Core Viewpoint - The Hong Kong Monetary Authority (HKMA) is recruiting for seven key positions, including a Chief Investment Officer (External Managers), to enhance its investment management capabilities and attract market talent [2][3]. Group 1: Recruitment Details - The application deadline for the Chief Investment Officer (External Managers) position is January 24, 2026, while other positions have deadlines ranging from January 24 to January 31, 2026 [3]. - The positions being recruited include Director (Asset Allocation), Senior Associate roles in various areas, and a Systems Analyst [3]. Group 2: Responsibilities of the Chief Investment Officer - The Chief Investment Officer (External Managers) will oversee fixed income, equities, commodities, quantitative investments, total return, and strategic portfolios managed by external managers [5]. - Responsibilities also include collaborating with other Chief Investment Officers to develop investment strategies, maintaining a robust monitoring environment, and proposing new investment tools to achieve investment goals [5]. Group 3: Qualifications for the Chief Investment Officer - Candidates must hold a bachelor's degree in finance, economics, business, or a related field, with advanced degrees or professional qualifications preferred [5]. - A minimum of 10 years of experience in investment and finance is required, with a preference for those with asset management or allocation experience [5]. Group 4: Background of Previous Chief Investment Officer - The previous Chief Investment Officer, Albert Goh, was promoted to Deputy Chief Executive of the Exchange Fund Investment Office in November 2025, after joining HKMA in 2017 [7]. - Goh has a background in investment management, having previously worked at Goldman Sachs and JPMorgan [7]. Group 5: HKMA's Talent Acquisition Strategy - HKMA's practice of recruiting from market-oriented financial institutions aims to attract experienced professionals with relevant expertise [7]. - Recent appointments include Zhu Haibin as Assistant Chief Executive (Economic Research), who previously served as Chief Economist for JPMorgan China [7].

Core Viewpoint - Guizhou Moutai has announced a market-oriented operational plan for 2026, focusing on a dynamic pricing mechanism and a pyramid product structure to enhance consumer service and market responsiveness [2][5]. Product Structure - The company will revert to a "pyramid" product structure, with the base consisting of the flagship Feitian Moutai 53% vol 500ml, supported by other specifications like 1000ml and 100ml to enhance social consumption attributes [5]. - The mid-tier products will include premium and zodiac Moutai, aiming to strengthen the premium segment and stimulate demand for collectible zodiac editions [5]. - High-end products will focus on aged and cultural series, with a strategy to maintain and enhance their value by adjusting supply based on market demand [5]. Operational Model - The sales model will transition from a traditional "self-sale + distribution" approach to a multi-faceted system including self-sale, distribution, consignment, and consignment sales [6]. - The self-sale model will focus on direct sales through self-operated stores and the iMoutai platform, targeting both consumer and business segments [6]. - The distribution model will clarify sales volumes and designated sales areas, while the consignment model will enhance regional coverage without transferring ownership [6]. Channel Layout - The company will establish a five-channel layout comprising wholesale, offline retail, online retail, dining, and private domain sales, integrating online and offline strategies to create a consumer-centric ecosystem [6]. Pricing Mechanism - A dynamic pricing mechanism will be implemented, guided by market conditions, to create a stable retail price system based on self-sale prices [7]. - The pricing strategy aims to address the significant price gap between factory prices and retail prices, which has led to issues like speculation and excessive profits in the distribution channel [7]. - The new pricing mechanism is seen as a breakthrough in the liquor industry, promoting a win-win situation for manufacturers, distributors, and consumers [7]. Impact on Distributors - The company will optimize the profit structure for distributors, ensuring reasonable and stable earnings while eliminating non-rational profit models [8]. - Distributors will shift from a "sitting merchant" role to a "traveling merchant" role, focusing on service and delivery rather than merely profiting from price differences [8]. - High-value products will no longer have distribution tasks, reducing financial pressure on distributors and preventing losses from forced sales [8]. Recent Price Adjustments - Prior to the announcement of the 2026 operational plan, Guizhou Moutai reduced the contract prices for several products, with some reductions exceeding 1,000 yuan [9]. - For example, the factory price of premium Moutai was lowered from 2,969 yuan per bottle to 1,859 yuan, and the retail guidance price from 3,299 yuan to 2,299 yuan [9]. - This price adjustment primarily targets non-standard products and series wines, which have been underperforming in the market, allowing distributors to regain reasonable profit margins [9].

Core Viewpoint - The article discusses the case of Hong Lihe, a former deputy director of the Jiangxi Provincial People's Congress, highlighting his corruption and abuse of power, which led to his downfall and the broader implications for governance and anti-corruption efforts in China [2][6][38]. Group 1: Case Analysis - Hong Lihe's corruption stemmed from personal greed and a sense of invincibility, leading him to misuse public power for personal gain [3][10]. - He was involved in a significant bribery case with businessman Deng Kaiyuan, who used financial incentives to corrupt officials for his business interests [8][15]. - The investigation revealed that Hong Lihe facilitated illegal business dealings, including allowing a company to bypass regulations to acquire state assets [14][20]. Group 2: Network of Corruption - Hong Lihe created a "small circle" of officials who benefited from mutual support and corruption, undermining the integrity of the political ecosystem in Jiangxi [32][36]. - Key members of this circle, such as Wang Shuiping and Yao Diming, were involved in various corrupt activities, including facilitating land deals and promotions in exchange for favors [30][34]. - The article emphasizes the interconnectedness of these corrupt relationships, illustrating how they perpetuated a cycle of corruption and favoritism [36][37]. Group 3: Consequences and Reforms - Following the exposure of his corruption, Hong Lihe was expelled from the party and faced legal consequences, serving as a warning to others involved in similar activities [37][38]. - The article highlights the Chinese government's commitment to combating corruption through legal reforms and stricter penalties for bribery and related crimes [38].

一些人为了获得"特殊关照"，取得所谓"竞争优势"，牟取不当利益，挖空心思、无孔不入对各级领 导干部进行拉拢 腐蚀。 蒋超良，十四届全国人大农业与农村委员会原副主任委员，曾任中国农业银行董事长，吉林省委副 书记、省长，湖北省委书记等职务，2025年2月接受审查调查。 不法商人为了获取利益， "围 猎"蒋超良及家人数十年 。 蒋超良： 一开始就跟那些老板，最开始就是不清不楚的关系，最后慢慢地就甘于被拉拢腐 蚀，甘于被"围猎"，主动地投怀送抱，我感到很耻辱的这个事。 来源： 央视新闻 由中央纪委国家监委宣传部与中央广播电视总台央视联合摄制的电视专题片《一步不停歇 半步不退 让》，1月13日晚播出第三集《清理"围猎"污染源》。 蒋超良，十四届全国人大农业与农村委员会原副主任委员，曾任中国农业银行董事长，吉林 省委副书记、省长，湖北省委书记等职务，2025年2月接受审查调查。 中央纪委国家监委第十一监督检查室二级巡视员 冯京友： 这个案子给我印象最深刻的就是不 法商人"围猎"蒋超良及其家庭，"围猎"的周期很长，很多都是几十年的交往。 一些人为了获得"特殊关照"，取得所谓"竞争优势"，牟取不当利益，挖空心思、无孔不入对 ...

Core Viewpoint - Marubi Biotechnology is seeking a dual listing in Hong Kong to enhance its capital strength and international financing capabilities, amid concerns over its financial health and high dividend payouts [2][4]. Group 1: Financial Performance and Pressures - Marubi's financial report indicates significant cash flow pressure, with a net cash outflow of 391 million yuan in Q3 2025, leading to a notable decrease in cash and cash equivalents [6]. - The company has short-term borrowings of 573 million yuan and total short-term liabilities of approximately 977 million yuan [8]. - Despite revenue growth, net profit growth has slowed, with a mere 2.13% increase in net profit attributable to shareholders in the first three quarters of 2025, while non-operating profit dropped by 5.42% [16]. Group 2: Dividend Policy and Shareholder Concerns - Marubi's dividend payout ratio has surged from 37.77% in 2019 to 202.82% in 2023, with a staggering 235.87% payout ratio in 2024, raising concerns among investors about the sustainability of such high dividends amid financial pressures [11]. - The majority of dividends benefit the founding couple, who hold over 80% of the shares, leading to investor worries about the prioritization of dividends over business reinvestment [11]. Group 3: Market Position and Competition - The competitive landscape in the domestic beauty industry is intensifying, with rising online traffic costs contributing to Marubi's struggle to increase profitability despite revenue growth [2]. - The company's reliance on online sales channels, which accounted for 87.6% of revenue in the first three quarters of 2025, has made it vulnerable to platform rules and rising costs [18]. Group 4: Technological Transformation and R&D Investment - Marubi is transitioning towards a biotechnology-focused beauty company, with significant investments in research and development, particularly in recombinant collagen products [20]. - However, R&D spending has not kept pace with sales expenses, with only a slight increase in R&D costs compared to a substantial rise in marketing expenses, indicating a potential imbalance in investment strategy [22].

【 导读 】 上市银行首份 2025 年业绩快报出炉！浦发银行净利润同比增超 10% 经营成果方面，报告期内，浦发银行实现营业收入 1739.64 亿元，同比增长 1.88% ；实现 归属于母公司股东的净利润 500.17 亿元，同比增长 10.52% ；归属于母公司股东的扣除非 经常性损益的净利润为 501.44 亿元，同比增长 13.43% ，营收、净利润实现 " 双增 " 。 资产质量方面，报告期末，浦发银行不良贷款余额、不良贷款率实现 " 双降 " 。其中，不良 贷款余额为 719.90 亿元，较上年末减少 11.64 亿元；不良贷款率为 1.26% ，较上年末下 降 0.10 个百分点；拨备覆盖率为 200.72% ，较上年末上升 13.76 个百分点。 对于经营效益增长的主要原因，浦发银行在业绩快报中将其归纳为以下几点： 一是服务实体经济能级有效提升，该行持续强化重点赛道、重点区域与新质生产力行业的信 贷投放，推动信贷资产实现质的有效提升和量的合理增长。 二是强化主动资产负债管理，该行着力优化资产结构，提升资金使用效率，同时多渠道、多 场景拓展高质量负债来源，付息成本下降显著，净息差实现趋势企稳。 ...

Core Viewpoint - Rongbai Technology has signed an agreement with CATL to supply approximately 3.05 million tons of lithium iron phosphate cathode materials, with a total sales amount exceeding 120 billion yuan [2][7]. Group 1: Agreement Details - The cooperation agreement stipulates that Rongbai Technology will supply CATL with lithium iron phosphate cathode materials from Q1 2026 to 2031, totaling around 3.05 million tons and valued at over 120 billion yuan [7]. - The agreement is expected to significantly impact the company's future operating performance and enhance its stability and anti-cyclical capabilities [12]. Group 2: Market Outlook - The development of both power and energy storage markets is expected to drive the arrival of a new energy era, indicating a substantial market space for lithium iron phosphate batteries [9]. - The rapid advancement of AI technology is creating a significant demand for electricity, facilitating the growth of distributed power systems, which is a fundamental reason for the explosive growth of energy storage battery technology [9]. Group 3: Company Performance and Risks - Rongbai Technology's products are leading in key performance indicators such as iron leaching rate, first efficiency, and packing density, making them suitable for high-end energy storage and power battery markets [10]. - The company anticipates a net profit loss for 2025, with estimates ranging from -190 million yuan to -150 million yuan, primarily due to a decline in sales during the first three quarters of 2025 [12][15]. - The company expects to achieve a net profit of approximately 30 million yuan in Q4 2025, marking a return to profitability for that quarter [17].

Core Viewpoint - China Biopharmaceutical has acquired 100% equity of Hejia Bio for 1.2 billion RMB, enhancing its position in the small RNA (siRNA) sector, following its previous acquisition of Lixin Pharmaceutical for approximately 3.5 billion RMB in July 2025 [2][8]. Group 1: Acquisition Details - The acquisition of Hejia Bio is a strategic move to strengthen China Biopharmaceutical's capabilities in the small RNA field, which has seen significant stock price increases among overseas companies, with Alnylam's market value peaking at over 64 billion USD [2][5]. - Hejia Bio, established in 2018, focuses on innovative siRNA products with advantages in long-lasting effects and low dosage, boasting six delivery platforms and four innovative drugs in clinical stages [5][6]. Group 2: Product Pipeline and Market Potential - Hejia Bio's Kylo-11, targeting LPA, is the world's first siRNA product to achieve "one injection per year" in clinical trials, with the first patient treated in a multi-center phase II trial in October 2025 [6]. - The company has three additional clinical projects and over 20 preclinical pipelines covering high-value areas such as cardiovascular, metabolic, and neurological diseases [6][8]. Group 3: Strategic Implications - The acquisition allows China Biopharmaceutical to complete its innovative drug layout in the cardiovascular field and significantly expand its presence in chronic disease markets [8]. - The chairman of China Biopharmaceutical emphasized that this acquisition will enhance the company's core competitiveness in the small RNA sector and open up new opportunities in the trillion-dollar chronic disease treatment market [8].

Core Viewpoint - The resignation of Ge Hao, the Chief Scientist of Zhongyin Securities, is attributed to personal reasons, and it is stated that his departure will not affect the company's normal operations [2][5]. Group 1: Resignation Details - Ge Hao resigned from his position as Chief Scientist effective January 12, 2026, with his original term set to end at the conclusion of the second board of directors [4][5]. - After his resignation, Ge Hao will not hold any positions in the listed company or its subsidiaries, and there are no outstanding public commitments that he has failed to fulfill [5]. Group 2: Background of Ge Hao - Ge Hao was appointed as the first Chief Scientist in the securities industry by Zhongyin Securities in 2020, marking a significant innovation in the sector [6][7]. - He has a notable background with over 20 years of experience, including significant roles at Baidu, where he held various positions related to technology and data [8][10]. Group 3: Compensation and Performance - Ge Hao's annual salary increased significantly over the years, reaching 2.0182 million yuan in 2024, making him the highest-paid executive at Zhongyin Securities [10][11]. - His salary growth contrasts with the general trend of salary reductions in the financial industry during the same period [10]. Group 4: Role of Chief Scientist - The Chief Scientist role at Zhongyin Securities focuses on technological innovation, utilizing big data analysis and cross-disciplinary thinking to create new business opportunities [13]. - The company has emphasized digital transformation in areas such as wealth management, risk management, and digital office reform, with a focus on AI technology applications [13].

Core Viewpoint - Tongdahai has issued a warning regarding the risks associated with "AI applications," noting that its related services are still in the early stages of development despite recent market interest, as evidenced by a 20% price increase over two consecutive trading days [2][5][9]. Stock Performance - On January 12 and 13, Tongdahai's stock closed at a price of 45.49 yuan per share, reflecting a 19.99% increase, with a total market capitalization of 4.394 billion yuan [5]. - The stock's price deviation exceeded 30% over three consecutive trading days, qualifying it as an abnormal trading fluctuation under Shenzhen Stock Exchange regulations [9]. Trading Activity - On January 13, Tongdahai appeared on the stock market's "Dragon and Tiger List," indicating significant trading activity, with institutional accounts being prominent among both buyers and sellers [12]. - The top five buyers included two institutional accounts, while the top five sellers also featured institutional accounts, highlighting active participation from institutional investors [12][13]. Financial Performance - For the first three quarters of 2025, Tongdahai is projected to report a net loss, with an expected net profit attributable to shareholders being negative [15][16]. - The company's revenue for the first three quarters of 2025 was 251.06 million yuan, a year-on-year decrease of 11.40%, while the net profit attributable to shareholders was -50.46 million yuan, reflecting a reduction in losses of 3.52% [16][17]. Business Strategy - Tongdahai is a provider of digital transformation products and solutions in the judicial field, actively pursuing an "AI+" strategy, which includes the optimization of its legal AI model and the acquisition of a 26% stake in Shanghai Runzhi Information Technology Co., Ltd. [18][19]. - The acquisition of Runzhi Information is aimed at enhancing business collaboration and resource integration, particularly in expanding operations within the public security sector [19].