Group 1 - The core viewpoint of the article is that兆易创新科技集团股份有限公司 (兆易创新) successfully listed on the Hong Kong Stock Exchange, closing at 222.8 HKD with a rise of 37.53% [1] - The total number of shares offered globally by 兆易创新 was 28,915,800 H-shares, with 2,891,600 shares for public offering in Hong Kong and 26,024,200 shares for international offering [2] - The final offering price was set at 162.00 HKD, raising a total of 4,684.4 million HKD, with a net amount of 4,610.9 million HKD after deducting estimated listing expenses of 73.5 million HKD [3][4] Group 2 - The net proceeds from the global offering will be allocated as follows: approximately 40% for enhancing R&D capabilities, 35% for strategic industry-related investments and acquisitions, 9% for global strategic expansion, 6% for improving operational efficiency, and 10% for working capital and other general corporate purposes [4] - 兆易创新 is a diversified integrated circuit design company providing a variety of chip products including Flash, niche DRAM, MCU, analog chips, and sensor chips for various applications such as consumer electronics, automotive, industrial automation, and IoT [5]

Core Viewpoint - The company, Zhaosheng Microelectronics, has projected a significant decline in its 2025 annual performance, with expected revenue and net profit showing substantial decreases compared to the previous year [1]. Financial Performance - The projected operating revenue for 2025 is between 3.7 billion to 3.75 billion yuan, representing a decrease of 16% to 18% year-on-year [1]. - The net profit attributable to shareholders is expected to be between -295 million to -255 million yuan, indicating a decline of 173.41% to 163.46% compared to the previous year [1]. - The net profit after deducting non-recurring gains and losses is projected to be between -336 million to -300 million yuan, reflecting a decrease of 192.42% to 182.52% year-on-year [1]. Fundraising Activities - Zhaosheng Microelectronics went public on June 18, 2019, raising a total of 882.25 million yuan, with a net amount of 828.86 million yuan after deducting issuance costs [1]. - The company issued 25 million new shares at a price of 35.29 yuan per share, with the funds allocated for various R&D and industrialization projects related to RF filters, amplifiers, switches, and IoT connectivity [1]. - In February 2021, the company raised 3.005 billion yuan through a private placement of shares at a price of 565.85 yuan per share, with a net amount of 2.970 billion yuan after costs [2]. - The total amount raised from the two fundraising activities post-IPO is 3.887 billion yuan [3]. - A new fundraising plan was disclosed on October 27, 2025, aiming to raise up to 3.475 billion yuan for expanding RF chip manufacturing and supplementing working capital [3].

《报告》认为，扩大数字消费将成为提振内需的重要抓手，数据要素的市场化配置改革将向纵深推进， 数字关键核心技术将实现更多突破式创新，"人工智能+"将全面助力企业提质增效，平台经济将阔步迈 向规范健康持续发展。构筑自主可控、弹性韧性的新一代网络与安全屏障是数字经济行稳致远的根本保 障，深化适应数字经济特征和发展规律的体制机制改革是破除发展障碍、激发创新活力的关键举措。要 积极拓展和深化"数字丝绸之路""丝路电商"的国际合作，加快数字平台"走出去"步伐，提升我国数字经 济国际竞争力。(经济日报记者沈慧) 近日，中央财经大学与社会科学文献出版社联合发布了《互联网与数字经济蓝皮书：中国互联网与数字 经济发展报告(2025)》。报告显示，2024年，中国数字经济规模平稳快速增长，数据要素市场制度日益 完善，数字技术创新应用持续涌现，数字经济核心产业茁壮成长，实数深度融合全面提速。 数字经济是以数据要素为关键要素，以数字平台及其生态为主要载体，通过数字化和智能化实现高效连 接，在物理世界和数字空间都可以创造价值的一种新的经济形态。《报告》指出，数字经济发展已经进 入数字技术和数据要素双轮驱动的新阶段，数据作为新型生产要素快 ...

Core Insights - The report highlights the continuous expansion of the digital yuan pilot areas and usage scale, with applications diversifying across various sectors [1] Group 1: Digital Yuan Expansion - As of October 2024, the digital yuan pilot program has covered 17 provinces and municipalities [1] - By the end of July 2024, the digital yuan app has opened a total of 180 million personal wallets, with a cumulative transaction amount of 7.3 trillion yuan in pilot areas [1] Group 2: Regional Developments - In Beijing, as of October 20, 2024, there are 22.55 million digital yuan wallets opened, with 693,000 application scenarios implemented [2] - In Shenzhen, the number of digital yuan wallets increased by over 6 million since the beginning of the year, with a cumulative business transaction amount growing by over 80% year-on-year as of the end of September 2024 [2] Group 3: Application Scenarios - The digital yuan has expanded from traditional sectors like wholesale retail and dining to emerging fields such as education, healthcare, and urban governance [2] - In Xiong'an New Area, innovative applications include offline payment for public transport, comprehensive payment for migrant workers' wages, and automatic issuance of technology innovation vouchers [2] - In Suzhou, 1.1882 million application scenarios have been implemented, including the first cross-border tax payment using the digital yuan through a multilateral central bank digital currency bridge, streamlining the tax payment process [2]

Core Viewpoint - The Chinese photovoltaic industry is undergoing a "de-involution" initiative to address issues of low-quality and low-price competition, aiming to establish a fair market order and promote sustainable development [1][2][3] Group 1: Industry Challenges - The photovoltaic industry is facing challenges such as low-quality competition and homogeneous overcapacity, leading to widespread losses among companies and distorting market resource allocation [1][2] - The "de-involution" initiative is crucial for transitioning from quantity-based competition to quality-driven value creation, which is essential for maintaining competitiveness in a complex international market [2][3] Group 2: Regulatory Measures - The State Administration for Market Regulation plans to enhance product quality supervision and enforce laws against unfair competition to maintain market order [1] - Companies are urged to comply with legal regulations, avoid price collusion and fraud, and ensure quality in project bidding [1][2] Group 3: Innovation and Quality Focus - The initiative emphasizes the need for technological innovation and quality improvement as the primary means to escape the low-price competition trap [3][4] - Industry insiders advocate for a collaborative approach to support original technologies and focus on customer-centric innovations [3] Group 4: Targeted Strategies - Precise strategies should be implemented based on the characteristics of different segments of the photovoltaic supply chain, such as energy consumption and environmental standards for mature sectors [4] - The demand side should optimize bidding rules to prioritize technology and quality over price, thereby encouraging product upgrades [4]

Group 1 - The core viewpoint of the news is that the Taikang Medical Health Fund has experienced significant declines in its stock performance for both Class C and Class A shares, with decreases of 13.45% and 13.02% respectively in 2025 [1][2] - The top ten holdings of the fund as of the third quarter of 2025 include companies such as Jingtai Holdings, Kanglong Chemical, Fangzhou Jianke, Sanofi Pharmaceutical, Zhaoyan New Drug, Jiuan Medical, Yirui Technology, Lingrui Pharmaceutical, Baipusais, and Bid Medical [1] - The fund manager, Fu Hongzhe, has a background as a senior researcher at China Europe Fund Management Co., Ltd. and has been with Taikang since July 2019, becoming the fund manager on March 8, 2022 [1]

Core Viewpoint - Sanan Optoelectronics (SH:600703) reported a significant decline in expected net profit for 2025, projecting a loss of 200 million to 400 million yuan compared to a profit of 253 million yuan in the previous year [1] Group 1: Financial Performance - The company’s total market capitalization is 71.992 billion yuan, with a share price of 14.43 yuan, reflecting a decline of 8.67% [1] - The expected net profit for 2025 is projected to be between -200 million and -400 million yuan, a stark contrast to the previous year's profit of 253 million yuan [1] - The company has seen an increase in the proportion of high-end LED products, while integrated circuit business revenue and profitability have also improved year-on-year [1] Group 2: Factors Affecting Performance - The integrated circuit segment, particularly the filter and silicon carbide businesses, continues to significantly drag down overall profitability [1] - There has been a year-on-year decrease in government subsidies received by the company [1] - Research and development expenses have increased year-on-year, contributing to the financial strain [1] - Adjustments in the sales price of precious metal waste materials, in relation to the Shanghai Gold Exchange price trends, have led to reduced investment income [1] - The company has increased provisions for inventory write-downs due to the net realizable value being lower than cost, as per accounting standards [1] Group 3: Shareholding Structure - As of September 30, 2025, the National Social Security Fund 103 Portfolio holds 82 million shares, accounting for 1.64% of the circulating shares, making it the ninth largest shareholder [1][2]

李家春曾任职于长江证券有限责任公司、汉唐证券有限责任公司、泰信基金管理有限公司、交银施 罗德基金管理有限公司、富国基金管理有限公司和上海东方证券资产管理有限公司，2006年起担任基金 经理。2018年7月加入长信基金管理有限责任公司，现任公司总经理助理、投资决策委员会执行委员、 基金经理。 长信稳健成长混合A/C成立于2022年06月02日，截至2026年01月12日，其今年来收益率为5.17%、 5.12%，成立来收益率为1.11%、-3.19%，累计净值为1.0133元、0.9711元。 | 基金名称 | 长信稳健成长混合型证券投资基金 | | --- | --- | | 基金简称 | 长信稳健成长混合 | | 基金主代码 | 014850 | | 基金管理人名称 | 长信基金管理有限责任公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》等 | | 基金经理变更类型 | 解聘基金经理 | | 共同管理本基金的其他基金经理姓名 | 胡梦承 | | 离任基金经理姓名 | 李家春 | 中国经济网北京1月13日讯 今日，长信基金公告，李家春离任长信稳健成长混合。 (责任编辑：康博) ...

中国经济网北京1月13日讯 据同花顺数据显示，在刚过去的2025年，国寿安保基金旗下的国寿安保 品质消费股票发起式C、国寿安保品质消费股票发起式A分别下跌6.83%和6.38%。 作为消费主题基金，国寿安保品质消费股票在2025年三季度前十大重仓股为腾讯控股、泡泡玛特、 若羽臣、东鹏饮料、小商品城、上海家化、盐津铺子、新乳业、中宠股份、潮宏基。 基金经理王韫涵曾任阳光资产管理股份有限公司行业研究员，2016年10月加入国寿安保基金管理有 限公司任行业研究员。2023年12月7日开始管理国寿安保品质消费股票，这不仅是该基金的成立日，也 是王韫涵首次管理公募基金。然而截至2026年1月12日，该基金的A/C份额在成立2年多的累计收益率分 别下跌了11.56%、12.27%。 | 名称 | | | 复权单位净 累计单位 规模 亿 基金经理 | | --- | --- | --- | --- | | | 值增长率% | 净值元 | l 170 | | 国寿安保品质消费股票发起式C | -6.83 | 0. 8521 | 0.00 2023-12-07 王福涵 | | 国寿安保品质消费股票发起式A | -6. 38 | ...

南华瑞利债券A/C成立于2021年05月20日，截至2026年01月12日，其今年来收益率为0.29%、0.28%，成 立来收益率为51.54%、45.35%，累计净值为1.4636元、1.4147元。 | 基金名称 | 南华瑞利债券型证券投资基金 | | --- | --- | | 基金简称 | 南华瑞利债券 | | 基金主代码 | 011464 | | 基金管理人名称 | 南华基金管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》 《基金管理公司投资管理人员管理指导意见》 | | | 等。 | | 基金经理变更类型 | 兼有增聘和解聘基金经理 | | 新任基金经理姓名 | 陆越 | | 共同管理本基金的其他基 金经理姓名 | 姜杰特、何林泽 | | | 沈致远 | | 离任基金经理姓名 | | 中国经济网北京1月13日讯今日，南华基金公告，南华瑞利债券增聘陆越，沈致远离任。 陆越2019年6月至2021年5月在建信信托有限责任公司证券市场团队任投资经理助理，2021年6月1日入职 南华基金管理有限公司。 ...