Core Viewpoint - Tianmai Technology has undergone a significant change in its controlling shareholder, with the transfer of 26.10% of its total shares from Guo Jianguo and his associates to Suzhou Industrial Park Qichen Hengyuan Equity Investment Partnership, leading to a new actual controller, Kuang Ziping [1] Group 1: Shareholder Change - The controlling shareholder of Tianmai Technology has changed from Guo Jianguo to Suzhou Qichen, with the actual controller now being Kuang Ziping [1] - Guo Jianguo and his associates transferred 17.7567 million shares, representing 26.10% of the company's total equity, to Suzhou Qichen, with the transfer completed and registered with the China Securities Depository and Clearing Corporation [1] Group 2: Company Overview - Tianmai Technology specializes in providing comprehensive solutions for urban intelligent transportation based on technologies such as IoT, satellite positioning, artificial intelligence, big data, and cloud computing [1] - Kuang Ziping, the new actual controller, is the founding managing partner of Qiming Venture Partners, focusing on sectors like information technology, artificial intelligence, automation equipment, and blockchain [1] Group 3: Previous Agreements - On January 6, 2025, Guo Jianguo and his associates signed a share transfer agreement with Suzhou Industrial Park Qihan Venture Capital Partnership, with Guo Jianguo committing not to seek control of the listed company and to maintain the stability of its control [1] - On May 23, 2025, it was agreed that Suzhou Qichen would execute the transfer of the target shares [1]

Group 1 - The core viewpoint of the article highlights the strong performance of the silver market, driven by expectations of multiple interest rate cuts by the Federal Reserve starting in September 2025, which lowers the opportunity cost of holding non-yielding assets like silver and suppresses the dollar's value, thereby boosting silver prices denominated in dollars [1] - Geopolitical risks have increased, leading to silver, like gold, attracting safe-haven investments, while the trend of global central banks increasing their gold holdings indirectly enhances the appeal of precious metals [1] - On the supply and demand side, silver has a rigid industrial demand, particularly from cutting-edge technology sectors, as it is the best conductor of electricity on Earth and is irreplaceable in electric vehicles, photovoltaics, AI servers, and 5G communications [1] Group 2 - The global silver market has been in a supply-demand deficit for several consecutive years, with over 70% of silver being a byproduct of mining copper, lead, and zinc, making it difficult for production to quickly increase in response to rising silver prices, a phenomenon referred to as the "byproduct curse" [1] - Physical inventories, especially the deliverable stocks on the London and New York exchanges, have fallen to historical lows [1] - The gold-silver ratio has decreased from 106 in April to 85, remaining above the historical average range of 40-80, indicating that silver has ample room for price appreciation if gold continues to rise and the ratio moves towards the mean [2]

Group 1 - The overall impact of new energy and AI on the non-ferrous metal sector is structural and real, but the "demand value" varies significantly among different metals [1] - For copper, significant investments are required for infrastructure related to new energy generation, electric vehicle charging networks, and AI data centers, indicating a systemic and rigid demand [1] - JPMorgan estimates that AI alone will add 2.6 million tons of copper demand by 2030 [1] Group 2 - The growth in global photovoltaic (PV) installations has indeed created solid industrial demand for silver [1] - However, advancements in PV technology are leading to a rapid decrease in silver paste consumption per solar cell, dropping from approximately 130 mg per cell in 2019 to about 65 mg per cell in 2023 [1] - Consequently, the growth rate of silver demand may lag behind the growth rate of PV installations [1]

中证报中证网讯（记者 林倩）1月7日晚间，东方财富（300059）发布公告称，公司高管黄建海、杨浩 减持计划实施完毕，减持均价分别为23.57元/股和23.86元/股，共减持公司股份约35万股，减持股份占 公司总股份为0.0022%，两人本次合计套现828.52万元。 ...

Group 1 - The core viewpoint of the news is that Horizon and Omniview Group's joint venture, Smart Driving Mainland, has successfully completed a new round of financing amounting to nearly $200 million, indicating strong market interest and the potential for commercialization in the smart driving sector [1][2] - The financing highlights the recognition of a new collaborative model in smart driving, which combines domestic technology with overseas channels, effectively addressing the challenges of market entry and localization for Chinese smart driving companies [1] - The partnership leverages Omniview Group's extensive global OEM resources and supply chain management experience, along with Horizon's advanced end-to-end smart driving technology, enabling successful product validation and mass production in multiple countries [1] Group 2 - The acceleration of smart driving accessibility is another key factor attracting capital, as the new HCT Astra urban intelligent driving solution targets the 100,000 yuan passenger car market, making advanced driving assistance more widely available [2] - This breakthrough aligns with industry demands and positions the company to achieve over 10 model launches by 2025, leading the industry in commercialization efficiency and marking the entry of high-level urban smart driving into the mass market [2] - The financing progress reflects a new trend in the industry where technological accessibility and global expansion are becoming core competitive advantages for smart driving companies, with the funds aimed at enhancing R&D and market outreach [2]

Core Viewpoint - The "anti-involution" policy is expected to have a long-term positive impact on the non-ferrous metal sector by addressing the imbalance of "excess low-end capacity and insufficient high-end capacity" through capacity constraints and structural upgrades [1] Supply Side Summary - The core of the "anti-involution" policy involves strict capacity replacement (e.g., electrolytic aluminum) and stringent control over new capacity in copper smelting and alumina production [1] - A dynamic monitoring mechanism for capacity expansion will be implemented to prevent disorderly growth, leading the industry to shift from "quantity-driven" to "quality-driven" [1] - Low-end capacities in oversupplied sectors such as alumina and copper smelting will gradually exit the market, enhancing the competitive advantage of leading enterprises [1] Price Side Summary - The previous "involution-style" price wars resulted in non-ferrous product prices being consistently below cost, severely compressing corporate profits [1] - The "anti-involution" policy aims to combat low-price disorderly competition, promoting prices to return to a reasonable range [1]

中证报中证网讯(记者魏昭宇)1月7日晚，万家工业有色ETF基金经理贺方舟做客中国证券报"ETF点金 汇"直播间。谈及对工业金属板块的后市预判，他表示，随着美联储降息预期将陷入"胶着"，铜、铝等 资产进入"供需验证期"。在他看来，工业金属板块是受逻辑切换影响最大的板块，其定价将高度依赖于 微观数据。 谈及铜，他表示，这一资产宏观属性强。预期"胶着"时，其金融溢价会受到压制。但当前的核心矛盾在 于其自身极低的全球显性库存和长期供应短缺。因此，价格将在"宏观情绪的摇摆"和"现货紧张的硬约 束"之间剧烈博弈。任何大型基建项目(如"平急两用"设施)或电网投资的超预期，都可能成为突破震荡区 间的催化剂。 谈及铝，他表示，国内对这一资产的定价权更强，其成本(主要是电价)和国内供给侧"天花板"是核心。 需求更依赖于地产竣工和汽车轻量化的实际进度。海外降息预期的摇摆对其影响相对间接，更多通过全 球增长预期和汇率渠道传导。 ...

Core Viewpoint - The long-term investment perspective on industrial non-ferrous metals should be viewed as a "strategic resource asset" benefiting from global liquidity easing and the future of electrification and digitalization, rather than merely a cyclical commodity [1] Group 1: Market Outlook - The manager is optimistic about the medium to long-term performance of the non-ferrous metals sector [1] - The Federal Reserve entering a rate-cutting cycle is favorable for dollar-denominated non-ferrous metals [1] - Supply-side disruptions, including accidents in South American and Central African copper mines, have led to tight supply, exacerbated by the recent mining accident at Indonesia's Grasberg copper mine [1] Group 2: Demand Factors - The demand for industrial metals is continuously rising, driven by energy transition and the AI wave [1]

Group 1 - The company Baismei's subsidiary, Jiangsu Yong'an Chemical Co., Ltd., has received an indictment from the Lianshui People's Procuratorate regarding interference with automatic pollution monitoring facilities, leading to distorted monitoring data [1] - The indictment suggests that Yong'an Chemical and involved personnel have mitigating circumstances for lighter penalties, and the company is currently operating normally [1] - Yong'an Chemical completed rectification in 2024 and successfully re-applied for a pollution discharge permit in February 2025, which was approved by the Huai'an Ecological Environment Bureau [1] Group 2 - Yong'an Chemical, established in December 2005, is a key subsidiary of Baismei, focusing on the research, production, and sales of pesticide products, particularly the herbicide Dimethenamid-P [1] - Dimethenamid-P is gradually replacing traditional herbicides like Ethyl Acetate and Fluazifop in Europe and is widely used as a co-adjuvant with Glyphosate, with steady global market demand growth [2] - Baismei produces intermediates such as 4-Nitro and Pentamine, which are partially sold externally and partially supplied to Yong'an Chemical for further processing into Dimethenamid-P for global distribution [2]

Group 1 - The core viewpoint of the article highlights the advancements in artificial intelligence, particularly the transition from large models to specialized intelligent agents, which is expected to create a market space ten times larger than the traditional software market [1] - 360 Group, along with 27 other units including Huawei, Tsinghua University, and China Telecom, has been recognized as one of the first pilot application units for intelligent agent interconnection protocols [1] - The founder and chairman of 360 Group, Zhou Hongyi, emphasized the company's unique advantage in integrating security with AI, aiming to contribute to the development of standards and ecological collaboration in the field of intelligent agents [1]