Market Overview - The Hong Kong stock market experienced fluctuations on January 14, with the Hang Seng Index closing up 0.56% at 26,999.81 points, the Hang Seng Tech Index up 0.66% at 5,908.26 points, and the National Enterprises Index up 0.32% at 9,315.56 points. The Red Chip Index fell by 0.2% to 4,137.69 points [1] Company News - **Q Technology (01478.HK)**: Announced an expected net profit growth of approximately 400% to 450% for the year ending December 31, 2025 [2] - **China Coal Energy (01898.HK)**: Projected a 10.2% decrease in coal sales volume to approximately 256 million tons for 2025, with December sales down 23% year-on-year to 21.88 million tons [2] - **Keenovo Technology (01274.HK)**: Selected as a supplier for a Korean automotive group's driver assistance solutions for four vehicle models [2] - **Kanzai Real Estate (00832.HK)**: Reported a 16.3% decrease in property contract sales to 8.467 billion yuan for 2025 [3] - **China Resources Land (00754.HK)**: Estimated total contract sales of approximately 15.607 billion yuan for 2025, a decrease of 6.15% [4] - **Suteng Juchuang (02498.HK)**: Forecasted laser radar product sales of approximately 912,000 units for 2025 [5] - **Xiaocai Garden (00999.HK)**: Plans to establish a joint venture for online shopping and "community ready-to-eat stores" [6] - **GDS Holdings (09698.HK)**: Recovered approximately 95% of the investment principal from DayOne, with an investment return rate of nearly 6.5 times [7] - **China Biologic Products (01177.HK)**: Proposed to acquire 100% of Hejiya for a maximum base price of 12 million yuan to accelerate the development of the siRNA liver delivery platform [7] - **Fuhong Hanlin (02696.HK)**: Received acceptance from the FDA for the biological product license application for Hanbeitai® (Bevacizumab injection) [7] - **Xiaomi Group (01810.HK)**: Repurchased 4 million shares for 152 million HKD at prices between 37.94 and 38.04 HKD [8] - **Tencent Holdings (00700.HK)**: Repurchased 1.012 million shares for 636 million HKD at prices between 623 and 638 HKD [9] - **Sunny Optical Technology (02382.HK)**: Repurchased 640,000 shares for 41.78 million HKD at prices between 64.55 and 65.8 HKD [10] Institutional Insights - **Dongwu Securities**: Suggests that the window for the Federal Reserve to cut interest rates is limited this year, and the rebound of the Hong Kong stock market will depend on fundamental conditions. The overall strategy remains a barbell approach, focusing on value dividends and sectors like AI technology, non-ferrous metals, and innovative pharmaceuticals [11] - **CITIC Securities**: Notes that the Hong Kong market has lagged behind A-shares due to overseas liquidity dynamics. The US unemployment rate drop supports a pause in rate cuts, and the stabilization of the Shanghai Composite Index at 4,000 points limits downward pressure on Hong Kong stocks. Anticipates a rebound in tech stocks driven by sentiment recovery and southbound capital [12] - **Industrial Securities**: Recommends leading internet companies in the AI sector, expecting a resonance in buying from domestic and foreign investors. Also suggests focusing on dividend assets in a low-interest-rate environment, including insurance, banking, energy, and public utilities [12] - **Zheshang International**: Optimistic about sectors benefiting from policy support, such as new energy, innovative pharmaceuticals, and AI technology. Expects the Hong Kong market's performance in spring 2026 to be driven by "AI applications + PPI improvement + expanded domestic demand" [13]

Core Viewpoint - The Ministry of Science and Technology emphasizes the importance of strengthening the role of enterprises in R&D investment and enhancing financial support for technology-based SMEs [1] Group 1 - The government aims to build a technology finance system that aligns with technological innovation [1] - There will be continuous improvement in the implementation mechanism of tax incentives for technological innovation [1] - The proportion of R&D expense deductions for enterprises will be increased to encourage greater investment in R&D [1]

林海股份(600099.SH)公告称，林海股份及其子公司江苏福马高新动力机械有限公司通过高新技术企业 认定，享受企业所得税税率15%，有效期为2025年至2027年。林海股份为首次获得认定，福马高新为原 证书有效期满后的重新认定。 ...

铜峰电子公告，控股股东铜陵中旭产业投资有限公司自2025年4月10日至2026年1月13日通过集中竞价增 持公司A股490.66万股，占总股本0.78%，持股数由1.47亿股增至1.52亿股，比例由23.27%升至24.05%； 截至目前累计增持2276.59万股、金额1.51亿元，本次触及1%刻度，仍在增持计划有效期内。 ...

无锡 智能自控公告称，公司拟使用不超5000万元闲置募集资金进行现金管理，该额度可于12个月内循 环使用。近日，公司向 中国银行无锡分行营业部申购两款结构性存款产品，金额分别为980万元、1020 万元，期限96 - 99天，预期年化收益率0.59%或2.72%。此前进行的相关投资均已如期收回本金和收益。 截至公告披露日，公司使用闲置募集资金进行现金管理未到期余额为2000万元，未超董事会授权额度。 ...

Core Viewpoint - The announcement highlights that Changyuan Power's wholly-owned subsidiary, Guoneng Changyuan Wuhan Qingshan Thermal Power Co., Ltd., has won a bid for an EPC project focused on deep treatment of desulfurization wastewater, amounting to 36.7 million yuan [1] Group 1: Project Details - The project aims to achieve zero discharge of desulfurization wastewater at Qingshan Company [1] - Guoneng Water Environmental Protection Co., Ltd., an affiliated party, is the winning bidder for this project, indicating it constitutes a related party transaction for the company [1] Group 2: Environmental Impact - The implementation of this project is expected to effectively address the negative impacts of desulfurization wastewater on the efficiency of the desulfurization system and the safe operation of equipment [1] - The project aligns with the company's goals for clean production and supports the transition towards a green and low-carbon development direction [1]

据财政部消息，财政部拟发行2026年记账式贴现国债。本期国债为期限91天的贴现债。本期国债竞争性 招标面值总额400亿元，不进行甲类成员追加投标。本期国债发行价格通过竞争性招标确定，以低于票 面金额的价格贴现发行。 ...

道达尔能源1月14日宣布，其尼日利亚子公司已与Vaaris签署买卖协议，出售其在复兴财团合资企业中持 有的10%非作业权益。复兴财团是由尼日利亚国家 石油公司、复兴非洲能源有限公司、道达尔能源尼 日利亚公司、埃尼公司与自然资源公司组成的合资企业，在尼日尔三角洲地区持有18个许可证。 ...

Group 1 - Lenovo (Beijing) Co., Ltd. has applied for a patent titled "Display Method, Device, and Storage Medium," with publication number CN121326692A, and the application date is September 2025 [1] - The patent abstract reveals that the method includes obtaining first and second data from the baseboard management controller in response to a target event triggered on the host, where the first data relates to the target event and the second data is relevant data output to the display module [1] - The target event characterizes the host's state as abnormal, and the display module is controlled to show content corresponding to the first and second data [1] Group 2 - Lenovo (Beijing) Co., Ltd. was established in 1992 and is located in Beijing, primarily engaged in the manufacturing of computers, communications, and other electronic devices [1] - The company has a registered capital of 565 million Hong Kong dollars and has invested in 107 enterprises, participated in 5,000 bidding projects, and holds 1,637 trademark records and 5,000 patent records [1] - Additionally, the company possesses 238 administrative licenses [1]

来源：环球市场播报 在可口可乐的运营下，Costa Coffee一方面要与定位更高端的独立咖啡店竞争，另一方面还要应对格雷 格斯（Greggs）等平价咖啡运营商的冲击，而与此同时，消费者支出始终保持疲软态势。 英国Companies House提交的财务文件显示，2024年Costa Coffee的营业收入为12亿英镑，运营亏损却同 比翻倍多，增至1350万英镑。该公司将亏损归咎于商业街客流量低迷以及来自平价竞争对手的激烈竞 争。 此后，英国咖啡行业一直受困于咖啡豆价格上涨和人力成本增加的双重压力，尤其是去年4月生效的雇 主国民保险缴费上调政策，进一步加重了企业负担。 此次出售计划失败可能迫使可口可乐减记Costa Coffee在其账面上的资产价值。 知情人士表示，进入后期谈判的企业包括阿斯达超市（Asda）的母公司TDR Capital，以及贝恩资本特 殊情况基金——该基金旗下拥有盖尔面包店（Gail's）和必胜客英国业务（Pizza Express）等品牌。 此前有报道称，可口可乐为Costa Coffee设定的出售目标价约为20亿英镑，这一金额大致相当于其2018 年从普瑞米尔酒店集团（Premier ...