Core Viewpoint - The Hong Kong IPO market has continued its strong momentum in 2023, with a significant increase in new listings and a growing trend of "A+H" dual listings, indicating a robust demand for capital and favorable market conditions [1][5][7]. Group 1: IPO Market Performance - As of February 13, 2023, the Hong Kong market has seen 24 new IPOs this year, with 18 already listed and 6 more scheduled for listing [3][6]. - The new listings include notable companies such as 澜起科技 (Lianqi Technology), which raised approximately 70.43 billion HKD, and has shown a stock price increase of 38.83% from January 5 to February 6 [3][8]. - The overall number of new IPOs has increased by 166.67% compared to the same period last year, although last year's figures were affected by the Chinese New Year holiday [3][6]. Group 2: A+H Listings - The trend of "A+H" listings is prominent, with 7 out of the 18 listed companies being dual-listed, and the upcoming listings will increase this number to 10 [6][7]. - The electronic industry leads the "A+H" listings, with 5 companies, indicating a strong interest from high-quality domestic firms in accessing international capital [6][7]. Group 3: Fundraising Performance - Two companies, 东鹏饮料 (Dongpeng Beverage) and 牧原股份 (Muyuan Foods), have raised over 100 billion HKD each, marking significant fundraising achievements in the Hong Kong IPO market [8][9]. - Dongpeng Beverage raised 101.41 billion HKD, while Muyuan Foods raised approximately 106.84 billion HKD, highlighting the strong demand for capital in the beverage and agriculture sectors [8][9]. Group 4: Market Outlook - Experts predict that the IPO market's robust performance will continue throughout the year, driven by a high level of interest from quality domestic companies seeking to list in Hong Kong [5][7]. - The ongoing development and improvement of the Hong Kong market are expected to enhance its attractiveness to global investors, further supporting the influx of new listings [7][10].

Core Viewpoint - The recent regulatory upgrade in China regarding virtual currencies is described as the most stringent ever, aiming to completely block domestic virtual currency activities and extend control to overseas issuance, particularly concerning stablecoins linked to the Renminbi [1][3][4]. Regulatory Overview - The joint notice issued by eight departments, including the People's Bank of China and the China Securities Regulatory Commission, reiterates that virtual currency-related activities are illegal financial activities and strictly prohibited [3][4]. - The notice emphasizes that no domestic entity or individual is allowed to issue Renminbi-linked stablecoins abroad without proper authorization [4][5]. Impact on the Industry - The new regulations are expected to have a comprehensive impact on the virtual currency industry chain, particularly affecting the issuance and circulation of stablecoins [5][6]. - The notice aims to cut off the overseas issuance channels for domestic entities, thereby preventing the illegal issuance and circulation of tokens [5][6]. Mining Regulations - The notice also targets virtual currency mining, mandating strict control and prohibition of new mining projects, while requiring local governments to shut down existing operations [7][9]. - Mining activities are criticized for their high energy consumption and potential to facilitate illegal activities, including money laundering [9]. RWA Tokenization - The notice introduces clear boundaries for the tokenization of Real World Assets (RWA), prohibiting illegal issuance and trading while allowing for compliance under specific conditions [10][11]. - The China Securities Regulatory Commission has issued guidelines requiring domestic entities to file for approval before issuing asset-backed securities tokens abroad, thus creating a pathway for compliant operations [11][12]. Market Reactions - Following the announcement, the cryptocurrency market experienced volatility, with Bitcoin prices fluctuating and significant liquidation events occurring [4][12]. - Analysts predict a deep freeze in the domestic virtual currency market, with a clear shift towards compliance and a reduction in decentralized financial activities [16].

2026年一开场，即时零售市场就火药味十足。 美团与叮咚买菜同步发布公告，确认美团将以初始代价7.17亿美元收购叮咚买菜中国的全部业务。 作为最后的非头部独立平台，这次交易被解读为生鲜电商多头竞争的终结。叮咚买菜被美团收购，也标 志着即时零售大战进入巨头直接对决的时期。 美团急需抢时间，守住自己最后的核心阵地。美团也不想给对手创造太多机会，用最直接的正面出手， 将激战正酣的行业带入新阶段。 作为高频、高利润市场，生鲜自然是即时零售必争的核心战场。 从公司的角度看，叮咚买菜占据生鲜关键赛道、深耕前置仓模式、经营扭亏为盈，这些特征放在本地生 活布局之中，让其成为巨头眼中的优质标的。 这家成立于2017年的公司，过去一段时间频繁成为被"收购"传闻的主角。传说中的买家一变再变，终究 没有改变叮咚买菜的结局。 而从美团的角度看，过去一年外卖大战代价不小。无论是京东突然杀入外卖业务，还是来势汹汹的"淘 宝闪购"，美团一次次陷入被动防守局面。 财报数据亦难掩重压。美团在2025年三季度返亏，该季度收入增长是过去几年的最低增速，净亏损为 186.32亿元，上年为盈利128.65亿元，形成鲜明反差。 更重要的是，本地生活是美团 ...

Core Viewpoint - The collaboration between Kangtai Biological and AstraZeneca to establish a joint venture in the vaccine sector has been terminated after 10 months due to significant market changes and high investment risks in the vaccine industry [1][4]. Company Summary - Kangtai Biological announced the termination of the joint venture with AstraZeneca, which was initially planned to focus on vaccine development with an estimated total investment of approximately $400 million (about 2.76 billion RMB) [1][3]. - The joint venture was intended to be established in the Beijing Economic and Technological Development Zone, with a registered capital of approximately 345 million RMB (about $50 million), where both companies would hold 50% equity [3]. - Kangtai Biological specializes in the research, production, and sales of human vaccines, with key products including the 13-valent pneumococcal polysaccharide conjugate vaccine and the recombinant hepatitis B vaccine [3]. Industry Summary - The vaccine industry is currently facing significant downward pressure, with many companies, including Kangtai Biological, experiencing a decline in net profits. Kangtai's projected net profit for the previous year is expected to be between 49 million and 73 million RMB, representing a year-on-year decrease of 63.8% to 75.7% [4]. - Factors contributing to the industry's challenges include high research and development costs, complex approval processes, and increased market competition [5]. - Despite the overall industry pressure, Kangtai Biological reported a significant increase in overseas business revenue, which reached 98.83 million RMB, reflecting a year-on-year growth of 859.4% [6].

根据雅诗兰黛方面披露，其在中国高端美妆市场的表现优于行业整体水平。本季度及2025自然年，其在 高端美妆市场的所有品类、线上及线下渠道均实现市场份额增长。其中，海蓝之谜(La Mer)、汤姆福特 (TOM FORD)及勒莱柏(Le Labo)表现尤为突出。 要客研究院院长周婷分析认为，这一增长本质是雅诗兰黛"战略适配+市场红利"的双重成果。 雅诗兰黛实施了一年的"重塑美妆新境"转型战略效果初显。近日，雅诗兰黛发布了2026财年第二季度财 报。报告期内，雅诗兰黛实现净销售额42亿美元，同比增长6%；有机净销售额增长4%。实现净利润 1.62亿美元，较去年同期扭亏为盈。同时，雅诗兰黛披露2026财年上半年(2025年7月1日—12月31日)业 绩数据，净销售额同比增长5%至77.1亿美元；净利润从上一财年同期亏损7.46亿美元转为盈利2.09亿美 元。 根据雅诗兰黛相关人员提供的资料，雅诗兰黛方面将此番业绩增长归功于"重塑美妆新境"转型计划的实 施。"这主要得益于公司利润恢复与增长计划(PRGP)带来的净效益，大幅抵消增量关税、业务结构变化 及通胀因素带来的影响。"雅诗兰黛方面表示。 同时，公司营业利润率为9.5 ...

外储连续6个月超3.3万亿美元 2月7日，国家外汇管理局统计数据显示，截至2026年1月末，我国外汇储备规模为33991亿美元，较2025 年12月末上升412亿美元，升幅为1.23%。 值得一提的是，这也是2015年12月以来，我国外汇储备规模达到的最高水平。另从上升幅度来看，2026 年1月末外储规模上升，环比上升幅度为2024年1月以来最高。业内认为，这背后主要受当月美元指数下 跌和全球金融资产价格总体上涨双重驱动。 对于当月外汇储备规模变动的原因，国家外汇管理局指出，2026年1月，受主要经济体财政政策、货币 政策及预期等因素影响，美元指数下跌，全球主要金融资产价格总体上涨。汇率折算和资产价格变化等 因素综合作用，当月外汇储备规模上升。我国经济运行稳中有进，发展韧性进一步彰显，为外汇储备规 模保持基本稳定提供支撑。 东方金诚首席宏观分析师王青指出，受美国司法部对美联储主席鲍威尔发起刑事调查、美国政府对欧政 策再起波澜，以及市场警惕日本政府可能出手干预汇市等因素的综合影响，1月美元指数下跌1.2%。这 会推动我国外汇储备中非美元资产升值，推高以美元计价的外汇储备规模。 "我们估计，1月这一因素的影响在1 ...

近日，北京商报记者了解到，2026年北京市市场监督管理局将重点查处平台经济等领域垄断行为，深化 住宿、餐饮平台企业"内卷式"竞争全链条整治，还将加快推进全国直播电商监测平台建设。此外， 对"职业闭店人"仍旧保持高压态势，强化备案和资金存管制度落实，推广第三方平台先行赔付模式。 2025年，本市经营主体竞争力持续增强，经营主体达286.97万户，同比增长6.83%，科技型企业占比超 四成。 据了解，2025年，北京市市场监督管理局查处了包括"职业弹幕人"、利用网络混淆DeepSeek、利用AI发 布虚假广告、电动自行车"爆改"电摩等在内的多起全国首案，并举办2025年侵权假冒伪劣商品集中销毁 活动，货值金额1240万元。 在食品安全领域，2026年北京将加快构建食品安全追溯体系和风险预警防控体系，深化食品安全"互联 网+AI监管"建设。健全以风险为导向的食品安全抽检监测机制，围绕网络餐饮安全等重点领域开展专 项整治行动，推进餐饮提升行动等"小切口"治理试点，做好校园餐食品安全监管。 为提升校园餐管理水平，北京市市场监管局推行了"中央厨房+微厨房"供餐新模式，全市校外供餐企业 食品加工视频全部接入数字化平台。同时 ...

Core Insights - Aida Cruises celebrated the arrival of its 1 millionth passenger on the "Aida·Magic City" ship and announced the launch of the "2026 Aida Service Year" to enhance customer service experiences [1][3] - The company introduced special "Sea China Year" themed cruises and activities for the upcoming Spring Festival, with three ships scheduled to operate during this period [3][5] Group 1 - Aida Cruises aims to provide an exceptional service experience through comprehensive service upgrades as part of the "2026 Aida Service Year" initiative [3] - The "Aida·Magic City" will embark on a 6-day, 5-night Spring Festival themed cruise from Shanghai on February 16, visiting Seoul and Jeju [3][5] - The "Aida·Mediterranean" will start its 6-day, 5-night journey from Guangzhou on February 17, heading to Vietnam [3][5] Group 2 - Aida Cruises plans to enhance the travel experience during the Spring Festival with various activities, including family-friendly events and traditional celebrations [5] - The company has achieved a 40% market share in the Chinese cruise market, with a dual-ship operation strategy covering a wide range of routes [5] - The second domestic cruise ship, "Aida·Flower City," has reached over 91% construction progress and is expected to be delivered by the end of 2026 [5]

Core Viewpoint - The strategic cooperation between Beijing University of Science and Technology and JD Group focuses on the field of embodied robotics, marking a significant step in deepening the integration of industry and education to cultivate high-level talent needed for advanced industries [1][2]. Group 1: Strategic Cooperation - The signing of the cooperation agreement signifies a key advancement in the collaboration among government, academia, and enterprises to address the talent bottleneck in the robotics industry [1]. - JD Group emphasizes the importance of technological innovation and talent cultivation, planning to establish targeted training programs and open industry resources to create a comprehensive integration platform for education and practice [2]. Group 2: Industry Development - The Beijing Economic-Technological Development Area has over 300 robotics and intelligent manufacturing enterprises, with an industry chain scale exceeding 100 billion [1]. - The cooperation aims to build a full-dimensional ecosystem from talent cultivation to industrial service, aligning with current skill demands and injecting lasting momentum into the long-term development of the regional robotics industry [1][2]. Group 3: Educational Integration - The partnership is seen as a milestone for the university in enhancing the integration of production, city, and education, supporting the development of high-end industries in the capital [2]. - Future plans include integrating resources from both parties to focus on cutting-edge fields like embodied robotics, establishing high-level training platforms, and promoting technology transfer and standard output [2].

在铜价空前火热的时刻，本有望缔造全球最大矿业公司的超级并购谈判宣告破裂。这也是力拓与嘉能可 合并的尝试十多年来第三次以失败告终。在能源转型和AI发展成为多国竞争的关键发展高地之际，铜 的资源供应越来越受到重视。然而，供不应求正成为横亘在产业面前、不得不面对的问题。 估值分歧 当天，力拓集团宣布放弃与嘉能可的合并谈判，双方未能就交易估值达成一致，令这桩市值超2000亿美 元的世界级矿业整合计划无果而终。目前，力拓市值约1560亿美元，嘉能可市值约750亿美元。 嘉能可目前是全球第六大铜生产商，公司正努力在10年内将铜产能翻一倍，争取成为"世界铜王"。力拓 也有铜矿业务，若与嘉能可合并，将力压必和必拓成为全球最大铜生产商，还能获得每年约100万吨的 产量增长空间。 力拓在声明中表示，已确定无法达成一份能为股东创造价值的协议。嘉能可则在声明中回应称，力拓提 出的关键条款"严重低估了嘉能可的潜在相对价值贡献"，特别是其铜业务和增长管道的价值。力拓试图 在合并后保留董事长和首席执行官（CEO）职位，但未能提供足够溢价。 媒体获悉，公布放弃决定前，力拓完成了尽职调查，无法认同嘉能可所要求的高额收购溢价。此次谈判 中，嘉能 ...