Core Viewpoint - The precious metals sector in A-shares has experienced a significant surge, with multiple stocks hitting the daily limit up, driven by strong international gold and silver prices and robust company earnings forecasts [2][3][4]. Group 1: Precious Metals Sector Performance - The precious metals sector has seen a remarkable performance in 2023, with stocks like Sichuan Gold achieving 7 limit-ups in 10 trading days, and Hunan Silver, Sichuan Gold, and Xiaocheng Technology all doubling in value [3][4]. - As of January 28, 2023, the year-to-date gains for Hunan Silver, Sichuan Gold, and Xiaocheng Technology were 180.35%, 139.99%, and 132.54% respectively, significantly outperforming the broader market index [3][4]. - The surge in the sector is attributed to the continuous rise in international gold and silver prices, which have reached historical highs, alongside strong earnings forecasts from listed companies [3][4][12]. Group 2: Company Earnings and Growth - Hunan Silver has shown impressive revenue growth, with projected revenues of 33.94 billion yuan in 2022, 51.39 billion yuan in 2023, and 83.13 billion yuan in 2024, reflecting year-on-year growth rates of 70.59%, 51.43%, and 61.76% respectively [6]. - Sichuan Gold's revenue has fluctuated but is on an upward trend, with a projected revenue growth rate of 49.43% for the first three quarters of 2025 [7]. - Xiaocheng Technology is also performing well, with expected year-on-year growth rates of 47.71% and 59.66% for 2024 and the first three quarters of 2025 respectively [7]. Group 3: Market Dynamics and Future Outlook - The strong performance of the precious metals sector is supported by a dual resonance of capital and fundamentals, with increased market activity and investment interest [7][12]. - The international gold price has shown a significant increase of nearly 70% in 2025, with spot gold prices surpassing 5,250 USD per ounce, marking a historical high [12]. - The price of silver has also reached a record high of over 116 USD per ounce, benefiting from its dual role as both a precious and industrial metal [12].

1月28日，《华夏时报》记者了解到，自然资源部、民政部、国家健康委在近期发布了有关文件，明确 养老服务设施空间布局，鼓励"住宅+养老""商服+养老""医疗+养老"土地混合开发和空间复合利用，允 许非独立占地养老服务设施与其他建筑兼容建设，减少单独占地成本。 此外，文件明确，新建城区、居住（小）区、新建住宅项目要按照规划标准要求同步配套养老服务设 施。 "稳"字当头，再度发力保障房 级、城市更新向内涵式发展转型，打造一批活力组团，塑造城市更新标杆。 本报记者 李凯旋 北京报道 1月25日上午，北京市十六届人大四次会议开幕。其中，北京市市长殷勇作政府工作报告，对今年北京 的房地产工作作出了明确安排。政府工作报告指出，今年，北京要着力稳定房地产市场，缓解青年人住 房困难，建设更多"好房子"以及大力推进城市更新等。 值得关注的是，2025年12月底，北京再度放宽限购政策，新政带动市场活跃度提升，楼市今年出现"开 门红"。 1月26日下午，在解读《北京市国民经济和社会发展第十五个五年规划纲要》新闻发布会上，有关负责 人表示，"十五五"时期，北京将聚焦8类重点任务，激活城市发展动能，推动住有所居向住有宜居升 具体到房地产 ...

Core Viewpoint - Shanshi Zhendong Pharmaceutical Co., Ltd. is facing significant challenges as it transitions leadership to the younger generation, with the new chairman, Li Kun, inheriting a company that has reported losses for four consecutive years and is now expected to incur a net loss of 220 to 280 million yuan for 2025 [2][3]. Financial Performance - The company is projected to report a net loss of 220 to 280 million yuan for 2025, with a loss of 235 to 295 million yuan when excluding non-recurring items [3]. - Although the projected loss shows improvement compared to the previous year's loss of 1.329 billion yuan, the ongoing trend of losses over four years remains a significant concern for the new leadership [3]. Reasons for Losses - The losses are attributed to several factors, including changes in industry policies and market conditions leading to declines in both sales and prices of certain products, as well as an imbalance in the supply and demand of traditional Chinese medicinal materials [5]. - The company's previous acquisition of Longdi Pharmaceutical, which was a key revenue driver, has turned into a liability due to subsequent operational issues and legal disputes, including a 1.4 billion yuan fine for quality issues [6][7]. Management Changes - The company is undergoing a significant management overhaul, with multiple key executives, including the president and financial director, changing roles or retiring, largely due to the fallout from the previous chairman's forced resignation [8][9]. - Li Kun, the new chairman, has increased R&D investment, which reached 251 million yuan in 2024, marking a 25.27% increase and the highest proportion of revenue at 6.55% since the company went public [9]. Market Position and Competition - The company’s core product matrix remains limited, with only a few products contributing significantly to revenue, and it faces intense competition in the market, particularly in the hair loss treatment sector [7]. - The competitive landscape is evolving, with new entrants and innovations challenging the existing market dynamics, putting additional pressure on the company's flagship products [7].

本报（chinatimes.net.cn）记者吴敏 北京报道 近日，《华夏时报》记者从知情人士处获悉，横琴人寿第二任董事长钱仲华提出离职并已获董事会批 准。而这距离其2024年7月正式履职不足两年。 钱仲华本人也曾在其微信朋友圈发布感言，称"横琴人寿的增资工作已经全部完成，2026年的开门红工 作也顺利展开，我的'任务'基本完成了"。让外界不禁揣测其去职的深层逻辑。 对于董事长离职详情以及影响等问题，本报记者曾致电横琴人寿方面采访，截至发稿，尚未获得对方回 应。 钱仲华所言"已完成的任务"，首要所指无疑是横琴人寿在2025年底落下帷幕的18.52亿元增资。这次增 资不仅将该公司注册资本提升至49.89亿元，更关键的是彻底重塑了股权版图。 横琴人寿成立于2016年，初期股权结构为五家股东各持股20%，其中既有珠海本地国资背景的铧创投 资，也有亨通集团等民营企业，在设计上体现了"混合所有制"与股权制衡的理念。然而，这种平衡近年 来被彻底打破。 2024年3月，横琴人寿进行第二次增资，大股东铧创投资单独出资7.5亿元，持股比例从32.9%跃升至 49%，突破了保险公司单一股东持股不超过三分之一的上限，成为控制类股东 ...

8位基金经理跻身300亿元阵营 在权益类产品管理规模排名中，易方达基金张坤表现突出，以483亿元的规模居于首位，且其管理规模 全部集中于权益类产品。兴证全球基金谢治宇以386亿元的规模紧随其后。广发基金杨冬、中欧基金葛 兰、景顺长城基金刘彦春的管理规模均超过300亿元，具体分别为360亿元、353亿元和314亿元。此外， 中欧基金周蔚文、蓝小康以及永赢基金张璐的管理规模也均站上300亿元关口。 这一梯队清晰地展示了大型基金公司在培育和留住顶尖投资人才方面的平台优势。以中欧基金为例，其 旗下葛兰、周蔚文、蓝小康三位基金经理权益管理规模均超过300亿元，赵磊与冯炉丹的规模也分别达 到269亿元和206亿元。 易方达基金同样如此，除张坤外，陈皓、萧楠、刘健维、郑希的权益管理规模均在200亿元以上，形成 了显著的集群效应。一位行业观察人士对《华夏时报》记者指出，头部基金经理的管理规模是其历史业 绩、投资理念被市场广泛认可的结果。尤其是在市场波动加大、结构性机会为主的背景下，投资者出于 对确定性的追求，更倾向于将资金托付给历经牛熊、风格稳定的基金经理。这使得头部基金经理的管理 规模得以维持甚至增长，但同时也对其投资操作 ...

Core Viewpoint - The international gold price has surged dramatically, with spot gold reaching a historical high of $5,285.66 per ounce, leading to a significant increase in gold-related ETFs in the domestic market, which have seen rare daily limit-ups [2][3]. Group 1: Gold Price Surge - On January 28, international gold prices broke through key thresholds of $5,000, $5,100, and $5,200, approaching $5,300 [2]. - The domestic market has seen gold-themed ETFs, both linked to gold prices and A-share gold stocks, experiencing unprecedented daily limit-ups [2][3]. Group 2: ETF Performance - As of January 28, there are 20 gold-themed ETFs in the market, with 14 being gold ETFs and 6 being gold stock ETFs, the latter gaining significant attention from investors [3]. - Major gold stock ETFs, such as Guotai Fund's Gold Stock ETF (517400), saw a 10% increase, while others like Huazhang Fund and Industrial Bank Fund also reported gains of around 9% to 10% [3][4]. Group 3: Investment Trends - The investment logic surrounding gold has shifted, with high gold prices making it a luxury for ordinary investors, leading to increased interest in gold stock ETFs, which are relatively low in net value [3][4]. - The six gold stock ETFs have shown impressive performance, with returns exceeding 50% since January 2026, and all six have doubled in value over the past year [4]. Group 4: Market Dynamics - The surge in gold stock ETFs is attributed to the performance of A-share gold mining stocks, which have also experienced limit-ups in recent trading sessions [5][6]. - Institutional perspectives support the bullish outlook on gold prices, with expectations of continued demand from central banks and asset allocation trends [6][7]. Group 5: Fund Flows - Despite a general outflow of over 480 billion yuan from the stock ETF market, gold and precious metal ETFs have continued to attract significant inflows [8][9]. - As of January 27, gold-themed ETFs have seen a substantial increase in total assets, with commodity gold ETFs growing by 29.71% and stock gold ETFs by over 75% since the end of last year [9].

本报（chinatimes.net.cn）记者叶青 北京报道 1月28日，现货黄金再创新高，首次突破5200美元/盎司关口，截至当日，现货黄金2026年1月以来累计 涨超880美元/盎司，涨幅达20%。在贵金属大涨之际，芝加哥商品交易所（CME）27日发布通知，对白 银、铂金及钯金部分品种期货合约的直接保证金率（OutrightRates）参数作出调整。不过，此次调整通 知未涉及黄金相关合约。 "近日金价先上冲至5100美元/盎司关口创阶段新高，随后更是突破5200美元/盎司刷新历史新高，这是地 缘政治风险、央行购金、资金流入等多重因素叠加的结果。当前市场对于中东局势进一步升级的担忧情 绪持续升温。此外，随着西方多国联盟内部裂痕持续加深，加之美元信用承压，避险资金持续涌入黄金 市场。"资深黄金分析师沈璟财在接受《华夏时报》记者采访时表示。 地缘风险助推金价再创新高 据新华社消息，1月26日美军中央司令部称，美国海军"亚伯拉罕·林肯"号航空母舰打击群"正部署到中 东"。分析认为，如果美国总统特朗普选择对伊朗动武，这将为他提供更多军事选项。同一时期，特朗 普也表示，已派遣一支庞大的舰队到中东地区，"比在委内瑞拉的 ...

本报（chinatimes.net.cn）记者于建平 见习记者 田野 北京报道 1月25日，乘联分会发布2025年度汽车出口数据显示，中国汽车全年出口量达832万辆，同比增长30%， 创历史新高。这一数据与国内3440万辆的销量规模形成呼应，印证了中国汽车产业在全球市场的竞争力 跃升。这一数据说明，我国汽车产业不仅实现了产销规模的跨越，更在出口领域完成了从量的积累到质 的飞跃，为高质量发展注入了全球动能。 2025年中国汽车出口的结构性变化尤为显著，从品类来看，乘用车作为出口主力，全年出口量占比超八 成，商用车出口保持稳定增长，其中新能源商用车成为新亮点，12月单月数据显示，汽车出口量达99万 辆，同比增长73%，环比增长23%，年末冲刺态势明显。 而2025年中国新能源汽车出口量达343万辆，同比增长70%，较2024年的16%大幅提升。细分来看，纯 电动汽车出口占比28%（同比提升2个百分点），插混车型占比13%（同比提升8个百分点），混动车型 占比6%（同比提升2个百分点），而纯燃油车占比降至43%，同比下降11个百分点。 崔东树向《华夏时报》记者表示："插混和混动车型替代纯电动成为出口新增长点，尤其是 ...

本报（chinatimes.net.cn）记者李明会 见习记者 林佳茹 北京报道 "年终奖还没发，钱就先变成老铺黄金的葫芦吊坠了！"1月26日，在北京SKP老铺黄金门店外，一位刚 购完黄金饰品的女士告诉《华夏时报》记者。她直言，国际金价比去年10月上涨超20%，担心年前再涨 价，索性提前把"压岁钱"换成黄金，"比存银行划算多了"。 尽管老铺黄金部分产品克价达1600-2000元，仍未阻挡消费者热情。店外徘徊的张先生坦言其困惑，"这 价格不算低，怎么还这么火？印象里老铺价格一直挺高。"但排队的李女士却有不同看法，"我对比过其 他品牌，比如六福的一口价产品，折算下来每克要2400元左右，这么看老铺反而更划算。" 《华夏时报》记者了解到，此次抢购潮与金价上涨及优惠活动叠加密切相关。1月27日，多家品牌足金 饰品报价为1575元/克左右，部分品牌报价1585元/克，创历史新高；上海金交所黄金现货AU9999当前报 价为1139.3元/克，近一月涨幅达13.65%。而老铺黄金推出的"实付满1000元减50元"叠加"10倍积分"的新 春品牌日活动，折算下来约8.75折优惠，进一步刺激了消费。 值得注意的是，市场对老铺黄金 ...

Core Viewpoint - The actual controller of Dongcai Technology, Yichang Technology, and Gaomeng New Materials, Xiong Haitao, has been detained and is under investigation by the Sichuan Provincial Supervisory Committee, raising concerns about the governance and future operations of these companies [1][4]. Group 1: Company Announcements - Dongcai Technology announced on January 27, 2026, that it received a notification from Gaokai Group regarding the detention and investigation of its actual controller, Xiong Haitao, by the Sichuan Provincial Supervisory Committee [1]. - Yichang Technology also reported on January 27, 2026, that it received a notice of investigation and detention concerning Xiong Haitao, who resigned from his positions in the company on January 26, 2026 [2]. - Gaomeng New Materials confirmed on January 27, 2026, that it received a forwarded notice from its controlling shareholder, Gaokai Group, about the investigation and detention of Xiong Haitao due to suspected criminal activities [4]. Group 2: Shareholding Structure - Xiong Haitao holds 18.49 million shares of Dongcai Technology, accounting for 1.82% of the total share capital, making him the fifth-largest shareholder [2]. - Gaokai Group, controlled by Xiong Haitao, holds 182 million shares of Dongcai Technology, representing 17.91% of the company, while Gaokai Fuheng Group holds 32.47 million shares, or 3.19% [2]. Group 3: Background Information - Gaokai Fuheng Group, established in 2005, is a comprehensive industrial group with total assets exceeding 10 billion, focusing on various sectors including chemical new materials and biotechnology [4]. - Xiong Haitao has held various significant positions, including executive director of Gaokai Fuheng Group and vice chairman of both Yichang Technology and Gaomeng New Materials [4].