Market Performance - On January 23, U.S. stock markets showed mixed results, with the Dow Jones Industrial Average declining, while the Nasdaq and S&P 500 indices experienced slight increases [1][5] - The Dow Jones fell by 0.58%, while the S&P 500 and Nasdaq rose by 0.03% and 0.28%, respectively [5] - Major tech stocks had mixed performances, with Microsoft up 3.28%, Amazon up 2.06%, and Nvidia up 1.54%, while Tesla, Apple, and Google-C saw declines [5][6] Commodity Prices - Spot gold prices increased by nearly 1%, while silver prices surged over 7%, both reaching historical highs [2][10] - As of January 23, spot gold was reported at $4,981.309 per ounce, and spot silver at $103.341 per ounce [10] - Crude oil prices also rose significantly, with both ICE Brent and NYMEX WTI crude increasing by over 3% [10] Semiconductor Sector - The semiconductor sector faced challenges, particularly with Intel's stock dropping significantly by 17% following disappointing earnings [6] - Intel reported Q4 2025 revenue of $13.7 billion, a 4% year-over-year decline, and projected Q1 2026 revenue between $11.7 billion and $12.7 billion, below expectations [6] - Intel's CEO expressed disappointment over the company's inability to meet market demand, citing manufacturing yield issues and inventory depletion [6] Chinese Stocks - The Nasdaq Golden Dragon China Index fell by 0.26%, reflecting mixed performance among Chinese stocks [7] - JinkoSolar and Daqo New Energy saw significant gains, with increases of over 9% and 8%, respectively, while Alibaba and NIO experienced declines of over 2% [7][8]

Group 1: Public Fund Industry - The China Securities Regulatory Commission (CSRC) has released the "Guidelines for Performance Comparison Benchmarks of Publicly Offered Securities Investment Funds," marking a significant achievement in promoting high-quality development of public funds [1] - The guidelines emphasize the benchmark's role in product representation, investment constraints, assessment guidance, and external supervision [1] Group 2: Company News - *ST Changyao is facing a forced delisting due to severe financial fraud, with the company receiving a warning and a fine of 10 million yuan from the CSRC for false reporting in its annual reports from 2021 to 2023 [7] - New Qianglian expects a net profit of 780 million to 920 million yuan in 2025, representing a year-on-year growth of 1093.07% to 1307.21% [3] - Yongchuang Intelligent anticipates a net profit of 128 million to 155 million yuan in 2025, with a year-on-year increase of 721.57% to 894.86% [4] - Lianhua Technology projects a net profit of 350 million to 420 million yuan in 2025, reflecting a year-on-year growth of 239.35% to 307.22% [5] - Fuda Alloy expects a net profit of 100 million to 146 million yuan in 2025, indicating a year-on-year increase of 119.14% to 219.95% [6] - Shenkong Co. anticipates a net profit of 110 million to 130 million yuan in 2025, with a year-on-year growth of 135.3% to 178.09% [7] - Feiwo Technology is actively expanding its business into aerospace, gas turbines, and oil equipment, with a projected revenue of 1.23 million yuan from its aerospace segment in 2025, accounting for 0.05% of total revenue [8] - Longyun Co. plans to acquire 58% of Xinjiang Yuheng Film and Television Group, which will become a wholly-owned subsidiary upon completion of the transaction [8] - Junda Co. has invested 30 million yuan for a 16.67% stake in Xingyi Chip Energy, focusing on early-stage investment in photovoltaic technology for space applications [9] - Oujing Technology is halting production at its subsidiaries due to reduced demand in the photovoltaic industry, expecting a net loss of 33.71 million yuan in 2025 [10] - Aotewei's stock has experienced significant volatility due to market interest in "space photovoltaic" concepts, although the company remains focused on ground photovoltaic applications [10] - Xinda Zheng plans to acquire 75.15% of Jiaxin Liheng's equity for 917 million yuan through a combination of stock issuance and cash payment [11] Group 3: Industry Insights - CITIC Securities reports that rising raw material prices and increased demand for AI and storage may lead to a new round of price increases in packaging, suggesting a focus on advanced packaging and storage packaging sectors [11]

近日，"中国银河证券·中国证券报私募行业星耀领航计划"调研团队走进艮岳投资，公司合伙人蔡群接 受了中国证券报记者的专访，分享了公司在量化投资领域的深耕、对科技创新的探索、多策略平台化发 展的实践，以及他对企业社会责任的理解。 其次，公司在硬件投入上不遗余力。公司位于杭州萧山世纪城，自建了规模可观的独立机房，在算力等 硬件基础设施上进行了超前投入，为量化策略的研发与迭代筑牢底层基础。 最后，公司积极探索AI技术对投资流程的改造。蔡群分享了一个具体案例：公司曾推行"实习生计划"， 试图通过人海战术挖掘因子，但效果有限。生成式AI技术兴起后，公司利用自研及外部工具，显著提 升了研究效率。"使用AI技术一方面降低了实习生需求，另一方面能够让因子验证更高效。"他表示，公 司未来的目标是探索将前沿研报、学术论文自动转化为有效因子或模型，但目前该探索仍处于初级阶 段。 对于量化私募是否会完全转型为科技公司的问题，蔡群持开放态度。他认为，量化本身具有较强的科技 属性，公司氛围也已趋向科技化，倡导"人人用AI"。但作为平台型公司，其策略包容性更强，未来的定 位将是做量化、主观等多种策略的融合体。 践行责任于无声处 "星耀领航计 ...

Group 1: Public Fund Industry - The China Securities Regulatory Commission (CSRC) has released the "Guidelines for Performance Benchmarking of Publicly Offered Securities Investment Funds," marking a significant achievement in promoting high-quality development in the public fund sector [1] - The guidelines emphasize the role of benchmarks in representing products, enhancing investment constraints, guiding assessments, and strengthening external supervision [1] Group 2: New Policies and Regulations - The National Development and Reform Commission (NDRC) has formulated the "Management Measures for National Emerging Industry Innovation Centers," which includes guidelines for the establishment and evaluation of innovation centers [2] - The NDRC will support innovation capability construction projects for centers in the preparatory phase, following central budget investment management regulations [2] Group 3: Company Earnings Forecasts - New Qianglian (300850) expects a net profit of 780 million to 920 million yuan in 2025, representing a year-on-year growth of 1093.07% to 1307.21% [3] - Yongchuang Intelligent (603901) anticipates a net profit of 128 million to 155 million yuan in 2025, with a year-on-year increase of 721.57% to 894.86% [4] - Lianhua Technology (002250) projects a net profit of 350 million to 420 million yuan in 2025, reflecting a year-on-year growth of 239.35% to 307.22% [5] - Fuda Alloy (603045) expects a net profit of 100 million to 146 million yuan in 2025, indicating a year-on-year increase of 119.14% to 219.95% [6] - Shenkong Co. anticipates a net profit of 110 million to 130 million yuan in 2025, with a year-on-year growth of 135.3% to 178.09% [7] Group 4: Company Announcements and Market Activity - *ST Changyao (300391) is facing a forced delisting due to severe financial fraud, with its stock set to be suspended from trading on January 26, 2023 [7] - Feiwo Technology (301232) is actively expanding its business into aerospace, gas turbines, and oil equipment, with projected revenue from these sectors at approximately 1.23 million yuan in 2025, accounting for 0.05% of total revenue [7] - Longyun Co. (603729) plans to acquire 58% of Xinjiang Yuheng Film Group, leading to a significant asset restructuring and stock suspension [8] - Junda Co. (002865) has invested 30 million yuan for a 16.67% stake in Xingyi Xinneng, although it acknowledges the uncertainties in future profitability and operational history [9] - Oujing Technology (001269) is halting production at certain facilities due to reduced demand in the photovoltaic industry, with expected losses impacting over 10% of its projected net profit for 2025 [10] - Aotewei has noted significant stock price fluctuations due to market interest in "space photovoltaic" concepts, although the actual impact on its business remains uncertain [10] - Xindazheng (002968) is planning to acquire a 75.15% stake in Jiaxin Liheng for 917 million yuan, indicating a strategic move in the market [11]

Core Viewpoint - The State Council's press conference highlighted significant progress in China's intellectual property (IP) work, with a focus on the increase in the number of valid invention patents and the enhancement of innovation quality by 2025 [1][2]. Group 1: Patent Statistics and Quality Improvement - By the end of 2025, the number of valid invention patents in China (excluding Hong Kong, Macau, and Taiwan) is expected to reach 5.32 million, with a per capita high-value invention patent ownership of 16 [2][3]. - In 2025, a total of 972,000 invention patents, 1.461 million utility model patents, and 666,000 design patents were authorized, with a reduction in the examination cycle for invention patents to 15 months and an accuracy rate of 95.6% [2]. - The value-added of patent-intensive industries is projected to account for 13.38% of GDP, exceeding the targets set in the 14th Five-Year Plan [2]. Group 2: Focus on High-Value Patents - The number of high-value invention patents reached 2.292 million, with a year-on-year growth rate 2.2 percentage points higher than the overall level [2]. - Key areas of growth in valid invention patents include information technology management methods, computer technology, and medical technology, with AI patents ranking among the highest globally [2][3]. Group 3: International IP Protection Efforts - The National Intellectual Property Administration (NIPA) is enhancing foreign-related IP protection, addressing issues faced by domestic companies in global trade, and has established 99 overseas IP dispute response guidance platforms across 30 provinces [4]. - In 2025, NIPA provided over 4,800 guidance and consulting services related to cross-border e-commerce IP disputes, recovering losses amounting to 2.75 billion yuan [4]. - The agency aims to strengthen its efforts in foreign-related IP protection, improve coordination mechanisms, and enhance the capabilities of experts in handling complex disputes [5].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has imposed severe administrative penalties on Zhejiang Ruifengda Asset Management Co., its affiliated private institutions, and responsible individuals for serious violations in the private fund sector, indicating a zero-tolerance approach towards such misconduct [1][2]. Group 1: Penalties and Actions - The total fines and penalties imposed on Ruifengda and related entities exceed 41 million yuan, marking the heaviest penalty in history, surpassing the previous case involving 35 million yuan [2]. - The Shanghai Securities Regulatory Bureau has fined Ruifengda and its affiliates over 28 million yuan, while 5 responsible individuals have been fined over 13 million yuan [1]. - The actual controller of Ruifengda has been banned from the securities market for life, and the China Securities Investment Fund Industry Association has canceled the registration of the related private fund managers [1][2]. Group 2: Regulatory Measures and Industry Impact - The CSRC emphasizes the need for continuous education and self-regulation within the private fund industry, planning to conduct over 1,000 educational activities and engage 17,500 institutions in self-assessment and problem rectification by 2026 [2]. - The CSRC will deepen its educational efforts to encourage private institutions to self-check and rectify various non-compliant behaviors, promoting a healthy development of the industry and protecting investors' rights [2]. - The regulatory framework includes a multi-faceted accountability approach involving self-regulation by the fund industry association, administrative penalties by the CSRC, and potential criminal referrals to law enforcement for serious violations [2].

Core Insights - The company is transforming traditional manufacturing perceptions by integrating industrial tourism with educational experiences, creating a multifaceted ecosystem that appeals to diverse audiences [1][3][6] Group 1: Industrial Tourism Development - The company has redefined factory visits by combining smart factories, beauty technology exhibitions, and educational programs, making factories attractive tourist destinations [1] - In the summer of 2025, the company’s beauty technology museum received over 150 groups and nearly 5,000 visitors, showcasing its successful engagement with families, students, and corporate clients [1] - The service team is trained to ensure high-quality experiences, balancing roles in guiding, reception, sales, and facility maintenance, which has garnered market recognition [1] Group 2: Digital Transformation and E-commerce - The company is extending its service chain by merging industrial tourism with digital transformation needs, exemplified by a recent entrepreneurial training event that focused on live-streaming growth strategies [2][3] - Participants learned about the company's 30 years of industry experience and its skincare technology system, emphasizing the importance of product quality in driving live-streaming success [2] - The training included practical sessions on live-streaming setup and marketing strategies, providing actionable insights for traditional businesses [4] Group 3: Future Strategies and Innovations - The company aims to solidify its position as "China's first beauty technology hub" by enhancing visitor experiences and deepening collaborations with educational institutions [5] - Plans include developing virtual factories and personalized product recommendations using emotional recognition technology, merging technology with consumer engagement [5] - The company is committed to optimizing its marketing strategies to create a closed-loop system that enhances brand and product strength, offering replicable models for traditional manufacturing upgrades [5][6]

Core Insights - The company aims to transform into a biopharmaceutical enterprise by focusing on clinical needs and leveraging its expertise in apoptosis pathways and innovative drug development [2][4] Company Overview - Established in 2009, the company specializes in developing innovative drugs for unmet clinical needs in oncology, with a strong pipeline including key products like APG-3288, a next-generation BTK-targeted protein degrader [2][4] - The company has successfully launched two major Class 1 new drugs: Nairike, approved in 2021, and Lishengtuo, expected to be approved in July 2025 [2][3] Product Highlights - Lishengtuo breaks the nine-year monopoly of AbbVie’s Bcl-2 inhibitor Venetoclax, representing a significant achievement after 21 years of development [3][4] - Nairike addresses limitations of first and second-generation treatments for chronic myeloid leukemia, filling a domestic treatment gap [4][10] Clinical Development - The company is conducting over 40 clinical trials globally, including three global Phase III studies for Nairike and four for Lishengtuo, with significant milestones achieved in regulatory approvals [6][7] - Lishengtuo is the only Bcl-2 inhibitor currently advancing in Phase III trials for high-risk myelodysplastic syndromes (MDS) [7] Global Expansion Strategy - The company emphasizes a dual approach of clinical and business development, with significant partnerships, including a major collaboration with Takeda for Nairike [8][9] - The company plans to list on NASDAQ in January 2025, marking a significant step in its global market strategy [8] Financial Performance - In the first half of 2025, the company reported revenues of 234 million yuan, with Nairike sales reaching 217 million yuan, a 93% increase year-on-year due to its inclusion in the national medical insurance directory [9][10] - The company has over 3 billion yuan in cash reserves, indicating strong financial health [10] Commercialization Strategy - The company has developed a short- and long-term commercialization plan for Nairike, partnering with established firms to enhance market penetration [10][11] - Following the launch of Lishengtuo, the company has signed agreements with major pharmaceutical distributors to expedite its market entry [10] Future Outlook - The company plans to expand its commercial team significantly, aiming for 400 members by 2026, to enhance its market presence in the hematology oncology sector [11] - The focus will remain on advancing key global clinical projects and integrating Lishengtuo into the medical insurance system [11]

净利润数值方面，共有106家上市公司预计2025年归属于上市公司股东的净利润下限超过1亿元，49家预 计超过3亿元，33家预计超过5亿元，13家预计超过10亿元。紫金矿业、药明康德、洛阳钼业、立讯精 密、盐湖股份等公司预计2025年归属于上市公司股东的净利润数值居前。 A股上市公司业绩预告加速披露。Wind数据显示，截至1月23日16时，A股共有710家上市公司对外披露 2025年全年业绩预告，284家预喜，预喜比例为40%。从报喜的上市公司所在行业角度看，有色金属、 半导体、生物医药、硬件设备、化工、汽车与零配件等行业表现亮眼。 近70家企业净利同比增逾100% 已披露2025年全年业绩预告的710家上市公司中，略增43家，扭亏57家，续盈4家，预增180家，已披露 业绩预告的上市公司总体较为分化。 净利润增长幅度方面，剔除扭亏影响，共有295家上市公司预计2025年归属于上市公司股东的净利润同 比增长幅度下限超过10%，237家预计超过30%，183家预计超过50%，67家预计超过100%，南方精工、 上海谊众、金安国纪、深南电A、利民股份、上汽集团等公司预计2025年归属于上市公司股东的净利润 同比增幅 ...

Group 1 - The company has received a letter from its continuous supervision sponsor, Guotai Junan Securities, regarding the replacement of the continuous supervision representative for its convertible bond issuance project [2] - The continuous supervision period is set to last until December 31, 2024, and the company has not yet fully utilized the raised funds nor completed the conversion of the convertible bonds [2] - Due to a work change, the previous representative, Xia Jingbo, will be replaced by Wang Pengcheng to ensure the orderly continuation of the supervision work [2] Group 2 - The company expresses sincere gratitude to Xia Jingbo for his contributions during the continuous supervision period [3] - Wang Pengcheng, the new representative, is an assistant director in the investment banking department at Guotai Junan Securities, holding multiple qualifications including a sponsor representative and a CPA [4] - Wang Pengcheng has participated in various projects, including the IPOs of Hengxing New Materials and New Point Software, and has a good compliance record in his sponsorship business [4]