Group 1 - The core viewpoint of the report is that global lithium battery demand is expected to grow at a rate of 26% year-on-year by 2026, driven by both power storage and electric vehicle sectors [1][4] - In the electric vehicle sector, the registration of global electric vehicles reached 17.1 million units from January to October 2025, representing a year-on-year increase of 25.5%, primarily due to the resumption of subsidies in Europe and vehicle replacement policies in China [1][4] - The global energy storage battery shipments reached 428 GWh from January to September 2025, showing a significant year-on-year increase of 90.7%, supported by the scaling of independent storage projects in China and market demand in the U.S. [1][4] Group 2 - The lithium battery materials supply side is undergoing optimization due to previous overcapacity leading to low-price competition, resulting in many companies facing continuous losses and high debt levels [2][3] - Companies are focusing on improving existing production efficiency and cost optimization rather than blind expansion, leading to a significant weakening of expansion capabilities and intentions among lithium battery material companies [2][3] - The tightening of environmental policies and energy consumption controls is raising industry entry barriers, causing smaller companies to exit the market, thus enhancing the rigidity of supply constraints [2][3] Group 3 - Technological upgrades are driving supply-side optimization, with advancements in high-pressure lithium iron phosphate and high-strength separators, which require higher production precision and R&D investment [3][4] - Leading companies are leveraging continuous R&D investment to scale up high-end product capacity, while smaller firms struggle to upgrade their products and processes, leading to market elimination [3][4] - The supply structure is evolving towards a "few but excellent" model, with resources concentrating on leading enterprises, which is expected to restore market share and profitability for these companies [3][4] Group 4 - The report indicates a strong certainty of profit recovery in lithium battery materials, driven by supply-side constraints, high demand growth, and industry restructuring [4] - The consensus among companies to scientifically release capacity has led to a continued limitation of supply over the next 1-2 years, while demand is experiencing rapid growth from both power storage and electric vehicle sectors [4] - Core material prices, such as lithium hexafluorophosphate, have started to rebound, and the overall capacity utilization rate in the industry is expected to continue its upward trend in 2026 [4] Group 5 - Investment recommendations suggest prioritizing attention on lithium hexafluorophosphate and lithium iron phosphate sectors, with specific companies like Tianqi Materials and Hunan Youneng being highlighted [5] - Other companies to watch include Duofu Technology, Fulian Precision, Longpan Technology, Defang Nano, Tianji Co., Shida Shenghua, and Wanrun New Energy, particularly in the context of price recovery [5] - For long-cycle, heavy-asset sectors like copper foil and separators, companies such as Enjie, Xingyuan Materials, Fusheng Technology, Defu Technology, Jiayuan Technology, and Nord are recommended for attention [5]

Core Viewpoint - Dongcai Fund Management Co., Ltd. is participating in a fee discount activity for fund subscription and purchase through Industrial Securities Co., Ltd. to better meet investors' financial needs [1]. Group 1: Applicable Time - The duration of the fee discount is subject to the announcement by Industrial Securities [1]. Group 2: Applicable Fund Range - The fee discount applies to fund products sold by Dongcai Fund through Industrial Securities starting from the date the fund is available for sale [2]. Group 3: Fee Discount Plan - During the fee discount period, there are no restrictions on the discount rates for subscription and purchase (including regular investment) through Industrial Securities, with specific rates to be announced by Industrial Securities [3]. Group 4: Applicable Investors - The fee discount is available to investors who subscribe or purchase the aforementioned funds through Industrial Securities [4]. Group 5: Important Notes - Detailed information about the funds and original fee rates can be found in the relevant legal documents such as fund contracts and prospectuses [5][6]. - Any changes to the fee discount plan and applicable time will be based on the latest announcements from Industrial Securities [5]. Group 6: Inquiry Channels - Investors can consult details through Dongcai Fund Management Co., Ltd. and Industrial Securities Co., Ltd. via their respective customer service numbers and websites [7].

一、适用时间 为更好地满足广大投资者的理财需求，东财基金管理有限公司（以下简称"本公司"）决定参与兴业证券 股份有限公司（以下简称"兴业证券"）基金认购、申购（含定期定额投资）费率优惠活动。具体如下： 费率优惠期限以兴业证券公示为准。 二、适用基金范围 费率优惠期限内，本公司通过兴业证券销售基金产品的，则自该基金产品在兴业证券销售之日起，同时 开通该基金在兴业证券的认购、申购（含定期定额投资）费率优惠活动。 三、费率优惠方案 费率优惠期限内，投资者通过兴业证券认购、申购（含定期定额投资）上述基金的，认购、申购（含定 期定额投资）费率不设折扣限制，具体折扣费率以兴业证券公示为准。上述基金原费率请详见基金合 同、招募说明书、基金产品资料概要等法律文件及其更新，和本公司发布的相关公告。 四、适用投资者 通过兴业证券认购、申购（含定期定额投资）上述基金的投资者。 五、重要提示 1、基金的详细情况以及原费率详见相关基金的基金合同、招募说明书、基金产品资料概要等法律文件 及其更新以及本公司发布的最新相关业务公告。 2、上述费率优惠活动的具体费率优惠方案及适用时间等如有变化，届时以兴业证券的相关最新公告以 及其传输至本公司 ...

Group 1 - The core point of the article is the approval of general market-making services for the Huaxia Jinmao Shopping Center Closed-End Infrastructure Securities Investment Fund (referred to as Jinmao Commercial, fund code: 508017) by the Shanghai Stock Exchange [1] - The market-making services will be provided by Industrial Securities Co., Ltd. starting from January 13, 2026, to enhance market liquidity and ensure stable operation of the fund [1] - This decision is in accordance with the relevant regulations outlined in the Shanghai Stock Exchange's self-regulatory guidelines for listed fund market-making activities [1]

Group 1 - The core viewpoint of the announcement is to enhance the market liquidity and stable operation of the Caida Commercial Fund, which is a closed-end infrastructure securities investment fund [1][2][3] - Starting from January 13, 2026, Industrial Securities Co., Ltd. will provide general market-making services for the Caida Commercial Fund [1] - The announcement is in accordance with the relevant regulations of the Shanghai Stock Exchange regarding market-making business for listed funds [1]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 上证公告（基金）【2026】73号 特此公告。 上海证券交易所 2026年01月12日 为促进华夏首创奥特莱斯封闭式基础设施证券投资基金（以下简称首创奥莱，基金代码:508005） 的市场流动性和平稳运行，根据《上海证券交易所基金自律监管规则适用指引第2号——上市基金做市 业务》等相关规定，本所同意兴业证券股份有限公司自2026年01月13日起为首创奥莱提供一般做市服 务。 ...

上证公告（基金）【2026】72号 为促进南方万国数据中心封闭式基础设施证券投资基金（以下简称万国REIT，基金代码:508060） 的市场流动性和平稳运行，根据《上海证券交易所基金自律监管规则适用指引第2号——上市基金做市 业务》等相关规定，本所同意兴业证券股份有限公司自2026年01月13日起为万国REIT提供一般做市服 务。 上海证券交易所 2026年01月12日 特此公告。 ...

Core Insights - The market has seen a significant surge, with 20 ETFs rising over 10% and 59 ETFs increasing over 8% on January 12, indicating strong investor confidence and market momentum [5] - The Shanghai Composite Index rose by 1.09%, marking its 17th consecutive day of gains and reaching a new high not seen in over a decade [4] - Trading volume in the Shanghai and Shenzhen markets exceeded 3.6 trillion yuan, breaking the previous record set in October 2024, which reflects heightened trading activity and investor engagement [4] ETF Performance - The top-performing ETFs included the Morgan Science and Technology Innovation AI ETF, which rose by 16.59%, and the China Securities AI ETF, which increased by 13.19% [5] - Other notable ETFs that saw significant gains include the Growth Enterprise Market AI ETF by 10.12%, and the Software Leading ETF by 10.05% [5] - The performance of various sector-specific ETFs, such as those focused on aviation, media, and big data, indicates a broad-based rally across different industries [5] Market Trends - The breakthrough of key resistance levels in the Shanghai Composite Index and the substantial trading volume are seen as positive indicators for future market trends [5] - The current market conditions are expected to enhance participation from various market players, setting a solid foundation for the upcoming spring market rally [5]

格隆汇1月12日｜今天，沸腾了！全线爆发！A股17连阳，成交额刷新历史！ 上证指数收涨1.09%，17连阳，再度刷新逾10年新高。 沪深两市成交额3.6万亿元，连续第2个交易日突破3万亿元，较上一个交易日放量4787亿元，刷新此前在2024年10月8日创下的成交额历史纪录。 ETF大爆发！1月12日，20只ETF涨超10%，59只ETF涨超8%。 MACD金叉信号形成，这些股涨势不错！ | 证券代码 | 证券简称 | 1月12日涨幅% | 管理人 | | --- | --- | --- | --- | | 588420 | 科创创业人工智能ETF摩根 | 16.59% | 摩根基金 | | 159243 | 创业板人工智能ETF招商 | 13.19% | 招商基金 | | 159107 | 创业板软件ETF富国 | 12.71% | 昌国音尖 | | 159256 | 创业板软件ETF华夏 | 11.29% | 走直直等 | | 159382 | 创业板人工智能ETF南方 | 10.12% | 南方基金 | | 159899 | 软件龙头ETF | 10.05% | 招商基金 | | 159852 | 软件E ...

Group 1 - The core viewpoint is that the macro narrative, particularly geopolitical narratives, is profoundly influencing financial market trends and logic [1][2] - The most significant narrative change is the transition from a unipolar system to a multipolar order [1][2] - The trend of multipolarity is not fully reflected in the prices of certain assets, presenting future investment opportunities [1][2] Group 2 - Emerging market stock markets have just begun to open up in terms of market capitalization and corporate profit potential [1][2] - In the long term, as the focus of production shifts and improves, the global revenue share of emerging market companies is expected to expand [1][2] - However, the current market capitalization does not adequately reflect this trend [1][2]