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].

尽管全球经济与地缘政治面临多重不利因素，摩根大通一位高管仍表示，该机构对今年推动更多首次公 开募股(IPO)及交易持乐观态度。 摩根大通欧洲、中东和非洲地区(EMEA)联席主管Matthieu Wiltz周二在接受采访时表示："当前市场情绪 积极，我们看到并购和IPO两大业务线的储备项目都非常充实。市场需求强劲——从客户反馈来看，他 们确实有意愿进入市场并把握当前机遇。" "当前市场整体流动性过剩，因此在部分交易中，若我们判断相关契约条款存在漏洞，有时会选择直接 拒绝合作，"Wiltz补充道。 去年次级汽车贷款机构Tricolor Holdings的突然崩盘导致摩根大通等多家银行蒙受损失，该行首席执行 官杰米.戴蒙因此警告称，私募信贷领域其他环节可能也会暴露出问题贷款。 Wiltz表示："如今，越来越多的联合投资方开始与我们及部分私募信贷机构合作。此前我们已建立严格 的尽职调查流程，而联合投资方的加入，更要求我们进一步压实尽职调查责任，确保每一笔交易决策的 科学性。" 汇编数据显示，摩根大通去年位列全球IPO承销商第三位，尽管去年4月美国关税政策公布后市场一度 陷入停滞，但全年交易总规模仍增长47%。该行在并 ...

对Harvey而言，这种反应基本合乎情理，但也印证了他的一贯观点：历经三年牛市推动股票市场上涨约 80%后，投资者已对风险变得麻木。期间虽有波动，最显著的是4月初美国总统唐纳德·特朗普首次公布 关税计划后持续数日的暴跌。但此后标普500指数强势反弹39%，每次回调都被视为买入良机。 华尔街多头若想在2026年实现连续第四年两位数回报，则需要诸多利好因素齐聚。美国与其邻国的贸易 紧张局势依然高企，美国经济显露疲态，即便历经三次降息后利率仍居高不下，而人工智能板块远非稳 操胜券。 地缘政治风险同样不容忽视。尽管美国在委内瑞拉的军事行动未冲击美国金融市场情绪，但突如其来的 行动提醒投资者：在这个经历着世代性地缘政治变革的世界里，任何交易理论都可能脆弱不堪。 CIBC Capital Markets股票与投资组合策略主管Christopher Harvey周一表示，"我们认为市场低估了宏观 风险 —— 而这次美国干预委内瑞拉的行动，正是我们未曾预见的宏观风险。" 迄今为止，华尔街对此次抓捕尼古拉斯·马杜罗的突袭行动反应平淡。标普500指数周一上涨0.6%，原油 价格小幅攀升。部分避险资产走强，尤以黄金和美国国债为甚。 ...

Core Insights - The "Bet on China" top ten core asset portfolio launched by the company has shown strong performance, with a 3.6% increase on January 5, 2026, outperforming the Shanghai Composite Index and Hang Seng Index [1] - The portfolio has continued to rise, with a 2.65% increase on January 6, 2026, further exceeding the performance of major indices [1] - Year-to-date, the portfolio has accumulated a 6.14% increase, significantly surpassing the Shanghai Composite Index's 2.89% and Hang Seng Index's 4.29% [1] Company Performance - Alibaba-W (HK09988) saw a total increase of 7.0% over two trading days [1] - China Ping An (SH601318) increased by 5.8% [1] - WuXi AppTec (HK02268) rose by 4.4% [1] - Tencent Holdings (HK00700) increased by 4.3% [1] - Trip.com Group-S (HK09961) rose by 4.1% [1] - Oriental Fortune (SZ300059) increased by 2.5% [1] - Zhongji Xuchuang (SZ300308) rose by 2.2% [1] - Luoyang Molybdenum (SH603993) increased by 2.2% [1] - Gold ETF (SH518880) rose by 2.1% [1] - Wanhua Chemical (SH600309) increased by 0.9% [1] Future Outlook - The strong performance of core assets is attributed to the company's deep insights into industry trends and the economic pulse of China [2] - The company aims to continue identifying quality assets in the context of China's economic transformation, providing investors with precise asset allocation references [2] - The recent performance is seen as just the beginning of the value release of the core assets [2]

Group 1 - The core point of the article indicates that as of December 31, Morgan Stanley's long position in Contemporary Amperex Technology Co., Ltd. (CATL) H-shares has decreased from 8.97% to 6.59% [1]

Core Viewpoint - The article emphasizes the strong performance of the "Betting on China" top ten core asset portfolio, which has significantly outperformed major indices, showcasing the effectiveness of the research institute's asset selection strategy [2][3]. Performance Summary - As of January 5, 2026, the "Betting on China" portfolio increased by 3.6%, outperforming the Shanghai Composite Index's 1.4% and the Hang Seng Index's 2.8% [3]. - Year-to-date, the portfolio has risen by 6.14%, surpassing the Shanghai Composite Index's 2.89% and the Hang Seng Index's 4.29% [3][4]. - Notable individual performances include Alibaba (+7.0%), China Ping An (+5.8%), and WuXi AppTec (+4.4%) from January 2 to 5, 2026 [3][4]. Asset Selection - The core assets selected include: - Zhongji Xuchuang (AI computing/advanced manufacturing) with a market cap of 6,778 million RMB - Tencent (AI applications) with a market cap of 49,160 million RMB - Alibaba (AI/cloud computing) with a market cap of 24,500 million RMB - China Ping An (finance) with a market cap of 12,400 million RMB - WuXi AppTec (pharmaceuticals) with a market cap of 15,151 million RMB [2]. Future Outlook - The strong performance at the beginning of the year is seen as just the start of the value release of the core assets, with the research institute committed to identifying quality targets in China's economic transformation [6].

Core Viewpoint - The 2026 National Foreign Exchange Management Work Conference emphasizes the need to deepen foreign exchange facilitation reforms to enhance high-quality development vitality [1] Group 1: Key Focus Areas for 2026 - The conference aims to optimize trade foreign exchange business management and orderly expand high-level opening pilot projects for cross-border trade [1] - There will be increased support for the development of new trade formats such as cross-border e-commerce and improvements in enterprise trade credit reporting management [1] - The goal is to build an open, diverse, well-functioning, and competitively orderly foreign exchange market [1] Group 2: Support for Financial Institutions and SMEs - Financial institutions are encouraged to develop simple and user-friendly foreign exchange risk hedging products to reduce hedging costs for small and micro enterprises [1] - There will be an enhancement of the service level of foreign exchange market infrastructure [1] Group 3: Policy Implementation and Evaluation - The conference will continue to focus on the "five major articles" of finance and expand the application scenarios of cross-border financial service platforms [1] - There is a need to strengthen the transmission and evaluation of foreign exchange policies to improve the effectiveness of policy implementation [1]