Core Insights - Zhang Yidong, a prominent strategist at Industrial Securities, has officially submitted his resignation due to personal career planning and family considerations [1] - He will transition to focus on overseas business, particularly in the Hong Kong and international capital markets [2] Career Development - Zhang began his research career in 2002 at Polaroid Securities in Taiwan, covering A-shares and Hong Kong stocks, and joined Industrial Securities in 2006 [3] - Under his leadership, Industrial Securities' research team grew from a small group to a leading force in the industry, achieving top rankings in analyst evaluations [3] - He has been instrumental in establishing a strong overseas research team, which is now recognized as a leader in the industry [3] Key Contributions - Zhang introduced the concept of "core assets" in 2007, identifying leading companies with core competitiveness across various industries [4] - His bullish stance during the 2008 financial crisis and subsequent predictions about China's economic recovery were validated by government stimulus measures [4] - He has consistently advocated for the long-term potential of A-shares and Hong Kong stocks, predicting a "super long bull market" that could last for over 20 years [5] Team Transition - With Zhang's departure, Industrial Securities' research team is undergoing a new phase of leadership transition, with younger analysts stepping up [7] - The research team has maintained stability despite industry-wide talent competition and has built a robust team of over 200 professionals [8] - The company expresses respect for Zhang's decision and gratitude for his contributions to the development of both sell-side and overseas research [7]

据新华社援引瑞士广播电视台报道， 位于瑞士瓦莱州克朗-蒙大拿的一家酒吧1月1日发生爆炸并引发火灾，已造成数十人死亡，近100人受伤。 另据央视新闻报道，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，伤亡数字可能进一步更新。 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。 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。 ...

Core Viewpoint - France is preparing to implement strict restrictions on social media use for minors, aiming to establish a minimum age for social media usage, following Australia's lead in banning access for individuals under 16 years old [1][2]. Legislative Measures - The French government has completed a legislative draft that proposes two key measures: banning social media use for individuals under 15 years old and prohibiting high school students from using mobile phones on school premises [1]. - This legislation is expected to be submitted to parliament for discussion after the New Year, with a target implementation date of September 2026 [1]. Rationale Behind the Legislation - The French government views excessive social media use among youth as a systemic social risk, linking it to increased exposure to inappropriate content, cyberbullying, anxiety, and sleep disorders, which can negatively impact academic performance and mental health [2]. - President Macron has emphasized the negative correlation between screen time and academic performance, likening social media to "high-performance racing cars" that pose risks when minors lack self-control [2]. Compatibility with EU Regulations - The French government aims to ensure that the proposed ban aligns with the EU legal framework, particularly the EU Digital Services Act, which may provide a replicable regulatory model for other European countries [2]. - Countries like Denmark and Norway are reportedly considering similar restrictions, indicating a growing consensus on establishing a minimum social media usage age in Europe [2]. Implementation Challenges - The successful implementation of the ban faces challenges, including effective age verification, defining platform responsibilities, and preventing users from circumventing restrictions through technical means [3].

Core Viewpoint - The Ministry of Finance, Ministry of Commerce, and State Taxation Administration announced a pilot program for prize invoices in approximately 50 cities to stimulate consumer demand and unleash consumption potential, with a policy implementation period of six months [1] Group 1: Pilot Program Details - The pilot program allows individual consumers to participate in a lottery by obtaining invoices for purchases made in various sectors, including retail, dining, accommodation, cultural arts, entertainment, tourism, sports, and residential services, provided the invoice amount exceeds a certain threshold [1] - The program targets everyday consumption scenarios closely related to residents' daily lives, such as shopping, dining out, travel accommodation, cultural and sports activities, and life services [1] - The pilot cities eligible for application include city-level and above cities, such as municipalities, separately planned cities, provincial capitals, and prefecture-level cities [1] Group 2: Implementation and Funding - The central government will allocate prize funding to the pilot cities based on a tiered arrangement [1] - Pilot cities are required to develop implementation plans that specify the scope of prize invoices, participation methods, winning rules, prize settings, redemption methods, and reporting of illegal activities, which must be publicly announced [1] - Consumers are encouraged to pay attention to announcements from pilot cities and actively participate according to the specific requirements of the prize invoice activities [1]

无论赖清德及民进党当局说什么、做什么，都改变不了台湾是中国一部分的事实和"台独"必然败亡的下场。中华民族伟大复兴势不可挡，祖 国完全统一必定实现。希望广大台湾同胞看清"台独"邪恶本质和严重危害，坚定站在历史正确的一边，坚决反对"台独"分裂和外来干涉，同 我们一道维护台海和平稳定、推动两岸关系和平发展，携手开创民族复兴、祖国统一的美好新局。 据央视新闻，国务院台办发言人陈斌华答记者问。 问：赖清德今天在其新年讲话中大肆渲染所谓"中国扩张的野心"及对台湾的威胁，鼓噪"强化国防及安全防卫韧性、全面建构有效的吓阻力 量及民主防卫机制"。对此有何评论？ 赖清德上台以来，违背台湾社会主流民意，顽固坚持"台独"分裂立场，不断炮制分裂谬论，蓄意升高两岸对立，加剧台海局势紧张。为谋取 政治私利，大肆挥霍民脂民膏，大搞"备战谋独"、"全民皆兵"，把民众绑上"台独"战车，把台湾推向兵凶战危险境。对外部势力一味献媚 输诚、卖身投靠，严重损害台湾民众和企业切身利益；在岛内实行"威权统治"，肆意践踏民主、破坏法治、禁限自由，大搞"绿色恐怖"、党 同伐异，制造"寒蝉效应"。如此劣迹斑斑之人有何资格和颜面奢谈"民主"、"自由"、"公义"、" ...

以下文章来源于科创日报 ，作者张真 科创日报 . 科创圈都在关注的主流媒体，上海报业集团主管主办，《科创板日报》出品。 近日，深圳市越疆科技股份有限公司（简称"越疆"）在港交所公告称， 公司董事会已议决和批准开始有关建议A股上市的相关工作。 截至目前，公 司已获A股上市辅导备案登记，辅导机构为国泰海通。 资料显示，越疆于2024年12月23日在港交所主板挂牌上市，成为港股"协作机器人第一股"。公司成立于2015年，主营业务为智能机械臂 及其他智能硬件产品的研发、生产、销售，其核心产品为六轴协作机器人，2025年上半年该产品收入9365万元，占总营收的61.2%。 从整体经营状况看，越疆于2025年上半年实现营业收入1.53亿元，较去年同期增长27.1%；净亏损达4087万元，较去年同期收窄31.8%。 对于此次A股上市计划，越疆表示，此举为推动业务发展、增强整体竞争力，并确保达成运营目标及长远发展策略。 越疆的上市计划并非孤例，近半年来，多家机器人企业寻求上市。截至目前，宇树科技IPO辅导进展状态已变更为"辅导工作完成"，距离提 交招股说明书、冲击"A股人形机器人第一股"仅一步之遥。 除此之外， 数家国产头部 ...

Core Viewpoint - The price of computing products, particularly GPUs, is set to rise significantly in early 2026 due to a surge in memory prices, impacting both consumer and data center markets [4][5]. Group 1: Price Increases - Nvidia and AMD are expected to implement phased price increases for various GPUs starting in early 2026, with AMD potentially raising prices as early as January and Nvidia around February [4]. - The flagship RTX 5090 GPU is projected to see a substantial price increase, potentially reaching $5000, compared to its initial suggested retail price of $1999 [4]. - The increase in GPU prices is attributed to a doubling of memory prices over the past six months, which has raised manufacturing costs for graphics cards by 80% [5]. Group 2: Market Impact - The price surge is anticipated to affect the latest generation of GPUs, including the RTX 50 Blackwell series and AMD's RX 9000 series [4]. - Market research firm Counterpoint predicts that memory prices will rise by an additional 40% before the second quarter of 2026, further exacerbating the situation [5]. - The AI industry is impacting consumer-grade GPUs, leading to shortages of certain models as chip manufacturers stockpile memory for gaming GPUs to be used in AI applications [5].

Core Viewpoint - The article discusses the first-instance judgment of the Jin Tong Ling Securities false statement liability dispute, where the Nanjing Intermediate Court ordered Jin Tong Ling to compensate over 43,300 investors nearly 775 million yuan in losses, along with related legal fees and case acceptance fees [1][4]. Group 1: Legal Proceedings and Outcomes - The court will continue to hear civil compensation claims against Everbright Securities and 25 other defendants, with a separate ruling document to be produced [4]. - The China Securities Regulatory Commission (CSRC) highlighted that the Jin Tong Ling case is the latest to apply the special representative litigation procedure, following similar cases like Kangmei Pharmaceutical and Zeda Yisheng [5]. - The CSRC emphasized the effectiveness of the special representative litigation system in collectively protecting investors' rights and deterring potential violations in the securities market [8]. Group 2: Financial Implications and Penalties - Jin Tong Ling's financial fraud spanned six years, leading to penalties for four securities firms and one accounting firm involved [12]. - The Jiangsu Securities Regulatory Bureau issued seven fines against the involved firms and personnel, with specific penalties including warning letters and suspensions of business qualifications [13]. - The audit intermediary, Dahua, faced a total fine of 44.02 million yuan and a six-month suspension from providing securities services due to severe financial manipulation by Jin Tong Ling [14]. Group 3: Financial Manipulation Details - Jin Tong Ling's fraudulent activities resulted in a total of over 1.1 billion yuan in inflated revenue and over 400 million yuan in inflated profits across several years, with significant discrepancies in reported profits [14]. - The manipulation of profits was particularly severe in 2019, where the profit reduction exceeded 57 times, indicating a high level of concealment and severity of the fraudulent behavior [14].

Group 1 - The core point of the article is the official launch of the 53% vol 500ml Flying Moutai liquor on the iMoutai platform, priced at 1499 yuan, starting January 1, 2026 [1] - The new Flying Moutai will be released in limited quantities, with sales starting at 9 AM and products selling out in less than 30 seconds each time [1] - The article mentions that the 2019-2024 series of Flying Moutai has not yet been made available for sale [1] Group 2 - Each customer is limited to purchasing 12 bottles per day, equivalent to two boxes [5] - For every two bottles purchased, customers will receive one complimentary bag [6] - Orders for in-store pickup must be collected within three days, and currently, only 42 self-operated stores support this service [8]

近日，中国人民银行出台《关于进一步加强数字人民币管理服务体系和相关金融基础设施建设的行动方案》。 根据行动方案，新一代数字人民币计量框架、管理体系、运行机制和生态体系将于2026年1月1日正式启动实施。 对此，财联社记者采访多 位专家，从数字人民币到底有何变化，对商业银行及个人投资者有何影响，进行多维度解读。 那么，新一代数字人民币计量框架对商业银行有何实质性影响？ 中国人民银行党委委员、副行长陆磊在近日的署名文章中也提到，要"建立科学合理的权责对称关系是数字现金机制设计中不容回避的问 题。" "新"在哪里？ "首先，数字人民币的负债主体有了变化。"一位专家对财联社记者表示， 此前，数字人民币是中国人民银行发行的法定数字货币，是数字 现金，即现金的数字形式。 "这意味着，此前，数字人民币是中央银行对公众的负债。"专家指出，"新一代数字人民币计量框架中，数字人民币负债主体有了变化，不 再是中央银行对公众的负债，而成为商业银行的负债。" "这就标志着，数字人民币由现金型1.0版，进入了存款货币型数字人民币2.0版。"另一位行业专家对财联社记者表示，"也就是说，现阶 段，从货币角度，数字人民币的定位，从流通中现金转 ...