Core Viewpoint - Shenzhen Hanno Medical Technology Co., Ltd. is the first domestic company to successfully develop and obtain approval for the ECMO system, aiming for an IPO on the Sci-Tech Innovation Board by the end of 2025 [1][3]. Financial Performance - Hanno Medical has reported significant losses over the past three and a half years, totaling over 600 million yuan, with net profits of -64.79 million yuan in 2022, -341 million yuan in 2023, -183 million yuan in 2024, and -82.27 million yuan in the first half of 2025 [3][7]. - The company has consistently negative cash flow from operating activities, with figures of -84.01 million yuan, -35.19 million yuan, -119 million yuan, and -71.57 million yuan during the reporting periods [9]. - The asset-liability ratio has been increasing, reaching 72.36% in the first half of 2025, significantly higher than the industry average [9][10]. Market Potential - The ECMO market in China is expected to grow significantly, projected to reach 3.71 billion yuan by 2030, with a compound annual growth rate (CAGR) of 25.2% from 2024 to 2030 [6]. - The demand for ECMO treatment is increasing, with the number of cases rising annually, while the per capita equipment availability is still low compared to developed countries, indicating a substantial market gap [6]. Product Development and Challenges - Hanno Medical's core product, the Lifemotion ECMO system, has generated limited revenue since its launch, failing to cover substantial R&D investments [7]. - The company faces several barriers to commercializing its ECMO products, including high technical and cost barriers, market monopolization by imported brands, inadequate training and support systems, and long-term profitability challenges [8]. IPO and Future Plans - Hanno Medical's IPO application was accepted on December 23, 2025, and it is the only pharmaceutical company selected for on-site inspection in the first batch of 2026 [3][4]. - The company plans to raise 1.062 billion yuan through the IPO, which will be allocated to R&D center construction, production base development, marketing network establishment, and working capital supplementation [10].

Core Viewpoint - The Chinese liquor market is showing signs of recovery at the beginning of 2026, with high-end and mid-range products driving sales during the New Year holiday, supported by gifting and banquet demands [1][3][6]. Group 1: Market Trends - High-end liquor brands such as Wuliangye and Moutai are prominently featured in supermarkets and liquor stores, indicating a strong consumer preference for premium products [3][4]. - The mid-range price segment (300-500 RMB) is becoming a sales leader during the holiday season, reflecting a shift in consumer behavior towards more affordable yet quality options [1][3][4]. - The banquet market is recovering significantly, with a notable increase in demand for liquor during festive occasions like New Year and Spring Festival [3][6][7]. Group 2: Consumer Behavior - The gifting market is evolving from excessive packaging to more rational consumption, with consumers placing additional criteria on their product choices [6]. - High-end liquor brands are less affected by these changes compared to smaller brands, indicating a strong brand loyalty among consumers for top-tier products [6]. - The dual recovery in the market reflects a maturation of consumer preferences, with a balance between high-end and mid-range products [6][8]. Group 3: Market Opportunities - The banquet market remains crucial for liquor sales, with a capacity of approximately 2500 billion RMB, primarily driven by wedding banquets [7]. - Companies are encouraged to focus on niche markets and enhance their distribution channels to capitalize on the evolving consumer landscape [8][9]. - The rise of instant retail channels presents significant growth opportunities, with projections indicating a market size of 360 billion RMB by 2024 [8][9].

Core Insights - The third-party payment industry is undergoing significant restructuring and regulatory tightening, with a notable increase in license cancellations and penalties in 2025 [1][2][4] Group 1: Industry Restructuring - A total of 12 payment licenses were canceled in 2025, bringing the total number of licensed institutions down to 163, a reduction of over 40% from the industry's peak [2] - Zhonggang Yintong Payment, established in 2011, became the 108th license holder to be canceled, having faced a suspension of its license renewal for over three years due to regulatory issues [2][3] - The exit of institutions is characterized by a prevalence of compliance issues and limited operational scope, with many companies lacking core competitiveness and resources to survive in a competitive market [3][9] Group 2: Regulatory Environment - In 2025, the People's Bank of China and its branches issued at least 82 penalties in the payment industry, totaling over 293 million yuan, with several penalties exceeding 10 million yuan [4][5] - The regulatory approach has intensified, with a focus on core risk areas such as clearing violations and anti-money laundering failures, reflecting a "zero tolerance" stance [5][6] - The trend of increasing penalties is indicative of a shift towards more precise and effective regulation, with a forthcoming classification rating system aimed at implementing differentiated supervision [9][10] Group 3: Future Industry Trends - The payment industry is expected to enter a new phase characterized by "precise regulation and capability competition," leading to increased market concentration and a focus on compliance [9] - Large institutions are anticipated to play a systemic support role, while smaller entities are encouraged to leverage regional advantages and specialized services [9][10] - The development of a sustainable ecosystem in the payment industry will depend on clear roles, shared risks, and reasonable returns among all participants [9][10]

作为科技界的"春晚"，CES 2026如约而至。 美西时间1月6日，国际消费类电子产品展览会正式开展，并持续到1月9日。作为全球科技产品发展的风 向标，CES以汇集当下最新的创新技术闻名，也是预测未来的窗口。 而今年这场科技盛宴之所以热度非凡，还在于AI时代中美科技顶流的强强相遇。 但不同的是，从芯片到硬件再到垂直场景，硬碰硬拼产品注定是新年关键词。 万物即可AI，杀手级的应用到底在哪？AI竞争从云端走向终端，由"炫技"转向务实，从理念碰撞转向产 品竞争，标注着AI竞争走向新维度。 当AI拥有实体，也预示着一场去伪存真的残酷大考。哪些是提升生产力、解决生活痛点的真需求，哪 些是风口之上的伪创新，有用与无用，将随着大量产品的落地得到验证。 拉斯维加斯一夜变身科技之城，像是映射科技产业的一场豪赌。CES是科技的秀场，也是剧透未来的战 场。硬件爆发让AI与物理世界的"链接"唾手可得，赢家的奖励将是下一个十年甚至更久的增长引擎。 芯片的跨越式成长，不仅是流畅运行更复杂的本地大模型，将用户的隐私与效率推向新高度。英伟达、 英特尔、AMD、高通的激烈角逐，各家芯片制程工艺的代际跨越，也是技术路线的选择，更是对未来 计算架 ...

Core Insights - The article highlights the shift in the real estate market towards a "value choice model" for improvement-type housing in Beijing, particularly for properties priced between 60,000 to 100,000 yuan per square meter by 2025 [1][2] - The performance of various projects varies significantly, with 中建·运河玖院 achieving a high sales rate of 81.15%, while 中海朝阳ONE lagged with only 15.4% [1][4] Group 1: Market Overview - In 2025, 26 improvement-type housing projects are expected to enter the Beijing market, supplying over 13,000 units [1][2] - 中建·运河玖院 leads the market with a notable 81.15% sales rate, while 中海朝阳ONE has a significantly lower rate of 15.4% [2][4] Group 2: Project Performance - 中建·运河玖院's first phase sold 680 out of 838 units, achieving a sales rate of 81.15% by the end of 2025 [2] - The second phase of 中建·运河玖院 launched 552 units, with 242 units sold within a month, resulting in a 43.84% sales rate [3] Group 3: Design and Location Impact - The design and functionality of housing units are critical factors for buyers, with a focus on layout, space efficiency, and overall living experience [4][7] - 中海朝阳ONE's poor sales performance is attributed to design flaws, such as inadequate room dimensions compared to competitors [5][6] Group 4: Competitive Analysis - Other projects like 颐海澐颂 and 建发金茂观宸 also show strong sales rates above 70%, indicating a competitive market landscape [3][4] - The location and surrounding amenities significantly influence project sales, with 颐海澐颂 benefiting from its prime location and robust infrastructure [9][10] Group 5: Future Considerations - Developers are advised to focus on six core dimensions, including mature amenities and optimized design, to enhance property appeal and mitigate market risks [10]

Core Insights - The retail wealth management competition among banks has intensified, with various financial institutions launching promotional activities to enhance asset management scale (AUM) [1][3] - The focus has shifted from short-term promotional activities to establishing long-term mechanisms for boosting retail AUM, which is crucial for sustainable growth [1][6] Group 1: Retail AUM Competition - Multiple banks, including Agricultural Bank of China and Nanjing Bank, have introduced the "Asset Enhancement Gift" campaign, offering rewards for users who increase their financial assets by specific thresholds [3][4] - Agricultural Bank's campaign allows users to win rewards based on their asset increases, with thresholds starting from 100,000 to over 6 million yuan, incentivizing users to optimize their asset allocation [3][4] - Nanjing Bank targets higher-tier clients with dual activities that reward asset increases and diversified product holdings, showcasing a trend towards engaging existing customers and attracting new funds [4][5] Group 2: Trends in Wealth Management - The competition in wealth management has evolved from product sales to a focus on comprehensive asset management and customer-centric services, indicating a significant shift in banking strategies [5][6] - Key trends include a transition from interest margin-driven models to those focused on asset management fees, with AUM becoming a critical metric for retail competitiveness [5][6] - Digital operational capabilities are increasingly important, as banks leverage online activities to engage and activate long-tail customers effectively [5][6] Group 3: Long-term Service Capabilities - Retail AUM serves as a key indicator of a bank's ability to attract and manage personal wealth, reflecting the overall strength of its retail banking operations [7][8] - Major banks, such as China Merchants Bank and Ping An Bank, have reported significant growth in retail customer numbers and AUM, indicating a strong focus on wealth management services [7][8] - Bank leaders emphasize the need to transition from product-centric approaches to customer-oriented strategies, enhancing service ecosystems to better meet client needs [8][9] Group 4: Building Sustainable Growth Mechanisms - To achieve sustainable growth in retail AUM, banks must move beyond short-term promotional strategies and focus on systematic capacity building [8][9] - Strategies include refined customer segmentation, enhanced investment research capabilities, and the integration of online and offline channels to improve customer engagement [8][9] - Leveraging data and technology is essential for driving precise marketing and service delivery, ultimately creating a comprehensive operational system that supports long-term client relationships [8][9]

财务数据显示，2025年前九个月，公司实现收入463.71亿元，同比增长75.2%；经调整净利润18.10亿 元，同比大幅增长240.8%。同期经营现金流净额达21.90亿元。2022年至2024年，鸣鸣很忙收入从42.86 亿元跃升至393.44亿元，三年复合增速达203%；同期经调整净利润从0.81亿元增长至9.13亿元，三年复 合增速达234.6%。2022年至2025年前九个月，毛利率由7.5%提升至9.7%，经调整净利率由1.9%提高至 3.9%。 北京商报讯（记者 郭秀娟 王悦彤）1月6日，港交所网站显示，湖南鸣鸣很忙商业连锁股份有限公司 （以下简称"鸣鸣很忙"）披露聆讯后资料集，这意味着鸣鸣很忙已通过港交所上市聆讯，即将成为港 股"量贩零食第一股"。 聆讯后资料集显示，截至2025年9月30日的九个月内，鸣鸣很忙实现零售额（GMV）661亿元，同比增 长74.5%，超2024年全年。截至2025年9月30日，公司全国在营门店数达19517家，覆盖全国28个省份和 所有线级城市。 ...

【CES2026，AI竞争"硬碰硬"】#科技秀场CES# 作为科技界的"春晚"，#CES2026如约而至#。 虽然苹果继续缺席，但英伟达、AMD、联想、海信、TCL等主流焦点公司将登台，中美科技企业也借 此展开新一轮AI对话和切磋。 但不同的是，从芯片到硬件再到垂直场景，硬碰硬拼产品注定是新年关键词。 而今年这场科技盛宴之所以热度非凡，还在于AI时代中美科技顶流的强强相遇。 芯片是老角色，但从不缺新故事。2026年更是如此，当AI应用从纸上谈兵走向商业实战，芯片的能效 比与AI算力直接决定了用户体验。 芯片的跨越式成长，不仅是流畅运行更复杂的本地大模型，将用户的隐私与效率推向新高度。英伟达、 英特尔、AMD、高通的激烈角逐，各家芯片制程工艺的代际跨越，也是技术路线的选择，更是对未来 计算架构的押注。 具身智能则是新看点，又以中国机器人军团的集中亮相成为焦点。大量人形机器人企业首秀，让中国企 业的参展格局正在发生结构性变化。除了联想、海信、TCL、京东方等传统巨头，更具爆发力的具身智 能成为证明"中国创新"硬实力的新坐标。 这个赛道复制了生成式AI的爆发路径，但速度更快、产品更实、场景更真，成为过去一年中国AI ...

Core Insights - The 2026 CES marks a shift from traditional hardware competition to a focus on "AI embodiment," with NVIDIA unveiling its next-generation AI chip platform "Rubin" ahead of schedule [1][5][8] - NVIDIA's CEO Jensen Huang emphasized the urgent need for AI computing power, stating that Rubin represents a significant advancement in AI training and inference capabilities [5][6] Group 1: NVIDIA's Rubin Platform - The Rubin platform integrates six chips, including the NVIDIA Vera CPU and Rubin GPU, designed for enhanced performance across computing, networking, storage, and security [5][6] - Compared to the previous Blackwell architecture, Rubin accelerates AI training performance by 3.5 times and operational performance by 5 times, while reducing inference token costs by up to 10 times [6][7] - Major cloud providers and model companies, including AWS, Microsoft, and Google, are among the first adopters of the Rubin platform [7] Group 2: AI Evolution and Physical AI - Huang outlined a four-step evolution of AI: Perception, Generation, Agentic, and Physical AI, emphasizing the need for AI to understand physical world principles [9][10] - The focus on Physical AI aims to extend AI capabilities from data centers to real-world applications, such as robotics and autonomous driving [9][11] - The CES event highlighted that AI is no longer just about model parameters but is now integrated into hardware and real-world scenarios [10][11] Group 3: Future Trends in AI - The industry is expected to see trends such as model miniaturization, multi-modal interactions, and subscription-based AI services, indicating a shift in how AI will be deployed and monetized [11]

北京商报讯（记者 丁宁）1月6日晚间，亚辉龙（688575）发布签署战略合作框架协议的补充公告称， 深圳脑机星链科技有限公司（以下简称"脑机星链"）成立时间短，规模较小，目前在睡眠产品方向主要 开发产品有脑电采集分析仪、脑机接口助眠仪、脑机接口睡眠监测仪、迷走神经刺激仪，相关产品尚未 进入注册申报阶段，其中，迷走神经刺激仪处于二类医疗器械证书注册检准备阶段；在阿尔茨海默症、 孤独症、脑卒中诊断领域相关产品目前尚处于早期研发阶段或临床前阶段。 此外，亚辉龙表示，脑机星链目前在研产品的技术路线为非侵入式技术路径，与马斯克创建的脑机接口 公司 Neuralink 在技术路线上存在本质区别，目前也尚无侵入式技术布局。 据了解，1月6日晚间，亚辉龙公告称，公司于近日与脑机星链签署了《战略合作框架协议》，双方共同 达成战略合作，通过整合脑机接口技术与临床和市场资源，共同开发脑机接口相关在研产品及推进后续 市场拓展及推广，提升在中枢神经疾病等领域诊疗技术水平。随后，针对这一事项，上交所向亚辉龙下 发问询函。 ...