当地时间1月7日，媒体援引多名知情人士透露，美国总统特朗普及其顾问团队正酝酿一项可能持续多年 的行动，对委内瑞拉石油产业施加实质性控制，以推动国际油价降至其偏好的每桶50美元水平。特朗普 已多次向助手表示，若美国能够主导委内瑞拉的石油供应，不仅有助于降低能源价格、缓解美国国内通 胀压力，也将从战略层面重塑西半球的能源版图。 知情人士称，白宫正在讨论的一项核心方案，是对委内瑞拉国家石油公司(PdVSA)施加一定程度的控 制，包括由美国方面收购并销售该公司大部分原油产量。这一安排可能通过现有或新的合资结构实现， 并与雪佛龙等美国能源企业在当地的项目相衔接。 在白宫的设想中，若该计划得以推进，叠加美国本土及其他由美国企业主导生产的国家油气资源，美国 将事实上获得对西半球大部分石油储量的"管理权"。 特朗普长期将压低油价视为经济利好，并多次向顾问强调，希望将油价降至每桶50美元左右。两名高级 政府官员表示，这一目标在特朗普第二任期内始终被置于优先位置。目前油价已处于相对低位，截至1 月7日，美国基准油价徘徊在每桶56美元左右。 不过，特朗普的油价目标并未在美国能源产业内部受到欢迎。多家美国油气生产商认为，每桶50美元 ...

据香港交易所披露，花旗集团对中兴通讯股份有限公司-H股的多头持仓比例于2026年1月2日从7.9%降 至7.5%。 ...

紫建电子公告，股东朱金花解除质押84万股，占其持股20.7713%、占公司总股本0.8500%，质押期为 2024年4月1日至2026年1月7日，质权人为雷万春。解除后其持股404.4万股，已质押128万股，占其持股 31.6515%、占公司总股本1.2952%。朱传钦持股2942.05万股，已质押1105万股，占持股37.5588%、占公 司总股本11.1813%。 ...

复苏的周期性催化剂 在防御性收入方面，全球房地产投资信托基金通过长期租约持续提供稳定现金流，成为应对通胀及 股市波动的理想避险选择。在估值吸引支持均值回归方面，与股票相比，全球房地产投资信托基金的估 值正处于历史低位。随着各国央行逐步推进宽松周期，预期两者的估值差距将逐渐缩小。历史数据显 示，此趋势往往能驱动REITs实现显著的超额回报。我们认为，投资者可通过投资于全球房地产投资信 托基金，把握强劲长期趋势及独特区域优势所带来的机遇。 此外，并购活动也提供了催化剂，估值吸引加上基本面持续改善，或刺激市场对私募股权的兴趣不 断上升，并推动上市公司间的整合活动，尤其是在欧洲与亚太地区。 回顾2025年，全球房地产投资信托基金（REITs）复苏势头增强。目前，随着通胀逐步缓和及美联 储预计将继续降息，市场回暖可为收益型资产带来稳定回报与增长潜力，前景令人期待。多项因素显 示，2026年的市场环境将利好上市全球房地产投资信托基金。 全球各区域的投资机遇分化 首先是宏观经济环境有利。10年期美国国债收益率趋于稳定，让此资产类别的走向更加明朗，并降 低资本成本。流动性改善、信用利差收窄，以及市场普遍预期全球经济将实现"软 ...

豫能控股公告，公司子公司林州抽水蓄能通过公开挂牌方式增资扩股，拟募集资金不超过1.83亿元，对 应持股比例不超过16%。林州市惠民水务有限公司以实物出资方式认缴资金1.83亿元，其中1.71亿元计 入新增注册资本金，持股比例为16%。增资完成后，林州抽水蓄能注册资本金由9亿元增至10.71亿元， 豫能控股持股比例由100%降至84%。 ...

Core Insights - Gaode's "Street Ranking" has achieved significant growth in its first 100 days, introducing three major upgrades including the world's first "Flying Street View" and a dynamic lifestyle service ranking system [1][3][6] - The platform has attracted 860,000 new merchants, leading to a 330% increase in merchant order volume and a 270% increase in merchant revenue [1][2] - Gaode's user base has surpassed 660 million, contributing to a monthly active user count of 996 million, with an addition of 46 million users in just one month [1][2] Group 1: User Engagement and Growth - The daily active users (DAU) for the Street Ranking exceeded 70 million in October, with daily comments on lifestyle services tripling compared to the same period last year [2] - Gaode's app has become the top choice for Gen Z users in travel service applications, indicating a shift in consumer preferences towards the platform [2][5] - The "Flying Street View" feature allows users to experience immersive navigation and exploration of restaurants and attractions, enhancing user engagement [3][4] Group 2: Merchant Support and Industry Impact - Gaode has launched a "Million Smoke Shop Support Plan," investing billions in computing resources to provide free access to the "Flying Street View" for 1 million small businesses [5][6] - The Street Ranking has redefined the evaluation system for offline services, creating fair opportunities for various types of merchants and promoting healthy industry development [2][5] - The initiative has been recognized for driving the growth of the "smoke economy" and enhancing service consumption experiences across regions [2][5] Group 3: Technological Innovations - The "Flying Street View" feature utilizes Gaode's self-developed world model, achieving high-fidelity digital restoration for real-world navigation [3][4] - Gaode's world model has received international recognition, ranking first in the WorldScore evaluation, showcasing its advanced AI capabilities [4][5] - The introduction of augmented reality (AR) features will further enhance user interaction with local dining and cultural experiences [4][6] Group 4: Dynamic Ranking System - The upgraded Street Ranking now includes seasonal and category-specific dynamic rankings, covering a wide range of user interests and preferences [6][7] - The "Food Immortal Ranking" showcases local signature dishes across 128,000 options, helping users discover popular local cuisine [6][7] - Users can create and share personalized rankings, fostering community engagement and trust through social connections [7][8] Group 5: Global Expansion - The Street Ranking has achieved a global upgrade, now covering over 220 countries and nearly 1,700 cities, providing local guides for users abroad [8]

Core Viewpoint - The company "爷爷的农场" (Grandpa's Farm) is preparing for an IPO on the Hong Kong Stock Exchange, with a focus on the baby food market, where it ranks second in China with a GMV of 1.5 billion yuan and a market share of approximately 3.3% [2]. Group 1: Company Overview - "爷爷的农场" was established in 2015 and launched its first baby food product in 2018, expanding into the family food sector in 2021, creating two main business segments [3]. - The baby food segment is the primary revenue driver, generating 627 million yuan in the first nine months of 2025, accounting for over 80% of total revenue [3]. - The family food segment includes liquid milk, convenience foods, rice products, and seasonings, contributing 153 million yuan, or 19.6% of total revenue in the same period [3]. Group 2: Market Position and Competition - The company faces competition from the leading brand "英氏控股" (Ying's Holdings), which has a GMV of 2.6 billion yuan and a market share of 5.7% [2]. - The company has established a distribution network that includes 12 well-known maternal and infant retail chains and over 2,000 key retail outlets, reaching more than 10,000 terminal stores through 342 distributors [3]. Group 3: Industry Challenges - The company anticipates a decline in the number of children aged 0-6 years, projected to drop to approximately 60.9 million by 2029, with a compound annual growth rate of -5.5%, which may impact potential consumer numbers and revenue [3]. - The brand has faced controversy regarding its "foreign brand" image, as it was initially marketed as a Dutch brand, but is primarily operated by a Chinese company [4][5]. Group 4: Production and Quality Control - The company relies heavily on OEM manufacturing, with 62 suppliers, of which only 13 are overseas partners, raising concerns about quality control [6]. - The company has faced multiple product quality issues, including instances of non-compliance with safety standards, which could undermine consumer trust [10][12]. Group 5: Financial Performance - The company reported revenues of 622 million yuan in 2023 and 875 million yuan in 2024, with a year-on-year growth of 40.6% [13]. - The gross margin for the company reached 57.3% in the first nine months of 2025, comparable to leading brands in the food and beverage industry [14]. - Marketing expenses have increased significantly, accounting for over 36% of revenue, while R&D spending remains low, leading to declining net profit margins [15][16].

Core Insights - The demand for wealth management products among small and micro business operators is rapidly increasing, marking a critical window for product adaptation [1][2] Group 1: Market Overview - There are 52 million small and micro enterprises and 124 million individual businesses in China, with over 170 million small business operators managing nearly 50 trillion yuan in annual liquidity [2] - The banking wealth management market in China is projected to grow to 50 trillion yuan by 2030, according to McKinsey [2] Group 2: Product Performance - The average annualized return for the "Welfare Treasure" product is 2.32%, which is 14% higher than similar market products, with 495 million users by 2025, reflecting an 84% increase from the beginning of the year [2][17] - The "Increase Treasure" product has an average annualized return of 3.00%, which is nearly 50% higher than fixed-income products, and has seen a user growth of 8.7 times in 2025 [5][22][25] Group 3: User Behavior and Preferences - After the "Double 11" shopping festival, the wealth management balance of e-commerce merchants in the bank increased by 102.5% [3][9] - 215 million users are utilizing the "Weekly Treasure" and "Monthly Treasure" products, with 80% of small businesses combining them with "Welfare Treasure" for more flexible liquidity management [4][31] Group 4: Financial Strategy - Small business operators are increasingly shifting idle funds into stable wealth management products to reduce operational costs, as evidenced by individual cases where returns cover essential expenses [3][10] - The "Welfare Treasure" and "Increase Treasure" products are designed to meet the diverse and precise financial needs of small businesses, providing a flexible "financial toolbox" [4][5]

（文章来源：国际金融报） 据央视新闻，当地时间1月7日，美国白宫发布声明表示，美国总统特朗普当日签署了一份总统备忘录， 指示美国退出66个"不再符合美国利益"的国际组织。 该备忘录命令所有行政部门和机构停止参与和资助35个非联合国组织和31个联合国机构。 来源央视新闻 ...

Core Viewpoint - Venezuela has agreed to use its oil sales revenue exclusively for purchasing American-made goods, including agricultural products, pharmaceuticals, medical equipment, and equipment for improving its electrical grid and energy facilities [1] Group 1 - The announcement was made by U.S. President Trump on January 7 via his social media platform "Truth Social" [1] - As of the time of reporting, there has been no response from the Venezuelan side regarding this agreement [1]