Core Viewpoint - Lufax Holdings has concluded a series of announcements that clarify historical issues, marking the end of a turbulent year and the transition from a phase of rapid growth to one focused on high-quality development [1][2]. Group 1: Historical Risk Clearance - The announcements represent a significant milestone in Lufax's comprehensive reform, addressing historical financial irregularities and ensuring compliance with regulatory standards [2]. - The financial restructuring primarily involves historical legacy issues from 2023 and earlier, with no substantial impact on current cash flow, described as a "one-time short pain" [2]. - The company engaged Deloitte as an independent internal control consultant to conduct a thorough review across seven core areas, successfully closing all identified risk points by the announcement date [2]. Group 2: Operational Resilience and Performance - Lufax exemplifies resilience in the financial technology sector, demonstrating strong operational performance despite a challenging macroeconomic environment [4]. - The company has optimized its core business, achieving a balance between business scale and quality, with a notable reduction in overdue loan rates and a decrease in credit impairment losses [4][5]. - By the end of 2024, Lufax's loan balance reached 2,169 billion, with a significant improvement in asset quality, showcasing effective risk management capabilities [4]. Group 3: Strategic Shift and Future Outlook - Lufax is transitioning to a "new normal" of high-quality development, focusing on profit quality rather than aggressive scale expansion [6]. - By the end of 2025, the company plans to adjust its loan balance to 1,838 billion, emphasizing a strategic shift towards consumer finance and reducing reliance on external credit enhancement [7]. - The ongoing support from major shareholder Ping An Group is expected to enhance Lufax's strategic value, leveraging synergies in customer resources, risk management, and technological empowerment [7]. Group 4: Conclusion and Investment Opportunity - Lufax is positioned as a resilient entity in the financial technology landscape, having shed historical burdens and upgraded its operational framework [8]. - The company is now set to embark on a new journey, offering potential benefits to investors who recognize its adaptability and commitment to high-quality growth [8].

非常感谢大家对于汇丰晋信基金的支持！ 刚刚过去的农历蛇年无疑是充满"惊喜"的一年。从"横空出世"的国产人工智能，到蛇年春晚舞台上惊艳 世界的机器人表演，从国产创新药在国际舞台上备受瞩目，到阅兵方阵上展示的堪称"科幻"的先进装 备，过去几年中国坚定不移贯彻的高质量发展战略，如今已经结出了累累硕果。 反映到资本市场上，在AI、创新药、新消费等"新经济"板块的引领下，2025年的A股和港股市场也都交 出了一份较为满意的"答卷"。上证综指全年涨幅接近20%，恒生指数涨幅接近30%，而集中了较多新经 济企业的科创板综指和创业板指数更是上涨了超过40%和50%，成为全球表现最好的市场之一。 对于公募基金行业来说，2025年同样是向高质量发展迈进的一年。 2025年5月，证监会印发了《推动公募基金高质量发展行动方案》，从费率机制、考核制度、产品结构 等多维度调整优化行业运行逻辑，为公募基金行业未来持续高质量发展指明了方向。在这一精神引领 下，汇丰晋信基金始终秉持初心，坚持"做正确的事"，不断升级投研和服务能力，以长期视角服务好投 资者。 李选进 汇丰晋信基金管理有限公司总经理 2003年加盟汇丰投资管理（香港）有限公司，任 ...

这一年. 我们坚持稳中求进、迎难而上,发 展基础不断夯实。持续用力打造"三个高地",现 代化产业体系"强基健骨",全球研发中心城市 加力提速,大学生创业激情澎湃,"人工智能+" 创新活力奔涌,文化和科技融合发展迈出新的步 伐,国家中欧班列集结中心成功获批,营商环境 评论排名位居令国前列 长沙鲜明的产业特质 「 IT IT 活跃的科创气质、深厚的市场潜质正转化为高质 量发展的强劲动力。 致全市人民的 新春慰问信 全市广大干部群众,驻长部队指战员、武警官兵、 公安干警和离退休老同志: 灵蛇辞旧岁,骏马迎新春。值此新春佳节来 临之际,市委、市政府向你们以及所有关心支持 长沙经济社会发展的各界人士和朋友们,向节日 期间仍坚守在岗位、奋战在一线的同志们,致以 新春的问候和美好的祝愿! 刚刚过去的"十四五",在长沙发展史上极不 寻常、极不平凡。五年来,我们坚持以习近平新时 代中国特色社会主义思想为指导,深入贯彻落实 习近平总书记关于湖南工作的重要讲话和指示批 示精神,在省委、省政府的坚强领导下,锚定"三 高四新"美好蓝图,深入实施"双五"工程,经济 总量从1.2万亿元增长至1.57万亿元,年均增长 约5.1%. 居民人均 ...

六大积极因素协同显现，共同构成中国资本市场中长期价值的坚实底座。 最后是枢纽功能的日益凸显。当前，中国资本市场正在加快发挥其在宏观经济体系中的枢纽功能。从功 能定位看，所谓枢纽，是不同经济要素之间的交汇点与调节器。在这一意义上，资本市场既是信息与预 期的集中反映机制，也是影响经济行为与资源配置方向的重要传导渠道。具体来看，资本市场既是信心 的枢纽，也是消费的枢纽，更是发展的枢纽。首先，股市运行状况不仅影响居民财富预期，也通过估 值、融资环境和并购活动等渠道，影响企业的投资意愿和风险偏好。其次，资本市场所对应的财产性收 入渠道具有更高的灵活性与可调节性，有利于边际支持消费潜能的释放。此外，资本市场，特别是多层 次股权市场为代表的直接融资体系，在支持科技创新、培育新产业和推动新质生产力形成方面，具有重 要作用，特别是对于高度依赖直接融资体系和股权资本的科创型企业而言。随着经济增长质量改善、新 产业和新质生产力加快培育，企业盈利能力与现金流状况有望持续改善，这也有助于推动市场内生价值 的提升，形成资本市场与经济基本面的的良性循环。 （作者系工银国际首席经济学家） 三是外资配置的稳步扩张。在估值基础与外部环境边际改善 ...

六大积极因素协同显现，共同构成中国资本市场中长期价值的坚实底座。 "马作的卢飞快，弓如霹雳弦惊。"置身百年变局纵深演进、全球资本版图加速重构的时代背景下，中国 资本市场立足时与势，兼顾质与量，赋能实体经济的发展空间持续拓宽，服务高质量发展的时代价值愈 发凸显。六大积极因素协同显现，共同构成中国资本市场中长期价值的坚实底座。2026年，中国资本市 场稳健发展的底色更加鲜明、韧性持续提升，在服务高质量发展的实践中大有可为。守正笃行、行稳致 远，中国资本市场的2026年值得期待。 一是估值水平的潜在空间。从全球资产配置的视角观察，中国资本市场在估值层面的相对优势，既体现 在静态估值水平上，也体现在动态估值修复节奏之中。在静态层面，中国权益资产整体估值仍处于相对 偏低区间，截至2026年1月30日，沪深300指数与恒生指数的市盈率分别约为14.18倍和12.47倍。这不仅 明显低于美股主要指数，也低于欧洲、日本等主要市场，体现出估值中枢潜力空间的相对优势。在动态 层面，2023年以来，随着新冠疫情冲击的逐步消退，主要经济体货币政策转向，在盈利预期修复和风险 偏好回升的共同作用下，全球资本市场普遍经历了一轮估值修复过程 ...

Core Viewpoint - The company emphasizes its commitment to investor interests and the importance of a robust investment framework as it transitions towards high-quality development in the public fund industry by 2025 [3][6]. Group 1: Industry Growth and Transformation - The public fund industry has experienced significant growth, driven by investor confidence and market resilience, with a focus on technological advancement and industrial upgrading [3]. - 2025 is identified as a pivotal year for the public fund industry, marking a shift towards prioritizing genuine investor returns and implementing long-term assessment mechanisms [3][6]. - The industry is moving towards a model that emphasizes active counter-cyclical investment strategies and the introduction of new floating fee structures [3]. Group 2: Research and Product Development - The company is committed to integrating research, product development, investment, sales, and service to create a value loop centered on client interests [4]. - In 2025, the research team is expected to conduct over 1,600 in-depth investigations to enhance understanding of industry changes and identify long-term growth trajectories driven by technological progress [4]. - The product strategy focuses on creating comprehensive solutions that align with industry opportunities and client needs, ensuring quality management throughout the product lifecycle [4][5]. Group 3: Investment Practices and Market Services - Investment practices are anchored in a "platform-based, integrated, multi-strategy" research system, which aims to provide sustainable returns across various asset classes [5]. - The company is enhancing its market services to build trust with investors, offering a comprehensive support system that encourages long-term investment perspectives [5][6]. - In 2025, the company reported returns of 116.4 billion yuan across its public fund products, with over 220 distributions throughout the year, showcasing its competitive position in the industry [6]. Group 4: Future Outlook and Commitment - The company is poised to play a crucial role in the capital market as a core resource allocation hub, contributing to the enhancement of investor satisfaction and support for the real economy [6][7]. - The commitment to serving national development goals and the modernization of the financial sector is emphasized, with a focus on supporting technological independence and economic upgrading [7]. - The company aims to uphold its foundational principle of being investor-centric while actively engaging in the broader national development agenda [7][8].

Group 1 - The past year has been challenging yet hopeful for the Chinese economy, with a focus on high-quality development and deepening capital market reforms [3][5] - Shanxi Securities has served over 140 billion yuan in direct financing within the province, leading in corporate bond underwriting for six consecutive years and local government bonds for four years [5] - The company has established a matrix of angel funds with a subscribed scale exceeding 1.5 billion yuan, investing in over 20 new quality projects in the province [5][6] Group 2 - Wealth management services have reached 3.09 million clients, with assets under management (AUM) exceeding 320 billion yuan, achieving both scale and structural optimization [5][6] - The company has restructured its customer service system to enhance efficiency and customer experience, winning multiple awards for financial technology development [6][7] - Shanxi Securities emphasizes its commitment to social responsibility, integrating political advantages into governance and supporting local communities through various initiatives [7][8] Group 3 - The company aims to focus on three strategic pillars: functional leadership, professional standing, and differentiated development, while enhancing capabilities and driving transformation through AI integration [8] - The commitment to serving the real economy and managing residents' wealth remains a core responsibility, with a focus on building a collaborative culture [8] - The company expresses gratitude to its stakeholders and emphasizes the importance of trust and connection in its operations [7][8]

Core Viewpoint - The company emphasizes its commitment to creating value for clients and adapting to the evolving economic landscape, highlighting significant growth in assets and client base while preparing for future opportunities in the public fund industry [3]. Group 1: Company Performance - In 2025, the company surpassed a total scale of 700 billion yuan and served over 50 million clients, receiving the Golden Bull Fund Company Award for its performance [3]. - The company aims to continue its growth trajectory into 2026, driven by national strategies and capital market reforms [3]. Group 2: Industry Opportunities - The company identifies three key opportunities for the industry: 1. Economic transition towards high-quality development, fostering growth in sectors like technology, green transformation, and digital integration [4]. 2. Capital market reforms enhancing the investment environment through improved regulations and expanded access for long-term funds [4]. 3. A shift in wealth management among residents, moving from physical to financial assets and from short-term to long-term investments [4]. Group 3: Strategic Directions - The company plans to focus on three main areas in 2026: 1. Strengthening fiduciary duties by increasing the proportion of floating fee products and linking management fees to investment performance [5]. 2. Adopting a long-term perspective in assessments to enhance the focus on sustainable industry value [5]. 3. Enhancing service capabilities by providing comprehensive support throughout the investment process and utilizing financial technology for personalized solutions [5]. Group 4: Industry Ecosystem - The company advocates for a collaborative industry ecosystem centered on investor interests, promoting a shift from scale-driven to client-focused strategies [6]. - The integration of sales channels with fund management can enhance wealth management services, ultimately improving investor returns [6].

在2026年春节团拜会上，习近平总书记向全国各族人民，向香港特别行政区同胞、澳门特别行政区同 胞、台湾同胞、海外侨胞拜年，勉励全国各族人民"在中国式现代化新征程上策马扬鞭、勇往直前"。这 一重要讲话，满怀自信与豪情，必将激励全体中华儿女乘势而上、笃行实干，在主动作为中把宏伟愿景 变成美好现实。 实现光荣与梦想，离不开亿万人民的智慧与力量。一路走来，正是因为我们党始终与人民心心相印、与 人民同甘共苦、与人民团结奋斗，中华民族迎来了从站起来、富起来到强起来的伟大飞跃。 向高处登攀、向远方前行，每一个人也将切实担负起自我的责任。无论是不断巩固拓展经济稳中向好势 头，还是持续提升基层治理的效能，都需要广泛动员群众、组织群众、凝聚群众，把我国发展的巨大潜 力和强大动能充分释放出来。承担这份责任，亦是与国家发展同频共振的过程。正如网络上年轻人所倡 言，制定个人版的"五年规划"，当好自己人生的"规划师"和"建设者"。每一个人脚踏实地，稳步向前， 终将成就独一无二的风景。 新的征程，在"马到成功"的祈愿声与祝福声中开启。拥有14亿多中国人民聚合的磅礴之力，是我们不断 前行最坚实的支撑，是我们走向复兴最深厚的根基。 新时代气象 ...

日月轮转，万象更新，伴随着时光的步伐，我们又一次站在岁月更替的交汇点，迎来了丙午马年。今年 春节联欢晚会主题和主标识，是传统云纹与回纹巧妙连缀成四匹奔腾的骏马，借用"骐骥驰骋"，寓意千 里马齐驱并进、势不可挡。骐骥驰骋，靠的是日积跬步；江河奔涌，源于滴水之功。回望来路，风雨与 彩虹交织；眺望前程，春山与长路相迎。 过去的乙巳蛇年，是很不平凡的一年。我们在复杂多变的国内外形势中稳住了发展大局，在攻坚克难中 夯实了发展根基。面对多重挑战叠加、各类风险交织的严峻考验，我们坚持稳中求进、顶压前行，推动 高质量发展取得扎实成效，"十四五"规划圆满收官，经济社会发展主要目标任务顺利实现，发展的韧性 更足、活力更强、底色更实。 春光作序，万物和鸣。新一季的春风即将吹遍大地，天地间将充盈着蓬勃的豪情。"骐骥一跃，不能十 步；驽马十驾，功在不舍。"马年象征着奋进与力量，新的一年，让我们带着新春的信心与期盼，以龙 马精神踏浪前行，以实干笃行续写荣光，让个人的梦想融入国家发展、江苏进步的洪流，共同迎接一个 更加温暖、更加繁荣、更加美好的春天！ 开好局、起好步，更加筑牢信心之基。锚定奋斗目标、创造新的伟业，信心比黄金更重要。我们要坚 ...