Core Viewpoint - *ST Lifan's stock will resume trading on February 11 after completing an internal review of stock price fluctuations, but the company warns that its stock price is significantly detached from its fundamentals, indicating potential risks of irrational market speculation and rapid price declines [2][4]. Stock Trading and Price Fluctuations - The stock price of *ST Lifan has experienced significant volatility, with a 314.93% increase over 10 trading days from January 20 to February 5, 2026, excluding 3 days of suspension [4]. - The company has triggered multiple abnormal trading conditions and may apply for suspension again if prices rise unusually [6]. Financial Performance and Risks - *ST Lifan faces the risk of being delisted due to major violations, as indicated by a notice from the China Securities Regulatory Commission, which highlighted false records in annual reports for 2021 and 2022, amounting to approximately 592 million yuan, representing 50.91% of the reported revenue for those years [7]. - The company anticipates a net loss of between 180 million to 210 million yuan for the year 2025, continuing a trend of consecutive annual losses [7]. Company Overview - *ST Lifan is a digital technology cloud service provider focused on new digital infrastructure, offering comprehensive solutions from software and hardware products to overall service packages for industry and government clients [8]. Market Capitalization - As of February 5, *ST Lifan's stock price was 1.03 yuan per share, with a total market capitalization of 1.8 billion yuan [9].

一是保持货币信贷合理增长。综合运用存款准备金率、公开市场操作等多种货币政策工具，保持流动性 充裕。引导金融机构加强项目储备和信贷投放，充分满足实体经济有效信贷需求。 2025年是"十四五"收官之年，在以习近平同志为核心的党中央坚强领导下，国民经济延续稳中有进发展 态势，经济社会发展主要目标顺利实现。全年国内生产总值（GDP）同比增长5%。中国人民银行坚持 以习近平新时代中国特色社会主义思想为指导，坚决落实党中央、国务院决策部署，实施适度宽松的货 币政策，在执行好存量货币政策的基础上，又推出一揽子货币金融政策组合，强化逆周期调节，有效支 持实体经济稳定增长和金融市场平稳运行。 2025年第四季度中国货币政策执行报告 二是推动社会综合融资成本低位下行。下调政策利率、结构性货币政策工具利率和个人住房公积金贷款 利率，有力支持降低社会综合融资成本。强化货币政策执行和监督，完善利率自律管理。 三是加大对重大战略、重点领域和薄弱环节的支持力度。丰富完善结构性货币政策工具体系，调整优化 信贷结构，支持做好金融"五篇大文章"。增加科技创新和技术改造再贷款、支农支小再贷款额度各3000 亿元，创设5000亿元服务消费与养老再贷 ...

【导读】ST雪发：雪松控股及实控人张劲已被法院宣判 2月10日晚间，ST雪发披露的公告显示，公司关联方雪松控股集团有限公司（以下简称雪松控股）、实际控制人张劲等人 集资诈骗、非法吸收公众存款、背信运用受托财产、妨害作证一案，已于2月10日在广州市中级人民法院第二法庭公开宣 判。 2022年9月，张劲在雪松控股的工作会议上表示，目前雪松控股的重点工作是资产重组和债务化解，重中之重是理财产品兑 付，必须全力保障投资人权益。 2023年5月，广州市公安局黄埔区分局发布通告称，因涉嫌非法吸收公众存款，雪松控股下属圆方投资等已被立案查处。 广州市公安局黄埔区分局在彼时表示，已对主要犯罪嫌疑人张某等人采取刑事强制措施，并对涉案相关资产予以查封、扣 押、冻结。 如今，雪松控股及相关方迎来法院宣判。ST雪发公告称，公司当前尚未收到相关判决书，具体结果以广州中院作出的判决 书载明为准。 ST雪发公告称，张劲除了是公司的实际控制人，不在公司担任任何职务。目前，公司经营情况正常，关联方及张劲涉及案 件的判决，不会对公司日常经营活动产生重大不利影响。 公告显示，目前，张劲未直接持有ST雪发的股份，而是通过广州雪松文化旅游投资有限公司 ...

Core Viewpoint - Jianghuai Automobile has successfully completed a private placement, raising approximately 3.5 billion yuan by issuing 70.1684 million shares at a price of 49.88 yuan per share, with notable investors including private equity mogul Ge Weidong and Fang Wenyuan, the wife of renowned investor Zhang Jianping [1][3]. Group 1: Private Placement Details - The private placement involved a total issuance of 70.1684 million shares to eight investors, including Ge Weidong, who invested about 1 billion yuan for 20.048 million shares [2][3]. - The funds raised will be used entirely for the development of a high-end intelligent electric platform, closely related to the company's main business, without causing significant changes to its business structure [5]. Group 2: Investor Background - Ge Weidong has previously focused his investments on Jianghuai Automobile, indicating a long-term interest in the company [6]. - As of the end of Q3 2025, Ge Weidong's family member, Ge Guilian, became the eighth largest shareholder of Jianghuai Automobile, holding 11.861 million shares, representing 0.54% of the total share capital [7]. Group 3: Shareholder Composition - The largest shareholder remains Anhui Jianghuai Automobile Group Holding Co., Ltd., holding 616.2285 million shares, which is 28.22% of the total share capital [8]. - The total number of shares held by Ge Guilian increased to 16.6162 million shares by the end of Q3 2025, representing 0.76% of the total share capital [9]. Group 4: Market Performance - Since April 2025, Jianghuai Automobile's stock has seen a cumulative increase of over 50% [9]. - Ge Weidong's investment strategy focuses on technology and consumer stocks, with significant holdings in various companies, indicating a preference for sectors with growth potential [11].

Core Viewpoint - The stock price of Jiamei Packaging has surged significantly, raising concerns about potential irrational market behavior and the need for regulatory scrutiny [2][3]. Group 1: Stock Performance - Jiamei Packaging's stock price has increased by 567.11% since December 17, 2025, closing at 30.42 yuan per share, with a market capitalization of 33.4 billion yuan [2]. - The company has been under close monitoring by the Shenzhen Stock Exchange due to its stock price deviating significantly from its fundamentals [3]. Group 2: Control Change and Share Transfer - The recent stock price surge is linked to a planned change in control, where the controlling shareholder, China Food Packaging Co., Ltd., intends to transfer 2.79 billion shares (29.9% of total shares) to Suzhou Zhuyue Hongzhi Technology Development Partnership [3][4]. - Following the share transfer, the controlling shareholder will change from China Food Packaging to Zhuyue Hongzhi, with the actual controller shifting from Chen Min to Yu Hao, the founder and CEO of a high-end technology brand [3]. Group 3: Share Acquisition and Financial Details - Zhuyue Hongzhi plans to further acquire 2.33 billion shares (25% of total shares) through a partial tender offer at a price of 4.45 yuan per share, totaling approximately 2.282 billion yuan [4][5]. - The funding for the acquisition is sourced from self-owned and self-raised funds, but there is uncertainty regarding the success of the funding application [5]. Group 4: Business Operations and Financial Outlook - Jiamei Packaging operates in the traditional packaging industry, focusing on the research, design, production, and sales of food and beverage packaging containers, along with beverage filling services [5]. - The company anticipates a significant decline in net profit for 2025, projecting a range of 85.437 million to 104 million yuan, representing a year-on-year decrease of 53.38% to 43.02% [7]. - Jiamei Packaging has stated that there will be no asset injection related to robotics or similar businesses within 36 months after the change of control [6].

Core Viewpoint - *ST Lifan has announced the completion of its self-examination regarding stock price fluctuations and will resume trading on February 11, 2026, after a suspension period [1][3]. Group 1: Stock Price and Trading Risks - The company warns that its stock price has significantly deviated from its fundamental situation, indicating risks of market overreaction and irrational speculation [5][7]. - During the trading period from January 20, 2026, to February 5, 2026, the stock experienced a price increase of 314.93%, with 7 out of 10 trading days hitting the daily limit [5]. - The company may apply for another trading suspension if its stock price experiences further abnormal increases [7]. Group 2: Regulatory and Financial Concerns - *ST Lifan is at risk of being delisted due to significant legal violations, as indicated by a notice from the China Securities Regulatory Commission [9]. - The company reported that its 2021 and 2022 annual reports contained false records, with a total inflated revenue of approximately 592 million, accounting for 50.91% of the disclosed annual revenue for those years [9]. - For the year 2025, the company anticipates a net loss of between 180 million to 210 million [9].

Group 1: Market Overview - The Hong Kong stock market indices collectively rose, with the Hang Seng Index increasing by 0.58% to 27,183.15 points, the Hang Seng China Enterprises Index up by 0.81% to 9,242.75 points, and the Hang Seng Tech Index rising by 0.62% to 5,451.03 points [2] - Major technology stocks mostly saw gains, with JD.com, Xiaomi, and Alibaba each rising over 1% [3] Group 2: AI Application Stocks - AI application stocks experienced a significant surge, with Zhiyun rising over 21% at one point and closing up over 14%. Other notable gains included Reading Group up over 15% and Fubo Group up over 13% [5] - The attention on AI stocks was driven by the launch of a mysterious model named Pony Alpha on the OpenRouter platform, which quickly became popular among global developers due to its strong coding capabilities and deep optimization for intelligent workflows [5] Group 3: Biotechnology Sector - The biotechnology sector also performed well, with notable increases in stocks such as Fuhong Hanlin up over 7%, and WuXi Biologics and Rongchang Biologics each rising over 4% [6] - Guojin Securities anticipates a performance disclosure window for innovative drug companies in February and March, with expectations for many to reduce losses or turn profitable by 2026, supported by upcoming academic conferences [6]

【导读】香港单一家办为香港经济带来每年过百亿港元收益 2月10日，香港财经事务及库务局（以下简称财库局）与投资推广署联合宣布，投资推广署委托德勤进行的《香港家族办公室市场研究》显示，截至2025 年年底，香港的单一家族办公室（家办）数目已超过3380间，两年间增加约680间，升幅超过25%。 财库局局长许正宇表示，香港是全球资产及财富管理的领先枢纽，家办行业生态圈持续蓬勃发展。香港家办的数目持续增长，反映出政府在政策推动和制 度建设上的努力已取得实质成果。 香港资产及财富管理业韧性强劲 《香港家族办公室市场研究》显示，香港资产及财富管理业韧性强劲。2024年底资产管理总值达35.1万亿港元，预计2028至2030年跃居全球最大跨境财富 管理中心。家办作为重要增长引擎，2024年相关客户资产管理总值约2万亿港元。推算数据显示，截至2025年底，香港单一家办数量达3384间，较2023年 增加681间，印证香港对全球富裕家族的强劲吸引力。 （来源：《香港家族办公室市场研究》） 该研究还指出，资金动向上，家办投资策略出现明显调整。地域配置上，普遍降低美国市场配置，60%计划增加香港配置，中国香港成为唯一零减持地 区 ...

Group 1 - Huatai Securities has completed the issuance of HKD 10 billion zero-coupon convertible bonds, which will be used to enhance its overseas business development and supplement working capital [2][4] - The bonds will be listed on the Vienna MTF and are set to mature in 2027 [2] - The company plans to increase its wholly-owned subsidiary Huatai International by up to HKD 9 billion to support overseas business growth [4] Group 2 - Northeast Securities has received approval from the China Securities Regulatory Commission (CSRC) to establish Dongzheng International Financial Holdings Limited in Hong Kong with a capital of HKD 5 billion [4][7] - The company is required to comply with local laws and regulations during the establishment of Dongzheng International [7] - This move aims to enhance the company's ability to respond to international market risks and challenges [5] Group 3 - Huawan Securities has also received CSRC approval for a capital increase of HKD 5 billion to its Hong Kong subsidiary, Huawan Securities (Hong Kong) Financial Holdings Limited [7][10] - The increase in capital is intended to strengthen the subsidiary's operations in the Hong Kong market [10]

Group 1 - The core announcement is that *ST Lifan's stock will resume trading on February 11, 2026, after completing an internal review regarding stock price fluctuations during its suspension [1][2] - The company warns that its stock price has significantly deviated from its fundamental situation, indicating risks of market overreaction and irrational speculation [4][6] - During the 10 trading days from January 20 to February 5, 2026, excluding 3 days of suspension, the stock experienced a price increase of 314.93%, with 7 days hitting the daily limit [4][6] Group 2 - The company has been under scrutiny for potential major violations that could lead to forced delisting, as indicated by a notice from the China Securities Regulatory Commission [7] - The notice revealed that the company had false records in its annual reports for 2021, 2022, and 2023, with a total of approximately 592 million yuan in inflated revenue, accounting for 50.91% of the reported revenue for those years [7] - The company is projected to report a net loss of between 180 million to 210 million yuan for the year 2025, continuing a trend of consecutive annual losses [7] Group 3 - As of February 5, 2026, *ST Lifan's stock price was 1.03 yuan per share, with a total market capitalization of 1.8 billion yuan [9]