浩森金融科技(03848)发布公告，万婷婷女士(万女士)已提呈辞任本公司非执行董事，自2026年2月1日起 生效，以投入更多时间处理彼的其他事务及工作安排。 ...

Core Viewpoint - The company has entered into a non-binding memorandum of cooperation with China Digital Technology Group to establish a project company focused on operational collaboration in blockchain technology and digital currency services [1] Group 1: Partnership and Collaboration - The memorandum outlines that both parties will jointly create a project company dedicated to operational collaboration [1] - China Digital will provide technical services in areas such as public blockchain development, electronic wallets, blockchain explorers, and cryptocurrency trading platforms [1] - The partnership includes consulting services related to obtaining cryptocurrency exchange licenses [1] Group 2: Business Strategy and Market Trends - The company primarily engages in food sales and catering services in China and is actively developing its business in blockchain technology [1] - The board believes that the digital currency sector is rapidly evolving and aligns with global financial market innovation trends [1] - The exploration of potential investment opportunities in digital commerce is consistent with the company's strategy to diversify its business and enhance shareholder value [1]

Core Viewpoint - Shenzhou Holdings (00861) announced that its indirect non-wholly owned subsidiary, Shenzhou Digital (000034), expects to achieve a net profit attributable to shareholders of Shenzhou Digital ranging from RMB 46 million to RMB 69 million for the year ending December 31, 2025, a significant turnaround from a loss of approximately RMB 524 million in 2024 [1] Financial Performance - Shenzhou Digital anticipates a return to profitability, primarily due to proactive market expansion and a year-on-year increase in operating revenue [1] - The improvement in profit is also attributed to enhanced management of receivables, resulting in an overall better collection situation and a year-on-year decrease in impairment losses on receivables [1] - Additionally, preliminary estimates indicate a significant reduction in goodwill impairment losses compared to the same period last year [1] Strategic Direction - Moving forward, Shenzhou Digital will firmly advance its fintech strategy, focusing on technology research and development as the core driver [1] - The company aims to accelerate the deep transformation of its "AI for Process" initiative, leveraging AI technology to empower its financial solution system comprehensively [1] - The goal is to achieve high-quality, efficient, and refined development, striving to become a leading partner in the financial digital transformation industry [1]

女子也有凌云志，巾帼何曾输须眉。在当今商业世界中，女性已成为一股不可忽视的力量，她们的卓识 远见和领导力不仅塑造了企业的发展战略和前行方向，也为推动社会进步和发展作出了重要贡献。日 前，全球知名金融科技品牌ATFX欣然宣布，公司全球市场营销主管Weems Chan荣获由世界女性领导力 大会（World Women Leadership Congress, WWLC）颁发的"香港女性领袖奖"。 该奖项旨在表彰在推动现代经济、技术创新及组织变革中展现出卓越领导力、战略视野与社会影响力的 杰出女性领导者。获得这一殊荣不仅是对Weems Chan个人成就的高度肯定，更是ATFX集体荣耀的闪光 时刻！它不仅展现了ATFX对多元、包容与卓越领导力的坚定承诺，同时也印证了公司在全球化进程中 以本地化洞察驱动品牌一致性的成功实践。 问：首先，衷心恭喜您荣获"香港女性领袖"奖。这种来自权威的认可，对您个人和职业生涯而言，分别 有着怎样非凡的意义呢？ Weems Chan：能够与众多出类拔萃的女性领导者一同获得这份认可，我深感无比荣幸。在我看来，这 个奖项绝非仅仅是对我个人工作成果的简单肯定。它更像是一场盛大的庆典，在热烈庆祝我 ...

随着美元滑落至四年低点，全球资本市场正在经历一场剧烈的资产重新定价与配置转移，投资者正加速 将资金从美国资产分散至全球其他地区，推动新兴市场股票、债券和货币在2026年开局迎来全面爆发。 MSCI新兴市场股票指数在1月份已飙升近11%，继2025年大涨31%后创下自2017年以来的最佳表现。这 一强劲涨势推动该指数成分股市值在今年增加了逾1万亿美元，总市值达到28万亿美元。相比之下，发 达市场的表现显得更为温和，MSCI世界指数今年仅上涨2.8%，而标普500指数涨幅为1.6%。 除了宏观货币环境的宽松，特定行业的爆发也是推动本轮行情的关键动力。Ninety One股票投资组合经 理Archie Hart指出，如果观察黄金、白银和存储芯片的价格走势，会发现它们几乎呈现"垂直上涨"态 势。自去年10月以来，由于AI需求导致供应短缺，部分存储芯片的现货价格几乎翻了两番。 这种需求直接利好作为全球供应链关键环节的亚洲市场。中国台湾和韩国的芯片制造商股票在今年早些 时候录得显著涨幅，这些企业是美国AI公司的关键供应商，目前在新兴市场基准指数中占据很大比 重。此外，MSCI南非蓝筹股指数（主要由矿业和银行股组成）今年已 ...

Market Performance - The Shanghai Composite Index fell by 0.96%, while the ChiNext Index rose by 1.38% [1] - There was a significant decline in gold and base metal stocks, with several hitting the daily limit down [1] - Sectors such as liquor, real estate, brokerage, and oil & gas experienced notable declines [1] Sector Highlights - Commercial aerospace, fintech, photovoltaic, and AI application sectors underwent adjustments [1] - CPO and Yushu robotics concept stocks were active, while agricultural stocks strengthened [1] ETF Movements - The A500 ETF saw a notable increase of 5.6% [1] - AI hardware showed strength, with CPO concept stocks rising during the session [1] - The Guotai Fund's communication ETF and Guangfa communication ETF both increased by 3% [1] - The chip design sector was active, with the Guolianan Fund's Sci-Tech chip design ETF rising by 2.3% [1] Commodity and Metal Sector - The metal sector experienced a deep correction, with gold stock ETFs and related stocks hitting the daily limit down [1] - The non-ferrous metal sector also saw a decline, with the industrial non-ferrous ETF from Wanji hitting the daily limit down [1]

Core Insights - The article highlights the resilience of small and micro enterprises in China, particularly in the pharmaceutical retail sector, through the story of a pharmacy owner in Wuhan, Mr. Hu, who embodies the challenges and triumphs of small business operators [3][4] - It emphasizes the role of inclusive finance in supporting small entrepreneurs, particularly through initiatives like the "Ten Million Interest-Free Public Welfare Program" launched by Weicai Shuke, which aims to alleviate financial pressures on small businesses [6][7] Group 1: Small and Micro Enterprises - Small and micro enterprises are vital to China's economy, with over 60 million such businesses contributing more than 50% of industrial profits and nearly 60% of foreign trade value by the end of 2024 [3] - These enterprises play an irreplaceable role in the pharmaceutical retail sector, covering over 80% of county and town markets, thus addressing grassroots healthcare needs effectively [3] Group 2: Challenges Faced - The pharmacy sector faces significant challenges due to changes in healthcare policies, rising operational costs, and market fluctuations, which have led to difficulties in maintaining business operations [4] - Mr. Hu's experience reflects the broader struggles of small business owners who often encounter "difficulties in maintaining operations" due to these external pressures [4] Group 3: Role of Inclusive Finance - Weicai Shuke aims to address the financing challenges faced by small business owners, who often experience difficulties in accessing timely and affordable financial services [6] - The company leverages financial technology to enhance loan approval efficiency and optimize credit matching processes, thereby improving service experiences for small entrepreneurs [6] Group 4: Support Initiatives - The "Towards the Light" initiative by Weicai Shuke focuses on providing multi-dimensional support to small entrepreneurs, combining financial assistance with emotional connections [7] - The "Ten Million Interest-Free Public Welfare Program" offers interest-free loans to small business owners, covering essential operational costs, thereby helping them to navigate financial challenges [7] - The initiative has successfully reached multiple provinces, assisting numerous small businesses in improving their operational capabilities and alleviating cash flow pressures [7] Group 5: Responsible Finance - Weicai Shuke's approach exemplifies "responsible finance," emphasizing that financial services should be a source of support and empowerment for small entrepreneurs during challenging times [8] - The company aims to foster a supportive ecosystem that not only addresses immediate financial needs but also nurtures long-term entrepreneurial growth [8]

Core Viewpoint - The launch of Digital Renminbi 2.0 marks a significant evolution from a cash-like digital currency to a financial asset that can earn interest, enhancing its appeal and usability for consumers [4][10]. Group 1: Development and Features - Digital Renminbi has transitioned from a non-interest-bearing electronic cash system to a financial asset that can earn interest, aiming to change personal financial habits and establish a unique development path for digital currency in China [4][9]. - The Digital Renminbi 2.0 version introduces a wallet balance that is treated as a liability of commercial banks, akin to demand deposits, thus enhancing its monetary attributes [9][10]. - The digital currency's design includes four types of wallets, with the first three types earning interest based on the bank's current deposit rates, while the fourth type remains a non-interest-bearing anonymous wallet [9][11]. Group 2: Market Expansion and Adoption - The pilot program for Digital Renminbi has expanded from select cities to provinces across China, with significant transaction volumes reported, including 34.8 billion transactions totaling 16.7 trillion yuan by November 2025 [5][6]. - Despite the growth, Digital Renminbi still faces challenges in user adoption compared to established payment platforms like Alipay and WeChat Pay, which dominate the market [6][14]. Group 3: Regulatory and Policy Framework - The Chinese government has laid the groundwork for the Digital Renminbi's upgrade through policies that emphasize the stable development of digital currency, including the integration of digital currency into the deposit insurance framework [8][12]. - The People's Bank of China is set to implement a comprehensive management framework for Digital Renminbi, ensuring that it is subject to the same regulatory standards as traditional bank deposits [8][12]. Group 4: Future Implications and Challenges - Digital Renminbi 2.0 is expected to enhance macro-financial security by integrating into the prudential management framework, which will help mitigate risks associated with financial disintermediation [12][14]. - The internationalization of the Renminbi could be bolstered by the interest-bearing feature of Digital Renminbi, providing incentives for foreign entities to hold and use the currency [13][16]. - Challenges remain in user adoption, technological integration for smaller banks, and the need for international regulatory cooperation on digital currencies [14][16].

Core Insights - The shift of Chinese companies going abroad has evolved from an optional strategy to a necessity for long-term development, particularly in Southeast Asia, which is becoming a core area for globalization efforts due to its economic growth and strong trade ties with China [1] Group 1: Trends in Chinese Companies Going Abroad - The current trend of Chinese companies going abroad shows a clear upgrade, with a focus on brand establishment, technology cooperation, and long-term market share rather than just short-term orders [2] - The modes of going abroad have diversified from primarily goods trade to include greenfield investments, cross-border mergers and acquisitions, and localized R&D and operations [2] - Factors driving this transformation include domestic industrial upgrades, the Belt and Road Initiative, and investment incentives from Southeast Asian countries [2] Group 2: Opportunities and Challenges in Southeast Asia - Southeast Asia presents a diverse opportunity landscape, with different countries offering unique entry points for various types of businesses, such as manufacturing hubs in Vietnam, Thailand, and Indonesia, and digital innovation centers in Singapore and Indonesia [3] - However, challenges such as increased compliance requirements, geopolitical risks, and difficulties in local integration must be addressed [4] Group 3: Systematic Approach for Successful Expansion - A successful overseas expansion requires a systematic approach involving five key stages: research and site selection, investment and structural planning, operational model design, implementation, and ongoing compliance and risk management [5][6] - The Overseas Direct Investment (ODI) filing is a critical legal prerequisite for initiating overseas actions, and professional assistance can significantly streamline this process [6] Group 4: Building Resilience Against Uncertainties - Companies need to build resilience by prioritizing compliance, diversifying supply chains and markets, utilizing policy financial tools, and cultivating local leadership [7] Group 5: Future Outlook - Southeast Asia is expected to remain a vibrant testing ground and growth engine for Chinese companies' globalization efforts, with successful companies adopting a long-term mindset and viewing overseas expansion as an organizational capability upgrade [8]

总需求不足是当前经济运行面临的突出矛盾。加快补上内需特别是消费短板，使内需成为拉动经济增长 的主动力和稳定锚，意义重大。习近平总书记指出："要坚持供需两侧协同发力、动态平衡，持续深化 供给侧结构性改革，有进有退、有保有压，增强供给与需求的适配性、平衡性。""十五五"规划建议围 绕"大力提振消费"，提出了"深入实施提振消费专项行动""扩大优质消费品和服务供给""推动商品消费 扩容升级"等一系列重大举措。中央经济工作会议也把提振消费作为建设强大国内市场的重要内容作出 部署。提振消费，供需适配是关键。 近年来，我国产业能力和水平显著提升，从农产品到工业制成品，几乎在所有领域能够提供充裕的传统 商品。与此同时，在新一轮科技革命和产业变革的强劲推动下，生产供给端的创新创造能力大幅度提 升，开发出不少与数字化、智能化、绿色化技术和应用场景密切关联的新产品新服务。智能家电、新能 源汽车、家用无人机和智能穿戴产品等大规模走入"寻常百姓家"，为满足人民日益增长的美好生活需要 作出巨大贡献。供给能力越强，消费者的选择就越多，增强供给与需求的适配性就越重要。 供需适配要准确把握当前消费新特征 消费是满足需要的过程，同时又会创造出新 ...