"见证历史""惊掉下巴""这也跌太多了吧"，一夜醒来，朋友圈被黄金白银暴跌的感慨刷屏了， 有投资者感叹"一下吞掉了五天的涨幅"。 记者丨 唐婧 实习生 曹莹博 编辑丨方海平 视频丨许婷婷 关于沃什真正的货币政策立场，市场也有颇多不同声音。公开信息显示，沃什曾公开批评量化 宽松政策的副作用，认为美联储需要与美国财政部在政策上更紧密地协作。在美联储任职期 间，沃什一直对通胀保持警惕，并经常支持加息。然而，2025年他却赞同特朗普的观点，认为 利率可以大幅降低，也因此被市场质疑或向政治妥协。 资料图 国联民生证券研究所宏观首席分析师林彦指出，在本次美联储主席提名竞选中，沃什明确表示 支持降息，并直言当前利率水平"应当更低"。这一表态正好符合特朗普政府的政策诉求，也在 一定程度上缓解了特朗普团队对其"鹰派"立场的担忧。 南华期货贵金属新能源研究组负责人夏莹莹告诉记者，相较于另两位热门人选贝莱德公司高管 里德以及白宫经济顾问哈塞特， 沃什的立场相对偏鹰派，且更倾向于维护美联储的独立性， 这一预期弱化了市场对美联储宽松货币政策的预期，对金银价格形成了一定压制。 21世纪经济报道记者注意到，1月30日晚间，国际黄金、白银又 ...

Core Viewpoint - The article discusses the challenges faced by fund sales in balancing scale-driven growth and investor protection, highlighting recent regulatory actions against misconduct in the industry [2][3]. Group 1: Regulatory Actions - On January 29, the China Securities Regulatory Commission (CSRC) released a report targeting a fund company for exceeding 10 billion yuan in daily subscriptions due to improper practices [2]. - The report indicates that the fund company collaborated with unqualified internet influencers to create a buying frenzy for high-risk products [2][7]. - Regulatory measures include a combination of corrective actions and product registration suspensions, emphasizing a "zero tolerance" approach to sales misconduct [10]. Group 2: Sales Practices and Trends - Internet influencers, referred to as "Big Vs," have gained credibility by showcasing their real fund trading accounts, which has led to a surge in follower engagement and imitation of their investment strategies [5][6]. - The use of real-time valuation features and rankings on platforms has been criticized for encouraging short-term, emotional trading, which contradicts long-term investment principles [8]. - Despite regulations prohibiting misleading promotional language, some sales channels continue to use tactics that emphasize past performance while downplaying risks [8]. Group 3: Industry Transformation - The tightening of regulations is expected to cause significant changes in the industry, as traditional sales models relying on traffic and short-term incentives face challenges [13]. - The new regulatory framework encourages a shift from a scale-oriented approach to one focused on client interests, promoting long-term investment strategies [13][14]. - The article suggests that the future of fund sales will depend more on professional advisory services and long-term client relationships rather than mere marketing tactics [13][14].

Core Viewpoint - The recent regulatory actions by the China Securities Regulatory Commission (CSRC) highlight serious compliance issues in the mutual fund sales industry, particularly focusing on the D Fund Company and its collaboration with internet influencers, which has drawn public attention to the irregularities in fund sales practices [2][4]. Group 1: Regulatory Actions and Compliance - The CSRC's report indicates that the D Fund Company engaged in marketing practices with unqualified internet influencers, leading to a surge in daily subscription volumes exceeding 10 billion yuan [2]. - The regulatory response includes a combination of corrective measures and product registration suspensions, holding both the fund company and its executives accountable for the violations [7]. - The recent draft of the "Regulations on the Sales Behavior of Publicly Raised Securities Investment Funds" aims to establish stricter guidelines for fund sales, emphasizing the need for compliance in promotional activities and performance disclosures [7][8]. Group 2: Sales Practices and Market Impact - The collaboration with internet influencers has created a "buying frenzy," leveraging their influence to attract investors to high-risk products [4]. - The trend of real-time valuation and rankings in fund sales has resurfaced, which can mislead inexperienced investors into making impulsive trading decisions [5][6]. - The shift in performance evaluation criteria for funds is moving away from sales volume towards focusing on investor profitability and holding periods, promoting a long-term investment perspective [8][10]. Group 3: Industry Transformation - The tightening of regulations is expected to challenge traditional sales models that rely on short-term incentives and influencer partnerships, necessitating a reevaluation of customer engagement strategies [9]. - Future fund sales are anticipated to depend more on professional advisory services and long-term client relationships rather than mere marketing tactics [10][11]. - The regulatory framework aims to foster a more sustainable development of the fund sales industry, balancing growth with investor protection [10][11].

Group 1 - The China Securities Association updated the classification list of sponsoring representatives, with 16 individuals categorized as D-class, indicating a temporary suspension of their signing qualifications [2][5] - Compared to the D-class list updated in June 2025, four representatives were removed, while three new representatives were added from First Capital Securities, Guolian Minsheng Securities, and Dongwu Securities [2][5] - The D-class list includes representatives who have received administrative penalties from the China Securities Regulatory Commission (CSRC) or have been deemed unsuitable for related business by self-regulatory organizations [2][9] Group 2 - Fan Benyuan from First Capital Securities was penalized for failing to detect misuse of approximately 1.7 billion yuan in fundraising during the Hongda Xingye convertible bond project, resulting in a total penalty of 16.98 million yuan [5] - Jin Yaping from Guolian Minsheng Securities was fined over 10 million yuan for violations during his 17 years of service, including 16 years of illegal stock trading [6] - Ma Yuanyuan from Donghai Securities faced a record penalty of 60 million yuan for failing to identify financial fraud and undisclosed related transactions during a major asset restructuring project [8] Group 3 - The updated D-class list aims to enhance the awareness of responsibilities and risks among sponsoring representatives, encouraging them to adhere to legal and ethical standards [9] - The introduction of the D-class category follows revisions to the sponsorship business rules, which now include a public disclosure mechanism for negative evaluations of sponsoring representatives [8][9]

茲 載 列 本 公 司 於 上 海 證 券 交 易 所 網 站 刊 發 之《中 信 建 投 証 券 股 份 有 限 公 司2026年 面 向 專 業 投 資 者 公 開 發 行 科 技 創 新 公 司 債 券（第 一 期）發 行 結 果 公 告》，僅 供 參 閱。 承董事會命 中信建投証券股份有限公司 董事長 劉 成 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6066） 海外監管公告 本 公 告 乃 中 信 建 投 証 券 股 份 有 限 公 司（「本公司」）根 據 香 港 聯 合 交 易 所 有 限公司證券上市規則第13.10B條 而 作 出。 发行人的关联方中信银行股份有限公司参与认购并获配10000万 元，此外发行人的董事、监事、高级管理人员、持股比例超过5%的 股东以及其他关联方未参与本期债券认购。本期债券主承销商 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6066） 海外監管公告 本 公 告 乃 中 信 建 投 証 券 股 份 有 限 公 司（「本公司」）根 據 香 港 聯 合 交 易 所 有 限公司證券上市規則第13.10B條 而 作 出。 茲 載 列 本 公 司 於 上 海 證 券 交 易 所 網 站 刊 發 之《中 信 建 投 証 券 股 份 有 限 公 司 第 三 屆 董 事 會 第 二 十 次 會 議 決 議 公 告》，僅 供 參 閱。 承董事會命 中信建投証券股份有限公司 董事長 劉 成 中國北京 2026年1月30日 於 本 公 告 日 期，本 公 司 執 行 董 事 為 劉 成 先 生 及 金 劍 華 先 生；本 公 司 非 執 行 董 事 為 李 岷 先 生、朱 永 先 生、閆 小 雷 先 生、王 廣 龍 先 生、 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不 對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何 損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6066） (I) 非執行董事辭任； (II) 提名非執行董事； 及 (III) 委任董事會專門委員會委員 非執行董事辭任 中 信 建 投 証 券 股 份 有 限 公 司（「 本公司 」）董 事 會（「 董事會 」）謹 此 宣 佈 ， 非 執 行 董 事 閆 小 雷 先 生（「 閆先生 」）因 工 作 原 因 ， 向 本 公 司 董 事 會 提 交 辭職報告，辭去本公司非執行董事、董事會風險管理委員會委員、董事 會審計委員會委員職務。辭任後，閆先生亦不在本公司及控股子公司擔 任其他職務。 閆先生確認，其與董事會無不同意見，不存在未履行完畢的公開承諾， 亦無任何與其辭任有關的事項需要通知本公司股東及債權人。閆先生已 按照其適用的離任管理相關制度做好工作交接。 董事會對閆先生為本公司發展作出的積極貢獻表示衷心感謝。 1 提名非執行董事 本 公 司 第 ...

Group 1 - The Robot ETF (562500) experienced a slight rebound after a downward trend, with the latest price at 1.070 yuan, up 0.094% from the opening price [1] - Among the 66 constituent stocks tracked by the ETF, 40 stocks showed an increase, with Green Harmony leading the gains at 8.26%, while Huachangda fell by 5.84%, having limited impact on the overall market [1] - The trading volume for the Robot ETF reached 1.42 billion yuan, with a turnover rate of 5.81%, indicating high trading activity [1] Group 2 - The Robot ETF (562500) is the only robot-themed ETF in the market with a scale exceeding 20 billion yuan, covering various segments such as humanoid robots, industrial robots, and service robots [2] - Recent adjustments to the constituent stocks have increased the humanoid robot content in the index to nearly 70%, successfully removing underperforming stocks and retaining stronger ones [2] Group 3 - A humanoid robot testing platform was officially launched in Beijing, equipped with 500 sets of production and testing equipment, capable of producing 5,000 sets of embodied intelligent robots annually [1] - CITIC Securities anticipates favorable domestic policies for the robotics sector, with ongoing developments in new product releases and IPO progress for Yushu, suggesting a focus on quality segments for future investment [1]

Group 1 - The core economic characteristic throughout the year is "production stronger than demand, external demand better than internal demand" with a loose monetary policy maintaining a low interbank interest rate, the lowest since 2020 [1] - Under the macroeconomic weakness and loose liquidity environment, investment in prosperity is favored, suggesting a focus on "technology + resource products" as dual main lines [1] Group 2 - The Guotai ETF (159375) tracks the ChiNext 50 Index (399673), which has a daily price fluctuation limit of 20%, selecting 50 securities with high average daily trading volume from the ChiNext market to reflect the overall performance of well-known, large-cap, and liquid enterprises [1] - The constituent stocks are primarily concentrated in emerging industries such as power equipment and new energy, pharmaceuticals, and computers, exhibiting characteristics of high growth and high liquidity [1]

Market Overview - The central bank conducted a reverse repurchase operation of 312.5 billion yuan for 7-day terms at a fixed rate of 1.40%, with a net injection of 253.2 billion yuan after accounting for 59.3 billion yuan in reverse repos maturing on the same day [3][4] - The interbank market liquidity remained stable and slightly loose, with the overnight repo weighted average rate (DR001) decreasing to around 1.24% [5][6] - The latest one-year interbank certificates of deposit (CD) transactions were around 1.64%, unchanged from the previous day [8] Bond Market - The 30-year treasury futures contract rose by 0.17%, while the 10-year and 5-year contracts fell by 0.02% and 0.01%, respectively [12] - Recent trends in AAA-rated local government bonds showed varying yield spreads across different maturities [10][11] Key News - The Central Rural Work Conference emphasized stabilizing grain and oil production and enhancing agricultural infrastructure, aiming for a significant increase in grain production capacity [13] - The State Council announced the implementation of the Value-Added Tax Law from January 1, 2026, detailing taxable transactions and taxpayer classifications [13] - The core value added of the digital economy in 2024 is projected to be 14,089.1 billion yuan, accounting for 10.5% of GDP, with the digital technology application sector contributing the largest share [14] Bond Events - The first real estate asset-backed security (ABS) for thermal power led by GCL Group was listed on the Shanghai Stock Exchange [18] - CITIC Securities plans to pay interest on a perpetual subordinated bond of 2.1 billion yuan at a coupon rate of 2.05% [18] - CIFI Holdings' offshore debt restructuring has officially taken effect, with a debt reduction of approximately 38 billion yuan [19] Risk Monitoring - Recent non-standard asset risks in urban investment include various private equity funds and trust plans facing default risks [20]