Core Insights - The A-share market experienced a strong start in January 2026, with a significant increase in public fund issuance, totaling 91 new funds, marking a record high for the period [1] - Equity funds led the issuance with 36 new products, reflecting institutional optimism towards equity assets [1][3] - FOF funds showed remarkable performance, with three newly established products raising over 60 billion yuan, accounting for more than 70% of the total issuance for the month, indicating strong demand for asset allocation products [1][2] Fund Distribution - In January 2026, the distribution of newly issued funds included 36 equity funds, 27 mixed funds, 13 bond funds, 13 FOFs, and 2 QDII funds, catering to various investor needs [2] - The total issuance scale of 11 newly established funds reached 81.91 billion yuan, with FOF funds contributing significantly to this figure [2] Performance of FOF Funds - The three FOF funds raised a total of 60.32 billion yuan, representing 73.64% of the total new fund issuance for the month, with the largest being Guangfa Yueying Stable Three-Month Holding A at 32.88 billion yuan [2] - High subscription efficiency was noted, with several funds completing their fundraising in just one day [2] Focus on Technology Innovation - The issuance of technology-themed funds, particularly those related to the Sci-Tech Innovation Board, emerged as a highlight in January, with multiple companies launching index funds tracking various dimensions of the board [4] - Institutions are recognizing the long-term investment value in the Sci-Tech Innovation Board and are creating more refined tools to capture growth opportunities across different sectors [4] Diverse Product Offerings - New fund products displayed a diverse range, catering to different risk preferences, with several major fund companies launching mixed equity or ordinary equity funds [4] - The trend indicates a growing emphasis on active management to generate excess returns [4] Global Asset Allocation Trends - In response to global asset allocation trends, several fund companies launched QDII or Hong Kong stock-themed funds, enabling investors to seize opportunities in quality Hong Kong assets [5] - Mixed bond funds and bond-mixed funds were also introduced to provide options for investors seeking stable returns [5] Strong Fund Company Performance - Leading public fund companies showcased robust product development capabilities, with several launching multiple new products across various categories [6][7] - Major banks are serving as custodians for many of these products, indicating strong support from distribution channels for the new fund issuance [7] Market Outlook - The public fund market in January 2026 had a promising start, reflecting fund managers' positive expectations for structural opportunities in the market [7] - The trend of innovation and depth in public fund services is expected to continue, providing investors with new tools to strategically position themselves for investment opportunities in 2026 [7][8]

刘宁还来到西大井历史文化街区，调研了解工业遗存保护开发和红色文化传承利用情况。 陈星参加。（记者 刘婵 张笑闻/文 董亮/图） 1月11日，省委书记刘宁到焦作解放区、山阳区、马村区，调研推动经济运行、基层治理等工作，强调要深入学习贯彻习近平总书记在河南考察时重要讲话 精神，全面贯彻中央经济工作会议精神，按照省委十一届十次全会和省委经济工作会议部署，以"开局就是奋斗、起步就要奋进"的奋发姿态，加快资源型城 市产业转型升级步伐，奋力推动经济发展实现良好开局。 责任编辑： 秦臻 产业是发展的根基，是推动经济增长的重要引擎。在位于山阳区的风神轮胎股份有限公司、瑞庆汽车发动机技术有限公司，刘宁察看产品展示、生产线，鼓 励企业抢抓行业发展机遇，不断提升核心产品市场竞争力，走好细分市场高端路线，推动制造业高端化、智能化、绿色化发展。在位于解放区的焦作地理信 息产业园、马村区的焦作丽珠合成制药有限公司，刘宁了解园区建设、企业发展、技术研发等情况，强调要加强与专业机构、头部企业对接合作，深化产学 研融通创新，培养引进高端人才，促进技术攻关和成果转化，推动科技创新和产业创新深度融合。在焦作千业新材料有限责任公司，刘宁询问全流程超 ...

Core Viewpoint - The coordination of investment and financing in the capital market has become a core task and strategic deployment for the development of China's capital market, marking a new historical starting point after over 30 years of development [1] Group 1: Importance of Coordination - The importance of coordinated development between investment and financing is established from a functional perspective, highlighting that they are two sides of the same coin and essential for the capital market's basic functions [2] - Addressing the long-standing imbalance between investment and financing, particularly the tendency to prioritize quantity over quality in financing, is crucial for overcoming challenges faced by the capital market [2] - Coordinated development supports high-quality growth, financial strength, technological innovation, and meets public wealth management needs, thereby enhancing residents' income and supporting domestic demand [2] Group 2: Institutional Framework - The need for a systemic approach to resolve issues related to investment and financing, emphasizing reforms to enhance the inclusiveness and adaptability of capital market systems [3] - Solutions must address both ends of the spectrum: improving financing quality while also adapting investment mechanisms to support dynamic changes in financing needs [3] - The coordination of investment and financing is a dynamic process that requires both market and government roles, especially in the context of technological innovation and green development [3] Group 3: Long-term Commitment - The task of enhancing the coordination of investment and financing is recognized as a long-term commitment, integrated into national reform agendas and the 14th Five-Year Plan [3] - The emphasis on "sustained" reform indicates that achieving these goals is not a short-term endeavor but a continuous process [3] Group 4: Systematic Approach - The requirement for a comprehensive reform approach highlights that the coordination of investment and financing is a systemic project that necessitates creating an ecosystem conducive to such development [4] Group 5: Ecosystem Development - To establish a coordinated development ecosystem, it is essential to integrate investment and financing into the broader economic and financial development framework [5] - The development of a coordinated system involves aligning financing support for technological innovation with investment strategies, encouraging long-term capital participation, and optimizing investor structures [5] - Macro policies, including monetary, fiscal, and regulatory measures, play a vital role in promoting the coordinated development of investment and financing [5] Group 6: Current Progress and Future Outlook - Recent reforms in the capital market have shown initial success, with measures taken to support technological innovation and improve investment quality, leading to increased investor confidence and a better investment environment [6] - As the functions of coordinated investment and financing continue to improve, the capital market is expected to play a more significant role in supporting high-quality development and building a strong financial system [6]

Group 1 - The 2026 China Chief Economist Forum Annual Meeting was held on January 10-11 in Shanghai, with the theme "Chess in the Middle Game: Building a Strong Nation" [1][2] - Li Zhan, Chief Economist of China Merchants Fund, stated that the A-share market has at least a 20% upside potential in 2026, supported by technology innovation, overseas expansion, and internet AI [1][2] - Li Zhan highlighted that while there are supportive factors, risks have not been fully eliminated, including issues related to real estate, local government debt, and unstable overseas geopolitical policies, making the direction of stimulus unclear [1][2] Group 2 - The recommendation is to focus on sectors with clear growth and profitability, particularly those supported by government policies in technology [1][2]

行 业 研 医药生物 2026 年 01 月 11 日 医药生物 究 医药科技开门红，小核酸 FXIa 即将催化（建议 关注瑞博、靖因） 投资要点： 行 业 定 期 报 告 行情回顾：本周（2026 年 1 月 5 日- 2026 年 1 月 9 日）中信医药指数上涨 7.7%，跑赢沪深 300 指数 4.9 pct，在中信一级行业分类中排名第 5 位；2026 年初至今中信医药生物板块指数上涨 7.7%，跑赢沪深 300 指数 4.9 pct，在中 信行业分类中排名第 5 位。本周涨幅前五的个股为：创新医疗（+61.0%）、三 博脑科（+56.2%）、美好医疗（+56.1%）、前沿生物（+56.0%）、悦康药业 （+40.6%）。 FXIa 抑制剂即将迎来催化，小核酸方向建议关注瑞博、靖因：血栓性 疾病全球每年发病人群高达 2670 万，目前针对血栓性疾病的抗凝药物主要 包括华法林、肝素和直接口服剂，全球抗凝血药物市场预计在 2024 年高达 330 亿美金。但是现有抗凝血药物的作用是非选择性的，既影响凝血的内 源性途径，也影响外源性途径以及共同下游途径，这种治疗方法不可避免 地会损害正常应对损伤的止血反应 ...

Group 1 - The A-share market is expected to shift focus from pure track speculation to more pragmatic profit realization in 2026, with technology innovation, particularly in the AI sector, becoming the main battlefield for capital investment [1][5] - The "14th Five-Year Plan" emphasizes the integration of technological and industrial innovation, marking a transition from real estate-driven growth to innovation-driven growth, with high-tech industries becoming new growth drivers [2][3] - High-quality development will be the main theme for economic work throughout 2026, with significant growth momentum observed in high-tech manufacturing, green energy, and the digital economy [2][3] Group 2 - In investment strategies, AI remains a focal point, with a shift from infrastructure to application and commercialization, highlighting opportunities in AI applications and domestic alternatives [3][4] - The market is expected to transition from "valuation-driven" to "profit-driven" performance, leading to a more balanced market style, as some growth sectors appear crowded [4][5] - Despite concerns about an "AI bubble," many fund managers believe that the infrastructure for AI is not yet at a stage where bubble discussions are warranted, with high compound annual growth rates expected in the coming years [4][5]

Group 1 - The event held in Yangpu District, Shanghai, focused on the theme of "long-termism" and featured speeches from key figures emphasizing the importance of patience capital in supporting technology innovation enterprises [1][3] - The national strategy emphasizes technological self-reliance, industrial upgrading, and the development of new productive forces, which aligns with the need for long-term investment approaches [3] - The concept of "patience capital" is highlighted as essential for understanding industry dynamics and supporting tech companies through various growth phases, resonating with the recently launched trillion-yuan venture capital guidance fund [3] Group 2 - Li Ya proposed three criteria for tech companies to select patience capital: alignment with national strategic sectors, ability to provide value-added services, and a track record of supporting companies through cycles [5] - For capital providers, Li Ya outlined three responsibilities: adhering to strategic direction, evolving from financial supporters to value co-creators, and establishing risk-sharing mechanisms with companies [5] - The collaboration between Licheng China and Yangpu District aims to provide comprehensive support for tech enterprises, covering compliance, governance, and market integration [7] Group 3 - The annual meeting served as a platform for dialogue among government, enterprises, and capital, fostering a consensus on long-termism and the creation of a supportive innovation ecosystem [8] - The involvement of national venture capital and professional institutions like Licheng China is creating a positive cycle in the tech innovation sector, combining national strategy guidance with social capital and professional empowerment [8] - Long-termism is framed as a value choice that aligns enterprises with patient capital, contributing to high-quality economic development in China [8]

Group 1 - The core message emphasizes the importance of tangible achievements in governance, as demonstrated by the accomplishments of youth leaders in rural areas, showcasing practical contributions to community development [1] - The rapid growth of youth talent in China since the 18th National Congress has led to their increasing role in implementing major national tasks, with the upcoming 20th Central Committee meeting providing direction for youth engagement [1][5] - The achievements of young professionals in various sectors, such as microbe research and oil extraction, highlight their significant contributions to innovation and economic development [2][3] Group 2 - Zhao Shuai, a microbial research engineer, has led the development of over 10 new products since 2021, generating sales exceeding 50 million yuan for his company [2] - The development of a new elastic particle oil recovery agent by Jiang Zuming has unlocked over 100 million tons of oil resources in high-temperature, high-salinity oil fields, showcasing advancements in chemical engineering [3] - Young entrepreneurs and innovators in Shandong are leveraging technology and creativity to drive economic growth, with examples including e-commerce initiatives and advancements in automation and precision manufacturing [4][5]

Core Viewpoint - The 2026 CCTV Spring Festival Gala will feature Hefei as its first sub-venue in Anhui, highlighting the city's rapid development and cultural significance [2][10][26]. Group 1: Hefei's Selection as a Sub-Venue - Hefei has been chosen as a sub-venue for the Spring Festival Gala, marking a significant achievement for the city [2][6]. - The selection reflects Hefei's efforts in development and innovation, akin to a student achieving good grades through hard work [7][10]. - The theme for the 2026 gala is "Qiji Chicheng," symbolizing the spirit of progress and innovation, which aligns with Hefei's recent advancements [8][9]. Group 2: Cultural and Technological Significance - Hefei is positioned centrally in Anhui, with strong geographical advantages that support its growth [11]. - The city is known for its technological innovations, such as the "artificial sun" and air imaging technology, showcasing its capabilities on a global stage [12][13]. - Hefei's rich cultural heritage, with a history of 4,000 years of written records and 3,000 years of city establishment, adds depth to its representation at the gala [14]. Group 3: Youth and Educational Influence - Hefei attracts over 300,000 university students annually, contributing to a youthful population where over half are under 35 years old [16]. - The city's vibrant atmosphere and youthful energy are expected to resonate well with the gala's efforts to connect with younger audiences [16]. Group 4: Anticipated Highlights of the Gala - The Hefei sub-venue will have approximately 7 minutes of airtime during the gala, showcasing local culture and technology [19]. - Potential performances may include traditional Anhui elements such as Huangmei opera and local crafts, emphasizing the city's cultural identity [21].

国旗高扬，警旗猎猎。1月10日，我们迎来第六个中国人民警察节。新时代以来，人民公安用实际行动 践行着"对党忠诚、服务人民、执法公正、纪律严明"的铮铮誓言，全心全意为增强人民群众获得感、幸 福感、安全感而努力。他们以热血与汗水，把"人民公安为人民"书写在960多万平方公里的广袤土地 上，书写在14亿多中国人民的心底。 用好深改之招，破局安全难题。时代在发展，社会在进步。随着数字技术与人工智能技术的发展，如何 利用科技创新手段，让警力响应更快、群众更满意，不断擦亮公安机关这块"金字招牌"，这是一道必答 题。以耳熟能详的"110"为例，有的创新推出"智慧110"，有的积极联动12345平台，有的探索建立"无人 机+"接处警模式。人民有所呼，改革有所应。面对新形势新挑战新任务，公安机关建立"专业+机制+大 数据"新型警务运行模式，不断完善以"情报、指挥、行动"一体化运行机制为重点的现代警务机制体 系，一项项改革举措在重点领域和关键环节上取得重要突破。从国产小客车新车上牌"一件事"、网上办 理解除抵押登记，到实现191项公安政务服务事项"网上办、掌上办"，再到推进受案中心建设、开展专 项治理行动、建设驻企服务站、召开警 ...