近日，印度西孟加拉邦暴发尼帕病毒疫情，印度当局正采取措施应对。感染者在加尔各答及周边地区医 院接受治疗，其中一名病患病情危重，已有近百人被要求居家隔离。 这种病毒从感染到出现症状的潜伏期一般为4天至14天，最长可达45天。感染者最初出现流感样症状： 发烧、头痛、肌肉痛、呕吐和喉咙痛。随后可出现头晕、嗜睡、意识混乱以及急性脑炎迹象。部分感染 者出现严重的脑炎症状和呼吸系统疾病，甚至昏迷。目前尚无专门针对尼帕病毒的疫苗和有效疗法。 尼帕病毒最初于1998至1999年的马来西亚半岛和新加坡被发现，是引起脑炎暴发的"罪魁祸首"。2001年 在孟加拉国的梅黑尔布尔地区报道了尼帕病毒引起的脑炎疫情暴发，此后几乎每年孟加拉国都会有尼帕 病毒脑炎的暴发流行。截至2012年3月31日，孟加拉国共报告209例尼帕病毒感染病例，其中死亡161例 （病死率达77%）。印度东孟加拉邦在2001年和2007年也有尼帕病毒脑炎暴发疫情的报道，两次疫情共 造成71例病例，其中死亡50例（病死率达70%）。 据泰国《曼谷邮报》24日报道，由于有大量印度游客入境观光，普吉国际机场已加强对来自印度游客的 健康监测。机场负责人称，正在向泰国疾控部门 ...

Core Viewpoint - Harmony Health Insurance emphasizes consumer rights protection as a fundamental aspect of its high-quality development, aiming to provide superior, transparent, and efficient financial services while ensuring the safeguarding of consumer rights [1][2]. Group 1: Consumer Rights Protection - The company integrates consumer rights protection into its core values, focusing on improving systems, mechanisms, and educational outreach to enhance awareness and execution of consumer protection initiatives among all employees [1]. - Harmony Health Insurance has established a comprehensive consumer rights protection system through top-level governance, institutional improvement, innovative service models, and extensive public education [1]. Group 2: Service Enhancement - The company has upgraded its services for elderly clients by providing direct access to customer service representatives and a "senior mode" on its official app, addressing the needs of this demographic [2]. - For individuals with disabilities, Harmony Health Insurance has improved service processes, ensuring all branches are equipped with accessible facilities and offering home service options [2]. - The company has introduced a dedicated insurance application process for foreign clients, breaking down barriers to cross-border services [2]. Group 3: Financial Literacy and Community Engagement - Harmony Health Insurance has launched a "Customer Service Festival" to enhance public financial literacy, focusing on consumer rights protection through immersive educational activities [2]. - The company aims to create a collaborative atmosphere for consumer rights education, engaging the entire society in these initiatives [2]. Group 4: Future Commitment - The company plans to continue its commitment to consumer protection by deepening its practices and ensuring that financial services are more compassionate and rights protection is more robust [2].

Group 1 - Fenglong Co., Ltd. and Jiamei Packaging announced stock trading risk warnings and will suspend trading starting January 26, 2026, for up to 5 trading days [1][3][7] - Fenglong Co., Ltd. experienced a stock price increase of 405.74% from December 25, 2025, to January 23, 2026, with a closing price of 99.53 CNY per share and a static P/E ratio of 4735, significantly higher than the industry average of 44.90 [3][4] - Jiamei Packaging's stock price rose by 408.11% during the same period, with a static P/E ratio of 132.58, also well above the industry average of 44.61 [6][7] Group 2 - The surge in Jiamei Packaging's stock price is attributed to a change in control, with a deal involving the transfer of 54.9% of shares to Zhuyue Hongzhi at a price of 4.45 CNY per share, totaling approximately 2.28 billion CNY [8] - Jiamei Packaging anticipates a significant decline in net profit for 2025, estimated between 85.44 million CNY and 104.42 million CNY, representing a decrease of 43.02% to 53.38% compared to the previous year [8] - Both companies have warned investors about the risks of irrational market behavior and the potential for rapid stock price declines due to significant deviations from their fundamental performance [3][7]

Core Insights - The action plan aims to anchor the annual growth rate of Shenzhen's technology insurance premiums at over 10%, with a focus on emerging industries such as low-altitude economy and artificial intelligence, requiring the launch of over 30 innovative insurance products each year [2][3][4] Group 1: Action Plan Objectives - The action plan sets clear quantitative goals: by the end of 2028, the annual growth rate of technology insurance premium income should exceed 10%, providing risk coverage of over 5 trillion yuan for technology companies each year, and the total assets of insurance entities in the city should exceed 11 trillion yuan [2][4][5] - The plan emphasizes the establishment of a modern insurance service system that aligns with Shenzhen's economic and social development, supporting the "20+8" strategic emerging industry clusters and future industry development [3][4] Group 2: Innovation and Product Development - The plan encourages insurance institutions to conduct research in cutting-edge technology areas such as humanoid robots, quantum technology, commercial aerospace, and brain-machine engineering, aiming to innovate insurance product supply and provide "first research and first use" guarantees [2][5] - The proposal highlights the need for insurance products to evolve from mere risk compensation tools to catalysts for industrial innovation, promoting a proactive approach to risk empowerment [5][6] Group 3: Financial Integration and Cross-Border Cooperation - The action plan aims to strengthen cooperation between Shenzhen and Hong Kong in the insurance sector, facilitating the development of insurance products tailored to the Greater Bay Area, including medical and pension insurance [7][8] - It proposes the establishment of a cross-border data sharing platform to address compliance issues related to the flow of health information and claims records, enhancing the efficiency of cross-border insurance services [8] Group 4: Market Performance and Growth - Shenzhen's insurance sector has shown robust growth, with premium income reaching 179.74 billion yuan in the first three quarters of 2025, a year-on-year increase of 12.8%, leading among first-tier cities in China [8][9] - The total assets of insurance entities in Shenzhen reached 9.1 trillion yuan by the end of September, reflecting a year-on-year growth of 22%, positioning the city as the second-largest in terms of insurance assets in the country [8][9]

| | 大方县"5•22"滑坡灾害调查评估报告 | | | | --- | --- | --- | --- | | 发布时间：2026-01-22 14:21 | 字体大小： 大 - 中 - 小 文章来源：贵州省自然资源厅 | 访问量：10次 | 打印本页 | 2025年5月22日，贵州省毕节市大方县果瓦乡庆阳村茶林组突发山体滑坡灾害，造成19人死亡失踪（其中死亡7人，失踪12人）。此次灾害规模级别为大型 滑坡，灾情等级属大型灾害范畴。 据新华社消息，贵州省自然资源厅近日通报大方县"5·22"滑坡的调查结果。调查指出，滑坡原因主要为山体结构不稳，加之极端强降雨诱发，导致灾害发 生。 从地形地貌看，滑坡区位于侵蚀陡斜坡地带，地形相对高差较大。滑坡左右两侧地势相对较高，利于地表水和地下水向滑坡区汇集；底部受河流冲刷侧蚀 作用，坡度较陡，不利于斜坡稳定。 气象信息显示，滑坡发生前24小时，距滑坡区最近的光明气象观测站降水量达222.3毫米，累计降雨量超过当地历史极值。由于降雨强度过大，斜坡排水 不畅，导致岩土处于饱和或超饱和状态，加剧了斜坡变形破坏过程。 灾害发生后，国家、省、市、县、乡五级联动，调集各类救援力量和 ...

Core Viewpoint - The new guidelines and rules for public fund performance benchmarks aim to address long-standing issues in the industry, such as "ambiguous benchmarks," "style drift," and "fund blind boxes," by enhancing the anchoring role of performance benchmarks and improving investor experience [2][3]. Group 1: Regulatory Framework - The new regulations establish a comprehensive regulatory framework covering the entire lifecycle of performance benchmarks, including selection, internal control, external constraints, and self-regulation [2]. - The guidelines and rules will officially take effect on March 1, 2026, with a transition period of 6 months to 1 year for certain provisions to ensure a smooth industry transition [2]. Group 2: Benchmark Selection Standards - The guidelines impose strict requirements on the selection of performance benchmarks, ensuring they reflect the investment style of fund products and align with the fund contract's investment objectives, scope, strategies, and restrictions [3]. - The rules further detail the criteria for index selection, emphasizing representativeness, reasonable compilation schemes, continuous operation, and good liquidity of constituent securities [4]. Group 3: Internal Control and Supervision - The new regulations extend the focus on performance benchmarks to the internal control systems of fund managers, requiring them to establish comprehensive management systems covering benchmark selection, disclosure, monitoring, evaluation, and accountability [5]. - Fund custodians' supervisory roles are strengthened, with requirements to establish mechanisms for evaluating benchmark-related contract terms, investment supervision, and information disclosure review [5]. Group 4: Information Disclosure and Evaluation - The new rules enhance information disclosure requirements, mandating that fund reports include comparative data on returns and volatility against benchmarks over multiple time periods [6]. - The guidelines specify that fund managers and sales institutions must present past performance alongside benchmark performance in a standardized manner, ensuring clarity for investors [6]. Group 5: Industry Development - The introduction of these new regulations signifies a shift towards high-quality development in the public fund industry, moving beyond traditional scale competition to a more comprehensive focus on governance, research capabilities, and compliance risk management [7].

Core Insights - Toyota achieved a slight increase in annual sales, reaching 1.78 million units, making it the only brand among the Japanese three to return to positive growth in 2025 [2] - Nissan's sales in China fell to 653,000 units, a decline of 6.26% year-on-year, marking the seventh consecutive year of sales decline [2] - Honda's sales in China dropped to 645,300 units, down 24.28% year-on-year, continuing a five-year trend of declining sales [2] Group 1: Toyota's Performance - Toyota's growth is attributed to a combination of precise technological positioning and deep localization strategies, which align with its previously established technology platforms [3] - In 2025, Toyota's hybrid electric vehicle (HEV) sales reached 623,000 units, accounting for 35% of total sales, an increase of 5 percentage points from 2024 [3] - The introduction of the Arene platform in the 2026 RAV4 model enhances the Toyota Safety Sense (TSS) ADAS functionality, improving response speed and recognition accuracy [3] Group 2: Localization Strategy - Toyota's RCE (Regional Chief Engineer) system allows local teams in China to make decisions on model development, enabling rapid iteration from product definition to market response [4] - Collaborations with local companies like BYD and Huawei have strengthened Toyota's supply chain, with the GAC Toyota's Platinum 3X becoming the top-selling joint venture new energy vehicle in 2025 [4] - This dual approach of technological and supply chain localization provides Toyota with advantages in cost control and demand adaptation [4] Group 3: Challenges for Toyota - Despite positive growth, Toyota faces challenges with its electric vehicle (EV) sales, particularly with FAW Toyota's bZ series, which has seen poor sales performance [5] - The bZ3 and bZ5 models sold 22,600 and 12,600 units respectively in 2025, indicating a struggle in the EV segment [5] - Toyota's SUV lineup remains strong, with over 42 million global customers choosing Toyota SUVs, reflecting the brand's commitment to meeting diverse consumer needs [5] Group 4: Japanese Competitors' Struggles - Nissan's sales have been in decline since 2019, with a total of 653,000 units sold in 2025, down from 1.56 million in 2018 [6] - Honda has also faced significant declines, with a 30.9% drop in 2024 and a further 24.28% decline in 2025, indicating ongoing market pressure [6] - Both Nissan and Honda's struggles highlight the importance of adapting to market changes and the need for rapid localization in response to evolving consumer demands [7] Group 5: Industry Analysis - The differentiation in sales performance among the Japanese three is a result of varying transformation strategies and the depth of localization [7] - Toyota's approach of combining hybrid transition, local decision-making, and practical technology has set a benchmark for joint venture brands [7] - The ongoing electric transformation and competition from domestic brands necessitate a swift adaptation to local market conditions for Japanese automakers [7]

Core Viewpoint - The company Liren Lizhuang (605136.SH) has issued a profit warning, expecting a significant increase in net losses for 2025, attributed to high investments in developing its own brands, which have not yet generated corresponding economic benefits [3][4][6]. Financial Performance - The company anticipates a net loss of between 63.2 million to 79 million yuan for 2025, with a non-recurring net loss expected to be between 66.4 million to 83 million yuan [3]. - Revenue for 2024 is projected to decline by 37.44% year-on-year to 1.728 billion yuan, marking a significant drop from 4.155 billion yuan in 2021 [4][6]. Business Model Challenges - The traditional business model of brand agency operations is under severe pressure due to intensified competition, declining traffic on traditional e-commerce platforms, and a weak consumer environment [3][5]. - The company's reliance on a few brands and a single e-commerce platform has weakened its risk resilience, leading to structural challenges [3][5]. Brand Development and Strategy - The company has elevated its own brand strategy, focusing on brands like "Yurongchu" and "Meiyitang," which recorded a 110% year-on-year growth in Q1 2025, although the absolute scale remains small [5][6]. - The revenue from self-owned brands is expected to account for less than 10% of total revenue in 2024, indicating that high investments in R&D and marketing have not yet translated into profitability [6]. Industry Context and Transformation - The challenges faced by Liren Lizhuang reflect a broader anxiety within traditional e-commerce service providers as they navigate a changing market landscape [7][8]. - The company is exploring a transformation path that includes diversifying channels, enhancing data-driven operations, and improving supply chain efficiency [7][8]. - The transition from a channel service provider to a brand manager is fraught with challenges, requiring significant resources and time to achieve [8].

Core Insights - The active equity public funds have seen a significant shift in their top holdings, with Zhongji Xuchuang surpassing Ningde Times to become the largest holding, indicating a transition in investment focus from new energy to AI hardware [2][3][10] Group 1: Company Performance - Zhongji Xuchuang's market capitalization reached 825.40 billion yuan, while Ningde Times held a market cap of 818.28 billion yuan, indicating a close competition for the top position [2] - Zhongji Xuchuang's stock price surged from 70 yuan to 585 yuan within nine months, reflecting a sevenfold increase and a total market value nearing 650 billion yuan [7][9] - The company reported a revenue of 14.79 billion yuan in the first half of 2025, a year-on-year increase of 36.95%, and a net profit of 3.995 billion yuan, up 69.40% [9] Group 2: Market Trends - The shift in top holdings reflects a broader trend where institutional funds are reallocating from traditional sectors like new energy to emerging sectors such as AI hardware [10] - The global market for Ethernet optical modules is projected to grow significantly, with a forecasted increase of 35% to 18.9 billion USD in 2026, driven by the demand for data center infrastructure [9] Group 3: Fund Holdings - As of the end of Q4 2025, the top ten holdings of active equity funds included Zhongji Xuchuang, Ningde Times, and Xinyi Technology, highlighting the dominance of AI-related stocks [4] - Zhongji Xuchuang was held by 1,273 active equity funds, with a total holding of 135.31 million shares, representing 12.24% of its circulating shares [3][4]

本报（chinatimes.net.cn）记者石飞月 北京报道 前有英伟达，后有寒武纪，一个问鼎全球市值之巅，一个一度坐上A股"股王"宝座，AI芯片理所当然地 成为资本市场的"兵家必争之地"，赛道也愈发拥挤。短短一个多月内，摩尔线程、沐曦股份与壁仞科技 已相继登陆二级市场，1月22日晚间，燧原科技也发起冲刺。 然而，作为"国产GPU四小龙"中最后一家叩响资本市场大门的公司，燧原科技所面临的局面已悄然改 变：市场的"稀缺性溢价"正在消退。当故事的热度逐渐让位于数据的冷峻，燧原科技上市后的估值表 现，无疑将面临市场更为审慎的检验。 值得一提的是，与其他三家不同，燧原科技并未沿袭英伟达确立的GPGPU主流路径，而是选择了与之 差异化的非GPGPU技术路线。在人工智能产业持续演进、技术范式不断更迭的当下，哪一种技术路线 更具持久竞争力与产业生命力呢？ 估值走向 不可否认，在"国产GPU四小龙"中，燧原科技的收入和市场份额还是比较占优势的。 从营收体量来看，以2024年为例，燧原科技以7.22亿元的营收在"国产GPU四小龙"中排在第二位，沐曦 股份以7.43亿元的营收排在第一位，摩尔线程和壁仞科技分别以4.38亿元和3 ...