Group 1 - The core point of the announcement is the change of the management entity for the Shenwan Hongyuan Tian Tian Li Money Market Fund, effective from December 22, 2025 [1] - The management company is changing from Shenwan Hongyuan Securities Asset Management Co., Ltd. to Shenwan Lingxin Fund Management Co., Ltd. [1] - The full audit report regarding the change will be disclosed on January 7, 2026, on the company's website and the China Securities Regulatory Commission's fund electronic disclosure website [1] Group 2 - Investors can contact the company's customer service for any inquiries regarding the management change [1]

Group 1 - The issuer of the bond is China National Railway Group Co., Ltd., which is the new name for the former China Railway Corporation [1][39] - The bond being issued is the "2026 First Phase China Railway Construction Bond" with a total issuance scale of 5 billion yuan [4][40] - The lead underwriter for this bond issuance is CITIC Securities [5][39] Group 2 - The bond will be issued through a single-rate (Dutch-style) bidding process, with the bidding rate range set between 1.15% and 2.15% [41][42] - The bidding will take place on January 8, 2026, with results announced on January 9, 2026 [20][23] - The final interest rate will be determined based on market bidding results and will remain fixed throughout the bond's duration [41][42] Group 3 - The bond proceeds must be paid by the winning bidders by noon on January 9, 2026 [24][26] - In case of default by a winning bidder, the issuer and lead underwriter have the right to dispose of the awarded bonds and the defaulting bidder must compensate for any losses incurred [27][39] - The bonds will be registered and held in a real-name accounting system at the Shanghai Stock Exchange and the Central Clearing Company [28][42]

Group 1 - The company, Riyue Ming (300906), announced the use of idle raised funds amounting to 130 million yuan to purchase customized financial products from Shenwan Hongyuan, specifically the Longding Jinniu SMART3 series, with a term of 352 days and an expected annual return of 0.5% plus floating income [1] - As of January 6, 2026, the company has a remaining cash management balance of 230 million yuan from the raised funds that have not yet matured [1]

FF301 本月底法定/註冊股本總額： RMB 25,039,944,560 | 2. 股份分類 | 普通股 | 股份類別 A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 000166 | 說明 | | A股 (深圳證券交易所) | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 22,535,944,560 | RMB | | 1 | RMB | 22,535,944,560 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 22,535,944,560 | RMB | | 1 | RMB | 22,535,944,560 | | I. 法定/註冊股本變動 | | | | | | | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | H | 於 ...

| 2. 股份分類 | 普通股 | 股份類別 A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 000166 | 說明 | | A股 (深圳證券交易所) | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 22,535,944,560 | RMB | | 1 | RMB | 22,535,944,560 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 22,535,944,560 | RMB | | 1 | RMB | 22,535,944,560 | FF301 本月底法定/註冊股本總額： RMB 25,039,944,560 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 | I. 法定/註冊股本變動 | | | | | | | --- | --- | --- | --- | -- ...

Core Viewpoint - Kuaishou-W (01024) maintains a "buy" rating due to significant updates in its KuaLing AI, which are expected to enhance video generation efficiency and drive user and revenue growth [1][2]. Group 1: KuaLing AI Updates - KuaLing AI has launched several updates in December, including the world's first multimodal video model KuaLing O1 and the audio-visual synchronization model KuaLing 2.6, which are anticipated to increase user numbers and payment rates [2]. - The KuaLing O1 model is the first globally to support full-modal editing, improving workflow efficiency, while KuaLing 2.6's audio-visual synchronization is expected to integrate better with gaming, advertising, short dramas, and live streaming [2]. - KuaLing AI's website traffic has significantly increased, surpassing competitors like Minimax, Runway, and Midjourney by the end of December 2025 [2]. Group 2: Pricing Advantage - KuaLing 2.6 offers a pricing advantage over Google Veo 3.1 and Sora 2, with video generation costs for premium memberships ranging from 0.44 to 0.88 yuan per second, compared to Google Veo's pricing of 0.4 USD per second for standard and 0.15 USD for fast versions [2]. - Kuaishou's KuaLing AI revenue exceeded 300 million yuan in Q3 2025, with an annual revenue forecast of 140 million USD [2]. Group 3: Impact on Core Business - The One series of end-to-end generative models has positively impacted Kuaishou's core business, with the OneRec model contributing to a 4%-5% increase in domestic marketing revenue in Q3 2025 [3]. - The introduction of the OneSearch architecture has improved product matching and user experience, leading to a 5% increase in search order volume in the e-commerce sector [3]. Group 4: Future Outlook - The company is expected to maintain steady growth in its core business through 2026, with previous network attack issues being addressed promptly, allowing for a gradual restoration of live streaming services [4]. - The impact of the lower-margin live streaming business on overall revenue is considered limited due to the growth in core advertising and e-commerce sectors [4].

Core Viewpoint - Kuaishou-W (01024) maintains a "buy" rating due to significant updates in its Keling AI, which are expected to enhance video generation efficiency and drive user and revenue growth [1] Group 1: Keling AI Updates - Keling AI has launched several updates in December, including the world's first full-modal video model Keling O1 and the first audio-visual model Keling 2.6, which are anticipated to increase user numbers and payment rates [1] - The Keling O1 model supports full-modal editing, improving workflow efficiency, while Keling 2.6's audio-visual capabilities are expected to integrate well with gaming, advertising, short dramas, and live streaming [1] - Keling AI's website traffic has significantly increased, surpassing competitors like Minimax, Runway, and Midjourney by the end of December 2025 [1] Group 2: Pricing Advantage - Keling 2.6 offers a clear pricing advantage over Google Veo 3.1 and Sora 2, with video generation costs for premium memberships ranging from 0.44 to 0.88 yuan per second [2] - In comparison, Google Veo 3.1's standard version is priced at $0.4 per second, while Sora 2-pro is priced at $0.3 per second, making Keling 2.6 competitively priced [2] - Keling AI's revenue exceeded 300 million yuan in Q3 2025, with an annual revenue forecast of $140 million [2] Group 3: Impact on Core Business - The One series of generative models has positively impacted Kuaishou's marketing and e-commerce sectors, with the OneRec model boosting domestic marketing revenue by approximately 4%-5% in Q3 2025 [3] - The introduction of the OneSearch architecture has improved product matching and user experience, leading to a 5% increase in search order volume in the e-commerce segment [3] Group 4: Outlook for 2026 - The company is expected to maintain steady growth in its core business through 2026, despite previous network attacks that have been addressed without significant impact on other operations [4] - The company’s live streaming revenue has been stabilized through strict ecosystem governance, and the growth in core advertising and e-commerce businesses is expected to mitigate the lower-margin impact of live streaming [4]

Core Viewpoint - The report from Shenwan Hongyuan indicates a significant positive correlation between the Renminbi (RMB) and Hong Kong stocks historically, but recent rapid appreciation of the RMB has not translated into gains for Hong Kong stocks due to weak earnings and the absence of revaluation and foreign capital allocation effects [1][2]. Group 1: RMB and Hong Kong Stocks Relationship - Historically, there has been a notable positive correlation between the RMB and Hong Kong stocks, particularly since 2016, with a correlation coefficient of -0.54 between the Hang Seng Index and the USD/RMB exchange rate [2]. - When the RMB appreciates by more than 1.5% in a month, the Hang Seng Index has a 93.5% probability of rising; however, since November 13, the RMB has appreciated by 1.9%, while the Hang Seng Index has declined by 4.8%, indicating a significant divergence [2][3]. Group 2: Factors Affecting Hong Kong Stocks - The weak performance of key sectors in Hong Kong stocks has limited the positive impact of RMB appreciation on earnings, with the Hang Seng Index's expected earnings per share (EPS) continuing to decline since Q4 2025 [3]. - The appreciation of the RMB can amplify both profits and losses for Hong Kong stocks, but recent declines in property and oil prices have hindered the asset revaluation logic that typically benefits the market [3]. Group 3: Future Outlook for Hong Kong Stocks and RMB - The potential for a return to a positive correlation between Hong Kong stocks and the RMB hinges on improvements in earnings and the restoration of foreign capital allocation effects [4]. - The combination of upward earnings growth expectations for the next fiscal year and downward expectations for the current fiscal year may signal a recovery in profit expectations for Hong Kong stocks [4]. - As the year-end profit-taking period concludes, the January effect is expected to be strong, and the resilience of the RMB may continue, supported by the gradual restoration of revaluation and allocation effects [4].

科创综指成新质生产力定价新锚，指数中电子、医药、计算机机械设备等前四大行业是硬科技的核心载 体，那么，2026年四大行业的增长驱动因素有何差异？申万宏源首席电子分析师杨海晏表示，2026年投 资核心趋势聚焦AI行业从资本开支与模型训练驱动，转向商业化变现能力的关键转变，这一转变关乎 AI行业长远发展及商业模式闭环形成，将带动软件、硬件、电子科技、通信、计算机等多领域受益。 ...

Core Viewpoint - Haixiang New Materials (003011.SZ) is currently trading at 21.66 yuan, reflecting a decline of 1.72% and is in a state of breaking its initial public offering (IPO) price [1] Group 1: Company Overview - Haixiang New Materials was listed on the Shenzhen Stock Exchange on September 30, 2020, with an initial public offering of 18.34 million shares at a price of 38.67 yuan per share [1] - The total funds raised from the IPO amounted to 709 million yuan, with a net amount of 614 million yuan after deducting issuance costs [1] Group 2: Fund Allocation - Of the net funds raised, 475 million yuan is allocated for the construction of a production base for 20 million square meters of PVC flooring, 59.88 million yuan for the establishment of a research and development center, and 80 million yuan for working capital [1] Group 3: Issuance Costs - The total issuance costs for the IPO were 94.75 million yuan, which included underwriting and sponsorship fees of 68.67 million yuan [1] Group 4: Shareholder Returns - On May 28, 2021, Haixiang New Materials announced a stock bonus of 4 shares for every 10 shares held and a cash dividend of 3.00 yuan per 10 shares to all shareholders [1]