分众传媒（SZ002027）近日发布公告称，董事会已审议通过相关议案，联营公司上海数禾信息科 技有限公司（下称"数禾科技"）将以合计7.91亿元对价，通过境内定向减资及境外股权返还形式，回购 公司所持数禾科技54.97%股份。目前分众传媒已收到本次交易首付款4.04亿元，数禾科技不再是公司的 联营公司。 财务数据的披露，可以更直观地看到《关于加强商业银行互联网助贷业务管理提升金融服务质效的 通知》（下称"助贷新规"）对助贷平台的影响。 据分众传媒披露，与数禾科技"割席"主要还是受助贷新规影响。公告称，自2019年起至2025年三季 度，数禾科技经营情况稳定，保持持续盈利能力，不存在减值迹象。然而，助贷新规正式实施后，对互 联网业务的资质审核、合作模式和风险分担机制等核心环节均提出更为严格的监管要求，直接对数禾科 技核心经营领域产生不利影响，并且明显体现在其2025年四季度的经营业绩上，2025年四季度净亏损约 6.84亿元。 记者了解到，2016年3月，分众传媒投资1亿元获得数禾70%股权。2017年9月，分众传媒处置了部 分所持数禾科技股权，并将全资控股的重庆市分众小额贷款有限公司100%股权转让给数禾科技 ...

以"短期退保"名义实施合同诈骗 根据通报，2020年7月起，宋某经营某保险经纪公司分公司，代理销售某保险公司年金险、重疾险 等保险产品并收取相应佣金。2020年10月至2022年5月，宋某以承诺返佣、保本付息为诱饵，直接发展 或招募仇某、季某等人，由其发展18名投保人，在投保人无真实意愿且无长期续保能力的情况下，由投 保人自筹资金，或由仇某、季某等人推荐融资垫付首期保费的方式，安排18名投保人先后投保20份10年 期年金险、8份20年期重疾险，并于投保后一个月至一年不等的时间内退保。 "代理退保"乱象不断，是金融领域"黑灰产"的主要表现之一。 近日，金融监管总局、公安部联合发布第二批金融领域"黑灰产"违法犯罪典型案例。这也是继2025 年9月公布首批案例后，两部门再次集中曝光金融领域"黑灰产"突出违法犯罪行为。 本次通报共涵盖5起案件，其中3起涉及银行业，2起涉及保险业。值得注意的是，保险业的两起案 例均与"代理退保"有关。 2023年9月，公安机关接到保险公司报案后对本案立案侦查。2025年3月至9月，法院对本案作出判 决。经法院审理，以合同诈骗罪判处宋某等七人有期徒刑十年六个月至一年不等，并处罚金，部分人 ...

Group 1: Nipah Virus Outbreak in India - The Nipah virus infection cases have been reported in West Bengal, India, with 5 confirmed cases, including healthcare workers, and nearly 100 individuals under home quarantine [1] - One patient is in critical condition, and the infected individuals are receiving treatment in Kolkata and surrounding hospitals [1] Group 2: Market Reaction - Following the news, the A-share market saw significant movements in sectors such as flu vaccines, diagnostic reagents, and chemical pharmaceuticals, with several stocks hitting the daily limit [2] - Notable stock performances include Hualan Vaccine (20% increase), Jindike (19.98% increase), and Zhifei Biological (14.87% increase) [2][3] Group 3: Vaccine and Diagnostic Kit Development - Companies in the IVD medical device sector, including Maike Biological and Cap Biological, launched Nipah virus test kits, with prices ranging from 100 to 2899 yuan [5][6] - The development of Nipah virus vaccines is considered technically feasible, but companies face challenges due to low vaccination willingness and market conditions [5] Group 4: Regulatory and Preventive Measures - China has strengthened its legal framework for controlling infectious diseases, including the Nipah virus, with new regulations effective from January 1, 2025 [7] - Enhanced health monitoring measures have been implemented at airports in Thailand for travelers from India due to the outbreak [7]

自贸试验区债券（下称"自贸债"）作为我国金融高水平开放的关键创新载体，自2016年首次发行以来， 历经十余年探索实践，已逐步构建起兼具跨境特色与风险韧性的市场生态。 从上海首单地方政府自贸债的"先行先试"，到"玉兰债""明珠债"等创新品种的"百花齐放"，从阶段性探 索到立法规范，自贸债市场的每一步迈进，都深深烙刻着"大胆试、大胆闯、自主改"的基因。它不仅为 实体经济跨境融资铺设了高效通道，也为制度型开放积累了生动注脚。 面向未来，借鉴伦敦、香港等成熟市场的经验，立足国情推进制度系统升级，必将进一步激活市场潜 能，让境内外资本共享中国机遇，让企业畅享开放红利。 创新实践：十年筑基，双向桥梁显担当 自贸债的核心价值在于立足自贸区制度优势，搭建链接境内外资本市场的"双向桥梁"。这种被业内称 为"在岸的离岸债"的创新工具，依托FT账户（自由贸易账户）体系，以多币种计价、资金跨境流动便 利等优势，迅速赢得市场瞩目。截至2025年6月末，全市场累计发行自贸离岸债规模约1300亿元，发行 人涵盖金融机构、实体企业、"一带一路"共建国家和地区等多元主体，投资者也从境内分账核算单元逐 步拓展至全球专业机构，峰值认购倍数逾4.3 ...

Group 1 - StepFun, a Shanghai-based AI startup, completed over 5 billion yuan in B+ round financing, setting a record for the largest single financing in China's large model sector in the past 12 months [1] - The financing utilized a diverse model of "state-owned capital guidance + industrial capital + leading venture capital," with significant participation from major state-owned enterprises and existing investors like Tencent [1] - The funds will focus on upgrading foundational models, accelerating the development of top-tier base models globally, and promoting the "AI + terminal" strategy in automotive and mobile phone applications [1] Group 2 - The financing coincides with the critical phase of the national "AI +" strategy, aiming for over 70% application penetration of new intelligent terminals and agents by 2027, and 90% by 2030 [2] - Shanghai's action plan targets a 300 billion yuan industry scale by 2027, with a goal of producing millions of AI smartphones [2] Group 3 - StepFun's API call volume for terminal intelligent agents has grown nearly 170% over three consecutive quarters, with over 60% of leading domestic smartphone brands collaborating with the company [3] - The company has partnered with Qianli Technology and Geely to launch the first end-to-end voice model in the automotive sector, with the Geely Galaxy M9 selling nearly 40,000 units in three months [3] - StepFun is building an industrial ecosystem by forming the "MoCore Ecological Innovation Alliance" and collaborating with chip manufacturers to create solutions for various applications, enhancing its competitive edge [3]

Core Viewpoint - The Dalian Commodity Exchange (DCE) has announced the launch of soybean meal and corn series options, which will begin trading on February 2, 2024, aimed at enhancing risk management for enterprises in the agricultural sector [1][2]. Group 1: Trading Parameters - The trading time for the series options will align with existing soybean meal and corn options, operating from 9:00 AM to 11:30 AM and 1:30 PM to 3:00 PM, including night trading sessions [1]. - The first batch of options will be based on the M2607 and C2607 futures contracts, with subsequent options to be listed on the first trading day of the month five months prior to the futures contract expiration [1]. Group 2: Cost and Fees - The trading fees, exercise fees, and declaration fees for the soybean meal and corn series options will be consistent with those of the conventional options [1]. - It is noted that the declaration fees for options with the same contract month will be calculated together for both conventional and series options [2]. Group 3: Position Limits and Management - The position limit for soybean meal and corn options remains unchanged at 40,000 contracts, with a combined limit management for options of the same contract month [2]. - The DCE has completed necessary rule revisions and market system testing to ensure a smooth launch and stable operation of the series options [2]. Group 4: Market Development and Future Plans - The DCE is actively promoting market awareness and usage of the series options through collaboration with industry partners and member units [2]. - Future efforts will focus on enhancing the operational quality and effectiveness of the options market, aiming to better serve the diverse and refined risk management needs of the agricultural industry [2].

Core Viewpoint - The company has received approval from the National Medical Products Administration for the registration of Tacrolimus capsules (0.5mg, 1mg), which are potent immunosuppressants used to prevent organ rejection after liver or kidney transplants [1] Group 1 - The Tacrolimus capsules were originally submitted for registration by Jiangsu Hechen Pharmaceutical Co., Ltd. in June 2024 and received a drug registration acceptance number [1] - During the review period, there was a change in the drug registration applicant, with the company becoming the marketing authorization holder [1] - The drug was approved on January 2026, and it is considered to have passed the consistency evaluation of quality and efficacy for generic drugs [1]

事实上，除《暂行规定》引发行业洗牌之外，受市场环境变化等多重因素影响，近年来证券投资咨 询机构数量总体呈下降态势。例如，2021年年底证券投资咨询机构尚有83家，而到2025年年底已降至76 家，四年时间减少了7家。对于该行业而言，这一变化显然并非积极信号。 生存压力加大、业务开展困难，进而促使部分证券投资咨询机构铤而走险，也是导致行业机构数量 持续减少的重要原因之一。数据显示，2025年共有46家证券投资咨询机构受到监管部门处罚，累计处罚 56次，同比增长36.59%。由于违规行为被监管部门撤销证券投资咨询业务许可的情况并不鲜见，这在 客观上也加剧了证券投资咨询机构数量的下降。 整体而言，证券投资咨询机构的违规行为，包括但不限于虚假宣传、违规推荐股票、未注册人员提 供投资建议、投资者适当性管理缺失、内控与合规存在不足、向证监会报送虚假材料、业务记录保存不 善、屡次违规或整改不到位等。今年被处罚的3家机构，有的就涉及其中的多项违规行为。因此，其遭 遇暂停新增客户的处罚，也是其咎由自取的结果。 步入2026年以来，已有包括北京天相财富、慧研智投、深圳珞珈在内的3家证券投资咨询机构先后 受到地方证监局处罚，被责令 ...

近日，证监会召开2026年系统工作会议，会议提出要"严肃查处过度炒作乃至操纵市场等违法违规 行为，坚决防止市场大起大落"，笔者认为，这一表述精准切中了当前市场的症结。 当前，一些妖股在短期内大幅上涨，日换手率甚至超过30%，用"炒糊了"来形容也不为过。一方 面，这说明相关个股的炒作和投机属性极强，相当一部分投资者参与的并非基于基本面的长线投资，而 是高换手率下的筹码博弈；另一方面，也可能反映出介入其中的主力资金实力强悍，游资等动辄以数亿 元资金集中买入单只个股，其体量已具备相当程度的控盘能力。 正是由于妖股、题材概念股所形成的资金"虹吸效应"，相当多"老登股"交投清淡，日换手率往往只 有百分之几甚至更低，长期缺乏流动性支撑，其估值水平也难以获得有效托底，反而在这一轮如火如荼 的行情中走出下跌走势。不少投资者由此抛弃进入下跌通道的"老登股"，转而追逐换手活跃、叠加新鲜 时髦概念的妖股，市场中隐约显现出"劣币驱逐良币"的畸形格局。 部分"妖股"明显脱离基本面，背后隐现资金协同拉抬、虚假信息配合等操纵痕迹。证券法第55条规 定，禁止任何人以八种手段操纵证券市场，影响或者意图影响证券交易价格或者证券交易量。按笔者的 ...

据香港交易所披露，摩根大通(JPMorgan)对中国石油天然气股份有限公司-H股的多头持仓比例于2026年 1月21日从5.29%增至5.34%。 ...