罗马尼亚移民总局（IGI）数据显示，截至2025年9月30日，当年已签发83,914份外籍劳工就业及派 遣许可，另有7,418份申请正在审批中，整体数量低于2024年签发的105,977份许可。同期，罗方共签发 61,954份就业临时居留许可和156份派遣居留许可，而2024年分别为110,365份和339份。罗外交部补充 称，截至2025年9月26日，已向外国公民发放42,544份工作签证，拒绝9,851份长期工作及派遣签证申 请，撤销272份签证，另有4,648份申请仍在处理中。 （原标题：罗马尼亚拟于2026年引入9万名外籍劳工，应对多行业用工短缺） 据罗马尼亚通讯社近日报道，罗马尼亚劳工部长表示，政府已批准在2026年向国内劳动力市场引入 9万名新的外国工人，以缓解持续加剧的用工紧张局面。目前人员短缺主要集中在服务业、建筑业和运 输业等领域，其中快递员缺口达26,275人，货物搬运工20,912人，装修工人20,484人，建筑工人17,799 人，商业服务人员16,246人；同时，运输和餐饮相关岗位缺口同样较大，包括汽车和货车司机12,237 人、厨师助理12,077人、公路货运司机11,135人、建 ...

Core Viewpoint - The construction industry in Croatia is set to increase wages by 10% starting in February, along with enhancements to tax-free benefits, in response to ongoing labor shortages and to improve worker conditions [1] Group 1: Wage Increase and Benefits - A collective agreement amendment has been signed by the Croatian Employers' Association and the construction union, mandating a 10% increase in the basic total income for all construction workers [1] - In addition to the wage increase, 15 to 20 tax-free benefits will also be enhanced [1] Group 2: Industry Challenges - Despite the mandatory nature of the agreement, some foreign and local companies are reportedly engaging in "under-the-table" transactions and reducing compensation, which undermines fair competition [1] - The president of the Employers' Association, Habijanec, criticized these practices, stating they result in an annual loss of approximately 1 billion euros to the national treasury [1] Group 3: Labor Market and Economic Impact - Currently, wages in the construction sector are 20% lower than the national average, prompting the union to advocate for better pay and stricter regulations to address labor shortages [1] - The construction industry is a vital sector for Croatia, contributing about 8% to the GDP, and the aim is to ensure its sustainable development through improved worker conditions [1]

Group 1 - The core viewpoint of the article emphasizes the proactive response of the Hefei Luyang District Housing and Urban-Rural Development Bureau to the city's snow removal initiative, ensuring public safety during extreme weather conditions [2] - The Luyang District Housing Bureau, in collaboration with the local construction industry association, mobilized member enterprises to participate in snow and ice removal efforts, activating an emergency mechanism [2] - On January 19, the bureau coordinated the deployment of 25 specialized snow removal vehicles and equipment, including snowplows and spreaders, to ensure comprehensive coverage across 11 townships and streets in the district [2] Group 2 - The emergency response included the preparation of anti-slip chains, rescue tools, emergency lighting, and warming supplies, ensuring readiness for immediate action [2] - The district implemented round-the-clock emergency monitoring to guarantee prompt deployment for rescue operations as needed [2]

Quantitative Factors and Construction Methods 1. Factor Name: Large Order Transaction Amount Ratio - **Factor Construction Idea**: This factor captures the buying behavior of large funds by analyzing the proportion of large order transaction amounts relative to the total daily transaction amount[7] - **Factor Construction Process**: 1. Use tick-by-tick transaction data to identify buy and sell orders based on bid and ask sequence numbers 2. Filter transactions by order size to identify large orders 3. Calculate the proportion of large buy order transaction amounts to the total daily transaction amount Formula: $ \text{Large Order Transaction Amount Ratio} = \frac{\text{Large Buy Order Transaction Amount}}{\text{Total Daily Transaction Amount}} $ - **Factor Evaluation**: This factor effectively reflects the buying behavior of large funds[7] 2. Factor Name: Net Active Buy Amount Ratio - **Factor Construction Idea**: This factor measures the active buying behavior of investors by calculating the net active buy amount as a proportion of the total daily transaction amount[7] - **Factor Construction Process**: 1. Use tick-by-tick transaction data to classify each transaction as either active buy or active sell based on trade direction 2. Subtract the active sell transaction amount from the active buy transaction amount to obtain the net active buy amount 3. Calculate the proportion of the net active buy amount to the total daily transaction amount Formula: $ \text{Net Active Buy Amount Ratio} = \frac{\text{Active Buy Amount} - \text{Active Sell Amount}}{\text{Total Daily Transaction Amount}} $ - **Factor Evaluation**: This factor provides insights into the active buying behavior of investors[7] --- Factor Backtesting Results 1. Large Order Transaction Amount Ratio - **Top 5 Stocks by 5-Day Average**: 1. 惠博普 (92.6%, 99.6% percentile)[9] 2. 美年健康 (89.6%, 99.2% percentile)[9] 3. 志特新材 (89.2%, 99.2% percentile)[9] 4. 津滨发展 (88.4%, 99.6% percentile)[9] 5. 江南高纤 (87.7%, 98.8% percentile)[9] 2. Net Active Buy Amount Ratio - **Top 5 Stocks by 5-Day Average**: 1. 杭萧钢构 (16.7%, 99.8% percentile)[10] 2. 纬德信息 (15.4%, 100.0% percentile)[10] 3. 中科微至 (15.0%, 99.6% percentile)[10] 4. 新风光 (13.8%, 100.0% percentile)[10] 5. 联合水务 (13.3%, 97.5% percentile)[10] 3. Broad-Based Indices - **Large Order Transaction Amount Ratio (5-Day Average)**: - 上证指数: 73.8% (12.8% percentile)[12] - 上证50: 70.6% (64.2% percentile)[12] - 沪深300: 73.1% (64.2% percentile)[12] - 中证500: 73.0% (6.6% percentile)[12] - 创业板指: 71.6% (90.1% percentile)[12] - **Net Active Buy Amount Ratio (5-Day Average)**: - 上证指数: -5.8% (86.8% percentile)[12] - 上证50: -12.9% (90.5% percentile)[12] - 沪深300: -8.8% (89.3% percentile)[12] - 中证500: -3.4% (86.0% percentile)[12] - 创业板指: -4.4% (84.8% percentile)[12] 4. Industry-Level Results - **Top 5 Industries by Large Order Transaction Amount Ratio (5-Day Average)**: 1. 房地产: 79.8% (90.1% percentile)[13] 2. 煤炭: 78.5% (66.3% percentile)[13] 3. 钢铁: 78.2% (42.8% percentile)[13] 4. 建筑: 77.9% (24.3% percentile)[13] 5. 综合: 77.8% (50.6% percentile)[13] - **Top 5 Industries by Net Active Buy Amount Ratio (5-Day Average)**: 1. 房地产: -9.5% (95.1% percentile)[13] 2. 电子: 2.2% (78.6% percentile)[13] 3. 汽车: 0.9% (60.9% percentile)[13] 4. 家电: 0.1% (84.4% percentile)[13] 5. 通信: -4.7% (89.7% percentile)[13] 5. ETFs - **Top 5 ETFs by Large Order Transaction Amount Ratio (5-Day Average)**: 1. 华泰柏瑞中证A500ETF (92.9%, 96.3% percentile)[15] 2. 易方达中证A500ETF (91.6%, 100.0% percentile)[15] 3. 国泰中证A500ETF (91.5%, 15.6% percentile)[15] 4. 华泰柏瑞沪深300ETF (91.0%, 99.2% percentile)[15] 5. 易方达沪深300ETF (91.0%, 99.6% percentile)[15] - **Top 5 ETFs by Net Active Buy Amount Ratio (5-Day Average)**: 1. 东财上证科创板50成份ETF (23.4%, 100.0% percentile)[16] 2. 海富通上证城投债ETF (20.9%, 88.5% percentile)[16] 3. 国泰上证10年期国债ETF (15.6%, 61.3% percentile)[16] 4. 富国创业板人工智能ETF (14.3%, 65.9% percentile)[16] 5. 嘉实中证稀土产业ETF (14.1%, 92.6% percentile)[16]

利欧股份：停牌核查完成 股票复牌 利欧股份公告，停牌期间，公司就股价波动的相关事项进行了核查。鉴于相关自查工作已完成，经公司申请，公司股票将于2026年1月21日（星期三）开市 起复牌。公司在部分业务场景中推进AI相关业务的应用与建设，但目前整体尚未形成规模性的盈利模式，其收入在公司整体营业收入中占比较小，对公司 整体经营业绩及财务状况不构成重大影响。公司主营业务分为泵与系统业务和数字营销业务两部分，公司业务未发生重大变化。公司及子公司生产经营正 常，不存在应披露而未披露的重大信息。 以下是第一财经对一些重要公告的汇总，供投资者参考。 【品大事】 万科A："21万科02"全部或部分回售给公司 回售价格为100元/张(不含利息) 万科A公告，"21万科02"的债券持有人在回售登记期内(2025年12月9日至2025年12月15日)选择将其所持有的"21万科02"全部或部分回售给公司，回售价格为 100元/张(不含利息)。根据中国证券登记结算有限责任公司深圳分公司提供的数据，"21万科02"本次回售登记期有效回售申报数量1032.1万张，剩余未回售 债券数量为67.9万张。发行人拟不对本次回售债券进行转售。 康欣 ...

Report Industry Investment Rating - Not provided Core Viewpoints - A-share major indices closed collectively lower, with the three major indices opening higher and closing lower. The Shanghai Composite Index briefly fell below 4,100 points in the morning. Small and medium-cap stocks were weaker than large-cap blue-chip stocks, and the Shanghai 50 was the most resilient among the four broad-based indices. As of the close, the Shanghai Composite Index fell 0.01%, the Shenzhen Component Index fell 0.97%, and the ChiNext Index fell 1.79%. Trading volume in the Shanghai and Shenzhen stock markets rebounded slightly. Most industry sectors rose, with the petroleum and petrochemical, and building materials sectors leading the gains, while the communication sector fell sharply. [3] - Overseas, on January 17, the United States imposed additional tariffs on eight European countries over the Greenland issue, intensifying market distrust of US dollar assets and further weakening the US dollar index. Domestically, in terms of the economic fundamentals, China's GDP further declined in the fourth quarter, but the annual economic growth target of 5% was still successfully achieved. In December, except for the added value of industrial enterprises above the designated size, fixed asset investment, social retail sales, and exports all declined year-on-year compared to November. [3] - Among the companies that have released their 2025 performance forecasts, only one-third have reported positive news. However, it is worth noting that most of the companies with positive profit forecasts are concentrated in high-tech industries such as artificial intelligence. Overall, there are still many positive factors in the A-share market. Although many economic indicators further declined in December, industrial production has grown steadily driven by industries representing new productive forces such as aerospace and artificial intelligence, which has weakened the negative impact of the decline in other economic indicators on the market to a certain extent. [3] - Since listed companies' annual report performance forecasts also echo this phenomenon, and listed companies related to aerospace and artificial intelligence have the largest weight in the CSI 500, they have a significant pulling effect on the CSI 500 index. Finally, driven by the foreign exchange settlement needs of export enterprises and the expectation of economic recovery, the RMB is still in an appreciation channel. Coupled with overseas risk events weakening the value of the US dollar, the strong RMB exchange rate supports the expectation of loose monetary policy in the first quarter, and the stock market is gradually converging with the foreign exchange market. The spring market is still advancing. [3] Summary by Relevant Catalogs Futures Disk - The latest prices of the IF (CSI 300) main contract (2603) and the IH (Shanghai 50) main contract (2603) are 4,708.6 and 3,075.4 respectively, with a decline of 18.4 and 3.0 respectively. The prices of the IF and IH sub-main contracts (2602) also declined. The latest prices of the IC (CSI 500) main contract (2603) and the IM (CSI 1000) main contract (2603) are 8,248.8 and 8,120.8 respectively, with a decline of 41.0 and 84.6 respectively. The prices of the IC and IM sub-main contracts (2602) also declined. [2] - The spreads between different contracts, such as the IF-IH, IC-IF, IM-IC, etc., also showed certain changes, with most spreads declining. The spreads between different quarters and the current month of each contract also changed, with some showing an upward trend and some showing a downward trend. [2] Futures Positions - The net positions of the top 20 in the IF, IC, and IM contracts all declined, while the net position of the top 20 in the IH contract increased. [2] Spot Prices - The spot prices of the CSI 300, Shanghai 50, CSI 500, and CSI 1000 all declined. The A-share trading volume was 28,042.35 billion yuan, and the margin trading balance was 27,231.75 billion yuan. The northbound trading volume was 3,237.70 billion yuan. [2] Market Sentiment - The proportion of rising stocks decreased, and the Shibor increased. The closing prices and implied volatilities of IO at-the-money call and put options also changed. The 20-day volatility of the CSI 300 index increased, and the trading volume PCR and position PCR both decreased. [2] Wind Market Strength and Weakness Analysis - The scores of the entire A-share market, technical aspect, and capital aspect all declined. [2] Industry News - In 2025, China's GDP was 14,018.79 billion yuan, a year-on-year increase of 5.0% at constant prices. The added value of industrial enterprises above the designated size increased by 5.9% year-on-year. National fixed asset investment (excluding rural households) decreased by 3.8% year-on-year, and real estate development investment decreased by 17.2% year-on-year. Social consumer goods retail总额 increased by 3.7% year-on-year. The average urban surveyed unemployment rate was 5.2%. [2] - In January 2026, the 1-year LPR was 3.0%, and the 5-year LPR was 3.5%, remaining stable for eight consecutive months since May 2025. [2] - As of January 20, 2026, 495 A-share listed companies had disclosed their 2025 performance forecasts, with 168 reporting positive news (104 with pre-increases, 35 with slight increases, 27 with turnarounds, and 2 with continued profits), a positive news ratio of 33.94%. 322 reported negative news, and 5 had uncertain performance. [2]

Market Overview - The A-share market showed a mixed performance today, with the Shanghai Composite Index slightly down by 0.01% closing at 4113.65 points, while the Shenzhen Component Index fell by 0.97% to 14155.63 points, and the ChiNext Index dropped by 1.79% to 3277.98 points [2][6] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 280.44 billion, an increase of 72 billion compared to the previous day [2] Market Dynamics - The market is experiencing a cooling trend, which can occur through either active or passive means. Currently, the market is responding rationally to regulatory signals, with state-owned entities playing a significant role in guiding market trends [4] - The broad-based ETFs, particularly the CSI 1000 ETF, have taken a leading role in market movements, indicating a shift in investment focus towards low-valuation sectors [4] Sector Performance - Significant outflows were observed in sectors such as CPU-related stocks, with NewEase ranked first in capital outflow. The photovoltaic sector also saw over 7 billion in outflows, affecting major stocks like Longi Green Energy and Tongwei Co. [5] - In contrast, sectors related to real estate, such as building materials and construction, showed relative stability, suggesting a migration of funds towards undervalued sectors [5] Regulatory Impact - The current regulatory approach aims to suppress excessive speculation in individual stocks by allowing indices to adjust moderately, which is intended to maintain a stable market environment leading up to the Spring Festival [6] - The overall market sentiment reflects a clear cooling trend, with a net outflow of nearly 100 billion in major funds, indicating the core objective of regulatory measures [6]

Group 1 - The market is experiencing a cooling trend, which can occur through either active or passive means, with the current situation reflecting a relatively rational market response to regulatory signals [1] - The China Securities 1000 ETF played a leading role in the market today, influencing the overall market trend alongside other major ETFs [1] - Structural differences in the market are notable, with major state-owned enterprises and financial stocks maintaining positive performance, while broad-based ETFs exerted downward pressure on speculative stocks [1] Group 2 - Significant capital outflows were observed in sectors such as CPU-related stocks and the photovoltaic sector, with over 7 billion yuan flowing out of the latter [2] - In contrast, sectors related to real estate, such as building materials and construction, showed relative stability, indicating a shift of funds towards undervalued sectors [2] - The regulatory goal is to suppress excessive speculation in individual stocks by gradually adjusting major indices to influence market sentiment [2] Group 3 - The market indices showed a clear cooling trend, with the Shanghai Composite Index down 0.01%, the Shenzhen Component down 0.97%, and the ChiNext Index down 1.79% [3] - The total trading volume reached 2.77 trillion yuan, with a net outflow of nearly 100 billion yuan, reflecting the core objective of regulatory cooling [3] - The current adjustment aims to maintain a stable market outlook before the Spring Festival while avoiding excessive market bubbles [3]

Core Insights - Romania's service trade totalled €687.6 billion from January to November 2025, marking a 13.4% increase [1] - Exports reached €398.7 billion, up 12.1%, while imports were €288.9 billion, increasing by 15% [1] - The service trade surplus was €109.8 billion, reflecting a growth of 4.9% [1] Group 1: Transportation Services - Transportation services trade amounted to €143.8 billion, a growth of 11.2%, accounting for 20.9% of total service trade [1] - Exports in this sector were €99.8 billion, up 15.8%, while imports were €44 billion, remaining stable [1] - Road transport services dominated with a trade value of €92.1 billion, representing 64% of transportation services [1] Group 2: Other Business Services - Other business services recorded a trade value of €171.3 billion, increasing by 21%, making up 24.9% of total service trade [2] - Exports were €94.4 billion, up 14.7%, and imports were €76.9 billion, rising by 30.8% [2] - Technical, trade-related, and other business services accounted for €88.8 billion, growing by 20.5% [2] Group 3: Communication, Computer, and Information Services - Trade in communication, computer, and information services reached €139.5 billion, a 10.7% increase, comprising 20.3% of total service trade [3] - Exports were €101.6 billion, up 11.8%, while imports were €37.9 billion, increasing by 7.6% [3] Group 4: Tourism Services - Tourism services trade totalled €140.6 billion, growing by 4.4%, and accounted for 20.4% of total service trade [4] - Exports were €48.9 billion, up 4.7%, and imports were €91.7 billion, increasing by 4.2% [4] Group 5: Processing Trade Services - Processing trade services saw a decline, with a total trade value of €27.5 billion, down 2.9%, representing 3.9% of total service trade [5] - Exports were €26.3 billion, decreasing by 2.6%, while imports remained stable at €1.2 billion [5] - The five sectors mentioned accounted for 90.4% of total service trade [5] Additional Insights - Financial services trade surged to €15.79 billion, a remarkable growth of 101% [5] - Intellectual property fees trade reached €12.23 billion, increasing by 18.5% [5] - Construction services trade was €14 billion, up 2.8%, while insurance and pension services trade was €5.38 billion, growing by 13.7% [5]

天风证券指出，中国经济增长引擎正从"债务-地产"驱动的旧范式，静默切换至"产业升级-利润修复"驱 动的新范式。政策重心从需求侧刺激转向供给侧秩序优化，其核心是通过"反内卷"政策驱动经济"利润 率修复"。该效果可按三层框架跟踪：框架一（公共财政逻辑）针对资源/垄断行业（如煤、电），通过 产能与定价管控保障其稳定利润与现金流，服务财政金融稳定，使其成为高股息、低估值的"价值压舱 石"。框架二（地方资产负债表逻辑）针对战略新兴制造业（如光伏、锂电），通过能耗、技术等门槛 调控加速低效产能出清，引导价格回归成本线之上，驱动行业盈利触底回升，具备"周期成长弹性"。框 架三（全球竞争逻辑）针对市场化出海行业（如新能源车），企业通过研发、品牌与渠道建设参与全球 竞争，实现"剩者为王"与定价权，代表"长期成长梦想"。三层框架的共同终点是改善相关行业盈利能 力，提升中国经济整体的利润率中枢。 央企共赢ETF（517090）跟踪的是富时中国国企开放共赢指数，该指数从A股和港股市场中选取100家中 国国有企业作为指数样本，其中包含80只A股和20只港股。指数编制侧重于企业的全球化布局与可持续 发展能力，并在选样中关注海外营收、绿色 ...