Group 1 - The core viewpoint of the news is the strategic partnership between Beijing Haohan Deep Information Technology Co., Ltd. and Yiyu Aerospace (Beijing) Technology Co., Ltd. to establish a joint laboratory focused on space computing infrastructure and application ecosystem development [1][2] - The collaboration will emphasize high-performance computing on satellites, 6G integrated communication, and intelligent application scenarios, aiming to accelerate the engineering and scaling of space computing capabilities [1] - Yiyu Aerospace will invest in core hardware products such as space servers and satellite computing units, while Haohan Deep will leverage its advantages in data exchange and intelligent data processing to support the integration of ground and space data systems [1] Group 2 - This strategic cooperation signifies a substantial integration of data intelligence and space computing technologies, potentially leading to standardized and scalable applications in space computing systems [2] - The joint laboratory mechanism is expected to create a demonstrative effect for replicable and promotable space computing solutions, contributing to the overall upgrade of China's space computing infrastructure and satellite intelligence industry ecosystem [2]

Core Viewpoint - The company is transitioning from being a leading "AI+" application provider to defining a new paradigm of "digital intelligence" and building a "secure and trustworthy" digital foundation, driven by a dynamic collaborative business development framework called "Two Steady, Three Expansions, One Service" to achieve sustainable growth [1][4] Group 1: Strategic Direction - The implementation of laws such as the Cybersecurity Law of the People's Republic of China and the advancement of the data factor market have made security and trust essential for development across various fields [2] - The company has over 20 years of experience in public safety and data governance, which provides a strong foundation for entering the "secure and trustworthy" domain [2] - The company has maintained a research and development investment intensity exceeding 17% over the past decade, with cumulative investments surpassing 3 billion yuan, leading to significant technological achievements [2] Group 2: Business Framework - The "Two Steady" components refer to the core businesses of electronic data forensics and public safety digitalization, which are the main sources of current revenue and serve as training grounds for core capabilities [3] - The "Three Expansions" focus on three key areas: extending into new financial security and digital anti-fraud sectors, exploring international markets with a comprehensive output model, and developing embodied intelligence for high-risk industries [3] - The "One Service" aspect aims to empower the digital transformation of the parent group, providing reliable digital solutions in key areas such as smart energy and public health [4]

中证报中证网讯(记者黄一灵)1月16日，毕马威发布《第二届智能制造科技50》报告。 《报告》提出，面向2030年，中国智能制造有六大发展趋势，包括：工业大模型驱动制造业从技术突破 到产业重构、"人机共生"智能制造生态轮廓日益清晰、工业元宇宙推动虚拟制造全球化、绿色智能制造 成为硬约束与新增量引擎、供应链安全等驱动产业升级、梯度培育机制推动智能工厂规模化、标准化落 地。 毕马威中国客户及业务发展主管合伙人江立勤表示，当前，人工智能等前沿技术孕育着诸多产业突破， 智能制造通过深度融合工业互联网、大数据、人工智能、机器人等新一代信息技术与先进制造技术，引 领带动制造业智能化、高端化、绿色化转型升级，赋能企业新质生产力发展。这种生产力不仅体现在生 产效率的显著提升上，更在于其能够实现生产过程的智能化、个性化和柔性化，从而突破传统制造业的 局限性，为构建现代化产业体系提供坚实支撑。 《报告》显示，展望2030年，中国智能制造的竞争高地，将集中在人机协同的"认知智能"一一谁能率先 实现机器人在开放环境中的自主学习与情境理解，谁就能定义下一个十年的产业标准。真正具备长期竞 争力的企业，不再是单纯制造本体的厂商，而是能打通" ...

Core Insights - Beijing Off-road launched the BJ40 Explorer and the Beijing 812.0 Co-creation Edition at a brand renewal event on January 15, 2026, emphasizing a commitment to innovation and user collaboration [1] Group 1: Product Launch - The BJ40 Explorer is positioned as a refreshed model in the BJ40 series, featuring a 2.0T gasoline and 2.0D diesel dual powertrain, an 8-speed automatic transmission, and an electronic four-wheel drive system [1] - The BJ40 Explorer is equipped with off-road capabilities, including a minimum ground clearance of 220mm and a wading depth of 750mm, along with advanced features like a 15.6-inch central control screen and Qualcomm 8155 chip [1] Group 2: User Collaboration - The Beijing 812.0 Co-creation Edition is based on the BJ80 and utilizes an innovative BIP open co-creation vehicle manufacturing model, which has gathered over 10,000 user suggestions since its launch in August 2025 [1] - The company aims to continuously enhance products through user feedback, as stated by Chairman Wang Hao during the event [1]

Core Viewpoint - The current market outlook for the spring season is optimistic, particularly in the AI sector, with significant capital expenditure plans from TSMC indicating strong confidence in AI industry growth [1] Industry Analysis - The AI narrative continues to deepen, with TSMC's latest quarterly performance exceeding expectations and its 2026 capital expenditure plan significantly surpassing prior forecasts, reflecting a strong commitment to AI development [1] - Focus on storage and equipment sectors is emphasized, as companies in these areas are experiencing record-high stock prices, aligning with the inflation narrative within the AI framework [1] - The storage sector has already seen a market surge since September last year, driven by increasing AI inference demand, which is expected to create a supply-demand gap of 20% or more starting in 2025 [1] - Price increases are already evident across various categories, with a clear price increase cycle, and domestic companies are reaching global top-tier levels, presenting emerging investment opportunities [1] Investment Focus - Key areas for investment include design-oriented companies, high-performance module companies, and those related to the storage industry to capitalize on the spring market trends [1] - The domestic computing power industry is showing strong capital expenditure and market demand, with related companies expected to report impressive results [2] - The core investment themes for the spring rally are anticipated to be the storage chain (semiconductor equipment), domestic computing power, and overseas computing power [2] Subsector Insights - AI remains the central theme of the technology sector, divided into two main areas: computing hardware and large model applications, with a current preference for computing hardware due to clear profit models and high industry prosperity [2] - Three key directions for investment in computing hardware include: 1. Computing chips with clear profit models and high industry chain prosperity 2. Related fields such as storage, circuit boards, and optical modules that complement computing chips 3. Semiconductor equipment and materials benefiting from increased semiconductor capacity investments driven by computing chip demand [2] - In AI large model applications, while profit models are not yet clear, sectors like software applications, autonomous driving, and robotics that can form business closed loops are worth close monitoring for future investment opportunities [2]

Group 1 - The core point of the article is that Dingxin Communications (603421) is under investigation by the China Securities Regulatory Commission (CSRC) for suspected short-term trading of its stock by its vice president, Yuan Zhishuang [1] - The investigation is focused solely on Yuan Zhishuang and is not expected to have a significant impact on the company's daily operations [1] - The company will actively cooperate with the CSRC during the investigation process [1] Group 2 - Dingxin Communications announced that a major shareholder, Wang Tianyu, has reduced his stake in the company by selling 1.3228 million shares from January 14 to January 16, 2026 [1] - Following this transaction, Wang Tianyu's shareholding percentage decreased from 6.14% to 5.94%, which is a change that touches the 1% threshold [1]

Group 1 - The Shanghai Stock Exchange has monitored stocks with significant volatility, including *ST Zhengping, *ST Yazhen, Guosheng Technology, Aerospace Power, Tianpu Co., and Shuangwei New Materials, from January 12 to January 16 [1] - *ST Zhengping experienced a cumulative decline of 14.24% over three consecutive trading days from January 12 to January 14, followed by a near limit-up on January 15 and a drop of 4.92% on January 16 [1] - *ST Yazhen saw a cumulative increase of 43.74% from December 17, 2025, to January 8, 2026, with limit-up performances on January 12 and January 16 [1] - Guosheng Technology's stock price deviated significantly, with a cumulative increase exceeding 20% over three consecutive trading days from January 12 to January 14, followed by two consecutive limit-downs [1] - Tianpu Co. faced consecutive limit-downs on January 12 and 13, a limit-down at the opening on January 14, and a limit-up at closing, followed by a limit-down on January 15 [1] Group 2 - Shuangwei New Materials has shown significant cumulative increases since July 2025, with multiple instances of abnormal volatility [2] - The Shenzhen Stock Exchange announced a trading suspension for some investors of *ST Chengchang due to severe abnormal stock price fluctuations, with a resumption of trading on January 16 after a halt for investigation [4] - *ST Chengchang's stock price has increased approximately 190.89% since December 1, 2025 [5] - From January 12 to January 16, the Shenzhen Stock Exchange took self-regulatory measures against 387 instances of abnormal trading behavior, including market manipulation and false declarations [5]

Core Insights - The 12th China (Shanghai) International Technology Import and Export Fair Defense and Security Equipment Exhibition will be held for the first time in June 2026 in Shanghai, aiming to create a collaborative ecosystem focused on technological innovation and global cooperation trends [1][2] - The exhibition will cover an area of 10,000 square meters and feature over 200 leading enterprises, showcasing advanced manufacturing equipment, aerospace and new materials, space information and navigation, cybersecurity, electronic equipment and components, new energy and nuclear energy, and marine vessels [1] Group 1 - The exhibition will have eight thematic areas, including aerospace, industrial manufacturing, marine vessels, robotics, artificial intelligence, and new energy, presenting the latest industry applications and core technologies such as Beidou navigation, satellite rockets, 5G communication, and big data [1][2] - Two core highlights of the exhibition include precise supply-demand matching through technology trade and promoting trade development to help domestic and foreign enterprises explore emerging markets [2] Group 2 - The fair aims to build a high-end defense and security technology cooperation platform that relies on the deep accumulation of the fair and a global resource network, facilitating a two-way channel for technology trade [2] - The initiative is expected to inject lasting momentum into domestic industry upgrades and the improvement of the global security governance system [2]

Group 1 - The 2026 Bond Market Annual Forum, co-hosted by First Capital Securities and the National Financial and Development Laboratory, focuses on innovation in the bond market amidst complex environments [1][2] - In 2025, China's bond market is expected to maintain steady progress, with a notable increase in credit bond issuance and significant achievements in the "technology board" of the bond market [1] - The forum emphasizes the importance of pricing efficiency, risk management optimization, and the entry of medium to long-term funds into the market as key topics for the high-quality development of the bond market [2] Group 2 - The forum serves as a significant industry platform that has been developed over more than a decade, focusing on the practical development of China's bond market and aligning with industry reform trends [3] - It features a lineup of authoritative guests and aims to produce impactful outcomes that contribute to the standardization, internationalization, and high-quality development of the Chinese bond market [3]

Core Viewpoint - The article emphasizes the investment strategies and achievements of Hu Song, the Pension Investment Director at Guotai Fund, highlighting his ability to navigate market cycles and deliver consistent returns for investors through a value investment approach. Group 1: Investment Performance - Guotai Fund's Hu Song has demonstrated significant investment performance, with the Guotai Jinpeng Blue Chip Mixed Fund achieving a return of 70.03% from September 2020 to December 2025, compared to a 1.47% increase in the CSI 300 index, resulting in an excess return of nearly 70% [2] - In 2023, during a challenging market where the CSI 300 index fell by 11.38%, the Guotai Jinpeng Blue Chip Fund managed to secure a positive return of 1.13%, showcasing its resilience in a down market [2] - The Guotai Jinsheng Return Mixed Fund, launched in February 2024 during a market downturn, achieved a return of 46.33% by December 2025, further validating Hu Song's investment strategy [3] Group 2: Investment Philosophy - Hu Song's investment philosophy focuses on value investing with a margin of safety, emphasizing deep macroeconomic analysis, industry research, and stock selection to avoid high-risk speculative investments [4] - He prioritizes stocks with sustainable competitive advantages and reasonable valuations, employing a bottom-up approach for stock selection while considering macroeconomic factors [4] - Hu Song emphasizes the importance of Return on Invested Capital (ROIC) in identifying high-quality stocks, favoring those with expanding market shares and superior growth rates compared to industry averages [5] Group 3: Market Adaptability - Hu Song's investment strategy has proven effective in various market conditions, as evidenced by his timely focus on the energy storage sector in 2020 and his decision to reduce exposure to overvalued new energy stocks in mid-2022 [6] - His approach combines a cautious attitude towards emerging trends with a disciplined valuation strategy, allowing for proactive yet prudent investment decisions [6] - As the head of the Pension Investment Department at Guotai Fund, Hu Song integrates a long-term value creation mindset into his investment management, focusing on risk management and sustainable returns for investors [6][7]