Core Insights - The National Venture Capital Guiding Fund, launched at the end of 2025, has a 20-year duration and aims to support hard technology sectors without regional reinvestment requirements, marking a significant shift in China's venture capital landscape [1][2] Group 1: Fund Characteristics - The fund emphasizes a focus on hard technology and strategic emerging industries, primarily targeting seed, early, and mid-stage innovative small and micro enterprises [2] - The fund's long duration and flexible reinvestment requirements are designed to align with the growth cycles of hard technology companies, promoting a more market-oriented investment approach [3][4] Group 2: Investment Trends - State-owned capital is increasingly investing in hard technology, with significant contributions from central enterprises and local government funds, such as the 18.32 billion USD investment from the National Integrated Circuit Fund into SMIC [2][3] - Local government funds are also expanding, with Beijing establishing a 100 billion yuan fund focused on AI and robotics, and Chengdu launching a fund covering similar future industries [2] Group 3: Investment Strategy Evolution - The investment strategy has shifted towards longer fund durations and more flexible reinvestment mechanisms, with 53% of new guiding funds allowing for durations over 10 years [3][4] - The focus has moved from short-term gains to respecting industry growth patterns, reducing the pressure for forced exits during market downturns [3][4] Group 4: Key Sectors and Companies - The state venture capital "national team" is actively investing in critical sectors such as semiconductors, advanced manufacturing, AI, and new materials, with notable investments in companies like Moer Technology and Longxin Technology [1][6] - In the semiconductor sector, investments have been made in key areas such as core equipment and materials, while in AI, the focus includes hardware and software solutions [6][7] Group 5: Future Industry Focus - The national team is also targeting emerging fields like embodied intelligence and robotics, with investments in companies that facilitate faster technological validation and industrial scaling [7] - The collaboration between the guiding fund and various capital sources is expected to accelerate the formation of a mature patient capital ecosystem, driving China's high-quality economic development [7]

Core Viewpoint - A bipartisan group of U.S. lawmakers is introducing the SECURE Minerals Act, which aims to establish a $2.5 billion Strategic Resilience Reserve to stockpile critical minerals, reducing reliance on external supply chains and ensuring stable raw material supply for domestic technology and manufacturing [1][2]. Group 1: Legislative Details - The SECURE Minerals Act will be proposed by Senators Jeanne Shaheen and Todd Young, along with Representatives John Moolenaar and Rob Wittman [1]. - The reserve will operate similarly to the Strategic Petroleum Reserve, with physical storage facilities for critical materials and a governance structure akin to the Federal Reserve, overseen by a seven-member committee appointed by the President and confirmed by the Senate [2]. Group 2: Economic Implications - The establishment of the reserve is seen as a necessary measure to protect national and economic security, with the potential to enhance high-paying jobs in key sectors such as aerospace, automotive, and technology [2]. - The initial investment of $2.5 billion may be expanded if the legislation passes, similar to the funding model of the CHIPS and Science Act, which authorized approximately $280 billion for semiconductor and scientific research [2]. Group 3: Strategic Objectives - The long-term strategy of the Strategic Resilience Reserve extends beyond mere storage; it aims to develop a domestic critical minerals market, enhance U.S. production capacity, and ensure a stable long-term supply for American businesses [3]. - The initiative is part of a broader effort to gain greater autonomy and bargaining power in the global competition for rare earth and other raw materials, which has already led to conflicts in Africa and increased interest in regions like Greenland [3].

活动现 场。成都市经信局市新经济委供图 在要素保障上，成都市打造航空航天产业承载园区30余个，推动成立航空航天专项基金规模超百亿元， 航空航天领域专项政策支持企业资金超亿元；在企业服务上，成都市构建起"1+7+365"服务机制，推动 企业问题诉求闭环解决；在融通发展上，成都市着眼域内企业"握指成拳"，促进大中小企业融通发展， 盯紧域外"招大引强"，举办首届世界无人机运动会、蓉企欧洲行等活动，坚持"干支联动"邀请眉山、绵 阳等市州共同参加，累计促成合作意向60余个，吸引带动更多优质的合作伙伴和配套企业来蓉落户。 成都作为国家航空航天产业重要布局城市，已初步形成"整机制造为牵引、关键配套为支撑、创新研发 为动力"的产业生态。锚定"十五五"，成都市经信局市新经济委相关负责人表示，成都力争到2030年， 建成具有全球影响力的航空技术创新中心和国家级无人机产业集聚区。(完) "近年来公司发展规模不断扩大，急需飞机设计、复材工艺、飞机装配工艺等方面的高科技人才，请政 府相关部门能搭建高科技人才平台，并给予优惠政策使高科技人才'招进来，留得住'，助力公司快速健 康发展。"活动现场，成都泰格尔航天航空科技股份有限公司提出核心 ...

Group 1: Economic Policy and Growth Signals - The National Development and Reform Commission, Ministry of Finance, Central Bank, Ministry of Commerce, Ministry of Industry and Information Technology, and Ministry of Housing and Urban-Rural Development have released four key policy signals aimed at stabilizing growth, expanding domestic demand, supporting technological innovation, and stabilizing the real estate and stock markets for 2026 [1] - The focus for 2026 includes enhancing industrial technological innovation capabilities, developing core technologies, and fostering high-level manufacturing platforms, with an emphasis on emerging industries such as integrated circuits, new materials, and biomedicine [1][2] Group 2: Investment and Funding Initiatives - The National Venture Capital Guidance Fund has been launched with an investment of 100 billion yuan, aiming to attract local and social capital to create an investment scale exceeding one trillion yuan, particularly in hard technology sectors [2] - The Guangdong province has introduced policies to promote the "use first, pay later" model for technology transfer, providing flexible cooperation paths for enterprises, especially small and medium-sized enterprises [3] Group 3: Low-altitude Economy Development - The low-altitude economy has been included in the 14th Five-Year Plan, with new opportunities for the development of three-dimensional low-altitude travel [4] - The first Guangdong-Hong Kong-Macao Greater Bay Area Low-altitude Economy High-quality Development Conference has been held, announcing policies for infrastructure, technological innovation, and financial support for the low-altitude economy [5] Group 4: Digital Economy Collaboration - The Guangdong-Hong Kong-Macao Greater Bay Area is enhancing digital economy cooperation, establishing a development pattern driven by the dual cores of Guangzhou and Shenzhen, with unique contributions from Hong Kong and Macau [7] - The policies released by six ministries focusing on supporting technological innovation provide strong guidance for the high-quality development of the digital economy in the Greater Bay Area [7]

据介绍，JF-17是一款轻型多用途战斗机，由位于伊斯兰堡附近的巴基斯坦航空综合体生产，其最新型 号被定位为4.5代战机，配备先进的航电系统、有源相控阵雷达、电子战系统以及超视距导弹，可执行 空对空和空对地作战任务，搭载中国制造的导弹。巴基斯坦空军表示，这款战机在中低空具有较高机动 性，兼顾火力、敏捷性和生存能力，能成为"任何空军的强大平台"。《每日电讯报》称，JF-17不具备 隐身能力，整体定位与法国"阵风"、瑞典"鹰狮"、欧洲"台风"相近，但价格明显更便宜，每架售价约为 2500万至3000万美元。 报道称，夏巴兹在首都伊斯兰堡举行的内阁会议上回顾了巴基斯坦在去年一场战争中取得的胜利。《黎 明报》称，这显然是指与印度的冲突。夏巴兹表示，自那之后，对巴基斯坦战机的需求有所增加。他还 称，有多个国家正在与巴方"积极开展谈判"——此举将促进巴基斯坦的经济和国防生产。 报道提到，印度尼西亚、孟加拉国、伊拉克和沙特阿拉伯都已表示有兴趣购买JF-17战斗机。 【环球网报道 记者 闫珮云】据巴基斯坦《黎明报》报道，巴基斯坦总理夏巴兹当地时间14日证实，多 个国家正在积极与巴方洽谈购买JF-17"雷电"战斗机（中国称"枭龙 ...

1月15日，A股三大指涨跌不一。截至收盘，沪指跌0.33%报4112.6点，深成指涨0.41%报14306.73点，创业板指涨0.56%报 3367.92点。从板块行情上来看，今日表现较好的是铜缆高速连接、存储芯片和CPO概念，而空间站概念、北斗导航和航天 概念等板块下跌。 基金经理是一只基金产品最核心的成员，能决定一只基金的投资方向、投资策略以及投资风格，基金经理出色的择时选股 能力和调研预测能力是基金业绩的有力保证，所以基金经理是投资者在选择基金产品时的重要依据。基金经理的变动很大 程度上会影响到基金产品未来的表现，是一个需要特别关注的信息。1.15日共有34位基金经理发生任职变动。 根据巨灵统计的数据，近30天（12.16-1.15）共有582只基金产品的基金经理发生离职。其中今天（1.15）日有29只基金产 品发布基金经理离职公告，涉及8名基金经理。从变动原因上来看，有5位基金经理是由于工作变动而从管理的12只基金产 品中离职。有1位基金经理是由于个人原因而从管理的9只基金产品中离职。有1位基金经理是由于辞职而从管理的1只基金 产品中离职。有1位基金经理是由于结束代理而从管理的7只基金产品中离职。 | ...

Group 1 - The CN5082 Aerospace Industry Index shows mixed performance among its constituent stocks, with Hongdu Aviation leading at a 10.00% increase, followed by Guorui Technology at 4.48% and AVIC Shenyang Aircraft at 3.43% [1] - The Aerospace ETF (159227) is currently priced at 1.48 yuan [1] - The second China eVTOL Innovation Development Conference will be held from January 15 to 16, 2026, in Shanghai, focusing on breakthroughs in eVTOL technology and commercialization [1] Group 2 - The newly revised Civil Aviation Law promotes the construction of a general aviation infrastructure network as a public foundation, which is expected to alleviate the current bottlenecks in physical and digital infrastructure in China [1] - Encouragement of application expansion and cultivation of emerging markets is anticipated to stimulate the vitality of diverse market entities in the low-altitude economy, laying the groundwork for sustainable business models [1] - The low-altitude economy industry chain is expected to undergo a value reassessment due to the continuous refinement of supportive policies and the expansion of application scenarios [1] Group 3 - The Aerospace ETF (159227) closely tracks the CN5082 Aerospace Index, covering key industry chain segments such as aerospace equipment, space equipment, satellite navigation, and new materials, with a high weight of 70% in commercial aerospace concepts [1] - The top ten holdings include industry leaders such as Aerospace Development, China Satellite, Aerospace Electronics, AVIC Aircraft, and AVIC High Technology [1]

Group 1 - The Aerospace ETF Tianhong (159241) has seen a trading volume of 9.4% with a transaction value of 77.8 million yuan, while the tracked CN5082 Aerospace Industry Index has decreased by 3.30% [1] - The top-performing stocks within the Aerospace ETF include Hongdu Aviation, which rose by 10.00%, Guorui Technology up by 4.81%, and AVIC Shenyang Aircraft Corporation up by 3.80%. Conversely, Guobo Electronics fell by 16.07%, Guoguang Electric down by 10.62%, and China Satellite down by 10.00% [1] - The Aerospace ETF Tianhong (159241) has experienced a significant growth of 469 million yuan in scale over the past six months [1] - In terms of capital inflow, the Aerospace ETF Tianhong (159241) has attracted a total of 229 million yuan over the last five trading days [1] Group 2 - The Shanghai Gold ETF (159830) closely tracks Shanghai Gold (SHAU.SGE) and has a management fee rate of 0.25% and a custody fee rate of 0.05%, both lower than the average for similar products. This ETF also supports T+0 trading [2] - The global geopolitical situation has escalated, leading to an increase in arms races and a surge in international gold prices. On January 14, the international spot gold price exceeded 4,640 USD per ounce, setting a new historical record [2] - According to Shenwan Hongyuan Securities, the military industry is expected to see continued improvement in its fundamentals in the first half of 2026, with a gradual recovery in orders and performance. The implementation of the 14th Five-Year Plan is anticipated to enhance certainty in the military sector [2]

Core Viewpoint - The military industry sector is experiencing a divergence in stock performance, with commercial aerospace concepts facing significant declines while certain military stocks show resilience [1]. Group 1: Stock Performance - The military ETF Huabao (512810) saw a decline of over 2.7%, indicating a release of high-level risks after a previous surge [1]. - Stocks related to commercial aerospace, such as Guobo Electronics and Zhongke Xingtou, dropped over 10%, while China Satellite and Aerospace Electronics hit their daily limit down [1]. - Conversely, stocks within the AVIC system, like Hongdu Aviation, reached their daily limit up, and AVIC Shenyang Aircraft rose over 3% [1]. Group 2: Market Context - The JF-17 "Thunder" fighter jet, co-developed by China and Pakistan, is gaining international attention, with at least six countries reportedly signing or nearing procurement agreements [3]. - The global defense market is expected to grow due to increasing international security complexities, with China's military trade market share at only 5.87% compared to the USA's 42.64% [3]. - The military ETF Huabao (512810) covers various themes, including commercial aerospace and military AI, serving as an efficient tool for investing in core military assets [3].

Group 1 - The concept of coordinating development and security is a fundamental principle emphasized by Xi Jinping, highlighting the need for a balance between economic growth and national security [1][2][3] - The integration of development and security is seen as a significant innovation in economic and national security theories, moving beyond traditional dichotomies [4][5] - The relationship between development and security is characterized as a dialectical unity, where development is the foundation of security, and security is a prerequisite for development [3][6] Group 2 - The practical implementation of the coordinated development and security concept has led to significant advancements in China's economic strength and technological self-reliance, enhancing national security [8][9] - China's GDP reached 134.9 trillion yuan in 2024, with a growth rate of 5.0%, contributing approximately 30% to global economic growth [9] - The manufacturing sector remains robust, with a global share of nearly 30%, and significant advancements in research and development, particularly in critical technology areas [9][10] Group 3 - The construction of a new security framework is essential for supporting high-quality development, with a focus on systemic restructuring of national security mechanisms [12][18] - The emphasis on food and energy security has been strengthened, with grain production stabilizing at over 1.3 trillion jin annually and energy self-sufficiency maintained above 80% [10][11] - The resilience and competitiveness of supply chains have been enhanced to effectively counter external pressures, particularly in key industries like integrated circuits and advanced materials [11][16] Group 4 - The strategic focus on technological self-reliance is critical for national security, with an emphasis on overcoming "choke point" issues in key technology sectors [17][19] - The establishment of a comprehensive national security system is aimed at ensuring political stability and economic health, addressing risks in various sectors including finance and real estate [19][20] - The ongoing development of a modern industrial system is crucial for maintaining national security, with a focus on enhancing domestic capabilities and reducing reliance on imports [16][17]