转自：北京日报客户端 1月7日，太子集团创始人陈志，从柬埔寨金边被押解回国，这是中柬执法合作取得的又一重大战果。 紧接着，柬埔寨内政部通告称，陈志此前所持有的柬埔寨国籍，已于2025年12月依据《柬埔寨国籍 法》，经国王颁布王令正式撤销。 这场旷日持久的打击跨境赌诈行动，最终以陈志被遣返回国落下帷幕。 网管变公爵：陈志的罪恶发家史 太子集团和陈志在东窗事发前，那介绍比金子都要耀眼：2015年太子集团正式成立，短短十年覆盖地 产、金融、银行等多个领域，在30多国运营超100家实体，金边街头随处可见其旗下项目，陈志甚至靠 20亿美元地产投资骗来柬埔寨"公爵"爵位和首相经济事务特别顾问头衔。 1987年，陈志出生于福建福州连江县一个普通渔村，家境寻常的他初中便辍学混迹社会，在网吧当网管 的经历，让他窥见了互联网灰色地带的暴利——彼时《传奇》等网络游戏风靡，他迅速跟风搭建游戏私 服、破解正版服务器，甚至拉拢技术人员组建"骑士攻击小组"黑客团队，专门从事网站攻击与数据买 卖，靠着侵犯版权、非法运营的勾当积累了人生第一桶金。 2008年国内严打网络黑产，同伙被捕的风声让陈志预感不妙，2009年他携50万赃款潜逃柬埔寨，延 ...

Core Viewpoint - The Ministry of Commerce has issued a comprehensive pilot task for expanding the service industry in nine cities, aiming to accelerate the opening up of the service sector and enhance regional development [1] Group 1: Pilot Task Overview - The pilot task includes 159 specific initiatives across nine cities: Dalian, Ningbo, Xiamen, Qingdao, Shenzhen, Hefei, Fuzhou, Xi'an, and Suzhou [1] - The initiatives focus on three main areas: supporting the development of telecommunications and related digital industries, enhancing the openness and service quality in the healthcare sector, and promoting international cooperation in finance [1] Group 2: Encouragement for Local Exploration - The initiative encourages cities to conduct differentiated explorations based on local conditions, such as supporting Hefei in leveraging its technological innovation and industrial development advantages [1] Group 3: Implementation and Evaluation - The Ministry of Commerce will play a leading role in coordinating and guiding the implementation of these pilot tasks, ensuring that local governments actively explore and practice the initiatives [1] - There will be an emphasis on evaluating the effectiveness of the pilot work, summarizing innovative practices, and promoting successful experiences to enhance the quality and efficiency of the national service industry [1]

Report Industry Investment Rating The document does not provide a specific industry investment rating. Core Viewpoints of the Report - Future investment strategy suggests balanced style allocation, emphasizing technology, non - banking, and consumption sectors. For stock funds, A - share market may have a spring "good start" with policy expectations, liquidity, and fundamentals improving. For bond funds, short - term negative factors are repaired, but mid - term structural optimization is incomplete. Money funds have no trend investment opportunities in the long - term low - interest environment [3][4]. - Last week, the A - share market continued its upward trend and had a good start, with satellite, AI application, and non - ferrous sectors performing well. The bond market declined, the US stock market reached a new high, and oil and gold prices rose due to geopolitical risks. Funds heavily invested in medical, semiconductor, and military sectors performed well [4][6][7]. Summary by Related Catalogs 1. Last Week's Market Review - **A - share Market**: Continued the upward trend and had a good start during 20260105 - 20260111. Satellite, AI application, and non - ferrous sectors were strong. The satellite sector's popularity and IPO benefits drove the military sector; AI company listings on the Hong Kong Stock Exchange boosted the AI application sector; the US military action in Venezuela affected non - ferrous metal supply and pushed up the sector. The Shanghai Composite Index rose 3.82% to 4120.43, and the Shenzhen Component Index rose 4.40% to 14120.15. The trading volume was 14.13 trillion yuan, with a daily average increase of about 1.56 trillion yuan compared to the previous week. Among industries, defense, media, non - ferrous, computer, and medical sectors led the increase [4][6][7]. - **Bond Market**: Declined as the strong A - share market suppressed it. The 1 - year Treasury yield dropped 5BP to 1.29%, and the 10 - year Treasury yield rose 3BP to 1.88%. Credit spreads narrowed. The ChinaBond Aggregate Net Price Index fell 0.24%, while the CSI Convertible Bond Index rose 4.45% [4][8]. - **Overseas Market**: The US stock market reached a new high, with the Dow Jones Industrial Average rising 2.32%, the S&P 500 rising 1.57%, and the Nasdaq rising 1.88%. European and most Asian markets also rose, except for the Hang Seng Index which fell 0.41%. The US dollar index rose 0.69%. Geopolitical risks from the US military action in Venezuela increased oil and gold prices [4][9]. 2. Last Week's Fund Market Review - **Stock Funds**: Rose 4.92%. Some funds heavily invested in medical, semiconductor, and military sectors performed well. Index funds related to satellite, semiconductor, and media themes did well [4][10][11]. - **Bond Funds**: Rose 0.29%. Partial - debt funds and convertible bond funds with semiconductor and computer in their equity allocation performed well. Among pure - debt funds, those mainly investing in high - grade credit bonds and medium - short - term bonds did better [4][10][11]. - **QDII Funds**: Equity QDII funds rose 2.62%, with funds mainly investing in medicine and semiconductor themes performing well. QDII bond funds rose 0.10% [4][10][12]. - **Money Funds**: Had an annualized yield of 1.58%. Different types of摊余成本法债 funds had different yields [11]. - **Gold ETF and Linked Funds**: Rose 2.85%. Commodity funds rose 2.64% [13]. 3. Future Investment Strategy - **Stock Market**: Policy expectations, liquidity, and fundamentals are expected to improve, and the A - share market may have a spring "good start". Industries with good prospects are technology, non - banking, and consumption. It is recommended to have a balanced style allocation and focus on these sectors [4][14][15]. - **Bond Market**: Short - term negative factors are repaired, but mid - term structural optimization is incomplete. It is recommended to focus on interest - rate bonds with flexible durations and products that mainly invest in high - grade and highly liquid credit bonds [4][15]. - **Money Market**: There are no trend investment opportunities in the long - term low - interest environment [4][15]. - **Commodity Market**: It is advisable to appropriately allocate gold ETFs for long - term and hedging investments [15]. 4. Latest Fund Market Developments - **QDII Quota**: Under the background of promoting inclusive finance, QDII quotas should be more used in public - offering products. Fund companies need to adjust the proportion of QDII quotas used in public - offering and private - placement products, reducing the private - placement quota ratio to within 20% by the end of 2027 and completing at least half of the adjustment by the end of 2026 [17]. - **Fund Sales Fee Regulations**: The official version of the regulations relaxes the redemption fee constraints for bond funds and fine - tunes the subscription and purchase fees. Bond ETFs may become important tools for liquidity management and trading by wealth management institutions. Wealth management funds may gradually increase their allocation to equity funds, with broad - based index funds and low - volatility "fixed - income +" products being more popular [18]. - **Newly Issued Funds**: 11 new funds were established last week, including 3 low - position ordinary FOF funds, 2 strong - equity hybrid funds, 2 stock ETFs, etc. The average subscription days were about 12 days, and the average raised share was 7.45 billion, with a total of 81.91 billion shares [19]. - **Upcoming Fund Dividends**: 99 funds will conduct equity registration in the coming week. The most notable is the Chang Sheng Aerospace and Marine Equipment A, with a dividend of 2.764 yuan per 10 shares [20].

Market Overview - The A-share market has entered a new phase in 2026, with the Shanghai Composite Index reaching 4120.43 points and total trading volume exceeding 30 trillion yuan [2] - Analysts believe that the market is in a bull phase since the "924" rally, with a focus on improving the quality of listed companies and their competitive advantages [2][6] Investor Sentiment - There has been a shift in investor risk appetite since the "924" rally, leading to a recovery in market sentiment [4] - Analysts predict that undervalued value stocks will be further revalued as investor sentiment stabilizes [4][5] Sector Performance - Growth stocks, particularly in the technology sector, have shown performance since the "924" rally, with a notable revaluation of these stocks [3][4] - The market is currently characterized by structural opportunities, especially in sectors driven by AI and technological advancements [4] International Investor Interest - International investors are increasingly participating in Chinese assets, with a shift in sentiment following profitable investments [7][8] - Morgan Stanley has upgraded its rating on Chinese stocks from neutral to overweight, indicating a belief in a slow bull market [8][9] Future Outlook - The market is expected to continue benefiting from technological advancements and improved competitive environments across various industries [8] - Analysts emphasize the importance of enhancing company quality and profitability to sustain long-term market growth [6]

Market Overview - The A-share market has shown significant improvement at the beginning of 2026, with the Shanghai Composite Index reaching 4120.43 points and total trading volume exceeding 30 trillion yuan [3][4] - Analysts believe that the market is in a bull phase since the "924" rally, with a focus on enhancing the quality of listed companies and their competitive advantages [3][10] Investment Sentiment - There has been a shift in market sentiment, with a recovery in risk appetite since the "924" rally, leading to a potential revaluation of undervalued value stocks [6][9] - The market is currently characterized by structural opportunities, particularly in technology sectors driven by advancements in AI [8][12] International Investor Perspective - International investors are increasingly engaged with Chinese assets, with a notable shift in sentiment following profitable investments, such as the successful IPO of CATL [12][14] - Morgan Stanley has upgraded its rating on Chinese stocks from neutral to overweight, indicating a belief in a slow bull market supported by various factors, including technological advancements and improved corporate profitability [12][14][15] Challenges and Considerations - Concerns exist regarding the concentration of profits among a small number of companies, which could pose long-term risks to market stability [10] - The need for companies to enhance their quality and business models is emphasized as essential for sustainable growth and resilience against market challenges [10]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：六里投资报 1月11日，著名分析师、莲华资管首席投资官洪灏，在2026中国首席经济学家论坛年会中，发表了以"展 望2026，持而盈之"为题的演讲。 洪灏在演讲中指出，美联储于1月继续降息是大概率事件。 他认为，当前美国短端流动性趋于紧张， 回购利率甚至能高于基准利率，迫使美联储持续扩表并降息。 与此同时，他提出美国远期通胀预期难以回落； 洪灝强调，在全球流动性持续宽松的背景下，以黄金为"锚"的资产类别将普遍受益。 同时，他判断2026年可能处于股市回报率大周期的顶部阶段， 伴随全球央行同步宽松，大概率会诞生一个伟大的泡沫； 如果美联储在通胀预期仍高时坚持降息，将削弱美元信用，推动贵金属价格上涨。 从趋势线来看，黄金处于一个相对来说公允的估值，4500左右。 但是，在新的信用体系里，黄金是一切估值的"锚"。 至于目标价，洪灏表示"杯子有多深，目标就有多高"，白银显然也并没有走完，这与他此前的观点也完 全一致。 虽然在银价冲上80美元时，他曾提示可以阶段性获利了结， 但仍然看好其中期上涨空间，事实上，白银在此后也出现不小的价格波动。具 ...

超额配发股份将用于促使稳定价格操作人中国国际金融香港证券有限公司或其联属公司向MiniMax Matrix Limited归还根据借股协议借入的4,379,640股股份，该等股份用于结算国际发售的超额分配。联 交所已批准超额配发股份上市及买卖。 超额配发股份预期于2026年1月14日(星期三)上午九时正开始于联交所主板上市及买卖。 格隆汇1月11日丨MINIMAX-WP(00100.HK)宣布整体协调人(为彼等本身及代表国际承销商)已于2026年1 月9日(星期五)悉数行使招股章程所述的超额配股权，涉及合共4,379,640股发售股份(「超额配股股 份」)，占全球发售可供认购发售股份总数(于计及发售量调整权获悉数行使后，但于任何超额配股权获 行使前)的15%。 超额配发股份将由公司按每股发售股份165.00港元发行及配发。扣除承销费用及佣金以及公司就悉数行 使超额配股权而应付的估计开支后，公司将因发行超额配发股份而收取额外所得款项净额约697.29百万 港元。 ...

Economic Outlook for 2026 - The report anticipates a "gradual warming" of the Chinese economy in 2026, with GDP growth expected to rebound seasonally, and actual GDP growth projected to be in the range of 4.5% to 5% for the year, approaching the upper limit [1] - Nominal GDP growth is expected to show a more significant rebound, with the macro and micro "temperature difference" gradually disappearing [1] Price Trends - Consumer Price Index (CPI) is expected to gradually rise to a moderate range, while the decline in Producer Price Index (PPI) is expected to narrow, alleviating negative effects related to prices [1] Consumption Sector - The consumption market is projected to operate steadily in 2026, with a recovery in dining consumption, emergence of new consumption formats driven by AI and robotics, and growth in service consumption being the main drivers of consumption growth, with total retail sales of consumer goods expected to return to a growth rate of around 4% [2] Investment Sector - Investment is expected to stabilize, with infrastructure investment recovering first and a significant reduction in the decline of real estate investment; a notable structural optimization combining "investment in physical assets" and "investment in people" (such as education and healthcare) is anticipated [2] Foreign Trade and Employment - Foreign trade is expected to remain at a high level, with a moderate appreciation of the RMB exchange rate, overall employment stability, synchronized growth in residents' income, a "soft landing" in the real estate market, and an estimated annual stock market increase of about 10% [2] Expert Insights - Experts emphasize the importance of stabilizing prices as a core policy for 2026, aiming to bring CPI closer to a target of 2%, while controlling real estate supply and stabilizing housing prices to avoid negative impacts on consumption and investment [2] - The real estate market is currently experiencing a "decline in both volume and price," and further price adjustments are needed to convert potential demand into effective demand [3] - The long-term trend of RMB appreciation is seen as a necessary step for China to transition to a high-income country, with policies needing to accommodate this trend [3] - Balancing "technological self-reliance" with "improving livelihoods" is crucial, focusing on breakthroughs in AI and advanced manufacturing while enhancing social security for vulnerable groups [3]

Macro Economy - The State Council has deployed a package policy for fiscal and financial coordination to promote domestic demand, emphasizing the importance of effective demand expansion and innovative macro-control measures [2] - The National Business Work Conference highlighted the need to accelerate the cultivation of new growth points in service consumption and optimize the implementation of the old-for-new consumption policy [3] - The Ministry of Finance and the State Taxation Administration announced the cancellation of VAT export tax rebates for photovoltaic products starting April 1, 2026, and a reduction in the VAT export tax rebate rate for battery products from 9% to 6% until the end of 2026 [4] Capital Market - The China Securities Regulatory Commission has significantly increased the rewards for whistleblowers reporting violations in the securities and futures markets, with the maximum reward rising to 1 million yuan for major cases [10] - The Shanghai Stock Exchange issued over 130 disciplinary penalties for information disclosure violations in 2025, with a focus on financial fraud and serious violations leading to delisting [11] Industry Dynamics - The first successful flight of the "Tianma-1000" unmanned transport aircraft was reported, which is designed for logistics transport and emergency rescue, showcasing its capabilities in complex terrains [16] - New Jian Transmission, a first-tier supplier for humanoid robots, has initiated its IPO process, indicating strong industry interest due to its connection with Tesla's Optimus supply chain [17] - The domestic first 3D-printed aviation engine has completed its flight test, marking a significant milestone in China's aerospace technology [30] Company News - Tianpu Co., Ltd. is under formal investigation for significant disclosure omissions, raising concerns about its market conduct [33] - Guizhou's Green Land Holdings has projected a net loss of 16 billion to 19 billion yuan for 2025, attributed to declining asset prices and increased promotional efforts [36] - The stock of Guozheng Technology is set to resume trading after a suspension due to abnormal price fluctuations, with an expected net loss for the fiscal year [39]

Group 1 - The new fiscal budget for Hong Kong will be announced on February 25, benefiting from a robust financial market and increased overall revenue, including stamp duty, allowing the government to restore operating surplus earlier than expected [1][3] - The financial sector, which accounts for 26% of Hong Kong's GDP, showed strong performance last year, leading to greater market demand and positive expectations for the industry [3] - The trade sector, contributing 15% to the GDP, also supported the economy due to strong exports, while major events attracted more tourists, enhancing the market atmosphere [3] Group 2 - The government has implemented a strengthened fiscal consolidation plan, achieving some success in controlling expenditure growth, although overall spending continues to rise, with education, healthcare, and social welfare accounting for nearly 60% of government expenditure [3] - The government plans to invest in future developments, particularly in the Northern Metropolis area, despite recording a deficit in the capital account due to increased investment in public works [3][4] - The ratio of the government's outstanding debt to GDP is approximately 12%, which is considered very healthy on an international scale [4]