1月21日，"21万科02"展期议案获得债券持有人会议审议通过，这是万科首笔完成展期的债券，债券规 模11亿元。同样寻求展期的"22万科MTN004"和"22万科MTN005"持有人会议也已经召开，两只债券同 样包括与"21万科02"类似的展期方案。 根据前期披露的议案，本次获得审议通过的展期议案包括固定兑付安排、回售部分债券兑付以及付息、 提供增信措施。其中固定兑付金额为不超过10万元，回售部分债券本金、利息的40%于1月30日兑付， 剩余60%展期1年，另提供万科持有的对项目公司武汉万云房地产有限公司、西咸新区科筑置业有限公 司的应收款质押作为增信担保措施。 议案明确，上述调整不触发发行人对本期债券违约，不触发本期债券相关违约责任。 刘水分析称，足够的有效资产将是未来万科债券展期的重要考验。债券展期，目前情况下很重要的要有 增信担保措施，否则债权人很难同意展期。"近几年，全国房地产价格深度下跌，很多项目出现资不抵 债，或者难有较好的收益。万科能否提供足够多的有效资产作为增信担保，将是未来债券展期过程中的 重要考验。"刘水表示。 自去年底"22万科MTN004"被曝光寻求展期以来，"22万科MTN005"" ...

华勤技术表示，在人工智能技术加速落地和各类智能产品的更新迭代背景下，公司依托"3+N+3"智能产 品大平台战略以及全球化产业布局，进一步强化在移动终端、个人电脑、数据中心、汽车电子等领域的 平台化服务能力，以深厚的研发设计能力、高效的供应链平台、全球化的智能制造及精密结构件能力， 服务于各细分领域的全球领先科技公司，为客户创造价值，实现公司长期稳健发展。 艾为电子近日也公告，经财务部门初步测算，2025年公司预计实现净利润3亿元至3.3亿元，较上年同期 增加4511.98万元至7511.98万元，同比增长17.70%到29.47%。艾为电子称，报告期内，面对行业周期性 波动，公司将消费电子业务作为核心基本盘，通过技术升级与客户价值深耕双轮驱动，在保持技术储备 深度的同时为市场复苏储备势能；工业互联与汽车电子领域则加速构建第二增长曲线，积极拓展新能源 汽车智能化与工业自动化升级等新的业务增长点，推动业务重心向高附加值领域战略性跃迁。 "报告期内，公司综合毛利率预计超35%，较上年同期提升约5个百分点，得益于高附加值产品规模化应 用及成本结构优化。"艾为电子表示。 预计2025年业绩增长的电子企业不在少数。1月2 ...

中东局势再度紧张。 据最新消息，由于与伊朗关系的高度紧张，美国正在向中东地区增派兵力。据央视新闻，十多架F- 15E"攻击鹰"战斗机18日从英国起飞前往中东地区；另有C-17"环球霸王"III运输机从英国飞往中东执行 任务。"亚伯拉罕·林肯"号航空母舰战斗群也已经穿过马六甲海峡，继续驶向中东地区。 报道称，预计更多导弹防御系统也将被部署到中东地区，以加强美国军事基地和以色列的防御能力。 此前一段时间，伊朗多地发生抗议活动，其间出现骚乱，造成人员伤亡。连日来，美国总统特朗普多次 威胁军事干涉伊朗局势，美国务院多次要求美国公民立即离开伊朗。 14日，伊朗伊斯兰革命卫队航空航天部队司令马吉德·穆萨维表示，伊朗当前处于最高战备状态，导弹 储备量自2025年以来有所增加。 15日，美国白宫新闻秘书莱维特表示，特朗普及其团队正在密切关注伊朗局势，并保留所有选项。同 日，特朗普暂缓决定是否对伊朗发动军事打击。多名美国、以色列及阿拉伯国家消息人士称，军事选项 仍在桌面上，但不确定性明显上升。 关键时刻，伊朗方面警告美国总统特朗普不要对伊朗最高领袖哈梅内伊采取任何行动。当地时间1月20 日，伊朗武装部队发言人谢卡尔奇警告称，任 ...

Core Viewpoint - Huqin Technology (603296.SH) is expected to achieve significant revenue and profit growth in 2025, with projected revenue between 170 billion to 171.5 billion yuan, representing a year-on-year increase of 54.7% to 56.1%, and a net profit of 4 billion to 4.05 billion yuan, indicating a growth of 36.7% to 38.4% [1] Group 1: Business Strategy and Development - Huqin Technology has evolved from a single-category manufacturer to a platform enterprise, establishing a "3+N+3" global smart product platform that includes smartphones, laptops, and data centers as its core pillars, while also focusing on emerging areas such as robotics, automotive electronics, and software [2] - The company has diversified its revenue streams, with the revenue structure showing approximately 30% from smartphones, 30% from data products, and 20% from personal computers in the first three quarters, indicating a multi-driver business growth pattern [3] Group 2: Market Position and Innovations - Huqin Technology is recognized as one of the most comprehensive ODM platforms for smart products globally, leading the ODM industry in smartphones, tablets, and wearables, while maintaining the top position in the Chinese laptop market and increasing its global share [4] - The automotive electronics sector is highlighted as a new growth area, with plans for large-scale production in smart cockpits and advanced driver assistance systems by 2025, alongside rapid growth in the software business through full-stack development and testing services [4] - The robotics business has made significant progress, completing the debugging of its first-generation bipedal humanoid robot in 2025 and deepening collaborations with partners like NVIDIA to promote the industrial application of related technologies [4] Group 3: Future Outlook - Looking ahead, Huqin Technology aims to deepen its "3+N+3" strategy, consolidating existing business advantages while actively pursuing innovation and breakthroughs in robotics, automotive electronics, and software, thereby creating long-term value for shareholders, customers, and society [5]

人民财讯1月21日电，电投能源（002128）1月21日发布2025年度中期利润分配方案，拟每10股派3元现 金(含税)。 ...

Core Viewpoint - The company, Moore Threads, anticipates significant revenue growth in 2025, projecting revenues between 1.45 billion to 1.52 billion yuan, representing a year-on-year increase of 230.70% to 246.67% while expecting a reduced net loss compared to the previous year [1] Group 1: Financial Performance - The company forecasts a net loss of 950 million to 1.06 billion yuan for 2025, a decrease from the previous year's loss of 1.618 billion yuan, indicating a reduction in loss by 34.50% to 41.30% [1] - For the first three quarters of 2025, the company reported revenues of 784.6 million yuan, a substantial year-on-year increase of 182%, with a net loss of 723.5 million yuan [2] Group 2: Product Development and Market Position - The company focuses on the research and innovation of full-featured GPUs, successfully launching the flagship MTTS5000 GPU, which has achieved market-leading performance and is now in mass production [1] - The large-scale clusters built on this product have been completed and are operational, efficiently supporting the training of trillion-parameter large models, matching the performance of equivalent international GPU clusters [1] - Despite these advancements, the company acknowledges existing gaps in comprehensive R&D capabilities, core technology accumulation, and product customer ecosystem compared to international giants [1] Group 3: Market Dynamics and Future Outlook - The company benefits from the booming artificial intelligence industry and strong market demand for high-performance GPUs, which has enhanced its competitive advantage and increased market recognition, contributing to revenue and gross profit growth [1] - The company maintains high R&D investment levels and is still in a phase of continuous R&D expenditure, indicating it has not yet achieved profitability and has accumulated unremedied losses [1] Group 4: Stock Performance - Since its listing, the company's stock price has increased by approximately 449%, with the latest stock price at 627.3 yuan per share and a total market capitalization of 294.8 billion yuan as of January 21, 2026 [3]

Core Insights - The smart lock industry in China is at a critical juncture of technological innovation and market upgrade, focusing on product core reconstruction, value enhancement, and user experience empowerment as key directions for high-quality development [1][2] - The integration of smart security and smart home technologies is accelerating, with smart locks reinforcing their essential role in home security, while the industry faces challenges such as price competition and product homogeneity [1][2] Industry Trends - The demand for smart locks is steadily increasing, with both new and replacement needs being released, and the upstream shipment volume is continuously rising, indicating a clearer supply chain structure [1][2] - The market penetration of smart locks remains low, with significant potential for new user growth, and AI smart locks are emerging as a major highlight for the year [2][3] Standardization Efforts - The China Daily Hardware Technology Development Center is actively promoting the establishment of industry standards to address common challenges and guide the industry towards a new phase of quality competition focused on innovation, product quality, and safety [2][3] - The release of the "2025 China Smart Lock Industry White Paper" and the "2025 China Smart Door Consumer White Paper" aims to provide insights into industry development, market characteristics, and consumer trends to support strategic decision-making [3]

Group 1: Company Performance Forecasts - Jin'an Guoji expects a net profit of 280 million to 360 million yuan for 2025, representing a year-on-year increase of 655.53% to 871.4% due to improved market conditions in the copper-clad laminate sector and increased sales volume and prices [3] - Limin Co. anticipates a net profit of 465 million to 500 million yuan for 2025, reflecting a year-on-year growth of 471.55% to 514.57%, driven by increased sales volume and prices, improved gross margins, and higher investment income from affiliated companies [4] - Juhua Co. forecasts a net profit of 3.54 billion to 3.94 billion yuan for 2025, with a year-on-year increase of 80% to 101%, attributed to rising prices of core products and stable production and sales volumes [6][7] - Shanghai Yizhong expects a net profit of 60 million to 70 million yuan for 2025, indicating a year-on-year growth of 760.18% to 903.54%, primarily due to the inclusion of its core product in the national medical insurance directory [8] Group 2: Industry Trends and Market Conditions - The copper-clad laminate industry is experiencing a recovery in high-end market demand, with increased investment in high-end markets and a slight rebound in prices, although competition remains fierce [3] - The global pesticide market is projected to grow and exceed 80 billion USD by 2025, driven by the need for agricultural productivity and Limin Co.'s strengthened position as a leading disinfectant manufacturer [6] - The third-generation fluorinated refrigerants are seeing price recovery and stable demand, contributing to Juhua Co.'s profit growth, while the industry is improving in terms of competition and market structure [7] - Shanghai Yizhong is focused on developing innovative anti-tumor drugs and has a comprehensive drug production system, with ongoing research into various therapeutic platforms [8]

Core Insights - Chery Automobile has officially entered the AI 2.0 era, showcasing its comprehensive AI strategy and core achievements at the 2026 Chery AI Night in Wuhu, Anhui, aiming to transition from a "technology company" to a "global AI technology company" [2] Group 1: AI Strategy and Vision - Chery is committed to promoting universal equity in AI technology, focusing on user-centric approaches and enhancing AI capabilities across various automotive sectors [2] - The company aims to integrate AI deeply into its internal operations, including engineering development, innovation, and management, while also expanding AI applications across various industries [2] Group 2: AI Product Innovations - Chery introduced several AI advancements, including the Falcon Intelligent Driving, Lingxi Intelligent Cockpit, Flying Fish Smart Chassis, and Kunpeng Power, demonstrating a comprehensive evolution from technology to user experience [3] - The Lingxi Intelligent Cockpit features a new AI architecture that enhances interaction, human-like memory, and privacy protection, with the introduction of the AI assistant "Xiao Qi" to provide personalized services [3] - The Flying Fish Smart Chassis utilizes AI to redefine driving experiences, offering proactive prevention, personalized driving styles, and dynamic optimization [3] - The AI-powered battery management system ensures 24/7 monitoring for safety, performance, and longevity of the battery [3]

摩尔线程持续推进产品架构迭代，旗舰级AI训推一体全功能GPU智算卡MTT S5000性能已达到市场领先 水平，并实现规模量产。基于该产品构建的大规模集群已完成建设并上线服务，其万卡集群浮点运算能 力高达10 Exa-Flops，具备全精度、全功能的通用计算能力。在实际训练效率与工程稳定性方面，该集 群在Dense大模型上实现60%的训练算力利用率（MFU），在MoE大模型上达40%，有效训练时间占比 超过90%，训练线性扩展效率高达95%，可稳定高效支持万亿参数大模型训练，其计算效率已达到同等 规模国外同代系GPU集群的先进水平。 GPU技术的突破离不开生态承载。MUSA架构及软件栈在坚持原生创新的同时，高度兼容国际主流GPU 应用生态，显著降低了开发者的迁移成本，为国产GPU的规模化应用奠定了基础。相关生态成果已在关 键合作中得到验证：2025年12月，摩尔线程联合硅基流动，基于MTT S5000完成对DeepSeek-V3 671B满 血版的深度适配与性能测试，实测单卡Prefill吞吐超4000 tokens/s、Decode吞吐超1000 tokens/s，刷新了 国产GPU在超大规模MoE模型下的推 ...