Core Viewpoint - A 17-year-old exploited a loophole in an e-commerce platform to fraudulently return over 11,900 orders, resulting in a profit of 4.01 million yuan from cosmetics valued at 4.76 million yuan, leading to a six-year prison sentence for fraud [1] Group 1: E-commerce Platform Vulnerabilities - The loophole allowing "refund without return" has exposed significant flaws in transaction process audits and abnormal behavior monitoring on platforms [2] - Platforms have insufficient awareness of malicious returns and have failed to establish effective risk warning mechanisms, which can lead to substantial losses for merchants and potentially encourage juvenile crime [2] Group 2: Family and Educational Responsibilities - The lack of family education is a significant factor contributing to minors' misbehavior online, as evidenced by the failure of parents to monitor their children's activities effectively [2] - The "Minor Network Protection Regulations" require guardians to enhance education and supervision of minors' online behavior, highlighting the need for parents to improve their own digital literacy [3] Group 3: Recommendations for Improvement - Platforms should enhance their risk control systems by utilizing big data technology to identify high-frequency abnormal returns and establish a cross-platform blacklist sharing mechanism [3] - Schools and society should incorporate digital literacy education into their curricula, using case studies and legal lectures to clarify the legal boundaries of online behavior for minors [3]

Core Viewpoint - The A-share market experienced a strong start on the first trading day of 2026, with the Shanghai Composite Index rising by 1.38% and achieving a rare 12 consecutive days of gains, surpassing the 4000-point mark [1] Market Performance - The Shanghai Composite Index, Shanghai 50, and Shenzhen Component Index all saw significant increases, reaching new highs [1] - Total trading volume for the day was 2.57 trillion yuan, an increase of over 500 billion yuan compared to the previous trading day [1] Sector Performance - Sectors such as brain-computer interfaces, insurance, and technology led the gains [1] Economic and Policy Factors - The market's performance is attributed to a combination of improved fundamentals, the release of policy dividends, and the restoration of liquidity, as stated by Huang Fusheng, Vice President and Chief Economist of Zhongyou Securities [1] - Multiple favorable factors, including the appreciation of the yuan, concentrated positive news in the technology sector, improved macroeconomic expectations, and positive signals in the funding environment, are expected to continue driving the A-share market's performance into the new year, according to Xia Fanjie, a strategist at CITIC Securities [1]

Group 1 - The core viewpoint emphasizes that innovation-driven development is essential for achieving high-quality economic growth in China, focusing on both knowledge production and its application in economic activities [1] - The state is investing heavily in key technology areas to enhance the quality and efficiency of innovation, including increasing the number of trained personnel at various educational levels [1][2] - The "scale effect paradox" is highlighted, where despite a significant increase in R&D personnel in the U.S., GDP growth rates remained stable, indicating a need for more effective policy design to maximize research resource allocation [1][2] Group 2 - The "new production function" model positions data as a crucial production factor in the new economy, emphasizing the transformation of data into information and knowledge, and the application of skills in industries [2] - The model suggests that human capital development is critical, focusing on cultivating high-quality talent aligned with strategic innovation needs rather than merely relying on academic qualifications [2] - The importance of improving the business environment to unleash entrepreneurial potential is stressed, alongside the need for policies that facilitate innovation and remove barriers in technology and processes [3] Group 3 - The role of data assets in corporate operations is underscored, with the necessity for expenditures to meet capitalization conditions to be recognized as R&D investments, reflecting the increasing digitalization of industries [4] - The emergence of digital financial assets as a new form of investment is discussed, with traditional financial investments evolving to accommodate the data attributes of underlying assets [4] - The expectation of a global investment landscape dominated by digital financial assets is noted, urging financial regulatory policies in China to adapt to support digital economic growth [4] Group 4 - The influence of institutional frameworks on industry innovation is examined, highlighting the need for policy adjustments to encourage knowledge creation while ensuring ethical oversight in technology applications [5] - The potential for institutional innovations to amplify the effects of the new production function is emphasized, aiming to provide stronger incentives for innovation-driven growth [5]

Group 1 - The film "Zootopia 2" has broken the six-year record for imported film box office, reaching 4.2502 billion yuan, surpassing "Avengers: Endgame" [1][2] - "Zootopia 2" has achieved over 108 million viewers, making it the first imported film to exceed this milestone [2] - The film's box office performance has shown strong long-tail effects, with significant milestones reached within weeks of its release [2] Group 2 - The global box office for "Zootopia 2" is approximately 1.655 billion USD (about 11.6 billion yuan), with China contributing around 36% of this total [2] - The threshold for entering the top 10 imported films in China is currently set at 1.695 billion yuan, with "Jurassic World 2" being the lowest on the list [3] - The rapid development of China's film industry has led to continuous updates of domestic film box office records, while imported film records remained stagnant until "Zootopia 2" [2]

在数字人民币计息改革的同时，数字人民币的性质也随之发生了变化，具体表现为数字人民币从"数字 现金时代"迈入"数字存款货币时代"，从中国人民银行的负债转变为商业银行的负债，从不计息、不能 派生货币的模式演变为计息、能派生货币的模式。数字人民币在具备价值尺度功能的基础上，新增了价 值储藏功能等。同时，因为实名数字人民币钱包内的余额视为存款，其需要按照存款准备金要求交纳存 款准备金，不仅意味着数字人民币纳入货币政策调控框架，商业银行也可以利用货币派生机制通过发放 贷款创造存款来实现货币创造。 从中国人民银行看，数字人民币从央行负债转变为商业银行负债后，改变了商业银行原本只为数字人民 币提供服务和承担责任的局面，有助于进一步调动商业银行的积极性，探索更多的场景使用数字人民 币。同时，这一改变有助于提高广大居民使用数字人民币的积极性，让数字人民币发挥更大的作用。在 宏观调控上，可以通过引导数字人民币存款利率变化，或者利用数字人民币提升结构性货币政策工具的 精准度，以更好开展调控。再者，在风险管理上，可以依托银行账户管理优势更好开展反洗钱等。 从商业银行看，改革后其继续享用中国人民银行提供的技术支持保障，承担合规和反洗钱 ...

刘诗梦 从火爆蛇年春晚的机器人扭秧歌节目到宇树科技的机器人格斗赛，再到近日特斯拉人形机器人在柏林市 集上售卖爆米花，从试验场到应用场，人形机器人的发展是人类科技史上一次对自身形态与能力的深度 仿生与超越，已突破了"表演"的定义，走向了人类的实际生活。 本报专栏文章仅代表作者个人观点，特此说明。 （文章来源：证券时报） 目前，人形机器人不仅能完成工厂装配、仓库搬运、家庭清洁等不同的任务，还能在服务、陪伴、教育 中与人类进行交互，并建立信任与情感连接。例如星动纪元的人形机器人已实现在物流分拣场景中的协 同工作，能够满足多种复杂场景的需求。 虽然人形机器人产业爆发出巨大的市场潜力，但整体仍处于"小规模单点试验"和商业化早期阶段，距离 达到理想状态还有很长一段时间。其一，脱离人类辅助仍旧是一个核心难题。从技术层面看，大多数人 形机器人还得依赖人类进行远程辅助才能完成任务，多模态感知技术还不成熟，其泛化能力等方面未达 理想预期。其二，获得高质量数据比较困难。高质量数据是人形机器人精确实现场景运用中非常重要的 一点，其大模型需要大量的高质量数据进行训练，从而完成一系列复杂工作。其三，硬件与物理方面的 限制。人形机器人的运 ...

Core Insights - The A-share market has seen a resurgence of "10-bagger" stocks, defined as those with over 10 times annual growth, with two such stocks emerging in 2025, namely Upstream New Materials and Tianpu Co., which achieved annual growth rates of 1820.29% and 1645.35% respectively [1][2] Group 1: Characteristics of 10-Bagger Stocks - 10-bagger stocks typically exhibit three main catalysts: new stock attributes, high-quality company fundamentals, and external market catalysts [3][4] - New stock attributes are a significant feature, as seen with stocks like Zhongwen Online and Wantai Biological Pharmacy, which had substantial price increases shortly after their IPOs [3] - High-quality fundamentals include strong performance metrics and technological advantages, which support stock price increases [3] Group 2: Characteristics of 5-Bagger Stocks - From 2015 to 2025, 56 stocks achieved over 5 times annual growth, primarily concentrated in the TMT sector, with notable performance in electronics and basic chemicals [6][8] - 5-bagger stocks generally have lower price points compared to the overall A-share market, with an average closing price of 15.12 yuan per share in 2025, compared to nearly 20 yuan for all A-shares [7] - These stocks also demonstrate strong profitability and growth metrics, with many achieving compound annual growth rates in net profit exceeding 10% over three years [7] Group 3: Potential Future Stocks - A selection of 15 potential "dark horse" stocks for 2026 has been identified, focusing on TMT and basic chemical sectors, with low closing prices and favorable market conditions [9] - Among these, several stocks, including Yungli Co. and Hailun Zhe, have closing prices below 10 yuan and are expected to maintain strong operational performance [10] - The stocks also show high trading activity, with some exceeding a daily turnover rate of 5%, indicating strong investor interest [10]

单位:% 73.18 62.94 59.27 55.60 47.50 次日胜率 20日胜率 120日胜率 5日胜率 60日胜率 部分顶级游资净买入胜率一览 ■ 次日胜率(%) ■ 120日胜率(%) 70.00 炒股养家 华鑫证券上海红宝石路证券营业部 30.00 56.86 陈小群 中国银河证券大连黄河路证券营业部 31.37 52.46 方新侠 中信证券西安朱雀大街证券营业部 44.26 52.20 作手新一 国泰海通证券南京太平南路证券营业部 43.96 50.99 张建平 国泰海通证券上海长宁区江苏路证券营业部 41.38 47.01 赵强 中国银河证券绍兴证券营业部 39.55 注:以上均为游资常用席位 2025年A股各主要指数普遍上扬，结构性行情贯穿全年，市场交投持续升温。数据显示，A股市场2025年总成交额 首次突破400万亿元。 市场活跃背景下，个股交易动能强劲，龙虎榜2025年总成交额跃升至5.56万亿元，刷新2015年高点，同比增幅逾 七成，创下历史新高。这一迅猛增长不仅映射出市场热度攀升，更揭示A股交易生态正经历深层重塑，四大趋势 日益显现，尤以陆股通成交额迈入万亿元时代，中小券商强势崛 ...

Group 1 - Multiple regions in China, including Shanghai, Fujian, and Yunnan, have initiated significant projects for 2026, aiming to "expand domestic demand" and "seize the beginning of the year" through project construction [1] - On January 5, Shandong Province issued the first batch of 2026 local government special bonds, indicating an earlier start to the issuance of new local government bonds compared to last year [2] - The National Development and Reform Commission has approved a batch of major infrastructure projects with a total investment exceeding 400 billion yuan to accelerate project construction [1][2] Group 2 - Infrastructure investment is expected to be the primary driver of economic growth in 2026, with increased investment in infrastructure seen as a powerful policy tool to address insufficient effective demand [2] - As of January 5, 27 provinces and cities have announced plans to issue local government bonds in the first quarter, with a proposed issuance scale exceeding 2 trillion yuan, including over 670 billion yuan in new special bonds [2] - The estimated scale of new special bonds for this year is projected to be between 4.5 trillion yuan and 5 trillion yuan, with potential optimization in their use to support major projects and local debt [2] Group 3 - The Ministry of Finance has not arranged for the issuance of ultra-long special government bonds in the first quarter of 2026, but the National Development and Reform Commission has issued a list of "two heavy" construction projects and a central budget investment plan totaling approximately 295 billion yuan [3] - More proactive fiscal policies are expected to accelerate infrastructure investment, with an estimated growth rate of around 5% for the year, supported by measures such as optimizing "two heavy" construction and issuing special bonds [3]

Core Insights - The year 2025 marked a significant increase in mergers and acquisitions (M&A) activity among companies listed on the Beijing Stock Exchange (BSE), driven by policy incentives and industry demand [1][4] - The trend of M&A is expected to continue into 2026, with larger and higher-quality transactions anticipated as companies improve their operational standards [1][4] Group 1: M&A Activity Overview - In 2025, notable large-scale restructuring and precise acquisitions were observed, creating a balanced landscape of "large and small" M&A activities [2] - Five New Tunnel Equipment's acquisition of Xinzhong Technology and Wuxin Heavy Industry for 2.649 billion yuan was approved by the CSRC, aiming to enhance business synergy and enter new markets [2] - Crystal Technology's acquisition of Peak Electronics for 1 yuan, along with assuming 41.87 million yuan in debt, is expected to strengthen its market position [2] - Aweit's acquisitions of German companies Keuerleber GmbH and ALVASAN GmbH aim to expand its global footprint and enhance customer loyalty [2] Group 2: Strategic Focus of M&A - The M&A activities are centered around two main themes: "strengthening and supplementing the supply chain" and "laying out new productive forces" [4] - Companies are focusing on vertical expansion, business upgrades, and market expansion, with examples including Donghe New Materials and Iron Technology enhancing supply chain integration [4] - The core logic of M&A for BSE companies revolves around strengthening their main business through strategic alliances [5] Group 3: Policy Support and Market Outlook - The increase in M&A activity is supported by favorable policies, including the introduction of the "M&A Six Guidelines" and a streamlined review process for small-scale transactions [6][7] - The BSE aims to become a preferred platform for M&A among small and medium enterprises, enhancing its market influence [6] - Industry experts express cautious optimism for 2026, predicting sustained M&A activity but emphasizing the need for high-quality projects and sufficient quality targets to maintain momentum [7]