炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源 | 《财经》杂志 作者 | 《财经》记者 张欣培 编辑 | 郭楠 陆玲 某券商研究所原电子行业首席分析师邹某、原电新行业高级分析师程某，犯非国家工作人员受贿罪，分 别被判处有期徒刑十个月、八个月，缓刑一年，并处罚金10万元 一条完整的利益输送链条，被法院的刑事判决书完整揭示：从上市公司支付好处费，到券商分析师出 具"量身定制"的研究报告推高市场预期，再到股价在概念炒作下短期大涨，最终大股东在高点精准减持 套现。 该券商另一名前分析师程某，因在此事中沟通联络及转送现金，收取好处费5万元，犯非国家工作人员 受贿罪，被判处有期徒刑八个月，缓刑一年，并处罚金10万元。 判决书显示，被告人邹某和程某原均就职于东方某有限公司研究所。被告人邹某，男，1988年11月29日 出生于山东省德州市，博士研究生文化，原系东方某有限公司研究所电子行业首席分析师；被告人程 某，男，1987年8月13日出生于湖北省嘉鱼县，硕士研究生文化，原系东方某公司研究所电新行业高级 分析师。 2023年4月，邹某、程某接受宋某甲请托，利用邹某时任东方某有限公司研究所电子 ...

12月26日，国家金融监督管理总局浙江监管局发布批复，同意浙江民泰商业银行增加注册资本4亿元人民币，由52.97亿元人民币变更为56.97亿元人民币。该 行应按照有关规定及时办理变更事宜。 （国家金融监督管理总局） ...

Core Viewpoint - Vanke has received a 30-day grace period for the repayment of its second medium-term note, extending the repayment deadline to February 10, 2026, which may alleviate immediate financial pressure on the company [1] Group 1: Grace Period Extension - The grace period for the repayment of Vanke's 2022 fifth medium-term note has been extended from 5 working days to 30 trading days [1] - This extension was approved during the first bondholders' meeting related to the medium-term note [1] - If Vanke repays the principal and interest within the 30-day grace period, it will not constitute a default [1] Group 2: Previous Proposals - Multiple proposals for extending the repayment period were not approved in the bondholders' meeting [1] - The announcement regarding the grace period extension was published by the Shanghai Clearing House [1]

Core Viewpoint - The announcement from Weiweijia indicates that the fluctuation in the number of distributors is a result of the company's proactive "channel slimming" strategy aimed at optimizing its distribution network for high-quality development [1] Group 1: Distributor Strategy - The reduction in the number of distributors is not a contraction of channel layout but a strategic optimization to eliminate inefficient operators and enhance overall channel efficiency [1] - The company is focusing on nurturing high-quality distributors through training, policy support, and service improvements to boost individual productivity and operational efficiency [1] - Although this adjustment may impact revenue in the short term, it is expected to significantly enhance channel quality and operational effectiveness in the long run [1] Group 2: Future Channel Development - The next phase of channel expansion will focus on three main areas: deepening omni-channel integration, expanding B-end market opportunities, and refining regional market strategies [1] - For omni-channel integration, the company aims to strengthen traditional channel advantages while exploring new efficient formats such as community group buying and live-streaming e-commerce [1] - The B-end market strategy will leverage favorable policies to expand group purchasing channels in schools and elderly care institutions, creating new revenue growth engines [1] - Regional market strategies will involve increasing channel penetration in fast-growing areas, conducting market research, and implementing targeted recruitment to optimize product supply and support mechanisms [1]

（杭州银行） 12月26日，杭州银行发布公告称，该行全资子公司杭银理财有限责任公司（下称"杭银理财"）为增强资 本实力、提高市场竞争力，以人民币20亿元未分配利润转增注册资本，转增后杭银理财注册资本由人民 币10亿元增加至人民币30亿元。 根据《国家金融监督管理总局浙江监管局关于杭银理财有限责任公司变更注册资本的批复》（浙金复 〔2025〕245号）及《国家金融监督管理总局浙江监管局关于杭银理财有限责任公司修改公司章程的批 复》（浙金复〔2025〕467号），近日杭银理财完成注册资本工商变更登记手续，并取得了换发的《营 业执照》。 (编辑：钱晓睿)关键字： ...

Core Insights - The Huawei XMAGE Annual Imaging Exhibition in Shanghai emphasizes the integration of technology and humanity, showcasing the theme "See the World, See You" [1][6] - The exhibition features four main sections that explore deep questions about connection and coexistence with the world [1] Group 1: Technology and Product Highlights - The Huawei Mate X7, a foldable flagship, showcases advanced imaging capabilities, including the second-generation Red Maple imaging technology, which enhances light intake by 96% and color reproduction by 43% [2][5] - The device's long-focus macro capabilities are highlighted by its F2.2 aperture and advanced lens system, which improves light intake by 86% compared to its predecessor, allowing for detailed imaging of both distant and close subjects [3][5] - The Mate X7 features an 8-inch inner screen that aids in composition through AI guidance, making it accessible for users without professional photography skills [4] Group 2: User Experience and Engagement - The exhibition allows visitors to experience the Mate X7's capabilities firsthand, breaking the perception that foldable screens are inferior to traditional smartphones in imaging performance [5][6] - Attendees can engage with various interactive experiences, enhancing their understanding of the device's features and the art of photography [6] - The exhibition runs until December 30, providing opportunities for consumers to explore the artistic aspects of imaging and the technological advancements of the Mate X7 [6]

Core Insights - Energy storage is transitioning from an "auxiliary service" role in power systems to a "core element" in building new power systems, driven by the increasing share of intermittent renewable energy sources like wind and solar [1][2] - Long-duration energy storage (4 hours or more) is becoming essential to address the challenges of energy balance across days and seasons, as short-duration storage (under 4 hours) is insufficient for these needs [1][2] - The Chinese company Hichain Energy, established in 2019, is emerging as a significant player in long-duration energy storage technology, with its battery shipments ranking second globally by mid-2025 [1][2] Industry Dynamics - The demand for long-duration energy storage is fundamentally driven by the inherent intermittency and volatility of renewable energy sources, which require robust solutions as their penetration in the energy mix increases [2][3] - As renewable energy generation exceeds 20% and approaches 30% or more, the pressure on traditional power generation to balance supply and demand grows exponentially, necessitating long-duration storage solutions [2][3] Technological Innovations - Hichain Energy has developed a comprehensive technology system that covers "materials, cells, systems, and management," reversing the traditional approach of system integration based on existing cell designs [5][6] - The company has introduced large cell products with capacities significantly exceeding mainstream products, achieving a reduction in the number of cells required for management, thus simplifying system integration and enhancing reliability [5][6] - Hichain's proprietary "ultra-thick electrode technology" addresses challenges associated with increasing electrode thickness, ensuring efficient electrochemical reactions even under high load conditions [6][7] Safety and Reliability - Hichain Energy emphasizes safety through a multi-layered defense system, validated by rigorous testing, including an open-door fire test that demonstrated effective control of flames and heat spread [7][8] - The company has partnered with Munich Re to provide long-term performance insurance for its products, enhancing market credibility and offering clients a quantifiable assurance of safety and reliability [8][9] Market Expansion - Hichain Energy's long-duration storage technology is being commercialized, with projects initiated as early as 2022 and global deliveries starting in 2023 [10][11] - The company has secured significant overseas orders, exceeding 30 GWh, and is expanding its manufacturing capabilities in North America and Europe to meet growing demand [10][11] - Hichain aims to enhance investment returns and reduce costs for clients through optimized project layouts and advanced energy storage solutions [11][12] Future Outlook - The company plans to focus on high safety, long lifespan, and high efficiency in its product development over the next five years, aiming to align energy storage costs with renewable energy generation costs [11][12] - Hichain's early strategic positioning in the long-duration storage market is expected to support its valuation premium as the technology becomes more widely adopted [12][13]

#欣旺达子公司被诉涉案金额23亿#【欣旺达：因威睿电动汽车技术（宁波）有限公司主张2021年6月至 2023年12月期间向其交付的电芯存在质量问题 子公司涉诉金额23.14亿元】#欣旺达子公司被诉交付电芯 存质量问题#欣旺达公告称，公司子公司欣旺达动力科技股份有限公司作为被告，涉及威睿电动汽车技 术(宁波)有限公司提起的买卖合同纠纷诉讼案件。涉案金额为23.14亿元人民币，案件尚未开庭审理。原 告主张，被告在2021年6月至2023年12月期间交付的电芯存在质量问题，导致原告损失。公司表示，目 前生产经营正常，但无法评估此次诉讼对公司本期或期后利润的影响，将根据案件进展进行相应的会计 处理。(智通财经） ...

Core Viewpoint - The article highlights the distinction between "true intelligence" and "pseudo-intelligence" in AI televisions, emphasizing the need for a genuinely smart home entertainment partner that understands user needs and enhances the viewing experience [1] Group 1: Product Features - Huawei Vision Smart Screen 5 Pro is positioned as a benchmark in the AI television market, offering Super MiniLED technology and HarmonyOS AI capabilities to meet core family entertainment and smart interaction needs [3] - The Super MiniLED technology provides cinema-level picture quality by allowing precise control of brightness and darkness across the screen, addressing issues of uneven backlighting found in traditional LCD TVs [4] - The audio experience is enhanced with a 7-engine design and patented technologies for voice clarity and expansive sound fields, ensuring a professional cinema-like experience at home [5] Group 2: AI Capabilities - The device integrates Huawei's Pangu large model and the Xiaoyi voice assistant, enabling it to understand and respond accurately to user commands, thus enhancing the overall user experience [8] - The AI search function allows users to find content using vague descriptions or quotes, making it easier to access desired shows or movies [11] Group 3: User Interaction - The Huawei Lingxi pointing remote control revolutionizes traditional TV operation by allowing precise navigation and gesture controls, making the interaction feel more intuitive and user-friendly [12] - The screen supports seamless 4K casting from mobile devices, enhancing the sharing experience for various activities, from watching shows to remote meetings [13] Group 4: Content Ecosystem - Huawei Vision Smart Screen 5 Pro offers a comprehensive content service ecosystem, aggregating popular video platforms to provide users with easy access to a wide range of films and shows without switching applications [14] - The product aims to redefine the standards for flagship AI televisions, promoting a warm and memorable family viewing experience [14]

Core Insights - The "Study Tour" model launched by Suning Retail Cloud facilitates direct communication between franchisees and brands, allowing for the transmission of real consumer needs from rural areas to manufacturers [1][2] - The model has led to the development of customized home appliances that cater to the specific requirements of county and town users, resulting in significant sales growth [2] Group 1: Communication and Engagement - Franchisees engage in discussions with product engineers to address specific needs, such as gas stove design for high-altitude areas and water heater functionality in areas with unstable water pressure [1] - The "Study Tour" model has enabled nearly a hundred nationwide events, enhancing the connection between county market demands and brand manufacturers [1] Group 2: Product Development and Customization - Real and specific demands from franchisees include the need for high-pressure range hoods for open kitchens and air conditioners that can withstand high temperatures [2] - Collaborations with major brands like Gree and Haier have resulted in the creation of tailored products, such as the "Ning Series" air conditioner and a dual-tank electric water heater designed for rural water conditions [2] - Sales of customized home appliances through the retail cloud channel have increased by over 65% year-on-year, highlighting the effectiveness of this approach [2]