为促进华夏恒生生物科技交易型开放式指数证券投资基金(QDII)（159892）、华夏中证港股通汽车产业 主题交易型开放式指数证券投资基金（159323）、华夏国证港股通科技交易型开放式指数证券投资基金 （159101）的市场流动性和平稳运行，根据《深圳证券交易所证券投资基金业务指引第2号一一流动性 服务》等有关规定，自2026年1月26日起，本公司新增西部证券股份有限公司为上述基金的流动性服务 商。 特此公告 华夏基金管理有限公司 二〇二六年一月二十六日 华夏基金管理有限公司 关于调整旗下部分上交所ETF 基于中证指数有限公司关于上证系列指数ETF的IOPV计算迁移安排，为维护基金份额持有人利益，根 据相关基金基金合同及招募说明书（更新）的规定，经与基金托管人沟通一致，自2026年1月26日起， 华夏基金管理有限公司（以下简称"基金管理人"）旗下5只上交所ETF的基金份额参考净值（IOPV）由 中证指数有限公司计算。基金管理人据此对上证医药卫生交易型开放式指数发起式证券投资基金、上证 金融地产交易型开放式指数发起式证券投资基金招募说明书（更新）中IOPV计算的相关内容进行了修 订，修订内容自2026年1月26 ...

金工量化周报 沪深 300 ETF 合计净流出超 2300 亿元 ——ETF 市场扫描与策略跟踪（2026.01.25） 核心结论 摘要内容 全球市场概况：上周， A 股市场表现分化，其中，中证 500 指数涨幅最大， 为 4.34%；港股市场有所下跌，恒生指数下跌 0.36%。涨幅居前的 ETF 跟 踪标的多为航空航天板块指数。 ETF 新发情况：上周内地市场上报股票 ETF 17 只，新成立股票 ETF 9 只。 美国市场上周新成立权益型 ETF 8 只，均为主动 ETF。 A 股 ETF 资金流向：上周，净流入排名前 10 的多为 TMT 板块 ETF；净流 出前 10 的多为沪深 300 指数 ETF。宽基 ETF 中，跟踪中证 2000 指数的 ETF 净流入居前，跟踪沪深 300 指数的 ETF 净流出居前；行业 ETF 中，医 药生科板块 ETF 净流入居前；主题 ETF 中，金融科技 ETF（159851）净流 入居前，上海国企 ETF（510810）净流出居前；主动 ETF 中，沪深 300 指 增 ETF 净流入居前，300 增强 ETF 净流出居前；Smart Beta ETF 中，红利 ...

2025 年 12 月 21 日，中国公司治理 50 人论坛（CCG50）在 "中国公司治理 50 人论坛第六届主题论坛（第十九届中国公司治理论坛）" 上发布了 2025 年度 中国上市公司治理和 ESG 系列优秀企业榜单。该系列榜单由 CCG50 委托北京师范大学公司治理与企业发展研究中心高明华教授团队开发，评价样本涵盖截 至 2025 年 4 月 30 日上市满一年，且剔除退市、拟退市及未发布年报公司后的 5292 家上市公司，最终解释权归属 CCG50，联系人曹向东（电话 15901348949，同微信号）。 | 2025 年度中国上市公司治理百佳企业榜单(总榜) | | --- | | 2025 年度中国上市公司中小投资者权益保护百佳企业榜单 4 | | 2025 年度中国上市公司董事会治理百佳企业榜单 . | | 2025 年度中国上市公司企业家(总经理)百佳榜单 | | 2025 年度中国上市公司财务治理百佳企业榜单 | | 2025 年度中国上市公司自愿性信息披露百佳企业榜单 17 | | --- | | 2025 年度中国出海上市公司治理五十佳企业榜单 . | | 2025 年度中国非金融业上 ...

Core Viewpoint - The report from Western Securities indicates that Yihai International (01579) initially enjoyed a growth valuation premium, but this has declined due to fluctuations in related party revenues and lower-than-expected industry growth, leading to a shift in market perception from a high-growth company to a low-valuation, high-dividend company, with a "Buy" rating assigned for the first time [1] Company Summary - Yihai International's capital expenditure has entered a downward cycle, and the company has increased its dividend payout ratio [1] - The company is expected to stabilize its related party revenues, with a forecast for revenue growth in the hot pot seasoning segment of 0.1%, 5.7%, and 5% from 2025 to 2027 [1] - The revenue from convenient fast food is projected to decline by 2.9%, recover by 2.4%, and then grow by 5.4% over the same period [1] - Compound seasoning revenue is anticipated to grow by 6.9%, 11.3%, and 8.7% respectively from 2025 to 2027 [1] - The company is noted for its active cash dividends, making its dividend returns attractive [1] Industry Summary - The base material and compound seasoning industry still have growth potential and are not limited to a saturated market [1] - The number of Haidilao stores has stabilized, and there is an expectation for improved table turnover next year due to a low base [1] - Third-party business pricing is under pressure but is expected to improve next year, with steady growth in sales anticipated [1] Financial Projections - Revenue forecasts for Yihai International are projected at 6.57 billion yuan, 6.96 billion yuan, and 7.38 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 0.5%, 5.9%, and 6% [1] - The net profit attributable to the parent company is expected to be 800 million yuan, 890 million yuan, and 980 million yuan for the same years, with annual growth rates of 8.8%, 10.3%, and 10.2% [1]

长期来看，西部证券认为底料、复调行业依然还有成长空间，并非存量市场。目前海底捞门店数量已经 基本稳定，低基数下明年翻台有望改善，预计关联方收入企稳改善。第三方业务价格承压，预计明年有 所改善，销量稳步增长，预计2025至2027年火锅调味料收入年增0.1%、5.7%及5%。方便快餐收入分别 同比跌2.9%、回升2.4%及续增5.4%。复合调味料收入料同比增6.9%、11.3%及8.7%。 西部证券又指，公司现金分红积极，股息回报具备吸引力。预测2025至2027年公司营收分别为65.7亿 元、69.6亿元、73.8亿元人民币(下同)，分别同比增0.5%、5.9%及6%，同期归母净利润分别为8亿元、 8.9亿元及9.8亿元，分别年增8.8%、10.3%及10.2%。 西部证券（002673）发布研报称，颐海国际(01579)早期曾享受成长性的估值溢价，但随后颐海关联方 收入波动，同时行业成长性不及预期，估值开始从高点回落，在此期间，颐海国际资本开支进入下行周 期，提升分红比例，市场对公司定价逻辑从高成长标的到低估值、高股息公司，首次覆盖并给予"买 入"评级。 ...

该行预测2025至2027年公司营收分别为65.7亿元、69.6亿元、73.8亿元，分别按年增0.5%、5.9%及6%； 同期归母净利润分别为8亿元、8.9亿元及9.8亿元，分别年增8.8%、10.3%及10.2%。 西部证券发表研报指，首次覆盖颐海国际并给予"买入"评级，公司早期曾享受成长性的估值溢价，但随 后海底捞出现关店，颐海关联方收入波动，同时行业成长性不及预期，估值开始从高点回落。在此期 间，颐海国际资本开支进入下行周期，提升分红比例，市场对公司定价逻辑从高成长标的到低估值、高 股息公司。 ...

西部证券发表研报指，首次覆盖颐海国际并给予"买入"评级，公司早期曾享受成长性的估值溢价，但随 后海底捞出现关店，颐海关联方收入波动，同时行业成长性不及预期，估值开始从高点回落。在此期 间，颐海国际资本开支进入下行周期，提升分红比例，市场对公司定价逻辑从高成长标的到低估值、高 股息公司。该行预测2025至2027年公司营收分别为65.7亿元、69.6亿元、73.8亿元，分别按年增0.5%、 5.9%及6%；同期归母净利润分别为8亿元、8.9亿元及9.8亿元，分别年增8.8%、10.3%及10.2%。 ...

Core Viewpoint - The 30th China Capital Market Forum highlighted the historical development and future prospects of China's capital market, emphasizing its role in building a financial powerhouse [1][6]. Group 1: Historical Development - This year marks the 35th anniversary of China's capital market, which has evolved from early explorations of shareholding systems to significant reforms such as the split share structure reform and the establishment of a multi-tiered capital market system [4][9]. - Key milestones include the introduction of the Sci-Tech Innovation Board and the implementation of the registration system, which have driven technological innovation [4][9]. Group 2: Company Strategy - Western Securities, celebrating its 25th anniversary, integrates its growth with market development and national strategies, focusing on a comprehensive financial service system for technology innovation [4][10]. - The company has transformed its business structure from traditional models to a functional service system centered on think tank research, patient capital, and industrial investment banking [4][10]. Group 3: Regional Development - Western Securities aims to facilitate the transition of technological achievements in Shaanxi and the western region from "bookshelves" to "shelves," addressing barriers to converting technological advantages into economic benefits [5][10]. - The company emphasizes the importance of aligning the general principles of the capital market with specific regional development practices to fulfill its responsibilities as a broker [5][10]. Group 4: Future Outlook - Looking ahead, the resilience and bright prospects of the Chinese economy are seen as fundamental to the stability and long-term success of the capital market [11]. - A more regulated, transparent, open, and vibrant capital market is expected to contribute significantly to China's modernization and the construction of a financial powerhouse [11].

Group 1 - Intel and AMD plan to increase server CPU prices by 10%-15% to address supply-demand imbalance and ensure stable future supply [2][3] - Global server shipments are expected to achieve over 9% year-on-year growth due to data center architecture upgrades and replacement of existing server CPUs [3] - The demand for server CPUs is increasing due to the ongoing evolution of generative AI, which is driving up procurement budgets for AI servers and affecting general server purchases [3][4] Group 2 - Cloud vendors are expected to expand capital expenditures to meet the increasing demand for AI inference capabilities, with global AI server shipments projected to grow over 20% year-on-year by 2026 [4] - Domestic next-generation server CPUs, such as Haiguang's Haiguang 4, Loongson's 3C6000, and China Great Wall's Feiteng S2500, are accelerating deployment in various sectors, improving stability and compatibility [5] - The demand for server CPUs is anticipated to continue growing due to data center architecture upgrades and increasing AI inference computing needs, with domestic CPUs expected to gain market share driven by performance improvements and policy support [6]

Economic Outlook - In 2026, China's economy is expected to be in a phase of restorative growth, supported by expanding domestic demand, continued policy easing, and rising prices [1][5] - The nominal GDP growth is projected to improve significantly due to inflation recovery, positively impacting the income of households, businesses, and the government [2][3] - The shift from old to new industries is anticipated to become more pronounced, with new industries contributing increasingly to economic growth [3][5] Industry Changes - The transition from traditional industries to new productive forces is highlighted, with the "three new" economy (new industries, new business formats, and new models) expected to account for over 18% of GDP by 2024 [3][5] - The real estate sector is undergoing adjustments, returning to a focus on residential attributes, while new engines of economic growth are emerging from innovative sectors [3][5] Policy Implications - Macroeconomic policies will focus on balancing short-term and long-term needs, with a more proactive fiscal policy and moderately accommodative monetary policy expected [4][5] - The emphasis on domestic demand as a strategic foundation for economic development is reinforced, with initiatives to boost consumption and income for urban and rural residents [4][5] Investment Opportunities - The A-share market is expected to see a more balanced style in 2026, with market catalysts shifting from liquidity to price earnings [8][9] - Structural opportunities are anticipated in cyclical and high-end manufacturing sectors, which have begun to show signs of recovery [9][10] - The AI and new productive forces are identified as key engines for future economic development, with significant contributions expected from emerging and future industries [5][12]