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On the 17th local time, many major markets around the world were closed due to traditional holidays, and trading in the precious metals market was light. Against the background that expectations of interest rate cuts by the Federal Reserve have cooled, gold encountered resistance at the key psychological level of $5,000 per ounce, which coupled with profit-taking by some investors, intensified the downward pressure on precious metal prices.

Following yesterday's sharp reversal after first falling and then rising, as of 12:30 Beijing time on the 17th, the spot gold price in London was reported at 4,956.77 US dollars per ounce, down 0.72%;

Spot silver price was at $75.325 per ounce, down 1.64%;

The price of gold futures for April delivery on the New York Mercantile Exchange was US$4,971.60 per ounce, a decrease of 1.48%.

Silver futures for March delivery were at $75.505 per ounce, a decrease of 3.15%.

Since the beginning of 2026, gold and silver prices have risen and fallen back successively, but the trends during the adjustment have clearly diverged. As of press time, spot gold still maintains a gain of about 15% during the year; silver has shrunk sharply from a cumulative gain of more than 50% at the beginning of the year to about 6%.

Ao Chong, chief analyst of the metal industry at CITIC Securities, said in an interview with reporters: "Liquidity is a core factor that has driven the rise of most global assets throughout this round. Therefore, we have a good understanding that assets that are closer to liquidity and money are likely to rise faster. Secondly, we believe that under the current circumstances, geopolitical conflicts are becoming more and more intense, causing gold to continue to play the role of a safe haven. I think the upward trend of gold prices has not ended, and it is still an asset that can be invested.”

statement

【When Spring Festival travel is in progress】

Guangming Daily reporter Zhang Shiying Guangming Daily correspondent Zhang Long Hu Feng

At 6 o'clock in the morning on February 11, although it was past the beginning of spring, the temperature in Suihua City, Heilongjiang Province was still approaching minus 20 degrees Celsius. It's not yet dawn, but there is already traffic flowing through the 119KM railway crossing on the Binbei Line. Crossing officer Wu Chunyan had just taken over the shift, and clear instructions came from the walkie-talkie in her hand: "Down, a train is coming!" "121KM crossing passenger train forecast!" She immediately replied with a steady voice, then pressed the control button, and the guardrail slowly closed – this was the 18th train passing this crossing that day.

As the "throat" connecting Suihua City and surrounding towns, this crossing crosses the Suijia Line, Binbei Line and China-Europe Express Outbound Line, with an average of more than 120 trains per day. During the Spring Festival travel period, surrounding people, traffic flow to visit relatives, and passenger and freight trains intersect here, and the locals vividly call it "Tiger's Mouth".

"We are most afraid of pedestrians and vehicles crossing the line." Gao Dan, the crossing guard, said while rubbing his hands that were red from the cold. She and Wu Chunyan partnered up to come out before the train passed, diverting traffic and closing railings in the cold wind, sometimes for several hours at a time. Gao Dan said frankly: "The timing of closing the railings is very important – there will be traffic jams if it is too early, and it will be dangerous if it is too late." The two worked out a "2-minute bar closing rule": predict the arrival time of the train 2 minutes in advance and close the railings accurately to avoid the backlog of vehicles and ensure safety.

At 11 a.m., the intersection entered busy hours. Within 10 minutes, three trains roared past, the railings opened and closed repeatedly, and there was a long queue of vehicles. "Can you hurry up? How long have you been waiting?" a driver rolled down his window and shouted. Gao Dan stepped forward quickly and explained with a sigh of relief: "Master, look, this bus just passed by, safety first."

With the advancement of the "15th Five-Year Plan", the capacity expansion and reconstruction project of the Harbin-Suiyuan-Beilong Railway has been put on the agenda. By then, this century-old railway crossing will be replaced by a highway-span railway overpass.

"When the traffic flow becomes smoother, we can also 'upgrade' our positions!" In the cold wind, the figures of the two crossing guards were intertwined with the steel torrent of the train.

"Guangming Daily" (Page 02, February 17, 2026)

Preface

Tensions in East Asia are a natural spillover of the game between China and the United States.

But the changes in 48 hours just illustrate another thing.

Risks are not pushed out, but actively raised.

Japan is speaking out in multiple directions at the same time, and the island continues to push the issue outward, but the United States appears increasingly passive.

When there are more people creating tension, there are fewer people who can actually control the situation.

Part One Historical Context

Japan's foreign policy in recent years has undergone a significant change.

There is no longer a single point of pressure, but multi-line testing.

From security issues to historical issues to regional sovereignty disputes, Japan has gradually connected multiple directions in an attempt to enhance its presence in the regional game. This approach creates buzz in the short term, but builds up pressure in the long term.

The reactions of South Korea and Russia show that this strategy is not without costs.

For Japan, the economic recovery is sluggish and the external environment is complex. It should have reduced its risk exposure, but it chose to operate in the opposite direction.

Strategy is not shouted, but calculated.

Part 2 Key Game

The action on the island is more directional.

The focus of Lai Qingde's recent external expressions is not to analyze the situation, but to shape the narrative.

By amplifying the spillover effects in the Taiwan Strait, it attempts to remind the United States to continue to maintain high-intensity intervention. This approach essentially deeply binds one's own safety to external attitudes.

The problem is that the United States is not incomprehensible.

The increased investment from allies will only increase the decision-making costs of the United States.

Especially when the United States' own financial, industrial and electoral pressures are stacked, continuing to raise risks is not in line with real interests.

Treating risk as a bargaining chip will often hurt yourself first.

Part Three: Chinese Characters and the Influence of Ordinary People

In contrast, mainland China's response appears restrained and clear.

Faced with noise from many directions, China did not dance to the rhythm, but maintained its communication window and policy stability.

On February 12, Chinese Foreign Ministry spokesperson Lin Jian made it clear that there is a basis for communication between China and the United States, and the essence of economic and trade relations is mutual benefit and win-win results. This statement releases stable expectations.

This kind of stability is not abstract to ordinary people.

It is related to the foreign trade environment, industrial chain security, and market confidence.

Because of this, the distinction between who is creating fluctuations and who is stabilizing the fundamentals has become increasingly clear.

What really affects life is never slogans, but rhythm.

ending

The 48-hour fluctuation will pass soon.

But the problems left behind won't go away.

Japan hopes to enhance its strategic position through multi-front actions, the island hopes to use external forces to continue its confrontational path, and the United States is forced to repeatedly weigh its commitments and capabilities.

And reality has already given the answer.

In the chess game of East Asia, mainland China cannot be bypassed.

Without stable Sino-US relations, it will be difficult for the United States to coordinate the region; without restraint and communication, it will be difficult for either party to truly benefit.

The situation will eventually cool down, but the direction is already clear.

On the stage, an unusually tall "Wu Sheng" put on his appearance, waved his hands and shook his head, making facial makeup, which caused bursts of cheers from the audience. The child sitting in the front row opened his mouth wide, and the candied haws in his hand stopped in mid-air.

On the eve of the Spring Festival, lanterns are hung high in the living hall of Qingte Binhu Community in Laixi City, Qingdao City, Shandong Province, and they are full of joy. At the "Intangible Cultural Heritage Projects Entering the Community" event organized by the local folklore society, the "face-changing" puppets of the Lacey Puppet Art Troupe became the most dazzling "corner" in the eyes of community residents.

"Sister, how does the big puppet move?" After the performance, the children gathered around, holding the sleeves of the puppet and curiously asking this and that – this was the most fulfilling moment of Zhan Manman's grassroots performance, the sixth generation inheritor of Laixi Puppetry, a representative project of provincial intangible cultural heritage, and the head of Laixi Puppet Art Troupe.

"The reason why the big puppet can 'come alive' lies in these two sticks." Zhan Manman shook the wooden stick lightly, and the "Tiannu" puppet instantly "came alive" and waved her long sleeves to say hello.

At the event site, the troupe also "moved" a miniature version of the "Puppet Workshop". Seven or eight pairs of small hands holding carving knives and mallets danced up and down. After a while, images such as a tall horse with firecrackers on its tail and a New Year doll wearing a bellyband with the word "Fu" began to take shape. "Cultural rural areas not only allow everyone to watch the 'lively' performances, but also allow everyone to learn the 'knowledge' of making puppets." Zhan Manman's eyes stayed on the children.

Zhan Manman said that in order to adapt to the new characteristics and new requirements of the cultural life of the masses in the new era, promoting inheritance through innovation has become an important topic for Laixi Puppetry. "On the basis of inheriting traditional story plays such as "Three Strikes of White Bone Demons", we have developed new plays such as "Puppet Changing Face", "Flower Flowers and Full Moon", and "The Farmer and the Snake". At the same time, we boldly tried to combine puppets with modern cartoon and animation images, and launched a number of animation plays that children love."

Keeping integrity and innovating has also pushed Lacey Puppet onto a broader stage. Today, the troupe has traveled to Shandong, Beijing, Henan and other places, as well as to more than ten countries in Europe, America, Central Asia, and Southeast Asia.

"Guangming Daily" (Page 02, February 17, 2026)

As US President Donald Trump returns to the White House and US-EU relations face new tests, European Commission President Ursula von der Leyen said at the Munich Security Conference on the 14th that Europe must assume more responsibility for its own security and "must be more independent." She also pointed out that US Secretary of State Marco Rubio's speech on the same occasion that day was "very reassuring."

European Commission President von der Leyen delivered a speech at the Munich Security Conference on the 14th. (Reuters)

According to reports from Agence France-Presse, the Associated Press and the Guardian, von der Leyen admitted in her speech that in the past, Europe's security issues "were not always regarded as its primary responsibility." She emphasized that Europe must now "step up", take responsibility for its own security, and develop a new security strategy to "recalibrate the way we use various policy tools."

She said that Europe "must be more independent", especially in the field of defense, and should be ready and willing to use its own power in a more decisive and proactive manner to safeguard security interests. To do this, Europe "needs a new set of norms that ensure it can always defend its territory, economy, democracy and way of life – this is the true meaning of independence".

Von der Leyen also pointed out that Europe must build core capabilities to support strategic autonomy, including capacity building in key areas such as space, intelligence and long-range strike. "I think the time has come for Europe's mutual defense provisions to really work."

Earlier in the day, Rubio emphasized at the same meeting that the United States and Europe should remain united, trying to alleviate external concerns about the direction of transatlantic relations under Trump's administration. When asked about Rubio's speech, von der Leyen said his speech was "very reassuring." She added that she and Rubio were "on the same page" in calling for Europe to strengthen its preparedness to deal with current challenges.

According to the latest report from Russia's "Lenta.ru", Russian fishery and export companies have recently made a request to government departments, hoping to continue to retain the subsidy policy for export product transportation costs to avoid impact on foreign trade, especially the supply in the Chinese market. This news was disclosed by Russian media citing relevant industry association documents, reflecting the current cost pressure and export competition challenges faced by Russian foreign trade companies.

According to reports, the Russian National Fisheries Association (ВАРПЭ) and the Shipowners Association pointed out that the current federal project provides 25% compensation for transportation costs for agricultural exports. This support measure plays an important role in maintaining foreign market share. Companies are worried that if subsidies are eliminated or reduced, Russian aquatic products will lose their price advantage in overseas markets.

Documents show that one of Russia’s main export markets is China, especially fish, fish fillets and other seafood. Among the exports of related products in 2025, the Chinese market will account for a large share. Therefore, companies emphasize that the continuity of subsidies is crucial to maintaining stable exports to China.

The Russian Ministry of Agriculture stated in its response that relevant support policies are being reviewed and improved, but ensuring the competitiveness of Russian export companies is still one of the government's key concerns. Industry insiders believe that in the context of rising global logistics costs and intensified market competition, maintaining external transportation subsidies will help promote the growth of Russian agricultural exports to China.

Currently, Russian export companies and government departments are still negotiating details such as the scope, duration and coverage of subsidies. If relevant support continues to be implemented, it is expected to alleviate the pressure faced by Russian foreign trade companies and further consolidate business ties with China and other major trading partners.

On the evening of February 17, crude oil prices plummeted again after a short-term rise.

Affected by the latest news, safe-haven assets gold and silver also plummeted.

In terms of cryptocurrencies, Bitcoin fell below $67,000, down 2.9% on the day. As of press time, nearly 77,000 people in the global market have been liquidated.

On the news front, there is good news for the US-Iran negotiations.

According to CCTV News, on the 17th local time, Oman’s Ministry of Foreign Affairs posted on social platforms that before the start of indirect negotiations on the US-Iran nuclear issue that day, Oman’s Foreign Minister Badr held talks with US presidential envoy Witkov and Trump’s son-in-law Kushner in Geneva.

The statement stated that the talks conducted a comprehensive discussion around the overall background and advancement conditions of the US-Iran negotiations, focusing on arrangements at the political and technical levels. The statement pointed out that the two sides discussed relevant issues in a pragmatic and constructive spirit to enhance the chances of reaching consensus.

Oman also stated that the US-Iran negotiations held that day had achieved "real progress" and laid the foundation for continuing to advance negotiations in the near future.

On the 17th local time, Iranian Foreign Minister Araghchi said that the current round of Iran-US Geneva negotiations had serious discussions and the atmosphere was more constructive. The two sides were able to reach an overall consensus on a set of guiding principles and continue to advance the text of a potential agreement based on this. The two sides still have some issues that require further negotiation and may lead to an agreement.

Araghchi said that this round of negotiations is more in-depth than the previous round. The two sides put forward various ideas and reached an overall consensus on a series of guiding principles, on which a possible agreement text will be drawn up. But Araghchi also said that this does not mean that an agreement will be reached soon, but the relevant path has been opened. "When it comes to drafting the text of the agreement, the related work will be more difficult."

Araghchi said that the current negotiations are progressing well and the situation is optimistic. The specific time for the next round of negotiations has not yet been determined. The two sides agreed to negotiate on some texts first and then determine the time for the third round of negotiations.

Daily Economic News Comprehensive CCTV News

daily economic news

At around 4 pm on New Year's Eve, we followed the winding mountain road to Xuezhuang Village, Guanting Town, Yuanzhou District, Guyuan City, Ningxia.

This is an ordinary village hidden in a mountain nook. A few years ago, due to lack of water, most of the villagers went out to make a living, and it became a veritable hollow village.

Now, before entering the village, the sound of drums and cymbals was heard. Following the sound, I saw that in the small courtyard of the village committee, men, women, old and young were crowded, and a social fire rehearsal was in progress.

Four generations of the family of Zhang Weixing, a villager in Xuezhuang Village, have a New Year’s Eve dinner. Photo by our reporter Zhang Wenpan/Guangming Pictures

To the east, a group of strong men were dancing the golden dragon vigorously. The young man in the lead held up a big red hydrangea and played with it in different ways. The golden dragon followed closely, dancing with agility and vitality.

In the center of the courtyard, a group of women were performing Yangko, with colorful fans flying and red and green silk shirts and trousers flying, forming a spicy spring scene.

In the north corner, six girls are stacked in three rows to form the character "piece". The light body, gorgeous clothes, and changeable shapes are really beautiful.

In the village committee hall, a shadow puppet show is being performed. He played the role of "Three Strikes of White-Bone Demons". On the curtain, the white-bone spirit changes around, the Monkey King's Golden Cudgel can make big tigers and tigers fly, and the audience bursts into applause from time to time. A child gestured to his father next to him: "Did you see that? That golden hoop can spin!"

Backstage, 58-year-old Zhang Wanli was playing shadow puppets with his apprentice, his forehead covered with beads of sweat.

"How many shows were performed today?" we asked.

Zhang Wanli wiped his sweat and held out five fingers: "This is the fifth game! Now the tourists are coming one after another. We have to find all the special skills at the bottom of the box!"

Walking into the streets, every household has begun to post Spring Festival couplets. The district cultural center sent several calligraphers, and every table was crowded with villagers. Liu Haibing, secretary of the Party branch of Xuezhuang Village, took a newly written Spring Festival couplet and read it out loud: "The first couplet: Spring is early under Liupan Mountain; the second couplet: There is much joy in Xuezhuang Village; the horizontal line: Five blessings come to the door." The onlookers applauded one after another.

Speaking of "much joy", Liu Haibing became more energetic: "In the early years, drinking water was a headache. Every family relied on a water cellar to collect rainwater in summer and pour snow into it in winter. The water was really muddy soup. In drought years, the whole family would use one basin to wash their faces. Thank you The government diverted water from the Yellow River, and now every household has access to running water. With the water, various industries in the village have developed, especially the cultural and tourism industry, which has attracted a large number of workers. No, most people who have gone out have come back, and the village is becoming more and more popular. "

We asked to take a look at the water cellar, and he took us to the home of villager Zhang Weixing. Pointing to a cement board in the corner of the yard, he said, "That was the original water cellar. After renovation, it was connected to tap water."

Zhang Weixing, the owner of the hospital, heard the sound and came out. Hearing that he was a guest from Beijing, the simple old man insisted on inviting us to have New Year's Eve dinner together. There were more than a dozen people in the room gathered around the steaming hot pot, with side dishes piled high on the side.

We declined Lao Zhang's kindness and took a family photo for this big family of four generations, wishing them better days.

(Members of the interview team: Guangming Daily reporters Wang Huimin, Xie Wen, Wang Jianhong, Zhang Wenpan, Cui Xingyi)

"Guangming Daily" (Page 01, February 17, 2026)

The three major U.S. stock indexes all fell at the opening, with the Dow Jones falling 0.36%, the S&P 500 falling 0.75%, and the Nasdaq Composite falling 1.16%.

The Chicago Board Options Exchange Volatility Index (VIX), known as the "fear index", once hit 22.50, which was still around 17 at the beginning of last week's trading.

Large technology stocks generally opened lower, with Tesla falling more than 3%, Google falling more than 2%, Microsoft and Nvidia falling more than 1.4%, Apple rising 1.17%, and Amazon falling 1.31%. As of the last trading day, all seven technology giants have fallen across the board this year, and the index of the seven technology giants has fallen by 7.2% during the year.

TSMC's stock price fell 1.9%; Broadcom's stock price fell 1.4%; Oracle's stock price fell 3.26%; Micron Technology's stock price fell 3.1%.

U.S. gold concept stocks fell, with Harmony Gold falling 6%, Goldfields falling 4.6%, and Pan American Silver falling 4.4%.

PARAMOUNT SKYDANCE shares rose 9% as talks with Warner Bros. Discovery resumed.

China's Golden Dragon Index rose 0.05% to 7,595.70 points.

Chinese concept stocks rose against the trend, with Century Internet rising more than 3%, Weilai, Vipshop, and Pinduoduo rising more than 1%; Kingsoft Cloud falling more than 2%.

Hesai’s U.S. stocks rose more than 7% in early trading. As of press time, it rose 4.08%. Both Yushu's humanoid robots in the Year of the Horse Spring Festival Gala are equipped with Hesai JT128 lidar.

In terms of precious metals, gold and silver both fell. Spot gold once fell below $4,850, and spot silver also fell below $72, a new low since February 6. As of press time, spot gold fell by 2.64% and spot silver fell by 5.5%.

In terms of oil prices, WTI crude oil fell 1.76% to US$62.61/barrel; Brent crude oil fell 1.6% to US$67.55/barrel.

In terms of cryptocurrencies, Bitcoin fell below $67,000, down 2.9% on the day. As of 22:33, nearly 77,000 people in the global market have been liquidated.

On the news, on the 17th local time, Iranian Foreign Minister Araghchi said that the current round of Iran-US Geneva negotiations had serious discussions and the atmosphere was more constructive. The two sides were able to reach an overall consensus on a set of guiding principles and continue to advance the text of a potential agreement accordingly. The two sides still have some issues that require further negotiation and may lead to an agreement.

The order of the years is renewed, and the horse sets off. On the occasion of the 2026 New Year of the Horse, I would like to extend my sincere New Year greetings to all investors and friends, and wish you all good luck in the Year of the Horse, prosperous careers, and smooth investment!

The New Year contains new changes and opportunities. The impact of the current external environment is deepening, the growth momentum of the world economy is diverging, trade barriers are increasing, and there are uncertainties in inflation trends and monetary policy adjustments in major economies. The challenges of unstable overseas geopolitical environments and weak domestic supply and demand require us to respond actively and steadily.

Looking forward to 2026, my country will demonstrate its solid foundation and strong potential in the complex landscape of the global economy, give full play to the integrated effect of existing and incremental policies, increase counter-cyclical and inter-cyclical adjustments, improve the efficiency of macroeconomic governance, fully empower high-quality development with technological innovation, accelerate the conversion of old and new driving forces, and continue to deepen reform and opening up. On this basis, my country's economy is expected to achieve reasonable quantitative growth and effective qualitative improvement, providing investors with abundant opportunities.

In terms of expanding domestic demand, we expect that the endogenous potential of the economy will be fully released in the first year of the "15th Five-Year Plan", proactive fiscal policies will improve quality and efficiency, moderately loose monetary policies will maintain sufficient liquidity, industrial policies will develop new productive forces in accordance with local conditions, and promote the optimization of supply and the expansion of demand to promote each other, and other policies will also work at the same time. In 2025, commercial housing sales will be close to the long-term equilibrium level. In 2026, real estate will accelerate the construction of a new development model. The marginal impact of development investment on the economy will gradually decrease. Real estate-related financial risks will be effectively resolved, creating new hope for the recovery of the economic cycle. Promoting consumption upgrading through service consumption will become the key to expanding domestic demand. Implementing plans to increase the income of urban and rural residents and developing service trade will also open up new horizons for consumption. We predict that in 2026, the economy will achieve stable production, excellent structure, resilient external demand, and expanding domestic demand. The PPI decline is expected to narrow significantly. The consumption of core goods and services will support the stable CPI. The overall price will rebound reasonably. The nominal GDP growth rate is expected to rise to around 4.5%, laying a solid foundation for the development of the capital market.

In terms of building a modern industrial system, scientific and technological innovation will continue to give full play to its strategic supporting role in China's modernization drive. As breakthroughs in hard technology are made from point to point, new technologies, new products, and new scenarios continue to emerge, and the accelerated integration of the innovation chain, industrial chain, and talent chain will create greater market space. The country implements a new round of high-quality development actions for key industrial chains to strengthen the role of enterprises as the main innovation body, deepen the expansion of "artificial intelligence +", and enhance total factor productivity with technological empowerment. As an important part of the modern industrial system, the service industry will be deeply integrated with the manufacturing industry to promote the flow of resource factors and inject new impetus into economic growth and employment security. Driven by a high level of opening up, my country's service industry will also provide more and better Chinese services to the world.

In terms of major asset allocation strategies, bond investment pays attention to the signals of money market liquidity, participates in interest rate bonds with a range-bound approach, and strengthens the use of derivatives strategies. The short-term allocation value of credit bonds is relatively good, but you need to be wary of the risks of long-term credit bonds; equity investment grasps the industrial boom, profit restoration and reasonable valuation under the long-term bull and slow-bull pattern, explores the value of high-quality listed companies, and seizes the two main lines of technological growth and expanding domestic demand.

With bond interest rates falling and stock market indexes recovering, it becomes more difficult to achieve steady wealth appreciation through a single asset and a single strategy. Pengyang Fund deeply grasps the goal of finance for the people, practices the value of customer first and the purpose of professional and stable business operations, builds a platform-based, industrialized, and team-based investment research system, builds four major business lines of active fixed income, active equity, index quantification, and multi-asset, and lays out a product matrix along the risk-return curve. We will continue to improve the absolute return investment capabilities of active fixed income, the in-depth industry research and value discovery capabilities of active equity, the investment collaboration capabilities of multi-asset and multi-strategies, and the innovation capabilities of index quantitative investment. We will effectively give full play to the function of public funds as social wealth managers, serve the needs of the real economy, support the entry of medium and long-term funds into the market, and enhance investors’ sense of gain.

Spring opens a new chapter, and the horse travels far. In the face of the complex and ever-changing market environment, we hope that we will continue to move forward like a horse, discern opportunities with keen eyes, and plan for the future with a steady heart. I sincerely wish China’s capital market to ride on the momentum in the Year of the Horse, anchor the construction of a financial power, and seize the opportunity to deepen reform; I wish China’s economy to make rapid and steady progress, and continue to write new brilliance on the road of high-quality development; I wish all investors and friends a healthy new year, happiness to their families, and everything goes well, to embark on a new journey in the Year of the Horse, and to draw a new blueprint for investment!

About the author

Mr. Yang Aibin graduated from Fudan University in 1998 with a major in international finance and a master's degree in economics. He is currently the general manager of Pengyang Fund Management Co., Ltd. He started investing in bonds in 1999. He was one of the first practitioners of the inter-bank bond market. He served as a member of the first bond market committee of the China Inter-bank Dealers Association and witnessed the leap in the size of my country's bond market from 200 billion to 200 trillion. He once worked for Shanghai Pudong Development Bank, Ping An Insurance, and China Asset Management. Founded Pengyang Fund in 2016. In 2018, he was awarded the "Best Fund Manager of the 20th Anniversary of China's Fund Industry" by China Fund News.