Group 1 - Guizhou Moutai issued a statement warning about fraudulent promotions using its name, including offers for direct supply channels and discounted purchases, which are misleading and potentially fraudulent [2][8] - The company clarified that it has not authorized any entity to issue such information and is currently signing sales contracts with existing corporate clients through offline channels, not via public links or social media [8] - Guizhou Moutai is cooperating with authorities to investigate these fraudulent activities and will pursue legal action against responsible parties to protect market order and consumer rights [8] Group 2 - On January 4, Guizhou Moutai announced its first share buyback, repurchasing 87,059 shares, which represents 0.0070% of the total share capital, at a total cost of 120.1 million yuan, with prices ranging from 1,377.22 yuan to 1,385.76 yuan per share [8][9] - The buyback plan was first disclosed on November 6, 2025, with an expected total buyback amount between 1.5 billion yuan and 3 billion yuan, aimed at reducing registered capital and maintaining shareholder value [9] - This marks the second round of share buybacks since the company went public, with the first round occurring from January to August 2025, during which 3.9276 million shares were repurchased at a cost of nearly 6 billion yuan [10]

落实学生、儿童、伤残军警等重点旅客票价优惠措施，年满60周岁、14至28周岁持居民身份证、港澳台 居民居住证、港澳居民来往内地通行证、台湾居民来往大陆通行证、外国人永久居留身份证的常旅客会 员购票乘车可分别获票面金额的15倍、10倍积分，推行分日期、分时段、分区段、分席别的灵活差异化 的票价优惠策略，加大非热门方向旅客列车的票价优惠力度，动车组列车最低优惠幅度达2折，让旅客 得到更多实惠。 记者今天（18日）从国铁集团获悉，2026年铁路春运自2月2日开始，至3月13日结束，为期40天，全国 铁路预计发送旅客5.39亿人次、同比增长5.0%，节前客流高峰日预计为2月13日（腊月廿六），节后客 流高峰日预计为2月23日（正月初七），春运首日火车票将于1月19日开始发售。 今年春运售票，铁路12306将推出旅客误购票限时免费退等新服务，用好候补购票、在线选铺、起售提 醒订阅等功能，持续丰富信息服务内容，进一步提升旅客购票体验。 加强重点旅客群体购票服务保障，为2026届高校毕业生异地求职增加2次优惠购票次数，继续为学生、 务工人员提供预约购票服务。铁路12306客服中心新增60周岁及以上老年人电话购票受理服务，动 ...

1月19日起，铁路12306平台（含网站、App等，下同）推出旅客误购限时免费退票服务，旅客通过铁路12306平台购买乘车日期 为2月2日及以后火车票时，如误购车票在购票支付成功30分钟内且在开车前4小时以上，购票人可线上自助办理退票，不收取退 票费，将进一步提升旅客购票体验。 购票人通过铁路12306平台，使用电子支付或积分支付购买乘车日期为2月2日及以后境内旅客列车、始发或终到站为香港西九龙 的跨境旅客列车火车票时，如在操作中发生误购，可在购票支付成功30分钟内且在开车前4小时以上，自行线上免费办理退票； 购票人如使用电子支付购票，票款将按原渠道退还；如使用积分购票，将按原渠道返还积分，返还积分的有效期不变；同一购 票人在一个自然日内限办1个订单误购免费退票业务，改签车票、预约或候补购票等不办理此业务。 目前铁路部门实行阶梯式退票政策，在规定免费退票时间内办理退票的，不占用误购免费退票次数。此外，如果旅客在线下售 票窗口发生误购，须当场提出，工作人员会及时帮助旅客换发新票。 来源：中国铁路微信公众号 （文章来源：证券时报） ...

本周（1月12日至1月16日）南向资金合计成交净流入近90亿港元，多只大型科技股获明显加仓。 美光科技斥资18亿美元 收购力积电晶圆厂 1月17日，全球存储芯片巨头美光科技宣布与力积电签署独家意向书，以总价18亿美元现金收购力积电位于中国台湾铜锣的P5晶圆厂。此 意向书旨在建立美光与力积电在美光DRAM晶圆后段组装制程的长期合作关系，并协助力积电精进其既有利基型DRAM产品线。 美光表示，此次策略性收购现有前段制程无尘室，有助于美光提升产能，在需求持续超越供给的市场中更好地服务客户。美光预期，此 收购案将自2027年下半年起，为其DRAM晶圆产能带来显著贡献。 近期，美光科技扩产动作不断。当地时间1月16日，公司在纽约州奥农达加县总投资1000亿美元的巨型晶圆厂正式破土动工。美光表示， 该晶圆厂预计2030年开始生产，在十年内逐步扩大产能。 随着AI需求爆炸式增长，存储产业进入上行周期，全球存储龙头企业纷纷公布扩产计划，三星、SK海力士、美光三大DRAM原厂持续推 进工艺升级和产能扩张。 从行情上来看，成交活跃股本周涨多跌少，狮腾控股涨幅居首，一周累计上涨148.15 %；阿里健康、华虹半导体、阿里巴巴-W随 ...

（原标题：9300亿元！马斯克索赔！） OpenAI和微软均否认马斯克的相关指控。 从理念分歧到法庭对峙，美国企业家马斯克正将昔日亲手参与创立的OpenAI及其核心伙伴微软推向被 告席——他以"欺诈"为由索赔790亿美元至1340亿美元（约合人民币5505亿元—9338亿元）。 理由是OpenAI背弃了其非营利初衷、转而与微软合作，从而对他构成欺诈。 5000亿美元估值的背叛？ 根据周五（1月16日）提交至美国联邦法院的一份文件，马斯克在诉状中称，自2015年联合创立OpenAI 以来，他不仅提供了约3800万美元资金，占早期种子融资的60%，还在组织搭建、关键人才招募、战略 方向以及对外公信力方面发挥了决定性作用。因此有权获得OpenAI当前5000亿美元估值中的一大部 分。 马斯克的首席律师Steven Molo表示："没有埃隆?马斯克，就没有如今的OpenAI。他不仅提供了绝大部 分种子资金，还凭借个人声誉为公司背书，并毫无保留地向团队传授了企业规模化运营的经验。" 文件援引其专家证人、金融经济学家C.Paul Wazzan的评估称，OpenAI因马斯克的综合性贡献，获得的 经济价值在655亿美元至10 ...

Group 1 - The Hong Kong stock market experienced a significant surge in equity financing in 2025, with a total financing amount of HKD 612.2 billion, representing a year-on-year increase of 250.91% [2] - The IPO market in Hong Kong regained its position as the global leader, with 117 companies raising a total of HKD 285.8 billion, a year-on-year growth of 224.24% [2] - The outlook for 2026 remains positive, with expectations that the IPO fundraising scale will exceed HKD 300 billion, driven by favorable policies from the Hong Kong Stock Exchange and the return of Chinese concept stocks [2][3] Group 2 - As of January 15, 2026, there are 327 companies waiting to go public in Hong Kong, with nearly half being A-share listed companies, indicating strong future market activity [3] - The influx of quality IPOs is expected to attract more international capital, enhancing market liquidity rather than detracting from it [4][6] - The performance of IPOs post-listing reflects the effectiveness of the pricing mechanism in mature markets, influenced by factors such as IPO pricing and investor composition [5] Group 3 - International long-term capital has significantly returned to the Hong Kong market, with participation rates in IPO projects rising from approximately 10%-15% in early 2024 to 85%-90% by early 2026 [6] - The types of companies attracting international investors include those with clear business models, predictable profitability, and reasonable valuations, particularly in sectors like AI and consumer goods [6][7] - The biotechnology sector in Hong Kong is expected to continue its growth trajectory, with international investors likely to remain engaged due to the unique market opportunities [7]

Core Viewpoint - The A-share listed companies are gradually disclosing their performance forecasts for the year 2025, with a significant number of companies expecting substantial profit growth, driven by advancements in technology and market demand [1]. Group 1: Performance Forecasts - As of January 17, 2025, 365 listed companies have released their performance forecasts, with 138 companies expecting positive results [1]. - Longxin Bochuang (300548) anticipates a net profit of 320 million to 370 million yuan, representing a year-on-year growth of 344.01% to 413.39% [1]. - Shenghong Technology (300476) expects a net profit of 4.16 billion to 4.56 billion yuan, with a growth rate of 260.35% to 295.00% [4]. - Haitai Technology (301022) forecasts a net profit of 51.5 million to 66.8 million yuan, indicating a growth of 226.86% to 323.97% [8]. - Haineng Technology (920476) projects a net profit of 41 million to 44 million yuan, with a growth of 213.65% to 236.61% [16]. - Hongyuan Pharmaceutical (301246) expects a net profit of 113 million to 137 million yuan, reflecting a growth of 119.57% to 166.2% [17]. - Northern Rare Earth (600111) anticipates a net profit of 2.176 billion to 2.356 billion yuan, with an increase of 116.67% to 134.60% [20]. - Lishang Guochao (600738) forecasts a net profit of 14 million to 17 million yuan, indicating a growth of 92.96% to 134.31% [22]. - Cambridge Technology (603083) expects a net profit of 252 million to 278 million yuan, with a growth of 51.19% to 66.79% [25]. Group 2: Industry Trends - The demand for new generation information technologies such as cloud computing, artificial intelligence, and big data is driving the rapid growth of the data communication market, positively impacting companies' revenues and profits [1]. - Shenghong Technology is consolidating its technological leadership in the global PCB manufacturing sector, with high-end products achieving large-scale production, contributing to significant revenue growth [4]. - Haitai Technology benefits from a high industry boom and increasing orders due to the gradual release of production capacity from its initial public offering projects [8]. - Haineng Technology is experiencing growth in new materials, new energy, and pharmaceuticals, supported by overall market demand recovery [16]. - Northern Rare Earth has successfully increased its sales of lanthanum and cerium products, achieving significant inventory reduction and production growth [20].

Group 1 - The market for gold and silver has expanded to include "investment copper bars," which have gained popularity in Shenzhen's Shui Bei market, although physical copper bars are currently not available for immediate purchase [1] - The price for "investment copper bars" is reported to be 190 yuan per 1000 grams, with potential discounts for bulk purchases, but the specifics of their resale value remain uncertain [1] - Many consumers are interested in "investment copper bars" primarily for their perceived cost-effectiveness compared to gold and silver, reflecting a broader trend of asset allocation among ordinary consumers [6] Group 2 - Recent price surges in gold, silver, and copper have been attributed to tight global copper supply, trade flow restructuring due to U.S. tariff expectations, and increased demand from artificial intelligence and new energy infrastructure [6] - The London Metal Exchange (LME) copper price has increased by nearly 40% in 2025, with Goldman Sachs raising its copper price forecast for the first half of 2026 to $12,750 per ton, while Citigroup warns of potential price corrections following tariff expectations [6] - The volatility in the precious metals market has led to significant risks for businesses, as evidenced by recent reports of gold suppliers facing financial difficulties and silver shops in Shui Bei market experiencing similar issues [6]

（原标题：东部战区、南部战区同日发声） 东部战区、南部战区1月17日发声。 校对：吕久彪 南部战区新闻发言人发表谈话 南部战区新闻发言人田军里空军大校表示，近日，南部战区组织无人机位中国东沙岛附近空域进行正常 飞行训练，完全正当合法。 综合自：东部战区、南部战区 责编：李丹 东部战区新闻发言人就美"菲恩"号导弹驱逐舰、"西尔斯"号海洋测量船过航台湾海峡发表谈话 东部战区新闻发言人徐承华陆军大校表示，1月16日至17日，美"菲恩"号导弹驱逐舰、"西尔斯"号海洋 测量船过航台湾海峡。中国人民解放军东部战区组织海空兵力对美舰过航行动全程跟监警戒，有效应对 处置。战区部队时刻保持高度戒备，坚决捍卫国家主权安全和地区和平稳定。 ...

Core Insights - The low-altitude economy is recognized as a highly promising future industry, with significant potential for growth in 2024 and 2025, as highlighted in government work reports and the "14th Five-Year Plan" [1][3] - The eVTOL industry is transitioning from technology validation to commercial implementation, with a focus on long-term strategic planning rather than short-term gains [1][4][5] Industry Overview - The low-altitude economy market in China is projected to reach 1.5 trillion yuan by 2025, marking substantial growth from the previous year [3] - eVTOL is identified as a key vehicle for low-altitude travel, with annual order totals expected to exceed 30 billion yuan by 2025 [3] Market Potential - The low-altitude industry is anticipated to create several trillion-yuan markets, including low-altitude aircraft, infrastructure, and services, each potentially exceeding 1 trillion yuan [4] - The industry emphasizes the importance of long-term planning, with a recommended timeframe of 5 to 10 years for product development and market entry [4][5] Safety and Compliance - Safety is deemed the primary prerequisite for the development of the low-altitude economy, with a focus on operational safety and regulatory compliance [7][8] - The industry faces new safety challenges due to the integration of high-power electrical components and complex urban environments, necessitating a proactive approach to safety from the initial development stages [8] Commercialization Strategies - The industry is encouraged to adopt a "first fly, then scale" approach, starting with manageable applications such as tourism and logistics before expanding to more complex scenarios [10][11] - There is a call for innovative applications in diverse environments, including remote areas, to enhance the value of low-altitude operations [10][11]