Core Viewpoint - The arrest of Yang Tao, the actual controller of Dengyun Co., Ltd., for illegal public deposit absorption has raised concerns about the potential risks associated with the "Yike System" and its impact on the company's operations and governance [1][9]. Group 1: Company Overview - Dengyun Co., Ltd. was established in May 1971, primarily engaged in the research, production, and sales of automotive engine intake and exhaust valves, as well as gold mining and selection-related businesses [2]. - As of January 6, 2025, Dengyun Co., Ltd. experienced a significant drop in stock price, reaching a limit down at 15.57 yuan per share, with a total market value of 2.149 billion yuan [3]. Group 2: Financial Performance - In the first three quarters of 2025, Dengyun Co., Ltd. achieved a revenue of 406 million yuan, representing a year-on-year increase of 7.94%. However, the net profit attributable to shareholders was -2.6817 million yuan, a decline of 123.83% year-on-year [8]. - The third quarter revenue was 145 million yuan, up 15.54% year-on-year, but the net profit further decreased to -6.2376 million yuan, with a year-on-year decline of 340.59% [8]. Group 3: Leadership and Corporate Structure - Yang Tao, the son of the late entrepreneur Yang Genshui, has been a key figure in the "Yike System," which includes various investment and mining operations [4]. - In 2019, Dengyun Co., Ltd. changed its controlling shareholder to Yike Zhengrun Investment Group, with Yang Tao as the actual controller [6]. Group 4: Industry Context and Challenges - The "Yike System" has faced challenges, including a slowdown in expansion and asset divestitures, with significant events such as the termination of a planned acquisition of a data solutions provider [9]. - The financial sector, particularly the core asset Lianchu Securities, has encountered operational pressures and dilution of ownership due to regulatory issues and performance declines [11][12][13].

1月6日，周二（北京时间1月6日）亚市早盘，现货黄金先跌后涨，目前交投于4460美元附近。本周一开 盘，现货黄金价格暴涨至一周高点，白银、铂金等贵金属也全线走强；主因是美国空袭委内瑞拉并抓获 委内瑞拉总统马杜罗之后，避险需求激增。在美国对委内瑞拉发动打击后，地缘政治紧张局势升级，推 动避险资金流入黄金。此外，受疲软的美国ISM制造业PMI影响，黄金价格也随之走高。 基本消息面： 美股周一全线上涨，市场成交量较大，美国各交易所累计成交191亿股，高于过去20个交易日的日均成 交量159亿股。道琼斯工业指数创下历史新高这主要得益于金融和能源板块的强劲表现，而能源股的上 涨与美国近期对委内瑞拉采取的军事行动直接相关。标普500能源指数上涨2.7%，达到2025年3月以来 的最高水平，其中埃克森美孚和雪佛龙股价均大幅上涨。金融板块同样表现抢眼，标普500金融指数大 涨2.2%，高盛和摩根大通涨幅均超过3%，并创下股价新高。 地缘政治上。特朗普政策不确定性，如果美委的事情就这样结束了，那么下一步就是伊朗；中东方面， 前期伊朗自身问题也很大，一众小弟全被放弃，导致集体磨平；美国总统特朗普还暗示可能进一步采取 行动（如格陵 ...

Group 1 - The core focus of the meeting in Tianhe District is the planning of over 500 major projects with a total investment scale exceeding 800 billion yuan, aiming for fixed asset investment to surpass 90 billion yuan in 2026, achieving a continuous increase of 10 billion yuan annually for three consecutive years [1][3] - In 2025, fixed asset investment in Tianhe District is expected to reach a new level of 80 billion yuan, with 16 road projects completed and an additional 5 projects partially completed, adding 30.64 kilometers of new road [3] - The district plans to focus on building a "12126" modern industrial system, with a forward-looking layout in quantum computing and new materials, and aims to promote 203 major industrial projects with an annual investment plan of 67 billion yuan [3] Group 2 - The investment strategy includes a gradient development of strategic industrial clusters, consisting of 16 projects at the 10 billion yuan level, 22 at the 5 billion yuan level, and 65 at the 1 billion yuan level [3] - Key projects under construction include the China Artificial Intelligence (Guangzhou) Industrial Park, China People's Insurance Guangzhou International Financial Center, and a new urban landmark integrating high-end industries, cultural leisure, and public spaces [3]

Core Viewpoint - The S&P 500 index experienced a 16% increase in 2025, marking three consecutive years of double-digit growth, with a cumulative return of 78% from 2023 to 2025. Historical data suggests a high likelihood of significant volatility (over 10% up or down) in 2026 following such performance [2][4]. Group 1: Historical Context and Predictions - In the past century, there have been nine instances of the S&P 500 achieving three consecutive years of double-digit growth, with seven of those instances resulting in over 10% volatility in the following year [4]. - The most recent similar occurrence was from 2019 to 2021, which was followed by a 19% decline in 2022 due to aggressive interest rate hikes by the Federal Reserve in response to inflation [4]. - The absence of major events like midterm elections in 2026 shifts focus to the upcoming nomination of the next Federal Reserve chair, with current chair Jerome Powell's term ending in May [4]. Group 2: Potential Candidates for Federal Reserve Chair - Kevin Hassett, the Director of the National Economic Council, has a 40% chance of being nominated, seen as aligned with Trump's monetary policy intentions, which may lead to expectations of significant interest rate cuts [5]. - Other potential candidates include Kevin Warsh and Christopher Waller, both categorized as "doves" compared to Powell [5][6]. Group 3: Monetary Policy Scenarios - The core scenario anticipates a reduction of the policy interest rate to between 3.0% and 3.25%, with expectations of two rate cuts in 2026 [6]. - A bullish scenario suggests that a dovish new Fed chair could lower rates below 3%, potentially driving economic growth and stock market gains [8]. - Conversely, a bearish scenario posits that the Fed may need to raise rates again by the end of 2026 due to accelerating inflation and currency depreciation, despite a dovish chair [8]. Group 4: Market Projections - Under the core scenario, the S&P 500 index is projected to reach 7,750 points by the end of 2026, a 10% increase from 6,845 points at the end of 2025 [8]. - In a bullish scenario, the index could rise by 30% to 9,000 points, while in a bearish scenario, it could fall by 30% to 5,000 points [8].

中经记者 郝亚娟 夏欣 上海 北京报道 据新华社报道，当地时间1月3日，美国总统特朗普称，美方已成功对委内瑞拉实施打击，抓获委内瑞拉 总统马杜罗，并带离委内瑞拉。 1月5日，国内贵金属期货开盘集体上涨。截至当日17时，现货黄金最高触及4433.55 美元/盎司。 多位分析人士指出，黄金价格强势上涨主要是避险需求推动。汇管信息科技研究院副院长赵庆明强 调："此次地缘事件的烈度与持续性可能有限，其引发的市场避险情绪有望随时间缓和。" 展望后市，华安基金方面指出，美联储仍处于降息大周期，若鸽派主席任选，美联储降息节奏或更加激 进。宽货币之外，美国也处于宽财政阶段，美债信用风险延续，去美元化下央行购金延续，叠加全球黄 金ETF投资需求高涨，仍看好2026年黄金配置价值。 地缘冲突点燃避险情绪 赵庆明在接受《中国经营报》记者采访时指出，该事件发生后，现货黄金价格出现显著上涨。若地区风 险持续发酵或全球其他地缘热点（如俄乌冲突）联动，将继续为金价提供避险溢价。 华安基金方面指出，地缘紧张局势有望利好黄金。全球百年未有之大变局下，逆全球化与地缘冲突不 断，地缘政治的不确定性有望促使更多避险资金涌向黄金。 "特朗普表示美国石 ...

高盛：将欧洲个人护理与杂货行业评级从中性上调至超配；将欧洲金融服务行业评级从中性上调至超 配。 本文源自：金融界AI电报 ...

Core Insights - The Hong Kong IPO market is expected to continue its growth trend in 2026, with fundraising projected to reach between HKD 320 billion to HKD 350 billion [1][2][3] Group 1: 2025 Performance - In 2025, Hong Kong regained its position as the global leader in IPO fundraising, achieving a total of HKD 285.8 billion, which is an increase of over 225% compared to 2024 [1][2] - A total of 119 IPOs were recorded in 2025, marking a 68% increase from the previous year [1] - The main sectors for IPOs included retail, consumer goods, and services (28%), followed by information technology and telecommunications (26%), and healthcare and pharmaceuticals (25%) [1] Group 2: Future Outlook - PwC anticipates that around 150 companies will successfully list in Hong Kong in 2026, with over 10 companies expected to raise more than HKD 5 billion each [2] - The trend of A-share companies seeking international fundraising through the Hong Kong capital market is expected to continue, with the number of H-share listings increasing from 30 in 2024 to 76 in 2025, a rise of 153% [2] - New economy companies, particularly those in innovation and biotechnology, are expected to be the focus of listings in 2026 [2][3] Group 3: Market Dynamics - The overall decline in interest rates is boosting investor confidence, while government policies are further supporting the market [1][2] - The diversity in the types of companies seeking to list is expected to provide innovative and technology-related funding opportunities, enhancing market depth [3] - The demand for international financing from Chinese enterprises remains strong, despite global geopolitical uncertainties [3]

Market Performance - Major US stock indices closed higher, with the Dow Jones reaching a record high, driven by strong gains in financial stocks [1][3] - The Dow rose by 594.79 points, or 1.23%, closing at 48,977.18 points; the Nasdaq increased by 160.19 points, or 0.69%, to 23,395.82 points; and the S&P 500 gained 43.58 points, or 0.64%, ending at 6,902.05 points [3] Sector Performance - The S&P 500 energy sector index rose by 2.7%, with major stocks like ExxonMobil and Chevron seeing significant increases due to military actions in Venezuela [5] - The S&P 500 financial sector index increased by 2.2%, with both Goldman Sachs and JPMorgan Chase rising over 3% and reaching all-time highs [6] Technology Stocks - Most large-cap tech stocks saw gains, with Tesla up 3.10%, Amazon up 2.9%, and Meta up 1.29%. However, Microsoft fell by 0.02%, Nvidia dropped by 0.39%, and Apple decreased by 1.38% [3][4] Cryptocurrency and Related Stocks - Cryptocurrency-related stocks experienced a rise, with Strategy stock increasing nearly 5% and Coinbase surging by 7.8% as Bitcoin prices hit a three-week high [6] Chinese Stocks - The Nasdaq Golden Dragon China Index rose by 0.49%, with notable gains in stocks like Beike up over 6% and Bilibili and Tencent Music each up over 3% [6]

指数数据直观印证了普惠金融的深化成效。融资效率与服务质量的同步提升，为中小微企业营造了更优 的金融环境。针对长期存在的融资难、融资贵、融资慢等痛点，银企互汇聚焦企业全生命周期融资需 求，打造一站式解决方案。通过创新互联网模式整合线上线下资源，联合数十家金融机构，智能解析企 业经营数据，动态适配多元化融资方案，有效打破信息壁垒，化解了传统融资模式下企业"反复奔波、 流程冗长"的困境。 银企互汇的服务优势，更深植于企小满科技的生态资源协同。依托企小满科技构建的涵盖法务合规、财 税管理、商业咨询等多元模块的一站式服务，银企互汇将单一的融资支持升级为覆盖多要素的全方位赋 能体系。通过大数据分析实现企业需求的精准识别与匹配，进一步提升了融资服务的专业性和效率。 近日，中国经济信息社与中国建设银行联合发布的第30期普惠金融-小微指数显示，2025年三季度小微 企业发展态势企稳向好。融资成本显著下降、资金供给持续扩容，金融服务可得性与质量同步提升，为 实体经济高质量发展注入强劲动力。在此背景下，企小满科技旗下金融服务品牌"银企互汇"积极响应政 策导向，精准对接企业需求，以创新的一站式融资服务破解行业痛点，依托生态协同优势， ...

银河证券指出，节后来看，假期期间港股市场与人民币汇率走强表现有助于提振投资者信心，A股市场 或将延续结构性行情。后续上行节奏还要观察政策预期与产业趋势突破，在上述因素支撑下，春季躁动 行情可能提前开启。同时，仍需关注海外风险等不确定性因素的短期扰动。展望2026年，"十五五"开局 之年改革政策预期强化，人民币汇率向上等价格因素支撑流动性向好，市场信心有望得到提振。关注盈 利修复逻辑下，具备业绩兑现能力的科技龙头、受益于价格水平回暖预期的周期板块。 中信证券研究则指出，2026年全年上市公司的净利润有望持续改善，预计全年增速将达到4.8%。伴随 2026年CPI、PPI回暖，价格因素对上市公司利润的压制或将逐季缓解。随着扩内需政策逐步加码并落地 生效，内需相关品种的ROE有望企稳回升。 2026年首个交易日，A股迎"开门红"。2026年1月5日，上证指数上涨1.38%，重返4000点。有统计数据 显示，自2025年12月17日至2026年1月5日，上证指数实现日线12连阳，创1992年3月以来最长连阳纪 录。 中金公司认为，当前全球宏观环境及创新产业趋势等仍然相对利好成长风格，但成长领域经历一年多上 涨后，估值 ...