Core Viewpoint - Liou Co., Ltd. will resume trading on January 21, 2026, after a significant stock price fluctuation, with a nearly doubled increase in its stock price during the recent period [1] Group 1: Stock Trading and Resumption - Liou Co., Ltd. announced that its stock will resume trading on January 21, 2026, following a self-examination of stock price fluctuations [1] - The stock was suspended from trading on January 16, 2026, due to a 96.77% deviation in closing price over 10 consecutive trading days [1] Group 2: Business Performance and Financials - For the fiscal year 2024, Liou Co., Ltd. reported an operating revenue of 21.171 billion yuan and a net profit attributable to shareholders of -259 million yuan [2] - The company confirmed that there were no significant changes in its operational environment and that its business operations remain normal [2] Group 3: Valuation Metrics - As of January 19, 2026, the industry average price-to-book ratio for the "L72 Business Services" sector was 2.27, while Liou Co., Ltd.'s latest price-to-book ratio was 5.32 [2] - The rolling price-to-earnings ratio for Liou Co., Ltd. was reported at 143.98, significantly higher than the industry average of 33.35 [2]

二是提升有色金属大宗商品期现货市场国际化水平，增强"上海价格"影响力。扩大上海有色金属期货市场高水平制度开放，逐步将符合条件的有色金属商 品期货期权品种纳入对外开放品种范围，并同步完善与对外开放品种相适配的业务细则。积极探索跨境交割机制创新，深化交割服务"走出去"，在风险可 控的前提下，落地境外设库、跨境交割业务模式。《行动方案》依托在沪金融基础设施，加强有色金属大宗商品国际影响力，提升"上海价格"影响力。 三是集聚市场主体，培育良好有色金属市场生态圈。培育具有综合竞争力的贸易主体，推动大宗商品企业与产业链上下游企业合作。扩展区块链在有色金 属领域应用，推动更多跨平台、跨机构、跨地域的数据共享。探索通过仓单立法实现全仓登仓单登记的有效性和权威性。《行动方案》推动各市场主体形 成合力，助力提升上海有色金属行业影响力。 【导读】上海发布18项措施，提升有色金属大宗商品能级和全球定价影响力 1月20日，中共上海市委金融委员会办公室、中国人民银行上海总部、国家金融监督管理总局上海监管局、中国证券监督管理委员会上海监管局、上海市 商务委员会联合发布《加强期现联动提升有色金属大宗商品能级行动方案》（以下简称《行动方案》） ...

【导读】上海国际能源交易中心调整国际铜期货相关合约交易保证金比例和涨跌停板幅度 1月20日，上海期货交易所（以下简称上期所）发布通知，调整铜、铝、黄金、白银等期货相关合约交易保证金比例和涨跌停板幅度。 调整黄金、白银等多个品种涨跌停板 具体来看，铜期货已上市合约的涨跌停板幅度调整为8%，一般持仓交易保证金比例调整为10%。CU2602的套保持仓交易保证金比例调整为10%，其余合 约的套保持仓交易保证金比例调整为9%。 白银期货AG2602、AG2603、AG2604合约涨跌停板幅度调整为17%，套保持仓交易保证金比例调整为18%，一般持仓交易保证金比例调整为19%。 白银期货AG2605、AG2606、AG2607、AG2608、AG2609、AG2610、AG2611、AG2612、AG2701合约涨跌停板幅度调整为15%，套保持仓交易保证金比 例调整为16%，一般持仓交易保证金比例调整为17%。 | | AG2602、 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | AG2603、 | I ୧ | 17 | 18 | ...

物流行业方面，以月跑10000公里、百公里油耗38L的重型卡车为例，在下次调价窗口开启前，单辆车 的燃油成本将增加124元左右。 （原标题：定了！今晚调油价） 【导读】国内成品油价格迎来上涨，汽、柴油每吨均上涨85元 中国基金报记者 晨曦 1月20日，国家发展改革委官网发布消息称，根据1月20日的前10个工作日平均价格与上次调价前10个工 作日平均价格对比情况，按照现行成品油价格形成机制，自1月20日24时起，国内汽、柴油价格每吨均 上涨85元。 按目前调价幅度折算后，92#汽油、95#汽油、0#柴油每升均上涨0.07元，消费者用油成本略有增加。也 就是说，加满一箱50L的汽油，将多花3.5元。建议开油车的车主朋友们，下班后尽快去加满油箱。 编辑：杜妍 今年以来，国内成品油价格经历了两个调价窗口期，上一轮（1月6日）为搁浅。 回顾来看，本轮计价周期内，（2026年1月6日24时至1月20日24时），中东、南美局势引发的地缘风险 与供应担忧，对油市形成利好支撑，支撑原油价格连续五日上涨，累计涨逾10%。随着美国释放缓和信 号，地缘风险迅速降温，市场关注点转向供应方面，导致原油价格明显下跌。 整体来看，本周期国际 ...

【导读】凯龙高科筹划重大资产重组，自1月21日开市起停牌 1月20日晚间，凯龙高科（300912）发布公告称，公司筹划以发行股份及支付现金的方式购买深圳市金旺达机电 有限公司（以下简称金旺达）控制权，并拟募集配套资金，预计构成重大资产重组。 凯龙高科计划自1月21日开市起停牌。截至1月20日收盘，凯龙高科股价报19.85元/股，下跌1.24%，总市值为22.80 亿元。 初步确定交易对方持有70%股份 公告显示，凯龙高科正在与金旺达各股东接洽，初步确定的交易对方为合计持有金旺达70%股权的股东。 天眼查显示，金旺达的股东分别为许照旺、安义拓荒者企业管理合伙企业（有限合伙），持股比例分别为 91.3754%、8.6246%。 来源：天眼查 凯龙高科公告称，本次交易的交易对方范围尚未最终确定，最终的交易对方以后续公告的重组预案或重组报告书 中披露的信息为准。 凯龙高科预计在不超过10个交易日的时间内，披露本次交易的交易方案，即2月4日前按照《公开发行证券的公司 信息披露内容与格式准则第26号——上市公司重大资产重组》的要求披露相关信息。 目前，金旺达的主要产品包括精密直线导轨、精密滚珠丝杆、精密行星滚柱丝杆、精密 ...

Group 1 - The global markets are experiencing turmoil due to two major "black swan" events: concerns over Japan's fiscal deterioration and Trump's aggressive stance on Greenland, which has reignited fears of trade conflicts among traditional allies [1][3] - The U.S. stock futures saw significant declines, with Dow futures dropping approximately 800 points and Nasdaq futures falling by 2% as tensions over the Greenland issue escalated [1][3] - The demand for safe-haven assets surged, leading to record highs in gold and silver prices as market sentiment worsened [3] Group 2 - Japan's bond market faced turmoil as the yield on 40-year government bonds reached 4% for the first time since 2007, driven by investor concerns over Prime Minister Kishi's proposal to temporarily lower the food tax [4][6] - Kishi's proposal, which is estimated to cost around 5 trillion yen (approximately 316 billion USD) annually, raises questions about funding sources, contributing to fears of worsening fiscal conditions [6][7] - The results of a recent 20-year bond auction were disappointing, reflecting increased caution among investors due to deepening concerns over fiscal deterioration [7]

Core Viewpoint - The announcement by six government departments aims to continue tax and fee preferential policies to support the development of community family services, including elderly care, childcare, and domestic services. Group 1: Tax and Fee Policies - Institutions providing community elderly care, childcare, and domestic services will enjoy tax exemptions, including exemption from value-added tax (VAT) on income earned from these services [1][2] - Income from community elderly care, childcare, and domestic services will be calculated at 90% for taxable income purposes [3] - Properties and land used for providing community services will be exempt from deed tax, property tax, and urban land use tax [4] Group 2: Definitions and Scope - The term "community" refers to a social living community composed of people in a specific geographic area, including urban and rural communities [5] - Institutions providing elderly care services are defined as those offering various forms of care to elderly residents in the community [5] - Institutions providing childcare services are defined as those offering care and supervision for children under three years old [5] - Institutions providing domestic services are defined as those offering household services to community residents [5] Group 3: Compliance and Oversight - Taxpayers benefiting from these policies must retain documentation such as service agreements and proof of service provision for verification [6] - Specific conditions must be met for domestic service enterprises to qualify for VAT exemptions, including signing tripartite agreements and managing service personnel [6] - Coordination among civil affairs, health, commerce, and tax departments is essential for effective supervision and implementation of these policies [6] Group 4: Implementation Timeline - The announcement will be effective from January 1, 2026, to December 31, 2027 [7]

Market Overview - The Hong Kong stock market continued its adjustment trend, with the Hang Seng Index closing down 0.29% at 26,487.51 points, the Hang Seng Tech Index down 1.16% at 5,683.44 points, and the Hang Seng China Enterprises Index down 0.43% at 9,094.76 points [1] - The total market turnover for the day was HKD 2,377.7 billion, higher than the previous trading day's turnover of HKD 2,256.9 billion [1] Stock Performance - Among the constituent stocks of the Hang Seng Index, 44 stocks rose while 41 stocks fell. Notable declines included WuXi AppTec down 4.13%, BYD down 3.67%, and Sunny Optical Technology down 3.25% [3] - The top gainers included Pop Mart, which surged 9.07%, China Life up 4.31%, and China Resources Land up 3.71% [3] Notable Stocks - Pop Mart's stock price increased significantly due to a share buyback of HKD 2.51 billion and a bullish report from Morgan Stanley [6][7] - The stock closed at HKD 197.20, with a maximum increase of 10.40% during the day, and a total turnover of HKD 58.79 billion, ranking fourth among Hang Seng Index constituents [7] - Tencent Holdings had a turnover of HKD 146.38 billion, down 1.48%, while Alibaba's turnover was HKD 88.68 billion, down 0.44% [5] Industry Performance - The real estate and construction sector led the industry indices with a gain of 1.05%, followed by materials and consumer staples, both up 0.82%. In contrast, the information technology sector fell by 1.72%, healthcare by 0.78%, and energy by 0.57% [5] Company Announcements - Hengrui Medicine announced the approval of clinical trials for its new drug HRS-2141 for type 2 diabetes, marking a significant development in its product pipeline [14][15] - The drug is a fixed-dose combination formulation, and the company has invested approximately HKD 5.4 million in its development so far [18]

【导读】国新办就发挥积极财政政策作用，推动经济社会高质量发展有关情况举行新闻发布会 1月20日下午，国新办举行新闻发布会，财政部副部长廖岷，部综合司司长李先忠，金融司司长于红出 席发布会，介绍发挥积极财政政策作用，推动经济社会高质量发展有关情况，并回答了一揽子政策要 点、优化个人消费贷款贴息，以及如何促消费、培育新动能等诸多社会关心的问题。 基金君整理要点如下： 要点1: 继续实施更加积极的财政政策 2026年，按照中央经济工作会议部署，财政部门将继续实施更加积极的财政政策，概括起来是"总量增 加、结构更优、效益更好、动能更强"。 "总量增加"，就是要扩大财政支出盘子，确保必要支出力度。2026年财政赤字、债务总规模和支出总量 将保持必要水平，确保总体支出力度"只增不减"、重点领域保障"只强不弱"。 "结构更优"，是要持续优化支出结构，确保资金用在紧要处。打破"基数+增长"支出固化格局，积极运 用零基预算理念，大力压减低效无效支出，把更多的财政资金用在提振消费、"投资于人"、民生保障等 方面，多渠道增加居民收入。 "效益更好"，就是着力提高资金使用效益，每一分钱都要产生应有的效益。2026年将继续安排超长期特 ...

Group 1 - The core point of the news is that Pop Mart's stock surged over 9% due to a share buyback and positive outlook from Morgan Stanley, while the overall Hong Kong market experienced a decline [1][5][6] - Pop Mart's share price increased by 9.07%, closing at HKD 197.20 per share, with a trading volume of HKD 58.79 billion, ranking fourth among Hang Seng Index constituents [5][6] - The company repurchased 1.4 million shares on January 19 at a total cost of HKD 251 million, with plans to cancel the repurchased shares [5][6] Group 2 - Morgan Stanley's report predicts Pop Mart's net profit for 2025 to be RMB 12.6 billion, with an expected cash reserve of RMB 20 billion by the end of 2025, indicating strong financial resources for shareholder returns [6] - Heng Rui Medicine announced the approval of clinical trials for its new drug HRS-2141, aimed at treating type 2 diabetes, marking a significant step in its drug development pipeline [7][10] - The drug HRS-2141 is a fixed-dose combination formulation, with no similar drugs approved in the domestic and international markets, and the company has invested approximately RMB 5.4 million in its development so far [10][11]