Core Viewpoint - The article highlights that a total of 36 stocks will be unlocked next week, with a total unlock market value exceeding 160 billion yuan, indicating significant market activity and potential investment opportunities [4][5]. Summary by Sections Unlocking Stocks Overview - Next week, from January 5 to January 9, 36 stocks will be unlocked, with a total unlock market value exceeding 160 billion yuan [4][5]. - The total number of shares unlocked is over 4.3 billion [5]. Major Stocks with High Unlock Value - 16 stocks have an unlock market value exceeding 1 billion yuan, with three stocks surpassing 10 billion yuan: Baili Tianheng, Guolian Minsheng, and Jianshe Industrial [5]. - Baili Tianheng has the highest unlock market value at 96.319 billion yuan, with 29.81 million shares unlocked, accounting for 72.2% of the total share capital [7]. - Guolian Minsheng's unlock market value is 18.008 billion yuan, with 1.777 billion shares unlocked, involving 43 shareholders [7]. - Jianshe Industrial has an unlock market value of 16.895 billion yuan, with 629.943 million shares unlocked, representing 60.98% of its total share capital [7]. Significant Unlock Ratios - Six stocks have an unlock ratio exceeding 30% of their total share capital, including Baili Tianheng, Jianshe Industrial, Zhongyi Technology, Huangshan Gujie, Yuandao Communication, and Guolian Minsheng [9]. - Huangshan Gujie has 2.8878 million shares unlocked on January 5, accounting for 36.1% of its total share capital, focusing on power semiconductor module heat dissipation products for the new energy vehicle sector [9].

当地时间1月3日上午，北京时间今天（1月4日）凌晨，美国总统特朗普、 国防部长赫格塞思 在佛罗里达州海湖庄园就美军对委内瑞拉动武、将 委内瑞拉总统马杜罗控制并移送出境举行记者会。 当地时间1月3日凌晨，委内瑞拉首都加拉加斯突然传出爆炸声，并响起防空警报。随后美国总统特朗普宣布，美军成功对委内瑞拉实施打击，抓获委总 统马杜罗及其夫人，并带离委内瑞拉。特朗普还说，马杜罗夫妇已被带上美国海军"硫磺岛"号两栖攻击舰，正前往纽约，二人将面临美国司法审判。 载有马杜罗的飞机抵达美国纽约一处军事基地 当地时间1月3日，央视记者获悉，载有被美方抓捕的委内瑞拉总统马杜罗及其妻子弗洛雷斯的飞机已抵达纽约斯图尔特空军国民警卫队基地。 美国司法部3日公布了针对马杜罗夫妇及其儿子的起诉书。预计马杜罗将于下周在纽约曼哈顿联邦法院面临毒品和武器走私指控。 发布会前公布马杜罗被捕后照片，称其将在纽约受审 特朗普称，委内瑞拉"所有军事力量都已丧失战斗力"，马杜罗及其妻子都将面临美国司法审判，目前二人在一艘即将前往纽约的船上。特朗普表示，执 法部门在马杜罗夫妇高度戒备时将二人抓捕。 美大型石油公司将进入委内瑞拉 当地时间1月3日上午的 记者会上 ...

Core Viewpoint - The article discusses the recent changes in the sales policy of Moutai's iMoutai platform, highlighting the shift towards consumer-centric marketing and the implications for the market dynamics of Moutai products [5][8]. Group 1: Sales Policy Changes - Moutai announced that starting January 1, 2026, the 500ml 53% vol Moutai (2026) will be available for purchase on the iMoutai app, with a price set at 1499 yuan per bottle, allowing each user to buy up to 12 bottles daily [6][7]. - Just three days after the launch, the purchase limit was reduced to 6 bottles per day per user to accommodate more consumers, indicating a rapid adjustment in response to high demand [8]. Group 2: Market Dynamics - The article notes that over 100,000 users purchased Moutai products within the first three days, raising concerns about the potential impact on the market value of Moutai as it shifts from a financial asset to a more accessible consumer product [8]. - Analysts express concern that the easy availability of Moutai at a fixed price could slow down the consumption of existing stock held by distributors, potentially leading to a decline in market prices if the value drops below 1499 yuan [8]. Group 3: Price Trends - As of January 3, 2026, the wholesale price for the 2025 500ml 53% vol Moutai was reported at 1505 yuan per bottle, down 60 yuan from the previous price, indicating a downward trend in market prices [9].

委内瑞拉局势，有新消息传来！ 据CCTV国际时讯消息，特朗普在接受外媒采访时表示，美军在"抓获"委内瑞拉总统马杜罗的行动中"有数人受 伤，但无人死亡"。特朗普称，为了适于突袭行动的天气条件，美军等了4天。他还称，"正在就委内瑞拉领导 层的下一步安排作出决定"。 特朗普称，美国将深度介入委内瑞拉的石油产业。特朗普称，将评估"是否由委 内瑞拉反对派领导人马查多领导委内瑞拉"，"目前委内瑞拉还有一位副总统"。 据新华社，特朗普3日接受福克斯新闻台电话采访时表示，马杜罗夫妇目前在一艘美国军舰上。特朗普还公布 更多关于美军抓捕马杜罗的细节，表示他实时观看了美国特种部队抓捕马杜罗的行动，称就像看了一场"电视 秀"，看到了"每一个细节"。特朗普称，美国特种部队从一个守卫森严的"堡垒"中带走马杜罗。特朗普还称， 不排除美方对委内瑞拉进行第二波打击。 据央视新闻报道，当地时间1月3日，美国司法部长邦迪表示，委内瑞拉总统马杜罗和他的妻子已在纽约被起 诉。邦迪称，马杜罗被指控犯有"毒品恐怖主义阴谋罪、可卡因走私阴谋罪、持有机枪及破坏性装置罪，以及 针对美国的持有机枪及破坏性装置阴谋罪"。马杜罗及其夫人将很快在美国法庭接受美国司法审 ...

外交部发言人就美国对委内瑞拉实施军事打击答记者问 问：据报道，美国对委内瑞拉实施军事打击。特朗普在"真实社交"发文称，美国已成功对委内瑞拉及其领 导人马杜罗实施大规模打击行动，马杜罗及其夫人已被控制并移送出境。中方对此有何评论？ 答：中方对美方悍然对一个主权国家使用武力并对一国总统动手深表震惊，予以强烈谴责。美方的这种霸 权行径，严重违反国际法，侵犯委内瑞拉主权，威胁拉美和加勒比地区和平与安全，中方坚决反对。我们 敦促美方遵守国际法及联合国宪章宗旨和原则，停止侵犯别国的主权安全。 来源：外交部 责编：刘珺宇 校对： 彭其华 百万用户都在看 刚刚！美国国防部，突爆大消息！ 利空！马斯克，突传重磅！ 深夜！中国资产，大爆发！ 芯片，重磅突发！"国家队"，持股翻倍！ 2026年新年献词｜顺流逆流，守护我们内心的罗盘！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 利好来了！超级赛道，重大突破！ ...

Group 1 - The core business of the company is progressing smoothly and as planned, with no abnormal situations affecting normal operations and development [1] - The company has a long-standing focus on high-end consumer electronics and smart terminal fields, possessing vertical integration capabilities across multiple component categories, mature product engineering, and mass production experience [1] - The company has a global production capacity layout covering multiple regions, enabling it to provide stable, flexible, and high-quality manufacturing and supply support to various types of customers [1] Group 2 - Recent reports indicated that OpenAI's first AI hardware product was initially planned to be manufactured by the company, but due to considerations regarding production locations, the contract was shifted to Hon Hai [1]

Core Viewpoint - The public fund dividend scale remained high in the past year, with a clear pattern emerging in the overall dividend distribution [1] Group 1: Overall Dividend Performance - The total dividend amount for public funds approached 250 billion yuan, with various fund types contributing differently to the dividend landscape [2] - Bond funds were the main contributors to public fund dividends, holding a significant share in both total dividend amount and frequency [2] - ETFs, particularly leading broad-based ETFs, showed remarkable performance in single dividend amounts, becoming a highlight in the dividend structure [3] Group 2: ETF Dividend Insights - Major ETFs like Huaxia SSE 50 ETF and others implemented large-scale dividends in the fourth quarter, with single dividend amounts reaching 4.573 billion yuan, 2.959 billion yuan, and 1.593 billion yuan respectively [3] - In 2025, 14 funds executed single dividends exceeding 1 billion yuan, with Huatai-PB CSI 300 ETF surpassing 8 billion yuan in a single dividend [3] - ETFs accounted for nearly 20% of the total dividend scale, marking their importance in the dividend market [3] Group 3: Dividend Structure Analysis - Despite ETFs having significant single dividend amounts, they did not lead in the number of dividends issued; long-term pure bond funds dominated in this aspect [4] - Bond funds accounted for approximately 70% of the total dividend amount, maintaining their status as the primary dividend contributors [4] - Some equity and mixed funds exhibited a proactive dividend strategy, with over 12 distributions within the year [4] Group 4: ETF Market Development - The rapid expansion of the ETF market has laid a foundation for sustained growth in dividend scales [5] - Broad-based ETFs are becoming essential tools for market allocation, offering transparency and convenience compared to actively managed products [5] - The importance of dividend arrangements in fund management has increased, enhancing the attractiveness of products to investors [5] Group 5: Market Implications of Dividends - Dividends serve as cash returns to investors, helping stabilize expectations and improve the holding experience, especially in volatile markets [6] - ETFs with stable dividend capabilities are likely to attract long-term capital in a declining interest rate environment [6] - The ongoing expansion of broad-based ETFs and the refinement of dividend mechanisms are expected to solidify their position in asset allocation systems [6]

Core Viewpoint - Berkshire Hathaway's stock price experienced a significant drop on the first trading day after Warren Buffett's retirement, reflecting investor concerns about the transition to new CEO Greg Abel and the company's future performance [1][2]. Group 1: Stock Performance - On January 2, 2026, Berkshire's stock fell over 2% during trading, closing down 1.41% at $744,100 per share, resulting in a market value loss of over $15 billion [1][2]. - In 2025, Berkshire's stock rose 10.9%, lagging behind the S&P 500's 16.4% increase, marking the tenth consecutive year of positive returns [2]. Group 2: Leadership Transition - Greg Abel officially took over as CEO on January 2, 2026, marking the end of Buffett's 60-year tenure, with investors evaluating Abel's ability to manage the company's vast operations and investment portfolio [2][5]. - Abel is expected to maintain Berkshire's decentralized structure, allowing subsidiary executives significant decision-making power, while also potentially implementing more traditional management practices [3][5]. Group 3: Cash Reserves and Investment Strategy - As of September 2025, Berkshire's cash reserves reached a record $381.6 billion, following a prolonged period of net stock sales [2][5]. - Abel will have the final say on capital allocation decisions, with Buffett expressing confidence in Abel's capabilities [2][5]. Group 4: Future Outlook - Investors are closely watching for changes in Berkshire's trajectory under Abel's leadership, although no drastic shifts are anticipated [5][6]. - Abel faces pressure to effectively utilize Berkshire's substantial cash reserves, which could lead to discussions about initiating dividends or stock buybacks if performance does not meet expectations [5][6].

委内瑞拉局势，又有新消息传出！ 据央视新闻报道，当地时间1月3日，美国总统特朗普称，美方已成功对委内瑞拉实施打击，抓获委内瑞拉总统 马杜罗及其夫人，并带离委内瑞拉。同日，有美国官员表示，委内瑞拉总统马杜罗于1月3日凌晨被美军最高特 种任务部队三角洲部队的成员抓获。 美国犹他州共和党籍联邦参议员迈克·李1月3日通过社交媒体发布消息称，美国国务卿鲁比奥通过电话告诉 他，马杜罗已经被美方抓捕，将就刑事指控在美接受审判。鲁比奥预计美方没有进一步打击委内瑞拉的计划。 特朗普称，美国已成功对委内瑞拉及其领导人马杜罗总统实施了大规模打击。此次行动是与美国执法部门联合 进行的。后续细节将陆续公布。特朗普表示，当地时间1月3日上午11时，将在海湖庄园举行新闻发布会。 针对美国的最新行动，多国政府予以强烈谴责。俄罗斯外交部就美国对委内瑞拉发动武装侵略发表声明称，当 天清晨，美国对委内瑞拉实施了武装侵略行为。此举令人深感忧虑，并予以谴责；古巴国家主席迪亚斯-卡内 尔谴责美国袭击委内瑞拉的"罪行"，呼吁国际社会对此采取紧急行动；伊朗外交部发表声明，强烈谴责美国对 委内瑞拉发动军事袭击、公然侵犯委主权和领土完整。另外，哥伦比亚总统佩特 ...

Core Insights - In 2025, China approved a record 76 innovative drugs, significantly surpassing the 48 approved in 2024, marking a historical high [1] - The total value of innovative drug licensing transactions in 2025 exceeded $130 billion, with over 150 transactions, also a historical high [2] - The increase in innovative drug approvals and licensing reflects China's progress in drug evaluation reforms and the international recognition of the value of its innovative drugs [2] Summary by Sections Innovative Drug Approvals - In 2025, 76 innovative drugs were approved, including 47 chemical drugs, 23 biological products, and 6 traditional Chinese medicines [1] - Among the 47 chemical drugs, 38 were domestically developed, representing 80.85% of the total [1] - For the 23 biological products, 21 were domestically developed, accounting for 91.30% [1] - 11 first-in-class innovative drugs were approved, with 4 being independently developed in China [1] Licensing Transactions - The total licensing transaction amount for innovative drugs in 2025 was over $130 billion, nearly doubling from $51.9 billion in 2024 [2] - The number of licensing transactions increased to over 150, compared to 94 in 2024 [2] - China's pipeline of new drugs accounts for approximately 30% of the global total, ranking second worldwide [2] Future Initiatives - Starting in 2026, the National Medical Products Administration (NMPA) will implement more measures to accelerate the development of innovative drugs [3] - There will be a focus on prioritizing review resources for urgently needed clinical products, especially those with new mechanisms and targets [3] - The NMPA plans to enhance support through breakthrough therapy designations, conditional approvals, and priority reviews to expedite the market entry of critical drugs [3]