Group 1 - The article reports that the U.S. has completed its first sale of Venezuelan oil, valued at $500 million, with more sales expected in the coming days and weeks [1] - The U.S. government has taken military action against Venezuela, forcibly controlling President Maduro and his wife, with the intention to "manage" Venezuela and exploit its vast oil reserves [1]

Core Viewpoint - The A-share market is experiencing changes, with signs indicating structural opportunities despite a weak overall performance. The market is adjusting, and regulatory actions aim to maintain a stable "slow bull" market [1][6]. Group 1: Market Signals - The A-share market shows three significant signals: 1. High-position thematic stocks are retreating while the non-ferrous metal sector is performing strongly, indicating structural opportunities [3]. 2. The bond market is not overly excited, suggesting that risk appetite has not completely diminished, with significant trading volumes in ETFs [3][4]. 3. Early trading volumes indicate a reduction in market enthusiasm, with a drop from over 2 trillion yuan to less than 1.7 trillion yuan in a short period [4]. Group 2: Regulatory Actions - Morgan Stanley reports that the adjustment of the financing margin ratio from 80% to 100% aims to maintain a "slow bull" market, with the increase applying only to new transactions [6]. - The current leverage level in the market is relatively low, with financing balances accounting for about 2.3% of the total market capitalization, lower than the peak of 3.8% in 2015 [6]. Group 3: Long-term Market Outlook - Analysts believe that the long-term trend of a slow bull market remains unchanged, driven by structural recovery in profits, loose liquidity, and limited external risks [7].

2026年度"国考"笔试成绩和合格分数线公布 记者1月15日从国家公务员局了解到，中央机关及其直属机构2026年度考试录用公务员笔试成绩和合格 分 数 线 公 布 ， 考 生 可 于 即 日 起 登 录 " 中 央 机 关 及 其 直 属 机 构 2026 年 度 考 试 录 用 公 务 员 专 题 网 站"（http://bm.scs.gov.cn/kl2026）查询。 据介绍，今年划定笔试合格分数线时，统筹考虑了新录用公务员必须具备的基本素质，不同类别、不同层 级机关招考职位对公务员素质能力的要求，对西部地区和艰苦边远地区基层职位予以一定的政策倾斜等因 素。 其中，中央机关和省级（含副省级）直属机构综合管理类职位合格分数线为：总分（行政职业能力测验和 申论科目成绩合计）105分，行政职业能力测验科目60分；市（地）级和县（区）级直属机构综合管理类 职位、行政执法类职位合格分数线为：总分95分，行政职业能力测验科目50分；西部地区和艰苦边远地 区（山西、内蒙古、吉林、黑龙江、广西、重庆、四川、贵州、云南、西藏、陕西、甘肃、青海、宁夏、 新疆等15个省区市）的市（地）级、县（区）级直属机构综合管理类和行政执法 ...

Core Viewpoint - The article discusses the emergence of new forms of corruption facilitated by digital currencies and blockchain technology, highlighting a specific case involving a former official who utilized these technologies for illicit financial transactions [1][5]. Group 1: Case Overview - The case involves Yao Qian, a former director at the China Securities Regulatory Commission, who was investigated for using virtual currencies to engage in corrupt practices [4][11]. - A special investigation team was formed to analyze Yao Qian's activities, focusing on his extensive experience with digital currencies and the potential for corruption through these means [5][6]. Group 2: Evidence and Investigation - Key evidence included hardware wallets used to store virtual currencies, with an estimated total value of several tens of millions of RMB [3][6]. - The investigation revealed that Yao Qian had opened "sleeve accounts" under other people's identities, which he controlled, to facilitate large transactions, including a 10 million RMB payment for a villa [6][7]. - The investigation team utilized big data and blockchain technology to trace the flow of virtual currencies and establish a comprehensive evidence chain [10][11]. Group 3: Corruption Mechanism - Yao Qian was found to have received bribes in the form of virtual currencies, including 2,000 Ethereum, which at one point had a market value exceeding 60 million RMB [9][11]. - A close associate, Jiang Guoqing, played a significant role in facilitating these transactions, acting as an intermediary and helping to obscure the flow of funds [8][9]. Group 4: Conclusion and Implications - The case concluded with Yao Qian being expelled from the Party and public office, and the investigation provided valuable insights for future cases involving virtual currency-related corruption [11]. - The article emphasizes that while virtual currencies may seem intangible, they ultimately leave traces that can be uncovered through diligent investigation [11].

Core Viewpoint - Alibaba has officially announced the full integration of the Qianwen APP with its ecosystem, enabling AI shopping functionalities such as food delivery, shopping, and flight booking, and has opened testing to all users [1][4]. Group 1: Qianwen APP Features and Integration - The Qianwen APP has integrated with various Alibaba services including Taobao, Alipay, and Fliggy, allowing users to perform tasks like ordering food and booking flights seamlessly [1][4]. - Over 400 AI service functions will be launched, enhancing user experience by allowing the AI to perform tasks in the real world [7]. - The app's "Task Assistant" feature is currently in testing and will cover areas such as application development, office work, and daily tasks, with plans for free user access post-testing [7]. Group 2: User Engagement and Growth - Within two months of launch, the Qianwen APP has surpassed 100 million monthly active users [2]. - Alibaba has established a dedicated Qianwen C-end business group, led by Wu Jia, to further develop the app into a super app for the AI era [8]. Group 3: Future Plans and Infrastructure - Alibaba aims to expand the Qianwen APP globally, with plans to integrate various life scenarios such as maps, delivery, and health services [9]. - The company is investing 380 billion yuan in AI infrastructure, with a vision to develop advanced AI capabilities that could lead to superintelligent AI [11].

Core Viewpoint - Guizhou Bank is set to take over all deposits from Longli Guofeng Rural Bank through a unique asset-backed trust plan, marking a significant reform in rural banking practices in China [1][2][8]. Group 1: Deposit Transfer Agreement - Guizhou Bank will assume a total deposit liability of RMB 19.13 billion from Longli Guofeng Rural Bank, with a final transfer price of RMB 18.49 billion after accounting for related rights [5]. - The agreement will take effect on January 12, 2026, following the signing of the deposit transfer contract [1][4]. - The transfer will not involve immediate cash payment; instead, it will utilize an asset income right trust plan [2][4]. Group 2: Unique Payment Structure - The payment for the deposit transfer will be made through trust benefits derived from the asset income rights of Longli Guofeng Rural Bank, rather than direct cash [8][9]. - This structure allows Guizhou Bank to manage cash flow effectively while ensuring the protection of depositors' rights [9]. - The trust plan is designed to isolate risks and enhance the security of deposits, ensuring that Guizhou Bank's future earnings remain independent from Longli Guofeng's other debts [9]. Group 3: Business Adjustments - Starting January 9, 2026, all deposits will be managed by Guizhou Bank, which will also handle the repayment obligations [12]. - Longli Guofeng Rural Bank will cease to issue new loans, with existing loans managed by Guizhou Bank, but customers must continue to fulfill their repayment obligations to Longli Guofeng [12]. - The announcement emphasizes "business adjustments" rather than terms like "dissolution" or "exit," indicating a strategic approach to the transition [12].

Core Viewpoint - The article discusses the escalating tensions in the Middle East, particularly focusing on the U.S. military's movements and the implications for regional stability, especially concerning Iran and its airspace restrictions [1][3][4]. Group 1: U.S. Military Actions - The U.S. is deploying the "Abraham Lincoln" aircraft carrier strike group to the Central Command area, which includes the Middle East and Central Asia, expected to take about a week [3]. - Some personnel from the U.S. military base in Qatar are being evacuated in response to the current regional tensions [3]. - U.S. officials indicate that military intervention could occur within the next 24 hours, although the specifics remain unclear [3]. Group 2: Iran's Response and Airspace Control - Iran has temporarily closed its airspace, allowing only approved international flights, with the closure expected to last over two hours [1]. - The Tehran Flight Information Region (FIR) was closed for all flights except those pre-approved by the Iranian Civil Aviation Authority, indicating potential military or security activities [6]. - The closure of airspace is occurring amid increasing domestic unrest and concerns about regional security, with many commercial flights rerouting to avoid Iranian airspace [6]. Group 3: Regional Diplomatic Reactions - Various countries, including Spain, Italy, and Poland, have issued advisories for their citizens to leave Iran due to the unstable situation [4]. - The U.S. State Department has also urged American citizens to leave Iran immediately, suggesting land routes to neighboring countries [4]. Group 4: Iran's Military Perspective - Iranian military experts claim that the U.S. and Israel are conducting a "hybrid war" against Iran, utilizing military strikes, economic sanctions, and other means to destabilize the country [7]. - The risk of war is perceived to be increasing as tensions rise between Iran and the U.S.-Israel alliance [7].

据上观新闻报道，记者从中国围棋协会获悉，中国围棋协会名誉主席、"棋圣"聂卫平九段昨晚在北京病逝，享 年74岁。 聂卫平是上世纪中国围棋振兴的关键人物，在八十年代的中日围棋擂台赛中，他作为主将力挽狂澜，连胜多位 日本超一流棋手，创造了"擂台神话"，极大振奋了民族精神，被当时的国家体委和中国围棋协会授予"棋圣"称 号，掀起了全国的围棋热潮。 聂卫平曾出任围棋国家队总教练，带教出常昊等世界冠军，并积极参与围棋活动，对中国围棋的普及、发展、 走向世界作出了不可磨灭的奠基性贡献。 聂卫平的逝世是中国围棋界乃至体育界的重大损失。他的拼搏精神 与卓越成就将被永远铭记。 综合自：上观新闻、中国新闻社 券中社 × 券商中国 券 中 社 扫码下载券中社APP 扫码关注券商中国公众号 quanshangcn qzs.stcn.com 舞中 券中社APP 券 商 中 国 是 证 券 市 场 权 威 媒 体 《 证 券 时 报 》 旗 下 新 媒 体 , 券 商 中 国 对 该 平 台 所 刊 载 的 原 创 内 容 享 有 著 作 权 , 未 经 授 权 禁 止 转 载 ， 否 则 将 追 究 相 应 法 律 责 任 。 看券商中国 ...

Core Viewpoint - The banking wealth management industry experienced significant growth in 2025, reaching a record high in total assets under management despite a slight monthly contraction due to seasonal factors at the end of the year [1][2]. Group 1: Industry Growth and Performance - In 2025, 14 major wealth management companies, including 6 state-owned and 8 joint-stock banks, saw their total assets grow by nearly 3 trillion yuan, reaching a peak of 34 trillion yuan in November [2][3]. - By the end of December 2025, the total assets of these companies amounted to 25.41 trillion yuan, reflecting a year-on-year increase of approximately 13.3% and an annual growth of 2.98 trillion yuan [3]. - The growth was primarily driven by fixed pure bond products and enhanced fixed-income equity products, which added 1.64 trillion yuan and 1.27 trillion yuan, respectively [4]. Group 2: Market Trends and Client Behavior - As fixed deposit rates declined and matured deposits were reinvested, there was a noticeable shift in client risk preferences, with many opting for wealth management products as a conservative investment choice [5][6]. - The average annualized yield for open-ended fixed-income products dropped to 2.32% and 2.25% for the past six months and one year, respectively, indicating a challenging environment for fixed-income investments [5]. Group 3: Future Outlook and Strategies - The wealth management industry is expected to embrace a multi-asset and multi-strategy approach to enhance returns, moving away from traditional asset management models [7][8]. - Collaboration with public funds is emphasized as a key strategy, allowing wealth management companies to focus on asset allocation and risk management while leveraging external expertise for specific investment strategies [8]. - Predictions suggest that the wealth management sector could attract an additional 1.5 trillion to 3 trillion yuan in equity asset allocation funds in 2026 [7].

Core Viewpoint - The article discusses the restructuring plan of Unisoc Microelectronics (紫光国微), which aims to acquire 100% equity of Ruineng Semiconductor Technology Co., Ltd. through a combination of share issuance and cash payment, thereby enhancing its position in the power semiconductor sector [1][2]. Group 1: Acquisition Details - Unisoc Microelectronics plans to acquire Ruineng Semiconductor, which specializes in power semiconductor research, production, and sales, including products like thyristors, power diodes, silicon carbide diodes, silicon carbide MOSFETs, IGBTs, and power modules [1]. - The acquisition will involve 14 transaction parties, and the specific transaction price is yet to be determined [1]. Group 2: Strategic Importance - The acquisition is expected to help Unisoc Microelectronics integrate its power semiconductor product matrix, quickly fill gaps in manufacturing, and enhance its semiconductor industry chain layout [2]. - Prior to this transaction, Unisoc had some technical reserves and market applications in the power semiconductor sector but lacked a scaled and systematic business layout [2].