Group 1: Banking and Financial Regulations - The National Financial Supervision Administration has established the "Supervision and Management Measures for Commercial Bank Custody Business (Trial)" effective from February 1, 2026, which clarifies the concept and basic principles of custody business for commercial banks [1] - The "Financial Institutions Product Appropriateness Management Measures" will also take effect on February 1, 2026, introducing specific requirements for different product types, including risk classification and investor assessment [2] - The "Administrative Law Enforcement Supervision Regulations" will be implemented on February 1, 2026, focusing on the supervision of administrative law enforcement agencies and their adherence to legal standards [3] Group 2: Anti-Money Laundering and Payment Regulations - The "Management Measures for Special Anti-Money Laundering Preventive Measures" issued by the People's Bank of China and eight other departments will come into effect on February 16, 2026, mandating financial institutions to establish internal control systems for anti-money laundering [4] - The "Regulations on Cash Payment and Service" will be effective from February 1, 2026, ensuring that payment units respect the public's right to choose legal payment methods and maintain reasonable cash availability [5] Group 3: E-commerce and Market Regulations - The "Network Transaction Platform Rules Supervision Management Measures" will be effective from February 1, 2026, prohibiting unreasonable restrictions on operators and consumers within the platform [6] - The "Live E-commerce Supervision Management Measures" will also take effect on February 1, 2026, requiring live e-commerce platforms to adhere to principles of transparency and fairness in their operations [7] Group 4: Safety and Compliance Regulations - The "Administrative Penalty Measures for Safety Production Violations" will be implemented on February 1, 2026, detailing the types and procedures for administrative penalties related to safety violations [8]

Group 1 - Institutional research enthusiasm remains high, particularly in the machinery and computer sectors, with electronics and machinery equipment industries leading in the number of institutions surveyed over the past five days [2][7] - From January 26 to January 30, Jingzhida received the most institutional surveys, totaling 170, following a significant contract signing worth 1.311 billion yuan for semiconductor testing equipment [3][5][6] - Over 600 companies have been surveyed by institutions this year, with Dajin Heavy Industry receiving the highest number of surveys at 209 [3] Group 2 - The top ten A-share companies by the number of institutional surveys this week include Jingzhida, which received 170 surveys, and Ninebot Company, which received 160 [5][9] - The machinery and electronics sectors have seen increased attention, with a notable focus on the semiconductor testing equipment market, highlighting Jingzhida's competitive position in the domestic supply chain [6][7] - Ninebot Company is focusing on electric motorcycles as a core growth driver, with sales of electric motorcycles surpassing electric bicycles since 2025, indicating a strong growth trend in the two-wheeler market [12]

Core Insights - Institutional interest in listed companies remains high, particularly in the machinery and computer sectors, with electronic and machinery equipment industries leading in the number of institutional surveys conducted in the past five days [2][8] - Jingzhida received the highest number of institutional surveys this week, with 170 institutions participating, following a significant contract signing worth 1.311 billion yuan for semiconductor testing equipment [2][6] - Over 600 companies have been surveyed by institutions this year, with Dajin Heavy Industry being the most frequently surveyed company at 209 times [2][3] Company-Specific Insights - Jingzhida's recent contract for semiconductor testing equipment is seen as a major market validation of the company's long-term investments and technological positioning [6] - The company has established a strong competitive edge within the domestic supply chain, especially amid tight delivery schedules from international suppliers [6] - The survey results indicate a robust interest in Jingzhida, reflecting confidence in its market position and future growth potential [2][5] Industry Trends - The machinery and electronic sectors are experiencing heightened attention from institutional investors, with a notable increase in survey participation over the past month [8] - The overall trend shows that machinery, electronics, and biopharmaceuticals are among the most surveyed industries, indicating a shift in investor focus [8] - The electric motorcycle segment is gaining traction, with companies like Ninebot reporting strong sales growth and a strategic focus on this market segment [15]

民爆光电1月30日晚间公告称，公司拟以现金方式收购厦门麦达持有的厦芝精密51%的股权。同时，拟 通过发行股份的方式向厦门麦达购买厦芝精密49%股权，并募集配套资金。 公告显示，公司股票将于2月2日（星期一）开市起复牌。此前，民爆光电已于1月19日开市起停牌。 本次交易完成后，公司将成为厦芝精密的控股股东，厦芝精密将成为公司的控股子公司，纳入公司合并 报表范围。公司业务将拓展至高端领域专用PCB钻针领域。 1月23日，厦门麦达将其所持江西麦达100%的股权转让给厦芝精密，股权转让后江西麦达成为厦芝精密 的全资子公司，公司1月19日停牌公告披露的原标的公司为厦芝精密和江西麦达，上述股权转让后标的 公司变更为厦芝精密，本次交易标的公司未发生实质性变化。 Wind数据显示，民爆光电停牌前最后一个交易日（1月16日），公司股价收报44.98元/股，最新市值为 47亿元。 厦芝精密聚焦微型钻针的研发、生产与销售，深耕PCB制造核心耗材领域，为全球PCB龙头客户提供专 业的微孔加工技术解决方案；核心产品为PCB、FPC、IC载板以及AI PCB加工用钨钢微钻，尺寸覆盖 0.09mm-0.35mm，尤其擅长0.2mm以下极小 ...

民爆光电（301362）1月30日晚间公告称，公司拟以现金方式收购厦门麦达持有的厦芝精密51%的股 权。同时，拟通过发行股份的方式向厦门麦达购买厦芝精密49%股权，并募集配套资金。 本次募集配套资金拟用于支付本次交易的中介机构费用、厦芝精密的项目建设等，募集配套资金具体用 途及金额将在重组报告书中予以披露。在本次配套募集资金到位之前，公司若根据实际情况自筹资金先 行支出，在配套募集资金到位后，将使用配套募集资金置换已支出的自筹资金。 本次交易完成后，公司将成为厦芝精密的控股股东，厦芝精密将成为公司的控股子公司，纳入公司合并 报表范围。公司业务将拓展至高端领域专用PCB钻针领域。 1月23日，厦门麦达将其所持江西麦达100%的股权转让给厦芝精密，股权转让后江西麦达成为厦芝精密 的全资子公司，公司1月19日停牌公告披露的原标的公司为厦芝精密和江西麦达，上述股权转让后标的 公司变更为厦芝精密，本次交易标的公司未发生实质性变化。 图片来源：公司公告 公告显示，公司股票将于2月2日（星期一）开市起复牌。此前，民爆光电已于1月19日开市起停牌。 Wind数据显示，民爆光电停牌前最后一个交易日（1月16日），公司股价收报4 ...

Core Viewpoint - The China Banking Association has established the "Guidelines for the Collection of Personal Consumption Loans" to standardize collection practices and promote healthy industry development, addressing long-standing issues in the sector [1][10]. Group 1: Collection Behavior Specification - The guidelines define collection behaviors and establish clear standards for various collection practices, including collection timing, frequency, and information acquisition [2]. - Collection activities are prohibited from occurring between 10 PM and 8 AM without the debtor's consent, and attempts to contact the same debtor should not exceed six times in one day unless otherwise agreed [2]. - The guidelines emphasize the protection of personal information, mandating compliance with national privacy regulations and prohibiting the use of illegal means to obtain personal data [2]. Group 2: Prohibited Collection Practices - The guidelines outline specific prohibited behaviors for collection agents, including impersonating government or judicial authorities, using intimidation or violence, and making misleading statements [3][4][5][6][7]. - Additional prohibitions include charging extra fees under the guise of collection and contacting debtors through personal devices without consent [5][6]. Group 3: Internal Management Enhancement - The guidelines call for improved internal management capabilities within institutions, advocating for a shift from reactive to proactive management practices [9]. - Emphasis is placed on self-regulation within the industry to promote high-quality development, including the establishment of information sharing on violations and collaborative efforts to combat debt evasion [9]. - Institutions are encouraged to build their own collection teams to reduce reliance on external agencies, thereby enhancing their collection capabilities [9][10].

Core Viewpoint - Company Kexing Pharmaceutical (科兴制药) is expected to achieve a net profit of approximately 135 million to 175 million yuan in 2025, representing a year-on-year increase of 328.83% to 455.89% compared to the previous year, driven by its "innovation + internationalization" strategy [1] Group 1: Financial Performance - The projected net profit for 2025 is estimated to be between 135 million and 175 million yuan, an increase of 103.52 million to 143.52 million yuan from the previous year [1] Group 2: Strategic Focus - Kexing Pharmaceutical has differentiated its innovation drug pipeline by focusing on three key areas: oncology, autoimmune diseases, and metabolic diseases, which collectively account for 32.2% of the global pharmaceutical market and show significant growth potential [2] - The oncology drug market is expected to grow from 253.3 billion USD in 2024 to 419.8 billion USD by 2030, with a compound annual growth rate of 8.8% [2] Group 3: Product Development - The GB18 injection, targeting GDF-15, is advancing to fill a significant market gap in treating cancer cachexia, with clinical trial approvals from both the FDA and the National Medical Products Administration [2] - Kexing is also developing innovative pipelines for autoimmune diseases, including the GB24 project targeting dual pathways for inflammatory bowel disease and the GB19 project for systemic lupus erythematosus [3] Group 4: AI Integration - In March 2025, Kexing Pharmaceutical entered a strategic partnership with Baidu Biotechnology to leverage AI technology in the development of large molecule drugs for oncology and autoimmune diseases [3] Group 5: International Expansion - Kexing has established a comprehensive global market network covering around 70 countries, with significant sales performance of its core products, including EPOSINO, which leads the market in export volume among similar products [4] - The company has successfully registered and commercialized multiple biopharmaceuticals in Southeast Asia, Latin America, and the Middle East, demonstrating its robust internationalization efforts [4]

1月30日晚，海航控股（600221）发布2025年度业绩预告，公司全年预计实现归母净利润18亿元至22亿 元，较上年同期-9.21亿元实现扭亏为盈，同比增长27.21亿元至31.21亿元；扣非归母净利润预计为9亿 元至11亿元，较上年同期-20.63亿元增加29.63亿元至31.63亿元，盈利能力实现根本性改善。 公告显示，业绩增长的核心驱动力来自国际业务的爆发式增长。据公司近期披露的12月运营数据，2025 年，公司全年收入客公里达134484.37百万客公里，其中国际市场收入客公里同比增长41.32%，达 26739.74百万客公里；全年旅客运输量达70578.66千人，国际旅客运输量同比增幅38.35%，达4088.78千 人次。尤其是12月单月，国际市场收入客公里同比增长25.76%，国际旅客运输量同比激增21.95%，超 38万人次。截至2025年底，公司已恢复、新开及计划运营国际及地区往返客运航线70余条，琼海—吉隆 坡、海口—河内等新增航线顺利投运，海口至悉尼、墨尔本等热门航线航班频次持续加密，国际业务成 为增长核心引擎。 公司近期披露的12月份运营数据显示，货运业务同步崛起成为第二增长曲线。 ...

Core Viewpoint - In January, the A-share market experienced significant growth, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising by 3.76%, 5.03%, and 4.47% respectively. The total market capitalization of A-shares reached 125.21 trillion yuan, increasing by 6.3 trillion yuan in the month [1][3]. Industry Performance - The best-performing industry in January was the non-ferrous metals sector, which surged by 22.59%. Other notable sectors included media (up 17.94%) and oil and petrochemicals (up 16.31%). Several industries, such as construction materials, basic chemicals, and electronics, also saw increases of over 10% [3][5]. - Conversely, the banking sector experienced the largest decline, falling by 6.65%, followed by household appliances, non-bank financials, transportation, and agriculture, which all recorded slight decreases [3][5]. Stock Performance - A total of 3,993 stocks in the A-share market rose in January, with over 70% of stocks increasing in value. Notably, 716 stocks saw gains exceeding 20%, and 119 stocks rose by more than 50% [6]. - The top-performing stocks included Zhite New Materials, which increased by 234.08%, and Fenglong Co., which rose by 213.97%. Other significant gainers were Hunan Silver, Purun Co., and Sichuan Gold, all benefiting from the rising prices of precious metals [9][10]. Market Outlook - Looking ahead to February, the market is expected to focus on sectors showing signs of recovery and the potential for a spring rally. Key areas of interest include electronics (semiconductors), media (advertising, gaming, film), machinery (automation, engineering), and power equipment (batteries, grid equipment, photovoltaic devices) [12]. - Analysts suggest that the current spring market is promising, with expectations of favorable news from both policy and fundamentals. However, a brief period of market consolidation may occur before the trading activity picks up again after the Spring Festival [12].

中证报中证网讯（记者 乔翔）1月30日晚，豫园股份发布2025年业绩预告。经财务部门初步测算，公司 预计2025年净利润为-48亿元。 豫园股份表示，公司坚定"东方生活美学"置顶战略，持续瘦身健体回笼资金、降低负债率、优化财务结 构，集中优势战略性聚焦投向高潜力、高增长、高利润、高协同的核心产业，公司相信当前推进的战略 聚焦及短期业绩波动，是实现更高质量、更可持续发展的必经环节，公司将通过精细化运营、聚焦线下 现象级场景打造，通过科创和文化赋能持续提升产品力，强化供应链体系以及拓展全球化业务布局等措 施，促进业务增长，夯实公司长期价值，为股东创造持续稳健的回报。 对于亏损原因，豫园股份表示，报告期内，公司基于谨慎性原则，对相关资产进行年末减值测试，经分 析评估并初步测算，对部分存在减值迹象的房地产项目及商誉等计提资产减值准备。具体计提减值金额 以最终审定数据为准。报告期内，公司动态优化销售策略，加快推进库存去化与资金回流，使得公司复 合功能地产业务实际销售价格和毛利率同比下降。此外，消费领域的结构性变化使得公司相关产业板块 面临短期压力，营业收入及毛利额较去年同期下降，对净利润表现带来一定影响。 ...