Core Viewpoint - The article highlights the strong performance of controllable nuclear fusion concept stocks and the industrial machinery sector, with several stocks hitting the daily limit up. It also discusses the recent breakthroughs in nuclear fusion technology in China and the upcoming conference aimed at promoting the nuclear fusion industry [2][9]. Market Overview - On January 8, the A-share market experienced fluctuations, with the ChiNext Index initially dropping over 1% before recovering. The Shanghai Composite Index closed at 4084.95, down 0.82%, while the ChiNext Index ended at 3319.33, down 0.31% [2][3][4]. - The total trading volume reached 850.4 billion, with a predicted turnover of 2.69 trillion, a decrease of 196 billion from the previous day [3]. Sector Performance - The controllable nuclear fusion concept stocks continued to show strength, with significant gains in sectors such as internet, semiconductors, and industrial machinery, while sectors like insurance, brokerage, and automotive experienced declines [4][11]. - The industrial machinery sector saw notable increases, with stocks like Shaoyang Hydraulic and others hitting the daily limit up, reflecting a positive market sentiment [12][14]. Nuclear Fusion Developments - Recent advancements in nuclear fusion technology were reported, including the confirmation of the existence of a density-free zone in the Tokamak, which is crucial for high-density operation in magnetic confinement fusion devices. This research was published in the journal "Science Advances" [9]. - The 2026 Nuclear Fusion Energy Technology and Industry Conference is scheduled for January 16-17 in Hefei, aiming to foster collaboration and innovation within the nuclear fusion industry [9][10]. Industrial Machinery Insights - The industrial machinery sector is benefiting from government initiatives, including the "Artificial Intelligence + Manufacturing" action plan, which aims to accelerate the integration of AI in industrial equipment and robotics [14].

Core Viewpoint - The article highlights the listing of Beijing Zhiyu Huazhang Technology Co., Ltd. (智谱) on the Hong Kong Stock Exchange, marking it as the world's first publicly traded company focused on General Artificial Intelligence (AGI) foundational models, thus becoming the "first stock of global large models" [4][5]. Group 1: Company Overview - Zhiyu Huazhang, referred to as "China's OpenAI," has attracted significant investment from international long-term funds and notable industry capital as cornerstone investors, raising a total of 2.98 billion HKD from 11 cornerstone investors [7]. - Prior to its IPO, Zhiyu completed eight rounds of financing, accumulating over 8.3 billion CNY (approximately 1.2 billion USD) with participation from major industry players like Meituan, Ant Group, Alibaba, Tencent, and Xiaomi [8]. - The company is actively promoting the international expansion of its original large models and solutions, leading the establishment of the "International Co-construction Alliance for Autonomous Large Models" with ten countries along the Belt and Road [8]. Group 2: Business Model and Growth - Zhiyu has developed a highly defensible business model, primarily based on a Model-as-a-Service (MaaS) approach, which has shown exponential growth, with paid traffic revenue surpassing all domestic models combined [15][16]. - The company has established itself as the largest large model startup in China, with a customer base that includes nine of the top ten internet companies in China using its GLM large model [15]. - The MaaS model allows for flexible and scalable delivery of "general intelligence," enabling rapid scaling of model usage across various applications [15]. Group 3: Financial Performance - Zhiyu's revenue from 2022 to 2024 is projected to grow from 57.4 million CNY to 312 million CNY, with a compound annual growth rate (CAGR) of 130%, and a revenue of 191 million CNY in the first half of 2025, reflecting a year-on-year growth of 325% [18]. - The gross margins for the same period are expected to be 54.6%, 64.6%, and 56.3%, with a gross margin of 50% in the first half of 2025 [18]. - The company has incurred adjusted net losses of 97.4 million CNY, 621 million CNY, and 2.466 billion CNY from 2022 to 2024, primarily due to substantial R&D investments, particularly in computing power [18]. Group 4: Competitive Positioning - Zhiyu's GLM technology is recognized as one of the few domestic architectures that can compete directly with the GPT system, demonstrating advantages in robustness, controllability, and hallucination rate control [11]. - The flagship model GLM-4.7 has achieved top rankings in global open-source model assessments, indicating its competitive edge in the market [12][11]. - The company is positioned to benefit from anticipated declines in computing power costs, which could improve its profitability and operational efficiency in the future [19].

Core Viewpoint - The article discusses the recent stock adjustments made by several well-known fund managers, highlighting their changes in holdings in various companies, particularly focusing on Kelong Pharmaceutical and Proya Cosmetics [2]. Group 1: Kelong Pharmaceutical - Fund managers Ge Lan and Tang Xiaobin reduced their holdings in Kelong Pharmaceutical, while Zhao Bei increased her stake [3]. - As of December 31, 2025, Ge Lan's fund held 38.1954 million shares of Kelong Pharmaceutical, a decrease of 1.867 million shares compared to the end of the third quarter [4]. - Tang Xiaobin's fund, Guangfa Multi-Factor Mixed Fund, exited the top ten shareholders of Kelong Pharmaceutical by the end of 2025, having reduced its holdings from 24.2335 million shares to at least 10.2935 million shares [6]. - In contrast, Zhao Bei's fund held 22 million shares of Kelong Pharmaceutical as of December 31, 2025, an increase of 2 million shares from the previous quarter [6]. - The National Social Security Fund's 416 portfolio became the tenth largest shareholder of Kelong Pharmaceutical with 13.9445 million shares by the end of 2025 [7]. Group 2: Proya Cosmetics - Liu Yanchun and Hu Xinwei reduced their holdings in Proya Cosmetics, with Liu's fund holding 2.6 million shares as of December 30, 2025, down from 3.332 million shares [9]. - Hu Xinwei's fund is no longer among the top ten shareholders of Proya Cosmetics [10]. Group 3: Other Companies - Zhou Yun's fund and the National Social Security Fund's 404 portfolio entered the top ten shareholders of Jiazhe New Energy by the end of 2025 [11]. - The National Social Security Fund's 114 portfolio increased its holdings in Nanshan Aluminum by 4.3432 million shares in the fourth quarter of 2025, with five ETF products now included among the top ten shareholders [11]. Group 4: Market Trends - As of early 2026, A-shares stabilized above 4000 points, with over 10,000 institutional research activities focused on sectors like semiconductors and artificial intelligence [13]. - Fund managers express optimism for A-share performance in 2026, anticipating a recovery in earnings growth for non-financial listed companies [13].

Core Viewpoint - The core viewpoint is that the Chinese capital market is expected to perform beyond expectations in 2025, with significant potential for the development of AI technology companies, leading to the emergence of trillion-dollar companies in China being only a matter of time [2][4]. Group 1: Chinese Capital Market Outlook - In 2025, the Hong Kong stock market is projected to have 119 new listings, raising approximately 285.8 billion HKD, regaining its position as the global leader in IPO fundraising [3]. - The MSCI China Index currently has a price-to-earnings ratio of about 13 times, slightly above the past ten-year average, indicating that Chinese assets are not in an overheated state [3]. - The investment participation rate remains significantly lower than historical peaks, suggesting room for growth in the market [3]. Group 2: International Investor Interest - There has been a notable shift in international investors' attitudes towards Chinese assets, moving from a wait-and-see approach to active participation, with some foreign institutions re-establishing teams to engage in the Chinese market [5]. - International long-term funds are increasingly participating as cornerstone or core institutional investors in Hong Kong IPOs and refinancing projects, indicating a clear trend of international capital returning to Chinese assets [5]. - The MiniMax IPO has attracted significant international investor interest, with a Middle Eastern sovereign fund being the largest cornerstone investor [5]. Group 3: AI Technology Companies in China - The total market capitalization of Chinese AI technology companies is approximately 5 trillion USD, compared to 30 trillion USD for U.S. AI technology companies, highlighting the growth potential in this sector [5]. - Currently, the market capitalization of Chinese AI companies accounts for only 25% of the total market value, while the U.S. proportion is between 40% and 45%, indicating significant room for growth in the Chinese AI sector [5].

Core Viewpoint - SHEIN is driving the digital transformation of traditional garment manufacturing through technology innovation, flexible production capabilities, and a series of smart tools, while also investing in supplier training and community support initiatives [2][3]. Group 1: Technology and Innovation - In the first half of 2023, SHEIN announced a five-year investment of 500 million yuan focused on technology innovation, training support, factory expansion, and community services to empower suppliers [3]. - SHEIN established its first garment manufacturing innovation research center to continuously output flexible supply chain standards and has developed over 180 innovative tools, delivering a total of 7,500 units to suppliers by the end of 2025 [3][4]. - The introduction of lean tools has improved process efficiency by an average of 35%, addressing traditional sewing challenges and further supporting the flexible on-demand supply chain model [4]. Group 2: Environmental Sustainability - SHEIN has set science-based carbon targets for net-zero emissions by 2050, focusing on low-carbon transformation across the entire industry chain [6]. - The company collaborates with leading universities and industry partners to develop innovative materials and technologies, including a joint laboratory for high-end fabric upgrades [6][7]. - SHEIN has invested over 60 million yuan to assist more than 200 factories in upgrading their facilities, benefiting over 33,000 individuals [7]. Group 3: Training and Human Capital Development - SHEIN has conducted nearly 600 training sessions covering approximately 37,000 suppliers in 2025, focusing on operational management, practical skills, and technical improvements [9][11]. - The company has implemented innovative training formats such as "door-to-door teaching" and "industry-education evaluation" to enhance skill development among suppliers [8][12]. - SHEIN's community support initiatives, such as the "Star Light" project, have provided assistance to 815 families, while the "Children's Home" project has served over 100,000 children, fostering a family-friendly work environment [12].

来源：国防部发布 张晓刚： 国际社会包括东南亚国家对日本军事安全动向批评声音不断，日方不但不反省收 敛，反而编造各种借口，变本加厉地扩军备武，明目张胆地出口杀伤性武器，甚至冒天下之 大不韪鼓吹拥核，更加暴露出日本右翼势力推动"再军事化"、企图让军国主义死灰复燃的 险恶用心。所有爱好和平的国家和人民都应认清日本政府的不轨图谋，防止日本军国主义借 尸还魂，共同捍卫战后国际秩序，坚决维护世界和地区和平稳定。 迎战略转折点，突然大涨！ 深夜突发！全线暴跌 1月8日上午，国防部新闻发言人张晓刚大校就近期涉军问题发布消息。 记者： 据报道，日本政府官员称，日方考虑拥核并非不负责任，在采购核潜艇问题上不排 除任何可能性。日外务省大幅增加"政府安全保障能力强化支援"项目预算，拟向东南亚等 国军队提供包括先进雷达在内的国防装备和物资。请问对此有何评论？ ...

亚辉龙 ： 关键 表述前后不一致 亚辉龙 在 1月6日收盘后自愿披露与深圳脑机星链科技有限公司 的 《战略合作框架协议》， 称双方将在产品研发、市场推广以及股权投资等方面开展合作，并披露后者为"深耕非侵入式 与侵入式双技术路径的领先企业"。 经上交所督促，亚辉龙于 当日 晚间又发布《关于自愿披露签署战略合作框架协议的补充公 告》。 【导读】亚辉龙、英集芯因涉及"脑机接口"信息披露不准确收到监管函 中国基金报记者 牛思若 1月7日晚间， 脑机接口概念股 亚辉龙、英集芯 及其 有关责任人被上交所予以监管警示， 均因 在披露涉及"脑机接口"业务信息时存在不准确、不完整的情形。 | 证券代码 | 证券简称 | 监管类型 | 外理事由 | 涉及对象 | 处理日期 | | --- | --- | --- | --- | --- | --- | | 688575 | 亚辉龙 | 监管警示 | 关于深圳市亚辉龙生物科技股份有 | 上市公司,董秘 | 2026-01-07 | | | | | 限公司的决定书 | | | | 688209 | 英集示 | 监管警示 | 关于深圳英集芯科技股份有限公司 | 上市公司,董秘 | 20 ...

Market Overview - The U.S. stock market showed mixed performance with the Dow Jones and S&P 500 indices declining, while the Nasdaq rose slightly. The Dow fell by 0.94% to 48,996.08 points, and the S&P 500 dropped by 0.34% to 6,920.93 points, whereas the Nasdaq increased by 0.16% to 23,584.27 points [2]. Economic Data - The ADP employment report for December 2025 indicated an increase of 41,000 jobs, which was below the expected increase of 47,000 jobs. The previous value was revised from a decrease of 32,000 jobs to a decrease of 29,000 jobs. The ISM Non-Manufacturing PMI for December 2025 was reported at 54.4, exceeding the expected 52.3 and the previous value of 52.6. This data suggests a resilient service sector, a weak manufacturing sector, and moderate employment recovery with insufficient momentum [2]. Company Highlights - Alphabet, Google's parent company, reached a market capitalization of $388.92 billion, surpassing Apple, which had a market cap of $384.70 billion, marking the first time in seven years that Google has outpaced Apple [4][5]. - Intel experienced a significant intraday increase of over 10%, closing up 6.47% at $42.63 per share, with a total market capitalization of $203.3 billion [8][9]. - Intel's CEO emphasized the company's commitment to delivering its first 18A process products by 2025, indicating a strategic turning point for the industry and Intel in 2026, suggesting a new phase in technology iteration and market dynamics [10]. - At CES, Intel officially launched a series of AI PC chips based on the 18A process technology, which is seen as a critical milestone for the company's manufacturing revival and technological leadership. This new generation of chips features groundbreaking transistor architecture and power design, marking Intel's first large-scale production of the 18A process and aiming to reclaim market share from AMD [11].

Core Viewpoint - 2025 is identified as the "year of return" for active equity investment, with a focus on fundamental research and long-termism, leading to impressive returns for investors, particularly highlighted by the performance of Huatai-PineBridge Fund [1] Performance Summary - In 2025, Huatai-PineBridge's Hong Kong Advantage Selection A and Core Technology One-Year Holding A achieved annual returns of 112.70% and 102.40%, respectively, significantly outperforming their benchmarks of 27.63% and 27.87% [1][14] - A total of 25 active equity funds exceeded a 50% annual increase, with several funds ranking among the top in their categories [1] Long-Term Performance - Over the past three years (2023-2025), Huatai-PineBridge's Health Living One-Year Holding A ranked first among 67 funds, while the North Exchange Innovation Selection Two-Year Open A ranked second among 10 funds [2] - In the five-year period (2021-2025), the Global Mobile Internet Flexible Allocation A ranked third among 33 funds, and the Technology Innovation Flexible Allocation A was in the top 7% of 446 funds [3] Investment Philosophy - Huatai-PineBridge emphasizes a clear investment philosophy focused on in-depth fundamental analysis, selecting high-quality securities, and long-term positioning for sustainable growth [6] - The firm believes that the fundamental performance of companies is the key determinant of long-term value, advocating for a focus on quality securities to manage risks effectively [6] Research and Development System - The company has established a unique vertical integrated research and investment system, enabling efficient collaboration across various industry teams and enhancing its competitive edge [8] - This system aligns with regulatory guidance aimed at promoting high-quality development in public funds, enhancing the firm's team-based operational capabilities [8] Management Innovation - Huatai-PineBridge has implemented a rules-based investment management approach to ensure stable investment styles and controllable risks, integrating data science into the investment management process [10] - The firm has developed a closed-loop quality assurance system that aligns client needs with investment strategies, ensuring a comprehensive approach to investment management [10] Talent Development - The company focuses on building a strong team by selecting and nurturing talent from recent graduates while also attracting experienced professionals to complement its capabilities [12] - Huatai-PineBridge emphasizes a culture of integrity, passion, teamwork, and long-term thinking, fostering a cohesive and effective team environment [12] Future Outlook - The firm aims to continue enhancing its core competencies in active equity investment, solidifying its research platform, optimizing team structures, and improving service efficiency to contribute to the development of a strong financial sector [13]

特朗普本人近日的相关言论引发丹麦等欧洲国家强烈反对。 丹麦首相弗雷泽里克森5日警告说，如果美 国对北约盟国采取军事行动，则"一切都将终结"。法国外长巴罗7日表示，美国攻击另一个北约国家完 全违背自身利益。 格陵兰岛位于北美洲东北部，是世界第一大岛。该岛是丹麦自治领地，有高度自治权，国防和外交事务 由丹麦政府掌管。美国目前在格陵兰岛有一个军事基地。 les & FR 点击下载中国基金报客户端 特朗普质疑北约在美国需要时会否给予支持 美国总统特朗普7日在社交媒体发文，质疑北约在美国需要时是否会给予支持。 特朗普说： "我们真需要北约的时候，他们是否会伸出援手，我对此怀有疑虑。" 他还称，美国将"永远 支持北约"，"即使他们不会支持我们"。 特朗普在文中还抱怨北约成员国挪威不把诺贝尔和平奖颁给他。 特朗普上任以来多次扬言要得到格陵兰岛。该岛为北约成员国丹麦的自治领地。美国白宫新闻秘书莱维 特6日在发给新华社记者的电子邮件中证实，特朗普及其团队正在讨论"一系列选项"以得到格陵兰岛， 其中包括"动用美国军队"。 来源：新华社 ■ 中国基金报内容矩阵 ■ 巅峰对话 投资热点说 ETF风向标 IPO情报站 fe o 1 ■ ...