Core Viewpoint - The recent personnel changes at Black Sesame (000716) following the transfer of control signify a critical phase in the company's governance restructuring after state-owned assets took over [2][3]. Group 1: Personnel Changes - The resignation of Chairman Li Yujun and several board members is part of a governance adjustment, with all resignations attributed to "work adjustments" [3][5]. - Li Yujun will continue to serve as a director after stepping down as chairman until a new chairman is appointed, while other resigning members will retain positions in the company or its subsidiaries [3][5]. - This personnel shift is widely interpreted as a necessary governance adjustment following the change in control of Black Sesame [5]. Group 2: Control Transfer - The control transfer was completed in December 2025, when the former controlling shareholder, Guangxi Heiwulv Food Group, sold 20% of its shares to Guangxi Lvfa Health Industry Group for approximately 942 million yuan at a price of 6.25 yuan per share [6][7]. - Following this transfer, the actual controller changed from the previous group to the Guangxi State-owned Assets Supervision and Administration Commission, marking the beginning of a state-owned era for Black Sesame [7]. Group 3: Financial Performance - Black Sesame has faced significant financial challenges, with revenues declining from 40.25 billion yuan in 2021 to 24.65 billion yuan in 2024, representing a nearly 40% decrease over four years [9][10]. - The company reported a cumulative net loss of 1.28 billion yuan over the same period, despite a slight recovery in net profit in 2023 and 2024 [9][10]. - In the first three quarters of 2025, revenue fell by 7.52% year-on-year to 1.469 billion yuan, and net profit dropped by 83.67% to 6.82 million yuan, indicating ongoing operational difficulties [10][13]. Group 4: Business Challenges - The decline in performance is attributed to weak growth in core business and unsuccessful diversification attempts, with traditional products like Black Sesame paste losing appeal among younger consumers [11][12]. - The company has attempted to diversify by launching new products and entering e-commerce, but these efforts have not yielded the expected results, with e-commerce revenue declining by 6.75% in the first half of 2025 [12]. - Financial pressures are evident, with short-term borrowings of 720 million yuan compared to cash reserves of only 147 million yuan, indicating significant short-term debt obligations [13]. Group 5: Performance Commitments - As part of the control transfer, performance commitments were established, requiring Black Sesame to achieve net profits of no less than 950 million yuan, 1.05 billion yuan, and 1.15 billion yuan from 2026 to 2028, with specific non-recurring profit targets as well [14]. - Given the current performance trajectory, meeting these commitments poses a considerable challenge for the company [14].

近年来，我国持续推进社会信用体系建设，征信业"政府+市场"双轮驱动格局业已形成，2026年被定义为"数据要素价值释放年"，以个人信用为基础的 新经济形态开始显现。 1月29日，浙江省信用中心、浙江大学经济学院、钱塘征信有限公司联合发布《个人信用经济发展报告》（下称《报告》）。作为聚焦"个人信用经 济"的首份行业专项报告，描绘了个人信用经济这一新兴经济形态，指出在数据要素价值加速释放的背景下，我国个人信用行业正迎来历史性发展机遇。 个人信用进入"自主管理"新时代 构建全周期个人信用管理服务 "今年央行实施一次性个人信用修复政策，支持个人高效便捷重塑信用，公众愈发关注自身的个人信用维护。我们也希望能为用户提供更为丰富的全周 期的信用服务。"报告撰写组成员钱塘征信董事长陈隆表示。 对此，《报告》提出构建全周期个人信用管理服务"双闭环"的新思路：一是"产品闭环"，覆盖构建信用服务全周期，包含信用守护、修复、激励、教育 与约束等多方面，避免了单一集中在事后的惩戒，实现覆盖个人信用全周期的动态管理，构建个人信用的良性循环。 二是"服务闭环"，信用服务将贯穿人生全周期，从18岁后生成首份信用报告，持续覆盖求职、租房、购车购 ...

在"十四五"收官"十五五"开局的关键节点，中国汽车行业交出亮眼成绩单，也迎来了战略布局的关键节点。 2026年1月，中国汽车工业协会数据显示，2025年我国汽车产销分别完成3453.1万辆和3440万辆，同比增长10.4%和9.4%，连续17年稳居全球第一；其中 新能源汽车销量达1649万辆，渗透率攀升至47.9%。 行业格局重塑之下，各大车企相继公布2026年销量目标，而政策调整、技术迭代与全球竞争等多重因素，也让2026年中国车市充满变数与挑战。 比亚迪稳，吉利冲 自主头部车企凭借完整的产业链优势与成熟的市场布局，目标增速多锁定在10%—15%的区间。 | 车企阵营 | 车企名称 | 2026年销量/交付目标 | 2025年实际销 量/交付量 | 同比增长率 | | --- | --- | --- | --- | --- | | 传统自主品牌 | 吉利汽车 | 345万辆 | 302.5万辆 | 14.00% | | | 长安汽车 | 330万辆 | 291.3万辆 | 13.30% | | | 东风集团 | 325万辆 | 247.25万辆 | 31.45% | | | 奇瑞集团 | 320万辆 | 2 ...

Group 1 - Ping An Life increased its stake in China Life by acquiring 11.891 million H-shares at an average price of HKD 32.0553 per share, totaling approximately HKD 381 million, raising its holding to 681 million shares, or 9.14% of the total [1] - This is not the first time Ping An Life has increased its stake in China Life, having previously crossed the 5% threshold in August 2025 and continued to accumulate shares thereafter [1] - In addition to China Life, Ping An Life has also increased its holdings in China Pacific Insurance, acquiring 1.7414 million H-shares at an average price of HKD 32.0655, raising its stake from 4.98% to 5.04% [1] Group 2 - The head of non-bank financial industry research at Guosen Securities noted that "insurance stake acquisitions" are based on the logic of expanding dividend assets, indicating three key signals: insurance stocks have medium to long-term valuation recovery potential, enhanced high-dividend strategies, and improved asset-liability linkage efficiency under new standards [2] - Ping An Life's investment strategy extends beyond the insurance sector, having made multiple stake acquisitions in major state-owned banks, including Agricultural Bank and China Merchants Bank, with ownership percentages surpassing 5%, 10%, 15%, and 20% [2] - The co-CEO of China Ping An emphasized the importance of understanding the investment strategy rather than focusing solely on stake acquisitions, highlighting the need for asset-liability matching in their investment approach [2] Group 3 - Ping An Life follows a "three criteria" principle for investments: reliable operations, expected growth, and sustainable dividends, which are core standards for evaluating long-term stock holdings [3] - The demand for insurance stake acquisitions can be categorized into two types: one based on dividend yield focusing on stable cash flow expectations, and the other based on ROE targeting state-owned enterprises with mature profit models [3] - The trend of insurance stake acquisitions is expected to continue into 2026, with ongoing market demand for both types of investment strategies [4]

贾舒畅认为，若将黄金置于全球资产组合中考量，其涨幅仍处于相对温和水平。与权益市场对比， 黄金ETF总持仓加期货净多仓占比全球股票市值不足1.5%；以MSCI全球股票指数为参照，黄金的相对 价值并未出现显著偏离；在全球配置占比方面，目前黄金ETF、期货及现货合计在全球股票+债券总资 产中的占比依然较低。 王立新呼吁，投资者应以长期战略配置心态参与，不要将黄金作为短期投机工具，防止在非理性状 态下超越自身风险承受能力进行交易。 根据世界黄金协会发布的2025年全年《全球黄金需求趋势报告》，全球黄金投资需求增至2175吨的 里程碑水平，成为推动2025年黄金总需求刷新历史纪录的主要驱动力。全球范围内，寻求避险和资产多 元化的投资者大量涌入黄金ETF，全年净增801吨。同时，实物黄金投资需求也保持强劲，全球金条和 金币需求达到1374吨，按价值计为1540亿美元。其中，中国和印度市场表现突出，分别实现同比增长 28%和17%，合计占该板块需求的50%以上。 2025年，全球央行购金需求依然保持高位，官方机构增持863吨黄金。尽管全年需求未能突破此前 连续三年超年均1000吨的水平，但央行购金仍是2025年全球黄金需求 ...

1月28日，英国首相斯塔默抵达北京，开始对中国进行为期四天的正式访问。记者获悉，渣打集团 行政总裁温拓思（Bill Winters）作为英国工商界代表团成员随同访华，并在北京和上海出席一系列经贸 交流和访问活动。 温拓思表示，中英两国经济结构高度互补，双方坚定支持自由贸易和多边贸易体制，并致力于通过 开放合作推动全球经济增长与繁荣。近年来，中英经贸与财金对话机制持续发挥重要作用，不仅增强了 政策沟通和市场互信，也为双边贸易、投资和金融合作创造了稳定、可预期的环境。"首相此次访华为 双方在既有基础上进一步拓展合作，推动货物和服务贸易发展，推动双向投资，释放增长潜力，提供了 良好契机。" 作为一家总部位于英国、在中国持续经营168年的国际银行，渣打表示，始终看好中国经济的长期 发展前景，并在中国市场持续投资展业，致力于当好"超级连接器"，以安全、高效和便捷的方式，为在 中国、进入中国，以及从中国走向世界的客户 ，提供优质创新的产品和服务，特别是在服务新经济行 业、"一带一路"项目、大湾区建设、长三角一体化、人民币国际化、金融市场开放、跨境贸易、绿色和 可持续金融、民营及中小企业发展、个人资产多元化配置等优势领域， ...

Core Insights - The People's Bank of China (PBOC) Shanghai Headquarters reported a significant increase in social financing and direct financing in Shanghai for 2025, indicating a robust financial environment and support for the real economy [1][3]. Financing Environment - In 2025, Shanghai's social financing scale increased by 11,632 billion yuan, with a year-on-year increase of 1,021 billion yuan, effectively meeting the financing needs of the real economy [3]. - The structure of financing improved, with RMB loans to the real economy increasing by 6,589 billion yuan, accounting for 56.6% of the total financing increase. Direct financing rose by 3,419 billion yuan, making up 29.4% of the total, which is a 15 percentage point increase year-on-year [3]. Credit Growth and Structure - By the end of December, the balance of RMB and foreign currency loans in Shanghai reached 13.07 trillion yuan, a year-on-year growth of 6.5%, which is 0.3 percentage points higher than the national average [4]. - The total loan increase for the year was 7,967 billion yuan, with household loans growing by 8.1% and non-financial enterprise loans by 4.5% [4]. - The weighted average interest rate for newly issued corporate loans in December was 2.64%, down 38 basis points from the previous year, indicating a favorable borrowing environment [4]. Deposit Growth - The balance of RMB and foreign currency deposits in Shanghai reached 24.5 trillion yuan, growing by 11.3% year-on-year, which is 2.3 percentage points higher than the national average [5]. - The increase in deposits for the year was 2,490 billion yuan, with household deposits growing by 9.1% and non-financial enterprise deposits by 5.3% [5]. Cross-Border RMB Business - In 2025, the cross-border RMB payment volume in Shanghai reached 32.4 trillion yuan, a year-on-year increase of 9%, maintaining a 46% share of the national total [8]. - The RMB cross-border payments related to the real economy increased by 14%, indicating a growing willingness among businesses to use RMB for cross-border transactions [8]. - Key sectors such as shipping, foreign trade, and large commodity transactions saw significant growth in cross-border RMB settlements, with increases of 48%, 16%, and 2.6% respectively [8]. Future Outlook - In 2026, the PBOC Shanghai Headquarters plans to continue promoting offshore financial services and expand the pilot reforms for offshore trade finance in the Lingang New Area, further advancing RMB internationalization [9][10].

Core Viewpoint - Huachen Trust is planning to sell 40% of its stake in Huachen Future Fund at a significantly reduced price, indicating a drastic decline in valuation and potential concerns regarding the fund's operational viability [1][2] Group 1: Share Transfer Details - Huachen Trust is offering a 40% stake in Huachen Future Fund for a base price of 4.8 million yuan, with a deposit requirement of 1.72 million yuan [1] - The initial listing price for the same stake in November-December 2025 was 17.2 million yuan, showing a decrease to less than 30% of the original price [1] Group 2: Financial Performance - Huachen Future Fund, established in 2012 with a registered capital of 200 million yuan, has shareholders including Huachen Trust (40%), Xianyang Changtao Electronic Technology Co., Ltd. (35%), and Korea Future Asset Management Company (25%) [2] - For the fiscal year 2024, the fund reported revenues of approximately 4.01 million yuan and a net loss of about 20.01 million yuan, with total equity at 7.52 million yuan by the end of the year [2] - In the first three quarters of 2025, the fund's revenue was 1.08 million yuan, with a net loss of 1.14 million yuan, leading to negative equity of -3.89 million yuan [2] Group 3: Valuation and Assessment - The valuation report from Beijing Tianjian Xingye Asset Appraisal Co., Ltd. indicates that the assessed value of the 40% stake in Huachen Future Fund is 4.52 million yuan as of December 31, 2024 [1] - The appraisal firm expressed reservations about the ongoing operational capability of Huachen Future Fund [1]

Core Viewpoint - ST Xifa expects a significant increase in net profit for the fiscal year 2025, projecting a range of 110 million to 160 million yuan, representing a year-on-year growth of 319.91% to 510.77% [1] Financial Performance - The company anticipates a net profit excluding non-recurring gains and losses to be between 20 million and 27 million yuan, indicating a decline of 27.05% to 1.51% year-on-year [1] - A major factor contributing to the substantial increase in net profit attributable to the parent company's shareholders is the recovery of large receivables and the reversal of bad debt provisions, leading to a significant reduction in credit impairment losses [1]

Group 1 - Alibaba Group is planning to advance its AI chip subsidiary, T-head, towards an independent IPO, which has drawn market attention [2] - T-head recently launched a high-end AI chip named "Zhenwu 810E," featuring a self-developed parallel computing architecture and inter-chip communication technology, with 96GB HBM2e memory and a bandwidth of 700GB/s [2] - The "Zhenwu" PPU has been applied extensively in training and inference for the "Tongyi Qianwen" large model, integrated with Alibaba Cloud's complete AI software stack to provide comprehensive solutions [2] Group 2 - The "Zhenwu" PPU reportedly surpasses the performance of Nvidia's A800 and most domestic GPUs, being on par with Nvidia's H20, with some reports indicating its upgraded version outperforms Nvidia's A100 [2] - The "Zhenwu" PPU has gained a good reputation in the industry for its stable performance and cost-effectiveness, currently experiencing a supply-demand imbalance in the market [2] - T-head has completed large-scale deployments of the "Zhenwu" PPU in multiple clusters, serving over 400 enterprise and institutional clients, including State Grid, Chinese Academy of Sciences, Xiaopeng Motors, and Sina Weibo [3] Group 3 - T-head, established in September 2018, is a wholly-owned subsidiary of Alibaba Group focused on semiconductor chip business, offering a comprehensive product system covering both edge and cloud [3] - The product range of T-head includes Yitian processors, Zhenyue SSD controllers, Hanguang AI chips, and Yuzhen RFID chips [4]