Core Viewpoint - Yatu High-tech's IPO process has faced delays despite passing the review by the Beijing Stock Exchange, primarily due to ongoing regulatory scrutiny regarding the authenticity of its overseas revenue, particularly from Russia [1][2]. Group 1: IPO Process and Timeline - Yatu High-tech's IPO application was approved by the Beijing Stock Exchange on September 12, 2022, but has not progressed to the registration stage as of early February 2023 [1]. - This marks the third attempt by Yatu High-tech to go public since initiating its IPO guidance in 2021, having changed its target exchange multiple times [2]. Group 2: Financial Performance - Yatu High-tech's revenue is projected to grow from 557 million yuan in 2022 to 742 million yuan in 2024, with net profit increasing from 78 million yuan to 149 million yuan during the same period [2]. - The company's overseas revenue has consistently accounted for over 50% of its total revenue, with specific figures of 50.28%, 55.10%, and 54.75% for the years 2022 to 2024 [2]. Group 3: Overseas Revenue Concerns - Yatu High-tech's revenue from the Russian market is significant, with reported figures of 42.38 million yuan, 67.65 million yuan, and 96.73 million yuan for the years 2022 to 2024, but discrepancies exist between these figures and those reported by its local subsidiary [2][3]. - The reported revenue from Yatu High-tech's Russian operations shows a substantial difference compared to the figures from the Russian Federal Tax Service, with discrepancies reaching as high as 101.88% [3]. Group 4: Third-party Payment Issues - The company has seen a rise in third-party payment amounts, with figures of 56.75 million yuan, 68.46 million yuan, and 63.81 million yuan from 2022 to 2024, raising concerns about the legitimacy of these transactions [5][6]. - Regulatory scrutiny has intensified regarding the identity of third-party payment clients, particularly in the context of foreign exchange controls and the lack of required documentation for payments [6]. Group 5: Customer Base Anomalies - Yatu High-tech has notable clients with "zero paid-in capital" or "zero insured" status, raising questions about the sustainability of its customer base [7][8]. - The company's major domestic distributors have minimal capital and employee counts, which is unusual for significant clients, prompting market skepticism about their financial health and reliability [8].

Core Insights - Shanghai is recognized as a leader in computing power and artificial intelligence (AI) in China and is also competitive globally [1] - The city's strong integrated circuit industry supports the development of top AI model companies and provides rich application scenarios for AI [1] - Shanghai is positioned as a global hub for Chinese enterprises going abroad, with significant support policies for cross-border investment and legal frameworks [1] Group 1 - The integration of computing power services by companies like UCloud provides a competitive advantage for development in Shanghai [1] - There is a strong emphasis on digital empowerment for enterprises going abroad, particularly in the Hongqiao area, with various supportive measures in place [1] - A recommendation is made to establish an international rule adaptation service system to address common legal, policy, and data compliance needs for Chinese enterprises going abroad [1][2] Group 2 - The suggestion to enhance the role of outbound service hubs and ecosystem integration, particularly in the digital domain, is highlighted [2] - The establishment of local data centers is proposed to meet data compliance requirements for Chinese enterprises operating abroad [2] - The focus on the construction of Shanghai's "five centers" and the international science and technology innovation center is emphasized, with a specific interest in "space computing" as a model for industry-academia collaboration [3]

2月5日，东风商用车有限公司营销战略部副部长孙杰在媒体沟通会上表示，2025年东风商用车全年实现 销量13.1万辆，同比增长24%。站在"十五五"新起点上，东风商用车将加快构建新能源产品差异化竞争 优势，并将以全球18个重点市场为核心实现海外销量倍增，同时将推动数字化、智能化融合与应用，在 智能化浪潮中抢占先机。 其透露，2026年，东风商用车的全年销量目标为17.6万辆以上，同比增长34%。 （文章来源：国际金融报） ...

晨丰科技公告，持股5%以上股东香港骥飞实业有限公司拟将其持有的无限售流通股1500万股(占公司总 股本的5.98%)协议转让给冷文龙先生。本次协议转让前，香港骥飞与其一致行动人魏一骥合计持有公司 无限售流通股4586.94万股，占公司总股本的18.28%；受让方持有公司股份168万股，占公司总股本的 0.67%。本次协议转让后，转让方与其一致行动人合计持有公司无限售流通股3086.94万股，占公司总股 本的12.30%。受让方冷文龙先生持有公司股份1668万股，占公司总股本的6.65%。 ...

2月5日，A股延续回调态势，双创指数跌幅靠前，市场亏钱效应明显，3719只个股收绿，抛压集中于有色等资源股及通信等科技股，白酒、银行股相对抗 跌。 受访人士指出，今日缩量下跌体现节前避险情绪升温与存量资金高低切换，预计节前A股大概率震荡磨底。当前建议投资者保持中等仓位，保留现金灵活 性，可逢低分批布局白酒板块，不宜急于"抄底"科技、资源股，暂不建议盲目上车券商板块。 量能大幅萎缩 指数跌多涨少，沪指收跌0.64%报4075.92点，创业板指收跌1.55%报3260.28点，深证成指收跌1.44%。沪深300、上证50微跌，科创50跌逾1%，北证50跌 逾2%。 前两日交易量能微降，今日三市成交额缩减3090亿元，降至2.19万亿元。近期杠杆资金热度明显下降，截至2月4日，沪深京两融余额降至2.69万亿元。 市场亏钱效应明显，3719只个股收跌，跌停股23只；1618只个股收涨，涨停股56只。随着交易量缩减，今日成交额超百亿元个股仅9只，多数热门股收 跌，新易盛、紫金矿业跌幅均超4%，蓝色光标、天孚通信跌近6%。贵州茅台收涨1.97%报1555元/股，网宿科技涨逾7%报17.97元/股。 | 代码 | 名称 | ...

2月5日，A股延续回调态势，双创指数跌幅靠前，市场亏钱效应明显，3719只个股收绿，抛压集中于有色等资源股及通信等科技股，白酒、银行股相对抗 跌。 受访人士指出，今日缩量下跌体现节前避险情绪升温与存量资金高低切换，预计节前A股大概率震荡磨底。当前建议投资者保持中等仓位，保留现金灵活 性，可逢低分批布局白酒板块，不宜急于"抄底"科技、资源股，暂不建议盲目上车券商板块。 量能大幅萎缩 指数跌多涨少，沪指收跌0.64%报4075.92点，创业板指收跌1.55%报3260.28点，深证成指收跌1.44%。沪深300、上证50微跌，科创50跌逾1%，北证50跌 逾2%。 前两日交易量能微降，今日三市成交额缩减3090亿元，降至2.19万亿元。近期杠杆资金热度明显下降，截至2月4日，沪深京两融余额降至2.69万亿元。 市场亏钱效应明显，3719只个股收跌，跌停股23只；1618只个股收涨，涨停股56只。随着交易量缩减，今日成交额超百亿元个股仅9只，多数热门股收 跌，新易盛（300502）、紫金矿业（601899）跌幅均超4%，蓝色光标（300058）、天孚通信（300394）跌近6%。贵州茅台（600519）收涨1.97 ...

金富科技公告，2026年2月4日，公司控股股东陈金培与莫振龙签署了《金富科技股份有限公司股份转让 协议》，陈金培拟将其持有的上市公司1560万股(占上市公司总股本比例的6%)通过协议转让的方式转让 给莫振龙，转让价格为15.43元/股，转让价款合计为2.41亿元。本次权益变动完成后不会导致公司控股 股东、实际控制人发生变化，不会导致公司控制权发生变更。 ...

2月4日晚，上海市商务委发布《上海市2026年落实国家家电以旧换新、数码和智能产品购新补贴政 策实施细则》，在原有线上摇号基础上，新增"线下即时摇号"参与方式，通过即摇、即中、即用的模 式，进一步满足消费者线下门店选购补贴商品的需求，该模式于2月5日起正式落地。 据悉，2026年上海家电以旧换新、数码和智能产品购新补贴整体仍以报名摇号、中签发券的形式开 展，此前已完成三轮线上报名摇号。 需要提醒的是，已参与线上摇号报名的消费者，在开始报名至完成发券期间（5天内）资格被锁 定，无法参与"线下即时摇号"活动，之后可以参与活动。 本次补贴覆盖品类与线上保持一致，包括6类家电产品和4类数码智能产品。其中，家电产品为1级 能效或水效标准的冰箱（含冰柜）、洗衣机、电视、空调（含中央空调）、热水器（含壁挂炉）、电脑 （含台式和便携式计算机）；数码和智能产品为单件售价不超6000元的手机、平板、智能手表（手 环）、智能眼镜。补贴标准为产品扣除各环节优惠后最终售价的15%，每人每类限补贴1件，家电产品 单件补贴最高不超1500元，数码和智能产品单件补贴最高不超500元。 以云闪付APP为例，进入"政府以旧换新补贴"应用服务并选 ...

会上，MOX澳交所执行总裁杨广辉与祺鲲科技首席财务官高森共同发布"离岸绿色债券直通车"平台。平台充分整合MOX澳交所联通境内外资本市场的通 道优势与祺鲲科技在ESG数据管理、绿色认证领域的技术积累，通过"国际认证+数据透明+全程追溯"三位一体的服务模式，为中国绿色企业搭建起通往国 际资本市场的高速路，标志着跨境绿色融资迈入标准化、数字化的新阶段。 为支撑"离岸绿色债券直通车"平台落地运营，大会见证了跨境绿债发展服务中心正式揭牌，该中心落地上海，将整合沪澳两地资源，为企业提供从咨询、 认证到发行的全流程服务支持。同时，ESG及绿债标准推进委员会宣告成立，将参与推动中外绿色金融标准互认与国际规则对接。"十五五"规划开局之 年，上海锚定国际金融中心能级跃升目标，澳门将现代金融作为经济适度多元发展的关键引擎。本次大会标志着沪澳两地在跨境ESG合作领域进入实质性 阶段。 近日，以"引领绿色转型赋能出海发展"为主题的2026国际债券年会暨沪澳跨境ESG（环境、社会和治理）合作大会在上海召开，大会汇聚了来自监管机 构、国际交易所、金融机构、中介机构及绿色产业企业的300余位代表，共同见证沪澳绿色金融合作新篇章的开启。 全国 ...

Core Viewpoint - Nintendo's recent financial report fell short of market expectations, raising concerns about future profitability due to rising component costs and conservative sales forecasts [1][3]. Financial Performance - For the first three quarters of fiscal year 2026, Nintendo reported net sales of 1,905.8 billion yen, a year-on-year increase of 99.3%; operating profit was 300.3 billion yen, up 21.3%; and net profit reached 358.8 billion yen, a 51.3% increase. However, the net profit margin decreased by 6 percentage points to 18.8% [1]. - In the third quarter of fiscal year 2026, Nintendo achieved revenue of 806.3 billion yen, an 86% year-on-year increase, but below the market expectation of 847.7 billion yen. Operating profit was 155.2 billion yen, up 23.1%, also below the expected 180.7 billion yen [1]. Hardware and Software Sales - In the first three quarters, the Switch 2 console sold 17.37 million units, making it the fastest console to reach 15 million sales. However, sales of the original Switch console decreased by 66% to 3.25 million units. Software sales for Switch 2 reached 37.93 million copies, while sales for the original Switch declined by 12.1% to 109 million copies [2]. Future Outlook - Nintendo maintained its full-year forecast for fiscal year 2026, projecting Switch 2 sales of 19 million units, with nearly 17.4 million units sold by the end of December 2025. The company also expects a net profit of 350 billion yen for the fiscal year [3]. - Concerns about profit margins are heightened due to ongoing U.S. tariffs and rising storage chip prices, which could pressure future profitability [3]. Component Cost Impact - Nintendo's president stated that the recent rise in memory prices has not significantly impacted hardware profits for the first three quarters, but ongoing price increases could pose risks. The company is monitoring the situation closely [5]. - The global storage chip market is experiencing a "super cycle" driven by AI demand, leading to rising prices that could affect the profitability of consumer electronics [5]. Pricing Strategy - Analysts suggest that raising the price of the Switch 2 may be necessary to maintain profitability amid rising memory costs, with estimates indicating a potential price increase of about 15% [6]. - However, some analysts believe that concerns regarding the profitability of the Switch 2 may be overstated, as Nintendo traditionally adheres to a strategy of not selling hardware at a loss [7].