论坛上，蓝海之道可持续发展研究院正式发布，研究院由ECI@ESG生态创新专委会与蓝道财经传媒集 团共同推动成立，旨在深研ESG生态，创新可持续价值，赋能商业未来。愿景是成为融汇商业远见与学 术智慧，驱动ESG生态创新与价值实现的引领者。 研究院秘书长、蓝道财经传媒集团董事长茅建春表示，未来将重点聚焦三大研究方向，一是"ESG驱动 品牌全球化新范式"，以"价值共生"理念重塑全球市场竞争力；二是"可持续发展本土化创新"，系统解 码中国语境下的"蓝海机遇"；三是"跨文化ESG战略与信任共建"，搭建全球可持续沟通的桥梁。 （文章来源：新华财经） 在金融科技方面，香港大学客座教授孙志鹏认为，香港的监管机构一直抱着非常开放和包容的态度去推 动金融创新的发展，包括RWA在内的Web3.0的发展。2023年至今已有数十个资产代币化的案例，监管 机构的鼓励态度是金融机构能够积极参与金融科技领域，并且拥抱新技术的一个最重要的保证。"有这 么多的机构积极参与到可持续融资绿色金融领域，也反映了ESG同样能给Web3.0的发展一个非常大的推 动力。" 阿里巴巴ESG获奖代表李超分享了阿里巴巴"小想法大行动，更好的所有人，呼应向善与共同 ...

Group 1 - The A-share market has shown strong performance at the beginning of 2026, driven by a combination of market trends, seasonal factors, and recovery in overseas markets [1][2] - Recent market fluctuations are attributed to the implementation of counter-cyclical adjustment policies and profit-taking in popular sectors, which are considered healthy adjustments that do not alter the overall upward trend [1][2] - The macroeconomic environment is expected to support five key investment themes for the year: the artificial intelligence industry chain, high-dividend assets, anti-involution sectors, domestic demand expansion, and resource sectors [1][5] Group 2 - The spring market rally is historically supported by liquidity and valuation drivers, typically lasting around 57 days, with the current phase still in its early stages [2] - Positive performance in overseas markets, particularly in Japan and South Korea, has significantly boosted investor sentiment in the A-share market [2] - Recent adjustments in the A-share market, including changes in financing margin ratios, are aimed at curbing excessive leverage and maintaining a stable upward trend [2][3] Group 3 - Investment strategies must adapt to changing market conditions, emphasizing the importance of position management and avoiding excessive leverage [3][4] - Investors are encouraged to develop independent judgment capabilities to avoid speculative traps and focus on fundamental research [3][4] - The market is transitioning from a speculative phase to one driven by fundamentals, with a focus on true technological growth and value [3][4] Group 4 - Four strategic recommendations for the pre-Spring Festival period include maintaining moderate positions, adopting a barbell strategy for asset allocation, focusing on specific technology sectors, and enhancing individual stock fundamental research [4] - The artificial intelligence industry chain is expected to shift towards application opportunities in 2026, with a focus on sectors like media and computing [5] - High-dividend assets remain a stable investment choice, with sectors such as white goods, banking, and utilities providing low volatility and steady returns [5] Group 5 - The anti-involution sector is entering a phase driven by fundamentals, with industries like coal, steel, and lithium batteries expected to see improved performance due to industry consolidation [5] - The expansion of domestic demand should focus on new consumption areas such as health, sports, and travel, which are expected to benefit from policy support [5] - Resource sectors, particularly strategic and industrial metals, are anticipated to experience valuation recovery in 2026, presenting potential investment opportunities [5][6]

Group 1 - The A-share market has experienced a strong start in 2026, driven by a combination of market trend continuation, spring market catalysts, and a recovery in overseas markets [1][2] - Recent market fluctuations are attributed to the implementation of counter-cyclical adjustment policies and profit-taking in popular sectors, which are seen as a healthy adjustment that does not alter the overall upward trend [1][3] - The spring market typically lasts around 57 days, and historical data suggests that A-shares tend to perform well during this period, particularly in the technology growth sector [2][6] Group 2 - The current market environment necessitates an adjustment in investment logic, transitioning from a valuation recovery phase in 2025 to a profit-driven phase in 2026 [4] - Investors are advised to manage their positions carefully, avoiding excessive leverage and maintaining flexibility to respond to potential market volatility [4][5] - A focus on fundamental analysis is crucial, as the market is shifting from speculation to value, with regulatory measures aimed at guiding funds towards genuine technology and growth opportunities [4][6] Group 3 - Five key investment themes for 2026 have been identified: the artificial intelligence industry chain, high-dividend assets, anti-involution sectors, domestic demand expansion, and resource sectors [6][7] - The AI application sector is expected to present significant investment opportunities as it transitions from hardware to application, with a focus on media, computing, and internet sectors [6] - High-dividend assets remain a stable investment choice, with sectors like white goods, banking, and utilities expected to provide steady returns [6][7] Group 4 - The anti-involution sector is entering a phase driven by fundamentals, with industries like coal, steel, and solar energy expected to see performance improvements due to favorable market conditions [6][7] - The expansion of domestic demand should focus on new consumption areas such as health, sports, and travel, which are anticipated to benefit from recovering consumer spending [6][7] - Resource sectors, particularly strategic and industrial metals, are expected to experience valuation recovery, presenting potential investment highlights [7]

Core Viewpoint - Beijing Bus Media Co., Ltd. anticipates a significant loss for the fiscal year 2025, with projected net profit ranging from -12 million to -8 million yuan, indicating a downturn compared to the previous year [2][4]. Group 1: Performance Forecast - The performance forecast period is from January 1, 2025, to December 31, 2025 [3]. - The company expects a net profit attributable to shareholders of the parent company to be between -12 million and -8 million yuan, reflecting a loss compared to the previous year's profit of 20.71 million yuan [4][6]. - The projected net profit after deducting non-recurring gains and losses is estimated to be between -33 million and -22 million yuan [5]. Group 2: Previous Year’s Performance - In the previous year, the total profit was 80.88 million yuan, with a net profit attributable to shareholders of the parent company at 20.71 million yuan [6]. - The net profit after deducting non-recurring gains and losses for the previous year was 26.21 million yuan [6]. - The earnings per share for the previous year were 0.03 yuan [6]. Group 3: Reasons for Performance Decline - The primary reason for the anticipated loss is a significant impairment loss expected from the company's associate, Beijing Minghui Tianhai Gas Storage and Transportation Equipment Sales Co., Ltd., in which the company holds a 30.23% stake [6]. - The company will account for its share of the net loss from Minghui Tianhai, which will negatively impact its financial results for 2025 [6].

- The report discusses a rotation model that monitors micro-cap stocks and the "Mao Index" (茅指数). The rotation model uses the relative net value of micro-cap stocks to the Mao Index and their respective 20-day closing price slopes. When the slopes diverge and one is positive, the model suggests investing in the index with the positive slope to anticipate potential style shifts[17][23][24] - Timing indicators for micro-cap stocks are based on the 10-year government bond yield (threshold: 0.3) and the volatility crowding degree (threshold: 0.55). If either indicator reaches its threshold, a closing signal is triggered[23] - The macro timing model evaluates economic growth and monetary liquidity signals. For January, the model recommends a 60% equity allocation, with economic growth and liquidity signals both at 60%. The model's year-to-date return is 14.59%, compared to 26.87% for the Wind All-A Index[44][45][46] - Eight major stock selection factors are tracked, including quality, growth, and consensus expectations, which performed well in the past week. Quality and growth factors showed IC averages of 14.07% and 8.69%, respectively, while reversal and value factors underperformed[47][48][49] - Convertible bond selection factors are constructed based on the relationship between the underlying stock and the convertible bond. Factors include parity, floor premium rate, and financial quality of the underlying stock. Among these, the financial quality of the underlying stock achieved a high IC average last week[56][57][58]

Group 1: US Economic Outlook - The US economy continues to show strong overall performance with a projected real GDP annual growth rate of 5.3% by Q4 2025, driven by service consumption, intellectual property investment, and exports [2] - The CPI inflation rate for December 2025 is reported at 2.7%, aligning with market expectations, while core CPI inflation is slightly lower at 2.6%, indicating a trend towards inflation differentiation [2] - The labor market is stabilizing, with initial jobless claims at 198,000, suggesting that the unemployment cycle may have peaked [3] Group 2: Financial Markets - US Treasury yields are expected to face short-term pressure due to potential tariff increases by Trump, but the long-term trend remains downward as the interest rate cycle continues [3] - The S&P 500 and Nasdaq indices experienced declines of 0.4% and 0.7% respectively, primarily due to persistent inflation concerns impacting high-valuation tech stocks [3] - The dollar is in a mixed state, supported by resilient employment and retail data, but facing potential credit concerns due to renewed tariff threats [4] Group 3: Chinese Economic Insights - Domestic housing transactions remain low, with new home sales down 41.5% and second-hand home sales down 18.6% in major cities [7] - Export activity shows signs of recovery, with a 3.1% increase in cargo throughput and a 5.5% rebound in container throughput, indicating a positive trend in mechanical and automotive exports [7] - Corporate financing is improving, with a year-on-year increase of 580 billion in corporate loans, contributing to a stable credit growth rate of 6.4% [8] Group 4: Policy and Market Strategies - The Chinese government is focusing on boosting consumption through various initiatives, including a new round of subsidies for consumer goods [9] - The bond market is experiencing slight recovery, with the 10-year government bond yield at 1.84%, and expectations of continued support from monetary policy [10] - The A-share market is expected to slow down after a significant rally, with a focus on technology and manufacturing sectors as key growth drivers [11]

Group 1 - Visual China experienced a limit down today with a trading volume of 28.59 billion yuan and a turnover rate of 14.81%, reflecting a price fluctuation of 2.39% [2] - The stock was listed on the Shenzhen Stock Exchange's watchlist due to a daily price deviation of -10.50%, with net selling from the Shenzhen Stock Connect amounting to 40.44 million yuan [2] - The top five trading departments accounted for a total transaction of 688 million yuan, with a buying amount of 266 million yuan and a selling amount of 423 million yuan, resulting in a net selling of 157 million yuan [2] Group 2 - The stock's main funds saw a net outflow of 281 million yuan today, with large orders contributing to a net outflow of 121 million yuan and 159 million yuan respectively [2] - Over the past five days, the main funds have experienced a net outflow of 38.90 million yuan [2] - The stock has appeared on the watchlist eight times in the past six months, with an average price drop of 0.31% the next day and an average decline of 8.19% over the following five days [2] Group 3 - As of January 16, the margin trading balance for the stock was 1.317 billion yuan, with a financing balance of 1.311 billion yuan and a margin balance of 6.45 million yuan [3] - In the last five days, the financing balance increased by 213 million yuan, representing a growth of 19.42%, while the margin balance rose by 900,100 yuan, a growth of 16.21% [3] - The top buying and selling departments included the Shenzhen Stock Connect, which was both the largest buyer and seller, with buying and selling amounts of 97.20 million yuan and 138 million yuan respectively [3][4]

水皮杂谈 一家之言 兼听则明 偏听则暗 各取所需 盘面消息 个股表现方面，上涨个股达 3454 家，下跌个股仅 1693 家，市场成交量约 2.7 万亿元。尽 管主力资金仍净流出 424 亿元，但个股表现可圈可点， 今天 个股涨幅中位数达到 0.84% ，这意味着多数股票尤其是中小盘股表现 "可圈可点" ，多数投资者 今天 应有 收获 。 今天 压制指数的核心仍是权重指标股，因宽基 ETF 的主要成分股以大盘蓝筹为主，尤其是沪 深 300ETF ，其成分股中蓝筹股占比更高。 事实上，金融股 今天 依旧扮演了压制指数的角色，银行、保险、证券板块盘中均对指数形成 拖累。相比之下， 今天 涨幅居前的板块包括贵金属、电网设备，以及 "卷土重来" 的商业航 天板块。 值得一提的是，周末多项消息指向题材股与概念股的过度炒作已引发监管关注，商业航天板块 更是被媒体点名。但身处其中的主力资金却反其道而行之，午后发力拉升推动板块强劲反弹， 使其跻身涨幅榜前列，当日资金净流入 22 亿元。 不过这一资金规模与该板块此前火爆时相比，仍有明显差距，仅能看出主力资金在板块内的短 期运作。 今天 调整幅度较大的板块集中在通讯设备、互联网 ...

Group 1 - The 20th China Brand Person Annual Conference will be held on December 29 in Shenzhen, focusing on the theme "Who Earns Respect for China" and gathering over 2,000 elites from various sectors [2][26] - Zhang Qinhua delivered a speech titled "Let the Fire of Growth Illuminate the Future of Brands," reflecting on his journey and the spirit of perseverance in building influential enterprises and brands [2][26] - Zhang Qinhua, founder of Lingxi Practical School, stands out among business leaders for his methodology and inspiring entrepreneurial story of rebirth from adversity [2][26] Group 2 - Zhang Qinhua shared his personal story of taking on family responsibilities after his father incurred significant debt due to an accident, managing to repay it within a year and a half through various jobs [5][29] - His entrepreneurial journey includes founding multiple educational institutions, achieving his first million, but also facing setbacks that led to substantial debt [5][29] - At 26, he became the youngest high school principal, helping thousands of students improve their scores, but lacked mentorship which caused him to encounter many obstacles in his career [5][29] Group 3 - Zhang Qinhua's entrepreneurial journey is marked by four significant transformations across different sectors, accumulating practical experience [7][31] - The first transformation was from education to private schooling, achieving a record score increase of over 400 points in one year [7][31] - The second transformation involved entering the new retail and night economy sectors, opening a self-service craft beer bar that achieved remarkable daily sales [7][31] - The third transformation in 2023 led to the establishment of Lingxi Media, which quickly secured a 30,000 square meter live streaming base in Hangzhou [7][31] - The fourth transformation is the creation of Lingxi Practical School, aimed at empowering more small and medium-sized enterprises [7][31] Group 4 - Zhang Qinhua emphasized the importance of building a high-end network for collaboration, sharing experiences with notable leaders from various industries [9][33] - He showcased his connections with influential figures, including former presidents and business leaders, aiming to unite resources in a competitive environment [9][33] - He received a membership certificate from the China Brand Festival Chairman, Dong Mingzhu, highlighting his recognition in the industry [9][33] Group 5 - Lingxi Practical School was founded to support entrepreneurs based on Zhang Qinhua's own experiences, aiming to provide resources and guidance to small and medium enterprises [13][37] - The school invites experienced mentors from Alibaba and other successful entrepreneurs to share practical insights and strategies [13][37] - The curriculum includes a comprehensive growth system called "Qian Kun Da Nuo Yi," focusing on various aspects of business development and management [13][37] Group 6 - Zhang Qinhua's interactions with industry veterans, such as Song Zhiping, reflect the support and recognition from established entrepreneurs towards the new generation [18][42] - His story illustrates that brand growth requires personal effort and leveraging platforms, showcasing resilience and responsibility in entrepreneurship [20][44] - The Lingxi Practical School aims to help entrepreneurs avoid pitfalls and connect them with valuable resources, fostering a supportive ecosystem for business growth [22][46]

Core Viewpoint - The three major indices showed mixed performance, with the ChiNext index declining nearly 1% while the Shanghai Composite and Shenzhen Composite indices experienced slight gains [1] Sector Performance - The precious metals sector continued to strengthen, with Sichuan Gold and Zhaojin Gold both hitting the daily limit [1] - The power grid equipment sector surged, with 20 stocks including YN Power and Shuangjie Electric reaching the daily limit [1] - The Hainan Free Trade Zone sector rebounded, with Hainan Development hitting the daily limit [1] - The tourism and hotel concept stocks performed well, with Dalian Shengya and Jiuhua Tourism also hitting the daily limit [1] - Conversely, the AI application sector saw a collective decline, with stocks like Yili Media and Oriental Pearl hitting the daily limit [1] - The semiconductor sector experienced widespread losses, led by Saiwei Electronics [1] Market Overview - Overall, there were more gainers than losers in the two markets, with over 3,500 stocks rising [1] - As of the market close, the Shanghai Composite Index was at 4,114.00 points, up 0.29%; the Shenzhen Component Index was at 14,294.05 points, up 0.09%; and the ChiNext Index was at 3,337.61 points, down 0.70% [1] - The leading sectors in terms of gains were precious metals, power grid equipment, and flexible DC transmission, while WiFi6, F5G concepts, and Xiaohongshu concepts saw the largest declines [1]