1月14日， 浙江省十四届人大四次会议在杭州开幕，浙江省省长刘捷作政府工作报告。 张斌 摄 据悉，浙江省十四届人大四次会议将审查、批准浙江省国民经济和社会发展第十五个五年规划纲要。这 也使得"十五五"规划成为该省人大代表关注的热点话题。 会前，浙江省人大代表、民盟盟员、杭州市临平区图书馆副馆长于秋娜特意围绕该省"十五五"规划 中"以'文化+科技'催生文化发展新动能"的方向，走访了良渚博物院、玉架山考古博物馆、上海博物馆 等多地，与园区、企业负责人深入交流，进一步打磨完善自己的建议。 中新网杭州1月14日电(鲍梦妮)1月14日，浙江省十四届人大四次会议在杭州开幕。 "古籍数字化让我深刻认识到，文物保护与研究必须依靠科技赋能。"她表示，将在本次会议上继续围绕 文化与科技深度融合建言，推动创新技术与文化传承有机结合，让文化软实力转化为高质量发展的持久 动力。 根据浙江省政府工作报告，该省"十五五"发展的主要目标是，高质量发展建设共同富裕示范区取得决定 性进展，率先呈现基本实现社会主义现代化的生动图景。 今年的浙江省政府工作报告提出，"十五五"期间，浙江要将深化拓展"人工智能+"，以人工智能引领科 研范式变革，推进人 ...

Group 1 - The core viewpoint emphasizes the importance of coordinated regional development as an intrinsic part of China's modernization strategy, with a focus on promoting domestic economic growth through collaborative efforts across regions [1] - The "hard connectivity" and "soft connectivity" initiatives are highlighted as essential for enhancing economic development, particularly in central regions and through the establishment of major transportation networks [2][3] - The signing of the Yellow River ecological protection compensation agreement by Henan, Shanxi, and Shaanxi provinces marks a significant step towards collaborative environmental protection and breaking down administrative barriers [4] Group 2 - The agricultural sector is experiencing improvements in productivity and quality, contributing to enhanced food security and better living conditions in rural areas, with a reported rural sanitation toilet coverage of approximately 76% [5] - The strategy of "supporting agriculture through industry" is being implemented, with a focus on enhancing the economic capabilities of counties and promoting rural revitalization [6][7] - The urbanization rate is projected to reach 67% by the end of 2024, with over 90% of counties expected to establish integrated medical communities, indicating a trend towards improved resource allocation and service delivery in rural areas [8]

Core Insights - Guangdong's manufacturing sector is showcasing its diverse capabilities, from smart home appliances to high-end mobile phones, fashion apparel, gourmet food, and modern agriculture, emphasizing innovation and quality development [1][2][3] Food Industry - Guangdong's food industry is projected to achieve a revenue of 896.87 billion yuan in 2024, with soy sauce production accounting for over 60% of the national output and mooncake exports representing 90% of the total [2] - The industry is driven by digitalization, biotechnology, and regional collaboration, with major cities like Guangzhou, Foshan, and Dongguan each exceeding 100 billion yuan in food industry scale [2][3] Home Appliances - Guangdong's home appliance sector, representing nearly 50% of the national market, has established a robust supply chain with over 4,400 enterprises, including three with revenues exceeding 100 billion yuan [4][5] - Major companies like Midea and Hisense are localizing their research, production, and sales globally, with Midea operating 33 R&D centers and 43 manufacturing bases worldwide [5][6] Agriculture - Guangdong's agricultural sector is characterized by its "土特生金" (specialty products generate wealth) strategy, achieving a grain production capacity increase from 12.38 million tons in 2021 to 12.98 million tons in 2025 [7][9] - The province leads in various agricultural outputs, with total agricultural production value reaching 677.56 billion yuan in the first three quarters of 2025, marking a 4.9% year-on-year growth [7][9] Textile and Apparel - Guangdong's textile and apparel industry boasts 4,240 enterprises, accounting for 18.34% of the national total, with a production output of 3.44 billion garments in 2024 [15][16] - The industry is undergoing digital transformation, with companies implementing AI and big data for precise design and flexible production, significantly enhancing efficiency [15][16] Mobile Phones - Guangdong produces one in every three mobile phones globally, with a complete supply chain that allows for rapid assembly of 95% of components within a one-hour commute [10][11] - Innovations such as satellite communication technology and AI integration are being developed to enhance product capabilities and market reach [10][11] Cultural and Tourism - The "请到广东过大年" (Come to Guangdong for the New Year) campaign aims to enhance tourism through cultural experiences, with events showcasing traditional customs and local cuisine [12][13] - The initiative includes a series of activities and performances to attract visitors, emphasizing the cultural richness and festive atmosphere of Guangdong [12][13]

Core Viewpoint - The "Guangdong Goods Going Global" Spring Action aims to boost consumer spending and help over 6,000 enterprises expand their market presence and sales, laying a solid foundation for Guangdong's development during the 14th Five-Year Plan period [5][12]. Group 1: Event Overview - The Spring Action will officially launch on January 15, with a promotional event focused on home appliances taking place in Foshan [6]. - The initiative is organized by various provincial departments, including the Guangdong Provincial Committee of Propaganda and the Provincial Department of Commerce, to enhance the visibility and market influence of high-quality Guangdong products [7][8]. Group 2: Participation and Support - Over 6,000 enterprises from diverse sectors such as home appliances, mobile phones, clothing, food, smart devices, automotive, beauty products, and agriculture will participate in the event [12]. - Major commercial platforms, including Alibaba International, JD.com, and Douyin, among others, are supporting the initiative [13][14]. Group 3: Promotion Strategy - The event will select key industries and outstanding brand enterprises to promote their best and most cost-effective products on a weekly basis [15][16]. - There will be efforts to connect manufacturers with retailers, distributors, and buyers to facilitate sales and gather market demands [17][19]. Group 4: Local Engagement - Local cities will engage leading enterprises and industry clusters to participate, integrating local cultural and tourism activities into promotional efforts [20][21]. - Media will play a significant role in enhancing the brand and sales of Guangdong products through active participation in the Spring Action [22]. Group 5: Home Appliance Focus - The launch event will feature over 1,300 home appliance companies, with major brands like Midea, Gree, and Galanz showcasing their products and conducting live sales [24].

Core Insights - The article highlights the recognition of Transfar Group's technological strength and industrialization capabilities, particularly through its collaboration with state capital to establish the "Hangzhou Synthetic Biology Industry Pilot (Verification) Center" [3] - Transfar Group has evolved into a top 500 enterprise in China since its founding in 1986, with a diverse business portfolio including functional chemicals, new materials, logistics, technology parks, and agriculture [3] - The company emphasizes high-quality development over mere scale expansion, focusing on product innovation, platform innovation, and industrial ecosystem innovation [4][6] Financial Performance - In the period from January to November 2025, Transfar Group achieved a total revenue of 129.805 billion yuan, reflecting a year-on-year growth of 5.29% [4] Strategic Focus - The company prioritizes three key elements for high-quality development: talent, technology, and management, with a strong emphasis on continuous investment in innovation [6] - Transfar has developed a proprietary model called "Transfar Xiaozhi" to advance AI systems across 12 major fields and 58 scenarios, showcasing its commitment to embracing new technologies [9] Global Expansion - Transfar's products are now sold in over 130 countries, with overseas sales accounting for 25% of its manufacturing output [11] - The company has established 20 global production bases and 8 overseas R&D centers to enhance its competitive advantage in key regions [11] Social Responsibility - Transfar Group actively engages in rural revitalization and social responsibility, exemplified by its agricultural innovation platform in cooperation with local governments [13][15] - The "Xie Jing'an Transfar Agricultural Innovation Village" has nurtured nearly 50 agricultural enterprises, generating an additional output value of 270 million yuan and increasing villagers' income by over 27 million yuan [15]

Core Viewpoint - Transfar Group has been recognized for its technological strength and industrialization capabilities, marking its growth as a leading private enterprise in China with a focus on high-quality development and innovation in various sectors [7][8]. Group 1: Company Overview - Transfar Group, founded in 1986, has become one of China's top 500 enterprises, with a diverse business portfolio including functional chemicals, new materials, logistics, technology parks, and agriculture [7]. - The company offers over 8,000 products, serving more than 20 industries such as textiles, papermaking, semiconductors, and new energy [7]. Group 2: Financial Performance - In the period from January to November 2025, Transfar Group achieved a total revenue of 129.805 billion yuan, reflecting a year-on-year growth of 5.29% [8]. Group 3: Strategic Focus - The company emphasizes product innovation, platform innovation, and industrial ecosystem innovation rather than merely pursuing scale and volume growth [8]. - Transfar Group prioritizes three key elements for high-quality development: talent, technology, and management, with a strong focus on continuous investment in innovation [9]. Group 4: Technological Advancements - The company has developed its proprietary AI model, "Transfar Xiaozhi," and is implementing AI systems across 58 scenarios in 12 major fields, including manufacturing, logistics, chemicals, and agriculture [14]. - Transfar has established a global presence, with products sold in over 130 countries and regions, and overseas sales accounting for 25% of its manufacturing output [18]. Group 5: Social Responsibility - Transfar Group actively engages in rural revitalization and social responsibility, exemplified by the establishment of the Xie Jing'an Transfar Agricultural Innovation Village, which has fostered nearly 50 agricultural innovation enterprises and generated significant economic benefits for local communities [19][21].

Core Viewpoint - The company plans to issue short-term financing bonds and medium-term notes to meet funding needs and optimize its financing structure, with a total registration amount of up to 40 billion yuan [1][2]. Group 1 - The company announced the approval of the issuance of short-term financing bonds and medium-term notes during the 34th meeting of the 9th Board of Directors on November 14, 2025 [1]. - The company has applied to the National Association of Financial Market Institutional Investors for the registration of up to 20 billion yuan in short-term financing bonds and up to 20 billion yuan in medium-term notes [1]. - The registration amounts for both the short-term financing bonds and medium-term notes are valid for two years from the date of the acceptance notice issued by the association [1]. Group 2 - The company can issue the short-term financing bonds and medium-term notes in installments during the registration validity period, and must file with the association prior to issuing medium-term notes [2]. - The issuance management must comply with the resolutions of authorized institutions and relevant management requirements [2]. - After the issuance is completed, the company is required to disclose the results through channels recognized by the association [2].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report comprehensively analyzes various futures markets, including financial derivatives, precious metals, shipping indices, non - ferrous metals, ferrous metals, agricultural products, and energy chemicals. It provides detailed insights into the supply, demand, inventory, and price trends of each product, and offers corresponding trading strategies based on the market conditions. Summary by Directory Daily Selections - **Tin**: Market sentiment is strong, and tin prices continue to show a strong performance. Short - term prices are highly volatile due to market sentiment. It is recommended to be cautious in futures operations and hold the previously recommended call options [2]. - **LLDPE**: The upstream price has increased, and hedging transactions are booming. It is recommended to partially take profit on long positions [3]. - **Coking Coal**: The transaction of coking coal in Shanxi has improved, and Mongolian coal prices fluctuate with futures. It is recommended to go long on dips and consider the arbitrage strategy of going long on coking coal and short on coke before the Spring Festival [3]. - **Meal Products**: The USDA report data is bearish, and beans are under pressure. The domestic soybean and meal inventory remains high, and the market is expected to maintain a weak and volatile pattern in the short term [4]. Financial Derivatives Stock Index Futures - **Market Conditions**: On Tuesday, A - share major indices rose first and then fell. The four major stock index futures contracts also declined with the indices, and the basis of the main contracts continued to rise [5][6]. - **News**: The Ministry of Commerce proposed to continue imposing anti - dumping duties on imported solar - grade polysilicon from the United States and South Korea. Overseas, the US prosecutor's office launched a criminal investigation into Fed Chairman Powell, and the US December CPI was in line with expectations [6][7]. - **Funding**: On January 13, the A - share market trading volume reached a new high, and the central bank conducted a net injection of 3424 billion yuan through reverse repurchase [7]. - **Operation Suggestions**: It is recommended to control portfolio risks, avoid heavy - position chasing, and allocate IH with a relatively weak previous increase. For small - and - medium - cap indices, use bull spreads and pay attention to risk prevention [7]. Treasury Bond Futures - **Market Performance**: Most treasury bond futures closed higher, and long - term bonds performed better. The yield of major interest - rate bonds fluctuated [8]. - **Funding**: The central bank conducted a 3586 - billion - yuan 7 - day reverse repurchase operation on January 13, with a net injection of 3424 billion yuan. However, the money market tightened, and attention should be paid to the central bank's subsequent actions [8]. - **Operation Suggestions**: The bond market is in a volatile market in the short term, lacking a trend. It is recommended to remain on the sidelines for unilateral strategies and tend to steepen the yield curve in the medium - term [9]. Precious Metals - **Market Review**: The US December CPI was in line with expectations, and the fiscal deficit in December 2025 reached a record high. The CME adjusted the margin setting for precious metal contracts. The prices of precious metals showed a differentiated trend, with silver leading the rise [10][11][12]. - **Outlook**: Gold is expected to maintain a strong and volatile pattern in the medium - long term. Silver is expected to have a rising price center, and platinum and palladium are expected to rise steadily in the medium - long term. It is recommended to hold long positions in gold above the 20 - day moving average, hold long positions in silver above 75 US dollars, and buy platinum and palladium on dips near the 20 - day moving average [12][13]. Shipping Index (European Line) - **Shipping Index**: As of January 12, the SCFIS European line index rose, and the SCFI composite index fell slightly. The spot price of shipping is gradually entering a downward cycle [15]. - **Fundamentals**: The global container shipping capacity increased year - on - year, and the demand in the eurozone and the US showed different trends [15]. - **Logic**: The futures price of the main contract declined, and the spot price will continue to put downward pressure on the futures [15]. - **Operation Suggestions**: It is expected to fluctuate downward in the short term [15]. Non - Ferrous Metals - **Copper**: Copper prices are at a high level, and the downstream operating rate is weak. The medium - long - term fundamentals are good, but the short - term is affected by inventory and geopolitical factors. It is recommended to hold long positions lightly and cautiously [15][17][20]. - **Alumina**: The market is in a wide - range shock. The supply is rigid, and the demand is weak. It is recommended to wait and see in the short term and go short on rallies in the medium term [20][22]. - **Aluminum**: The price is at a high level and fluctuating widely. The market is driven by macro and policy expectations, but the fundamentals are under pressure. It is recommended to wait for a pullback to build long positions [23][25]. - **Aluminum Alloy**: The cost drives the price up, but the fundamentals show a pattern of weak supply and demand. It is expected to fluctuate in a high - level range, and an arbitrage strategy of going long on AD03 and short on AL03 can be considered [26][28]. - **Zinc**: The price center has moved up, and the spot transaction is average. The supply is under pressure in the short term, and the demand is inhibited. It is recommended to focus on the support at 23,800 and go long on dips in the long term [30][33]. - **Tin**: The price continues to be strong. The supply and demand situation is complex, and the short - term price is affected by market sentiment. It is recommended to wait and see [33][37]. - **Nickel**: The news reaction is gradually digested, and the price is mainly fluctuating. It is recommended to reduce long positions on rallies [37][40]. - **Stainless Steel**: The price is fluctuating narrowly. The cost and demand are in a game. It is expected to fluctuate and adjust in the short term, with a reference range of 13,400 - 14,200 [40][43]. - **Lithium Carbonate**: The market sentiment is strong, and the price continues to rise. The supply is expected to increase slightly, and the demand has certain resilience. It is recommended to wait and see [44][46]. - **Polysilicon**: The long positions have reduced their positions, and the price has further declined. The supply is high, and the demand is weak. It is recommended to wait and see and pay attention to the subsequent production reduction and demand recovery [47][48]. - **Industrial Silicon**: The price is mainly fluctuating. The supply and demand are both weak in January. It is recommended to pay attention to the production reduction and the change in polysilicon production [50][51]. Ferrous Metals - **Steel**: The inventory has entered the seasonal accumulation stage, and the steel price is in a volatile pattern. It is expected to fluctuate in January, with a reference range of 3050 - 3250 for rebar and 3200 - 3350 for hot - rolled coils [52][53][54]. - **Iron Ore**: The supply is facing the off - season, and the port inventory is continuously accumulating. The price is expected to maintain a high - level shock, with a reference range of 770 - 830. It is recommended to operate within the range [55][56]. - **Coking Coal**: The price of coking coal in Shanxi has risen more than it has fallen, and the transaction has improved. It is recommended to go long on dips and consider the arbitrage strategy of going long on coking coal and short on coke before the Spring Festival [57][61]. - **Coke**: After the fourth - round price cut at the beginning of the year, the price has stabilized. It is recommended to go long on dips and consider the arbitrage strategy of going long on coking coal and short on coke [62][67]. - **Silicon Iron**: The cost provides support, and the supply - demand situation has marginally improved. It is recommended to try going long on dips, with a bottom support of around 5500 [68][69]. - **Manganese Silicon**: The external price of manganese ore has generally risen, and the supply - demand situation has improved. It is recommended to try going long on dips, with a bottom support of around 5800 [70][72]. Agricultural Products - **Meal Products**: The USDA report data is bearish, and the domestic soybean and meal inventory remains high. The market is expected to maintain a weak and volatile pattern in the short term [73][75]. - **Hogs**: After the holiday, the demand has declined. It is expected to be in a volatile and bearish pattern in January [76][77]. - **Corn**: The supply is tight, and the downstream has rigid demand for stocking. The price is expected to be supported, but the increase is limited by policy. It is necessary to pay attention to the farmers' selling mentality and policy implementation [78][80]. - **Sugar**: The Unica production data is bullish, and the domestic sugar price is expected to maintain a low - level shock. It is recommended to wait and see in the short term [81]. - **Cotton**: The USDA report is slightly bullish, and the domestic cotton price has stopped falling and stabilized. The short - term price may enter an adjustment period [84][85]. - **Eggs**: The terminal inventory has increased, and the market trading has slowed down. The futures price is expected to maintain a low - level shock [88]. - **Oils and Fats**: Palm oil has risen first and then fallen, and soybean oil and rapeseed oil are affected by various factors. It is recommended to pay attention to the support levels of different oils [89][91][92]. - **Red Dates**: The spot price is supported, and the futures price is expected to fluctuate in a range. It is recommended to short on rallies [94]. - **Apples**: The market sentiment is strong, and the futures price is rising. The short - term price is supported by the low good - fruit rate and low inventory, but the long - term price is affected by consumption. It is recommended to protect long positions with put options [95][96]. Energy Chemicals - **PX**: The supply is expected to increase under high valuation, and the short - term supply - demand is weak. The price is expected to fluctuate at a high level before the Spring Festival and is expected to be low - bought in the medium term [97][98]. - **PTA**: There is an expectation of seasonal inventory accumulation, and the pre - holiday driving force is limited. It is recommended to follow the raw material price fluctuations. It is expected to fluctuate in the range of 5000 - 5300 in the short term and be low - bought in the medium term [99][100]. - **Short Fiber**: The supply - demand expectation is weak, and it follows the raw material price fluctuations. It is recommended to take the same strategy as PTA for the unilateral position, and shrink the processing fee on rallies [101]. - **Bottle Chip**: The supply and demand will both decrease in January. The absolute price and processing fee will follow the cost fluctuations. It is recommended to take the same strategy as PTA for the unilateral position, and the processing fee of the main contract is expected to fluctuate in the range of 350 - 500 yuan/ton [102][103]. - **Ethylene Glycol**: There is an expectation of seasonal inventory accumulation, and the price is under pressure in January. It is recommended to pay attention to the pressure at 4000 for EG2605, conduct reverse arbitrage on EG5 - 9 on rallies, and sell out - of - the - money call options on EG2605 - C - 4100 on rallies [105]. - **Pure Benzene**: The supply - demand expectation has slightly improved, but the price is still under pressure due to high inventory. It is recommended to wait and see for BZ2603 unilaterally and shrink the EB - BZ spread on rallies [106]. - **Styrene**: It is short - term strong, but the upward space is limited under high valuation and weak expectation. It is recommended to pay attention to the short - selling opportunity of EB03 and shrink the processing fee on rallies [107][108]. - **LLDPE**: The upstream price has increased, and hedging transactions are booming. It is recommended to partially take profit on long positions [109][110]. - **PP**: The number of maintenance has increased, and the price is relatively strong. It is recommended to hold the position with an expanding PDH profit [110]. - **Methanol**: Affected by geopolitical factors, the price is fluctuating. It is recommended to wait and see [110][111]. - **Caustic Soda**: The supply - demand pattern remains weak, and the spot transaction is light. The price is expected to be stable and weak. It is necessary to pay attention to the downstream procurement volume and the price fluctuation of liquid chlorine [111][112]. - **PVC**: The export factor amplifies the price fluctuation, and the short - term trading focus is not on supply and demand. It is recommended to wait and see for short positions in the short term [113][114]. - **Urea**: The supply - demand pattern remains weak, and the downstream is cautious about high - priced purchases. The price is expected to be in a weak and volatile pattern. It is necessary to pay attention to the production resumption rhythm and downstream demand [116][117]. - **Soda Ash**: The market sentiment has cooled down, and the price is fluctuating. It is recommended to wait and see and pay attention to the inventory digestion [118][120]. - **Glass**: The cold - repair and restocking maintain the price strength. It is recommended to wait and see and pay attention to the inventory digestion and supply - demand balance [118][121]. - **Natural Rubber**: The overseas raw material price is high, and the rubber price is fluctuating strongly. It is expected to fluctuate in the range of 15,500 - 16,500. It is recommended to wait and see and pay attention to the raw material output in Thailand [121][123]. - **Synthetic Rubber**: The cost is firm, but the supply - demand is weak. It is expected to be in a high - level shock in the short term. The BR2603 is expected to run in the range of 11,800 - 12,500. It is necessary to pay attention to macro - level disturbances [124][126].

Core Viewpoint - The 2026 People's Bank of China work conference emphasizes enhancing financial services for high-quality development of the real economy, focusing on structural monetary policy tools to support key areas like domestic demand, technological innovation, and small and medium enterprises [1] Group 1: Financial Leasing's Role - Financial leasing serves as a crucial link between finance and the real economy, facilitating technological iteration and capacity upgrades [1] - In 2026, financial leasing is expected to leverage its "financing + physical integration" features to inject financial momentum into advanced manufacturing, green energy, and computing infrastructure [1] Group 2: Strategic Emerging Industries - Central enterprises' revenue in strategic emerging industries exceeded 11 trillion yuan in the first 11 months of 2025, highlighting the sector's growth potential [2] - Emerging industries typically require significant upfront investment and have long return cycles, leading to challenges in financing, particularly in core technology equipment R&D and technology transformation [2] - Financial management departments have introduced targeted policies to support the development of strategic emerging industries, including a list of encouraged and restricted business activities for financial leasing companies [2] Group 3: Traditional Industry Transformation - The transformation and upgrading of traditional industries are essential for building a modern industrial system, with a focus on high-end, intelligent, and green development [3] - 2025 is identified as a critical year for traditional industry transformation, with 2026 marking a phase of significant technological upgrades and equipment renewal [3] Group 4: Financial Leasing Initiatives - Financial leasing companies are implementing practical service measures to support traditional industries, including customized leasing solutions for sectors like steel and chemicals to reduce capital pressure [4] - In agriculture, there is an emphasis on leasing support for smart farming equipment and irrigation systems to enhance agricultural productivity [4] - The transportation sector is focusing on green leasing initiatives for new energy vehicles and smart logistics equipment [4] Group 5: Enhancing Professional Capabilities - The new quality productivity sectors are characterized by high technology and knowledge intensity, necessitating improved industry understanding, risk assessment, product innovation, and post-leasing management capabilities for financial leasing companies [5][6] - Financial leasing companies are expected to deepen their specialization in 2026, focusing on core areas and developing a "specialized field + unique service" model [6] - Talent development in emerging technologies, leasing models, and risk management is crucial for enhancing professional capabilities within the industry [6]

Core Viewpoint - The company *ST WanFang announced a significant expected decline in its 2025 revenue and potential delisting due to financial issues, with a projected revenue of less than 300 million yuan and negative profit figures [1][5][6]. Financial Performance - The company expects its 2025 revenue to be below 300 million yuan, with either total profit or net profit, or net profit after excluding non-recurring gains and losses, being negative [5][6]. - For the first three quarters of 2025, *ST WanFang reported approximately 176 million yuan in revenue, a year-on-year increase of 60.43%, but a net loss of about 8.59 million yuan compared to a profit of 13.29 million yuan in the same period last year [9]. Audit and Compliance - The company received a qualified audit opinion from Zhongxing Caiguanghua Accounting Firm for its 2024 financial statements, indicating uncertainty regarding the recoverability of investments in Jilin WanFang Bai'ao Biotechnology Co., Ltd [6][8]. - If the company receives a qualified audit opinion for its 2025 financial statements, it may trigger delisting under the Shenzhen Stock Exchange's regulations [6][8]. Corporate Actions - On January 13, the company announced the termination of the disposal of its remaining 13.67% stake in Beijing Tianyuan Real Estate Development Co., Ltd, deciding to retain this equity [7].