聂卫平同志1984年4月加入中国民主同盟，1986年2月加入中国共产党。长期从事围棋竞 技、教练和推广工作，曾6次获得全国个人赛冠军，率领中国队在中日围棋擂台赛取得三连 胜等优异成绩，为我国围棋事业发展作出重要贡献。曾荣获全国五一劳动奖章、全国劳动模 范、全国体育运动荣誉奖章、全国十佳运动员称号等。 聂卫平同志逝世后，中央有关领导同志以不同方式表示哀悼并向其亲属表示慰问。 聂卫平，河北深州人，1952年8月出生于辽宁沈阳。1977年至1978年任黑龙江省体工队 围棋运动员。1978年后，历任国家围棋队运动员、总教练等。1982年被国家体委授予围棋 九段，1988年被授予"棋圣"称号。曾兼任中国围棋协会副主席、中国棋院技术顾问等职 务。 来源：新华社 我国著名围棋大师，第六届全国政协委员，第七届、八届全国政协常委，民盟中央原常委， 中国围棋协会名誉主席，国家围棋队原总教练，中国共产党的优秀党员聂卫平同志，因病于 2026年1月14日在北京逝世，享年74岁。 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft regulation for public consultation aimed at standardizing derivative trading, enhancing market transparency, protecting legal rights, and promoting the service of the real economy while mitigating financial risks [2][4]. Summary by Sections Derivative Trading Definition and Functions - Derivative trading includes swap contracts, forward contracts, and non-standardized options, which play a positive role in risk management, resource allocation, and serving the real economy [4]. Scope and Management - The regulation applies to derivative trading venues and institutions regulated by the CSRC, excluding the interbank derivative market and OTC markets organized by banks and insurance institutions [4]. - The regulation encourages the use of derivatives for hedging and supports the development of derivatives that meet medium to long-term risk management needs while limiting excessive speculation [4][10]. Basic Principles - All parties involved in derivative trading must adhere to principles of fairness, voluntariness, compensation, and good faith, prohibiting market manipulation, insider trading, and other illegal activities [5][6]. Contract Development and Trading Rules - Derivative contracts must have fair market pricing and good liquidity, and complex structures should be developed cautiously [5]. - Derivative trading institutions are prohibited from promoting contracts through advertising or inducement unless otherwise specified by the CSRC [5]. Performance Guarantee and Trader Suitability - Derivative transactions must include performance guarantees such as margin requirements, and institutions must manage these guarantees safely and transparently [5]. - Traders must meet professional standards set by the CSRC, and institutions are required to understand their clients thoroughly [5]. Monitoring and Regulatory Oversight - Institutions must continuously monitor and assess the compliance of traders' activities as per CSRC regulations [6]. - The regulation specifies prohibitions and restrictions on trading practices that harm traders' rights or disrupt market order [6]. Institutional and Infrastructure Regulation - Derivative trading institutions must meet specific conditions to operate, and the CSRC may implement tiered management based on prudential regulatory principles [6]. - Institutions must maintain records for at least 20 years and use dedicated accounts for hedging transactions [6]. Legal Responsibilities and Compliance - The CSRC is responsible for supervising and inspecting derivative market infrastructure and institutions, ensuring compliance with the new regulations [6][9]. - The draft emphasizes a unified regulatory approach for all derivative trading institutions, enhancing risk management and compliance standards [9][10].

总台记者 当地时间18日获悉，两名涉嫌向朝鲜方向放飞无人机的民间人员 均被确认曾在尹锡 悦政府时期的总统府任职 ，引发韩国各界高度关注。 目前， 特别调查组正重点调查两名涉案人员是否存在事前共谋关系 ，并对其作案动机及具体 经过展开深入调查。 个 人 养 老 金，又 有 大 消 息 来源：央视新闻 据了解，负责调查"向朝鲜放飞无人机事件"的军警联合调查工作组本月16日曾对涉嫌制造涉 案无人机的一名30多岁的男性嫌疑人进行了传唤调查， 该男子曾在尹锡悦政府时期在总统府 发言人办公室担任新闻监测人员 。这名男子去年11月曾因在京畿道骊州一带放飞未申报无人 机，涉嫌违反《航空保安法》被移送检方，其放飞的机型与朝方公布的无人机相同。当时， 警方认可了这名男子宣称的"对研究室自制无人机进行实验"的解释，认定他不存在"对敌嫌 疑"。 另一名自称"对朝鲜放飞了无人机"的30多岁男性目前就读于首尔一所知名私立大学的新闻研 究生院， 也曾有在龙山总统府工作的经历 ， 两人还曾在相近时期共事 。有关调查发现，这 两人都曾在首尔某私立大学就读，在校期间二人曾共同参加模型飞机竞赛、汽车主题发明大 赛并获奖。2024年，两人还获得学校 ...

Core Viewpoint - Guizhou Moutai has issued a statement warning consumers about fraudulent information circulating online that misuses its name, promoting false business opportunities and applications for purchasing its products at discounted prices [2][8]. Group 1: Fraudulent Activities - The company has identified multiple instances of fake promotional messages claiming to offer direct supply channels and discounted purchasing options for its products, which are misleading and potentially fraudulent [2][8]. - Guizhou Moutai emphasizes that it has not authorized any third party to disseminate such information and is actively cooperating with authorities to investigate these fraudulent activities [8]. Group 2: Share Buyback Program - On January 4, Guizhou Moutai announced its first share buyback, purchasing 87,059 shares at a total cost of approximately 120.1 million yuan, representing 0.0070% of its total share capital [8][9]. - The buyback was part of a broader plan approved on November 28, 2025, with an expected total buyback amount ranging from 1.5 billion yuan to 3 billion yuan, aimed at reducing registered capital and maintaining shareholder value [9][10]. - This marks the second round of share buybacks since the company went public, with the first round occurring from January to August 2025, during which approximately 3.93 million shares were repurchased at a cost of nearly 6 billion yuan [10].

Core Viewpoint - The recent notification from the China Fund Industry Association allows eligible personal pension fund investors to redeem their funds early, addressing liquidity needs and enhancing the personal pension investment ecosystem [2][10]. Group 1: Eligibility for Early Redemption - Investors can apply for early redemption of personal pension funds if they meet specific conditions outlined in the notification from the Ministry of Human Resources and Social Security [4]. - The conditions for early redemption include: complete loss of labor ability, permanent residency abroad, significant medical expenses exceeding the average disposable income in the previous year, receiving unemployment insurance for 12 months within the last two years, or currently receiving minimum living security [5]. Group 2: Processing Procedures - Fund sales institutions must verify the investor's personal pension account status through the relevant information management service platform before processing early redemption requests [7]. - Upon verification, fund sales institutions are required to submit the redemption request to fund managers and share the relevant data, including a specific identifier for the early redemption [7]. Group 3: Technical Preparation and Implementation - The notification mandates that relevant institutions complete technical preparations by June 2026 to ensure smooth implementation of the early redemption process [9]. - During the preparation phase, institutions can manually process early redemption requests for eligible investors and must ensure proper communication and explanation [9][10]. - Fund managers are also required to update the prospectuses of relevant pension fund products, with specific timelines to be announced later [10].

Core Viewpoint - The article discusses the rapid growth and upcoming IPO of Shandong Huawutang Cosmetics Co., Ltd. (Banmu Huatian), which aims to become the first domestic personal care stock listed on the Hong Kong Stock Exchange, highlighting the ongoing popularity of the personal care sector in China [2][3]. Group 1: Company Growth and Financial Performance - Banmu Huatian reported a revenue of 1.895 billion RMB for the first nine months of 2025, marking a 76.7% increase compared to the same period in 2024 [4]. - The company's revenue grew from 1.199 billion RMB in 2023 to 1.895 billion RMB in the first nine months of 2025 [8]. - The three main business segments are body care, hair care, and facial care, with body care contributing over 40% of total revenue [9]. Group 2: Revenue Breakdown and Sales Channels - Body care products accounted for 521.628 million RMB (43.5%) in 2023, while hair care revenue surged from 43.255 million RMB (3.6%) in 2023 to 482.160 million RMB (25.4%) in the first nine months of 2025 [10]. - Online sales channels contributed over 75% of total revenue in 2023 and 2024, with 76.3% in the first nine months of 2025, while offline sales increased from 13.9% to 23.5% during the same period [11]. Group 3: Marketing Expenses and Challenges - Marketing expenses have been significant, with 6.37 billion RMB spent in 2023 (53.2% of revenue), slightly decreasing to 6.77 billion RMB in 2024 (45.2%), and rising again to 8.96 billion RMB in the first nine months of 2025 (47.3%) [14]. - The company faces rising online traffic costs, which have increased by over 30% in the past two years, impacting profit margins [16]. Group 4: Industry Context and Competitive Landscape - The personal care market in China is expected to grow to 1.021 trillion RMB by 2029, with a compound annual growth rate (CAGR) of 6.5% from 2024 to 2029 [18]. - The competitive landscape includes major players like L'Oréal, Procter & Gamble, and Unilever, as well as domestic brands like Proya and Perfect Diary, which are rapidly expanding in the body care segment [20].

Summary of Key Points Core Viewpoint - Three new stocks are available for subscription next week, including Zhenstone Co., which has a total issuance of 261 million shares, marking it as the first A-share stock since 2026 to exceed 200 million shares in issuance [2][4]. Group 1: New Stock Offerings - On January 19, investors can subscribe to the new stocks of Agricultural University Technology on the Beijing Stock Exchange and Zhenstone Co. on the Shanghai Stock Exchange, while on January 23, they can subscribe to Shimon Co. on the Shenzhen Stock Exchange [3]. - Agricultural University Technology, known as the "first stock of new fertilizers," has an issuance price of 25.00 yuan per share and an issuance PE ratio of 13.40 times, compared to the industry average of 30.39 times [6]. - Zhenstone Co. has an issuance price of 11.18 yuan per share and an issuance PE ratio of 32.59 times, with a total issuance of 261 million shares, including 54.82 million shares for online subscription [10]. Group 2: Agricultural University Technology - Agricultural University Technology's main business includes the research, production, and sales of new fertilizers and their intermediates, with key products such as humic acid fertilizers and controlled-release fertilizers [6]. - The company has been recognized as the industry leader in the production and sales of coated urea and ranks second in humic acid compound fertilizers from 2020 to 2022 [6]. - Financial projections for Agricultural University Technology indicate expected revenues of 2.2 billion to 2.4 billion yuan in 2025, with a year-on-year change of -6.91% to 1.56% [9]. Group 3: Zhenstone Co. - Zhenstone Co. specializes in the research, production, and sales of fiber-reinforced materials for clean energy, particularly wind turbine blades, and holds over 35% of the global market share for wind power fiberglass fabrics [11]. - The company’s revenue for 2022 to 2024 is projected at 5.267 billion yuan, 5.124 billion yuan, and 4.439 billion yuan, with net profits of 774 million yuan, 790 million yuan, and 606 million yuan respectively [11]. - For 2025, Zhenstone Co. anticipates revenues between 7 billion and 7.5 billion yuan, reflecting a year-on-year growth of 57.70% to 68.69% [15]. Group 4: Shimon Co. - Shimon Co. focuses on providing integrated supply chain logistics solutions for multinational manufacturing enterprises, with a total issuance of 23.07 million shares [18]. - The company’s revenue for 2022 to 2024 is reported at 808 million yuan, 835 million yuan, and 1.028 billion yuan, with net profits of 112 million yuan, 133 million yuan, and 170 million yuan respectively [19]. - Projections for 2025 indicate expected revenues of 925 million yuan, a decrease of 10.08% year-on-year, with net profits expected to decline by 12.70% [22].

Core Viewpoint - The personal pension fund list in China has expanded, with 7 new products added, bringing the total to 309 funds by the end of last year [4][6]. Group 1: Fund Expansion - The latest list of personal pension funds includes 309 products, an increase of 7 from the end of the third quarter last year [4][6]. - The newly added funds consist of various types, including ordinary index funds, enhanced index funds, stable target pension funds, and target date funds [4][5]. Group 2: Fund Performance and Scale - The personal pension funds have seen significant performance and scale growth, with an average net value growth rate of 17.54% for 279 funds that have been established for over a year [8]. - As of the end of the third quarter of 2025, the total scale of personal pension funds reached 15.107 billion yuan, marking a 65.32% increase from the end of 2024 [8]. Group 3: Industry Insights - Public funds are recognized as pioneers in the personal pension business and play a crucial role in the personal pension ecosystem, with diverse product offerings and increasing long-term investment value [9].

【导读】世界人工智能大会（WAIC）首落香港！李家超称香港将多管齐下支持AI发展 中国基金报记者 郭玟君 1月16日，作为世界人工智能大会（WAIC）的年度重磅收官活动，"WAIC UP ！ 全球年终盛会"在香港科学园举行。这不仅是WAIC首次 在港举办年度旗舰活动，更标志着以上海为代表的内地前沿AI产业实践，与香港的国际枢纽功能完成了一次历史性的战略握手，共同激发更 广阔的技术前景、更深入的产业融合与更具全球影响力的创新生态。 香港特区政府行政长官李家超致辞时说："我们必须善用AI的力量，不仅为了创新，更要致力于构建更具包容性的经济体系、更有韧性的社 会共同体，以及为全人类创造更可持续的未来。" 据孙东介绍，通过"InnoHK创新香港研发平台"的人工智能及机器人科技分支——AIR@InnoHK，香港特区政府已资助设立16所相关研发实 验室。值得关注的是，由"香港生成式人工智能研发中心"开发的HKChat智能对话系统已推出公开测试版。 孙东还表示，香港总算力目前已达5000 PFLOPS（每秒千万亿次浮点运算），其中数码港人工智能超算中心提供3000 PFLOPS算力，是 支撑香港人工智能发展的关键枢纽，其容 ...

根据美国白宫去年9月发布的关于加沙停火与战后安排的"20点计划"，"和平委员会"将监督 加沙地带战后过渡治理，特朗普将担任"和平委员会"主席。去年10月在埃及举行的加沙"和 平"峰会上，特朗普称一些与会领导人有意加入"和平委员会"。 来源：新华社、央视新闻、长安街知事 据新华社援引彭博社17日报道，美国总统 特朗普开出10亿美元捐款 的价码，供有意愿参与所 谓"和平委员会"的国家获得永久席位，不受三年任期限制。 彭博社获得的一份"和平委员会"拟议章程草案显示， 该委员会致力于解决世界各地冲突 ，而不只是监 督巴勒斯坦加沙地带战后过渡治理 。 委员会由 首任主席特朗普主导 ，成员由其指定，各成员国任期不 得超过三年，但主席可续任。 报道说，一些人士担心，特朗普长期批评联合国，可能 试图建立一个替代联合国或与联合国竞争的国 际组织 。 15日， 特朗普宣布 已组建"和平委员会"， 该机构将监督加沙未来的"技术官僚政府"。此前， 美国总统 特使史蒂文·威特科夫宣布启动加沙和平计划第二阶段，该阶段旨在实现这块巴勒斯坦飞地的非军事 化，并 建立一个"技术官僚政府"，哈马斯将不参与其中 。 16日，美国白宫公布了巴勒斯坦 ...