Core Viewpoint - Two major companies, Northern Rare Earth and Baotou Steel, announced an increase in rare earth concentrate prices for the first quarter of 2026 to 26,834 CNY per ton (dry weight, REO=50%) [1][4]. Group 1: Price Adjustments - Northern Rare Earth's price adjustment was approved during the first general manager's office meeting of 2026 [1]. - Baotou Steel also announced the same price adjustment for its related transactions [4]. - The new price represents a 2.4% increase compared to the previous quarter's price of 26,205 CNY per ton [8]. Group 2: Historical Price Trends - Since the fourth quarter of 2024, both companies have raised rare earth concentrate prices six times, with the highest increase of 37.13% occurring in the fourth quarter of 2025 [8]. - The pricing formula for rare earth concentrates has remained unchanged since April 1, 2023, with adjustments made quarterly based on market conditions [8]. Group 3: Market Conditions - Recent reports indicate a general increase in rare earth concentrate prices, driven by recovering supply and stable demand from downstream industries [8]. - The market is expected to maintain a weak stability in rare earth prices, supported by supply-demand dynamics and strategic value positioning [9]. Group 4: Stock Performance - As of January 9, 2023, Northern Rare Earth's stock closed at 49.41 CNY per share, with a total market capitalization of 178.62 billion CNY, while Baotou Steel's stock closed at 2.6 CNY per share, with a market capitalization of 117.75 billion CNY [9].

对此，美团、淘宝闪购均作出回应。 【导读】外卖巨头最新发声，支持开展外卖行业调查评估 外卖巨头，最新发声！ 1月9日，国务院反垄断反不正当竞争委员会办公室宣布，对外卖平台服务行业市场竞争状况开展调查、评估。 淘宝闪购称，公平竞争是市场经济的核心原则，也是推动外卖平台服务行业持续创新与健康发展的基石。淘宝闪购始终坚持公平、公正、公开的原则，在 商户管理、价格行为、配送员权益保障、消费者权益保护等方面，严格遵守《反垄断法》《反不正当竞争法》等相关法律法规，遵循《外卖平台服务管理 基本要求》开展业务。 淘宝闪购欢迎并将积极配合此次行业市场竞争状况调查、评估工作，严格落实合规主体责任，持续与商户、生态合作伙伴等各方携手，提供更多元化、更 高质量的服务，共同维护好公平有序的市场环境，合力推动外卖服务行业进一步繁荣发展。 美团方面表示，坚决拥护国家开展外卖市场竞争调查评估。近一段时间以来，外卖市场"拼价格、拼补贴、控流量"等非理性竞争问题突出。美团多次呼吁 行业回归理性，坚决反对"内卷式"竞争。 美团将以此次调查为契机，和行业内各平台一起，共同落实市场主体责任，公平参与市场竞争，促进外卖平台服务行业创新和健康发展。 国务 ...

Core Viewpoint - The Chinese government is initiating an investigation into the competitive landscape of the food delivery industry, with major players like Meituan and Taobao Shangu responding positively to this initiative [1][2][4][6] Group 1: Government Actions - The State Council's Anti-Monopoly and Anti-Unfair Competition Committee announced an investigation to assess the competitive conditions in the food delivery service industry [1] - The investigation aims to address issues such as irrational competition characterized by price wars, subsidies, and traffic control, which have been reported to pressure the real economy and exacerbate "involution" in the industry [6] Group 2: Company Responses - Meituan expressed strong support for the government's investigation, highlighting the need for the industry to return to rational competition and to oppose "involution" [2] - Taobao Shangu emphasized the importance of fair competition as a core principle of market economy and committed to complying with relevant laws and regulations while cooperating with the investigation [4] Group 3: Investigation Methodology - The investigation will utilize methods such as on-site verification, face-to-face interviews, and surveys to gather comprehensive insights into competitive behaviors within the food delivery platforms [6] - The aim is to gather opinions from various stakeholders, including platform operators, new employment groups, and consumers, to analyze the market competition status and propose regulatory measures [6] Group 4: Regulatory Framework - The market regulatory authority released ten governance rules aimed at addressing "involution" in competition, which includes the "Basic Requirements for Food Delivery Platform Services" [6] - These requirements cover merchant management, pricing behavior, delivery personnel rights protection, consumer rights protection, and complaint handling, aimed at improving service quality and reducing disorderly competition [6]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has launched an investigation into Ningbo Tianpu Rubber Technology Co., Ltd. (Tianpu) due to abnormal fluctuations in its stock price, indicating potential significant omissions in disclosures [2] Group 1: Company Background - Tianpu is a popular stock in the market, primarily engaged in the production of automotive rubber hoses. The company saw a dramatic increase in its stock price after announcing a takeover by Zhonghao Xinying Technology Co., Ltd. in August 2022, leading to a 1663.20% increase in stock price by the end of 2025, making it the second-best performing stock of the year [5] - Zhonghao Xinying, the acquiring company, is an AI chip design firm founded by Yang Gongyifan, a former Google chief engineer, claiming to be the only domestic company capable of developing and mass-producing high-performance TPU architecture AI chips [5] Group 2: Stock Price Movement and Investigation - Following the completion of the acquisition and the establishment of a chip design subsidiary, Tianpu's stock price surged, reaching 218.02 yuan per share by December 31, 2025, with its market capitalization skyrocketing from under 4 billion yuan to 29.232 billion yuan [5] - On January 5, the Shanghai Stock Exchange issued a regulatory warning to Tianpu for inaccurate and incomplete information disclosure, as well as insufficient risk warnings [6] - The CSRC's investigation is focused on Tianpu's failure to adequately disclose its lack of plans for AI-related business despite knowing the potential impact on stock price, which may mislead investors [9]

Group 1 - Liu Hui, a fund manager at Yinhua Fund, passed away at the age of 54 due to illness, prompting condolences from the company's management and staff [1] - Liu Hui joined Yinhua Fund in November 2016 and was responsible for managing several fund products, including Yinhua Domestic Demand Selected Mixed Fund and Yinhua Same Power Mixed Fund [1] - As of the end of Q3 last year, Liu Hui managed a total asset scale of 3.281 billion yuan, with a return of 160.12% for the Yinhua Domestic Demand Selected Mixed Fund as of January 8, 2026, translating to an annualized return rate of 11.43% [1] Group 2 - Liu Hui's investment philosophy emphasized "industry-based, value-oriented, and long-term investment," focusing on thorough industry and company research to identify stable investment opportunities [2] - He believed that to achieve excess returns, funds must seek industries and companies capable of long-term market value expansion, requiring diligent industry research and a forward-looking perspective [2] - Liu Hui highlighted the importance of transforming foresight into long-term investment practice as a key to the survival of public funds in the investment landscape [2]

Core Viewpoint - The news highlights the leadership changes at Caida Securities, focusing on the departure of General Manager Zhang Ming and the company's significant growth in investment banking and asset management sectors since 2018 [2][3]. Group 1: Leadership Changes - Zhang Ming has stepped down as General Manager due to work adjustments, with his term originally set to end in December 2027 [2]. - Hu Hengsong, who has nearly 10 years of experience in the capital market, has been with Caida Securities since June 2018, holding various leadership roles [3]. Group 2: Company Performance - Since Hu Hengsong's arrival, Caida Securities has seen substantial growth in its investment banking business, particularly in bond underwriting, with the company ranking 22nd in 2024, a significant improvement from 2017 [3]. - The company has assisted local governments in Hebei province with over 800 special bond projects, raising more than 100 billion yuan in financing during the "14th Five-Year Plan" period [3]. Group 3: Regional Focus and Services - Caida Securities is the only comprehensive listed brokerage in Hebei province, focusing on the integration of investment banking, investment, industrial funds, and research to provide comprehensive solutions for local governments and enterprises [3]. - The company has established an efficient financial service system for state-owned enterprises in Henan province, helping them transition and reduce local debt risks [4].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has launched an investigation into Tianpu Co., Ltd. due to abnormal stock price fluctuations, raising concerns in the market [2]. Group 1: Company Background - Tianpu Co., Ltd. is primarily engaged in the production of automotive rubber hoses and has recently gained significant attention in the market [4]. - The company experienced a dramatic stock price increase of 1663.20% within a year, making it the second-best performing stock of the year [4]. - The surge in stock price was largely attributed to the acquisition by Zhonghao Xinying Technology Co., an AI chip design firm founded by a former Google engineer [4]. Group 2: Stock Performance and Market Reaction - As of December 31, prior to suspension, Tianpu's stock price reached 218.02 CNY per share, with its market capitalization soaring from under 4 billion CNY to 29.232 billion CNY [5]. - The stock price experienced consecutive trading days of limit-up increases on December 29 and 30, driven by news of the establishment of a chip design subsidiary [8]. Group 3: Regulatory Actions and Concerns - The Shanghai Stock Exchange issued a regulatory warning to Tianpu Co. for inaccurate and incomplete information disclosure, as well as insufficient risk warnings [6]. - The CSRC's investigation focuses on the company's failure to adequately disclose its lack of plans for AI-related business, which may have misled investors during the stock price fluctuations [9].

Group 1 - Liu Hui, a fund manager at Yinhua Fund, passed away at the age of 54 due to illness, prompting condolences from the company's management and staff [1] - Liu joined Yinhua Fund in November 2016 and served as the team leader of the equity investment management department, managing several fund products [3] - As of the end of Q3 last year, Liu managed a total asset size of 3.281 billion yuan, with his fund, Yinhua Domestic Demand Selected Mixed Fund, achieving a return of 160.12% and an annualized return rate of 11.43% as of January 8, 2026 [3] Group 2 - Liu's investment philosophy emphasized "industry-based, value-oriented, and long-term investment," focusing on thorough industry and company research to identify stable investment opportunities [3] - He believed that to achieve excess returns, funds must seek industries and companies capable of long-term market value expansion, requiring a commitment to in-depth industry research and a forward-looking investment approach [3]

Core Viewpoint - The Shanghai Stock Exchange and China Securities Index Company have launched the "Comprehensive Index of the Sci-Tech Innovation Board" (科创综指) to provide a comprehensive view of the market, marking a new phase in the index system construction for the Sci-Tech Innovation Board [10][16]. Group 1: Index Overview - The Sci-Tech Innovation Comprehensive Index covers nearly all non-ST and *ST securities listed for over a year on the Sci-Tech Innovation Board, with a sample size of 576 stocks and a market capitalization coverage exceeding 90% [13][14]. - The average total market capitalization of the index components is 16.3 billion [14]. Group 2: Market Performance - Since its launch, the Sci-Tech Innovation Comprehensive Index has shown a steady upward trend, achieving a growth rate of approximately 48% by December 31, 2025, significantly outperforming major broad-based indices [26]. - The index has gained 115% since September 24, 2024, reflecting market recognition of the value of hard technology assets [26]. Group 3: Financial Performance of Components - In the first three quarters of 2025, the index components collectively achieved operating revenue of 1.1 trillion, a year-on-year increase of 7.7%, and a net profit attributable to shareholders of 48.3 billion, with a year-on-year growth of 7.1% [23]. - The revenue and net profit growth rates have shown a quarterly increase, indicating the operational resilience of the listed companies [23]. Group 4: Product Ecosystem - The index has gained widespread recognition among investors, leading to a complete product chain that includes ETFs, linked funds, and enhanced products, facilitating efficient access to the development dividends of new quality productivity [32]. - As of December 31, 2025, 46 fund managers have launched a total of 78 index funds tracking the Sci-Tech Innovation Comprehensive Index, with a combined scale of 27.4 billion, making it the second-largest broad-based index for the Sci-Tech Innovation Board [32].

Core Viewpoint - The Ministry of Finance announced adjustments to the export tax rebate policy for photovoltaic (PV) products, reducing the rebate rate from 13% to 9%, effective December 1, 2024, as part of efforts to address "involution" in the industry and promote healthy development [3][5]. Group 1: Policy Changes - The export tax rebate rate for certain products, including PV and battery products, will be reduced from 13% to 9% starting December 1, 2024 [3]. - From April 1, 2026, the export tax rebate for PV products will be completely eliminated, while the rebate for battery products will be reduced to 6% until the end of 2026, after which it will also be eliminated [5]. Group 2: Industry Context - Discussions about the cancellation of export tax rebates for PV products have been ongoing, with industry experts suggesting that this move could help eliminate outdated production capacity and break the cycle of low pricing [3]. - The State Administration for Market Regulation has highlighted issues of low-quality competition and repetitive construction in the PV industry, which have led to profitability challenges and hindered investment in technological innovation [4]. Group 3: Regulatory Actions - The State Administration for Market Regulation will enhance product quality supervision and enforce laws against unfair competition to maintain fair market order and promote sustainable development in the PV industry [4].