股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 新焦點汽車技術控股有限公司 呈交日期: 2026年2月3日 I. 法定/註冊股本變動 第 1 頁 共 10 頁 v 1.2.0 FF301 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 1. 股份分類 普通股 股份類別 不適用 於香港聯交所上市 (註1) 是 證券代號 (如上市) 00360 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 17,216,948,349 0 17,216,948,349 增加 / 減少 (-) 本月底結存 17,216,948,349 0 17,216,948,349 足夠公眾持股量的確認(註4) | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 ...

智通财经APP获悉，得益于旗下主题公园业务表现亮眼，加之动画电影《疯狂动物城2》票房大卖，迪 士尼(DIS.US)在截至12月的假日季中实现营收、利润双双超预期，并推动公司股价在周一盘前一度上涨 逾4%。 在截至12月27日的2026财年第一季度，迪士尼整体营收同比增长5%至260亿美元，超过分析师预期的 257亿美元;公司实现税前利润37亿美元，同样高于华尔街35亿美元的预测值。 调整后每股收益为1.63美元，虽较去年同期下滑7%，但仍优于分析师1.57美元的预期。 涵盖主题公园、邮轮及消费品业务的体验业务成为绝对营收支柱：该板块营收首次突破100亿美元大 关，贡献了公司近50亿美元季度营业利润的72%。 其中，迪士尼世界度假区的业绩增长尤为显著，因去年同期受飓风"米尔顿"影响导致奥兰多园区关闭， 本季度业绩同比显著提升。 另外，包含电影制片厂、电视网络和流媒体服务的迪士尼娱乐板块，本季度营收达116亿美元，同比增 长7%。 这一增长主要由假期档院线影片拉动：据Comscore数据，迪士尼动画续集《疯狂动物城2》全球票房已 接近18亿美元，《阿凡达：火与烬》全球票房也突破14亿美元，两部影片成为假期档核心票 ...

Core Insights - The implementation of the new regulations on merger loans has led to increased demand for acquisition financing, particularly in the technology and green sectors [1][2] - The introduction of "equity acquisition loans" has become a focal point for market innovation, prompting banks to explore new opportunities while facing heightened risk management requirements [1][6] Group 1: Market Dynamics - The new regulations have revitalized the merger loan business, with major banks like Industrial and Commercial Bank of China (ICBC) quickly launching compliant acquisition loan products across various provinces [2] - The demand for merger loans is driven by the need for consolidation among state-owned enterprises and large investment firms, as well as the increasing management needs of quality listed companies [2][3] - Competition among banks for high-quality projects has intensified, with multiple banks often participating in the approval process for the same project [3] Group 2: Regulatory Impact - The new regulations set tiered standards for conducting merger loans, with higher thresholds for equity acquisition loans, which may limit access for smaller banks [4] - Major banks have the advantage of robust capital and risk management capabilities, allowing them to quickly implement new loan products, while smaller banks tend to focus on local businesses and conservative lending practices [4] Group 3: Loan Structure and Risk - The new regulations allow for equity acquisition loans, which require a minimum stake of 20% in the target company, thus lowering barriers while ensuring strategic alignment [6] - The maximum loan-to-value ratio for equity acquisition loans is set at 60%, compared to 70% for control-type loans, reflecting a cautious regulatory approach to mitigate risks [6][7] - Banks face unique risks with equity acquisition loans, including potential information asymmetry and limited decision-making power, necessitating stricter risk assessment and management protocols [7][8] Group 4: Risk Management Strategies - Banks are advised to enhance their risk management frameworks, focusing on thorough due diligence, compliance monitoring, and ongoing evaluation of target companies post-acquisition [8] - A specialized management team with expertise in merger financing is recommended to ensure effective implementation of risk control measures across all stages of the loan process [8]

当前，国内"算力上天"的发展步伐持续加快。太空算力的本质，是将数据中心和计算能力部署到太空轨 道，推动传统的"天感地算"模式向"天数天算"模式转型，直接在太空完成数据的运算处理。 AI产业迅速扩张，数据中心建设火热，产业核心瓶颈已经转向能源约束，而"算力上天"是打破这一瓶颈 的重要路径，正成为全球科技竞争的新焦点。 据国盛证券研报，晨昏轨道等特殊轨道可实现近乎全天候太阳能获取，且不受土地、环保及电网接入限 制，具备稳定可持续的能源供给能力；同时，太空环境下通过辐射方式散热，显著降低对水资源的依 赖。 "在太空算力方面，我国正处于从'天感地算'向'天数天算'过渡的关键阶段，已启动'三体计算星座''星算 计划'等项目，但整体仍处于技术验证与小规模组网阶段，天地协同算力网络、大规模在轨数据中心等 尚在布局中。"巨丰投顾高级投资顾问丁臻宇对《证券日报》记者表示。 向"天数天算"转型 "目前，我国已形成了'国家队主导、商业航天跟进、产学研深度绑定'的立体化攻坚模式，并在多维度 取得了令全球侧目的突破性进展。"中关村物联网产业联盟副秘书长袁帅对记者说。 国内相关行业公司也在积极对外披露太空算力领域的布局与进展。1月26日 ...

近年来，美国对欧洲在内的全球多个地区提出新的关税政策。2026年1月初，美国对委内瑞拉的行动加剧地缘政治紧张，全球市场避险情绪高涨。这也让 全球资本对美元资产的评价发生转变，美元例外论不再是市场公理，而成为需要被重新定价的风险。 这种去美元趋势的持续发酵，叠加AI技术从云端模型向终端变现的产业升级，构成了2026年非美资产崛起的宏大背景。 站在2026年的开端回望，全球金融市场的底层逻辑正在经历一场静默却剧烈的范式转移。随着地缘政治不确定性日益增加，以及AI产业的"物理化"转型， 过去十余年来由美元流动性所主导的金融市场，正逐渐转向一个多元并行、实物资产主导的新时代。 AI投资进入下半场： 本刊特约丨卢晓旸 编辑丨吴海珊 开年以来，资金开始从一些美股科技巨头中撤出，流向亚洲制造业与大宗商品，这也是受到AI产业发展现状的影响。2025年被视为AI的"应用验证年"，而 2026年或是AI产业的"变现淘汰年"。市场不愿再为大模型的故事和概念而买单，转而寻求那些有能力将AI技术转化到实际场景的"物理AI"企业，比如人形 机器人等。 这种转变直接引发了市场对硬件、能源与基础原材料的需求。投资者的焦点从美国软件公司转移至 ...

摘要今日周一(1月19日)亚盘时段，黄金T+D目前交投于1044元附近，截至发稿，黄金T+D暂报1042.51 元/克，涨幅1.15%，最高触及1048.80元/克，最低下探1017.86元/克。目前来看，黄金T+D短线偏向看涨 走势。 今日周一(1月19日)亚盘时段，黄金t+d目前交投于1044元附近，截至发稿，黄金t+d暂报1042.51元/克， 涨幅1.15%，最高触及1048.80元/克，最低下探1017.86元/克。目前来看，黄金t+d短线偏向看涨走势。 【要闻速递】 共和党众议员麦考尔与民主党参议员范霍伦18日共同警告，特朗普对格陵兰岛的关税施压及军事威胁将 严重冲击北约稳定。麦考尔指出，格陵兰作为丹麦领土，其战略价值已获历届政府认可，但美国通过现 有美丹条约已享有充分军事准入权，无需军事干预——否则将违反北约第五条规定(攻击成员国视同攻 击全体)，可能摧毁这一冷战遗产。他强调，若需强化军事存在，应通过外交协商扩大部署，而非强 行"购岛"。 范霍伦直指特朗普此举实为"土地掠夺"，真实目的是攫取格陵兰矿产，与委内瑞拉干预如出一辙。他呼 吁国会援引《战争权力决议》限制总统军事权限，批评共和党议员对总统 ...

Core Viewpoint - The company *ST Huamei (600360.SH)* projects a profit total for 2025 ranging from 166 million to 199 million yuan, indicating a positive outlook for future earnings [1] Financial Projections - The expected net profit attributable to shareholders for 2025 is estimated to be between 145 million and 175 million yuan [1] - The projected net profit after deducting non-recurring gains and losses is forecasted to be between 131.16 million and 161.16 million yuan [1] - The anticipated operating revenue for 2025 is estimated to be between 2.21 billion and 2.3 billion yuan [1] - After excluding revenue unrelated to the main business and income lacking commercial substance, the operating revenue is expected to be between 2.19 billion and 2.28 billion yuan [1]

Core Insights - The application of large models in government services is rapidly increasing, with a projected 593% growth in the number of projects and a 275% increase in disclosed amounts by 2025 [1] - The government sector ranks second in project quantity and first in project value among all industries for large model applications [1] Group 1: Government Sector Developments - The core driver for the growth of large models in the government sector is policy guidance, highlighted by the State Council's directive on advancing AI applications in government [1] - The introduction of the "Guidelines for the Deployment and Application of Large Models in the Government Sector" marks a significant policy framework for AI in government [1] Group 2: Technological Advancements - The rapid improvement in domestic large model performance and cost optimization, particularly through open-source models, has lowered the technical barriers for government departments [1] - The integration of large models into various government functions, such as internal operations and decision-making, is accelerating the transition to intelligent governance [2] Group 3: Practical Applications - Local governments are leveraging AI large models to enhance governance capabilities, with examples including the collaboration between Zhongguancun KJ and multiple cities in Sichuan to create specialized knowledge bases for public services [2] - The Hefei Government Service Center is utilizing AI to streamline processes, achieving significant efficiency gains by reducing reliance on human services through intelligent systems [2] Group 4: Industry Participation - Over 300 entities in China have initiated applications related to government large models, expanding from simple Q&A to core areas like service processing and urban management [3] - Major players in the large model market, including Alibaba Cloud and Huawei, are actively engaging in the government sector, indicating a robust competitive landscape [3]

Core Viewpoint - *ST Huamei (600360.SH) announced the election of Li Chunfeng as the employee director of the ninth board of directors during the first employee representative meeting of the fifth session, effective from January 14, 2026 [1] Group 1 - The company held its fifth employee representative meeting to make important governance decisions [1] - Li Chunfeng was elected as the employee director, indicating a focus on employee representation in the board [1] - The term of the employee director will last until the end of the ninth board's term [1]

Group 1 - The core competition in the instant retail sector is intensifying, with major players like Hema and Xiaoxiang Supermarket engaging in a battle for market share across various channels, from community corners to high-end supermarkets [1][3] - Hema is facing operational challenges due to increased online orders and delivery delays, exacerbated by a shortage of manpower and inventory issues, particularly in popular products [3][6] - To address these challenges, Hema plans to implement a dual expansion strategy of "Super Box Calculation Stores + Front Warehouses" in key markets like Beijing, focusing on high-frequency essential products to differentiate itself from Xiaoxiang Supermarket [3][6] Group 2 - Xiaoxiang Supermarket has established a strong competitive advantage through a high-density front warehouse network and effective online-offline collaboration, allowing for significant market penetration [3][6] - Both companies are leveraging their mini-programs as critical competitive tools, with Hema's program helping to manage traffic and orders, while Xiaoxiang's program optimizes delivery scheduling [3][6] - The competition is shifting towards self-owned brands, with both Hema and Xiaoxiang Supermarket adapting their strategies to include self-branded products to enhance market presence and profitability [5][8] Group 3 - The growth of pure online models is facing limitations, highlighting the importance of offline store presence for brand recognition and customer engagement [6][8] - Hema's organizational coordination capabilities are currently lagging behind Xiaoxiang Supermarket, impacting its competitiveness in nationwide operations [6][8] - The future competitive landscape in the instant retail sector remains uncertain, with self-owned brands and offline stores becoming key elements in the ongoing battle [8]