Group 1 - Liao Xiaodong, the fund manager, has resigned from managing Guodu Jucheng Mixed and Guodu Innovation Driven funds due to approaching retirement age, effective January 4, 2025 [1][4] - The two funds managed by Liao have reported negative returns over the past five years, with Guodu Jucheng Mixed down 63.78% and Guodu Innovation Driven down 44.1%, significantly underperforming their benchmarks [5][6] - The total losses from the three funds managed by Liao exceed 55 million yuan, contributing approximately 3.6 million yuan in management fees to the company [5][6] Group 2 - Guodu Securities has been facing challenges with its public fund management, with the current two funds being the only remaining public products, both with management scales below 12 million yuan and at risk of being liquidated [6] - The company has a history of frequent management changes and has seen its public asset management scale shrink from a peak of 855 million yuan in 2017 [6] - Following Liao's resignation, Liu Yinguan has been appointed as the new head of the fund management department, bringing nearly 30 years of experience in risk management and internal control [7]

Market Performance - The Shanghai Composite Index (沪指) opened high and broke through the 4100-point mark, closing up 0.92%, while the Shenzhen Component Index (深成指) rose over 1% and the ChiNext Index (创业板指) increased by 0.77% [1] - The total market turnover reached 3.12 trillion yuan, marking a significant increase of 322.4 billion yuan from the previous trading day, and it was the fifth time in history that turnover exceeded 3 trillion yuan [1] - The Shanghai Composite Index saw a weekly increase of 3.82%, moving from 3983 points to 4121 points [1] Sector Performance - Leading sectors included AI applications, commercial aerospace, and controllable nuclear fusion, while the brain-computer interface sector experienced a decline [1] - The brain-computer interface concept saw a cumulative increase of over 20% since the beginning of the year, although it was the only sector among strong performers to close down on Friday [11] - The commercial aerospace sector also performed well, with a cumulative increase of over 22% since December 24, and an 11.41% rise this week [11] Economic Indicators - The Consumer Price Index (CPI) for December showed a month-on-month increase of 0.2% and a year-on-year increase of 0.8%, indicating a recovery in consumer demand [7] - The Producer Price Index (PPI) also showed signs of improvement, with a month-on-month increase of 0.1% and a narrowing year-on-year decline [7] - Analysts believe that the recovery in CPI and PPI supports the trend of economic stabilization, providing a fundamental basis for the capital market [7] Future Outlook - According to China International Capital Corporation (中金公司), the upward trend in A-shares is expected to continue into 2026, with an anticipated influx of 2 trillion yuan in new capital throughout the year [7] - The report from Guosen Securities (国信证券) suggests that retail investor participation is likely to increase, with active retail funds expected to enter the market [8] - The AI application sector is projected to enter a "golden year" in 2026, driven by technological advancements, supportive policies, and increasing market demand [13]

Group 1 - The report titled "Overview of Capital Market Services for Guizhou's Economic and Social Development by 2025" highlights the continuous improvement of the system and mechanism for capital market services in Guizhou, emphasizing the new achievements in supporting high-quality development and modernization processes [1] - Various stakeholders in Guizhou are actively promoting the integration of capital market tools into the province's industrial system, providing a solid guarantee for the full utilization of capital market functions [2] - The direct financing amount in Guizhou is steadily increasing, with various market entities achieving direct financing of 77.546 billion yuan, supporting industrial upgrades, project construction, and improving people's livelihoods [3] Group 2 - Guizhou's capital market is focused on serving the real economy, providing high-quality financial products and services for major strategies, key areas, and weak links in local economic and social development [3] - The average coupon rate for corporate credit bonds has decreased to 3.31%, down 49 basis points from 2024, supporting enterprises in reducing costs and increasing efficiency [3] - The implementation of the "five major articles" in finance, including technology finance, green finance, inclusive finance, pension finance, and digital finance, is being actively promoted by the Guizhou Securities Regulatory Bureau and other departments [4]

Core Viewpoint - The article emphasizes the importance of deep research and analysis in the automotive industry, particularly focusing on the trends of electrification, intelligence, globalization, and premiumization, which are seen as key investment opportunities during the ongoing transformation of the sector [9]. Recruitment Information - The company is seeking analysts for the automotive and embodied intelligence sectors, highlighting the need for candidates who are passionate about sell-side research and eager to witness the transformative decade in electric and intelligent vehicles [11]. - Requirements for the analyst positions include a master's degree or higher, 1-3 years of relevant research experience, and strong communication skills, with a preference for candidates with backgrounds in electric intelligence or embodied intelligence [11]. - Intern positions are also available, targeting candidates from top universities with a strong interest in sell-side research and the ability to handle high-intensity research work [11]. Growth Opportunities - Joining the company offers the chance to work alongside talented individuals in the automotive industry, providing opportunities for rapid personal and professional growth [12]. - The company promises a structured research investment framework and valuable work experience, along with opportunities for in-depth communication with industry experts [12].

【文/羽扇观金工作室】 近日，上海嘉定区发生的一起虚假炒股平台诈骗案件引发业界高度关注。受害人季女士被诱导下载了一 款仿冒知名券商"东方财富证券"的山寨应用程序，在虚假盈利数据的蒙蔽下，她不仅将积蓄投入其中， 更险些按照所谓"客服"的要求，将从银行取出的50万元现金进行线下交付。 这一作案手法的危险性在于其多重反侦查设计。首先，现金交易不留电子痕迹，资金一旦脱手便难以追 溯；其次，受害者往往被要求前往偏僻地点交付或通过快递邮寄，进一步降低了被识别拦截的概率；再 次，犯罪分子深谙受害者心理，会在关键节点给予适度的提现成功体验，强化其对平台真实性的认知， 从而在最终收割阶段降低其警觉性。上海市公安局嘉定分局刑侦支队民警陆航在接受采访时明确指出， 当陌生人以任何理由要求通过现金或黄金方式转移资金时，基本可以认定为诈骗行为。 从技术层面分析，山寨金融App的制作已形成完整的黑色产业链。犯罪团伙通过购买或仿造正规券商的 界面模板，搭建虚假的后台交易系统，所有的K线走势、盈亏数据均可人为操控。 部分高级版本甚至能够接入真实市场行情数据，仅在关键交易环节进行篡改，使得识别难度大幅提升。 此外，这些App通常不通过官方应用商 ...

Market Overview - In December, the market experienced a rebound, with the Shanghai Composite Index achieving 11 consecutive gains, reaching the 4000-point mark, indicating a sustained upward trend [1][7] - The Federal Reserve implemented an interest rate cut in December, and with the potential new chair taking office in 2026, the monetary policy path may become clearer, improving global market liquidity [1][7] - The Central Economic Work Conference held in late December successfully outlined new growth stabilization policies, which are gradually being implemented, further enhancing market risk appetite [1][7] Fund Flows - In December, new issuance of equity public funds decreased to 590.14 million shares, down 126.29 million from the previous month, marking an 86.11% percentile over the past three years [2][9] - The net subscription of stock ETFs in December was 937.89 billion, a significant increase of 760.89 billion from the previous month, with broad-based ETFs being the main direction of fund inflow [2][9] - Private equity securities funds continued to grow, with a total scale of 7.04 trillion in November, reflecting a recovery trend in new issuances [2][9] Northbound Capital - In December, the average daily trading volume of northbound capital decreased to 1894.04 billion, down 14.39% from the previous month, with its share of total A-share trading falling to 10.07% [3][10] - The margin financing balance increased to 2.54 trillion by the end of December, up 2.71% month-on-month, indicating a slight recovery in trading activity [3][10] Insurance and Banking - In Q3 2025, the net increase in equity assets held by property and life insurance companies was 8639.94 billion, with their stock and fund holdings accounting for 15.49% of total asset utilization, a continuous increase over three quarters [4][11] - In December, the number of newly issued wealth management products rose to 7514, up 12.98% from the previous month, indicating a recovery in the issuance of financial products [4][12] Capital Market Indicators - The three main capital flow indicators showed a slight increase in trading pulse, with a value of -0.03 as of December 31, indicating a stabilization in market trading sentiment [5][12] - The overall net reduction in industrial capital in December was 507.84 billion, with a daily average net reduction of 22.08 billion, maintaining a trend of net reduction [4][12]

Core Viewpoint - The company has decided to close the Weinan Dongfeng Street Second Securities Business Department to enhance the efficiency of its branch operations and promote the rapid development of its wealth management business [1]. Group 1: Business Decision - The company will revoke the Weinan Dongfeng Street Second Securities Business Department as part of its strategy to transform and develop its wealth management business [1]. - The closure aims to improve operational efficiency across its branches [1]. Group 2: Compliance and Procedures - The company will handle customer assets, settle securities business, and terminate operations in accordance with the relevant laws and regulations, including the Securities Law of the People's Republic of China [1]. - The company will also file the necessary documentation with the local branch of the China Securities Regulatory Commission [1].

Core Viewpoint - The People's Bank of China (PBOC) is expected to maintain liquidity through various monetary policy tools, indicating a continued loose monetary stance in January 2026 [1][3][4] Group 1: Liquidity Operations - On January 8, the PBOC conducted a 99 billion yuan reverse repo operation with a fixed rate of 1.4%, resulting in a net injection of 99 billion yuan due to the maturity of other repos [1] - The PBOC is likely to continue using tools such as government bond transactions and Medium-term Lending Facility (MLF) to ensure ample liquidity in the market [1][3] Group 2: Factors Affecting Liquidity - Multiple factors are expected to disturb liquidity in January, including fiscal deposits and credit issuance, with a projected net increase in fiscal deposits of approximately 620 billion yuan [2] - The liquidity gap for January 2026 is estimated to be around 1.9 trillion yuan, influenced by cash withdrawals and bank reserve requirements [2] Group 3: Policy Tool Utilization - The market anticipates that the PBOC will intensify the use of policy tools to stabilize the funding environment, with expectations of a more proactive approach [3] - The PBOC is expected to employ a combination of reverse repos, MLF, and government bond transactions to inject medium-term liquidity, reflecting a continued "moderately loose" monetary policy [3][4] Group 4: Long-term Monetary Policy Signals - The PBOC's recent work meeting emphasized the importance of maintaining ample liquidity to support high-quality economic development and reasonable price recovery [4] - The overall monetary policy for 2026 is expected to exhibit characteristics of "quantity expansion and price stability," with a cautious approach towards tools like reserve requirement ratio (RRR) cuts and interest rate reductions [4][5]

Core Viewpoint - The People's Bank of China (PBOC) is expected to maintain liquidity through various monetary policy tools, including reverse repos and medium-term lending facilities (MLF), amid multiple factors affecting January's liquidity [1][2][3][4] Group 1: Liquidity Operations - On January 8, the PBOC conducted a 99 billion yuan 7-day reverse repo operation at a rate of 1.4%, resulting in a net injection of 99 billion yuan due to the maturity of other repos [1] - The PBOC is likely to continue using tools like government bond transactions and MLF to ensure ample liquidity, with expectations of a sustained loose monetary environment [1][3] Group 2: Factors Affecting Liquidity - January's liquidity is influenced by multiple factors, including fiscal deposits and credit issuance, with a projected net increase in fiscal deposits of approximately 620 billion yuan, potentially widening the liquidity gap [2] - Credit issuance is expected to have an above-seasonal performance in January, driven by banks' early lending strategies, which may further increase the liquidity gap [2] Group 3: Policy Tool Utilization - The market anticipates that the PBOC will intensify the use of policy tools to stabilize liquidity, with expectations of less volatility in funding rates compared to seasonal patterns [2][3] - The PBOC's monetary policy is expected to remain "moderately loose," utilizing a combination of reverse repos, MLF, and government bond transactions to inject medium-term liquidity [4] Group 4: Long-term Monetary Policy Outlook - The PBOC's 2026 monetary policy is characterized by "quantity expansion and price stability," with a focus on maintaining liquidity while being cautious with tools like reserve requirement ratio (RRR) cuts and interest rate reductions [4] - The overall liquidity environment is projected to remain ample, with low volatility in funding rates becoming the norm, supported by the PBOC's targeted operations [4]

特此公告。 光大证券股份有限公司 为进一步优化网点布局，加强资源整合，推动分支机构高质量发展，光大证券股份有限公司（以下简 称"公司"）决定撤销山东分公司。根据《中华人民共和国证券法》（2019年修订）和《关于取消或调整 证券公司部分行政审批项目等事项的公告》（证监会公告〔2020〕18号）相关要求，现就相关事宜公告 如下： 一、山东分公司无客户，原山东分公司辖区内各营业部的正常经营不受影响，客户原有证券账户、资金 账户及相关业务资格保持不变，各项交易委托、资金存取、业务办理等服务均正常开展。 二、公司将妥善做好山东分公司撤销的各项衔接工作，有序推进工商注销等相关手续，并向中国证监会 青岛监管局备案。 2026年1月9日 ...