Market Overview - The A-share market opened positively on January 5, 2026, with the Shanghai Composite Index rising 1.38% and surpassing the 4000-point mark, marking a twelve-day winning streak [1] - The total market turnover reached 2.57 trillion yuan, an increase of 501.5 billion yuan compared to the previous trading day, with nearly 4200 stocks rising, including 127 stocks hitting the daily limit [1] Sector Performance - The brain-computer interface (BCI) concept led the market, with over thirty constituent stocks hitting the daily limit, and the BCI index rising by 13.7% [4][7] - The insurance sector saw significant gains, with companies like Xinhua Insurance and China Pacific Insurance reaching new historical highs [4] - The commercial aerospace concept remained active, with stocks like Leike Defense and China Satellite Communications showing strong performance [4] - The semiconductor industry chain also performed well, with stocks such as Yaxin Integration and Shenghui Integration hitting the daily limit [4] Key Stocks - Notable stocks in the BCI sector included: - Beikang (920199) with a rise of 29.98% - Botao Bio (688767) increasing by 20.01% - Sanbo Brain Science (300409) also up by 20.01% [5][6] - In the precious metals sector, silver and gold prices surged due to geopolitical tensions, with silver rising over 5% and gold recovering above 4400 USD [7] - The storage chip sector experienced a significant boom, with companies like Yunhan Chip City and Puran Shares hitting the daily limit [8][11] Industry Insights - The semiconductor supply shortage is described as "unprecedented" and "extremely severe," which is expected to impact prices of end products like smartphones [11] - Analysts predict that the storage chip supply shortage will persist into 2026, benefiting companies like Micron Technology [11] - The domestic semiconductor equipment market is expected to grow, with increased production capacity and technological advancements [11]

美国对委内瑞拉的政治行动正成为扰动全球金融市场的新变量。 记者丨林汉垚 见习记者冯紫彤 编辑丨周炎炎 据新华社消息，美国东部时间3日晚，载有委内瑞拉总统马杜罗及其夫人的飞机抵达纽约州斯 图尔特空军国民警卫队基地。美国总统特朗普称，美国将"管理"委内瑞拉直至该国实现"安 全"过渡。 受此事件影响，市场避险情绪升温。截至1月5日13时20分，美元指数短线拉升，上涨0.26%， 报98.7196。 SFC 出品丨21财经客户端 21世纪经济报道 编辑丨金珊 美国闪击全球最大石油储量国，全球油市会否变天 特朗普号称美国"掌控"委内瑞拉 委内瑞拉代理总统"喊话"特朗普，邀请美国制定合作议程 21君荐读 东方证券研报指出，当前全球地缘局势仍处于升温阶段，委内瑞拉事件后，不确定性预期显 著上升，全球市场高波动性可能延续。 该机构认为，此类事件可能导致美元指数短期走强， 但是中期下行趋势不会变化，市场风险偏好受到的影响短期非常有限 。 这一判断与2025年末以来多家主流机构的看空观点一致。德意志银行、高盛、瑞银等机构此 前对2026年美元走势持谨慎预期。当前，随着就业市场降温与通胀压力缓解，美联储货币政 策趋向宽松，政策重心 ...

Core Viewpoint - The recent capture of Venezuelan President Maduro has led to fluctuations in the oil market, with initial price increases followed by declines due to ongoing geopolitical tensions and supply issues [1][4]. Group 1: Oil Market Reactions - Following Maduro's capture, U.S. crude oil prices rose by 0.5% to a peak of $57.73 per gallon, while Brent crude reached $61.24 per gallon before both experienced declines [1]. - As of 13:40 Beijing time, U.S. crude oil fell by 0.44% to $57.07, and Brent crude decreased by 0.36% to $60.53 [1]. Group 2: Venezuelan Oil Production and Exports - Venezuela's oil exports have plummeted to nearly zero due to U.S. sanctions, with the country’s oil production being significantly affected, leading to a near saturation of domestic storage facilities [2][3]. - The total amount of Venezuelan oil stranded at sea has exceeded 17 million barrels, with daily production dropping from approximately 1.1 million barrels in November to about 500,000 barrels in December [3]. Group 3: Global Oil Supply and Demand Dynamics - Venezuela holds the world's largest proven oil reserves, estimated at over 300 billion barrels, which is nearly one-fifth of the global total [3]. - Despite the short-term potential for price spikes due to geopolitical factors, the long-term outlook remains bearish due to global economic weakness and an oversupply of oil [4]. Group 4: Implications for the Chemical Industry - The disruption in Venezuelan oil supply, particularly of the Merey crude, is expected to lead to shortages in asphalt production, impacting downstream industries such as road construction [5]. - The ongoing geopolitical tensions may also affect methanol supplies to China, as Venezuela's exports are crucial for the region's methanol production [5]. - Rising oil prices are likely to increase costs across the chemical supply chain, affecting the pricing of various downstream products [5].

Core Viewpoint - The article emphasizes the development of the Guangdong-Hong Kong-Macao Greater Bay Area as an international technology innovation center, highlighting its unique advantages and the ongoing transformation in cross-border scientific collaboration and innovation roles among the three regions [2][10]. Group 1: Development of the Greater Bay Area - Since 2019, the Zhuhai Macao University Science and Technology Research Institute (Zhuyuan) has facilitated over 180 commercial projects with a total value exceeding 120 million yuan, showcasing the rapid integration of research and production in the region [1]. - The Greater Bay Area has established two national laboratories, 45 key laboratories, and 33 joint laboratories, with the "Shenzhen-Hong Kong-Guangzhou" technology cluster expected to rank first globally by 2025 [1][2]. - The central economic work conference has set innovation-driven development as a key task for 2026, reinforcing the importance of the Greater Bay Area in the national innovation system [2][3]. Group 2: Evolving Roles in Innovation - The collaboration among Guangdong, Hong Kong, and Macao is transitioning from project-based cooperation to a more integrated development model, characterized by rule alignment and mechanism integration [3][6]. - The Zhuyuan focuses on biomedicine and health, leveraging national key laboratories to advance applied scientific research and commercialization, particularly in traditional Chinese medicine [5][6]. - The boundaries of collaboration are becoming less distinct, with Shenzhen excelling in quantum computing and synthetic biology, while Hong Kong is enhancing its high-end manufacturing capabilities [6][7]. Group 3: Innovation Spillover Effects - The article discusses the "innovation spillover effect," comparing it to Silicon Valley's development, where initial academic resources attracted technology companies, leading to a broader industrial cluster [8]. - The Zhuyuan serves as a hub for transforming Macao's research outcomes into practical applications, having signed agreements with over 20 companies, covering various research fields [8][9]. - Guangdong is home to over 77,000 high-tech enterprises, contributing significantly to national high-tech product exports, which rebounded with a 10% year-on-year growth [9]. Group 4: Unique Advantages of the Greater Bay Area - The Greater Bay Area's high marketization and internationalization levels facilitate efficient resource allocation and integration into the global innovation network [10]. - The region's complete industrial clusters and robust manufacturing base enable rapid transformation of technological innovations into products [10]. - The collaboration among the three major international innovation centers (Greater Bay Area, Beijing-Tianjin-Hebei, and Yangtze River Delta) is seen as complementary rather than competitive, leveraging each region's strengths [10]. Group 5: Challenges in Cross-Border Collaboration - The article highlights the bottlenecks in the cross-border flow of technological elements among the three regions, particularly in data flow, which is crucial for the development of digital economy and AI [11][13]. - Initiatives are underway to enhance cross-border data sharing, including financial and medical data, to facilitate smoother collaboration [11][12]. - The need for improved policy coordination and market-level integration of innovation elements is emphasized to overcome existing barriers [13][14].

记者丨 凌晨 编辑丨陈洁 2026年"两新"政策发布之后，元旦提振消费的力度进一步加大。 2025年12月30日，国家发展改革委和财政部联合对外发布《关于2026年实施大规模设备更新 和消费品以旧换新政策的通知》（以下简称《通知》），提出在汽车报废更新、汽车置换更 新、家电、数码和智能产品等领域，实施消费品以旧换新政策。 近日，国家发展改革委会同财政部，已向地方提前下达2026年第一批625亿元超长期特别国债 支持消费品以旧换新资金计划。 2026年元旦，消费品以旧换新政策的落地情况如何？21世纪经济报道记者走访西安市区线下门 店获悉，自2026年1月1日以来，位于西安的大部分线下门店，已启动最新的"国补"政策。 "我们目前主要补贴品类是电视、冰箱、洗衣机等，除了部分厨电机器不参与补贴外，基本都 有千元左右的补贴。"西安市北大明宫钻石店商家对21世纪经济报道记者表示。 2025年12月10日—11日在北京召开的中央经济工作会议提出，优化"两新"政策实施。清理消 费领域不合理限制措施，释放服务消费潜力。 12月底发布的《通知》，明确继续支持汽车、家电、数码和智能产品等重点商品的以旧换新。 为满足元旦、春节消费需 ...

Core Viewpoint - The recent IPO frenzy among domestic GPU companies has led to significant initial stock price surges, but these stocks have since experienced substantial declines, highlighting the gap between high market expectations and the companies' current financial realities [1][2][4]. Group 1: IPO Performance - On January 2, 2025, Birran Technology (6082.HK) saw its stock price rise nearly 120% on its debut, becoming the "first domestic GPU stock" in Hong Kong [1]. - Moer Technology (688795.SH), dubbed the "first domestic GPU stock," experienced a stock price increase of over 400% on its first day, closing at over 900 CNY per share, significantly above its issue price of 114.28 CNY [1][4]. - Muxi Co., Ltd. (688802.SH) had a debut on December 17, 2025, with a maximum profit of nearly 400,000 CNY for investors on its first day, setting a record for A-share IPOs in the past decade [1]. Group 2: Market Valuation and Adjustments - Following their initial surges, Moer Technology and Muxi Co. have seen their stock prices decline by approximately 37% and 35%, respectively, from their peak values [1][5]. - Birran Technology's stock closed with a gain of less than 80% on its first day, with a total market capitalization of less than 100 billion HKD, only about one-third of Moer and Muxi's market values [1][8]. Group 3: Financial Performance and Challenges - All three companies have shown revenue growth over the past three years but have yet to achieve profitability, with high R&D expenditures continuing [1][10]. - Moer Technology reported cumulative losses of approximately 5 billion CNY from 2022 to 2024, with total R&D investments of 3.81 billion CNY and total revenue of only about 600 million CNY [10]. - Muxi Co. indicated cumulative losses of 3.29 billion CNY during the same period, with R&D investments totaling 2.466 billion CNY, far exceeding total revenue of 1.116 billion CNY [10]. Group 4: Market Position and Competition - The market share of domestic GPUs remains low compared to global competitors, with Nvidia holding a dominant position [12]. - In the domestic AI chip market, Nvidia, Huawei, and AMD hold 54.4%, 21.4%, and 15.3% market shares, respectively, indicating a significant competitive gap for domestic firms [12]. - The industry is characterized by a high concentration of market share among leading players, with the top two participants accounting for 94.4% of the market revenue in China [12]. Group 5: Ecosystem and Future Prospects - The success of GPU companies is heavily reliant on building a compatible ecosystem, with Nvidia's CUDA ecosystem being a significant barrier for domestic firms [13]. - Domestic companies are attempting to create their ecosystems, such as Moer Technology's MUSA architecture, but face challenges in breaking Nvidia's dominance [13]. - The market's initial enthusiasm for these companies reflects strong future demand expectations, but the companies must navigate the pressures of short-term speculation and long-term development potential [13].

据新华社报道，美国总统特朗普1月4日号称，美国已"掌控"委内瑞拉。 特朗普当天在总统专机"空军一号"上对媒体表示，美国正与委内瑞拉政府打交道。"别问我现在谁掌权，因为我会给你一个答案，而 且这个答案会非常有争议。" 当记者进一步追问时，特朗普说："我的意思就是，现在由我们掌控。" 这是1月3日在委内瑞拉首都加拉加斯拍摄的空旷街头。 （图源：新华社） 特朗普还再次称，美国将"管理"委内瑞拉并进行"整顿"。 一键追踪美国"闪击"委内瑞拉时间线： 来源丨新华社 编辑 | 金珊 见习编辑林芊蔚 1月3日，在委内瑞拉首都加拉加斯，一家委内瑞拉石油公司的加油站关闭。（图源：新华社） 21 悦 读 · · 智能 权 威 G D 扫码点击下载 2 1君荐读 委内瑞拉代理总统"喊话"特朗普，邀请美国制定合作议程 美国闪击全球最大石油储量国，全球油市会否变天 SFC ...

Core Viewpoint - The year 2025 is highlighted as a "high光 year" for China's IP economy, marking a significant leap where local IPs are becoming global symbols and innovating based on traditional roots [1]. Group 1: Achievements of Chinese IP - Labubu participated in the New York Manhattan Flower Parade alongside global icons like Mickey Mouse and Super Mario [1]. - "Nezha: The Devil's Child" broke box office records, ending Hollywood's long-standing dominance in animation history [1][4]. - The film achieved a domestic box office of 15.446 billion yuan and a global total of over 15.9 billion yuan (approximately 1.902 billion USD), ranking fifth in global box office history and first in animation history [4]. Group 2: Market Performance and Trends - In 2025, both Pop Mart and Laopu Gold saw stock price increases exceeding 100%, with significant capital inflow into the IP toy and gold jewelry sectors [1]. - Pop Mart's stock reached a peak of 339.8 HKD, with a market cap of approximately 456 billion HKD, and reported a revenue of 13.876 billion yuan, a year-on-year increase of 204.4% [7]. - Laopu Gold achieved a revenue of 12.3 billion yuan in the first half of 2025, a year-on-year increase of 251%, with a gross profit margin exceeding 41% [11]. Group 3: Cultural and Economic Impact - The integration of Chinese IP into films, games, toys, and jewelry represents a new approach to monetizing cultural assets [1]. - Laopu Gold is recognized as a significant competitor in the luxury goods market, with predictions that it will surpass Richemont's total revenue in China by 2025 [11]. - The emergence of new players like Mingchuang Yipin is expected to further propel Chinese IP onto the global stage [12].

Core Viewpoint - Walmart's Sam's Club is aggressively expanding its presence in Guangzhou, indicating a strong confidence in the region's economic potential and consumer demand [3][14]. Group 1: Expansion Plans - The main structure of the Sam's Club project in Baiyun District, Guangzhou, has been completed, with plans for completion by mid-2026 and opening by the end of 2026 [1]. - Sam's Club opened its Guangzhou Liwan store on December 22, 2025, which saw overwhelming customer turnout, indicating strong demand [5]. - A framework agreement was signed between the Guangzhou Development Zone Management Committee and Walmart (China) for a new store in Huangpu District, further expanding Sam's footprint in the region [3]. Group 2: Market Dynamics - Sam's Club has shifted from a single store in Panyu for 12 years to a rapid expansion, with 10 new stores opened in 2025 alone, marking a record for the brand in China [8][11]. - The turning point for Sam's Club's growth in Guangzhou was the opening of the Tianhe District Meilin Tiandi store in 2021, which achieved record sales and significant customer traffic [8]. - The average sales per store in Guangdong are higher than in most regions, with both Shenzhen and Guangzhou ranking among the top globally for sales [14]. Group 3: Consumer Behavior and Trends - The membership model of Sam's Club has proven effective, with a 90% renewal rate, indicating strong customer loyalty among high-income consumers [11]. - The demand for high-quality products and the unique shopping experience offered by Sam's Club align with the preferences of Guangzhou's affluent consumer base [14]. - The introduction of cross-border shopping services for Hong Kong and Macau residents has further boosted customer traffic and sales [15][18]. Group 4: Financial Performance - Walmart China's net sales reached $6.1 billion (approximately 42.9 billion RMB) in the third fiscal quarter of 2026, reflecting a 21.8% year-over-year growth [19]. - Sam's Club's sales in China surpassed 120 billion RMB, with a year-on-year growth of about 20%, exceeding the previous year's total by 20 billion RMB [19]. - Projections indicate that Sam's Club's sales in China will exceed 140 billion RMB in 2025, marking a 40% increase from 2024 [19].

Group 1 - The core viewpoint of the article highlights the significant recovery of the IPO market in China, with notable companies like 英矽智能 and 摩尔线程 achieving substantial fundraising and market success, indicating a positive trend for venture capital and private equity firms [1][4][6] - In 2025, a total of 135 Chinese companies with VC/PE backgrounds went public, marking a 20.54% year-on-year increase in the number of IPOs supported by these institutions [1] - The IPO of 英矽智能 raised 22.77 billion HKD, becoming the highest fundraising biopharmaceutical IPO in Hong Kong for 2025, showcasing the strong backing from venture capital firms like 华平投资 [1] Group 2 - The article discusses the emergence of diversified exit strategies for venture capital, with S transactions and mergers and acquisitions becoming primary exit routes, reflecting a shift in market dynamics [2][7] - In 2024, the domestic S fund transaction scale reached 107.8 billion CNY, a 46% increase year-on-year, with 2025 expected to set new records in transaction volume [7][9] - The number of mergers and acquisitions in China increased by 12.58% in 2025, with a total of 2,963 transactions completed, indicating a robust recovery in the M&A market [9] Group 3 - The article notes a trend towards more flexible exit mechanisms, with a shift from rigid buyback clauses to more adaptable strategies, allowing for better management of investments in early-stage companies [11][12] - Various innovative exit strategies are being implemented, such as phased buybacks and equity transfers to support founders in new ventures, reflecting a deeper understanding of the long-term nature of high-risk investments [12]