Core Viewpoint - Company *ST Tianyu (300205)* expects to report a revenue of between 160 million to 173 million yuan for the year 2025, with a projected net loss attributable to shareholders ranging from 275 million to 550 million yuan, compared to a loss of 364 million yuan in the same period last year [3]. Financial Performance - The company anticipates a non-recurring loss for 2025 between -191 million to 12 million yuan, primarily due to uncertainties related to significant litigation matters affecting performance [14]. - The projected net profit loss for 2025 is expected to be between -287 million to -359 million yuan, compared to a loss of 297 million yuan in the previous year [3]. Business Impact Factors - The company's performance is significantly impacted by its continued presence on the U.S. SDN sanctions list, which has led to a substantial decline in product sales and revenue [13]. - The company has also faced increased asset impairment losses and provisions for liabilities due to major litigation, as well as asset impairment losses related to its subsidiary, Shenzhen Changyu Investment Partnership [13]. Valuation Metrics - As of the latest closing price, the company's price-to-book ratio (P/B) is approximately 1.93 times, and the price-to-sales ratio (P/S) is about 11.42 times [3]. - The company’s historical price-to-earnings ratio (P/E) is not applicable due to the expected losses, making P/B and P/S more relevant for valuation [15][17].

Core Viewpoint - Tianyima (301178) expects significant revenue growth in 2025, projecting operating income between 465 million to 500 million yuan, representing a year-on-year increase of 107.93% to 123.58% [4] Financial Performance - The company anticipates a net profit attributable to shareholders of 7 million to 10.5 million yuan, recovering from a loss of 49.55 million yuan in the previous year [4] - The expected non-recurring net profit is projected to be between 3 million to 4.5 million yuan, compared to a loss of 48.89 million yuan in the prior year [4] Valuation Metrics - As of January 29, the company's price-to-earnings ratio (TTM) is approximately 347.63 to 521.45 times, with a price-to-book ratio (LF) of about 4.73 times and a price-to-sales ratio (TTM) of around 7.57 times [4] Business Strategy - The company aims to achieve profitability in 2025, driven by revenue growth and improved gross margin, focusing on "transformation and quality enhancement" [12] - New business operations are expected to contribute significantly to revenue, with a higher gross margin from these services, improving the overall business structure [12] Historical Performance - The company has shown a trend of increasing total revenue and net profit, with significant year-on-year growth rates projected for 2025 [13]

Core Viewpoint - Jiufang Zhituo Holdings (9636.HK) has experienced a significant stock price decline of 34.44% over four trading days, resulting in a market value loss of HKD 9.154 billion, amid rumors of regulatory investigations which the company denies [1][2]. Group 1: Stock Performance and Company Response - The stock price began to plummet on January 26, with a drop exceeding 30%, closing at HKD 42.08 per share, a decrease of 25.92% [1]. - In response to the stock decline, the company announced a share buyback plan for 44.8357 million shares, representing up to 10% of its issued shares, with a maximum expenditure of USD 100 million [1]. - Despite the buyback announcement stabilizing the stock for one day, the price fell again in the following two trading days, with declines of 7.65% and 4.22% respectively [1]. Group 2: Company Overview and Financial Performance - Jiufang Zhituo Holdings, headquartered in Shanghai, specializes in online investment education and financial information software services, and is the first securities advisory company listed on the Hong Kong Stock Exchange [2]. - The company reported significant revenue growth, with projected revenues of RMB 1.965 billion and RMB 2.306 billion for 2023 and 2024, reflecting year-on-year growth rates of 6.23% and 17.33% respectively [2]. - In the first half of 2025, the company achieved approximately RMB 2.1 billion in revenue, a staggering year-on-year growth of 133.79%, with net profits reaching RMB 865 million, nearly six times the previous year [2]. Group 3: Controversies and Customer Complaints - Jiufang Zhituo Holdings has faced numerous complaints regarding exaggerated investment claims to attract customers to purchase high-tier membership services, with many users reporting significant losses despite paying for premium packages [2]. - A report highlighted that 51.85% of recommended stocks resulted in losses, with some stocks dropping nearly 17% without any advisory from the company [3]. - Industry insiders noted that Jiufang Zhituo often amplifies individual success stories while downplaying overall service performance, which undermines investor trust and poses risks to the long-term development of the advisory industry [3].

01 1月29日，国际金价、银价再创新高，黄金、白银、油气、铜、铝等资源品价格大涨，多只相关ETF、LOF涨 停。 02 多只LOF连续两个交易日涨停，场外基金严格限购，场内基金溢价率上升。国投白银LOF将于1月30日开市起停 牌至收市。 03 主要宽基指数ETF今日成交明显降温，部分ETF尾盘仍有大量集中卖单。 LOF批量涨停 近日，LOF市场关注度较高，原油LOF易方达、嘉实原油LOF、石油基金LOF、华宝油气LOF、资源LOF、国投 白银LOF、大宗商品LOF等今日出现批量涨停。这些LOF已经连续两个交易日涨停，溢价率持续攀升。 | 证券代码 | 简标 | 涨幅(%) | 溢价率(%) | | --- | --- | --- | --- | | 162215.OF | 宏利聚利债券LOF | 10.05 | 9.74 | | 161129.OF | 原油LOF易方达 | 10.03 | 24.80 | | 161725.OF | 白酒基金LOF | 10.03 | 10.31 | | 160723.OF | 嘉实原油LOF | 10.03 | 24.85 | | 160416.OF | 石油基金LOF ...

"这次到访中国，我再次感受到，全球投资者对中国的兴趣正迎来新一轮升温。与客户交流规划，同本 地投资者对话，并深入倾听学习，能让我在后续全球走访中，与国际投资者交流对中国经济状况的想 法。"高盛集团董事长兼首席执行官苏德巍（David Solomon）表示。 在回答中国证券报记者关于"高盛投资中国计划"的提问时，苏德巍表示，近期以港股市场尤为凸显， IPO发行节奏显著加快，企业财务顾问需求同步回暖。中国本土企业活力提升，叠加人工智能等领域的 技术创新，推动了一批创新科技企业快速成长，这为高盛在华投行业务带来更多机遇。通过高盛工银理 财，高盛也积极参与国内理财市场机遇。长期而言，高盛期待中国市场的持续开放，并将长期深耕中 国，稳步推进业务扩张。 看好中国各项业务长期发展 "高盛在华业务以各类投资银行业务更为突出。近期IPO发行加速，尤其是港股市场，以及市场对财务 顾问业务需求回暖，正为我们的相关业务创造新一轮增长机遇。"苏德巍对中国证券报记者表示。 他进一步表示，当前中国经济持续释放发展活力，本土企业尤其人工智能、数字经济等前沿领域的创新 科技公司迅速成长，优质市场主体不断涌现。这也为高盛进一步拓展在华投行业务提 ...

知识星球1月29日发布《关于开展涉资本金融市场违规内容专项治理的公告》称，严厉打击恶意"唱 衰"及歪曲国家经济政策行为，深度清查"非法经济学家"及无资质违规课程，严惩诱导跟风交易及操纵 市场倾向，严厉打击违规引流与黑灰产运作，治理AI合成及"小作文"造谣。 知识星球表示，平台将切实履行主体责任，根据违规程度采取以下处置：立即删除违规主题、下架违规 课程、清理违规资料；视违规情节给予禁言、封号、限制星球功能、锁定关停星球等处置；对涉嫌违法 犯罪的线索，平台将固定证据并依法向监管部门及公安机关报送。 知识星球严格依据相关法律法规，重点清理治理星球内虚假金融信息、违规证券投资建议、恶意唱衰经 济言论及无资质售卖经济课程等行为，维护清朗的知识付费环境。 整治重点包括：严厉打击恶意"唱衰"及歪曲国家经济政策行为。严禁恶意编造、传播"经济崩盘""政策 失效"等恐慌性言论；严禁对国家宏观经济政策进行断章取义、歪曲解读，或通过极端言论博取流量、 诱导付费。 深度清查"非法经济学家"及无资质违规课程。针对冒用"经济学家""首席分析师"等头衔开办星球、售卖 课程的行为进行资格复核。严禁无相关金融从业资质的人员开展所谓"宏观趋势内 ...

中证智能财讯信德新材（301349）1月29日晚间披露2025年度业绩预告，预计2025年归母净利润3000万元至4450万元，上年同期亏损3304.17万元；扣非净利 润预计980万元至1450万元，上年同期亏损5667.59万元。以1月29日收盘价计算，信德新材目前市盈率（TTM）约为111.63倍-165.58倍，市净率（LF）约 1.82倍，市销率（TTM）约4.57倍。 以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 制图数据来自恒生聚源数据库 市净率(LF)历史分位(%) 100 ହ୍ର ୨୦ 80 70 711 62 68 60 59632 50 40 36.22 33 30 26.4 20 14:63 10 8.54 0 3-12-30 4-09-30 '-30 2n- 202- 公司 -○- 行业均值 制图数据来自恒生聚源数据库 近年来市盈率变化情况 (倍) 3,000 2912.96 2 2500 2,000 1,500 1,000 500 268.55 0 34-23 60403 4802 -500 2 ○- 行业均值 公司 - 100 ହି ୨୦ 919 80 79o ...

1月29日，阿里旗下平头哥官网上线一款名为"真武810E"的高端AI芯片，此前被央视曝光的阿里自研芯 片PPU正式亮相。 至此，"通云哥"也就是通义千问大模型、阿里云和平头哥半导体，共同构成阿里巴巴AI能力黄金三角， 在模型、云、芯片层面完成全栈布局。这也是一种追求AI最佳表现的路径选择，记者了解到，阿里巴 巴正在将"通云哥"打造成一台AI超级计算机，寻求在芯片架构、云平台架构和模型架构上的协同创新， 从而实现在云上训练和调用大模型时达到最高效率。 平头哥在2018年成立，在2018年阿里云栖大会上正式官宣。阿里把此前收购的中天微和达摩院自研芯片 业务整合成"平头哥半导体有限公司"，由集团全资控股，推进云端一体化的芯片布局。 平头哥成立以来，发布过多款芯片，比如含光800(AI推理芯片NPU)、倚天710(服务器芯片CPU)，以及 存储和网络芯片、端侧和IOT芯片等。2020年，新一轮AI技术爆发前夕，平头哥在内部启动PPU研发工 作。 据平头哥官网介绍，"真武"PPU采用自研并行计算架构和片间互联技术，配合全栈自研软件栈，实现软 硬件全自研。其内存为96G HBM2e，片间互联带宽达700GB/s，可应用于 ...

中证智能财讯永东股份（002753）1月29日晚间披露2025年度业绩预告，预计2025年归母净利润3000万元至4000万元，同比下降64.09%-73.07%；扣非净利润 预计2600万元-3600万元，同比下降67.34%-76.41%；基本每股收益0.081元/股-0.108元/股。以1月29日收盘价计算，永东股份目前市盈率（TTM）约为83.06 倍-110.74倍，市净率（LF）约1.25倍，市销率（TTM）约0.84倍。 以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 近年来市盈率变化情况 (倍) 120 112.77 週00 80 68a78 60 40 30 54 20 19- 15,87 18:67 10034 0 2021-06-30 | 2027-12-37 1 2020-12-37 1 2022-72-37 1 J23-06-30 ' 4-06-30 ' 2022-06-30 23-12-37 , 2n- ○- 行业均值 公司 - )- 公司 -○- 行业均值 制图数据来自恒生聚源数据库 100 ହ 90 85 73 80 70 64-09 60 54318 50 ...

制图数据来自恒生聚源数据库 市净率(LF)历史分位(%) 中证智能财讯欣贺股份（003016）1月29日晚间披露2025年度业绩预告，预计2025年归母净利润1550万元至2000万元，上年同期亏损6737.81万元；扣非净利 润亏损250万元至500万元，上年同期亏损7702.58万元；基本每股收益0.037元/股-0.0478元/股。以1月29日收盘价计算，欣贺股份目前市盈率（TTM）约为 184.19倍-237.66倍，市净率（LF）约1.38倍，市销率（TTM）约2.55倍。 以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 近年来市盈率变化情况（倍） 300 900 100 47:37 3 3.6 29:62 30°12 23945 21834 0 4878 4926 -100 -200 2022-06-30 ' 2021-12-37 2021-06-30 ' 2020-12-37 2022-12-37 : 3-06-30 13-12-37 2n- -○- 公司 -○- 行业均值 100 ହ 90 alos / 83-86 80 70 -69-37 6792 60 50 43d37 ...