Group 1 - Kyiv, the capital of Ukraine, will implement emergency power outages due to ongoing attacks by Russian forces that have put pressure on infrastructure [2] - On the morning of January 12, strong explosions were heard in Kyiv [3] Group 2 - The Russian Ministry of Defense reported that on January 9, Russian forces used "Zircon" missiles to strike the Lviv State Aircraft Repair Plant, rendering it inoperable [4] - The plant is responsible for repairing aircraft for the Ukrainian armed forces and Western-supplied F-16s, as well as producing medium and long-range attack drones [4] - The Russian military also targeted two companies in Kyiv that assemble attack drones designed to strike Russian territory, destroying critical energy infrastructure supporting Ukraine's military industry [4] - The "Zircon" missile is a new hypersonic medium-range ballistic missile developed by Russia, capable of carrying nuclear warheads and attacking targets at speeds of 10 Mach [4] - This large-scale strike was described as retaliation for an attack on President Putin's residence [4]

Core Viewpoint - Mingyang Smart (601615) announced a suspension of trading due to plans to acquire control of Zhongshan Dehua Chip Technology Co., Ltd. through a combination of share issuance and cash payment, along with raising matching funds. This transaction is still in the planning stage and is expected to be an associated transaction without constituting a major asset reorganization [1][3]. Group 1 - The company received a notification from its controlling shareholder, Mingyang New Energy Investment Holding Group Co., Ltd., regarding the planning of a significant matter [1]. - The acquisition target, Dehua Company, is involved in the design, research and development, production, testing, processing, sales, consulting, and technical services of semiconductor epitaxial wafers, chips, components, systems, and related products [3]. - The trading suspension for Mingyang Smart will begin on January 13, 2026, and is expected to last no more than 10 trading days to ensure fair information disclosure and protect investor interests [3]. Group 2 - Mingyang Smart's stock price hit the daily limit today, with a cumulative increase of over 35% since the beginning of the year [4].

Core Viewpoint - The article highlights the positive outlook for Chinese assets, with foreign investment increasingly favoring the Chinese stock market, projecting significant growth in the coming years [4][5]. Group 1: Market Performance - As of January 12, U.S. stock indices opened lower, with the Dow Jones down 0.46%, S&P 500 down 0.21%, and Nasdaq down 0.19% [1][2]. - In contrast, Chinese concept stocks saw a significant rise, with the Nasdaq Golden Dragon China Index increasing over 3.2% [2]. Group 2: Foreign Investment Sentiment - Goldman Sachs released a report on January 5, recommending an overweight position in Chinese stocks for 2026, citing a significant valuation discount compared to global peers [4]. - Multiple foreign institutions expressed optimism for Chinese assets by the end of 2025, predicting annual growth of 15% to 20% for the Chinese stock market in 2026 and 2027 [4]. Group 3: Structural Investment Opportunities - Fidelity International noted that the Chinese market presents strong attractiveness in 2026, driven by ongoing policy support creating structural investment opportunities [5]. - The "anti-involution" policy is expected to help companies return to substantial profit growth, with local firms making rapid advancements in technology and innovation [5]. Group 4: Notable Stock Performances - Specific Chinese concept stocks experienced significant gains, including Zhihu up over 21%, Kingsoft Cloud up over 18%, Agora up nearly 10%, Alibaba up over 8%, and others showing increases of 3% to 8% [5][6].

Core Viewpoint - The article highlights the rising trend of zero-coupon convertible bonds in the Hong Kong stock market, emphasizing their role in optimizing capital structure and facilitating strategic transformation for listed companies [1][4]. Group 1: Zero-Coupon Convertible Bonds Overview - Zero-coupon convertible bonds are becoming a popular financing tool for companies, allowing them to raise capital without immediate interest payments, thus significantly reducing financing costs [6][7]. - Companies like Tanwan (09890.HK) have successfully issued zero-coupon convertible bonds, with Tanwan raising HKD 468 million, which will be allocated for AI-related investments [3][4]. Group 2: Recent Issuances and Their Purposes - Tanwan's zero-coupon convertible bond has an initial conversion price of HKD 23.5 per share, potentially converting into approximately 1.99 million new shares, representing about 3.79% of existing shares [3]. - Other companies, such as Guangfa Securities and Jingtai Holdings, are also planning to issue zero-coupon convertible bonds to support business development, with Guangfa expecting to raise around HKD 61.1 billion through its bond issuance [3][4]. Group 3: Market Trends and Implications - The issuance of zero-coupon convertible bonds is seen as a new trend in the Hong Kong market, with over HKD 930 billion raised by various companies in recent years, including major players like Alibaba and Baidu [4]. - The zero-coupon structure allows companies to avoid interest expenses during the bond's term, aligning well with the current low-interest-rate environment and reducing financial pressure [6][7]. Group 4: Attracting International Capital - The trend of issuing zero-coupon convertible bonds is expected to broaden financing channels for companies, reducing reliance on traditional equity financing methods, which can dilute existing shareholders' equity [9][10]. - This trend is likely to attract long-term investors, enhancing market stability and international competitiveness, while also increasing the international influence of the Hong Kong stock market [9][10].

Core Viewpoint - *ST Rock (600696) is facing significant financial challenges, with projected revenue for 2025 expected to be below 300 million yuan, leading to potential delisting risks due to financial criteria [2][4]. Financial Performance - The company anticipates a total revenue of less than 300 million yuan for the fiscal year 2025, with both total profit and net profit expected to be negative [2]. - The 2024 financial report received a qualified audit opinion from Zhongxing Caiguanghua Accounting Firm, indicating major uncertainties regarding the company's ability to continue as a going concern [4]. Delisting Risks - If the 2025 financial report receives a qualified opinion, or if there are negative opinions on internal controls, the company may face delisting under the Shanghai Stock Exchange rules [4]. - The stock has already experienced three consecutive trading halts, indicating volatility and investor concern [4]. Shareholder Issues - The controlling shareholder, Shanghai Guijiu Enterprise Development Co., Ltd., and its concerted parties have had 64.80% of their shares (216,740,245 shares) judicially frozen [4]. - The actual controller, Mr. Han Xiao, is under criminal coercive measures due to an investigation related to illegal fundraising by Haiyin Wealth Management Co., Ltd. [4].

更好发挥政府投资基金积极作用！ 1月12日，国家发展改革委、财政部、科技部、工业和信息化部联合发布《关于加强政府投资基 金布局规划和投向指导的工作办法》（下称《工作办法》）。《工作办法》围绕政府投资基 金"投向哪、怎么投、谁来管"三方面提出多项政策举措。国家发展改革委相关负责人表示，这是 首次在国家层面对政府投资基金的布局和投向作出系统规范。 同一时间，《政府投资基金投向评价管理办法（试行）》（下称《管理办法》）出台。中国宏观 经济研究院经济所研究员刘国艳表示，这两份文件有机衔接，标志着我国政府投资基金从粗放式 管理向精细化管理转变，对于提升财政资金使用效益、引导社会资本、服务国家战略具有深远意 义。 绘制布局投向"路线图" 近年来，政府投资基金作为财政支出方式的重要创新，在撬动社会资本、支持创新创业、培育新 兴产业、推动产业升级等方面发挥了积极作用。 然而，随着基金数量和规模的快速增长，一些深层次问题也逐渐显现。海南君顾数科研究院院长 单福分析表示，部分基金定位模糊，偏离了服务国家战略的政策性初衷，存在"泛化"和"异化"风 险，同时一些地方基金投资领域交叉重叠，导致同质化竞争和资源内耗。这些问题不仅影响了政 ...

END 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 重磅！事关电动汽车出口，商务部最新通报→ 丨 全线爆发！AI应用概念掀涨停潮 丨 美联储突 发！鲍威尔遭刑事调查！ 丨 看好2026年A股表现！证券时报2025年四季度经济学家问卷调查：经 济预期进一步改善 丨 马斯克突发！旗下产品或被多国封禁，发生了什么？ 丨 证监会最新发声！ 丨 A股重磅！3大牛股，明日复牌！ 丨 下载量暴涨100倍，"死了么"火了！最新回应→ 丨 稀土指数， 正式上线！ 证 券 时 报 新 媒 体 矩 阵 高 15 12 JJA TH 人民财讯 券商中国 e公司 数据宝 全景财经 北证 新財富 CHDD TRustway 期货回报 杂志 资讯 新财富 期货日报 创业资本汇 北证资讯 信托百佬汇 te 识别二维码关注 证券时报微信公众号 点击下载app 高级 中国乒协官网12日公示洛杉矶奥运周期国家乒乓球队教练员竞聘结果，拟聘秦志戬为总教练、肖 战为副总教练、王皓为男队主教练、马琳为女队主教练。 来源：新华社 责编：万健祎 校对： 王锦程 版权声明 证券时报 ...

1月12日，A股市场整体上涨。 截至收盘，上证指数收报4165.29点，上涨1.09%；深证成指收报14366.91点，上涨1.75%；创业板 指收报3388.34点，上涨1.82%。两市合计成交36013.76亿元，较上一交易日增加4786.81亿元。 1. 两市主力资金净流出超210亿元 今日沪深两市主力资金开盘净流出198.59亿元，尾盘净流出51.6亿元，全天净流出213.07亿元。 | | | 沪深两市最近五个交易日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 净流入金额 开盘净流入 | 尾盘净流入 | 超大单净买入 | | 2026-1-12 | -213.07 | -198.59 | -51. 60 | 53. 33 | | 2026-1-9 | -298.04 | -164. 63 | 1.02 | -16. 77 | | 2026-1-8 | -374. 35 | -163. 14 | -6. 58 | -144. 92 | | 2026-1-7 | -471.98 | -191.26 | 8. 31 | -213. ...

李希在主持会议时指出，习近平总书记的重要讲话，充分肯定过去一年全面从严治党取得的显著成效， 着眼基本实现社会主义现代化关键时期，对以更高标准、更实举措推进全面从严治党，为实现"十五 五"时期目标任务提供坚强保障作出战略部署。讲话高屋建瓴、视野宏阔、思想深邃、内涵丰富，为深 入推进全面从严治党和反腐败斗争提供了根本遵循。要深入学习贯彻习近平总书记重要讲话精神，深刻 领悟"两个确立"的决定性意义，增强"四个意识"、坚定"四个自信"、做到"两个维护"，认真履行全面从 严治党政治责任，以永远在路上的坚韧和执着，坚定不移把党的自我革命向纵深推进。 习近平在二十届中央纪委五次全会上发表重要讲话强调 以更高标准更实举措推进全面从严治党 为实现"十五五"时期目标任务提供坚强保障 李强赵乐际王沪宁蔡奇丁薛祥出席会议 李希主持会议 中共中央总书记、国家主席、中央军委主席习近平12日上午在中国共产党第二十届中央纪律检查委员会 第五次全体会议上发表重要讲话。他强调，要坚持和加强党的全面领导，以更高标准、更实举措推进全 面从严治党，更加坚决有力地贯彻落实党中央重大决策部署，更加科学有效地把权力关进制度笼子，更 加清醒坚定地推进反腐败斗 ...

商务部发布关于中欧电动汽车案磋商进展的通报。 1月12日，商务部通报中欧电动汽车案磋商进展。 为落实中欧领导人会晤共识，妥善解决欧盟对华电动汽车案，中欧双方本着相互尊重的态度，进行了多轮磋商。双方 一致认为，有必要向对欧盟出口纯电动汽车的中国出口商，提供关于价格承诺的通用指导，以便中国出口商可通过更 加实用、有针对性且符合世贸组织规则的方式，解决相关关注。 为此，欧方将发布《关于提交价格承诺申请的指导文件》，并在文件中确认，欧方将秉持非歧视原则，根据世贸组织 规则有关规定，对每一项价格承诺申请，适用相同法律标准，并以客观和公正的方式进行评估。 商务部表示，这充分体现了中欧双方的对话精神和磋商成果。中欧双方有能力、有意愿，在世贸组织规则框架下，通 过对话磋商妥善化解分歧，维护中欧及全球汽车产业链供应链稳定。这不仅有利于中欧经贸关系健康发展，也有利于 维护以规则为基础的国际贸易秩序。 同日，中国机电产品进出口商会（以下简称"中国机电商会"）发布关于中欧通过对话磋商妥善解决电动汽车反补贴案 达成积极成果的声明。 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 ...