Core Insights - The dialogue between NVIDIA CEO Jensen Huang and Lenovo CEO Yang Yuanqing highlights the long-standing partnership and future directions in AI and computing technologies [2][3] - Both companies anticipate significant growth opportunities in the AI sector, particularly through the development of hybrid AI systems [3][4] Group 1: Partnership and Growth - The collaboration between NVIDIA and Lenovo has evolved over 28 years, with business scale increasing fivefold in the last two years [2] - Lenovo's AI business growth is attributed to its global business layout and technological advantages in high-performance computing and water cooling technology [2] - Huang expressed confidence that the partnership could expand fivefold again in the next two years, driven by the widespread adoption of AI across industries [4] Group 2: Future Trends in AI - The next phase of AI development will feature two main trends: the integration of public cloud models with private customized models, and the application of hybrid enterprise intelligence across various industries [3] - Lenovo and NVIDIA are collaborating to create an enterprise-level AI system based on RTX Pro, which Huang described as a revolutionary server [3] - The anticipated launch of this product is expected to significantly impact sectors such as industrial, logistics, warehousing, and robotics [4]

Core Viewpoint - LABUBU has transitioned from a financial product to an ordinary consumer good, with products now readily available for purchase, contrasting with previous scarcity [1] Group 1: Product Availability and Pricing - LABUBU products, including various series, are now in stock and can be shipped within 48 hours, a significant change from previous pre-sale conditions where products were hard to obtain [1] - The resale prices of LABUBU's 3.0 series have dropped significantly, nearing the original retail price, with some non-popular items selling for less than the original price [3] - The LABUBU 4.0 series has also seen a lack of scarcity, with consumers able to purchase items directly from stores without difficulty [3] Group 2: Market Performance and Company Strategy - Despite a significant increase in stock price over two years, Bubble Mart's stock has seen a decline of approximately 40% since reaching a peak of 339.8 HKD per share, resulting in a market cap loss of over 200 billion HKD [3] - Industry expert Zhang Shule believes that reducing LABUBU's inflated prices is essential for Bubble Mart to establish itself as a genuine global IP operation, emphasizing the difference between short-term profit and long-term sustainability [4] Group 3: Future Prospects - The popularity of the Starry People IP is rising, with products frequently sold out, raising questions about whether it can become the next revenue driver for Bubble Mart [6] - Zhang Shule suggests that while LABUBU's success was somewhat accidental, the Starry People IP does not currently have the same potential for explosive growth due to various external factors [6]

周日 1/11 | 第1次5 | | | --- | --- | | | 45 F | | 时间 | 事项 | | 周一 1/5 | 国内航线燃油附加费下调 | | | 国新办就长江经济带发展十年工作进展和成效举行新闻发布会 | | 周二 1/6 | 国内成品油将开启新一轮调价窗口 | | | 国新办就推进绿色消费有关情况举行新闻发布会 | | | 2026哈尔滨国际冰雪经济博览会 (1/6-1/8) | | | 2026年国际消费电子展(CES 2026) (美国拉斯维加斯, 1/6-1/9) | | | 【新股申购】至信股份、科马材料 | | 周三 1/7 | 中国2025年12月官方储备资产 | | | 美国2025年12月ADP就业人数 | | 周四 1/8 | 阿里云通义智能硬件展(深圳, 1/8-1/11) | | | 智谱在港股上市 | | | 欧元区2025年11月PPI | | | 美国2025年10月贸易帐 | | 周五 1/9 | 中国2025年12月CPI、PPI | | | MiniMax在港股上市 | | | 美国2025年12月失业率、12月季调后非农就业人口 | | 周六 1/ ...

Core Viewpoint - The new personal credit repair policy, effective from January 1, 2026, automatically clears overdue records for individuals with overdue debts of up to 10,000 RMB, significantly reducing the operational burden on citizens [9]. Group 1: Policy Details - The policy targets overdue information from January 1, 2020, to December 31, 2025, for single amounts not exceeding 10,000 RMB, allowing individuals to have their overdue records removed if they repay their debts by March 31, 2026 [9]. - The implementation of the policy follows an "automatic enjoyment" mechanism, meaning individuals do not need to apply or submit documentation, as the credit system will automatically process the changes [9]. Group 2: Impact on Individuals - Many individuals have reported their credit reports showing no overdue records after the policy's implementation, indicating a positive reception among the public [6][10]. - The policy aims to assist those who have small overdue records due to unforeseen circumstances, providing them with an opportunity to rebuild their credit [9]. Group 3: Implications for Financial Institutions - Longjiang Securities' research report suggests that the policy may slightly improve the quality of retail assets for banks, as it encourages overdue customers to repay their debts promptly [10]. - The removal of historical overdue records for those who have settled their debts is expected to facilitate future loan applications, as credit history significantly influences approval rates [10]. - The policy is anticipated to alleviate the pressure on retail loan overdue rates and non-performing loan ratios, which have been on the rise [10].

Market Overview - US stock market showed mixed results on the first trading day of 2026, with the Dow Jones Industrial Average rising by 319.10 points (0.66%) to close at 48,382.39, while the Nasdaq Composite fell by 6.36 points (0.03%) to 23,235.63, and the S&P 500 increased by 12.97 points (0.19%) to 6,858.47, breaking a three-year trend of declines on the first trading day of the year [2] Technology Sector Performance - The technology sector remained a key driver of market fluctuations, although overall trading volume was relatively light due to the holiday-shortened week [2] - Chip stocks performed strongly, with the Philadelphia Semiconductor Index rising by 4%, driven by an upward revision in storage chip demand forecasts. Micron Technology surged by 10.52%, leading the chip sector, while ASML and AMD also saw significant gains [3] - Nvidia's CEO reported a notable increase in computing demand over the past six months, contributing to the positive sentiment in the tech sector [3] Future Market Predictions - Jay Hatfield, CEO of Infrastructure Capital Advisors, anticipates a continued rotation between technology and non-technology sectors, with a moderate upward trend overall. He projects the S&P 500 could reach 8,000 points by the end of the year, with regional banks potentially outperforming while overvalued tech stocks may lag [4] Electric Vehicle Market Insights - Tesla's stock fell by 2.59% after announcing a projected annual delivery of 1.64 million vehicles for 2025, a 9% year-over-year decline. The fourth-quarter delivery of 418,200 vehicles was below analysts' expectations, indicating weak market demand [4] - Factors contributing to Tesla's challenges include consumer dissatisfaction with Elon Musk's political stance, the expiration of US electric vehicle tax incentives, and increased competition in overseas markets [5] Chinese Stocks Performance - Chinese stocks saw significant gains, with the Nasdaq Golden Dragon China Index rising by 4.38%. Baidu led the charge with a 15.03% increase following its announcement to spin off its AI chip company Kunlun and plan for a Hong Kong listing [6] - Other notable Chinese stocks included Tiger Brokers (+9.21%), Futu Holdings (+8.68%), and Bilibili (+7.24%), reflecting strong investor interest in Chinese AI and semiconductor stocks [6] Commodity Market Trends - Gold prices continued to show strength, with spot gold rising by 0.20% to $4,327.96 per ounce, supported by geopolitical uncertainties and expectations of a weaker dollar [6] - International oil prices experienced slight declines, with WTI crude oil futures dropping by 0.2% to $57.32 per barrel, amid ongoing concerns about oversupply [6]

Core Viewpoint - The new "Management Measures for Customer Due Diligence and Customer Identity Information and Transaction Record Keeping" will take effect on January 1, 2026, eliminating the requirement for individuals to register the source of funds for cash withdrawals exceeding 50,000 yuan, thus balancing security and convenience [1][2]. Group 1 - The previous regulation requiring registration for cash withdrawals over 50,000 yuan was aimed at combating financial crimes such as telecom fraud and money laundering, but faced criticism for causing inconvenience and infringing on personal rights [1][2]. - The new measures allow banks to assess the risk level of transactions and decide whether to inquire further about the source of funds, rather than applying a blanket rule [1][2]. - Data from the central bank indicates that cash transactions over 50,000 yuan account for only 2% of total transactions, suggesting that the stringent measures had a limited impact on the majority of customers, but the psychological impact was significant [2][3]. Group 2 - The revision of the Commercial Banking Law is underway to better align with current needs and public concerns, emphasizing the protection of depositors' rights and the principles of voluntary deposits, freedom of withdrawal, interest on deposits, and confidentiality [3]. - The new management measures reflect a respect for personal dignity, which is considered equally important as security and convenience [2][3].

该案件可追溯至2022年。时年8月，深交所对未名医药下发关注函称，收到投资者投诉，称杭州强新以 约29亿元入资山东未名全资子公司厦门未名，获得厦门未名约34%的股份，该事项已于2022年5月18日 完成工商变更，根据协议，杭州强新将向厦门未名委派一名董事，要求公司就投资者投诉事项进行核 实。未名医药回复称未查询到相关记录。查阅工商备案材料后，未名医药发现，杭州强新取得厦门未名 34%股权的具体方式为新增其注册资本金，杭州强新以现金方式认缴新增注册资本6767.49万元。 2026.01.02 本文字数：2341，阅读时长大约4分钟 作者 |第一财经 蔡真 第一财经获悉，淄博市中级人民法院日前对未名医药（ST未名，002581.SZ）股权纠纷案作出二审判 决。 根据判决书，被告人潘爱华犯挪用资金罪，判处其有期徒刑五年；被告人李鹏飞犯伪造国家机关公文、 印章罪，判处其有期徒刑二年，并处罚金人民币五万元，犯伪造公司印章罪，判处其有期徒刑一年，并 处罚金人民币三万元；被告人罗德顺犯挪用资金罪，判处其有期徒刑三年；责令被告人潘爱华向未名生 物医药有限公司返还人民币1275万元；扣押在案的伪造印章、公文由扣押机关依法予以 ...

Market Performance - In 2025, the Shanghai Composite Index closed at 3968.84 points, marking an annual increase of 18.41%, and returning to the 4000-point level for the first time in ten years; the ChiNext Index saw a significant rise of 49.57% [1] Top Performing Stocks - The top-performing stock in 2025 was Shangwei New Materials, with a staggering cumulative increase of 1820.29%, followed by Tianpu Co., which rose by 1645.35%. Both stocks were part of the top ten gainers, all of which had gains exceeding 500% [3][4] Shangwei New Materials - Shangwei New Materials became the first tenfold stock in A-shares for 2025, with a total increase of 1820.29%. The stock experienced 16 trading days with a 20% limit up. The company, established in 1992 and listed on the Sci-Tech Innovation Board in September 2020, specializes in high-performance corrosion-resistant materials and new composite materials. The stock price surged following the announcement of a takeover plan by Zhiyuan Robotics on July 8, 2025, which aimed to acquire at least 63.62% of the company [6][7] Tianpu Co. - Tianpu Co. saw its stock price rise from 12 yuan to a high of 218 yuan, achieving a total increase of 1645.35%. The stock's price surge began after a takeover bid by Zhonghao Xinying, which was announced on August 21, 2025. Following the announcement, the stock experienced 15 consecutive trading days of limit up. The acquisition was completed by December 22, 2025, with the acquirer controlling 68.29% of the company [7][8] *ST Yushun - *ST Yushun recorded a total increase of 719.38%, with 70 limit up days, rising from 3.56 yuan per share in January 2025 to 29.17 yuan per share. The significant price increase was attributed to a major asset restructuring plan announced on April 22, 2025, involving a cash acquisition of a data technology company. This move is expected to facilitate a transformation and improve asset quality and profitability [9][10]

Core Viewpoint - The speech at the 2025 Annual Financial Thinkers Summit highlighted the rapid growth and potential of humanoid robots, emphasizing the significant market interest and investment opportunities in this sector as it approaches a pivotal development phase [1][2]. Industry Overview - The humanoid robot industry is currently dominated by key players such as Tesla's Optimus and Figure AI internationally, while domestically, companies like Yushutech and Zhiyuan Robotics have surpassed valuations of 10 billion, indicating a strong first tier of market participants [2] - As of 2025, over 100 domestic humanoid robot companies have secured financing, reflecting a burgeoning interest in this technology [2]. Current Challenges - The commercialization of humanoid robots faces significant hurdles, primarily due to their current reliance on pre-programmed actions and lack of autonomous learning capabilities, which limits their practical applications [3] - The industry is also challenged by the need to identify large-scale application scenarios that can generate sales and profits, rather than relying solely on external financing [3]. Application Scenarios - Humanoid robots are expected to find initial applications in factory assembly lines and logistics, where their flexibility and mobility can outperform traditional robotic arms [4][5]. - They are anticipated to replace repetitive tasks currently performed by human workers, marking a shift towards flexible automation [5]. Future Trends - By 2026, the industry is expected to undergo a consolidation phase, with only 10 to 20 companies likely to survive from the current pool of over 100, similar to the trajectory of the electric vehicle market [6]. - Companies that can significantly reduce hardware costs or develop advanced AI systems are expected to emerge as leaders in the market [6]. Market Potential - The global demand for humanoid robots could reach 30 to 40 billion units, as each person may require multiple robots for various tasks, indicating a market potential that surpasses that of smartphones and automobiles [7].

午后保险股走强，云锋金融盘中涨近8%，中国再保险盘中涨近6%，中国人寿一度涨超5%。资源股集体 飙升，亚太资源盘中涨超22%，中国白银集团盘中涨超10%，力勤资源一度涨超8%，灵宝黄金盘中涨近 6%。科技股中，百度集团-SW午后涨近10%，金蝶国际盘中涨超7%，创维集团一度涨超12%。 据上海证券报，综合多家市场机构观点来看，港股2026年首个交易日大涨有多重原因：一是1月2日，离 岸人民币兑美元汇率盘中升破6.97，创下2023年5月以来的新高水平，进一步鼓励资金流入港股；二 是"港股GPU第一股"壁仞科技上市大涨，这种"首日盘中翻倍"的赚钱效应提振了市场对硬科技、半导体 和AI板块的投资情绪；三是港股龙头个股有利好消息，如华虹半导体向华虹集团等4名交易对方购买其 合计持有的华力微97.4988%股权，以及百度拟分拆昆仑芯并独立上市，再次印证了芯片、AI算力赛道 的市场前景和资本认可度。 2026.01.02 本文字数：710，阅读时长大约1分钟 来源 |上海证券报 1月2日，2026年港股首个交易日，三大指数高开高走。截至收盘，恒生指数涨2.76%报26338.47点，日 内涨超700点；恒生国企指数涨2 ...