【导语】 当前，股权投资行业正步入认知回归与能力重塑的"淬炼期"：长期资本持续扩容，耐心资本日益成为支 撑科技创新的核心力量，投资机构聚焦硬科技与战略新兴产业，深化布局、深挖价值；多元退出与投资 路径不断拓展，加速构建"投早、投小、投科技"的良性生态；政府引导基金与国资投资平台已成长为产 业发展的"稳定器"与"助推器"，携手产业方及各类资本，共建深度融合、共创共享的产融生态。 作为"十五五"规划的开局之年，融中第十五届中国资本年会暨大虹桥科创投资大会应势启幕。本届峰会 以《淬·炼》为主题，汇聚政府部门代表、头部投资机构、顶尖经济学家及行业领军企业，于新年伊始 展开深度对话，共议投资趋势、产业发展与科技创新前沿，致力于打造覆盖出资人、投资人与企业端的 高效产融生态圈，推动投资产业链全链条融合与价值贯通。 2026年1月13日，融中第十五届中国资本年会暨大虹桥科创投资大会上，中保投资董事长贾飙以《服务 科创企业的上海探索》为题，发表了主旨演讲。 以下为贾飙现场演讲的精彩内容，由融中财经编辑整理： 尊敬的孔福安书记，曹艳文主任，朱闪董事长，各位领导，各位嘉宾，大家上午好！ 非常高兴能有机会参加融中举办的盛会。我今天 ...

Core Viewpoint - The recent public accusation by Yao Zhenhua, chairman of Baoneng Group, against officials from Changshu City and the Changshu Economic and Technological Development Zone has unveiled a significant dispute involving the potential undervaluation and forced sale of assets related to Qoros Auto, which could jeopardize Baoneng's substantial investments in the company [1][2][3]. Group 1: Allegations and Financial Implications - Yao Zhenhua claims that the involved parties colluded to manipulate a 2.7 billion yuan execution case concerning Qoros Auto, where Baoneng has invested over 200 billion yuan [2][4]. - The core assets of Qoros Auto are estimated to be worth approximately 80 billion yuan, but the court's valuation is only 15 billion yuan, with an auction starting at 8.6 billion yuan [2][8]. - If the auction proceeds, Baoneng's significant investment in Qoros Auto could be drastically reduced, leading to a potential loss of value [3][4]. Group 2: Legal and Procedural Concerns - The dispute centers on the legality of the asset liquidation process, with Yao alleging that the establishment of a liquidation committee and excessive asset seizures were unlawful [5][9]. - The case originated from a financial loan dispute between Suzhou Asset Management Co. and Qoros Auto, which has led to the court's decision to auction Qoros Auto's assets to settle debts [6][7]. - Yao argues that the auction should be paused due to the initiation of bankruptcy reorganization proceedings for Qoros Auto, which were formally accepted by the Suzhou Intermediate People's Court [10][11]. Group 3: Baoneng's Financial Struggles - Baoneng Group is currently facing a debt crisis, with total liabilities exceeding 1 trillion yuan, and the ongoing auction of Qoros Auto's assets reflects the broader financial challenges the company is experiencing [15][20]. - The company's aggressive expansion strategy, including significant investments in various sectors, has led to a liquidity crisis, exacerbated by regulatory restrictions on its financing capabilities [24][25]. - The potential loss of Qoros Auto's assets could further diminish Baoneng's chances of restructuring and recovering from its financial difficulties [25].

Core Viewpoint - The city commercial bank sector experienced a decline of 2.11% on January 14, with Beijing Bank leading the drop, while the overall market showed mixed results with the Shanghai Composite Index down 0.31% and the Shenzhen Component Index up 0.56% [1] Group 1: Market Performance - The closing price of Beijing Bank was 5.38, down 2.71%, with a trading volume of 4.6089 million shares and a transaction value of 2.514 billion [1] - Other notable declines included Chongqing Bank at 10.30 (-2.37%), Hangzhou Bank at 15.62 (-2.13%), and Qilu Bank at 5.57 (-2.11%) [1] - The city commercial bank sector saw a net outflow of 729 million in main funds, while retail investors contributed a net inflow of 53.1975 million [1] Group 2: Fund Flow Analysis - Hangzhou Bank had a main fund net inflow of 1.20 billion, but a net outflow from retail investors of 92.9469 million [2] - Suzhou Bank recorded a net inflow of 52.503 million from main funds, while retail investors had a net outflow of 54.0558 million [2] - Shanghai Bank experienced a main fund net inflow of 45.3249 million, with a retail net outflow of 46.6735 million [2]

Core Viewpoint - Shanghai Rural Commercial Bank has successfully established several branches as the first batch of "Senior-Friendly Banking Outlets," aiming to enhance financial services for the elderly and fulfill social responsibilities in the context of an aging population [1] Group 1: Senior-Friendly Initiatives - The bank focuses on improving accessibility, convenience, and safety of financial services for the elderly through facility enhancements, process optimization, and extended services [1] - A total of 41 senior service outlets and 3 barrier-free environment construction outlets have been created by the bank [1] Group 2: Specific Branch Initiatives - The Putuo Shiquan branch is the first barrier-free outlet in the city, featuring a "full-process barrier-free" service model and various assistive devices for elderly customers [2] - The Qingpu Liantang branch integrates cultural elements into its design and offers early service hours, health monitoring equipment, and community activities to support elderly clients [3] - The Qingpu Huaxin branch emphasizes a safe and clear environment with a focus on fraud prevention and community outreach, establishing a "15-minute service circle" [4] - The Pudong Caolu branch has implemented a comprehensive approach to elderly service, including home visits and risk prevention education, while enhancing accessibility features [6]

Core Viewpoint - Shanghai Rural Commercial Bank has successfully established several branches as the first "Senior-Friendly Outlets" in the city, demonstrating leadership in enhancing financial services for the elderly and fulfilling social responsibilities in finance [1] Group 1: Senior-Friendly Initiatives - The bank has created 41 senior service outlets and 3 barrier-free environment outlets to improve accessibility, convenience, and safety for elderly clients [1] - The branches focus on transforming elderly services from mere coverage to quality, emphasizing the importance of tailored financial services for the aging population [1] Group 2: Specific Branch Initiatives - The Putuo Shiquan branch is the first barrier-free outlet in the city, featuring a "full-process barrier-free" service model and various assistive technologies to enhance the experience for elderly clients [2] - The Qingpu Liantang branch integrates cultural elements into its design, offering early service hours and health monitoring facilities to create a comfortable environment for elderly customers [3] - The Qingpu Huaxin branch combines barrier-free construction with elderly-friendly services, establishing a "15-minute service circle" and focusing on fraud prevention for elderly clients [4] - The Pudong Caolu branch emphasizes community engagement by providing financial services and risk prevention education directly to elderly residents in care homes [6]

Core Insights - The city commercial bank sector experienced a rise of 1.55% on January 13, with Ningbo Bank leading the gains [1] - The Shanghai Composite Index closed at 4138.76, down 0.64%, while the Shenzhen Component Index closed at 14169.4, down 1.37% [1] Stock Performance - Ningbo Bank (002142) closed at 29.26, up 4.24%, with a trading volume of 655,400 shares and a transaction value of 1.904 billion [1] - Hangzhou Bank (600926) closed at 15.96, up 3.70%, with a trading volume of 1,208,400 shares and a transaction value of 1.912 billion [1] - Suzhou Bank (002966) closed at 8.26, up 1.35%, with a trading volume of 485,800 shares [1] - Chengdu Bank (601838) closed at 16.29, up 1.24%, with a trading volume of 426,400 shares and a transaction value of 693 million [1] - Nanjing Bank (600109) closed at 10.88, up 1.21%, with a trading volume of 1,192,800 shares and a transaction value of 1.303 billion [1] - Qilu Bank (601665) closed at 5.69, up 1.07%, with a trading volume of 649,900 shares and a transaction value of 368 million [1] - Chongqing Bank (601963) closed at 10.55, up 0.96%, with a trading volume of 99,300 shares and a transaction value of 10.5 million [1] - Jiangsu Bank (616009) closed at 10.60, up 0.95%, with a trading volume of 1,504,800 shares and a transaction value of 1.593 billion [1] - Xi'an Bank (600928) closed at 3.77, up 0.53%, with a trading volume of 363,100 shares and a transaction value of 13.8 million [1] - Changsha Bank (601577) closed at 9.50, up 0.53%, with a trading volume of 183,100 shares and a transaction value of 174 million [1] Capital Flow - The city commercial bank sector saw a net inflow of 238 million from institutional investors, while retail investors contributed a net inflow of 199 million [2] - The sector experienced a net outflow of 437 million from speculative funds [2] Individual Stock Capital Flow - Hangzhou Bank (600926) had a net inflow of 70.42 million from institutional investors, while it faced a net outflow of 12.4 million from speculative funds [3] - Shanghai Bank (601229) saw a net inflow of 66.71 million from institutional investors, with a net outflow of 33.15 million from speculative funds [3] - Ningbo Bank (002142) had a net inflow of 37.18 million from institutional investors, with a net outflow of 1.4 million from speculative funds [3] - Suzhou Bank (002966) experienced a net inflow of 34.87 million from institutional investors, while facing a net outflow of 24.25 million from speculative funds [3] - Jiangsu Bank (601577) had a net inflow of 20.83 million from institutional investors, with a net outflow of 15.24 million from speculative funds [3]

Group 1 - China Merchants Bank announced a cash dividend distribution of approximately RMB 20.897 billion (including tax), with a cash dividend of RMB 1.013 per share, to be implemented on January 16, 2026 [1] - Over half of the 42 listed banks in A-shares have announced their mid-term dividend plans for 2025, with three banks, including China Merchants Bank, Postal Savings Bank, and Jiangsu Bank, announcing dividends this week [1] - China Galaxy Securities noted that the central bank's 2026 work meeting continues to emphasize a moderately loose monetary policy, which is expected to optimize the bank's credit structure and alleviate the pressure on interest margins [1] Group 2 - As of January 13, 2026, the CSI Bank Index (399986) rose by 0.96%, with notable increases in stocks such as Ningbo Bank (up 4.92%) and Hangzhou Bank (up 3.12%) [2] - The Bank ETF Index (512730) increased by 0.84%, with the latest price reported at RMB 1.68 [2] - As of December 31, 2025, the top ten weighted stocks in the CSI Bank Index accounted for 65.61% of the index, including China Merchants Bank, Industrial Bank, and Agricultural Bank [2]

Core Viewpoint - The article highlights the top-performing stocks in the S&P China A-Share Dividend Opportunity Index as of January 12, 2026, showcasing significant daily and year-to-date gains along with their respective dividend yields. Group 1: Stock Performance - The top stock, Chongqing Department Store (600729.SH), experienced a daily increase of 10.01% and a year-to-date increase of 11.58%, with a dividend yield of 5.17% [1] - Jiufeng Energy (605090.SH) saw a daily rise of 9.22% and a year-to-date rise of 18.21%, with a dividend yield of 2.42% [1] - Aotewei (688516.SH) reported a daily increase of 8.81% and a year-to-date increase of 35.02%, with a dividend yield of 3.74% [1] - Other notable performers include China Merchants Energy (600026.SH) with a daily increase of 7.24% and year-to-date increase of 16.70%, and Xin'ao Co. (603888.SH) with a daily increase of 6.35% and year-to-date increase of 9.56% [1] Group 2: Dividend Yields and Valuation Metrics - The average dividend yield for the index is reported at 4.76%, with a historical price-to-earnings (P/E) ratio of 11.75 times [2] - The expected P/E ratio is noted to be 11.07 times, indicating a stable valuation outlook for the index constituents [2]

新年伊始，工行、农行等多家银行密集推出了资产提升活动，即月日均金融资产提升至一定规模后，可 享受对应档位的活动奖励，如商品兑换豆、微信立减金等。不只是大行，多家城商行及农商行也在近期 纷纷推出相关活动的宣传海报。 值得注意的是，多数银行都注明了金融资产包括存款、理财、基金、保险、国债等。 活动密集上线背后，是银行持续发力零售AUM（资产管理规模），希望借此增强客户黏性。 资产提升活动密集开展 据农行零售银行公众号1月6日消息，即日起至3月31日，农行掌银注册用户可参加该行"资产提升有 礼"活动。其中一季度1月场次的活动内容是1月月日均金融资产较去年12月月日均金融资产提升，可抽 取对应档位的奖励。从活动的档位设置来看，资产提升的最低门槛为10万元，达标权益为52000小豆， 小豆可用于兑换商品。 不只是大行，城商行及农商行也在近期推出类似的资产提升活动。 据上海银行官微消息，今年1月至3月，持该行借记卡的客户可参与2026财富悦升有礼活动，每月达标客 户需同时满足两个条件，一是当月资产月日均达到30万元，二是当月资产月日均较前三月资产月日均最 大值提升达到5万元。每月达标客户可在次月参与领奖或抽奖，单月最高有 ...

Market Performance - The city commercial bank sector increased by 0.25% compared to the previous trading day, with Xiamen Bank leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] Individual Bank Performance - Xiamen Bank (601187) closed at 7.29, up 2.39% with a trading volume of 221,600 shares and a transaction value of 160 million yuan [1] - Shanghai Bank (601229) closed at 10.07, up 1.61% with a trading volume of 847,800 shares and a transaction value of 848 million yuan [1] - Jiangsu Bank (616009) closed at 10.50, up 0.96% with a trading volume of 1,310,700 shares and a transaction value of 1.366 billion yuan [1] - Other banks such as Xi'an Bank, Zhengzhou Bank, and Beijing Bank also showed minor increases in their stock prices [1] Capital Flow Analysis - The city commercial bank sector experienced a net outflow of 61.41 million yuan from institutional investors, while retail investors saw a net inflow of 66.54 million yuan [2] - The individual capital flow for Jiangsu Bank showed a net inflow of 47.88 million yuan from institutional investors, while retail investors had a net outflow of 51.39 million yuan [3] - Xiamen Bank had a net inflow of 17.18 million yuan from institutional investors, but retail investors experienced a net outflow of 8.30 million yuan [3]