Core Viewpoint - Valentino Garavani, the renowned Italian fashion designer and founder of the Valentino brand, passed away at the age of 93, leaving a significant legacy in the fashion industry [1]. Group 1: Background and Legacy - Valentino Garavani was born in May 1932 in Voghera, Italy, and developed a strong interest in fashion from a young age, studying fashion design in Italy and France [1]. - He co-founded the Valentino brand in 1960 with business partner Giancarlo Giammetti and retired in 2008, becoming known for his luxurious, feminine, and Italian design style [4]. - His designs have significantly influenced the fashion industry, and he is recognized as one of the most important designers and innovators in fashion history [4]. Group 2: Contributions to Fashion - Valentino's creations include a range of accessories such as handbags, shoes, small leather goods, belts, and jewelry, all characterized by exquisite craftsmanship and design details [4]. - His signature elements, including floral patterns, bows, and lace, have been reinterpreted to create modern yet elegant pieces [4]. - In 2000, he received a Lifetime Achievement Award from the Council of Fashion Designers of America, solidifying his status as a key figure in Italian fashion [4].

Core Viewpoint - Yingfang Micro plans a significant asset restructuring by acquiring 100% of two companies, Shanghai Xiaokeli Information Technology Co., Ltd. and FIRST TECHNOLOGY CHINA LIMITED, through a combination of share issuance and cash payment, along with raising supporting funds [2][8]. Group 1: Company Background and Current Status - Yingfang Micro has been suspended from trading since January 6 and plans to resume trading on January 20 [5]. - As of January 5, the stock price was 7.73 CNY per share, with a 4.74% increase, and a total market capitalization of 65.30 billion CNY [5]. - The company has been experiencing continuous losses in recent years [13]. Group 2: Transaction Details - The transaction involves acquiring 100% of Shanghai Xiaokeli and FIRST TECHNOLOGY CHINA LIMITED, with no interdependence between the acquisitions [9]. - The share issuance price for the asset purchase is set at 5.97 CNY per share, which is at least 80% of the average stock price over the 20 trading days prior to the board resolution announcement [9]. - The transaction is expected to constitute a related party transaction due to the ownership stakes exceeding 5% and connections to the largest shareholder [10][11]. Group 3: Strategic Implications - The acquisition aims to strengthen Yingfang Micro's semiconductor distribution business and enhance its market position [14]. - Shanghai Xiaokeli is a professional distributor of electronic components and solutions, while FIRST TECHNOLOGY CHINA LIMITED focuses on semiconductor equipment distribution [15]. - Post-transaction, Yingfang Micro's business scale and market share in electronic component distribution will increase, along with the addition of semiconductor equipment distribution [17]. Group 4: Financial Projections - The net profits for Shanghai Xiaokeli are projected to be 3.81 million CNY, 45.12 million CNY, and 54.11 million CNY for the years 2023, 2024, and the first three quarters of 2025, respectively [18]. - FIRST TECHNOLOGY CHINA LIMITED's net profits are expected to be 30.04 million CNY, 18.91 million CNY, and 28.34 million CNY for the same periods [18]. - Yingfang Micro's net profits are projected to be -60.06 million CNY, -61.97 million CNY, and -43.34 million CNY for the years 2023, 2024, and the first three quarters of 2025, respectively [19].

最近几年，居民财富向净值型产品转型浪潮汹涌， " 固收 +" 基金凭借 " 控风险、求收益 " 的产品 特质，成为公募基金行业竞逐的核心赛道。与此同时，行业改革不断深化，如何在激烈的市场竞争中 坚守初心、探索差异化发展路径，考验着每一位从业者的智慧。 中银基金团队在 " 固收 +" 领域长期深耕，以系统化实践，为这一行业课题交出了中银答卷。团队通 过体系化的投研框架、阶梯化的人才培育与清晰分层的产品矩阵，将 " 稳健 " 特质融入产品基因， 力争使投资业绩可衡量、可复制、可传承。 站在行业发展的十字路口，中银基金固定收益投资部副总经理陈玮认为，无风险利率下行、居民资产 配置持续向权益资产迁移是时代发展的大趋势，在这一过程中， " 固收 +" 产品践行混合资产投资理 念，通过债券、股票、转债等多元资产的配置，在追求资产稳健增值的前提下，适度参与权益市场投 资，有望分享资本市场改革红利，给投资者创造价值。 不押注单一资产 追求基金资产长期稳健增值 陈玮是中银基金具有代表性的基金经理，他早期担任商业银行金融市场部交易员，之后进入中银基 金，经过多年历练，从基金经理助理一路升至固定收益投资部副总经理。应用数学专业出身 ...

Core Viewpoint - Gold and silver prices have reached historical highs due to increased demand for safe-haven assets triggered by tariff threats from President Trump and other factors [5]. Group 1: Market Performance - On January 19, 2023, U.S. stock markets were closed for a holiday, but futures indicated a downward trend, with the Dow Jones futures down 0.83%, S&P 500 futures down 0.88%, and Nasdaq 100 futures down 1.09% [2]. - European stock indices also experienced declines, with the Euro Stoxx 50 down 1.72%, FTSE 100 down 0.39%, CAC 40 down 1.78%, DAX 30 down 1.34%, and FTSE MIB down 1.32% [2]. Group 2: Precious Metals Prices - Spot gold prices surged by 2% to reach $4,690.88 per ounce, currently reported at $4,675.76 per ounce [6]. - Spot silver prices increased by over 5%, reaching $94.726 per ounce, currently reported at $94.479 per ounce [8]. Group 3: Economic Implications - Economists warn that if President Trump rapidly advances new tariff threats, the UK could face a recession risk, with GDP potentially declining by 0.3% to 0.75% [10]. - According to the World Bank, if tariffs are raised to 25% starting in June, the UK economy could suffer a loss of £21.6 billion [11]. - The Chief Economist at Capital Economics, Paul Dales, noted that the UK economy is currently growing at only 0.2% to 0.3% per quarter, and a sudden shock could trigger a recession [12]. Group 4: Federal Reserve Developments - Federal Reserve Chairman Jerome Powell is set to attend a Supreme Court hearing regarding the potential dismissal of Fed Governor Cook by President Trump, marking a rare public statement of support for Cook [13]. - Powell previously indicated that the Trump administration had issued subpoenas to the Fed and threatened criminal charges, which he described as a pretext to force significant interest rate cuts [13]. - According to CME's FedWatch, the probability of a 25 basis point rate cut in January is 5%, while the probability of maintaining the current rate is 95% [13].

4100点附近 你是否有这样的困惑 向上，担忧空间有限、波动加剧 向下，又怕踏空长期趋势 行业轮动加快，个股分化显著 赚钱难度增加 持有现金焦虑，全仓买入不安 资产该如何安放？ 与其猜测涨跌 不如升级自己的投资工具箱 在结构性行情中更加从容 1月21日-1月23日 中国基金报 联合 深圳市证券业协会 及 南方基金投教基地 特别推出 《ETF投资实操指南》 投教训练营 中国基金报金牌讲师 南方基金投教基地讲师 李岩 分享ETF投资实操指南 课程特色 保姆级图文课程 ↓↓ 点击预约直播 ↓↓ 用3天时间带你掌握 一套可持续迭代的ETF配置心法 打造更省心的投资系统 ↓↓ 超值课表抢先看 ↓↓ | 1/20 | 周二 | 进群 | 进入学习交流群 | | --- | --- | --- | --- | | 1/21 | 間三 | 图文课程 | ETF具备哪些优势? | | | | | 更适合哪些投资者? | | | | 作业 | 课后练习+提问打卡 | | | | 开营 | 20: 00 开营仪式 | | 1/22 | 周四 | 图文课程 | 如何在海量ETF中 | | | | | 寻到适合你的产品? | | | ...

【导读】全球市场震动 中国基金报记者 泰勒 兄弟姐妹们啊，今晚美股不开盘，为纪念马丁·路德 · 金，美股与债市迎来元旦后的首次集体休市，该纪 念日的正式名称为马丁 · 路德 · 金纪念日。纽约证券交易所和纳斯达克暂停交易，并于下一个交易日恢 复。 CME旗下贵金属、美国原油期货合约交易提前于北京时间20日03:30结束，股指期货合约交易提前于北 京时间20日02:00结束。 19日晚间，欧洲股市集体暴跌，美股三大股指期货也大幅下跌。 黄金、白银再次暴涨。 特朗普威胁对反对其"取得格陵兰岛管辖权"诉求的国家加征关税，这可能重新点燃其第二任期初期曾令 市场震荡的波动。随着欧洲官员表态不太可能让步，并考虑采取报复措施，抛售进一步加剧。 此外， 据美国全国广播公司报道，特朗普在接受该媒体独家电话采访时，拒绝说明是否会使用武力夺 取丹麦自治领地格陵兰岛，只是称"无可奉告"。 分析师表示，"紧张情绪显而易见，总体而言，各类问题叠加从信用卡到美联储独立性再到关税——我 确实看不出股市还能不断刷新纪录的理由。" 此次对峙发生在风险偏好仍受到稳健企业盈利与持续AI投资支撑的背景下。后续走势部分取决于欧盟 的回应——欧盟正在讨论 ...

Core Viewpoint - The resignation of Mu Qiguo as the head of the Research Institute of Western Securities marks a strategic shift in the company's research direction, with a focus on innovation and overseas business expansion [2][3]. Group 1: Leadership Changes - Mu Qiguo has stepped down as the head of the Research Institute, with Zhao Yinghua, the deputy general manager in charge of the research institute, taking over the role [2]. - Mu Qiguo will focus on the company's intelligent investment research and the establishment of research operations for its Hong Kong subsidiary [3]. Group 2: Future Directions - Western Securities aims to enhance its research capabilities by adhering to its core research principles while innovating and expanding into overseas markets [3]. - The company plans to strengthen its sell-side research and improve internal collaboration to better serve investors [3]. Group 3: Achievements and Recognition - During Mu Qiguo's tenure, the research team received several accolades, including the New Fortune Most Promising Research Institution Award for three consecutive years from 2019 to 2021 and the Best Social Responsibility Institution Award in 2021 [3]. Group 4: Strategic Insights - Mu Qiguo emphasized that smaller brokerages can focus on niche areas with significant beta changes and upstream industry research to provide unique insights and enhance alpha value for investors [5][6]. - He advocated for a shift in research business from information providers to technology-driven financial ecosystem enablers, utilizing AI and big data to create a specialized research framework [6]. Group 5: Financial Performance - Since 2025, the revenue and operating profit of the Research Development Center at Western Securities have seen significant year-on-year growth, with insurance clients becoming the main source of income [6].

Core Viewpoint - The company, 易点天下, announced that its stock will resume trading on January 20, 2026, after completing a self-inspection, indicating that its fundamental business remains unchanged despite recent stock volatility [2][8]. Group 1: Stock Performance - From December 31, 2025, to January 14, 2026, 易点天下's stock price increased by 100.79% [5]. - Prior to the suspension, the stock was priced at 81.32 yuan per share, with a total market capitalization of 38.37 billion yuan [6]. Group 2: Business Operations - The company confirmed that its business does not involve GEO operations and has not generated related revenue. Its main services include overseas integrated marketing, digital marketing, advertising monetization, AI digital creativity, BI decision-making, and CI intelligent multi-cloud management [8]. - The company stated that its operational activities are proceeding normally, and there have been no significant changes in recent operational conditions or the external business environment [8]. Group 3: Financial Performance - For the first three quarters of 2025, the company's net profit attributable to shareholders, excluding non-recurring items, was 112 million yuan, a year-on-year decrease of 39.16% [9]. - The company plans to disclose its annual report for 2025 on March 25, 2026 [9]. Group 4: Valuation and Market Sentiment - As of January 16, 2026, the latest rolling price-to-earnings (P/E) ratio for 易点天下 was 159.61, significantly higher than the industry average P/E ratio of 43.69 for the "Internet and Related Services" sector [9]. - The company indicated that its stock price is significantly deviating from its fundamentals, suggesting that market sentiment may be overly optimistic, leading to increased trading risks [9].

Core Viewpoint - *ST Lifan has raised a delisting alert due to potential trading and major violation risks, with its stock set to resume trading on January 20 after a one-day suspension for verification [2][4]. Group 1: Delisting Risks - The company may face mandatory delisting due to its stock price being below 1 yuan for four consecutive trading days, with a closing price of 0.67 yuan as of January 16 [4][8]. - If the stock price remains below 1 yuan for twenty consecutive trading days, it will be terminated from listing [4]. - Additionally, *ST Lifan has received a notice from the China Securities Regulatory Commission regarding potential major violations that could lead to delisting under the Shenzhen Stock Exchange rules [4]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported a revenue of 203 million yuan, a year-on-year decrease of 0.44% [5]. - The net profit attributable to shareholders was -62.21 million yuan, reflecting a year-on-year decline of 20.59% [5]. - The company anticipates a negative net profit for the entire year of 2025 [5]. Group 3: Audit and Operational Risks - The auditing firm, Zhongxing Cai Guanghua, is under investigation, which may hinder its ability to conduct the annual audit for 2025 [6]. - The company has not yet completed the appointment of a new auditing firm, leading to potential audit risks [6]. Group 4: Company Overview - *ST Lifan is focused on new digital infrastructure as a digital technology cloud service provider, with main business segments including intelligent hardware and software, digital intelligent services, and mobile information services [7].

Core Viewpoint - Tianjian Technology has announced a performance forecast indicating that it will be subject to delisting risk warning due to expected negative financial results for 2025, with its stock name to be prefixed with "*ST" [3]. Financial Performance Summary - As of January 19, Tianjian Technology's stock price was 35.17 yuan per share, with a decline of 2.79%, resulting in a total market capitalization of 4.225 billion yuan [5]. - The company anticipates a total profit for 2025 to be between -242 million yuan and -170 million yuan, with a net profit attributable to shareholders expected to be between -250 million yuan and -176 million yuan [8]. - The expected operating revenue for 2025 is projected to be between -201 million yuan and -141 million yuan, indicating a significant decline compared to the previous year [8][11]. Regulatory Context - According to the Shenzhen Stock Exchange's revised listing rules, a company will face delisting risk warning if its audited profit totals, net profit, or net profit after deducting non-recurring gains and losses are negative, and its operating revenue is below 300 million yuan [8]. Revenue Adjustment - Tianjian Technology expects to reduce its 2025 revenue by approximately 260 million yuan, which is anticipated to impact the net profit attributable to shareholders by about -210 million yuan [13]. Future Outlook - For 2026, the company plans to continue its existing business and product lines while focusing on the development and mass production of new models and products, as well as accelerating the research and validation of new technologies to strengthen its core business advantages [14].