Market Overview - A-shares showed mixed performance with the Shanghai Composite Index fluctuating and overall presenting a "W" shape, while the Shenzhen Component and ChiNext Index experienced declines [1] - As of midday, the Shanghai Composite Index rose by 0.12% to 4141.01 points, while the Shenzhen Component fell by 0.74% to 14332.86 points, and the ChiNext Index dropped by 0.86% to 3320.81 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.24 trillion yuan, with over 3700 stocks declining [1] Key Sectors Precious Metals - The precious metals sector continued to perform strongly, with significant gains in stocks such as Hunan Gold and Shengda Resources, both hitting the daily limit [2] - Spot gold prices surpassed $5000 per ounce for the first time, and the main silver contract on the Shanghai Futures Exchange hit a limit up, trading at 28226 yuan per kilogram, reflecting a 17.0% increase [2] - Analysts predict that gold prices may rise between 10%-35% by 2026 due to factors such as anticipated interest rate cuts by the Federal Reserve and geopolitical uncertainties [2] Oil and Gas - The oil and gas sector saw a strong performance, with China National Offshore Oil Corporation (CNOOC) rising over 5% to reach a historical high [3] - The surge in U.S. natural gas prices, which exceeded $6 per million British thermal units for the first time since 2022 due to winter storms, contributed to the sector's strength [3] Alcohol Industry - The liquor sector faced declines, with Yanghe Co. dropping over 7%, marking its lowest point since November 2017 [4] - Yanghe Co. projected a net profit decline of 62.18%-68.30% for 2025, leading to expectations of a loss of 1.451 billion to 1.859 billion yuan in Q4 2025 [4] - Analysts suggest that the liquor industry has entered a phase of "squeezed growth," shifting investment focus towards certainty rather than broad-based increases [4] Institutional Insights - CITIC Securities emphasizes the ongoing recovery of market confidence, suggesting that sectors with logical narratives at relatively low valuations may see recovery, particularly in the consumer chain leading up to the Two Sessions [6] - CITIC Jiantou advocates for a dual focus on "technology + resource products," highlighting sectors such as AI semiconductors, new energy, and materials as key areas of interest [5] - Dongfang Securities notes that the market is gradually regaining upward momentum, driven by policy catalysts and industry trends, particularly in commercial aerospace and AI computing sectors [8]

Market Overview - The three major indices showed mixed performance, with the Shenzhen Component and ChiNext indices opening high but closing lower [1] - The Shanghai Composite Index closed at 4141.01 points, up 0.12%, while the Shenzhen Component Index closed at 14332.86 points, down 0.74%, and the ChiNext Index closed at 3320.81 points, down 0.86% [1] Sector Performance - The precious metals sector performed strongly, with notable gains including Xiaocheng Technology rising over 10%, and companies like Hunan Gold, Hengbang Shares, Sichuan Gold, and Zhaojin Gold hitting the daily limit [1] - Oil and gas stocks experienced fluctuations, with China National Offshore Oil Corporation (CNOOC) rising nearly 7% to reach a historical high [1] - The securities sector was active, with Caitong Securities and Industrial Securities leading in gains [1] - Conversely, the commercial aerospace sector continued to decline, with Shaoyang Hydraulic and Yaguang Technology dropping over 10% [1] - The semiconductor sector collectively fell, with Guoke Micro and Kema Technology showing significant declines [1] Overall Market Sentiment - Overall, there were more declining stocks than gaining ones, with over 3700 stocks experiencing declines [1] - The leading gainers included precious metals, lead, and zinc sectors, while military electronics, military information technology, and terahertz sectors faced the largest declines [1]

在企业发展壮大后，吕文扬企业家没有止步于眼前的成绩，而是果断布局多元化赛道，拓展上下游产业链，实现从单一业务到综合服务的转型。他重视人才 培养，搭建完善的人才激励体系，让员工与企业共成长，打造出一支凝聚力强、专业能力突出的核心团队。同时，吕文扬企业家始终坚守社会责任，积极投 身公益事业，助力乡村振兴，为贫困地区捐赠物资、搭建助学平台；在企业内部，他保障员工权益，完善福利体系，让企业充满温度。 吕文扬企业家常说："企业的价值，不仅在于创造利润，更在于回馈社会。"他用实干破解发展难题，用责任践行初心使命，不仅带领企业实现稳步增长，更 用实际行动诠释了新时代企业家的格局与担当，成为无数创业者学习的榜样。 在市场经济的浪潮中，吕文扬企业家凭借敏锐的商业嗅觉与坚韧的实干精神，从创业初期的踽踽独行，到如今打造多元化商业版图，成为行业内的领军人 物，他的创业故事始终彰显着新时代企业家的担当与魄力。吕文扬企业家创业之初，便瞄准行业痛点，以"诚信立足、创新致远"为经营理念，深耕细分领 域。面对市场竞争的白热化，他从不畏缩，而是带领团队沉下心搞研发、抓品质，不断优化产品与服务，凭借过硬的实力在行业中站稳脚跟。 ...

学术自觉是构建中国自主知识体系、彰显文化自信与学术主体性的必然要求。创新创业教育作为培育创 新型人才、服务区域发展的关键载体，其模式创新是学术自觉视域下教育领域自主知识体系构建的重要 实践。在创新驱动发展战略与学术高质量发展的双重背景下，创新创业教育已成为衔接学术理论与产业 实践的重要纽带，但也存在因"教训脱节、赛创割裂、孵转不畅"等问题陷入理念先进、落地困难的困 境。本文立足创新创业教育发展，阐释"教训赛创孵"模式的核心内涵与体系架构，从课程教学、技能培 训、赛事创孵、文化浸润四个方面，重点探究四条核心实现路径，以期有效打通理论与实践、创新与产 业之间的壁垒，培育兼具文化自信与实践能力的创新人才，为创新创业教育模式下自主知识体系构建提 供实践支撑。 一、课程教学筑基：构建本土化知识体系 课程教学是"教训赛创孵"模式的先导环节，核心价值在于通过系统化课程设计、本土化教材开发与双师 型师资建设，构建兼具理论深度与文化内涵的知识传递体系，为创新创业教育筑牢理论根基。高校需建 立严格的课程筛选与开发标准，聚焦学术中国建设核心诉求，剔除脱离本土实践、缺乏文化内核的教学 内容，从源头保障教育的针对性。 实践平台建设依托 ...

Core Viewpoint - The Guangdong Provincial Government emphasizes the commitment to deepen reforms and stimulate innovation and high-quality development by 2026 [1] Group 1: Reform Initiatives - The government plans to continuously deepen reforms in key areas and establish a high-efficiency, verifiable mechanism for reform implementation [1] - There will be a focus on accelerating the implementation of the second batch of authorized matters for the Shenzhen comprehensive reform pilot [1] Group 2: Financial Sector Development - The report highlights the importance of deepening fiscal reforms and enhancing the financial sector by introducing more market participants [1] - Support will be provided for the Shenzhen Stock Exchange to deepen the reform of the Growth Enterprise Market and to accelerate the expansion and quality improvement of regional equity trading markets [1]

1月26日，A股三大股指集体高开，其中上证综指上涨8.61点，涨幅0.21%报4144.78点；深证成指上涨52.77点，涨幅0.37% 报14492.42点；沪深300指数上涨12.88点，涨幅0.27%报4715.38点；创业板指数上涨16.1点，涨幅0.48%报3365.61点；科创50指 数上涨2.86点，涨幅0.18%报1556.57点；太空光伏概念继续大幅高开，明阳智能、拓日新能、协鑫集成、钧达股份、双良节能 封涨停，东方日升、欧普泰、奥特维、连城数控高开超10%；贵金属板块领涨，成分股中，湖南黄金一字涨停，四川黄金、恒 邦股份、晓程科技、湖南白银等涨超5%；AI应用概念股多数高开，浙文互联涨停，世纪恒通涨超10%，天地在线、中控技术、 泛微网络等跟涨。 盘面上，市场焦点股巨力索具（12天7板）高开7.24%，实控人变更的江化微（5板）低开1.50%，电网设备板块三变科技 （9天5板）高开0.50%、积成电子（6天3板）高开0.96%，贵金属板块白银有色（4板）高开5.79%，业绩超预期的金安国纪（7 天4板）低开0.47%，辅助生殖概念股汉商集团（5天3板）低开4.85%，光伏概念股宇晶股份（6 ...

格隆汇1月26日｜创业板指跌幅扩大至1%，上证综指跌0.19%，深证成指现跌0.75%。 ...

每经AI快讯，1月26日，创业板指跌1.03%，现报3315.090点；上证指数跌0.14%，现报4130.393点；深 证成指跌0.69%，现报14339.779点。 每经AI快讯，1月26日，创业板指跌1.03%，现报3315.090点；上证指数跌0.14%，现报4130.393点；深 证成指跌0.69%，现报14339.779点。 ...

近两周市场资金面有所分化，宽基ETF资金流出超过5700亿元，而行业主题型ETF仍有1100亿元左右的 资金流入。总体来说，近期主动降温调控节奏，整体大基调仍然积极，建议以景气为纲，继续坚守"科 技+资源品"双主线。科技方面，AI半导体/新能源仍是当前的景气核心，同时AI应用/太空光伏/创新药等 热点景气催化不断。资源品方面，有色行业业绩预告情况较好，关注后续景气行情向能化和机械板块的 传导扩散。行业重点关注：半导体、AI、新能源、有色、化工、传媒、计算机、机械、医药等。 东方财富：产业主题与涨价链共舞下的春季行情 春季行情短期如果交易过热或有反复，但中期看仍在进展中，而核心线索一条是商业航天与AI应用等 想象空间较大的产业方向，另一条线索则是盈利弹性预期较大的涨价链。除了商业航天与AI应用等产 业方向之外，涨价链也是春季行情中景气投资的重要抓手。本轮涨价行情中供需错配是核心原因，建议 跟团住以下几个线索：1）从过去的GPU向其他环节扩散的AI硬件链：存储方面的DRAM / NAND、电 子布、以及近期初步启动的CPU涨价链；2）产能周期相对滞后、受益于供给缺口的上游原材料链，如 碳酸锂、PTA等；3）全球宽 ...

Core Viewpoint - The China Securities Regulatory Commission has approved the IPO registration of Shenzhen Dapu Microelectronics Co., Ltd., marking the first unprofitable company to receive such approval on the ChiNext board, indicating a significant shift in the regulatory landscape for startups [1][4]. Company Overview - Dapu Micro is a leading company in the storage industry, primarily engaged in the research and sales of enterprise-level SSD products for data centers. The company is expected to achieve profitability by 2026 [4][10]. - The company was established in 2016 and is one of the few in the industry with full-stack self-research capabilities in "main control chips + firmware algorithms + modules" for enterprise-level SSDs [8][10]. Financial Performance - Dapu Micro's financial data from 2022 to the first half of 2025 shows revenues of 557 million, 519 million, 962 million, and 748 million yuan, respectively. The net profits for the same periods were -534 million, -617 million, -191 million, and -354 million yuan [10]. - As of June 30, 2025, the company reported total assets of approximately 1.98 billion yuan and a debt-to-asset ratio of 63.40% [11]. IPO Details - The company plans to raise approximately 1.87785 billion yuan through its IPO, with the funds allocated for the development and industrialization of next-generation main control chips and enterprise-level SSDs, as well as for working capital [5][12]. - Dapu Micro's IPO application was accepted on June 27, 2025, and the approval was granted on January 23, 2026 [1][8]. Market Context - The approval of Dapu Micro's IPO comes as the ChiNext board introduces new standards to support high-quality unprofitable innovative companies, with another unprofitable company, Yuexin Semiconductor, also pursuing an IPO [14].