Core Insights - JD's instant retail platform, JD Seconds, has fully adopted the national subsidy program for 2026, launching in 15 provinces including Beijing, Shanghai, and Guangdong, allowing consumers to purchase 3C digital products with efficient delivery services [1][2] Group 1: National Subsidy Program - The subsidy allows consumers to receive a 15% discount on product prices, with maximum subsidies of 1500 yuan for computers and 500 yuan for mobile phones, tablets, and wearable devices [1][2] - Popular brands such as Apple, Xiaomi, Huawei, OPPO, and Lenovo are included in the subsidy program, offering various hot-selling models [1][2] Group 2: Delivery and Service Enhancements - Consumers purchasing subsidized products will receive delivery from specially trained JD Seconds riders, who provide on-site signing and activation assistance [2] - Over 10,000 brand specialty stores have joined the service system to enhance consumer experience [2] Group 3: Investment and Economic Impact - Since the implementation of the national "Two New" policy in 2024, JD has invested nearly 30 billion yuan to support the subsidy program in rural areas, effectively promoting consumption growth in county regions [2] - JD aims to leverage its supply chain and instant retail network to further promote the subsidy policy and contribute to economic high-quality development [2]

Core Insights - Bohai Bank, as the only national joint-stock bank headquartered in Tianjin, is committed to enhancing financial adaptability and contributing to the construction of a financial powerhouse in China, aligning with the spirit of the 20th National Congress of the Communist Party of China [1] - As of December 5, 2025, Bohai Bank's underwriting scale of interbank debt financing tools has exceeded 200 billion yuan, marking a historical high with a year-on-year growth of 32%, leading among national joint-stock commercial banks [1] Financial Performance - The bank has issued over 70 types of technology innovation bonds and notes in 2025, with a total scale nearing 20 billion yuan, establishing a leading advantage in the strategic field of technology innovation bonds [4] - The bank's loans to technology enterprises have increased by 35.8% compared to the beginning of the year, with a total annual disbursement of 103 billion yuan, injecting strong momentum into technological innovation [11] Product Innovation - Bohai Bank has launched the "Bohai Science and Technology Fast Loan," which offers credit up to 30 million yuan with a maximum term of 3 years, focusing on a "technology flow" evaluation system that quantifies the "soft power" of enterprises [6] - The bank has also introduced a comprehensive service network covering the entire lifecycle of enterprises, including products like "Talent Loan" for startups and "Bohai e-Chain" for supply chain finance [7][8] Strategic Initiatives - Bohai Bank actively collaborates with government, investment parks, venture capital, and research institutions to create a growth ecosystem for technology enterprises, exemplified by the "Bohai Binhai New Area Points Loan" initiative [10] - The bank has participated in multiple funds, including the Haihe Industrial Fund, to support nearly 30 technology enterprises and promote the development of key industrial chains [10] Market Recognition - Since 2025, Bohai Bank has received accolades such as the "16th Golden Ding Award for Annual Outstanding Technology Financial Bank" and the "Annual Technology Innovation Bank" in the Securities Times' awards [10]

Core Insights - JD.com has officially launched its annual New Year shopping festival on January 25, featuring significant discounts and promotions, including up to 50% off and additional subsidies of up to 3,000 yuan [1][2] - The introduction of AI-native digital humans marks a technological upgrade in live streaming, transitioning from a tool-based approach to a more interactive and personalized experience [2][16] Group 1: AI Native Digital Humans - The new generation of AI-native digital humans, powered by JD's JoyAI model, allows for real-time generation of various personas, enhancing the shopping experience for consumers and reducing costs for businesses [2][16] - Over 300 AI-native digital humans will be deployed during the New Year festival, covering diverse scenarios such as product promotion and brand activation [16] Group 2: Creative Engagement Strategies - The festival features over 100 brand presidents as digital avatars, engaging in live streams to promote popular products at discounted prices [3][9] - Unique characters like "Ma Honghong" and historical figures such as "Xu Xiake" are utilized to create immersive and entertaining shopping experiences, blending culture and commerce [12][14] Group 3: Technological Advancements - JD's AI-native digital humans can maintain stable, long-duration live streams with natural interactions, thanks to advancements in the JoyAI model [14][15] - Innovations include solutions to common issues like hand illusion and enhanced facial expression capabilities, allowing for a more lifelike digital presence [15][16]

年关将近，酒水市场迎来需求旺季，从阖家团圆到走亲访友，都少不了一瓶烘托氛围、承载心意的好 酒。1月26日至2月1日，京东七鲜超市推出全场酒水"满99减20"福利，除部分茅台外，从全球直采的名 庄葡萄酒、酒厂直供的品质白酒，到微醺低度酒、特色精酿，七鲜超市全场酒水均参与优惠。 活动的一周期间，消费者可登陆七鲜超市APP、微信小程序共领取3张"满99减20"优惠券，还可通过京 东APP首页自营秒送频道领取3张相同优惠券，每人最多享6次优惠。线上线下全渠道通用，无需复杂计 算，下单立享折扣。 多款七鲜专供酒水同步参与"满99减20"优惠，为亲友相聚再添心意选择。米三的故事杨枝甘露米露，融 合芒果原浆、优质椰浆与五常糯米，口感香甜柔润；滇红柚子米露则以糯米、香柚原汁与滇红茶叶调 和，冷热皆宜，清爽解腻。干露飞行棋礼盒采用红魔鬼干红与干白组合，搭配飞行棋互动玩法，为家庭 聚会增添更多乐趣；锐澳RIO鸡尾酒混合六联包仅32.9元/组，六种爆款口味一次集齐，适合好友小聚、 好友小聚，七鲜多款自有品牌果味气泡酒、低度酒带来微醺选择。七鲜马上有钞"漂"预调酒6罐组合装 低至35.9元，喜庆红运包装氛围感拉满，集齐四种果肉口味， ...

2026年智能眼镜首次纳入"国补"范围！ 现在在京东入手乐奇AI眼镜，部分地区立享15%国家补贴，再 叠加京东白条"国家贴息"、年货节优惠，科技年礼轻松买。 当目光成为新的交互入口，当购物智能体进入可穿戴设备，那么购物不再只是点和滑，而是更自然的看 与说。 不用掏手机，不用打开 App，只需看一眼、说一句，就能完成购物。 JoyGlance的"意图识别、智能搜品、声纹支付"，与 Rokid 的"光波导显示、语音交互、自研系统能力"深 度融合，让智能眼镜从可穿戴设备升级为 AI 购物入口。 购物流程也随之简化。过去需要"搜索、浏 览、比价、下单、支付"，现在只需"说、看、付"。当你看到感兴趣的商品，说一句"乐奇，帮我搜同 款"，系统即可识别商品，并通过语音完成选品、加购或下单。 1月26日，京东科技购物智能体JoyGlance正式登录智能眼镜头部品牌乐奇 Rokid，全球首款智能眼镜购 物应用正式落地。乐奇 AI 眼镜用户更新系统后，用户即可体验"看一眼下单，说一句支付"，让"目光所 及、皆可购买"成为日常能力。 在支付安全上，JoyGlance 采用"语音识别 + 声纹识别"的金融级方案，有效防范录音攻击和声 ...

产线背景 2026年1月23日，岩超聚能(上海)科技有限公司(以下简称"岩超聚能")在位于合肥的研发基地建成了中国 首条仿星器三维超导磁体产线，并正式投入运行。合肥市发展改革委综合性国家科学中心工作处处长李 辰、合肥高新区科学技术局副局长卢晨晨、行业专家学者、来访嘉宾受邀出席产线启动仪式，与股东方 上海岩山科技股份有限公司(以下简称"岩山科技")董事长叶可先生、岩山科技总经理&岩超聚能董事长 陈于冰先生、岩超聚能创始人&CEO郝祥林博士及合肥研发基地员工一起，共同见证了中国超导仿星器 聚变路线的这一重大进展。 仿星器是一种利用外部三维磁体线圈产生螺旋磁场的环形磁约束聚变装置，无需电流驱动、无等离子体 破裂风险、内在稳态、理论上可无限期连续运行，被视为最具商业化竞争力的聚变路线之一。同时仿星 器也是全球公认的技术壁垒最高的聚变路线之一，其最大的工程难度是高精度三维超导磁体线圈的制 造。不同于技术相对成熟的托卡马克TF、PF等二维平面超导磁体线圈，仿星器采用三维超导磁体线 圈，无论是设计、制造、安装都存在极高的工程难度。 图2: 托卡马克二维磁体线圈(左)，仿星器三维磁体线圈(右) 图1:中国首条仿星器三维超导磁 ...

Core Viewpoint - Zhejiang Haokun Shengfa Asset Management Co., Ltd. has been penalized for abnormal trading behaviors, indicating a persistent disregard for regulatory requirements [1][2][3] Group 1: Regulatory Actions - The Beijing Stock Exchange has imposed self-regulatory measures on Haokun Shengfa, restricting trading on its accounts for three months from January 26, 2026, to April 25, 2026, due to serious violations involving stock price manipulation [1] - This is not the first time Haokun Shengfa has faced regulatory actions; it has a history of multiple violations leading to similar penalties [1][4] - The company was previously warned by the Zhejiang Securities Regulatory Bureau for various violations, including lack of decision-making records for reverse transactions and failure to adhere to internal trading policies [1][4] Group 2: Trading Manipulation Details - Haokun Shengfa engaged in a typical manipulation strategy of "price lifting + reverse selling," which involved significant buying to inflate stock prices followed by rapid selling [3][4] - Specifically, from January 21 to January 22, the stock price of Huawi Design increased by 68.07%, triggering regulatory scrutiny [3] - On January 23, within a span of 104 seconds, the stock price rose by 6.42% due to Haokun Shengfa's buying activities, with a total transaction of 10.13 million yuan, accounting for 67.90% of the buying volume [3] Group 3: Company Background and Governance - Haokun Shengfa has been operating for over nine years, with a registered capital of 10 million yuan and a paid-in ratio of only 50% [5] - The company has faced operational challenges, including being listed in the business anomaly directory due to uncontactable registered addresses and legal disputes over rental agreements [5] - The firm manages assets between 2 billion to 5 billion yuan and has a small team of 15 employees, all of whom hold fund management qualifications [2][5] Group 4: Industry Context - The issue of stock price manipulation is not isolated to Haokun Shengfa; many private equity firms have faced similar penalties, particularly in the Beijing Stock Exchange and New Third Board [6][8] - Factors contributing to these manipulative behaviors include small market capitalization, low liquidity, and a high proportion of retail investors susceptible to market manipulation [6] - Regulatory bodies have been enhancing monitoring and regulatory frameworks to address these issues, with new rules established to identify and penalize such trading behaviors [9][10]

Group 1 - The U23 Chinese national football team has achieved a historic milestone by reaching the Asian Cup finals with an undefeated record, generating excitement among fans [1] - The final match against Japan U23 is scheduled for January 24, with the team being celebrated for its young average age of under 22 years [1] - The popularity of the national team merchandise has surged, with JD.com collaborating with brands like Nike and Karamay to offer discounts on official team gear [1] Group 2 - The semi-final match against Vietnam U23 saw the Chinese team win decisively with a score of 3-0, reigniting national pride among fans [3] - Various Nike jerseys are trending on JD.com, including the 2025 season away jersey made from recycled plastic, highlighting sustainability in sports apparel [3] - The official match ball for the U23 Asian Cup, produced by Karamay, is also available for purchase on JD.com, adding to the event's significance [3] Group 3 - As winter temperatures drop, there is an increased demand for winter sports gear, including insulated vests and thermal clothing from brands like Karamay and Under Armour [4] - JD.com is promoting a wide range of sports equipment, including professional football shoes and protective gear, catering to both casual and serious athletes [5] - The enthusiasm for football extends beyond watching games, with fans actively participating in sports and expressing support for Chinese football [6]

面对卫星互联网星座建设的巨大运力缺口与成本压力，可重复使用火箭已成为国内商业航天公司必须攻 克的"圣杯"。 在1月23日于北京举行的商业航天产教融合新生态论坛上，蓝箭航天朱雀三号总设计师张晓东、星河动 力智神星二号总设计师李君、中科宇航副总裁兼力箭一号火箭总设计师史晓宁罕见同台，分别披露了朱 雀三号、智神星二号及力鸿系列火箭迈向回收复用的最新时间表与差异化路径，2026年或将是国内可回 收复用火箭的技术验证决战之年。 蓝箭航天张晓东：朱雀三号三步走，今年冲刺回收复飞目标 "智神星二号我们希望是在2026年年底前实现首飞。"李君表示，"智神星二号"大型可重复使用火箭采用 百吨级深度变推液氧煤油发动机技术，关键技术方面之一是，未来采用3D打印技术实现一体化集成和 轻量化创新。 智通财经记者在星河动力展台看到，公司展示了包括"智神星"系列中型重复使用液体运载火箭和"谷神 星"系列轻小型固体运载火箭，其中智神星二号运载火箭为直径4.5m的大型模块化可重复使用液体运载 火箭，包括基本型和CBC两种构型，基本型起飞质量约757t，起飞推力约910t，LEO运载能力20t。 智通财经记者在与星河动力工作人员沟通时了解到，" ...

Core Insights - The Chinese liquor industry is undergoing a significant adjustment phase characterized by weak sales, declining profits, and high inventory levels, with a reported production decrease of 11.5% year-on-year from January to October 2025 [1] - Yanghe Co. has leveraged its substantial reserve of 700,000 tons of original liquor to establish a differentiated competitive barrier, positioning itself favorably for future growth despite the industry's challenges [1][4] Industry Overview - The current liquor market is experiencing intensified competition, leading to a rapid industry reshuffle where the strategic value of original liquor reserves has become paramount [2][4] - Many smaller liquor companies are reducing production and compromising on quality due to insufficient original liquor, while leading companies are focusing on volume control and price stability [4] Company Strengths - Yanghe's original liquor reserve is a result of its unique geographical advantages and long-term strategic commitment, with its production site located in a renowned liquor-producing region [4] - The company has consistently adhered to a strategic reserve policy, ensuring a portion of high-quality base liquor is set aside for long-term storage, contributing to its competitive edge [4] Product Strategy - Yanghe has introduced the concept of "real aging" in the light bottle liquor segment, emphasizing a "100% three-year aged" product to align with consumer trends favoring quality over packaging [5][6] - The seventh generation of "Hai Zhi Lan" has undergone a quality upgrade, enhancing its market position through improved taste and sufficient original liquor supply [6] Market Positioning - In the premium segment, the "Meng Zhi Lan M6+" has maintained stable pricing and strengthened its brand value, allowing Yanghe to avoid the pitfalls of price wars [8] - The company is focusing on strategic markets such as the Yangtze River Delta and major cities to reinforce its market presence and address high inventory levels through targeted policies and activities [8][9] Future Outlook - Yanghe's comprehensive strategies, including its original liquor reserves and channel reforms, are expected to create a synergistic effect, potentially leading to a gradual recovery in the market [9] - While challenges remain, such as inventory digestion and regional competition, Yanghe's solid foundation and pragmatic reforms may facilitate a gradual upward trend in performance [9]