Core Viewpoint - Tianyu Biological's chairman, Luo Weiguo, is under investigation by the China Securities Regulatory Commission (CSRC) for suspected illegal stock reduction, which is a personal investigation and does not affect the company's operations [2][4][6][7]. Group 1: Investigation Details - The CSRC issued a notice of investigation (No. 0152025014) to Luo Weiguo regarding his alleged illegal reduction of Tianyu Biological's shares [4][6]. - Luo Weiguo holds 37,251,829 shares, accounting for 12.84% of the total shares, making him the largest shareholder of Tianyu Biological [7][8]. Group 2: Company Operations and Financials - As of December 31, 2025, Tianyu Biological's stock price was 7.84 yuan per share, with a total market capitalization of 2.3 billion yuan [12]. - The company has provided guarantees totaling 1.039 billion yuan, which is 200.22% of its most recent audited net assets, to support cooperative breeding operations [10]. - Tianyu Biological plans to provide up to 50 million yuan in guarantees for breeding farmers in 2026, aligning with industry practices and supporting its pig breeding business [10][11].

Core Viewpoint - The public fund industry in China achieved a remarkable performance in 2025, with equity funds recording an average net value growth rate of 28.73%, marking a significant recovery in the market, particularly in sectors like AI, innovative pharmaceuticals, chips, and non-ferrous metals [1][8][9]. Group 1: Market Performance - The A-share market experienced a bull market in 2025, with major indices such as the Shanghai Composite Index, Shenzhen Component Index, and CSI 300 Index rising by 18.41%, 29.87%, and 17.66% respectively [1][8]. - The STAR Market 50 Index saw an impressive increase of 60.86% in 2025, indicating strong performance in the technology sector [1]. - The overall performance of equity funds was significantly better than the Shanghai Composite Index, with active equity funds achieving an average net value growth rate of 31.91% [8][9]. Group 2: Sector Performance - The non-ferrous metals sector was the best-performing industry in 2025, with a growth rate of 94.73%, followed by the communication sector at 84.75% [5][6]. - Other sectors such as electronics, comprehensive, power equipment, and machinery also saw growth rates exceeding 40%, while coal and food & beverage sectors experienced declines of over 5% [5][6][7]. Group 3: Fund Performance - The top-performing fund, Yongying Technology Selected Fund, achieved a net value growth of 233.29%, setting a new historical record for public funds [3][12]. - A total of 75 funds were classified as "doubling funds," indicating a strong performance across various fund managers, with notable contributions from E Fund [11][15]. - The average growth rate for ordinary stock funds was 32.53%, with the top 50 funds achieving over 60% growth [17][19]. Group 4: Future Outlook - The market outlook for 2026 is optimistic, with expectations of an overall improvement in A-share company earnings, driven by growth stocks and cyclical assets [29][30]. - Investment opportunities are anticipated in manufacturing, AI applications, and consumer sectors, with a focus on companies that can demonstrate price elasticity and growth potential [30][31].

【导读】知名首席经济学家张忆东，官宣离任 中国基金报记者 含章 2025 年的最后一天，知名首席经济学家张忆东以 " 感恩过去，祝福未来！ " 为题发文，官 宣离任。 知名首席经济学家张忆东官宣离任 昨日（ 2025 年 12 月 31 日）晚间，张忆东在自己的微信号上表示： " 经过长时间的慎重 考虑，出于对自己职业生涯后半程的转型规划及家庭因素考量，我已于日前正式向公司提出 辞职申请，即将转型海外业务，专注于香港及海外资本市场的拓展。 " 对于张忆东的离职，兴业证券经济与金融研究院向记者表示，研究院充分尊重其个人选择， 并对张忆东先生为卖方研究及海外研究业务发展所作出的杰出贡献表示衷心感谢。同时指 出，张忆东先生的离职不会对相关业务开展造成影响。经过多年发展，研究院已建立起一支 规模超 200 人、兼具年轻活力与专业深度的研究团队，研究范围全面覆盖 A 股、港股及海外 中概股市场，汇聚了众多业内明星分析师。 2025 年 12 月中旬，在兴业证券召开 2026 年度投资策略会上，兴业证券全球首席策略师张 忆东对港股市场发表投资展望。 张忆东认为， 2026 年港股投资要耐心稳行、戒骄戒躁，超额收益来自 " ...

【导读】大家抢到了吗？ 中国基金报记者 泰勒 大家好，今天抢茅台了吗？ 1月1日， 2026年的第一天，上午9时起，每人每日可在i茅台购买12瓶飞天茅台酒！2025年12月31日晚间，据"贵州 茅台"官方消息，2026年1月1日起，i茅台App焕新改版，将原有的"享约·申购"与"畅享·云购"整合升级为统一的"i 购"入口。在"i购"页面，用户可直接购买所有i茅台App的在售商品。 1月1日上午9时，飞天53%vol 500ml贵州茅台酒（2026）正式发售，每位用户目前每日最多可购买12瓶。每日投放量 会综合考虑防止炒作、供需适配和市场稳定确定，当日售完即止。之后，每日上午9时准点开售。 据泰勒观察， 本次投放从9点开始，每五分钟投放一次，系统也多次出现"库存不足""系统繁忙"。 本次主要上架的是 2026年的新飞天茅台，2019—2024年的次新飞天仍未展开销售。截至上午九点半，本轮投放已经售罄。 点了半天i茅台上第一次中,不管他后面值不值,就当是新的一年好手气! 不过也有不少网友在社交媒体上晒出了自己的订单。 仁怀市河滨街贵州茅台自营店 应付合计: ¥2998 关注了好久了飞天，也是在新年伊始,抢到了茅台 ...

Core Viewpoint - Xiaomi has announced a New Year promotion for its YU7 model, offering a three-year interest-free financing option, which has been well-received by consumers [1][6]. Promotion Details - Consumers who place an order for the YU7 by February 28, 2026, can enjoy a three-year interest-free benefit, with a down payment of ¥74,900 and monthly payments as low as ¥4,961 [4][5]. - Customers who ordered before December 2025 are also eligible for the three-year interest-free offer [4]. - Additional benefits include a maximum of ¥48,000 in purchase rights, which can include features like Nappa leather seats and advanced air purification systems [4]. Financial Implications - The three-year interest-free financing is estimated to provide a subsidy equivalent to ¥19,125 for the YU7 Max model, enhancing the perceived value for customers [5][6]. - The effective purchase price after considering the perceived subsidy is significantly lower than the original price, making the offer attractive [6]. Market Performance - Xiaomi's YU7 has been the best-selling model in the mid-to-large SUV category for four consecutive months as of November 2025 [9]. - The company reported a revenue of ¥113.12 billion for Q3 2025, with a year-on-year growth of 22.3%, and the smart electric vehicle segment saw a revenue increase of over 199% [11]. Store Expansion - As of December 2025, Xiaomi has expanded its retail presence with 477 stores across 138 cities, and plans to add more locations in January 2026 [11].

Core Viewpoint - The U.S. military has intensified operations against drug trafficking and related organizations in the Caribbean and Eastern Pacific, citing national security concerns and the need to combat transnational crime [1][2]. Group 1: Military Operations - On December 30, 2025, the U.S. Southern Command reported kinetic strikes on three "drug trafficking boats" in international waters, resulting in the deaths of at least three individuals identified as "drug terrorists" [1]. - On December 29, 2025, a similar operation targeted a single boat in the Eastern Pacific, leading to the deaths of two male "drug terrorists" [2]. - The U.S. has deployed multiple naval vessels in the Caribbean near Venezuela under the "Southern Sword" military operation, which aims to exert pressure on the Venezuelan government [1]. Group 2: Sanctions and Economic Measures - On December 31, 2025, the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) announced sanctions against four companies involved in the Venezuelan oil trade, freezing related assets including four oil tankers [3]. - Since December 10, 2025, the U.S. has conducted at least three interception operations against vessels linked to Venezuelan oil, claiming to seize crude oil onboard [3].

Market Overview - The U.S. stock market closed on December 31, 2025, with all three major indices recording declines, marking the end of the trading year. The Dow Jones fell by 0.63% to 48,063.29 points, the S&P 500 dropped by 0.74% to 6,845.5 points, and the Nasdaq decreased by 0.76% to 23,241.99 points, resulting in four consecutive days of losses. However, for the entire year, the Dow rose by 12.97%, the S&P 500 increased by 16.39%, and the Nasdaq gained 20.36%, all achieving three consecutive annual gains [1][2]. Precious Metals - On December 31, 2025, precious metals experienced a significant pullback, with New York silver futures plummeting by 8.91% and London silver spot prices dropping by 6.08%. Gold futures fell by over 1%, while platinum and palladium also saw substantial declines [5]. Nike Stock Activity - Following a year of poor performance, Nike's stock surged after internal stakeholders, including CEO Tim Cook, made substantial purchases of the company's shares. Nike's stock rose by 4.17% to $63.74 per share, with a total market capitalization of $94.4 billion. Despite this increase, the stock remains at only 40% of its historical high [9][10]. Executive Stock Purchases - Tim Cook, CEO of Apple, increased his stake in Nike by acquiring approximately 50,000 shares, resulting in a 90% increase in his ownership. Additionally, Robert Holmes Swan, a member of Nike's board, purchased about 8,700 shares, raising his stake by 24%. Nike's CEO, Elliott Hill, also bought around 16,400 shares in a transaction valued at $1 million, increasing his personal stake by over 7% [12].

Core Viewpoint - The article emphasizes the arrival of the new year, symbolizing new beginnings and opportunities for growth and progress in the upcoming year [1] Group 1 - The article marks January 1, 2026, as a significant date, representing a fresh start and the potential for new ventures [1] - It encourages a spirit of enthusiasm and readiness to embark on new journeys, likening it to galloping horses [1]

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]