2月3日晚间，嘉事堂发布公告称，2月2日，公司股东光大实业、光大健康与同仁堂集团签署《股份转让 协议》，协议约定光大实业、光大健康分别将其持有的公司4118.08万股股份、4187.64万股股份转让给 同仁堂集团，转让价款总计为14.61亿元。 此次交易完成后，公司控股股东将变更为同仁堂集团，实际控制人将变更为北京市人民政府国有资产监 督管理委员会。公司股票自2月4日开市起复牌。 图片来源：公司公告 截至1月27日收盘，嘉事堂股价报16.4元/股，市值为47.8亿元。 尚需多项审批 公告显示，此次股份转让的每股价格为17.59元，转让总价款为14.61亿元。其中，光大健康转让股权占 公司总股本的14.36%；光大实业转让股权占公司总股本的14.12%。交易完成后，二者将不再持有公司 股份，同仁堂集团则以28.48%的持股比例成为控股股东。 公开资料显示，嘉事堂于1997年成立，2010年在深交所上市，2018年进入光大体系，是光大大健康业务 板块主要平台。嘉事堂主要业务涵盖二三级医院销售、社区医疗中心销售、物流配送、连锁零售，经营 范围包括药品、生物制品、医疗器械、中药饮片等。 业绩方面，公司2025年前三季 ...

Core Viewpoint - The precious metals market experienced significant volatility, with gold reaching a historical high of $5598.75 per ounce and then experiencing a 9% drop, marking the largest single-day decline in nearly 40 years. However, the market has since stabilized, with gold prices rebounding to around $4900 per ounce and silver prices increasing by approximately 10% [1][2]. Market Volatility - The precious metals market saw a rare fluctuation at the beginning of the year, with gold prices nearing $5600 per ounce and silver prices soaring above $120 per ounce, resulting in cumulative increases of 24% and 62% respectively by January 29. This was followed by a sharp decline, with gold dropping over 9% and silver plummeting more than 26% in just two trading days [2]. - Analysts attribute the recent volatility to three main factors: concentrated profit-taking, increased margin requirements by the Chicago Mercantile Exchange (CME), and market sentiment being affected by the nomination of the Federal Reserve Chairman [2][3]. Underlying Market Drivers - Despite the recent fluctuations, analysts believe that the core logic supporting the long-term price increase of precious metals remains intact, primarily due to the weakening of the US dollar's credibility and ongoing gold purchases by global central banks [4]. - The current gold price is perceived to have deviated from traditional valuation frameworks, with analysts noting that the driving factors for this price increase differ fundamentally from past trends, including structural demand changes due to global central bank purchases and the weakening dollar [5]. Pricing Logic - The pricing of gold can be understood through three layers: 1. Monetary attributes, which determine the long-term valuation center based on fiat currency supply. 2. Financial attributes, which influence short-term price fluctuations, particularly in relation to Federal Reserve policies and US Treasury yields. 3. Safe-haven attributes, which provide a premium during geopolitical tensions and financial crises [6]. - Current gold prices are considered significantly overvalued, with estimates suggesting a reasonable valuation around $2990 per ounce, indicating an 80% premium over current levels. However, this overvaluation may persist due to ongoing geopolitical tensions [6]. Future Outlook - The end of the current gold price uptrend is contingent upon the US addressing issues related to low inflation, low interest rates, and the dominance of the dollar. This requires the US to restore fiscal discipline, rebuild trust in US Treasuries, and achieve robust economic growth [7]. - Analysts remain optimistic about the future of gold, with predictions suggesting potential price targets of $7200 per ounce in bullish scenarios and $4600 per ounce in bearish scenarios. Factors such as escalating geopolitical tensions or weakening economic data could trigger renewed buying in precious metals [8].

近年来，全球人工智能产业迅猛发展，算力需求呈现爆发式增长。但北美、欧洲等关键地区的AI基础 设施建设，正持续遭遇电力供应紧张与电网稳定性的挑战。国内以新能源为主体的新型电力系统建设步 入纵深阶段，电网升级、储能扩容、能源数字化等领域投资持续加码，电力板块正成为稳增长与能源转 型双重导向下的重要投资主线。 中国证券报记者日前专访了中国银河证券电力设备与新能源首席分析师曾韬，对海外AI发展引发的全 球电力供需格局变化和我国电力系统的升级路径进行了深度解读。 AI电力需求激增 在"稳增长"与"能源转型"的双重政策导向下，电力新能源板块的投资主线日益清晰。 全球性的电力紧张，正推动能源基础设施产业链的重构。电力需求已从依赖传统电网转向"绿电直供 +就地储能"，电力技术正朝着高压化、高效化、智能化方向演进，电力供应链则因海外政策推动本土 化而呈现区域化趋势。曾韬认为，这为中国电力设备、新能源及储能企业提供了历史性的"出海"机遇。 中国企业需加码本地化布局，精准把握AI数据中心对高效供配电、温控及储能系统的迫切需求，在全 球产业链重构中占据有利位置。 新型电力系统建设纵深推进 随着风电、光伏等新能源装机占比持续快速提升， ...

从规模扩张转向价值深耕 光伏行业的竞争逻辑正从拼规模渐进转向拼价值，这一转变源于产能过剩背景下规模效应边际收益的递 减。 2026年开年以来，A股光伏板块呈现震荡修复的运行态势，板块复苏节奏与行业转型方向，引发市场和 投资者广泛关注。 日前，中信建投证券电力设备与新能源行业首席分析师朱玥在接受中国证券报记者专访时表示，当前光 伏行情由政策反内卷调控与产业链价格企稳共同驱动，2026年行业将呈现显著结构性分化，竞争逻辑从 规模扩张转向技术、品牌与现金流比拼，投资者需聚焦优质龙头与创新赛道，把握行业转型中的结构性 机会。 筑底修复与结构性分化并存 2月3日，A股光伏板块表现亮眼，当日万得光伏概念指数大涨5.99%。今年以来，该指数累计上涨 21.42%。 "近期A股光伏板块的走势，既反映了市场对行业至暗时刻已过的共识，也暗含着对复苏节奏的博 弈。"朱玥表示，从技术面与情绪面来看，光伏板块历经两年深度回调后，估值已处于历史低位，为反 弹提供了安全边际。但从基本面来看，当前行情更多是政策预期与部分环节价格企稳驱动下的修复性走 势，并非业绩全面爆发带来的反转行情。市场正从单边下跌转向震荡筑底，资金开始试探性配置具备穿 ...

Group 1 - The core viewpoint of the meeting is to stabilize foreign trade, develop new momentum for foreign trade, and promote balanced development of imports and exports in 2026 [1][2] - The meeting emphasized the importance of 2026 as the starting year of the "15th Five-Year Plan," highlighting the complex and severe situation facing foreign trade development, with both strategic opportunities and risks [2] - The meeting called for unified action among all levels of business authorities to align with the central government's decisions, focusing on the integration of trade and investment, as well as domestic and foreign trade [2] Group 2 - The meeting reviewed the achievements of foreign trade in 2025 and the "14th Five-Year Plan" period, noting that foreign trade showed strong resilience and vitality, with record-high import and export scales and continuous structural optimization [1] - The meeting outlined the need for a dual approach of "policy + activities" to drive foreign trade development and achieve a good start for the "15th Five-Year Plan" in building a strong trading nation [2]

一枝独秀不是春，百花齐放春满园。 展望打造一流投资银行和投资机构的宏伟蓝图，证券行业不仅需要功能全面、实力雄厚的"航母级"证券 公司，也需要在细分领域、特色客群、重点区域等方面集中资源、深耕细作的特色机构。作为中国最 大、国际化程度最高的金属矿业企业集团——中国五矿旗下证券公司，五矿证券党委书记、董事长、总 经理郑宇感悟颇多。 日前在接受中国证券报记者专访时，郑宇详细介绍了五矿证券在"十五五"时期的发展规划。作为一家具 有鲜明产业背景的央企旗下证券公司，五矿证券始终牢记"央企姓党、国企为国"的政治本色，聚焦金融 服务实体经济使命，着力推动党建工作与生产经营深度融合；未来五矿证券将继续秉持"矿业报国、矿 业强国"的初心，坚定"奋发有为、迈向一流"的决心，深化"特而精、小而美"的发展路径，将资源高效 配置到保障金属矿产资源安全、培育壮大战略性新兴产业等重点领域，在服务国家战略与实体经济的过 程中实现更高质量、更可持续的发展。 "有责"必先"有为"，"有为"必依"专业"。郑宇认为，要履行好证券公司作为直接融资的主要"服务商"、 资本市场的重要"看门人"、社会财富的专业"管理者"的职责，根基在于过硬的专业能力："必须 ...

Group 1 - The core viewpoint of the articles emphasizes the acceleration of state-owned capital investment in strategic emerging industries and technological innovation, with a projected investment of 2.5 trillion yuan by state-owned enterprises (SOEs) by 2025, accounting for 41.8% of total investments [1] - The total scale of venture capital funds from SOEs is nearing 100 billion yuan, with the establishment of a new emerging industry merger fund by the State-owned Assets Supervision and Administration Commission (SASAC) [1] - The collaboration of national and local state-owned capital funds is forming a "patient capital" national team focused on strategic emerging industries and key core technologies, aiming to solidify the foundation for high-quality economic development in China [1] Group 2 - State-owned capital has become a significant force in cultivating new productive forces through market-oriented operations of investment funds, with a total fund scale of 710 billion yuan by China Chengtong, and over 170 billion yuan invested in strategic emerging industries by 2025 [2] - The investment focus includes SOEs, strategic emerging industries, and key industries, with respective proportions of 89.99%, 97.99%, and 79.53% [2] - The National New Fund has achieved nearly 80% coverage of the nine strategic emerging industries, with cumulative investments exceeding 120 billion yuan across various projects [2] Group 3 - The State Investment Group has invested over 200 billion yuan in strategic emerging industries, managing 61 funds with a total subscription scale of 345.1 billion yuan [3] - The group has directly invested in 1,249 projects and supported 293 companies to go public, with a significant portion of funding directed towards private enterprises [3] - The focus on high-end chips and artificial intelligence aligns with national strategies, aiming to leverage capital to mobilize social resources and enhance the innovation ecosystem [3] Group 4 - Local state-owned capital funds are actively participating in regional economic development, with initiatives like the Shenzhen state-owned fund matrix plan focusing on hard technology fields such as semiconductors and artificial intelligence [4] - The Hangzhou state-owned capital fund cluster has approved 392 funds with a total scale exceeding 310 billion yuan, supporting numerous strategic projects [4] - Various cities are optimizing investment environments and establishing mechanisms to support early-stage investments in hard technology [5] Group 5 - Experts emphasize the need for a robust mechanism to support "patient capital," including scientific assessment and error tolerance mechanisms [6] - The introduction of compliance exemption clauses aims to enhance the exploration of strategic emerging industries and technological innovation [6] - Recommendations include improving regional coordination to avoid fragmented competition and ensuring that performance evaluations respect the long investment cycles of hard technology [6]

Economic Growth Targets - Shanghai's GDP growth target for this year is set at approximately 5% [2][3] - By 2025, Shanghai's GDP is projected to reach 5.67 trillion yuan, with a growth rate of 5.4% [2] - The local general public budget revenue is expected to grow by 2% this year, reaching 850 billion yuan [2] Industrial Development Initiatives - Shanghai aims to accelerate the construction of a modern industrial system, focusing on future industries such as brain-computer interfaces, quantum computing, silicon photonics, and 6G [3] - The city plans to implement the "Artificial Intelligence +" initiative, adding over 50 advanced intelligent factories this year [3] - There will be a strong emphasis on enhancing the service sector and modernizing the industrial chain [3] Financial Sector Enhancements - The report highlights the need to deepen financial system reforms and improve the construction of the Sci-Tech Innovation Board [4] - Efforts will be made to enhance the competitiveness and influence of Shanghai as an international financial center, including the establishment of a cross-border payment system for the renminbi [4][5] - The focus will be on fostering long-term and patient capital, improving the integration of finance and industry, and supporting sectors such as technology innovation and green development [4][5]

● 本报记者 张佳琳 隐私泄露、骚扰不断、暴力催收……个人消费贷款规模快速增长的同时，信贷催收乱象也随之凸显。为 规范行业发展，中国银行业协会日前发布的《金融机构个人消费类贷款催收工作指引（试行）》明确， 未经债务人同意，严禁在每日22时至次日8时进行电话催收、外访催收及其他催收。同时，针对催收频 次、联系信息获取及联系第三人等模糊问题，指引也设立了量化标准与具体说明。业内人士认为，指引 将推动个人信贷催收从野蛮生长走向规范发展，并促使金融机构提升精细化管理能力。 细化催收行为规范 "我同学欠钱了，催收电话深夜打到我这里，让我帮他还款。他们说我和这位同学的姓氏相同，有亲属 关系。但我们只是普通同学关系，已经10多年没联系了，催收机构按照欠钱同学的通讯录挨个打电 话。"哈尔滨市民王伟向记者讲述了他的经历。 无辜者深夜被催收电话惊醒，亲朋好友因债务关系遭"通讯录轰炸"，如今这些催收行为被关进了制度 的"笼子"。业内人士告诉记者，指引强调抓痛点、难点、堵点，着力解决催收行为缺乏明确标准、外部 催收机构管理缺失等一系列长期困扰行业的疑难杂症。细化了催收行为规范，对社会关注的催收时间、 频次、联系信息获取等热点问题进行 ...

一枝独秀不是春，百花齐放春满园。 展望打造一流投资银行和投资机构的宏伟蓝图，证券行业不仅需要功能全面、实力雄厚的"航母级"证券 公司，也需要在细分领域、特色客群、重点区域等方面集中资源、深耕细作的特色机构。作为中国最 大、国际化程度最高的金属矿业企业集团——中国五矿旗下证券公司，五矿证券党委书记、董事长、总 经理郑宇感悟颇多。 日前在接受中国证券报记者专访时，郑宇详细介绍了五矿证券在"十五五"时期的发展规划。作为一家具 有鲜明产业背景的央企旗下证券公司，五矿证券始终牢记"央企姓党、国企为国"的政治本色，聚焦金融 服务实体经济使命，着力推动党建工作与生产经营深度融合；未来五矿证券将继续秉持"矿业报国、矿 业强国"的初心，坚定"奋发有为、迈向一流"的决心，深化"特而精、小而美"的发展路径，将资源高效 配置到保障金属矿产资源安全、培育壮大战略性新兴产业等重点领域，在服务国家战略与实体经济的过 程中实现更高质量、更可持续的发展。 ● 本报记者 徐昭 胡雨 增强行动自觉 锚定建设金融强国使命 随着"加快建设金融强国"写入"十五五"规划建议，证券行业迎来了全面深化资本市场改革、加快打造一 流投行和投资机构的战略机遇期。时 ...