Core Viewpoint - In 2026, the investment focus of Yongjin Investment will be at the intersection of asset restructuring and industrial transition, identifying four core investment themes [1] Group 1: Investment Themes - The first theme is the technological revolution driven by the expansion of AI industries towards application endpoints [1] - The second theme involves high-end manufacturing transitioning from "selling products" to "building systems" for overseas markets [1] - The third theme highlights dividend and resource assets that can serve as "important bottom positions" for investors [1] - The fourth theme reflects a shift from "general growth" to "structural differentiation" in consumer upgrades and pharmaceutical advancements [1] Group 2: Market Context - The understanding of dividend and resource assets should evolve from "defensive allocation" to "important bottom positions during the asset restructuring phase" amid increased macro volatility and weakened "old asset anchors" [1] - In the consumer and pharmaceutical sectors, the focus is on "structural upgrades," with opportunities expected to concentrate on "supply sides with greater product strength and efficiency" [1]

Group 1 - The core point of the article is that Shenwan Hongyuan Securities has received approval from the China Securities Regulatory Commission to publicly issue corporate bonds totaling up to 60 billion yuan [1] Group 2 - The bond issuance is aimed at professional investors, indicating a targeted approach to capital raising [1] - The approval reflects the regulatory support for the company's financing activities, which may enhance its operational capabilities [1] - The total face value of the bonds is capped at 60 billion yuan, which is a significant amount for corporate financing [1]

Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. (Mingming Hen Mang) has officially passed the Hong Kong Stock Exchange listing hearing and is set to become the "first stock of bulk snack retail" in Hong Kong, showcasing its sustainable growth and robust cash flow in the emerging retail sector [1] Group 1: Business Model and Market Position - Mingming Hen Mang operates two brands: "Snacks Hen Mang" and "Zhao Yiming Snacks," which merged in 2023 to establish a strong presence in the snack and beverage retail sector [2] - The company has restructured its sales model focusing on supply chain optimization and store network expansion, filling a capital vacuum in the Hong Kong market for bulk snack retail [1][2] - As of September 30, 2025, the number of operational stores is projected to reach 19,517, with over 20,000 signed stores, primarily located in county and township areas [2] Group 2: Financial Performance and Growth - For the first nine months of 2025, Mingming Hen Mang reported revenue of 46.371 billion yuan, a year-on-year increase of 75.2%, and an adjusted net profit of 1.81 billion yuan, up 240.8% [3] - The company's gross margin improved from 7.5% in 2022 to 9.7% by September 2025, while the adjusted net profit margin increased from 1.9% to 3.9%, countering industry concerns about profitability in large-scale operations [3] Group 3: Operational Efficiency and Digitalization - Mingming Hen Mang's hard discount model is supported by a high-turnover supply chain, which enhances efficiency and reduces costs in the product flow process [4] - The company has developed a comprehensive digital system that integrates data from over 2.1 billion consumer interactions, enabling real-time monitoring and customized operational strategies for franchisees [4][5] - The average inventory turnover days were recorded at 11.6 days in 2024 and 11.7 days in the first half of 2025, outperforming industry averages and traditional retail benchmarks [5]

中证报中证网讯(记者宋维东)中国证券报记者1月13日从何氏眼科（301103）获悉，何氏眼科日前成为 全国眼科联盟人工智能分联盟成员单位，在智慧医疗与人工智能临床应用领域进一步融入国家级前沿创 新平台，为提升诊疗水平、增强科研创新能力提供了重要支撑。何氏眼科相关负责人对中国证券报记者 表示，公司将以此为契机，依托联盟平台与资源优势，持续深化产学研国际合作，拓展人工智能在各类 眼科疾病筛查中的应用，推动科技创新与产业创新深度融合，让优质眼健康服务惠及更广大基层群众。 当前，人工智能、大数据等前沿技术正推动医疗服务向智能化、精准化、个性化方向发展。为促进眼科 人工智能技术发展、加快相关大模型推广应用，全国眼科联盟人工智能分联盟于2025年1月4日成立。目 前，联盟成员单位已超过百家，依托"伏羲慧眼云平台"大模型的多模态本地训练优势，持续推动优质诊 疗资源下沉，赋能基层眼科服务，让群众在家门口就能享受到优质、高效、便捷的眼健康服务。 作为以创新科技为驱动、聚焦全生命周期眼健康管理的数字眼健康生态产业集团，何氏眼科以构建"智 慧光明城"为愿景，联合辽宁何氏医学院、何氏眼产业集团、眼基因库等机构，形成协同创新矩阵。何 ...

Core Viewpoint - The acquisition of an additional 22.2324% stake in Nanjing Nanda Pharmaceutical by Aidi Pharmaceutical strengthens its control and supports its integrated strategy in human-derived protein production and formulation [1][2]. Group 1: Acquisition Details - Aidi Pharmaceutical announced the acquisition of 22.2324% of Nanjing Nanda Pharmaceutical for 130.05954 million yuan, increasing its ownership from 51.1256% to 73.3580% [1]. - This acquisition is aimed at solidifying control and enhancing the implementation of the company's integrated strategy in human-derived protein [2]. Group 2: Strategic Benefits - The acquisition is expected to reinforce strategic management, enhance resource synergy, and improve operational efficiency by integrating production, channels, and platforms [2]. - The financial performance of Nanjing Nanda Pharmaceutical has shown steady growth, with revenues of 299 million yuan and net profits of 51.5177 million yuan in 2024, and 262 million yuan in revenue with net profits of 55.8111 million yuan from January to October 2025 [2]. Group 3: R&D Achievements - Following the previous acquisition, Aidi Pharmaceutical and Nanjing Nanda Pharmaceutical have successfully developed two human-derived protein drugs, AD108 and ADB116, which have received IND approval [3][4]. - These drugs are designed to meet clinical needs, with AD108 offering a subcutaneous delivery method and ADB116 providing a rapid intravenous administration option for acute ischemic stroke [4]. Group 4: Market Potential - The human-derived protein market, particularly for ischemic stroke treatment, is significant, with approximately 3.4 million new stroke cases annually in China, 80% of which are ischemic strokes [5]. - The market for ischemic stroke treatments is projected to grow, with a 2023 market size of approximately 12.9 billion yuan, indicating substantial opportunities for Aidi Pharmaceutical's new products [5]. Group 5: Future Outlook - Aidi Pharmaceutical plans to leverage this acquisition to deepen resource integration with Nanjing Nanda Pharmaceutical, accelerating the development of its human-derived protein pipeline [6]. - The company aims to capitalize on industry growth and enhance its position in the human-derived protein sector, contributing to high-quality development in the biopharmaceutical industry [6].

Group 1 - Company Chongqing Xiaoyi Zhili Intelligent Technology Co., Ltd. has completed A-round financing of several tens of millions of yuan, primarily led by Zhixin Empowerment Industry Fund and Brain Domain Technology, with participation from individual investors and existing shareholders [1] - The financing will be used for core product development and domestic market expansion, aiming to strengthen the company's technological advantages and scalability in the edge AI base model and enterprise brain OS (AI Agent construction platform) [1] - The company's valuation has increased from approximately 70 million yuan before the A-round financing to 300 million yuan after the financing, with current orders amounting to nearly 60 million yuan and a business opportunity reserve of about 100 million yuan [1] Group 2 - The company has launched a product matrix of seven general digital employee products covering AI recruitment, AI finance, AI operations, AI marketing, AI legal affairs, AI administration, and AI customer service, widely applied in core business scenarios [2] - In the next phase, the company will continue to deepen its customized solution capabilities for vertical industries, addressing real industry needs and assisting enterprises in completing the "last mile" of digital transformation [2]

Group 1 - The core focus of the news is the significant role of Tianma Intelligent Control in the development of coal mining automation and intelligent extraction technologies, showcasing its leadership in the field and contributions to a national key laboratory [1][2] - The laboratory, co-established by Anhui University of Science and Technology, China Coal, and China Coal Science, aims to address major strategic needs such as national energy security and deep resource development, with Tianma providing essential technological support [1][2] - Tianma's innovative model of "ground planning for coal mining, automated equipment execution, and unmanned operations" has become a benchmark in the industry, facilitating the laboratory's key achievements [1][2] Group 2 - The laboratory achieved 10 innovative results and 3 landmark achievements in the past year, many of which were enabled by Tianma's technological advancements [2] - Tianma's core products, including the SAM automation control system and SAC hydraulic support control system, hold the largest market share in China, reinforcing the company's strong market position [3] - The company plans to leverage the laboratory's establishment to focus on original and forward-looking technology research, enhance talent development, and accelerate the conversion of technological achievements into industrial effectiveness [3]

Core Insights - Tencent's insurance platform, Weixin Insurance, reported a cumulative claim amount of 8.4 billion yuan and over 25.76 million claims processed by the end of 2025 [1] - The platform introduced a "Commercial Insurance Direct Payment" feature in collaboration with WeChat Pay, allowing for simultaneous settlement of medical insurance and commercial insurance claims at designated hospitals [1] - Weixin Insurance upgraded its "WeChat Quick Claim" service, promising claim processing times of one day for outpatient services and three days for inpatient services [1] Group 1 - By December 31, 2025, Weixin Insurance had served 10.9 million claimants [1] - The "Commercial Insurance Direct Payment" feature represents a significant innovation in insurance claim processing, streamlining the reimbursement process [1] - The "WeChat Quick Claim" service has expanded to cover over 12,000 public hospitals across the country [1] Group 2 - Tencent Weixin Insurance has implemented AI capabilities to enhance the claims process, including automatic claim reporting and 24/7 online assistance [2] - The AI-driven system allows for efficient claim submission and provides clear explanations of claim notifications [2] - In 2025, the service model will extend to auto insurance, enabling users to report claims regardless of the insurance platform [2]

Core Viewpoint - Guizhou Securities Regulatory Bureau has intensified its crackdown on financial fraud, with significant penalties imposed on companies and individuals involved in fraudulent activities, aiming to purify the capital market environment and enhance regulatory effectiveness [1][2][5]. Group 1: Regulatory Actions - In 2025, Guizhou Securities Regulatory Bureau conducted inspections on 111 companies, implementing 31 administrative regulatory measures and 63 daily regulatory measures [1]. - Two financial fraud cases were severely punished, with a total of 1.94 billion yuan in penalties proposed against two listed companies and 20 responsible individuals, including 10-year market bans for four individuals [1][2]. - The bureau has adopted a "zero tolerance" policy towards financial fraud, emphasizing comprehensive punitive measures against violators [1]. Group 2: Specific Cases of Financial Fraud - The Guizhou Bailin financial fraud case involved the company underreporting sales expenses, leading to a cumulative profit inflation of 655 million yuan from 2019 to 2021, with a proposed fine of 25.6 million yuan and a 10-year market ban for the chairman [1][2]. - The *ST Gaohong case involved fraudulent activities that inflated revenue and profits, resulting in a proposed fine of 160 million yuan and market bans for three individuals [2]. Group 3: Strengthening Daily Supervision - The bureau has enhanced daily supervision across various sectors, focusing on issues such as insider trading, financial misreporting, and improper information disclosure [2][3]. - Specific measures included inspections of 10 companies, with 4 administrative and 10 daily regulatory actions taken [2]. Group 4: Oversight of Intermediary Institutions - Increased scrutiny on intermediary institutions, including underwriters and audit firms, to ensure compliance and accountability in financial reporting [3][4]. - The bureau has conducted inspections on 28 securities and futures institutions, implementing 1 administrative and 29 daily regulatory measures to ensure proper operations [4]. Group 5: Future Regulatory Focus - The bureau plans to continue enhancing regulatory effectiveness, focusing on major fraud cases and ensuring investor protection while promoting high-quality market development [5].

Core Insights - The core viewpoint of the articles emphasizes the transformative role of soybean oil futures in stabilizing and enhancing the domestic oil industry over the past two decades, evolving from a cautious financial tool to a critical support for the entire industry [1][2][11]. Industry Development - Since the launch of soybean oil futures in 2006, the domestic soybean oil industry has experienced significant growth, with production reaching 17.294 million tons and demand at 17.45 million tons by 2024, establishing a processing cluster concentrated in coastal ports and major regions [2][11]. - The volatility in soybean oil prices, which fluctuated from 5,200 yuan/ton to 12,280 yuan/ton and then down to 6,710 yuan/ton between 2020 and 2023, has underscored the importance of risk management through futures [3][11]. Risk Management Strategies - Companies have transitioned from limited understanding and cautious use of soybean oil futures to integrating them as a core strategic function for risk management, allowing for proactive profit locking rather than reactive management [3][4]. - The adoption of hedging strategies has been crucial for companies like Jiang Hai Grain and Oil, which utilized both forward and reverse hedging to manage market tensions and optimize inventory costs [4][5]. Trading Innovations - The introduction of basis trading has redefined the ecosystem, allowing companies to convert uncontrollable absolute price risks into relatively manageable basis risks, thus facilitating collaboration across the supply chain [5][6]. - Basis trading has become the mainstream model in soybean oil trade, enabling upstream and downstream companies to lock in prices and manage risks effectively [6][7]. Market Influence and Integration - The soybean oil futures market has become the largest globally, with daily average transactions and positions reaching 445,000 and 844,400 respectively by 2025, reflecting its robust liquidity and market influence [11][12]. - The integration of soybean oil futures with other commodities, such as cottonseed oil, demonstrates its pricing influence extending beyond its immediate market [8][11]. Future Outlook - The ongoing internationalization of soybean oil futures is seen as a significant milestone, enhancing China's position in the global pricing system and providing diverse risk management tools for the global oilseed industry [12][13]. - The evolution of soybean oil futures serves as a model for other futures products, highlighting the importance of aligning with industry needs and enhancing risk management capabilities [12][13].