□胡容 四川日报全媒体记者 刘春华 马年开启，四川务工人员在新一年里有何梦想？记者在四川省2026年春风行动暨就业援助季集中 推进活动主会场现场聚焦3名务工人员，倾听他们的奋斗故事。 靠学习让日子越来越好 务工人员：罗智勇 务工地点：南京 早上8点过，朋友把我送到泸州市奥林匹克体育公园中心广场，参加务工人员送别活动，有专车把 我们送到机场，再坐飞机到南京，全程都是免费。说实话，我非常高兴，因为返程不用再折腾 了。我每年过年都要回泸州老家，记得前几年有一次买不到票，我们一家转道成都，才搭上了飞 机。 我在南京工作已经18年了。我觉得，不管做什么工作，要不断学习，才能让日子越来越好。大学 时我念的是经济学专业。毕业后，先是在房地产行业工作，现在转行到一家私募基金。我每天都 会复盘当天的工作，让自己始终保持一种学习的状态。 有亲情赋能，感觉新一年干劲更足。希望今年我的业务越做越好，家庭和睦，孩子成绩更优异。 人要干点活才有精神 务工人员：黄德林 务工地点：重庆 我是泸州市纳溪区天仙镇人，今年50多岁了。我这个年纪，很多人都留在家里不再外出务工。我 家里人也劝我不要再出去了，但我觉得人要干点活才有精神，再加上要赡养父 ...

Market Overview - A-shares continued their strong performance, with the Shanghai Composite Index rising over 1% during the session and closing at 4147.23 points, up 0.72% [1] - The total trading volume in the Shanghai, Shenzhen, and North markets reached approximately 2.48 trillion yuan, an increase of over 260 billion yuan compared to the previous day [1] Resource Sector - The resource sector, particularly metals, showed strong performance, with over 3700 stocks in the A-share market gaining, and more than 100 stocks hitting the daily limit [1] - Notable stocks included Shenghong Technology, which surged over 10% with a total trading volume of 17.49 billion yuan, leading the A-share market in transaction value [1] Nonferrous Metals - The nonferrous metals sector exhibited remarkable strength, with cobalt, nickel, and rare earth concepts performing well. For instance, Hanrui Cobalt surged nearly 14% [2] - Several companies, including Huaxi Nonferrous and Yunnan Zinc Industry, reached their daily limit, indicating strong investor interest [2] - Prices for tungsten products have been on the rise, with black tungsten concentrate increasing by 53.26% year-to-date, and ammonium paratungstate up by 56.72% [2] Tungsten and Rare Earths - The tungsten supply side is facing continuous contraction, with environmental regulations and rising operational costs limiting capacity release. The demand surge, particularly in new energy and photovoltaic sectors, is driving tungsten prices higher [3] - Rare earth prices have also increased, with neodymium oxide averaging 882,000 yuan per ton, up 4.16 million yuan from before the Spring Festival [3] Commercial Aerospace - The commercial aerospace sector saw significant gains, with companies like Xinghuan Technology and Okoyi rising over 16%. Aerospace Development reached its daily limit [4] - The announcement of the recovery test for the reusable Zhuque-3 rocket in the second quarter of this year has generated positive sentiment in the market [4] - Analysts predict that 2026 will be a pivotal year for commercial aerospace, with advancements in reusable rocket technology and the acceleration of satellite constellation construction [5] Real Estate Sector - The real estate sector became active following the release of new policies in Shanghai aimed at optimizing housing regulations, which included adjustments to purchase limits and public fund policies [6] - A-share real estate stocks such as I Love My Home and Hualian Holdings reached their daily limit, while others like Zhujiang Shares and Teifa Services saw increases of over 5% [7] - The Hong Kong real estate market also performed well, with stocks like Beike-W and Country Garden showing significant gains [8] - Data from the National Bureau of Statistics indicates a narrowing decline in housing prices in major cities, suggesting a stabilizing market [8]

Core Viewpoint - A significant amount of wealth, estimated to be in the trillions annually, is being siphoned off from the Chinese economy by various corrupt entities, impacting ordinary citizens and the overall economic health [1][12]. Financial Sector - The financial sector has seen major scandals, such as the Evergrande crisis, where the founder cashed out over 50 billion, leaving countless homebuyers and suppliers in financial ruin [3]. - In 2023, the Zhongzhi Group faced a massive financial collapse involving trillions, affecting thousands of investors who lost their savings overnight [3]. - The rural credit cooperative system has also experienced widespread corruption, with leaders misusing funds and leaving taxpayers to cover the losses [3]. Healthcare Sector - A nationwide anti-corruption campaign in healthcare has led to over 230 hospital leaders being investigated, revealing that inflated medical costs are often due to corruption [5]. - Some medications have seen price increases of ten to dozens of times from factory to patient, with the excess profits going to kickbacks and commissions rather than improving healthcare [5]. Infrastructure Sector - Infrastructure projects in China are plagued by excessive costs and poor quality due to layers of subcontracting, where each level takes a significant cut of the profits [7]. - A specific case in Guizhou shows a county with a fiscal income of less than 1 billion accumulating over 40 billion in debt, raising questions about project approvals and corruption [8]. Cybercrime - In 2025, the amount involved in reported cyber fraud cases exceeded 100 billion, with many victims remaining silent due to shame, indicating the actual figures could be much higher [10]. - The sophistication of cyber fraud has increased, with advanced techniques like AI deepfakes being used to deceive individuals, leading to significant financial losses [10]. Government Response - The government is intensifying efforts to combat corruption across various sectors, with record numbers of investigations and a focus on systemic reforms [13]. - Measures include comprehensive data monitoring in finance, full coverage in healthcare anti-corruption, and lifetime accountability in infrastructure projects [13][14]. Conclusion - The ongoing efforts to root out corruption are crucial for the stability of the economy, as internal corruption poses a significant threat to national integrity and public trust [15][16].

Group 1 - The Shanghai government has introduced seven new policies to optimize the real estate market, effective from the 26th, focusing on reducing purchase restrictions, enhancing public housing fund loans, and improving property tax regulations [1] - Housing purchase restrictions have been adjusted, allowing non-local residents and single adults to buy homes based on their social security or tax payment history, with specific limits on the number of properties they can purchase [1] - The maximum public housing fund loan for first-time homebuyers has increased from 1.6 million yuan to 2.4 million yuan, with potential increases for families with multiple children or those purchasing green buildings [1] Group 2 - Property tax exemptions have been introduced for adult children of local residents who purchase their first home, allowing them to apply for tax refunds for overpaid taxes since January 1 [1] - The new policies are designed to support new citizens, young people, and families with multiple children, aligning housing qualifications with residency duration to better match the city's demographic structure [2] - The adjustments are expected to enhance the attractiveness of Shanghai for talent by addressing reasonable housing needs [2]

Core Viewpoint - The newly implemented "Shanghai Seven Measures" aims to optimize the local real estate market by lowering purchase thresholds for both local and non-local residents, enhancing housing loan policies, and providing tax exemptions for certain housing transactions [2][3][4]. Group 1: Housing Purchase Policies - The "Shanghai Seven Measures" reduces the social security and individual income tax requirements for non-local residents, allowing them to purchase homes in the inner ring of the city after just one year of contributions [2]. - Non-local residents with three years of contributions can buy an additional property in the inner ring, while those holding a Shanghai residence permit for over five years can purchase one property citywide without needing to provide proof of contributions [2][3]. Group 2: Property Tax Adjustments - Starting January 1, 2026, property tax exemptions will apply to new homes purchased by adult children of local residents, provided the new home is the only one owned by the family [3][4]. - The new policy clarifies that if a child replaces a shared family home with a new one, the new home can also be exempt from property tax, enhancing the tax benefits for families [4]. Group 3: Housing Loan Policies - The maximum loan amount for first-time homebuyers has increased from 1.6 million yuan to 2.4 million yuan, with additional increases for families with multiple children and those purchasing green buildings [5]. - Families who have previously used and cleared their housing fund loans can reapply for loans when purchasing again, and families with multiple children can receive higher loan limits for second homes [5]. Group 4: Market Inventory and Price Stabilization - The Shanghai government is focusing on inventory reduction strategies, including the introduction of a housing voucher system and the removal of purchase restrictions [6][7]. - In February 2026, the government will begin acquiring second-hand homes for use as affordable rental housing, aiming to stabilize housing prices and improve the housing exchange channels for residents [7][8].

Core Viewpoint - The Shanghai government has announced a new policy to optimize and adjust real estate regulations, including reducing housing purchase restrictions, improving housing provident fund loan policies, and refining personal housing property tax policies, effective from February 26, 2026 [1] Group 1: Housing Purchase Policy Adjustments - The policy reduces the required duration for non-local residents to pay social insurance or personal income tax to one year for purchasing homes within the outer ring [2] - Non-local residents who have paid social insurance or personal income tax for three years can purchase an additional home within the outer ring, while those with a Shanghai residence permit for five years can buy one home anywhere in the city [2][3] - This adjustment aims to meet the mid-to-high-end housing needs of non-local residents and includes provisions for those working in urban services who previously could not purchase homes due to lack of social insurance payments [3] Group 2: Housing Provident Fund Loan Policy - The maximum loan amount for first-time homebuyers using the housing provident fund has been increased from 1.6 million yuan to 2.4 million yuan, with potential increases for families with multiple children and those purchasing green buildings [4] - The policy allows families who have previously used provident fund loans to apply for new loans if they have no housing or only one home in Shanghai and have settled their previous loans [4] - This change is expected to support more families in upgrading their housing and stimulate demand in the real estate market [4] Group 3: Personal Housing Property Tax Policy - Starting January 1, 2026, adult children of Shanghai residents will be exempt from personal housing property tax when purchasing their first home, provided it is their only home [5] - This adjustment aims to support housing upgrades for families and reflects a more favorable tax treatment for those in the process of changing homes [5] - The new policy is designed to balance market stability and public welfare, benefiting both first-time buyers and those looking to upgrade [5][6] Group 4: Overall Market Impact - The new policies are part of a broader strategy to stabilize the real estate market and promote healthy growth, with a focus on integrating various policy measures across different sectors [6] - The combination of these measures is expected to lower purchasing costs and stimulate housing demand, contributing to a balanced supply-demand relationship in the market [6]

《通知》明确规定自2026年1月1日起，对上海市户籍居民家庭中的子女成年后，购买住房属于成年子女 家庭唯一住房的，暂免征收个人住房房产税。即对购房人于未成年时（或于上海市个人住房房产税试点 前）已与父母、（外）祖父母共同拥有住房的，在上海市新购或置换住房后，该住房仍属于成年子女家 庭唯一住房的（除上述共同拥有住房外），暂免征收个人住房房产税。 严跃进认为，此次新政对个人住房房产税政策的相关细节作了微调，尽可能优化了有关操作口径。新政 出台前，对于沪籍家庭子女而言，其成年后首次购置住房不征房产税，但置换阶段会涉及该税种。新政 出台后，若置换后属于唯一住房，则不再征收房产税。新政体现出对改善需求的支持。 （上接1版） 优化住房公积金贷款政策 《通知》提出适度提高住房公积金最高贷款额度，将缴存人家庭购买首套住房的公积金贷款最高额度从 160万元提高至240万元，叠加多子女家庭和购买绿色建筑最高贷款额度上浮政策（最高上浮35%），上 海市公积金家庭贷款最高额度可达到324万元。对购买第二套住房的最高贷款额度也相应予以提高。同 时，优化贷款套数认定，对于已使用过公积金贷款的上海市缴存人家庭，在上海市无住房或仅有1套住 ...

Core Viewpoint - The new policy in Shanghai aims to lower the barriers for home purchases, particularly for non-local residents, to stimulate housing demand and promote a balanced living environment [1][3][4]. Group 1: Policy Adjustments for Non-Local Residents - The social insurance or personal income tax payment requirement for non-local residents to purchase homes in the outer ring has been reduced to 1 year from 3 years [3][4]. - Non-local families who have paid social insurance for 3 years or more are now allowed to purchase an additional home in the outer ring [3][4]. - The policy expansion allows non-local residents to buy homes throughout the city, not just in the outer ring [3][4]. Group 2: Support for Stable Residents - Non-local residents holding a Shanghai residence permit for 5 years or more can purchase one home without needing to provide proof of social insurance or tax payments [4][5]. - This change aims to activate the housing market and reduce inventory, particularly in the new home sector [4][5]. Group 3: Public Fund Loan Policy Enhancements - The maximum public fund loan for first-time homebuyers has been increased from 1.6 million to 2.4 million yuan, with potential increases for families with multiple children or those purchasing green buildings [5][6]. - The policy now allows families who have previously used public fund loans to apply again if they have no housing or only one home that has been paid off [5][6]. - The maximum loan amount for second homes has also been raised, with additional increases for families with multiple children [5][6]. Group 4: Property Tax Policy Improvements - Starting January 1, 2026, adult children purchasing homes that are their family's only residence will be temporarily exempt from property tax [6][7]. - This exemption applies to homes purchased after the child reaches adulthood, provided they meet specific conditions [6][7]. Group 5: Overall Market Impact - The new policies reflect a comprehensive support for various housing demands, including those for first-time buyers and those seeking improved living conditions [7][8]. - The adjustments are expected to enhance market confidence and align with broader economic stability goals [7][8].

Core Viewpoint - The Shanghai government has announced a new policy to further optimize and adjust the city's real estate regulations, effective from February 26, 2026, which includes significant reductions in housing purchase restrictions for non-local residents and single adults [1] Group 1: Policy Adjustments - The new policy allows non-local resident families or single adults who have paid social insurance or individual income tax in Shanghai for at least one year to purchase an unlimited number of homes outside the outer ring road, and one home within the outer ring road [1] - For those who have paid social insurance or individual income tax for three years or more, the limit is increased to two homes within the outer ring road [1] - Holders of the Shanghai residence permit for five years or more are allowed to purchase one home anywhere in the city [1] Group 2: Market Implications - The policy reflects increased support for various housing demands, including work-life balance, livability, and first-time homebuyer needs [1] - The timing of the policy coincides with an anticipated "small spring" in the housing market, suggesting that these relaxed measures will stimulate further home-buying demand [1] - The new regulations are expected to align closely with ongoing efforts to reduce inventory throughout the year [1]

Report Summary 1. Investment Rating The document does not mention the investment rating of the industry. 2. Core Views The report reviews the fund market in 2025, including the overall situation of the public - offering fund industry, the development of various sub - categories of public - offering funds, and the situation of private - offering securities investment funds. It also provides a market outlook for 2026 and selects several types of funds for attention. In 2025, the public - offering fund market achieved significant positive returns, and the private - offering securities investment fund market expanded in scale. In 2026, with the resonance of China's and the US policies, the A - share market is expected to shift from liquidity - driven to profit - driven, and attention should be paid to specific investment directions and the rhythm of the fixed - income market [2][9]. 3. Summary by Directory 3.1 Public Fund Overall Overview - **Asset Management Market Overview**: By the end of Q3 2025, the total scale of China's asset management business reached 80.03 trillion yuan. Public - offering funds and private - offering funds drove the growth of the asset management scale, with public - offering funds contributing 3.92 trillion yuan to the scale growth. The public - offering fund market maintained strong vitality, with a total scale of 36.67 trillion yuan and a total share of 31.30 trillion shares by the end of 2025, showing year - on - year growth [16][20]. - **Public Fund New - issuance Market**: In 2025, stock - type and bond - type funds were the main new - issuance products. The new - issuance volume of stock - type funds was large, and the new - issuance scale was comparable to that of bond - type funds, mainly relying on passive products [40]. - **Non - monetary Head Managers of Public Funds**: Since 2021, the top - three managers in terms of non - monetary fund scale have been relatively stable. In 2025, E Fund, China Asset Management, and GF Fund had different product line focuses in terms of stock and incremental scale. Huatai - Peregrine Fund and Invesco Great Wall Fund showed good performance [47][48]. - **Performance of Public Fund Products**: In 2025, the public - offering fund market achieved significant positive returns. Commodity - type funds represented by gold performed excellently, and stock - type funds also received good returns with reduced volatility and drawdown [3][56]. 3.2 Hot Topics in the Fund Industry - **Reform of Public - offering Fund Policies**: In 2025, a series of reform measures were introduced to promote the transformation of the public - offering fund industry from "scale - oriented" to "return - oriented" [59]. - **New - style Floating - rate Funds**: In 2025, new - style floating - rate funds were successively launched, which had important impacts on the public - offering fund market, such as guiding long - term holding and strengthening the binding mechanism between fund companies and investors [67][69]. - **Commercial Real Estate REITs**: In 2025, the pilot of commercial real estate REITs was officially launched, and 12 products had been officially declared by February 13, 2026 [73][75]. - **Development of the Fund Investment Advisory Industry**: Policy support, product expansion, and institutional empowerment promoted the development of the fund investment advisory industry. The investment scope of fund investment advisors was gradually broadened, and leading public - offering funds entered the market [77][79]. 3.3 Overview of Sub - categories of Public Funds - **Active Equity Funds**: In 2025, the scale of active equity funds rebounded, with an average return of 33.29%. Funds focusing on the AI industry chain led the gains [101]. - **Industry Theme Funds**: By the end of 2025, there were 2,009 industry theme funds, with a significant increase in scale. Funds in technology communication, large - scale technology, and large - scale manufacturing sectors led the gains [4][150]. - **Active Fixed - income Funds**: In the low - interest - rate environment and the rising equity market in 2025, the management pressure of pure - bond portfolios increased, while the scale of bond - containing funds increased significantly [170][174]. - **Passive Funds**: By the end of 2025, the total scale of passive funds exceeded 7.5 trillion yuan. ETFs continued to expand, and industry themes and bonds frequently created hot topics [205]. - **FOF Funds**: By the end of 2025, the total scale of FOF funds increased significantly, with performance showing significant differentiation. The new - issuance market recovered [296][309]. - **Quantitative Funds**: The scale of quantitative funds expanded rapidly, with index - enhanced funds dominating the scale. The new - issuance market of A500 and ChiNext/Science and Technology Innovation Board index - enhanced funds was hot, and small - cap products had outstanding returns [334][346]. 3.4 Overall Situation of Private - offering Securities Investment Funds - **Existing Situation**: By the end of December 2025, the existing scale of private - offering securities investment funds reached a record high of 7.08 trillion yuan, a year - on - year increase of 35.82%. The number of funds decreased, and fund managers continued to be cleared out [377]. - **New - issuance Market**: In 2025, the number and scale of newly - registered private - offering securities investment funds both increased. The access for new fund managers remained strict [382]. - **Industry Pattern**: The number of private - offering funds with a scale of over 10 billion yuan increased, while the number of those with a scale of less than 500 million yuan decreased significantly [391]. - **Market Trends**: In 2025, the scale of quantitative private - offering funds expanded again, and 14 new quantitative private - offering funds exceeded 10 billion yuan in scale. The regulatory rules for program trading were implemented [394][399]. - **Market Trends**: The number of insurance - funded private - offering securities investment funds increased to 7, and insurance funds increased their layout in the equity market through private - offering funds [400]. 3.5 Market Outlook in 2026 - **Macroeconomic Outlook**: In 2026, China's fiscal policy aims to balance "stable growth" and "structural transformation." If the fiscal space is fully released, a series of positive macroeconomic changes are expected. The total demand growth rate is expected to return to expansion [402][404]. - **Investment Direction**: In the equity market, attention should be paid to computing power, AI applications, AI power, cutting - edge technologies proposed in the 14th Five - Year Plan, pro - cyclical sectors, and domestic demand expansion and consumption recovery. In the fixed - income market, the interest rate center may rise, and the trading rhythm should be grasped [9]. - **Fund Selection**: The report selects several types of funds, including all - market investment equity funds, equity funds under different investment themes, fixed - income funds, and index - enhanced funds [10][11][12].