恒生指数高开0.09%，恒生科技指数涨0.33%。快手涨近6%，阿里巴巴、中芯国际涨幅靠前；理想汽 车、小鹏汽车、携程集团跌幅靠前。 ...

美股能源股盘前走高，斯伦贝谢、哈利伯顿涨超10%，雪佛龙、康菲石油涨超8%，埃克森美孚涨超 3%。 (本文来自第一财经) 美股能源股盘前走高，斯伦贝谢、哈利伯顿涨超10%，雪佛龙、康菲石油涨超8%，埃克森美孚涨超 3%。 (本文来自第一财经) ...

在宠物消费从"可选"走向"必选"、行业增速放缓的2025年，市场正经历残酷洗牌。资本不再为流量故事买单，而是聚焦可持续盈利模型与真实技术壁垒。在 此背景下，一个关键问题浮出水面：什么才是真正的"中国宠物食品第一品牌"？ 答案正在麦富迪身上变得清晰。作为中国宠物上市公司的头部企业，麦富迪不仅市占率稳居国产品牌首位，更是在2025年8月获得欧睿咨询（Euromonitor） 官方认证为"中国宠物食品第一品牌"*。但比认证更重要的，是麦富迪已将"第一"从一个市场结果，转化为一套可复制、可验证、可积累的系统性能力， 这，才是其护城河的本质。 头部品牌的信任资产：透明化不是成本，而是降低获客与留存成本的高效工具 截至2025年10月31日，乖宝宠物前三季度实现营收47.37亿元（+29.03%），归母净利润5.13亿元（+9.05%）。尽管因战略性投入导致费用阶段性上升，但高 端产品线持续放量，整体毛利率稳定在40%以上。 麦富迪的策略非常清晰：用头部地位反哺长期能力建设，再以能力固化领先格局。 头部品牌护城河深度：只有龙头才能构建的"科研-数据-供应链"三角壁垒 市场常将麦富迪的成功归因于渠道或营销，但财报揭示了更深 ...

Core Viewpoint - The insurance sector in A-shares has shown strong performance at the beginning of 2026, with a notable increase in stock prices driven by favorable policies and improved asset-liability management [1][3]. Group 1: Market Performance - On January 5, 2026, the insurance sector recorded a 6.17% increase, leading all A-share sectors [1]. - Five A-share insurance companies saw stock price increases of over 5%, with New China Life Insurance and China Pacific Insurance rising by 8.87% and 7.52%, respectively [1]. - China Ping An also reached its highest price since March 2021, closing at 72.36 yuan per share [1]. Group 2: Policy and Market Drivers - The stock price increase is attributed to a series of supportive policies in 2025, which have enhanced the asset-liability dynamics within the insurance sector [3]. - In December 2025, regulatory changes optimized risk factors for long-term stock holdings by insurance companies, signaling a positive outlook for further market entry [3]. - The insurance industry is currently in the "New Year" period, which is crucial for life insurance liabilities, with over 20% of annual premium income typically generated in January [3]. Group 3: Valuation Insights - Analysts indicate that the P/EV (Price to Embedded Value) ratios for major A-share insurance companies remain low, ranging from 0.68 to 0.99 as of December 31 [4]. - There is an expectation for the valuation of insurance stocks to gradually recover towards 1.0 P/EV in 2026 [4].

Summary of Key Points Core Viewpoint - On January 5, a total of 44 stocks were involved with institutional investors, with 19 stocks showing net buying and 25 stocks showing net selling [1]. Institutional Buying - The top three stocks with the highest net buying by institutions were: - BlueFocus: Net buying amount of 186.29 million yuan, with a daily increase of 19.97% [2] - Haike New Source: Net buying amount of 117.24 million yuan, with a daily increase of 6.35% [2] - Dongwei Semiconductor: Net buying amount of 109.60 million yuan, with a daily increase of 20.00% [2] Institutional Selling - The top three stocks with the highest net selling by institutions were: - Wuzhou Xinchun: Net selling amount of 221 million yuan [1] - Zhongchao Holdings: Net selling amount of 220 million yuan [1] - Salt Lake Co.: Net selling amount of 155.81 million yuan [3]

Core Viewpoint - The BBC's new drama "The Grown Ups" combines humor with dark, real-life stories, addressing the life struggles of middle-aged women through the formation of a punk rock band as a means of self-redemption [1][3] Group 1: Overview of the Show - "The Grown Ups" features five women in menopause who form a punk rock band to reclaim their voices and identities [1][3] - The show has received positive reception, with the first episode attracting 5.4 million viewers within 28 days and a high rating of 9.3 on Douban [3] Group 2: Themes and Character Insights - The show captures the "invisibility" felt by middle-aged women, particularly through the character Beth, who struggles with loss and a sense of purpose after her husband's death and her mother's illness [5][9] - Sally Wainwright, the creator, draws from her own experiences of menopause, emphasizing the unexpected challenges faced by women aged 50 to 55 [7][10] Group 3: Social Commentary - The series addresses issues such as misogyny and systemic gender discrimination, exemplified through the character Nisha, who faces harassment within the police force [9][11] - The narrative reflects real societal events, including a shocking case of a woman being kidnapped and murdered by a police officer, enhancing the show's relevance [9][11] Group 4: Creative Approach and Impact - The integration of punk music serves as both a narrative device and a metaphor for empowerment, transforming the characters' struggles into a collective declaration of resilience [10][11] - The show highlights the importance of female friendships and creativity as positive forces in the lives of women facing societal pressures [13][14] Group 5: Future Prospects - Following its success, the BBC has announced a second season, with plans to explore themes of justice, revenge, and reconciliation [14]

"ICCM二十八年前大会刚创办时，中国数学家涉猎的领域还很狭窄。如今，数论、代数、几何等各个方 向都已呈现出多姿多彩的局面。"会议期间，菲尔兹奖首位华人得主、大会主席丘成桐接受第一财经在 内的媒体采访时给出一个判断：未来5到10年，中国将成为数学强国。 未来AI若想突破能耗与算力的天花板，必须回归数学。 距离2026年菲尔兹奖公布时间还有一个多月时间，为期5天的第十届世界华人数学家大会（ICCM）3日 在上海开幕。 除了乐观的判断，丘成桐对于数学人才的培养和人工智能（AI）的发展也有冷静的思考。 在他看来，AI改变的仅仅是科研效率，而非范式革命，AI的突破仍需要回归数学。而在人才培养方 面，不能在标准化的"刷题"与功利化的KPI中让年轻一代失去创新能力。在第十届世界华人数学家大会 "这个群体数量巨大，如果其中有三分之一能最终成才，就是国家了不起的财富。"丘成桐说，少年班的 核心目标并非只培养数学家，而是为理科学习打好数学基础，后续他们可根据兴趣选择不同学术方向。 然而，这个群体12岁之后的成长期，特别是一旦进入高中阶段，一些原本敢想敢问的学生开始变得不敢 提出试卷以外的问题，思维逐渐趋同。这种对不确定性的规避 ...

出售者中既有自用者也有部分个人投机者。 "i茅台"连日"秒空"的同时，抢到的平价茅台也开始陆续出现在各大二手交易平台上。 记者在部分网站看到，有些订单甚至上午刚刚抢到，下午就已经加价50元到100元不等挂网出售，出售者中既有自用者也有部分个人投机者。 记者注意到，在二手交易网站上，销售从"i茅台"抢到的2026年飞天茅台的卖家并不在少数，加价幅度从单瓶50元到100元不等。部分订单显示，有的是今日 上午刚刚从"i茅台"抽到，产品还未到货，就已经挂网销售。部分卖家表示可以录下收货和发货的全程视频，确保原箱转让，或采取线下手拉手交易。 2026年1月1日起，"i茅台"正式上线1499元的飞天茅台，随即遭到市场疯抢，已连续5日秒空。按照目前市场回收价1400元到1450元/瓶计算，这批平价茅台对 酒业黄牛来说并没有套利空间。 但在线下和部分即时零售渠道中，飞天茅台的市场价格普遍在1550元到1600元/瓶不等，依然存在小幅套利空间，这也吸引了部分个人投机者参与其中。 平台上甚至有部分商户将代抢"i茅台"平价飞天茅台作为服务出售，叫价200元到300元/箱不等。 记者在与多位卖家沟通后了解到，部分卖家是抱着试试赚一票 ...

Core Viewpoint - The Hong Kong court has dismissed the winding-up petition against Sunac China, indicating a positive development for the company in its debt restructuring efforts [1][2]. Group 1: Legal Proceedings - On January 5, 2026, the Hong Kong High Court ruled to dismiss the winding-up petition filed by China Cinda (Hong Kong) Asset Management Co., Ltd. against Sunac China [2]. - The court had previously delayed hearings on this petition multiple times since it was filed in January 2025 [2]. Group 2: Debt Restructuring - Sunac China has successfully completed a debt restructuring, which was a key factor in the dismissal of the winding-up petition [4]. - As of December 23, 2025, approximately $9.6 billion of Sunac China's existing debt has been fully released and waived as part of the restructuring plan [4]. - The company issued mandatory convertible bonds to creditors as part of the debt restructuring process [4]. Group 3: Financial Management - The restructuring included the reorganization of an outstanding loan of HKD 858 million, with HKD 300.3 million extended for ten years and the remainder settled through the issuance of new shares [5]. - Sunac China has also completed the cancellation of bonds worth CNY 10.6 billion and extended the maturity of CNY 4.8 billion of remaining bonds until June 2034 [5]. - The company has reached agreements to extend loans totaling approximately CNY 5.618 billion [5]. Group 4: Market Context - The dismissal of the winding-up petition is part of a broader trend where several listed real estate companies have faced similar petitions, often used as a negotiation tactic by investors [6]. - Other companies, such as Times China and Poly Developments, have also had their winding-up petitions dismissed through mutual agreement [6].

Core Viewpoint - The traditional path of pursuing higher education for better job prospects is being disrupted, with a decline in the perceived benefits of further education and an increased focus on practical skills training to meet employment demands [2][3]. Group 1: Changes in Higher Education and Employment Choices - The report from the McKinsey Research Institute indicates that the competition strategy based on academic qualifications is being broken, leading to a shift in the career paths of undergraduate students [2]. - There is a notable decline in the expected benefits of pursuing further education, as evidenced by the 2019 cohort of undergraduate graduates, where those who pursued a master's degree earned an average of 1,001 yuan more per month than those who did not, indicating a diminishing return on investment for further education when considering costs and opportunity costs [3]. - The expansion of graduate education and the increasing number of students pursuing master's degrees have raised the educational threshold for job seekers, while AI is automating many tasks that previously required specialized training, thus lowering the technical barriers to entry in the job market [2][3]. Group 2: Shift Towards Vocational Training - Many undergraduate students are now considering vocational training as part of their career planning, with an increase in the number of students enrolling in technical schools, such as the 30 students in 2024 at Taiyuan Wantong Vocational Skills School, up from 10 in 2023 [4]. - The mismatch between higher education institutions and job market demands is prompting more students to return to vocational schools, highlighting the need for universities to adapt and develop applied programs that align with market needs [4]. - The rise of vocational bachelor's programs, initiated by the government in 2019, has led to an increase in the number of vocational colleges, with the total reaching 94 by 2025, reflecting a growing preference for institutions that offer both academic and practical skills [5][6]. Group 3: Competitive Landscape of Vocational Colleges - Vocational colleges are becoming increasingly popular among students and parents, with some institutions achieving admission scores comparable to top-tier universities, indicating a shift in perception regarding vocational education [5]. - For instance, Shenzhen Vocational and Technical University has seen a significant increase in high-scoring applicants, with 10 students scoring over 600 points in physics, reflecting the rising quality of student enrollment [5]. - The competitive nature of vocational colleges is attributed to their established programs and favorable employment prospects, leading to higher admission scores as a rational choice by students [6].