机构认为，业绩将再次成为阶段性主导市场的重要因素。 日本央行公布利率决议 2026北京国际商业航天展览会(北京，1/23-1/25) 新股申购：世盟股份 财报发布：英特尔 ►►商务部1月22日举行例行新闻发布会，商务部新闻发言人何咏前在回答有关提问时说，欧盟近日发布相关文件，强制要求成员国在能源、交通、ICT服 务管理等18个关键行业排除所谓"高风险供应商"。中方对此表示严重关切。中国企业长期在欧洲依法合规经营，为欧洲民众提供了优质的产品和服务，有力 促进了欧洲电信和数字产业发展。然而，欧盟却在毫无事实依据的情况下，将部分中国企业列为高风险供应商，限制中国企业参与5G建设。我们坚决反对 欧方对中国企业的歧视行为和将经贸问题政治化、泛安全化的错误做法。 ►►中国人民银行行长潘功胜表示，2026年，中国人民银行将继续实施好适度宽松的货币政策，把促进经济稳定增长、物价合理回升作为货币政策的重要考 量，发挥增量政策和存量政策集成效应，为经济稳定增长、高质量发展和金融市场稳定运行营造良好的货币金融环境，为实现"十五五"良好开局提供有力的 金融支撑。总量政策方面，灵活高效运用降准降息等多种货币政策工具，保持流动性充裕，使 ...

N通讯员 沈晓霞 （来源：南湖晚报） 转自：南湖晚报 行动过程中，经开分局执法人员聚焦关键环节。针对小美容店，重点检查化妆品进货台账是否完整、产 品是否存在无中文标签、过期、未备案等问题；针对小药店，严厉查处处方药销售不规范行为，特别 是"先销售后补处方"、处方药未严格执行凭处方销售等突出问题；针对小诊所，重点核查医疗器械购进 验收记录、药品储存条件（如避光要求）及拆零药品可追溯性等。同时，执法人员全面排查经营场所药 品、医疗器械、化妆品着地堆放、混区存放等不规范情形，确保经营行为全程合规。 为切实规范辖区小美容店、小药店、小诊所经营行为，压实经营主体责任，连日来，平湖市市场监管局 经开分局（以下简称"经开分局"）多措并举持续深入开展专项整治行动，着力推动"三小"行业整体规范 水平提质增效，保障群众用药用妆安全。 据了解，本次"回头看"检查在前期日常检查、专项整治已发现问题的基础上，进行有针对性的深度复 查。检查内容包括化妆品进货查验记录制度是否落实、是否存在使用过期或未备案化妆品、药品储存条 件是否符合要求、处方药是否凭处方销售、是否存在执业药师挂证现象、是否存在使用过期失效药品器 械的行为等。 在检查过程 ...

（来源：新华日报） □ 本报记者 徐瑞雅 韩雷 1月20日，常熟市两会闭幕，恰逢迎来今年的第二场雪。这场瑞雪为即将到来的新春添了年味，更为马 年常熟的发展博得一个好彩头。 过去一年，常熟预计实现地区生产总值超3200亿元、增长5.8%，一般公共预算收入241.9亿元、增长 1.4%，综合实力跃居全国百强县第三。这份稳中有进、厚重提气的发展答卷，为常熟在"十五五"开局之 年起好步、开好局奠定了坚实的基础。 扛着常熟往前走的，是工业。去年，常熟完成规上工业总产值5132亿元，首破5000亿元大关，规上工业 增加值增长6%。谋未来，还要看工业。去年底召开的常熟市委全会提出，要加快建设"江南福地"新常 熟。 瞄准新目标，常熟摒弃循规蹈矩的老路，提出打造"三主六新"产业体系，持续塑造发展新动能新优势。 蓝图已经绘就，共识已经凝聚，带着200多万百姓的热切期盼，常熟跃马扬鞭踏上新征程。 规上工业总产值首破5000亿元 "2025年，公司销售额达到13.2亿元，年底投资5亿元建设的血液透析器生产线也实现了量产，目前产能 正处在爬坡增长中。"1月17日，在人大分组审议上，常熟市人大代表、江苏费森尤斯医药用品有限公司 运营总监 ...

"你们抓我做什么？买房的这些钱都是借的，借条上写得清清楚楚。"留置室里，重庆市一家医院的检验 科原主任佘倩（化名）故作镇定。 "这次对你采取留置措施，是掌握了线索的，别想蒙混过关！这套房子你只付了5万元，其他全是别人付 的，这怎么解释？"纪委监委工作人员正色道。 "我们合伙投资，我投了5万元，有什么不对吗？"不论如何追问，佘倩一直咬定购房款为"借款"，不时 闭目养神，或发愣出神。纪委监委工作人员明白，遇到对手了。 A 佘倩的业务能力广受认可，还获得不少荣誉。随着职务和影响力不断提升，她思想的"开关"开始松懈， 贪欲越来越大。 她对房产情有独钟 不仅本人利用职务之便大肆敛财，佘倩的家人也参与其中。一些医药企业安排佘倩家人挂名领薪、兼职 领酬，佘倩都欣然接受。 作为医院检验科主任，佘倩手握医疗设备采购权，不少医疗企业主动找上门来，送给她各种好处费。她 对房产情有独钟，为了设置"防火墙"，往往要求对方贷款为其购置房产，并代为持有，自己从不出面。 一家医药公司的实控人杨某为向该医院销售医疗设备和耗材，找佘倩"打招呼"，并送给她好处费182万 余元，其中大部分资金用于"借"给佘倩购房。 除了在医院的职务，佘倩还兼任重庆 ...

佘倩的业务能力广受认可，还获得不少荣誉，随着职务和影响力不断提升，她思想的"开关"开始松懈， 贪欲越来越大。 作为医院检验科主任，佘倩手握医疗设备采购权，不少医疗企业主动找上门来，送给她各种好处费。她 对房产情有独钟，为了设置"防火墙"，往往要求对方贷款为其购置房产，并代为持有，自己从不出面。 某医药公司实控人杨某为向该医院销售医疗设备和耗材，找佘倩"打招呼"，并送给她好处费182万余 元，其中大部分资金用于"借"给佘倩购房。 仇立权绘 "你们抓我做什么？买房的这些钱都是借的，借条上写得清清楚楚。"留置室里，重庆市某医院检验科原 主任佘倩（化名）故作镇定。 "这次对你采取留置措施，是掌握了线索的，别想蒙混过关！这套房子你只付了5万元，其他全是别人付 的，这怎么解释？"纪委监委工作人员正色道。 "我们合伙投资，我投了5万元，有什么不对吗？"不论如何追问，佘倩一直咬定购房款为"借款"，不时 闭目养神，或发愣出神。纪委监委工作人员明白，遇到"对手"了。 佘倩的反侦查意识，源于2007年的一次配合调查。当时，佘倩的领导被调查，她被约谈，要求协助调 查。虽然不是自己的事，但佘倩却揣摩到了一"招"——要建立"防火墙"，不 ...

中新社瑞士达沃斯1月22日电 题：瑞士亚洲商会主席：中国已成国际贸易体系中的稳定力量 中新社记者 马秀秀 "过去，国际贸易体系最主要的推动者是美国。近年来，由于美国成为新一轮高关税的主要推手，这一 角色发生了深刻逆转。"瑞士亚洲商会主席乌尔斯·卢斯滕博格近日在接受中新社记者专访时表示，中国 已成为当今国际贸易体系中的稳定力量。 卢斯滕博格长期深耕医药和医疗健康领域。他指出，中国近年来已成为该领域基础研究的重要参与者之 一。无论是在医药还是高科技创新方面，中国展现出的潜力令人期待。 他提到，自己曾参与成都多家高科技企业相关项目，深入了解细胞改造技术进展，以及细胞疗法在癌症 治疗和抗衰老领域的应用探索。"这些发展非常有意思，我们也希望未来能将这些成果推广到世界其他 地区。" 展望未来，卢斯滕博格认为，中欧在医药和医疗健康领域的合作空间十分广阔。目前，其团队已参与一 些针对职业倦怠治疗的诊所项目，并正积极寻求与中国相关机构开展合作。 他强调，该领域的许多基础研究源自德语区国家，而中国在应用研究、技术转化和规模化方面具备显著 优势。德语区国家与亚洲国家，尤其是与当下亚洲最重要的国家——中国深化合作，将为双方带来巨大 ...

Group 1 - The Hong Kong stock market experienced a significant rebound in 2025, with the Hang Seng Index rising by 27.77%, marking the best annual performance since 2017. This recovery was driven by a combination of policy changes, liquidity improvements, and industrial transformations, including a net inflow of 1.3 trillion yuan from southbound funds, a 75 basis point rate cut by the Federal Reserve, and reforms at the Hong Kong Stock Exchange attracting new economy companies to list [1][2][3] - The trend of net inflows from southbound funds is expected to continue into 2026, supported by domestic asset allocation needs, the attractiveness of Hong Kong stock valuations, and a global easing environment. The funding structure is likely to diversify, with insurance and passive funds contributing to investment preferences [2][3][4] - The Federal Reserve's rate cuts and a weaker dollar are beneficial for Hong Kong stocks, enhancing liquidity and boosting valuations, particularly in interest-sensitive sectors like technology. However, fluctuations in US-China relations may impact market sentiment and individual company fundamentals, although the marginal impact has diminished [5][6][7] Group 2 - Industry differentiation in the Hong Kong stock market reflects the transition between old and new economic drivers rather than a short-term cycle shift. Investors are favoring a "barbell" strategy, balancing high-growth sectors like technology and healthcare with high-dividend assets [8][9] - The outlook for the Hong Kong stock market in 2026 is cautiously optimistic, with valuation recovery and profit improvements expected to provide dual support. Key sectors to watch include technology (especially the AI industry), healthcare, resource commodities, and essential consumer goods [10][11][12] - The investment logic for the Hang Seng Technology Index is shifting from "valuation recovery" to "earnings-driven," with a focus on revenue growth and profit margins as key pricing indicators. Investors are advised to pay attention to companies' cash flow generation capabilities rather than short-term speculative trends [13][14][15] Group 3 - The technology sector in Hong Kong is primarily concentrated among a few internet giants, focusing on mature business models and cash flow, while the A-share technology sector encompasses semiconductors and AI, emphasizing growth and policy drivers. This difference in risk-return characteristics allows investors to view both markets as complementary [16][17][18] - The performance outlook for the Hong Kong technology sector in 2026 suggests potential recovery amid volatility, contingent on continued support from domestic policies and the onset of a Federal Reserve rate cut cycle. Profit improvements will be a key driver, although caution is advised regarding potential global AI valuation bubbles [19][20][21] - The core advantages of a dividend strategy include defensiveness and sustained cash flow, with high-dividend companies typically exhibiting strong financial health. This strategy is expected to receive significant policy and market support, making it a reliable component of an investment portfolio [22][23][24]

Core Insights - The 2025 fund's fourth quarterly report reveals that only 5 out of 16 large-cap active equity funds achieved positive returns in Q4, indicating significant performance divergence among funds [1][3][19] - Despite the Q4 challenges, many funds showed a rebound in performance since the beginning of 2026, with 14 out of 16 funds reporting positive returns [3][19] Fund Performance Summary - The top-performing funds in Q4 included: - Guangfa Multi-Factor with a quarterly increase of 3.08% - Dachen Gaoxin A with a return of 1.72% - Fuqun Tianhui Select Growth A with a return of 5.94% [2][3][18] - Conversely, the worst performers included: - Zhongou Medical Health A, which fell by 14.81% - Yifangda Blue Chip Select, which dropped by 8.93% [3][18] Fund Manager Insights - Zhang Kun emphasized the importance of domestic consumption and the long-term potential of investing in domestic demand companies, despite current market skepticism [4][19] - Ge Lan highlighted structural opportunities in the pharmaceutical industry, focusing on innovation and consumer recovery, with a positive outlook for Q1 2026 [6][20] - Liu Yanchun pointed out the need for improved domestic demand and stable asset prices, predicting a rise in inflation expectations [7][21] - Zheng Weishan maintained a focus on hard technology investments, particularly in the semiconductor sector, and expressed optimism about AI demand and domestic production [8][22] - Zhao Yi discussed a dual focus on AI growth and sectors like new energy and military, emphasizing the importance of fundamental analysis [10][25] - Qiao Qian stressed the need for a balance between valuation and fundamentals amid market volatility, aiming for long-term certainty [12][26] - Liu Huiying expressed confidence in the semiconductor and AI applications as key mid-term themes, anticipating breakthroughs in domestic technology [13][27] - Zhao Feng focused on the overseas growth potential of leading companies, noting a shift from product export to local manufacturing and services [14][28] - Xie Zhiyu highlighted the opportunities in the global computing wave and domestic breakthroughs, particularly in the semiconductor sector [15][29] Overall Market Sentiment - Fund managers share a common belief in the long-term potential of the Chinese economy, focusing on industrial upgrades, technological innovation, and the enduring value of quality companies [16][30]

Core Viewpoint - Zhang Kun, a well-known fund manager, has disclosed the latest holdings and layout views of his four funds, indicating a reduction in management scale despite positive performance over the past year [1][3] Fund Performance - The four funds managed by Zhang Kun reported respective increases of 6.86%, 8.46%, 11.75%, and 41.87% in 2025 [3] - The total management scale of Zhang Kun's funds decreased to approximately 48.38 billion yuan, a decline of 14.43% from the previous quarter and 17.91% from the end of 2024 [3] Stock Holdings - The funds slightly increased their equity investment ratios by 1% to 3% in Q4 2025 [3] - Major reductions were observed in holdings of leading liquor stocks such as Kweichow Moutai and Wuliangye, with a reduction of around 5% in Q4 compared to a 10% reduction in Q3 [3][4] Sector Adjustments - Significant reductions were also noted in holdings of JD Health and Focus Media, with some funds reducing JD Health shares by approximately 50% [4] - The funds adjusted their sector allocations, maintaining positions in companies with strong business models and competitive advantages while reducing exposure in sectors like real estate, pharmaceuticals, and computing [5][6] Real Estate Market Outlook - Zhang Kun expressed that the decline in housing prices in major cities is likely nearing its end, influenced by low-risk interest rates and potential policy support [7][8] - The negative impact of declining housing prices on consumer wealth and spending is expected to improve, leading to a potential increase in consumer willingness to spend [7][8] Consumer Market Insights - The domestic consumption has been weak in recent years, but long-term projections suggest significant improvements in living standards and social security levels over the next decade [7][8] - The growth rate of per capita GDP in China is expected to exceed the global average, supporting a stronger domestic demand environment [7][8] AI and Innovation - A strong domestic market is seen as crucial for promoting technological innovation, with the potential for domestic companies to attract global resources and talent [9] - Confidence remains high in the business models and cash flow capabilities of companies within the fund's portfolio, despite concerns about market conditions [9]

大肆收受医药公司"好处费" 每经编辑｜段炼 "你们抓我做什么？买房的这些钱都是借的，借条上写得清清楚楚。"留置室里，重庆市某医院检验科原主任佘倩（化名）故作镇定。 "这次对你采取留置措施，是掌握了线索的，别想蒙混过关！这套房子你只付了5万元，其他全是别人付的，这怎么解释？"纪委监委工作人员正色道。 "我们合伙投资，我投了5万元，有什么不对吗？"不论如何追问，佘倩一直咬定购房款为"借款"，不时闭目养神，或发愣出神。纪委监委工作人员明白， 遇到"对手"了。 对房产"情有独钟" 佘倩的反侦查意识，源于2007年的一次配合调查。当时，佘倩的领导被调查，她被约谈，要求协助调查。虽然不是自己的事，但佘倩却揣摩到了 一"招"——要建立"防火墙"，不留下直接的把柄。 佘倩的业务能力广受认可，还获得不少荣誉，随着职务和影响力不断提升，她思想的"开关"开始松懈，贪欲越来越大。 作为医院检验科主任，佘倩手握医疗设备采购权，不少医疗企业主动找上门来，送给她各种好处费。她对房产情有独钟，为了设置"防火墙"，往往要求对 方贷款为其购置房产，并代为持有，自己从不出面。 图片来源：视觉中国（图文无关） 某医药公司实控人杨某为向该医院销售医疗 ...