Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of maintaining market stability and promoting long-term investment strategies in its 2026 work plan [1] Group 1: Market Stability - The CSRC stresses the need to prioritize stability and consolidate the positive momentum in the market [1] - There will be a comprehensive enhancement of market monitoring and early warning systems to ensure timely counter-cyclical adjustments [1] - The commission aims to strengthen trading supervision and information disclosure regulations to maintain fairness in trading [1] Group 2: Regulatory Actions - The CSRC plans to rigorously investigate and penalize excessive speculation and market manipulation [1] - Measures will be taken to prevent significant market fluctuations [1] Group 3: Investment Strategies - The CSRC will continue to deepen public fund reforms and expand channels for long-term capital sources [1] - Various products and risk management tools suitable for long-term investment will be introduced [1] - The commission aims to actively guide long-term, rational, and value-based investments to foster a market environment conducive to "long money and long investment" [1]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of maintaining market stability and promoting a favorable investment environment for long-term, rational, and value-based investments [1]. Group 1: Market Stability and Regulation - The CSRC aims to consolidate the positive momentum of the market while prioritizing stability [1]. - There will be a comprehensive enhancement of market monitoring and early warning systems to ensure timely counter-cyclical adjustments [1]. - The commission will strengthen trading supervision and information disclosure regulations to maintain fairness in trading [1]. Group 2: Enforcement and Investor Guidance - The CSRC is committed to rigorously investigating and penalizing excessive speculation and market manipulation [1]. - The regulatory body is focused on preventing significant market fluctuations and fostering a market environment conducive to long-term investments [1]. - Efforts will be made to actively guide investors towards long-term, rational, and value-oriented investment strategies [1].

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com 格隆汇1月16日｜中国证监会召开2026年系统工作会议。坚持稳字当头，巩固市场稳中向好势头。全方 位加强市场监测预警，及时做好逆周期调节，强化交易监管和信息披露监管，进一步维护交易公平性， 严肃查处过度炒作乃至操纵市场等违法违规行为，坚决防止市场大起大落。继续深化公募基金改革，持 续拓宽中长期资金来源渠道和方式，推出各类适配长期投资的产品和风险管理工具，积极引导长期投 资、理性投资、价值投资，全力营造"长钱长投"的市场生态。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 登录新浪财经APP 搜索【信披】查看更多考评等级 记者1月16日从中国证监会获悉，当前资本市场总体稳中向好，但仍然面临内外风险交织、新旧矛盾叠 加的复杂严峻挑战。证监会表示，将坚持稳字当头，巩固市场稳中向好势头。 证监会1月15日召开的2026年系统工作会议指出，将全方位加强市场监测预警，及时做好逆周期调节， 强化交易监管和信息披露监管，进一步维护交易公平性，严肃查处过度炒作乃至操纵市场等违法违规行 为，坚决防止市场大起大落。继续深化公募基金改革，持续拓宽中长期资金来源渠道和方式，推出各类 适配长期投资的产品和风险管理工具，积极引导长期投资、理性投资、价值投资，全力营造"长钱长 投"的市场生态。（记者吴雨、刘慧） 责任编辑：刘万里 SF014 记者1月16日从中国证监会获悉，当前资本市场总体稳中向好，但仍然面临内外风险交织、新旧矛盾叠 加的复杂严峻挑战。证监会表示，将坚持稳字当头，巩固市场稳中向好势头。 证监会1月15日召开的2026年系统工作会议指出，将全方位加强市场监测预警，及时做好逆周期调节， 强化交易监管和信息披露监管，进一步维护交易公平性，严肃查处过 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of maintaining market stability and promoting a positive market trend while enhancing monitoring and regulatory measures [1] Group 1: Market Stability and Regulation - The CSRC stresses the need for comprehensive market monitoring and early warning systems to ensure timely counter-cyclical adjustments [1] - There is a focus on strengthening trading supervision and information disclosure regulations to maintain fairness in trading [1] - The CSRC aims to rigorously investigate and penalize excessive speculation and market manipulation to prevent significant market fluctuations [1] Group 2: Long-term Investment Promotion - The meeting highlights the continuation of public fund reforms to broaden channels and methods for long-term capital sourcing [1] - The introduction of various products and risk management tools tailored for long-term investment is planned [1] - The CSRC is committed to guiding long-term, rational, and value-based investments to foster a market environment conducive to "long money and long investment" [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 登录新浪财经APP 搜索【信披】查看更多考评等级 1月15日，中国证监会召开2026年系统工作会议，总结2025年工作，分析当前形势，研究部署2026年工 作。会议强调，坚持稳字当头，巩固市场稳中向好势头。全方位加强市场监测预警，及时做好逆周期调 节，强化交易监管和信息披露监管，进一步维护交易公平性，严肃查处过度炒作乃至操纵市场等违法违 规行为，坚决防止市场大起大落。继续深化公募基金改革，持续拓宽中长期资金来源渠道和方式，推出 各类适配长期投资的产品和风险管理工具，积极引导长期投资、理性投资、价值投资，全力营造"长钱 长投"的市场生态。 责任编辑：凌辰 1月15日，中国证监会召开2026年系统工作会议，总结2025年工作，分析当前形势，研究部署2026年工 作。会议强调，坚持稳字当头，巩固市场稳中向好势头。全方位加强市场监测预警，及时做好逆周期调 节，强化交易监管和信息披露监管，进一步维护交易公平性，严肃查处过度炒作乃至操纵市场等违法违 规行为，坚决防止市场大起大落。继续深化公募基金改革，持续拓宽中长期资金来源渠道和方式，推出 各类适配长期投资的产品和风险管理 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes maintaining market stability and promoting a positive market trend through comprehensive monitoring and regulation [1] Group 1: Market Regulation - The CSRC will strengthen market monitoring and early warning systems to ensure timely counter-cyclical adjustments [1] - There will be a focus on enhancing trading supervision and information disclosure to maintain fairness in trading [1] - Strict actions will be taken against excessive speculation and market manipulation to prevent significant market fluctuations [1] Group 2: Investment Strategy - The CSRC aims to deepen public fund reforms and expand channels for long-term capital sources [1] - Various products and risk management tools suitable for long-term investment will be introduced [1] - The initiative encourages long-term, rational, and value-based investments to foster a market environment conducive to "long money and long investment" [1]

Core Viewpoint - Costco Wholesale demonstrates resilience and consistent growth, making it a reliable investment despite recent stock performance challenges [1] Group 1: Resilience and Growth - Costco shows strong and steady growth with high, single-digit revenue growth reported nearly every quarter [2] - In the fiscal first quarter of 2026, sales increased by 8.2%, with comparable sales up by 6.4%, and digitally enabled sales surged by 20.5% [3] - December sales results were particularly strong, with an 8.5% year-over-year increase and comparable sales up by 7%, while digitally enabled sales rose by 18.9% [4] Group 2: Long-term Opportunity - Costco operates 923 warehouses globally, with 633 located in the U.S., indicating significant room for expansion [6] - The company is attracting a younger demographic, with nearly half of new signups under age 40, suggesting a long growth runway as these members renew and increase their shopping [7] - A notable increase in executive memberships, which account for 74.3% of total sales, indicates a growing customer base willing to invest more [8] Group 3: Special Dividend - While Costco's regular dividend yield is relatively low at 0.54%, it has a history of paying special dividends, which have ranged from $5 to $15 over the past decade, enhancing total shareholder yield [9]

"从保护投资者的角度来看，上市公司在筹划重大事项的过程中，要强化信息披露，对拟进行的重大事 项对主业的影响、协同效应等信息进行说明，保障投资者的知情权。此外，也要加强投资者教育，引导 市场树立长期投资、价值投资理念。"上海明伦律师事务所律师王智斌说。 在1月13日晚间的公告中，德邦股份提及，为了更好地顺应物流行业的发展趋势，更为高效、有力地统 筹协调与整合JDLogistics，Inc.（京东物流股份有限公司，以下简称"京东物流"）体系内的物流资源， 亦考虑积极践行公司间接控股股东京东卓风于收购德邦股份时作出的关于同业竞争的承诺，根据相关法 律、法规及规范性文件的规定，经京东卓风提议，并经公司董事会审议通过，决定以股东会决议方式主 动撤回A股股票在上海证券交易所的上市交易。 在宣布停牌筹划重大事项之后，德邦股份（603056）于1月13日晚间揭开了"重大事项"的盖头：公司拟 以股东会决议方式主动撤回A股股票在上海证券交易所的上市交易，并在取得上海证券交易所终止上市 决定后申请在全国中小企业股份转让系统退市板块继续交易。现金选择权的行权价格为19.00元/股。这 也是2026年首家主动终止上市的A股公司，公司股 ...

Core Insights - Costco has generated a total return of 16,810% over the past 30 years, indicating its strong performance as a retail stock [1] - The company currently has a market capitalization of $411 billion and reported net sales of $270 billion for fiscal 2025 [2] Company Strengths - Costco's warehouse stores benefit from durable demand, offering quality merchandise at low prices, which appeals to consumers in various economic conditions [3] - The company charges annual membership fees, resulting in a high membership renewal rate of 92.2% in Q1 2026, with total paid memberships increasing by 5.2% year over year to 81.4 million [4] - Costco's scale provides it with significant bargaining power with suppliers, leading to lower merchandise costs and benefiting consumers [5] Future Outlook - Management plans to achieve a yearly run rate of 30 net new store openings, indicating ongoing expansion potential despite the company's size [4] - The company is expected to remain relevant and thriving over the next 30 years due to its competitive position and scale advantages [5] Investment Considerations - Despite being 14% below its peak, Costco's stock is not considered a bargain, trading at a price-to-earnings ratio of 49.5, which is viewed as too high [6] - Investors are advised to wait for a price pullback before considering an investment in Costco, as the current valuation may limit potential market-beating returns over the next five to ten years [6] - The company's mature status and high starting valuation may discourage some investors [7]