有分析指出，锋龙股份股价近期暴涨的导火索是，有"人形机器人第一股"之称的优必选将入主该公司。锋龙股 份在公告中表示，优必选已将约1亿元（相当于本次要约收购所需最高资金总额的20%）存入指定账户，作为 本次要约收购的履约保证金。 与此同时，优必选也传来一则利好消息。优必选18日发文称，欧洲航空巨头空中客车公司与优必选签署人形机 器人服务协议，空中客车已采购优必选最新款工业版人形机器人Walker S2用于其制造工厂。 锋龙股份公告：明日复牌 "13连板"锋龙股份明日复牌。 今日（1月18日），锋龙股份公告称，公司股票自1月19日开市起复牌。公司股票价格已严重脱离公司基本面情 况，存在市场情绪过热、非理性炒作风险。回顾此前，2025年12月17日至2026年1月13日期间，锋龙股份连续 录得13个涨停，价格涨幅超245%。 1月18日，锋龙股份发布公告称，公司股票自2026年1月19日（星期一）开市起复牌。 锋龙股份在公告中指出，公司股票短期内价格涨幅较大，已明显偏离市场走势，公司股票价格已严重脱离公司 基本面情况，存在市场情绪过热、非理性炒作风险。未来可能存在股价快速下跌的风险。如未来公司股票价格 进一步异常上 ...

Core Viewpoint - The Hong Kong IPO market is experiencing a surge in new listings, particularly in the semiconductor and biopharmaceutical sectors, with expectations for continued strong performance in 2026 [1][2]. Group 1: Trends in the IPO Market - In January 2026, 12 new stocks have been listed on the Hong Kong market, including several semiconductor companies and biopharmaceutical firms, indicating a trend of concentrated listings in these sectors [1]. - The 2025 Hong Kong market saw 117 new stocks listed, raising a total of 285.99 billion HKD, surpassing the expected fundraising amount of 23.31 billion HKD, with an average oversubscription of approximately 200 million HKD per stock [1]. - A significant portion of the fundraising in 2025 was dominated by A+H shares, with eight companies alone accounting for 49.82% of the total IPO fundraising [1]. Group 2: Specific Sector Insights - The surge in semiconductor and AI-related companies is attributed to their high capital expenditures and R&D costs, necessitating financing from the capital markets [2]. - The Hong Kong IPO rules, particularly the 18C and 18A regulations, are tailored to accommodate technology and biopharmaceutical companies, with at least 31 companies aiming to list under the 18A rules and 16 under the 18C rules [2]. Group 3: Market Dynamics - The trend of A+H shares is expected to continue but with a reduced proportion compared to 2025, as the concentration of fundraising is anticipated to decrease [2]. - Some H shares are expected to return to A shares as the A-share listing process normalizes and reforms are implemented [3]. - The influx of international capital into the Hong Kong IPO market is driven by a broader search for diversification beyond US dollar assets, with over half of the cornerstone investors in 2025 being international [3].

贵州茅台酒销售有限公司 1月18日发布温馨提示：谨防飞天茅台虚假申购。 近期， 线上 平台 再次出现 冒用茅台名义，发布 " 开放企业直供通道 "" 企业 1499飞天申购，点击链 接获取详情 "" 飞天茅台官方申请入口 ""无需搭售、点击链接立即申请""1499元企业 申购 通道 " 等虚 假 招商 信息， 有关 内容均属不实宣传，存在误导消费者、甚至诈骗风险。 公司从未授权或委托任何主体，发布以上信息。 目前，公司各省区自营店正在与原有企业团购客户签订 2026年销售合同，通过 线下对接， 进行 资质审核、合同签约， 未 通过公开链接或社交媒体直接受理 申请 。 温馨提示各市场主体和 广大消费者 ， 认准官方渠道，警惕虚假 招商 。 我公司 正 积极配合有关部门对 相关虚假招商行为调查处理，依法追究有关责任主体法律责任，切实维护市场秩序和消费者权益。 来源：政事儿 校对：吕久彪 百万用户都在看 AI，大事！马斯克，索赔9300亿元！ 100%关税！美国，突发威胁！事关芯片，韩国紧急回应！ 盘前，全线大涨！芯片巨头，突传罕见利好！ 上交所出手，暂停国晟科技部分投资者账户交易！浙江证监局也有动作 违法和不良信 ...

Core Viewpoint - Silver prices have experienced significant volatility recently, with a sharp increase followed by a notable decline, raising concerns about future market stability and demand dynamics [1][2]. Group 1: Price Volatility - On January 15, silver prices hit a historical high of $93.71 per ounce before dropping sharply, with an intraday decline exceeding 7% [1]. - The following day, January 16, silver prices again saw a dramatic drop, with intraday losses surpassing 6%, closing just above the $90 per ounce mark [2]. Group 2: Market Risks - According to JPMorgan, silver faces multiple risks, including suppressed industrial demand due to high prices and continued outflows from ETFs, indicating a significant risk of market correction [1][7]. - The report highlights that industrial demand is under increasing pressure, particularly from the solar energy sector, where rising silver prices could threaten demand by 50-60 million ounces in the coming years [7]. Group 3: Supply and Demand Dynamics - Bloomberg reported that U.S. President Trump decided against imposing tariffs on key mineral imports, including silver, which alleviated some market fears regarding supply disruptions [4]. - Daniel Ghali from TD Securities noted that the U.S. government's targeted approach to trade measures could ease concerns about the impact on physical metal prices [5]. Group 4: Investment Trends - Despite a projected increase in global silver ETF holdings by 278 million ounces in 2025, there has been a notable divergence in price and volume, with significant net outflows from major silver ETFs since late last year [8]. - Analysts from various institutions remain optimistic about silver's long-term prospects, citing supply constraints and industrial demand as key supportive factors, despite the need for short-term price corrections [9].

Core Viewpoint - The financial data for December 2025 indicates a decrease in non-bank deposits by 330 billion yuan, with a year-on-year reduction of 2.84 trillion yuan, raising market concerns about the implications for the stock market and financial institutions [1][2][3]. Group 1: Non-Bank Deposit Trends - Non-bank deposits decreased by 330 billion yuan in December, which is significantly lower than the average reduction of 532.7 billion yuan in 2022 and 2023, indicating a notable shift in market dynamics [2]. - Analysts attribute the high year-on-year reduction to a low base effect from December 2024, when non-bank deposits saw a historic drop of 3.17 trillion yuan due to regulatory changes [1][2]. - The overall non-bank deposit scale reached 34.5 trillion yuan by the end of December, accounting for 10.5% of total deposits, reflecting a slight decrease in proportion compared to previous years [2]. Group 2: Market Influences - The reduction in non-bank deposits is partly attributed to seasonal factors, such as the return of funds to deposits from off-balance-sheet products and the influence of a vibrant stock market [3][4]. - Analysts suggest that the capital market's performance, particularly the "924" market rally, has led to significant capital inflows, impacting the overall deposit landscape [3][5]. - The trend of "deposit migration" continues, but the pathways and timing of fund flows may become more complex due to varying asset return expectations and market conditions [3].

编者按： 党的二十届四中全会审议通过"十五五"规划建议，明确提出"加快建设金融强国"，"大力发展科技金融、绿色 金融、普惠金融、养老金融、数字金融"，"优化金融机构体系，推动各类金融机构专注主业、完善治理、错位 发展"。而最近相继召开的中央政治局会议、中央经济工作会议，又提出了明年八大重点任务，以及相关的政 策安排和具体部署。 三十余载砥砺前行，中国资管行业从初步探索到如今跻身全球前列，与经济的蓬勃发展和制度的日趋完善 密不可分。在此期间，公募与私募协同发展的多元生态为资本市场的鼎新革故注入了核心动力，二者的发 展始终与国家改革同频共振，与经济发展浪潮同向而行，与产业升级齐头并进。 长城基金认为，这为接下来五年的金融工作和经济工作提供了基本遵循和根本指南，也为金融机构实现高质量 发展指明了方向。基金公司是我国金融市场的重要参与者、建设者，更是普惠金融服务的创造者、提供者。深 入学习贯彻全会精神，积极投身金融强国建设和中国式现代化大局，是时代赋予的重大责任，也是行业实现高 质量发展的必由之路。 站在"十五五"开启的历史节点，二十届四中全会明确的"高质量发展取得显著成效、科技自立自强水平大幅 提高"等目标，为资本 ...

Group 1 - The State Council meeting emphasized the importance of boosting consumer spending and fostering new growth points in service consumption, highlighting the positive outcomes from the ongoing special actions to stimulate consumption [2] - The meeting called for the implementation of a long-term mechanism to promote consumption, including the development of a "14th Five-Year" plan for expanding consumption and urban and rural residents' income increase plans [2] - The meeting also addressed the need to clear overdue payments to enterprises and ensure the payment of wages to migrant workers [2] Group 2 - The China Securities Regulatory Commission (CSRC) held a meeting to reinforce market stability and prevent excessive speculation and market manipulation, aiming to maintain a steady market environment [3] - The CSRC plans to deepen public fund reforms and broaden channels for long-term capital, promoting rational and value-based investments [3] Group 3 - The People's Bank of China announced a policy adjustment for commercial property loans, setting the minimum down payment ratio at no less than 30% to support the real estate market [4] - This adjustment reflects the central government's increased focus on reducing inventory in commercial properties [4] Group 4 - Ningbo Ronbay New Energy Technology Co., Ltd. is under investigation by the CSRC for misleading statements related to a significant contract with CATL, which involves supplying 3.05 million tons of lithium iron phosphate cathode materials worth over 120 billion yuan [5] - The contract is noted to be substantial within the lithium battery industry and may positively impact Ronbay's future performance [5] Group 5 - The tax authorities are reminding taxpayers to self-check their overseas income from the past three years, as they may face penalties for non-compliance [7] Group 6 - The U.S. President announced a tariff increase on goods from eight European countries, citing geopolitical tensions over Greenland, which may impact trade relations [8] Group 7 - The People's Bank of China will lower the re-lending and rediscount rates by 0.25 percentage points, effective January 19, 2026, to support economic growth [9] - The minimum margin requirement for securities financing will be raised from 80% to 100% starting January 19, 2026, affecting new financing agreements [9] Group 8 - Micron Technology's stock rose over 7%, and the commercial aerospace sector saw significant gains, indicating a positive market trend for these industries [10] - The overall market showed mixed results, with major indices experiencing slight declines [10] Group 9 - The CSRC approved IPO registrations for three companies, indicating ongoing market activity and interest in new public offerings [11] - A total of three new stocks are set to be issued in the upcoming week, reflecting continued capital market engagement [12] Group 10 - Over 440 billion yuan worth of restricted shares will be unlocked this week, with significant amounts from companies like Xingtum Control and Shanxi Coking Coal [13][14]

Core Viewpoint - The article reports the passing of renowned martial arts actor Leung Siu-lung at the age of 77, with details about his career and contributions to the film industry [1][3][10]. Group 1: Career Highlights - Leung Siu-lung was born on April 28, 1948, in Zhongshan, Guangdong Province, China, and became a prominent figure in the Hong Kong film industry [3]. - In the 1970s, he was recognized as one of the "Four Little Dragons" of Hong Kong cinema alongside Bruce Lee, Jackie Chan, and Ti Lung [4]. - He entered the film industry in 1972 after being discovered by the chairman of the Hong Kong Film Association, Ng See-yuen, during a street fight [5]. - Leung gained fame for his roles in the television series "The Legend of Fok Yuen-kai" (1981) and "Chen Zhen" (1982), which were widely popular in mainland China [6]. - He starred in Stephen Chow's film "Kung Fu" in 2004, which further solidified his status in the industry [7]. Group 2: Awards and Recognition - In 2007, Leung was awarded the "Best Action Actor" at the Global Kung Fu Awards [8]. - He starred in the film "Sword River" in 2014, which is the mainland version of "Seediq Bale" [9]. - In 2021, he participated in the inspirational film "Breaking Ice Youth" and served as the action director for the comedy film "I Am Not a Dragon Set" [9]. - In 2024, he was recognized at the inaugural Asian International Film Festival for his contributions as a kung fu film star [9].

Group 1: Economic Trends and Shifts - The year 2025 is identified as a significant turning point for the Chinese economy and market, with a notable shift in the perception of China's innovation capabilities and competitiveness in the global economic system [5] - The term "Deep Seek moment" reflects China's accelerated pace in the key technology field of artificial intelligence, surpassing previous expectations [5] - The return of "animal spirits" in the industry indicates a collective optimistic outlook, leading to increased investments and expansions among enterprises [6] Group 2: Innovation and Market Dynamics - Despite the emergence of many innovative companies, there is a challenge regarding the profitability of some firms not keeping pace with their innovation [8] - The "anti-involution" policy aims to optimize market competition ecology, ensuring that innovative firms receive reasonable returns, which could alleviate macroeconomic pressures like demand shortages and low prices [9] - The current economic environment shows similarities to past supply-side structural reforms, but the "anti-involution" approach addresses new characteristics such as simultaneous demand growth and declining profit margins in industries like automotive [9] Group 3: Service Consumption Potential - The development potential of the service sector is crucial for domestic demand, with current spending on services being relatively low compared to physical goods [11] - Key areas for service consumption growth include entertainment, healthcare, and public services, with specific constraints identified such as limited leisure time and the need for improved service quality [12] - The aging population is expected to drive demand for healthcare services, necessitating a focus on high-quality, personalized medical services alongside basic healthcare accessibility [12] Group 4: External Demand Trends - The trend of enterprises "going global" is anticipated to remain significant over the next five years, indicating a focus on expanding international markets [13]

Core Viewpoint - The ongoing power crisis in North America, driven by the surge in AI computing power, is creating new opportunities for public funds to explore Chinese power equipment assets abroad [1][4]. Group 1: Public Fund Strategies - Major public funds have begun to heavily invest in the power equipment sector, viewing it as a key area for growth in 2026, with firms like Ping An Fund and Debon Fund increasing their stakes in smart distribution and gas turbine sectors [2][3]. - The issuance of new ETFs focused on power equipment and energy infrastructure is being accelerated by several institutions, indicating a strong belief in the sector's growth potential [3]. Group 2: Market Demand and Supply Dynamics - The power shortage in North America is becoming a critical issue, with Morgan Stanley raising its forecast for the cumulative power gap in U.S. data centers from 44 GW to 47 GW, equivalent to the total electricity consumption of nine Miami cities [4]. - The International Energy Agency warns that global data center electricity demand will exceed 900 TWh by 2030, with NVIDIA's GPU clusters alone consuming 150-200 GW, highlighting the urgent need for power supply solutions [4]. Group 3: Performance of Key Stocks - The stock of Siyi Electric, a leading power equipment company, has surged, achieving a historical high with a cumulative increase of 14 times since 2020, benefiting from the demand for smart distribution and ultra-high voltage equipment [5][6]. - Other stocks linked to North American markets, such as Harbin Electric and Weisheng Holdings, have also seen significant gains, with Weisheng's revenue from North America contributing to a 7-fold increase in stock price over the past year [6]. Group 4: Investment Logic and Insights - The consensus among industry experts is that "the end of AI is electricity," which is driving public funds to invest in power equipment as a necessary complement to the AI industry [8]. - Fund managers emphasize the importance of stable power sources for data centers, indicating that the demand for gas turbines and power grid upgrades will continue to grow as AI technology expands [8][9]. - The energy power equipment sector is seen as a high-potential area that benefits from both the expansion of AI computing and supportive government policies for new power systems [9]. Group 5: Export Trends - Data from the General Administration of Customs shows that China's transformer exports reached 57.9 billion yuan from January to November 2025, marking a 36% year-on-year increase, with the average export price rising from $12,000 to $20,800 per unit [7].