2026年1月28日，银河博时MSCI中国东盟经济互联指数ETF（简称"银河博时中国东盟ETF"）举办上市 仪式，宣告正式登陆港交所交易。 王晟在视频致辞中表示: "本产品作为率先在中国香港上市的聚焦中国和东盟优质资产的权益ETF，为境 内外投资者布局共建"一带一路"倡议提供了创新工具，充分体现了香港国际金融中心的重要作用。我们 将充分发挥自身的境内外布局优势特别是东南亚投研能力，全力做好产品管理、推动互联互通，持续为 客户全球化资产配置提供高质量服务，为共建'一带一路'贡献银河力量。" 中国银河证券与博时基金的此次合作，标志着双方在跨境金融领域的深度协同进入新阶段。随着中国与 东盟经济融合的持续深化，以及香港资本市场互联互通的不断推进，双方的合作有望打造成为金融机构 服务区域经济深度融合的标杆模式，为投资者提供更丰富的全球资产配置方案。 基金产品风险提示： 敬请留意,银河国际资管管理的所有基金产品均受制于市场风险及监管限制。基金产品的表现可能受到 全球宏观经济形势、利率及汇率变动、股票及债券市场波动以及行业政策调整等因素影响。基金产品不 保证可实现预期回报,投资者可能面临本金亏损。基金产品的认购、赎回及交易 ...

山东两会"侨声"传递发展期盼与信心 中新网济南1月28日电 (李明芮 赵晓)今年山东省两会正在召开中，参会委员和侨胞积极围绕山东经济社 会发展传"侨声"、献"侨智"，为现代化强省建设聚"侨力"。 "山东作为中国沿海经济大省，一直是侨商投资兴业的热土。"山东省政协委员、中国侨商联合会副会长 张志敏表示，侨商不仅是国际资本的引入者、先进技术和管理经验的传播者，还是中外文化交流的天然 桥梁、连接山东与共建"一带一路"国家的重要纽带。 张志敏介绍，他前不久获评山东省2026年度"十佳侨商"，所属企业山东佑民工业科技有限公司荣获山 东"侨助千企 万品出海"先锋企业。 "山东持续优化的营商环境和产业生态，为各类企业尤其是侨资企业提供了广阔的发展舞台。"施乾平表 示，面向"十五五"，他将带领企业继续坚守实业、聚焦主业，推进科技创新、产业升级与绿色转型等方 面持续发力，为山东高质量发展贡献更多"侨力"。(完) 来源：中国新闻网 编辑：万可义 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 张志敏参加2026山东省两会。李明芮 摄 他建议山东围绕"十五五"规划确定的产业发展方向，精准引导侨商资本投入重点产 ...

Core Viewpoint - Guangzhou is enhancing cross-border trade support for over 500 specialized markets, focusing on addressing financing and settlement challenges faced by foreign trade enterprises through a comprehensive service platform and collaboration with financial institutions [1][3][4]. Group 1: Overview of the Initiative - The "Belt and Road" trade comprehensive service platform in Guangzhou aims to facilitate high-quality development and transformation of specialized markets, which include textiles, leather goods, and cosmetics [3]. - The initiative is part of a broader strategy to position Guangzhou as a significant gateway for "Made in China" products to the global market [3]. Group 2: Financial Collaboration - A memorandum of cooperation was signed between the service platform and financial institutions to support the high-quality development of specialized markets [3]. - Financial institutions and logistics representatives provided insights on cross-border finance and international logistics policies during the event, launching specialized service products to assist enterprises in overcoming challenges in international markets [3]. Group 3: Event Highlights - The event featured over 20 booths, creating a service and exhibition area that offered financial consulting, logistics promotion, and anti-fraud education, showcasing high-quality products from the apparel, leather, and beauty sectors [3]. - The initiative also includes a focus on integrating commerce and industry, particularly through the "Beauty Town" in the Yuexiu District, establishing a three-in-one service system of policy alignment, financial services, and business circle empowerment [3]. Group 4: Future Plans - Guangzhou's market regulatory authority plans to continue regular engagement activities through the service platform to optimize the foreign trade ecosystem and enhance the international influence of Guangzhou's commerce [4].

Core Insights - The "14th Five-Year Plan" includes a significant investment of 4 trillion yuan in ultra-high voltage (UHV) infrastructure, which is expected to drive the A-share UHV sector to new heights, with the sector index rising from around 2700 points at the beginning of the year to over 5000 points, outperforming the broader market [1][2] - The investment plan represents a 40% increase compared to the previous five-year plan, focusing on UHV direct current transmission channels and smart distribution networks, indicating a golden era for the UHV industry [2][3] Investment and Market Dynamics - Leading stocks in the UHV sector, such as XJ Electric, Pinggao Group, and China XD Electric, have seen price increases exceeding 35%, with an overall rise of over 60% in the past year [2] - The National Grid's investment plan aims to enhance cross-regional transmission capacity by over 30% before 2030, addressing structural imbalances in energy resource distribution across China [4][8] Technological Advancements - Continuous technological innovations are enhancing the efficiency and reliability of UHV systems, exemplified by the ±800 kV flexible direct current project, which improves grid stability and adaptability to renewable energy fluctuations [6][19] - The global energy transition is creating historical opportunities for UHV technology to expand internationally, particularly in Europe, where energy security concerns are driving demand for UHV infrastructure [8][9] Industry Structure and Key Players - The UHV industry exhibits a "dumbbell" structure, with core equipment and materials at the upstream and grid construction and operation at the downstream, creating a capital and technology-intensive ecosystem [13] - Major companies like State Grid, Southern Grid, and key equipment manufacturers are expanding their international market presence, with annual investments in UHV projects along the Belt and Road Initiative expected to reach approximately 400 billion yuan [12][34] Financial Performance and Growth Projections - Companies like Guodian NARI and Pinggao Electric are showing robust financial growth, with Guodian NARI reporting a revenue increase of 18.45% year-on-year in the first three quarters of 2025 [35][37] - The UHV sector is projected to benefit from a historical high in national grid investment, expected to reach 608.3 billion yuan in 2024, with a year-on-year growth of 15.3% [28][31] Future Outlook - The UHV sector is poised for significant growth driven by the "14th Five-Year Plan" investments and the ongoing development of international markets, particularly in regions like Southeast Asia and Europe [41] - The establishment of a new power system is expected to further integrate flexible direct current and mixed AC/DC distribution networks, promoting efficient, intelligent, and green energy solutions [33][41]

Core Viewpoint - China National Heavy Duty Truck Group (China National Heavy Truck) is experiencing significant stock price growth, with a reported increase of over 5% and a trading volume of 371 million HKD, driven by strong export performance and positive market outlook for heavy trucks in 2025 [1] Group 1: Export Performance - According to a report from Kaiyuan Securities, China National Heavy Truck is expected to export approximately 330,000 heavy trucks in 2025, setting a new historical record [1] - The export strategy has shifted from simple trade to direct investment and localized operations, with increasing demand for infrastructure in countries along the Belt and Road Initiative [1] - Non-Russian markets, particularly in Southeast Asia, the Middle East, and Africa, are seeing a significant increase in market share [1] Group 2: Financial Projections - UBS's report highlights the strong performance of China National Heavy Truck's export business, with an optimized product structure expected to drive profit growth in 2026 [1] - The management indicated that by Q4 2025, the company anticipates double-digit year-on-year sales growth, with exports accounting for over 50% of total sales [1] - The profit margin for exported heavy fuel trucks is notably higher, with gross margins exceeding domestic sales by 2 to 4 percentage points [1] Group 3: Production and Demand - The company currently has a full order book and has shifted to a double-shift production schedule to meet demand [1] - Based on the robust momentum in export business, UBS has raised revenue forecasts for China National Heavy Truck by 7% and 8% for 2026 and 2027, respectively, and net profit forecasts by 6% and 15% [1]

中国发展网讯 朱璇 记者丁南报道 福建省泉州市丰泽区位于泉州中心城区的核心腹地,是海丝中央法务区泉州片区的主要承载地。这里汇 聚了全市90%的市级银行总部和85%的金融机构,是泉州金融资源最为密集的区域。 在这片蓬勃发展的经济沃土上,丰泽始终将营商环境视作区域发展的"生命线"与"核心竞争力",以法治筑 底强根基、以数字赋能提效能、以政策聚力优生态,勾勒出市场化、法治化、国际化金融发展生态的鲜 活图景。 法治护航:筑牢金融发展"基石" 金融是现代经济的血脉,法治则是血脉畅通的保障。丰泽区以海丝中央法务区建设为牵引,精准聚焦金融 领域法治需求,为海丝中央法务区泉州片区稳健发展筑牢核心屏障。 走进这里,各类专业法务机构鳞次栉比。当地精准招引、用心培育,目前已有728家法务和泛法务企业扎根 于此,业务范围覆盖法律服务、评估鉴定、财务管理等12个金融产业关键领域。其中,全国排名前30的律 所中有8家在此设立机构,2024年园区律所营业收入突破5.07亿元,占全市律所总营收的58%。这些专业力 量为辖区金融机构和各类企业提供全流程、高水平法律支持,让金融交易在法治框架内规范运行。 针对金融纠纷频发、调处周期长的痛点,丰泽 ...

Group 1 - The event aims to promote the transformation and high-quality development of professional markets in Guangzhou, expanding "Belt and Road" economic cooperation and providing comprehensive cross-border trade support for enterprises [1] - The "Overseas Plan" financial service initiative was launched, collaborating with major banks and financial institutions to address the financing and settlement challenges faced by foreign trade enterprises [1] - The Guangzhou Market Supervision Administration emphasizes the importance of professional markets as a core component of building an international consumption center city [1] Group 2 - A memorandum of cooperation for financial support in the high-quality development of professional markets was signed with financial institutions during the event [2] - The event integrated the "Beauty Town" business circle, creating a service system that combines policy alignment, financial services, and business circle empowerment [2] - Guangzhou plans to continue regular engagement activities through the "Belt and Road" trade comprehensive service platform to enhance the international influence of its commerce [2]

这时候，咱们手里那6830亿美元美债，就成了焦点中的焦点。不少人问：既然美国这么不地道，咱们干嘛不一口气全抛了？大国博弈，讲究的是火候和分 寸。6830亿这个数，看着不小，但比起巅峰时的1.3万亿，足足少了一半还多。这些年，咱们在干啥？有序撤退，步步为营。到期了，本金拿回来；价格合 适了，就卖掉一点。这不是逃跑，是战略转移。换来的钱去哪了？买黄金、囤资源、投基建。看看数据：央行的黄金储备连续两年上涨，实物黄金攒了2000 多吨！这招高明在哪里？黄金是老祖宗留下的硬通货，不受谁家货币摆布。咱们从美债的"接盘侠"变成资源的"囤积者"，这才是真正的避险智慧。想想历史 典故，明朝郑和下西洋为啥满载而归？因为手里有硬货，不靠虚纸。今天的中国，同样在打造自己的"黄金舰队"。 还记得上世纪70年代，尼克松总统关上了黄金兑换窗口吗？那标志着美元霸权的登峰造极。可今天，同样一幕在重演，只不过角色反了。特朗普站在聚光灯 下，对着全世界咆哮："谁都不许减持美债！"这画面，简直像一艘漏水的泰坦尼克号船长，命令乘客别跳船。起因？丹麦这个美国铁杆盟友，悄悄地卖了1 亿美元美债。数字不大，但落在特朗普耳朵里，却成了末日警钟。为啥？因为这不 ...

今天分享的是：2025小而美的一带一路"中国谨慎恢复参与全球能源融资 《中国海外能源融资转向：低调回归与绿色未来》 近期，波士顿大学全球发展政策研究中心发布的数据显示，中国海外能源融资在经历一段沉寂后，正以更加谨慎和绿色的姿态 重新进入全球视野。这份报告揭示了中国在全球能源融资领域的新动向：从过去大规模支持传统能源项目，转向更注重规模适 度、环境友好的"小而美"模式，标志着中国在国际能源合作中的策略调整。 报告指出，自2000年至2023年，中国两大开发性金融机构——国家开发银行和进出口银行，累计向全球能源项目提供了约2090 亿美元的贷款，覆盖68个国家的118个公共借款方。其中，石油和天然气项目占据了半壁江山，水电和煤炭分别占18%和10%， 而风能、太阳能等可再生能源仅占1%。地域分布上，亚洲是最大的受援区域，占总额的31%，非洲、拉美和欧洲紧随其后。 值得注意的是，2023年中国海外能源融资出现小幅回升，进出口银行向马达加斯加、乌干达和布基纳法索提供了三笔总额5.02亿 美元的贷款，全部用于水电和太阳能等非化石能源项目。这与"一带一路"倡议早期动辄数十亿美元的大型项目形成鲜明对比： 2023年平均单笔 ...

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% in the next six months [58]. Core Insights - The bus industry is positioned to become a global leader in technology output, with overseas market contributions expected to replicate the scale of the Chinese market within 3-5 years [2]. - Key drivers for this cycle include favorable national policies, advanced technology and product quality, and a recovering domestic market post-price war [2]. - The report recommends focusing on companies like Yutong and King Long, which are expected to show significant profit growth and resilience [3][4]. Summary by Sections Industry Overview - December exports exceeded expectations, with a notable increase in both wholesale and retail sales [7][10]. - The overall production in December 2025 was 59,000 units, with a year-on-year increase of 3.94% and a month-on-month increase of 8.56% [11]. Company Performance - Yutong is highlighted as a "model student" with high growth and dividend potential, projecting net profits of 4.94 billion, 5.92 billion, and 7.03 billion yuan for 2025-2027, respectively [4]. - King Long is noted for its rapid progress, with expected net profits of 440 million, 640 million, and 830 million yuan for the same period, reflecting significant growth rates [4]. Market Dynamics - The domestic market has seen the end of price wars, which is expected to enhance profitability for leading companies [6]. - The report anticipates a recovery in demand driven by tourism and public transport upgrades, potentially returning to 2019 levels [2]. Export Trends - December 2025 saw a significant increase in bus exports, with a total of 9,073 units exported, marking a year-on-year increase of 81% and a month-on-month increase of 111% [34]. - Yutong and King Long dominate the export market, with Yutong exporting 2,245 units of passenger buses, capturing a 42% market share [43].