今日聚焦 1、易点天下：停牌核查结束 明起复牌 易点天下公告，公司股票于2025年12月31日至2026年1月14日连续9个交易日收盘价涨幅偏离值累计超过 100%，公司就股票交易波动情况进行核查。停牌期间，公司就股价波动的相关事项进行了核查。鉴于 相关自查工作已完成，经公司申请，公司股票将于2026年1月20日（星期二）开市起复牌。 注：据统计，今年以来，易点天下的股价仅用了8个交易就已完成翻倍。1月5日至1月14日公司股价累计 涨幅达100.79%。 2、平治信息：预中标约4.89亿元智算服务项目 平治信息公告称，近日，浙江移动数智科技有限公司供应商门户网站发布了《浙江凌艾未来科技有限公 司智算服务项目标段1:设备租赁服务和维保服务成交候选人公示》，公司为上述项目的中标候选人。中 标含税金额约为4.89亿元。上述公示的相关项目属于平治信息的算力服务业务，后续平治信息若能顺利 签订合同，将对公司未来经营业绩产生积极作用。 3、江西铜业与兵工物资签订三年合作框架协议，预计每年向其销售97亿元铜杆等产品；拟注册发行不 超过250亿元债务融资工具 江西铜业公告称，公司已与中国兵工物资集团有限公司签订《合作框架协议 ...

消息面上，1月16日晚，昊天国际建投发布公告称，建议每5股合并为1股，建议在股份合并生效后，将 每手买卖单位由8000股更改为1万股合并股份。该集团指，以1月16日收报0.13港元计，若股份合并生效 后，每手买卖单位价值由1040港元调整为6500港元，符合指引所载每手买卖单位价值不低于2000港元的 规定。股份合并及更改每手买卖单位将不会对财务状况造成任何重大不利影响，亦不会导致股东之相关 权利发生任何变动。 昊天国际建投(01341)跌20%，截至发稿，跌20%，报0.104港元，成交额2.67亿港元。 ...

齐鲁晚报·齐鲁壹点 夏侯凤超 于泊升 李梦瑶 杜春娜 石晟绮 王贝艺 1月19日，济南市第十八届人民代表大会第五次会议开幕，济南市市长于海田作政府工作报告。 报告提出，2026年济南市聚力深化改革扩大开放，打造一流营商环境。 推进深层次改革。全面落实中央和省委改革部署，实施好第三批自主改革任务。深化国资国企改革，加 快推进"五个转型"，强化穿透式监管，优化科技创新正向激励管理办法，市属企业战略性新兴产业营业 收入同比增长10%。深化省级以上开发区改革创新，突出经济发展主责主业，持续推进放权、赋能、减 负。扎实推进财政科学管理综合试点，全面推开零基预算改革，依法依规加强税费征管，切实增强财政 保障能力。 推进高水平对外开放。促进外贸提质增效，积极发展跨境电商、海外仓等新业态新模式，实施"泉品出 海"行动，扩大优势产品出口规模，加大高端装备、大宗商品进口力度，进出口增速高于全省平均水 平。鼓励中医药、建筑等传统优势服务出口，争创国家服务贸易创新发展示范区。开展"外贸优品中华 行"等活动，推动市场多元化和内外贸一体化。全面落实自贸试验区提升战略，深化新型跨境贸易等改 革试点，打造"山海经"出海综合服务港。健全完善综 ...

Core Viewpoint - The company anticipates five major investment opportunities for 2026 while warning of three significant risks [1][2]. Investment Opportunities - **Systematic Revaluation of Low-Valuation Stocks**: The company believes that low-valuation stocks are due for a systematic revaluation, as the risk-free interest rate in China has declined rapidly over the past three years, yet valuations have not adjusted accordingly. With a significant amount of household deposits maturing in 2026, some funds are expected to flow into low-valuation sectors, similar to the valuation recovery seen in the South Korean stock market [2]. - **AI Sector Transition**: The company predicts that the AI sector will shift from a focus on computing power to applications and edge computing. It plans to invest in long-term opportunities such as autonomous driving and AI healthcare, while also exploring new terminal devices like smart glasses [2][3]. - **Stabilization of Consumer Spending**: Following a decline in household wealth due to the real estate downturn in 2025, the company expects consumer wealth to stabilize in 2026, supported by growth in deposits and other assets. Early signs of recovery are already visible in high-end consumption and luxury goods [2]. - **Selective Opportunities in "Anti-Competition" Trends**: The company suggests focusing on industries with simple competitive landscapes and fewer players, as opposed to sectors like photovoltaics and certain chemical sub-industries, which may experience delayed effects from anti-competition measures [3]. - **Local Market Development for Export Companies**: Companies that focus on local market service and job creation will likely see sustainable growth. Southeast Asia is highlighted as a key area due to its large population and cost advantages [3]. Risks - **Reversal of AI Trends**: The company identifies the potential reversal of trends in the AI industry as a significant risk for 2026. If application development does not progress, the investment logic in computing power may collapse, leading to volatility in global tech stocks [3]. - **Valuation Reversion in Small and Micro-Cap Stocks**: There is a risk of valuation reversion in small and micro-cap stocks, which currently have a transaction share far exceeding international norms. This could lead to concentrated releases of valuation pressure in the future [3]. - **Exchange Rate Fluctuation Risks**: The company warns of potential increased volatility in global currency exchange rates in 2026, which could erode returns from overseas investments due to currency losses [3].

Policy Overview - The Ministry of Housing and Urban-Rural Development (MOHURD) has outlined four key tasks for 2026, focusing on stabilizing the real estate market and promoting urban renewal[4] - The People's Bank of China (PBOC) emphasizes the integration of incremental and stock policies to enhance monetary policy effectiveness, aiming for a balance between social financing and economic growth[5] Local Policy Adjustments - Beijing has relaxed home purchase restrictions for non-residents and families with multiple children, reducing the social security or tax payment requirement from 3 years to 2 years within the Fifth Ring Road[9] - Shanghai's Putuo District has introduced a "housing ticket reward" for residents affected by urban renewal projects, offering 1,000 RMB per square meter for eligible home purchases[11] Housing Quality Improvement Initiatives - The MOHURD is seeking public input on a draft aimed at improving housing quality by 2030, with a focus on enhancing construction standards and promoting better materials[8] - Nanjing's Qixia District has launched a talent housing ticket policy, providing up to 200 million RMB in subsidies for qualified individuals[12] Financial Policy Enhancements - Recent adjustments in housing provident fund policies in cities like Xuzhou allow for the withdrawal of funds to cover property management fees, with a cap of 8,000 RMB[13] - The report indicates a trend of increasing housing policy frequency, with 52 policies introduced in December alone, reflecting a proactive approach to market stabilization[17]

智通财经记者 | 赵孟 智通财经编辑 | 刘海川 在经历检察机关4次变更起诉，公安机关重新征集犯罪线索，被告人获刑翻倍后，重庆付廷祥案又引出一个新的问题：当一名已故人员被认定为"恶势力团 伙"成员，其是否应享有被辩护的权利？ 智通财经此前报道，付廷祥系重庆市丰都县人，在建筑行业扎根多年，是重庆曙光环保工程有限公司、重庆品信建筑材料有限公司、重庆江都建材有限公司 实际控制人，并曾任丰都县政协委员。2019年6月20日，因涉嫌非法采矿罪，其被重庆市涪陵区公安局刑事拘留，同年7月23日被逮捕。在付廷祥被刑拘前 后，其妻子吴海燕、弟弟付廷伟，岳父吴德明以及公司其他10余人被刑拘。 此后的6年里，检方和法院多次变更起诉和作出判决，并在最新的重审一审判决中，认定2021年去世的吴德明系"恶势力团伙"成员。尽管吴德明未被判处刑 罚，但这一认定直接关系到案件性质、其他被告人的量刑幅度及其本人的社会评价，但这名亡故者却未给予其家属委托律师进行辩护的程序空间。 现行刑事诉讼法对"被告人死亡"后的审理方式作出原则性规定，但对于已故人员在未作为被告人的情况下被认定参与犯罪，是否可以、以及如何启动缺席审 理及保障其辩护权，法律并无明确 ...

Core Viewpoint - Cambodian authorities have arrested a key figure in telecom fraud, Li Kuong, highlighting ongoing efforts to combat organized crime in the country [1][2][3] Group 1: Arrest and Charges - Li Kuong, a 50-year-old Cambodian of Chinese descent, has been arrested and is facing charges related to organized network fraud, human trafficking, and money laundering [1][2] - The Cambodian court has determined that Li Kuong will be held in custody at the Phnom Penh prison pending further judicial proceedings [1] Group 2: Criminal Activities - Li Kuong is accused of using "investment" and "project management" as a facade for opaque financial operations, illegally seizing others' property, and engaging in systematic money laundering [2] - His controlled venues, including a large integrated park and casinos, have been implicated in illegal detention and forced participation in online fraud activities [2] Group 3: Government Response - Under pressure from China and the international community, Cambodian Prime Minister Hun Manet has prioritized the fight against telecom fraud as a critical government initiative [2][3] - The Prime Minister emphasized that telecom fraud poses a serious threat to national security and public order, calling for a united effort to eradicate this social issue [3]

Group 1 - The core point of the news is the commencement of major infrastructure projects by central enterprises in China, signaling a strong push for investment and development in various sectors, including energy and construction [1][2][3] Group 2 - China National Nuclear Corporation's Jiangsu Xuwei Nuclear Energy Heating Power Plant has begun concrete pouring for its first unit, marking the start of the world's first large-scale coupling project between nuclear energy and the petrochemical industry [1] - The first phase of the project plans to construct two Hualong One reactors and one high-temperature gas-cooled reactor, which will supply 32.5 million tons of industrial steam annually and generate over 11.5 billion kilowatt-hours of electricity [1] - The project is expected to reduce coal consumption by 7.26 million tons and cut carbon dioxide emissions by 19.6 million tons each year, providing high-quality low-carbon industrial steam to the Lianyungang petrochemical industry base [1] Group 3 - In January, China Energy Investment Corporation's Ningxia Tengger 1.5 million kilowatt wind power project is set to officially commence construction, with a total installed capacity of 1.5 million kilowatts and plans to install 209 wind turbines [2] - The company also plans to start construction on the Dadu River Danba Hydropower Station in the first quarter of this year [2] Group 4 - State Grid Corporation of China announced that its fixed asset investment during the 14th Five-Year Plan period is expected to reach 4 trillion yuan [3] - The concentrated launch of major projects by central enterprises is seen as a clear signal of increased investment, which is expected to have multiplier effects on economic stability and growth [3] - These investments are anticipated to provide strong momentum for China's economy in the current year and lay a foundation for future economic transformation and competitiveness over the next five to ten years [3]

Core Viewpoint - China New Consumption Group (08275) has signed a non-binding memorandum of understanding with Guangdong Haichuang Xinyuan Technology Co., Ltd. regarding a potential construction project valued at RMB 450 million, scheduled for January 16, 2026 [1] Group 1: Project Details - The project involves the development of a technology industrial park focused on automotive parts and related upstream and downstream industries [1] - The total estimated investment for the technology industrial park is RMB 2 billion, with a total construction area of approximately 250,000 square meters [1] - The industrial park is positioned as a "high-standard industrial park in Panyu District," aiming to create a modern industrial complex that includes top office spaces, R&D innovation facilities, light industrial production areas, and high-standard factories [1] Group 2: Strategic Planning - The company is strategically planning to expand its construction operations within the People's Republic of China and aims to obtain multiple construction permits to take on general contractor responsibilities [1] - The board believes that undertaking the potential construction project aligns with the company's development strategy and will help seize business opportunities [1] - This opportunity is expected to enhance the company's financial status and profitability, contributing to the long-term business development of the group [1]

Core Viewpoint - China Metallurgical Group Corporation (601618.SH) expects to achieve profitability in 2025, but the net profit attributable to the parent company is projected to decline by over 50% compared to the previous year due to losses in the real estate sector and increased impairment provisions for various assets [1] Group 1 - The company anticipates a significant drop in net profit for 2025, with a decrease of more than 50% year-on-year [1] - The primary reason for the profit decline is attributed to losses in the real estate business [1] - There is an increase in impairment provisions for inventories, fixed assets, and investment properties [1] Group 2 - The company's revenue is expected to decline, influenced by the downturn in the construction industry [1]