [10][13]. Market Reaction - *ST Changyao's stock experienced a significant increase, with a cumulative price increase of 41.44% over two trading days and 107.75% over four trading days prior to the announcement [13]. - As of January 23, 2023, the stock closed at 0.92 yuan per share, with a total market capitalization of 322 million yuan [14].

Core Viewpoint - The latest heavy holdings of public FOFs reveal a strong preference for bond funds and ETFs, indicating a cautious investment strategy in the current market environment [2][4]. Group 1: FOF Heavy Holdings - As of the end of Q4 2025, bond funds dominate the top 50 holdings of FOFs, with 40 out of 50 being bond-related [4]. - The top five funds favored by FOFs include Hai Fudong Zhongzheng Short Bond ETF, Guotai Lixiang Short and Medium-term Bond C, and others, with Hai Fudong holding a market value exceeding 5.98 billion yuan [4][5]. - The total market value of the top 50 funds held by FOFs reflects a significant investment in passive index products, highlighting a shift towards index-based strategies [4][5]. Group 2: Active Equity Fund Holdings - The top active equity fund held by FOFs is Xingquan Commercial Model Preferred A, with a total holding value of 406.73 million yuan, held by 16 FOFs [8][9]. - Other notable active equity funds include E Fund Information Industry Selected C and E Fund Supply Reform, both with substantial holdings, indicating a diversified approach within equity investments [8][9]. Group 3: Fund Increases - The most increased fund in Q4 2025 was Hai Fudong Zhongzheng Short Bond ETF, which saw an increase of 2.69 billion yuan, bringing its total holding value to 5.98 billion yuan [10][12]. - Other funds with significant increases include Guotai Lixiang Short and Medium-term Bond C and Jingshun Changcheng Short Bond F, each with increases exceeding 600 million yuan [11][12]. Group 4: Sector Focus - FOF managers are increasingly optimistic about sectors such as technology, resources, and non-bank financials, with a focus on gold and rare earth stocks as key investment areas [13][14]. - The strategy includes a long-term asset allocation approach, emphasizing consumer sectors and non-bank financials, while also exploring overseas bond markets and REITs [14][15].

23日，中国驻芝加哥总领事馆提醒领区广大华侨华人、留学生、中资机构人员及游客注意保 暖，尽量减少外出。极寒天气可能导致部分地区道路结冰甚至关闭、航班延误或取消等。 来源：央视新闻 记者 获悉，受风暴影响，截至当地时间1月23日下午， 美国至少14个州宣布进入紧急状态。 其中包括密苏里州、阿肯色州、路易斯安那州、密西西比州、田纳西州、得克萨斯州等。 得州 州长宣布134个县进入灾难状态。 美国首都华盛顿市长缪里尔·鲍泽当日宣布首都进入紧急状 态。 ...

来源：新华社 据新华社消息，巴西总统府23日发布公告说，巴西总统卢拉宣布将对中国公民部分短期签证类别实 行免签，以回应中国对巴西公民实施的免签政策。 公告说，此举是在巴中两国深化合作背景下作出的重要决定，旨在进一步便利人员往来、促进双边 交流。政策实施日期有待公布。 ...