Group 1 - The core viewpoint is that the current trend of Chinese residents shifting asset allocation towards the stock market is still in its early stages, with gradual progress primarily through indirect channels such as insurance, private equity funds, and ETFs [1] - Most residents' risk appetite has not significantly increased, and while there are signs of funds moving from deposits to capital markets, the pace is slow. Investors have not yet made large-scale redemptions from bonds or money markets to invest in stocks [1] - In a declining interest rate environment, more investors are seeking ways to enhance returns. Sales of insurance products like participating insurance and traditional life insurance have been strong at the beginning of the year, indicating that insurance funds are indirectly flowing into the A-share market by increasing equity asset allocation [1] Group 2 - There is no one-size-fits-all asset allocation strategy for investors, as each individual's risk preference and capacity differ. A diversified investment approach is recommended [2] - Investors are encouraged to diversify their portfolios across ETFs, public funds, and insurance assets to enhance their ability to respond to market volatility [2]

Core Insights - Sensor Tower's report reveals that Century Huatong ranks second among Chinese mobile game publishers globally, driven by explosive growth across multiple product categories [1] - The company has three core products listed: "Whiteout Survival" leads the overseas mobile game revenue chart, "Kingshot" secures third place, and "Tasty Travels: Merge Game" debuts at 27th [1] Industry Overview - The global mobile game market is projected to grow steadily, with revenues expected to reach $82.3 billion in 2025, marking a 1.3% increase [4] - The overseas market for mobile games on App Store and Google Play is anticipated to rise by 2%, reaching $69.8 billion [4] - Strategy games are identified as the key growth driver, with a projected 20% increase in global revenue, surpassing $20 billion in 2025 [4] Company Performance - Century Huatong's "Whiteout Survival" has maintained its position as the top overseas mobile game revenue generator for 24 consecutive months [7] - "Kingshot" has rapidly climbed the revenue charts, leveraging a unique art style and innovative gameplay to establish a strong market presence [7] - The company has successfully implemented localized operational strategies, resulting in significant revenue increases in Japan and South Korea, with growth rates of 92% and 70% respectively [7] Market Trends - The casual gaming segment is experiencing robust growth, with the global merge game market projected to increase by 95% in 2025, reaching a market size of over $2.4 billion [8] - "Tasty Travels: Merge Game" has capitalized on this trend, achieving a remarkable 28-fold increase in revenue and debuting at 27th in the overseas revenue rankings [8] - Century Huatong is transitioning from a single blockbuster approach to a multi-category matrix strategy, enhancing its global presence and operational capabilities [8] Future Outlook - The company plans to focus on the casual gaming segment in 2026, aiming to strengthen its dual-track business structure of "SLG + Casual" games [8] - By leveraging its global development capabilities and localized operational experience, Century Huatong aims to capture additional market share in the global mobile gaming landscape [8]

在1月13日举行的第二十六届瑞银大中华研讨会媒体分享会上，瑞银证券中国股票策略分析师孟磊对一 季度A股市场作出展望。他表示，对市场持"偏向乐观"的态度，并指出当前行情与传统的"春季躁动"特 征相吻合。 孟磊分析称，一季度市场环境通常有利于估值提升。"A股历来有一个传统的说法'春季躁动'，在没有 1、2月份经济数据，在'两会'开幕之前，整体流动性偏向于宽松……流动性宽松会导致整体市场的股票 估值出现上行。"他认为，目前的市场表现与此逻辑存在关联。 他还指出，本轮上行并非孤立现象，而是全球市场风险偏好回升的一部分。"开年以来，全球股票市场 都处在上行，并不是只有中国股市在上涨。"孟磊表示，在亚太及欧美市场普遍走强的背景下，"全球流 动性偏向于宽松，整体市场都在估值上移的方向，以科技为进攻的主线投资者都在提高整体的风险偏 好。" 针对市场热度，孟磊判断资金面充裕但未过热。"目前没有观测到整体市场的过热迹象。当然了，对于 某一些板块主题会不会产生拥挤，造成短期的波动？这是有可能的，但整体市场情绪并没有出现过热的 迹象。" 在行业配置方面，孟磊明确看好科技创新方向。"总体来说，科技创新依然是我们看好的最主要的方向 之一 ...

"北吉星计划"解锁亲子新体验 当冬日晨光轻抚田野，1月10日的友好村光禾农场里，跃动着一簇簇温暖的"火焰"——吉林银行长春分行"北吉星计划"之"小吉探险-火韵民俗"亲子体验活动 在此热烈展开。15组代发客户家庭相聚于此，共同踏上一段融合古老智慧、亲子协作与金融关怀的沉浸式旅程。 烟火暖冬 童趣民俗 吉林银行长春分行 习·古法薪传 钻木取火，见证一缕烟升腾为焰。在专业指导下，亲子家庭协同合作，亲手转动木杆，体验先祖的生存智慧。当火星迸发、引燃棉絮的瞬间，成就感与文化 自豪感在每一组家庭心中油然而生。 品·烟火温情 活动现场氛围热烈融洽，每一个环节都像精心设计的文化游戏：既藏着传统智慧，又充满动手乐趣。大朋友和小朋友们在亲身体验中，真正感受到了"玩有 所得，乐有所学"的满足。 探·火之奥秘 在"火的智慧"趣味课堂上，卡通动画与科学实验碰撞出知识的火花。孩子们睁大好奇的双眼，跟随专业讲解探索燃烧的奥秘。通过亲手操作小实验，抽象的 燃烧原理化作掌心可触的科学乐趣，安全意识的种子也在欢声笑语中悄然播下。 玩·掌上奇迹 "火焰掌"瞬间点燃全场热情！特制泡沫化作掌心一抹凉意，在专业守护下，孩子们勇敢伸手，亲眼见证火焰在手中 ...

物美自2025年3月启动调改以来，不仅无任何裁员动作，反而通过门店扩编、内部调岗优化、薪资福利 升级等举措扩充人员规模，打造"员工满意→服务提升→顾客复购"的正向循环，用实际行动回应市场关 切，彰显以人为本的调改初心。 一、调改的核心是"扩编提质"，而非"裁员缩编" 物美此次调改以"学习胖东来、升级AI新质零售"为核心，并非简单的门店翻新或成本压缩，而是围绕商 品、服务、运营的全链条升级。集团高管在多次公开采访中明确表示，调改将"人的价值"放在首位，用 人成本的合理增加是为了实现长久业绩增长，裁员完全不符合调改战略导向。 二、三大维度印证无裁员，人员规模持续扩容 1. 单店人员大幅扩编，核心门店增长超100% 调改后各门店因服务升级、业态丰富需求，人员数量显著增加，多门店员工规模翻倍增长，具体数据如 下： 北京学清路店（首家AI新质零售调改店）：调改前员工130名，调改后增至260名，人员规模直接翻 倍，增长幅度达100%，且最低基础工资提升至6000元，薪资涨幅30%-50%； 北京某"胖改店"：从原有49人扩容至220人，其中包含131名自有员工和89名厂商驻场人员，全力保障新 增现制熟食、烘焙等业态的服 ...

2026年，人形机器人热潮有愈演愈烈之势，这股热度也席卷至资本市场。 开源证券指出，新剑传动上市是对特斯拉机器人核心零部件资产的一次重新定价，为产业链其他优质公司提供资产价值重估的参考。此前特斯拉机器人核心 供应链上市公司多数聚焦于执行器模组环节，新剑传动是丝杠环节重要供应商。 开源证券研究报告称，新剑传动上市后的估值锚，将为整个机器人核心零部件板块（特别是丝杠、减速器等高壁垒环节）提供新的定价参照，带动产业链优 质资产进行价值重估。 值得一提的是，新剑传动1999年成立，2017年4月至2023年8月期间曾在新三板挂牌。彼时，新剑传动公告称，"因公司长期发展战略和自身经营发展需要"终 止挂牌。 新剑传动此前披露的公告显示，2020年至2022年，该公司实现的营业收入分别为1.46亿元、1.32亿元和1.84亿元，实现的净利润分别为1276.37万元、530.96 万元和1751.14万元。新剑传动当下的营收净利规模远不及拓普集团、五洲新春等特斯拉产品供应商。 | | 2022年报 | 2021年报 | 2020年报 | 2019年报 | 201 | | --- | --- | --- | --- | --- ...

Core Viewpoint - Yuanji Food Group Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, aiming to expand its operations and capitalize on its market position as a leading Chinese fast-food enterprise [1][3]. Group 1: Company Overview - Yuanji Food operates under the brand "Yuanji Cloud Dumpling," focusing on handmade dumplings and wontons, offering both cooked and raw food products [3]. - The company also utilizes its retail brand "Yuanji Weixiang" to expand its business, selling pre-packaged dumplings and wontons through various channels [3]. - As of September 30, 2025, Yuanji Food is the largest Chinese fast-food company by store count, and the largest dumpling and wonton enterprise in China based on GMV in retail and dining sectors [3]. Group 2: Financial Performance - In 2023 and 2024, Yuanji Food achieved revenues of 2.026 billion and 2.561 billion yuan, with gross profits of 525 million and 588 million yuan, and adjusted net profits of 179 million and 180 million yuan respectively [3]. - For the first nine months of 2025, the company reported revenues of 1.982 billion yuan, a year-on-year increase of 10.97%, with gross profits of 490 million yuan, up 11.56%, and adjusted net profits of 192 million yuan, reflecting a growth of 31.25% [3]. Group 3: Store Expansion - From January 1, 2023, to September 30, 2025, the total number of Yuanji Food stores increased from 1,990 to 4,266, covering 32 provinces, autonomous regions, special administrative regions, and municipalities across over 200 cities [3]. Group 4: International Expansion - Yuanji Food opened its first overseas store in Singapore at the end of 2024 and continued to expand internationally in 2025, operating five stores in Singapore by September 30, 2025 [4]. Group 5: Funding and IPO Plans - The company has completed three rounds of financing, raising 30 million yuan in A round in 2023, 150 million yuan in B round in September 2025, and 280 million yuan in B+ round in December 2025, with major investors including Black Ant Capital and others [6]. - The net proceeds from the IPO will primarily be used for digital and intelligent construction, enhancing overseas supply chain development, brand building, product research and development, and supply chain upgrades [6].

Core Viewpoint - The data indicates significant outflows of capital from various stocks, with notable declines in share prices across multiple sectors, particularly in aerospace, communication, and consumer electronics. Group 1: Major Stock Outflows - The stock with the highest capital outflow is Goldwind Technology, with an outflow of 5.043 billion yuan and a price drop of 3.36% [1][2] - Aerospace Electronics experienced a capital outflow of 4.378 billion yuan, with a significant price decline of 10.01% [1][2] - BlueFocus Media saw an outflow of 2.976 billion yuan, but its share price increased by 1.12% [1][2] Group 2: Sector Performance - The wind power equipment sector, represented by Goldwind Technology, is facing challenges with a notable capital outflow [2] - The aerospace sector, particularly Aerospace Electronics and Aerospace Development, is experiencing substantial capital withdrawals, indicating potential investor concerns [1][2] - The consumer electronics sector, including Industrial Fulian and Xunwei Communication, is also seeing significant outflows, reflecting broader market trends [1][3] Group 3: Additional Notable Stocks - Other companies with significant capital outflows include Kunlun Wanwei (2.078 billion yuan), Raytheon Defense (1.894 billion yuan), and China Satcom (1.439 billion yuan), all of which are in the communication and internet service sectors [1][3] - Semiconductor company SMIC reported an outflow of 1.206 billion yuan, indicating investor caution in the semiconductor industry [1][3] - The photovoltaic equipment sector, represented by Sunshine Power, also faced an outflow of 1.077 billion yuan, highlighting challenges in renewable energy investments [1][3]

Core Viewpoint - International Business Machines Corporation (IBM) has obtained a patent titled "Utilizing Consistent Attached Interfaces in Network Stack Framework," with authorization announcement number CN115485671B, and the application date is April 2021 [1] Group 1 - The patent reflects IBM's ongoing innovation in network technology [1] - The application date indicates IBM's proactive approach to securing intellectual property in emerging tech areas [1]

Core Viewpoint - The data indicates significant capital inflows into various stocks, highlighting investor interest in specific sectors such as power equipment, communication devices, and gaming [1][2][3] Group 1: Stock Performance and Capital Inflows - TBEA (特变电工) saw a capital inflow of 1.846 billion, with a price increase of 10.01% [2] - Haige Communication (海格通信) experienced a capital inflow of 1.661 billion, with a price increase of 10% [2] - ZQ Game (掌趣科技) had a capital inflow of 0.791 billion, with a notable price increase of 14.91% [2] - Yonyou Network (用友网络) attracted 0.768 billion in capital, with a price increase of 7.87% [2] - Shanghai Construction (上海建工) received 0.603 billion, with a price increase of 10.14% [2] Group 2: Sector Analysis - The power equipment sector, represented by TBEA, shows strong investor confidence with significant capital inflows [2] - The communication device sector, including Haige Communication and Lian Te Technology (联特科技), also reflects positive investor sentiment [2][3] - The gaming industry, represented by ZQ Game and Century Huaman (世纪华通), demonstrates robust growth potential with substantial capital inflows [2][3] - The education sector, represented by Zhonggong Education (中公教育), shows a healthy capital inflow of 0.508 billion, indicating investor interest [2] - The energy metal sector, represented by Ganfeng Lithium (赣锋锂业) and Tianqi Lithium (天齐锂业), continues to attract investment, reflecting ongoing demand in the market [2][3]