（企业公告） 1月15日，三全食品发布投资者关系活动记录表。当中披露，关于公司在渠道端的核心举措，三全食品 称，公司直营渠道积极拥抱定制化，提升产品品质及客户需求响应速度，加强客户服务能力，与各大零 售系统"总对总"合作，积极沟通，拓展业务空间，连续几个季度定制产品 SKU 数量持续增长，收入降 幅持续收窄，盈利能力显著改善；电商渠道持续提升运营能力，精准费用投放，在改善渠道盈利水平的 同时积极发挥电商渠道新产品推广试验、品牌宣传的功能；经销渠道持续优化经销商结构，扶持弱势区 域客户、对优质高增长客户匹配服务人员，提供贴身服务，帮助经销商开拓场景，与经销商共同成长。 ...

（企业公告） 1月15日，千味央厨发布投资者活动记录表。当中披露，关于公司2026年重点经营规划，千味央厨表 示，公司将继续维持现有的大客户渠道、经销商渠道、电商渠道、海外渠道、零售渠道深耕市场份额。 大客户渠道端，稳住市场基量，提高研发能力，提升创新响应市场需求速度；经销商渠道端，保持结构 性调整，以服务为导向，赋能经销商服务终端客户；电商渠道端，丰富产品品类，实现多维度线上销 售；海外渠道端，公司筹划了海外工厂布局，以更好的拓张海外市场；零售渠道端，公司通过联名共 创、深度定制、商超熟食等模式为新零售客户提供一站式解决方案。公司将加强原材料采购管理，加强 生产精益化管理，加强运营综合成本管理，加强市场费用投放的有效性管理，提高职能部门的人效，切 实做到提质增效。 ...

Core Viewpoint - Luoyang Molybdenum Co., Ltd. plans to use no more than 20 billion RMB of its idle funds for wealth management and entrusted wealth management products, pending shareholder approval [1][4]. Group 1: Investment Plan - The company and its wholly-owned and controlling subsidiaries intend to invest in high-security, liquid wealth management or entrusted wealth management products, excluding structured deposits [4]. - The total investment balance for these products shall not exceed 20 billion RMB (or equivalent foreign currency), with the investment period effective from the date of approval at the 2025 annual general meeting until the 2026 annual general meeting [4]. - The board of directors approved this proposal on January 15, 2026, and it will be submitted for shareholder approval [4]. Group 2: Risk and Returns - The wealth management and entrusted wealth management products are considered to have controllable risks, although the returns may experience slight fluctuations that could impact the company's overall wealth management income [4].

作者丨彭鑫 1月14日，中国汽车工业协会旗下中国汽车工业经济技术信息研究所发布《2025城市NOA汽车辅助驾驶 研究报告》。《报告》显示，2025年1-11月，我国搭载城市NOA功能的乘用车累计销量达312.9万辆， 占乘用车上险量的15.1%。 编辑丨安安 ...

Core Viewpoint - The article highlights the successful implementation of a streamlined international road transport system for cross-border e-commerce goods and bonded cargo, enabling direct delivery from various Chinese cities to multiple countries in Central Asia and beyond [1] Group 1: Transport and Logistics - Vehicles loaded with cross-border e-commerce goods and bonded cargo have started from cities including Wenzhou, Qingdao, Zhengzhou, Shenzhen, Yinchuan, Urumqi, and Kashgar [1] - The transport system allows for "one declaration, one vehicle direct delivery, and one box to the end," in accordance with the International Road Transport Convention [1] Group 2: International Reach - The goods are being transported directly to countries such as Kazakhstan, Uzbekistan, Pakistan, and Russia [1]

2026年1月13日至14日，瑞银集团在上海举办以"新前沿：识变局,谋增长"为主题的第26届瑞银大中华研 讨会（GCC）。 期间，瑞银全球投资银行亚太股票资本市场联席主管胡凌寒介绍道，2025年中国香港市场融资规模创近 十年新高，IPO、再融资、配售、可转债等各类产品发行量和融资额均表现亮眼，后市表现亦值得期 待。受益于南向资金及全球资金（欧洲、中东、美国等）持续流入香港及大中华区市场，市场流动性达 到近年最佳水平。 同时，MSCI中国指数估值相较于全球指数的折让收窄，恒生指数全年上涨近三成，涨幅为过去十年第 二高，体现出全球投资者和资金往中国的回流情况之下对市场的支持。 2025年，港股市场表现火热。胡凌寒介绍，外资机构重新回归中国香港市场扮演基石投资者角色，也有 外资机构首次参与港股基石投资，中资机构同样保持活跃，反映出境内外资金对中国香港市场的长期信 心。 她表示，在香港市场，基石投资通常设有六个月的股份锁定期。这一安排意味着投资者不仅对锁定期 间，而是对至少九至十二个月甚至更长时间的投资周期抱有积极预期。因此，愿意以基石身份参与的投 资人，往往体现出对标的公司及市场前景具备较强的长期信心。尤其在欧洲、 ...

Group 1 - The 26th UBS Greater China Conference was held in Shanghai, attracting over 3,600 participants, including more than 2,300 global institutional investors and representatives from sovereign wealth funds, family offices, and private investors, with participating companies having a combined market capitalization of approximately $4.3 trillion [1] - UBS Group's CEO highlighted China's economic resilience and innovation in advanced manufacturing and artificial intelligence, presenting new opportunities for global investors [1] - In 2025, there was a notable recovery in cross-border capital market activities in China, with an increase in international institutional investors allocating to Chinese stocks, and 111 mainland Chinese companies completing IPOs in Hong Kong by the end of December 2025, with a total post-IPO market capitalization of $562.3 billion [1] Group 2 - UBS China President noted that international investors are increasingly interested in participating in the Chinese market, with a 32% year-on-year increase in investor attendance from the US, Europe, the Middle East, and Africa at the conference [2] - The conference emphasized technology and innovation as key drivers of future growth in China, discussing advancements in artificial intelligence, including semiconductors, advanced computing, industrial automation, and humanoid robotics, as well as AI applications in healthcare, transportation, and financial services [2] - Discussions at the conference focused on the deep changes in China's investment landscape, including advanced manufacturing, energy transition, smart mobility, and new trends in consumer and cultural industries driven by IP, content, and gaming innovation [3]

1月15日，乘联分会崔东树表示，2025年宏观经济保持较强增长，在国家促销费政策推动下汽车市场保 持强势增长，2025年全国汽车市场总体走势较强，卡车市场和客车市场回暖明显。 由于去年政策力度超强，今年政策收缩明显，2024年12月的零售大幅强于批发，导致今年12月乘用车零 售负增长，但因出口和库存增量，12月厂家销量增速相对较好。12月新能源车走势较强，汽车出口市场 持续走强，厂商库存变化较大，行业压力仍较大。 2025年商用车市场出现设备更新补贴推动的结构性增长特征，高补贴带来物流运输类电动化加速，商用 车景气度较高。近几年乘商分化特征明显，随着房地产持续下滑，商用车走弱，乘用车消费改善。 以旧换新政策对乘用车拉动较好，尤其是政策进入期效果好，近期绝大部分暂停补贴，行业综合治 理"内卷"工作取得积极进展，车市总体走势放缓。 2025年市场受政策因素推动，乘用车增速9%相对较好，商用车受电动化推动，新能源商用车走势较去 年明显走强，包含微客的客车市场实现较强增长。 ...

Core Insights - The sixth batch of centralized procurement for high-value medical consumables has been announced, involving 12 types of medical consumables, with 227 companies submitting bids and 202 companies winning bids [1] - The procurement includes drug-coated balloons and urological intervention consumables, with a focus on ensuring a diverse supply to meet clinical needs [1] Group 1: Drug-Coated Balloons - Drug-coated balloons are included in the procurement, which helps in expanding blood vessels and releasing drugs to improve vascular stenosis [1] - A total of 32 companies submitted 42 products for drug-coated balloons, all of which were selected, ensuring a high match with clinical usage while reducing costs for patients [1] Group 2: Urological Intervention Consumables - Urological intervention consumables, previously a "blank area" in procurement, involve complex products used for kidney stones and ureteral stones [1] - 195 companies submitted 454 products, with 170 companies winning bids, indicating a significant increase in available options for clinical use [1] Group 3: Procurement Principles - The procurement adheres to principles of stabilizing clinical use, ensuring quality, preventing excessive competition, and avoiding collusion [2] - Group competition is structured to ensure continuity in clinical use, with products selected based on demand and supply capabilities [2] - The selection rules have been optimized to prevent low pricing from distorting the market, with 8 out of 20 competitive groups triggering a price control mechanism [2]

Core Insights - Wind tunnel testing is a crucial part of the research and development of new energy vehicles in China, allowing for the testing of over 200 vehicle models annually [1] - A reduction of the drag coefficient by 0.01 can increase the range of pure electric vehicles by approximately 8 kilometers [1] - The wind tunnel center is equipped with advanced technology, including microphone arrays and high-precision algorithm models, enabling a significant shift from auditory noise assessment to visual noise analysis [1]