Core Viewpoint - The company, 毛戈平 (01318), has received a notice from the China Securities Regulatory Commission regarding the implementation of full circulation of H-shares, allowing for the conversion of 228 million unlisted shares into H-shares, effective from January 13, 2026, for a period of 12 months [1]. Group 1 - The company will implement full circulation of a total of 228,344,600 unlisted shares, which currently represent 46.58% of the total issued shares [1]. - After the conversion and listing, the total number of H-shares will increase to 490,186,900, representing 100% of the total issued shares [1]. - The company plans to apply for approval from the Hong Kong Stock Exchange for the listing and trading of the relevant H-shares [1]. Group 2 - As of the announcement date, the implementation plan for the full circulation and conversion of H-shares has not been finalized, and the company will provide further updates in accordance with relevant regulations [1].

专题：第27届北大光华新年论坛 面对这种市场结构，企业战略选择的核心在于明确服务对象。 他以佩莱为例，企业将核心客群锚定于大众市场中的学生和初入职场的年轻人。这一战略选择一方面源 于消费者心态的转变，95后、00后消费者对国货的认可度大幅增加；另一方面源于我国成熟完善的供应 链体系，当前国内供应链在品质和原料上已与国际水平看齐，甚至在某些环节效率更高、响应更快。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：李昂 专题：第27届北大光华新年论坛 1月17日，"第27届北大光华新年论坛"在北京举行，主题为"内需主导，聚力增长：开启'十五五'新征 程"。佩莱集团有限公司董事长许青松出席并演讲。 1月17日，"第27届北大光华新年论坛"在北京举行，主题为"内需主导，聚力增长：开启'十五五'新征 程"。佩莱集团有限公司董事长许青松出席并演讲。 许青松表示，当前化妆品消费市场可大致分为两个人群：一个是大概3亿人规模的中高端市场，购物选 择时更关注产品品质与服务；另一个是大概11亿人规模的大众市场，购物时更关注性价比。 他以佩 ...

《卫报》的报道说，劳德与特朗普曾是同学，两人相识超过60年，在特朗普频频放话要得到格陵兰岛的 同时，劳德已开始在格陵兰岛布局商业投资。 （央视财经《天下财经》）据英国《卫报》15日报道，美国总统特朗普的前国家安全事务助理约翰·博 尔顿透露，特朗普对格陵兰岛的垂涎，源自美国亿万富豪罗纳德·劳德的"建议"。 约翰·博尔顿近日在接受英国《卫报》采访时说，特朗普在首个总统任期内曾将他叫到白宫办公室，特 朗普对他说"一名知名商人建议美国购买格陵兰岛"。博尔顿随后得知，这名商人是特朗普的朋友、美国 化妆品巨头雅诗兰黛集团的继承人、亿万富豪罗纳德·劳德。 劳德提出这一建议后，特朗普政府开始研究加强美国在格陵兰岛影响力的方法。特朗普再次当选美国总 统后旧事重提。按照博尔顿的说法，特朗普"往往将朋友提供的零散信息视为真理，且很难动摇他的想 法"。 据了解，博尔顿在特朗普首个总统任期内担任总统国家安全事务助理。但因与特朗普意见不合，他就任 一年多即遭解职。博尔顿在2020年出版的回忆录中批评特朗普的外交政策和政府方针。特朗普则指责博 尔顿的回忆录"泄密"。去年10月，博尔顿被起诉，罪名包括非法存储和传输机密信息等。 编辑：令文芳 ...

Core Viewpoint - The 27th Peking University Guanghua New Year Forum focuses on "domestic demand-led growth" as a key theme, aligning with the central economic work conference's emphasis on strengthening the domestic market for the new phase of the 14th Five-Year Plan [1][19]. Group 1: Forum Overview - The forum was held on January 17, 2026, at Peking University, featuring prominent speakers including university officials and industry representatives [3][21]. - The event aims to contribute to the theoretical framework for the 14th Five-Year Plan and stimulate discussions on building a robust domestic market [1][19]. Group 2: Keynote Speeches - Liu Shijun discussed the shift from supply constraints to demand constraints in China's economic growth, emphasizing the need for a focus on consumption and human capital investment [7][24]. - Gao Peiyong highlighted the importance of stimulating residents' consumption as a key driver of economic growth, addressing challenges such as weak consumer confidence and the need for systemic reforms [10][26]. - Liu Qiao analyzed the paradox of low consumer spending in relation to high per capita consumption, suggesting policy reforms to enhance disposable income and consumer rates [12][29]. Group 3: Roundtable Discussion - The roundtable featured discussions on how new supply can create new demand, with industry leaders addressing the structural mismatches in consumer markets [14][32]. - Ma Tiemin pointed out the need for agricultural product market reforms to address supply-demand mismatches, advocating for digital tools and innovative production methods [15][33]. - Other participants emphasized the importance of understanding consumer behavior shifts and the need for companies to adapt their strategies to meet evolving market demands [16][34][35]. Group 4: Future Directions - Zhang Zheng summarized that creating new demand through new supply is a comprehensive process involving value creation, technological empowerment, and supply chain upgrades [18][36]. - The forum underscored the necessity for collaborative efforts among policymakers, capital providers, and entrepreneurs to foster a sustainable environment for innovation and growth [18][36].

Macro Dynamics - The Ministry of Industry and Information Technology has revised the "Management Measures for the Gradual Cultivation of Quality SMEs," expanding the cultivation scope to include technology-based SMEs for the first time, which will now encompass innovative SMEs, specialized and innovative SMEs, and "little giant" enterprises [2] - Since the beginning of the 14th Five-Year Plan, a total of 17,600 specialized and innovative "little giant" enterprises have been cultivated, leading to the development of over 140,000 specialized and innovative SMEs and more than 600,000 technology and innovation-based SMEs [2] - The People's Bank of China and the National Financial Regulatory Administration have announced that the minimum down payment ratio for commercial housing loans will be adjusted to no less than 30% [2] Market Data - The Nasdaq Composite Index experienced a slight decline of 0.06%, while the Dow Jones Industrial Average and the S&P 500 Index also fell by 0.17% and 0.06%, respectively [5] - Micron Technology saw a significant increase of over 7%, contributing to a 1.15% rise in the Philadelphia Semiconductor Index [5] Company Dynamics - Aiko Micro has initiated A-share listing guidance with CITIC Securities as the advisory institution; the company specializes in high-end chip design for wireless communication and has no single shareholder holding more than 30% [4] - Star River Dynamics issued an apology following the failure of its commercial rocket launch, stating it will thoroughly investigate the cause of the failure and ensure the success of future missions [6] - Zhuhai Wanda Commercial Management has appointed Xu Fen as the new CEO, replacing Huang Dewei, and Chen Qi has been appointed as the COO [7] - The parent company of Half-Mu Flower Field, Shandong Huawutang Cosmetics Co., has submitted a listing application to the Hong Kong Stock Exchange, projecting a 249.4% increase in net profit from RMB 23.7 million in 2023 to RMB 82.8 million in 2024 [8]

Macro Dynamics - The Ministry of Industry and Information Technology has revised the management measures for cultivating high-quality small and medium-sized enterprises (SMEs), now including technology-based SMEs in the cultivation scope for the first time. The new measures aim to enhance the recognition standards and management service mechanisms, ensuring the quality of cultivated enterprises. Since the start of the 14th Five-Year Plan, 17,600 specialized and innovative "little giant" enterprises have been cultivated, leading to over 140,000 specialized and innovative SMEs and more than 600,000 technology and innovation-based SMEs [2]. Financial Institutions - Aiko Micro has initiated the A-share listing guidance, with CITIC Jianan Securities as the advisory institution. The company, founded in 2018 and headquartered in Shanghai, specializes in high-end chip design for wireless communication and has no single shareholder holding more than 30% of the shares [7]. Market Data - On January 16, U.S. stock indices experienced slight declines, with the Nasdaq down 0.06%, the Dow down 0.17%, and the S&P 500 down 0.06%. However, semiconductor stocks saw gains, with Micron Technology rising over 7% and the Philadelphia Semiconductor Index increasing by 1.15%. For the week, the Dow fell 0.29%, the Nasdaq fell 0.66%, and the S&P 500 fell 0.38%, while the Philadelphia Semiconductor Index rose 3.78% [8]. Company Dynamics - Xinghe Power issued an apology following the failure of its commercial rocket, the "Goddess Star No. 2," during its first flight test. The company is currently investigating the cause of the failure and is committed to ensuring the success of future launch missions [9][10]. - Zhuhai Wanda Commercial Management has appointed Xu Fen as the new CEO, replacing Huang Dewei. Chen Qi has been appointed as the COO, with Xu no longer holding that position [11]. - The parent company of Banmu Huatian, Shandong Huawutang Cosmetics Co., has submitted a listing application to the Hong Kong Stock Exchange. The company expects its adjusted net profit to increase by 249.4% from RMB 23.7 million in 2023 to RMB 82.8 million in 2024 [12].

Core Viewpoint - China's foreign trade demonstrates resilience and vitality, achieving a record high in total import and export value in 2025, maintaining its position as the world's largest goods trading nation [1][2]. Group 1: Trade Performance - In 2025, China's total import and export value reached 45.47 trillion yuan, a year-on-year increase of 3.8%, marking nine consecutive years of growth [1]. - Exports amounted to 26.99 trillion yuan, growing by 6.1%, while imports were 18.48 trillion yuan, with a modest increase of 0.5% [1]. - The growth in high-tech product exports was notable, with a year-on-year increase of 13.2%, contributing 2.4 percentage points to overall export growth [2]. Group 2: Import Trends - China maintained its status as the world's second-largest import market for 17 consecutive years, with imports reaching a historical high in 2025 [4]. - Import growth was driven by a recovering economy, with a continuous increase in imports for three consecutive quarters starting from Q2 [4]. - The 8th China International Import Expo saw record participation, with intended transaction amounts exceeding 80 billion USD [4]. Group 3: Trade Partnerships - China's trade partnerships expanded significantly, becoming a major trading partner for over 160 countries and regions, an increase of more than 20 since 2020 [6]. - Trade with ASEAN countries and Central Asian nations saw substantial growth, with imports from these regions increasing by 3.9% and over 1 billion USD in trade volume, respectively [6][7]. - In 2025, trade with countries involved in the Belt and Road Initiative reached 23.6 trillion yuan, growing by 6.3%, which is 2.5 percentage points higher than the overall trade growth rate [7].

Group 1 - The core viewpoint of the article is that Shandong Huawutang Cosmetics Co., Ltd., the parent company of Banmu Huatian, has submitted a listing application to the Hong Kong Stock Exchange with CITIC Securities as the sole sponsor [1] - The company’s adjusted net profit is projected to increase by 249.4% from RMB 23.7 million in 2023 to RMB 82.8 million in 2024 [1] - For the nine months ending September 30, 2024, the adjusted net profit is expected to rise by 197.2% from RMB 49.7 million to RMB 147.7 million in the same period of 2025 [1]

转自：新华社 《卫报》报道，劳德与特朗普曾是同学，相识逾60年，在特朗普频频放话要得到格陵兰岛的同时，劳德 已开始在格陵兰岛布局商业投资。 博尔顿在特朗普首个总统任期内担任总统国家安全事务助理。但因与特朗普意见不合，他就任一年多即 遭解职。博尔顿在2020年出版的回忆录中批评特朗普的外交政策和政府方针。特朗普则指责博尔顿的回 忆录"泄密"。2025年10月，博尔顿被起诉，罪名包括非法存储和传输机密信息等。（林芮竹） 博尔顿接受该报采访时说，特朗普在首个任期内曾将他叫到白宫办公室，称"一名知名商人建议美国购 买格陵兰岛"。博尔顿随后得知，这名商人是特朗普的朋友、美国化妆品巨头雅诗兰黛集团的继承人劳 德。 劳德提出这一建议后，特朗普政府开始研究加强美国在格陵兰岛影响力的方法。特朗普再次当选总统后 旧事重提。按照博尔顿的说法，特朗普"往往将朋友提供的零散信息视为真理，且很难动摇他的想法"。 新华社北京1月17日电 英国《卫报》15日报道，美国总统特朗普的前国家安全事务助理约翰·博尔顿透 露，特朗普对格陵兰岛的垂涎，源自美国亿万富翁罗纳德·劳德的"建议"。 ...

Core Viewpoint - A-share listed companies are actively engaging in shareholder return activities, utilizing methods beyond cash dividends, such as offering products, services, discount coupons, or exclusive rights, with mixed market performance but overall outpacing the CSI 300 index [1] Group 1: Shareholder Return Activities - Approximately 130 companies have shown varied market performance, with some adopting creative ways to reward shareholders [1] - Companies are not only providing gifts but are also formulating future dividend plans, with 10 companies announcing shareholder return strategies for the next three years [1] Group 2: Dividend Plans and Performance - The top performers in terms of stock price increase since 2025 include Haoen Qidian (301488) with a rise of 205.66%, Shuiyang Co. (300740) at 87.59%, and Huasheng Co. (600156) at 69.18% [3] - Specific dividend plans include: - Haoen Qidian: Minimum 10% of distributable profit annually from 2025 to 2027 [3] - Shuiyang Co.: Cash dividends not less than 10% of distributable profit annually from 2025 to 2027 [3] - Huasheng Co.: Cumulative cash distribution of at least 30% of the average distributable profit over the last three years from 2026 to 2028 [3] - Other companies like Gais Food (36.36%) and Bona Film (34.26%) also have significant dividend commitments [3]