Core Viewpoint - The article emphasizes the transformation of agriculture and fishing in Guangdong, showcasing how technology has redefined traditional practices and enhanced productivity [1][9]. Group 1: Technological Innovations in Agriculture and Fishing - The "Lingding Ranch No. 1" fish farming vessel can produce up to thousands of tons of fish annually, representing a shift towards marine agriculture [3]. - The Beidou satellite system enables precision farming with centimeter-level instructions for unmanned tractors, significantly improving efficiency [5]. - Cold chain logistics for Maoming lychees extend shelf life from 3 days to 40 days, allowing for fresh produce to reach international markets like New York [5]. Group 2: New Roles and Practices in Agriculture - Farmers are now referred to as "data poets," utilizing technology to double crop yields and apply quantitative standards to traditional practices like tea making [7]. - Young returnees are transforming traditional crops into popular products, exemplifying the shift towards modern agricultural management [7]. - Live streaming from fields allows local products to reach a wider audience, enhancing market access for regional goods [7]. Group 3: Underlying Drivers of Change - The transformation is driven by the "Hundred Thousand Project" in Guangdong, which focuses on integrating technology and talent into agriculture [9]. - The initiative aims to reduce labor intensity for workers while increasing income for new farmers, promoting sustainable agricultural practices [9]. - The cultural significance of local products is emphasized, aiming to enhance their marketability and reach [9]. Group 4: Conclusion - The article concludes that technology empowers individuals and shapes the future of agriculture in Guangdong, marking a significant evolution in the sector [11].

Market Performance - The three major U.S. stock indices closed mixed on January 23, with the Dow Jones down 0.58%, the S&P 500 up 0.03%, and the Nasdaq up 0.28% [1] - The Dow Jones Industrial Average closed at 49,098.71, down 285.30 points [2] - The Nasdaq Composite Index closed at 23,501.24, up 65.22 points, while the S&P 500 closed at 6,915.61, up 2.26 points [2] Technology Sector - Major technology stocks mostly rose, with the Wande American Technology Seven Giants Index increasing by 1.05% [2] - Notable stock movements included Microsoft up 3.28%, Nvidia up 1.54%, Facebook up 1.72%, and Amazon up 2.06%, while Tesla, Apple, and Google saw declines of less than 1% [2] Semiconductor Sector - The semiconductor sector experienced mixed results, with some stocks rising while others fell [2] - Advanced Micro Devices (AMD) rose by 2.35%, Taiwan Semiconductor Manufacturing Company (TSMC) increased by 2.29%, while ASML fell by 0.37%, Qualcomm by 1.25%, Broadcom by 1.70%, and ARM by 2.63% [2] Intel's Financial Performance - Intel's stock price plummeted by 17% to $45.07, ending a three-day streak of gains [3] - The company's Q4 revenue was reported at $13.7 billion, a year-on-year decline of 4%, and the forecast for the current quarter is between $11.7 billion and $12.7 billion, with adjusted earnings per share expected to be breakeven, both significantly below analyst expectations [3] Chinese Concept Stocks - Chinese concept stocks showed mixed performance, with the Nasdaq China Golden Dragon Index down 0.26% and the Wande Chinese Technology Leader Index down 0.19% [6] - Notable movements included Tencent Music up 4.74%, New Oriental up 2.18%, Trip.com up 1.26%, Pinduoduo up 0.33%, and Li Auto up 0.12% [6] Currency and Commodity Markets - The U.S. dollar index fell sharply by 0.81%, marking the largest single-day decline since August of the previous year [6] - The weakening dollar contributed to a strong performance in the metals market, with spot gold slightly rising and spot silver surging over 7% to $103.341 per ounce [6] - International oil prices rose significantly, with WTI crude and ICE Brent both increasing by over 3% [10]

Core Viewpoint - The public examination training industry is experiencing intense competition and price wars, leading to potential market reshaping, despite the sector being in a recognized golden period for at least another decade [1][2][4]. Group 1: Market Dynamics - The number of applicants for the national civil service examination surged from 1.576 million in 2021 to 3.718 million in 2026, surpassing the number of applicants for graduate school exams [2]. - The low pass rate of the civil service exam has resulted in a high demand for long-term, full-time, intensive study programs, which were previously the domain of larger institutions [2][3]. - The decline of major players like Zhonggong Education has led to an influx of teachers into smaller institutions, weakening the barriers to entry in the market [2][3]. Group 2: Pricing Strategies - A public training institution in Shijiazhuang launched an 18-day, 0 yuan learning program, which quickly filled 1,500 spots, indicating a significant shift in pricing strategies within the industry [3]. - The price war continues, with smaller institutions offering courses at significantly lower prices than larger competitors, which could lead to a "chronic death" for those who do not adapt [3][4]. Group 3: AI Integration - Major players in the industry are increasingly adopting AI technologies to enhance their offerings, with companies like Huatu and Zhonggong introducing AI products for interview training and essay grading [5][6]. - AI applications have improved efficiency, allowing for more personalized feedback and increased interaction between students and instructors [6][7]. - The integration of AI is expected to lower costs and streamline processes, potentially transforming the business model of public examination training institutions [7][9]. Group 4: Future Opportunities - The collaboration between leading institutions like Huatu and Fenbi aims to diversify product offerings and enhance resource integration, which could help the industry move beyond its current "involution" state [9][10]. - There is a growing market for employment services related to existing users, with AI tools being developed to enhance workplace skills, indicating a potential new revenue stream for training institutions [10].

Market Overview - The U.S. stock market showed mixed performance with the Dow Jones Industrial Average declining by 219.29 points (-0.44%), while the Nasdaq and S&P 500 saw slight increases of 47.89 points (+0.20%) and 2.28 points (+0.03%) respectively [2] - The semiconductor sector weakened significantly, with Intel's stock plummeting over 16% due to first-quarter revenue expectations falling below market forecasts of $12.51 billion [2][3] - Chinese concept stocks mostly declined, with the Nasdaq China Golden Dragon Index dropping by 0.15% [3] Commodity Performance - Gold and silver prices surged, with silver futures reaching a historic high of $100.115 per ounce, marking a 40% increase year-to-date, while gold approached $4,948 per ounce, reflecting a 14.5% increase this year [4][6] - The rise in gold prices is attributed to factors such as U.S. fiscal concerns, global monetary system restructuring, and geopolitical tensions [6] - Base metals like tin and nickel also saw significant price increases, with LME tin rising over 6% to $55,150 per ton (up nearly 36% year-to-date) and LME nickel increasing by nearly 4% to $18,695 per ton [6][7][8] Cryptocurrency Market - The cryptocurrency market continued to weaken, with Bitcoin falling below $89,000, experiencing a nearly 0.4% decline [9]

1月23日， 白银价格首次站上100美元大关，刷新历史纪录，将年内涨幅推升至40% ，同期表 现远超黄金。 记者丨 叶映橙 见习记者林健民 编辑丨张楠 2026年，银价延续飙涨走势，再创历史性纪录。 "如果我在2026年底前看到黄金价格涨至1万美元，我一点都不会感到惊讶。我认为我们会看到 的。白银也会跟上这一趋势，到那时你会看到每盎司200美元的价格。"瑞卡兹总结道。 你看好白银后市吗？ 对于本轮白银价格大涨，方正证券认为， 工业属性构成了白银长期刚性需求的根本。 从供需层面来看，方正证券分析，白银供给相对稳定，近年来需求不断上升。供给方面，矿山 银是白银的主要供给，但产量呈下降趋势；而再生银则逐渐成为白银供给的第二大来源。需求 方面，目前工业需求仍是占白银需求主导地位，其中绿色经济推动工业需求增长；投资需求方 面，白银投资以实物投资为主，金融投资呈现波动剧烈。 宝城期货指出，世界白银协会最新发布的一份报告显示，由于光伏、AI、电动汽车等领域需求 激增， 全球白银工业需求未来五年将持续增长。 数据显示，2025年全球白银供应量为3.21万 吨，全球白银需求量为3.57万吨，其中工业用银在白银总需求中的占比达到 ...

1月23日，证监会依法对浙江瑞丰达资产管理有限公司（以下简称"瑞丰达"）及其实控人孙 伟，以及五家关联私募机构作出行政处罚，合计罚没金额超4100万元，瑞丰达实控人被采取终 身证券市场禁入措施。 这一罚没规模刷新了私募领域行政处罚纪录，成为"史上最重罚单"。 记者丨崔文静 编辑丨包芳鸣 私募基金监管"零容忍"信号再次释放。 此次针对瑞丰达等一批私募机构的集中查处，并非专项运动，而是监管部门常态化严厉打击违 法违规行为的结果。随着《私募投资基金监督管理条例》的深入实施，一张涵盖"自律、行 政、刑事"的立体追责网络正越织越密，旨在从根本上纠偏行业乱象，推动私募行业回归"受人 之托、代人理财"的本源。 此次集中通报的案例， 直指私募基金违规募集、侵占挪用、自融自用、利益输送等触碰监 管"红线"的恶劣行为。 监管部门不仅施以重罚，更同步注销管理人登记，并将涉嫌犯罪线索 移送公安机关，实现了对违法主体与责任人员的全方位、穿透式惩戒。 在业内人士看来，这标志着 私募基金监管已进入"长牙带刺"、有棱有角的新阶段 ，持续释放 了"监管绝不缺位、违法必受严惩"的强烈信号，为守法合规机构创造了公平竞争环境，也为投 资者合法权益筑 ...

Core Viewpoint - The article discusses the challenges faced by the Yanran Hospital, a charity hospital founded by Li Yapeng, which has provided free surgeries for over 10,000 children with cleft lips over 14 years but is now facing relocation due to inability to pay rent. It highlights the broader issues of social resource allocation, sustainability of public welfare, and resilience of the healthcare system [1]. Group 1: Medical and Economic Context - Cleft lip and palate, commonly known as "rabbit lip," affects approximately 1 in every 600 to 1,000 newborns. About 80% of patients experience middle ear dysfunction, and 60% have speech issues, with additional dental and occlusal problems being common. The psychological and social costs are significant, as adolescents with cleft lip face bullying at three times the rate of their peers, and adults may encounter hidden discrimination in social and professional settings [1]. - The ideal treatment process spans over a decade, starting from lip repair at 3-6 months to palate repair before the age of one, followed by bone grafting, orthodontics, speech therapy, and psychological support. Each step has strict timelines to maximize the child's reintegration into society [1]. Group 2: Role of Charity Organizations - The cost of a single cleft lip repair surgery is approximately 50,000 yuan, with additional burdens from ongoing treatment, travel, accommodation, and lost wages for parents. This creates a significant financial gap that charity organizations like Yanran need to fill, positioning them as "providers of social cost solutions" that utilize public funds to purchase professional medical services for underprivileged families [2]. - Despite the apparent effectiveness of this business model, Yanran Hospital faces operational challenges due to the legal requirement for funds to be used exclusively for patient care, preventing them from covering daily operational costs such as rent and salaries [2]. Group 3: Future Directions for Charity Healthcare - The public discourse surrounding Yanran Hospital's situation has opened discussions on the legal relationship between funds and hospitals, corporate donation processes, and liability issues. This indicates a shift towards a more rational and sustainable framework for public welfare [3]. - Future solutions may involve innovative resource inputs, such as corporate donations of free space, which could alleviate fixed cost pressures on hospitals. The charity healthcare sector may need to explore a "light asset model" by collaborating with existing medical institutions to reduce fixed costs and improve resource efficiency [3].

记者丨刘雪莹 编辑丨曾静娇 1月23日晚，深交所发布监管动态表示，深交所本周共对 326起证券异常交易 行为 采取了自律 监管措施，涉及盘中拉抬打压、虚假申报等异常交易情形；对因涉嫌财务数据存在虚假记载被 中国证监会立案的 "*ST立方""*ST长药" 进行重点监控；共对6起上市公司重大事项进行核 查，并上报证监会1起涉嫌违法违规案件线索。 深交所提到，近期 "锋龙股份" 股价出现严重异常波动，公司停牌核查并多次发布风险提示公 告，复牌后股价连续涨停，部分投资者在交易该股过程中存在影响股票交易正常秩序的异常交 易行为，本所依规 对相关投资者采取了暂停交易等自律监管措施。 | | | | 时间 | 开盘价 | 最高价 | 最低价 | 收盘价 | 收盘价(前复权) | 收盘价(后复权) | 系统 | 涨跌幅 | 成交量(股) | し 成交換 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2026-01-23 | 99.53 | 99.53 | 98.90 | 99.53 | 99.53 | 232.58 | 9.05 ...

1月19日，"拼³·2025年度郎酒品牌年会暨年度十大图片发布会"在郎酒庄园圆满举行。现场，郎酒 庄园"三面墙"——天宝峰物流包装中心青花郎红花郎产品墙、原产地旗舰店大卖场的郎牌郎墙、 地之阁63种原酒墙+调味酒墙，获媒体代表"墙裂"推荐。 有媒体表示，这是"最高维度的品牌价值穿透"。也有媒体代表直言，只要看到这三面墙，即 便是此前从未了解过郎酒的消费者，也能够直接感受到郎酒的文化。 "郎酒将所有的使命、愿景、价值观都落到了产品上，产品力，就是郎酒的生命力，郎酒的产 品必须具有强大的穿透力。"品牌年会现场，郎酒股份总经理汪博炜表示。 而这三面可触、可感的实体墙，正是郎酒产品力、生命力、穿透力最直接的物理表达。 当访客步入郎酒庄园，他们穿越的不仅是一个地理空间，更是一个由实体构筑的认知场域。 在地之阁，" 6 3种原酒墙+调味酒墙"，展示了6 3种不同年份、轮次、风味的基酒以及调味酒， 它们构建起专属于酱香郎酒的风味空间，共同为勾调环节打下了坚实基础。 这三面墙以空间为序，展现了郎酒的基础品质到市场产品和品牌文化。 由此，参观者也沉浸式体验了郎酒产品力、生命力和穿透力。这种"体验即认知"的模式，完 成了品牌传播 ...

记者丨黎雨辰 编辑丨姜诗蔷 备受市场关注的公募基金业绩比较基准新规，迎来正式文件。 1月23日晚间，中国证监会发布了《公开募集证券投资基金业绩比较基准指引》（下称《指 引》)，自2026年3月1日起施行。同日，中国证券投资基金业协会同步发布《公开募集证券投 资基金业绩比较基准操作细则》（下称《操作细则》）。 新规直指业绩基准在公募业长期存在的"用而不准、用而不实、用而不管"问题，旨在进一步突 出业绩比较基准表征作用、强化约束作用、发挥考核作用并强化外部监督。 在具体实施上，21世纪经济报道记者进一步获悉， 未来监管将秉持尽量"调基准不调仓"的大 原则，推动存量基金在一年内实现业绩基准的平稳过渡调整 ，防范市场冲击。基金业协会方 面， 公募业绩比较基准库和薪酬考核规则也将在此后陆续落地。 据了解，《指引》和《操作细则》的正式文件基本沿袭了去年10月31日征求意见稿的核心内 容，标志着《推动公募基金高质量发展行动方案》又一重要成果落地， 其整体共有四大核心 看点： 1.突出基准对产品的表征作用 为纠正过往基准与产品"两张皮"的现象，《指引》与《操作细则》从两方面强化了对业绩基准 的约束。一是明确要求业绩比较基准须 ...