Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints On January 23, 2026, the China Securities Regulatory Commission issued the “Guidelines for Performance Comparison Benchmarks of Publicly - Offered Securities Investment Funds” (hereinafter referred to as the “Guidelines”), and the Asset Management Association of China released the “Operating Rules for Performance Comparison Benchmarks of Publicly - Offered Securities Investment Funds” (hereinafter referred to as the “Rules”). The implementation of the Guidelines starts on March 1, 2026, and a one - year implementation transition period is given for existing products with non - compliant performance comparison benchmark settings. The Guidelines aim to standardize the selection and use of performance comparison benchmarks for public funds, strengthen their role as an “anchor” for fund investment, and promote the high - quality development of the public fund industry [1][6]. 3. Summary by Directory Background The performance comparison benchmark is a reference standard set by fund managers for funds based on product positioning and investment objectives. It plays important roles such as determining product positioning, clarifying investment strategies, representing investment styles, measuring product performance, and restricting investment behaviors. Currently, there are problems in the performance comparison benchmarks of public funds, such as the lack of systematic regulatory systems, ineffective use and supervision by institutions, and “style drift” of funds. To address these issues, the China Securities Regulatory Commission issued the Guidelines to protect the legitimate rights and interests of investors [7]. Core Content - **Selecting Benchmark Specifications**: The selection of benchmarks should follow the principles of representativeness, objectivity, constraint, and persistence. The Asset Management Association of China is authorized to establish a benchmark element library, and fund managers can select benchmark elements from it [3][8]. - **Strict Benchmark Change Requirements**: Benchmarks should be persistent and cannot be changed casually. Specific situations and procedures for benchmark changes are clearly defined, and sales institutions are required to inform investors of benchmark changes in a timely manner [9][17]. - **Enhanced Benchmark Information Disclosure**: Information about benchmarks should be disclosed in fund legal documents and regular reports, and the fund trustee should strengthen the review and supervision of the disclosed content [9][10]. - **Strengthened Benchmark Constraint**: Fund managers should establish a full - process control mechanism for benchmarks, strengthen style stability management, and trustees should strengthen investment supervision responsibilities [10]. - **Highlighted Benchmark's Role in Measuring Performance**: Performance assessment, performance display, and fund evaluation should all be carried out in combination with the performance comparison benchmark, and different types of equity funds should not be directly ranked [11]. - **Transition Period Settings**: A one - year transition period is given for existing products with non - compliant benchmark settings. To ensure the objectivity and accuracy of related information, the relevant requirements are aligned with the one - year transition period. A six - month transition period is given for trustees to supervise the stability of fund investment styles [11]. Main Impacts - **Fund Managers**: They should establish an internal control and management system covering the entire process of benchmark selection, disclosure, monitoring, evaluation, correction, and accountability. Benchmark selection should follow four principles, and a department independent of the investment department should be established to monitor style stability. Information about benchmarks should be clearly stated in legal documents and regular reports, and the performance comparison benchmark should be displayed when showing past performance [12][14]. - **Fund Trustees**: They should carefully review the fund investment style library, establish a supervision mechanism for the stability of equity fund investment styles, and clarify rights and obligations with fund managers through agreements [14]. - **Fund Evaluation Institutions**: They should establish a fund evaluation system around the performance comparison benchmark, adjust the fund classification in a timely manner when the benchmark changes, and retain different stages of evaluation results [15]. - **Fund Sales Institutions**: When displaying a list of funds containing investment performance, they should distinguish funds of different investment styles based on the performance comparison benchmark and should not directly rank different types of equity funds [15].

Core Viewpoint - The aerospace industry is experiencing significant volatility, with major stocks declining sharply, while the market anticipates a substantial growth phase driven by advancements in commercial space technology and infrastructure by 2035 [1][2]. Group 1: Stock Performance - The CN5082 aerospace industry index has seen significant declines, with stocks like Yaguang Technology down 13.41%, China Satellite down 10.00%, and Hangfa Technology down 9.60% [1]. - The Aerospace ETF (159227) is currently priced at 1.48 yuan, with a trading volume of 4.85 billion yuan and a turnover rate of 15.23% [1]. Group 2: Market Activity - The Aerospace ETF has recorded a net inflow of 1.92 billion yuan, indicating active market participation [1]. - The average daily trading volume for the Aerospace ETF over the past month is 7.06 billion yuan, reflecting strong investor interest [1]. Group 3: Industry Outlook - The 2026 Beijing International Commercial Aerospace Forum highlighted that the global space economy is expected to reach 1.8 trillion USD by 2035, driven by new infrastructure developments [1]. - According to Western Securities, the domestic commercial aerospace sector is entering a critical phase of policy support and technology validation from 2024 to 2025, with 2026 potentially marking the start of a commercialized cycle [1]. - The successful recovery and reflight validation of rockets like the "Zhuque-3" are anticipated to shift the sector from a thematic market to a mainline market [1]. Group 4: ETF Composition - The Aerospace ETF closely tracks the CN5082 index, covering key segments such as aerospace equipment, satellite navigation, and new materials, with commercial aerospace concepts accounting for 70% of its weight [2]. - Major holdings in the ETF include industry leaders like Aerospace Development, China Satellite, and AVIC [2].

Group 1 - The core viewpoint of the articles highlights the performance of the National Index of Free Cash Flow, which has seen a rise of 0.65% as of January 26, 2026, with significant gains in constituent stocks such as silver and various industrial companies [1] - The current market has 101 ETFs tracking free cash flow-related indices, with a total scale of 29.291 billion yuan as of January 21 [1] - Western Securities notes that during the Kondratiev wave downturn, geopolitical uncertainties have increased, leading to a natural preference for gold or stable cash flow "safe assets," which has re-evaluated the dividend strategy in the A-share market [1] - The free cash flow strategy has shown advantages over the dividend strategy, particularly in bull markets, as it has not underperformed the market in bear markets [1] - As of December 31, 2025, the top ten weighted stocks in the National Index of Free Cash Flow include major companies like China National Offshore Oil Corporation and SAIC Motor Corporation, accounting for 51.95% of the index [1] Group 2 - The cash flow ETF managed by Harvest (159221) closely tracks the National Index of Free Cash Flow, aiming to create a combination of profitability quality and dividend potential [2] - Investors can also access the cash flow ETF through the Harvest's off-market connection (024574) to seize investment opportunities [3]

Group 1 - The company announced the addition of Western Securities Co., Ltd. as a liquidity service provider for three specific QDII funds starting from January 26, 2026, to enhance market liquidity and stability [1] - The company will adjust the calculation institution for the fund share reference net value (IOPV) of five Shanghai Stock Exchange ETFs, effective January 26, 2026, with the new calculations being conducted by China Securities Index Co., Ltd. [2] - The company has revised the prospectus for the Shanghai Medical and Health ETF and the Shanghai Financial Real Estate ETF to reflect the new IOPV calculation arrangements, effective January 26, 2026 [2] Group 2 - The company selected Guotou Securities Co., Ltd. as the liquidity service provider for the ChiNext Software ETF, effective January 26, 2026, to promote market liquidity and stability [4]

调整旗下部分上交所ETF 基金份额参考净值（IOPV）计算机构并修订招募说明书的公告 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日起生效。现将具体情况公告如下： 一、涉及基金 ■ 二、调整ETF IOPV计算机构及招募说明书（更新）修订 自2026年1月26日起，上述5只ETF的基金份额参考净值（IOPV）调整为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计算的有关内容进行了修订，修订内容如下： 三、其他需要说明的事项 如有疑问 ...

Global and A-share Market Overview - The A-share market showed mixed performance last week, with the CSI 500 index having the highest increase of 4.34% [1] - The Hong Kong stock market experienced a slight decline, with the Hang Seng Index dropping by 0.36% [1] - The top-performing ETFs were primarily linked to the aerospace sector [1] ETF New Issuance Statistics - A total of 17 stock ETFs were reported in the A-share market last week, with 9 new stock ETFs established [2] - In the US market, 8 new equity ETFs were launched, all of which were actively managed [2] Fund Flows in A-share Market - The top 10 ETFs with net inflows were mainly from the TMT sector, while the top 10 with net outflows were predominantly from the CSI 300 index ETFs [2] - The CSI 2000 index ETF saw the highest net inflow among broad-based ETFs, while the CSI 300 index ETF experienced the largest net outflow [2] - In the industry sector, the pharmaceutical and biotechnology ETFs had the highest net inflows, while the financial technology ETF had the highest net outflow among thematic ETFs [2] Fund Flows in US Stock ETF Market - The US market saw significant net inflows in resource management-themed ETFs, while life sciences-themed ETFs experienced net outflows [3] - Among actively managed ETFs, the Avantis Emerging Markets Equity ETF had the highest net inflow, while the JPMorgan Nasdaq Equity Premium Income ETF saw the largest net outflow [3] - The total net inflow for ETFs investing in A-shares and Hong Kong stocks was $0.81 million [3] ETF Strategy Performance - The performance of the diffusion indicator + RRG ETF rotation strategy yielded a return of 5.75%, with excess returns of 3.27% and 6.38% relative to the CSI Equal Weight and CSI 300 indices, respectively [4] - The 50% base + intraday momentum 2.0 strategy had returns of 2.48% and 1.14% for the CSI 500 ETF and CSI 1000 ETF strategies, respectively, with excess returns of -0.06% and -0.48% compared to the corresponding 50% position ETFs [4]

Core Insights - The CCG50 Forum released the 2025 annual rankings of Chinese listed companies' governance and ESG performance, evaluating 5,292 companies based on various governance indices and ESG criteria [1][3][13]. Governance Rankings - The governance rankings include 11 core lists, with the top 100 companies ranked based on a comprehensive index. Notable companies include: - Health元, 唐山港, and 西部证券 leading the overall governance list [2][8]. - 中煤能源 topped the small investor protection list, evaluated on 36 indicators across four dimensions [2][15]. - 唐山港 ranked first in the board governance category, assessed on 38 indicators [2][21]. - 埃斯顿 led the financial governance list, evaluated on 31 indicators [2][39]. ESG Rankings - The ESG rankings are divided into non-financial and financial sectors: - In the non-financial sector, 中国石油, 中国石化, and 中国中铁 ranked highest, evaluated on 132 indicators with weights of 55% for governance, 35% for social responsibility, and 10% for environmental protection [3]. - The financial sector's top ten ESG companies include 工商银行 and 农业银行, evaluated based on industry-specific criteria [3]. Risk Awareness - The forum also published a list of 50 companies with governance risks, including *ST 广道 and ST 中迪, providing a reference for investors [3][19]. Methodology - The rankings were developed using scientific modeling and quantitative calculations rather than traditional voting methods, referencing international standards to showcase the differences in governance levels and ESG performance among Chinese listed companies [3][13][19].

Core Viewpoint - Baotai Co., Ltd. is actively pursuing a convertible bond issuance to raise up to 3.5 billion yuan for projects focused on titanium resource recycling and smart forging production lines, while maintaining compliance with regulatory requirements [1][2][3] Group 1: Stock Performance - As of January 23, 2026, Baotai's stock closed at 41.16 yuan, a 6.91% increase from the previous week's 38.5 yuan [1] - The stock reached a peak of 41.39 yuan and a low of 37.81 yuan during the week [1] - The company's current market capitalization is 19.665 billion yuan, ranking 16th out of 24 in the small metals sector and 1114th out of 5182 in the A-share market [1] Group 2: Fundraising and Regulatory Compliance - Baotai Co., Ltd. plans to issue convertible bonds to raise no more than 3.5 billion yuan, focusing on titanium resource recycling, smart forging production line construction, and working capital supplementation [2][3] - The company has received an inquiry letter from the Shanghai Stock Exchange regarding the bond issuance, and responses have been provided in collaboration with relevant intermediaries [2] - A site inspection by Western Securities confirmed that Baotai has established a management method for the use of raised funds, with no violations found, although some projects are delayed [1][3]

华源证券研究所在本周迎来了自己的新宏观团队，来自中信建投孙苏雨。作为近年来的黑马研 究所之一，华源的案例只是一个。 刚步入2026年，不到1个月就超过10家券商有分析师转会，不 少新财富明星分析师连年终奖都没等，就敲定了新下家。在不少分析师看来，这是大势所趋。 "2025年的年终奖，要到2026年下半年才可能拿到，不仅周期长，金额也不确定。"不少分析师 心里，即便年末换所意味着要放弃年终奖，生存优先成了近期转会的核心原因。 多数研究所采用利润导向考核机制，收缩态势明显，降薪成为不少分析师的常态。相较于模糊 的短期收益，更稳定的发展平台显然更值得取舍，当然，为了赶上新一届分析师评选的执业变 更窗口期也是一个动因，毕竟结果关系到后续派点资源、话语权，这是长期生存发展的关键。 "在好平台，付出能有更合理的回报。"一位刚跟着首席跳槽的分析师坦言，但他也强调，跳槽 的还有一个原因是"热爱卖方研究、勤奋认真"。一些研究所管理层也认为，卖方研究"高强 度、快节奏、重结果"的行业特性，是筛选长期适配人才的关键指标。 像孙苏雨一样从头部跳到特色券商的分析师还有很多，理由自然并非仅是薪酬。北京一分析师 说， 过去看重头部券商的跨 ...

Core Insights - The macroeconomic data for December 2025 indicates a stable recovery, with rising prices in non-ferrous metals, a manufacturing PMI returning to expansion, and growth in medium to long-term corporate loans [1] Economic Indicators - **CPI**: The Consumer Price Index (CPI) increased from 0.7% to 0.8% year-on-year, with food prices showing a 0.3% month-on-month increase and a 1.1% year-on-year increase [3] - **PPI**: The Producer Price Index (PPI) improved from -2.2% to -1.9% year-on-year, driven by rising prices in non-ferrous metals, which saw a 24.0% increase in mining and a 10.8% increase in smelting and processing [4] - **PMI**: The Manufacturing Purchasing Managers' Index (PMI) rose from 49.2% to 50.1%, indicating a return to expansion for large enterprises, while small enterprises remain in contraction [5] - **Fixed Investment**: Total fixed asset investment decreased by 3.8%, with real estate investment down by 17.2%, while equipment renewal investment grew by 11.8% [6] - **Credit Growth**: New RMB loans totaled 910 billion yuan, with medium to long-term corporate loans increasing significantly [7][8] - **M2 Growth**: The M2 money supply growth rate increased to 8.5%, up from 8.0%, indicating a rebound in liquidity [8]