Core Viewpoint - The government is focusing on enhancing market efficiency and promoting investment, consumption, and production to ensure economic growth in 2026, with specific initiatives outlined for infrastructure, consumer support, and industrial development [2][4][9]. Market Development - The government aims to eliminate barriers to a unified national market by conducting market access evaluations and implementing a comprehensive administrative enforcement mechanism [2]. - Plans include building "four hubs" and creating "three support points" to facilitate resource flow and economic activity [3]. Investment Initiatives - A total of 28 major transportation projects are set to commence in the first quarter of 2026, with an estimated total investment of approximately 800 billion [4][5]. - The government is focusing on enhancing the inland water transport system and developing green low-carbon transportation [4][5]. Consumer Support - The province will issue 2 billion in consumption vouchers to stimulate consumer spending, particularly in key sectors like dining and tourism [6][10]. - A new round of consumer product trade-in programs will be launched, including subsidies for various categories such as automobiles and electronics [6][10]. Industrial Production - The government plans to allocate 5 billion to reward industrial enterprises that operate at full capacity, with additional incentives for those achieving significant revenue growth [8][9]. - A focus on digital transformation and the implementation of over 1,600 industrial technology improvement projects is expected to drive industrial growth [8]. Financial Support - The financial system will support the economy by organizing over 1,000 government-enterprise financial matchmaking events to facilitate funding [11]. - Emphasis will be placed on technology finance and agricultural financial support to enhance productivity and competitiveness [11][12].

Group 1 - The 2026 China Internet Industry Annual Conference will be held in Beijing from January 7 to 8 [1] - Guosheng Technology and Jiamei Packaging will be suspended for verification starting January 7, expected to last no more than three trading days [1] Group 2 - The People's Bank of China emphasized the continuation of a moderately loose monetary policy during the 2026 work conference, utilizing various monetary policy tools to maintain ample liquidity and relatively loose financing conditions [3] - The Ministry of Industry and Information Technology reported 22 apps and SDKs that infringe on user rights, continuing efforts to regulate violations under personal information protection laws [3] - The Ministry of Water Resources announced that water conservancy construction investment reached 1,284.8 billion yuan in 2025, marking four consecutive years of exceeding 1 trillion yuan [3] - The Ministry of Ecology and Environment plans to promote the construction of "waste-free cities" during the 14th Five-Year Plan period, aiming to enhance waste recycling and reuse [3] Group 3 - The domestic public REITs market has seen explosive growth, with 78 products totaling approximately 220 billion yuan, maintaining a similar issuance scale to 2024 [4] Group 4 - The National Development and Reform Commission released a plan for the green transformation of the Chang-Zhu-Tan area, aiming to create a conducive environment for infrastructure, manufacturing, consumption, and technology companies [6] Group 5 - The Ministry of Commerce and nine other departments issued a notice to promote green consumption, encouraging financial institutions to increase support for green consumption loans [7] - The green consumption market in China is beginning to take shape, with the "dual carbon" strategy and public environmental awareness driving the transition [7] Group 6 - TBEA has a comprehensive development capability in wind and solar power generation [8] - Li Er Chemical expects a revenue of 8.8 billion to 9.1 billion yuan for 2025, with a net profit increase of 113.62% to 132.19% [10] - Chip Origin Technology has raised 940 million yuan to acquire control of Zhudian Semiconductor [10] - Chaoying Electronics is increasing its investment in AI high-end printed circuit board expansion from 1.468 billion yuan to 3.315 billion yuan [10] - Zhejiang Xiantong plans to issue A-shares to raise no more than 1.05 billion yuan for smart manufacturing projects and R&D upgrades [10] Group 7 - Axiang Integration has seen net institutional buying of 139 million yuan, with a focus on the semiconductor industry amid geopolitical shifts [14] - Institutions have also net bought shares in Aerospace Electronics, Liou Shares, Goldwind Technology, and others [14]

Group 1: International News - Venezuela and the U.S. are negotiating the issue of oil exports to the U.S. [10] - The U.S. Supreme Court is set to rule on tariff issues on January 9 [10] - Saudi Arabia will open its financial market to all foreign investors [10] Group 2: Market Overview - The U.S. dollar index rebounded, closing up 0.28% at 98.59, the highest in over two weeks [3] - Spot gold rose 1.04% to $4495.09 per ounce, while spot silver increased by 6.06% to $81.25 per ounce, reaching a high not seen since December 29 of the previous year [3][7] - International crude oil prices fell, with WTI crude down 2.22% to $56.86 per barrel and Brent crude down 2.07% to $60.43 per barrel [3][7] Group 3: Stock Market Performance - European major stock indices mostly rose, with the UK FTSE 100 up 1.18% and the German DAX up 0.09% [4] - U.S. stock indices all increased, with the Dow Jones up 0.99% and the S&P 500 up 0.6%, both reaching new highs [4] - The Hong Kong Hang Seng Index rose 1.38%, with significant gains in technology and financial sectors [5] Group 4: A-share Market - The three major A-share indices closed higher, with the Shanghai Composite Index up 1.5%, marking a 13-day winning streak and a ten-year high [6] - The total trading volume in the Shanghai and Shenzhen markets reached 2.81 trillion yuan, an increase of 260.2 billion yuan from the previous trading day [6] - The insurance sector was active, with notable gains in stocks like New China Life Insurance, which rose over 6% [6]

日前，由中国证券报主办的"开放 融合 新机——2025海外投资发展大会"在上海举行，路博迈海外投资 基金管理总经理汝平发表了主旨演讲。展望2026年，汝平围绕宏观政策、人工智能（AI）、长期利 率、股票市场、私募市场五大方面解析投资机遇。 ● 本报记者 王鹤静 四是股票市场。在汝平看来，AI仍是2026年全球股市的核心驱动力之一。目前AI投资收益主要集中在 美国超大型科技企业上，随着AI应用在其他企业迅速扩散，AI驱动带来的生产效率提升已开始显现， 尤其是在医疗保健、金融服务等传统行业，这将使得盈利和投资机会向更广泛的领域扩散。 汝平提示，市场对AI泡沫的担忧正在升温，某些细分领域的估值已明显过高。从大部分数据来看，AI 领域整体估值目前仍处于合理区间，尽管资本支出非常剧烈，但与企业盈利增长能够匹配。汝平建议， 需重点关注在AI大规模投入的同时，电力供给是否充裕等关键指标，在AI投资上需对精选个股的能力 提出更高要求。 五是私募市场。虽然当前交易活动已有所回暖，但汝平认为，融资难度不断增大。流动性压力同时也会 带来解决方案，这将诞生一系列投资机遇。目前，私募市场正在发生结构性变化，私募股权投资需要精 选具有深 ...

Core Viewpoint - The article discusses the rise in the dollar index alongside U.S. Treasury yields, as investors await more data to assess the Federal Reserve's interest rate path [1][8]. Group 1: Economic Indicators - The U.S. services PMI for December decreased to 52.5, while the composite PMI fell to 52.7 [2][10]. - The 10-year U.S. Treasury yield increased by 1.5 basis points to 4.18% [3][11]. Group 2: Bond Market Activity - Approximately 22 borrowers are expected to enter the investment-grade bond market, following a previous issuance of $37.1 billion [2][10]. - The underwriting department anticipates a total issuance of about $70 billion for the week [2][10]. Group 3: Currency Movements - The Bloomberg dollar spot index rose by 0.2%, rebounding after falling below the 100-day moving average of approximately 1209 points [1][9]. - The euro/dollar exchange rate fell by 0.3% to 1.1687 ahead of the eurozone inflation report [3][11]. - The dollar/Swiss franc increased by 0.5% to 0.7958, while the dollar/Canadian dollar rose by 0.3% to 1.3806 [5][15]. - The pound/dollar decreased by 0.4% to 1.3495 after briefly reaching its highest level since September [6][14]. - The dollar/yen rose by 0.2% to 156.69 [7][15]. Group 4: Market Sentiment - The implied volatility for the euro reached its highest level since the last European Central Bank meeting [4][12]. - Market makers are not adjusting positions based on customer trading flows or headlines, as they await key data such as the U.S. employment report [3][11].

西城区"两会"日前开幕。1月6日，新闻发布会在会场举行。新京报记者 薛珺 摄 周冠南介绍，"一轴六核三带"中的"一轴"即中轴线文化体验消费轴；"六核"分别为西单国潮时尚活力商圈、金融街高端商务和品质体验商圈、什刹海静雅慢 生活场景商圈、大栅栏北京坊文化商业融合商圈、天桥演艺消费主题商圈、马连道茶文化体验商圈等6个重点商圈；"三带"即开新大街（开阳桥到新街口） 古都文脉复兴带、西直门外现代都市活力带、菜市口特色创意生活带。 西城区商务局党组书记、局长周冠南介绍，2025年，西城"两区"项目落地金额达2091.22亿元，实现北京市第一个"五连冠"，在"两区"建设考评中获评A级。 实际利用外商直接投资超4亿美元，进出口总额居北京市第二。银联-Visa"北京中轴线无障碍支付服务旅游示范区"落地北京坊，全区离境退税备案商店270 家，同比增速42.8%，居北京市第二。 （来源：千龙网） 2026年，西城区将发挥国家金融管理中心核心优势，聚焦制度创新，推动更多高含金量开放政策先行先试。提升跨境金融服务能力，让驻区企业尽享制度创 新红利与高效服务体验。在国际消费体验方面，不断扩大离境退税商店覆盖范围，提升退税办理便捷性，依 ...

Core Viewpoint - The Chinese government is considering tightening export license reviews for certain heavy rare earth items due to Japan's recent poor performance, which could significantly impact Japan's economy [1]. Group 1: Export Control Measures - On April 4, 2025, China will implement export control measures on seven categories of heavy rare earth items, including samarium, gadolinium, terbium, dysprosium, lutetium, scandium, and yttrium, as per the Export Control Law [1]. - The Ministry of Commerce has previously stated that Japan's political actions have severely damaged Sino-Japanese relations, and if Japan continues its current stance, China will take necessary measures [1]. Group 2: Economic Impact on Japan - According to Nomura Research Institute, Japan relies almost 100% on China for heavy rare earths like dysprosium and terbium used in electric vehicle drive motor neodymium magnets, indicating a significant risk to Japan's economy if exports are restricted [1]. - If China imposes a three-month restriction on rare earth exports to Japan, it could result in a loss of approximately 660 billion yen, leading to a 0.11% decline in both nominal and real GDP [1]. - Should the restriction last for a year, the estimated loss would reach around 2.6 trillion yen, causing a 0.43% decrease in nominal and real GDP [1].

Group 1 - The company Noah Holdings (06686) announced a share buyback plan, committing to repurchase 123,000 shares at a cost of $275,900 [1]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The stock index futures market continued to rise sharply on Tuesday, and the spring offensive in 2026 has started ahead of schedule. Investors are advised to stay positive, focus on the central bank's liquidity management, and be aware of the potential impact of the annual report performance announcements of listed companies near the end of January. There are potential structured opportunities in L3 autonomous driving, domestic computing power, and AI applications. [6][7] - The bond market may maintain a volatile pattern in the short term, and investors are recommended to adopt a high - selling and low - buying strategy with a light position. [10] - The precious metals sector strengthened in the Asian session today, but prices may be under short - term pressure due to the annual parameter adjustment of major commodity indices. Investors can look for buying opportunities on dips. [12] - The container shipping index showed a pattern of opening low and closing high, and the main contract is expected to remain volatile at a high level. Spot enterprises can hold long hedging positions, and there may be positive arbitrage opportunities between EC2604 and EC2608. [15][16] 3. Summary by Relevant Catalogs 3.1. Current News - Venezuelan President Maduro pleaded not guilty in a US court, and his vice - president was sworn in as the interim president. [2] - The Trump administration plans to meet with US oil company executives to discuss increasing Venezuela's oil production. [3] - Chinese President Xi Jinping met with South Korean President Yoon Suk - yeol, and the two countries signed 15 agreements. [3][4] - Trump mentioned the need for Greenland again, which triggered a backlash from many countries. [4] - The US manufacturing industry contracted for the 10th consecutive month in December, and the short - term recovery possibility is low. [4] - The People's Bank of China announced the liquidity injection of various tools in December, with net injections in some items and net withdrawals in others. [5] 3.2. Variety Views 3.2.1. Stock Index Futures - On Tuesday, the Shanghai Composite Index rose 1.50% and broke through the high of last year. The trading volume of the Shanghai and Shenzhen stock markets increased significantly. The underlying indices and futures contracts of stock index futures all rose. The non - silver finance, chemical, and non - ferrous sectors led the gains, and only the communication sector closed down. [6] - The overseas macro - environment is relatively friendly, and China's economy usually has a "good start" in the first quarter. The macro - policy will remain positive and loose at the end of the year and the beginning of the new year, which is conducive to the recovery of market risk appetite. [7] - There are potential opportunities in L3 autonomous driving, domestic computing power, AI applications, and other fields. The prices of lithium carbonate, precious metals, and non - ferrous metals futures will affect the related sectors. Attention should also be paid to controllable nuclear fusion and brain - computer interface. [7] 3.2.2. Treasury Bond Futures - On Tuesday, the central bank conducted 162 billion yuan of 7 - day reverse repurchase operations, with 312.5 billion yuan of reverse repurchases maturing, resulting in a net withdrawal of 296.3 billion yuan. The money market was loose. [10] - Affected by the lower - than - expected bond - buying scale in December announced by the central bank the previous day, treasury bond futures opened and moved lower, and TL2603 hit a new low. The strong performance of the equity market also suppressed the bond market. [10] - The bond market has been volatile recently due to the recovery of risk appetite and concerns about supply. The relaxation of the bond fund redemption fee rate and the extension of the transition period in the new regulations will help the bond market recover, but there is still supply pressure in the first quarter. There is still a possibility of a reserve requirement ratio cut in January. [10] 3.2.3. Precious Metals - In the Asian session today, the precious metals sector strengthened, with silver leading the gains. Gold, silver, platinum, and palladium rose 1.27%, 7.06%, 6.02%, and 5.16% respectively. [12] - Speculative funds mainly reduced their positions, except for silver. The unexpected delivery of the January Cmx silver futures and the low ratio of registered warehouse receipts ignited market sentiment, and the rapid decline of domestic inventory supported the price increase in the Asian session. [12] - Due to the annual parameter adjustment of major commodity indices, the prices of precious metals may be under short - term pressure, and investors are advised to look for buying opportunities on dips. [12] 3.2.4. Container Shipping Index - The container shipping index opened low and closed high on Tuesday. The price - holding efforts of shipping companies supported the index valuation, and the spread repair boosted the EC2604 contract. [15] - The spot market's booking situation in mid - and early January is good, and the shipping demand is relatively stable compared with December. The probability of shipping companies' successful price - holding is expected to increase. [16] - The short - term outlook for the main contract is high - level volatility. Spot enterprises can hold long hedging positions, and there may be positive arbitrage opportunities between EC2604 and EC2608. [16] 3.3. Future 24 - Hour Key Data - Tonight (17:30): UK December SPGI Services PMI Final Value, previous value 52.1, forecast value 52.1; (21:00): Germany December CPI Annual Rate Preliminary Value, previous value 2.3, forecast value 2. [17] - Tomorrow (21:15): US December ADP Employment Change, previous value - 32,000, forecast value 48,000; (23:00): US December ISM Non - manufacturing Index, previous value 52.6, forecast value 52.3; (23:00): US October Durable Goods Orders MoM Final Value, previous value - 2.2%, forecast value - 2.2%. [18]

Core Viewpoint - The establishment of the "Yuanxin Jicheng (Xiamen) REITs Investment Fund" with a target scale of 5.5 billion yuan marks a significant step in Xiamen's efforts to deepen financial reform and activate existing assets, aligning with national strategies for financial supply-side structural reform [3][5]. Group 1: Fund Overview - The fund is the first locally government-guided REITs theme fund in the country, highlighting Xiamen's innovative practices in financial reform and urban development [3]. - The fund has a target scale of 5.5 billion yuan and a duration of 10 years, focusing on listed REITs projects with support from strategic partners like Zhongbao Investment and CITIC Securities [5]. Group 2: Strategic Goals - The fund aims to activate existing assets by transforming high-quality assets in industrial parks, affordable housing, and new infrastructure into liquid capital through REITs [6]. - It seeks to enhance asset operation quality by introducing professional expertise from leading institutions and exploring replicable models [6]. - The fund intends to create a new financial service ecosystem by collaborating with various financial institutions to guide long-term capital towards infrastructure and strategic emerging industries [6]. Group 3: Operational Framework - Jinyuan Group plans to develop a distinctive "Jinyuan REITs model" by leveraging its diverse financial licenses to establish a comprehensive service system covering the entire REITs process from asset discovery to management [7]. - The initiative aims to foster deep integration of finance and industry, exploring new pathways for asset activation and capital empowerment to drive high-quality economic development in Xiamen [7].