Group 1 - The Beijing Stock Exchange has welcomed three new listings, bringing the total number of listed companies to 290 and the total market capitalization to 967.05 billion yuan, approaching the 1 trillion yuan mark [1] - The IPO review process on the Beijing Stock Exchange is maintaining a high frequency, with expectations for continued rapid issuance of IPOs due to deepening market reforms [1] Group 2 - The semiconductor industry is experiencing strong performance driven by demand from artificial intelligence, with many companies reporting increased operating rates in chip manufacturing [2] - A total of 506 A-share companies have forecasted net profit growth for 2025, with 16 companies expecting growth exceeding 500%, driven by factors such as market expansion and cost reduction [12] Group 3 - The mandatory disclosure of ESG reports is transforming the quality and comparability of data, moving from qualitative case studies to quantitative data points, enhancing transparency in environmental information [3] - The shift towards a more systematic approach in regulatory oversight of listed companies is evident, with over 90 companies facing administrative penalties in 2025, indicating a stricter enforcement environment [6][7] Group 4 - The short-term funding environment is expected to remain reasonably ample, with the People's Bank of China focusing on guiding overnight rates to operate near policy rate levels [4] - The A-share market is witnessing a structural opportunity, with a focus on technology growth and resource sectors as brokers conduct extensive research on companies [8] Group 5 - The new fund establishment has reached 76 this year, raising a total of 71.939 billion yuan, with a significant number of funds achieving over 20% returns, indicating strong investor interest [10] - The proactive equity funds are heavily invested in the electronics, pharmaceuticals, and power equipment sectors, reflecting a strategic focus on high-growth industries [14]

（文章来源：新华财经） 新华财经北京1月26日电钢银电商公布的最新数据显示，截至1月26日的一周，全国38个城市，共计135 个仓库的城市钢材总库存量为710.72万吨，较上周环比增加11.59万吨，增幅1.66%。 其中，建筑钢材库存总量为316.08万吨，较上周环比增加15.63万吨（+5.20%)，包含30个城市，共计79 个仓库。热卷库存总量为205.20万吨，较上周环比减少1.81万吨（-0.87%)，包含15个城市，共计47个仓 库。中厚板库存总量70.68万吨，较上周环比减少0.07万吨（-0.10%)，包含9个城市，共计14个仓库。冷 轧涂镀库存总量为118.76万吨，较上周环比减少2.16万吨（-1.79%)，包含5个城市，共计14个仓库。 ...

美国航班跟踪网站数据显示，截至25日16时，全美当天已有10981架次航班取消，3295架次航班延误。 华盛顿里根国家机场取消率接近100%，纽约拉瓜迪亚机场、费城国际机场取消率超过90%。 据美国全国广播公司报道，从美国南部到东北部，23个州已宣布进入紧急状态。多家媒体援引美国国家 气象局一名气象学家的话报道，截至25日上午，全美各地各类冬季气象预警合计覆盖约2.13亿人口。 纽约市长马姆达尼当天表示，在这个降雪的周末，纽约市至少有5人死于室外。当地警方说，这些人看 起来都是无家可归者，警方正在调查他们是否死于严寒。美国全国广播公司援引路易斯安那州卫生部门 消息报道，当地两名男子死于冬季风暴引发的失温。美国有线电视新闻网说，严寒将持续一周，无家可 归者或家中连续数天停电的人们将面临更大风险。 新华社华盛顿1月25日电 最新数据显示，截至25日下午，23日起席卷美国多地的大规模冬季风暴一度导 致超过100万用户断电。据美国媒体报道，严寒天气已导致多人死亡。 这场大规模冬季风暴带来大范围强降雪、雨夹雪和冻雨以及极寒天气。美国国家气象局预计，风暴26日 将离开东海岸进入大西洋，但26日美国多地仍会出现降雪和冰冻， ...

Core Viewpoint - Ningbo Likun Resource Technology Co., Ltd. (hereinafter referred to as "Likun Resources" or "the Company") is planning to go public on the Shenzhen Stock Exchange, with CICC as the sponsor. The Company has shown steady revenue growth due to increasing nickel product production and strong market demand, although net profit has experienced fluctuations. The reliance on Indonesian partners for raw materials and the rapid growth of inventory pose potential risks to the Company's performance [2][3][6]. Group 1: Business Overview - Likun Resources was established in 2009 and is headquartered in Ningbo, Zhejiang. The Company started with nickel ore and nickel pig iron trading and has expanded into a vertically integrated business covering nickel product trading, production, and sales [3]. - The Company acquired production capabilities after purchasing Huiran Industrial in 2017 and has since developed wet and pyrometallurgical projects in Indonesia, becoming the first domestic service provider to extend its product service system from trading to production in the nickel industry [3][5]. - From 2022 to the first half of 2025, the Company's revenue figures were 18.319 billion yuan, 21.286 billion yuan, 29.846 billion yuan, and 18.497 billion yuan, with net profits of 1.73 billion yuan, 1.05 billion yuan, 1.768 billion yuan, and 1.428 billion yuan respectively [3][5]. Group 2: Market Position and Performance - In the first half of 2025, the revenue from nickel product trading was 7.822 billion yuan, accounting for 44.73% of total revenue, while nickel product production revenue was 9.666 billion yuan, making up 55.27% [5]. - According to a report by Zrinsight, Likun Resources is projected to be the largest nickel product trader globally in 2024, capturing 10.4% of the global nickel product market demand, and is the largest nickel ore supplier in China with a market share of approximately 35.8% [5]. - As of the end of 2024, Likun Resources ranks second in the global market share for stable operations using HPAL technology in wet metallurgy projects, with a market share of 19.7%, and 25.1% in Indonesia [5]. Group 3: Supply Chain and Inventory Risks - Likun Resources relies heavily on Indonesian partners for its raw material supply, with the proportion of nickel ore purchased from these partners being 54.52%, 70.51%, 64.32%, and 58.89% from 2022 to the first half of 2025 [6]. - The Company has long-term supply agreements with Indonesian partners to ensure stable access to nickel ore, but uncertainties such as partner production halts or regulatory changes could disrupt supply [6]. - The Company's inventory has been growing rapidly, with values of 1.151 billion yuan, 2.189 billion yuan, 3.369 billion yuan, and 4.396 billion yuan from the end of 2022 to June 2025, representing a rising proportion of current assets [9].

据了解，先正达植保中国创新中心建成并投入运行后，研发团队将分阶段发展，涵盖化学研究、生物制 剂、生物科学、产品技术与工程等多个专业方向，形成从基础研究到应用验证的综合研发能力体系，并 逐步建设成为面向中国与全球的国际化农业科技创新与人才交流平台。 根据项目建设安排，该项目计划于2027年完成工程建设，并于2028年投入运营。 （文章来源：新华财经） 新华财经上海1月25日电（记者李荣）25日，先正达集团全球植保中国创新中心（下称"先正达植保中国 创新中心"）项目在上海市金山区启动建设，标志着先正达集团在中国的植保研发能力建设迈入新阶 段。 该项目定位为先正达集团在全球布局的植保研发体系的重要组成部分，将与瑞士、英国研发中心形成协 同互补，共同构成其全球植保创新网络的重要支点。 先正达集团首席执行官洛文杰 (Jeff Rowe) 表示，提升农业生产效率、保障粮食增产同时降低碳排放与 环境足迹，是全行业需要携手攻克的共同课题。中国农业正经历规模与速度兼具的转型，多元复杂的自 然条件和发展挑战叠加，为农业科技创新提供了广阔试验场与应用场景。 先正达集团是由中国中化控股有限责任公司控股的全球农业科技企业。先正达植保中 ...

Key Points - The Chinese government emphasizes high-quality development, implementing proactive fiscal policies and moderately loose monetary policies to enhance reform measures and macroeconomic policy coordination [1][3] - The Supreme People's Procuratorate stresses strict punishment for financial fraud and market manipulation to maintain capital market security [2] - The Ministry of Finance and other departments have released multiple notifications to implement a comprehensive set of fiscal and financial policies [3][6] - New policies have been introduced to support urban renewal actions, encouraging the overall operation of resource asset combinations [7] - The China Securities Regulatory Commission (CSRC) has issued guidelines for public offering securities investment fund performance benchmarks, linking performance to compensation [5] - International gold prices have surpassed $4,900, reaching a new historical high [1][10] Domestic News - The People's Bank of China plans to continue implementing moderately loose monetary policies to support stable economic growth and reasonable price recovery [3] - The CSRC has announced the extension of tax policies for innovative enterprise CDRs, exempting personal income tax on capital gains from CDR transfers until the end of 2027 [3] - Major banks have announced the implementation of personal consumption loan fiscal subsidy policies, extending the policy period and expanding support areas [3][6] - The Ministry of Industry and Information Technology is seeking public opinion on the national standard for digital identity identification in the metaverse [6] - The CSRC is intensifying scrutiny of private equity fund violations, with significant administrative measures taken against numerous institutions [8] International News - International precious metal prices have surged, with gold and silver prices reaching historic highs [10] - The U.S. real estate market shows a significant decline in home sales, with the index dropping 9.3% month-on-month and 3% year-on-year [11] - The UK inflation rate has risen to 3.4%, exceeding expectations, while the Bank of England is set to make a decision on interest rates [12] - The IMF has slightly adjusted the global economic growth forecast for 2026, citing ongoing uncertainties from trade tensions and geopolitical conflicts [12]

Core Insights - The event marked the launch of a new chapter in the "15th Five-Year Plan" for the Ejiao industry, emphasizing the integration of technological innovation and industrial development [1][2] - The collaboration between China Agricultural University and Dong'e Ejiao aims to enhance the entire industry chain through technological empowerment and sustainable practices [2][5] Group 1: Event Overview - The innovation achievement release conference was held on January 25, showcasing key technological advancements in the Ejiao industry [1] - Over 600 participants attended, including experts from various fields, media representatives, and Dong'e Ejiao management [2] Group 2: Key Technological Advancements - The conference highlighted breakthroughs in areas such as industry economics, donkey cell cloning, precision nutrition, and the high-value utilization of donkey milk [3][4] - Research reports presented included global trends in the donkey industry, health food innovations, and nutritional analysis of donkey milk, providing a comprehensive view of the industry's future [3][4] Group 3: Strategic Goals - Dong'e Ejiao aims to strengthen its position in technological innovation and enhance its competitive advantages during the "15th Five-Year Plan" [2][5] - The company plans to integrate the four chains of industry, supply, innovation, and value to build a sustainable global donkey industry ecosystem [2][5]

Primary Market - A total of 7 offshore bonds were issued this week (January 19-23, 2026), including 2 RMB bonds, 2 USD bonds, 1 HKD bond, and 2 AUD bonds [2] - The largest single issuance in the offshore RMB bond market was 1.092 billion RMB with a maximum coupon rate of 3.15%, issued by Ganzhou Urban Investment Holding Group [2] - In the USD bond market, the largest single issuance was 300 million USD by Panzhihua Panxi Technology City Development Co., with the highest coupon rate of 9.75% issued by Ruian Real Estate Co. [2] Secondary Market Overview - The yield on Chinese USD bonds slightly increased this week, with the Markit iBoxx Chinese USD Bond Composite Index rising by 0.11 to 252.07 [3] - The investment-grade USD bond index increased by 0.1% to 244.95, while the high-yield USD bond index rose by 0.21% to 243.79 [3] - The real estate USD bond index increased by 0.26% to 180.79, and the city investment USD bond index rose by 0.07% to 154.74 [3] Benchmark Spread - As of January 23, the spread between the 10-year benchmark government bonds of China and the U.S. widened to 240.9 basis points, an increase of 2.1 basis points from the previous week [4] Rating Changes - Moody's withdrew the "Ca" corporate family rating for Hailong Holdings Co., Ltd. at the company's request on January 19 [6] - Fitch downgraded the long-term foreign currency issuer ratings of Wanda Commercial Properties (Hong Kong) Co., Ltd. to "RD" on January 19 [6] Defaults and Extensions - Vanke successfully passed a bond extension plan for 1.1 billion RMB with a high approval rate of 92.11% on January 21, marking its first successful extension since facing difficulties in late 2025 [7] Domestic News - In December 2025, over 10 trillion RMB worth of debt financing instruments were issued in the interbank market, with a total of 11,531 instruments issued throughout the year amounting to 10.09 trillion RMB [8] - Since the launch of the green foreign debt pilot in Shandong, approximately 330 million RMB in cross-border financing has been achieved, involving key green sectors [9] - The panda bond market reached a record issuance of 163.31 billion RMB in 2025, a year-on-year increase of 15.6%, with a total outstanding amount of 318.78 billion RMB [10] Overseas News - The Bank of Japan maintained its benchmark interest rate at 0.75% on January 23, to assess the impact of last month's rate hike on the economy [11] Offshore Debt Alerts - Vanke withdrew its application for the listing of the Huaxia Wanwei Warehousing Logistics Closed-End Infrastructure Securities Investment Fund on January 23 [12] - Luoyang Molybdenum Co. plans to issue 1.2 billion USD zero-coupon convertible bonds with a conversion premium of 28.7% [13] - Hongyi Culture extended the maturity date of its 60 million HKD convertible bonds to April 21, 2028 [14]

25日上午，重庆市两江新区正式挂牌，这是我国中西部地区首个实现行政化的国家级新区。两江新区辖 31个街道、11个镇，面积约1360平方公里、人口约352万。 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mysteel保留对任何侵权行为和有悖原创内容原意的引用行为进行追究的权利。转载内容来源于网络，目的在于传递更多信息，方 便学习与交流，并不代表Mysteel赞同其观点及对其真实性、完整性负责。 资讯编辑：乐卫扬 021-26093827 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 ...

Group 1 - The National Internet Information Office is seeking public opinion on the "Financial Information Service Data Classification and Grading Guidelines," which categorizes financial data into four levels based on its importance and sensitivity [1] - By the end of 2025, the scale of China's bank wealth management market is expected to reach 33.29 trillion yuan, an increase of 11.15% from the beginning of the year, with 1.43 million investors holding wealth management products [1] - The industrial wind power generation in China is projected to exceed 1 trillion kilowatt-hours by 2025 [1] Group 2 - In 2025, the cultural and tourism market in Tibet is expected to receive 70.73 million domestic and international tourists, a year-on-year increase of 10.71%, with cultural industry output value reaching 15.01 billion yuan, up 35.29% [1] - The total amount of cross-border RMB payments in Yunnan Province is anticipated to reach 100.18 billion yuan in 2025, a 13% increase year-on-year, with significant growth in settlements with countries along the Belt and Road [1] - The number of national standards for traditional Chinese medicine is expected to increase significantly during the 14th Five-Year Plan period, with 34 national standards published, accounting for 65.4% of the total [1]