● 本报记者 葛瑶 国际资本对中国市场的关注度显著回升。去年境外投资者对中国市场的低配幅度从约2.5%收窄至约 1.3%，减少了约1.2个百分点的低配。瑞银全球金融市场交易部主管贺立言（Neil Hosie）日前在接受中 国证券报记者专访时表示："如果外资进一步降低低配幅度，将意味着可观的潜在资金流入。" 关注科技创新投资主线 贺立言表示，外资情绪正从此前的观望态度转向"谨慎乐观"。在他看来，中国市场估值优势凸显、企业 治理持续改善、科技创新动能不断增强，叠加全球投资者分散化配置需求上升，配置型资金的入场窗口 有望逐渐打开。瑞银预计中国股市2026年全年涨幅约18%，盈利增速约10%，机器人、人工智能、新能 源汽车、生物科技等科技创新赛道最受关注。 外资谨慎乐观 "谨慎但乐观"，贺立言用这一表述来概括当前外资的情绪基调。他观察到，与一年前同期相比，境外投 资者的心态已发生明显转变。"今年投资者正在做大量工作来深入了解中国公司，这和去年年初相比已 经有了很大不同。"他认为，这一变化在一定程度上受2025年A股市场表现带动：上证指数全年涨幅达 18.41%，沪深300指数涨幅超17%，强劲的市场表现开始吸引全球投 ...

关于2025年度计提减值准备的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： 证券代码：600517 证券简称：国网英大（维权） 公告编号：临2026-002号 国网英大股份有限公司 2025年度公司拟计提减值准备17,573.88万元，减少2025年合并报表利润总额17,573.88万元。本次计提减 值准备的相关财务数据未经审计，最终会计处理以年度审计确认后的结果为准。 国网英大股份有限公司（以下简称"公司"）于2026年1月27日召开第九届董事会第六次会议，审议通过 了《关于公司2025年度计提减值准备的议案》，现将具体情况公告如下： 一、计提减值准备情况概述 根据《企业会计准则》和公司会计政策的相关规定，为真实、准确和公允地反映2025年度的经营成果和 财务状况，公司对截至2025年12月31日的合并口径的各项资产进行了全面清查，对各类资产进行了评估 和分析，并进行了相应的减值测试，根据测试结果，拟对相关资产计提各类减值准备共计17,573.88万 元。具体情况如下： 人民币万元 ■ 二、计提减值准 ...

Group 1 - The core point of the article is the signing of a free trade agreement (FTA) between India and the European Union (EU), which aims to enhance market access, reduce trade barriers, and provide stable long-term planning and rules for businesses [3] - The FTA is significant as it covers 25% of global GDP and one-third of global trade, highlighting its potential impact on international trade dynamics [3] - The agreement includes cooperation in areas such as trade, security, and clean energy transition, indicating a broader strategic partnership beyond just trade [3] Group 2 - The EU Commission stated that the FTA is expected to double EU exports to India, with over 90% of EU goods export tariffs being eliminated or reduced, potentially saving up to €4 billion annually in tariffs on European products [3] - Specific tariff reductions include a significant decrease in automobile tariffs from 110% to 10%, with an annual quota of 250,000 vehicles, which will greatly improve market access for EU automotive products [4] - Additional agreements were signed, including a security and defense partnership and a comprehensive framework for the movement of people between India and the EU, further solidifying the relationship [3]

Financial Data and Key Metrics Changes - The company reported a focus on revenue growth and lean operations, with non-recurring items positively impacting results, indicating a strong operational focus [1][2] - The core payments business is expected to maintain an EBITDA margin above 30% in 2026, with a long-term goal of achieving 50% or greater [4][5] Business Line Data and Key Metrics Changes - LoadPay exited the quarter with annualized revenue of $1.5 million, with expectations to triple this amount in 2026 through a combination of account growth and increased revenue per account [11][12] - The pre-tax margin for factoring improved to around 33% in the fourth quarter, driven by technology and automation, with expectations for continued margin expansion [26][27] Market Data and Key Metrics Changes - The company anticipates a flat freight market for the upcoming year, which will influence growth projections for the factoring business [18][19] - The percentage of payments charged a fee increased from 31% to 35% in the fourth quarter, indicating improved monetization of the payments network [22][23] Company Strategy and Development Direction - The management aims to strengthen the network for secure data and payment transmission, which has led to revenue growth despite challenging market conditions [3] - The strategy includes building a strong balance sheet to withstand economic cycles while improving margins and profitability [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the trajectory towards profitability, emphasizing the importance of linking and funding accounts to drive revenue growth [12][14] - The company acknowledged the need for efficiency improvements in the face of expected expense increases in the first quarter [10] Other Important Information - The company is focused on cross-selling opportunities, with only 14% of current audit and payment customers using the intelligence solution, indicating significant growth potential [47] - Management noted that the network's growth has not followed initial expectations, but long-term prospects remain positive [57] Q&A Session Summary Question: Expense outlook for Q4 2026 - Management confirmed that the $6 million savings from the sale of a building and airplane is included in the first quarter estimate and will be part of the run rate going forward [10] Question: LoadPay revenue growth assumptions - LoadPay expects to open between 7,000 and 12,000 accounts in 2026, with a revenue target of $750 per account [12] Question: Contribution of Factoring as a Service to growth - Factoring as a Service is growing faster than other segments but remains immaterial in terms of overall growth contribution [18] Question: Cross-selling opportunities with audit and payment customers - There is significant room for improvement in cross-selling, with many customers not yet utilizing both services [21] Question: Expected revenue contribution from Trusted Freight Exchange - The Trusted Freight Exchange is still new, and while it is expected to drive revenue growth, the largest opportunity lies in cross-selling with existing customers [47] Question: Risks associated with credit loss expense - The company focuses on understanding the risks associated with underlying borrowers, with a short duration on average in the factoring business [69][70] Question: Strategic benefits of the ABL business - The ABL business was expected to complement transportation-related offerings but has not performed as anticipated [72]

Financial Data and Key Metrics Changes - The company reported a focus on revenue growth and lean operations, with non-recurring items positively impacting results, indicating a strong operational focus [1][2] - The core payments business is expected to trend above a 30% EBITDA margin in 2026, aiming for 50% or greater in the long term [4][5] Business Line Data and Key Metrics Changes - LoadPay exited the quarter with annualized revenue of $1.5 million, with guidance to triple this amount in 2026 through a combination of account growth and increased revenue per account [11][12] - The pre-tax margin for the factoring segment improved to around 33% in the fourth quarter, driven by technology and automation [26][29] Market Data and Key Metrics Changes - The company anticipates a flat freight market for the upcoming year, which will influence growth projections [19] - The percentage of invoices monetized in the payments segment increased from 31% to 35% in the fourth quarter, with further increases expected in the first quarter [22][38] Company Strategy and Development Direction - The management aims to strengthen the network for secure data and payment transactions, which has led to revenue growth despite a challenging trucking industry [3][5] - The company is focused on maintaining a strong balance sheet to withstand unforeseen cycles while improving margins and profitability [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth trajectory, emphasizing the importance of efficiency and balance sheet strength [2][3] - The company acknowledged the need for continued efficiency improvements in the face of seasonal expense increases [10] Other Important Information - The company has successfully integrated most legacy contract customers into its NextGen Audit, which is expected to enhance cross-selling opportunities [20][21] - The Trusted Freight Exchange (TFX) is still new, with the largest growth opportunities seen in cross-selling to existing audit and payment customers [46] Q&A Session Summary Question: Expense outlook and impact of asset sales - Management confirmed that the $6 million savings from the sale of a building and airplane is included in the first quarter expense estimates [10] Question: LoadPay revenue growth assumptions - LoadPay's revenue growth is expected from opening 7,000 to 12,000 accounts and increasing utilization, with top accounts generating over $5,000 annually [12][14] Question: Contribution of Factoring as a Service to growth - Factoring as a Service is growing rapidly but remains immaterial to overall growth; projections assume a flat freight market [18] Question: Cross-selling opportunities with audit and payment customers - Only 14% of current audit and payment customers use the intelligence solution, indicating significant cross-selling potential [46] Question: Credit loss expense and risk management - The company focuses on understanding the risks associated with underlying borrowers, emphasizing tight credit policies [68][69]

在国际金融环境日益收紧的背景下，这笔20亿美元的资金支持对于面临预算限制加剧和资本市场准 入受限的非洲国家来说，是一个重要杠杆。 （原标题：非洲开发银行与欧佩克国际发展基金承诺筹集20亿美元资金支持非洲发展） "EcoMatin"网站1月13日报道，1月12日，非洲开发银行与欧佩克国际发展基金在阿比让正式签署了 一份价值20亿美元（超1万亿中非法郎）的修订版谅解备忘录。根据非发行发布的信息，该协议涵盖 2026年至2030年，并建立在两家多边机构之间长期战略伙伴关系的基础上。"该协议旨在提高项目实施 效率，并在发展融资需求日益增长的背景下，支持具有强大经济和社会影响的投资。"所调动的资源将 主要用于非洲经济的关键领域，包括能源、农业和粮食安全、基础设施、人力资本发展以及气候适应能 力。其既定目标是支持非洲低收入国家制定经济转型、创造就业和可持续减贫战略。 ...

Core Insights - The Invesco RAFI Developed Markets ex-U.S. ETF (PXF) has achieved a 22.4% return over the past year, with a maximum drawdown of only 8.3%, indicating strong demand for international value exposure as investors shift away from U.S. growth stocks [1][2] Performance Comparison - PXF outperformed the iShares MSCI EAFE ETF (EFA) which returned 18.7% and the SPDR S&P 500 ETF Trust (SPY) which returned 19.2% during the same period, highlighting a significant shift in market leadership away from U.S. mega-cap technology [2] Dollar Dynamics - A key factor in the strong performance of international equities is the weakness of the U.S. dollar, which enhances the value of foreign earnings when converted back to dollars for U.S. investors [3] - The dollar's decline is influenced by expectations of Federal Reserve rate cuts and a narrowing interest rate differential with other developed economies [3][4] Methodology and Value Rotation - PXF employs a fundamental weighting methodology that favors companies based on their business strength rather than market capitalization, effectively capturing the value rotation towards sectors like financials and energy [6][7] - The fund's top holdings consist of cash-generative businesses that align with the RAFI metrics of sales, cash flow, and dividends, positioning it well for the current market trend [7] Future Outlook - The combination of dollar weakness and value outperformance is expected to create a favorable environment for fundamentally-weighted international exposure, making it a critical dynamic to monitor in the coming year [8]

2026.01.27 针对上述问题，陆控在公告中披露了整改措施：陆控前联席首席执行官和前首席财务官（均已离职）主 要负责设计和实施补偿性交易。对于在相关交易中负有责任或起到支持作用的人员，陆控正在考虑适当 的人员管理措施。此外，陆控已委任德勤作为独立内部监控顾问，对公司内部监控系统进行审查并提供 整改建议，以完善内部控制。 陆控在公告中表示，补充调查结果已提供给继任审计师安永进行2022年至2024年财报审计。纽交所已批 准其过往财报发布延期至2026年4月30日。"公司正在编制尚待刊发的财务业绩。公司正在积极推进相关 工作，包括配合审计、落实内部监控整改措施等，并将根据上市规则的要求适时就复牌进展作出进一步 公告。"陆控表示。 公告同步披露了陆控2025年第四季度经营情况摘要。数据显示，截至2025年12月31日，陆控总贷款余额 为1838亿元，较上年同期下降15.2%，其中消费金融贷款余额为596亿元，同比增长19.0%。截至2025年 12月31日，陆控已赋能贷款总额（不包括消费金融子公司）的30天以上逾期率为5.6%，而截至去年三 季度末为5.1%；消费金融贷款的不良贷款（NPL）率为1.2%，而截至 ...

2026.01. 27 本文字数：1206，阅读时长大约2分钟 陆控在公告中表示，补充调查结果已提供给继任审计师安永进行2022年至2024年财报审计。纽交所已批准 其过往财报发布延期至2026年4月30日。"公司正在编制尚待刊发的财务业绩。公司正在积极推进相关工 作，包括配合审计、落实内部监控整改措施等，并将根据上市规则的要求适时就复牌进展作出进一步公 告。"陆控表示。 作者 | 第一财经 杨倩雯 陆金所控股（06623.HK；LU.N）的关联交易审计风波又有进展。 1月27日晚，陆金所控股（下称"陆控"）发布有关复牌进度季度更新公告，披露了补充调查结果、整改措施 以及复牌进度等信息。 根据补充调查结果，在2017年至2023年期间，陆控向第三方深圳德诚投资发展有限公司（下称"德诚投 资"）提供了总计38.4亿元贷款。这些贷款的部分资金被德诚投资用于收购某些风险或风险理财产品的底层 资产，目的是用于补偿通过陆控平台购买相关亏损金融产品的零售投资者。 调查团队发现，上述用于补偿交易的贷款交易会计处理未反映上述贷款交易的经济实质，即德诚投资作为通 道方代陆控承接相关风险资产或风险理财产品的底层资产，支付对价以补 ...

Core Points - The article discusses the landmark trade agreement signed between the EU and India, which is expected to create a free trade area covering 2 billion people and significantly boost economic development for both parties [1] Group 1: Agreement Highlights - The agreement includes substantial tariff reductions and breakthroughs in market access, with nearly 97% of EU export products receiving tariff reductions or exemptions from India, potentially saving European companies up to €4 billion annually in tariff costs [3] - Key tariff reductions include a decrease in India's automotive tariffs from 110% to 10%, wine tariffs from 150% to 20%, and the complete elimination of tariffs on processed foods like pasta and chocolate [3] - In return, Indian industries such as textiles, jewelry, and leather will gain broader market access in the EU, with European companies receiving privileged access in sectors like financial services and maritime logistics [3] Group 2: Trade and Economic Impact - The EU-India bilateral trade in goods reached €120 billion in 2024, a nearly 90% increase over the past decade, with service trade adding an additional €60 billion [5] - The agreement is expected to double EU exports to India and provide critical support for India's infrastructure upgrades and job creation, with the EU being a significant source of technology and investment [5] Group 3: Strategic Cooperation - The trade agreement represents a strategic partnership between the EU and India, showcasing an alternative to a fragmented global landscape, with plans for additional agreements to facilitate the movement of seasonal workers, students, and skilled professionals, as well as enhance security and defense cooperation [8] - The collaboration aligns with the EU's goal to reduce dependence on the US and India's aim to diversify its military imports away from Russia, thus enhancing both parties' autonomy [8] Group 4: Next Steps - The core negotiations of the agreement have been completed, and it will now enter the internal approval process for both parties, with expectations for it to be implemented in the near term [9]