1月1日，百亿量化九坤投资发布公告称，其发起设立的至知创新研究院团队，正式开源发布新一代代码大语言 模型IQuest-Coder-V1系列，该模型在自主性软件工程、竞赛编程等关键维度上，已跻身当前开源代码模型的性 能与技术领先行列。 2026年第一天，量化私募圈再度传来重磅消息。 新年第一天，DeepSeek 发布了一篇新论文，提出了一种名为mHC（流形约束超连接）的新架构。该研究旨在 解决传统超连接在大规模模型训练中的不稳定性问题，同时保持其显著的性能增益 。 这也意味着，在DeepSeek点燃行业想象空间之后，百亿级量化私募机构在大模型领域的探索，逐步迈入更具 含金量的技术竞争阶段。 开源发布全新代码大模型 从技术定位来看，IQuest-Coder-V1并非通用意义上的对话型大模型，而是明确聚焦于代码智能领域。 据券商中国记者了解，该模型具备能读懂、能写、能改代码的综合能力，可用于自动编程、Bug修复、代码解 释等多类任务，能够像一名24小时在线的编程专家，协助开发者完成复杂的软件工程工作。 2025年以来，至知创新研究院早期团队已在大语言模型、代码智能、医疗垂域模型、人工智能与数学等方面， 有过高质量的 ...

新年已至，华泰证券董事会也即将迎来换届。 2025年最后一天，华泰证券董事会审议通过了选举新一届董事会成员的议案，并将于2026年1月23日提交公司 临时股东会审议。根据公告，2025年11月刚刚走马上任的华泰证券党委书记王会清，此次与首席执行官周易一 起，被提名担任第七届董事会执行董事。 此前，券商中国曾报道（ 《华泰证券，或迎新董事长！》 ），经过相应程序后，王会清或将接替张伟出任华 泰证券董事长。按照正常流程，在此次董事会完成换届后，新一任董事长也将在董事会第一次会议上宣布当 选。 董事会即将换届 从股权结构来看，江苏国信和江苏高投，是华泰证券第一和第五大股东，分别持股15.21%和3.08%。在上述江 苏国资企业内任职过，有着丰富金融企业管理经验，同时具备财务和法律职业背景，又担任过上市公司高管的 王会清接棒华泰证券，不失为一次稳妥的人事交接。 责编：战术恒 排版：王璐璐 校对： 刘星莹 公告显示，经华泰证券董事会审议通过，同意王会清、周易、丁锋、于兰英、柯翔、晋永甫、陈建伟作为公司 第七届董事会非独立董事候选人。上述人选将在股东会选举通过后，正式履行职责，任期为三年。 其中，股东方共向华泰证券董事会 ...

原标题：中国"人造太阳"实验找到突破密度极限的方法 1月2日，中国科学院合肥物质科学研究院等离子体物理研究所科研团队宣布，有"人造太阳"之称的全超导托卡 马克核聚变实验装置（EAST）实验证实托卡马克密度自由区的存在，找到突破密度极限的方法，为磁约束核 聚变装置高密度运行提供了重要的物理依据。相关研究成果发表在国际学术期刊《科学进展》上。 托卡马克装置是一种利用磁约束来实现受控核聚变的环形装置，犹如一个螺旋形"磁跑道"，锁住高温等离子 体，达到核聚变目的。等离子体密度是托卡马克性能的关键参数之一，直接影响聚变反应速率。过去，科研人 员发现，等离子体密度存在一个极限，一旦达到极限，等离子体就会破裂并逃脱磁场约束，巨大能量释放到装 置内壁，影响装置安全运行。国际聚变界通过长期研究发现，触发密度极限的物理过程发生于等离子体和装置 内壁的边界区域，但对其中的物理机制并不十分清楚。 此次，我国科研团队发展了边界等离子体与壁相互作用自组织（PWSO）理论模型，发现边界杂质引起的辐射 不稳定性在密度极限触发中的关键作用，揭示了密度极限的触发机理。依托EAST全金属壁运行环境，科研人 员利用电子回旋共振加热和预充气协同启动等 ...

Core Viewpoint - Wall Street's GPU leader, Birun Technology, officially listed on the Hong Kong Stock Exchange on January 2, 2026, marking the first new stock listing in the Hong Kong market for the year, with an opening surge of 82% [1][4]. Group 1: Company Overview - Birun Technology specializes in developing General-Purpose Graphics Processing Unit (GPGPU) chips and intelligent computing solutions based on GPGPU technology, providing essential computing power for artificial intelligence (AI) applications [4]. - The company has developed its first-generation GPGPU architecture since 2019, successfully launching two chips, BR106 and BR110, and a higher-performance chip, BR166, which is twice as powerful as BR106 in various performance metrics [4][5]. Group 2: Financial Performance - For the years 2022 to 2024, Birun Technology's revenue is projected to be 50,000, 62.03 million, and 337 million respectively, with adjusted net losses of 1.038 billion, 1.051 billion, and 767 million [6]. - The company anticipates a significant increase in net losses for 2025, primarily due to rising R&D expenses and financial costs [6]. - The gross profit recorded for 2022, 2023, 2024, and the first half of 2025 was 49,900, 47.4 million, 179.2 million, and 18.8 million respectively, with corresponding gross margins of 100%, 76.4%, 53.2%, and 31.9% [7]. Group 3: Market Position and Orders - As of 2024, Birun Technology holds a market share of 0.16% in the Chinese intelligent computing chip market and 0.20% in the GPGPU market, with expectations to capture approximately 0.2% of the projected 50.4 billion USD market size by 2025 [6]. - The company currently has 24 binding orders valued at approximately 822 million, along with framework sales agreements and contracts totaling 1.241 billion [6].

Group 1 - The new tax measure on cross-border remittances in the U.S. will take effect on January 1, 2026, requiring a 1% tax on qualifying remittance transactions [1][2] - The tax applies to remittances funded by cash or similar payment instruments, while transactions funded through U.S. bank accounts or debit/credit cards are generally exempt [2] - This tax measure is part of the "Big and Beautiful" tax and spending bill promoted by the Trump administration, affecting both U.S. citizens and residents sending money abroad [2][3] Group 2 - The tax is expected to primarily impact individuals who rely on cash for remittances, particularly immigrant communities and families dependent on cross-border transfers [3] - The U.S. government has postponed planned increases in tariffs on imported soft furniture, kitchen cabinets, and bathroom cabinets, which were initially set to rise significantly on January 1, 2026 [3] - The current tariff rate on these products is 25%, with a proposed increase to 50% for cabinets and 30% for soft furniture, now delayed until January 1, 2027 [3] Group 3 - The U.S. Department of Commerce has reduced proposed tariff rates for 13 Italian pasta exporters, with rates adjusted to 13.89% for Garofalo and 2.26% for La Molisana, while the remaining companies will face a uniform rate of 9.09% [4][5] - This reduction in pasta tariffs coincides with the postponement of tariff increases on imported furniture [5]

Group 1 - Singapore's Ministry of Education announced a stricter ban on the use of smartphones and smartwatches in schools starting January 2026, promoting the mental and physical health of teenagers [1] - Students will be required to store their devices in designated areas during school hours, including breaks and extracurricular activities, effectively creating a "phone-free" environment [1] - The automatic shutdown time for personal learning devices will be adjusted from 11 PM to 10:30 PM to ensure students have adequate time away from screens before bedtime [1] Group 2 - France plans to ban social media use for individuals under 15 years old starting September 2026, in response to the negative impact of social media on children [2] - French President Macron has indicated that social media contributes to increased violence among youth and aims to protect children from screens [2] - Australia has already implemented a similar ban for those under 16, with penalties for non-compliance, setting a precedent for such legislation globally [2]

Core Viewpoint - The public fund industry in China is undergoing significant reforms aimed at achieving high-quality development, with a focus on addressing core challenges and outlining a new blueprint for 2026 [1][3]. Group 1: Industry Development and Challenges - By the end of 2025, the total scale of the public fund industry reached nearly 37 trillion yuan, with ETF business surpassing 6 trillion yuan, indicating a robust growth trajectory [3]. - The industry is experiencing a transformation characterized by the implementation of key policies such as floating fee rate funds, sales expense management rules, and performance benchmark standardization [4][5]. - There are ongoing debates regarding the clarity of certain regulatory provisions, particularly in the area of fund sales behavior, which require further guidance from regulatory authorities [4][5]. Group 2: Product Innovation and Market Dynamics - The public fund industry faces challenges of product homogeneity and insufficient innovation, particularly evident in the ETF sector, where the number of products increased from approximately 1,000 to 1,381 in 2025 [6][7]. - Many fund companies are following trends rather than leveraging their research advantages, leading to a waste of resources and a decline in investor confidence [6][7]. - A significant number of ETFs launched since 2024 have experienced substantial capital outflows, highlighting the risks associated with lack of differentiation [6][7]. Group 3: Balancing Interests of Fund Companies and Investors - The misalignment of interests between fund companies and investors is a fundamental issue, with companies prioritizing short-term scale over long-term performance [8][9]. - The current market environment incentivizes aggressive strategies that may lead to high risks and potential losses for investors, creating a conflict where funds profit while investors do not [8][9]. - Achieving a balance between the interests of fund companies and investors requires innovative mechanisms and a shift in focus towards long-term value creation [9]. Group 4: Challenges for Small and Medium-sized Fund Companies - The public fund industry exhibits a "Matthew effect," where smaller firms struggle due to limited resources and talent retention, making it difficult to compete on scale [10][11]. - Small and medium-sized firms are encouraged to focus on niche markets and collaborate closely with distribution channels to create customized products [10][11]. - However, many of these firms face difficulties in executing differentiated strategies, often missing out on market opportunities [11][12]. Group 5: Trends Shaping the Future of the Industry - The industry is expected to shift from a "scale-oriented" approach to one that prioritizes "quality," emphasizing investor satisfaction and long-term returns [15][16]. - A new wave of industry consolidation is anticipated, with some firms leveraging mergers and acquisitions to enhance their market position [16][17]. - The rise of tool-based investment products is transforming the landscape, allowing for more granular asset allocation and a focus on specific market segments [18][19]. - AI is projected to play a crucial role in investment decision-making, evolving from a supportive tool to a central component of investment strategies [20][21]. - The sales approach in the fund industry is transitioning towards a "buy-side service" model, emphasizing long-term client relationships and value creation over short-term sales metrics [22][23].

据央视新闻消息，瑞士警方当地时间2026年1月1日表示，瑞士瓦莱州克朗-蒙大拿一家酒吧发生的火灾 已 造成约40人死亡、115人受伤 ，其中许多人伤势严重。 据悉，许多死伤者是在酒吧庆祝新年的年轻人，可能包括外国公民。瓦莱州警方当天下午在州首府锡永举行的 新闻发布会上表示，已与各国大使馆取得联系，一旦有更多信息，将立即发出通知。 中国驻瑞士大使馆表示， 目前暂无中国公民伤亡的消息。 截至当地时间1日19时，使馆领保电话和值班电话未 接到中国公民求助来电。使馆已询问当地警方有无中国公民伤亡，对方表示正在核实伤亡人员国籍和身份。 瓦莱州检察官在新闻发布会上表示， 起火原因有多种可能，仍有待调查，但调查人员已经排除了袭击的可能 性，没有嫌疑人被捕。 当务之急是展开法医鉴定，确定死者身份并将遗体移交家属。警方和地方官员均表 示，这项工作需要时间。 瑞士联邦主席帕姆兰当天表示， 克朗-蒙大拿镇酒吧火灾是瑞士历史上最严重的悲剧之一。 他向遇难者家属表 示慰问，并感谢救援人员的努力。 帕姆兰当天下午来到了火灾现场，并在瓦莱州首府锡永举行新闻发布会。他表示，由于此次事件，他将取消新 年致辞，瑞士联邦宫也将降半旗五天。他强调， ...

Core Viewpoint - The private equity industry in 2025 experienced a recovery and restructuring phase, marked by a significant rebound in fund management scale, regulatory tightening, and a shift in investment strategies towards quantitative and AI-driven approaches [1]. Group 1: Fund Management Scale - The private equity fund management scale surpassed 22 trillion yuan, reaching 22.09 trillion yuan by the end of November 2025, marking a net increase of over 2 trillion yuan within the year [2][3]. - The private securities investment funds emerged as the core driver of this growth, with their scale increasing from 5.21 trillion yuan at the beginning of the year to 7.04 trillion yuan by November, a total increase of 1.83 trillion yuan [2]. Group 2: Market Dynamics - The recovery in private equity scale was driven by a rebound in the stock market and a shift in investor risk preferences from defensive to selective active allocation, making private equity products a key option for asset allocation [3]. - The number of private equity firms with over 10 billion yuan in assets reached 113 by the end of October, indicating a return to the "double hundred" era, with 18 new firms joining in a single month [4]. Group 3: Fundraising Trends - Fundraising activities showed a significant recovery in the second half of 2025, with new private fund registrations reaching 1,689 and a total scale of 1,074.27 billion yuan in July, the highest monthly figure in nearly four years [6]. - The head effect in fundraising became more pronounced, with top quantitative firms significantly outperforming mid-tier and lower-tier managers in both product registration and new fundraising [6]. Group 4: Quantitative Strategies - Quantitative strategies, particularly index enhancement strategies, gained prominence in 2025, with products linked to small-cap indices like the CSI 1000 and CSI 2000 showing annual returns exceeding 50% [7][8]. - The favorable market conditions and increased volatility provided opportunities for quantitative models to capture mispricing and generate alpha [7]. Group 5: Regulatory Developments - 2025 saw the implementation of new regulations for algorithmic trading, which aimed to enhance market fairness and transparency, shifting the focus from speed competition to strategy depth [9][10]. - The regulatory environment is expected to foster a more compliant and sustainable development of the quantitative investment sector, with clearer boundaries for operations [11]. Group 6: AI Integration - The introduction of AI technologies in quantitative investment processes marked a significant shift, with AI moving from a supportive role to a foundational one, enhancing data processing, feature extraction, and risk management [12]. - The competition in the quantitative sector is increasingly driven by the speed of model and algorithm iteration, with AI becoming a central element in strategy development [12][13]. Group 7: Global Expansion - The number of mainland private equity firms obtaining licenses in Hong Kong surpassed 100 in 2025, indicating a significant step towards global expansion and cross-border operations [14]. - The motivations for this international push include risk diversification, broadening investment opportunities, and enhancing client service capabilities [14]. Group 8: Industry Cleanup - The regulatory environment led to the cancellation of 1,118 private equity managers by November 2025, with a notable increase in voluntary cancellations, indicating a trend towards industry consolidation and compliance [15][16]. - The focus on compliance and long-term viability is expected to enhance the overall competitiveness of the private equity sector, shifting the emphasis from quantity to quality [16].

Core Viewpoint - The successful first flight of the world's first 6-ton tilt-rotor aircraft, Lan Ying R6000, marks a significant breakthrough in China's tilt-rotor technology, paving the way for industrialization and application in various sectors [2][4][5]. Group 1: Technological Breakthrough - The Lan Ying R6000 has achieved key technological breakthroughs in the tilt-rotor aircraft field, showcasing capabilities for vertical takeoff and landing like a helicopter while also enabling high-speed flight like a fixed-wing aircraft [4][5]. - The aircraft features a cruising speed of 550 km/h, a maximum range of 4000 km, and a maximum payload of 2000 kg, making it suitable for diverse applications such as air logistics, emergency rescue, and tourism [4][5]. Group 2: Economic Impact - The development and future mass production of the Lan Ying R6000 are expected to attract high-end talent and drive upgrades in the local aviation supply chain, contributing to the transformation of traditional manufacturing into high-value-added aviation sectors [7]. - The supporting industry around the Lan Ying R6000 is projected to exceed 10 billion yuan in scale over the next decade [7]. Group 3: Policy and Market Potential - The "14th Five-Year Plan" emphasizes the development of strategic emerging industries, including low-altitude economy, which aligns with the growth potential of the Lan Ying R6000 [9]. - The Chinese Civil Aviation Administration predicts that the low-altitude economy market will reach 1.5 trillion yuan by 2025 and could exceed 3.5 trillion yuan by 2035, highlighting its role as a new economic growth engine [9].