上海陆家嘴金融贸易区开发股份有限公司2025年初发布的公告显示，王岗，男，1982年6月出生，中共 党员，研究生学历，公共管理硕士。曾任上海市青浦区国家税务局第四税务所副主任科员，中国证监会 上海监管局上市公司一处副主任科员、主任科员，中国证监会上海专员办综合组主任科员、办公室主任 科员、调查一处副处长，上海国盛(集团)有限公司资本运营部副总经理，海通证券股份有限公司风险管 理部总经理，上海海通证券资产管理有限公司党总支书记、总经理等职务。 2025年9月，青岛金融监管局核准王岗陆家嘴国际信托有限公司董事、董事长的任职资格。 陆家嘴国泰人寿保险有限责任公司官网显示，该公司是国内第一家海峡两岸合资寿险公司，总部设在上 海，注册资本30亿元人民币，于2005年1月正式对外销售保单，截至2024年底，总资产350亿元。该公司 股东包括上海陆家嘴金融发展有限公司、国泰人寿保险股份有限公司。 日前，陆家嘴国泰人寿发布关于更换董事长的公告称，经国家金融监督管理总局上海监管局《关于王岗 陆家嘴国泰人寿保险有限责任公司董事、董事长任职资格的批复》核准任职资格，自2026年1月30日 起，王岗担任该公司董事、董事长职务。 (责 ...

在低利率与资产欠配的双重影响下，追求绝对收益的保险资金正面临前所未有的配置压力。当传统固收 资产难以覆盖负债成本，权益市场直接投资又面临波动风险时，部分中小型保险机构正尝试借道专业的 资产管理通道，将资金投向以往相对陌生的领域——量化私募。 由于监管规则尚未完全明确，名为"MOM"(管理人中管理人)的模式成为了主流"合规桥梁"。在这一生态 链中，险资、券商资管、量化私募三方角色交织，上演着一场关于风险、收益、效率与合规的精细合作 与博弈。 "从黑箱走向灰箱" 合作的第一步，源于最根本的需求碰撞。"险资背负着约3%至4%的刚性负债成本，这决定了其首要目 标是'覆盖成本后的安全收益'，而非追求高波动的弹性回报。"知名量化私募蝶威量化相关负责人一语 道破险资的"负债驱动"本质。该人士表示，险资投资不仅看收益，更看重"资本消耗"，底层资产不透明 可能导致更高的"资本占用成本和风险"。 这种对"确定性"和"穿透管理"的极致要求，与量化私募长期给外界留下的传统形象产生了直接矛盾。此 前，量化私募的投资常常被描绘成一个"黑箱"——神秘莫测，深不可测。华东一家大型保险资管机构人 士的谨慎态度颇具代表性："我们不投资私募量化产 ...

Core Viewpoint - The solid-state battery sector is experiencing a transition from a conceptual phase to an industrialization phase, supported by improvements in the fundamentals of related companies and accelerated industry development, indicating strong rationality and sustainability [1][2]. Industry Performance - The solid-state battery index has shown a fluctuation with a year-to-date increase of 12.15% as of January 23, which later adjusted to a 5.52% increase by February 5 [2]. - The strong performance of the sector is attributed to dual support from improved fundamentals and accelerated industry development, moving away from mere thematic speculation [2]. Industry Developments - The release of the draft national standard for solid-state batteries on December 30, 2025, is seen as a milestone that positions China to gain a competitive edge in global industry standards [2]. - Successful vehicle testing of solid-state batteries by companies like Guoxuan High-Tech and FAW Hongqi marks a significant step towards practical application [3]. Technological Advancements - The solid-state battery industry is overcoming technical bottlenecks and is expected to transition from a conceptual phase to a realization phase, indicating long-term investment value [4]. - Key challenges include the maturity of material systems and the production capacity of solid electrolytes, with prices for lithium sulfide expected to drop significantly by 2026 [4][5]. Investment Opportunities - The solid-state battery sector presents a gradient of investment opportunities, with equipment, materials, and battery segments benefiting sequentially from industry development [7]. - Equipment manufacturers are expected to be the first beneficiaries, with significant investments required for specialized equipment, which is projected to yield performance contributions starting in 2026 [7]. - The solid-state battery shipment volume is anticipated to reach 27 GWh by 2027, with a focus on investment opportunities in core areas such as electrode materials and manufacturing processes [8].

"证券公司学习宣传贯彻党的二十届四中全会精神"系列报道 扎根中国资本市场二十五载，西部证券步履坚实地从西北热土走向全国舞台。在"十五五"开局之年，公 司以学习贯彻党的二十届四中全会精神为引领，经营发展稳中有进，服务实体经济质效持续提升，正朝 着建设一流上市综合型投资银行的战略目标稳步前行。 这份稳健进取的态势，是国有券商服务国家战略的主动体现，更是深化改革、差异化发展的缩影。西部 证券党委书记、董事长徐朝晖日前在接受中国证券报记者专访时，结合公司实践，深入阐释了对行业使 命和自身发展路径的思考。 "深入学习贯彻党的二十届四中全会精神，奋进金融强国新征程，是时代赋予我们的光荣使命。"徐朝晖 表示，"对于西部证券而言，'一流'意味着必须立足自身资源禀赋，走出一条特色化、专业化、数字化 的发展道路，在服务国家大局、区域经济和人民福祉中彰显独特价值。"西部证券正以此为蓝图，全面 开启高质量发展的新篇章，立志在金融强国建设的壮阔征程中展现西部力量、作出西部贡献。 筑牢高质量发展根基 谈及公司行稳致远的根本保证，徐朝晖首先强调了坚持党的全面领导的重要性。她认为，在以中国式现 代化全面推进中华民族伟大复兴的关键阶段，推动金 ...

Core Viewpoint - The overall performance outlook for Shenzhen-listed companies in 2025 is positive, with a significant portion of companies showing improved profitability and growth across various industries [1][2]. Group 1: Overall Performance - Out of 2886 companies in Shenzhen, 1714 have disclosed their 2025 performance forecasts, representing 59.39% of the total companies and 48.48% of the market capitalization [1]. - 987 companies expect performance improvement, accounting for 57.58%, with 430 companies projecting continuous profitability and year-on-year growth, while 227 companies are expected to turn losses into profits [2]. Group 2: Leading Companies - Among the top 100 companies by market capitalization in Shenzhen, 40 have disclosed their 2025 performance, all of which are expected to be profitable, with a total projected net profit of 2056.27 billion, reflecting a year-on-year increase of 66.51% [3]. - In the newly listed companies under the registration system, 307 out of 629 have disclosed their 2025 performance, with a total expected net profit of 196.04 billion, a year-on-year growth of 77.11% [3]. Group 3: Industry Performance - In the 28 non-financial and non-real estate industries, 18 are expected to report positive net profits, representing approximately 64% [4]. - The machinery and basic chemical industries are projected to achieve net profits of 84.85 billion and 123.51 billion, respectively, with year-on-year growth rates of 200.07% and 284.56% [5]. - The computer, communication, and electronics sectors are expected to generate a combined net profit of 760.33 billion, reflecting a year-on-year increase of 155.32% [5].

国家发展改革委2月5日消息，国家发展改革委、市场监管总局日前在京召开全国价格工作先进集体和先 进个人表彰会议。会议强调，2026年是"十五五"开局之年，做好价格工作意义重大。各级价格主管部门 要全面贯彻党的二十大和二十届历次全会精神，认真落实中央经济工作会议部署以及全国发展和改革工 作会议要求，立足宏观治理全局，准确把握价格工作面临的形势和任务，着力加强价格调控，促进物价 合理运行；深化价格改革，引导资源优化配置；加强价格监管，规范市场竞争秩序；做好重要民生商品 保供稳价，增进民生福祉，为"十五五"开好局起好步作出贡献。 国家发展改革委副主任王昌林日前在国新办新闻发布会上表示，将认真贯彻落实中央经济工作会议精 神，强化结构性调控，坚持供需双向发力、调控改革协同，会同相关部门打好政策"组合拳"，持续推动 物价合理回升。 总量政策方面，要实施更加积极的财政政策和适度宽松的货币政策，把促进物价合理回升作为货币政策 的重要考量，发挥存量政策和增量政策的集成效应，推动形成经济增长和物价回升的良性互动。结构政 策方面，要深入实施提振消费专项行动，制定实施城乡居民增收计划，优化实施"两新"政策，扎实推 进"两重"建设，从而 ...

Market Overview - On February 5, U.S. stock indices closed lower, with the Dow Jones down 1.2%, S&P 500 down 1.23%, and Nasdaq down 1.59% [2][4] - Large technology stocks mostly declined, with the U.S. tech giants index falling 1.76% [4] Amazon's Financial Performance - Amazon reported Q4 sales of $213.39 billion, slightly above market expectations of $211.49 billion, but earnings per share were $1.95, just below the forecast of $1.96 [4] - The company anticipates capital expenditures of approximately $200 billion by 2026, significantly higher than the market estimate of $146.11 billion, representing a 37% increase [4] Chinese Stocks Performance - The Nasdaq Golden Dragon China Index rose by 0.9%, while the Chinese tech leaders index fell by 0.45% [4] - Notable movements included NIO rising over 6%, while Tencent Holdings dropped over 1% [4] Precious Metals Market - Precious metals prices fell sharply, with London gold spot prices dropping over 4% to $4,760.25 per ounce, and COMEX gold futures down over 2% to $4,825.50 per ounce [5][6] - London silver spot prices plummeted by 19% to $71.841 per ounce, with COMEX silver futures down over 14% to $72.565 per ounce [5][6] Electric Vehicle Strategy in Canada - Canada announced a new electric vehicle strategy, including the revival of purchase subsidies and collaboration with China to boost domestic production and export of electric vehicles [7] - The strategy aims to leverage existing and new trade agreements to promote large-scale investments in the electric vehicle sector [7]

Core Viewpoint - Shenzhen Lulian Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, indicating strong financial performance and growth potential in the consumer electronics sector [1][2]. Financial Performance - The company projects net profits of approximately RMB 3.94 billion, RMB 4.6 billion, and RMB 4.67 billion for the first three quarters of 2023, 2024, and 2025 respectively [1][2]. - Revenue estimates for the same periods are around RMB 48.01 billion, RMB 61.66 billion, and RMB 63.61 billion, with gross margins of 36.9%, 36.8%, and 36.5% respectively [2][3]. - The company expects a significant increase in net profit for 2025, forecasting between RMB 6.53 billion and RMB 7.33 billion, representing a year-on-year growth of 41.26% to 58.56% [6]. Product Categories and Market Position - Lulian Technology is a leading player in the 3C consumer electronics accessories market, offering products across four main categories: charging products, smart office products, smart audio-visual products, and smart storage products [2]. - Charging products constitute a significant portion of the company's revenue, driven by their efficiency and convenience in meeting diverse user needs [2]. Dividend Policy - The company plans to distribute dividends of RMB 1.25 billion and RMB 2.49 billion to shareholders for the years 2024 and 2025 respectively [5]. Inventory and Supply Chain - As of December 31, 2023, the company's inventory was valued at approximately RMB 9.96 billion, with turnover days of 104.5 days [4]. - The company relies on a network of third-party manufacturing partners and electronic component distributors, with significant procurement from its top five suppliers [8]. International Sales and Customer Base - A growing portion of revenue is derived from international sales, accounting for 50.4%, 57.5%, and 59.6% of total revenue in 2023, 2024, and 2025 respectively [8]. - The company’s major customers include online retailers, offline distributors, and end-users, with the top five customers contributing approximately RMB 10.06 billion, RMB 10.98 billion, and RMB 11.21 billion to total revenue over the same periods [8].

天汽模2月5日晚间公告称，公司正在筹划通过发行股份及支付现金的方式购买东实汽车科技集团股份有限公司股权并募集配套资金。本次交易预计构成重 大资产重组。公司证券自2月6日（星期五）开市起停牌。 Wind数据显示，2月5日，天汽模股价收涨2.59%，报7.53元/股，最新市值为76亿元。 公司表示，上述协议为交易各方就本次交易达成的初步意向，停牌期间，交易相关方将积极协商，本次交易的具体方案将由交易各方另行签署正式协议予 以约定。 天汽模公告显示，公司预计在3月2日（星期一）前按照相关规定的要求披露相关信息，并申请复牌。 公司表示，目前本次交易尚处于筹划阶段，交易双方尚未签署正式的交易协议，具体交易方案仍在商讨论证中，尚存在不确定性。本次交易尚需提交公司 董事会、股东会审议，并经有权监管机构审批后方可正式实施。 公告显示，本次交易事项尚处于筹划阶段，天汽模目前初步确定的交易对方为德盛拾陆号企业管理（天津）合伙企业（有限合伙）（简称"德盛16号"）， 最终的交易对方以后续公告的重组预案或重组报告书披露的信息为准。 天汽模是国内汽车模具行业的龙头企业，公司自设立以来一直从事汽车车身覆盖件模具及其配套产品的研发、设计、 ...

回归CTA主赛道 2007年成立的老牌私募双隆投资，经历过衍生品市场的多次变迁，也曾在多元扩张中经历考验。 2010年，股指期货上市成为双隆投资的关键转折点，公司将策略重心转向了股指期货，包括期现套利、 量化选股对冲和股指CTA，一开始发展较为顺利。张津鹏回忆，至2015年，公司管理规模一度达到约50 亿元。然而，2016年股指期货交易受限。彼时，双隆投资正雄心勃勃地扩张，组建了股票、商品、期权 三个团队，意图多线并进。但事与愿违，尤其是股票策略的业绩始终未能达到预期。 "到了2020年初，我们做了'断舍离'，彻底放弃了股票策略，重新聚焦到我们最擅长的主赛道CTA 上。"这次"壮士断腕"式的战略收缩，是双隆投资发展史上的另一个关键时点。这并非盲目撤退，而是 基于深刻的投研反思与对投资者负责的态度。 成立于2007年，双隆投资的故事始于商品期货的跨期套利与趋势跟踪。从早期拥抱股指期货的浪潮，在 多线扩张中冷静反思，到后来回归并聚焦于CTA主赛道，双隆投资的关键选择背后，蕴含着"断舍离"的 哲学。 近日，双隆投资总经理张津鹏在接受中国证券报记者采访时介绍，如今双隆投资已形成覆盖全品种、全 周期的CTA策略矩阵，在 ...