Core Viewpoint - The long-term assessment mechanism for pension funds has been officially implemented, aiming to enhance the investment effectiveness of pension funds by extending the evaluation period and focusing on medium to long-term goals [2][3]. Group 1: Long-term Assessment Mechanism - The official guidance specifies that the management contracts for pension funds should have a minimum duration of three years, establishing a new standard for long-term assessment [3]. - The performance evaluation of pension funds will primarily rely on medium to long-term objectives, with an emphasis on indicators that span over three years [3]. - The new mechanism aims to reduce the pressure on fund managers to chase short-term performance, allowing for more stable and strategic investment decisions [4]. Group 2: Importance of Pension Funds - Corporate and occupational pension funds are a crucial part of China's second pillar of the pension system, with an investment scale exceeding 7.7 trillion yuan as of September 2025 [5]. - The investment returns from corporate pension funds during the 14th Five-Year Plan period are projected to exceed 756 billion yuan [5]. - The long-term nature of pension funds is essential for stabilizing the capital market and enhancing value discovery, which has been hindered by short-term performance pressures [5][7]. Group 3: Policy Implications - The guidance is part of a broader initiative to promote long-term capital investment across various financial sectors, including public funds and insurance companies [6]. - The implementation of long-term assessment mechanisms is expected to transform pension funds from being reactive to becoming proactive long-term capital [7]. - This policy is viewed as a significant upgrade to the infrastructure of China's capital market, addressing the fundamental conflict between long-term capital attributes and short-term investment behaviors [7].

Market Overview - As of January 7, U.S. stock indices showed mixed performance, with the Dow Jones up by 0.27%, the S&P 500 slightly up by 0.01%, and the Nasdaq down by 0.11% [1]. - The Dow Jones index reached 49,593.63, gaining 131.55 points [2]. - The S&P 500 index stood at 6,945.23, with a minor increase of 0.41 points [2]. - The Nasdaq index was at 23,521.50, decreasing by 25.67 points [2]. Sector Performance - Gold and silver stocks experienced significant declines, with Hecla Mining and First Majestic Silver dropping over 5%, and Pan American Silver and Kinross Gold falling more than 4% [2]. - Barrick Gold saw a decline of over 2% [2]. - Spot gold prices fell by 1%, while spot silver prices dropped nearly 5% [2]. Technology Sector - The technology sector faced a majority of declines, with Western Digital falling over 5% and AMD down by more than 2% [2]. Chinese Stocks - Chinese stocks showed mixed results, with Zai Lab increasing by over 5% and Century Internet rising by more than 4% [2]. - However, Hesai Technology and NetEase both experienced declines of over 2% [2].

经过2025年的爆火之后，2026年的苏超被很多人期待。近日，苏超2026年赞助金额达2.02亿元的消息在 网上疯传，"2亿赞助商"名单满天飞。据现代快报记者从相关部门了解到，该消息不实。 目前，2026年苏超的赞助商还未公布，预计相关部门将召开发布会，正式对外发布苏超赞助商的相关信 息。 ...

Core Viewpoint - The electric grid equipment sector is experiencing a significant structural change, with domestic investments increasing while foreign capital is retreating, indicating a new growth phase for the industry in 2026 [2][4]. Group 1: Market Performance and Key Developments - On January 7, 2026, China XD Electric (601179.SH) saw a strong surge, nearing its historical high of 11.08 yuan, following its successful bid for a 1.447 billion yuan project from the State Grid [2][3]. - The electric grid equipment index rose by 1.88% on the same day, reaching a one-month high, with significant gains observed in other companies like Sanbian Technology (002112.SZ) and Far East Holdings (600869.SH) [3]. - In 2025, the electric grid equipment index increased by 33%, reaching a historical peak, driven by accelerated investments from the State Grid and high demand for overseas grid upgrades [3][5]. Group 2: Investment Trends and Structural Changes - The total market size for domestic electric grid equipment is projected to exceed 2 trillion yuan in 2025, with a year-on-year growth of 15%, supported by stable investments from the State Grid and Southern Grid [5]. - The bidding amount for State Grid's transmission and transformation equipment reached 91.9 billion yuan in 2025, reflecting a 26% year-on-year increase, with significant growth in the bidding for ultra-high voltage transformers and combined electrical devices [5]. - The structural changes in investment direction are leading to a divergence in the performance of different segments within the electric grid equipment industry, with high demand for main grid and transformer exports while some segments face pressure [5][6]. Group 3: Future Outlook and Opportunities - The acceleration of ultra-high voltage project approvals is expected to provide clear guidance for State Grid's investment growth in 2026, with projections for four new direct current lines to be approved [6]. - The demand for electric transformers is anticipated to remain high due to aging infrastructure in the U.S. and a significant supply gap, presenting a historic opportunity for domestic companies to expand internationally [7]. - The introduction of next-generation solid-state transformers, which can improve power supply efficiency to over 90%, is expected to be a key development in 2026, with domestic companies likely to benefit from high-margin orders [7].

Group 1 - Gold and silver prices experienced a collective decline, with spot gold dropping by 1.34% to $4434.52 per ounce and spot silver falling by 4.34% to below $78 per ounce [1][2] - The Shanghai gold futures main contract decreased by 0.95%, settling at 995.74 yuan per gram, while the Shanghai silver futures main contract fell over 4%, reaching 18796 yuan per kilogram [3][4] Group 2 - The trading volume for gold was reported at 1.11 million contracts, with a highest price of 1000.56 yuan per gram and a lowest price of 995.20 yuan per gram [4] - For silver, the trading volume was 118,600 contracts, with a highest price of 19233 yuan per kilogram and a lowest price of 18726 yuan per kilogram [5]

Core Viewpoint - The establishment of a comprehensive punishment and prevention system for financial fraud is fundamental to purifying the ecological environment of the capital market [1] Group 1: Regulatory Actions - The China Securities Regulatory Commission (CSRC) has made significant progress in combating financial fraud, with 159 cases investigated and 111 administrative penalties imposed since the beginning of 2024, amounting to fines of 8.1 billion [2] - The introduction of the special representative litigation system has enhanced the interconnectivity of administrative, criminal, and civil actions, contributing positively to a healthy investment environment [2] Group 2: Challenges in Enforcement - Sole reliance on judicial and regulatory enforcement is insufficient, as the complexity of financial fraud makes it difficult for regulators to detect all violations [3] - Financial fraud is characterized by private information and information asymmetry, necessitating a dual approach that combines public enforcement with market self-regulation [3] Group 3: Improvement of Legal Framework - The current special representative litigation system has limitations, with very few cases actually initiated despite numerous financial fraud incidents, indicating a need to lower the entry barriers for such lawsuits [4] - The complexity of defining eligible representatives and the ambiguity in compensation distribution hinder the effectiveness of the self-regulatory system [4] Group 4: Enhancing Market Self-Regulation - Reducing the barriers for the special representative litigation system will lower the costs of market self-regulation and increase the costs for financial fraud [5] - Establishing a civil compensation priority before administrative penalties could incentivize the special representative litigation system, addressing issues related to enforcement and compensation collection [5]

2026.01.07 今年的CES（国际消费电子展）演讲中，算力焦虑是一个不断被提起的话题。 当地时间1月5日，在与OpenAI总裁格雷格·布洛克曼（Greg Brockman）的对话中，AMD CEO苏姿丰笑 言，每次见到格雷格·布洛克曼，他都在说需要更多算力。 按照苏姿丰的预测，未来几年内需要将全世界的计算能力增加100倍。英伟达CEO黄仁勋给出的数据则 是，模型规模以每年10倍的速度增长，推理模型的输出每年增长5倍。为匹配算力需求，英伟达透露， 最新架构芯片吞吐量是前一代的10倍，苏姿丰则放话，有望4年内将AI芯片性能提升1000倍。 但如果考虑到芯片晶体管每年密度提升的速度，每年实现10倍的性能提升并不容易。在1月6日与第一财 经等媒体一个半小时的对话中，黄仁勋换上了一件新皮衣，谈话中多次提到芯片工艺技术逼近物理极 限，为了应对这个挑战，英伟达需要在半导体工艺之外做到更多。 本文字数：4318，阅读时长大约7分钟 作者 |第一财经 郑栩彤 刘佳 封图 |第一财经记者刘佳摄 英伟达走向了从芯片到整个计算机系统、数据中心的协同优化路径，在算力芯片之外看到更多。在对话 中，黄仁勋讲到英伟达在存储、能源、模型 ...

Core Insights - Gaode is transitioning from a mapping service to a local life service super entrance, as evidenced by the launch of the "Street Ranking" which has gained significant traction in a short period [1][5] User Growth and Engagement - The "Street Ranking" accumulated over 660 million users within 100 days of its launch, with more than 860,000 merchants actively joining the platform [1][5] - On the first day of its launch, the user base exceeded 40 million, and by October 2025, the daily active users surpassed 70 million, showcasing a "phenomenal" growth in a saturated market [3][5] Merchant Performance - The average revenue of the 860,000 merchants increased by over 270% month-on-month, indicating the platform's effectiveness in enhancing merchant operations [5] User Experience and Trust - The "Street Ranking" utilizes real user behavior data, such as navigation and in-store visits, to create rankings, thereby addressing issues of trust and authenticity in local service reviews [4][10] - Users reported a significant reduction in decision-making costs when selecting local services, as the platform provides reliable recommendations based on actual consumer behavior [7][10] Technological Advancements - The 2026 upgrade of the "Street Ranking" introduced 6,553 dynamic seasonal rankings and 1,550 category rankings, expanding its coverage to global listings across over 200 countries [8][10] - New features like "Flying Street View" and AR capabilities enhance user interaction and provide immersive experiences, showcasing Gaode's technological edge in the local service market [10][11] Market Positioning - Gaode's strategy positions it as a key player in the local life service sector, leveraging its extensive data assets and AI capabilities to create a differentiated credit system for local services [4][8][11] - The platform aims to reshape the local consumption credit system and growth logic, emphasizing the importance of genuine consumer experiences in driving business success [11]

Core Insights - The first edition of the "Commercial Health Insurance Innovative Drug Directory" has been implemented, which includes 19 innovative drugs with significant clinical value that exceed the payment capacity of basic medical insurance [2][4] - The directory aims to benefit participants of the "Hui Min Bao" insurance, particularly those with severe illnesses, by providing access to high-cost innovative treatments [2][6] - The successful integration of these innovative drugs into hospitals remains a challenge, as many hospitals have specific requirements and policies that may hinder the adoption of these high-value drugs [3][4] Group 1 - The "Commercial Health Insurance Innovative Drug Directory" includes drugs for critical areas such as cancer, rare diseases, neurodegenerative diseases, and metabolic disorders, filling gaps in the basic medical insurance directory [2][4] - CAR-T therapy is highlighted as a significant treatment option for difficult-to-treat blood cancers, potentially extending patient survival from six months to over five years, but its high cost limits accessibility [2][3] - The implementation of the directory's benefits for "Hui Min Bao" participants depends on the acceptance of innovative drugs by the insurance products and their availability in hospitals [2][5] Group 2 - The "three exclusions" policy allows drugs in the directory to be exempt from certain cost monitoring and payment frameworks, but it does not resolve the challenges of getting these drugs into hospitals [4][5] - Some "Hui Min Bao" products have begun to connect with the directory, offering increased reimbursement rates for drugs used during hospitalization, but this is contingent on the drugs being included in hospital treatment [4][6] - There is encouragement from local medical insurance bureaus for retail pharmacies to stock drugs from the directory, which could help address the challenges of hospital access for high-cost innovative drugs [5][7] Group 3 - The directory includes drugs that are also part of some "Hui Min Bao" special drug coverage, with varying reimbursement rates for pre-existing and non-pre-existing conditions [6][7] - Some "Hui Min Bao" products have increased reimbursement rates for pre-existing conditions to 35%, indicating a shift towards better coverage for these patients [7] - Local medical insurance bureaus are supporting the design of new products and adjustments in reimbursement methods to better meet patient medication needs and reduce financial burdens [7]

Core Viewpoint - The stock of Guosheng Technology (603778.SH) has been suspended due to excessive price increases that deviate from its fundamentals, with a cumulative increase of 370.20% from October 31, 2025, to January 6, 2026, indicating potential market overheating and irrational speculation risks [2][3]. Company Overview - Guosheng Technology, formerly known as Qianjing Garden, transitioned from landscape engineering to a dual business model of "landscape + photovoltaic" after acquiring stakes in seven subsidiaries for 154 million yuan in November 2022 [4]. - The company has faced significant losses, with cumulative losses exceeding 400 million yuan from 2020 to 2022, and net losses of 68.88 million yuan in 2023, 106 million yuan in 2024, and 151 million yuan in the first three quarters of 2025 [4]. Financial Metrics - The company's price-to-book ratio stands at 17.47, significantly higher than the industry average of 3.22, indicating a bubble in its stock price [3]. - As of September 30, 2025, Guosheng Technology's debt-to-asset ratio was 70.52%, reflecting a 4.04 percentage point increase from the previous quarter and a 6.32 percentage point increase year-on-year [5]. Investment Activities - The company announced a 230 million yuan investment in Guosheng Global New Energy for a solid-state battery manufacturing project, primarily funded by bank loans, which raises concerns about its short-term debt repayment capacity [5]. - On November 25, 2025, Guosheng Technology disclosed plans to acquire 100% of Fuyue Technology for 240.6 million yuan, prompting inquiries from the Shanghai Stock Exchange regarding the valuation and funding sources for this acquisition [6].