1. Report Industry Investment Rating - The industry investment rating is "Stronger than the Market" (maintained) [1] 2. Core Views of the Report Short - term - Short - term geopolitical risks are rising, and oil prices may show a volatile and upward - biased trend. In January 2026, oil prices showed a volatile and upward - biased trend. Tensions between the US and Venezuela, and turmoil in the Middle East have made geopolitical risks the main factor supporting oil prices again. Multiple geopolitical events have occurred, such as the US military attack on Venezuela on January 3, Trump's meeting with oil company executives on January 9, and threats to Iran [2]. Medium - term - The medium - term fundamentals may further widen, and the central direction of oil prices is still downward. OPEC+ has not completed its restorative production increase plan, American countries continue to increase production, and Venezuelan oil may gradually restore its production to the pre - sanction level. The pressure of supply surplus is difficult to relieve. It is expected that the global crude oil inventory will continue to accumulate in 2026, and the central price of Brent oil is expected to be around $56 per barrel [6][8] 3. Summary According to Relevant Catalogs 1.1 OPEC - In December 2025, OPEC 12 - country crude oil production was 28,564 thousand barrels per day, a month - on - month increase of 105 thousand barrels per day. OPEC+ (excluding countries without quota restrictions) production was 37,438 thousand barrels per day, a decrease of 198 thousand barrels per day compared with the previous month. OPEC+ plans to suspend the production increase plan from January to March 2026, and the supply of Venezuelan, Iranian, and Russian oil may be disturbed by geopolitical factors [14] 1.2 OPEC - In December 2025, Non - OPEC DoC crude oil production was 14,267 thousand barrels per day, a month - on - month decrease of 343 thousand barrels per day. Kazakhstan's production decreased by 237 thousand barrels per day, and Russia's production decreased by 73 thousand barrels per day. It is estimated that the year - on - year increase in crude oil supply from Non - DoC countries in 2025, 2026, and 2027 will be 930,000 barrels per day, 600,000 barrels per day, and 590,000 barrels per day respectively [22] 1.3 - In December 2025, the global total number of drilling rigs was 1,854, a month - on - month decrease of 30. The total number of drilling rigs in Canada decreased by 19, and that in the US decreased by 3. In December 2025, the number of new wells drilled in the seven major shale oil producing areas in the US increased by 10 month - on - month, the number of newly completed wells decreased by 7, and the number of inventory wells decreased by 29 [27] 1.4 OPEC - OPEC predicts that the global oil demand in 2026 will be 106.5 million barrels per day, a year - on - year increase of 1.38 million barrels per day. The oil demand in China will be 17.1 million barrels per day, a year - on - year increase of 200,000 barrels per day. In 2027, the global oil demand is expected to be 107.9 million barrels per day, a year - on - year increase of 1.34 million barrels per day, and China's oil demand will be 17.3 million barrels per day, a year - on - year increase of 200,000 barrels per day [28] 2.1 EIA - According to the EIA's January 2026 report, the supply - demand gap of global crude oil and related liquid fuels from 2025 to 2027 will be +2.59 million, +2.83 million, and +2.09 million barrels per day respectively. It is expected that the global crude oil will continue to accumulate inventory from 2026 to 2027. The average price of Brent oil is expected to drop to $56 per barrel in 2026, a 19% decrease from 2025, and to $54 per barrel in 2027 [31] 2.2 EIA - In January 2026, the global crude oil production was 79.43 million barrels per day, a month - on - month decrease of 1.0926 million barrels per day and a year - on - year increase of 2.7363 million barrels per day. It is expected that the global oil production will increase by 1.37 million barrels per day and 530,000 barrels per day year - on - year in 2026 and 2027 respectively. After the OPEC+ production increase plan is completed in 2026, the increase in 2027 may slow down significantly, and the production of the US may decrease year - on - year in 2027, while the increase from new projects in South America will dominate [37] 2.3 EIA - In January 2026, the global oil demand was 102.38 million barrels per day, a month - on - month decrease of 2.8818 million barrels per day and a year - on - year increase of 997,600 barrels per day. It is predicted that the global oil demand will be 104.82 million barrels per day in 2026, a year - on - year increase of 1.13 million barrels per day, and 106.09 million barrels per day in 2027, a year - on - year increase of 1.27 million barrels per day. China and India are the main sources of global oil consumption growth [40] 3.1 IEA - The IEA predicts that the global oil supply will still be in surplus in 2026. The export of Iranian and Venezuelan oil has great uncertainties. In 2025, the global oil supply increased by 3 million barrels per day year - on - year, and it is expected to increase by 2.5 million barrels per day in 2026. In November 2025, the global oil inventory increased sharply, and the export of Iranian and Venezuelan oil decreased [41] 3.2 IEA - The IEA predicts that the year - on - year increase in global oil demand in 2025 and 2026 will be about 850,000 barrels per day and 930,000 barrels per day respectively. The year - on - year increase in global oil consumption in 2026 may be mainly provided by liquefied petroleum gas and naphtha, and China's naphtha demand may continue to show a large increase [47] 5.1 Investment Suggestions - In the short term, oil prices may show a volatile and upward - biased trend, and the support for Brent oil prices at $60 per barrel is strong. In the medium term, the supply surplus pressure is difficult to relieve, and the central price of Brent oil is expected to be around $56 per barrel. It is recommended to pay attention to domestic oil companies that continue to focus on domestic oil and gas resource exploration, have clear goals for increasing reserves and production, and have great potential for overseas market development, such as PetroChina, Sinopec, CNOOC, Offshore Oil Engineering, CNOOC Energy Technology & Services, Zhongman Petroleum, and Intercontinental Oil & Gas [60]

Core Viewpoint - The AI Fund Xin'ao Hongli Smart Selection Mixed A (020657) reported a profit of 20.68 thousand yuan for Q4 2025, with a weighted average profit per fund share of 0.032 yuan, and a net value growth rate of 2.25% during the reporting period [3]. Fund Performance - As of January 22, the fund's unit net value was 1.098 yuan, and the fund size was 584.22 thousand yuan at the end of Q4 [3][15]. - The fund's performance over different periods includes a three-month net value growth rate of 2.23%, ranking 582 out of 689 comparable funds; a six-month growth rate of 1.71%, ranking 645 out of 689; and a one-year growth rate of 13.01%, ranking 620 out of 673 [3]. Investment Strategy - The fund employs an "Index+" strategy, focusing on quantitative methods to analyze benchmarks and select appropriate factors for model construction, aiming to achieve sustained outperformance within a defined tracking error range [3]. Risk Metrics - The fund's Sharpe ratio since inception is 0.4804, indicating a moderate risk-adjusted return [8]. - The maximum drawdown since inception is 14.07%, with the largest quarterly drawdown occurring in Q2 2025 at 6.06% [10]. Portfolio Composition - The average stock position since inception is 85.04%, slightly above the peer average of 84.04%. The fund reached a peak stock position of 89.8% at the end of Q3 2024 and a low of 64.22% at the end of 2025 [13]. - The top ten holdings as of Q4 2025 include China Shenhua, China Construction Bank, Industrial and Commercial Bank of China, and others [18].

该基金属于偏股混合型基金。截至1月22日，单位净值为1.435元。基金经理是唐雪倩，目前管理6只基金。其中，截至1月22日，华宝新价值混合近一年复权 单位净值增长率最高，达22.06%；华宝安享混合A最低，为4.23%。 基金管理人在四季报中表示，华宝红利精选基金定位为价值策略产品，对于估值匹配度和盈利确定性的要求相对较为明确。基金定位于在全市场具备较高股 息率和分红可持续性，且经营质地优质、现金流表现良好的公司中优选股票组合，维持风格的连贯和清晰。报告期内基金保持了相对风格指数的超额收益， 整体波动延续正常水平。 客观而言，从中长期的角度，红利类的资产为市场特别是偏长期资产配置的投资者提供了长周期的配置选择，基金将在长期中继续恪守投资边际，做好相应 的股票选择和策略管理。 截至1月22日，华宝红利精选混合A近三个月复权单位净值增长率为4.04%，位于同类可比基金498/621；近半年复权单位净值增长率为7.50%，位于同类可比 基金545/621；近一年复权单位净值增长率为20.40%，位于同类可比基金522/613；近三年复权单位净值增长率为38.30%，位于同类可比基金117/535。 AI基金华宝红利 ...

本周南向资金合计成交净流入235.23亿港元。 | | | 本周港股通成交活跃股净买入排行 | | | | --- | --- | --- | --- | --- | | 代码 | 简称 | 南向资金成交净买 本周涨跌 | | 息市值 | | | | 入 (亿港元) | 幅 (%) | (亿港元) | | 1810.HK | 小米集团-W | 22.07 | -2.32 | 9440.29 | | 9992.HK | 泡泡玛特 | 15.49 | 22.96 | 2946.03 | | 2628.HK | 中国人寿 | 14.51 | -1.25 | 12965.84 | | 9988.HK | 阿龍巴巴-W | 13.33 | 1.38 | 32182.26 | | 1024.HK | 快手-W | 12.13 | 3.70 | 3545.32 | | 0883.HK | 中国海洋石油 | 8.97 | 2.94 | 11041.71 | | 1347.HK | 华虹半导体 | 6.01 | 2.81 | 2095.67 | | 3690.HK | 美团-W | 4.82 | -2.45 | 5961.93 ...

Market Overview - Recent theme investment has narrowed, and the ETF market continues to experience net outflows, indicating that investor sentiment has not fully recovered [1] - The brand index has shown volatility, with a weekly decline of 1.29%, closing at 1148.75 points [1] - Major indices showed mixed performance: Shanghai Composite Index rose by 0.84% to 4136.16 points, Shenzhen Component Index increased by 1.11% to 14439.66 points, while the ChiNext Index fell by 0.34% [1] Company Performance - TCL Electronics saw a significant weekly increase of 24.77% [3] - Weichai Power maintained strong performance with a weekly rise of 12.33% [3] - Other companies such as Baidu Group-SW, China National Heavy Duty Truck Group, China Merchants Shekou, Sichuan Changhong, Poly Developments, China National Offshore Oil Corporation, and Sinopec all experienced weekly gains exceeding 5% [3] - China National Offshore Oil Corporation's market value increased by 983.87 billion yuan, approaching the 1 billion yuan mark [3] Technological Advancements - Zhejiang Weile Company is expected to see steady improvements in profitability and profit margins due to ongoing enhancements in technology and operational capabilities [5] - Sichuan Changhong is focusing on AI technology, which has improved home air quality and unlocked new consumer potential [5] - At the 2026 International Consumer Electronics Show, Sichuan Changhong and Qualcomm launched the new AT TV Q10Light, featuring AI subtitle translation capabilities [5] - The Changhong Cloud AI model, the first in the home appliance sector to be nationally registered, enhances smart TV functionalities, enabling voice interaction and personalized content retrieval [5]

来源：36氪 以后中国人去巴西无论短期旅游， 还是长期工作、生活都更方便了。 文｜乞力马扎罗的雪 编辑｜e 来源｜地球知识局（ID：diqiuzhishiju） 封面来源｜Pixabay 在中国这边的半夜，巴西来了个好消息。巴西时间1月23日13:50（北京时间1月24日0:50）巴西总统卢拉宣布，将对中国公民部分短期签证类别实行免 签，具体实施时间和限制等细节还要等巴西外交部的消息。 之前巴西已经对申请长期签证的中国公民提供了电子签，然后近期有短期免签政策，一大原因就是之前中国对巴西实施了单方30天免签。 以后中国人去巴西无论短期旅游，还是长期工作、生活都更方便了。 虽然这是一个几乎和中国都在地球对角线的国家，一想到巴西人就是大航海时代、拉丁、葡语人口，极其遥远。即使巴西的东亚面孔，首先想到的也是日 本人。 但如果要去巴西旅游，其实也会看到不少中国面孔，会有他乡遇故知之感。其实巴西有多达30万华人，在两百多年前就已经有大量中国人来这里扎根。 他们为何远渡重洋来巴西？巴西哪里的华人最多？ 清朝，华人就来到了巴西！ 早在19世纪初，就有华人进入了巴西。 1814年左右，一些清朝茶农被招募来到巴西里约热内卢皇家植 ...

基金管理人在四季报中表示，展望2026年一季度，宏观环境与市场格局有望呈现新的特征：中美贸易环境大概率改善，国内政策刺激预期保持平稳，反内卷 进展相对缓慢，出口仍将是经济增长的重要贡献项，而消费受以旧换新补贴退坡影响可能面临回落压力，地产投资仍处于磨底阶段，整体经济维持弱复苏态 势，PPI预计温和修复。流动性方面，海外市场主要博弈美联储主席换届带来的政策不确定性，国内货币政策环境将继续保持宽松。风格层面，春季躁动行 情下成长风格有望相对占优，红利风格或较难跑出显著超额收益，但中长期资金入市与国家队托底的背景下，红利资产仍具备一定支撑。基金将延续行业配 置相对均衡的思路，在红利组合中重点筛选成长与估值匹配度较高、具备长期投资价值的优质企业，力争精准把握市场结构性机会。 截至1月22日，汇添富红利增长混合A近三个月复权单位净值增长率为6.30%，位于同类可比基金179/265；近半年复权单位净值增长率为17.99%，位于同类 可比基金186/265；近一年复权单位净值增长率为31.70%，位于同类可比基金189/265；近三年复权单位净值增长率为21.16%，位于同类可比基金113/256。 通过所选区间该基金净 ...

以下文章来源于地球知识局 ，作者地球知识局 地球知识局 . 人文+地理+设计，全球视野新三观。 合作请联系：xiaobaibai_9999（注明品牌和需求） 以后中国人去巴西无论短期旅游， 还是长期工作、生活都更方便了。 文 ｜ 乞力马扎罗的雪 编辑 ｜ e 来源｜ 地球知识局（ID：diqiuzhishiju） 封面来源 ｜ Pixabay 在中国这边的半夜，巴西来了个好消息。巴西时间1月23日13:50（北京时间1月24日0:50）巴西总统卢拉宣布，将对中国公民部分短期签证类别实行免 签，具体实施时间和限制等细节还要等巴西外交部的消息。 之前巴西已经对申请长期签证的中国公民提供了电子签，然后近期有短期免签政策，一大原因就是之前中国对巴西实施了单方30天免签。 以后中国人去巴西无论短期旅游，还是长期工作、生活都更方便了。 虽然这是一个几乎和中国都在地球对角线的国家，一想到巴西人就是大航海时代、拉丁、葡语人口，极其遥远。即使巴西的东亚面孔，首先想到的也是日 本人。 但如果要去巴西旅游，其实也会看到不少中国面孔，会有他乡遇故知之感。其实巴西有多达30万华人，在两百多年前就已经有大量中国人来这里扎根。 他们为何远 ...

Core Insights - SANY Marine has officially become the fourth "billion-level" enterprise in Zhuhai Economic and Technological Development Zone, marking a significant milestone for the company and the region's economic development [1][5] - The event highlighted SANY Marine's commitment to optimizing business operations and enhancing the local economic environment, as emphasized by local government officials [1][3] Group 1 - The Zhuhai Economic and Technological Development Zone has recognized SANY Marine's rapid growth as a reflection of its efforts to improve the business environment and support the real economy [1] - During the summit, SANY Marine launched two comprehensive solutions for container and bulk cargo handling, featuring 11 upgraded product lines focused on full-process electrification and intelligence [3] - Significant delivery milestones were celebrated, including the 10,000th front crane delivered to Anhui Port and the 1,118th large port machinery delivered to APMT, showcasing SANY Marine's market leadership and customer trust [3] Group 2 - The journey of SANY Marine from project initiation to becoming a billion-level industry leader illustrates the strong attractiveness of Zhuhai's business environment [5] - Looking ahead, Zhuhai aims to continue fostering a conducive development environment to attract and grow more quality enterprises, contributing to sustained economic and social development [5]

Core Viewpoint - The AI Fund Ping An Hong Kong Stock Connect Dividend Select Mixed Fund A (021046) reported a profit of 11.96 million yuan for Q4 2025, with a net asset value growth rate of 3.5% during the period [3]. Fund Performance - As of January 22, the fund's unit net value was 1.286 yuan, with a fund size of 389 million yuan [3][17]. - The fund's performance over the past three months showed a return of -0.63%, ranking 588 out of 621 comparable funds; over the past six months, it returned -0.69%, ranking 607 out of 621; and over the past year, it achieved a return of 19.68%, ranking 525 out of 613 [4]. Investment Strategy - The fund manager indicated that in the context of declining cash yields, high-dividend assets have shown a "quasi-fixed income" characteristic, becoming a dominant investment style in Q4. In contrast, growth sectors faced increased volatility and pressure due to market sentiment and fluctuating fundamental expectations [3]. - The fund will continue to focus on stable high-dividend stocks, particularly in the financial, telecommunications, energy, and public utility sectors, which are expected to provide visibility and stable profits during the economic recovery [3]. Risk Metrics - The fund's Sharpe ratio since inception is 1.3198, indicating a favorable risk-adjusted return [9]. - The maximum drawdown since inception is 10.87%, with the largest quarterly drawdown occurring in Q2 2025 at 9.1% [12]. Portfolio Composition - The average stock position since inception is 85.49%, with a peak of 89.53% at the end of H1 2024 and a low of 71.51% at the end of Q3 2024 [15]. - The fund has a high concentration of holdings, with the top ten stocks including China National Offshore Oil, China Mobile, CITIC Bank, Bank of China, and others [20].