Core Viewpoint - The retirement of Chen Jinghe, founder and honorary chairman of Zijin Mining, marks the end of a 44-year career in the mining industry, reflecting on the company's growth and achievements during his tenure [1][3][4]. Company Overview - Zijin Mining was founded in 1993 and has transformed from a small county enterprise into a global leader in metal mining, with a market value exceeding 900 billion RMB and ranking among the top three metal mining companies worldwide [4][5]. - The company has expanded its operations globally, with significant resources and profits from overseas projects, surpassing domestic performance [4]. Leadership Transition - On December 31, 2025, the company elected Zou Laichang as the new chairman and Lin Hongfu as vice chairman, both of whom have been with the company for many years and are seen as capable successors [1][5]. Financial Performance - Zijin Mining announced a significant increase in its 2025 net profit, projected to be between 51 billion and 52 billion RMB, representing a year-on-year increase of 59% to 62%. The non-GAAP net profit is expected to be around 47.5 billion to 48.5 billion RMB, up 50% to 53% year-on-year [1]. - The increase in profits is attributed to higher production volumes and rising sales prices of key minerals such as gold, copper, and silver [1]. Production Plans - For 2026, Zijin Mining has set ambitious production targets, including 105 tons of gold, 120,000 tons of copper, 12,000 tons of lithium carbonate equivalent, and 520 tons of silver [1].

Core Viewpoint - The article clarifies that claims linking a certain milk tea brand to drug-like properties due to caffeine content are incorrect, emphasizing that caffeine is naturally occurring and regulated within safe limits [1][24]. Group 1: Caffeine Sources and Content - Caffeine is a natural alkaloid found in tea leaves, which contain 2%-5% caffeine by dry weight, higher than coffee beans at 1%-2% [3]. - The caffeine content in various teas (per 200-250ml serving) is as follows: black tea: 25-110mg (average 40-50mg), oolong tea: 12-55mg (average 30mg), green tea: 8-30mg (average 20-30mg), and white tea/Pu-erh: about 10-20mg [3]. - Tea and tea beverages are the primary sources of dietary caffeine for consumers in China, contributing 74.80% to adult caffeine intake, followed by milk tea and coffee [6]. Group 2: Health Implications of Caffeine - Moderate caffeine intake can enhance alertness, but excessive consumption may lead to dependence, characterized by withdrawal symptoms such as headaches and fatigue [4]. - The recommended safe caffeine intake is 400mg per day for healthy adults and approximately 175mg for individuals under 18 [12]. - For a 60kg adult, this translates to consuming 969g of liquid coffee or 1524g of liquid milk tea daily without exceeding safe caffeine levels [12]. Group 3: Caffeine in Milk Tea - Some milk tea brands use whole tea leaves instead of tea powder, resulting in caffeine content that can exceed that of coffee; for example, a 470ml serving can contain 90-160mg of caffeine [21]. - A typical latte contains about 100mg of caffeine, while an Americano has around 150mg, indicating that milk tea can sometimes deliver higher caffeine levels than these coffee drinks [23]. Group 4: Consumer Awareness and Regulation - The beverage industry is moving towards better transparency regarding caffeine content, with some brands adopting a "red-yellow-green light" system to indicate caffeine levels [21]. - The Chinese Tea Association plans to release standards for tea beverages, which will help consumers make informed choices about caffeine intake [21].

Core Viewpoint - The cryptocurrency market experienced a significant downturn at the beginning of 2026, with Bitcoin and other major cryptocurrencies seeing substantial declines, leading to over 16,000 liquidations and a total loss exceeding $2 billion in the past 24 hours [1][2][3]. Market Performance - As of January 1, 2026, Bitcoin dropped from approximately $89,000 to around $87,800, marking a decline of over 1% within 24 hours. Other cryptocurrencies like Cardano and Dogecoin also faced declines of over 3% and 2%, respectively [3]. - Bitcoin's price has fallen more than 30% since reaching a historical high of $126,000 in October 2025, with a monthly decline of over 22% in December 2025, the worst performance since December 2018 [4][6]. Liquidation Data - Coinglass reported that the total liquidation in the cryptocurrency market reached $2.28 billion in the last 24 hours, with long positions accounting for $1.57 billion and short positions for $0.71 billion. The largest single liquidation occurred on Hyperliquid-BTC-USD, valued at $5.8577 million [3][4]. Analyst Predictions - Analysts from Cantor predict that Bitcoin's price may continue to decline over the next year, despite a long-term optimistic outlook on institutional adoption and regulatory clarity. They suggest that the fear of a crypto winter could trigger further price drops [6]. - Some analysts believe that Bitcoin's price may stabilize between $80,000 and $100,000 in the first quarter of 2026, rather than experiencing a strong upward trend [7]. Market Sentiment - The cryptocurrency market has shown significant weakness compared to stocks and precious metals since the October 2025 crash, indicating that previous market catalysts have not met expectations, and new catalysts for 2026 have yet to emerge [8]. - The ongoing fear of a crypto winter is causing market participants to be cautious, with many analysts suggesting that the current market conditions may lead to further declines in Bitcoin's price [6][9].

Core Viewpoint - The focus of foreign investment institutions on AI is shifting from technological breakthroughs to the practical implementation of AI in business operations and its impact on profitability [1][2]. Group 1: Acceleration of AI Applications - AI applications are accelerating in both domestic and international markets, with enterprise-level and consumer-level AI products being deployed more rapidly [2]. - Nearly half of analysts now expect AI to positively impact corporate profitability by 2026, a significant increase from about 25% in a similar survey conducted in 2024 [2]. - The urgency for companies to adopt AI is increasing, moving from vague discussions to specific, actionable solutions [2]. Group 2: Industry Chain and Long-term Opportunities - Foreign investment institutions are focusing on the chain reaction effects brought by the accelerated application of AI, viewing it as a significant global industrial trend with long-term investment opportunities [3]. - In the manufacturing sector, Chinese companies have advantages in capacity and technology accumulation, particularly in areas like PCB, optical modules, and servers, which are expected to benefit from the global demand for AI computing power [3]. - China's investment in computing infrastructure ranks second globally, with rapid construction progress, providing ample space for domestic replacements in core hardware sectors like GPUs and servers [3]. Group 3: Valuation Discussions and Market Concentration - As AI applications advance, discussions around valuation levels and market concentration are intensifying, with foreign institutions maintaining a positive long-term outlook while differentiating risks across various segments [4][5]. - The top ten tech stocks in the U.S. now account for about 40% of the S&P 500 index market value, a historical high, but high market concentration may not necessarily be negative [5]. - The focus should be on whether AI-related capital expenditures can generate sustainable returns through commercialization, rather than solely on market concentration [5]. Group 4: Hong Kong Stock Market as a Key Entry Point - The Hong Kong tech market is becoming a crucial entry point for global investors looking to allocate to Chinese tech assets, with significant mid-to-long-term allocation value [6]. - The strategic importance of Hong Kong tech stocks is reflected in three dimensions: increased demand for diversifying tech exposure, the resonance of "returning + IPO increment" for Chinese concept stocks, and the valuation safety margin of Hong Kong tech being notably attractive [6].

美国，传来大消息！ 当地时间周三（2025年12月31日），美国总统特朗普签署一项公告，将软体家具、橱柜和浴室柜的关税上调措 施再推迟一年。 彭博社评论此事称，在美国民众对物价水平不满情绪持续升温背景下，特朗普推迟上述上调计划，放缓了其征 税步伐。 据总台环球资讯广播消息，美国《华盛顿邮报》日前刊文指出，尽管美国联邦政府为美国农民推出了规模为 120亿美元的救助计划，但美国农民仍继续在通货膨胀和关税政策的影响下苦苦挣扎。 美国政府日前宣布，将为美国农民提供巨额资金的救助，以应对美关税政策对其农业的"反噬"。文章说，对于 农民、行业协会而言，这项救助计划默认了政府过去一年的政策已经彻底改变了农业，并威胁到他们的生计。 目前尚不清楚的是，这些损害农民利益的政策是否也会破坏总统与他最忠实的选民群体之间的关系。 文章援引美国爱荷华州立大学农业经济学教授查德·哈特（Chad Hart）的话表示，由于拜登政府执政期间通货 膨胀加剧，农民们曾希望现任政府能带来更为有利的经济环境。但美国政府对外国进口商品实施的广泛关税措 施——以及部分国家对进口美国产品的反制措施——都粉碎了这些希望。 文章还表示，对一些农民来说，政府的救助 ...

Core Viewpoint - The approval of two foreign insurance asset management companies, AIA Asset Management and Aegon Asset Management, marks a significant step in China's ongoing financial opening and reflects the country's commitment to enhancing its financial services landscape [2][5]. Group 1: Company Approvals - On December 30, 2025, the Shanghai Financial Regulatory Bureau approved the establishment of AIA Asset Management and Aegon Asset Management [2]. - AIA Asset Management has a registered capital of 100 million yuan, fully subscribed and paid by AIA Life Insurance Company [3]. - Aegon Asset Management has a registered capital of 250 million yuan, fully subscribed and paid by Aegon Global Life Insurance Group [3]. Group 2: Leadership Appointments - AIA Asset Management's leadership includes Zhang Xiaoyu as Chairman and Ouyang Liliang as Director and General Manager [3][4]. - Aegon Asset Management's leadership includes Zhang Mengjiao as Chairman and Liang Jiangang as General Manager [4]. Group 3: Impact on Financial Ecosystem - The establishment of these companies is expected to enrich Shanghai's asset management ecosystem and enhance the global resource allocation efficiency of Shanghai as an international financial center [5]. - The rapid approval process, taking about six months from the initial establishment approval, demonstrates Shanghai's commitment to optimizing the business environment [5]. Group 4: Industry Insights - AIA's Chairman emphasized that the approval is a reflection of China's high-level financial opening and aligns with the growing demand for long-term investment solutions due to an aging population and expanding insurance capital [6]. - The entry of these foreign firms into the Chinese market signifies a shift from "testing the waters" to a more aggressive approach in establishing a presence in the insurance sector [6].

多国重申坚定奉行一个中国原则 综合新华社驻外记者报道：多国政府、政要近日纷纷发声，重申恪守一个中国原则，反对任何形式的"台 独"分裂行径及干涉中国内政的行为，坚定支持中国政府为维护国家主权和领土完整所作的一切努力。 塞尔维亚 总统武契奇在视察中企承建的"多瑙走廊"快速路项目时说，塞尔维亚以全部政治力量支持一个中国 原则。他表示："台湾是中国领土不可分割的一部分。这是我们的立场，也将继续是塞尔维亚的政策。" 塔吉克斯坦 外长穆赫里丁重申，台湾是中国领土不可分割的一部分，塔方坚定支持一个中国原则，坚定支持 中国政府为维护国家主权、领土完整，实现国家统一所作的一切努力。 塞内加尔 外长谢赫·尼昂表示，塞内加尔坚定不移奉行一个中国原则，中华人民共和国政府是代表全中国的唯 一合法政府，台湾是中国领土不可分割的一部分。 俄罗斯 外交部在书面回答新华社记者提问时重申，俄方在台湾问题上的原则立场众所周知、始终如一，并在 最高领导层得到多次确认。俄方承认台湾是中国不可分割的一部分，反对任何形式的"台独"分裂行径。俄方 还认为，台湾问题是中国的内政，中方拥有捍卫国家主权和领土完整的一切合法权利。"一些国家虽声称坚持 一个中国原则 ...

Core Viewpoint - DeepSeek has introduced a new architecture called mHC (Manifold-Constrained Hyperconnection) to address the instability issues in traditional hyperconnections during large-scale model training while maintaining significant performance gains [1][3]. Summary by Sections Research and Development - The paper highlights that recent advancements in hyperconnections (HC) have broadened the residual flow width and diversified connection patterns, enhancing the widely adopted residual connection paradigm established over the past decade. However, these improvements have weakened the inherent identity mapping characteristics of residual connections, leading to severe training instability and limited scalability, along with significant memory access overhead [3]. - To tackle these challenges, DeepSeek proposed the mHC framework, which projects the HC residual connection space onto a specific manifold, thereby restoring the identity mapping characteristics and integrating strict infrastructure optimizations to ensure operational efficiency [3]. Experimental Results - Internal large-scale training results indicate that mHC effectively supports scalable training, with an additional time overhead of only 6.7% when the expansion rate is set to 4 [4]. Conclusion and Future Directions - The conclusion of the paper states that empirical results demonstrate mHC's ability to effectively restore identity mapping characteristics, achieving stable large-scale training with superior scalability compared to traditional HC. Importantly, mHC implements these improvements with negligible computational overhead through efficient infrastructure-level optimizations [6]. - As a generalized extension of the HC paradigm, mHC opens up several important research directions for the future. While this study utilized a double random matrix to ensure stability, the framework is compatible with various manifold constraints designed for specific learning objectives. In-depth research on differentiated geometric constraints may lead to new methods that better balance plasticity and stability [6].

目前爆炸原因未知。警方表示不排除烟花或燃气泄漏等意外因素，救援行动仍在进行。 警方、消防及救援服务人员已部署到位，为受影响人员提供援助。警方称，事发区域已被完全封锁，克朗-蒙 大拿上空已设立禁飞区。 瑞士阿尔卑斯山区滑雪小镇克朗-蒙大拿一家酒吧当地时间2026年1月1日凌晨起火爆炸，已造成数十人死亡， 近100人受伤。 责编：汪云鹏 校对： 姚远 百万用户都在看 深夜！16倍大牛股，突发！ 刚刚，飙涨201%！ 2026年新年献词｜顺流逆流，守护我们内心的罗盘！ 据悉，此次事件发生在当地时间1月1日凌晨1点半左右。事发地"星座"酒吧为游客聚集地，事发时正举行跨年 活动。 瑞士官方消息称，此次事件"被视为一起火灾，而非袭击事件"。 据报道，死者中有外国公民，伤者中大部分伤势严重。救援部门出动了10架直升机和40辆救护车。瓦莱州医院 的重症监护室目前已满员，患者正在被转移至其他地区。 中国驻瑞士使馆表示，目前还未收到是否有中国公民伤亡的消息。 来源：央视新闻、@CCTV国际时讯 市值腰斩！巴菲特"踩雷"，给我们敲响什么警钟？ 独家揭秘！新股未上市先套现，中签之前也能买卖！ 违法和不良信息举报电话：0755-835 ...

Group 1: Corcept Medical - Corcept Medical's stock plummeted by 50% after the FDA rejected its drug application for treating a rare hormonal disorder, resulting in a market value loss of $3.7 billion [1][3]. - The FDA's complete response letter indicated that while the company's GRACE clinical trial met its primary endpoint, additional evidence of efficacy is required for a favorable benefit-risk assessment [3][4]. - Corcept's CEO expressed disappointment but remains committed to finding a way to bring the drug Relacorilant to patients, planning to meet with the FDA to discuss next steps [3][4]. Group 2: Relacorilant Drug Details - Relacorilant is a selective cortisol modulator aimed at treating conditions like endogenous hypercortisolism and ovarian cancer, and it has orphan drug designation from both the FDA and the European Commission [5][6]. - The drug has shown improvements in various symptoms associated with hypercortisolism, which can lead to serious health issues such as diabetes and hypertension [4][5]. - The FDA has set a target date of July 11, 2026, for the drug's use in treating platinum-resistant ovarian cancer patients [6]. Group 3: Indian Tobacco Market - Indian tobacco stocks experienced significant declines, with ITC's stock dropping over 9% and Godfrey Phillips India falling more than 16% following the announcement of a substantial increase in cigarette consumption tax [1][7]. - The new tax, effective February 1, will impose a consumption tax based on cigarette length, potentially increasing overall costs by 22%-28% for certain products [7][8]. - Analysts predict that the increased tax burden may lead to higher retail prices and could negatively impact cigarette sales, with concerns about a shift to illegal tobacco markets [7][8].