Core Viewpoint - The article discusses the recent policy measures introduced by the Shanghai Municipal Government aimed at enhancing service quality and boosting consumption through a series of initiatives that focus on innovation, financial support, and infrastructure development [1][3][4]. Group 1: Policy Measures Overview - The Shanghai Municipal Government has issued 28 specific measures to promote the quality and efficiency of the service industry and stimulate consumption [1]. - The measures emphasize the importance of quality supply, new growth areas, and addressing weak links in the service sector [1]. Group 2: Financial Support and Innovation - The measures include optimizing auto loan processes, relaxing application conditions, and promoting diverse credit products in large consumption areas like green smart home and home decoration [3]. - Financial institutions are encouraged to innovate consumer financial services tailored to new consumption trends, including holiday and night economies [3]. Group 3: Insurance and Infrastructure - The policy supports innovation in insurance products, enhancing coverage for specific groups and small businesses in the service sector [4]. - There is a focus on strengthening financial support for consumer infrastructure projects, including the issuance of real estate investment trusts (REITs) and local government bonds [4]. Group 4: Cultural and Sports Sector Development - The measures aim to invigorate the cultural and sports sectors by supporting high-level exhibitions and events, as well as enhancing the commercial viability of public sports venues [7]. - There is a push to develop a globally influential esports brand and support for original gaming IPs and high-profile gaming events [8]. Group 5: Health and Wellness Services - The initiatives encourage the development of high-end medical services and diverse health insurance products, promoting international medical services and medical tourism [8].

声明表示，格陵兰岛在未来任何时候都将是西方防务联盟的一部分。包括美国在内的所有北约成员国在格 陵兰岛防务问题上拥有共同利益。格陵兰岛自治政府将与丹麦一道，推动在北约框架内开展格陵兰岛的防 务事务。 格陵兰岛位于北美洲东北方，是世界第一大岛，也是丹麦自治领地，有高度自治权，国防和外交事务由丹 麦政府掌管。美国目前在格陵兰岛设有一处军事基地。 美国总统特朗普2025年上任以来多次扬言要得到 格陵兰岛，并声称不排除动用武力的可能性。 来源：新华社 责编：杨喻程 校对：杨舒欣 百万用户都在看 "降息大门关闭！"美联储，预期突变！ 利好突袭！杭州"六小龙"，传出大消息！ 刚刚！特朗普宣布进入国家紧急状态！ 利好突现！A50，异动！ 格陵兰岛自治政府：任何情况下都无法接受美国接管格陵兰岛 格陵兰岛自治政府12日发布声明说， 格陵兰岛自治政府在任何情况下都无法接受美国接管格陵兰岛。 声明说，格陵兰岛是丹麦王国的一部分，也是北约的一部分，格陵兰岛的防务应通过北约来实现。 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 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 ...

Core Viewpoint - The article highlights a significant development in the innovative drug sector, particularly focusing on the exclusive licensing agreement between Rongchang Biopharma and AbbVie for the dual-specific antibody drug RC148, which is expected to drive market interest and stock performance in the innovative drug space [1][2]. Group 1: Licensing Agreement Details - Rongchang Biopharma signed an exclusive licensing agreement with AbbVie for RC148, a novel dual-specific antibody targeting PD-1/VEGF, with a total transaction value of up to $5.6 billion (approximately 39 billion RMB) [1][2]. - The agreement includes an upfront payment of $650 million, with potential milestone payments of up to $4.95 billion and tiered royalties on net sales outside Greater China [2]. Group 2: Market Impact - Following the announcement, Rongchang Biopharma's A-shares hit a 20% limit-up, and the Hong Kong innovative drug ETF rose over 3%, indicating strong market enthusiasm [1]. - The innovative drug sector saw a general increase, with the A-share innovative drug sector rising over 2.7%, and notable gains in companies like Nossg, Proris, and Huaren Health [1]. Group 3: Recent Developments in Innovative Drugs - The article notes that three significant events occurred in the second-generation IO therapy sector on January 12, including the successful BD deal for Rongchang Biopharma, AK112's BLA submission by Kangfang Biopharma/Summit, and the initiation of five global Phase III clinical trials for PF-08634404/SSGJ-707 by 3SBio/Pfizer [3]. - A total of five BD deals were reported in the innovative drug sector within a week, showcasing China's leading position across various technological fields [5]. Group 4: Market Trends and Valuation - According to Huatai Securities, since reaching a yearly high in September 2025, the Hong Kong innovative drug index has retraced 24%, while the US biotech indices have shown positive growth, indicating a valuation disparity between Chinese and global innovative drug assets [6]. - Despite not being at historical lows, the current valuation of Hong Kong innovative drugs remains attractive compared to global peers [6].

Core Viewpoint - The financing accessibility for technology-based enterprises has significantly improved, with a loan approval rate of 50.3% for small and medium-sized tech enterprises as of September 2025, and interest rates continuing to decline [2]. Group 1: Industry Changes - The banking sector has optimized its technology financial services by enhancing approval efficiency and offering preferential policies on access and pricing [2]. - There is a high concentration of credit and value-added services in established tech companies, while early-stage and smaller enterprises still face challenges in accessing these services [2]. - The concept of "early investment" is emphasized, with Hangzhou Bank being a pioneer in this approach, exemplified by its role as the first lender to the private aerospace company Diwei II [2][3]. Group 2: Diwei II's Business Model - Diwei II focuses on providing satellite services and ground systems to countries lacking satellite infrastructure, with a business model that includes full-chain services such as satellite construction and technical training [4]. - The AI satellites developed by Diwei II can perform 400 trillion calculations per second, enabling rapid data processing that traditional satellites cannot achieve [4]. - Diwei II has secured contracts with Oman for satellite services aimed at land surveying and urban planning, indicating a strong international market potential [5]. Group 3: Collaboration with Hangzhou Bank - Hangzhou Bank has provided Diwei II with a low-interest loan of 20 million for payroll and R&D, showcasing its commitment to supporting early-stage tech companies [8]. - The bank employs a dynamic evaluation model for assessing the growth potential of startups, focusing on policy, capital, technology, team, and industry [8]. - Hangzhou Bank's technology loan balance reached 115.2 billion as of June 2025, with increasing support for emerging sectors like AI and commercial aerospace [10]. Group 4: Strategic Focus and Future Plans - Hangzhou Bank plans to target key areas in the AI industry, such as computing hardware and industrial applications, over the next 3-5 years [11]. - The bank's strategy includes a specialized organizational structure to support early investments and a risk management framework that allows for higher risk tolerance in tech financing [10]. - The bank aims to enhance its "early investment" approach by collaborating with research institutions and focusing on companies with stable teams and promising technology [9].

Group 1 - The article discusses a new paper released by DeepSeek on December 12, titled "Conditional Memory via Scalable Lookup: A New Axis of Sparsity for Large Language Models," co-authored with Peking University [1] - The paper introduces the concept of conditional memory, which significantly enhances model performance in knowledge retrieval, reasoning, coding, and mathematical tasks under equal parameters and computational conditions [1] - DeepSeek has open-sourced a related memory module called Engram, which is part of the advancements discussed in the paper [1]

2026年开年以来，QDII基金溢价频现。 二级市场交易价格溢价的同时，2026年开年以来QDII基金表现亮眼。Wind数据显示，年初至今累计有24只 QDII基金涨幅在10%以上。其中，发布溢价风险公告的华泰柏瑞基金旗下中韩半导体ETF，今年以来上涨 10.85%，成为市场业绩表现较为亮眼的QDII基金。1月12日，中韩半导体ETF（513310）收涨3.06%。同花顺 数据显示，中韩半导体ETF（513310）当日资金净流入3.49亿元。 有熟悉海外市场的投资人士表示，QDII基金溢价的原因主要是两方面原因。一方面，开年以来外围市场的上 涨，刺激投资者布局热情，此外交易时间差、汇率波动等因素也会影响QDII基金的净值和交易价格，进而导 致溢价或折价现象；另一方面，由于QDII基金存在外汇额度限制，部分产品仍处在限购状态，导致投资者只 能通过场内交易购买，这种供需不平衡会推高基金的溢价率。 南方基金也提醒，参与海外市场仍需保持理性。投资者需关注包括汇率波动、估值时滞、流动性差异及地缘政 治等在内的综合风险，避免因短期情绪追高，造成不必要的损失。只要方法得当、工具多元，即便在QDII额 度紧张的阶段，依然有望 ...

违背组织原则，在干部选拔任用等工作中为他人谋取利益； 廉洁底线失守，违规收受礼品、礼金，借用管理和服务对象钱款，利用职权为亲友经营活动谋取利益，搞钱色 交易； 据最高人民检察院1月13日消息，江苏省南京市人大常委会原党组书记、主任龙翔涉嫌贪污、受贿、滥用职权 案，由国家监察委员会调查终结，移送检察机关审查起诉。 最高人民检察院依法以涉嫌贪污罪、受贿罪、滥用职权罪对龙翔作出逮捕决定，并指定由湖北省荆州市人民检 察院审查起诉。龙翔涉嫌内幕交易案，由江苏省镇江市公安局侦查终结，移送荆州市人民检察院审查起诉。荆 州市人民检察院决定并案处理。近日，荆州市人民检察院已向荆州市中级人民法院提起公诉。 检察机关在审查起诉阶段，依法告知了被告人龙翔享有的诉讼权利，并讯问了被告人，听取了辩护人的意见。 检察机关起诉指控：被告人龙翔伙同其他国家工作人员，利用其他国家工作人员职务上的便利，以骗取手段非 法占有公共财物，数额特别巨大；利用担任南京市纪委副书记、市监察局局长、市委常委、市纪委书记、市委 副书记、市人大常委会党组书记、主任等职务上的便利，为他人谋取利益，非法收受他人财物，数额特别巨 大；身为国家机关工作人员，徇私舞弊，滥用 ...

Core Viewpoint - The article discusses the escalating tensions between the United States and Iran, highlighting the U.S. government's warnings to its citizens and significant military movements in the region, alongside Iran's responses to internal unrest and external pressures [1][3][5]. Group 1: U.S. Actions and Military Movements - The U.S. State Department has urged American citizens to leave Iran immediately, indicating heightened concerns over safety [1][3]. - The Pentagon's "Pizza Index" has surged, with Domino's orders increasing by 1000%, indicating potential military actions by the U.S. [3]. - Reports indicate a significant increase in U.S. military aircraft activity at the Al Udeid Air Base in Qatar, which is strategically located near Iran [3]. Group 2: Iran's Response and Internal Situation - Iran's Foreign Ministry has summoned ambassadors from the UK, France, Germany, and Italy, condemning any foreign support for domestic unrest as interference in its internal affairs [1][5]. - Iranian leadership is facing severe internal protests, with calls for the overthrow of the current regime, reflecting widespread dissatisfaction with economic conditions [5][6]. - Supreme Leader Ayatollah Khamenei praised the Iranian people for their response to external threats and warned U.S. politicians against deceitful actions [6].

有接近华安证券人士表示，通过增资并控股华富基金，华安证券将获得公募基金牌照，有助于完善财富管理业 务布局，形成公募+私募、权益+固收、境内+境外的多元化财富管理产品谱系，整合客群、渠道、服务资源， 增强对客户的资产配置服务能力，进一步提升核心竞争力。 华安证券表示，"华富基金将积极融入华安证券全业务链条，更好落实监管关于推动公募基金高质量发展的意 见。"2025年11月，华安证券为华富基金货币基金产品提供人民币5000万元流动性支持额度。 截至目前，华安证券仍持有华富基金49%的股权，为其第一大股东， 华安证券 总经理助理余海春任华富基金 董事长。安徽省信用融资担保集团有限公司和合肥兴泰金融控股（集团）有限公司分别持有华富基金27%和 24%的股权。据券商中国记者了解，对于此次华安证券增资并控股华富基金的方案，其他两家股东无异议并明 确表示不参与此次增资。 根据公告，截至2025年9月30日，华富基金合并资产总额8.66亿元，净资产7.05亿元；2025年前三季度，华富基 金实现合并营业收入2.54亿元，净利润0.19亿元。Wind数据显示，截至2025年底，华富基金管理公募基金87 只，管理规模已超千亿，较 ...

Group 1 - The Chicago Mercantile Exchange (CME) announced changes to the margin setting for gold, silver, platinum, and palladium contracts, shifting from a fixed dollar amount to a percentage of the contract's nominal value [1] - The new margin requirements will be approximately 5% for gold contracts and about 9% for silver contracts, effective after the market closes on January 13 [1] - This adjustment marks the third increase in margin requirements for precious metals by CME in the past month, with a simultaneous decrease in margin for most natural gas contracts [1]