Core Viewpoint - Alibaba's semiconductor subsidiary T-Head is reportedly planning to go public, leading to a significant increase in Alibaba's stock price, which rose over 5% in pre-market trading [1]. Group 1: Company Overview - T-Head, established in September 2018, is Alibaba's fully-owned semiconductor business, focusing on a comprehensive product line that includes data center chips and IoT chips, covering the entire chip design chain [3]. - The company has made rapid advancements in chip development, with its first self-developed chip launched in September 2019, and has since introduced several key products, including the AI chip PPU and the Yitian 710 server chip [4][5]. Group 2: Product Development and Performance - T-Head's AI chip, the Hanguang 800, was showcased at the 2019 Cloud Summit, achieving a performance of 78,563 IPS in the ResNet-50 test, which is four times better than the best AI chip at that time [4]. - The Hanguang 800's computing power is equivalent to ten GPUs, and it has been integrated into Alibaba's core business, significantly improving processing times for tasks such as image recognition [5]. Group 3: Market Context - The news of T-Head's potential IPO comes amid other significant developments in the semiconductor industry, such as Baidu's Kunlun chip company also preparing for an IPO with a potential fundraising target of around $1 billion [6].

Core Viewpoint - The article highlights the recent surge in gold prices, with COMEX gold reaching a new high of $4827 per ounce, reflecting an increase of over 11% in just 22 days of the year 2026. This trend has led to a growing interest in structured deposits linked to gold among both companies and individual investors [1][2][17]. Group 1: Gold Price Performance - As of January 22, 2026, COMEX gold was priced at $4827 per ounce, showing a year-to-date increase of 11.47% [2]. - London gold and silver also experienced significant price movements, with London gold at $4827.296 and London silver at $93.691, reflecting increases of 11.79% and 30.90% respectively since the beginning of the year [2]. Group 2: Structured Deposits - Several listed companies, including Guozi Software and Fudan Zhangjiang, have announced their subscription to gold-linked structured deposits, indicating a rising enthusiasm among individual investors for such products [4]. - Major banks, including Bank of Communications and China Merchants Bank, have launched structured deposits linked to gold, with some products experiencing high demand and limited availability [4]. Group 3: Yield and Conditions of Structured Deposits - Despite the strong performance of gold, the overall yield of gold-linked structured deposits is not particularly high, with most products offering annualized returns not exceeding 2% [6]. - For example, a product from Bank of Communications offers a yield range of 0.5% to 3.2%, contingent on gold price movements, with a minimum yield of 0.5% if the price declines [6][7]. - Another product from Industrial Bank has a yield of 2.02% if gold prices increase by 16.9% or more, with a minimum yield of 1% if prices fall below a certain threshold [8]. Group 4: Market Volatility and Short-term Products - Short-term structured deposit products, with durations of about one week, are being offered with annualized yields between 1.5% and 1.7%, but they are subject to market volatility risks [10]. - The article notes that significant price fluctuations in gold can easily trigger minimum yield conditions for these short-term products [10]. Group 5: Investment Considerations - Investors are advised to carefully review the terms of structured deposits, including the structure of returns, observation methods, and the feasibility of achieving the highest yields [12]. - Emphasis is placed on the importance of selecting products with higher minimum yields to mitigate risks associated with incorrect market predictions [13]. - The article contrasts structured deposits with non-principal protected structured financial products, highlighting the safety of principal as a key advantage of structured deposits [15]. Group 6: Long-term Outlook on Gold - Despite recent fluctuations in gold prices, several institutions remain optimistic about the long-term outlook for gold, with predictions of price increases driven by factors such as Federal Reserve interest rate cuts and geopolitical uncertainties [17]. - Historical trends suggest that gold prices could rise between 10% and 35% by 2026, with forecasts from major banks indicating potential prices reaching $5000 per ounce or even challenging $6000 in the long term [17].

| 阿里巴罗 く 白 | | | --- | --- | | BABA.N | | | １６８６７０ 量１７１万 股本 190亿 市盈" 22.81 | 万得 | | +6.280 +3.87% 换 0.49% 市值 4027亿 市净 2.74 | 참□ | | 盘前 177.33 8.66 5.13% | 05:30 美东 √ | | 港股 164.800 1.600 0.98% | 溢价(H/US) 0.24% | | 盘前・ 五日 日Ｋ 月Ｋ 月Ｋ 更多 ◎ | | | 叠加 1177880 " | 均价：55卖1 177.330 107. | | 5.43% | 买1 177.290 98 15:59 168.650 200 | | 15:59 168.650 1600 | | | 168.670 | 15:59 168.650 200 0.00% | | 15:59 168.650 1600 | | | 15:59 168.650 200 | | | 15:59 168.650 200 | | | 159.510 | 15:59 168.650 200 -5.43% | | 04:00 | 09:3 ...

Core Viewpoint - The article emphasizes the importance of financial policies in supporting China's economic modernization and outlines the People's Bank of China's (PBOC) commitment to implementing a moderately accommodative monetary policy to foster stable economic growth and high-quality development [1][3]. Group 1: Implementation of Monetary Policy - The PBOC plans to continue its moderately accommodative monetary policy into 2026, focusing on stabilizing economic growth and ensuring reasonable price recovery as key considerations [3]. - The PBOC will utilize various monetary policy tools, such as reserve requirement ratio (RRR) cuts and interest rate reductions, to maintain ample liquidity and align social financing scale and money supply growth with economic growth and price level expectations [3][4]. - Specific measures include lowering the interest rates on structural monetary policy tools by 0.25 percentage points and increasing the quotas for rural and small enterprise re-loans and technology innovation loans [4]. Group 2: Financial System Development - The PBOC aims to construct a scientific and robust monetary policy system and a comprehensive macro-prudential management system as strategic initiatives for high-quality financial development during the 14th Five-Year Plan [6][7]. - Key areas of focus include optimizing the monetary policy target system, improving the mechanism for basic currency issuance, and enhancing the market-based interest rate formation and transmission mechanisms [7][8]. Group 3: Support for Real Economy - The PBOC will enhance financial support for key areas such as domestic demand expansion, technological innovation, and small and micro enterprises, which are crucial for promoting high-quality development [11][12]. - Specific initiatives include a dedicated 500 billion yuan re-loan for consumer services and elderly care, as well as increased quotas for loans supporting technology innovation and small enterprises [11][12]. Group 4: Global Financial Governance - The PBOC is committed to advancing global financial governance reforms and international financial cooperation, emphasizing multilateralism and the internationalization of the renminbi [14]. - Efforts will include deepening institutional openness in the financial sector, enhancing cross-border payment systems, and participating in international financial governance and cooperation [14].

Core Viewpoint - The article emphasizes the shift in China's economic focus from scale and speed to quality and efficiency, particularly in the automotive industry, where competition is now centered on supply chain resilience, sustainability, and the holistic value for users [1]. Group 1: Industry Trends - The automotive industry's competitive landscape is evolving, with brands facing challenges in adapting to new market conditions, while companies like Dongfeng Honda are emerging as leaders in high-quality development through technological insights and operational resilience [1][3]. - The historical context of the automotive industry shows that significant regulatory and environmental changes serve as pressure tests for companies, with those that can anticipate and adapt gaining a competitive edge [5]. Group 2: Product Evolution - Dongfeng Honda's Civic has undergone a 20-year evolution, maintaining a clear product definition while adapting to changing consumer preferences, serving as a model for navigating product life cycles [9]. - The latest generation of the Civic reflects a balance between performance and family-oriented features, showcasing a shift from mere configuration to user experience, particularly in smart technology integration [11]. Group 3: Long-term Value and Resilience - In a market where price wars are eroding profits, the Civic's high resale value highlights its financial advantages, reducing the long-term ownership costs for consumers [13]. - Dongfeng Honda's resilience stems from a systematic capability built over two decades, ensuring product consistency, reliability, and a robust value creation ecosystem across manufacturing, supply chain, and after-sales services [15]. Group 4: Market Strategies - Dongfeng Honda is actively promoting high-quality vehicle accessibility through substantial subsidies, including tax rebates and trade-in incentives, reflecting a commitment to enhancing consumer value [17]. - The company aims to continue its dual development strategy in both fuel and new energy vehicles, leveraging its compliance foresight and systemic competitiveness to navigate industry transformations [18].

会上南方财经·21世纪经济报道记者提问：巩固拓展脱贫攻坚成果同乡村振兴有效衔接5年过渡 期已经结束，今后转向常态化帮扶的新阶段。请问5年过渡期取得了哪些成效？后续如何推进 常态化帮扶？ 发布会现场 李莎摄 农业农村部发展规划司司长陈邦勋回应表示，过渡期以来，监测帮扶机制有效运行，累计识别 帮扶超过700万监测对象稳定消除返贫致贫风险，其余均落实了针对性帮扶措施。帮扶产业发 展壮大，832个脱贫县均培育形成了2—3个优势突出、带动力强的主导产业，超过85%的脱贫 户和监测户至少得到一项产业帮扶措施。就业规模保持稳定，脱贫人口务工就业规模连续5年 稳定在3000万人以上，稳住了脱贫家庭2/3以上的收入。 记者丨 李莎 编辑丨周上祺 视频丨王学权 2026年1月22日上午，国务院新闻办公室举行新闻发布会，介绍加快农业农村现代化，扎实推 进乡村全面振兴有关情况，并答记者问。 2026年是进入常态化帮扶的第一年，陈邦勋指出，农业农村部将认真贯彻落实党中央、国务院 决策部署，保持过渡期后帮扶政策总体稳定，把常态化帮扶纳入乡村振兴战略统筹实施，以有 力有效的开发式帮扶增强内生发展动力，以健全完备的社会保障体系兜牢民生底线， ...

Core Viewpoint - Guosheng Technology (603778.SH) has experienced significant stock price volatility, with a remarkable 480% increase in stock price for the year 2025, despite a projected loss of 325 million to 650 million yuan for the same period, indicating a severe disconnect between stock performance and fundamental financial health [3][5]. Company Overview - Guosheng Technology, formerly known as Qianjing Garden, was the first publicly listed company in China's ecological landscaping sector. The company faced substantial losses exceeding 400 million yuan from 2020 to 2022, leading to a change in control [4]. - In November 2022, the company acquired seven subsidiaries for approximately 154 million yuan, entering the photovoltaic sector and establishing a dual business model of "landscaping + photovoltaic" [4]. Financial Performance - The company confirmed that it failed to meet performance commitments for 2023 and 2024, with a net profit of only 11.2 million yuan in 2023, achieving less than 40% of its target, and a projected loss of approximately 205.98 million yuan for 2024, with a completion rate of -515% [4][5]. - The anticipated loss for 2025 is attributed to structural overcapacity in the photovoltaic industry, leading to persistent low prices for components and reduced revenue, alongside provisions for inventory and asset impairments impacting financial results [5]. Stock Market Activity - Despite poor fundamentals, Guosheng Technology's stock price surged, reaching a high of 27.72 yuan in 2026, with a 534% increase over nearly 250 trading days [5][6]. - The stock experienced a "limit-up" on January 22, 2026, after five consecutive days of trading halts, indicating renewed speculative interest, with a trading volume exceeding 2.4 billion yuan on that day [7]. Regulatory Attention - The Shanghai Stock Exchange has taken notice of the abnormal stock price fluctuations, implementing self-regulatory measures against certain investors involved in unusual trading activities [6][7].

针对北约发言人关于格陵兰岛的有关言论，外交部发言人郭嘉昆1月22日在例行记者会上指 出，中方一贯主张按照《联合国宪章》宗旨和原则处理国与国之间的关系，所谓的"中国威 胁"毫无根据，中方反对无中生有、拿中国作为谋取私利的借口。 来源丨新华社 编辑丨江佩佩 SFC ...

Core Viewpoint - The Chinese government expresses serious concerns over the EU's recent decision to classify certain Chinese companies as "high-risk suppliers," which restricts their participation in 5G infrastructure development [1]. Group 1: EU's Actions - The EU has mandated member states to exclude "high-risk suppliers" in 18 critical sectors, including energy, transportation, and ICT services [1]. - The classification of Chinese companies as high-risk suppliers is seen as discriminatory and politically motivated by the Chinese government [1]. Group 2: China's Response - Chinese enterprises have been operating in Europe in compliance with local laws, providing quality products and services that contribute to the development of the European telecommunications and digital industries [1]. - The Chinese government firmly opposes the EU's actions, viewing them as an unjustified politicization and securitization of economic issues [1].

Core Viewpoint - China emphasizes its commitment to international non-proliferation obligations and has implemented export controls on dual-use items to Japan, aiming to prevent militarization and nuclear ambitions [1] Group 1 - The Ministry of Commerce held a press conference to discuss key recent activities in the business sector [1] - China prohibits exports to Japanese military users and any entities involved in enhancing Japan's military capabilities, asserting that these measures are legitimate and lawful [1] - The Chinese government is dedicated to maintaining the stability and security of global supply chains, ensuring that export control applications are processed in compliance with laws and regulations [1]