Core Viewpoint - The article discusses the geopolitical tensions surrounding Venezuela, particularly the implications of U.S. actions against President Maduro and the potential impact on global oil markets. Group 1: Venezuela's Oil Reserves and Production - Venezuela holds approximately 17% of the world's oil reserves, totaling around 303 billion barrels, valued at $17 trillion, surpassing Saudi Arabia [4] - Despite having the largest proven oil reserves globally, Venezuela's current oil production is less than 1 million barrels per day, which is a small fraction of global oil output [3][4] - The country’s oil production has significantly declined due to mismanagement, lack of investment, and sanctions, resulting in production being only a fraction of its previous capacity [4] Group 2: Short-term and Long-term Market Impacts - The immediate impact of the Venezuelan conflict on oil prices is expected to be limited, with analysts predicting a potential increase of only $1 to $2 per barrel for Brent crude [4][5] - Geopolitical tensions may raise risk premiums, potentially driving oil prices higher, with forecasts suggesting WTI and Brent crude could reach around $60 and $63 per barrel, respectively, if the situation escalates [5] - In the medium term, if sanctions are lifted and foreign investment returns, Venezuela's oil exports could rise to nearly 3 million barrels per day [6] Group 3: U.S. Interests and Corporate Involvement - The U.S. has long sought access to Venezuela's heavy crude oil, which complements its domestic light crude production, particularly for refining purposes [6][7] - Chevron is currently the only major U.S. oil company operating in Venezuela, and it is poised to benefit significantly if the country opens up its oil sector [7] - The restoration of Venezuela's oil industry is capital-intensive, with estimates suggesting that an investment of $15 to $20 billion would be needed to increase production by 500,000 barrels per day [7]

要闻速递 外交部发言人就美国强行控制委内瑞拉总统马杜罗夫妇答记者问 4日，外交部发言人就美国强行控制委内瑞拉总统马杜罗夫妇答记者问。问：据报道，1月3 日，美国派兵强行控制委内瑞拉总统马杜罗夫妇并移送出境。多国政府发声对此表示反对。中 方对此有何评论？答：中方对美方强行控制马杜罗总统夫妇并移送出境表示严重关切，美方行 径明显违反国际法和国际关系基本准则，违反《联合国宪章》宗旨和原则。中方呼吁美方确保 马杜罗总统夫妇人身安全，立即释放马杜罗总统和夫人，停止颠覆委内瑞拉政权，通过对话谈 判解决问题。详情>> 韩国总统李在明抵达北京 开启就任后首次对华国事访问 4日下午，韩国总统李在明乘机抵达北京首都国际机场，开启为期4天的访华行程。此访是李在 明总统就任后首次访华，也是韩国总统时隔6年再次访华。 元旦假期海南离岛免税购物金额7.12亿元 据海口海关统计，元旦假期期间（2026年1月1日至3日），海口海关共监管离岛免税商品销售 44.2万件，同比增长52.4%；购物人数8.35万人次，同比增长60.6%；购物金额7.12亿元，同比 增长128.9%。 创新高！去年我国批准创新药76个 对外授权破千亿美元 据国家药监 ...

Group 1 - The core viewpoint of the article is that Yushu Technology has responded to false reports regarding its IPO, clarifying that it has not applied for a "green channel" and is proceeding with its listing process normally [1][2] - Yushu Technology has stated that the misleading reports have seriously infringed on its legal rights and has reported the matter to the relevant authorities, indicating potential legal action against the parties involved [1] - Market speculation suggests that Yushu Technology's IPO guidance may have concluded, but there is uncertainty due to the lack of official documentation from domestic stock exchanges [2] Group 2 - Yushu Technology plans to submit its IPO application documents to the stock exchange between October and December 2025, with operational data to be disclosed at that time [1] - The company has released a new video showcasing its humanoid robot H2, which demonstrates various skills, indicating ongoing developments in its product offerings [2] - Several listed companies have made indirect investments in Yushu Technology through participating funds, although their shareholding ratios are relatively limited [2]

Core Viewpoint - The article highlights the recent fluctuations in silver and gold prices, emphasizing the strong demand for silver and the subsequent market adjustments as supply issues ease. It notes a shift in investor focus back to gold despite silver's recent performance. Group 1: Market Dynamics - During the New Year holiday, the Shenzhen Shui Bei market continued trading, with some merchants stacking silver bars on top of gold bars due to space constraints, indicating a rush to replenish silver stock [1][6] - Silver prices surged approximately 140% in 2025, outperforming gold's 60% increase, leading to a significant shift in trading behavior from on-site to off-site [5][12] - The demand for physical silver led to a temporary shortage, with some investors unable to purchase silver bars, but this situation has since stabilized, with silver now available without pre-ordering [5][9] Group 2: Price Adjustments - As of January 4, silver prices in Shui Bei dropped to around 21 yuan, down from a peak of 23.2 yuan, while investment-grade silver bars averaged 19.5 yuan per gram [5][9] - The article notes that the recent volatility in silver and gold prices is partly due to increased margin requirements by the Chicago Mercantile Exchange, which has led to significant price corrections [10][12] Group 3: Investor Behavior - Despite the recent hype around silver, inquiries about gold investments during the New Year period remained higher than those for silver, indicating a continued preference for gold among investors [8][9] - The article suggests that the silver market may have experienced excessive speculation, as evidenced by the shift in focus back to gold and the stabilization of silver supply [9][12] Group 4: Future Outlook - The silver market is at a crossroads, with various factors influencing its future, including financial re-evaluations, supply-demand dynamics, and macroeconomic conditions [13] - Analysts predict that the upcoming rebalancing of the Bloomberg Commodity Index could lead to significant sell-offs in both silver and gold, potentially impacting market stability [15][17]

Group 1: Economic Overview - Guangdong province is experiencing a vibrant economic atmosphere at the start of 2026, with significant increases in tourism and consumer activity, indicating a strong economic recovery and growth potential [1][2] - During the New Year period, Guangdong received 17.875 million tourists, achieving a daily average revenue of 9.98 billion yuan, with year-on-year growth rates of 34.8% and 39.8% respectively [1] Group 2: Consumer Trends - The Tianhe Road shopping district in Guangzhou recorded over 2.7 million visitors during the New Year holiday, a 25.4% increase from the previous year, with sales at the Zhengjia Plaza increasing by 22% [5][6] - Brands are adapting to consumer preferences by introducing new products and promotional strategies, such as FILA's new year discounts, which attracted a significant number of customers [8][10] Group 3: Production and Innovation - Dongguan's manufacturing sector is active, with companies like Aima CNC receiving multiple orders from emerging markets, indicating a robust demand for their products [12][13] - Aima CNC reported a revenue of 460 million yuan for 2025, with a 15% increase in export sales, showcasing the company's growth trajectory [13] - Companies are focusing on product innovation, with plans to launch new AI headphones and other tech products in early 2026, reflecting a proactive approach to market demands [14][16] Group 4: Technological Advancements - Guangdong is advancing in technology with initiatives like the development of inspection robots and a new computing platform aimed at enhancing research capabilities [21][22] - The establishment of multiple national key laboratories and research centers is fostering a collaborative environment for innovation, particularly in fields like biotechnology and advanced manufacturing [26]

Core Viewpoint - The article discusses the "weak then strong" trend of the RMB against the USD in 2025, highlighting a significant appreciation towards the end of the year due to multiple factors including a weakening USD, stable Chinese economic fundamentals, and increased demand for currency settlement [1][5][6]. Summary by Sections RMB Exchange Rate Trend - In 2025, the RMB/USD exchange rate showed a "weak then strong" trend, fluctuating around 7.35 until early April, before reversing to an upward trend [5][6]. - By December 25, the offshore RMB broke the 7 mark, reaching a new high since September 2024, while the onshore RMB also surpassed 7.0, marking the highest level since May 2023 [6][7]. Factors Driving RMB Appreciation - The appreciation of the RMB is attributed to a weaker USD, a resilient Chinese economy, and increased year-end currency settlement demands [6][7][9]. - The correlation between the USD index and RMB exchange rate indicates that for every 3% depreciation of the USD, the RMB appreciates by approximately 1% [7][8]. Seasonal and Market Dynamics - Seasonal factors contribute to RMB appreciation, particularly at year-end when exporters have higher settlement needs, which boosts demand for RMB [8][9]. - The article notes that the strong performance of exports and the attractiveness of RMB-denominated assets also play significant roles in the recent appreciation [9][10]. Future Outlook for 2026 - The outlook for 2026 suggests that the RMB will likely experience two-way fluctuations rather than a one-sided trend, influenced by the relative strength of the US and Chinese economies, changes in USD interest rates, and the evolution of China's foreign trade relationships [1][11][12]. - Analysts predict that the RMB will maintain a stable range between 6.9 and 7.3, with potential for appreciation if the USD continues to weaken [13][14].

Group 1 - The core viewpoint of the article is that Yanjiang Co., Ltd. (300658) is planning a significant asset restructuring by acquiring control of Ningbo Yongqiang Technology Co., Ltd. through a combination of issuing shares and cash payments, along with raising supporting funds [1][4]. Group 2 - Yanjiang Co., Ltd. announced a suspension of its stock trading starting January 5, 2026, due to the planned major asset restructuring [1]. - Ningbo Yongqiang Technology Co., Ltd., established in December 2019, specializes in the R&D, manufacturing, and sales of electronic specialty materials and automotive parts, with high-end products certified by major companies like Intel and Huawei [4]. - Since its inception, Yongqiang Technology has secured a total of 210 million yuan in market investments from various industry capital and well-known funds, with a valuation exceeding 1 billion yuan [4]. Group 3 - Yanjiang Co., Ltd. was founded in 2000 and primarily engages in the R&D, production, and sales of surface materials for disposable hygiene products, with key products including 3D perforated non-woven fabric and PE perforated film [6]. - In the first three quarters of 2025, Yanjiang Co., Ltd. achieved a revenue of 1.295 billion yuan, representing a year-on-year growth of 22.99%, and a net profit attributable to shareholders of 42.5 million yuan, up 27.95% year-on-year [6]. - On December 31, 2025, the stock price of Yanjiang Co., Ltd. surged, with an intraday increase of over 12%, closing with an 11.68% rise [6].

这位发言人还说，国际社会应认识到委内瑞拉当前形势的严重性，并对美国侵犯他国主权的行 径加以抗议和谴责。 来源丨新华社 编辑丨江佩佩 委内瑞拉变局，如何影响油价 "星链"称要为委内瑞拉提供一个月免费宽带服务 SFC 21君荐读 据新华社援引朝中社4日报道，朝鲜外务省当天强烈谴责美国在委内瑞拉的霸权行径，指出这 是"最严重的侵犯主权行为"，美方行径肆意违反《联合国宪章》和国际法。 朝鲜外务省发言人表示，这起事件再次证明了美国的野蛮。委内瑞拉当前局势的严重性完全是 由美国动用强权造成的，这将使得本已脆弱的地区局势更加不稳定。 ...

Core Viewpoint - China's innovative drug transaction value has surpassed that of the United States, indicating that domestic innovations are gradually gaining recognition in the global mainstream market [1][2]. Group 1: Transaction Data and Growth - By December 31, 2025, the total transaction amount for China's innovative drug business development (BD) overseas reached $135.655 billion (approximately 948.3 billion RMB), with an upfront payment of $7 billion and a total of 157 transactions, significantly exceeding the 2024 figures of $51.9 billion and 94 transactions [1][2]. - The total amount of overseas licensing for innovative drugs in China for 2025 is 2.5 times that of 2024 and 3.2 times that of the U.S. during the same period [2]. - The first transaction of 2025 involved Innovent Biologics partnering with Roche, receiving an upfront payment of $80 million and potential milestone payments of up to $1 billion [2]. Group 2: Notable Collaborations - In May 2025, 3SBio set a record for upfront payments in China by securing a global licensing agreement with Pfizer for $1.25 billion upfront and a total transaction value of $6 billion [3]. - Other significant collaborations include Heng Rui Medicine's partnership with GSK exceeding $12 billion and Innovent's collaboration with Takeda potentially reaching $11.4 billion [3]. Group 3: Industry Trends and Future Outlook - The surge in BD transactions is attributed to multinational corporations (MNCs) facing a "patent cliff" and cost-cutting pressures, increasing their demand for Chinese innovative assets [6][10]. - China's innovative drug pipeline accounts for approximately 30% of the global total, positioning the country as a significant player in key therapeutic areas such as PD-1/VEGF bispecific antibodies [6]. - The industry is transitioning from a "fast-follower" to a "first-in-class" or "best-in-class" model, emphasizing lean research and precise financing [4][10]. Group 4: Market Dynamics and Challenges - The global pharmaceutical supply chain is undergoing deep adjustments, and the valuation system is being restructured, presenting challenges for China's BD transactions [10]. - The industry is expected to face execution risks and potential disputes, with a consensus that while the BD boom will continue, the scale of transactions may not sustain the same explosive growth seen in 2025 [10][12]. - The focus for 2026 will shift towards solidifying clinical value and addressing unmet clinical needs, particularly in oncology and autoimmune disease sectors [10][12].

Core Viewpoint - EVE Energy has submitted a listing application to the Hong Kong Stock Exchange, with plans to use the raised funds for the continued construction of its production base in Hungary, which is expected to start production in 2027 with a planned capacity of 30GWh [1][2]. Group 1: Listing and Fundraising - EVE Energy submitted its listing application to the Hong Kong Stock Exchange on June 30, 2025, but the application has expired as of December 30, 2025, requiring a resubmission [1]. - The company stated that the resubmission is a normal process and will not significantly impact the overall IPO progress [1]. - The revised fundraising purpose focuses solely on the Hungary production base, with previous plans for the Malaysia project removed [1]. Group 2: Production Capacity and Products - EVE Energy's Malaysia battery production base is set to be completed and operational by 2025, marking its first overseas mass production facility, with a total planned investment of up to 8.654 billion yuan [2]. - The company’s main products include consumer batteries, power batteries, and energy storage batteries, with average selling prices stabilizing at 5.1 yuan per consumer battery, 0.6 yuan per watt-hour for power batteries, and 0.4 yuan per watt-hour for energy storage batteries [2][4]. - EVE Energy is one of the few companies focusing on large cylindrical power batteries, with a projected output of 12.9GWh in 2024, expected to grow to 370.5GWh by 2029, reflecting a compound annual growth rate of 95.7% [2]. Group 3: Financial Performance - For the first three quarters of 2025, EVE Energy achieved revenue of 45 billion yuan, a year-on-year increase of 32.17%, with a net profit attributable to shareholders of 2.816 billion yuan, or 3.675 billion yuan after adjusting for certain expenses, marking an 18.40% increase [4]. - As of December 31, 2025, EVE Energy's A-share market capitalization exceeded 130 billion yuan, with an annual increase of over 40% [4].