Group 1 - In January 2026, a total of 117 companies will have their restricted shares unlocked, amounting to approximately 10.202 billion shares and a total market value of 289.587 billion yuan, which is a decrease of about 14.13% month-on-month but an increase of about 12.57% year-on-year [1][3][7] - The company with the largest unlock scale is Baili Tianheng, with a market value exceeding 90 billion yuan, accounting for 72.2% of its total share capital [3][4] - The top three industries by unlock market value are pharmaceuticals and biotechnology, electrical equipment, and automotive [1][8] Group 2 - In January, 12 companies will have their anniversary unlocks, totaling approximately 1.028 billion shares and a market value of 54.824 billion yuan, including companies like Haibo Sichuang and Xingtou Measurement Control [1][10] - Haibo Sichuang will have 9.464 million shares unlocked, with a market value of approximately 23.937 billion yuan, accounting for 52.55% of its total share capital [6][11] - Guolian Minsheng will have 1.771 billion shares unlocked, representing 31.17% of its total share capital, with a market value of about 18.132 billion yuan [7]

Group 1: Pharmaceutical Industry - The fourth batch of encouraged generic drug list includes 21 varieties and 47 specifications, covering medications for oncology, nervous system, assisted reproduction, and radioactive diagnosis [3][3] - The solid waste comprehensive governance action plan aims for significant results by 2030, with a target of 4.5 billion tons of annual comprehensive utilization of major solid waste and 510 million tons of annual recycling of major renewable resources [3][3] Group 2: Automotive Industry - BYD and SAIC Motor are projected to exceed cumulative automobile sales of 4.5 million units by 2025, with BYD's sales expected to grow by 7.73% to 4,602,436 units and SAIC's by 12.32% to 4,507,518 units [3][3][5] - Changan Automobile anticipates a cumulative sales increase of 8.54% by 2025 [5] Group 3: Investment and Financial Activities - Shengyi Technology plans to invest approximately 4.5 billion yuan in a high-performance copper-clad laminate project [5] - Longpan Technology intends to invest no more than 2 billion yuan in a high-performance lithium battery cathode material project [5] - Century Huatong plans to repurchase shares worth 300 million to 600 million yuan at a price not exceeding 25.97 yuan per share [5]

长期以来，农行广西分行积极做好金融"五篇大文章"，当好服务实体经济主力军和维护金融稳定的压舱 石，立足广西区位优势，不断改进服务模式、创新金融产品，助力地方产业发展，服务实体经济质效持 续提升。截至2025年11月末，该行实体贷款余额5863.69亿元，比年初增加294.27亿元；累计投资广西政 府地方债317.56亿元。 2025年以来，农行广西分行聚焦主责主业，持续落实农业银行总行与自治区人民政府战略合作协议，聚 焦国家、自治区和各地市稳投资重大项目清单，紧盯万亿国债、地方债支持的重大项目和广 西"10+3+N"农业特色产业项目，大力支持重大投资项目和现代化产业体系建设。 农行广西分行把制造业、战略性新兴产业等作为信贷投放重点，持续创新绿色金融产品及服务，提高金 融资源供给与绿色低碳转型资金需求之间的匹配程度，积极推介央行碳减排支持工具等优惠政策，重点 支持百万千瓦级风电、光伏发电等项目，巩固清洁能源领域竞争优势，助力钢铁、汽车等传统制造业节 能环保升级改造、制糖等区域特色产业实现新增长。截至2025年11月末，该行制造业、战略新兴产业贷 款分别比年初增加59.16亿元、140.14亿元。 在创新科技金融 ...

Core Insights - China's ports are experiencing record-breaking cargo and container throughput, showcasing their robust development despite global trade uncertainties [3][5]. Group 1: Port Performance - Ningbo-Zhoushan Port's annual container throughput exceeded 40 million TEUs for the first time, making it the third port globally to reach this milestone [1]. - Shandong Port's Qingdao Port surpassed 700 million tons in annual cargo throughput, achieving this 15 days ahead of 2024 [1]. - Tianjin Port's container throughput exceeded 23.29 million TEUs, also 17 days ahead of 2024 [1]. - In the first 11 months of 2025, China's total port cargo throughput reached 1.675 billion tons, a year-on-year increase of 4.4%, while container throughput reached 320 million TEUs, up 6.6% [3]. Group 2: Infrastructure Development - The construction of major container port areas at Ningbo-Zhoushan Port has provided substantial capacity for container growth [4]. - Qingdao Port initiated 15 major projects in 2025, increasing terminal capacity by 16 million tons and yard area by 1.46 million square meters [4]. - The implementation of smart logistics systems at Tianjin Port has significantly improved operational efficiency [4]. Group 3: Market Expansion and Trade Resilience - China's ports are expanding into emerging markets, with new routes to Africa and the Middle East being established [5]. - The demand for high-value goods and clean energy products is driving the increase in port throughput [5]. - In the first 11 months, China's exports of electromechanical products reached 14.89 trillion yuan, a year-on-year increase of 8.8%, accounting for 60.9% of total exports [5]. Group 4: Inland Port Development - Inland ports are experiencing significant growth, with cargo throughput increasing by 5.7% compared to coastal ports [7]. - Suzhou Port's cargo throughput reached 56.088 million tons, and container throughput reached 9.33 million TEUs, ranking among the top ports in the country [7]. - The development of inland waterways is being prioritized in various provincial plans to enhance logistics efficiency and reduce costs [9]. Group 5: Future Outlook - The ongoing reforms and enhancements in port functions are expected to play a crucial role in driving China's economic growth [10].

Core Viewpoint - The rapid expansion of over-the-counter (OTC) derivatives, particularly structured products like snowballs, has raised concerns about risk management and the underlying business model, especially in light of recent market adjustments that have led to significant losses for some institutions [1][5]. Group 1: Business Functions and Risk Sources - OTC derivatives serve multiple functions within securities firms, including wealth management for high-net-worth individuals and professional investors, as well as providing customized strategies for businesses to hedge operational risks [3]. - The expansion of OTC derivatives has led to the accumulation of various risk sources, including reliance on pricing models and parameter calibration, which may not meet international standards, and a lack of adequate stress testing for extreme scenarios [4]. Group 2: Characteristics of Hedging Transaction Risks - Risk pricing and hedging are typically based on the Black-Scholes framework, but deviations from assumptions such as constant volatility and frictionless markets can lead to significant risks, especially for structured products with barriers [6]. - Key parameters like volatility, dividend rates, and interest rates directly impact the hedging process, and their uncertainty can lead to substantial losses during market fluctuations [7]. Group 3: Full-Cycle Risk Profile of Snowball Structures - A comprehensive risk profile for snowball products includes various structures such as classic snowballs and limited-loss snowballs, each with distinct risk and return characteristics [10]. - The sensitivity of snowball products varies significantly based on their status (not triggered, triggered, or knocked out), with different risk profiles emerging at critical points [12]. Group 4: Multi-Dimensional Risk Management Framework - Risk management should begin at the product design stage, incorporating systematic risk assessments and establishing concentration thresholds to prevent excessive risk accumulation [14]. - A dynamic hedging approach is necessary, utilizing historical data and real-time market information to adjust hedging strategies as market conditions change [16]. - A comprehensive risk monitoring system should be established to assess exposure and implement stress testing under extreme scenarios, enhancing the resilience of capital markets [17].

保障工作启动以来，各盟市分公司高度重视，负责人带队深入重保场地视察保障工作准备情况，紧盯基 站扩容、应急部署、人员值守等工作进展。工作团队以"零重大网络故障、零重大网络安全事件、零重 要用户投诉、零负面焦点事件"为目标，全力以赴守护网络畅通。 呼和浩特移动、包头移动在本次跨年活动中保障任务繁重，保障团队运用多项新技术，在重保场景周边 配置5G-A基站，单用户峰值速率可达1.2Gbps以上，较传统5G速率显著提升，充分满足高清直播、万人 并发需求。此外，在呼和浩特新华广场的应急通信保障车上，技术团队成功完成全国首个广域 5G RedCap（轻量化 5G）视联确定性保障方案的现网应用验证，这一突破为大型活动人群密集场景下的实 时监控与网络稳定保障，探索出了一条高效可行的创新路径。 跨年夜当晚，气温低至零下20摄氏度，保障人员始终坚守在各自岗位，他们顶着刺骨寒风，巡检户外基 站设备、实时监测信号强度与网络速率。后台工程师们紧盯屏幕上的各项网络指标，确保视频直播、语 音通话等业务全程流畅。 转自：新华财经 据了解，内蒙古移动累计出动保障人员582人次、保障车辆266辆次，圆满完成跨年夜通信保障任务，彰 显出内蒙古移动 ...

Core Viewpoint - The event "Guangxi Supply and Marketing Cooperative enters the Bay Area and 2025 Guangdong-Guangxi Cooperation Consumption Assistance Docking Activity" was held in Shenzhen, Guangdong, showcasing local agricultural products to expand market reach in the Greater Bay Area [1][2] Group 1 - The resource county supply and marketing cooperative organized two local companies to exhibit over ten types of specialty agricultural products, enhancing the market presence of local agricultural goods [1][2] - Featured products included "Zhenpin" resource grass fish, Wokang oranges, and highland radishes, along with other unique agricultural products like highland winter bamboo shoots and monk fruit, attracting significant interest from buyers [2] - Resource Mountain Agricultural Products Co., Ltd. and Guangdong Jinyang Publishing Co., Ltd. reached a signing intention for a cooperation project worth approximately 5 million yuan, further broadening sales channels for agricultural products [2] Group 2 - The resource supply and marketing cooperative plans to conduct over 30 "Supply and Marketing Fair" activities by 2025, with online and offline sales of agricultural products exceeding 2.8 million yuan and over 20 signed cooperation projects amounting to more than 40 million yuan [2] - Agricultural products worth over 54 million yuan have been sold to eastern regions, indicating a strong market demand for local specialties [2] - The county supply and marketing cooperative aims to leverage the Guangdong-Guangxi cooperation mechanism to focus on brand cultivation and market expansion for agricultural products, contributing to rural revitalization and farmers' income growth [2]

新华财经北京1月4日电（记者丁雅雯、李唐宁）元旦假期，我国冰雪旅游市场延续入冬以来的高涨人 气，迎来新一轮消费高峰。以东北地区为代表的传统冰雪目的地与新兴冰雪景区共同发力，产品供给丰 富多元，"南北互换"旅游趋势显著，展现出冰雪经济强劲的消费带动能力和产业活力。 业内人士指出，冰雪旅游市场的火爆，是"冷资源"持续转化为"热经济"的生动体现。它不仅是季节性观 光活动，更深度融合了运动、文化、休闲、民俗等多种元素，满足了游客对于差异化、高品质旅游体验 的追求。 长白山作为标志性冰雪目的地，元旦期间人气旺盛。美团旅行数据显示，假期内白山市文旅预订量同比 增长57%，其中目的地为"长白山站"的火车票预订量同比激增110%。客源主要来自长春、沈阳、延 边、哈尔滨、吉林等周边地区，2至4小时交通圈内的"快旅慢游"成为主流。游客不再满足于单一观光， 乘坐雪橇穿越林海、徒步火山石峡谷、体验雾凇漂流、与梅花鹿互动、在雪原温泉休憩等融合自然与民 俗的深度体验项目热度上升。 编辑：刘润榕 哈尔滨作为冰雪旅游的"老牌网红"，持续通过创新优化服务吸引游客。美团数据显示，元旦期间当地景 区门票预订增速达28%，冰雪大世界、松花江冰雪嘉年 ...

转自：新华财经 同时，工行武汉自贸分行将志愿服务与社会公益作为展现文明形象、传递行业温情的窗口。常态化开 展"学雷锋活动月"、关爱留守儿童等志愿活动，坚持"走出网点、贴近群众"，2025年组织外出金融服务 467场，为行动不便的老人及特殊群体提供上门服务83次，以实际行动诠释责任担当，用贴心服务温暖 社会民心。 未来，工行武汉自贸分行将继续深化"追光逐梦"品牌内涵，推动精神文明与经营发展互促共进，以更优 质的金融服务赋能东湖高新区科技创新与产业升级，为区域经济高质量发展贡献更大力量。（里安琪 崔静） 编辑：赵鼎 近年来，中国工商银行武汉自贸分行（以下简称"工行武汉自贸分行"）立足东湖高新区（光谷）发展战 略定位，精心培育打造"追光逐梦"特色品牌，坚持精神文明建设与经营发展深度融合、同频共振，为高 质量服务区域经济社会发展注入持久而澎湃的精神动力与金融动能。 紧扣东湖高新区发展需求，工行武汉自贸分行全力做好科技金融、绿色金融、普惠金融、养老金融、数 字金融"五篇大文章"。 在科技金融领域，工行武汉自贸分行积极探索服务新模式，创新推出"科创云闪贷"等产品，着力破解科 创企业轻资产、高研发投入带来的融资难题，累计为 ...

Core Viewpoint - The article highlights the collaboration between the Bank of Communications Wenzhou Branch and the Yongjia County government to support the development of the cultural and tourism integration project in the Nanxi River basin, emphasizing the importance of financial support in promoting local tourism and rural revitalization [1][3]. Group 1: Project Overview - The "Yongjia County Nanxi River Basin Cultural and Tourism Integration Demonstration Project" aims to create a distinctive leisure and vacation destination by integrating natural landscapes and cultural resources [3]. - The project will develop a comprehensive tourism demonstration area that includes ecological sightseeing, cultural experiences, and rural leisure, contributing to the rural revitalization strategy [3]. Group 2: Financial Support - The Bank of Communications Wenzhou Branch responded quickly to the project's financing needs, organizing a professional team to understand the project planning, operation, and construction progress [3]. - The bank successfully approved project financing exceeding 400 million yuan, with nearly 300 million yuan in loans disbursed by the end of 2025, demonstrating efficient financial support [3]. - The rapid approval process, taking only two days from application to loan disbursement, highlights the bank's commitment to meeting the funding needs of the project [3]. Group 3: Strategic Impact - The financial support for the Nanxi River cultural tourism project serves as a model for how financial services can effectively support rural revitalization and enhance the cultural value of the region [3]. - The Bank of Communications Wenzhou Branch plans to continue strengthening its financial support for rural revitalization efforts, aiming to contribute to the creation of a picturesque Wenzhou [3].