(文/解红娟 编辑/张广凯) 1月21日，万科A+H股上双双上涨，其中，万科A收盘报5.01元/股，涨幅4.59%；万科企业收盘报3.68港元/股，涨幅5.75%。 股价提振背后，是市场对万科债务化解方案的认可。1月21日早间，万科披露"21万科02"债券2026年第一次债券持有人会议决议，其中《议案四：关于调 整"21万科02"回售部分债券本息兑付安排、增加固定兑付安排、提供增信措施的议案》以高票通过。 | 川ケ 简称 | 会议议案 | 数量 | 占表决 的债券持有 | | 占表快 数量 | 数量 | 占表? | | --- | --- | --- | --- | --- | --- | --- | --- | | | | (张) | 权总数 人所持表决 | | 权总数 权总 (张) | (张) | | | | | | 的比例 权数量的比 | | 比例 | | 比例 | | | | | | 例 | | | | | 21 万 | 议案一:关于豁免本次会 | | | | | | | | | 议召开相关程序要求的议 | 9.532.000 | 92.36% | 95.91% | 407.000 3.94% | | ...

Core Viewpoint - Yonghui Supermarket is expected to report a net loss of 2.14 billion yuan for 2025, marking a significant increase in losses compared to previous years, indicating the challenges of its ongoing transformation [1][4] Financial Performance - Yonghui Supermarket has experienced continuous losses for five consecutive years, with total losses exceeding 10 billion yuan over this period [4] - The projected net profit for 2025 is -2.14 billion yuan, with a net profit excluding non-recurring items of -2.94 billion yuan, compared to -1.47 billion yuan in the previous year [1][4] Strategic Transformation - The core reason for the anticipated losses is the major operational strategic transformation initiated in 2025, shifting from "scale expansion" to "quality growth" [4][6] - The company has adjusted 315 stores and closed 381 underperforming stores, which has intensified short-term profit pressures [4][6] Impact of Store Adjustments - The financial impact of store adjustments includes asset write-off losses and one-time expenses totaling 910 million yuan, with an estimated gross profit loss of approximately 300 million yuan during store renovations [4][7] - The closure of 381 stores has led to additional costs, including asset write-offs and employee compensation [4][7] Learning from Industry Models - Yonghui Supermarket is adopting the "Fat Donglai" model as a transformation strategy, focusing on enhancing product categories with strong profitability [5][6] - The first store to implement this model opened in June 2024, marking a significant step in the transformation process [6] Supply Chain Reforms - The company is reforming its supply chain to address traditional pain points, which has temporarily led to stock shortages and declining gross margins [7] - The company has also faced losses from its overseas equity investments, with a fair value loss of 236 million yuan expected [7] Future Outlook - Despite the current challenges, there are positive signs from the adjusted stores, with increased customer traffic and sales in some locations [7] - The transformation represents a shift from scale-oriented to value-oriented retailing, which will require time and patience to fully realize [8]

Group 1 - The UK automotive market is attracting attention from Chinese manufacturers due to the lack of domestic automakers targeting the mass market and the absence of tariffs on Asian electric vehicle imports [1][3] - The UK automotive market has not yet recovered to its pre-pandemic level of 2.5 million vehicles annually, and the entry of Chinese brands is expected to accelerate this recovery [1] - Chinese brands, led by SAIC's MG, doubled their market share in the UK to 10% last year, with BYD and Chery increasing their shares significantly in December [3][5] Group 2 - New entrants such as Geely, Changan, Xpeng, and Leap Motor have entered the UK market since 2023, with Geely's premium electric brand targeting the UK after entering 12 European markets [3] - BYD plans to introduce its high-end brand Tengshi, while Chery may launch its new energy brand Lepas in the UK [5] - The UK market is projected to see Chinese brands capture 20% of the market share by 2028, with plans to offer not only electric vehicles but also fuel and hybrid models [5]

Core Viewpoint - The European Commission has proposed a new cybersecurity policy package aimed at eliminating components and equipment from "high-risk" countries in critical infrastructure sectors, which is perceived as a politically motivated move to exclude Chinese companies from the European telecommunications market [1][2]. Group 1: Policy Implications - The new measures will apply to 18 "critical areas," including telecommunications, power supply, water systems, and medical devices, with a mandatory phase-out period of 36 months for mobile operators to eliminate components from the "high-risk supplier" list [2]. - The proposal follows a history of restrictions on "high-risk suppliers," with the EU previously implementing a 5G security "toolbox" in 2020 and the U.S. banning new telecommunications equipment from Chinese companies in 2022 [3]. Group 2: Economic Impact - The Chinese government has expressed serious concerns, stating that such actions violate market principles and fair competition rules, and could lead to significant economic costs for the EU, hindering local digital network industry development [1][2]. - The Chinese government emphasizes that the removal of Chinese telecommunications equipment has already resulted in substantial economic losses for certain countries [1].

Group 1 - The discussion at the Observer Network's "2026 Answer Show" featured prominent figures analyzing critical global issues, including Eurasian civilization, the Ukraine war, and the structural vulnerabilities in Europe [1] - Ian Bremmer highlighted the significant interest in Donald Trump's participation at the Davos Forum, noting that the number of attending heads of state increased dramatically after the announcement [1] - Bremmer pointed out that European leaders are cautious in their public statements about Trump, often praising his leadership due to their apprehension about potential conflicts with him [1] Group 2 - Bremmer emphasized that China remains an exception in the global response to Trump's policies, particularly after the imposition of tariffs, as China did not rush to negotiate but instead responded with its own tariffs [1] - The article mentions that the U.S. export controls on semiconductors have led China to implement permit reviews on rare earth and critical mineral exports, showcasing China's unique economic leverage [1] - Trump's recognition of China's economic power in the face of U.S. pressure has resulted in a different approach from the U.S. compared to its dealings with other nations like Iran and Venezuela [1]

Core Viewpoint - Intel has secured a long-term order with the U.S. Department of Defense's Missile Defense Agency (MDA) for the SHIELD project, highlighting its commitment to national security and advanced microelectronics for next-generation defense systems [1][2]. Group 1: Contract Details - The SHIELD program is a diversified contract framework aimed at enhancing homeland defense capabilities, with a total contract ceiling of $151 billion, although this amount is not exclusive to Intel [1][2]. - The project will involve prototype development, weapon design, systems engineering, data analysis, and cybersecurity [1]. Group 2: Strategic Importance - Intel's selection for the SHIELD project underscores its role as a key supplier to the U.S. defense system, building on previous engagements such as the $3.5 billion Secure Enclave project for producing high-security advanced chips [2]. - The collaboration with the U.S. government has deepened, especially after the government acquired approximately 10% of Intel's shares for $8.9 billion, making it a significant stakeholder [2]. Group 3: Financial Performance - Intel has shown signs of financial recovery, reporting revenues of $13.7 billion in Q3 2025, a 3% year-over-year increase, marking its first positive growth in 18 months [3]. - The company's non-GAAP adjusted earnings per share (EPS) turned positive at $0.23 for the same quarter [3]. Group 4: Market Context - The global "wafer foundry 2.0" market saw a 17% year-over-year revenue growth, reaching $84.8 billion, with TSMC leading the market with a 39% share, while Intel holds only 5% [3].

Core Viewpoint - The U.S. Trade Representative, Greer, proposed a new round of U.S.-China trade talks before Trump's planned visit to China in April, focusing on non-sensitive trade areas to build consensus [1][10]. Group 1: Trade Negotiations - Greer suggested that the next round of U.S.-China trade negotiations could temporarily avoid highly sensitive topics such as technology competition and China's critical role in global industrial supply chains, particularly in rare earth magnets [3][13]. - He emphasized the importance of discussing cooperation in basic goods and services rather than getting stuck in sensitive areas like export controls and national security [3][13]. Group 2: Current Trade Relations - Following the U.S.-China summit in Busan last year, both countries agreed to a phase of "truce" in trade disputes, extending certain tariff exclusions, indicating a stabilization in U.S.-China relations [3][13]. - Greer stated that the U.S. policy towards China has not been put on hold, and regular export control measures will continue to be enforced [3][13]. Group 3: Rare Earth Supply Issues - Greer acknowledged that after China "interrupted" several rare earth supplies, the Trump administration had to seek dialogue with China to explore measures for restoring normal supply [4][14]. - The U.S. Commerce Secretary, Becerra, claimed that tariffs have compelled China to negotiate and delayed certain rare earth export controls by a year, highlighting the effectiveness of U.S. trade policy [8][17]. Group 4: Agricultural Trade - Becerra suggested that China could increase its purchases of U.S. soybeans, as this topic frequently arises in discussions between Trump and Chinese leaders [8][17]. - The Chinese Foreign Ministry spokesperson noted that the past year has seen ups and downs in U.S.-China relations, but overall stability aligns with the interests of both nations and the international community [9][17].

Group 1 - The U.S. Treasury Secretary, Besant, stated that China has fulfilled its commitments regarding the purchase of U.S. soybeans and the supply of rare earths, with a satisfaction level regarding the progress of rare earth supply at over 90% [1][3] - China is expected to purchase 25 million tons of U.S. soybeans in the upcoming year, having completed its annual soybean procurement task [3][4] - Despite the positive outlook from U.S. officials, American farmers express concerns about the actual shipments of agricultural products, noting a significant increase in China's purchases from Brazil and Argentina [4][5] Group 2 - The U.S. has indicated that China agreed to purchase 12 million tons of U.S. soybeans by January 2026, with a commitment to at least 25 million tons annually over the next three years [4] - The trade relationship between the U.S. and China appears to be improving, as indicated by recent discussions between U.S. and Chinese officials at the World Economic Forum [4] - The agricultural sector's performance is critical for U.S. political dynamics, particularly for President Trump's strategy to secure votes from farmers [5]

Market Overview - Major A-share indices collectively rose, with the Shanghai Composite Index increasing by 0.08%, Shenzhen Component Index by 0.70%, ChiNext Index by 0.54%, and the STAR Market 50 Index by 3.53% [1] - The total trading volume in Shanghai and Shenzhen exceeded 2.6 trillion yuan, a decrease of nearly 200 billion yuan compared to the previous day [1] Index Performance - Shanghai Composite Index: 4116.94, up 3.29 points (0.08%), with a trading volume of 1.18 trillion yuan and a year-to-date increase of 3.73% [2] - Shenzhen Component Index: 14255.13, up 99.50 points (0.70%), with a trading volume of 1.42 trillion yuan and a year-to-date increase of 5.40% [2] - ChiNext Index: 3295.52, up 17.54 points (0.54%), with a trading volume of 651.2 billion yuan and a year-to-date increase of 2.88% [2] - STAR Market 50 Index: 1862.69, up 42.21 points (2.32%), with a trading volume of 310.8 billion yuan and a year-to-date increase of 13.81% [2] Sector Performance - The majority of industry sectors saw gains, with precious metals, energy metals, mining, electrical machinery, semiconductors, small metals, and electronic components leading the increases [2] - The coal, liquor, retail, and electric grid equipment sectors experienced the largest declines [2] Stock Performance - Nearly 3000 stocks rose, with close to 90 stocks hitting the daily limit up [3] - The precious metals sector surged, with stocks like Hunan Silver, Zhaojin Gold, Sichuan Gold, and Western Gold hitting the daily limit up [3] - The semiconductor sector also saw significant gains, with stocks such as Longxin Technology, Dagan Co., Huatech, Yingfang Micro, and Tongfu Microelectronics hitting the daily limit up [3] Capital Flow - In terms of industry capital flow, semiconductor, computer equipment, and non-ferrous metals sectors ranked high in net inflows, with semiconductors seeing a net inflow of 12.07 billion yuan [6] - Conversely, the electric grid equipment, liquor, and photovoltaic equipment sectors experienced significant net outflows, with electric grid equipment seeing a net outflow of 6.095 billion yuan [6]

【文/观察者网 齐倩】 1月21日，彭博社援引消息称，英伟达公司首席执行官黄仁勋计划于1月底访问中国。 据一名知情人士透露，黄仁勋将参加英伟达中国在春节前举办的年会活动。黄仁勋预计还将前往北京， 但目前尚不清楚他是否会与中方官员会面。 该人士补充说，黄仁勋的行程仍可能根据潜在会晤安排而变化。英伟达方面拒绝置评。 当地时间21日，黄仁勋计划出席瑞士达沃斯世界经济论坛，并接受媒体采访。 据报道，就在约半年前，去年7月，黄仁勋刚刚访问中国。去年1月，黄仁勋还选择在英伟达深圳分公司 与员工共度春节，而非出席美国总统特朗普的就职典礼。 近期，黄仁勋每次公开露面，说来说去，话题都离不开中国。1月5日，黄仁勋接受采访时称，英伟达 H200人工智能（AI）芯片期待来自中国的采购者，并称其Blackwell和新一代Rubin芯片将"及时"在中国 市场推出。他还说："H200在市场上具有竞争力。但它不会永远具有竞争力。" 从拜登政府到特朗普政府，为围堵打压中国科技发展，美国实施了一系列芯片出口限制措施，且不断收 紧。英伟达不想丢失庞大的中国市场，一直游说特朗普放松管制。 去年12月8日，美国总统特朗普宣布，将允许英伟达对华出口其 ...