2026年1月6日，九泰基金发布公告称，基金经理刘开运因工作调整离任九泰锐和18个月定开混合基金。 | 离任基金经理姓名 | 刘开运 | | --- | --- | | 离任原因 | 因工作调整 | | 离任日期 | 2026-1-6 | | 是否转任本公司其他工作岗位 | 否 | | 是否己按规定在中国基金业协会办理变更手续 | 是 | 九泰锐和18个月定开混合基金三季报显示，该基金在三季度重点新买入北方华创、龙佰集团、博源化工、盾安环境等，重点卖出贝达药业、长春高新。 九泰锐和18个月定开混合基金三季报中指出，博源化工在报告编制日前一年内曾受到金融监管总局的处罚，对以上证券的投资决策程序符合法律法规及公司 制度的相关规定，不存在损害基金份额持有人利益的行为。 风险提示：观点仅供参考，不构成投资建议，市场有风险，投资需谨慎。基金过往业绩不代表未来表现，基金管理人及基金经理管理的其他基金的业绩并不 构成对本基金业绩表现。 九泰锐和18个月定开混合基金成立于2020年12月，自成立以来刘开运便一直管理该基金，刚成立时的净认购金额约为2.04亿元，到了2025年三季度末，资产 净值约为972.4万元。 九泰锐和1 ...

| 项目名称 | 国任财产保险股份有限公司20000万股 股份(占总股本4.991%) | 项目编号 | G32025BJ1000893 | | --- | --- | --- | --- | | 转让底价 | 33081.86万元 | 披露公告期 | 自公告之日起不少于2 | | 信息披露起始日期 | 2025-12-19 | 信息披露结束日期 | 2026-01-19 | | 所在地区 | 广东省深圳市 | 所属行业 | 保险业 | | 委托会员 | 机构名称:中铁建锦鲤资产管理有限公司 联系人: 叶经理 / 联系电话: 010-52681161 | | | | 交易机构 | 项目负责人:揭经理 / 联系电话: 010-66295751 部门负责人:刘经理 / 联系电话: 010-66295655 | | | 值得注意的是，国任财险的公司治理方面似乎出现问题。2025年，该公司召开的3次股东大会中均出现了一定数量的反对票。其中，在12月的第四十七次临 时股东大会上，《关于修订公司章程及附件的议案》虽然获得通过，但遭到了6.01亿票反对，同意的票数为32.26亿票。 国任财险第二大股东联美量子股份有限公司（ ...

2026年1月8日，汇丰人寿发布公告称，汇丰保险（亚洲）有限公司拟增资5.56亿元，增资后汇丰人寿注册资本将由26.76亿元增至32.32亿元，无新增股东， 增资后汇丰保险（亚洲）有限公司持有汇丰人寿100%股权比例维持不变。增资事项获得监管批准之际，对该公司章程注册资本相关条款进行相应修订。 值得注意的是，此次增资已是汇丰人寿成为外资独资寿险公司后的第四次资本补充。汇丰保险分别于2022年10月、2023年6月、2025年7月3次向汇丰人寿注 资，使其注册资本由10.25亿元逐步提升至16.6亿元、23.14亿元、26.76亿元。 2025年初汇丰人寿偿付能力出现较大幅度下降。2025年一季度，汇丰人寿核心偿付能力充足率、综合偿付能力充足率分别为176.88%、252.06%，均较上季 度末下滑超16个百分点。 ...

Group 1 - The core point of the article is that lithium iron phosphate (LFP) companies have raised prices for downstream customers due to tight supply, driven by strong demand in energy storage and better-than-expected sales forecasts for electric vehicles [2] - One company has increased prices for major customers by 1500 to 2000 yuan per ton, indicating a significant price adjustment in the market [2] - Despite January typically being a slow season for the industry, recent positive developments in the lithium battery sector, including rising raw material prices and news of production halts, have stimulated market sentiment [2] Group 2 - Multiple LFP production companies, including Hunan Youneng, Deyang Nano, Wanrun New Energy, and Anda Technology, have announced production halts for maintenance, which is expected to have a short-term impact on supply and is interpreted as a contraction signal by the market [4] - Wanrun New Energy has stated that its LFP production lines have been operating beyond capacity since Q4 2025, and it will conduct maintenance starting December 28, 2025, which is expected to reduce LFP output by 5,000 to 20,000 tons [4] - Hunan Youneng's production capacity utilization exceeded 100% in 2025, and it will also conduct maintenance on some production lines starting January 1, 2026, with an expected reduction in output of 15,000 to 35,000 tons of phosphate cathode materials [4] - The first price increase for LFP has been accepted by most customers, with processing fees rising by 1,000 yuan per ton, although some major customers are still in negotiations [4]

Core Insights - A consumer in Jiangsu criticized Bosideng for the high price of a business series down jacket, priced at 2099 yuan, which has a low filling weight of only 86 grams, questioning the brand's premium pricing strategy [2] - Bosideng's high-end transformation aims to shed its "cost-performance" label and align with international luxury brands like Moncler and Canada Goose, evidenced by collaborations and acquisitions [2][3] - Despite Bosideng's efforts, market data shows that nearly 80% of Chinese down jacket consumers prefer prices below 1200 yuan, indicating a mismatch between the brand's high-end positioning and consumer willingness to pay [3] Company Strategy - Bosideng has launched high-end products, such as the AREAL series in collaboration with Kim Jones, and has acquired the Canadian luxury down brand Moose Knuckles to enhance its market position [2] - The company reported record revenues of 25.9 billion yuan and a net profit of 3.5 billion yuan for the fiscal year 2024/25, marking eight consecutive years of historical highs [2] Market Competition - The competitive landscape is intensifying, with outdoor brands like The North Face and Columbia increasing market investments, while fast fashion brands like Uniqlo and ZARA leverage supply chain advantages to capture the mass market [3] - Only 32% of surveyed consumers believe Bosideng's "Dengfeng series" can compete with Moncler and Canada Goose, highlighting the challenges in establishing a premium brand perception [3][4] Brand Positioning - Unlike Moncler, which relies on a century of craftsmanship and brand storytelling, and Canada Goose, which emphasizes extreme performance and scarcity, Bosideng's high-end strategy requires a new supporting narrative to resonate with consumers [4]

Core Viewpoint - The investment in Qilukang Digital Healthcare by Buchang Pharma has led to significant financial losses, highlighting challenges in the digital transformation strategy and reliance on a single product for revenue generation [3][4]. Group 1: Investment Details - Buchang Pharma announced that its stake in Qilukang Digital Healthcare's controlling company, Shiliu Cloud Medical, went public on NASDAQ on October 8, 2025 [1]. - As of September 30, 2025, the book value of the investment in Qilukang Digital Healthcare was 326 million yuan, with a corresponding market value of 33.08 million yuan as of December 31, 2025 [1]. - The fair value change loss is expected to be 293 million yuan, which will reduce the net profit attributable to the parent company for 2025 by the same amount, although it will not affect the net profit after deducting non-recurring gains and losses [1]. Group 2: Strategic Challenges - The partnership between Buchang Pharma and Qilukang began in 2021 during the peak of internet healthcare, with hopes of leveraging Qilukang's digital platform to enhance sales channels for core products [3]. - Qilukang has faced challenges in its business model transition from B2C pharmaceutical e-commerce to internet hospitals, including unclear profitability and high customer acquisition costs [3]. - The market environment for Chinese concept stocks in the U.S. has deteriorated, particularly affecting healthcare technology stocks, which has compounded the difficulties for Shiliu Cloud Medical's NASDAQ listing [3]. Group 3: Broader Implications - Buchang Pharma's reliance on its core product, the Naoxin Tong capsule, which accounts for over two-thirds of its revenue, has become increasingly problematic due to ongoing healthcare cost control policies and centralized procurement of traditional Chinese medicine [4]. - The failure of the Qilukang investment poses a significant setback to Buchang Pharma's digital transformation strategy, which had positioned "building a digital Buchang" as a core objective [4]. - The company may need to reassess its growth direction amid sluggish core business growth and the lack of breakthroughs in innovative drug development [4].

近日，有自称为"申银万国期货员工"的人士在社交平台上开设直播，称因2025年年终奖分配有差异，进行交涉期 间遭到领导暴力对待，并于2026年1月5日被通知停职。 2026年1月9日上午，申银万国期货（下称"申万期货"）方面回应称，相关信息为不实信息，申万期货已报警处 理，目前公安机关正在调查阶段。 2026年1月8日，据每日经济新闻报道，申万期货员工刘凯（化名）通过网络渠道反映，其2024年及2025年的年终 奖相较往年出现大幅缩减，在与申万期货管理层交涉过程中发生冲突受伤。 刘凯称，其2025年仅获得年终奖1万元，较2023年的约5万元降幅显著。针对刘凯的言行，申万期货已于2026年1月 7日向其发出警告信。申万期货在信中表示，刘凯在多个平台"编造虚假信息""扰乱公司办公秩序"，其行为已严重 违反申万期货规章制度。 （网传"刘凯"降薪维权直播视频） （网传"刘凯"收到的警告信） 公开资料显示，申万期货为申万宏源证券有限公司的控股子公司。Choice数据显示，申万期货近年净利润保持稳 定，2022-2024年实现净利润分别为3.22亿元、2.57亿元、2.73亿元。 ...

安徽证监局2025年12月29日下发的警示函将天海流体（832499.NQ）推至风口浪尖。这家正处于北交所IPO辅导期的新三板企业，因对2020年至2024年连续5 年财务数据进行追溯调整且未按规定披露会计差错，被监管机构点名批评。 安徽证监局在警示函中明确指出，天海流体的上述行为违反了《非上市公众公司信息披露管理办法》的规定。天海流体董事会秘书、财务总监崔霞未勤勉尽 责，对上述违规事项负主要责任。对此，安徽证监局决定对天海流体、崔霞采取出具警示函的行政监管措施，并记入证券期货市场诚信档案。 根据《非上市公众公司信息披露管理办法》( 证监会令第162号、 证监会令第184号）第四十九条、《非上市公众公司信息披露管理办 法》(证监会令第191号、证监会令第227号)第四十五条的规定,我 局决定对你公司、崔霞采取出具警示函的行政监管措施，并记入证券 期货市场诚信档案。你公司及相关责任人应加强相关法律法规学习， 强化规范运作意识，忠实勤勉履行职责，确保披露信息的真实、准 确、完整、及时。 如果对本监督管理措施不服，可以在收到本决定书之日起60日内 向中国证券监督管理委员会提出行政复议申请（行政复议申请可以通 过邮政 ...

Core Viewpoint - The real estate industry in China is transitioning from a "high turnover" model characterized by rapid land acquisition and construction to a "slow business" model that emphasizes quality, operational resilience, and deep understanding of customer needs [2][3][12]. Group 1: Industry Transition - The industry is moving away from the "456" high turnover model, which relied on high leverage and rapid expansion, towards a long-term strategy focused on low leverage and operational excellence [3][12]. - By 2025, the real estate sector is expected to face a debt maturity of approximately 525.7 billion yuan, indicating a significant increase in financial pressure [3]. - The market is shifting from new development to stock competition, where the ability to manage projects throughout their lifecycle is becoming crucial [3][12]. Group 2: Characteristics of "Slow" Companies - "Slow" companies like Hejing Chuangzhan, Binhai Group, and Chenjia Development are emerging as benchmarks in the industry due to their careful financial strategies and focus on high-end products in core cities [2][9]. - These companies prioritize product quality and service over rapid expansion, leading to unique offerings that meet market demands [9][11]. - The operational strategies of these firms include localized product design and a focus on understanding the values of new-generation consumers [3][11]. Group 3: Financial Performance and Business Models - Hejing Chuangzhan's commercial segment is projected to contribute 2.2 billion HKD in revenue in the first half of 2025, accounting for over one-third of the company's total revenue [6]. - The company has successfully implemented a "light asset" model, with commercial project management accounting for over 70% of new projects in 2025 [6][11]. - The "Mian" brand of Hejing Chuangzhan has achieved a gross margin of 39% in the first half of 2025, surpassing the industry average, demonstrating the effectiveness of its operational strategies [10]. Group 4: Market Dynamics and Future Outlook - The industry is evolving towards a comprehensive model that balances development, operation, and service, moving beyond mere construction and sales [5][12]. - The focus on quality living and sustainable urban development is becoming increasingly important, aligning with the broader goal of enhancing the quality of life for residents [12][13]. - As the market transitions, companies that can provide high-quality living products and create long-term value in urban operations will be better positioned for success [17].

Group 1 - The core issue revolves around the controversy regarding Han Shu's face masks containing the banned ingredient Epidermal Growth Factor (EGF), leading to a significant trust crisis for the brand and its parent company, Up Beauty Co. [2][3] - Han Shu's response included presenting testing reports claiming no EGF was added, but discrepancies in test results from different third-party organizations raise questions about the legitimacy of the findings [4][9] - The investigation highlighted that the cosmetic industry may have "AB formula" practices, where different formulations are used for testing and actual production, contributing to the confusion [4][10] Group 2 - The pricing strategy of Han Shu has come under scrutiny, with reports indicating that a product priced at 399 yuan may only cost around 26 yuan to produce, raising concerns about inflated pricing and marketing over substance [10][12] - Han Shu's heavy reliance on marketing, with significant sales expenses amounting to 23.37 billion yuan in the first half of 2025, contrasts sharply with its low research and development expenditure of only 1.03 billion yuan [11][12] - Up Beauty Co. is heavily dependent on Han Shu, which accounted for 81.4% of the company's total revenue in the first half of 2025, indicating a lack of diversification in its brand portfolio [12][13] Group 3 - The company has attempted to revitalize its other brands, such as One Leaf, but faces challenges due to market saturation and lack of unique competitive advantages [13][14] - The ongoing controversy and reliance on a single brand may hinder Up Beauty Co.'s long-term stability and growth, especially in a highly competitive beauty market [14]