目前，宇树科技上市工作正常推进，相关进展将依法依规进行披露，感谢社会各界对公司的关心与支 持。 宇树科技曾在2025年9月宣布，预计将在2025年10月至12月期间向证券交易所提交上市申请文件，届时 公司的相关运营数据将正式披露。 随后在2025年11月中旬，宇树科技完成IPO辅导工作。中国证监会官网显示，宇树科技拟申请在境内 IPO，中信证券为辅导机构，这也标志着具身智能领域的重要参与者即将迈入资本市场。 目前，部分A股与港股上市公司均已与宇树科技建立稳定的合作关系，且直接或间接持有宇树科技股 权。据不完全统计，长盈精密、拓邦股份、金发科技、卧龙电驱、中科创达、全志科技等十余家A股公 司持有宇树科技股权。 1月4日，有媒体发布宇树科技上市相关报道，称宇树科技A股上市的绿色通道被叫停，但上市并未叫 停。该报道被众多媒体、网络平台及自媒体大规模转载。 1月4日晚间，针对宇树科技上市相关报道，宇树科技对证券时报记者回应称，该报道涉及宇树科技上市 工作相关动态情况的内容与事实情况不符，宇树科技未涉及申请"绿色通道"相关事宜。 宇树科技表示，相关报道误导公众认知，已严重侵害宇树科技合法权益。宇树科技已向主管部门反映， ...

Core Insights - The implementation of new housing policies in Beijing has led to a significant increase in both viewing and transaction volumes, with new home daily transactions rising more than those of second-hand homes [1][2] - Market confidence and demand have strengthened, indicating positive signs of market stabilization, with expectations for high transaction volumes in the first quarter of the year [1][3] Policy Changes - The new housing policy, effective from December 24, 2025, includes optimizations in purchase restrictions, credit, and public housing loan requirements, reducing the social security/income tax duration for non-resident families [1] - The policy allows multi-child families to purchase an additional property within the Fifth Ring Road and eliminates the distinction between first and second home mortgage rates [1] Market Performance - Following the new policy, the average daily signing of new homes increased to 133 units, a 44.6% rise compared to the period before the policy [2] - Second-hand homes saw an average daily signing of 702 units, a 37% increase, with a peak of 1,034 units signed on December 31, 2025 [2] Demand Dynamics - The new policy has expanded the potential buyer pool and reduced purchasing costs, particularly benefiting non-resident and multi-child families [1][2] - The first weekend after the policy saw a 30% to 40% increase in viewing volumes, especially for popular projects, indicating a rebound in market activity [3] Future Outlook - Analysts predict that the surge in transactions leading up to the New Year will set a strong foundation for the market in early 2026, with continued release of demand from both first-time and upgrading buyers [3][4] - The impact of the new policy is expected to manifest more significantly in the first and second quarters of 2026, considering seasonal trends in buyer activity [4]

Core Insights - Since 2025, companies listed on the Shenzhen Stock Exchange have actively engaged in share buybacks and increases, with a total of 424 disclosed plans amounting to a maximum of 114.25 billion yuan, reflecting their confidence in long-term development and enhancing investor trust [1][3]. Group 1: Overall Trends - The overall trend in 2025 shows a significant increase in willingness for share buybacks and increases, characterized by high intent, considerable scale, and industry concentration [2][3]. - Out of the 424 disclosed plans, 288 were buyback plans with a maximum amount of 82.725 billion yuan, while 136 were increase plans with a maximum of 31.521 billion yuan [3]. Group 2: Industry Focus - Key industries leading the buyback efforts include electronics, biomedicine, machinery, and power equipment, accounting for 40.97% of total buybacks, while biomedicine, machinery, basic chemicals, and home appliances lead in increases, making up 37.78% [3]. - The buyback and increase activities are seen as mechanisms for companies to optimize their equity structure and enhance shareholder returns, contributing to market stability and liquidity [3]. Group 3: Leading Companies - Leading companies in various sectors have played a pivotal role in guiding market trends through substantial buybacks and increases, establishing benchmarks and stabilizing expectations [4][5]. - Midea Group has executed a buyback plan exceeding 10 billion yuan, aimed at reducing registered capital and implementing employee stock ownership plans, thereby enhancing shareholder equity [5]. - Contemporary Amperex Technology Co., Ltd. (CATL) plans to buy back shares totaling between 4 billion and 8 billion yuan, reflecting its commitment to value creation [5]. Group 4: Market Dynamics - The buyback activities of leading companies are seen as a reflection of rational recognition of their value and the gradual emergence of long-term investment value in the capital market [6]. - The ongoing market reforms and regulatory improvements are expected to sustain the positive momentum of buybacks and increases, providing robust support for the high-quality development of the capital market [6].

低空经济赛道迎利好！ 上海市经济和信息化委员会等部门1月4日发布的《上海市关于链接长三角加快建设低空经济先进制造业 集群的若干措施》（以下简称《若干措施》）提到，建设全国领先、世界一流的低空经济先进制造业集 群，到2028年，上海低空经济核心产业规模达到800亿元左右，形成低空新型航空器完整产业链体系， 建设低空经济国家先进制造业集群，加快迈向比较优势凸显的"世界eVTOL之都"。 其中提到，放大区域协同优势。强化市区协同和长三角联动，基本建成1个国家级低空新型航空器中试 验证平台。发挥上海低空经济会客厅作用，积极融入全球低空经济市场，加快低空装备出海应用。 未来低空经济创新中心理事长罗军在接受证券时报记者采访时表示，上海并非国内低空经济发展最早的 城市，但从顶层设计到落地推进的每一步，都踩准了关键节点。与多数城市聚焦自身发展的思路不同， 上海从规划之初便跳出市域范围，将低空经济置于长三角一体化的大框架下布局。上海地域面积有限， 但作为长三角城市群的龙头城市，其辐射带动能力突出。 形成超500架新型航空器批量化制造能力 《若干措施》提到，提升高端制造能级。瞄准主流技术方向，培育和招引10家eVTOL、工业级无 ...

Core Viewpoint - The implementation of new housing policies in Beijing has led to a significant increase in both viewing and transaction volumes, indicating a recovery in market confidence and demand release, with expectations for high transaction levels in the first quarter of the year [1][2][3]. Group 1: Policy Impact - The new housing policy, effective from December 24, 2025, optimizes purchase restrictions, credit, and public housing loan requirements, thereby expanding the potential buyer base and reducing costs for home purchases [1]. - Specific changes include reducing the social security/tax requirements for non-resident families, allowing multi-child families to purchase an additional property in certain areas, and lowering the down payment ratio for second homes to 25% [1][2]. Group 2: Market Performance - Following the policy implementation, the average daily net signing of new homes increased to 133 units, a 44.6% rise compared to the period before the policy [2]. - The average daily net signing of second-hand homes rose to 702 units, marking a 37% increase, with a peak of 1,034 units on December 31, 2025 [2]. - The overall transaction volume for second-hand homes in December 2025 exceeded 17,181 units, surpassing the 15,000-unit threshold [2]. Group 3: Market Sentiment - The first weekend after the policy saw an average increase of 30% to 40% in viewing volumes, particularly for popular projects, indicating a rebound in market enthusiasm [3]. - Analysts suggest that the reduction in purchase costs and the optimization of purchase limits in key areas have provided support for families looking to upgrade their living conditions, thus driving demand for new homes [3]. Group 4: Future Outlook - Experts predict that the momentum gained from the end-of-year surge will set a strong foundation for the market in early 2026, with continued release of demand from both first-time and upgrading buyers [3][4]. - The seasonal characteristics of market activity suggest that the full impact of the new policies may be more pronounced in the first and second quarters of 2026 [4].

Core Viewpoint - Yanjiang Co., Ltd. is planning a significant asset restructuring by acquiring control of Ningbo Yongqiang Technology Co., Ltd. through a combination of share issuance and cash payment, which may constitute a major asset restructuring [1] Group 1: Acquisition Details - The acquisition is still in the planning stage, with specific details regarding the share purchase ratio and transaction parties yet to be finalized [1] - Yanjiang Co. has reached a preliminary agreement with the controlling shareholder of Yongqiang Technology and its associates as of December 31, 2025 [1] Group 2: Market Performance - Yanjiang Co. shares rose by 11.68% on December 31, 2025, closing at 14.82 yuan per share, with a market capitalization of 4.9 billion yuan [2] Group 3: Yongqiang Technology Overview - Yongqiang Technology, established in 2019, specializes in the R&D and production of IC substrates and high-end display substrates, with applications in 5G/6G communications, AI, and data centers [4] - The company has received multiple rounds of financing, achieving a valuation exceeding 1 billion yuan [4] Group 4: Yanjiang Co. Business Overview - Yanjiang Co. primarily engages in the R&D, production, and sales of materials for disposable hygiene products, indicating a cross-industry acquisition [5] - The company has a strong position in the disposable hygiene product sector, serving major clients like Procter & Gamble and Kimberly-Clark [5] Group 5: Financial Performance - For the first three quarters of 2025, Yanjiang Co. reported revenue of 1.295 billion yuan, a year-on-year increase of 22.99%, and a net profit of 42.5 million yuan, up 27.95% [5] - The net profit for the third quarter reached 16.66 million yuan, with a year-on-year growth rate of 209.1% [5] Group 6: International Expansion - Yanjiang Co. has established localized factories in Egypt, the USA, and India, benefiting from global capacity layout and product upgrades [6] - The Egyptian subsidiary has a theoretical production capacity of 12,000 tons per year, with an expected ramp-up in the first half of 2026 [6] Group 7: Profitability - The net profit margins for both the domestic parent company and the Egyptian subsidiary have increased year-on-year, with the Egyptian subsidiary showing significant growth [7]

Core Insights - xTool Innovate Limited has submitted an application for listing on the Hong Kong Stock Exchange, aiming to become the first publicly traded company in the consumer-grade laser engraving machine sector [1] - The company holds a leading position in the global market for personal creative tools, with a 37% market share in GMV as of the first nine months of 2025 [1] - xTool has experienced significant growth, with its laser engraving and cutting machines capturing 47% of the market share, outpacing the second-largest brand by six times [1] Group 1: Company Background - Founded in 2021, xTool was established by Wang Jianjun, who pivoted from STEAM solutions to focus on consumer-grade laser engraving machines due to rising demand in personal creative culture [2] - The company has undergone five rounds of financing since its inception, with notable investments from Sequoia China and Tencent, raising a total of approximately 6.6 million USD in the A, B, and C rounds [2][3] Group 2: Financial Performance - xTool's revenue figures for 2023, 2024, and the first nine months of 2025 are 1.457 billion CNY, 2.476 billion CNY, and 1.777 billion CNY, respectively [4] - The company's net profit margins have been declining, with net profit for the same periods being 111 million CNY, 149 million CNY, and 83.11 million CNY, respectively [4] - Adjusted net profits have shown more stability, with figures of 183 million CNY, 258 million CNY, and 172 million CNY for the same periods [4] Group 3: Revenue Composition - A significant portion of xTool's revenue, approximately 85%, comes from overseas markets, with the U.S. contributing 54.8% and Europe 30.3% of total revenue in the first nine months of 2025 [5] - The company has established over 300 demo rooms and 40 service stations in Europe to enhance local customer experience and support [5] Group 4: Market Trends - The personal creative tools market is rapidly growing, driven by advancements in AI technology and the rise of the "leisure economy," which is expanding the audience for personalized creative products [8] - The global market for technology-enabled personal creative tools is projected to grow from 6.8 billion USD in 2024 to 39.1 billion USD by 2030, with a compound annual growth rate (CAGR) of 33.8% [8] Group 5: Strategic Positioning - xTool's products are priced 10% to 30% higher than competitors, reflecting a premium positioning strategy [8] - The company has maintained a strong brand presence, with Google search interest in xTool surpassing that of generic laser engraving machines, indicating robust consumer interest [8] - If successful in its IPO, xTool aims to strengthen its core advantages in R&D, branding, and supply chain management [9]

当地时间1月3日，哥伦比亚国防部长佩德罗·桑切斯表示，针对美国总统对哥伦比亚总统佩特罗发出的 威胁，已加强对佩特罗的安全保护。特朗普当天曾指责佩特罗生产毒品，并威胁他"小心点"。 特朗普威胁哥伦比亚 美国3日凌晨对委内瑞拉发起大规模军事行动，突袭委首都加拉加斯并抓走委总统马杜罗及其夫人。 美国东部时间3日上午11时40分左右，美国总统特朗普在佛罗里达州海湖庄园举行新闻发布会，披露更 多关于军事打击委内瑞拉、抓走委总统马杜罗的细节。 桑切斯同时表示，已在与委内瑞拉接壤的边境地区部署3万名公共安全人员，与委边境不会关闭。 美国3日凌晨对委内瑞拉发起大规模军事行动，突袭委首都加拉加斯，派兵强行控制委总统马杜罗夫妇 并移送出境。委内瑞拉、哥伦比亚、古巴和俄罗斯等多国对此表示强烈谴责。 哥伦比亚要求就委内瑞拉局势召开联合国及地区组织会议 哥伦比亚总统府办公厅主任安吉·罗德里格斯3日晚宣布，哥方要求5日召开联合国安全理事会紧急会 议，并提议召开美洲国家组织常设理事会特别会议，以应对委内瑞拉局势变化对地区稳定造成的影响。 罗德里格斯当晚在与委内瑞拉接壤的边境城市库库塔举行的新闻发布会上说，鉴于当前委局势升级，哥 方除推动召 ...

答：中方对美方强行控制马杜罗总统夫妇并移送出境表示严重关切，美方行径明显违反国际法和国际关 系基本准则，违反《联合国宪章》宗旨和原则。中方呼吁美方确保马杜罗总统夫妇人身安全，立即释放 马杜罗总统和夫人，停止颠覆委内瑞拉政权，通过对话谈判解决问题。 （原标题：中方呼吁：立即释放马杜罗总统和夫人） 外交部发言人就美国强行控制委内瑞拉总统马杜罗夫妇答记者问。 问：据报道，1月3日，美国派兵强行控制委内瑞拉总统马杜罗夫妇并移送出境。多国政府发声对此表示 反对。中方对此有何评论？ 校对：廖胜超 外交部发言人表示，中方对美方悍然对一个主权国家使用武力并对一国总统动手深表震惊，予以强烈谴 责。美方的这种霸权行径，严重违反国际法，侵犯委内瑞拉主权，威胁拉美和加勒比地区和平与安全， 中方坚决反对。我们敦促美方遵守国际法及联合国宪章宗旨和原则，停止侵犯别国的主权安全。 综合自：外交部网站、央视新闻 责编：万健祎 当地时间1月3日凌晨，美国对委内瑞拉发起大规模军事行动，突袭委首都加拉加斯并抓走委内瑞拉总统 马杜罗及其妻子。特朗普当天称，美国将"管理"委内瑞拉直至实施"安全"过渡。美国司法部长邦迪3日 通过社交媒体发布消息说，马杜罗 ...

Core Viewpoint - The second-hand prices of Labubu blind boxes from Pop Mart have experienced a significant decline, with some prices dropping over 80% in the past six months, indicating a fundamental shift in supply and demand dynamics [2][4][10]. Group 1: Price Decline and Market Dynamics - The prices of previously rare Labubu hidden variants have plummeted, with the "Ben Wo" hidden variant dropping from nearly 3000 yuan in June 2025 to around 530 yuan, a decline of over 80% [7][10]. - The average transaction price for a box of Labubu plush keychains has decreased from approximately 1800 yuan to about 1022 yuan, reflecting a drop of over 40% [4]. - The increase in supply from Pop Mart, which has expanded its production capacity to ten times that of the previous year, has contributed to the cooling of market demand and the subsequent price drop [13]. Group 2: Supply Chain and International Expansion - Pop Mart has deepened its overseas supply chain, with partners in Indonesia, Cambodia, and Mexico beginning shipments, establishing six global production bases [2][17]. - The company aims to diversify its revenue and optimize costs through international expansion, which could lead to a valuation recovery [18][19]. Group 3: Industry Trends and Future Outlook - The toy industry is facing challenges such as IP aging and market saturation, which could impact revenue if new competitive IPs are not introduced [14]. - Despite recent stock price adjustments, Pop Mart's revenue remains strong, with a reported 245% year-on-year growth in Q3 2025, driven by both domestic and international sales [16]. - Analysts suggest that Pop Mart is transitioning from explosive growth to sustainable growth, with a focus on cultural and brand development in international markets [18][19].