回顾2025年，安思杰指出，全球在创新发展、政治动荡与市场意外之间并行交织；按美元计价，中国与欧洲股市跑赢美国；黄金创下历史新高；美国贸 易协定的变化引发波动，同时也体现出多国经济的韧性。人工智能和科技相关投资的激增推动了全球增长，尤其是在美国。 展望新的一年，安思杰认为，市场仍有诸多待解命题：持续且不断升级的地缘政治紧张局势；人工智能的真实影响与投资回报率、科技公司估值的合理 性；多国债务攀升；公共和私人信贷市场收紧的息差和宽松标准可能造成的风险等。 关于亚太与中国市场，安思杰表示，"亚太区尤其中国，是'全球故事'的参与者，如今正在书写下一页崭新篇章。亚太区的财富已占全球财富的三分之 一以上，是全球经济增长最快的地区。中国作为全球第二大经济体，经济持续展现韧性。未来五年，北美与中国有望成为全球财富创造的最强引擎。" 1月13日，以"新前沿：识变局, 谋增长"为主题的第26届瑞银大中华研讨会（GCC）在上海拉开帷幕。 瑞银集团首席执行官安思杰（Sergio P. Ermotti）于会上发表致辞。他介绍道，早在1950年，瑞士便成为了最早承认中华人民共和国的国家之一。1964 年，瑞银成为首家在亚太设立分支机构 ...

公告显示，李娜娜、朱银花、焦德凤及朱轩宜已分别获委任为公司执行董事。四位新董事均为女性，其 中最年轻的朱轩宜仅35岁，年纪最大者也才44岁，管理团队颇为年轻。从过往履历看，四人均长期在海 底捞体系内成长，分别来自区域运营管理、产品与供应链管理及集团战略支持等不同岗位。 张勇再度回归CEO一职，引发不少市场猜测。 有业内人士告诉记者，创始人张勇始终是海底捞的灵魂人物，是永远的"一号位"，其在公司的号召力极 强；海底捞新一年主抓"红石榴"计划，这需要各方面协同作战，张勇坐镇是最佳选择。 1月13日盘后，海底捞（06862.HK）发布执行董事及首席执行官变更及委任提名委员会成员公告。 公告显示，苟轶群辞任公司执行董事及首席执行官（CEO），宋青辞任公司执行董事及提名委员会成 员，高洁辞任公司执行董事。同时，基于对公司管理层安排的整体调整及综合考量，董事会主席兼执行 董事张勇已获委任为CEO，自2026年1月13日起生效。 此前，张勇曾在2018年1月17日至2022年3月1日担任海底捞CEO，而后由被称为"最牛打工妹"的杨丽娟 接棒，彼时一度被认为张勇已退居幕后，不再主抓公司经营；2024年年中，杨丽娟转战特海国际 ...

Core Viewpoint - The recent share reduction by the second largest shareholder, Guoshou Chengda, indicates potential challenges for Huaxi Biological, as the company faces declining performance and internal management issues [4][9]. Shareholder Activity - On January 13, Huaxi Biological's stock price increased by 2.25% to 47.34 yuan, with significant trading activity including 17 block trades at an average price of 42.89 yuan, reflecting a 9.4% discount [2][3]. - Guoshou Chengda, a subsidiary of China Life Insurance, has been executing a share reduction plan, having reduced its holdings from 6.01% to 5% after selling 485.25 million shares [4][5]. - The total cash generated from the recent share reductions amounts to approximately 2.1 billion yuan, with 1.28 billion yuan from regular trading and 825.89 million yuan from block trades [4][5]. Financial Performance - Huaxi Biological's revenue for 2023 decreased by 11.6% to 5.371 billion yuan, with net profit plummeting by 72.27% to 164 million yuan, resulting in a market value drop of about 80% from its peak [10]. - The company's skin science innovation business saw a 31.62% revenue decline in 2024, contributing to overall financial struggles [9][10]. - In the first three quarters of 2025, revenue fell by 18.36% to 3.163 billion yuan, while net profit decreased by 30.29% to 252 million yuan [11]. Market Position and Future Outlook - Huaxi Biological's peak stock price reached 308.44 yuan in July 2021, but has since experienced a significant decline, now trading below its initial public offering price of 47.79 yuan [6][7]. - The company is undergoing strategic adjustments in its product lines, with a focus on transforming its personal health consumer products into skin science innovations [9]. - Analysts have issued a "reduce" rating for Huaxi Biological, with a target price of no more than 34.7 yuan, predicting a net profit of 400 million yuan for 2025 [12].

Core Viewpoint - Guizhou Moutai has announced a significant marketing transformation plan aimed at adapting to market and consumer changes, focusing on a consumer-centric and demand-driven approach for 2026 [2] Product System - The product structure will revert to a "pyramid" model to better meet diverse consumer needs, with the "base" products centered around the 500ml Flying Moutai at 53 degrees, supported by other sizes [3] - "Waist" products will include premium and zodiac Moutai, with plans to establish premium Moutai as a major product and stimulate interest in zodiac Moutai for collection [3] - "Peak" products will consist of aged and cultural series Moutai, with a focus on maintaining and enhancing the value of ultra-high-end products through market-driven adjustments [3] Operational Model - The sales model will shift from a traditional "self-sale + distribution" approach to a multi-faceted marketing system that includes "self-sale + distribution + consignment + consignment," eliminating the previous distribution model [5] - The self-sale model will utilize self-operated stores and the iMoutai app, while the distribution model will define sales volume and designated sales areas [5] Channel Layout - A five-channel layout will be established, including wholesale, offline retail, online retail, dining, and private domains, integrating online and offline strategies to create a consumer-centric ecosystem [5] Pricing Mechanism - A market-oriented pricing mechanism will be implemented, allowing for dynamic adjustments to retail prices based on market conditions, with recent price reductions for several products [4][7] - The latest retail prices for 15 products have been published, with significant reductions such as the premium Moutai now priced at 2299 yuan, down 1000 yuan, and the 1L Flying Moutai reduced by approximately 21% to 2989 yuan [7][8]

公告显示，苟轶群辞任公司执行董事及首席执行官（CEO），宋青辞任公司执行董事及提名委员会成 员，高洁辞任公司执行董事。同时，基于对公司管理层安排的整体调整及综合考量，董事会主席兼执行 董事张勇已获委任为CEO，自2026年1月13日起生效。 此前，张勇曾在2018年1月17日至2022年3月1日担任海底捞CEO，而后由被称为"最牛打工妹"的杨丽娟 接棒，彼时一度被认为张勇已退居幕后，不再主抓公司经营；2024年年中，杨丽娟转战特海国际（海外 运营海底捞餐厅业务的上市公司）任CEO，当时的副总经理苟轶群正式接任海底捞CEO一职。至今，苟 轶群上任仅一年半时间。 公告同时提到，苟轶群辞任首席执行官职务后，将在集团统筹推动管理流程的智能化与自动化规划，推 动运营模式升级和智能中台建设，提升组织管理效率与决策效能；宋青则将继续担任集团产品委员会主 任一职。 1月13日盘后，海底捞（06862.HK）发布执行董事及首席执行官变更及委任提名委员会成员公告。 公告显示，李娜娜、朱银花、焦德凤及朱轩宜已分别获委任为公司执行董事。四位新董事均为女性，其 中最年轻的朱轩宜仅35岁，年纪最大者也才44岁，管理团队颇为年轻。从过往履 ...

Core Viewpoint - The recent share reduction by the state-owned shareholder of Huaxi Biological indicates ongoing challenges for the company, including internal personnel changes and declining performance in its core business segments [5][6]. Group 1: Shareholder Activity - On January 13, Huaxi Biological's stock price increased by 2.25% to 47.34 yuan, with significant trading activity including 17 block trades at an average price of 42.89 yuan, reflecting a 9.4% discount [1][2]. - The second-largest shareholder, Guoshou Chengda, has been executing a share reduction plan, having reduced its holdings from 6.01% to 5% after selling 485.25 million shares [3][4]. - Guoshou Chengda has been reducing its stake since November 2022, with plans to sell up to 963.35 million shares by February 2026, and has already cashed out approximately 2.1 billion yuan from previous sales [3][4]. Group 2: Financial Performance - Huaxi Biological's revenue has faced significant pressure, with a reported 11.6% decline to 5.371 billion yuan and a net profit drop of 72.27% to 164 million yuan [7]. - The company's skin science innovation business saw a 31.62% revenue decline to 2.569 billion yuan in 2024, attributed to intensified market competition [6][8]. - In the first three quarters of 2025, revenue fell by 18.36% to 3.163 billion yuan, with net profit decreasing by 30.29% to 252 million yuan, although the third quarter showed some improvement in net profit due to reduced sales expenses [8][9]. Group 3: Market Sentiment and Future Outlook - The ongoing share reductions by major shareholders and the company's declining performance suggest a critical juncture for Huaxi Biological, raising concerns about its future growth potential [5][6]. - Nomura Orient International Securities has issued a "reduce" rating for Huaxi Biological, setting a target price of no more than 34.7 yuan, predicting a net profit of 400 million yuan for 2025 [10].

Core Viewpoint - Gland Pharma has undergone significant personnel changes to enhance its global business development and strategic cooperation, reflecting a shift towards innovation and internationalization in its operations [4][5]. Group 1: Personnel Changes - On January 3, Gland Pharma dismissed its Vice President and CFO, Sun Cheng, appointing internal veteran Zhou Li as the acting CFO [1][3]. - On January 13, Dr. John Wang was appointed as Senior Vice President and Chief Strategy Officer, responsible for business development and strategic partnerships [3][4]. - Dr. Wang brings over 30 years of experience in the pharmaceutical industry, having held key positions in major companies such as Sanofi, Merck, and Eli Lilly [3][4]. Group 2: Strategic Shift - Gland Pharma's leadership transition is part of a broader strategy to shift focus from being a domestic insulin leader to innovating and commercializing new drugs globally [5]. - The company aims to enhance its capabilities in global financing, mergers, and acquisitions, necessitating the recruitment of talent with international expertise [5]. - The appointment of Dr. Wang is seen as a move to strengthen global business expansion and transition from "product export" to "global operations" [5]. Group 3: Financial Performance - Gland Pharma reported a 35.73% year-on-year revenue growth and over 122% increase in net profit, despite the personnel changes occurring during a period of strong performance [4][6]. - However, the company faced challenges in the third quarter of 2025, with total revenue declining by 9.4% to 980 million yuan and net profit dropping by 26% [6]. - The accounts receivable surged to 530 million yuan, a 147.86% increase compared to the previous year, indicating potential risks related to credit policies and cash flow [6].

Core Viewpoint - The company, Robam Appliances, is facing declining revenue from its main products and is investing in smart kitchen appliances to seek new growth opportunities [1][8]. Group 1: Investment and Strategic Moves - Robam Appliances signed an investment cooperation letter with Yute Smart Kitchen International Holdings, planning to invest RMB 100 million in Yute Smart Kitchen, which specializes in commercial smart cooking robot solutions [3][5]. - The investment aims to establish a deep strategic partnership to explore the smart cooking robot market [5]. - The company also announced a financial plan to use up to RMB 6.5 billion of idle funds to purchase safe and liquid financial products, having already invested RMB 2.93 billion in financial products over the past 24 months [7]. Group 2: Financial Performance - For the first three quarters of 2025, Robam Appliances reported revenue of RMB 7.312 billion, a year-on-year decline of 1.14%, and a net profit of RMB 1.157 billion, down 3.73% [8]. - The company's flagship products, range hoods and gas stoves, saw revenue declines of 2.36% and 1.11%, respectively, contributing to over 70% of total revenue [10]. - In the first half of 2025, revenue dropped 2.58% to RMB 4.608 billion, with net profit down 6.28% to RMB 712 million [9]. Group 3: Market Challenges - The company is experiencing growth challenges due to a downturn in the real estate market, which has historically driven its sales through the renovation channel [11]. - The number of newly opened renovation projects decreased by 31.8% in the first half of 2025, directly impacting the company's performance [11]. - The company faces increased accounts receivable, with balances reaching RMB 1.721 billion and RMB 736 million in notes receivable as of the third quarter of 2025 [11]. Group 4: Technological Transition - Robam Appliances is transitioning towards AI and digital kitchen appliances, having launched the AI cooking model "Shishen" in June 2024, which has attracted over 5.4 million users [11]. - Despite the focus on AI, the company's resource allocation shows a tendency towards marketing over research and development, with R&D spending down 11.23% to RMB 245 million, only 3.35% of revenue [12].

Core Viewpoint - The announcement from Galaxy Electronics indicates that key executives plan to reduce their shareholdings within a specified timeframe, which may impact investor sentiment and stock performance [1] Group 1: Shareholding Reductions - Chairman Wu Jianming holds 2.7493 million shares, representing 0.24% of total shares, and intends to reduce his holdings by up to 687,300 shares, which is 0.06% of total shares, within three months after the announcement [1] - Director Wu Gang holds 564,500 shares, accounting for 0.05%, and plans to reduce his holdings by up to 141,100 shares, or 0.01% of total shares, through centralized bidding [1] - CFO Xu Min holds 668,400 shares, which is 0.06% of total shares, and aims to reduce his holdings by up to 167,000 shares, equivalent to 0.01% of total shares, also via centralized bidding [1] Group 2: Trading Conditions - The reduction period will not include any sales during the window period, and the selling price will be determined based on market conditions [1]

*ST亚太公告，甘肃亚太实业发展股份有限公司重整计划执行完毕，转增的1.62亿股股票已过户至重整 投资人账户。星瑞启源持有公司7500.02万股股票，占总股本的15.47%，成为第一大股东。公司控股股 东由广州万顺变更为星瑞启源，实际控制人由陈志健、陈少凤变更为任晓更。 ...