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 ...

Core Viewpoint - The introduction of a new purchasing model for Moutai's Flying Fairy liquor on the iMoutai app is expected to significantly impact the company's revenue and profit, while also benefiting consumers by providing access to authentic products at reasonable prices [2][12]. Group 1: Product Launch and Pricing - Starting January 1, 2026, consumers can purchase up to 12 bottles of Flying Fairy Moutai (53% vol, 500ml) daily on the iMoutai app, priced at 1499 yuan per bottle [2][11]. - Other years of Flying Fairy Moutai will be available at higher prices, with the 2024 vintage priced at 1909 yuan and the 2019 vintage at 2649 yuan [6][10]. Group 2: Sales and Revenue Impact - iMoutai's sales figures for 2024 and the first three quarters of 2025 were approximately 20 billion yuan and 12.692 billion yuan, respectively [10]. - The price difference between the factory price (1169 yuan) and the direct sales price (1499 yuan) is expected to contribute significantly to the company's revenue and profit [12]. Group 3: Market Dynamics and Consumer Benefits - The new sales model aims to address the long-standing issue of price discrepancies in the market, where consumers often pay significantly more than the official price due to supply-demand imbalances [12]. - By offering a direct purchasing option, the company aims to eliminate the profit margins of resellers and ensure product authenticity, thus benefiting consumers [12][13].

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].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a notification to promote the high-quality development of the Real Estate Investment Trusts (REITs) market, signaling favorable policies for the public REITs market ahead of significant growth expected in 2025 [1][2]. Group 1: Importance of Commercial Real Estate REITs - The development of commercial real estate REITs is a crucial measure for capital markets to implement national policies aimed at revitalizing existing assets and increasing direct financing [2]. - It is essential for enhancing the health of the REITs market, promoting the functionality of REITs, and improving the inclusiveness and adaptability of capital market systems [2]. Group 2: Market Vitality and Efficiency - The notification emphasizes the need to stimulate market participants' vitality by clarifying market-oriented access arrangements for commercial real estate REITs [3]. - It encourages the issuance of REITs for assets with similar operational characteristics and promotes cross-sector asset integration to enhance scale effects and risk diversification [3]. Group 3: Expansion and Diversification of the REITs Market - The notification aims to increase the supply of quality REITs and promote the orderly growth of market scale and diversity [5]. - It supports stable and well-governed REITs to enhance their asset scale and risk resilience through asset acquisition, expansion, and mergers [5]. Group 4: Regulatory Framework and Market Ecosystem - The notification calls for the establishment of a comprehensive regulatory mechanism covering all aspects of REITs, including due diligence, pricing, listing, and asset management [9]. - It emphasizes the need for improved information disclosure standards to enhance transparency and protect investors' rights [10]. Group 5: REITs Business Rules Revision - The Shanghai and Shenzhen Stock Exchanges have revised the public REITs business rules to enhance the operational framework and ensure a smooth start for commercial real estate REITs [12][14]. - Key revisions include shortening the review period for initial feedback from 30 to 20 working days and introducing new regulatory measures for the approval process [14]. Group 6: Information Disclosure and Investor Protection - The notification highlights the importance of improving information disclosure quality and establishing a robust regulatory framework for ongoing disclosures [16]. - It aims to ensure that the use of recovered funds is transparently reported and that the operational status of commercial real estate is adequately disclosed [16].

Group 1 - The core point of the article is the investigation of Cheng Jun, the Party Secretary and President of the Zhejiang Branch of Bank of China, for serious violations of discipline and law [2] - Cheng Jun has been under disciplinary review and investigation by the Central Commission for Discipline Inspection and the Tianjin Municipal Supervisory Committee [2] - Cheng Jun has recently participated in public activities, including a visit to Tongkun Group and a work exchange at Hangzhou Iron and Steel Group [2] Group 2 - Cheng Jun is a member of the Communist Party and a senior economist, holding dual master's degrees in economics from Renmin University of China and the University of Manchester [2] - He has held various positions within the Bank of China system, including General Manager of the International Settlement Department and Trade Finance Department at the head office, as well as President of the Johannesburg and Singapore branches [2] - In 2024, Cheng Jun was appointed as the Party Secretary of the Zhejiang Branch and later became the President of the same branch in July [2]

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].

Core Viewpoint - The release of the "Regulations on the Management of Sales Expenses for Publicly Raised Securities Investment Funds" marks a significant milestone in the reform of sales fee rates in China's public fund industry, set to take effect on January 1, 2026, and aims to promote high-quality development in the sector [2][4][8]. Summary by Sections Sales Fee Rate Adjustments - The new regulations will lower the maximum subscription fees for various fund types: active equity funds to 0.8%, mixed funds to 0.5%, index funds to 0.3%, and bond funds to 0.3% [4]. - The redemption fee structure will be simplified from four tiers to three, with all fees included in the fund's assets. The fee for redemptions held for more than 7 days but less than 30 days will increase from 0.75% to 1% to discourage short-term trading [5]. Long-term Holding Incentives - No sales service fees will be charged for fund shares held for over one year (excluding money market funds), encouraging long-term investment. The sales service fee cap for equity and mixed funds will be reduced to 0.4% per year, and for index and bond funds to 0.2% per year [5][10]. Institutional Client Adjustments - The trailing commission for non-equity funds sold to institutional clients will be reduced from 30% to 15%, while maintaining the 30% rate for equity and mixed funds [5]. Support for Direct Sales Platforms - The regulations support the establishment of the Fund Industry Service Platform (FISP), encouraging institutional investors to use this platform for fund subscriptions and redemptions [6]. Cost Savings for Investors - The overall sales fee reduction is expected to save investors approximately 300 billion yuan annually, with the comprehensive fee level in the public fund industry decreasing by nearly 20% [7][10]. - The reforms are projected to save investors a total of 510 billion yuan in investment costs each year once fully implemented [11]. Focus on Investor Experience - The regulations emphasize improving service for individual investors and enhancing the competitiveness of equity investments, with a cap on client maintenance fees not exceeding 50% of management fees [11]. Phased Implementation - The fee reform is structured in three phases: the first phase focused on reducing management and custody fees, the second on lowering trading commissions, and the third on reducing sales fees, with significant savings expected at each stage [11].

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 ...