Core Viewpoint - The chief investment strategist of BNP Paribas Wealth Management in Hong Kong, Tan Huimin, is optimistic about the global stock market performance in 2026, predicting the Hang Seng Index (HSI) to reach a target of 28,500 points for the year [1] Group 1: Stock Market Outlook - The strategist is bullish on sectors such as artificial intelligence (AI) and robotics within the Hong Kong stock market, as well as favoring high-dividend stocks [1] - Despite many global stock markets reaching historical highs, the mainland and Hong Kong stock markets have not yet peaked, primarily due to a significant rebound in Hong Kong stocks last year [1] - It is estimated that the increase in stock prices this year will not match last year's performance, with a preference for a "slow bull" market without major stimulus policies [1] Group 2: Currency and Real Estate Insights - The USD to RMB exchange rate is expected to remain around the level of 7 throughout the year [1] - In terms of the Hong Kong real estate market, residential property prices are anticipated to remain stable, while commercial real estate is expected to have not fully adjusted yet [1]

Core Viewpoint - The U.S. non-farm payroll report for December is highly anticipated, with expectations of a moderate recovery in the job market that could influence the Federal Reserve's decision on interest rates in January [1][4]. Employment Data Expectations - The consensus forecast for December non-farm employment is an increase of 70,000 to 75,000 jobs, a slight rise from November's 64,000 [1][5]. - Predictions for private sector job growth range from 23,000 to 155,000, with no institution forecasting negative growth [5]. - Factors influencing job growth include a potential boost from holiday retail hiring and a decrease in government employment due to hiring freezes [5]. Unemployment Rate Insights - The unemployment rate is expected to drop from 4.6% to 4.5%, which could support the Fed's decision to maintain interest rates [4][7]. - Some analysts predict a rise in the unemployment rate to 4.7%, which could prompt a 25 basis point rate cut [7]. - Broader labor market issues are emerging, with new graduates facing difficulties in job hunting, potentially underestimating the true unemployment situation [7][8]. Policy Implications - The upcoming non-farm report is crucial for the Fed's January policy meeting, with mixed opinions among decision-makers regarding rate cuts [9]. - Market pricing currently favors a pause in rate cuts, but strong employment data could shift this outlook [9]. Market Reactions and Strategies - Wall Street is preparing for potential volatility, with the S&P 500 index expected to fluctuate around 1.2% on the data release day [10]. - Scenarios for employment data suggest that job growth between 0 to 105,000 could positively impact the stock market, while stronger data might lead to declines due to rising bond yields [12]. - Defensive sectors like healthcare and consumer staples may attract investment as safe havens amid high stock valuations [10].

Core Viewpoint - The former chairman of China Resources Beer, Hou Xiaohai, has officially joined Charoen Pokphand Group (CP Group) as the Chief Operating Officer (COO) for the China region, focusing on market and marketing integration for the group's consumer goods sector, including eggs, pork, chicken, food, and feed products [1][5]. Group 1: Company Transition - Hou Xiaohai's transition to CP Group comes over six months after he stepped down from his key role at China Resources Beer, where he had served as CEO and chairman [1][5]. - His departure from China Resources Beer was announced in June 2025, citing a desire to spend more time on personal arrangements, effective after the board meeting on June 27 [1][5]. Group 2: Achievements at China Resources Beer - During his tenure at China Resources Beer, Hou led a strategic transformation known as the "3+3+3" nine-year strategy, shifting the company from scale expansion to high-quality development [3][7]. - Under his leadership, the company's revenue increased by over 10 billion yuan, with net profit rising from 1.329 billion yuan to 4.759 billion yuan, and a gross margin reaching 42.6% in 2024, the highest in five years [3][7]. Group 3: CP Group Overview - CP Group, founded in 1921 by Thai-Chinese brothers, has evolved from a single business into a diversified multinational corporation with core operations in agriculture, food, and retail, among other sectors [4][8]. - The group operates in over 100 countries and regions globally, employing more than 460,000 people, with projected global sales of 102.2 billion USD in 2024 [4][8]. - Analysts believe that Hou's experience in fast-moving consumer goods will align well with CP Group's core business, potentially leading to significant changes in its consumer goods integration [4][8].

Group 1 - The core viewpoint of the article highlights that the Hong Kong high dividend ETF (159331) has seen a rise of over 0.3% and has experienced net inflows for four consecutive days, indicating that the high dividend sector may become the main investment theme in the market [1] - Ping An Securities anticipates that the Hong Kong stock market will remain volatile in a weak liquidity environment, with the high dividend sector expected to gain market attention and support by January 2026, driven by policy guidance [1] - Despite a slowdown in southbound capital inflows and the impact of a lock-up period, high dividend assets still possess allocation value, particularly in the current market environment, providing defensive characteristics [1] Group 2 - The Hong Kong high dividend ETF (159331) tracks the Hong Kong Stock Connect High Dividend Index (930914), which selects 30 high dividend yield securities with good liquidity and consistent dividends from the Stock Connect range, using a dividend yield weighting method [1] - The constituent stocks cover multiple industry sectors, with a particular focus on the financial and traditional industry sectors, aiming to reflect the overall performance of quality securities under a high dividend strategy [1] - The fund has a notable investment characteristic of stability, having continuously distributed dividends for 17 months, which is worth noting [1]

高盛研究部预测 2026 年全球经济预计将实现 2.8% 的稳健增长 ，高于市场普遍预期的 2.6% 。 美国经济表现将尤为突出 ，预计增长 2.8 % （市场预期 2.0% ），主要得益于 关税拖累减弱、减税政策以及更为宽松的金融环境 。 中国经济也将保持良好势头 ，预计增长 4.8% （市场预期 4.5% ），强劲的出口将有效抵消国内需求疲软的影响。尽管面临长 期挑战， 欧元区经济前景依然乐观 ，预计增长 1.3% （市场预期 1.1% ），得益于德国的财政刺激和西班牙的强劲增长。 | | | | | 2026 | 2026 共识预测 | | --- | --- | --- | | 全球 | 2.8% | 2.6% | | 美国 | 2.8% | 2.0% | | 欧元区 | 1.3% | 1.2% | | 德国 | 1.1% | 1.0% | | 法国 | 1.2% | 1.0% | | 意大利 | 0.7% | 0.7% | | 西班牙 | 2.4% | 2.2% | | 中国 | 4.8% | 4.5% | | 日本 | 0.8% | 0.7% | | 英国 | 0.9% | 1.1% | | 加拿 ...

去年10月，陈志在纽约布鲁克林联邦法院被控犯有电信诈骗和洗钱罪行。美方同时要求没收从这些犯罪 活动中缴获的12.7万枚比特币（当时估值约150亿美元）。 英国政府去年10月公告提到，已冻结陈志位于伦敦北部一处价值约1200万英镑住宅、伦敦金融城一处价 值约1亿英镑办公楼及多处住宅物业等。 本报驻柬埔寨特约记者 陈 新 7日，在柬埔寨有关部门支持配合下，中国公安部派出工作组，成功将重大跨境赌诈犯罪集团头目陈志 （中国籍）从柬埔寨金边押解回国。经查，陈志犯罪集团涉嫌开设赌场、诈骗、非法经营、掩饰隐瞒犯 罪所得等多项犯罪。目前，陈志已被依法采取强制措施，相关案件正在进一步侦办中。 柬埔寨新闻社（AKP）7日援引柬埔寨内政部公告称，为配合打击跨国犯罪，应中国有关部门请求，柬 方已于日前逮捕柬埔寨太子控股集团主席陈志。公告称，在此之前，柬方与中国有关部门已开展数月联 合调查合作。另据柬埔寨国家银行8日公告，太子集团旗下的太子银行已进入清算程序，被勒令禁止开 展任何银行业务，包括接受存款及提供贷款。 柬埔寨内政部发布的公告提及，陈志此前获得的柬埔寨国籍已于2025年12月被撤销。韩国《每日经济》 称，陈志1987年出生于 ...

Group 1 - The core viewpoint emphasizes the transition from a financial power to a financial strong nation as a crucial strategy for modernizing China's economy during the "14th Five-Year Plan" period [2][12] - The continuous optimization and upgrading of the economic structure provide a solid foundation for building a financial strong nation, with financial resources increasingly supporting high-return sectors like technology innovation and green transformation [2][3][12] - By mid-2025, the loan balance for the "Five Major Articles" in finance is projected to reach 105.7 trillion yuan, accounting for 38.8% of total loans, surpassing real estate and infrastructure sectors [2][12] Group 2 - The "14th Five-Year Plan" outlines new opportunities for financial development, including a focus on expanding domestic demand, supporting technology innovation, and enhancing services for small and medium enterprises [4][5] - The financial sector is expected to maintain a moderately loose monetary policy to lower financing costs and support the real economy, while also utilizing structural monetary policy tools and innovations in financial services [4][5][12] - Key areas of focus for deepening the construction of a financial strong nation include building a modern financial service system, enhancing cross-border financial services, deepening financial reform and opening up, and promoting global financial governance reform [5][6][12] Group 3 - The global financial landscape is entering a new phase characterized by diversification and stability, which presents opportunities for China to promote the internationalization of the renminbi and establish a self-controlled cross-border payment system [3][6] - The financial sector is expected to adapt to new characteristics and challenges of enterprises going global, improving the overseas investment and financing service system [5][6] - The emphasis on enhancing China's role in the international financial system aligns with the trend of diversifying the international monetary system and optimizing foreign exchange reserve allocation [6][12]

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！ 1月9日，相关人士透露，侯孝海卸任华润啤酒（控股）有限公司董事会主席后，已正式入职正大集团， 任职正大集团中国区COO，负责中国区日常经营管理工作。 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！ 1月9日，相关人士透露，侯孝海卸任华润啤酒（控股）有限公司董事会主席后，已正式入职正大集团， 任职正大集团中国区COO，负责中国区日常经营管理工作。 公开资料显示，正大集团是一家多元化跨国企业集团，在泰国亦称卜蜂集团，由泰籍华人谢易初、谢少 飞兄弟于1921年在泰国曼谷创办，是世界上规模比较大的华人跨国公司之一。正大集团已从经营单一业 务的"正大庄种子行"，发展成以农牧食品、批发零售、电信电视三大事业为核心，同时涉足金融、地 产、制药、机械加工等10多个行业和领域的多元化跨国集团公司，集团业务遍及全球100多个国家和地 区。 新浪声明：新浪网登载此文出于传递更多信息之目的，并不意味着赞同其观点或证实其描述。文章内容 仅供参考，不构成投资建议。投资者据此操作，风险自担。 责任编辑：宋雅芳 公开资料显示，正大集团是一家多 ...

Group 1 - The event "Gathering Financial Resources to Stimulate Private Enterprise Vitality" was held in Haikou, aiming to facilitate precise connections among government, banks, and enterprises to enhance financing channels and invigorate private enterprises [1] - A total of 72 projects were presented, with 37 private investment projects requiring financing of over 170 billion yuan, focusing on public services and industrial projects [1] - The event attracted nearly 200 participants, including provincial departments, financial institutions, and representatives from major industrial parks and private enterprises [1] Group 2 - 35 projects were proposed to attract private investment, with a total investment of 1,186 billion yuan, covering infrastructure, public services, and industrial projects [2] - A dual-platform support and full-cycle service system was established to efficiently match projects with funding, promoting ongoing and effective cooperation among government, banks, and enterprises [2] - The event was scheduled three months earlier than previous years to attract a wider range of funding sources, aiming to leverage opportunities in the Hainan Free Trade Port [2]

在这一热烈的市场表现背后，除了投资者信心回暖、上市公司质量提升等因素之外，产业资本的常态化 回购、增持也起到了重要支撑。 数据显示，2025年A股市场合计1494家上市公司实施回购，回购总金额高达1427.36亿元。同期，还有 534家次的上市公司股东发布增持公告，拟增持金额的上限达到839.22亿元。 其间，回购增持再贷款也持续发力，2025年合计有522家上市公司或其股东披露回购增持再贷款情况， 贷款金额上限达到1111.65亿元。截至2026年1月8日，A股市场披露的回购增持再贷款单数已经达到789 单，贷款金额上限合计1606.20亿元。因此，2025年全年A股市场回购增持总规模合计2266.58亿元。 | | | 编者按： 市场活水铸信心 2025年的A股市场暖意尽显，上证指数重回4000点，总成交额刷新历史纪录，市场信心持续回暖。在此 背景下，产业资本全年回购增持规模超2200亿元，为市场注入强劲动能。公募基金自购金额同比大增 51.8%至5626.58亿元，转向长期价值投资方向。二者共同发力，不仅为资本市场带来活水，更传递出对 中国资本市场内在价值与长期发展的坚定信心。 回望2025年的A股市场 ...