1、证监会重拳出击!罚没牛散超10亿元 重要程度：★★★★★ 近期证监会正在持续严查私募基金领域违规募集、侵占挪用、自融自用、利益输送等触犯私募基金监 管"底线""红线"的恶劣违法违规行为，严肃追究违法主体责任。 近日，证监会公布一则行政处罚决定书，依法对余韩操纵证券市场行为作出行政处罚，合计罚没超10亿 元。 此外，证监会对浙江瑞丰达资产管理有限公司及关联私募机构、实际控制人孙伟等相关责任人员违法违规 行为作出行政处罚，共罚没2800余万元，5名责任人员领罚款1300余万元，瑞丰达实际控制人被采取终身 证券市场禁入措施。 2、正式告别"风格漂移"时代!公募基金业绩基准新规正式落地 重要程度：★★★★ 近日，中国证监会正式发布《公开募集证券投资基金业绩比较基准指引》，基金业协会同步发布了《公开 募集证券投资基金业绩比较基准操作细则》，相关文件直指行业长期存在的风格漂移、重排名轻基准等顽 疾。 此次新规的核心思路，是彻底扭转基准被虚置的局面，让其真正成为投资管理的"指挥棒"和投资者判断 的"标尺"。更关键的是，新规再次强调未来基金经理的薪酬将直接与战胜基准挂钩，而非短期市场排名。 3、黄仁勋2026年首度来华参 ...

Market Overview - On January 20, A-share indices weakened, with the ChiNext Index dropping over 1%, the Shanghai Composite Index down 0.27%, and the Shenzhen Component Index down 0.81%. Nearly 2,700 stocks in the Shanghai and Shenzhen markets declined [1] - The total trading volume in the Shanghai and Shenzhen markets exceeded 1 trillion, a decrease of over 40 billion compared to the previous day, with an expected total trading amount of over 2.7 trillion for the day [1] Index Performance - Shanghai Composite Index: 4,102.05, down 0.29%, with 1,179 gainers and 1,075 losers [2] - Shenzhen Component Index: 14,171.44, down 0.86%, with 1,348 gainers and 1,471 losers [2] - ChiNext Index: 3,303.22, down 1.03%, with 636 gainers and 728 losers [2] AI Sector - The AI4S concept showed signs of recovery, with stocks like Subote hitting the daily limit, and ZhiTe New Materials reaching a historical high. Other companies such as Qicai Chemical and Zhongcheng Technology also saw gains. Citic Securities noted that as model capabilities improve, especially in reasoning and long-window costs, the commercialization of AI downstream applications is accelerating [2] Solar Energy Sector - The photovoltaic concept continued to rebound, with Haiyou New Materials rising over 10%. Institutions pointed out that SpaceX has confirmed the P-type HJT battery technology route for large-scale economic production of space solar cells, marking a potential turning point for space photovoltaic energy as a strategic solution for commercial aerospace and high-end applications [3] Real Estate Sector - The real estate sector experienced a volatile rebound, with City Investment Holdings hitting the daily limit and other companies like Poly Development and China Merchants Shekou also rising. According to the National Bureau of Statistics, new residential sales prices in first-tier cities fell by 0.3% month-on-month in December 2025, with Shanghai seeing a slight increase of 0.2% [3]