现代化是人类社会发展的潮流，是世界各国追寻的目标。今天，人类社会现代化进程又一次来到历史的 十字路口。当今世界需要什么样的现代化？怎样才能实现现代化？一系列现代化之问摆在人类面前。 《习近平谈治国理政》第五卷将"携手推进现代化，实现共同繁荣"作为专章内容进行系统阐述，集中展 现了习近平总书记立足历史发展大势和各国发展诉求，对现代化之问的深入思考和科学回答。 习近平总书记指出："努力推动实现和平发展、互利合作、共同繁荣的世界现代化"。和平发展的世界现 代化摒弃通过战争、殖民、掠夺等方式实现现代化的陈旧逻辑，坚持在和平的国际环境中通过自身努力 实现国家发展，并通过自身发展创造和平的国际环境；互利合作的世界现代化超越零和博弈的旧思维， 在开放包容中创造共同机遇，在协同联动中应对共同挑战，各国共同塑造全球发展新动能；共同繁荣的 世界现代化致力于缩小不同国家不同群体的发展差距，让发展成果更公平惠及各国人民，打破现代化成 果由少数国家和群体独享的利益分配格局。这种以和平发展、互利合作、共同繁荣为核心内涵，以构建 人类命运共同体为目标的现代化新范式，是理论上和实践上的重大创新，是历史发展的必然趋势。 塑造顺应历史潮流的现代 ...

推动实现和平发展、互利合作、共同繁荣的世界现代化（深入学习贯彻习近平新时代中国特色社会主义 思想） ——学习《习近平谈治国理政》第五卷 徐秀军 现代化是人类社会发展的潮流，是世界各国追寻的目标。今天，人类社会现代化进程又一次来到历史的 十字路口。当今世界需要什么样的现代化？怎样才能实现现代化？一系列现代化之问摆在人类面前。 《习近平谈治国理政》第五卷将"携手推进现代化，实现共同繁荣"作为专章内容进行系统阐述，集中展 现了习近平总书记立足历史发展大势和各国发展诉求，对现代化之问的深入思考和科学回答。 习近平总书记指出："努力推动实现和平发展、互利合作、共同繁荣的世界现代化"。和平发展的世界现 代化摒弃通过战争、殖民、掠夺等方式实现现代化的陈旧逻辑，坚持在和平的国际环境中通过自身努力 实现国家发展，并通过自身发展创造和平的国际环境；互利合作的世界现代化超越零和博弈的旧思维， 在开放包容中创造共同机遇，在协同联动中应对共同挑战，各国共同塑造全球发展新动能；共同繁荣的 世界现代化致力于缩小不同国家不同群体的发展差距，让发展成果更公平惠及各国人民，打破现代化成 果由少数国家和群体独享的利益分配格局。这种以和平发展、互利 ...

□ 本报记者马薇整理 二是努力推动太湖水质根本好转。认真抓好中央巡视反馈问题整改，高标准开展新一轮太湖治理，深化 湖岸同治、流域共治，扎实做好清淤、控源、截污等各项工作，确保太湖无锡水域水质稳定达到Ⅲ类。 同时以太湖治理为牵引，协同推进降碳、减污、扩绿、增长，以"人文家的心、艺术家的眼、科学家的 智"规划建设城市，做好生态"+品牌""+文旅""+消费"等文章，于青山绿水间打造人口、人力、人才、人 气同步增长的高品质宜居城市。 三是努力推动全体人民共同富裕。坚持在发展中保障和改善民生，坚持投资于物和投资于人紧密结合， 进一步健全与人口变化相适应的公共资源配置机制、国企牵头的微利型社会公用事业发展模式，探索集 团化办学、医联体建设、医养结合、老幼共托、科技助残等新路径，解决好群众普遍关心的学校学位、 医院床位、就业岗位等问题，统筹推进高品质生活、高效能治理、高水平安全，加快建设人民满意的共 同富裕幸福美好城市。 总之，无锡将按照省两会的部署要求，树立和践行"为人民出政绩、以实干出政绩"的正确政绩观，聚力 聚焦，狠抓落实，努力为全省发展大局作出新的更大贡献。 2026年是"十五五"开局之年，无锡将继续把深入贯彻习近 ...

Group 1 - The article emphasizes the importance of using authoritative and professional analyst reports for stock trading, highlighting their role in identifying potential investment opportunities [1][4]. - It mentions the focus on high dividend defensive stocks and the quality of mid and small-cap stocks, suggesting a strategic approach to investment [6]. - The data referenced is sourced from S&P Index Company and Shanghai and Shenzhen Stock Exchanges, indicating a reliance on reputable financial data for analysis [6]. Group 2 - The article references the S&P A-share Dividend ETF, specifically the Huabao fund, which is likely aimed at investors seeking dividend income [7].

境内外债务重组问题刚化解，旭辉控股集团有限公司（以下简称"旭辉控股"，00884.HK）又陷入了子 公司债务逾期、股价大幅震荡下行的"泥淖"。 2025年9月，百亿级境内债务重组方案获得债权人投票通过，当年12月底境外债务重组正式生效。过去1 年，旭辉控股完成境内和境外债务重组，合计削债430亿元。 "这让旭辉成为行业内首批完成境内外重组的民营房企。"旭辉控股董事局主席林中在2026年新年献词中 表示，此次重组显著优化了旭辉控股的资本结构，极大缓解了流动性压力，为未来2—3年的业务转型赢 得了宝贵的窗口期。 《中国经营报》记者注意到，因强制可转债所附转换权被行使，旭辉控股在数个交易日内密集配发及发 行了总计超过20亿股股份，这也导致旭辉控股在二级市场遭遇压力。2026年1月27日，旭辉控股方面又 宣布，旗下15家子公司出现债务逾期情况，逾期规模合计29.35亿元。 截至1月30日收盘，旭辉控股股价仅为0.103港元/股，债务重组生效1个多月来累计下降超35%。股价为 何短期出现剧烈震荡？债务重组后如何转型发展？对此，记者日前向旭辉控股方面发送了采访函，但截 至发稿尚未收到回复。 股价遭遇重挫，创下历史新低 时 ...

Core Viewpoint - The market is experiencing a period of fluctuation with a lack of clear direction, leading to a consensus among some investors to pursue high-quality and high-certainty investment strategies, which are seen as a "safe haven" [2] Group 1: Market Performance - As of January 22, the two markets are flat with fluctuations, with the China Securities Dividend Quality ETF (159209) and the 800 Cash Flow ETF (159119) down by 0.63% and 0.75% respectively, while year-to-date gains are 7.08% and 5.38% [1] - There is a noticeable presence of premiums in the market, indicating a clear intention for low-level capital allocation [1] Group 2: Investment Strategies - The core driving force behind the shift in investment strategies is a profound change in market pricing logic, influenced by the transition of economic growth momentum and the decline in risk-free interest rates [2] - Companies that can consistently generate stable free cash flow and maintain high profitability quality are being revalued by the market, highlighting the certainty and scarcity of long-term shareholder returns [2] - The focus on dividend quality and cash flow strategies emphasizes companies' intrinsic growth capabilities and financial stability, marking a shift from "trading expectations" to a return to "investment value fundamentals" [2] Group 3: ETF Focus - The 800 Cash Flow ETF concentrates on the real cash-generating ability of companies, serving as a core defense against economic cycle fluctuations [2] - The China Securities Dividend Quality ETF not only emphasizes dividend returns but also incorporates stringent screening for company growth and sustainable profitability, representing an evolution in "dividend strategy" [2]

明确行业分散规则，降低单一风险敞口：新指数设置了单一一级行业权重上限不超过30% 的硬性约束，以强制性的行业均衡配置，避免了投资组 合过度集中于个别周期性行业，从而有效降低了长期持有过程中的波动风险。 这一优化后的框架，通过 "高股息（低估值）"与"高质量（优盈利）" 的"双因子"驱动，并兼顾行业均衡，为投资者构建了一个攻守兼备、兼具现 金流收益与增长潜力的核心配置工具。在当前无风险利率下行、市场追求确定性的环境下，其"揽金"势头有望延续。 1月21日，两市震荡回暖。数据显示，截至9时54分，两市唯一的中证红利质量ETF(159209)跌0.08%，盘中一度涨0.32%再创历史新高。资金热度 不减，据Wind Level2实时行情结合均价预估，盘中获资金连续9日净流入，累计超2.1亿。 资金持续青睐的背后，是市场对其指数编制逻辑优化和策略优势的深入认可。分析指出，相较于过往类似策略，新版红利质量指数的核心改进在 于"低估值"与"行业分散"两大维度： 强化股息率因子，锚定估值安全边际：新方案明确纳入了股息率作为关键筛选因子。股息率不仅衡量了企业的分红意愿，更重要的是其高低直接 反映了估值水平。高股息率自然对应着 ...

Market Overview - On January 19, 2026, the market indices experienced a slight decline, with a trading volume of 3.06 trillion, an increase of approximately 120 billion from the previous trading day[1] - The majority of sectors saw declines, while electric vehicles, machinery, and power equipment sectors rose, and media, computing, oil, and social services sectors faced the largest drops[1] - The market showed a clear divergence, with major indices opening high but fluctuating throughout the day, indicating intense competition for capital among various sectors[1] Sector Performance - Semiconductor and robotics sectors outperformed, while high-voltage, new energy, and computing sectors showed performance but could not maintain strength[1] - Despite index adjustments, market sentiment remains high, suggesting that recent index fluctuations are not a cause for concern[1] - The Shanghai Composite Index has been adjusting, while the Sci-Tech Innovation Board and ChiNext Index show strong performance, indicating a continued focus on technology sectors[1] Financial Flows - On January 16, 2026, the Shanghai Composite saw a net outflow of 11.15 billion, while the Shenzhen Composite had a net outflow of 6.40 billion[4] - The top three sectors for capital inflow were semiconductors, automotive parts, and consumer electronics, while IT services, software development, and advertising faced the largest outflows[4] Regulatory Environment - The China Securities Regulatory Commission emphasized maintaining market stability and preventing large fluctuations, focusing on enhancing market monitoring and regulation[5][6] - The State-owned Assets Supervision and Administration Commission is pushing for reforms in state-owned enterprises to improve efficiency and innovation[7] Industry Developments - A new 3 MW gas turbine was launched, which is expected to significantly advance high-end energy equipment development in China[8][9] - A new management approach for the recycling and utilization of used power batteries from electric vehicles will be implemented starting April 1, 2026, focusing on full lifecycle management[10][11] Fund Dynamics - The public fund issuance market has seen a surge, with 25 funds announcing early closure due to high demand, indicating a rapid fundraising pace[12] - The total trading volume of ETFs reached 751.24 billion, marking a record high, with stock ETFs accounting for 33.82 billion and bond ETFs for 32.91 billion[13]

Core Viewpoint - The emphasis on "high-quality and sustainable development" is a guiding principle for China's economic and social development during the 14th Five-Year Plan period, especially as the country faces increasing external challenges and domestic supply-demand imbalances [1]. Group 1: High-Quality Development - Promoting high-quality and sustainable development requires a comprehensive implementation of the new development philosophy, focusing on qualitative improvements and reasonable quantitative growth [2]. - Innovation is highlighted as the primary driving force for development, with significant advancements in technology such as humanoid robots and AI applications driving economic growth [3]. - The green development aspect is crucial, with China leading in renewable energy systems and aiming for a transition to a low-carbon economy to ensure sustainable development [4]. Group 2: Economic Potential and Domestic Demand - China's economy is likened to a vast ocean, with significant resilience and potential to address various risks and challenges, particularly through domestic demand [5]. - The domestic consumption market shows substantial potential, with the share of household consumption in GDP being significantly lower than the global average, indicating room for growth [7]. - The shift from goods consumption to a balanced focus on both goods and service consumption is noted, with a projected growth in the emotional economy market [9][10]. Group 3: Correct Performance View and Local Adaptation - Establishing a correct performance view is essential for achieving high-quality development, emphasizing practical and sustainable growth rather than superficial metrics [14]. - Local adaptation in economic work is necessary, ensuring that strategies are tailored to specific regional strengths while contributing to national goals [18]. - The importance of balancing immediate results with long-term achievements is stressed, advocating for persistent efforts in economic development [19].

Group 1 - The market experienced fluctuations and a decline on January 7, with the CSI Dividend Quality ETF (159209) dropping by 0.40% as of 10:27 AM, indicating a clear intention for low-level capital allocation, with nearly 4 million net inflow during the day, marking 16 consecutive days of net inflow for the fund [1] - The ETF features a fee structure of "0.15% + 0.05%", which is the lowest in the market, providing a significant long-term cost advantage. Its monthly dividend assessment mechanism better meets investors' needs for regular cash flow, enhancing the holding experience [2] - The continuous pursuit of funds is attributed to the significant evolution of its strategy. The fund tracks the CSI Dividend Quality Index, which does not merely seek high dividend yields but integrates "high dividend" and "high quality" factors for rigorous selection. It emphasizes stable dividend capabilities while focusing on profitability, financial stability, and long-term growth potential, aiming to select the best from various industries, aligning with the philosophy of "buying great companies at reasonable prices" [4]