Core Viewpoint - LABUBU has transitioned from a "financial product" back to an ordinary consumer good, with products now readily available for purchase after previously being in high demand and short supply [2]. Group 1: Product Availability - As of January 3, LABUBU products are no longer out of stock on platforms like Tmall, with various series available for immediate purchase [2]. - The LABUBU 3.0 series, which initially faced stock shortages, has seen its resale prices drop to near original retail prices by the end of December [4]. - The LABUBU 4.0 series has also become readily available, with reports of in-store stock being accessible for immediate purchase [4]. Group 2: Market Dynamics - The resale market for LABUBU products has experienced a significant decline, with prices for certain items falling below official retail prices [4]. - The stock price of Bubble Mart has decreased approximately 40% from its peak of 339.8 HKD per share, resulting in a market capitalization loss of over 200 billion HKD [4]. Group 3: Strategic Insights - Industry expert Zhang Shule believes that reducing the speculative value of LABUBU is essential for Bubble Mart to establish itself as a genuine global IP development company [5]. - The current fluctuations in LABUBU's resale prices and Bubble Mart's stock price are viewed as temporary, as long as the founders do not liquidate their holdings [5]. Group 4: Future Prospects - The popularity of the Starry People IP is rising, with its products frequently sold out, raising questions about its potential to become the next revenue driver for Bubble Mart [7]. - Zhang Shule suggests that while LABUBU's initial success was unexpected, the Starry People IP may not replicate that level of explosive growth due to various external factors [7].

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/ ...

本文字数：1496，阅读时长大约3分钟 作者 |第一财经 杜川 2026年1月1日，备受关注的个人一次性信用修复新政正式落地，不少网友在社交平台晒出个人征信报告 截图，发现个人征信报告中的逾期记录已经自动"清零"。 "感谢国家政策！说到做到，逾期已消除。"一位广东网友在社交平台发文感慨道，"1万以内征信逾期系 统已经更新公告。政策说到做到，给了各位信贷路上第二春，且行且珍惜，好好爱惜自己的羽毛。" 征信"翻新" 2026.01.03 这位广东网友特意把自己在央行征信中心的个人征信报告打印出来，上面显示有3笔"其他贷款"发生逾 期记录，其中2笔逾期超过90天。 | | | 用于值费申请及其流用法 4-基礎学,用免信息进 | | --- | --- | --- | | 个人信用报告 | | | | 正件类型:身份证 | 证件号矿 | 报告时间:2025-12-19 16:01·20 | | 信贷记录 | | | | 这部分包含您的信用卡、贷款和其他信贷记录。金额类数据均以人民币计算,精确到元。 | | | | 信息概要 | | | | 贷款 信用卡 | 其他业务 | 第期日录可能影演对医的信用研究 | | 购房 ...

2026.01.03 作为2026年的首个交易日，美股整体交投相对清淡，盘中走势较为平稳，科技板块仍带动市场波动的主 要力量。不过，整体波动幅度有限，为因节假日而缩短的本周交易画上句号。周四（元旦）美股休市。 芯片股走势强劲，英伟达收高1.26% 日内龙头科技股以下跌为主，拖累纳指微幅收跌。奈飞收跌2.95%，微软跌2.21%，亚马逊跌1.87%， Meta跌1.47%，苹果跌0.31%，谷歌母公司Alphabet收高0.69%。 另一方面，芯片股表现强劲。受益于存储芯片需求预测上调，费城半导体指数大涨4%。美光科技收涨 10.52%，领涨芯片板块；荷兰光刻机巨头阿斯麦（ASML）大涨8.78%，超威半导体（AMD）涨 4.35%，英伟达涨1.26%。英伟达首席执行官黄仁勋表示，过去六个月计算需求显著增加。 科技板块是2025年表现最亮眼的交易主线，随着投资者持续加码人工智能相关个股，科技股领涨并推动 大盘显著走高。标普500指数去年累计上涨逾16%，实现连续第三年年度上涨；纳斯达克指数全年涨幅 超过20%；由30只成份股组成的道琼斯工业平均指数上涨约13%。三大股指均在去年创下历史新高。 基础设施资本顾问公 ...

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]

2025年12月23日，第一财经《云程笃行·万里可期 | 2025年度财经思想者盛典》圆满落幕。智汇集团创始 人及首席经济学家夏春、中欧陆家嘴国际金融研究院副院长刘功润、京华世家家族办公室董事长聂俊 峰、新鼎资本董事长张驰和第一财经总编辑杨宇东共同呈现了一场精彩的年度思想演说秀，围绕宏观趋 势、居民消费、年轻人理财、具身智能等热点议题展开，探寻2026年值得期待的结构性机遇。 此为《2025年度财经思想者盛典》中新鼎资本董事长张驰的演讲完整版内容 大家好，我是张驰。感谢第一财经和一财号的邀请，非常荣幸能参加今年的《年度财经思想者盛典》。 今天我想和大家聊聊近年来备受关注的具身智能，也就是人形机器人或类人机器人领域。 从2025年春晚宇树科技的机器人舞蹈引发热潮，到今年北京举办全球首个人形机器人运动会，再到全国 各大城市纷纷开展人形机器人大赛，市场热度空前高涨。不少公司估值从年初的十几亿，迅速攀升到70 至100亿。2025年，多家企业融资超过3轮，累计融资金额在5到10亿元之间，市场热度可见一斑。 今天的分享主要包括三部分内容：梳理国内外人形机器人的发展现状、分析当前行业面临的问题，以及 展望未来的发展前景与 ...