Core Viewpoint - The implementation of tax policies for the Shenzhen-Hong Kong Innovation Cooperation Zone aims to facilitate cross-border flow of scientific research goods, promote collaboration between Shenzhen and Hong Kong, and support the integration of Hong Kong into national development, thereby enhancing the quality development of the Guangdong-Hong Kong-Macao Greater Bay Area [2][3]. Group 1: Tax Policy Implementation - The tax policy will take effect on February 10, 2026, and applies to the customs supervision area of the Shenzhen-Hong Kong Innovation Cooperation Zone [8][10]. - Goods imported for self-use by eligible entities in the customs supervision area from Hong Kong will be exempt from import taxes, including customs duties, VAT, and consumption tax [3][4]. - Eligible entities include independently registered enterprises, research institutions, and certain non-enterprise units engaged in scientific research within the customs supervision area [3][4]. Group 2: Customs Management and Compliance - A customs electronic ledger will be established to manage exempt imported research goods, utilizing information technology for oversight [4]. - If exempt research goods are transferred to eligible entities due to bankruptcy or dissolution, they will not be subject to additional import tax payments [5]. - Goods entering the mainland from the customs supervision area will require the payment of import taxes, but if taxes have already been paid in the customs supervision area, no further payment is required [4][5]. Group 3: Regulatory Oversight - The Shenzhen Municipal Government will define the recognition standards and management requirements for eligible entities and the use of exempt research goods [7]. - Violations of the tax policy, including tax evasion or smuggling, will be subject to penalties and potential criminal prosecution [7]. - The relevant authorities will enhance supervision of the execution of financial and tax policies in the Shenzhen-Hong Kong Innovation Cooperation Zone to prevent illegal activities [7].

Core Viewpoint - The article highlights the emergence of China Electronics Technology Blue Sky Technology Co., Ltd. (referred to as "Electric Blue Sky") as a key player in the electric energy sector, emphasizing its role as an "invisible champion" in critical national fields and its recent registration on the Sci-Tech Innovation Board, marking a significant step towards capitalizing the company and reflecting China's strategic planning in high-end equipment manufacturing, aerospace, and energy security [1]. Group 1: Company Overview - Electric Blue Sky has focused on the electric energy field for decades, developing comprehensive solutions for power generation, energy storage, control, and system integration, with products covering from deep sea (1000 meters underwater) to deep space (2.25 million kilometers from Earth) [1]. - As a leading supplier in the aerospace power sector, Electric Blue Sky has a market coverage of approximately 50.5% in China, providing power systems for 144 spacecraft in 2024, according to BryceTech [2]. Group 2: Research and Development - The company maintains a high level of R&D investment, with expenses of 160 million yuan, 230 million yuan, 200 million yuan, and 82.87 million yuan over the past four years, representing 6.46%, 6.52%, 6.40%, and 7.44% of its revenue respectively, indicating stable R&D expenditure [3]. - Over the last three years, the cumulative R&D expenditure reached 590 million yuan, accounting for 6.47% of total revenue, with a compound annual growth rate of 10.86%, supporting continuous technological breakthroughs and product upgrades [3]. Group 3: Future Outlook - Electric Blue Sky aims to continue focusing on commercial aerospace and renewable energy industries, increasing technological innovation and talent development, while ensuring the autonomy of key industrial chains [4]. - The company is committed to becoming an internationally influential innovative technology enterprise in the electric energy sector, with a mission to lead the development of electric energy technology and contribute to the construction of a strong aerospace nation and energy transition [4].

Group 1 - The core viewpoint of the report emphasizes that the A-share market has shown strong performance at the beginning of 2026, with significant increases in both volume and price, leading to a ten-year high in the market index [1][11] - The report highlights that the A-share financing balance has exceeded 2.66 trillion, marking a historical high, and the market is expected to maintain a long-term bullish trend despite short-term fluctuations [1][11] - Key sectors such as satellite internet and AI applications are noted for their active performance, indicating potential investment opportunities in these areas [1][11] Group 2 - The macroeconomic environment is described as stable and improving, with GDP growth expected to meet the target of around 5% for 2025, supported by a manufacturing PMI of 50.1, indicating further economic recovery [2][14] - The report mentions that the "14th Five-Year Plan" emphasizes the importance of expanding domestic demand and enhancing the quality of economic growth, which is expected to provide a favorable policy environment for the capital market [2][15] - The report outlines that the government is likely to implement proactive fiscal policies and flexible monetary measures to support economic growth, which will positively impact the capital market [2][19][22] Group 3 - Investment recommendations for 2026 focus on technology innovation as the main market theme, with specific attention to AI applications, satellite technology, chip manufacturing, and autonomous driving as key areas for investment [3][25] - The report suggests that timing and selection of investments are crucial, as current valuations are high, and market sentiment may be influenced by profit-taking and international market fluctuations [3][26] - The report advises a balanced investment strategy that includes both left-side (buying quality assets at low prices) and right-side (trading based on momentum) approaches to enhance returns [3][26]

每经编辑｜程鹏 1月14日，外交部发言人毛宁主持例行记者会。 回答关于泰国发生的在建高铁项目事故问题时，毛宁表示，我们注意到有关事故的报道，对事故造成人员伤亡表示慰问。中国政府高度重视项目和人员的 安全，我们也正在了解情况，目前看有关标段是由泰方企业在施工，事故的原因还在调查中。 据泰国呵叻府最新通报，呵叻府14日上午发生的在建铁路事故，目前已致29人死亡、67人受伤。 据泰国媒体报道，涉事标段主承包商为意大利-泰国发展公共有限公司。中国驻泰国大使馆确认，事发标段无中方施工企业和施工人员参与。当地警方 称，事故中暂无中国人伤亡报告。 有记者问：阿根廷总统表示，他将于2026年访问中国。您能否证实这一消息？中国是否欢迎阿根廷总统来访？ 毛宁表示，你提到的访问目前我没有可以提供的信息。但是我可以告诉你的是，中方重视发展中国和阿根廷的关系，愿意同阿根廷方面加强各层级的交 往，深化两国的政治互信，促进务实合作，造福双方人民。 外交部：希望各方都能多做有利于中东和平稳定的事情 在回答有关伊朗局势的问题时，毛宁表示，关于伊朗的局势，我们已经多次表明了立场，我们支持也希望伊朗政府和人民能够克服当前的困难，维护国家 的稳定； ...

Market Overview - On January 14, the A-share market experienced a slight pullback after reaching a high, with the Shanghai Composite Index encountering resistance around 4190 points[2] - The Shanghai Composite Index closed at 4126.09 points, down 0.31%, while the Shenzhen Component Index rose 0.56% to 14248.60 points[7] - Total trading volume for both markets was 39,872 billion yuan, indicating an increase compared to the previous trading day[3] Sector Performance - Software development, internet services, precious metals, and chemical raw materials sectors performed well, while energy metals, insurance, banking, and real estate sectors lagged[3] - Over 50% of stocks in the two markets saw gains, with notable increases in internet services, software development, and cultural media sectors[7] Valuation Metrics - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 16.95 times and 52.86 times, respectively, above the median levels of the past three years[3] - The trading volume is above the median of the past three years, indicating a return of market activity[3] Investment Outlook - The market is expected to maintain a slight upward trend, supported by active trading and a decline in domestic risk-free interest rates, which enhances liquidity[3] - Investors are advised to focus on opportunities in software development, gaming, internet services, and computer equipment sectors[3] Economic Indicators - The Consumer Price Index (CPI) showed a slight increase year-on-year in December 2025, indicating marginal improvement in domestic demand[3] - The trend of residents moving deposits to equity markets is providing ample liquidity to the market[3] Risks - Potential risks include unexpected overseas economic downturns, domestic policy changes, and macroeconomic disturbances that could impact recovery[4]

Investment Highlights - The equity market has shown a recovery since December 2025, with major indices recording monthly gains. The cyclical and growth sectors performed well, while the value sector lagged behind. Notably, the defense, non-ferrous metals, and communication sectors saw significant increases of 21.24%, 13.03%, and 12.82% respectively, while real estate, food and beverage, and pharmaceuticals experienced declines of -4.47%, -4.34%, and -4.09% respectively [6][11][12] - The bond market faced overall weakness in December, with long-term and ultra-long-term bonds performing poorly. The yield curve steepened, and the overall performance of the bond market was subdued due to various factors, including supply pressures and profit-taking by institutions at year-end [7][20] Active Equity Fund Selection Strategy - Since December 2025, there has been a shift from defensive to offensive market strategies, with a recovery in risk appetite. The central economic work conference emphasized "seeking progress while maintaining stability" and focused on structural adjustments and technological innovation, particularly in the "AI +" sector [2][12][13] - The current environment supports asset revaluation, with a focus on sectors driven by both "story and performance," such as the AI industry chain and commercial aerospace. Additionally, traditional industries like chemicals and engineering machinery are highlighted for their reasonable valuations and potential for improved return on equity (ROE) [2][15] Fixed Income Fund Selection Strategy - The outlook for January suggests a potential short-term rebound in the bond market, but a cautious approach is advised due to ongoing supply pressures and limited room for interest rate cuts. The strategy continues to favor flexible bond products while maintaining duration neutrality [3][20] - The pure bond fund index has shown stability, with slight increases in various bond fund indices, indicating a mixed performance landscape in the bond market [7][22] Historical Performance Review - Since the construction of the active equity selection index on May 11, 2023, it has achieved a cumulative net value of 1.4934, outperforming the benchmark by 20.21%. The index recorded a return of 6.61% since the December 2025 monthly configuration report [17][22] - The short-term bond fund selection index has also shown positive performance, with a cumulative net value of 1.4637, exceeding its benchmark by 0.5434% since its inception [22][30]

蓝科高新(601798.SH)发布公告，公司预计2025年年度实现归属于母公司所有者的净利润4779.65万元， 与上年同期相比，将实现扭亏为盈。 报告期内，公司坚持科技创新引领，推动公司产品结构持续优化，通过强化重点项目运营管理、加强内 部协同与海外市场资源建设，多举措提升经营和管理效率，并严控各项成本费用，使得经营业绩有效改 善。营业收入预计较上年同期增加约46.55%。 ...

新华社北京1月14日电（记者邵艺博、冯歆然）外交部发言人毛宁14日表示，过去一年，中国科技与产 业深度融合，创新成果竞相涌现。实现自身发展的同时，中国同世界各国共享创新成果，致力于让科技 创新造福全人类。 当日例行记者会上，有记者问：去年中国首次跻身全球创新指数前十名，新年伊始又有多项创新成果问 世。同时，科学技术的加速发展使发展中国家面临的科技鸿沟有拉大趋势。中方如何看待自身在全球科 技创新中的作用？ "实现自身发展的同时，中国同世界各国共享创新成果，致力于让科技创新造福全人类。"毛宁表示，中 国的"天眼"等大科学装置向全球开放，深海深空探测坚持国际合作，杂交水稻、渔业养殖、菌草技术等 民生科技帮助发展中国家摆脱贫困，还发布了《全球人工智能治理倡议》，倡导构建开放、公平、非歧 视的国际创新环境。 毛宁表示，中国将继续秉持开放合作理念，反对技术壁垒，缩小科技鸿沟，推动创新成果普惠共享，促 进全球发展繁荣。 毛宁说，过去一年，中国科技与产业深度融合，创新成果竞相涌现。面向未来，创新将成为推动中国高 质量发展的主引擎。"十五五"规划建议中61次提及"创新"，将科技创新摆在国家发展全局的核心位置。 ...

Core Viewpoint - The technology growth sector is experiencing active performance driven by policy expectations and industry trends, with a shift from broad market gains to a focus on companies with higher earnings certainty in computing infrastructure and software applications [1] Group 1: Market Performance - The market is transitioning from a broad rally to a more differentiated performance as earnings begin to materialize [1] - Attention is increasingly directed towards computing infrastructure and software applications that demonstrate commercial viability [1] Group 2: Policy and Industry Support - The Federal Reserve's interest rate cut cycle is gradually taking shape, providing a supportive backdrop for the market [1] - The "14th Five-Year Plan" emphasizes the importance of technological innovation and the establishment of a modern industrial system, positioning these areas at the core of future growth [1] - Industry prosperity and policy catalysts are identified as key supports for the continuation of market trends [1]

Market Overview - The A-share market's trading volume approached 4 trillion yuan, with significant strength in AI application sectors [1] - Major indices showed mixed performance, with the Shanghai Composite Index down 0.31% and the Shenzhen Component Index up 0.56% [2] - The Shanghai and Shenzhen Stock Exchanges announced an increase in the minimum margin ratio for financing from 80% to 100% [2] Sector Performance - Technology-focused ETFs, including software and big data ETFs, continued to perform strongly, with some rising over 6% [3] - The domestic commodity futures market saw most main contracts rise, with notable increases in tin and silver [2] Fund Flows - The top ten stocks by net inflow included Shanzi Gaoke, which received a net inflow of 2.089 billion yuan [3] - Other stocks with significant inflows included Huasheng Tiancai and Huhua Electric, indicating strong investor interest in these companies [3] Institutional Insights - Fidelity highlighted that the core investment opportunities for 2026 will focus on technology innovation, particularly in AI and related sectors [4] - UBS maintained an overweight rating on the Chinese market, citing factors such as improved corporate earnings growth and attractive valuations [4] - Galaxy Securities suggested that the rise of generative search could reshape business models, recommending a focus on AI-related sectors and companies [4]