Group 1 - Chengdu Jiuding Technology (Group) Co., Ltd. is undergoing bankruptcy asset auction scheduled from January 10 to January 11, 2026, with a starting price of 67.5504 million yuan [1] - The company, established in 2000, focuses on the research, manufacturing, and sales of automotive parts, primarily shock absorbers, and is controlled by Sichuan Aerospace Industry Group Co., Ltd. [1] - The auctioned assets include both current and non-current assets, such as bank deposits, accounts receivable, inventory, long-term equity investments, fixed assets, and intangible assets [1] Group 2 - The auction features significant intellectual property, including 21 invention patents, 12 pending invention patents, 63 utility model patents, and 5 trademarks, all developed independently by the company [1] - Additionally, 51% equity of Zhejiang Dingxin Aerospace Technology Co., Ltd. will be auctioned separately with a starting price of 104,100 yuan, which includes operations in rocket launch equipment and automotive parts manufacturing [2] - This auction presents an opportunity for automotive parts companies and investors to consolidate production resources and acquire mature production technologies and patents, particularly in the shock absorber sector [2]

中证报中证网讯（王珞）2025年12月31日，西南证券股份有限公司（600369.SH，下称"西南证券"）集 中披露多项公告，公司通过董事会决议落地管理层考核薪酬、内部机构调整、自营投资额度设定等治理 举措，同步完成首席信息官聘任及审计签字注册会计师变更，全方位夯实公司合规运营与高质量发展基 础。 高管团队优化同步推进。公告显示，华明因工作调整辞去首席信息官职务，后续将担任信息技术部级资 深经理，公司董事会对其任职期间贡献表示感谢；同时聘任具备丰富金融科技及证券行业信息技术管理 经验的何江为新任首席信息官，任期至本届董事会届满，其履历覆盖国金证券、广发证券、华泰证券等 多家机构，无违规任职情形。 审计合规保障持续强化。公司披露，因审计机构天健会计师事务所内部工作调整，原2025年度审计签字 注册会计师肖桂春由唐薛钦接替，变更后签字组合为李斌与唐薛钦。资料显示，唐薛钦自2022年起参与 西南证券审计工作，近三年连续签署公司2022-2024年度审计报告，具备充分行业经验，且无违反独立 性要求及不良诚信记录，本次变更已完成工作交接，不会对年度审计工作产生不利影响。 公司治理层面，同意新设投资银行事业部并购融资一部 ...

Core Viewpoint - The company Proya (603605), a leading domestic beauty brand, has announced a new share repurchase plan to enhance investor confidence and maintain a stable development trajectory [1][2] Group 1: Share Repurchase Plan - Proya will use its own funds for the share repurchase, with an amount ranging from RMB 80 million to RMB 150 million, and an estimated repurchase quantity of 800,000 to 1.5 million shares [1] - The repurchased shares will be used for equity incentives or employee stock ownership plans [1] Group 2: Historical Context and Shareholder Returns - The share repurchase has become an important part of Proya's stable shareholder return system, with a total of 2,210,825 shares repurchased and an amount of RMB 192.12 million from 2023 to 2024 [2] - Since its listing in 2017, Proya has distributed a total of RMB 2.318 billion through dividends and share repurchases, establishing a "repurchase + dividend" dual-driven shareholder return model [2] Group 3: Industry Position and Future Outlook - In a competitive beauty market, Proya's stable performance, ongoing R&D investment, and regular shareholder returns have created a positive cycle of performance growth, value recognition, and confidence building [2] - The company aims to leverage its competitive advantages to continue leading the industry, with a stable shareholder return mechanism expected to further enhance market confidence and achieve long-term win-win outcomes for corporate value and shareholder interests [2]

中证报中证网讯(记者王鹤静)12月30日晚间，广发证券发展研究中心所长助理、首席策略分析师刘晨明 在中国证券报"金牛来了"直播间分享了其对A股投资的新思考。 刘晨明认为，A股和港股的盈利研判框架需重大调整。结合当前市场环境来看，在地产、基建、内需消 费等传统经济板块体感未有改善的情况下，A股非金融板块的ROE实现了连续三个季度的企稳。A股历 史上还没有出现过连续三年"提估值"的情况，在2024年至2025年连续两年估值正贡献的情况下，2026年 估值演绎能否打破历史规模值得关注。 刘晨明提出，A股连续三年行业涨幅排名前五的案例历史上只出现过一次，即2016年至2020年的食品饮 料行业，其它行业都无法连续领涨三年，2026年通信和电子行业的表现能否打破行业涨跌"事不过三"的 规律值得关注。今年电子行业的机构持仓达到历史单个行业的上限，也打破了所谓"20%持仓即见 顶"的"魔咒"，TMT板块持仓比例已超过当年的"茅指数"。每一次产业周期牛市中TMT成交占比都会突 破历史上限，今年DeepSeek时期TMT成交额占比突破历史。此外，继黄金2024年一季度突破历史周期 上沿后，今年LME铜价也突破了历史上每一轮涨价 ...

Core Viewpoint - The cyclical industries typically exhibit a clear competitive landscape and stable valuation systems, allowing for reverse layout based on fundamental trends and valuation levels [1] Group 1: Investment Focus - Key areas of focus under the cyclical perspective include upstream resource sectors, midstream cyclical manufacturing sectors, strong cyclical segments within consumption, and the financial services industry, with attention to fundamental rhythm and implied risk-return [1] - When the implied returns of dividend strategies are attractive, the focus should be on mature industries with stable market positions and cash flows, particularly leading companies in consumer goods and manufacturing [1] - Additionally, there is an emphasis on "efficiency-type" companies within large industries, actively seeking "1-N" growth opportunities for enterprises [1]

Core Viewpoint - In the context of a restructuring global monetary system and frequent geopolitical disturbances, tangible assets are seen as a viable option to hedge against uncertainties [1] Group 1: Macroeconomic Environment - The current macroeconomic landscape is characterized by "high inflation expectations, high deficits, and low inventories" [1] - The allocation value of resource products is highlighted by their "irreplaceable physical credit" and "anti-inflation properties" [1] Group 2: Investment Opportunities - Gold is identified as a core anchor in the restructuring of the global monetary system, with central banks continuing to increase the proportion of gold in their foreign exchange reserves [1] - Copper is noted for its role as an electrical metal, with a potential supply-demand gap expected to persist over the next 3-5 years due to the demand from AI data centers and power grid upgrades [1] - Energy metals and strategic minerals such as lithium, cobalt, and certain rare metals are emphasized, with the explosive growth in the downstream energy storage industry driving lithium demand beyond expectations [1]

刘晨明认为，投资黄金的关键在于"拿得住"。为克服人性弱点并规避择时风险，定投是一个很好的参与 方式。通过分批买入平摊成本，在低位积累筹码，通过定投以时间换空间，耐心等待每一次脉冲带来的 资产跃升，才是稳健的取胜之道。 中证报中证网讯(记者王鹤静)12月30日晚间，广发证券发展研究中心所长助理、首席策略分析师刘晨明 在中国证券报"金牛来了"直播间分享了对于黄金投资的思考。 刘晨明提示，投资者需要认清，黄金主要呈现急涨慢跌的走势特征，金价往往在经历漫长的盘整或缓慢 阴跌后，才会出现短时间的脉冲式拉升。这意味着市场大部分时间是枯燥甚至煎熬的，如果试图频繁做 波段，可能极易"卖飞"错过主升浪。 ...

Core Viewpoint - The eighth session of the Risk Management Professional Committee of the China Securities Association aims to enhance the industry's risk management capabilities and ensure sustainable development while preventing systemic financial risks [1][3]. Group 1: Committee Meeting Outcomes - The first plenary meeting of the new committee was held on December 24, 2025, in Beijing, discussing key work for 2026 and announcing the appointment of new committee members [1]. - The previous committee achieved significant results in improving the comprehensive risk management system and enhancing the industry's risk management capabilities [1]. Group 2: 2026 Key Work Focus - The committee emphasizes the need to respond proactively to the current era and align with the strategic deployment of the "14th Five-Year Plan" in the financial sector, focusing on risk prevention, regulatory strengthening, and promoting high-quality development [2]. - Continuous improvement of the self-regulatory rule system is prioritized, with a focus on revising risk management regulations to create a comprehensive and efficient self-regulatory framework [2]. - The committee will strengthen risk prevention in key areas by identifying risk control challenges and promoting advanced experiences to enhance overall industry risk management capabilities [2]. - There is a push for exploring emerging technologies like artificial intelligence and blockchain in risk management to improve the industry's ability to handle new and complex risks [2]. - Establishing a regular communication platform for industry training and information sharing is essential to foster a collaborative risk management ecosystem [2]. Group 3: Future Directions - The China Securities Association will continue to implement the spirit of the 20th Central Committee's Fourth Plenary Session and the Central Economic Work Conference, enhancing the committee's role in improving the comprehensive risk management system [3]. - The focus will be on guiding securities firms towards proactive risk control and elevating the industry's risk management standards to support high-quality development during the "14th Five-Year Plan" period [3].

Core Viewpoint - The article emphasizes the importance of financial culture in driving the healthy development of the economy, highlighting HuLong Securities' commitment to social welfare, customer wealth creation, shareholder returns, and employee value realization [1] Group 1: Financial Services and Innovation - HuLong Securities focuses on serving the real economy, particularly in the technology innovation sector, by participating in initiatives like the "Yuruyi Plan" in Gansu Province, investing over 1.3 billion yuan in advanced manufacturing and biomedicine through various financial instruments [1] - The company has successfully assisted in the listing of cloud-based technology companies on the Beijing Stock Exchange and has issued innovation bonds and established industry funds to support local tech enterprises [1] Group 2: Green Finance - HuLong Securities integrates the concept of "green mountains and clear waters are invaluable assets" with a prudent financial culture, supporting regional green transformation [2] - The company acted as a financial advisor in the major asset restructuring of Gansu Energy, completing a 7.6 billion yuan asset transfer and 1.9 billion yuan financing, facilitating its transition to a comprehensive energy company [2] Group 3: Inclusive Finance - The company emphasizes its commitment to inclusive finance as a means to enhance social welfare, empowering small and micro enterprises through diverse channels and innovative educational models [2] - HuLong Securities has invested over 7.5 million yuan in support initiatives for regions like Gannan and Tianshui, and its team won second place in a national investor rights knowledge competition [2] Group 4: Pension Finance - In response to societal aging demands, HuLong Securities has initiated a fund for the development of the pension service industry, investing 450 million yuan to support the construction of the pension system [3] - The company has introduced financial products tailored for elderly needs and developed a comprehensive pension finance service system, including educational initiatives for seniors [3] Group 5: Digital Finance - HuLong Securities embraces digital transformation while maintaining compliance, enhancing service efficiency through initiatives like "one machine handles all" and local deployment of financial AI models [3] - The company applies cutting-edge technology in risk management and investment decision-making, ensuring high-quality development while adhering to risk management principles [3] Group 6: Future Outlook - Looking ahead, HuLong Securities aims to uphold the banner of Chinese financial culture, focusing on compliance, integrity, professionalism, and win-win cooperation, while enhancing service capabilities to support the real economy [4] - The company is committed to preventing systemic risks and contributing to the modernization of Gansu Province through its financial initiatives [4]

Group 1 - The core collaboration between Fangda Carbon and Beijing University of Science and Technology focuses on the research and development of electric arc furnace direct reduction iron technology, aiming to address key technological bottlenecks in the low-carbon transition of the steel industry [1] - The project aims to provide low-carbon, clean, and high-quality iron source solutions for electric furnace steelmaking by evaluating energy consumption, energy utilization efficiency, metal recovery rate, carbon emissions, and iron water quality [1][3] - Fangda Carbon has established a complete industrial chain with an annual production capacity of 260,000 tons of carbon products, exporting to over 60 countries and regions globally [2] Group 2 - The electric arc furnace direct reduction iron (DRI) technology is expected to reduce carbon dioxide emissions by approximately 75% compared to traditional steelmaking processes [3] - The company plans to leverage this project to enhance collaborative innovation between industry and academia, contributing to the deep decarbonization of the steel industry [3] - Fangda Carbon has developed high-performance graphite electrodes and carbon bricks that improve melting efficiency and operational continuity, supporting the economic scalability of DRI production [2]