Core Viewpoint - The commercial operation of China's C919 aircraft is steadily advancing, with production and delivery entering an accelerated phase, aiming for at least 28 deliveries in 2026, with a production rate of one aircraft every 10 to 15 days [1][3][4]. Production and Delivery - China Commercial Aircraft Corporation (COMAC) is improving the production and delivery pace of the C919 as supply chain issues are gradually resolved, with 15 aircraft delivered in 2025, an increase from 12 in 2024, although still below the initial target of 75 [1][4]. - In the last two months of 2025, 8 out of the 15 delivered C919s were completed, indicating a positive trend in production capacity [4][6]. - The company expects the supply chain situation to continue improving in 2026, with two C919s already entering the delivery process at the start of the new year [3][4]. Engine Supply and Political Factors - The reliance on Western-made LEAP-1C engines poses a challenge for COMAC, as political factors can disrupt engine procurement, making diversification of engine supply sources crucial for long-term supply chain security [4][6][5]. - Despite the political challenges, COMAC is working closely with Western partners to ensure a stable supply of engines, which is seen as the most feasible way to increase production in the short term [6][5]. Market Position and Future Prospects - The C919 has successfully transported over 4 million passengers since its domestic operation began in May 2023, and orders from major airlines are increasing, with plans for each of the three major Chinese airlines to purchase at least 100 C919s by 2031 [9][10]. - The aircraft's international certification process is ongoing, which is essential for competing with Boeing and Airbus in the global market [9][10]. - The entry of COMAC into the market is welcomed by competitors, who acknowledge that competition drives innovation and improvement across the industry [9].

Group 1 - The core point of the article is that Mengniu's control over Miaokelando is entering a new phase, marked by the dismissal of founder Chai Xiu from key positions and the appointment of Kuai Yulong as the new general manager [1][8] - Chai Xiu's dismissal is linked to a long-standing investment guarantee dispute that has negatively impacted Miaokelando's performance, with an estimated loss of net profit between 119 million to 127 million yuan due to asset impairment [2][3] - The company has returned to a growth trajectory, with a revenue increase of 14.22% year-on-year to 1.39 billion yuan and a net profit increase of 214.67% to 42.97 million yuan in Q3 2025 [5][6] Group 2 - The growth is driven by the B-end market, particularly in the mozzarella cheese sector, benefiting from Mengniu's extensive upstream resources, which help stabilize raw milk supply and costs [6][7] - Mengniu currently holds over 37% of Miaokelando's shares, while Chai Xiu remains the second-largest shareholder with a total stake of 15.96% when including associated parties [1][2] - The stock price of Miaokelando was reported at 23.33 yuan per share, reflecting a decline of 1.77% [9]

| 五、宏观信息 | | --- | | 国内AI领域大消息不断！阿里发布千问旗舰推理模型Qwen3-Max-Thinking，创下数项权威评测全球新纪录，性能媲美GPT-5.2、Gemini 3 Pro，成为迄今为止 | | 最接近国际顶尖模型的国内最强AI大模型。与此同时，AI独角兽阶跃星辰完成超50亿元人民币B+轮融资，一举刷新过去12个月中国大模型赛道单笔最高融资纪 | | 录。 | | 外交部提醒中国公民春节期间避免前往日本。提醒指出，近段时间以来，日本针对中国公民违法犯罪案件多发，同时部分地区连续发生地震，中国公民在日本 | | 面临严重安全威胁。航班管家DAST数据显示，2月已有49条赴日航线航班全部取消。国航、东航、南航以及山航、厦航、上航集体公告，涉日航线机票免费退 | | 改签政策延长到10月24日。 | | 加快培育服务消费新增长点相关政策文件近日将推出。商务部相关负责人介绍，将出台扩大入境消费的政策措施；启动建设国家数字贸易示范区；优化实施消 | | 费品以旧换新，促进汽车、家电等大宗耐用商品消费；开展汽车流通消费改革试点；国家层面的海外综合服务大平台近期将上线。 宏观信息 | | 中 ...

Core Viewpoint - Major Chinese airlines, including Air China, China Eastern Airlines, and China Southern Airlines, have extended the special handling policy for tickets related to Japan routes until October 24, 2026, allowing for free cancellations and changes under specific conditions [2]. Summary by Relevant Sections Air China - Tickets must meet the following conditions: purchased or reissued before January 26, 2026, at 12:00 PM, and involve travel dates from March 29, 2026, to October 24, 2026, for flights to and from Tokyo, Osaka, Nagoya, Fukuoka, Sendai, Hiroshima, Sapporo, and Okinawa [14]. China Eastern Airlines - Applicable to tickets for international, regional, or domestic flights that include at least one unused segment involving Japan, with travel dates from March 29, 2026, to October 24, 2026. The ticket must be issued or reissued before January 26, 2026, at 12:00 PM [5]. China Southern Airlines - Tickets must be purchased or reissued before January 26, 2026, at 12:00 PM, and involve travel dates from March 29, 2026, to October 24, 2026, for flights to and from Japan, including code-sharing flights [8]. Shandong Airlines - Tickets must be purchased or reissued before January 26, 2026, at 12:00 PM, and involve travel dates from March 29, 2026, to October 24, 2026, for flights to and from Osaka, including code-sharing flights [15]. Xiamen Airlines - Applicable to tickets purchased or reissued before January 26, 2026, at 12:00 PM, with travel dates from March 29, 2026, to October 24, 2026, for flights to and from Japan, including code-sharing flights [11]. Shanghai Airlines - Tickets must include at least one unused segment involving Japan, with travel dates from March 29, 2026, to October 24, 2026, and must be issued or reissued before January 26, 2026, at 12:00 PM [13]. Sichuan Airlines - Tickets must be purchased or reissued before January 26, 2026, at 3:00 PM, with travel dates from March 29, 2026, to October 24, 2026, for flights to and from Japan, including code-sharing flights [21]. Previous Notifications - Prior to this announcement, multiple airlines had issued notifications regarding free cancellations and changes for tickets related to Japan routes, with specific dates for travel and cancellations [18].

Company News - Zijin Mining announced a cash acquisition of Allied Gold Corporation at a price of 44 CAD per share, totaling approximately 5.5 billion CAD (about 28 billion RMB) [9] - Zhejiang Wen Internet reported a stock price increase of 69.57% from January 5 to January 26, indicating potential market overreaction and risks of a rapid decline [9] - Tongling Nonferrous Metals announced a stock price deviation of 20.72% over two trading days, with normal production and operational conditions [9] - Crystal Clear Technology plans to acquire 100% of Easy Charge Technology through a combination of stock issuance and cash payment, pending necessary approvals [10] - Xingyu Co., Ltd. submitted an application for H-share listing on the Hong Kong Stock Exchange [10] - JD Infrastructure Development submitted an A1 application to the Hong Kong Stock Exchange, managing assets totaling approximately 121.5 billion RMB [10] - Guoxing Aerospace revealed its "Star Computing" plan, involving a network of 2,400 reasoning satellites and 400 training satellites for high-speed data transmission [11] - Evert announced plans to acquire shares of Shanghai Shengpu Fluid Equipment Co., Ltd., with stock suspension effective from January 27 [11] - Yushu Technology's humanoid robots will participate in the 2026 Spring Festival Gala, marking a significant industry collaboration [11] - Tensu Zhixin released a roadmap for its fourth-generation architecture, aiming to surpass NVIDIA's Rubin architecture by 2027 [11] - Anta Sports agreed to purchase 43.01 million shares of PUMA SE for a total consideration of approximately 1.507 billion euros (about 12.278 billion RMB) [12] - Alibaba launched the Qwen3-Max-Thinking model, boasting over one trillion parameters and competitive performance [12] - Tencent's CEO emphasized a decentralized AI strategy for WeChat, focusing on user needs and privacy [12] Industry Insights - The humanoid robot market is projected to exceed traditional rotary transformer markets, with an expected market size of 6.15 billion RMB by 2030 and 47.1 billion RMB by 2035 [6] - The sodium battery industry is at a critical commercialization stage, with major players like CATL launching mass-produced sodium batteries [6] - The satellite communication sector is experiencing rapid growth, with a 40% increase in the satellite communication index over the past two months [6] - The domestic tourism market is seeing a 300% increase in booking numbers compared to last year, driven by various travel preferences [6] - The commercial aerospace sector in Hainan is expanding, with a budget of approximately 220 million RMB for upcoming launch tasks [6] - The production and delivery pace of the C919 aircraft is set to increase, with a target of at least 28 deliveries in 2026 [7]

Industry Highlights - The Ministry of Human Resources and Social Security will hold a regular press conference today to introduce the progress of human resources and social security work for 2025 [1] - Intel's first consumer laptops equipped with the third-generation Core Ultra processors will be launched globally today [1] - Microsoft has launched the next-generation AI chip Maia 200, aimed at reducing dependence on Nvidia [1] - The European Union has officially approved a complete ban on the import of Russian natural gas starting next year [1] - Alibaba has officially released the Qwen3-Max-Thinking flagship reasoning model, which is performance-comparable to GPT-5.2 [1] - Nvidia has made an additional investment of $2 billion in CoreWeave to accelerate data center construction [1] - Zijin Mining plans to acquire 100% of Allied Gold Corporation for approximately 28 billion yuan [1] - India is experiencing an outbreak of the Nipah virus, which has a high fatality rate, with vaccines entering clinical trials [1] - Several airlines, including Air China, China Eastern Airlines, and China Southern Airlines, have announced an extension of the free refund and change policy for flights to Japan until October 24 [1] Economic Data - In December, the profit of large-scale industrial enterprises decreased by 13.1% year-on-year [1] - For the entire year, the profit of large-scale industrial enterprises was flat at 0.1% year-on-year [1] - The Dallas Fed Business Activity Index for January was reported at -1.2 [1] - Durable goods orders in the U.S. for November increased by 5.3% month-on-month [1] A-Share Dynamics - Six listed companies are facing stock unlocks, with Haibo Shichuang unlocking 94.64 million shares (52.55% of total shares) and Yalian Machinery unlocking 27.2 million shares (31.18% of total shares) [1] - Several listed companies have announced dividend distributions, with some set for stock registration today and ex-dividend on January 28; Xiyes shares a dividend plan of 1.10 yuan per 10 shares (tax included) [1] - Zhejiang Construction Investment has announced a plan to issue approximately 243 million new shares, with total fundraising not fully disclosed; the listing date for the new shares is set for January 27, 2026 [1] - Ten listed companies have released information regarding suspension and resumption of trading, including ST Changyao, Longyun Co., Debang Co., and Aifute [1]

Core Insights - The report emphasizes the steady growth of the postal industry, with a total delivery volume of 2,165.1 billion pieces in 2025, marking an 11.8% year-on-year increase, and express delivery volume reaching 1,989.5 billion pieces, up 13.6% year-on-year [15][14] - The social service sector has shown a 4.78% increase in the last two trading weeks, ranking 8th among 31 industries, with expectations for continued growth in consumer spending driven by various policies [8][12] - The logistics sector is experiencing structural optimization, with the national postal bureau reporting robust growth in the industry, while the airline sector sees a slight decrease in average ticket prices compared to 2019 due to timing issues [15][14] Market Performance - The Shanghai Composite Index closed at 4,132.61, down 0.09%, while the Shenzhen Component Index fell by 0.85% to 14,316.64 [1] - The social service sector outperformed the CSI 300 index by 5.97 percentage points, indicating strong relative performance [9][8] Industry Dynamics - The report highlights the successful first flight of a 500kg tilt-rotor drone, indicating advancements in the low-altitude economy and the potential for eVTOL applications [15][14] - The report notes a general decline in freight rates for major shipping routes due to geopolitical tensions affecting demand [15][14] Investment Recommendations - The report suggests focusing on companies with strong earnings growth certainty in the travel chain and related industries, such as Tongcheng Travel and Huangshan Tourism [12] - It also recommends monitoring opportunities in the express logistics sector, particularly for companies like SF Express and Jitu Express, as well as in the airline industry due to increased demand during the Spring Festival [17][12]

Report Title - "Counting the Public Offering Pure Bond and Hybrid Asset Strategy Funds' 2025 Q4 Reports - The Scale of 'Fixed Income +' Reaches a New High, and the Exposure to Equity Slightly Declines" [1] Report Date - January 26, 2026 [2] Market Overview General Fixed - Income Fund Scale in 2025 Q4 - Among the top 20 fund companies in terms of general fixed - income fund scale, the scale of some companies increased while others decreased. For example, the scale of China Merchants Fund increased by 9.88% to 3512.27 billion yuan, while the scale of E Fund decreased by 4.71% to 3627.05 billion yuan [8]. Hybrid Asset Strategy Fund Scale in 2025 Q4 - In the hybrid asset strategy fund scale ranking, the scale changes also varied. For instance, the scale of Invesco Great Wall Fund increased by 32.11% to 2263.68 billion yuan, while the scale of Fullgoal Fund decreased by 5.85% to 1281.73 billion yuan [8]. Performance Return - Different types of funds had different average returns in 2025 Q4, year - to - date, and in the past 1 - year, 3 - year, and 5 - year annualized periods. For example, the average return of convertible bond funds in 2025 Q4 was 0.84%, and the year - to - date return was 23.10% [15]. Maximum Drawdown - The average maximum drawdowns of various fund types also differed. For example, the average maximum drawdown of convertible bond funds in 2025 Q4 was - 5.26%, and the year - to - date maximum drawdown was - 8.90% [15]. Annualized Sharpe Ratio - The annualized Sharpe ratios of different fund types were distinct. For example, the annualized Sharpe ratio of short - term pure bond funds in 2025 Q4 was 4.28 [15]. Asset Allocation Leverage Ratio - In 2025 Q4, different types of funds had different leverage ratios and their changes compared to Q3. For example, the leverage ratio of short - term pure bond funds was 111.89% in Q4, an increase of 0.40% compared to Q3 [40]. Holding Characteristics Stock Holdings - From 2025 Q1 to Q4, the industry and stock holding ratios of funds changed. For example, the proportion of non - ferrous metals in the stock market value increased from 11.27% in Q1 to 14.65% in Q4 [54][57]. Bond Holdings - The industry and bond holding ratios of funds also changed over the four quarters of 2025. For example, the proportion of bank bonds in the bond market value decreased from 20.75% in Q1 to 14.45% in Q4 [67][68]. Fund Managers' Views Pure Bond Market Views - Different fund managers had different views on the pure bond market in 2026 Q1. For example, Huang Yingjie of Bank of Communications Yulong Pure Bond A believed that the bond market might be in a range - bound market with a steeper curve [74]. Bond and Stock Market Views - Some fund managers had comprehensive views on the bond and stock markets. For example, Deng Xinyu and Zhao Yucheng of China Europe Dingli A were optimistic about the stock market's structural opportunities and adjusted their convertible bond positions [75]. Convertible Bond and Stock Market Views - Fund managers also had different views on the convertible bond and stock markets. For example, Huang Bo of Everbright Tianyi A planned to select high - cost - effective convertible bonds for the fund's fixed - income part [79].

中日航线免费退改签延长到10月24日 。 厦航公告称， 适用客票：2026年1月26日12:00（含）前购买或换开的厦航731开头的客票，且客票未使用行程涉及旅行日期在2026年3月29日（含） 至2026年10月24日（含）之间的日本进、出港（含经停）厦航实际承运航班或使用MF航班号的代码共享航班。 上航公告称， 781客票填开的国际、地区或国内航班。客票中至少含有一段未使用的涉及日本进港、出港或经停航班（包括上航或其他航空公司航 班），航班起飞日期在2026年3月29日（含）至2026年10月24日（含），同一客票内的其他未使用航段日期不限；出票日期或换开日期：2026年1月 26日12:00（含）之前；取消行程日期：本规定适用于2026年1月26日（含）至航班计划起飞时刻之前取消行程的旅客。航班计划起飞时刻之后取消 行程及2026年1月25日（含）之前取消行程的旅客不适用本规定。 川航 公 告称 ， 在2026年1月26日15:00（含）之前使用876票证填开或换开的客票（包括里程兑免客票）；旅行日期为2026年3月29日（含）至 2026年10月24日（含）之间的客票，客票未使用行程涉及日本进出港川航 ...

航班管家数据显示，截至1月26日，2026年2月已有49条中日航线取消全部航班，比1月进一步增加。 2026年1月，中国赴日本航班取消率达47.2%，较2025年12月增长7.8个百分点。(完) 国航、南航、东航、川航、厦航、上航、山航等航司发布公告称，根据外交部发布的出行提醒，为协助 旅客更好安排出行计划，针对1月26日12时前已购买、旅行日期为3月29日至10月24日的上述航空公司日 本航线进出港航班客票，在客票有效期内，可免费办理退改手续。据悉，上述航空公司已多次发布涉及 日本航线进出港航班客票特殊处置方案，此前的免费退改政策执行至3月28日。 中新社北京1月26日电 (记者 刘文文)据"领事直通车"公众号26日消息，农历春节临近，中国外交部和中 国驻日本使领馆提醒中国公民近期避免前往日本。当日，多家中国航司再次发布关于日本相关航线客票 特殊处理的通告，符合适用条件的客票免费退改政策延至今年10月24日。 ...