根据建信基金管理有限责任公司与申万宏源证券有限公司、申万宏源西部证券有限公司签署的销售协 议，自2026年1月13日起，以上证券公司将销售本公司旗下基金如下： ■ 自2026年1月13日起，投资者可在以上销售机构的营业网点办理上述基金的业务，具体业务的办理请参 照本公司及以上销售机构的相关业务规则和流程。投资者欲了解基金产品的详细情况，请仔细阅读基金 产品的基金合同、招募说明书、基金产品资料概要等法律文件。 投资者通过以上券商办理业务时，请按照各代销网点的具体规定执行。 一、新增销售机构如下： 1.申万宏源证券有限公司 地址：上海市徐汇区长乐路989号45层 客服电话：95523 网址：https://www.swhysc.com/ 2.申万宏源西部证券有限公司 地址：新疆乌鲁木齐市高新区（新市区）北京南路358号大成国际大厦20楼2005室 客服电话：95523 网址：https://www.swhysc.com/ 二、建信基金管理有限责任公司联系方式 客户服务热线：400-81-95533(免长途通话费)、010-66228000 网址：http://www.ccbfund.cn 风险提示：本公司承诺以诚 ...

Group 1 - The announcement provides details on the fund's subscription, redemption, conversion, and regular investment operations, effective from January 14, 2026 [19][20] - The fund allows investors to subscribe with a minimum amount of 1 RMB through various sales channels, with specific conditions for direct sales [3][4] - The fund manager has the authority to set limits on the total fund size, daily subscription amounts, and individual investor limits to protect existing investors [2][4] Group 2 - The fund has different fee structures for A and C class shares, with C class shares having no subscription fee [3][4] - Redemption fees vary based on the holding period, with specific percentages allocated to the fund's assets depending on the duration of holding [4][5] - The fund manager can adjust fees and conditions for subscriptions and redemptions, provided they comply with legal regulations and do not adversely affect existing investors [3][4] Group 3 - Fund conversion is treated as a redemption of the outgoing fund and a subscription to the incoming fund, with specific fees applicable [6][7] - The conversion process requires both funds to be managed by the same fund manager and sold through the same sales institution [10][11] - The fund manager can implement a swing pricing mechanism during large redemptions to ensure fair valuation [5][12] Group 4 - Regular investment plans allow investors to set up automatic deductions for fund subscriptions, with minimum amounts specified by the fund manager [14][15] - The fund manager can change or add sales institutions as needed, with updates publicly announced [18] - The fund's net asset value and performance will be disclosed on the following business day after each open day [19]

Group 1: Federal Reserve and Employment Data - Goldman Sachs expects the Federal Reserve to maintain its current policy in January, with two rate cuts anticipated in the remainder of 2026 due to initial signs of labor market stability [1] - JPMorgan has removed its forecast for a rate cut in 2026, now predicting a 25 basis point increase in Q3 2027 [1] - Societe Generale believes the decline in unemployment and rising wages provide a stronger rationale for the Fed to hold rates steady in January [1] Group 2: Oil Prices and Geopolitical Risks - Goldman Sachs indicates that despite ongoing geopolitical risks, oil prices may continue to decline due to ample supply, predicting Brent and WTI crude oil prices to average $56 and $52 per barrel respectively in 2026 [2] Group 3: Chinese Economic Outlook - CITIC Securities forecasts a "mild re-inflation" in China in 2026, driven by a slight increase in PPI and CPI, with core CPI expected to rise due to various factors including food prices and service costs [3] - CITIC Securities also notes that the balance between external and internal demand will be crucial for the A-share market, with a higher probability of upward movement in early 2026 [4] Group 4: Commodity Prices and Market Trends - CITIC Jinpu predicts that copper prices will continue to rise, with the market not yet at an end, and expects significant support for copper prices despite short-term corrections [5] - CITIC Securities anticipates that investment in the power grid during the 14th Five-Year Plan period may reach 3.8 trillion yuan, focusing on high-quality development and stability in the energy sector [6] Group 5: Currency and Market Dynamics - Huatai Securities expects the Federal Reserve to pause rate cuts from January to May, with potential cuts occurring after the new Fed chair takes office [7] - Huachuang Securities highlights the commercialization of brain-computer interfaces, indicating a growing market with significant potential for expansion beyond the medical field [8] - Shenwan Hongyuan predicts that the RMB will appreciate by 2-3% annually over the next few years, with a total appreciation of over 30% in the next decade, benefiting the stock market [10]

从成交量来看，1月12日，沪深两市成交额突破3.6万亿元，较上一个交易日放量4787亿元，刷新此前在2024年10月8日创下的成交额历史记录。 "17连阳，每天都见证历史。"一位投资者在朋友圈发出感慨。 "涨到怀疑人生。""一眼望过去全是涨停，除了我买的。""大A都17连阳了我在哪？ ""这个行情大家都盈了吗？""我在白酒躲牛市"……微博上，A股也成为 投资者正在热议的话题。 谁在引领？ 东吴证券统计A股历史上沪指10连阳及以上的情况发现，自1990年开市以来仅有7次（含本次），其中10连阳2次（1991年1月10日、1991年9月9日），11连 阳3次（2018年1月12日、2006年6月29日、1992年5月19日），12连阳1次（1992年3月11日）。 东吴证券称，统计沪指10连阳后的涨跌表现，短期（5日）上涨概率极高，但伴随时间周期的拉长，上证涨跌互现，因此需要进一步考虑催化上涨的核心因 素。 A股市场迎来"高光时刻"。 2026年开年以来，A股持续演绎"开门红"行情，指数节节攀升。Wind数据显示，截至2026年1月12日收盘，沪指涨逾1%豪取17连阳，从3822.51点上涨至 4165.29点， ...

Group 1 - Malaysia's Communication and Multimedia Commission has temporarily restricted access to the AI chatbot "Grok" due to its misuse in generating obscene and offensive synthetic images, including content involving women and minors [1] - Kepler Communications, a Canadian startup, successfully launched 10 new low Earth orbit satellites via SpaceX, marking progress in building a space-based high-speed telecommunications network [2] - South Korea's Ministry of Agriculture aims to export $16 billion worth of food and agricultural products this year, which would represent a 17.5% increase from the previous target of $13.62 billion in 2025, setting a new historical high [5] Group 2 - Moutai 1935 is expected to implement a new pricing system, with both the payment price and retail price anticipated to decrease, from 798 yuan per bottle to 668 yuan, while the suggested retail price was previously 1,188 yuan per bottle [6] - The app "Are You Dead?" has gained significant popularity, with downloads increasing by approximately 300 times, and the developer is considering raising $500,000 in funding [7] - ByteDance, Meituan, and Alibaba have all invested in the robotics company Zivariable, which has completed a 1 billion yuan A++ round of financing [9] Group 3 - SoftBank's SB Energy is collaborating with OpenAI to develop its AI infrastructure platform Stargate, with both companies investing $500 million each [10] - Allegiant announced plans to acquire competitor Sun Country for $1.5 billion in cash and stock, amid rising costs and domestic capacity expansion pressures in the U.S. low-cost airline industry [11] - The China National Data Bureau is working on establishing a data property registration system to enhance data circulation and unlock the value of data elements [15]

Market Overview - The market experienced a significant rally on January 12, with all three major indices rising over 1%, and the ChiNext Index rebounding after a dip. The Shanghai Composite Index rose by 1.09%, the Shenzhen Component Index by 1.75%, and the ChiNext Index by 1.82% [2] - The total market turnover reached 3.6 trillion yuan, marking the second consecutive trading day above 3 trillion yuan, with an increase of 478.7 billion yuan compared to the previous trading day, setting a new historical record for turnover [2][3] Key Market Phenomena - The market displayed three notable phenomena: 1. The Shanghai Composite Index's rally continued unexpectedly, indicating that profit-taking was not the prevailing sentiment at current price levels [2][4] 2. The surge in indices was primarily driven by an influx of new capital, which absorbed selling pressure. The total turnover exceeded 36.4 trillion yuan, surpassing the previous record set on October 8, 2024 [3] 3. The performance of sectors was highlighted, particularly the dual focus on "commercial aerospace" and "AI applications" [5][6] Sector Performance - The "commercial aerospace" and "AI applications" sectors emerged as the main themes driving market performance, with over 200 stocks hitting the daily limit up [7][9] - Several ETFs related to these sectors also reached their daily limit up, indicating strong investor interest [8] - The commercial aerospace sector is expected to grow significantly, with projections estimating the market size to reach 8 trillion yuan by 2030, supported by government policies and market dynamics [9] AI Applications - The AI applications sector has seen a rapid acceleration, with various sub-sectors such as Sora concepts and AI marketing experiencing substantial gains. Recent IPOs in the Hong Kong market have also shown impressive performance [9][10] - Analysts suggest that the core of the recent AI application surge is linked to the "GEO concept," which focuses on optimizing content distribution and visibility in AI-generated content [12] - The outlook for AI applications is optimistic, with expectations for a "golden year" in 2026 driven by technological advancements, supportive policies, and increasing market demand [13]

Market Performance - A-shares experienced a strong rebound on January 12, with the Shanghai Composite Index rising by 0.75% to 4151.14 points and the Shenzhen Component Index increasing by 1.31% to 14305.10 points, while the ChiNext Index rose by 1.17% to 3366.71 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.31 trillion yuan, an increase of 245.5 billion yuan compared to the previous trading day [1] Sector Highlights - AI applications continued to surge, with stocks like Worth Buying and Guangyun Technology hitting the daily limit [1] - The commercial aerospace sector remained strong, with companies like Luxin Investment achieving 10 consecutive trading limits [1] - The photovoltaic sector was active, with Dongfang Risheng reaching a 20% limit up [1] - Retail concepts also saw gains, with Maoye Commercial and Sanjiang Shopping both hitting the daily limit [1] - In contrast, sectors such as oil and gas, and coal experienced significant declines [2] Institutional Insights - Huatai Securities noted that the A-share market continued to rise with increased trading volume, indicating a spring rally driven by heightened risk appetite [3] - The report suggested focusing on high-cost performance sectors, particularly in gaming, duty-free, batteries, engineering machinery, and agricultural chemicals [3] - CITIC Construction emphasized the rapid development of the AI industry, highlighting the potential for new application waves driven by advancements in model capabilities [3][4] Government Policy - The National Development and Reform Commission issued guidelines for government investment funds, marking the first systematic regulation on fund allocation and investment direction [5] - The guidelines emphasize supporting major strategic areas and fostering new pillar industries while avoiding investments in restricted or obsolete sectors [5] Storage Market Outlook - Counterpoint Research reported that the storage market has entered a "super bull market," with prices expected to rise by 40%-50% in Q1 2026 and an additional 20% in Q2 2026 due to surging demand from AI and server capacities [6][7]

Group 1 - The article discusses the importance of communication skills in investment banking, emphasizing that effective speaking is crucial for convincing investment committees and limited partners [1] - It highlights the trend of analysts and economists making bold predictions during significant market movements, often leading to market volatility [4] - The article mentions prominent analysts like Ren Zeping and Chen Hang, who have made notable predictions that did not always align with market performance, indicating the risks of relying on such forecasts [6][11] Group 2 - Chen Hang's career trajectory is examined, including his controversial predictions and the backlash he faced from investors due to his aggressive stock recommendations [11][13] - The article references a specific case where a research report from CITIC Securities predicted a 25% compound annual growth rate for a company, which was later criticized by the company's management as overly optimistic [15] - It concludes with a reflection on the challenges faced by investors in both primary and secondary markets, particularly regarding high valuations and the fear of missing out on emerging trends [16][17]

截至2026年1月12日 09:55，有色ETF大成(159980)高开高走上涨2.16%，盘中换手5.43%，成交3.49亿 元。 值得一提的是，截至1月9日，有色ETF大成(159980)最新规模突破60亿元大关！达62.29亿元，最新份额 达30.27亿份，均创成立以来新高。从资金净流入方面来看，有色ETF大成(159980)近30天获得连续资金 净流入，合计"吸金"31.60亿元。 业内机构指出，供应扰动叠加地缘政治博弈升温，铜铝春季攻势备受重点关注。 地缘政治影响铜铝行情：地区局势升温，在国家安全、民族主义及资源衰竭等因素影响下，叠加资源安 全与产能约束，铜铝等关键资源品供给不确定性增加，成本端支撑与"供给风险溢价"形成新的叙事主 线。 铜方面，预计2026年全球铜矿供应增速仅约2.1%，而需求在经济修复与AI驱动下增速有望达3%，全球 电解铜供需缺口或扩大至约63万金属吨。供应干扰率高、投资传导周期拉长以及跨区域套利行为，将共 同支撑铜价并放大其波动。 铝方面，2026年国内电解铝产能临近天花板，海外产能释放受基建与电力制约，全球供应增速预计不超 过2%。需求端则因交通、电力、数据中心及储能等多元 ...

Group 1 - The core viewpoint is that the AI sector is experiencing significant growth, as evidenced by the strong performance of the Sci-Tech Innovation AI ETF, which rose by 2.00% and showed resilience in trading despite market fluctuations [1] - The ETF's holdings, including companies like Hehe Information, Haitan Ruisheng, and Zhongke Xingtou, saw substantial gains exceeding 11%, indicating strong investor interest in core assets within the AI industry [1] - Trading volume was robust, with over 213 million yuan in transactions within the first half hour of trading, reflecting a high turnover rate of nearly 7%, which suggests strong liquidity and recognition of the long-term value in the AI sector [1] Group 2 - SB Energy, a subsidiary of SoftBank, is collaborating with OpenAI to develop the Stargate AI infrastructure platform, with both companies investing $500 million each [2] - OpenAI has selected SB Energy to build and operate a 1.2 GW data center in Texas, which is expected to create thousands of construction jobs, highlighting the economic impact of AI infrastructure projects [2] - According to CITIC Securities, the user penetration rate of AI large models is still low, indicating that the development of these models is in its early to mid-stages, with significant capital expenditure expected to grow alongside revenue from large models [2] Group 3 - The Sci-Tech Innovation AI ETF closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board AI Index, covering high-quality enterprises across the entire industry chain, benefiting from high R&D investment and policy support [3] - The ETF's design allows for a 20% price fluctuation limit, which, combined with the elasticity of small and medium-sized stocks, aids in capturing the "singularity moment" of the AI industry [3]