Core Viewpoint - The adjustment of the valuation method for the Guotou Ruijin Silver LOF fund has led to a significant drop in its net asset value, raising concerns among investors regarding the timing and transparency of the announcement [1][3][4]. Group 1: Valuation Adjustment - On February 2, Guotou Ruijin Fund announced a change in the valuation method for its silver futures contracts due to significant price fluctuations in the international silver market [2][3]. - The fund's net asset value dropped from 3.2838 yuan to 2.2494 yuan, a decline of 31.5%, marking an extreme record for a single day [1][2]. - The new valuation method references the price changes in the international silver futures market, which allows for a more accurate reflection of the underlying asset's fair value [2][3]. Group 2: Investor Reaction - The timing of the announcement, made after the trading day ended, has sparked outrage among investors who felt blindsided by the sudden change in valuation rules [4][5]. - Investors expressed concerns about fairness and transparency, arguing that the lack of prior notice violated principles of timely information disclosure [4][5]. - Complaints and calls for action from investors flooded online platforms, highlighting dissatisfaction with the handling of the valuation adjustment [4][5]. Group 3: Company Explanation - Guotou Ruijin Fund stated that the decision not to announce the adjustment in advance was to prevent panic and potential runs on the fund [1][5]. - The company emphasized that the adjustment was necessary due to the extreme market conditions and the limitations imposed by domestic trading rules, which could lead to a misrepresentation of the fund's actual value [3][6]. - The fund clarified that the actual value of the assets is uncertain until the market closes, which justifies the timing of the announcement [6].

"短期来看，金银已完成60日均线回踩，进一步下探风险明显降低，但考虑隐含波动率仍处于高位，震 荡整理或仍是短期主基调。"南华期货贵金属新能源研究组负责人夏莹莹也称。 中信建投期货贵金属首席分析师王彦青则认为，目前还没有结束回调的信号。"应该还要震荡一段时 间，因为从回调到现在也就三天时间，还在波动过程中。"王彦青称。 【#金银回调要结束了吗#？#分析师称金银短期以震荡为主#】在经历大幅下跌后，国际金银价格在2月3 日早盘反弹飘红，国内沪金期货主力合约也有所回弹，跌幅收窄，但是沪银期货主力合约仍旧大幅下 跌。 截至发稿，伦敦现货黄金价格从2月2日最低4402.06美元/盎司，回弹至4700美元/盎司上方，上涨逾 2%；伦敦现货白银价格涨至82美元/盎司上方，上涨近4%。 从国内期货盘面来看，2月3日早盘，沪金期货主力合约开盘大幅拉升，一度飘红，之后又有所回调，截 至发稿跌幅超1%；沪银期货主力合约在2月2日日盘和夜盘连续跌停之后，3日开盘打开跌停，但是仍重 挫，截至发稿跌幅超19%。 国际金银价格反弹，是否意味着回调将结束，内盘遭受到的"连锁反应"冲击是否也将结束？ 对此，华闻期货总经理助理兼研究所所长程小勇对 ...

【#壹快评#｜供货705万给院长回扣247万，#整治医药商业贿赂须行贿受贿一起查#】结合国家医保局通 报的四起案件，笔者认为，要根除医药商业贿赂顽疾，需多管齐下、持续发力。 其一，必须坚持"行贿受贿一起查"，破除"重打击受贿、轻惩治行贿"的惯性。行贿是贿赂犯罪的源头， 唯有对行贿行为予以严厉惩处，提高违法成本，才能有效震慑企图通过不正当手段获取利益的企业。其 二，要进一步完善医疗机构内部决策与监督机制，杜绝关键岗位人员"一言堂"，推进采购流程公开透 明，切断利益输送通道。其三，持续深化医药招采制度改革，扩大带量采购覆盖范围，让价格回归合理 区间，压缩贿赂生存空间。其四，强化医保基金监管与智能监控，对异常采购、使用行为及时预警核 查，提升发现与查处腐败的能力。 ...

混合销售如何按主要业务适用税率更加清晰 中国增值税税率主要有三档（13%、9%、6%），有的企业一项业务涉及两个以上税率，业内称之为混 合销售，则需要按主要业务确定具体适用税率。而究竟如何确定这一税率，国家给出了答案。 "之前考虑到钢结构件、活动板房、机器设备比较大，安装价值比较高，如果统一适用13%税率，税负 可能会比较高，因此才专门给了特殊政策按兼营处理，建筑安装部分税率就适用9%税率。但这实际不 符合这一交易实质是卖货（适用13%税率），此次《公告》取消了前述特殊政策待遇。"葛玉御说。 根据今年起施行的增值税法及其实施条例，增值税一般纳税人销售货物等适用13%税率，销售交通运 输、建筑等适用9%税率，销售服务、无形资产适用6%税率，出口货物等适用零税率。另外，增值税小 规模纳税人适用3%征收率。 一般来说，企业不同的销售行为适用不同税率或征收率，如果业务之间没有关联，可以分别核算相关业 务，从而采用业务对应的税率。但实务中，有的企业一项应税交易可能涉及两个以上税率、征收率的业 务，且业务之间具有明显的主附关系，那么这一应税交易就需要按照主要业务适用税率来征税。 比如，充换电业务，从业务实质上看是向购买方 ...

Core Viewpoint - Cambricon is expected to achieve its first profitable year in 2025, but it may be experiencing a decline in quarterly revenue [1][3]. Group 1: Financial Performance - Cambricon forecasts revenue between 6 billion to 7 billion yuan for 2025, representing a year-on-year growth of 410.87% to 496.02%, with a net profit of 1.85 billion to 2.15 billion yuan, marking a turnaround from losses [3]. - In Q3 2025, Cambricon reported revenue of 1.727 billion yuan, a year-on-year increase of 1332.52%, and a net profit of 567 million yuan, also showing a positive shift [5]. - However, on a quarter-on-quarter basis, Q3 revenue declined by 2.4% and net profit decreased by 17% [5]. Group 2: Market Reactions and Comparisons - Following the earnings forecast announcement, Cambricon's stock price dropped significantly, falling over 13% and bringing its market capitalization below 460 billion yuan [1]. - Other domestic AI chip stocks also experienced declines, with stocks like Moer Technology and Muxi Shares dropping by over 4% and 5% respectively [6]. - Moer Technology and Muxi Shares have also released their 2025 earnings forecasts, with Moer expecting revenue between 1.45 billion to 1.52 billion yuan and Muxi expecting revenue between 1.6 billion to 1.7 billion yuan, both showing significant year-on-year growth but still reporting losses [6].

针对市场关切，寒武纪方面公开回应称"暂不清楚股价大跌的具体原因"。此次大跌也拖累整个半导体板 块及科创50指数走弱。有分析认为，估值高企以及市场对AI芯片行业竞争加剧的担忧，或是导致资金 出逃的主因。（第一财经记者 魏中原） 2月3日早盘，寒武纪股价遭遇重挫，跌幅一度扩大至13.38%，截至午市收盘报1082.09元，跌12.88%， 单日市值蒸发近700亿元，创下自2025年9月4日（单日跌14.45%）以来的最大单日跌幅，也是2024年9 月24日以来第二大单日跌幅。这是该公司上市以来罕见的剧烈回调，当前股价较最高点累计回撤约32% ...

Core Viewpoint - The article highlights the serious issue of commercial bribery in the medical sector, emphasizing the need for stringent measures to combat it and protect public health and the integrity of the healthcare system [1][2][3]. Group 1: Cases of Bribery - The National Healthcare Security Administration (NHSA) reported a case involving a hospital director in Shaanxi who illegally accepted 2.72 million yuan in bribes, primarily from orthopedic consumables [1]. - This case is part of a broader trend, with the NHSA exposing multiple instances of bribery in the medical field, indicating a rampant issue that undermines fair competition and increases medical costs [1][2]. Group 2: Nature of Commercial Bribery - Commercial bribery in the medical field distorts prescription rights and interferes with normal medical practices, leading to increased costs for patients and the healthcare system [2]. - The bribery cases reveal a pattern where suppliers offer high rebates to secure contracts, which ultimately inflates product prices and burdens patients and insurance funds [2][3]. Group 3: Systemic Issues and Reforms - The article discusses the systemic issues that allow commercial bribery to persist, including complex interest chains and regulatory loopholes, particularly in high-value consumables and pharmaceuticals [2][3]. - The NHSA has been increasing efforts to combat commercial bribery through administrative and criminal measures, emphasizing the need for comprehensive reforms in the procurement system to reduce incentives for bribery [3][4]. Group 4: Recommendations for Action - To effectively eliminate commercial bribery, a multi-faceted approach is necessary, including strict penalties for both bribers and recipients, improved internal decision-making processes in medical institutions, and enhanced transparency in procurement [4][5]. - The article stresses the importance of enforcing the principle of "joint investigation of bribery and acceptance" and the "dual penalty system" for companies and individuals involved in bribery [4][6]. Group 5: Broader Implications - The prevalence of commercial bribery not only harms public finances but also jeopardizes public health and social equity, as each bribe can lead to unnecessary medical expenses and inappropriate treatment choices [6]. - The ongoing efforts to combat medical commercial bribery are crucial for purifying the industry and safeguarding the health and welfare of the public [6].

内盘遭受的"连锁反应"冲击，何时结束？ 在经历大幅下跌后，国际金银价格在2月3日早盘反弹飘红，国内沪金期货主力合约也有所回弹，跌幅收 窄，但是沪银期货主力合约仍旧大幅下跌。 截至发稿，伦敦现货黄金价格从2月2日最低4402.06美元/盎司，回弹至4700美元/盎司上方，上涨逾 2%；伦敦现货白银价格涨至82美元/盎司上方，上涨近4%。 从国内期货盘面来看，2月3日早盘，沪金期货主力合约开盘大幅拉升，一度飘红，之后又有所回调，截 至发稿跌幅超1%；沪银期货主力合约在2月2日日盘和夜盘连续跌停之后，3日开盘打开跌停，但是仍重 挫，截至发稿跌幅超19%。 国际金银价格反弹，是否意味着回调将结束，内盘遭受到的"连锁反应"冲击是否也将结束？ 对此，华闻期货总经理助理兼研究所所长程小勇对第一财经表示，金银价格回调差不多了，内盘估计也 很快止跌，后续应该以震荡为主，等待新的利多驱动。 "短期来看，金银已完成60日均线回踩，进一步下探风险明显降低，但考虑隐含波动率仍处于高位，震 荡整理或仍是短期主基调。"南华期货贵金属新能源研究组负责人夏莹莹也称。 中信建投期货贵金属首席分析师王彦青则认为，目前还没有结束回调的信号。"应该还 ...

澳洲联储加息25个基点至3.85%，符合市场预期，此前连续3次按兵不动。 （文章来源：第一财经） ...

Core Insights - The article highlights the significant number of companies facing delisting risks due to poor financial performance, with only 24% of ST stocks showing positive results [1][2] - A total of 178 ST stocks were analyzed, with 118 continuing to incur losses, indicating a concerning trend in the market [2][3] Group 1: Financial Performance of ST Stocks - Among the 178 ST stocks, 118 reported continued losses, while only 33 managed to turn a profit, and 12 reported first-time losses [2] - The largest projected loss comes from ST Chenming, with an estimated loss of 8.2 billion to 8.8 billion yuan, marking its third consecutive year of losses totaling 16.9 billion yuan [2][3] - ST Keli Da expects a net loss of 160 million to 200 million yuan for 2025, a drastic decline of 1964.13% to 2430.16% compared to the previous year [3] Group 2: Delisting Risks - Several companies, including ST Yanshi and ST Jinglun, have triggered financial delisting indicators, with ST Yanshi expected to have an operating income below 300 million yuan for 2025 [4] - ST Jinglun anticipates a negative net profit for 2025, with its stock facing potential delisting risks due to financial performance [4][5] - Audit firms have indicated that some ST stocks may receive non-standard audit opinions, further increasing delisting risks [4] Group 3: Recovery Efforts - Some ST stocks are attempting to recover through restructuring and asset sales, with ST Jinke projecting a turnaround with a net profit of 30 billion to 35 billion yuan for 2025 after completing a restructuring plan [6] - ST Songfa expects a net profit of 2.4 billion to 2.7 billion yuan for 2025, following a significant asset restructuring that shifted its business focus [6][7] - ST Weir has also seen positive impacts on its performance through strategic asset acquisitions and divestitures, projecting a net profit of 19 million to 22 million yuan [7]