Core Insights - StepFun, a Shanghai-based AI startup, has completed a B+ round financing exceeding 5 billion RMB, setting a record for the largest single financing in China's large model sector in the past 12 months [1] Financing Details - The financing round was backed by various institutional investors, including State Investment Fund, China Life Equity, Pudong Venture Capital, Xuhui Capital, Wuxi Liangxi Fund, Xiamen International Trade, and Huqin Technology, along with follow-on investments from existing shareholders like Tencent and Qiming Venture Partners [1] - The funds raised will be utilized for foundational model research and development, aiming to create a world-class base model and accelerate the implementation of the AI + terminal strategy [1] Leadership Changes - On the same day, StepFun announced the appointment of Yin Qi as the new chairman, who will be responsible for setting the company's strategic direction and technological focus [1]

Company Overview - Haizhi Technology has passed the listing hearing on the Hong Kong Stock Exchange, with CMB International, Bank of China International, and Shenwan Hongyuan Hong Kong as joint sponsors [1] - The company ranks first in market share among AI intelligent agents centered on graphs in China, with approximately 50% market share [1] Product and Technology - The company focuses on developing Atlas graph solutions and industry-level intelligent agents through graph model fusion technology [1] - Atlas graph solutions, one of its core products, is built on advanced graph computing and data analysis capabilities, including the DMC data intelligence platform, Atlas knowledge graph platform, and AtlasGraph database [1] Market Potential - The market for industry-level AI solutions in China is expected to grow from RMB 65.4 billion in 2025 to RMB 286.1 billion by 2029, with a compound annual growth rate (CAGR) of 44.6% [1] - The market for integrated knowledge graph industry-level AI intelligent agents is projected to increase significantly from RMB 200 million in 2024 to RMB 13.2 billion by 2029, with a CAGR of 140.0% [1]

Core Viewpoint - Aixin Yuan Zhi has passed the main board listing hearing on the Hong Kong Stock Exchange, with CICC, Guotai Junan, and Bank of Communications International as joint sponsors [1] Company Overview - Aixin Yuan Zhi is a fabless supplier of artificial intelligence inference system-on-chip (SoC), focusing on high-performance perception and computing platforms for edge computing and terminal device AI applications [1] - The company's core technologies include the Axera Neutron mixed-precision neural network processor (NPU) and the Axera Proton AI-ISP, which is the world's first commercially scaled AI image signal processor [1] Market Position - According to Zhi Zhi Consulting, Aixin Yuan Zhi is the largest supplier of mid-to-high-end visual edge AI inference chips globally by shipment volume in 2024, ranking among the top five in the global visual edge AI inference chip market [1] Product Development and Sales - As of September 30, 2025, Aixin Yuan Zhi has independently developed and commercialized five generations of SoCs, with cumulative deliveries exceeding 165 million units [1] - In 2024, the company's AI inference SoC shipments reached 9.3 million units, with sales of visual terminal computing SoCs and edge computing SoCs increasing by approximately 69% and 400% respectively compared to 2023 [1]

人民财讯1月26日电，企查查APP显示，近日，天赐（广州）供应链有限公司成立，注册资本5000万 元，经营范围包含供应链管理服务。企查查股权穿透显示，该公司由天赐材料(002709)全资持股。 转自：证券时报 ...

Company Overview - Dize Pharmaceutical has submitted its listing application to the Hong Kong Stock Exchange, with Goldman Sachs and Huatai International as joint sponsors [1] - The company is a commercial-stage biopharmaceutical firm focusing on oncology and hematological diseases [1] Core Products - The core drug, Shuwozhe, is the only approved small molecule epidermal growth factor receptor (EGFR) tyrosine kinase inhibitor for treating EGFR 20 insertion mutation lung cancer globally [1] - Shuwozhe is the first lung cancer drug developed in China to receive breakthrough therapy designation from both the FDA and the National Medical Products Administration of China [1] - It is the only targeted drug recommended by the NCCN guidelines for non-small cell lung cancer (NSCLC) and included in China's national medical insurance catalog for this indication as of January 18, 2026 [1] - The second core drug, Gaoruizhe, is the first and only approved JAK1 inhibitor for treating relapsed or refractory peripheral T-cell lymphoma [1] - Gaoruizhe has received fast track and orphan drug designations from the FDA and is also included in China's national medical insurance catalog [1] Pipeline and Market Potential - In addition to the two approved drugs, the pipeline includes one asset in the registration clinical stage, three in the post-concept validation stage, and one in the early clinical stage [1] - The global and Chinese oncology drug markets are experiencing significant growth, particularly in the treatment of lung cancer and NSCLC, which have substantial unmet medical needs [1] - The global market for EGFR 20 insertion mutation NSCLC is projected to grow from $1 billion in 2024 to $8 billion by 2035 [1]

Core Viewpoint - The company Zhongwei New Materials (300919) is adopting a dual technology route strategy in sodium battery materials, focusing on sodium battery polycations and layered oxides, with significant orders and shipments expected by 2025 [1] Group 1: Company Strategy - The company is implementing a dual technology route strategy for sodium battery materials [1] - The focus is on sodium battery polycations and layered oxides [1] Group 2: Market Outlook - By 2025, the company has successfully secured orders for ton-level sodium battery materials and has begun shipments [1] - The economic benefits of sodium batteries are becoming apparent as lithium carbonate prices rise [1] - It is anticipated that by 2026, the company's sodium material shipment volume will significantly increase as the industrialization process accelerates [1]

东莞证券认为，上周五，三大指数集体收涨，市场赚钱效应偏好，两市成交量重回3万亿元。不过从技 术面来看，A股市场在创下阶段性新高后，当前正在高位整固。当前扩内需与反内卷政策落地显效， 2025年12月PMI重返扩张区间、物价指数表现积极。宏观经济改善与企业盈利回升，将是推动市场中期 上行的核心动力，A股转向全面牛市仍需基本面的坚实配合。总的来看，多重利好因素将共同支撑行 情，A股春季行情的趋势有望延续。 财信证券认为，A股市场上行斜率放缓，重视业绩基本面。近期，监管层实施逆周期调节，A股市场上 行斜率有所放缓；万得全A指数运行在均线上方，技术形态较为健康。逆周期调节有利于市场稳健运 行、行稳致远，为居民财富保值增值、经济转型升级与科技自主可控提供良好环境。当前万得全A指数 市净率估值处于中等偏上水平，整体估值并未"泡沫化"，消费及顺周期方向整体估值仍然较低，市场仍 有较多投资机会。近期，上市公司密集披露业绩预告，有业绩支撑的优质公司将会获得更多资金的青 睐。展望后续，更宜战略看多、战术灵活、坚守业绩。方向上，仍维持"短期宜顺应趋势，积极把握从 2025年12月中旬到2026年3月初的做多窗口期"的判断，预计当前 ...

信达证券（601059）认为，结合对能源产能周期的研判，煤炭供给瓶颈约束有望持续至"十五五"，仍需 新规划建设一批优质产能以保障我国中长期能源煤炭需求。在煤炭布局加速西移、资源费与吨煤投资大 幅提升背景下，国内经济开发刚性成本和国外进口煤成本的抬升均有望支撑煤价中枢保持高位。当前， 煤炭板块仍属高业绩、高现金、高分红资产，行业仍具高景气、长周期、高壁垒特征，叠加宏观经济底 部向好，央企市值管理新规落地，煤炭央国企资产注入工作已然开启，以及一二级市场估值倒挂，愈加 凸显优质煤炭公司盈利与成长的高确定性。煤炭板块向下调整有高股息安全边际支撑，向上弹性有后续 煤价上涨预期催化，继续全面看多"或跃在渊"的煤炭板块。 开源证券认为，"反内卷"重塑煤炭核心价值，周期与红利攻守兼备。煤炭曾经是传统的周期股无疑，但 随着地缘政治、"双碳"政策、煤和电盈利平衡等多因素的影响下，煤炭的周期属性弱化已是事实，煤炭 已体现出红利和周期的双重属性。在经济偏弱和市场整体收益率下行的背景下，煤炭作为高股息红利的 代表，仍旧是市场最为认可的价值资产；如政策助力和市场调节致使供需短期错配，煤炭股随着煤价的 变动仍有望凸显出周期属性。周期与红利 ...

Group 1 - The core point of the article is the recent business changes at Anhui Mojia Zhichuang Robot Technology Co., Ltd, which has added new shareholders and increased its registered capital to 104 million yuan [1] - The newly added shareholders include Zhiyuan Innovation (Shanghai) Technology Co., Ltd, Bertley (603596), and Fuchun Dyeing and Weaving (605189) [1] - Mojia Robot is a brand under Chery Group, focusing on the research and application of embodied intelligence [1]

人民财讯1月26日电，据九洲集团（300040）消息，近日，九洲集团成功中标陕西延长石油榆林煤化有 限公司脱硫开关柜采购项目。本次招标采购脱硫开关柜，旨在为生产过程中的脱硫系统提供核心电气控 制保障。 ...