1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The duration of general credit bonds has significantly shortened. As of December 31, the weighted average trading terms of urban investment bonds and industrial bonds were 1.58 years and 2.19 years respectively. Among commercial bank bonds, the weighted average trading terms of secondary capital bonds, bank perpetual bonds, and general commercial financial bonds were 4.01 years, 3.31 years, and 1.73 years respectively. The duration of other financial bonds, such as securities company bonds, securities subordinated bonds, insurance company bonds, and leasing company bonds, also shortened compared to the previous week [2][9]. - The coupon duration congestion index has decreased. After reaching its peak in March 2024, the index has declined. This week, it decreased compared to last week and is currently at the 40.9% level since March 2021 [12]. 3. Summary by Relevant Catalogs 3.1 Full - Variety Term Overview - As of December 31, the weighted average trading terms of urban investment bonds and industrial bonds were 1.58 years and 2.19 years respectively. Among commercial bank bonds, secondary capital bonds, bank perpetual bonds, and general commercial financial bonds had weighted average trading terms of 4.01 years, 3.31 years, and 1.73 years respectively. General commercial financial bonds were at a relatively low historical level, while secondary capital bonds were at a relatively high historical level. The durations of securities company bonds, securities subordinated bonds, insurance company bonds, and leasing company bonds were 1.41 years, 1.43 years, 3.06 years, and 1.35 years respectively, and all shortened compared to the previous week. Securities company bonds and securities subordinated bonds were at low historical percentiles [2][9]. - The coupon duration congestion index decreased. After reaching its peak in March 2024, it declined this week compared to last week and is at the 40.9% level since March 2021 [12]. 3.2 Variety Microscope Urban Investment Bonds - The weighted average trading term of urban investment bonds hovered around 1.65 years. The duration of Shaanxi provincial - level urban investment bonds extended to 4.88 years, while the trading duration of Hebei provincial - level urban investment bonds shortened to around 0.61 years. The historical percentiles of the durations of Fujian district - level and Gansu provincial - level urban investment bonds exceeded 90%, and the duration of Gansu provincial - level urban investment bonds was approaching its highest since 2021 [3][16]. Industrial Bonds - The weighted average trading term of industrial bonds shortened compared to the previous week, generally around 1.84 years. The trading duration of the basic chemical industry extended to 2.33 years, while that of the food and beverage industry shortened to 0.80 years. The trading duration of the real estate industry was at a low historical percentile, and that of the pharmaceutical and biological industry was at a high historical percentile [3][21]. Commercial Bank Bonds - The duration of general commercial financial bonds shortened to 1.73 years, at the 13.6% historical percentile, lower than the same period last year. The duration of secondary capital bonds extended to 4.01 years, at the 81.1% historical percentile, lower than the same period last year. The duration of bank perpetual bonds shortened to 3.31 years, at the 45.3% historical percentile, lower than the same period last year [3][23]. Other Financial Bonds - In terms of the weighted average trading term, insurance company bonds > securities subordinated bonds > securities company bonds > leasing company bonds, at the 54.5%, 4%, 14%, and 79.9% historical percentiles respectively, and their durations all shortened compared to the previous week [3][26].

值得一提的是，2025年新进千亿市值股票阵营的股票多数为科技股，这反映了科技行业在当前经济发展 中的重要地位和巨大潜力。随着科技的不断进步和创新，科技企业在推动经济增长、提高生产效率、改 善人们生活等方面发挥着越来越重要的作用。科技行业的快速发展吸引了大量的资金和人才，进一步推 动了科技企业的崛起和壮大。同时，科技企业的高成长性和创新性也使其更容易获得市场的高估值，从 而跻身千亿市值俱乐部。 从中长期来看，千亿市值股票数量仍有提高的空间，这与价值投资理念进一步深入人心有直接关系。价 值投资强调以合理的价格买入具有长期投资价值的企业，并长期持有。随着投资者教育的不断加强和市 场环境的不断改善，越来越多的投资者开始接受价值投资理念。他们更加注重上市公司的基本面和长期 发展潜力，甚至愿意在资本市场中为优质企业支付一定的溢价。这种投资理念的转变将进一步推动资金 向优质企业集中，促进千亿市值股票数量的增加。 千亿市值股票的扩容是市场成熟化和头部效应增强的必然结果，也是科技行业快速发展和价值投资盛行 的体现。这一现象不仅反映了市场的发展趋势，也为投资者提供了重要的参考。 北京商报评论员 周科竞 Wind数据显示，截至20 ...

Core Insights - The Shenzhen Municipal Audit Bureau presented the 2025 Performance Audit Work Report, evaluating the progress of reforms in key sectors such as technology, education, finance, culture, and livelihood, while analyzing issues and providing audit recommendations [1] Group 1: Asset Securitization Achievements - Shenzhen state-owned enterprises (SOEs) have made significant progress in asset securitization, with experiences being promoted nationwide [2] - By the end of 2024, five public REITs products in the real estate sector have been issued, driving new project investments of 96.724 billion yuan, including the first clean energy REIT in the country [2] - In the intellectual property sector, 95 securitized products have been issued, totaling 21.427 billion yuan, revitalizing 2,758 intellectual properties, with a "characteristic brand of intellectual property securitization" being promoted as a typical experience for comprehensive reform [2] Group 2: Issues Identified - There are issues related to idle funds and non-compliance in procurement processes, with one SOE's wholly-owned subsidiary having 183 million yuan in idle funds [3] - The audit identified three main problems: idle funds due to insufficient project feasibility studies, non-compliance in procurement processes including backdated contracts, and lack of established management systems for intellectual property pledge financing [3][4] - The internal control systems of some SOEs are flawed, leading to inadequate planning for the use of raised funds, resulting in idle capital and failure to maximize fund efficiency [4] Group 3: Recommendations for Improvement - The audit recommends that relevant SOEs establish and improve management systems for intellectual property pledge financing and securitization, as well as risk control systems [4] - It is advised to enhance the screening and feasibility analysis of proposed projects to improve fund efficiency and establish a closed-loop management mechanism for funds [4] - The procurement process for intermediary institutions should be standardized to ensure effective risk isolation [4]

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！ 南向资金2025年成交净买入超1.4万亿港元，创历史新高。 据证券时报·数据宝统计，2025年南向资金全年成交净买入达到14048.44亿港元，创历史新高，较2024年 增长73.89%。自沪深港通开通以来，南向资金累计净流入超5.1万亿港元。 值得注意的是，南向资金规模加速扩张，市场话语权持续上升。截至12月末，南向资金持股市值达到 61408.83亿港元，占港股总市值比例超过12%。 按月份来看，全年共有8个月南向资金净买入金额超过1000亿港元，其中9月净买入金额最高，达到 1885.18亿港元，2~4月净买入金额均在1500亿港元以上。2025年一季度港股市场表现亮眼，恒生指数上 涨15.25%，恒生科技指数上涨20.74%，南向资金持续加仓。 多家机构表示，南向资金正成为重塑港股市场格局的核心力量。光大证券认为，从"情绪溢出"到"价值 驱动"，资金增配行为与AH溢价指数呈逆向校准，南向资金正从博弈交易者转变为港股市场的定价锚， 在行业轮动、板块配置及市场估值形成中发挥核心作用。 东吴证券研报认为，在国内外降息背景下，预计202 ...

Core Insights - Warren Buffett, at the age of 95, officially retires as CEO of Berkshire Hathaway on January 1, 2026, passing the leadership to Greg Abel, marking the end of an era in investment history [2] - Buffett's investment philosophy and strategies have significantly influenced global capital markets, with a focus on value investing and long-term wealth accumulation [2][12] Investment Journey - Buffett's investment journey began at age 11 with a $114.75 investment in Cities Service preferred stock, igniting his passion for the capital markets [2] - By age 16, his investment portfolio had grown to approximately $53,000 in today's terms, and he became a millionaire by age 32 and a billionaire by age 56, demonstrating a deep understanding of compound interest and market dynamics [3] Berkshire Hathaway's Transformation - In 1965, Buffett took control of Berkshire Hathaway, initially a struggling textile company, and transformed it into a diversified holding company, acquiring insurance firms, manufacturing companies, and consumer brands [3] - Since 1964, Berkshire Hathaway's A-class stock price has surged from about $19 to over $600,000 by the end of 2025, outperforming the S&P 500 by more than 140 times [3][5] Investment Performance - A $10,000 investment in Berkshire in 1965 would have grown to $550 million by 2025, while the same amount in the S&P 500 would be approximately $3.9 million, showcasing Berkshire's exceptional long-term returns [5] - As of 2025, Berkshire's market capitalization exceeded $1 trillion, making it the 11th largest publicly traded company globally, with a diverse portfolio including BNSF Railway, GEICO, and significant stakes in Apple and other major corporations [5][6] Key Investments - Buffett's investment in Apple, which began in 2016, has become Berkshire's largest holding, with approximately 900 million shares valued at over $65 billion, reflecting a 500% increase since the initial purchase [6] - Other significant investments include Coca-Cola, Bank of America, and American Express, which have also yielded substantial returns, embodying Buffett's value investing philosophy [6] Crisis Management - During the 2008-2009 financial crisis, Buffett made strategic investments in major companies like Goldman Sachs and General Electric, earning over $10 billion from these transactions and reinforcing his reputation as a stabilizing force in turbulent times [8] Philanthropy and Legacy - Buffett's personal net worth is approximately $150 billion, but he has pledged to donate 99% of his wealth, having already contributed over $60 billion to various charitable causes [9] - His investment principles, such as the circle of competence, margin of safety, and long-term holding, continue to influence investors worldwide, emphasizing the importance of understanding and patience in investing [11][12]

Core Viewpoint - The Shanghai government is prioritizing the optimization of the business environment by launching the "Action Plan for Accelerating the Creation of a World-Class Business Environment in Shanghai (2026)" during the first working day of the new year, marking a shift from previous years' timing [1] Group 1: Business Environment Improvement - Shanghai has maintained 22 indicators of its business environment at a global best level, surpassing cities like Singapore, New York, London, and Hong Kong as of December 2025 [2] - The 2026 action plan introduces 26 measures across four major environments: government service, market competition, industrial ecology, and social governance, focusing on efficiency, fairness, adaptability, and collaboration [2][3] - The plan emphasizes the need for transparency in new business models and regulatory efficiency, addressing concerns from enterprises about going global and platform economy regulation [1][3] Group 2: Policy Implementation and Accessibility - The 2026 action plan aims to implement a "no application, direct enjoyment" policy for inclusive measures, allowing businesses to receive funds without the need for applications, thus reducing administrative burdens [6][7] - By the end of November 2025, 643 policy projects had achieved "no application, direct enjoyment," serving over 611 million instances for businesses [7] - The plan aims to enhance the efficiency of policy implementation, with nearly 90% of "direct enjoyment" projects ensuring rapid fund disbursement within 24 hours [8] Group 3: Fair Competition and Regulatory Measures - The action plan includes eight measures to promote fair competition, optimize regulatory checks, protect intellectual property, and combat malicious reporting practices [10][11] - It aims to strengthen oversight against monopolistic and unfair competition behaviors, enhance platform governance, and regulate malicious bidding practices [10][12] - The plan also addresses the need to clear overdue payments to businesses, with a focus on ensuring zero arrears from government entities [12] Group 4: Support for Internationalization and Data Management - The action plan emphasizes enhancing support for businesses going global, including establishing a comprehensive service platform for international operations and improving legal services for overseas investments [13][14] - Shanghai is implementing a negative list for data export security management, which will be expanded citywide in 2026, aiming to balance compliance costs with business development [15]

Core Insights - The COP30 conference is pivotal for global climate governance and financing, emphasizing the need for actionable climate cooperation beyond mere consensus [2][4] - The dialogue initiated by Sina Finance and GF60 aims to enhance climate ambition and facilitate the implementation of climate actions [1][7] Climate Financing and Cooperation - Strengthening regional connectivity and forming "coalitions of the willing" is seen as a more realistic approach to advancing climate action, with examples including China's green trade agreements with ASEAN and EU-Brazil cooperation in sustainable agriculture [2][8] - The COP framework includes mechanisms for immediate action, such as Article 6 of the Paris Agreement, which allows for emissions reduction transfers between countries with established carbon markets [2][8] Transition and Resilience - Financing for low-carbon transitions in high-carbon industries is becoming a consensus among Asian countries, with China leading in developing systematic transition plans and local financial guidelines [3][10] - Climate resilience is equally important, as the frequency of extreme weather events increases, necessitating enhanced resilience in social and economic systems to mitigate risks [3][10] Role of Capital Markets - Capital markets are crucial in driving global climate action, with private capital needed to complement public funding, as highlighted by a ten-year-old report from the People's Bank of China [4][11] - The annual funding requirement for climate mitigation, transition, and resilience is estimated at $10 to $15 trillion, necessitating the mobilization of approximately $150 trillion in long-term savings [4][11] China's Green Finance Initiatives - Over the past decade, China has made significant strides in enhancing its financial policy framework and developing green finance products, providing a model for global green transitions [5][12] - Current global green, climate, and sustainable bond stock is approximately $6 trillion, with a long-term goal of reaching about $60 trillion, emphasizing the need for collaborative efforts to bridge this gap [5][12]

2025年26家公司登陆北交所 2025年，北交所高质量发展再上新台阶。12月31日，A股全年收官日，蘅东光上市交易，成为去年第26 家登陆北交所的企业。统计显示，新上市企业中，共有星图测控、天工股份、交大铁发等18家专精特 新"小巨人"企业，占比近七成，覆盖高端制造、新材料、TMT（科技、媒体和通信）、生物医药、轨道 交通等国家重点支持领域。北交所最新披露的2025年市场统计快报显示，截至12月31日，北交所上市公 司数量达到288家，总市值8694亿元。从上市公司地域分布看，江苏、浙江、广东、北京、山东位列前 五，分别达56家、33家、33家、24家、21家。市值在百亿元以上的上市公司共有9家。（北京日报） 小米回应"绿化带战神""关闭直播平台评论" 1月3日晚间，小米直播拆解YU7。小米集团董事长特别助理、公关部总经理徐洁云回应"绿化带战 神"，"这是有人故意集纳小米汽车的事故片段，然后拼接出来带节奏攻击。"对于"关闭直播平台评 论"，小米创始人、董事长兼CEO雷军回应称，"关评论区实际上是防止水军的进攻，怕影响正常用户观 看发布会的体验。""我们很尊重真实用户的声音，我们会认真去听去改，不怕任何真实用 ...

Group 1 - A total of 36 stocks will be unlocked next week, with a combined market value exceeding 160 billion yuan [1][2] - Among the unlocked stocks, 16 have a market value exceeding 1 billion yuan, with Baili Tianheng, Guolian Minsheng, and Jianshe Industrial exceeding 10 billion yuan [2] - Baili Tianheng has the highest unlock market value at 96.319 billion yuan, with 298.1 million shares being unlocked, accounting for 72.2% of the total share capital [2][5] Group 2 - Guolian Minsheng has an unlock market value of 18.008 billion yuan, with 1.771 billion shares being unlocked, involving 43 shareholders [2][3] - Jianshe Industrial has an unlock market value of 16.895 billion yuan, with 629.9 million shares being unlocked, accounting for 60.98% of the total share capital [3][5] - Six stocks have an unlock ratio exceeding 30%, including Baili Tianheng and Jianshe Industrial [6]

Global Macro Assets - Major overseas stock indices showed mixed performance during the New Year holiday, with the US indices declining: Nasdaq down 1.6%, Dow Jones down 1.4%, and S&P 500 down 1.1% [2][7] - Long-term bond yields in major developed countries mostly rebounded, with the 10Y US Treasury yield rising by 5.0 basis points to 4.19% [9][12] - Oil prices continued to weaken, with WTI and Brent crude down 1.8% and 2.4% respectively, while gold prices quickly retreated by 3.7% after reaching a historical high [12][13] Overseas Fundamentals & Data - The Federal Reserve's December meeting minutes revealed a division of opinions among officials regarding future interest rate cuts, with some supporting a pause [15] - Initial jobless claims in the US for the week ending December 27 were 199,000, lower than the expected 218,000 [17] - The US military conducted airstrikes in Venezuela, escalating geopolitical tensions, with President Trump claiming the capture of Venezuelan President Maduro [20] - Trump announced a delay in tariff increases on furniture and kitchen cabinets from January 1, 2026, to January 1, 2027 [25] Domestic Events & Data - During the New Year holiday, domestic travel intensity increased significantly, with a year-on-year increase of 20.3% in cross-regional passenger flow [30][37] - Domestic tourism, particularly "ice and snow tourism" and "winter escape tourism," saw a notable rise, while cross-border travel experienced a decline [43] - The average ticket price for economy class flights during the New Year holiday was 597 yuan, showing a slight decrease of 1.1% year-on-year [50] - The film market showed steady recovery, with daily box office revenue increasing by 42.5% compared to the same period in 2025 [53]