Core Viewpoint - The article discusses the transition of leadership at Berkshire Hathaway from Warren Buffett to Greg Abel, highlighting the legacy of Buffett and the expectations for Abel as he takes over the company [1][2]. Group 1: Transition of Leadership - Warren Buffett, aged 95, is gradually stepping back from his role as CEO, with Greg Abel set to take over in 2026, marking the beginning of the "Abel era" [1][4]. - Buffett's tenure at Berkshire Hathaway has seen an astonishing total return of 5,502,284% from 1964 to 2024, compared to the S&P 500's 39,054% [1]. - Abel is recognized for his ability to act decisively in investment opportunities, similar to Buffett, but he is expected to carve out his own path rather than replicate Buffett's success [2][11]. Group 2: Abel's Management Style and Achievements - Greg Abel has been praised by Buffett for his hands-on management style, which is seen as more effective for Berkshire's diverse subsidiaries [6][10]. - Under Abel's leadership, Berkshire Hathaway Energy has grown significantly, with revenues increasing from $2.3 billion in 1997 to $26.4 billion in 2022 [10]. - Abel has improved the operating profit margin of Berkshire's manufacturing, service, and retail segments from 4.9% in 2017 to 7.6% in 2023 [10]. Group 3: Market Reactions and Future Outlook - Following the announcement of Buffett's retirement, Berkshire's stock experienced a decline of over 10%, while the S&P 500 rose by more than 10% during the same period [14]. - Analysts have mixed views on the future performance of Berkshire under Abel, with some expressing concerns about the company's ability to maintain strong growth and others seeing potential for investment activity to increase [15][16]. - Berkshire's cash reserves have reached a record $381.7 billion, raising questions about how Abel will utilize these funds effectively without resorting to dividend payments [16][17].

记者丨 程浩 于长洹 编辑丨蒋韵 2026年伊始，"世界工厂"东莞，已经呈现出一派火热的繁忙景象。元旦假期涌动的人流、生产 线上轰鸣的机器、实验室中奔忙的科技人员……一幅幅热火朝天的拼经济画卷正在铺展。 元旦假期刚过，东莞就召开了"新年第一会"。1月5日，中国共产党东莞市第十五届委员会第十 一次全体会议暨市委经济工作会议召开。 开局关乎全局，起步决定走势。2026年是"十五五"开局之年，会议指出，要实现战略目标，必 须在"十五五"开局之年打响第一炮、力争开门红。 当前，东莞正处于承前启后、转型跨越的关键时期，在"智创优品、和美宜居"的战略目标下， 东莞进一步提出实施"九大行动"的思路举措，力争在湾区引领、动力引领、科创引领、产业提 升、消费投资提振、环境提升、品质民生建设、全域文明建设和治理效能建设等九个方面取得 新突破。 "开局即冲刺" 刚刚过去的2025年，东莞交出了一份殊为不易的答卷。 过去一年来，东莞工业投资增30%， 其中高技术产业投资超800亿元；全市进出口总额创历史新高，空港中心进出口货值突破330亿 元；R&D投入占比达4.01%，位居全省第3…… 对于东莞而言，一个现实的问题，随着经济总量的 ...

记者丨 江佩佩 编辑丨张嘉钰 1月6日消息，北京大学90后长聘副教授董豪正式加入上纬启元，出任首席科学家，将聚焦具身 智能模型领域的技术研发与战略布局。 公开资料显示，董豪教授研究方向深耕具身智能、大模型、强化学习、计算机视觉及开源AI系 统 领 域 ， 核 心 目 标 是 构 建 兼 具 成 本 效 益 与 通 用 性 的 机 器 人 系 统 ， 其 学 术 成 果 丰 硕 ， 在 NeurIPS、CVPR、ICRA、RSS等国际顶尖会议/期刊发表论文。 上纬启元于2025年12月31日正式发布全身力控小尺寸人形机器人启元Q1，主要面向科研者、 创意玩家与广泛的家庭用户。上纬新材董事长，智元机器人联合创始人彭志辉（稚晖君）宣 布，公司将以"上纬启元"品牌进军个人机器人赛道。 截至2026年1月6日，上纬新材股价报130.76元/股，市值527亿元。 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） 出品丨21财经客户端 21世纪经济报道 SFC 21君荐读 两只大牛股，明起停牌核查 国有大行突然宣布：上调！ 抖音第二总部将落地深圳 图源/北大计算机学院 作为国内具身智能与机器人系统研究 ...

Core Viewpoint - The article highlights the recent surge in IPOs of AI and computing-related companies in the Hong Kong market, showcasing extreme oversubscription rates and significant investor interest in the sector [1][6][11]. Group 1: IPO Performance - MiniMax's IPO recorded over HKD 253.3 billion in margin subscriptions, with a staggering oversubscription rate of 1209 times [1]. - Other AI companies like Zhiyuan AI and Birun Technology also reported high oversubscription rates of 1164 times and 1583.5 times, respectively, indicating a strong market appetite for AI stocks [1][6]. - The trend of extreme oversubscription has become a norm for AI-related IPOs in Hong Kong, reflecting a robust demand for shares in this sector [5][10]. Group 2: Company Overview - MiniMax, founded in early 2022, has rapidly transitioned from a startup to a publicly listed company, developing a range of self-researched AI models and products [3]. - By September 2025, MiniMax's services will cover over 200 countries, with a user base exceeding 212 million, and projected revenues soaring from USD 346,000 in 2023 to USD 3.05 million in 2024, marking a 782% increase [3]. - The company aims to allocate 90% of its IPO proceeds towards the development of large models and AI-native products, with the remaining 10% for operational funding [4]. Group 3: Investment Landscape - The IPOs of AI companies are supported by favorable policies, technological advancements, and the need for early investors to exit, making Hong Kong an attractive market for AI and computing firms [11]. - The introduction of the FINI system by the Hong Kong Stock Exchange has reduced the cost of capital and shortened the IPO process, contributing to the current IPO frenzy [8]. - Despite the excitement, many AI companies are still in the early stages of profitability, with significant losses reported, indicating potential risks for investors [12]. Group 4: Market Dynamics - The article notes that the competitive edge of these companies, along with the scarcity of shares in public offerings, has driven investor enthusiasm [8]. - The presence of prominent cornerstone investors in these IPOs, accounting for nearly 70% of the total subscription amounts, further underscores the confidence in the sector [7]. - As more AI companies enter the market, the valuation landscape is expected to evolve, with a focus on technological capabilities and commercialization potential becoming critical for future investments [12].

Core Viewpoint - The conflict between KKV and Shenzhen OneAvenue escalated as the shopping center terminated KKV's lease due to alleged long-term underperformance and non-payment of commission rent, leading to a second forced closure of the store [1][2][4]. Summary by Sections Store Closure Incident - Shenzhen OneAvenue officially reclaimed the KKV store on January 5, 2026, and initiated a new leasing process, resulting in KKV's second forced closure within a month [1][2]. - The shopping center claimed that KKV had consistently failed to meet agreed performance standards and had never paid the contractually stipulated commission rent, constituting a fundamental breach of contract [2][4]. Contractual Dispute - KKV's parent company, KK Group, stated that they had adhered to the contract for over four years without any objections from OneAvenue regarding unpaid commission rent [4][6]. - The contract stipulated a six-year term with a rent structure combining fixed and commission-based components, with the latter being contingent on sales performance [6][8]. Background of the Conflict - The conflict began in September 2025 when OneAvenue attempted to negotiate with KKV but failed to reach an agreement, leading to the termination of the lease on December 31, 2025 [4][5]. - KKV had invested significantly in the store, including nearly 10 million yuan for operations and collaborations, indicating a previously positive relationship [5]. Market Context and Performance - KKV has faced challenges in maintaining store performance, with reports indicating that it had closed over 10 stores nationwide in 2025, while still operating over 600 stores domestically and 700 globally [13][14]. - KK Group's expansion has been slower compared to competitors, with significant losses reported in recent years, raising questions about its market strategy and future growth potential [14][15]. Future Outlook - The ongoing dispute and KKV's performance will be critical as KK Group seeks to navigate its path towards a potential IPO, with past attempts having been unsuccessful [15]. - The resolution of this conflict may impact investor perceptions and the company's ability to capitalize on market opportunities moving forward [15].

Core Viewpoint - Tianpu Co., Ltd. (605255.SH) received a regulatory warning from the Shanghai Stock Exchange for inaccurate and incomplete information disclosure, leading to significant scrutiny after its stock price surged 16 times, making it a market focus in 2025 [1][4]. Group 1: Regulatory Actions and Company Background - Tianpu Co., Ltd. was penalized for failing to disclose its lack of plans for artificial intelligence (AI) business, despite the market speculation fueled by its acquisition by Zhonghao Xinying, an AI chip design company [5][6]. - The company established a wholly-owned subsidiary, Tianpu Xincai, for integrated circuit chip design and AI services, which was widely reported during a critical period of control change [5][6]. - The Shanghai Stock Exchange pointed out that Tianpu's failure to clarify its subsidiary's situation during abnormal stock price fluctuations misled investors [6][8]. Group 2: Stock Performance and Market Reaction - Tianpu's stock price skyrocketed by 718.39% from August 22 to December 30, 2025, with an annual increase of 1663.2%, making it the second-best performing stock in the market [10][12]. - The stock's price reached 218.02 CNY per share by December 30, 2025, with a price-to-earnings ratio of 898.58, significantly higher than the industry average of 32.50 [12][13]. - The majority of Tianpu's circulating shares were locked by the acquirer, leading to speculation and significant trading activity, despite the lack of fundamental support for such price movements [12][14].

记者丨 胡慧茵 编辑丨 李艳霞 2026年元旦假期，粤港澳大湾区文旅实现"开门红"。 无论是从假期开始就一票难求的广东省博物馆，还是观众如云的汕尾等地的音乐嘉年华和跨年 晚会，再到被非遗绝技"打铁花"照亮夜空的广州岭南印象园……一场场精彩纷呈的文化盛宴， 都是大湾区旅游热潮的生动注脚。 粤港澳大湾区元旦期间迎来登山热潮。（资料图） 广东省文化和旅游厅公布的数据显示，2026年元旦假期，广东接待游客1787.5万，日均同比增 长34.8%；实现旅游收入99.8亿元，日均同比增长39.8%；全省4A级及以上景区接待游客556.1 万人次，日均同比增长15.3%。携程的旅游数据则显示， 元旦期间，广东在线旅游接待人次和 旅游消费金额这两项核心指标均位居全国省份首位 ，凸显广东文旅市场的超强吸引力。 港澳方面，元旦期间，澳门各口岸出入境旅客总人次约155.16万，其中入境旅客人次约76.62 万；2026年1月1日共录得访澳旅客约18.8万人次，为历年元旦日最高。另有数据显示，元旦假 期有超过163万人次入境香港。 其中，"霸榜"全国前十最热门旅游目的地等各大文旅榜单的广州和深圳持续为大湾区带来滚滚 客流。广州作为" ...

Group 1 - The core viewpoint of the article highlights that two major stocks, Guosheng Technology and Jiamei Packaging, announced a suspension of trading for verification due to significant price fluctuations and deviations from their fundamentals [1][6]. - Guosheng Technology's stock price increased by 370.20% from October 31, 2025, to January 6, 2026, leading to concerns about market overheating and irrational speculation [1]. - Jiamei Packaging's stock price rose by 230.48% from December 17, 2025, to January 6, 2026, prompting a similar suspension for verification due to significant price deviations from its fundamentals [6]. Group 2 - Guosheng Technology, previously known as Qianjing Garden, has diversified into the photovoltaic sector by acquiring seven subsidiaries for approximately 154 million yuan, establishing a dual main business model of "landscaping + photovoltaic" [3]. - The company announced plans to acquire 100% of Tongling Fuyue Technology for 240.6 million yuan to enter the high-precision lithium battery structural components market [3]. - Jiamei Packaging's main business remains focused on the research, design, production, and sales of food and beverage packaging containers, with no significant changes or plans for major adjustments in the next 12 months [6].

Core Viewpoint - The People's Bank of China (PBOC) has outlined seven key tasks for 2026, focusing on strict governance, a moderately loose monetary policy, enhancing financial services for high-quality economic development, managing financial risks, deepening financial reforms and opening up, promoting global financial governance reform, and improving financial management and service capabilities [1]. Group 1: Monetary Policy - The PBOC emphasizes the importance of promoting high-quality economic development and reasonable price recovery as key considerations for monetary policy, utilizing various tools like reserve requirement ratio (RRR) cuts and interest rate reductions to maintain ample liquidity and guide reasonable growth in social financing and credit [4]. - The monetary policy framework is shifting towards a price-oriented approach, with future adjustments aimed at enhancing the effectiveness of monetary policy transmission through better coordination among various interest rates [5][6]. - The PBOC is expanding the coverage of explicit corporate loan comprehensive financing costs, benefiting many small and medium-sized enterprises through a pilot program that clarifies all costs associated with loans [6][7]. Group 2: Exchange Rate Management - The PBOC aims to maintain the stability of the RMB exchange rate at a reasonable and balanced level, with recent trends showing the RMB strengthening against the USD, indicating a need for careful monitoring to prevent excessive fluctuations [7][8]. - Experts suggest that the focus should be on structural adjustments and expanding domestic demand to enhance the certainty of the domestic economic cycle, which is essential for achieving long-term stability of the RMB exchange rate [8].

Core Viewpoint - Suplay, a trendy IP collectibles and consumer goods company, is preparing for an IPO in Hong Kong, aiming to leverage its unique positioning in the adult collectible card market, despite facing risks related to its reliance on licensed IPs [1][8]. Group 1: Company Overview - Suplay was established in September 2019 and focuses on trendy toys and collectible cards, with notable collaborations with renowned IPs such as the Palace Museum, Sanrio, Genshin Impact, and Harry Potter [1]. - The company has a significant partnership with miHoYo, which invested in Suplay's A+ round financing and holds an 11.86% stake, making it the largest external shareholder [1][9]. Group 2: Financial Performance - Suplay's revenue grew from 146 million RMB in 2023 to 281 million RMB in 2024, representing a 92.5% year-on-year increase. For the nine months ending September 30, 2025, the revenue reached 283 million RMB [5][11]. - The company's net profit surged from 2.9 million RMB in 2023 to 49.1 million RMB in 2024, marking a staggering growth of 1,593.1%. The net profit margin for 2024 was 17.5% [5][11]. Group 3: Product and Market Position - Suplay's flagship brand, Kakawow, launched in 2021, has become the top player in China's collectible non-battle card market, with a pricing strategy that targets adult consumers, particularly women [4][7]. - The pricing for Kakawow cards ranges from 59.9 RMB to 89.9 RMB per pack, significantly higher than entry-level cards, reflecting the company's focus on high-quality, culturally resonant collectibles [4][5]. Group 4: Revenue Sources and Risks - Suplay's revenue is primarily derived from licensed IPs, with self-owned IPs contributing only 4.1% of total revenue as of September 30, 2025. The company has established licensing agreements with 22 IP licensors [10][11]. - The top five licensed IPs accounted for approximately 77.7% of total revenue for the nine months ending September 30, 2025, indicating a concentration risk in revenue sources [11].