Group 1 - The core viewpoint of the article is that Zhang Zetian has launched a personal podcast named "Xiao Tian Zhang" on the Xiaoyuzhou platform, which has gained significant traction in a short period [1] - Within three hours of its launch, the podcast account has surpassed 13,000 subscriptions, and the associated Xiaohongshu account has over 40,000 followers, indicating rapid growth in audience engagement [1] - Zhang Zetian expressed her desire to share her experiences and insights as she matures, emphasizing her interest in conversing with entrepreneurs to learn about the latest technological developments and changes in business models [3]

午后，脑机接口概念股走高，南京熊猫盘中实现6天5板；可控核聚变概念股表现活跃，法尔胜涨停，哈焊华通涨超11%。数字媒体、军工电 子、软件服务、云服务等板块涨幅居前。 记者丨黎雨桐 编辑丨张嘉钰 1月12日，A股市场震荡拉升，截至收盘，三大指数均涨超1%，沪深两市成交额3.6万亿，连续第2个交易日突破3万亿，较上一个交易日放量 4922亿，刷新此前在2024年10月8日创下的成交额历史纪录。全市场超4100只个股上涨，其中201只个股涨停。 | 深证成指 | 上证指数 | 科创综指 | | --- | --- | --- | | 14366.91 | 4165.29 | 1855.38 | | +44.86 +1.09% +246.76 +1.75% +51.98 +2.88% | | | | 创业板指 | 万得全A | 北证50 | | 3388.34 | 6853.53 | 1605.77 | | +115.78 +1.72% +60.53 +1.82% +81.51 +5.35% | | | | 中证500 | 沪深300 | 中证A500 | | 8249.13 | 4789.92 | 5948.70 ...

Core Viewpoint - The speech by the Vice Chairman of the China Securities Regulatory Commission emphasizes the importance of deepening investment and financing reforms to enhance the quality and scale of the capital market, which has become the second largest globally, matching China's economic strength [1]. Group 1: Importance of Investment and Financing Coordination - Investment and financing are fundamental functions of the capital market, and their coordination is crucial for high-quality development. A lack of balance can exacerbate market volatility and increase vulnerability [2]. - Improving the quality of listed companies is essential, as well-governed companies attract long-term investments, creating a virtuous cycle of quality improvement and efficient financing [2]. - Protecting the rights of small and medium investors is a priority, given that over 95% of A-share investors are small investors who require better information disclosure and fair trading conditions [3]. Group 2: Opportunities from Technological and Industrial Changes - The ongoing technological revolution and industrial transformation present historical opportunities for the capital market, necessitating reforms to attract quality listings and patient capital [4]. - The domestic market is witnessing significant changes in asset allocation among residents, which raises new demands for the investment and financing functions of the capital market [4]. Group 3: Data on Reform Outcomes - As of the end of 2025, various long-term funds held approximately 23 trillion yuan in A-share market value, a 36% increase from the beginning of the year. Equity fund sizes grew from 8.4 trillion yuan to about 11 trillion yuan [6]. - The total cash dividends from A-share listed companies reached a historical high of 2.55 trillion yuan in 2025, double the scale of IPOs and refinancing during the same period [6]. - Regulatory actions against financial fraud have intensified, with 159 cases investigated since 2024, leading to significant accountability measures against major shareholders and controlling persons [6]. Group 4: Future Reform Directions - The focus will be on improving the environment for long-term investments, enhancing the precision and effectiveness of services for innovative companies, and promoting the value creation capabilities of listed companies [8][9][10]. - There will be an emphasis on cultivating top-tier investment banks and institutions, ensuring they prioritize functional capabilities and client-centered services [11]. - Regulatory enforcement will be strengthened, with a focus on investor education and protection, aiming to enhance trust and confidence in the market [12].

记者丨叶映橙 见习记者林健民 编辑丨周炎炎 1月12日，天普股份（605255.SH）复牌后"一字"跌停，报196.22元/股，总市值为263亿元。此前，该股在2025年下半 年表现活跃，年内大涨超16倍，居A股年度涨幅榜第二名，成为市场上的"明星股"。 | 五日 分时 | 日K | 月K | | | | --- | --- | --- | --- | --- | | 叠加 | | 均价:196.22 盘口 资金 | | | | 239.82 | | 10.00% 卖五 196.29 | | 4 | | | | 变型 196.25 | | 32 | | | | 》 | 196.24 | 14 | | | | 三二 | 196.23 | 53 | | 218.02 | | 0.00% 卖一 | 196.223.30万 | | | | | 25 = | | | | | | 25 T | | | | 196.22 | | 杀开 -10.00% | | | | 9:30 | 11:30/13:00 | 15:00 10:32 196.22 | | 7 | | | 资金流向 1分钟 0.0000% 全天累计 -0.17 ...

美国联邦储备委员会主席鲍威尔11日表示，美国联邦检察官正在对他展开的刑事调查意在对美 联储施压。 据美国媒体报道，这项调查由美国哥伦比亚特区联邦检察官办公室展开，调查内容包括分析鲍 威尔的公开言论及审查支出记录。调查已于去年11月获得批准。 自2025年1月上任以来，美国总统特朗普多次施压美联储降息，批评鲍威尔的行动总是"又迟又 错"。鲍威尔2018年首次出任美联储主席，并于2022年连任，他目前的任期将于2026年5月结 束。 来源丨新华社 编辑丨黎雨桐 百亿市值脑机接口龙头被警示 智谱飙升超30%，港股新股全线飘红 SFC 21君荐读 视频编辑 许婷婷 鲍威尔11日晚些时候在美联储网站发表公开声明说，美国司法部9日向美联储送达传票，威胁 对他2025年6月在参议院银行委员会作证一事提起刑事诉讼，当时的证词涉及美联储办公楼翻 新项目。 "此次史无前例的行动是在政府威胁和持续施压的大背景下发生的。"鲍威尔说，美国政府对他 提出刑事指控威胁，是因为美联储依据对公众利益的最佳评估来设定利率，而不是遵从总统的 意愿。 鲍威尔说，这一调查关乎美联储将继续依据经济运行实际情况来设定利率，还是为政治压力或 恐吓所左右。 ...

Core Viewpoint - The bond market in 2025 faced significant challenges characterized by high volatility, low yield space, and thin returns, leading to a complex environment for investment institutions [2][5][9]. Group 1: Market Conditions - The bond market experienced extreme fluctuations, with a notable decline in interest rates compared to the previous year, resulting in a challenging investment landscape [3][5]. - The 10-year government bond yield started at 1.6% and saw rapid increases, peaking around 1.92% in September, reflecting economic recovery expectations and supply pressures [7][8]. - By the end of 2025, the bond market displayed a mixed performance, with long-term bonds rising while short-term bonds showed slight declines, indicating a steepening yield curve [8][10]. Group 2: Institutional Behavior - Different types of institutions exhibited varied investment behaviors, with large commercial banks and insurance companies showing strong buying interest, while others like city commercial banks and securities firms were net sellers [10][11]. - The investment strategies of institutions shifted towards cautious approaches, focusing on cost reduction and risk management amid a declining attractiveness of the bond market compared to equities and commodities [9][11]. Group 3: Future Outlook - As 2026 begins, the bond market is anticipated to open with a 10-year government bond yield of approximately 1.85%, with expectations for potential interest rate cuts in the first quarter [12][13]. - The market is closely monitoring monetary policy adjustments, with expectations for a gradual approach to easing, influenced by economic recovery goals and structural inflation concerns [14][15]. - Institutions are preparing for a continued volatile environment, with strategies focusing on maintaining trading intensity for excess returns while managing costs effectively [15].

据南方+援引CCTV国际时讯，美东时间1月11日晚，特朗普在社交平台发帖，自称"委内瑞拉 代总统"。 | Acting President of Venezuela | | --- | | Incumbent January 2026 | | 45th & 47th President of the United States | | Incumbent | | Assumed office January 20, 2025 | | Vice President JD Vance | 委内瑞拉最高法院3日命令时任副总统罗德里格斯担任代理总统。1月5日，罗德里格斯在全国 代表大会宣誓就任临时总统。 然而，特朗普1月4日在接受媒体采访时曾说，如果罗德里格斯"不正确行事"，她可能将付出比 委内瑞拉总统马杜罗"更沉重的代价"。 当地时间1月6日，针对特朗普日前声称美国已"掌控"委内瑞拉，罗德里格斯强调，委内瑞拉并 未受到任何外部势力的统治，委内瑞拉政府正在执政。 1月3日，美国对委内瑞拉发起大规模军事行动，突袭委首都加拉加斯，强行控制委总统马杜罗 夫妇并将其带往美国。 SFC 来源丨南方+ 编辑丨黎雨桐 特朗普称将不 ...

Core Viewpoint - The Hong Kong stock market is experiencing a resurgence in IPO enthusiasm, particularly in AI and technology sectors, with several new stocks showing significant gains since their listings [4][6][8]. Group 1: Market Performance - As of January 12, the Hang Seng Index rose by 0.47% to 26,355.83, with a trading volume of 127.5 billion [2] - The Hang Seng Technology Index increased by 1.41% to 5,767.49, with a trading volume of 39.9 billion [2] - Notable tech stocks such as Meituan and Baidu both saw gains exceeding 2% [1] Group 2: IPO Performance - New IPOs in Hong Kong have shown strong first-day performances, with MINIMAX-WP rising by 109.09%, Jin Xun Resources by 26.00%, and Rui Bo Bio by 41.62% on January 9 [6][9] - Since December 23, 2025, all 15 newly listed stocks have recorded gains on their first trading days, indicating a recovery in the IPO market [6] - The overall IPO failure rate in Hong Kong for 2025 was approximately 27.35%, with a notable increase in failure rates in November and December [6][11] Group 3: Investor Sentiment and Strategy - Investor interest in IPOs has increased, with a higher influx of funds, although the average returns have decreased due to the high volume of new listings [7][11] - The recent surge in AI and GPU stocks has positively influenced the sentiment around new IPOs [8] - A quantitative strategy is recommended for investors to improve IPO success rates, focusing on industry performance, average IPO returns, relative valuations, price differentials, and cornerstone investor holdings [10][12]

记者丨 张嘉钰 编辑丨江佩佩 1月12日，A股三大指数集体拉升，截至午盘，沪指涨0.75%，深成指涨1.31%。创业板指涨 1.17%。 市场半日成交额超2.3万亿元，较上日此时放量超4781亿。 全市场超3800只个股上涨， 其中139只个股涨停。 从板块来看，AI应用、商业航天、光伏、 零售 等概念涨幅居前，油气、煤炭等方向跌幅居 前。 热门个股中，1月12日，2025年大牛股天普股份一字跌停，消息面上，天普股份被证监会立案 调查。 贵金属早盘，现货黄金首次站上4600美元大关，涨幅近2%，新年首月累涨280美元。截至发 稿，仍涨超1%。纽约期金早盘也突破了4610美元/盎司。 国内品牌金饰价格同步上扬，周生 生足金饰品报1429元/克，较1月10日1410元/克涨19元/克。 受此影响，A股黄金股集体拉升， 晓程科技涨超6%，山东黄金涨超2%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | 成交额 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | 4151.14 | 30.71 | 0.75% | 9153亿 | | 39900 ...

Core Viewpoint - Xu Haining, a prominent figure in wealth management, has transitioned from her role at Dongfang Securities to establish Shanghai Zhihui Technology Co., focusing on wealth management integrated with technology and industry-finance collaboration [1][3]. Company Overview - Shanghai Zhihui Technology Co., founded on January 8, 2026, has a registered capital of 100 million yuan and is located in Hongkou District, Shanghai. Xu Haining serves as the legal representative [1][3]. - The company aims to address core industry transformation needs through three main business directions: developing intelligent advisory systems, creating a professional training system for investment advisors, and providing customized consulting services for financial institutions [3][4]. Background of Xu Haining - Xu Haining has over ten years of experience in the wealth management sector, previously serving as the Vice President and head of wealth management at Dongfang Securities. She resigned on November 20, 2024, for personal career development reasons [3][9]. - Her career began outside the financial industry, with significant roles in real estate and securities investment before joining Dongfang Securities in 2012, where she played a crucial role in transforming the company's wealth management business [7][8]. Business Strategy and Focus - Shanghai Zhihui Technology's core positioning is "wealth management + technology + industry-finance collaboration," focusing on the integration of technology in wealth management practices [3][4]. - The company plans to enhance the professional capabilities of investment advisors and improve the overall service quality in the wealth management sector [3][4]. Partnerships and Capital - The company is co-founded by Xu Haining and Zhonglian Heavy Industry Capital, which is a wholly-owned subsidiary of Zhonglian Heavy Industry, indicating strong financial backing [4]. - Xu Haining holds a 3% stake in the company, while her partner Li Zhiqian holds 97%, suggesting a strategic partnership that leverages industry resources [5][4].