Group 1 - The core theme of the 2026 CES is "AI deeply integrated into life," showcasing the global attention on health technology, with the company Beike (stock code: 688793) presenting its innovative "Technology × Traditional Chinese Medicine" achievements and global strategy [1] - Beike's globalization journey began with a strategic entry point, opening its first overseas store at Singapore Changi Airport in November 2024, establishing a high-standard brand image and testing operational logic for overseas markets [2] - The company has successfully implemented a replicable and efficient "brand store dealership model" in Thailand, which has led to profitability in Singapore and Malaysia, marking a sustainable development phase and providing stable cash flow for regional expansion [2] Group 2 - As of December 2025, Beike has established a global retail network with 125 standard direct stores, 77 global franchise stores, and over 500 other sales points, creating a comprehensive layout for brand experience and localized service [3] - The introduction of the "Relaxation Moment" sales-service integrated store model has become a second growth engine, combining sales of technology products with massage services, thus transforming the company's identity from a hardware provider to a personalized health solution service provider [3] - The CES participation is a significant milestone for Beike's globalization strategy, showcasing its product strength and brand ambition, with two flagship products addressing global consumer health pain points [4] Group 3 - The management expressed confidence in the company's global leadership ambitions, highlighting the successful validation of the "Technology × Traditional Chinese Medicine" concept in Southeast Asia and the systematic operational capabilities demonstrated through their expansion efforts [6] - Analysts note three core advantages of Beike's globalization path: clear strategy and strong execution, validated profitability models in Singapore and Malaysia, and significant differentiation through the "Technology × Traditional Chinese Medicine" concept [6] - The CES exhibition is expected to enhance the company's brand valuation as a global health technology brand, injecting strong momentum for long-term growth [6]

Core Insights - The article highlights the participation of Chinese health technology leader Beike (stock code: 688793) at the 2026 International Consumer Electronics Show (CES), showcasing its innovative products and global brand strategy [1][5]. Group 1: Product Launch and Innovation - Beike unveiled two flagship products, the AIR3 smart massage device and the See 7R eye care device, emphasizing the integration of AI technology in health solutions [4]. - The AIR3 smart massage device features a unique 5-second quick storage system and AI algorithms for personalized support, redefining travel comfort with its multifunctional capabilities [4]. - The See 7R eye massage device addresses dry eye syndrome through a three-step bionic therapy model, combining advanced technology with professional care techniques [4]. Group 2: Strategic Global Expansion - Beike's presence at CES is a significant step in its global strategy, following its successful market entry in Southeast Asia, including Singapore and Malaysia, where it achieved profitability [5]. - The company plans to implement a "one country, one policy" strategy for market expansion, focusing on both direct sales and franchise models in various Southeast Asian countries [5]. - The CES participation serves as a global validation of Beike's "technology × traditional Chinese medicine" concept and signals its commitment to international growth [5][6]. Group 3: Market Trends and Future Outlook - Industry analysis suggests that Beike is well-positioned to capitalize on the dual trends of global health consumption and AI technology proliferation, with a clear global strategy and proven profitability model [7]. - The CES showcase not only demonstrates Beike's product and technological capabilities but also aims to enhance its brand valuation in the global health technology market [7]. - The ongoing CES event, which runs until January 9, is attracting attention from global partners, media, and consumers, accelerating Beike's journey in the health technology sector [7].

高密度、多元化的人才结构和大平台、多策略的投研体系 刚刚过去的2025年，中国资产崛起，A股走出慢牛行情，各大主要指数全线飘红，上证指数、沪深300 分别录得18.41%、17.66%的年内涨幅，A股总市值、成交额均创下历史新高。2025年也是公募基金行业 的改革元年，一场以重塑行业生态、践行投资者利益优先为核心的变革浪潮全面铺开。从服务端的迭代 升级到产品端的结构优化，再到投研端的能力深耕，行业发展逻辑持续向长期价值与投资者利益倾斜。 恰逢权益市场迎来向上行情，双重利好因素共振之下，公募基金行业在2025年整体交出了一份亮眼的投 资答卷。数据显示，剔除当年成立的新基金，2025年权益基金平均净值增长率为28.73%，不仅跑赢同 期大盘，永赢、广发、易方达等基金公司旗下更是诞生多只"翻倍基"。 以广发基金为例，银河证券基金研究中心数据显示（仅统计主份额，下同），广发成长领航一年持有期 混合（A类）2025年净值增长率达134.08%，在1895只偏股型基金(股票上下限60%-95%)(A类)中排名第 6。此外，广发成长启航混合（A类）、广发中证稀有金属主题ETF年内涨幅均超90%。整体来看，在剔 除当年成立的 ...

Core Insights - The course titled "Securities Investment Research: Methodology and Practical Tools" was conducted by China Merchants Securities for students at Southern University of Science and Technology, marking the conclusion of their 2025 educational series [1][4] Group 1: Course Structure and Content - The course provided a comprehensive breakdown of the securities market structure, focusing on the multi-tiered capital market ecosystem composed of primary and secondary markets [3] - Key indices such as CSI, SSE, and SZSE were explained to help students understand market layers, establishing a clear theoretical framework [3] - Practical investment tools were introduced, particularly emphasizing ETF index investment as a means to capture structural market opportunities while managing investment risks [3] Group 2: Educational Collaboration and Impact - The collaboration between China Merchants Securities and Southern University of Science and Technology in 2025 included a diverse financial education content system, featuring courses on fintech, quantitative strategies, and investment research methods [4] - The initiative involved hands-on experiences, such as visits to exchanges and historical museums, promoting deep integration of industry and academia through a "classroom teaching + practical experience" model [4] - The educational series has effectively reached over a hundred students, delivering professional financial knowledge and fostering a solid foundation for talent in the financial industry [4]

Core Insights - By 2025, China's penetration rate of new energy vehicles is expected to exceed 50%, shifting the market focus from "incremental expansion" to "stock competition" [1] - The company, Seres, exemplifies high-quality development through its "technical system strength," achieving a 63.4% year-on-year increase in December 2025 sales, reaching 60,981 units [1] - Seres has made significant investments in R&D, with a cumulative investment of 7.053 billion yuan in 2024 and 5.198 billion yuan in the first half of 2025, marking a 154.9% year-on-year increase [1] Group 1: Technological Advancements - The launch of the Seres Magic Cube Technology Platform 2.0 signifies a shift towards AI-defined vehicles, enhancing integration efficiency and ecological compatibility [2][3] - The platform features upgrades in smart energy, intelligent chassis, and smart space, aiming to create a self-evolving intelligent vehicle ecosystem [2][3] - The new generation of the Seres Super Range Extender System boasts a 15% reduction in comprehensive fuel consumption and a 90% decrease in noise perception frequency, setting new industry standards [5] Group 2: Safety and User Experience - Seres has developed an intelligent safety system that covers four major safety areas, providing comprehensive protection for users, with over 2.55 million potential collisions avoided [6] - The company emphasizes a user-centric approach, focusing on high safety, reliability, performance, quality, and value in its products [6] Group 3: Manufacturing and Supply Chain - Seres operates three super factories, with the Longxing factory achieving over 100% automation in key production areas, setting a new benchmark in intelligent manufacturing [7][8] - The company has integrated leading suppliers directly into its production system, promoting an ecosystem of collaboration and efficiency [8] Group 4: Market Position and Brand Recognition - The cumulative delivery of the Seres brand has surpassed 900,000 units, with the Wanjie M9 model leading the luxury car market with over 260,000 units delivered [11] - Seres has disrupted the traditional high-end automotive market, establishing itself as a core player among Chinese brands and providing a replicable model for technological innovation [11]

在筑牢城市燃气供应主责主业的同时，公司坚持与全体股东分享发展成果，以实际行动兑现对股东的回 报承诺，彰显了企业高质量发展的坚实底气。 事实上，自2017年上市以来，佛燃能源累计现金分红超34亿元，已经远超公司IPO募集资金规模。特别 地，近年来公司加大股东回报力度，分红节奏和规模连上台阶，最近三年累计分红金额占期间年均利润 的比例超过200%。 佛燃能源（002911）第六届董事会第二十六次会议决议公告显示，公司董事会全票通过《关于2025年度 前三季度利润分配预案的议案》。 具体而言，公司将以现行总股本12.98亿股为基数，向全体股东每10股派发现金红利2.5元(含税)，合计 派现约3.25亿元。 作为深耕燃气领域的标杆企业，佛燃能源坚守"稳健经营、共享发展"的理念，经营业绩稳中向好。2025 年前三季度，公司实现归母净利润4.90亿元，同比增长6.07%。 此次中期分红预案的推出，既是对公司阶段性经营成果的总结，也是对未来发展信心的传递。按照公司 《未来三年(2025-2027年)》，公司每年现金分红不低于当期归母净利润的65%，并可进行中期分红。公 司股东回报机制清晰、稳定、透明，并充分兼顾了股东即期收 ...

Core Insights - The article highlights the strong sales performance of Seres in the new energy vehicle market, with December 2025 sales reaching 60,981 units, a year-on-year increase of 63.4%, and total sales for 2025 amounting to 472,269 units, reflecting a growth of 10.63% [1] Group 1: Sales Performance - In December 2025, Seres achieved a significant sales milestone with 60,981 new energy vehicles sold, marking a 63.4% increase compared to the previous year [1] - For the entire year of 2025, Seres reported cumulative sales of 472,269 new energy vehicles, which represents a year-on-year growth of 10.63% [1] Group 2: Technological Advancements - Seres has been a pioneer in range extender technology since 2016, leading to the launch of the new generation Seres Super Range Extender System at the 2024 Guangzhou Auto Show [1] - The new system utilizes the C2E range extender architecture and RoboREX intelligent control technology, optimizing space, weight, and manufacturing costs through an integrated design [1] Group 3: User Experience and Efficiency - The new generation Seres Super Range Extender System has achieved a 15% reduction in overall fuel consumption, with actual power generation efficiency reaching 3.65 kWh/L, and peak thermal efficiency at 44.8% [2] - Noise perception frequency has decreased by 90%, positioning Seres' NVH performance as industry-leading and enhancing user comfort [2] Group 4: Market Position and Future Outlook - Seres has sold over 200,000 range extenders externally in the first half of 2025, establishing deep partnerships with 25 industry companies, solidifying its position in the market [3] - The growth trajectory of Seres is characterized as a high-quality development path focused on "technology delivering experience and innovation converting value," with a commitment to user-centric demands and technological innovation [3]

Group 1: Market Overview - As of December 31, 2025, the total market capitalization of A-share listed companies in Shanghai reached 10.97 trillion yuan, a year-on-year increase of 30.35% [5] - The net profit for the first three quarters of 2025 was 361.43 billion yuan, reflecting a year-on-year growth of 13.34% [7] - Shanghai's listed companies are recognized as leaders in high-quality development, showcasing resilience and innovation amid complex external environments [1] Group 2: Stock Performance - The star performer on the STAR Market was Shangwei New Materials, with an annual increase of 1812%, marking a significant capital market success [2][3] - Other notable stocks included Feilinggel and Shunhao Co., both with increases exceeding 500%, indicating a strong "wealth creation effect" in the STAR Market [2] - High-growth companies are primarily concentrated in hard technology and high-growth sectors, reflecting a trend towards high-end manufacturing and technological innovation in Shanghai [2] Group 3: Sector Contributions - The financial sector continues to play a stabilizing role, with major banks like Bank of Communications and Shanghai Pudong Development Bank each having a market capitalization exceeding 1 trillion yuan [5] - Semiconductor companies such as Nexperia and Zhongwei Technology are emerging as new growth drivers, with several companies achieving market capitalizations in the billion yuan range [5] - The electronic industry alone accounted for six of the top twenty companies by market capitalization, indicating a robust cluster of hard technology enterprises [5] Group 4: Trading Activity - The top 50 companies by trading volume are concentrated in the electronics, non-bank financial, computer, and communication sectors, highlighting a preference for core assets with growth potential [6] - Dongfang Wealth led with a trading volume of 23.79 trillion yuan, serving as a market sentiment indicator [6] - The semiconductor sector, including companies like SMIC, has shown strong trading activity, reflecting investor confidence in the industry [6] Group 5: Shareholder Returns - In 2025, 103 companies in Shanghai announced dividend plans, distributing a total of 33.21 billion yuan, with Bank of Communications leading at 8.34 billion yuan [8] - The financial sector contributed nearly 60% of the total dividends, underscoring its role as a core value investment [8] - Notably, five companies implemented two rounds of dividends within the year, enhancing investor returns [8] Group 6: Innovation and R&D - R&D investment has become a collective consensus among Shanghai enterprises, with significant investments from companies like SAIC Motor (12.6 billion yuan) and Shanghai Construction (5.5 billion yuan) [9] - Semiconductor firms are leading in R&D intensity, with SMIC allocating 7.7% of its revenue to R&D, while Zhongwei Technology exceeds 10% [9] - The biopharmaceutical sector is also expanding its innovation pipeline, with companies like Fosun Pharma and United Imaging Healthcare developing globally competitive products [9] Group 7: IPO Activity - In 2025, eight new stocks were listed, injecting vitality into the market, with Nexperia raising nearly 4.2 billion yuan as the largest IPO of the year [10] - Companies in the semiconductor and medical device sectors are successfully entering the market, reflecting the nurturing of leading industries [10] - The diversification of listing channels in Shanghai is providing growth opportunities for specialized and innovative enterprises [10]

Core Viewpoint - Huadong Medicine has entered into a strategic partnership with MC2 Therapeutics to commercialize the Biomee skincare series in Greater China, enhancing their collaboration following the successful introduction of the Wynzora ointment for psoriasis treatment [1][2]. Group 1: Partnership and Product Development - Huadong Medicine's subsidiary, Hangzhou Zhongmei Huadong Pharmaceutical, has secured exclusive commercialization rights for the Biomee series in Greater China [1]. - The partnership builds on previous successful collaborations, particularly the introduction of the Wynzora ointment, and aims to expand into the dermatological market [2][3]. - A Phase III clinical trial for the MC2-01 ointment, which combines calcipotriol and betamethasone, has commenced, marking a significant milestone in product development [1][3]. Group 2: Market Potential and Product Features - The Biomee series, developed using MC2's PAD technology, addresses common skin issues such as dryness and discomfort, with a focus on providing effective and safe relief [2][3]. - The Chinese dermatological skincare market has shown rapid growth, increasing from 8.52 billion yuan in 2017 to 31.17 billion yuan in 2023, with projections to reach 65 billion yuan by 2028 [3]. - The Biomee series targets widespread skin concerns, making it appealing across various age groups and enhancing market potential [3]. Group 3: Strategic Positioning and Future Outlook - The introduction of the Biomee series is part of Huadong Medicine's comprehensive strategy in the dermatological sector, combining partnerships and in-house development [5][6]. - The company has established a leading product portfolio in the psoriasis treatment space, including biologics and topical prescription drugs, ensuring comprehensive patient care [5]. - Huadong Medicine's collaboration with MC2 on the Biomee series signifies a strategic advancement in the skin health sector, aiming to meet the growing and diverse demands for skin health solutions in Greater China [6].

Core Viewpoint - Yongtai Energy has successfully obtained approval for the resource reserve assessment of its subsidiary, Shanxi Qinyuan Kangweisen Dayuan Coal Industry Co., Ltd.'s "coal-aluminum" mineral resources, marking a significant milestone for the company's green exploration and comprehensive development in the bauxite sector [1][2]. Group 1: Resource Discovery and Quality - The exploration covered 53.57% of the total mining area, revealing a total bauxite resource of 7.8426 million tons, all classified as retained resources, allowing the mine to enter the ranks of medium-sized bauxite deposits [2][3]. - The average Al2O3 content is 61.46%, significantly exceeding industry standards, indicating the high quality of the bauxite resources [2]. Group 2: Strategic Importance - The discovery of the medium-sized bauxite deposit is strategically significant, especially given that China relies on imports for approximately 70% of its bauxite needs in 2024, highlighting the importance of domestic resource security [2]. - The project also revealed associated resources, including gallium, with an estimated retained resource of 470.56 tons, which is crucial for high-tech industries [4]. Group 3: Future Development Plans - The company plans to accelerate the mining license application process and expand exploration to other areas of the mine, which could lead to a significant increase in resource reserves [3][6]. - Yongtai Energy aims to establish a new industrial pattern centered on bauxite, maximizing resource utilization efficiency and enhancing the company's value potential [5]. Group 4: Long-term Vision - The company is committed to advancing the "coal-aluminum" project, focusing on efficient resource utilization and green industrial upgrades, with expectations for substantial contributions to the energy sector's transformation and resource security in China [6][7].