Core Viewpoint - Tianmai Technology (300807) is undergoing a change in its controlling shareholder and actual controller, prompting the company to hold an extraordinary shareholders' meeting on January 28, 2026, for a board of directors' election to ensure governance stability and a smooth transition of control [1]. Group 1: Board of Directors Election - The fifth board of directors will consist of 7 members, including 3 non-independent directors, 1 employee representative director, and 3 independent directors, as per the company's articles of association [1]. - Candidates for the new board include Wang Xin and Chen Nan as non-independent directors, and Gu Jing, Yang Hui, and Zheng Hong as independent directors, nominated by the controlling shareholder Suzhou Industrial Park Qichen Hengyuan Equity Investment Partnership [1]. - Liu Hongyu is nominated as a non-independent director by shareholder Guo Jianguo [1]. Group 2: Background of Candidates - Wang Xin, born in September 1983, holds a graduate degree from Fudan University and CEIBS, has experience as a reporter and in human resources consulting, and is currently a partner at Qiming Venture Partners [2]. - Liu Hongyu, born in August 1987, has served in various roles at Tianmai Technology since 2009, including as vice chairman and board secretary, and is the son-in-law of shareholder Guo Jianguo [2]. - Chen Nan, born in May 1977, graduated from Beihang University and has worked as an engineer at Century Internet and Cisco Systems, currently serving as an executive director at Qiming Venture Partners [2]. Group 3: Shareholder Changes - The original term of the fourth board of directors was set to expire on July 30, 2026. However, a share transfer agreement was signed on January 6, 2025, resulting in Suzhou Industrial Park Qihan Venture Capital Partnership acquiring 17.75 million shares, representing 26.10% of the total shares of Tianmai Technology [3]. - The controlling shareholder has changed from Guo Jianguo to Suzhou Industrial Park Qichen Hengyuan Equity Investment Partnership, with the actual controller now being Kuang Ziping [3].

Group 1 - The seminar on building the "Digital Silk Road" highlighted substantial progress in digital cooperation between China and ASEAN, with Chinese companies like Huawei and Tencent actively participating in telecommunications infrastructure in ASEAN countries [1] - Tencent Cloud has established 56 available zones overseas and successfully supported Indonesia's largest internet company, GoTo Group, in a significant cloud migration project [1] - The integration of technology with various industries is essential for driving global innovation and industrial upgrades [1] Group 2 - The "new three forms" of cultural export, including web dramas, online games, and digital literature, have significantly enhanced the overseas dissemination of Chinese culture [2] - Research indicates that overseas consumers' trust in Chinese brands is increasingly influenced by diverse factors, with "honesty and openness in communication" now ranking among the top five drivers [2] - Experts agree that deepening digital cooperation and fostering cultural resonance and brand trust are key to the high-quality development of the "Digital Silk Road" [2]

Core Viewpoint - The nomination of She Yingjie as a non-independent director of Lair Technology marks a significant step in the governance collaboration between Lair Technology and Shiyun Circuit, following their strategic partnership established in July 2025, indicating a new phase of strategic synergy [1][2] Group 1: Strategic Collaboration - The entry of She Yingjie into Lair Technology's board is expected to enhance collaboration in customer and market aspects between the two companies [1] - Both companies aim to leverage their customer resources and market networks to jointly expand in the new energy vehicle market and strengthen their presence in emerging fields such as AI servers and low-altitude economy [1] Group 2: Market Positioning - Shiyun Circuit specializes in automotive-grade PCB products and has entered the supply chains of several global automotive companies, while Lair Technology's products are widely used in automotive electronics and new energy battery sectors [1] - The collaboration is anticipated to facilitate the integration of domestic and international markets, enhancing resource allocation and development [1] Group 3: Supply Chain Synergy - Both companies share a high degree of commonality in raw material usage, including significant quantities of copper and film substrates, which could lead to improved procurement scale advantages and enhanced supply chain resilience through joint purchasing and resource sharing [1]

Core Viewpoint - The International Organization for Standardization (ISO) has released a new international standard for testing the tribological properties of bearing materials, led by China with contributions from experts from seven other countries, addressing long-standing issues in the sliding bearing industry [1] Group 1: Standard Development - The new standard, titled "ISO 7148-1:2025," focuses on boundary lubrication conditions, incorporating cutting-edge research and industrial practices [1] - The standard was developed through extensive testing, including thousands of experiments, to create a high-reproducibility international testing benchmark [1] Group 2: Industry Impact - Sliding bearings are critical components in various high-end equipment, including heavy machinery, precision machine tools, efficient motors, wind turbines, and high-speed trains, directly affecting their reliability, efficiency, and lifespan [1] - The establishment of a unified testing benchmark aims to resolve the long-standing issue of comparability in test results across the industry, which has hindered development [1] Group 3: Evaluation System - The new evaluation system is designed to be more scientific and closely aligned with actual complex working conditions, significantly enhancing the research and quality control of modern alloy materials [1]

Core Viewpoint - The company is leveraging the AI wave to transform AI capabilities into actual productivity, focusing on a multi-dimensional product strategy that includes video, drawing, documentation, and tools, while enhancing AI integration across its product lines [1] Group 1: Company Strategy - The company is committed to a multi-end matrix product strategy, promoting mobile and AI capabilities across its four main product lines [1] - The company aims to capture opportunities in niche verticals by continuously incubating new AI products and solidifying product quality for a long-term competitive edge [1] Group 2: Industry Trends - The recent CES 2026 showcased advancements in AI computing infrastructure, highlighting a shift from "digital intelligence" to "embodied intelligence" and the rapid integration of AI into physical hardware [1] - AI applications are increasingly permeating all aspects of production and daily life, driving a new wave of efficiency revolution [1] Group 3: Technological Innovation - The company plans to release the Wankey Tianmu Multimedia Model 2.0 in June 2025, which boasts a 90% performance improvement over its predecessor, with notable advancements in professional camera work, 3D sound generation, and intelligent frame transition [1] - The company is enhancing the AI capabilities of its video, document, and drawing software product matrix, with the recent launch of Wankey PDF 2025 featuring new AI functions like intelligent encryption and professional translation [1] Group 4: Talent Acquisition - The company is intensifying its focus on AI talent acquisition, recently launching a "Million Annual Salary Plan" for campus recruitment for the 2026 class, which has garnered significant attention [2]

Core Insights - Quantum computing has transitioned from research exploration to a critical stage of industrial cultivation, revealing significant investment opportunities within the global competition focused on the entire technology stack [1] Investment Points - The quantum computing industry has six key investment points: three hardware components (quantum chip systems, quantum computing measurement and control systems, quantum computing environmental support systems) and three software components (quantum operating systems and software, quantum computing cloud platforms, quantum computing application software), which are interdependent and essential for the industry's development [1] - Quantum chips are considered the "brain and heart" of quantum computers, representing the core hardware that determines computational power limits and is one of the most strategically valuable investment directions in the industry [1] Investment Value of Quantum Chips - The core investment value of quantum chips lies in their ability to manipulate quantum bits to achieve computational power that far exceeds classical computers, with performance determined by three key indicators: the scale of quantum bits, logical gate fidelity, and decoherence time [2] - The global landscape for quantum chip technology is characterized by a parallel development of superconducting, photonic, ion trap, and neutral atom technologies, with countries prioritizing chip autonomy as a strategic focus [2] Domestic Developments - China's quantum chip research has progressed from a following position to a competitive one, establishing an industrial foundation for mass production along the superconducting route, with successful delivery of multiple generations of superconducting quantum chips [2] - The 72-qubit "Wukong" chip has been integrated into China's third-generation autonomous superconducting quantum computer "Benyuan Wukong," completing over 760,000 quantum computing tasks across various advanced fields, demonstrating the practical value and commercial potential of domestic quantum chips [2] Industrialization Challenges - Despite achieving significant breakthroughs, China's quantum chips face challenges in scaling integration and improving yield, particularly for high-bit quantum chips required for general quantum computers, which must overcome high error correction costs and increased process complexity [3] - Investment opportunities in quantum chips require a focus on both technological innovation and industrial collaboration, emphasizing breakthroughs in chip design, nano-processing, and low-temperature packaging, while also tracking the standardization of the entire industry chain and the effectiveness of collaborative innovation systems [3] Investment Logic - The iterative development of quantum chips is expected to continuously release investment value, fostering a positive cycle of "chip breakthroughs—ecosystem upgrades—demand explosions," with each technological advancement reinforcing the investment logic of the entire quantum computing industry [3]

Group 1 - The GEO concept in AI advertising marketing is gaining traction, leading to a significant rise in the media sector, with the China Securities Media Index increasing over 8% in early trading on January 12 [1] - The Media ETF (512980) has seen a growth of over 15% since 2026, ranking among the top in the market, and recorded a net inflow of over 600 million yuan on January 9, with a total scale exceeding 3.9 billion yuan [1] - Generative Engine Optimization (GEO) is an advertising technology aimed at generative AI applications, enhancing the probability of ad content being referenced in AI-generated content [1] Group 2 - As generative AI products like Doubao and Qianwen become core information access points, GEO is optimizing content's semantic expression and credibility, attracting companies such as BlueFocus and Liou Group to actively engage in this area [2] - The Media ETF tracks the China Securities Media Index, which includes 50 large-cap listed companies from sectors like marketing, advertising, and digital media, with a significant focus on the media industry [2] - The market for GEO is expected to experience rapid growth, with projections estimating the global and Chinese GEO market sizes to reach 11.2 billion USD and 2.9 billion CNY by 2025, respectively, and further growth to 100.7 billion USD and 24 billion CNY by 2030 [2]

1月12日，自变量机器人宣布已于近期完成10亿元A++轮融资。本轮融资由字节跳动、红杉中国、北京 信息产业发展基金、深创投、南山战新投、锡创投等投资机构及多元地方平台联合投资。据悉，这也是 深创投AI基金成立以来的第一笔投资。 除字节跳动外，自变量此前也曾先后获得美团、阿里的投资。 自变量目前已设计发布了"量子一号""量子二号"两款高性能的机器人本体，并实现了机械臂、关节模 组、动力驱动器、主控制器等核心零部件的自研与算法深度适配，促成整机成本大幅下降。目前，自变 量已逐步进入工业制造、物流、养老等多个领域。 ...

Group 1 - The 30th China Capital Market Forum was held in Beijing on January 10-11, 2026, focusing on the mission and challenges of the capital market under the macroeconomic situation, as well as future development trends [1] - The forum featured speeches from regulatory leaders and academic experts, and included the launch of the publication "Research on China's Capital Market: 30 Years, 30 Volumes" [1] - Xu Chaohui, Chairman of Western Securities, emphasized the need for the market to leverage national conditions and Chinese wisdom to promote high-quality development through continuous reform practices [1] Group 2 - Western Securities has integrated its growth with market development and national strategy, focusing on building a comprehensive financial service system for technological innovation [2] - The company has transformed its business structure from traditional "sell-side research + venture capital + channel investment banking" to a functional service system centered on "think tank research + patient capital + industrial investment banking" [2] - On January 9, 2026, Western Securities celebrated its 25th anniversary and completed a brand renewal, enhancing its public recognition and industry influence [3] - The company aims to seize historical opportunities for deepening capital market reforms and is committed to serving the real economy while adhering to a cooperative and win-win philosophy [3]

Core Viewpoint - The establishment of the Qufu Donghong Technology Innovation Research Institute marks a significant step in promoting innovation and technological advancement in Qufu and Jining, focusing on pipeline intelligent terminals and related systems [1]. Group 1: Company Overview - Qufu Donghong Technology Innovation Research Institute is the only domestic institution dedicated to comprehensive research on pipeline intelligent terminals and macro systems [1]. - Donghong Co., Ltd. aims to leverage this institute to enhance its focus on three key areas: pipeline intelligent terminals, new materials, and connection systems [1]. Group 2: Industry Impact - The establishment of the research institute signifies a critical advancement in nurturing emerging industries and enhancing the "2+3" industrial cluster capabilities in Qufu [1]. - The local government has been optimizing the business environment and supporting enterprises like Donghong to concentrate on their core businesses and expand their operations [1]. Group 3: Mission and Goals - The mission of the Qufu Donghong Technology Innovation Research Institute is to drive technological innovation and industrial upgrades in the pipeline sector [1]. - The institute is committed to technology research and development, product innovation, and the transformation of research outcomes to support the development of new productive forces and contribute to the construction of a manufacturing powerhouse [1].